CITIZENS INC

For the period ended Sep 30, 2024. Filed Nov 7, 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.

Sep 30, 2024 · Filed Nov 7, 2024

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

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

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

Consolidated Balance Sheets

(In thousands)	September 30, 2024	December 31, 2023
(Unaudited)
Assets:
Investments:
Fixed maturity securities available-for-sale, at fair value (amortized cost: $1,391,580 and $1,389,038 in 2024 and 2023, respectively)	$1,273,497	1,238,981
Equity securities, at fair value	5,716	5,282
Policy loans	72,463	75,359
Other long-term investments (portion measured at fair value $93,167 and $82,460 in 2024 and 2023, respectively)	93,433	82,725
Total investments	1,445,109	1,402,347
Cash and cash equivalents	32,382	26,997
Accrued investment income	17,082	17,360
Reinsurance recoverable	7,278	3,991
Deferred policy acquisition costs	192,268	175,768
Cost of insurance acquired	9,566	10,043
Current federal income tax receivable	505	1,546
Property and equipment, net	10,975	11,809
Due premiums	10,090	11,264
Other assets (less allowance for losses of $574 and $408 in 2024 and 2023, respectively)	10,554	7,803
Total assets	$1,735,809	1,668,928

September 30, 2024 | 10-Q 2

Consolidated Balance Sheets, Continued

(In thousands, except share amounts)	September 30, 2024	December 31, 2023
(Unaudited)
Liabilities and Stockholders' Equity:
Liabilities:
Policy liabilities:
Future policy benefit reserves:
Life insurance	$1,236,873	1,229,253
Accident and health insurance	998	889
Total future policy benefit reserves	1,237,871	1,230,142
Policyholders' funds:
Annuities	145,838	133,216
Dividend accumulations	47,052	44,960
Premiums paid in advance	32,420	32,446
Policy claims payable	9,236	6,637
Other policyholders' funds	7,076	7,363
Total policyholders' funds	241,622	224,622
Total policy liabilities	1,479,493	1,454,764
Commissions payable	3,843	3,445
Deferred federal income tax liability	2,367	1,102
Other liabilities	42,533	37,488
Total liabilities	1,528,236	1,496,799
Commitments and contingencies (Notes 7 and 8)
Stockholders' Equity:
Common stock:
Class A, no par value, 100,000,000 shares authorized, 54,222,644 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	269,356	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	53,441	42,150
Accumulated other comprehensive income (loss)	(94,683)	(118,155)
Treasury stock, at cost	(23,725)	(23,725)
Total stockholders' equity	207,573	172,129
Total liabilities and stockholders' equity	$1,735,809	1,668,928

September 30, 2024 | 10-Q 3

Consolidated Statements of Operations and Comprehensive Income (Loss)

Three Months Ended · Nine Months Ended
	September 30,		September 30,
(In thousands, except per share amounts)	2024	2023	2024	2023
Revenues:
Premiums:
Life insurance	$42,461	41,794	122,823	118,020
Accident and health insurance	452	296	1,324	1,201
Property insurance	(16)	(64)	(18)	780
Net investment income	17,377	17,372	52,404	51,687
Investment related gains (losses), net	827	(892)	1,537	(477)
Other income	630	884	3,457	2,620
Total revenues	61,731	59,390	181,527	173,831
Benefits and Expenses:
Insurance benefits paid or provided:
Claims and surrenders	36,478	37,723	104,121	100,798
Increase (decrease) in future policy benefit reserves	471	(3,880)	(130)	(5,802)
Policyholder liability remeasurement (gain) loss	1,157	1,024	2,836	2,860
Policyholders' dividends	1,320	1,414	3,748	3,783
Total insurance benefits paid or provided	39,426	36,281	110,575	101,639
Commissions	12,957	9,444	35,639	27,340
Other general expenses	12,095	11,949	40,072	35,477
Capitalization of deferred policy acquisition costs	(10,430)	(7,132)	(29,304)	(20,034)
Amortization of deferred policy acquisition costs	4,493	4,056	12,804	11,544
Amortization of cost of insurance acquired	153	151	477	465
Total benefits and expenses	58,694	54,749	170,263	156,431
Income before federal income tax	3,037	4,641	11,264	17,400
Federal income tax expense (benefit)	247	1,943	(27)	3,704
Net income	2,790	2,698	11,291	13,696
Per Share Amounts:
Basic earnings per share of Class A common stock	0.06	0.06	0.23	0.28
Diluted earnings per share of Class A common stock	0.05	0.05	0.22	0.27
Other Comprehensive Income (Loss):
Unrealized gains (losses) on fixed maturity securities:
Unrealized holding gains (losses) arising during period	59,101	(59,817)	31,427	(36,811)
Reclassification adjustment for losses (gains) included in net income	(100)	419	547	481
Unrealized gains (losses) on fixed maturity securities, net	59,001	(59,398)	31,974	(36,330)
Change in current discount rate for liability for future policy benefits	(45,404)	60,054	(5,887)	45,825
Income tax expense (benefit) on other comprehensive income items	356	(1,040)	2,615	(882)
Other comprehensive income (loss)	13,241	1,696	23,472	10,377
Total comprehensive income (loss)	$16,031	4,394	34,763	24,073

September 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.