Company Quick10K Filing
⚲
Citizens
Financials
Price1.00 EPS7,753,000
Shares-0 P/E0
MCap-0 P/FCF-0
Net Debt-47 EBIT-1
TEV-47 TEV/EBIT39
TTM 2019-09-30, in MM, except price, ratios
Filings
10-Q 2020-06-30 Filed 2020-08-05
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-03-11
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-26
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-03-29
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-04-27
10-Q 2016-09-30 Filed 2016-11-07
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-03
10-K 2015-12-31 Filed 2016-03-24
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-06
10-K 2014-12-31 Filed 2015-04-06
10-Q 2014-09-30 Filed 2014-11-05
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-06
10-K 2013-12-31 Filed 2014-03-11
10-Q 2013-09-30 Filed 2013-11-06
10-Q 2013-06-30 Filed 2013-08-06
10-Q 2013-03-31 Filed 2013-05-02
10-K 2012-12-31 Filed 2013-03-12
10-Q 2012-09-30 Filed 2012-11-06
10-Q 2012-06-30 Filed 2012-08-06
10-Q 2012-03-31 Filed 2012-05-07
10-K 2011-12-31 Filed 2012-03-12
10-Q 2011-09-30 Filed 2011-11-03
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-03-11
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-12
Reports
8-K 2020-08-24 Regulation FD
8-K 2020-08-13 Officers, Amend Bylaw, Exhibits
8-K 2020-08-05 Officers, Exhibits
8-K 2020-08-05 Earnings, Exhibits
8-K 2020-07-29 Control, Officers, Other Events, Exhibits
8-K 2020-06-02
8-K 2020-05-07
8-K 2020-04-13
8-K 2020-03-11
8-K 2020-02-11
8-K 2020-01-24
8-K 2019-11-08
8-K 2019-09-20
8-K 2019-07-12
8-K 2019-06-04
8-K 2019-03-27
8-K 2019-01-23
8-K 2019-01-18
8-K 2018-08-22
8-K 2018-08-16
8-K 2018-06-11
8-K 2018-06-05
8-K 2018-05-29
8-K 2018-04-25
8-K 2018-01-22

CIA 10Q Quarterly Report

Content
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
Exhibits
EX-31.1 cia-202063010qex311.htm
EX-31.2 cia-202063010qex312.htm
EX-32.1 cia-202063010qex321.htm
EX-32.2 cia-202063010qex322.htm

Citizens Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1.81.41.10.70.40.02012201420172020
Assets, Equity
 0.10.10.0-0.0-0.1-0.12012201420172020
Rev, G Profit, Net Income
 0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin
cia-20200630
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                    DRAFT 6
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2020
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from to
COMMISSION FILE NUMBER:  000-16509
cia-20200630_g1.jpg
CITIZENS, INC.
(Exact name of registrant as specified in its charter)

Colorado84-0755371
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

14231 Tandem Blvd, 2nd Floor, Austin, TX 78728

Registrant's telephone number: (512) 837-7100

Securities registered pursuant to Section 12(b) of the Act
Class A Common StockCIA NYSE
(Title of each class)(Trading symbol(s))(Name of each exchange on which registered)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes o No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). x Yes o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act:
Large accelerated filer☐Accelerated filer☒
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes x No
As of July 31, 2020, the Registrant had 52,490,804 shares of Class A common stock outstanding and 1,001,714 shares of Class B common stock outstanding.



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                    DRAFT 6
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TABLE OF CONTENTS
Page Number
Part I. FINANCIAL INFORMATION
 Item 1. 
  
  
  
 Item 2.
 Item 3.
 Item 4.
Part II. OTHER INFORMATION 
 Item 1.
Item 1A.
 Item 2.
 Item 3.
 Item 4.
 Item 5.
 Item 6.


June 30, 2020 | 10-Q 1

Table of Contents            DRAFT 6
PART I.  FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS


CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES
Consolidated Balance Sheets
(In thousands)June 30, 2020December 31, 2019
Assets(Unaudited)
Investments:  
Fixed maturities available-for-sale, at fair value (amortized cost: $1,295,628 and $1,293,853 in 2020 and 2019, respectively)
$1,417,317  1,377,959  
Equity securities, at fair value 20,698  16,033  
Policy loans84,171  82,005  
Real estate held-for-sale2,571  2,571  
Other long-term investments (portion measured at fair value $9,079 in 2020; less allowance for losses of $11 in 2020)
9,452  385  
Short-term investments—  1,301  
Total investments1,534,209  1,480,254  
Cash and cash equivalents52,375  46,205  
Accrued investment income16,884  17,453  
Receivable for securities3,320  —  
Reinsurance recoverable2,971  3,696  
Deferred policy acquisition costs145,494  149,249  
Cost of insurance acquired12,574  13,455  
Goodwill and other intangible assets13,573  13,575  
Property and equipment, net16,592  5,904  
Due premiums11,952  12,656  
Other assets (less allowance for losses of $472 in 2020)
2,992  2,489  
Total assets$1,812,936  1,744,936  

See accompanying Notes to Consolidated Financial Statements.

June 30, 2020 | 10-Q 2

Table of Contents            DRAFT 6

CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES
Consolidated Balance Sheets, Continued

(In thousands, except share amounts)June 30, 2020December 31, 2019
Liabilities and Stockholders' Equity(Unaudited)
Liabilities:  
Policy liabilities:  
Future policy benefit reserves:  
Life insurance$1,235,083  1,218,757  
Annuities77,954  76,380  
Accident and health882  1,031  
Dividend accumulations31,672  29,211  
Premiums paid in advance41,803  43,102  
Policy claims payable9,204  8,059  
Other policyholders' funds19,976  18,192  
Total policy liabilities1,416,574  1,394,732  
Commissions payable1,913  2,514  
Current federal income tax payable47,730  44,622  
Deferred federal income tax payable15,320  12,428  
Payable for securities in process of settlement1,517  —  
Other liabilities40,089  30,804  
Total liabilities1,523,143  1,485,100  
Commitments and contingencies (Note 7)
Stockholders' Equity:  
Common stock:
Class A, no par value, 100,000,000 shares authorized, 52,490,804 and 52,364,993 shares issued and outstanding in 2020 and 2019, respectively, including shares in treasury of 3,135,738 in 2020 and 2019
261,901  261,515  
Class B, no par value, 2,000,000 shares authorized, 1,001,714 shares issued and outstanding in 2020 and 2019
3,184  3,184  
Accumulated deficit(75,975) (70,969) 
Accumulated other comprehensive income:  
Net unrealized gains on fixed maturity securities, net of tax111,694  77,117  
Treasury stock, at cost(11,011) (11,011) 
Total stockholders' equity289,793  259,836  
Total liabilities and stockholders' equity$1,812,936  1,744,936  

See accompanying Notes to Consolidated Financial Statements.


June 30, 2020 | 10-Q 3

Table of Contents            DRAFT 6

CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES
Consolidated Statements of Operations and Comprehensive Income (Loss)
(Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
(In thousands, except per share amounts)
2020201920202019
Revenues: 
Premiums:  
Life insurance$40,185  42,313  80,131  83,293  
Accident and health insurance248  345  509  668  
Property insurance1,063  1,146  2,173  2,307  
Net investment income14,915  15,315  30,084  29,111  
Realized investment gains (losses), net1,448  (2,869) 142  3,092  
Other income482  616  1,024  801  
Total revenues58,341  56,866  114,063  119,272  
Benefits and Expenses:  
Insurance benefits paid or provided:  
Claims and surrenders27,754  27,024  54,203  50,057  
Increase in future policy benefit reserves8,237  9,472  17,708  21,771  
Policyholders' dividends1,328  1,423  2,561  2,605  
Total insurance benefits paid or provided37,319  37,919  74,472  74,433  
Commissions6,714  8,384  14,567  16,268  
Other general expenses11,139  11,949  22,612  26,081  
Capitalization of deferred policy acquisition costs(3,731) (5,412) (8,740) (10,240) 
Amortization of deferred policy acquisition costs6,061  6,931  12,180  13,208  
Amortization of cost of insurance acquired401  418  769  837  
Total benefits and expenses57,903  60,189  115,860  120,587  
Income (loss) before federal income tax438  (3,323) (1,797) (1,315) 
Federal income tax expense1,465  1,242  2,814  7,052  
Net income (loss)(1,027) (4,565) (4,611) (8,367) 
Per Share Amounts:  
Basic and diluted losses per share of Class A common stock(0.02) (0.09) (0.09) (0.17) 
Basic and diluted losses per share of Class B common stock(0.01) (0.04) (0.05) (0.08) 
Other Comprehensive Income:  
Unrealized gains on fixed maturity securities:  
Unrealized holding gains arising during period80,508  31,220  37,579  60,021  
Reclassification adjustment for losses (gains) included in net income (loss)(87) (81) 45  23  
Unrealized gains on fixed maturity securities, net80,421  31,139  37,624  60,044  
Income tax expense on unrealized gains on fixed maturity securities5,774  2,163  3,047  4,188  
Other comprehensive income74,647  28,976  34,577  55,856  
Total comprehensive income$73,620  24,411  29,966  47,489  

See accompanying Notes to Consolidated Financial Statements.


June 30, 2020 | 10-Q 4

Table of Contents            DRAFT 6

CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES
Consolidated Statements of Stockholders' Equity
(Unaudited)
 Common StockAccumulated
deficit		Accumulated other comprehensive income (loss)Treasury
stock		Total
Stock-holders'
equity
(In thousands)Class AClass B
Balance at December 31, 2019$261,515  3,184  (70,969) 77,117  (11,011) 259,836  
Accounting standards adopted January 1, 2020—  —  (395) —  —  (395) 
Comprehensive income (loss):
Net income (loss)—  —  (3,584) —  —  (3,584) 
Unrealized investment gains (losses), net—  —  —  (40,070) —  (40,070) 
Total comprehensive income (loss)—  —  (3,584) (40,070) —  (43,654) 
Stock-based compensation(53) —  —  —  —  (53) 
Balance at March 31, 2020261,462  3,184  (74,948) 37,047  (11,011) 215,734  
Comprehensive income (loss):      
Net income (loss)—  —  (1,027) —  —  (1,027) 
Unrealized investment gains (losses), net—  —  —  74,647  —  74,647  
Total comprehensive income (loss)—  —  (1,027) 74,647  —  73,620  
Stock-based compensation439  —  —  —  —  439  
Balance at June 30, 2020$261,901  3,184  (75,975) 111,694  (11,011) 289,793  


Balance at December 31, 2018$259,793  3,184  (69,599) 5,366  (11,011) 187,733  
Comprehensive income (loss):
Net income (loss)—  —  (3,802) —  —  (3,802) 
Unrealized investment gains (losses), net—  —  —  26,880  —  26,880  
Total comprehensive income (loss)—  —  (3,802) 26,880  —  23,078  
Stock-based compensation1,083  —  —  —  —  1,083  
Balance at March 31, 2019260,876  3,184  (73,401) 32,246  (11,011) 211,894  
Comprehensive income (loss):      
Net income (loss)—  —  (4,565) —  —  (4,565) 
Unrealized investment gains (losses), net—  —  —  28,976  —  28,976  
Total comprehensive income (loss)—  —  (4,565) 28,976  —  24,411  
Stock-based compensation127  —  —  —  —  127  
Balance at June 30, 2019$261,003  3,184  (77,966) 61,222  (11,011) 236,432  

See accompanying Notes to Consolidated Financial Statements.


June 30, 2020 | 10-Q 5

Table of Contents            DRAFT 6

CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES
Consolidated Statements of Cash Flows
(Unaudited)


Six Months Ended June 30,
(In thousands)
20202019
Cash flows from operating activities: 
Net income (loss)$(4,611) (8,367) 
Adjustments to reconcile net gain (loss) to net cash provided by operating activities:  
Realized investment (gains) losses on sale of investments and other assets(142) (3,092) 
Net deferred policy acquisition costs3,440  2,968  
Amortization of cost of insurance acquired769  837  
Depreciation422  848  
Amortization of premiums and discounts on investments4,683  7,288  
Stock-based compensation632  1,587  
Deferred federal income tax benefit(76) (94) 
Change in:  
Accrued investment income569  (453) 
Reinsurance recoverable725  208  
Due premiums704  2,768  
Future policy benefit reserves17,593  21,629  
Other policyholders' liabilities4,091  1,688  
Federal income tax payable3,108  7,146  
Commissions payable and other liabilities(2,690) (284) 
Other, net(665) (3,271) 
Net cash provided by (used in) operating activities28,552  31,406  
Cash flows from investing activities:  
Purchases of fixed maturity securities, available-for-sale(113,141) (111,729) 
Sales of fixed maturity securities, available-for-sale2,982  10,414  
Maturities and calls of fixed maturity securities, available-for-sale101,852  48,568  
Purchases of equity securities(4,473) —  
Principal payments on mortgage loans5  4  
Increase in policy loans, net(2,166) (721) 
Sales of other long-term investments and real estate—  6,996  
Purchases of other long-term investments(9,140) —  
Purchases of property and equipment(38) (388) 
Maturities of short-term investments1,300  7,940  
Purchases of short-term investments—  (2,455) 
Net cash provided by (used in) investing activities(22,819) (41,371) 
See accompanying Notes to Consolidated Financial Statements.

June 30, 2020 | 10-Q 6

Table of Contents            DRAFT 6
CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES
Consolidated Statements of Cash Flows, Continued
(Unaudited)
Six Months Ended June 30,
(In thousands)
20202019
Cash flows from financing activities:  
Annuity deposits$2,928  3,053  
Annuity withdrawals(2,245) (3,635) 
Other(246) (377) 
Net cash provided by (used in) financing activities437  (959) 
Net increase (decrease) in cash and cash equivalents6,170  (10,924) 
Cash and cash equivalents at beginning of year46,205