10-Q 1 cia-20230930.htm 10-Q cia-20230930
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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 September 30, 2023
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

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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 November 1, 2023, the Registrant had 49,552,549 shares of Class A common stock outstanding.





























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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.


September 30, 2023 | 10-Q 1


PART I.  FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS
CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
(In thousands)September 30, 2023December 31, 2022
Assets
Investments:  
Fixed maturity securities available-for-sale, at fair value (amortized cost: $1,389,390 and $1,381,318 in 2023 and 2022, respectively)
$1,151,353 1,179,619 
Equity securities, at fair value 10,555 11,590 
Policy loans75,750 78,773 
Other long-term investments (portion measured at fair value $79,535 and $66,846 in 2023 and 2022, respectively)
79,798 69,558 
Short-term investments 1,241 
Total investments1,317,456 1,340,781 
Cash and cash equivalents16,785 22,973 
Accrued investment income17,123 17,131 
Reinsurance recoverable3,782 4,560 
Deferred policy acquisition costs171,417 162,927 
Cost of insurance acquired10,182 10,647 
Current federal income tax receivable 601 
Property and equipment, net12,009 12,926 
Due premiums9,661 11,829 
Other assets (less allowance for losses of $357 and $347 in 2023 and 2022, respectively)
6,225 6,328 
Total assets$1,564,640 1,590,703 

See accompanying Notes to Consolidated Financial Statements.

September 30, 2023 | 10-Q 2



CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES
Consolidated Balance Sheets, Continued
(Unaudited)
(In thousands, except share amounts)September 30, 2023December 31, 2022
Liabilities and Stockholders' Equity
Liabilities:  
Policy liabilities:  
Future policy benefit reserves:  
Life insurance$1,147,601 1,198,647 
Accident and health insurance877 767 
Total future policy benefit reserves1,148,478 1,199,414 
Policyholders' funds:
Annuities129,909 121,422 
Dividend accumulations44,102 41,663 
Premiums paid in advance35,453 36,384 
Policy claims payable5,943 9,884 
Other policyholders' funds7,218 7,501 
Total policyholders' funds222,625 216,854 
Total policy liabilities1,371,103 1,416,268 
Commissions payable1,681 1,967 
Current federal income tax payable652  
Deferred federal income tax liability2,097 3,653 
Payable for securities in process of settlement250  
Other liabilities36,110 41,025 
Total liabilities1,411,893 1,462,913 
Commitments and contingencies (Note 7)
Stockholders' Equity:  
Common stock:
Class A, no par value, 100,000,000 shares authorized, 53,880,359 and 53,758,176 shares issued and outstanding in 2023 and 2022, respectively, including shares in treasury of 4,261,005 in 2023 and 3,935,581 in 2022
268,423 268,147 
Class B, no par value, 2,000,000 shares authorized, 1,001,714 shares issued and outstanding in 2023 and 2022, including shares in treasury of 1,001,714 in 2023 and 2022
3,184 3,184 
Retained earnings 31,332 16,309 
Accumulated other comprehensive income (loss)(126,667)(137,044)
Treasury stock, at cost(23,525)(22,806)
Total stockholders' equity152,747 127,790 
Total liabilities and stockholders' equity $1,564,640 1,590,703 

See accompanying Notes to Consolidated Financial Statements.


September 30, 2023 | 10-Q 3



CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES
Consolidated Statements of Operations and Comprehensive Income (Loss)
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
(In thousands, except per share amounts)
2023202220232022
Revenues: 
Premiums:  
Life insurance$41,794 42,423 118,020 120,930 
Accident and health insurance296 299 1,201 865 
Property insurance(64)1,153 780 3,668 
Net investment income17,372 16,604 51,687 47,983 
Investment related gains (losses), net(892)(4,991)(477)(10,589)
Other income884 688 2,620 2,410 
Total revenues59,390 56,176 173,831 165,267 
Benefits and Expenses:  
Insurance benefits paid or provided:  
Claims and surrenders37,723 30,729 100,798 86,260 
Increase (decrease) in future policy benefit reserves(3,880)653 (5,802)4,497 
Policyholder liability remeasurement (gain) loss1,024 396 2,860 1,731 
Policyholders' dividends1,414 1,389 3,783 4,257 
Total insurance benefits paid or provided36,281 33,167 101,639 96,745 
Commissions9,444 9,210 27,340 25,807 
Other general expenses11,949 11,559 35,477 32,989 
Capitalization of deferred policy acquisition costs(7,132)(6,372)(20,034)(17,337)
Amortization of deferred policy acquisition costs4,056 3,624 11,544 10,651 
Amortization of cost of insurance acquired151 166 465 446 
Total benefits and expenses54,749 51,354 156,431 149,301 
Income (loss) before federal income tax4,641 4,822 17,400 15,966 
Federal income tax expense (benefit)1,943 1,415 3,704 3,618 
Net income (loss)2,698 3,407 13,696 12,348 
Per Share Amounts:  
Basic earnings (losses) per share of Class A common stock
0.06 0.07 0.28 0.25 
Diluted earnings (losses) per share of Class A common stock
0.05 0.06 0.27 0.24 
Other Comprehensive Income (Loss):  
Unrealized gains (losses) on fixed maturity securities:  
Unrealized holding gains (losses) arising during period(59,817)(88,382)(36,811)(340,678)
Reclassification adjustment for losses (gains) included in net income (loss)419 43 481 78 
Unrealized gains (losses) on fixed maturity securities, net(59,398)(88,339)(36,330)(340,600)
Change in current discount rate for liability for future policy benefits60,054 73,214 45,825 345,258 
Income tax expense (benefit) on other comprehensive income items(1,040)(184)(882)6,162 
Other comprehensive income (loss)1,696 (14,941)10,377 (1,504)
Total comprehensive income (loss)$4,394 (11,534)24,073 10,844 
See accompanying Notes to Consolidated Financial Statements.

September 30, 2023 | 10-Q 4



CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES
Consolidated Statements of Stockholders' Equity
(Unaudited)
 Common StockRetained Earnings (Accumulated
Deficit)
Accumulated Other
Comprehensive
 Income (Loss)
Treasury
Stock
Total
Stockholders' Equity
(In thousands)Class AClass B
Balance at December 31, 2022$268,147 3,184 16,309 (137,044)(22,806)127,790 
Comprehensive income (loss):
Net income (loss)  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, 2023268,197 3,184 21,181 (115,465)(22,806)154,291 
Comprehensive income (loss):      
Net income (loss)  6,126   6,126 
Other comprehensive income (loss)   (12,898) (12,898)
Total comprehensive income (loss)  6,126 (12,898) (6,772)
Acquisition of treasury stock    (719)(719)
Stock-based compensation46     46 
Balance at June 30, 2023268,243 3,184 27,307 (128,363)(23,525)146,846 
Comprehensive income (loss):      
Net income (loss)  2,698   2,698 
Other comprehensive income (loss)   1,696  1,696 
Total comprehensive income (loss)  2,698 1,696  4,394 
Stock-based compensation180     180 
Other1
  1,327   1,327 
Balance at September 30, 2023$268,423 3,184 31,332 (126,667)(23,525)152,747 
1 See Note 10 - Income Taxes for details.

See accompanying Notes to Consolidated Financial Statements.

September 30, 2023 | 10-Q 5


CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES
Consolidated Statements of Stockholders' Equity, Continued
(Unaudited)
 Common StockRetained Earnings (Accumulated
Deficit)
Accumulated Other
Comprehensive
 Income (Loss)
Treasury
Stock
Total
Stockholders' Equity
(In thousands)Class AClass B
Balance at December 31, 2021$265,561 3,184 (9,698)(138,989)(20,101)99,957 
Comprehensive income (loss):
Net income (loss)  6,449   6,449 
Other comprehensive income (loss)   17,189  17,189 
Total comprehensive income (loss)  6,449 17,189  23,638 
Issuance of common stock1,788     1,788 
Stock-based compensation93     93 
Balance at March 31, 2022267,442 3,184 (3,249)(121,800)(20,101)125,476 
Comprehensive income (loss):
Net income (loss)  2,492   2,492 
Other comprehensive income (loss)   (3,752) (3,752)
Total comprehensive income (loss)  2,492 (3,752) (1,260)
Issuance of common stock455     455 
Acquisition of treasury stock    (1,300)(1,300)
Stock-based compensation(47)    (47)
Balance at June 30, 2022267,850 3,184 (757)(125,552)(21,401)123,324 
Comprehensive income (loss):
Net income (loss)  3,407   3,407 
Other comprehensive income (loss)   (14,941) (14,941)
Total comprehensive income (loss)  3,407 (14,941) (11,534)
Acquisition of treasury stock    (883)(883)
Stock-based compensation138     138 
Balance at September 30, 2022$267,988 3,184 2,650 (140,493)(22,284)111,045 

See accompanying Notes to Consolidated Financial Statements.

September 30, 2023 | 10-Q 6



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

Nine Months Ended September 30,
(In thousands)
20232022
Cash flows from operating activities: 
Net income (loss)$13,696 12,348 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:  
Investment related (gains) losses on sale of investments and other assets477 10,589 
Net deferred policy acquisition costs(8,490)(6,686)
Amortization of cost of insurance acquired465 446 
Depreciation380 413 
Amortization of premiums and discounts on investments3,761 3,456 
Stock-based compensation333 300 
Deferred federal income tax expense (benefit)652 1,623 
Change in:  
Accrued investment income8 (418)
Reinsurance recoverable778 2,054 
Due premiums2,168 197 
Future policy benefit reserves(5,111)3,993 
Other policyholders' liabilities8,156 3,222 
Federal income tax payable1,253 2,754 
Commissions payable and other liabilities(3,116)6,367 
Other, net34 (895)
Net cash provided by (used in) operating activities15,444 39,763 
Cash flows from investing activities:  
Purchases of fixed maturity securities, available-for-sale(50,077)(102,348)
Sales of fixed maturity securities, available-for-sale13,690 30,348 
Maturities and calls of fixed maturity securities, available-for-sale23,128 37,890 
Sales of equity securities
770  
Principal payments on mortgage loans6 1,097 
(Increase) decrease in policy loans, net3,023 2,222 
Sales of other long-term investments3,793 4,130 
Purchases of other long-term investments(13,262)(18,150)
Purchases of property and equipment(292)(76)
Maturities of short-term investments750  
Purchases of short-term investments (1,250)
Net cash provided by (used in) investing activities(18,471)(46,137)
See accompanying Notes to Consolidated Financial Statements.

September 30, 2023 | 10-Q 7


CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES
Consolidated Statements of Cash Flows, Continued
(Unaudited)
Nine Months Ended September 30,
(In thousands)
20232022
Cash flows from financing activities:  
Annuity deposits$5,443 6,777 
Annuity withdrawals(7,828)(6,634)
Acquisition of treasury stock(719)(2,183)
Issuance of common stock 2,244 
Other(57)(117)
Net cash provided by (used in) financing activities(3,161)87 
Net increase (decrease) in cash and cash equivalents(6,188)(6,287)
Cash and cash equivalents at beginning of year22,973 27,294 
Cash and cash equivalents at end of period$16,785 21,007 


SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:

During the nine months ended September 30, 2023 and 2022, various fixed maturity issuers exchanged securities with book values of $5.4 million and $6.1 million, respectively, for securities of equal value.

The Company had $0.3 million net unsettled security trades at September 30, 2023 and none at September 30, 2022.

The Company recognized $36 thousand right-of-use assets in exchange for new operating lease liabilities during the nine months ended September 30, 2023 and $0.4 million during the nine months ended September 30, 2022.


See accompanying Notes to Consolidated Financial Statements.


September 30, 2023 | 10-Q 8



CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

(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"), CICA Life Ltd. ("CICA International"), CICA Life A.I., a Puerto Rico company ("CICA PR"), Citizens National Life Insurance Company ("CNLIC"), Security Plan Life Insurance Company ("SPLIC"), Security Plan Fire Insurance Company ("SPFIC"), Magnolia Guaranty Life Insurance Company ("MGLIC"), Computing Technology, Inc. ("CTI"), 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 September 30, 2023, the consolidated statements of operations and comprehensive income (loss) and stockholders' equity for the three and nine months ended September 30, 2023 and September 30, 2022 and the consolidated statements of cash flows for the nine months ended September 30, 2023 and September 30, 2022 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 September 30, 2023 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, 2022 ("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 PR and CICA. Until December 31, 2022, our international life insurance business operated through CICA International. Beginning January 1, 2023, all new international policies are issued by CICA PR. 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 International transferred all of its insurance in force business to CICA PR. Prior to July 1, 2023, our domestic life insurance business operated through CICA and CNLIC. CICA issues ordinary whole life, life products with living benefits, critical illness, credit life and disability policies throughout the U.S. and CNLIC issued ordinary whole life and critical illness policies through June 30, 2023. CNLIC merged into CICA 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.

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 the disclosure of contingent

September 30, 2023 | 10-Q 9



CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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 from those estimates.

Significant estimates include those used in the evaluation of credit allowances on fixed maturity securities, actuarially determined assets and liabilities and assumptions and valuation allowance on deferred tax assets.  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.

DEFERRED POLICY ACQUISITION COSTS

Deferred policy acquisition costs (“DAC”) are costs that are incremental and directly related to the successful acquisition of new or renewal insurance contracts. Such costs include the incremental direct costs of contract acquisition, such as sales commissions; the portion of employees’ total compensation and payroll-related fringe benefits related directly to time spent performing acquisition activities, such as underwriting, issuing, and processing policies for contracts that have actually been acquired; and other costs related directly to acquisition activities that would not have been incurred if the contract had not been acquired.

Contracts are grouped by contract type and issue year into cohorts consistent with the grouping used in estimating the associated liability. DAC is amortized on a constant level basis for the grouped contracts over the expected term of the related contracts to approximate straight-line amortization. For the Life Insurance segment, the constant level basis used is policy count in force. For the Home Service Insurance segment, the constant level basis used is face amount in force. The constant level bases used for amortization are projected using mortality and lapse assumptions that are based on the Company’s experience, industry data, and other factors at the end of each reporting period and are consistent with those used for the liability for future policy benefit life reserves. Annually, the Company completes experience studies with respect to mortality and lapse. If those assumptions are updated, the DAC amortization basis is recalculated and the effect of the assumption change will be reflected in the cohort level amortization in future periods.

Amortization of DAC is included in the consolidated statements of comprehensive income or loss. The DAC balance on the consolidated balance sheets is reduced for actual experience in excess of expected experience. Changes in future estimates are recognized prospectively over the remaining expected contract term.

COST OF INSURANCE ACQUIRED

The Company recognizes an intangible asset that arises in the application of U.S. GAAP purchase accounting as the difference between the reported value and the fair value of insurance contract liabilities, or comparable amounts determined in purchased insurance business combinations. This intangible asset is referred to as the Cost of Insurance Acquired (“COIA”), which is amortized on a basis consistent with DAC, such that it is amortized in proportion to policies in force for the Life Insurance segment and face amount in force for the Home Service Insurance segment to approximate straight-line amortization.

FUTURE POLICY BENEFITS AND EXPENSES

As premium revenue is recognized, a liability for future policy benefits, which is the present value of estimated future policy benefits to be paid to or on behalf of policyholders less the present value of estimated future net premiums to be collected from policyholders, is accrued. The liability is estimated using current assumptions that include discount rate, mortality and lapses. These current assumptions are based on judgements that consider the Company’s historical experience, industry data, and other factors.

September 30, 2023 | 10-Q 10



CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Our traditional and limited-payment contracts are grouped into cohorts by contract type and issue year. Our reporting cohorts are (i) Permanent, which summarizes insurance policies with premiums payable over the lifetime of the policy, and (ii) Permanent Limited Pay, which summarizes insurance policies with premiums payable for a limited time after which the policy is fully paid up. Both reporting cohorts include whole life and endowment policies. The liability is adjusted for differences between actual and expected experience. The Company reviews its historical cash flow assumptions quarterly and in the third quarter of the year, the Company reviews its future cash flow assumptions. The net premium ratio used to calculate the liability is updated each quarter based on the current period's actual experience relative to expected experience. The revised net premium ratio is used to derive an updated liability for future policy benefits as of the beginning of the current reporting period, discounted at the locked-in discount rate. This amount is then compared to the carrying amount of the liability as of that same date, before the updating of cash flow assumptions, to determine the current period change in liability estimate. The current period change in the liability is the policyholder liability remeasurement gain or loss and is presented as a separate component of total insurance benefits paid or provided in the consolidated statements of comprehensive income or loss. In subsequent periods, the revised net premiums are used to measure the liability for future policy benefits, subject to future revisions.

For traditional and limited-payment contracts, the current discount rate assumption is a yield curve that equals the yield of an upper-medium grade fixed income instrument, based on an A-quality corporate bonds. The Company selects fixed-income instruments that have been A rated by one of the major credit rating agencies, such as Moody’s, Standard & Poor’s, or Fitch. The current discount rate assumption is updated quarterly and used to remeasure the liability at the reporting date, with the resulting change reflected in other comprehensive income. For liability cash flows that are projected beyond the duration of market-observable A credit-rated fixed-income instruments, the Company uses the last market-observable yield level and uses linear interpolation to determine yield assumptions for durations that do not have market observable yields. The locked-in discount rate for policies issued prior to transition equals the rate set at contract issuance. For current year issues, the locked-in discount rate is the average of the current year quarterly discount rates and will change throughout the year as new discount rates are calculated, with the change reflected in net income.

DEFERRED PROFIT LIABILITY

For limited-payment products, gross premiums received in excess of net premiums are deferred at initial recognition as a deferred profit liability (“DPL”). Gross premiums are measured using assumptions consistent with those used in the measurement of the liability for future policy benefit life reserves, including discount rate, mortality and lapses.

The DPL is amortized and recognized in net income within the increase in future policy benefit reserves. The amortization basis for the DPL is the present value of insurance in force for life insurance contracts. Interest is accreted on the balance of the DPL using the locked-in discount rate. The Company reviews and updates its estimates of cash flows for the DPL at the same time as the estimates of cash flows for the liability for future policy benefit life reserves. The DPL is updated each quarter based on the current period's actual experience relative to expected experience with the changes recorded within the increase in future policy benefit reserves in the consolidated statements of comprehensive income or loss. On the consolidated balance sheets, DPL is recorded as a component of the liability for future policy benefits.


September 30, 2023 | 10-Q 11



CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(2) ACCOUNTING PRONOUNCEMENTS

ACCOUNTING STANDARDS RECENTLY ADOPTED

Impacts at Transition Date

In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. The Company adopted ASU 2018-12 for the liability for future policy benefits, DAC and COIA on a modified retrospective basis such that those balances were adjusted to conform to ASU 2018-12 effective January 1, 2021. The following table summarizes the balance of and changes in the liability for future policy benefits, annuity reserves, DAC and COIA due to the adoption of ASU 2018-12.

(In thousands)
Life Insurance
Home Service Insurance
Consolidated
Liability for Future Policy Benefits
Pre-adoption liability as of 12/31/2020$987,373 255,513 1,242,886 
Change in discount rate assumptions261,823 108,468 370,291 
Effect of reserve changes6 96 102 
Post-adoption liability as of 1/1/2021$1,249,202 364,077 1,613,279 
Fixed Annuity Liability
Pre-adoption liability as of 12/31/2020$60,027 18,277 78,304 
Adjustments for the removal of shadow adjustments 3,426 3,426 
Post-adoption liability as of 1/1/2021$60,027 21,703 81,730 
Deferred Acquisition Costs
Pre-adoption balance as of 12/31/2020$94,771 10,142 104,913 
Adjustments for the removal of shadow adjustments8,270 29,905 38,175 
Impact of flooring cohorts at zero23 12 35 
Post adoption balance as of 1/1/2021$103,064 40,059 143,123 
Cost of Insurance Acquired
Pre-adoption balance as of 12/31/2020$1,734 9,807 11,541 
Adjustments for the removal of shadow adjustments 484 484 
Post adoption balance as of 1/1/2021$1,734 10,291 12,025 
At transition, the Company recorded a charge of $0.1 million to retained earnings, net of tax, primarily from capping net premium ratios for certain policyholder benefit cohorts at 100%, increasing reserves for certain non-premium paying cohorts and flooring certain DAC cohorts at zero. Other comprehensive income ("OCI") was reduced by $316.8 million primarily due to the difference in the discount rate used prior to transition and the discount rate at January 1, 2021. The Company also removed shadow adjustments previously recorded in OCI for the impact of unrealized gains and losses on annuity products that previously amortized unearned revenue, DAC and COIA over expected future gross profits.


September 30, 2023 | 10-Q 12



CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Impacts to Previously Reported Results

Adoption of the standard impacted our previously reported consolidated financial results as follows:


(In thousands)
 As Previously Reported  Adoption of New Standard Post Adoption
As of December 31, 2022
Consolidated Balance Sheet
Deferred policy acquisition costs$140,167 22,760 162,927 
Cost of insurance acquired10,260 387 10,647 
Deferred tax asset, net2,414 (2,414)— 
Total assets1,569,970 20,733 1,590,703 
Future policy benefit reserves:
   Life insurance1,305,506 (106,859)1,198,647 
   Annuities91,234 (91,234)— 
Policyholders' funds:
   Annuities 121,422 121,422 
   Other policyholders' funds40,497 (32,996)7,501 
Deferred federal income tax liability 3,653 3,653 
Total liabilities1,568,927 (106,014)1,462,913 
Retained earnings (accumulated deficit)(52,203)68,512 16,309 
Accumulated other comprehensive income (loss)(195,279)58,235 (137,044)
Total stockholders' equity1,043 126,747 127,790 

September 30, 2023 | 10-Q 13



CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

(In thousands, except per share amounts)
 As Previously Reported  Adoption of New Standard Post Adoption
For the Three Months Ended September 30, 2022
Consolidated Statement of Operations
Increase (decrease) in future policy benefit reserves$7,090 (6,437)653 
Policyholder liability remeasurement (gain) loss 396 396 
Amortization of deferred policy acquisition costs7,082 (3,458)3,624 
Amortization of cost of insurance acquired276 (110)166 
Federal income tax expense (benefit)344 1,071 1,415 
Net income (loss)(5,131)8,538 3,407 
Basic earnings (losses) per share of Class A common stock(0.10)0.17 0.07 
Diluted earnings (losses) per share of Class A common stock(0.10)0.16 0.06 
Consolidated Statement of Comprehensive Income (Loss)
Unrealized holding gains (losses) arising during period$(89,713)1,331 (88,382)
Change in current discount rate for liability for future policy benefits 73,214 73,214 
Income tax expense (benefit) on other comprehensive income items(5,079)4,895 (184)
Other comprehensive income (loss)(84,591)69,650 (14,941)
Total comprehensive income (loss)(89,722)78,188 (11,534)
For the Nine Months Ended September 30, 2022
Consolidated Statement of Operations
Increase (decrease) in future policy benefit reserves$23,037 (18,540)4,497 
Policyholder liability remeasurement (gain) loss 1,731 1,731 
Amortization of deferred policy acquisition costs18,869 (8,218)10,651 
Amortization of cost of insurance acquired775 (329)446 
Federal income tax expense (benefit)622 2,996 3,618 
Net income (loss)(10,012)22,360 12,348 
Basic earnings (losses) per share of Class A common stock(0.20)0.45 0.25 
Diluted earnings (losses) per share of Class A common stock(0.20)0.44 0.24 
Consolidated Statement of Comprehensive Income (Loss)
Unrealized holding gains (losses) arising during period$(343,989)3,311 (340,678)
Change in current discount rate for liability for future policy benefits 345,258 345,258 
Income tax expense (benefit) on other comprehensive income items(18,880)25,042 6,162 
Other comprehensive income (loss)(325,031)323,527 (1,504)
Total comprehensive income (loss)(335,043)345,887 10,844 

ACCOUNTING STANDARDS NOT YET ADOPTED

On June 30, 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. This standard clarifies that contractual restrictions on equity security sales are not considered part of the security unit of account and, therefore, are not

September 30, 2023 | 10-Q 14



CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
considered in measuring fair value. In addition, the amendments clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. Disclosures on such restrictions are also required. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, and are required to be applied prospectively, with any adjustments from the adoption recognized in earnings and disclosed. Early adoption is available. Adoption of this standard will have no impact on our 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.

(3) INVESTMENTS

The Company invests primarily in fixed maturity securities, which totaled 86.3% of total cash and invested assets at September 30, 2023, as shown below.

Carrying Value
(In thousands, except for %)
September 30, 2023December 31, 2022
Amount%Amount%
Cash and invested assets:
Fixed maturity securities$1,151,353 86.3 %1,179,619 86.5 %
Equity securities10,555 0.8 11,590 0.8 
Policy loans75,750 5.7 78,773 5.8 
Other long-term investments79,798 5.9 69,558 5.1 
Short-term investments  1,241 0.1 
Cash and cash equivalents16,785 1.3 22,973 1.7 
Total cash and invested assets$1,334,241 100.0 %1,363,754 100.0 %


September 30, 2023 | 10-Q 15



CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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
September 30, 2023
(In thousands)
Fixed maturity securities:    
Available-for-sale:    
U.S. Treasury securities$5,700 241 114 5,827 
U.S. Government-sponsored enterprises3,411 122 3 3,530 
States and political subdivisions325,314 1,607 42,965 283,956 
Corporate:
Financial256,108 149 48,576 207,681 
Consumer249,857 545 54,802 195,600 
Utilities121,874 1 28,583 93,292 
Energy76,418  13,304 63,114 
All other184,859