CITIZENS INC

For the period ended Jun 30, 2024. Filed Aug 6, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2024 · Filed Aug 6, 2024

CIA$4.13+0.2%Stored close · as of Nov 6, 2026

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Contents

Consolidated Balance Sheets, June 30, 2024 (Unaudited) and December 31, 2023

Consolidated Balance Sheets

(In thousands)	June 30, 2024	December 31, 2023
(Unaudited)
Assets:
Investments:
Fixed maturity securities available-for-sale, at fair value (amortized cost: $1,390,487 and $1,389,038 in 2024 and 2023, respectively)	$1,213,403	1,238,981
Equity securities, at fair value	5,336	5,282
Policy loans	73,462	75,359
Other long-term investments (portion measured at fair value $91,875 and $82,460 in 2024 and 2023, respectively)	92,141	82,725
Total investments	1,384,342	1,402,347
Cash and cash equivalents	26,344	26,997
Accrued investment income	17,589	17,360
Reinsurance recoverable	5,217	3,991
Deferred policy acquisition costs	186,331	175,768
Cost of insurance acquired	9,719	10,043
Current federal income tax receivable	1,002	1,546
Property and equipment, net	11,075	11,809
Due premiums	10,946	11,264
Other assets (less allowance for losses of $405 and $408 in 2024 and 2023, respectively)	9,908	7,803
Total assets	$1,662,473	1,668,928

June 30, 2024 | 10-Q 2

Consolidated Balance Sheets, Continued

(In thousands, except share amounts)	June 30, 2024	December 31, 2023
(Unaudited)
Liabilities and Stockholders' Equity:
Liabilities:
Policy liabilities:
Future policy benefit reserves:
Life insurance	$1,189,593	1,229,253
Accident and health insurance	995	889
Total future policy benefit reserves	1,190,588	1,230,142
Policyholders' funds:
Annuities	141,603	133,216
Dividend accumulations	46,644	44,960
Premiums paid in advance	32,737	32,446
Policy claims payable	7,719	6,637
Other policyholders' funds	7,066	7,363
Total policyholders' funds	235,769	224,622
Total policy liabilities	1,426,357	1,454,764
Commissions payable	3,131	3,445
Deferred federal income tax liability	2,418	1,102
Payable for securities in process of settlement	787	—
Other liabilities	38,311	37,488
Total liabilities	1,471,004	1,496,799
Commitments and contingencies (Notes 7 and 8)
Stockholders' Equity:
Common stock:
Class A, no par value, 100,000,000 shares authorized, 54,045,725 and 53,882,661 shares issued and outstanding in 2024 and 2023, respectively, including shares in treasury of 4,327,810 in 2024 and 2023	269,283	268,675
Class B, no par value, 2,000,000 shares authorized, 1,001,714 shares issued and outstanding in 2024 and 2023, including shares in treasury of 1,001,714 in 2024 and 2023	3,184	3,184
Retained earnings	50,651	42,150
Accumulated other comprehensive income (loss)	(107,924)	(118,155)
Treasury stock, at cost	(23,725)	(23,725)
Total stockholders' equity	191,469	172,129
Total liabilities and stockholders' equity	$1,662,473	1,668,928

June 30, 2024 | 10-Q 3

Consolidated Statements of Operations and Comprehensive Income (Loss)

Three Months Ended · Six Months Ended
	June 30,		June 30,
(In thousands, except per share amounts)	2024	2023	2024	2023
Revenues:
Premiums:
Life insurance	$42,101	39,292	80,362	76,226
Accident and health insurance	458	547	872	905
Property insurance	—	(113)	(2)	844
Net investment income	17,540	17,241	35,027	34,315
Investment related gains (losses), net	(253)	703	710	415
Other income	2,238	857	2,827	1,736
Total revenues	62,084	58,527	119,796	114,441
Benefits and Expenses:
Insurance benefits paid or provided:
Claims and surrenders	34,530	32,776	67,643	63,075
Increase (decrease) in future policy benefit reserves	(1,052)	(944)	(601)	(1,922)
Policyholder liability remeasurement (gain) loss	1,360	956	1,679	1,836
Policyholders' dividends	1,191	1,261	2,428	2,369
Total insurance benefits paid or provided	36,029	34,049	71,149	65,358
Commissions	12,232	8,883	22,682	17,896
Other general expenses	16,639	12,268	27,977	23,528
Capitalization of deferred policy acquisition costs	(10,543)	(6,544)	(18,874)	(12,902)
Amortization of deferred policy acquisition costs	4,273	3,674	8,311	7,488
Amortization of cost of insurance acquired	152	153	324	314
Total benefits and expenses	58,782	52,483	111,569	101,682
Income before federal income tax	3,302	6,044	8,227	12,759
Federal income tax expense (benefit)	(657)	(82)	(274)	1,761
Net income	3,959	6,126	8,501	10,998
Per Share Amounts:
Basic and diluted earnings per share of Class A common stock	0.08	0.12	0.17	0.22
Other Comprehensive Income (Loss):
Unrealized gains (losses) on fixed maturity securities:
Unrealized holding gains (losses) arising during period	(14,258)	(20,430)	(27,674)	23,006
Reclassification adjustment for losses (gains) included in net income	199	24	647	62
Unrealized gains (losses) on fixed maturity securities, net	(14,059)	(20,406)	(27,027)	23,068
Change in current discount rate for liability for future policy benefits	5,522	6,251	39,517	(14,229)
Income tax expense (benefit) on other comprehensive income items	(383)	(1,257)	2,259	158
Other comprehensive income (loss)	(8,154)	(12,898)	10,231	8,681
Total comprehensive income (loss)	$(4,195)	(6,772)	18,732	19,679

June 30, 2024 | 10-Q 4

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.