Primerica, Inc.

Greetings and welcome to the Primerica Second 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 star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Nicole Russell, Senior Vice President, Investor Relations. Thank you. You may begin.

Thank you, operator, and good morning, everyone. Welcome to Primerica's second 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. 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 Form 10-Q, for lists 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 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 second quarter results again demonstrate the strength and resilience of Primerica's business model. The balanced and complementary nature of our two key business lines continues to serve us well, with our insurance segment providing stability and consistent earnings While our investments business generated exceptional growth. Each business is an important contributor to cash flow, and because they often respond differently to changing economic and market conditions, the combination provides an important source of stability across a variety of operating environments. Slides that address our second quarter results in more detail can be found beginning on page seven of our investor deck. Year over year, we increased adjusted operating revenues by 8% and adjusted net operating income by 11%. The growth was driven primarily by our investments business, where revenues grew 21% and pre-tax income grew 31%. Adjusted operating EPS increased 17% to $6.41, which included income tax benefits from a tax equity investment made during the second quarter that reduced income tax expense by $4.6 million and added roughly 15 cents per diluted share during the quarter. Our business continues to generate significant cash flow, allowing us to support our sales force with initiatives designed to enhance productivity and help them grow their businesses while also providing attractive returns to stockholders. During the second quarter, we returned $173 million to stockholders through a combination of $135 million of share repurchases and $37 million in dividends. This brings our total return to stockholders year-to-date to $352 million. Turning to distribution, families have been largely ignored by the financial services industry, creating substantial opportunities for our sales force. Our powerful distribution model uniquely positions Primerica to address those needs and drive sustainable long-term growth. During the second quarter, recruiting increased 2% on a year-over-year basis, benefiting in part from a reduced licensing fee incentive during the month of April. Recruiting is the starting point for distribution growth and an important leading indicator of momentum. Success in our business depends on new recruits engaging early in the process and committing themselves to becoming licensed representatives. This drives licensing and, over time, growth in the size of our sales force and future production. Supported by licensing coaches and enhanced training programs, our field leadership is focused on helping new recruits navigate the field training and licensing process. The number of individuals obtaining a new life license during the second quarter and the total number of life license representatives at quarter end remain below prior year levels, reflecting the cumulative impact of lower recruiting over the last few quarters. While we're encouraged by the second quarter's improvement in recruiting, its impact has not yet been reflected in licensing results due to the natural lag between recruiting and licensing. Excitement is building as we move closer to our 2027 convention. The convention has historically served as a catalyst for momentum and growth, and on July 6 of this year, we officially launched the 365-day countdown to this important event, celebrating the milestone of our 50th anniversary. During this launch, our announcements included a month of discounted licensing fees, targeted promotions, and other incentives designed to focus on growth in both Salesforce size and productivity. These initiatives are intended to reinforce activities that have historically generated strong results. Based on current trends, we expect more favorable comparative distribution results in the second half of 2026, with full-year Salesforce size projected to be flat to down 2% compared to 2025. Focusing on production, second quarter results continue to reflect differing dynamics across our two major product lines. Demand for investment products remain very strong, while life sales continue to be affected by economic uncertainty. Starting with our insurance business, estimated annualized issued premiums, which include additions to existing policies, declined 9%, while issued policies declined 12% compared to the prior year period. reflecting a continuation of recent trends that have pressured middle-income families. Productivity during the quarter was 0.18 policies per life license rep, which remain below historical levels but improved from the first quarter of 2026. While the sales environment remains challenging, the need for life insurance protection is unchanged, making our role in educating families about protecting their financial future is more important than ever. While we believe the year-over-year comparisons and the number of term policies issued during the second half of 2026 will improve, we expect full-year 2026 issued policies to decline by mid-single digits. Turning to our investments business, we deliver another outstanding quarter and continue to benefit from favorable industry trends and strong client engagement. Total security sales increased 23% year-over-year, Reflecting broad-based demand for retirement and investment solutions across our portfolio. Managed account sales increased 43%, driven by continued interest in advisory solutions and professional portfolio management. Mutual fund sales increased 20%, supported by strong activity in both the United States and Canada. Variable annuity sales grew 17%, reflecting clients' focus on retirement preparedness and guaranteed income solutions. Assets under management reached a record $140 billion at quarter end, representing a 16% increase compared to June 30, 2025. Growth was supported by favorable equity market performance and continued positive client inflows. Importantly, our growth continues to be driven by more than market appreciation alone. During the quarter, we generated approximately $397 million of net inflows, reflecting continued demand The long-term drivers supporting our investment business remain firmly in place. Clients continue to prioritize retirement savings, wealth accumulation, and access to personalized financial guidance. Our educational approach and powerful distribution model position us to meet those needs. While market conditions will inevitably fluctuate, the underlying demand for retirement planning and long-term investment solutions remains constant. We believe our ability to serve clients' protection and investment needs through a single distribution platform remains a significant competitive advantage. Based on current projections, we expect full-year ISP sales to increase 10% to 15% in 2026, reflecting growth compared to the prior year despite more challenging comparisons in the second half. Our mortgage business also continued to perform well during the quarter. In the United States, mortgage loan volume increased 13% year-over-year, supported by more than 3,600 licensed mortgage representatives. In Canada, we saw an 11% increase in referral activity as market conditions remained favorable. Our mortgage business remains an important way for our representatives to deepen client relationships and address another key financial need for middle-income families. The opportunity to serve middle-income families remains as attractive as ever. These families continue to face a significant need for financial guidance, life insurance protection, debt reduction, and retirement preparedness. Their needs remain largely unmet by the broader financial services industry, creating a substantial long-term growth opportunity for Primerica. Through our unique distribution model, our representatives are well positioned to meet these needs while creating long-term value for our stockholders. Now I'll turn it over to Tracy for the financial results.