10-Q 1 cia-20240331.htm 10-Q cia-20240331
000002409012/312024Q1FALSE00000240902024-01-012024-03-3100000240902024-05-01xbrli:shares00000240902024-03-31iso4217:USD00000240902023-12-310000024090us-gaap:CommonClassAMember2024-03-31iso4217:USDxbrli:shares0000024090us-gaap:CommonClassAMember2023-12-310000024090us-gaap:CommonClassBMember2023-12-310000024090us-gaap:CommonClassBMember2024-03-3100000240902023-01-012023-03-310000024090us-gaap:CommonClassAMember2024-01-012024-03-310000024090us-gaap:CommonClassAMember2023-01-012023-03-310000024090us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-12-310000024090us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-12-310000024090us-gaap:RetainedEarningsMember2023-12-310000024090us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000024090us-gaap:TreasuryStockCommonMember2023-12-310000024090us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-01-012024-03-310000024090us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-01-012024-03-310000024090us-gaap:RetainedEarningsMember2024-01-012024-03-310000024090us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000024090us-gaap:TreasuryStockCommonMember2024-01-012024-03-310000024090us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-03-310000024090us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-03-310000024090us-gaap:RetainedEarningsMember2024-03-310000024090us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000024090us-gaap:TreasuryStockCommonMember2024-03-310000024090us-gaap:CommonStockMemberus-gaap:CommonClassAMember2022-12-310000024090us-gaap:CommonStockMemberus-gaap:CommonClassBMember2022-12-310000024090us-gaap:RetainedEarningsMember2022-12-310000024090us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000024090us-gaap:TreasuryStockCommonMember2022-12-3100000240902022-12-310000024090us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-01-012023-03-310000024090us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-01-012023-03-310000024090us-gaap:RetainedEarningsMember2023-01-012023-03-310000024090us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000024090us-gaap:TreasuryStockCommonMember2023-01-012023-03-310000024090us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-03-310000024090us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-03-310000024090us-gaap:RetainedEarningsMember2023-03-310000024090us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000024090us-gaap:TreasuryStockCommonMember2023-03-3100000240902023-03-31xbrli:pure0000024090us-gaap:USTreasurySecuritiesMember2024-03-310000024090us-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-03-310000024090us-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-310000024090cia:CorporateDebtSecuritiesFinancialSectorMember2024-03-310000024090cia:CorporateDebtSecurityConsumerSectorMember2024-03-310000024090cia:CorporateDebtSecurityUtilitiesSectorMember2024-03-310000024090cia:CorporateDebtSecurityEnergySectorMember2024-03-310000024090cia:CorporateDebtSecurityCommunicationsSectorMember2024-03-310000024090cia:CorporateDebtSecurityAllOtherSectorMember2024-03-310000024090us-gaap:CommercialMortgageBackedSecuritiesMember2024-03-310000024090us-gaap:ResidentialMortgageBackedSecuritiesMember2024-03-310000024090us-gaap:AssetBackedSecuritiesMember2024-03-310000024090us-gaap:USTreasurySecuritiesMember2023-12-310000024090us-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-310000024090us-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000024090cia:CorporateDebtSecuritiesFinancialSectorMember2023-12-310000024090cia:CorporateDebtSecurityConsumerSectorMember2023-12-310000024090cia:CorporateDebtSecurityUtilitiesSectorMember2023-12-310000024090cia:CorporateDebtSecurityEnergySectorMember2023-12-310000024090cia:CorporateDebtSecurityCommunicationsSectorMember2023-12-310000024090cia:CorporateDebtSecurityAllOtherSectorMember2023-12-310000024090us-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000024090us-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310000024090us-gaap:AssetBackedSecuritiesMember2023-12-310000024090us-gaap:FixedIncomeFundsMember2024-03-310000024090us-gaap:FixedIncomeFundsMember2023-12-310000024090us-gaap:CommonStockMember2024-03-310000024090us-gaap:CommonStockMember2023-12-310000024090us-gaap:NonredeemablePreferredStockMember2024-03-310000024090us-gaap:NonredeemablePreferredStockMember2023-12-310000024090cia:CIA_NonredeemablePreferredStockFundMemberMember2024-03-310000024090cia:CIA_NonredeemablePreferredStockFundMemberMember2023-12-310000024090us-gaap:EquitySecuritiesMember2024-01-012024-03-310000024090us-gaap:EquitySecuritiesMember2023-01-012023-03-310000024090us-gaap:DebtSecuritiesMember2024-03-310000024090us-gaap:DebtSecuritiesMember2023-12-310000024090us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel1Member2024-03-310000024090us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Member2024-03-310000024090us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Member2024-03-310000024090us-gaap:USTreasuryAndGovernmentMember2024-03-310000024090us-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-310000024090us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-310000024090us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-310000024090us-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-310000024090us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2024-03-310000024090us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2024-03-310000024090us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2024-03-310000024090us-gaap:CorporateDebtSecuritiesMember2024-03-310000024090us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialMortgageBackedSecuritiesMember2024-03-310000024090us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialMortgageBackedSecuritiesMember2024-03-310000024090us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2024-03-310000024090us-gaap:CommercialMortgageBackedSecuritiesMember2024-03-310000024090us-gaap:FairValueInputsLevel1Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-03-310000024090us-gaap:FairValueInputsLevel2Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-03-310000024090us-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-03-310000024090us-gaap:ResidentialMortgageBackedSecuritiesMember2024-03-310000024090us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2024-03-310000024090us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2024-03-310000024090us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2024-03-310000024090us-gaap:AssetBackedSecuritiesMember2024-03-310000024090us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2024-03-310000024090us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2024-03-310000024090us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2024-03-310000024090us-gaap:DebtSecuritiesMember2024-03-310000024090us-gaap:FixedIncomeFundsMemberus-gaap:FairValueInputsLevel1Member2024-03-310000024090us-gaap:FixedIncomeFundsMemberus-gaap:FairValueInputsLevel2Member2024-03-310000024090us-gaap:FixedIncomeFundsMemberus-gaap:FairValueInputsLevel3Member2024-03-310000024090us-gaap:FixedIncomeFundsMember2024-03-310000024090us-gaap:CommonStockMemberus-gaap:FairValueInputsLevel1Member2024-03-310000024090us-gaap:CommonStockMemberus-gaap:FairValueInputsLevel2Member2024-03-310000024090us-gaap:CommonStockMemberus-gaap:FairValueInputsLevel3Member2024-03-310000024090us-gaap:CommonStockMember2024-03-310000024090us-gaap:NonredeemablePreferredStockMemberus-gaap:FairValueInputsLevel1Member2024-03-310000024090us-gaap:NonredeemablePreferredStockMemberus-gaap:FairValueInputsLevel2Member2024-03-310000024090us-gaap:NonredeemablePreferredStockMemberus-gaap:FairValueInputsLevel3Member2024-03-310000024090us-gaap:NonredeemablePreferredStockMember2024-03-310000024090cia:CIA_NonRedeemablePreferredStockFundMemberus-gaap:FairValueInputsLevel1Member2024-03-310000024090cia:CIA_NonRedeemablePreferredStockFundMemberus-gaap:FairValueInputsLevel2Member2024-03-310000024090cia:CIA_NonRedeemablePreferredStockFundMemberus-gaap:FairValueInputsLevel3Member2024-03-310000024090cia:CIA_NonRedeemablePreferredStockFundMember2024-03-310000024090us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2024-03-310000024090us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2024-03-310000024090us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-03-310000024090us-gaap:EquitySecuritiesMember2024-03-310000024090us-gaap:FairValueInputsLevel1Member2024-03-310000024090us-gaap:FairValueInputsLevel2Member2024-03-310000024090us-gaap:FairValueInputsLevel3Member2024-03-310000024090us-gaap:OtherLongTermInvestmentsMember2024-03-310000024090us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel1Member2023-12-310000024090us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Member2023-12-310000024090us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Member2023-12-310000024090us-gaap:USTreasuryAndGovernmentMember2023-12-310000024090us-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000024090us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000024090us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000024090us-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000024090us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-12-310000024090us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-12-310000024090us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-12-310000024090us-gaap:CorporateDebtSecuritiesMember2023-12-310000024090us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000024090us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000024090us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-12-310000024090us-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000024090us-gaap:FairValueInputsLevel1Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310000024090us-gaap:FairValueInputsLevel2Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310000024090us-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310000024090us-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310000024090us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-12-310000024090us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-12-310000024090us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-12-310000024090us-gaap:AssetBackedSecuritiesMember2023-12-310000024090us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-12-310000024090us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-12-310000024090us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-12-310000024090us-gaap:DebtSecuritiesMember2023-12-310000024090us-gaap:FixedIncomeFundsMemberus-gaap:FairValueInputsLevel1Member2023-12-310000024090us-gaap:FixedIncomeFundsMemberus-gaap:FairValueInputsLevel2Member2023-12-310000024090us-gaap:FixedIncomeFundsMemberus-gaap:FairValueInputsLevel3Member2023-12-310000024090us-gaap:FixedIncomeFundsMember2023-12-310000024090us-gaap:CommonStockMemberus-gaap:FairValueInputsLevel1Member2023-12-310000024090us-gaap:CommonStockMemberus-gaap:FairValueInputsLevel2Member2023-12-310000024090us-gaap:CommonStockMemberus-gaap:FairValueInputsLevel3Member2023-12-310000024090us-gaap:CommonStockMember2023-12-310000024090us-gaap:NonredeemablePreferredStockMemberus-gaap:FairValueInputsLevel1Member2023-12-310000024090us-gaap:NonredeemablePreferredStockMemberus-gaap:FairValueInputsLevel2Member2023-12-310000024090us-gaap:NonredeemablePreferredStockMemberus-gaap:FairValueInputsLevel3Member2023-12-310000024090us-gaap:NonredeemablePreferredStockMember2023-12-310000024090cia:CIA_NonRedeemablePreferredStockFundMemberus-gaap:FairValueInputsLevel1Member2023-12-310000024090cia:CIA_NonRedeemablePreferredStockFundMemberus-gaap:FairValueInputsLevel2Member2023-12-310000024090cia:CIA_NonRedeemablePreferredStockFundMemberus-gaap:FairValueInputsLevel3Member2023-12-310000024090cia:CIA_NonRedeemablePreferredStockFundMember2023-12-310000024090us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2023-12-310000024090us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2023-12-310000024090us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-12-310000024090us-gaap:EquitySecuritiesMember2023-12-310000024090us-gaap:FairValueInputsLevel1Member2023-12-310000024090us-gaap:FairValueInputsLevel2Member2023-12-310000024090us-gaap:FairValueInputsLevel3Member2023-12-310000024090us-gaap:OtherLongTermInvestmentsMember2023-12-310000024090us-gaap:PrivateEquityFundsMember2024-01-012024-03-310000024090us-gaap:PrivateEquityFundsMember2023-01-012023-03-310000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercia:PrivateEquityFundsMiddleMarketMember2024-03-310000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercia:PrivateEquityFundsMiddleMarketMemberus-gaap:UnfundedLoanCommitmentMember2024-03-310000024090cia:PrivateEquityFundsMiddleMarketMember2024-01-012024-03-310000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercia:PrivateEquityFundsMiddleMarketMember2023-12-310000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercia:PrivateEquityFundsMiddleMarketMemberus-gaap:UnfundedLoanCommitmentMember2023-12-310000024090cia:PrivateEquityFundsMiddleMarketMember2023-01-012023-12-310000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercia:PrivateEquityFundsGlobalMember2024-03-310000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercia:PrivateEquityFundsGlobalMemberus-gaap:UnfundedLoanCommitmentMember2024-03-310000024090cia:PrivateEquityFundsGlobalMember2024-01-012024-03-310000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercia:PrivateEquityFundsGlobalMember2023-12-310000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercia:PrivateEquityFundsGlobalMemberus-gaap:UnfundedLoanCommitmentMember2023-12-310000024090cia:PrivateEquityFundsGlobalMember2023-01-012023-12-310000024090cia:PrivateEquityFundsLateStageGrowthMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-03-310000024090cia:PrivateEquityFundsLateStageGrowthMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:UnfundedLoanCommitmentMember2024-03-310000024090cia:PrivateEquityFundsLateStageGrowthMembersrt:MinimumMember2024-01-012024-03-310000024090cia:PrivateEquityFundsLateStageGrowthMembersrt:MaximumMember2024-01-012024-03-310000024090cia:PrivateEquityFundsLateStageGrowthMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2023-12-310000024090cia:PrivateEquityFundsLateStageGrowthMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:UnfundedLoanCommitmentMember2023-12-310000024090cia:PrivateEquityFundsLateStageGrowthMembersrt:MinimumMember2023-01-012023-12-310000024090cia:PrivateEquityFundsLateStageGrowthMembersrt:MaximumMember2023-01-012023-12-310000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercia:PrivateEquityFundsInfrastructureMember2024-03-310000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercia:PrivateEquityFundsInfrastructureMemberus-gaap:UnfundedLoanCommitmentMember2024-03-310000024090cia:PrivateEquityFundsInfrastructureMembersrt:MinimumMember2024-01-012024-03-310000024090cia:PrivateEquityFundsInfrastructureMembersrt:MaximumMember2024-01-012024-03-310000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercia:PrivateEquityFundsInfrastructureMember2023-12-310000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercia:PrivateEquityFundsInfrastructureMemberus-gaap:UnfundedLoanCommitmentMember2023-12-310000024090cia:PrivateEquityFundsInfrastructureMember2023-01-012023-12-310000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PrivateEquityFundsMember2024-03-310000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PrivateEquityFundsMemberus-gaap:UnfundedLoanCommitmentMember2024-03-310000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PrivateEquityFundsMember2023-12-310000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PrivateEquityFundsMemberus-gaap:UnfundedLoanCommitmentMember2023-12-310000024090us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000024090us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000024090us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000024090us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000024090us-gaap:CarryingReportedAmountFairValueDisclosureMembersrt:SingleFamilyMember2024-03-310000024090us-gaap:EstimateOfFairValueFairValueDisclosureMembersrt:SingleFamilyMember2024-03-310000024090us-gaap:CarryingReportedAmountFairValueDisclosureMembersrt:SingleFamilyMember2023-12-310000024090us-gaap:EstimateOfFairValueFairValueDisclosureMembersrt:SingleFamilyMember2023-12-3100000240902023-01-012023-12-310000024090srt:SingleFamilyMember2024-01-012024-03-310000024090srt:SingleFamilyMember2023-01-012023-12-310000024090cia:PermanentMembercia:LifeInsuranceBusinessSegmentMember2023-12-310000024090cia:PermanentLimitedPayMembercia:LifeInsuranceBusinessSegmentMember2023-12-310000024090cia:LifeInsuranceBusinessSegmentMembercia:OtherBusinessMember2023-12-310000024090cia:LifeInsuranceBusinessSegmentMember2023-12-310000024090cia:PermanentMembercia:LifeInsuranceBusinessSegmentMember2024-01-012024-03-310000024090cia:PermanentLimitedPayMembercia:LifeInsuranceBusinessSegmentMember2024-01-012024-03-310000024090cia:LifeInsuranceBusinessSegmentMembercia:OtherBusinessMember2024-01-012024-03-310000024090cia:LifeInsuranceBusinessSegmentMember2024-01-012024-03-310000024090cia:PermanentMembercia:LifeInsuranceBusinessSegmentMember2024-03-310000024090cia:PermanentLimitedPayMembercia:LifeInsuranceBusinessSegmentMember2024-03-310000024090cia:LifeInsuranceBusinessSegmentMembercia:OtherBusinessMember2024-03-310000024090cia:LifeInsuranceBusinessSegmentMember2024-03-310000024090cia:HomeServiceInsuranceSegmentMembercia:PermanentMember2023-12-310000024090cia:HomeServiceInsuranceSegmentMembercia:PermanentLimitedPayMember2023-12-310000024090cia:HomeServiceInsuranceSegmentMembercia:OtherBusinessMember2023-12-310000024090cia:HomeServiceInsuranceSegmentMember2023-12-310000024090cia:HomeServiceInsuranceSegmentMembercia:PermanentMember2024-01-012024-03-310000024090cia:HomeServiceInsuranceSegmentMembercia:PermanentLimitedPayMember2024-01-012024-03-310000024090cia:HomeServiceInsuranceSegmentMembercia:OtherBusinessMember2024-01-012024-03-310000024090cia:HomeServiceInsuranceSegmentMember2024-01-012024-03-310000024090cia:HomeServiceInsuranceSegmentMembercia:PermanentMember2024-03-310000024090cia:HomeServiceInsuranceSegmentMembercia:PermanentLimitedPayMember2024-03-310000024090cia:HomeServiceInsuranceSegmentMembercia:OtherBusinessMember2024-03-310000024090cia:HomeServiceInsuranceSegmentMember2024-03-310000024090cia:PermanentMember2023-12-310000024090cia:PermanentLimitedPayMember2023-12-310000024090cia:OtherBusinessMember2023-12-310000024090cia:PermanentMember2024-01-012024-03-310000024090cia:PermanentLimitedPayMember2024-01-012024-03-310000024090cia:OtherBusinessMember2024-01-012024-03-310000024090cia:PermanentMember2024-03-310000024090cia:PermanentLimitedPayMember2024-03-310000024090cia:OtherBusinessMember2024-03-310000024090cia:PermanentMembercia:LifeInsuranceBusinessSegmentMember2022-12-310000024090cia:PermanentLimitedPayMembercia:LifeInsuranceBusinessSegmentMember2022-12-310000024090cia:LifeInsuranceBusinessSegmentMembercia:OtherBusinessMember2022-12-310000024090cia:LifeInsuranceBusinessSegmentMember2022-12-310000024090cia:PermanentMembercia:LifeInsuranceBusinessSegmentMember2023-01-012023-03-310000024090cia:PermanentLimitedPayMembercia:LifeInsuranceBusinessSegmentMember2023-01-012023-03-310000024090cia:LifeInsuranceBusinessSegmentMembercia:OtherBusinessMember2023-01-012023-03-310000024090cia:LifeInsuranceBusinessSegmentMember2023-01-012023-03-310000024090cia:PermanentMembercia:LifeInsuranceBusinessSegmentMember2023-03-310000024090cia:PermanentLimitedPayMembercia:LifeInsuranceBusinessSegmentMember2023-03-310000024090cia:LifeInsuranceBusinessSegmentMembercia:OtherBusinessMember2023-03-310000024090cia:LifeInsuranceBusinessSegmentMember2023-03-310000024090cia:HomeServiceInsuranceSegmentMembercia:PermanentMember2022-12-310000024090cia:HomeServiceInsuranceSegmentMembercia:PermanentLimitedPayMember2022-12-310000024090cia:HomeServiceInsuranceSegmentMembercia:OtherBusinessMember2022-12-310000024090cia:HomeServiceInsuranceSegmentMember2022-12-310000024090cia:HomeServiceInsuranceSegmentMembercia:PermanentMember2023-01-012023-03-310000024090cia:HomeServiceInsuranceSegmentMembercia:PermanentLimitedPayMember2023-01-012023-03-310000024090cia:HomeServiceInsuranceSegmentMembercia:OtherBusinessMember2023-01-012023-03-310000024090cia:HomeServiceInsuranceSegmentMember2023-01-012023-03-310000024090cia:HomeServiceInsuranceSegmentMembercia:PermanentMember2023-03-310000024090cia:HomeServiceInsuranceSegmentMembercia:PermanentLimitedPayMember2023-03-310000024090cia:HomeServiceInsuranceSegmentMembercia:OtherBusinessMember2023-03-310000024090cia:HomeServiceInsuranceSegmentMember2023-03-310000024090cia:PermanentMember2022-12-310000024090cia:PermanentLimitedPayMember2022-12-310000024090cia:OtherBusinessMember2022-12-310000024090cia:PermanentMember2023-01-012023-03-310000024090cia:PermanentLimitedPayMember2023-01-012023-03-310000024090cia:OtherBusinessMember2023-01-012023-03-310000024090cia:PermanentMember2023-03-310000024090cia:PermanentLimitedPayMember2023-03-310000024090cia:OtherBusinessMember2023-03-310000024090cia:LifeInsurancePermanentMember2024-03-310000024090cia:HomeServiceInsuranceLifeInsurancePermanentMember2024-03-310000024090cia:LifeInsurancePermanentMember2023-03-310000024090cia:HomeServiceInsuranceLifeInsurancePermanentMember2023-03-310000024090cia:LifeInsurancePermanentLimitedPayMember2024-03-310000024090cia:HomeServiceInsuranceLifeInsurancePermanentLimitedPayMember2024-03-310000024090cia:LifeInsurancePermanentLimitedPayMember2023-03-310000024090cia:HomeServiceInsuranceLifeInsurancePermanentLimitedPayMember2023-03-310000024090cia:LifeInsuranceDeferredProfitLiabilityMember2024-03-310000024090cia:HomeServiceInsuranceLifeInsuranceDeferredProfitLiabilityMember2024-03-310000024090cia:DeferredProfitLiabilityMember2024-03-310000024090cia:LifeInsuranceDeferredProfitLiabilityMember2023-03-310000024090cia:HomeServiceInsuranceLifeInsuranceDeferredProfitLiabilityMember2023-03-310000024090cia:DeferredProfitLiabilityMember2023-03-310000024090cia:LifeInsuranceOtherMember2024-03-310000024090cia:HomeServiceInsuranceLifeInsuranceOtherMember2024-03-310000024090cia:OtherMember2024-03-310000024090cia:LifeInsuranceOtherMember2023-03-310000024090cia:HomeServiceInsuranceLifeInsuranceOtherMember2023-03-310000024090cia:OtherMember2023-03-310000024090cia:LifeInsuranceNetOfReinsuranceMember2024-03-310000024090cia:HomeServiceInsuranceLifeInsuranceNetOfReinsuranceMember2024-03-310000024090cia:LifeInsuranceNetOfReinsuranceMember2023-03-310000024090cia:HomeServiceInsuranceLifeInsuranceNetOfReinsuranceMember2023-03-310000024090cia:LifeInsuranceAccidentAndHealthOtherMember2024-03-310000024090cia:HomeServiceInsuranceAccidentAndHealthOtherMember2024-03-310000024090cia:LifeInsuranceAccidentAndHealthOtherMember2023-03-310000024090cia:HomeServiceInsuranceAccidentAndHealthOtherMember2023-03-310000024090cia:LifeInsuranceAndAccidentAndHealthMember2024-03-310000024090cia:HomeServiceInsuranceLifeInsuranceAndHomeServiceInsuranceAccidentAndHealthMember2024-03-310000024090cia:LifeInsuranceAndAccidentAndHealthMember2023-03-310000024090cia:HomeServiceInsuranceLifeInsuranceAndHomeServiceInsuranceAccidentAndHealthMember2023-03-310000024090cia:LifeInsurancePermanentMember2024-01-012024-03-310000024090cia:LifeInsurancePermanentMember2023-01-012023-03-310000024090cia:LifeInsurancePermanentLimitedPayMember2024-01-012024-03-310000024090cia:LifeInsurancePermanentLimitedPayMember2023-01-012023-03-310000024090cia:LifeInsuranceOtherMember2024-01-012024-03-310000024090cia:LifeInsuranceOtherMember2023-01-012023-03-310000024090cia:LifeInsuranceReinsuranceMember2024-01-012024-03-310000024090cia:LifeInsuranceReinsuranceMember2023-01-012023-03-310000024090cia:LifeInsuranceNetOfReinsuranceMember2024-01-012024-03-310000024090cia:LifeInsuranceNetOfReinsuranceMember2023-01-012023-03-310000024090cia:LifeInsuranceAccidentAndHealthOtherMember2024-01-012024-03-310000024090cia:LifeInsuranceAccidentAndHealthOtherMember2023-01-012023-03-310000024090cia:LifeInsuranceAccidentAndHealthReinsuranceMember2024-01-012024-03-310000024090cia:LifeInsuranceAccidentAndHealthReinsuranceMember2023-01-012023-03-310000024090cia:LifeInsuranceAccidentAndHealthNetOfReinsuranceMember2024-01-012024-03-310000024090cia:LifeInsuranceAccidentAndHealthNetOfReinsuranceMember2023-01-012023-03-310000024090cia:LifeInsuranceMember2024-01-012024-03-310000024090cia:LifeInsuranceMember2023-01-012023-03-310000024090cia:HomeServiceInsuranceLifeInsurancePermanentMember2024-01-012024-03-310000024090cia:HomeServiceInsuranceLifeInsurancePermanentMember2023-01-012023-03-310000024090cia:HomeServiceInsuranceLifeInsurancePermanentLimitedPayMember2024-01-012024-03-310000024090cia:HomeServiceInsuranceLifeInsurancePermanentLimitedPayMember2023-01-012023-03-310000024090cia:HomeServiceInsuranceLifeInsuranceOtherMember2024-01-012024-03-310000024090cia:HomeServiceInsuranceLifeInsuranceOtherMember2023-01-012023-03-310000024090cia:HomeServiceInsuranceLifeInsuranceReinsuranceMember2024-01-012024-03-310000024090cia:HomeServiceInsuranceLifeInsuranceReinsuranceMember2023-01-012023-03-310000024090cia:HomeServiceInsuranceLifeInsuranceNetOfReinsuranceMember2024-01-012024-03-310000024090cia:HomeServiceInsuranceLifeInsuranceNetOfReinsuranceMember2023-01-012023-03-310000024090cia:HomeServiceInsuranceAccidentAndHealthOtherMember2024-01-012024-03-310000024090cia:HomeServiceInsuranceAccidentAndHealthOtherMember2023-01-012023-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0149Membersrt:MinimumMember2024-03-310000024090srt:MaximumMembercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0149Member2024-03-310000024090us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0149Member2024-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0149Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2024-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0149Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2024-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0149Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2024-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0149Member2024-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0150To0299Membersrt:MinimumMember2024-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0150To0299Membersrt:MaximumMember2024-03-310000024090us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0150To0299Member2024-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0150To0299Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2024-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0150To0299Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2024-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0150To0299Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2024-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0150To0299Member2024-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0449Membersrt:MinimumMember2024-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0449Membersrt:MaximumMember2024-03-310000024090us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0449Member2024-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0449Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2024-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0449Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2024-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0449Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2024-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0449Member2024-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromGreaterThanOrEqualTo0450Member2024-03-310000024090us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromGreaterThanOrEqualTo0450Member2024-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromGreaterThanOrEqualTo0450Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2024-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromGreaterThanOrEqualTo0450Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2024-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromGreaterThanOrEqualTo0450Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2024-03-310000024090us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2024-03-310000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2024-03-310000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2024-03-310000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2024-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0149Membersrt:MinimumMember2023-03-310000024090srt:MaximumMembercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0149Member2023-03-310000024090us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0149Member2023-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0149Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2023-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0149Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2023-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0149Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2023-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0149Member2023-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0150To0299Membersrt:MinimumMember2023-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0150To0299Membersrt:MaximumMember2023-03-310000024090us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0150To0299Member2023-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0150To0299Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2023-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0150To0299Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2023-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0150To0299Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2023-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0150To0299Member2023-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0449Membersrt:MinimumMember2023-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0449Membersrt:MaximumMember2023-03-310000024090us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0449Member2023-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0449Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2023-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0449Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2023-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0449Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2023-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0449Member2023-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromGreaterThanOrEqualTo0450Member2023-03-310000024090us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromGreaterThanOrEqualTo0450Member2023-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromGreaterThanOrEqualTo0450Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2023-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromGreaterThanOrEqualTo0450Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2023-03-310000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromGreaterThanOrEqualTo0450Memberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2023-03-310000024090us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-03-310000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2023-03-310000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2023-03-310000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2023-03-310000024090cia:SupplementalContractsWithoutLifeContingenciesMember2023-12-310000024090us-gaap:FixedAnnuityMember2023-12-310000024090cia:DividendAccumulationsMember2023-12-310000024090cia:PremiumsPaidInAdvanceMember2023-12-310000024090cia:SupplementalContractsWithoutLifeContingenciesMember2024-01-012024-03-310000024090us-gaap:FixedAnnuityMember2024-01-012024-03-310000024090cia:DividendAccumulationsMember2024-01-012024-03-310000024090cia:PremiumsPaidInAdvanceMember2024-01-012024-03-310000024090cia:SupplementalContractsWithoutLifeContingenciesMember2024-03-310000024090us-gaap:FixedAnnuityMember2024-03-310000024090cia:DividendAccumulationsMember2024-03-310000024090cia:PremiumsPaidInAdvanceMember2024-03-310000024090cia:SupplementalContractsWithoutLifeContingenciesMember2022-12-310000024090us-gaap:FixedAnnuityMember2022-12-310000024090cia:DividendAccumulationsMember2022-12-310000024090cia:PremiumsPaidInAdvanceMember2022-12-310000024090cia:SupplementalContractsWithoutLifeContingenciesMember2023-01-012023-03-310000024090us-gaap:FixedAnnuityMember2023-01-012023-03-310000024090cia:DividendAccumulationsMember2023-01-012023-03-310000024090cia:PremiumsPaidInAdvanceMember2023-01-012023-03-310000024090cia:SupplementalContractsWithoutLifeContingenciesMember2023-03-310000024090us-gaap:FixedAnnuityMember2023-03-310000024090cia:DividendAccumulationsMember2023-03-310000024090cia:PremiumsPaidInAdvanceMember2023-03-310000024090cia:UnearnedRevenueReserveMember2024-03-310000024090cia:UnearnedRevenueReserveMember2023-03-310000024090us-gaap:UnfundedLoanCommitmentMember2024-03-3100000240902021-05-052021-05-050000024090us-gaap:RevolvingCreditFacilityMember2021-05-0500000240902021-05-050000024090us-gaap:BaseRateMember2021-05-050000024090us-gaap:FederalFundsEffectiveSwapRateMember2021-05-052021-05-050000024090us-gaap:RevolvingCreditFacilityMember2021-05-052021-05-050000024090us-gaap:RevolvingCreditFacilityMember2024-03-310000024090us-gaap:SubsequentEventMember2024-05-032024-05-0300000240902004-03-040000024090us-gaap:CommonClassAMember2004-03-040000024090us-gaap:CommonClassBMember2004-03-040000024090us-gaap:TreasuryStockCommonMember2023-12-310000024090us-gaap:CommonClassAMember2022-12-310000024090us-gaap:CommonClassBMember2022-12-310000024090us-gaap:TreasuryStockCommonMember2022-12-310000024090us-gaap:CommonClassBMember2024-01-012024-03-310000024090us-gaap:TreasuryStockCommonMember2024-01-012024-03-310000024090us-gaap:CommonClassBMember2023-01-012023-03-310000024090us-gaap:TreasuryStockCommonMember2023-01-012023-03-310000024090us-gaap:TreasuryStockCommonMember2024-03-310000024090us-gaap:CommonClassAMember2023-03-310000024090us-gaap:CommonClassBMember2023-03-310000024090us-gaap:TreasuryStockCommonMember2023-03-310000024090srt:ParentCompanyMember2024-03-272024-03-270000024090cia:CICALifeInsuranceCompanyOfAmericaAColoradoCompanyMembersrt:ParentCompanyMember2024-03-272024-03-270000024090cia:CICALifeInsuranceCompanyOfAmericaAColoradoCompanyMember2024-01-012024-03-310000024090country:PR2024-01-012024-03-310000024090srt:ParentCompanyMembercia:CICALifeAIAPuertoRicoCompanyMember2023-08-312023-08-310000024090srt:ParentCompanyMembercia:CICALifeAIAPuertoRicoCompanyMember2023-08-310000024090cia:LifeInsuranceBusinessSegmentMemberus-gaap:OperatingSegmentsMember2024-01-012024-03-310000024090cia:HomeServiceInsuranceSegmentMemberus-gaap:OperatingSegmentsMember2024-01-012024-03-310000024090us-gaap:CorporateNonSegmentMember2024-01-012024-03-310000024090cia:LifeInsuranceBusinessSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-03-310000024090cia:HomeServiceInsuranceSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-03-310000024090us-gaap:CorporateNonSegmentMember2023-01-012023-03-310000024090us-gaap:OfficeOfTheTaxCommissionerBermudaMember2024-01-012024-03-310000024090cia:GovernmentOfPuertoRicoMember2024-01-012024-03-310000024090us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2024-01-012024-03-310000024090us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2023-01-012023-03-31
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 March 31, 2024
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

citizens_logoonly_cmyk.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.)

11815 Alterra Pkwy, Floor 15, Austin, TX 78758
(Current Address)

Registrant's telephone number, including area code: (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 filerNon-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 May 1, 2024, the Registrant had 49,633,705 shares of Class A common stock outstanding.





























THIS PAGE INTENTIONALLY LEFT BLANK


citizens_logo_cmyk (jpg).jpg

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.


March 31, 2024 | 10-Q 1


PART I.  FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS
CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES
Consolidated Balance Sheets
(In thousands)March 31, 2024December 31, 2023
(Unaudited)
 
Assets:
Investments:  
Fixed maturity securities available-for-sale, at fair value (amortized cost: $1,397,074 and $1,389,038 in 2024 and 2023, respectively)
$1,234,048 1,238,981 
Equity securities, at fair value 5,419 5,282 
Policy loans75,274 75,359 
Other long-term investments (portion measured at fair value $84,853 and $82,460 in 2024 and 2023, respectively)
85,118 82,725 
Total investments1,399,859 1,402,347 
Cash and cash equivalents23,242 26,997 
Accrued investment income17,290 17,360 
Reinsurance recoverable4,208 3,991 
Deferred policy acquisition costs180,061 175,768 
Cost of insurance acquired9,871 10,043 
Current federal income tax receivable192 1,546 
Property and equipment, net11,408 11,809 
Due premiums9,880 11,264 
Other assets (less allowance for losses of $431 and $408 in 2024 and 2023, respectively)
9,652 7,803 
Total assets$1,665,663 1,668,928 

See accompanying Notes to Consolidated Financial Statements.

March 31, 2024 | 10-Q 2



CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES
Consolidated Balance Sheets, Continued
(In thousands, except share amounts)March 31, 2024December 31, 2023
(Unaudited)
Liabilities and Stockholders' Equity:
Liabilities:  
Policy liabilities:  
Future policy benefit reserves:  
Life insurance$1,195,430 1,229,253 
Accident and health insurance844 889 
Total future policy benefit reserves1,196,274 1,230,142 
Policyholders' funds:
Annuities136,965 133,216 
Dividend accumulations45,760 44,960 
Premiums paid in advance32,391 32,446 
Policy claims payable7,983 6,637 
Other policyholders' funds7,402 7,363 
Total policyholders' funds230,501 224,622 
Total policy liabilities1,426,775 1,454,764 
Commissions payable2,919 3,445 
Deferred federal income tax liability3,601 1,102 
Payable for securities in process of settlement1,350  
Other liabilities35,835 37,488 
Total liabilities1,470,480 1,496,799 
Commitments and contingencies (Note 7)
Stockholders' Equity:  
Common stock:
Class A, no par value, 100,000,000 shares authorized, 53,900,208 and 53,882,661 shares issued and outstanding in 2024 and 2023, respectively, including shares in treasury of 4,327,810 in 2024 and 2023
268,802 268,675 
Class B, no par value, 2,000,000 shares authorized, 1,001,714 shares issued and outstanding in 2024 and 2023, including shares in treasury of 1,001,714 in 2024 and 2023
3,184 3,184 
Retained earnings 46,692 42,150 
Accumulated other comprehensive income (loss)(99,770)(118,155)
Treasury stock, at cost(23,725)(23,725)
Total stockholders' equity195,183 172,129 
Total liabilities and stockholders' equity $1,665,663 1,668,928 

See accompanying Notes to Consolidated Financial Statements.


March 31, 2024 | 10-Q 3



CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES
Consolidated Statements of Operations and Comprehensive Income (Loss)
(Unaudited)
Three Months Ended
March 31,
(In thousands, except per share amounts)
20242023
Revenues: 
Premiums:  
Life insurance$38,261 36,934 
Accident and health insurance414 358 
Property insurance(2)957 
Net investment income17,487 17,074 
Investment related gains (losses), net963 (288)
Other income589 879 
Total revenues57,712 55,914 
Benefits and Expenses:  
Insurance benefits paid or provided:  
Claims and surrenders33,113 30,299 
Increase (decrease) in future policy benefit reserves451 (978)
Policyholder liability remeasurement (gain) loss319 880 
Policyholders' dividends1,237 1,108 
Total insurance benefits paid or provided35,120 31,309 
Commissions10,450 9,013 
Other general expenses11,338 11,260 
Capitalization of deferred policy acquisition costs(8,331)(6,358)
Amortization of deferred policy acquisition costs4,038 3,814 
Amortization of cost of insurance acquired172 161 
Total benefits and expenses52,787 49,199 
Income before federal income tax
4,925 6,715 
Federal income tax expense
383 1,843 
Net income
4,542 4,872 
Per Share Amounts:  
Basic and diluted earnings per share of Class A common stock
0.09 0.10 
Other Comprehensive Income (Loss):  
Unrealized gains (losses) on fixed maturity securities:  
Unrealized holding gains (losses) arising during period(13,416)43,436 
Reclassification adjustment for losses (gains) included in net income
448 38 
Unrealized gains (losses) on fixed maturity securities, net(12,968)43,474 
Change in current discount rate for liability for future policy benefits33,995 (20,480)
Income tax expense (benefit) on other comprehensive income items2,642 1,415 
Other comprehensive income (loss)18,385 21,579 
Total comprehensive income (loss)$22,927 26,451 

See accompanying Notes to Consolidated Financial Statements.

March 31, 2024 | 10-Q 4



CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES
Consolidated Statements of Stockholders' Equity
(Unaudited)
 Common Stock
Retained Earnings
Accumulated Other
Comprehensive
 Income (Loss)
Treasury
Stock
Total
Stockholders' Equity
(In thousands)Class AClass B
Balance at December 31, 2023$268,675 3,184 42,150 (118,155)(23,725)172,129 
Comprehensive income (loss):
Net income
  4,542   4,542 
Other comprehensive income (loss)   18,385  18,385 
Total comprehensive income (loss)  4,542 18,385  22,927 
Stock-based compensation127     127 
Balance at March 31, 2024$268,802 3,184 46,692 (99,770)(23,725)195,183 
Balance at December 31, 2022
$268,147 3,184 16,309 (137,044)(22,806)127,790 
Comprehensive income (loss):
Net income
  4,872   4,872 
Other comprehensive income (loss)   21,579  21,579 
Total comprehensive income (loss)  4,872 21,579  26,451 
Stock-based compensation50     50 
Balance at March 31, 2023$268,197 3,184 21,181 (115,465)(22,806)154,291 

See accompanying Notes to Consolidated Financial Statements.

March 31, 2024 | 10-Q 5



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

Three Months Ended March 31,
(In thousands)
20242023
Cash flows from operating activities: 
Net income
$4,542 4,872 
Adjustments to reconcile net income to net cash provided by operating activities:
  
Investment related (gains) losses on sale of investments and other assets, net(963)288 
Net deferred policy acquisition costs(4,293)(2,544)
Amortization of cost of insurance acquired172 161 
Depreciation144 122 
Amortization of premiums and discounts on investments1,291 1,203 
Stock-based compensation154 70 
Deferred federal income tax expense (benefit)(143)706 
Change in:  
Accrued investment income70 173 
Reinsurance recoverable(217)237 
Due premiums1,384 2,648 
Future policy benefit reserves128 (125)
Other policyholders' liabilities6,929 1,582 
Federal income tax payable1,353 1,138 
Commissions payable and other liabilities(1,863)(2,673)
Other, net(1,900)(504)
Net cash provided by operating activities
6,788 7,354 
Cash flows from investing activities:  
Purchases of fixed maturity securities, available-for-sale(23,271)(25,114)
Sales of fixed maturity securities, available-for-sale2,508 2,865 
Maturities and calls of fixed maturity securities, available-for-sale12,366 14,426 
Principal payments on mortgage loans3 2 
(Increase) decrease in policy loans, net85 114 
Sales of other long-term investments82 249 
Purchases of other long-term investments(1,181)(3,495)
Purchases of property and equipment(58)(73)
Net cash used in investing activities
(9,466)(11,026)
See accompanying Notes to Consolidated Financial Statements.

March 31, 2024 | 10-Q 6


CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES
Consolidated Statements of Cash Flows, Continued
(Unaudited)
Three Months Ended March 31,
(In thousands)
20242023
Cash flows from financing activities:  
Annuity deposits$1,600 2,008 
Annuity withdrawals(2,650)(2,365)
Other(27)(20)
Net cash used in financing activities
(1,077)(377)
Net decrease in cash and cash equivalents
(3,755)(4,049)
Cash and cash equivalents at beginning of year26,997 22,973 
Cash and cash equivalents at end of period$23,242 18,924 


SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:

During the three months ended March 31, 2023, various fixed maturity issuers exchanged securities with book values of $2.1 million for securities of equal value while none were exchanged during the three months ended March 31, 2024.

The Company had $1.4 million of net unsettled security trades at March 31, 2024 and none at March 31, 2023.


See accompanying Notes to Consolidated Financial Statements.


March 31, 2024 | 10-Q 7



(1) FINANCIAL STATEMENTS

BASIS OF PRESENTATION AND CONSOLIDATION

The consolidated financial statements include the accounts and operations of Citizens, Inc. ("Citizens" or the "Company"), a Colorado corporation, and its wholly-owned subsidiaries, CICA Life Insurance Company of America ("CICA Domestic"), CICA Life Ltd. ("CICA Bermuda"), CICA Life A.I., a Puerto Rico company ("CICA International"), Security Plan Life Insurance Company ("SPLIC"), Security Plan Fire Insurance Company ("SPFIC"), Magnolia Guaranty Life Insurance Company ("MGLIC"), Computing Technology, Inc. ("CTI"), Nexo Enrollment Services LLC, a Puerto Rico service company ("NES") and Nexo Global Services LLC, a Puerto Rico holding company ("Nexo"). All significant inter-company accounts and transactions have been eliminated. Citizens and its wholly-owned subsidiaries are collectively referred to as the "Company," "it," "we," "us" or "our".

The consolidated balance sheet as of March 31, 2024, the consolidated statements of operations and comprehensive income (loss) and stockholders' equity for the three months ended March 31, 2024 and March 31, 2023 and the consolidated statements of cash flows for the three months ended March 31, 2024 and March 31, 2023 have been prepared by the Company without audit and are not subject to audit. In the opinion of management, all normal and recurring adjustments to present fairly the financial position, results of operations, and changes in cash flows at March 31, 2024 and for comparative periods have been made. The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission ("SEC").  Accordingly, the consolidated financial statements do not include all the information and footnotes required for complete financial statements and should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023 ("Form 10-K").  Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period.

Our Life Insurance segment operates through CICA International and CICA Domestic. Until December 31, 2022, our international life insurance business operated through CICA Bermuda. Beginning January 1, 2023, all new international policies are issued by CICA International. These companies provide U.S. dollar-denominated endowment contracts internationally, which are principally accumulation contracts that incorporate an element of life insurance protection and ordinary whole life insurance in U.S. dollar-denominated amounts sold to non-U.S. residents.  These contracts are designed to provide a fixed amount of insurance coverage over the life of the insured and may utilize rider benefits to provide additional increasing or decreasing coverage and annuity benefits to enhance accumulations. On August 31, 2023, CICA Bermuda transferred all of its insurance in force business to CICA International. Prior to July 1, 2023, our domestic life insurance business operated through CICA Domestic and Citizens National Life Insurance Company ("CNLIC"). CICA Domestic issues ordinary whole life, final expense, life products with living benefits, critical illness, and credit life and disability policies throughout the U.S. CNLIC merged into CICA Domestic on July 1, 2023.

Our Home Service Insurance segment operates through our subsidiaries SPLIC, MGLIC and SPFIC, and focuses on the life insurance needs of the middle- and lower-income markets, primarily in Louisiana, Mississippi and Arkansas.  Our products in this segment consist primarily of small face amount ordinary whole life, industrial life and pre-need policies, which are designed to fund final expenses for the insured, primarily consisting of funeral and burial costs as well as critical illness and property insurance policies, which cover dwelling and contents. As of June 30, 2023, the Company ceased all operations for SPFIC.

CTI provides data processing systems and services to the Company. NES provides services to policyholders of CICA International.


March 31, 2024 | 10-Q 8


USE OF ESTIMATES

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ materially from these estimates.

Significant estimates include those used in the evaluation of credit losses on fixed maturity securities, valuation allowances on deferred tax assets, actuarially determined assets and liabilities and assumptions and contingencies related to litigation and regulatory matters.  Certain of these estimates are particularly sensitive to market conditions, and deterioration and/or volatility in the worldwide debt or equity markets could have a material impact on the consolidated financial statements.

SIGNIFICANT ACCOUNTING POLICIES

For a description of all significant accounting policies, see Part IV, Item 15, Note 1. Summary of Significant Accounting Policies in the notes to our consolidated financial statements included in our Form 10-K, which should be read in conjunction with these accompanying consolidated financial statements.

(2) ACCOUNTING PRONOUNCEMENTS

ACCOUNTING STANDARDS NOT YET ADOPTED

On November 27, 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This amendment expands a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures, providing new disclosure requirements for entities with a single reportable segment, and requiring other new disclosures. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is available. Although the ASU only requires additional disclosures about the Company's operating segments, the Company is currently evaluating the effects of adopting this guidance on the consolidated financial statements.

On December 14, 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance the transparency, decision usefulness and effectiveness of income tax disclosures. The amendments in this ASU require a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. A public entity is also required to provide a qualitative description of the state and local jurisdictions that make up the majority of the effect of the state and local income tax category and the net amount of income taxes paid, disaggregated by federal, state and foreign taxes and also disaggregated by individual jurisdictions. The amendments also remove certain disclosures that are no longer considered cost beneficial. The amendments are effective prospectively for annual periods beginning after December 15, 2024 and early adoption and retrospective application are permitted. The Company is currently evaluating the impact of adopting this pronouncement on the consolidated financial statements.

No other new accounting pronouncements issued or effective during the year had, or is expected to have, a material impact on our consolidated financial statements.


March 31, 2024 | 10-Q 9


(3) INVESTMENTS

The Company invests primarily in fixed maturity securities, which totaled 86.7% of total cash and invested assets at March 31, 2024, as shown below.

Carrying Value
(In thousands, except for %)
March 31, 2024December 31, 2023
Amount%Amount%
Cash and invested assets:
Fixed maturity securities$1,234,048 86.7 %1,238,981 86.7 %
Equity securities5,419 0.4 5,282 0.4 
Policy loans75,274 5.3 75,359 5.3 
Other long-term investments85,118 6.0 82,725 5.8 
Cash and cash equivalents23,242 1.6 26,997 1.8 
Total cash and invested assets$1,423,101 100.0 %1,429,344 100.0 %

The following tables represent the amortized cost, gross unrealized gains and losses and fair value of fixed maturity securities as of the dates indicated.
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
March 31, 2024
(In thousands)
Fixed maturity securities:    
Available-for-sale:    
U.S. Treasury securities$5,972 76 74 5,974 
U.S. Government-sponsored enterprises3,396 201 1 3,596 
States and political subdivisions313,364 1,718 30,027 285,055 
Corporate:
Financial273,436 1,701 32,459 242,678 
Consumer252,953 1,321 39,615 214,659 
Utilities127,577 369 21,576 106,370 
Energy72,733 27 8,576 64,184 
Communications
73,354 247 9,843 63,758 
All other111,641 444 14,289 97,796 
Commercial mortgage-backed276 1 5 272 
Residential mortgage-backed106,977 7 12,136 94,848 
Asset-backed55,395 511 1,048 54,858 
Total fixed maturity securities$1,397,074 6,623 169,649 1,234,048 


March 31, 2024 | 10-Q 10


Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
December 31, 2023
(In thousands)
Fixed maturity securities:    
Available-for-sale:    
U.S. Treasury securities$5,983 127 48 6,062 
U.S. Government-sponsored enterprises3,404 250 1 3,653 
States and political subdivisions314,203 2,160 29,132 287,231 
Corporate:
Financial266,485 2,066 31,255 237,296 
Consumer250,672 2,145 37,094 215,723 
Utilities123,625 615 20,253 103,987 
Energy73,808 64 8,049 65,823 
Communications
74,029 309 8,892 65,446 
All other111,124 647 12,439 99,332 
Commercial mortgage-backed171   171 
Residential mortgage-backed107,174 9 10,060 97,123 
Asset-backed58,360 290 1,516 57,134 
Total fixed maturity securities$1,389,038 8,682 158,739 1,238,981 
 
Most of the Company's equity securities are invested in a non-redeemable preferred stock fund.

Fair Value
(In thousands)
March 31, 2024December 31, 2023
Equity securities: 
Bond mutual funds$739 740 
Common stock664 665 
Non-redeemable preferred stock7 7 
Non-redeemable preferred stock fund4,009 3,870 
Total equity securities$5,419 5,282 

VALUATION OF INVESTMENTS

Available-for-sale ("AFS") fixed maturity securities are reported in the consolidated financial statements at fair value. Equity securities are measured at fair value with the change in fair value recorded through net income. The Company recognized net investment related gains of $0.1 million and $0.3 million on equity securities held for the three months ended March 31, 2024 and 2023, respectively.

The Company considers several factors in its review and evaluation of individual investments, using the process described in Part IV, Item 15, Note 2. Investments in the notes to the consolidated financial statements of our Form 10-K to determine whether a credit valuation loss exists. For the three months ended March 31, 2024 and 2023, the Company recorded no credit valuation losses on fixed maturity securities.


March 31, 2024 | 10-Q 11



For fixed maturity security investments that have unrealized losses as of March 31, 2024 and December 31, 2023, the gross unrealized losses and related fair values that have been in a continuous unrealized loss position by timeframe are as follows.

March 31, 2024Less than 12 monthsGreater than 12 monthsTotal
(In thousands, except for # of securities)Fair
Value
Unrealized
Losses
# of
Securities
Fair
Value
Unrealized
Losses
# of
Securities
Fair
Value
Unrealized
Losses
# of
Securities
Fixed maturity securities:        
Available-for-sale securities:        
U.S. Treasury securities$1,178 67 5 66 7 2 1,244 74 7 
U.S. Government-sponsored enterprises220 1 1    220 1 1 
States and political subdivisions22,031 357 41 165,011 29,670 196 187,042 30,027 237 
Corporate:
Financial9,895 380 26 178,234 32,079 218 188,129 32,459 244 
Consumer13,303 643 29 174,217 38,972 224 187,520 39,615 253 
Utilities9,200 374 45 83,296 21,202 136 92,496 21,576 181 
Energy4,380 110 3 58,299 8,466 74 62,679 8,576 77 
Communications
6,429 190 6 54,172 9,653 68 60,601 9,843 74 
All Other4,147 121 9 83,944 14,168 100 88,091 14,289 109 
Commercial mortgage-backed   100 5 1 100 5 1 
Residential mortgage-backed133 2 7 94,337 12,134 86 94,470 12,136 93 
Asset-backed6,793 60 10 22,959 988 29 29,752 1,048 39 
Total fixed maturity securities$77,709 2,305 182 914,635 167,344 1,134 992,344 169,649 1,316 

December 31, 2023Less than 12 monthsGreater than 12 monthsTotal
(In thousands, except for # of securities)Fair
Value
Unrealized
Losses
# of
Securities
Fair
Value
Unrealized
Losses
# of
Securities
Fair
Value
Unrealized
Losses
# of
Securities
Fixed maturity securities:        
Available-for-sale securities:        
U.S. Treasury securities$1,203 40 5 65 8 2 1,268 48 7 
U.S. Government-sponsored enterprises221 1 1    221 1 1 
States and political subdivisions19,540 357 35 164,264 28,775 192 183,804 29,132 227 
Corporate:
Financial12,584 383 19 176,521 30,872 217 189,105 31,255 236 
Consumer10,175 265 16 176,725 36,829 223 186,900 37,094 239 
Utilities3,596 66 20 85,169 20,187 137 88,765 20,253 157 
Energy3,291 57 1 59,392 7,992 76 62,683 8,049 77 
Communications
5,784 153 5 56,108 8,739 69 61,892 8,892 74 
All Other2,080 32 5 85,757 12,407 100 87,837 12,439 105 
Residential mortgage-backed849 38 5 95,806 10,022 86 96,655 10,060 91 
Asset-backed4,757 111 8 32,764 1,405 40 37,521 1,516 48 
Total fixed maturity securities$64,080 1,503 120 932,571 157,236 1,142 996,651 158,739 1,262 

March 31, 2024 | 10-Q 12



In each category of our fixed maturity securities described above, we do not intend to sell our investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. As of March 31, 2024 and December 31, 2023, 99.0% and 99.4% of the fair value of our fixed maturity securities portfolio, respectively, were rated investment grade. While the losses are currently unrealized, we continue to monitor all fixed maturity securities on an on-going basis as future information may become available which could result in an allowance being recorded.

These unrealized losses on fixed maturity securities are due to noncredit-related factors, including widening credit spreads and rising interest rates since purchase, which have little bearing on the recoverability of our investments, hence they are not recognized as credit losses. The fair value is expected to recover as the securities approach maturity or if market yields for such investments decline.

The amortized cost and fair value of fixed maturity securities at March 31, 2024 by contractual maturity are shown in the table below.  Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date have been reflected based upon final stated maturity.

March 31, 2024Amortized
Cost
Fair
Value
(In thousands)
Fixed maturity securities:  
Due in one year or less$15,247 15,156 
Due after one year through five years127,682 125,714 
Due after five years through ten years300,002 291,665 
Due after ten years954,143 801,513 
Total fixed maturity securities$1,397,074 1,234,048 

The Company uses the specific identification method of the individual security to determine the cost basis used in the calculation of realized gains and losses related to security sales.  
Three Months Ended
March 31,
(In thousands)20242023
Fixed maturity securities, available-for-sale:
Proceeds$2,508 2,865 
Gross realized gains$1 5 
Gross realized losses$49 12 

(4) FAIR VALUE MEASUREMENTS

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  We hold AFS fixed maturity securities, which are carried at fair value with changes in fair value reported through other comprehensive income (loss). We also report our equity securities and certain other long-term investments at fair value with changes in fair value reported through the consolidated statements of operations and comprehensive income (loss).

Fair value measurements are generally based upon observable and unobservable inputs.  Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our view of market assumptions in the absence of observable market information. We utilize valuation techniques that maximize the use of

March 31, 2024 | 10-Q 13


observable inputs and minimize the use of unobservable inputs.  All assets and liabilities carried at fair value are required to be classified and disclosed in one of the following three categories:

Level 1 - Quoted prices for identical instruments in active markets.
Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs or whose significant value drivers are observable.
Level 3 - Instruments whose significant value drivers are unobservable.

Level 1 primarily consists of financial instruments whose value is based on quoted market prices such as U.S. Treasury securities and actively traded mutual fund and stock investments.

Level 2 includes those financial instruments that are valued by independent pricing services or broker quotes.  These pricing models are primarily industry-standard models that consider various inputs, such as interest rates, credit spreads and foreign exchange rates for the underlying financial instruments.  All significant inputs are observable or derived from observable information in the marketplace or are supported by observable levels at which transactions are executed in the marketplace.  Financial instruments in this category primarily include corporate securities, U.S. Government-sponsored enterprise securities, securities issued by states and political subdivisions and certain mortgage and asset-backed securities.

Level 3 is comprised of financial instruments whose fair value is estimated based on non-binding broker prices utilizing significant inputs not based on or corroborated by readily available market information.  We have no investments in this category.

The following tables set forth our assets measured at fair value on a recurring basis as of the dates indicated.

March 31, 2024Level 1Level 2Level 3Total
Fair Value
(In thousands)
Financial assets:
Fixed maturity securities, available-for-sale:
    
U.S. Treasury and U.S. Government-sponsored enterprises$5,974 3,596  9,570 
States and political subdivisions 285,055  285,055 
Corporate46 789,399  789,445 
Commercial mortgage-backed 272  272 
Residential mortgage-backed 94,848  94,848 
Asset-backed 54,858  54,858 
Total fixed maturity securities, available-for-sale
6,020 1,228,028  1,234,048 
Equity securities:    
Bond mutual funds739   739 
Common stock664   664 
Non-redeemable preferred stock7   7 
Non-redeemable preferred stock fund4,009   4,009 
Total equity securities5,419   5,419 
Other long-term investments (1)
   84,853 
Total financial assets$11,439 1,228,028  1,324,320 
(1) In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient are not classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.

March 31, 2024 | 10-Q 14


December 31, 2023Level 1Level 2Level 3Total
Fair Value
(In thousands)
Financial assets:
Fixed maturity securities, available-for-sale:
    
U.S. Treasury and U.S. Government-sponsored enterprises$6,062 3,653  9,715 
States and political subdivisions 287,231  287,231 
Corporate43 787,564  787,607 
Commercial mortgage-backed 171  171 
Residential mortgage-backed 97,123  97,123 
Asset-backed 57,134  57,134 
Total fixed maturity securities, available-for-sale
6,105 1,232,876  1,238,981 
Equity securities:    
Bond mutual funds740   740 
Common stock665   665 
Non-redeemable preferred stock7   7 
Non-redeemable preferred stock fund3,870   3,870 
Total equity securities5,282   5,282 
Other long-term investments (1)
   82,460 
Total financial assets$11,387 1,232,876  1,326,723 
(1) In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient are not classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.
 
FINANCIAL INSTRUMENTS VALUATION

FINANCIAL INSTRUMENTS CARRIED AT FAIR VALUE

Fixed maturity securities, available-for-sale.  At March 31, 2024, fixed maturity securities, valued using a third-party pricing source, totaled $1.2 billion for Level 2 assets and comprised 92.7% of total reported fair value of our financial assets.  The Level 1 and Level 2 valuations are reviewed and updated quarterly through testing by comparisons to separate pricing models, other third-party pricing services, and back tested to recent trades.  In addition, we obtain information annually relative to the third-party pricing models and re