TEXT-Fitch affirms Primerica Life at 'A+'

April 24 - Fitch Ratings has affirmed the Insurer Financial Strength (IFS)
rating of Primerica Life Insurance Company (Primerica Life) at 'A+'. The Rating
Outlook is Stable.

Primerica Life's rating is supported by the company's good risk adjusted
capitalization, strong competitive position in the individual term insurance
market, efficient captive distribution force, conservative asset profile, and
good operating performance. Partially offsetting these positives are the
company's narrow product profile and the size of its in-force block of term life
insurance, which was materially reduced through a series of reinsurance treaties
the company entered into prior to its initial public offering on March 31, 2010.

On March 31, 2012, Primerica completed a reserve financing transaction covering
Regulation XXX reserves on its individual term life insurance block. The
transaction was executed through the use of a recently formed special purpose
Vermont-domiciled captive reinsurance subsidiary of Primerica Life named Peach
Re, Inc. As part of the transaction, Peach Re entered into a 14-year letter of
credit (LOC) facility with Deutsche Bank for the benefit of Primerica Life. The
initial amount of the LOC facility is $450 million, but the company expects it
to be increased to a maximum of $510 million by 2014. The LOC facility is for
the benefit of Primerica Life in support of the reserves related to level
premium term life policies reinsured by Peach Re. The facility is non-recourse
to Primerica Life and Primerica.

Following the reserve financing transaction, Primerica Life received regulatory
approval for the payment of an extraordinary dividend to Primerica in the amount
of $150 million. The company announced on April 18, 2012, its intention to use
the dividend to fund the repurchase of 5.7 million of the company's shares held
by Warburg Pincus. In Fitch's view, the reinsurance transaction and subsequent
dividend reduces the conservatism of Primerica Life's statutory reserves and
weakens the quality of the company's statutory capitalization. However, the
transaction is in line with Fitch's rating expectations and is consistent with
industry practice.

Fitch views Primerica Life's consolidated profitability to be good in the
quarters following its separation from Citigroup. The company's earnings
continue to reflect its conservative new business pricing which supports its
strong margins. For the 12 months ended Dec. 31, 2011, the company reported
pretax operating income of $270 million, which results in a return on equity of
12.5%. Fitch anticipates that operating earnings will improve gradually over the
intermediate-term as the company rebuilds its in-force block.

Primerica Life's risk-based capitalization declined significantly to 426% of
company action level at Dec. 31, 2011, from 619% at the previous yearend. The
decline was driven by the payment of a statutory dividend of $200 million to its
parent company in Nov. 2011, and was used to fund the execution of an agreement
to purchase approximately 9 million shares of its common stock from its former
parent, Citigroup.

Fitch views Primerica Life's unique distribution force as a competitive
advantage which has been an important factor in the company's strong record of
profitability. Fitch believes that a material weakening of this channel could
adversely affect the company's operating performance and its rating.
Primerica Life remains one of the nation's largest individual term life
insurance writers, with nearly $1.8 billion in direct statutory life insurance
premiums written in 2011.

The key rating triggers that could result in an upgrade include:
--sustained improvement in statutory net operating gain over the next 12 to 18
months.

The key rating triggers that could result in a downgrade include:
--a sustained decline in RBC below 400%;
--a sustained increase in parent leverage as measured by debt-to-total capital
above 25% or TFC ratio above 1.2x;
--a material decline in the effectiveness of the company's distribution channel.

Fitch affirms the following rating with a Stable Rating Outlook:

Primerica Life Insurance Company
--IFS at 'A+'.

Additional information is available at 'www.fitchratings.com'. The issuer did
not participate in the rating process other than through the medium of its
public disclosure. The ratings above were unsolicited and have been provided by
Fitch as a service to investors.

Applicable Criteria and Related Research:
--'Insurance Rating Methodology' (Sept. 22, 2011).

Applicable Criteria and Related Research:
Insurance Rating Methodology