CITIZENS INC
For the period ended Dec 31, 2023. Filed Mar 14, 2024.
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FY2023 · Filed Mar 14, 2024
CIA$4.38+0.7%Stored close · as of Nov 10, 2026
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Consolidated Statements of Operations and Comprehensive Income (Loss)
CITIZENS, INC.
| CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIESConsolidated Statements of Operations and Comprehensive Income (Loss) | |||
|---|---|---|---|
| Years Ended December 31,(In thousands, except share amounts) | 2023 | 2022 | 2021 |
| Revenues: | |||
| Premiums: | |||
| Life insurance | $164,609 | 167,586 | 169,801 |
| Accident and health insurance | 1,637 | 1,278 | 1,250 |
| Property insurance | 793 | 4,850 | 3,677 |
| Net investment income | 69,254 | 65,426 | 61,495 |
| Investment related gains (losses), net | 760 | (10,291) | 10,991 |
| Other income | 3,627 | 3,675 | 3,332 |
| Total revenues | 240,680 | 232,524 | 250,546 |
| Benefits and Expenses: | |||
| Insurance benefits paid or provided: | |||
| Claims and surrenders | 135,993 | 119,935 | 119,735 |
| Increase (decrease) in future policy benefit reserves | (5,624) | 4,804 | 9,773 |
| Policyholder liability remeasurement (gain) loss | 4,460 | 2,884 | 1,434 |
| Policyholders' dividends | 5,542 | 6,013 | 6,180 |
| Total insurance benefits paid or provided | 140,371 | 133,636 | 137,122 |
| Commissions | 39,241 | 36,222 | 35,463 |
| Other general expenses | 47,131 | 45,177 | 43,370 |
| Capitalization of deferred policy acquisition costs | (28,301) | (24,899) | (22,740) |
| Amortization of deferred policy acquisition costs | 15,460 | 14,390 | 13,445 |
| Amortization of cost of insurance acquired | 604 | 621 | 757 |
| Goodwill impairment | — | — | 12,624 |
| Total benefits and expenses | 214,506 | 205,147 | 220,041 |
| Income (loss) before federal income tax | 26,174 | 27,377 | 30,505 |
| Federal income tax expense (benefit) | 1,737 | 1,370 | (42,201) |
| Net income (loss) | 24,437 | 26,007 | 72,706 |
| Basic Earnings Per Share: | |||
| Class A common stock | $0.49 | 0.52 | 1.46 |
| Class B common stock | — | — | 0.73 |
| Diluted Earnings Per Share: | |||
| Class A common stock | 0.48 | 0.51 | 1.44 |
| Class B common stock | — | — | 0.72 |
| Other Comprehensive Income (Loss): | |||
| Unrealized gains (losses) on fixed maturity securities: | |||
| Unrealized holding gains (losses) arising during period | 50,894 | (328,673) | (41,123) |
| Reclassification adjustment for losses (gains) included in net income (loss) | 756 | 104 | (243) |
| Unrealized gains (losses) on fixed maturity securities, net | 51,650 | (328,569) | (41,366) |
| Change in current discount rate for liability for future policy benefits | (34,790) | 337,776 | 92,396 |
| Income tax expense (benefit) on other comprehensive income items | (2,029) | 7,262 | 1,449 |
| Other comprehensive income (loss) | 18,889 | 1,945 | 49,581 |
| Total comprehensive income (loss) | $43,326 | 27,952 | 122,287 |
December 31, 2023 | 10-K 64
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