CITIZENS, INC.

Listed Company

CIACIK 0000024090NYSEAcceleratedSmaller ReportingLife InsuranceColoradoAUFY ends Dec 31

Period

FY 2025

Revenue

$255.62M

Net Income

$14.59M

Total Assets

$1.75B

Equity

$234.99M

Shares Out

50.30M

Op. Cash Flow

$17.99M

Business

CITIZENS, INC. is an insurance holding company that issues life insurance products and manages insurance-related operations through its subsidiaries. It offers U.S. dollar‑denominated whole life, endowment and critical illness policies internationally, and final expense, living benefit and burial (pre-need) life insurance domestically, along with related customer service and administrative services. The company operates through two principal segments: Life Insurance (international and U.S. businesses) and Home Service Insurance (home service and funeral home distribution). It distributes products through independent marketing agencies, consultants, over-the-counter funeral home channels and a network of appointed agents across multiple U.S. states and nearly eighty foreign countries.

Summary from filing dated 2025-03-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Premiums	176	173	—	—	—
Net investment income	72	70	69	65	61
Investment related gains (losses), net	140,000	−3	760,000	−10	11
Other income	7	5	4	4	3
Total revenue	256	245	241	233	251
Claims and surrenders	165	146	136	120	120
Increase (decrease) in future policy benefit reserves	−15	−4	−6	5	10
Policyholder liability remeasurement (gain) loss	3	5	4	3	1
Policyholders' dividends	6	5	6	6	6
Total insurance benefits paid or provided	158	152	140	134	137
Commissions	47	49	39	36	35
Other general expenses	53	52	47	45	43
Capitalized deferred policy acquisition costs	−40	−41	−28	−25	−23
Amortization of deferred policy acquisition costs	19	17	15	14	13
Amortization of cost of customer relationships acquired	451,000	597,000	604,000	621,000	757,000
Total benefits and expenses	238	230	215	205	220
Income (loss) before federal income tax	17	15	26	27	31
Federal income tax expense (benefit)	3	68,000	2	1	−42
Net income (loss)	15	15	24	26	73
Unrealized holding gains (losses) arising during period	36	−31	—	—	—
Reclassification adjustment for losses (gains) included in net income	−349,000	699,000	756,000	104,000	−243,000
Unrealized gains (losses) on fixed maturity securities, net	36	−30	52	−329	−41
Change in current discount rate for liability for future policy benefits	−27	57	−35	338	92
Income tax expense (benefit) on other comprehensive income items	1	4	−2	7	1
Other comprehensive income (loss)	8	22	19	2	50
Total comprehensive income (loss)	22	37	43	28	122

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed maturity securities, available-for-sale, at fair value (amortized cost: $1,432,454 and $1,401,301 in 2025 and 2024, respectively)	1,288	1,221	1,239	1,180	1,471
Equity securities, at fair value	1	5	5	12	—
Policy loans	67	71	75	79	80
Other long-term investments (portion measured at fair value $85,157 and $93,337 in 2025 and 2024, respectively)	85	94	83	70	57
Total investments	1,442	1,391	1,402	1,341	1,623
Cash and cash equivalents (restricted portion: $1,554 in 2025 and 2024)	23	29	27	23	—
Accrued investment income	18	18	17	17	16
Receivable for securities	90,000	0	—	—	—
Reinsurance recoverable	11	7	4	—	—
Deferred policy acquisition costs	221	200	176	163	152
Cost of customer relationships acquired	9	9	10	11	11
Federal income tax receivable	624,000	148,000	2	601,000	762,000
Property and equipment, net	10	11	12	13	14
Due premiums	11	12	11	12	11
Other assets (less allowance for losses of $740 and $516 in 2025 and 2024, respectively)	9	9	8	6	6
Total assets	1,755	1,685	1,669	1,591	1,855
Future policy benefit reserves	1,189	1,173	—	—	—
Annuities	176	150	133	—	—
Dividend accumulations	51	48	45	42	38
Premiums paid in advance	29	31	32	36	41
Policy claims payable	9	9	7	10	15
Other policyholders' funds	8	7	7	8	31
Total policyholder funds	273	245	225	217	—
Total policy liabilities	1,462	1,418	1,455	1,416	1,487
Commissions payable	4	5	3	2	2
Deferred income tax liabilities, net	6	3	1	4	15
Other liabilities	47	49	37	41	29
Total liabilities	1,520	1,475	1,497	1,463	1,534
Commitments and Contingencies	—	—	—	—	—
Retained earnings	72	57	42	16	−46
Accumulated other comprehensive income (loss)	−88	−96	−118	−137	—
Treasury stock, at cost	−24	−24	−24	−23	−20
Total stockholders' equity	235	210	172	128	100
Total liabilities and stockholders' equity	1,755	1,685	1,669	1,591	1,855

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net deferred policy acquisition costs	−21	−24	−13	−11	−9
Depreciation	741,000	619,000	515,000	536,000	1
Amortization of premiums and discounts on investments	4	5	5	4	6
Stock-based compensation	3	2	588,000	—	—
Deferred federal income tax expense (benefit)	1	−2	860,000	2	2
Accrued investment income	−695,000	−186,000	−229,000	−934,000	−60,000
Reinsurance recoverable	−4	−3	569,000	979,000	214,000
Due premiums	422,000	−457,000	565,000	−1	561,000
Future policy benefit reserves	−11	−423,000	−4	5	4
Other policyholders' liabilities	32	22	10	8	20
Federal income tax receivable	−476,000	1	−922,000	161,000	−45
Commissions payable and other liabilities	−1	14	−917,000	13	−15
Other, net	−645,000	−1	−2	−674,000	875,000
Net cash provided by operating activities	18	32	22	57	40
Sale of fixed maturities, available-for-sale	95	15	30	34	8
Maturities and calls of fixed maturities, available-for-sale	41	51	29	44	53
Purchase of fixed maturities, available-for-sale	−170	−84	−73	−120	−94
Purchases of equity securities	−120,000	0	—	—	—
Sales of equity securities	4	0	7	500,000	7
Principal payments on mortgage loans	9,000	9,000	7,000	1	10,000
(Increase) decrease in policy loans, net	4	4	3	2	3
Sale of other long-term investments	25	4	5	5	24
Purchase of other long-term investments and real estate	−17	−16	−17	−26	−41
Purchase of property and equipment	−447,000	−663,000	−442,000	−100,000	−1
Net cash used in investing activities	−20	−27	−14	−61	−41
Annuity deposits	2	8	7	9	9
Annuity withdrawals	−7	−10	−10	−9	−8
Other share repurchases	−278,000	−393,000	−60,000	—	—
Net cash provided by financing activities	−5	−2	−4	−499,000	−6
Net increase (decrease) in cash and cash equivalents	−6	2	4	−4	−7

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