CITIZENS, INC.

For the period ended Sep 30, 2025. Filed Nov 6, 2025.

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, 2025 · Filed Nov 6, 2025

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

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Contents

Consolidated Balance Sheets, September 30, 2025 (Unaudited) and December 31, 2024

Consolidated Balance Sheets

(In thousands)	September 30, 2025	December 31, 2024
(Unaudited)
Assets:
Investments:
Fixed maturity securities available-for-sale, at fair value (amortized cost: $1,409,626 and $1,401,301 in 2025 and 2024, respectively)	$1,270,045	1,220,961
Equity securities, at fair value	1,371	5,447
Policy loans	68,717	71,216
Other long-term investments (portion measured at fair value $85,455 and $93,337 in 2025 and 2024, respectively)	85,738	93,604
Total investments	1,425,871	1,391,228
Cash and cash equivalents (restricted portion: $1,554 in both 2025 and 2024)	23,123	29,271
Accrued investment income	17,285	17,546
Receivable for securities	12,946	—
Reinsurance recoverable	10,385	6,941
Deferred policy acquisition costs	214,123	199,635
Cost of insurance acquired	9,141	9,446
Current federal income tax receivable	532	148
Property and equipment, net	9,584	10,574
Due premiums	9,937	11,721
Other assets (less allowance for losses of $725 and $516 in 2025 and 2024, respectively)	9,438	8,815
Total assets	$1,742,365	1,685,325

September 30, 2025 | 10-Q 2

Consolidated Balance Sheets, Continued

(In thousands, except share amounts)	September 30, 2025	December 31, 2024
(Unaudited)
Liabilities and Stockholders' Equity:
Liabilities:
Policy liabilities:
Future policy benefit reserves:
Life insurance	$1,192,390	1,172,034
Accident and health insurance	1,241	1,071
Total future policy benefit reserves	1,193,631	1,173,105
Policyholders' funds:
Annuities	168,396	149,977
Dividend accumulations	50,145	47,768
Premiums paid in advance	30,628	31,182
Policy claims payable	8,806	8,822
Other policyholders' funds	7,943	7,271
Total policyholders' funds	265,918	245,020
Total policy liabilities	1,459,549	1,418,125
Commissions payable	4,343	4,546
Deferred federal income tax liability	5,224	3,442
Payable for securities	454	—
Other liabilities	47,191	48,857
Total liabilities	1,516,761	1,474,970
Commitments and contingencies (Notes 7 and 8)
Stockholders' Equity:
Common stock:
Class A, no par value, 100,000,000 shares authorized, 54,615,810 and 54,235,165 shares issued and outstanding in 2025 and 2024, respectively, including shares in treasury of 4,327,810 in 2025 and 2024	271,246	269,799
Class B, no par value, 2,000,000 shares authorized, 1,001,714 shares issued and outstanding in 2025 and 2024, including shares in treasury of 1,001,714 in 2025 and 2024	3,184	3,184
Retained earnings	64,315	57,062
Accumulated other comprehensive income (loss)	(89,416)	(95,965)
Treasury stock, at cost	(23,725)	(23,725)
Total stockholders' equity	225,604	210,355
Total liabilities and stockholders' equity	$1,742,365	1,685,325

September 30, 2025 | 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)	2025	2024	2025	2024
Revenues:
Premiums:
Life insurance	$42,872	42,461	125,158	122,823
Accident and health insurance	431	452	1,330	1,324
Property insurance	—	(16)	—	(18)
Net investment income	19,117	17,377	53,663	52,404
Investment related gains (losses), net	(1,255)	827	(1,741)	1,537
Other income	1,643	630	5,136	3,457
Total revenues	62,808	61,731	183,546	181,527
Benefits and Expenses:
Insurance benefits paid or provided:
Claims and surrenders	44,276	36,478	124,594	104,121
Increase (decrease) in future policy benefit reserves	(6,760)	471	(14,960)	(130)
Policyholder liability remeasurement (gain) loss	(459)	1,157	720	2,836
Policyholders' dividends	1,377	1,320	3,987	3,748
Total insurance benefits paid or provided	38,434	39,426	114,341	110,575
Commissions	11,655	12,957	34,339	35,639
Other general expenses	13,291	12,095	39,443	40,072
Capitalization of deferred policy acquisition costs	(9,974)	(10,430)	(28,543)	(29,304)
Amortization of deferred policy acquisition costs	4,795	4,493	14,055	12,804
Amortization of cost of insurance acquired	128	153	305	477
Total benefits and expenses	58,329	58,694	173,940	170,263
Income (loss) before federal income tax	4,479	3,037	9,606	11,264
Federal income tax expense (benefit)	2,062	247	2,353	(27)
Net income (loss)	2,417	2,790	7,253	11,291
Per Share Amounts:
Basic earnings (loss) per share of Class A common stock	0.04	0.06	0.14	0.23
Diluted earnings (loss) per share of Class A common stock	0.04	0.05	0.14	0.22
Other Comprehensive Income (Loss):
Unrealized gains (losses) on fixed maturity securities:
Unrealized holding gains (losses) arising during period	22,623	59,101	41,200	31,427
Reclassification adjustment for (gains) losses included in net income (loss)	(691)	(100)	(440)	547
Unrealized gains (losses) on fixed maturity securities, net	21,932	59,001	40,760	31,974
Change in current discount rate for liability for future policy benefits	(29,058)	(45,404)	(33,644)	(5,887)
Income tax expense (benefit) on other comprehensive income items	(1,365)	356	567	2,615
Other comprehensive income (loss)	(5,761)	13,241	6,549	23,472
Total comprehensive income (loss)	$(3,344)	16,031	13,802	34,763

September 30, 2025 | 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.