CITIZENS, INC.

For the period ended Sep 30, 2026. Filed Nov 5, 2026.

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, 2026 · Filed Nov 5, 2026

CIA$4.35+5.3%Stored close · as of Nov 9, 2026

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Contents

Consolidated Balance Sheets, September 30, 2026 (Unaudited) and December 31, 2025

Consolidated Balance Sheets

(In thousands)	September 30, 2026	December 31, 2025
(Unaudited)
Assets:
Investments:
Fixed maturity securities, available-for-sale, at fair value (amortized cost: $1,450,476 and $1,432,454 in 2026 and 2025, respectively)	$1,216,359	1,287,861
Equity securities, at fair value	1,338	1,356
Policy loans	65,832	67,455
Other long-term investments (portion measured at fair value $80,988 and $85,157 in 2026 and 2025, respectively)	81,271	85,439
Total investments	1,364,800	1,442,111
Cash and cash equivalents (restricted portion: $1,554 in 2026 and 2025)	17,586	22,976
Accrued investment income	19,472	18,241
Receivable for securities	—	90
Reinsurance recoverable	13,765	10,874
Deferred policy acquisition costs	234,501	220,537
Cost of insurance acquired	8,540	8,995
Current federal income tax receivable	1,184	624
Property and equipment, net	9,145	9,835
Due premiums	10,325	11,299
Other assets (less allowance for losses of $1,110 and $740 in 2026 and 2025, respectively)	11,458	9,178
Total assets	$1,690,776	1,754,760

September 30, 2026 | 10-Q 2

Consolidated Balance Sheets, Continued

(In thousands, except share amounts)	September 30, 2026	December 31, 2025
(Unaudited)
Liabilities and Stockholders' Equity:
Liabilities:
Policy liabilities:
Future policy benefit reserves:
Life insurance	$1,126,381	1,188,089
Accident and health insurance	1,543	1,338
Total future policy benefit reserves	1,127,924	1,189,427
Policyholders' funds:
Annuities	188,965	175,569
Dividend accumulations	54,365	51,360
Premiums paid in advance	28,862	29,055
Policy claims payable	10,195	8,772
Other policyholders' funds	8,386	7,955
Total policyholders' funds	290,773	272,711
Total policy liabilities	1,418,697	1,462,138
Commissions payable	5,113	4,186
Deferred federal income tax liability	5,829	5,996
Other liabilities	39,633	47,455
Total liabilities	1,469,272	1,519,775
Commitments and contingencies (Notes 7 and 8)
Stockholders' Equity:
Common stock:
Class A, no par value, 100,000,000 shares authorized, 55,023,728 and 54,625,652 shares issued and outstanding in 2026 and 2025, respectively, including shares held in treasury of 4,327,810 in 2026 and 2025	273,740	272,294
Class B, no par value, 2,000,000 shares authorized, 1,001,714 shares issued and no shares outstanding in 2026 and 2025, including shares held in treasury of 1,001,714 in 2026 and 2025	3,184	3,184
Retained earnings	73,074	71,653
Accumulated other comprehensive income (loss)	(104,769)	(88,421)
Treasury stock, at cost	(23,725)	(23,725)
Total stockholders' equity	221,504	234,985
Total liabilities and stockholders' equity	$1,690,776	1,754,760

September 30, 2026 | 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)	2026	2025	2026	2025
Revenues:
Premiums	$44,803	43,303	128,444	126,488
Net investment income	18,052	19,117	52,387	53,663
Investment related gains (losses), net	1,389	(1,255)	879	(1,741)
Other income	794	1,643	3,456	5,136
Total revenues	65,038	62,808	185,166	183,546
Benefits and Expenses:
Insurance benefits paid or provided:
Claims and surrenders	31,066	44,276	104,470	124,594
Increase (decrease) in future policy benefit reserves	9,499	(6,760)	7,988	(14,960)
Policyholder liability remeasurement (gain) loss	1,393	(459)	3,980	720
Policyholders' dividends	1,535	1,377	4,030	3,987
Total insurance benefits paid or provided	43,493	38,434	120,468	114,341
Commissions	11,787	11,655	33,963	34,339
Other general expenses	14,795	13,291	42,257	39,443
Capitalization of deferred policy acquisition costs	(10,539)	(9,974)	(29,200)	(28,543)
Amortization of deferred policy acquisition costs	5,236	4,795	15,236	14,055
Amortization of cost of insurance acquired	124	128	455	305
Total benefits and expenses	64,896	58,329	183,179	173,940
Income (loss) before federal income tax	142	4,479	1,987	9,606
Federal income tax expense (benefit)	564	2,062	566	2,353
Net income (loss)	(422)	2,417	1,421	7,253
Per Share Amounts:
Basic and diluted earnings (loss) per share of Class A common stock	(0.01)	0.04	0.03	0.14
Other Comprehensive Income (Loss):
Unrealized gains (losses) on fixed maturity securities:
Unrealized holding gains (losses) arising during period	(77,503)	22,623	(89,931)	41,200
Reclassification adjustment for (gains) losses included in net income (loss)	28	(691)	406	(440)
Unrealized gains (losses) on fixed maturity securities, net	(77,475)	21,932	(89,525)	40,760
Change in current discount rate for liability for future policy benefits	63,847	(29,058)	72,589	(33,644)
Income tax expense (benefit) on other comprehensive income items	46	(1,365)	(588)	567
Other comprehensive income (loss)	(13,674)	(5,761)	(16,348)	6,549
Total comprehensive income (loss)	$(14,096)	(3,344)	(14,927)	13,802

September 30, 2026 | 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.