Primerica, Inc.

Greetings. Welcome to Primerica's fourth quarter 2025 earnings webcast. At this time, all participants are in listen-only mode. The question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note that this conference is being recorded. At this time, I'll turn the conference over to Nicole Russell, Head of Investor Relations. Thank you, Nicole. You may begin.

And thank you, operator. Good morning, everyone. Welcome to Primerica's fourth quarter earnings call. A copy of our earnings press release issued last night, along with other materials relevant to today's call, are posted on the investor relations section of our website. Joining our call today are our Chief Executive Officer, Glenn Williams, and our Chief Financial Officer, Tracy Tan. Our comments this morning may contain forward-looking statements in accordance with the safe harbor provisions of the Securities Litigation Reform Act. We assume no obligation to update these statements to reflect new information and refer you to our most recent Form 10-K filing as may be modified by subsequent Forms 10-Q for a list of risks and uncertainties that could cause actual results to materially differ from those expressed or implied. We also reference certain non-GAAP measures, which we believe provide additional insight into the company's financial results. Reconciliation of non-GAAP measures to their respective GAAP numbers are included in our earnings press release. I would now like to turn the call over to Glenn.

Thank you, Nicole, and thanks everyone for joining us this morning. 2025 proved to be another record year for Primerica, evidenced by solid earnings growth and strong cash flows that reflected the strength, stability, and balance of our business model. Our sales force also set records in several areas, including $968 billion in total enforced protection for our clients and a new high watermark as client asset values reached $129 billion. Stockholders were rewarded with 79% capital return through a combination of share repurchases and dividend payments, along with a 200 basis point increase in ROAE. Highlights of our financial results included a 16% increase in fourth quarter adjusted net operating income and a 22% increase in diluted adjusted operating income per share. On a full year basis, adjusted net operating income increased 10% to $751 million while diluted adjusted operating income per share of $22.92 increased 16%. Let's take a look at distribution results. Both recruiting and licensing activity were down compared to the fourth quarter of 2024 and on a full year basis. These results reflected the uncertainty associated with the 2025 economic environment, as well as challenging comparisons to 2024's record-setting activity. We ended the year with 151,524 life license reps, largely unchanged from the prior year in level. Included in this group were 25,620 representatives who hold a securities license, enabling them to assist clients with their long-term savings and retirement goals. As we start 2026, we see our business opportunity continuing to resonate with new recruits, particularly its appeal for supplementing household income. We expect full year growth in both recruiting and licensing, which should translate into approximately 1% growth in our life license sales force in 2026. Turning next to production, sales results were mixed in 2025 with headwinds from higher cost of living pressures, adversely impacting demand for term life insurance coverage, while investment and savings product sales continued to set new records. Starting with term life, We issued 76,143 new policies during the fourth quarter, providing $26 billion in new term life protection for our clients. On a full year basis, the number of new policies issued declined 10% compared to the prior year record levels, while estimated annualized issued term life premiums, which include coverage additions as well as newly issued policies, declined 7% compared to the 12 months ending December 31, 2024. We believe it's useful to look at annualized issued premiums to get a more complete understanding of the financial impact of our term life business. As we look at 2026, we believe cost of living pressures have started to ease as wage growth begins to outpace inflation. We see small but consistent monthly improvements in the Primerica Household Budget Index data. Our sales force is well positioned to help middle income families who could benefit from U.S. tax relief as well as moderating inflation and real wage gains in both the US and Canada. We continue to support our representatives with targeted sales training to enable them to better assist clients in prioritizing financial needs, and we believe these efforts will result in productivity improvements over time. Until we see clear evidence that these trends are materializing, we are maintaining a conservative outlook for full year policy growth during 2026 in the 2% to 3% range. Turning next to ISP results, performance remains very strong, reflecting the importance of the financial education provided by our investment license representatives in helping clients stay focused on long-term goals and saving for the future. During the fourth quarter, investment and savings product sales of $4.1 billion grew 24% compared to the fourth quarter of 2024. Results for the full year were just as strong, with total sales of $14.9 billion, up 24% on a year-over-year basis. ISP growth continued to be driven by strong demand across all major product lines. This momentum is supported in part by favorable demographic trends as clients approaching retirement seek annuity solutions that provide income stability and protection, as well as by increased interest in the broader range of investment options now available on our managed account platform. We also see greater engagement from our sales force as representatives recognize the opportunity in this product line and the benefits of diversifying their business. Client asset values ended the year at $129 billion up 15% compared to December 31, 2024 on solid annual net inflows of $1.7 billion in sustained momentum in the equity market throughout most of the year. Looking ahead, we believe favorable demographic trends will remain supportive for several years. We also recognize that this business is sensitive to equity market conditions and that uncertainty remains elevated. Preliminary January results reflected continued growth. We remain mindful of a possible market downturn and maintain a conservative approach to our full year sales projection. We currently expect sales growth around 5% to 7% during 2026. Finally, we remain well positioned to help middle-income families obtain a new mortgage or refinance to consolidate consumer debt. In the U.S., we ended the year with nearly 3,500 licensed representatives who closed more than $500 million in mortgage loans volume in 2025, a 26% increase compared to the full year of 2024. We also bring refinancing opportunities and new mortgages to our Canadian clients with a mortgage referral program and saw more than 18% growth in volume on a year-over-year basis. As we approach our 50th anniversary next year, we're already laying the groundwork for our 2027 convention, which we expect to be our largest event ever. We kicked off 2026 with a senior leadership meeting that included over a thousand participants. We used this forum to reinforce our long-term vision, including the importance of building a balanced business by going across all major product lines while also strengthening recruiting and licensing to expand our distribution footprint. All our efforts in 2026 will be focused on accelerating momentum, and we're optimistic about the opportunities ahead. With that, I'll hand it over to Tracy for the financial results.