CITIZENS, INC.
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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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, 2026 · Filed Nov 5, 2026
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(5) Deferred Acquisition Costs & Cost of Insurance Acquired
(5)DEFERRED POLICY ACQUISITION COSTS AND COST OF INSURANCE ACQUIRED
DAC
The following tables roll forward the deferred policy acquisition costs ("DAC") and cost of insurance acquired ("COIA") balances for the nine months ended September 30, 2026 and 2025 by reporting cohort. Our reporting cohorts are Permanent, which summarizes insurance policies with premiums payable over the lifetime of the policy, and Permanent Limited Pay, which summarizes insurance policies with premiums payable for a limited time after which the policy is fully paid up. Both reporting cohorts include whole life and endowment policies.
| Nine Months Ended September 30, 2026(In thousands) | Permanent | Permanent Limited Pay | Other Business | Total |
|---|---|---|---|---|
| International Insurance: | ||||
| Balance, beginning of year | $113,915 | 18,585 | 538 | 133,038 |
| Capitalizations | 11,571 | 1,511 | 147 | 13,229 |
| Amortization expense | (9,616) | (956) | (149) | (10,721) |
| Balance, end of period | 115,870 | 19,140 | 536 | 135,546 |
| Domestic Insurance: | ||||
| Balance, beginning of year | 74,622 | 11,683 | 1,194 | 87,499 |
| Capitalizations | 15,156 | 663 | 152 | 15,971 |
| Amortization expense | (4,051) | (335) | (129) | (4,515) |
| Balance, end of period | 85,727 | 12,011 | 1,217 | 98,955 |
| Consolidated: | ||||
| Balance, beginning of year | 188,537 | 30,268 | 1,732 | 220,537 |
| Capitalizations | 26,727 | 2,174 | 299 | 29,200 |
| Amortization expense | (13,667) | (1,291) | (278) | (15,236) |
| Balance, end of period | $201,597 | 31,151 | 1,753 | 234,501 |
September 30, 2026 | 10-Q 18
| CITIZENS, INC. | NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |
|---|---|---|
| (Unaudited) | ||
| Nine Months Ended September 30, 2025(In thousands) | Permanent | Permanent Limited Pay | Other Business | Total |
|---|---|---|---|---|
| International Insurance: | ||||
| Balance, beginning of year | $108,742 | 16,370 | 572 | 125,684 |
| Capitalizations | 12,636 | 2,207 | 205 | 15,048 |
| Amortization expense | (9,389) | (851) | (247) | (10,487) |
| Balance, end of period | 111,989 | 17,726 | 530 | 130,245 |
| Domestic Insurance: | ||||
| Balance, beginning of year | 61,639 | 11,169 | 1,143 | 73,951 |
| Capitalizations | 12,688 | 650 | 157 | 13,495 |
| Amortization expense | (3,140) | (321) | (107) | (3,568) |
| Balance, end of period | 71,187 | 11,498 | 1,193 | 83,878 |
| Consolidated: | ||||
| Balance, beginning of year | 170,381 | 27,539 | 1,715 | 199,635 |
| Capitalizations | 25,324 | 2,857 | 362 | 28,543 |
| Amortization expense | (12,529) | (1,172) | (354) | (14,055) |
| Balance, end of period | $183,176 | 29,224 | 1,723 | 214,123 |
COIA
The Domestic Insurance segment is the only segment that recognizes COIA; therefore, the balances for the nine months ended September 30, 2026 and 2025 on a consolidated basis by reporting cohort are shown below.
| (In thousands) | Permanent | Permanent Limited Pay | Other Business | Total |
|---|---|---|---|---|
| Balance, beginning of year | $7,036 | 764 | 1,195 | 8,995 |
| Amortization expense | (277) | (29) | (149) | (455) |
| Balance, end of period | $6,759 | 735 | 1,046 | 8,540 |
| Balance, beginning of year | $7,424 | 809 | 1,213 | 9,446 |
| Amortization expense | (294) | (35) | 24 | (305) |
| Balance, end of period | $7,130 | 774 | 1,237 | 9,141 |
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