Primerica, Inc.

Greetings and welcome to the Primerica First Quarter 2026 Earnings Webcast. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press Start Zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Nicole Russell, Head of Investor Relations. Please go ahead.

Thank you, Operator, and good morning, everyone. Welcome to Primerica's first 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 will also reference certain non-GAAP measures, which we believe provide additional insight into the company's financial results. Reconciliations 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. Our first quarter results demonstrate the balance and resilience of Primerica's business models. Investments and savings products continue to be a key driver of performance, while the term life segment remained a stable contributor to earnings growth. Slides that address our first quarter results in more detail can be found beginning on slide seven of our Q1 investor update deck. Overall, we delivered a 9% increase in adjusted operating revenues and a 13% increase in adjusted net operating income during the first quarter compared to the prior year periods. Income growth was primarily driven by a 24% increase in earnings from the ISP segment. Adjusted operating EPS increased 19% to $5.96. We continue to generate solid cash flows, which allow us to return a total of $179 million to stockholders during the first quarter through a combination of $141 million in total share repurchases and $38 million in regular dividends while also maintaining the flexibility to invest in the business. Turning to distribution, our entrepreneurial business opportunity continues to resonate with individuals seeking supplemental income as well as those looking for an alternative career path. The middle-income market we serve offers us meaningful growth potential, and our representatives are well-positioned to meet that need through our financial education-based approach. The success of the Primerica businesses built by our field leaders reflects the strength of this opportunity. While we continue to navigate environmental headwinds, we are adapting to current conditions. For example, in response to higher travel costs, we adjusted our spring and summer field event schedule by replacing larger regional events with a series of smaller local events across the U.S. and Canada. We expect higher total attendance from this localized approach. These events will also serve as a platform to launch incentives and promotions, which have historically driven improvements in distribution growth. We believe the actions underway will support improved recruiting and licensing and position us to end the year with LifeLicense Salesforce flat to up approximately 1% compared to December 31, 2025. Focusing on production, first quarter results reflected the differing dynamics across our two major product lines. Demand for investment in savings products remained at record levels, while our term life business experienced softer results. While we recognize the cumulative impact of several years of cost of living pressures on middle-income families, we believe some relief is beginning to emerge. The Primerica Household Budget Index shows that household income growth has outpaced cost increases for families for nine consecutive months, suggesting that households are gaining ground. However, we recognize this improvement could be temporarily disrupted by higher gas prices related to conflict in the Middle East. We remain optimistic on the longer-term trajectory. Our complementary business model is designed to provide natural balance, with the sales force positioned to serve middle-income families across two core product lines that often respond differently to changing economic conditions. Term-life purchasing decisions are typically made by younger families who tend to be more sensitive to cost-of-living pressure. In contrast, a larger portion of our investment clients are more established and increasingly focused on long-term saving and retirement planning needs. As a result, our distribution model remains very resilient. Looking at term life, we issued 74,054 new policies during the first quarter, a 14% decline compared to the prior year period, while estimated annualized issued premiums, which include coverage additions as well as newly issued policies, declined 10%. During periods of uncertainty, our educational approach and ability to serve clients in person represent a clear competitive advantage. Although we are seeing early signs of improvement, the level of uncertainty remains elevated, and as a result, we project full-year 2026 term life policies issued to be flat to down approximately 2%. Our investment and savings products business delivered another strong quarter with sales increasing 22% to a record $4.3 billion. Sales growth was broad-based across mutual funds, variable annuities, and managed accounts, reflecting several positive underlying trends. Industry trends continue to create favorable tailwinds. Younger generations are saving earlier for retirement, and IRA contributions from these groups have been particularly strong. According to industry sources, Gen Z contributed approximately 30% more to their traditional and Roth IRA accounts since the start of 2026 compared to the same period last year, creating a tailwind for systematic, smaller investment contributions. At the same time, Gen X and Baby Boomers are increasingly focused on preparing for retirement, driving higher rollover activity and increased demand for variable annuities that provide guarantees. These trends benefit our business, given our ability to efficiently process a high volume of small recurring transactions in a way other companies cannot, while also leveraging the longstanding relationships we've built with our more established clients over time. Applied asset values ended the quarter at $127 billion, an increase of 15% compared to March 31, 2025. We also continue to see positive flows with new net inflows of $362 million in the first quarter of 2026. While we believe the favorable trends driving demand for our investment products may continue for the next several years, we remain mindful of the potential for broader market volatility. Based on current projections, we expect full-year sales growth to be in the upper single-digit range for 2026. Our mortgage business remains strong in both the U.S. and Canada. During the first quarter of 2026, we had $113 million in mortgage loan volume in the U.S., a 21% increase year over year. We also provide refinancing opportunities and new mortgages to our clients in Canada with a mortgage referral program. In both countries, we recognize higher interest rates may create a headwind going forward. As the middle income market begins to recover from several years of cost of living pressure, the need for financial guidance and education remains as important as ever. Our ability to meet that need is a core strength of our business. While external conditions can create uncertainty, our focus remains unchanged. Our strong fundamentals are grounded in our unique ability to serve middle-income families, positioning us to capture the long-term growth opportunity ahead. With that, I'll hand it over to Tracy for the financial results.