# PRIMERICA BROKERAGE SERVICES, INC. X-17A-5/A (2025-03-03) — Broker-dealer annual report - Company: PRIMERICA BROKERAGE SERVICES, INC. - Form: X-17A-5/A - Filed: 2025-03-03 - Period: 2024-12-31 - Accession: 0000354497-25-000006 - CIK: 1940104 - File #: 8-70965 - Type: Broker-dealer - Material weakness: No - Auditor: KPMG LLP - Auditor location: Atlanta, GA - Contact: Dasia Coley - Phone: 470-564-5973 - Signed by: Dasia Coley (CFO) Original filing: https://www.sec.gov/Archives/edgar/data/1940104/000035449725000006/pbsi_fs_short_form_2024.pdf --- {0}------------------------------------------------ #### **PRIMERICA BROKERAGE SERVICES, INC.** (A Wholly Owned Subsidiary of Primerica Finance Corporation) Statement of Financial Condition December 31 , 2024 (With Report oflndependent Registered Public Accounting Firm Thereon) {1}------------------------------------------------ | UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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12 | | | |---------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|----------------|----------------------------------------------------------------------------------------------------------------------|--|--| | ANNUAL REPORTS | | | SEC FILE NUMBER | | | | | FORM X-17A-5 | | | | | | | PART Ill | | | | | | | FACING PAGE
Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | | | | | | FILING FOR THE PERIOD BEGINNING | __
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1_2_/3_1_/_2_4 | | | | | MM/DD/YY | | MM/DD/YY | | | | | A. REGISTRANT IDENTIFICATION | | | | | | NAME oF FIRM | Primerica Brokerage Services Inc. | | | | | | TYPE OF REGISTRANT (check all applicable boxes)
l:!J Broker-dealer
D Check here if respondent is also an OTC derivatives dealer | D Security-based swap dealer | | D MaJor security-based swap part1c1pant | | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS (Do not use a PO box no) | | | | | | | 1 Primerica Pkwy | | | | | | | (No and Street) | | | | | | Duluth | GA | 30099 | | | | | (City) | (State) | | (Zip Code) | | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | | Dasia Coley | (470) 564 -
5973 | | Das1a Coley@pnmenca com | | | | (Name) | (Area Code - Telephone Number) | | (Email Address) | | | | | B. ACCOUNTANT IDENTIFICATION | | | | | | KPMG LLP | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | | | | (Name - if individual, state last, first, and middle name) | | | | | | 303 Peachtree Street, N.E. Ste 2000 Atlanta | | GA | 30308 | | | | (Address)
October 20, 2003 | (City) | (State)
185 | (Zip Code) | | | | | FOR OFFICIAL USE ONLY | | (P CAOB Rcgis'Catloo Norn bee, ,f applica b e JI | | | | | * Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public | | | | | accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption See 17 CFR 240 17a S(e)(l)(ii), if applicable **Persons who are to respond to the collection of Information contained In this form are not required to respond unless the form displays a currently valid 0MB control number.** {2}------------------------------------------------ ### **OATH OR AFFIRMATION** | 1, Dasia Coley | swear (or affirm) that, to the best of my knowledge and belief, the | | |-----------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------|-------| | financial report pertaining to the firm of Primerica Brokerage Services Inc | | as of | | 2~,
12/31 | Is true and correct I further swear ( or affirm) that neither the company nor any | | | | paI·tner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account class1f1ed solely | | | as that of a customer | | | | BRANDY SMALLWOOD
NOTARY PUBLIC | Signature | | | NOTARY PUBLIC | |----------------------------------| | Forsyth County Georgia | | My Commission Expires 02/10/2027 | | | Title CFO ### **This filing\*\* contains (check all applicable boxes):** - ~ (a) Statement of financial condition - ~ (b) Notes to consolidated statement of financial condition - D (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in§ 210 1-02 of Regulation S-X) - D (d) Statement of cash flows - D (e) Statement of changes **in** stockholders' or partners' or sole proprietor's equity - D (f) Statement of changes in liabilities subordinated to claims of creditors - D (g) Notes to consolidated financial statements - D (h) Computation of net capital under 17 CFR 240 15c3-1 or 17 CFR 240 18a-1, as applicable - :::J (i) Computation of tangible net worth under 17 CFR 240 18a-2 - :::J (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240 15c3-3 - D (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240 15c3-3 or Exhibit A to 17 CFR 240 18a-4, as applicable - D **(I)** Computation for Determination of PAB Requirements under Exhibit A to§ 240 15c3-3 - D (m) Information relating to possession or control requirements for customers under 17 CFR 240 15c3-3 - D (n) Information relating to possession or control requirements for security-based swap customers unde1· 17 CFR 240 15c3-3(p)(2) or 17 CFR 240 18a-4, as applicable - D (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240 15c3-1, 17 CFR 240 18a-1, or 17 CFR 240 l8a-2, as applicable, and the reserve requirements under 17 CFR 240 15c3-3 or 17 CFR 240 18a-4, as applicable, if material differences exist, or a statement that no material differences exist - D (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition - ~ (q) Oath or affirmation in accordance with 17 CFR 240 17a-5, 17 CFR 240 17a-12, or 17 CFR 240 18a-7, as applicable - D (r) Compliance report in accordance with 17 CFR 240 17a-5 or 17 CFR 240 18a-7, as applicable - D (s) Exemption report in accordance with 17 CFR 240 17a-5 or 17 CFR 240 18a-7, as applicable - D (t) Independent public accountant's report based on an examination of the statement of financial condition - ~ (u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240 17a-5, 17 CFR 240 lSa-7, or 17 CFR 240 17a-12, as applicable - D (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240 17a-5 or 17 CFR 240 18a-7, as applicable - D (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240 17a-5 or 17 CFR 240 18a-7, as applicable - D (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240 15c3-le or 17 CFR 240 17a-12, as applicable - D (y) Report describing any material 1nadequac1es found to exist or found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240 17a-12(k) D (z) Other------------------------------------- - \*\*To request confidential treatment of certain portions of this filing, see 17 CFR 24017a-5(e}(3) or 17 CFR 24018a-7(d}(2)*1* as applicable {3}------------------------------------------------ ![](_page_3_Picture_0.jpeg) KPMG LLP Suite 2000 303 Peachtree Street, N.E. Atlanta, GA 30308-3210 # **Report of Independent Registered Public Accounting Firm** To the Stockholder and the Board of Directors Primerica Brokerage Services, Inc.: # Opinion on the Financial Statement We have audited the accompanying statement of financial condition of Primerica Brokerage Services, Inc. (the Company) as of December 31 , 2024, and the related notes (collectively, the financial statement). In our opinion, the financial statement presents fairly, in all material respects , the financial position of the Company as of December 31 , 2024, in conformity with U.S. generally accepted accounting principles. # Basis for Opinion This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud , and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion. ![](_page_3_Picture_9.jpeg) We have served as the Company's auditor since 2023. Atlanta, Georgia February **28 , 2025** {4}------------------------------------------------ #### **Primerica Brokerage Services, Inc.** ### (A Wholly Owned Subsidiary of Primerica Finance Corporation) Statement of Financial Condition December 31, 2024 | Assets | | | | |------------------------------------------------------------------------------------------|----|-----------|--| | Cash | \$ | 6,924,352 | | | Net receivables from clearing flllll | | 2,283,542 | | | Income taxes receivable | | 107,498 | | | Other assets | | 22,809 | | | Total assets | \$ | 9,338,201 | | | Liabilities and Stockholder's Equity | | | | | Liabilities: | | | | | Payables to affiliates | \$ | 901 ,001 | | | Accounts payable and accrued expenses | | 78,396 | | | Other liabilities | | 38,201 | | | Commitments and contingent liabilities (see Commitments and Contingent Liabilities note) | | | | | Total liabilities | | 1,017,598 | | | Stockholder's equity: | | | | | Common stock, \$1 par value. Authorized, 100 shares; issued and | | | | | outstanding, 10 shares | | 10 | | | Additional paid-in capital | | 5,049,990 | | | Retained earnings | | 3,270,603 | | | Total stockholder's equity | | 8,320,603 | | | Total liabilities and stockholder's equity | \$ | 9,338,201 | | See accompanying notes to the financial statement. {5}------------------------------------------------ ## **PRIMERICA BROKERAGE SERVICES, INC.** (A Wholly Owned Subsidiary of Primerica Finance Corporation) Notes to Financial Statement December 31 , 2024 ## **(1) Description of Business, Basis of Presentation, and Summary of Significant Accounting Policies** ## *Description of Business* Primerica Brokerage Services, Inc. (the "Company" or "we") was incorporated on May 20, 2022 and is a wholly owned subsidiary of Primerica Finance Corporation ("PFC"), which is a wholly owned subsidiary of Primerica, Inc. (the "Parent"). The Company is an affiliate of PFS Investments Inc. ("PFSI"), a wholly owned subsidiary of PFC and a registered investment adviser and introducing broker-dealer in the United States. The Company became a registered broker-dealer on April 4, 2023 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and functions as an introducing broker-dealer under the rules of the Financial Industry Regulatory Authority ("FINRA"). The Company provides custody, trade execution, clearing, settlement, recordkeeping and other services for investor accounts managed through the Primerica Advisors Lifetime Investment Program ("Lifetime Investment Program") offered by PFSI. The Company subcontracts its services through a fully disclosed clearing agreement with Pershing, LLC ("Pershing"), an unaffiliated clearing firm. The Company's product offerings consist entirely of investment and savings products subject to regulation in the United States ("U.S.") and marketed primarily to retail investors in the U.S. The Company is managed as one business unit and therefore consists entirely of one operating segment. U.S. generally accepted accounting principles ("GAAP") indicates that an entity's chief operating decision maker ("CODM") is a function that allocates the Company's resources and assesses the Company's performance. We have identified the Company's CODM as the Chief Executive Officer and President of the Company. The CODM uses net income presented on the Company's statement of income to evaluate performance and in deciding how to allocate resources. The significant segment expense categories provided to the CODM are the same as those presented in the accompanying statement of income. The CODM does not use a measure of segment assets to evaluate segment performance or in deciding how to allocate resources as the Company generates sufficient cash flows to meet its net capital requirements and does not use outside capital to invest in the business. The CODM uses net income in assessing performance versus budget and in deciding how to manage the business. # *Basis of Presentation* We prepare our financial statements in accordance with GAAP. These principles are established primarily by the Financial Accounting Standards Board ("F ASB"). The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported financial statement balances, as well as the disclosure of contingent assets and liabilities and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management considers available facts and knowledge of existing circumstances when establishing estimated amounts included in the financial statements. As a registered broker-dealer, the Company is subject to Exchange Act Rule l 7a-5 promulgated by the Securities and Exchange Commission ("SEC"). ## *Net Receivables from Clearing Firm* Net receivables from clearing firm primarily consists of deposits held at Pershing. Per the clearing agreement with Pershing, the Company is required to hold \$1 ,000,000 on deposit with Pershing. ## *Income Taxes* The Company accounts for income taxes using a benefit-for-loss approach to the allocation of current taxes, whereby tax benefits resulting from operating losses or other tax attributes, which will be realized by other members of the consolidated group, go to the benefit of the Company. Using this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. {6}------------------------------------------------ ## **PRIMERICA BROKERAGE SERVICES, INC.** (A Wholly Owned Subsidiary of Primerica Finance Corporation) Notes to Financial Statement December 31 , 2024 ### *Fair Value of Financial Instruments* The carrying amounts for cash, net receivables from clearing firm, payables to affiliates, accounts payable and accrued expenses, and income taxes receivable/payable approximate their fair values due to the short-term nature of these instruments. ### *New Accounting Principles* | Accounting
standard | Adoption date | Description | Effects on the financial
statements | | | |----------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--| | Segment
Reporting
(Topic 280)-
Improvements to
Reportable
Segment
Disclosures
ASU 2023-07 | Annual periods
beginning after
December 15,
2023. | In November 2023, the F ASB issued
the accounting standard update ("ASU")
to enhance segment disclosures for all
public entities, including entities like us
that are a single reportable segment
entity. Notable amendments include
requiring the disclosure of the title and
position of the chief operating decision
maker ("CODM") and an explanation of
how the CODM uses the reported
measure(s) of segment profit or loss in | The Company adopted this
ASU in the current year. The
adoption of the ASU did not
have a material impact on our
financial statements. The
Company's revised disclosures
in accordance with the new
standard are included under
"Description of the Business".
Note that the Company is a
single reportable segment | | | | | | assessing segment performance and
deciding how to allocate resources. | entity. | | | Recently-issued accounting guidance, including future application of accounting standards, not discussed here is not applicable, is immaterial to our statement of financial condition, or did not or is not expected to have a material impact on our business. ### **(2) Income Taxes** As the Company is included in the consolidated tax return of the Parent, income taxes owed or due as of year-end are payable to or receivable from the Parent, as applicable. As of December 31 , 2024, federal income taxes of \$107,498 are due from the Parent and are included in income taxes receivable in the accompanying statement of financial condition. The Company has no tax contingency reserves. The Company will evaluate its subsequent filing position and, in future years, consider whether tax contingency reserves are required. The Company is currently open to audit by the IRS for the year ended December 31 , 2022 and thereafter for federal income tax purposes. ### **(3)** *Net Capital Requirement* The Company is subject to the SEC Net Capital Requirement for Brokers or Dealers, as mandated by Rule 17 C.F.R. § 240. l 5c3-l of the Exchange Act. This regulation requires the maintenance of minimum "net capital" of the greater of \$5,000 or 6-2/3% of aggregate indebtedness. The regulation also requires that the ratio of aggregate indebtedness to net capital, as those terms are defined, not exceed 15-to-l . As of December 31 , 2024, the Company had net capital of approximately \$8.2 million, which was approximately \$8.1 million in excess of its required net capital of approximately \$0.1 million. The Company's aggregate indebtedness to net capital ratio was 0.1- to-1. ### ( **4) Liabilities Subordinated to the Claims of General Creditors** As of December 31 , 2024, the Company had no liabilities that were subordinated to the claims of general creditors. ### **(5) Related-Party Transactions** The Company receives support services from certain affiliates, owned by the Parent ("Primerica Affiliates") for shared expenses including human resources, finance, information technology and other general and administrative expenses to {7}------------------------------------------------ ## **PRIMERICA BROKERAGE SERVICES, INC.** ### (A Wholly Owned Subsidiary of Primerica Finance Corporation) Notes to Financial Statement December 31 , 2024 support its operations. The Company also has an arrangement in which Primerica Affiliates pay operating expenses on behalf of the Company which are subsequently reimbursed by the Company. The Company also pays a management fee at cost for shared management and other administrative expenses incurred on behalf of PFSI. All of the arrangements between the Company and its affiliates provide a right ofoffset. The following is a summary of payables to affiliates as of December 31 , 2024: | | Primerica
PFSI
Affiliates | | Total | |------------------------|---------------------------------|----------|----------| | Payables to affiliates | \$
891 ,160 \$ | 9,841 \$ | 901 ,001 | ### **(6) Commitments and Contingent Liabilities** The Company is involved from time to time in legal disputes, regulatory inquiries and arbitration proceedings in the normal course of business. These disputes are subject to uncertainties, including indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation. As such, the Company is unable to estimate the possible loss or range of loss that may result from these matters unless otherwise indicated. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.