10-Q 1 cia-20240930.htm 10-Q cia-20240930
000002409012/312024Q3FALSExbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pure00000240902024-01-012024-09-3000000240902024-11-0100000240902024-09-3000000240902023-12-310000024090us-gaap:LifeInsuranceSegmentMember2024-09-300000024090us-gaap:LifeInsuranceSegmentMember2023-12-310000024090us-gaap:AccidentAndHealthInsuranceSegmentMember2024-09-300000024090us-gaap:AccidentAndHealthInsuranceSegmentMember2023-12-310000024090us-gaap:CommonClassAMember2024-09-300000024090us-gaap:CommonClassAMember2023-12-310000024090us-gaap:CommonClassBMember2023-12-310000024090us-gaap:CommonClassBMember2024-09-3000000240902024-07-012024-09-3000000240902023-07-012023-09-3000000240902023-01-012023-09-300000024090us-gaap:CommonClassAMember2024-07-012024-09-300000024090us-gaap:CommonClassAMember2023-07-012023-09-300000024090us-gaap:CommonClassAMember2024-01-012024-09-300000024090us-gaap:CommonClassAMember2023-01-012023-09-300000024090us-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:TreasuryStockCommonMember2024-01-012024-03-3100000240902024-01-012024-03-310000024090us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-03-310000024090us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-03-310000024090us-gaap:RetainedEarningsMember2024-03-310000024090us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000024090us-gaap:TreasuryStockCommonMember2024-03-3100000240902024-03-310000024090us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-04-012024-06-300000024090us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-04-012024-06-300000024090us-gaap:RetainedEarningsMember2024-04-012024-06-300000024090us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-300000024090us-gaap:TreasuryStockCommonMember2024-04-012024-06-3000000240902024-04-012024-06-300000024090us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-06-300000024090us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-06-300000024090us-gaap:RetainedEarningsMember2024-06-300000024090us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300000024090us-gaap:TreasuryStockCommonMember2024-06-3000000240902024-06-300000024090us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-07-012024-09-300000024090us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-07-012024-09-300000024090us-gaap:RetainedEarningsMember2024-07-012024-09-300000024090us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300000024090us-gaap:TreasuryStockCommonMember2024-07-012024-09-300000024090us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-09-300000024090us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-09-300000024090us-gaap:RetainedEarningsMember2024-09-300000024090us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300000024090us-gaap:TreasuryStockCommonMember2024-09-300000024090us-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:TreasuryStockCommonMember2023-01-012023-03-3100000240902023-01-012023-03-310000024090us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-03-310000024090us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-03-310000024090us-gaap:RetainedEarningsMember2023-03-310000024090us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000024090us-gaap:TreasuryStockCommonMember2023-03-3100000240902023-03-310000024090us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-04-012023-06-300000024090us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-04-012023-06-300000024090us-gaap:RetainedEarningsMember2023-04-012023-06-300000024090us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300000024090us-gaap:TreasuryStockCommonMember2023-04-012023-06-3000000240902023-04-012023-06-300000024090us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-06-300000024090us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-06-300000024090us-gaap:RetainedEarningsMember2023-06-300000024090us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300000024090us-gaap:TreasuryStockCommonMember2023-06-3000000240902023-06-300000024090us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-07-012023-09-300000024090us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-07-012023-09-300000024090us-gaap:RetainedEarningsMember2023-07-012023-09-300000024090us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300000024090us-gaap:TreasuryStockCommonMember2023-07-012023-09-300000024090us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-09-300000024090us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-09-300000024090us-gaap:RetainedEarningsMember2023-09-300000024090us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300000024090us-gaap:TreasuryStockCommonMember2023-09-3000000240902023-09-300000024090us-gaap:USTreasurySecuritiesMember2024-09-300000024090us-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-09-300000024090us-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300000024090cia:CorporateDebtSecuritiesFinancialSectorMember2024-09-300000024090cia:CorporateDebtSecurityConsumerSectorMember2024-09-300000024090cia:CorporateDebtSecurityUtilitiesSectorMember2024-09-300000024090cia:CorporateDebtSecurityEnergySectorMember2024-09-300000024090cia:CorporateDebtSecurityCommunicationsSectorMember2024-09-300000024090cia:CorporateDebtSecurityAllOtherSectorMember2024-09-300000024090us-gaap:CommercialMortgageBackedSecuritiesMember2024-09-300000024090us-gaap:ResidentialMortgageBackedSecuritiesMember2024-09-300000024090us-gaap:AssetBackedSecuritiesMember2024-09-300000024090us-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:FixedIncomeFundsMember2024-09-300000024090us-gaap:FixedIncomeFundsMember2023-12-310000024090us-gaap:CommonStockMember2024-09-300000024090us-gaap:CommonStockMember2023-12-310000024090us-gaap:NonredeemablePreferredStockMember2024-09-300000024090us-gaap:NonredeemablePreferredStockMember2023-12-310000024090cia:CIA_NonredeemablePreferredStockFundMemberMember2024-09-300000024090cia:CIA_NonredeemablePreferredStockFundMemberMember2023-12-310000024090us-gaap:EquitySecuritiesMember2024-01-012024-09-300000024090us-gaap:EquitySecuritiesMember2024-07-012024-09-300000024090us-gaap:EquitySecuritiesMember2023-07-012023-09-300000024090us-gaap:EquitySecuritiesMember2023-01-012023-09-300000024090us-gaap:DebtSecuritiesMember2024-09-300000024090us-gaap:DebtSecuritiesMember2023-12-310000024090us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMember2024-09-300000024090us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasuryAndGovernmentMember2024-09-300000024090us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasuryAndGovernmentMember2024-09-300000024090us-gaap:USTreasuryAndGovernmentMember2024-09-300000024090us-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300000024090us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300000024090us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300000024090us-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300000024090us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2024-09-300000024090us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2024-09-300000024090us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2024-09-300000024090us-gaap:CorporateDebtSecuritiesMember2024-09-300000024090us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialMortgageBackedSecuritiesMember2024-09-300000024090us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialMortgageBackedSecuritiesMember2024-09-300000024090us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMember2024-09-300000024090us-gaap:CommercialMortgageBackedSecuritiesMember2024-09-300000024090us-gaap:FairValueInputsLevel1Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-09-300000024090us-gaap:FairValueInputsLevel2Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-09-300000024090us-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-09-300000024090us-gaap:ResidentialMortgageBackedSecuritiesMember2024-09-300000024090us-gaap:FairValueInputsLevel1Memberus-gaap:AssetBackedSecuritiesMember2024-09-300000024090us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMember2024-09-300000024090us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMember2024-09-300000024090us-gaap:AssetBackedSecuritiesMember2024-09-300000024090us-gaap:FairValueInputsLevel1Memberus-gaap:DebtSecuritiesMember2024-09-300000024090us-gaap:FairValueInputsLevel2Memberus-gaap:DebtSecuritiesMember2024-09-300000024090us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2024-09-300000024090us-gaap:DebtSecuritiesMember2024-09-300000024090us-gaap:FairValueInputsLevel1Memberus-gaap:FixedIncomeFundsMember2024-09-300000024090us-gaap:FairValueInputsLevel2Memberus-gaap:FixedIncomeFundsMember2024-09-300000024090us-gaap:FairValueInputsLevel3Memberus-gaap:FixedIncomeFundsMember2024-09-300000024090us-gaap:FixedIncomeFundsMember2024-09-300000024090us-gaap:FairValueInputsLevel1Memberus-gaap:CommonStockMember2024-09-300000024090us-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMember2024-09-300000024090us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2024-09-300000024090us-gaap:CommonStockMember2024-09-300000024090us-gaap:FairValueInputsLevel1Memberus-gaap:NonredeemablePreferredStockMember2024-09-300000024090us-gaap:FairValueInputsLevel2Memberus-gaap:NonredeemablePreferredStockMember2024-09-300000024090us-gaap:FairValueInputsLevel3Memberus-gaap:NonredeemablePreferredStockMember2024-09-300000024090us-gaap:NonredeemablePreferredStockMember2024-09-300000024090us-gaap:FairValueInputsLevel1Membercia:CIA_NonRedeemablePreferredStockFundMember2024-09-300000024090us-gaap:FairValueInputsLevel2Membercia:CIA_NonRedeemablePreferredStockFundMember2024-09-300000024090us-gaap:FairValueInputsLevel3Membercia:CIA_NonRedeemablePreferredStockFundMember2024-09-300000024090cia:CIA_NonRedeemablePreferredStockFundMember2024-09-300000024090us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2024-09-300000024090us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2024-09-300000024090us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-09-300000024090us-gaap:EquitySecuritiesMember2024-09-300000024090us-gaap:FairValueInputsLevel1Member2024-09-300000024090us-gaap:FairValueInputsLevel2Member2024-09-300000024090us-gaap:FairValueInputsLevel3Member2024-09-300000024090us-gaap:OtherLongTermInvestmentsMember2024-09-300000024090us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMember2023-12-310000024090us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasuryAndGovernmentMember2023-12-310000024090us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasuryAndGovernmentMember2023-12-310000024090us-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:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2023-12-310000024090us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2023-12-310000024090us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2023-12-310000024090us-gaap:CorporateDebtSecuritiesMember2023-12-310000024090us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000024090us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000024090us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000024090us-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:FairValueInputsLevel1Memberus-gaap:AssetBackedSecuritiesMember2023-12-310000024090us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMember2023-12-310000024090us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMember2023-12-310000024090us-gaap:AssetBackedSecuritiesMember2023-12-310000024090us-gaap:FairValueInputsLevel1Memberus-gaap:DebtSecuritiesMember2023-12-310000024090us-gaap:FairValueInputsLevel2Memberus-gaap:DebtSecuritiesMember2023-12-310000024090us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2023-12-310000024090us-gaap:DebtSecuritiesMember2023-12-310000024090us-gaap:FairValueInputsLevel1Memberus-gaap:FixedIncomeFundsMember2023-12-310000024090us-gaap:FairValueInputsLevel2Memberus-gaap:FixedIncomeFundsMember2023-12-310000024090us-gaap:FairValueInputsLevel3Memberus-gaap:FixedIncomeFundsMember2023-12-310000024090us-gaap:FixedIncomeFundsMember2023-12-310000024090us-gaap:FairValueInputsLevel1Memberus-gaap:CommonStockMember2023-12-310000024090us-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMember2023-12-310000024090us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2023-12-310000024090us-gaap:CommonStockMember2023-12-310000024090us-gaap:FairValueInputsLevel1Memberus-gaap:NonredeemablePreferredStockMember2023-12-310000024090us-gaap:FairValueInputsLevel2Memberus-gaap:NonredeemablePreferredStockMember2023-12-310000024090us-gaap:FairValueInputsLevel3Memberus-gaap:NonredeemablePreferredStockMember2023-12-310000024090us-gaap:NonredeemablePreferredStockMember2023-12-310000024090us-gaap:FairValueInputsLevel1Membercia:CIA_NonRedeemablePreferredStockFundMember2023-12-310000024090us-gaap:FairValueInputsLevel2Membercia:CIA_NonRedeemablePreferredStockFundMember2023-12-310000024090us-gaap:FairValueInputsLevel3Membercia:CIA_NonRedeemablePreferredStockFundMember2023-12-310000024090cia: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:PrivateEquityFundsMember2024-07-012024-09-300000024090us-gaap:PrivateEquityFundsMember2024-01-012024-09-300000024090us-gaap:PrivateEquityFundsMember2023-07-012023-09-300000024090us-gaap:PrivateEquityFundsMember2023-01-012023-09-300000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercia:PrivateEquityFundsMiddleMarketMember2024-09-300000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercia:PrivateEquityFundsMiddleMarketMemberus-gaap:UnfundedLoanCommitmentMember2024-09-300000024090cia:PrivateEquityFundsMiddleMarketMember2024-01-012024-09-300000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercia:PrivateEquityFundsMiddleMarketMember2023-12-310000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercia:PrivateEquityFundsMiddleMarketMemberus-gaap:UnfundedLoanCommitmentMember2023-12-310000024090cia:PrivateEquityFundsMiddleMarketMember2023-01-012023-12-310000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercia:PrivateEquityFundsGlobalMember2024-09-300000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercia:PrivateEquityFundsGlobalMemberus-gaap:UnfundedLoanCommitmentMember2024-09-300000024090cia:PrivateEquityFundsGlobalMember2024-01-012024-09-300000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercia:PrivateEquityFundsGlobalMember2023-12-310000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercia:PrivateEquityFundsGlobalMemberus-gaap:UnfundedLoanCommitmentMember2023-12-310000024090cia:PrivateEquityFundsGlobalMember2023-01-012023-12-310000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercia:PrivateEquityFundsLateStageGrowthMember2024-09-300000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercia:PrivateEquityFundsLateStageGrowthMemberus-gaap:UnfundedLoanCommitmentMember2024-09-300000024090srt:MinimumMembercia:PrivateEquityFundsLateStageGrowthMember2024-01-012024-09-300000024090srt:MaximumMembercia:PrivateEquityFundsLateStageGrowthMember2024-01-012024-09-300000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercia:PrivateEquityFundsLateStageGrowthMember2023-12-310000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercia:PrivateEquityFundsLateStageGrowthMemberus-gaap:UnfundedLoanCommitmentMember2023-12-310000024090srt:MinimumMembercia:PrivateEquityFundsLateStageGrowthMember2023-01-012023-12-310000024090srt:MaximumMembercia:PrivateEquityFundsLateStageGrowthMember2023-01-012023-12-310000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercia:PrivateEquityFundsInfrastructureMember2024-09-300000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercia:PrivateEquityFundsInfrastructureMemberus-gaap:UnfundedLoanCommitmentMember2024-09-300000024090srt:MinimumMembercia:PrivateEquityFundsInfrastructureMember2024-01-012024-09-300000024090srt:MaximumMembercia:PrivateEquityFundsInfrastructureMember2024-01-012024-09-300000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercia:PrivateEquityFundsInfrastructureMember2023-12-310000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMembercia:PrivateEquityFundsInfrastructureMemberus-gaap:UnfundedLoanCommitmentMember2023-12-310000024090cia:PrivateEquityFundsInfrastructureMember2023-01-012023-12-310000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PrivateEquityFundsMember2024-09-300000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PrivateEquityFundsMemberus-gaap:UnfundedLoanCommitmentMember2024-09-300000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PrivateEquityFundsMember2023-12-310000024090us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PrivateEquityFundsMemberus-gaap:UnfundedLoanCommitmentMember2023-12-310000024090us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-09-300000024090us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300000024090us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000024090us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000024090srt:SingleFamilyMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-09-300000024090srt:SingleFamilyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300000024090srt:SingleFamilyMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000024090srt:SingleFamilyMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-3100000240902023-01-012023-12-310000024090srt:SingleFamilyMember2023-01-012023-12-310000024090srt:SingleFamilyMember2024-01-012024-09-300000024090cia:PermanentMembercia:LifeInsuranceBusinessSegmentMember2023-12-310000024090cia:PermanentLimitedPayMembercia:LifeInsuranceBusinessSegmentMember2023-12-310000024090cia:OtherBusinessMembercia:LifeInsuranceBusinessSegmentMember2023-12-310000024090cia:LifeInsuranceBusinessSegmentMember2023-12-310000024090cia:PermanentMembercia:LifeInsuranceBusinessSegmentMember2024-01-012024-09-300000024090cia:PermanentLimitedPayMembercia:LifeInsuranceBusinessSegmentMember2024-01-012024-09-300000024090cia:OtherBusinessMembercia:LifeInsuranceBusinessSegmentMember2024-01-012024-09-300000024090cia:LifeInsuranceBusinessSegmentMember2024-01-012024-09-300000024090cia:PermanentMembercia:LifeInsuranceBusinessSegmentMember2024-09-300000024090cia:PermanentLimitedPayMembercia:LifeInsuranceBusinessSegmentMember2024-09-300000024090cia:OtherBusinessMembercia:LifeInsuranceBusinessSegmentMember2024-09-300000024090cia:LifeInsuranceBusinessSegmentMember2024-09-300000024090cia:PermanentMembercia:HomeServiceInsuranceSegmentMember2023-12-310000024090cia:PermanentLimitedPayMembercia:HomeServiceInsuranceSegmentMember2023-12-310000024090cia:OtherBusinessMembercia:HomeServiceInsuranceSegmentMember2023-12-310000024090cia:HomeServiceInsuranceSegmentMember2023-12-310000024090cia:PermanentMembercia:HomeServiceInsuranceSegmentMember2024-01-012024-09-300000024090cia:PermanentLimitedPayMembercia:HomeServiceInsuranceSegmentMember2024-01-012024-09-300000024090cia:OtherBusinessMembercia:HomeServiceInsuranceSegmentMember2024-01-012024-09-300000024090cia:HomeServiceInsuranceSegmentMember2024-01-012024-09-300000024090cia:PermanentMembercia:HomeServiceInsuranceSegmentMember2024-09-300000024090cia:PermanentLimitedPayMembercia:HomeServiceInsuranceSegmentMember2024-09-300000024090cia:OtherBusinessMembercia:HomeServiceInsuranceSegmentMember2024-09-300000024090cia:HomeServiceInsuranceSegmentMember2024-09-300000024090cia:PermanentMember2023-12-310000024090cia:PermanentLimitedPayMember2023-12-310000024090cia:OtherBusinessMember2023-12-310000024090cia:PermanentMember2024-01-012024-09-300000024090cia:PermanentLimitedPayMember2024-01-012024-09-300000024090cia:OtherBusinessMember2024-01-012024-09-300000024090cia:PermanentMember2024-09-300000024090cia:PermanentLimitedPayMember2024-09-300000024090cia:OtherBusinessMember2024-09-300000024090cia:PermanentMembercia:LifeInsuranceBusinessSegmentMember2022-12-310000024090cia:PermanentLimitedPayMembercia:LifeInsuranceBusinessSegmentMember2022-12-310000024090cia:OtherBusinessMembercia:LifeInsuranceBusinessSegmentMember2022-12-310000024090cia:LifeInsuranceBusinessSegmentMember2022-12-310000024090cia:PermanentMembercia:LifeInsuranceBusinessSegmentMember2023-01-012023-09-300000024090cia:PermanentLimitedPayMembercia:LifeInsuranceBusinessSegmentMember2023-01-012023-09-300000024090cia:OtherBusinessMembercia:LifeInsuranceBusinessSegmentMember2023-01-012023-09-300000024090cia:LifeInsuranceBusinessSegmentMember2023-01-012023-09-300000024090cia:PermanentMembercia:LifeInsuranceBusinessSegmentMember2023-09-300000024090cia:PermanentLimitedPayMembercia:LifeInsuranceBusinessSegmentMember2023-09-300000024090cia:OtherBusinessMembercia:LifeInsuranceBusinessSegmentMember2023-09-300000024090cia:LifeInsuranceBusinessSegmentMember2023-09-300000024090cia:PermanentMembercia:HomeServiceInsuranceSegmentMember2022-12-310000024090cia:PermanentLimitedPayMembercia:HomeServiceInsuranceSegmentMember2022-12-310000024090cia:OtherBusinessMembercia:HomeServiceInsuranceSegmentMember2022-12-310000024090cia:HomeServiceInsuranceSegmentMember2022-12-310000024090cia:PermanentMembercia:HomeServiceInsuranceSegmentMember2023-01-012023-09-300000024090cia:PermanentLimitedPayMembercia:HomeServiceInsuranceSegmentMember2023-01-012023-09-300000024090cia:OtherBusinessMembercia:HomeServiceInsuranceSegmentMember2023-01-012023-09-300000024090cia:HomeServiceInsuranceSegmentMember2023-01-012023-09-300000024090cia:PermanentMembercia:HomeServiceInsuranceSegmentMember2023-09-300000024090cia:PermanentLimitedPayMembercia:HomeServiceInsuranceSegmentMember2023-09-300000024090cia:OtherBusinessMembercia:HomeServiceInsuranceSegmentMember2023-09-300000024090cia:HomeServiceInsuranceSegmentMember2023-09-300000024090cia:PermanentMember2022-12-310000024090cia:PermanentLimitedPayMember2022-12-310000024090cia:OtherBusinessMember2022-12-310000024090cia:PermanentMember2023-01-012023-09-300000024090cia:PermanentLimitedPayMember2023-01-012023-09-300000024090cia:OtherBusinessMember2023-01-012023-09-300000024090cia:PermanentMember2023-09-300000024090cia:PermanentLimitedPayMember2023-09-300000024090cia:OtherBusinessMember2023-09-300000024090cia:LifeInsurancePermanentMember2024-09-300000024090cia:HomeServiceInsuranceLifeInsurancePermanentMember2024-09-300000024090cia:LifeInsurancePermanentMember2023-09-300000024090cia:HomeServiceInsuranceLifeInsurancePermanentMember2023-09-300000024090cia:LifeInsurancePermanentLimitedPayMember2024-09-300000024090cia:HomeServiceInsuranceLifeInsurancePermanentLimitedPayMember2024-09-300000024090cia:LifeInsurancePermanentLimitedPayMember2023-09-300000024090cia:HomeServiceInsuranceLifeInsurancePermanentLimitedPayMember2023-09-300000024090cia:LifeInsuranceDeferredProfitLiabilityMember2024-09-300000024090cia:HomeServiceInsuranceLifeInsuranceDeferredProfitLiabilityMember2024-09-300000024090cia:DeferredProfitLiabilityMember2024-09-300000024090cia:LifeInsuranceDeferredProfitLiabilityMember2023-09-300000024090cia:HomeServiceInsuranceLifeInsuranceDeferredProfitLiabilityMember2023-09-300000024090cia:DeferredProfitLiabilityMember2023-09-300000024090cia:LifeInsuranceOtherMember2024-09-300000024090cia:HomeServiceInsuranceLifeInsuranceOtherMember2024-09-300000024090cia:OtherMember2024-09-300000024090cia:LifeInsuranceOtherMember2023-09-300000024090cia:HomeServiceInsuranceLifeInsuranceOtherMember2023-09-300000024090cia:OtherMember2023-09-300000024090cia:LifeInsuranceNetOfReinsuranceMember2024-09-300000024090cia:HomeServiceInsuranceLifeInsuranceNetOfReinsuranceMember2024-09-300000024090cia:LifeInsuranceNetOfReinsuranceMember2023-09-300000024090cia:HomeServiceInsuranceLifeInsuranceNetOfReinsuranceMember2023-09-300000024090us-gaap:LifeInsuranceSegmentMember2023-09-300000024090cia:LifeInsuranceAccidentAndHealthOtherMember2024-09-300000024090cia:HomeServiceInsuranceAccidentAndHealthOtherMember2024-09-300000024090cia:LifeInsuranceAccidentAndHealthOtherMember2023-09-300000024090cia:HomeServiceInsuranceAccidentAndHealthOtherMember2023-09-300000024090us-gaap:AccidentAndHealthInsuranceSegmentMember2023-09-300000024090cia:LifeInsuranceAndAccidentAndHealthMember2024-09-300000024090cia:HomeServiceInsuranceLifeInsuranceAndHomeServiceInsuranceAccidentAndHealthMember2024-09-300000024090cia:LifeInsuranceAndAccidentAndHealthMember2023-09-300000024090cia:HomeServiceInsuranceLifeInsuranceAndHomeServiceInsuranceAccidentAndHealthMember2023-09-300000024090cia:LifeInsurancePermanentMember2024-07-012024-09-300000024090cia:LifeInsurancePermanentMember2023-07-012023-09-300000024090cia:LifeInsurancePermanentMember2024-01-012024-09-300000024090cia:LifeInsurancePermanentMember2023-01-012023-09-300000024090cia:LifeInsurancePermanentLimitedPayMember2024-07-012024-09-300000024090cia:LifeInsurancePermanentLimitedPayMember2023-07-012023-09-300000024090cia:LifeInsurancePermanentLimitedPayMember2024-01-012024-09-300000024090cia:LifeInsurancePermanentLimitedPayMember2023-01-012023-09-300000024090cia:LifeInsuranceOtherMember2024-07-012024-09-300000024090cia:LifeInsuranceOtherMember2023-07-012023-09-300000024090cia:LifeInsuranceOtherMember2024-01-012024-09-300000024090cia:LifeInsuranceOtherMember2023-01-012023-09-300000024090cia:LifeInsuranceReinsuranceMember2024-07-012024-09-300000024090cia:LifeInsuranceReinsuranceMember2023-07-012023-09-300000024090cia:LifeInsuranceReinsuranceMember2024-01-012024-09-300000024090cia:LifeInsuranceReinsuranceMember2023-01-012023-09-300000024090cia:LifeInsuranceNetOfReinsuranceMember2024-07-012024-09-300000024090cia:LifeInsuranceNetOfReinsuranceMember2023-07-012023-09-300000024090cia:LifeInsuranceNetOfReinsuranceMember2024-01-012024-09-300000024090cia:LifeInsuranceNetOfReinsuranceMember2023-01-012023-09-300000024090cia:LifeInsuranceAccidentAndHealthOtherMember2024-07-012024-09-300000024090cia:LifeInsuranceAccidentAndHealthOtherMember2023-07-012023-09-300000024090cia:LifeInsuranceAccidentAndHealthOtherMember2024-01-012024-09-300000024090cia:LifeInsuranceAccidentAndHealthOtherMember2023-01-012023-09-300000024090cia:LifeInsuranceAccidentAndHealthReinsuranceMember2024-07-012024-09-300000024090cia:LifeInsuranceAccidentAndHealthReinsuranceMember2023-07-012023-09-300000024090cia:LifeInsuranceAccidentAndHealthReinsuranceMember2024-01-012024-09-300000024090cia:LifeInsuranceAccidentAndHealthReinsuranceMember2023-01-012023-09-300000024090cia:LifeInsuranceAccidentAndHealthNetOfReinsuranceMember2024-07-012024-09-300000024090cia:LifeInsuranceAccidentAndHealthNetOfReinsuranceMember2023-07-012023-09-300000024090cia:LifeInsuranceAccidentAndHealthNetOfReinsuranceMember2024-01-012024-09-300000024090cia:LifeInsuranceAccidentAndHealthNetOfReinsuranceMember2023-01-012023-09-300000024090cia:LifeInsuranceMember2024-07-012024-09-300000024090cia:LifeInsuranceMember2023-07-012023-09-300000024090cia:LifeInsuranceMember2024-01-012024-09-300000024090cia:LifeInsuranceMember2023-01-012023-09-300000024090cia:HomeServiceInsuranceLifeInsurancePermanentMember2024-07-012024-09-300000024090cia:HomeServiceInsuranceLifeInsurancePermanentMember2023-07-012023-09-300000024090cia:HomeServiceInsuranceLifeInsurancePermanentMember2024-01-012024-09-300000024090cia:HomeServiceInsuranceLifeInsurancePermanentMember2023-01-012023-09-300000024090cia:HomeServiceInsuranceLifeInsurancePermanentLimitedPayMember2024-07-012024-09-300000024090cia:HomeServiceInsuranceLifeInsurancePermanentLimitedPayMember2023-07-012023-09-300000024090cia:HomeServiceInsuranceLifeInsurancePermanentLimitedPayMember2024-01-012024-09-300000024090cia:HomeServiceInsuranceLifeInsurancePermanentLimitedPayMember2023-01-012023-09-300000024090cia:HomeServiceInsuranceLifeInsuranceOtherMember2024-07-012024-09-300000024090cia:HomeServiceInsuranceLifeInsuranceOtherMember2023-07-012023-09-300000024090cia:HomeServiceInsuranceLifeInsuranceOtherMember2024-01-012024-09-300000024090cia:HomeServiceInsuranceLifeInsuranceOtherMember2023-01-012023-09-300000024090cia:HomeServiceInsuranceLifeInsuranceReinsuranceMember2024-07-012024-09-300000024090cia:HomeServiceInsuranceLifeInsuranceReinsuranceMember2023-07-012023-09-300000024090cia:HomeServiceInsuranceLifeInsuranceReinsuranceMember2024-01-012024-09-300000024090cia:HomeServiceInsuranceLifeInsuranceReinsuranceMember2023-01-012023-09-300000024090cia:HomeServiceInsuranceLifeInsuranceNetOfReinsuranceMember2024-07-012024-09-300000024090cia:HomeServiceInsuranceLifeInsuranceNetOfReinsuranceMember2023-07-012023-09-300000024090cia:HomeServiceInsuranceLifeInsuranceNetOfReinsuranceMember2024-01-012024-09-300000024090cia:HomeServiceInsuranceLifeInsuranceNetOfReinsuranceMember2023-01-012023-09-300000024090cia:HomeServiceInsuranceAccidentAndHealthOtherMember2024-07-012024-09-300000024090cia:HomeServiceInsuranceAccidentAndHealthOtherMember2023-07-012023-09-300000024090cia:HomeServiceInsuranceAccidentAndHealthOtherMember2024-01-012024-09-300000024090cia:HomeServiceInsuranceAccidentAndHealthOtherMember2023-01-012023-09-300000024090cia:HomeServiceInsuranceSegmentMember2024-07-012024-09-300000024090cia:HomeServiceInsuranceSegmentMember2023-07-012023-09-300000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0149Membersrt:MinimumMember2024-09-300000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0149Membersrt:MaximumMember2024-09-300000024090us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0149Member2024-09-300000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Membercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0149Member2024-09-300000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0149Member2024-09-300000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0149Member2024-09-300000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0149Member2024-09-300000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0150To0299Membersrt:MinimumMember2024-09-300000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0150To0299Membersrt:MaximumMember2024-09-300000024090us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0150To0299Member2024-09-300000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Membercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0150To0299Member2024-09-300000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0150To0299Member2024-09-300000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0150To0299Member2024-09-300000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0150To0299Member2024-09-300000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0449Membersrt:MinimumMember2024-09-300000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0449Membersrt:MaximumMember2024-09-300000024090us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0449Member2024-09-300000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Membercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0449Member2024-09-300000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0449Member2024-09-300000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0449Member2024-09-300000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0449Member2024-09-300000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromGreaterThanOrEqualTo0450Member2024-09-300000024090us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromGreaterThanOrEqualTo0450Member2024-09-300000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Membercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromGreaterThanOrEqualTo0450Member2024-09-300000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromGreaterThanOrEqualTo0450Member2024-09-300000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromGreaterThanOrEqualTo0450Member2024-09-300000024090us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2024-09-300000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2024-09-300000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2024-09-300000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2024-09-300000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0149Membersrt:MinimumMember2023-09-300000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0149Membersrt:MaximumMember2023-09-300000024090us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0149Member2023-09-300000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Membercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0149Member2023-09-300000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0149Member2023-09-300000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0149Member2023-09-300000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0000To0149Member2023-09-300000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0150To0299Membersrt:MinimumMember2023-09-300000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0150To0299Membersrt:MaximumMember2023-09-300000024090us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0150To0299Member2023-09-300000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Membercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0150To0299Member2023-09-300000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0150To0299Member2023-09-300000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0150To0299Member2023-09-300000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0150To0299Member2023-09-300000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0449Membersrt:MinimumMember2023-09-300000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0449Membersrt:MaximumMember2023-09-300000024090us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0449Member2023-09-300000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Membercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0449Member2023-09-300000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0449Member2023-09-300000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0449Member2023-09-300000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0300To0449Member2023-09-300000024090cia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromGreaterThanOrEqualTo0450Member2023-09-300000024090us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMembercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromGreaterThanOrEqualTo0450Member2023-09-300000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Membercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromGreaterThanOrEqualTo0450Member2023-09-300000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Membercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromGreaterThanOrEqualTo0450Member2023-09-300000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMembercia:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFromGreaterThanOrEqualTo0450Member2023-09-300000024090us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2023-09-300000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2023-09-300000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2023-09-300000024090us-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2023-09-300000024090cia:SupplementalContractsWithoutLifeContingenciesMember2023-12-310000024090us-gaap:FixedAnnuityMember2023-12-310000024090cia:DividendAccumulationsMember2023-12-310000024090cia:PremiumsPaidInAdvanceMember2023-12-310000024090cia:SupplementalContractsWithoutLifeContingenciesMember2024-01-012024-09-300000024090us-gaap:FixedAnnuityMember2024-01-012024-09-300000024090cia:DividendAccumulationsMember2024-01-012024-09-300000024090cia:PremiumsPaidInAdvanceMember2024-01-012024-09-300000024090cia:SupplementalContractsWithoutLifeContingenciesMember2024-09-300000024090us-gaap:FixedAnnuityMember2024-09-300000024090cia:DividendAccumulationsMember2024-09-300000024090cia:PremiumsPaidInAdvanceMember2024-09-300000024090cia:SupplementalContractsWithoutLifeContingenciesMember2022-12-310000024090us-gaap:FixedAnnuityMember2022-12-310000024090cia:DividendAccumulationsMember2022-12-310000024090cia:PremiumsPaidInAdvanceMember2022-12-310000024090cia:SupplementalContractsWithoutLifeContingenciesMember2023-01-012023-09-300000024090us-gaap:FixedAnnuityMember2023-01-012023-09-300000024090cia:DividendAccumulationsMember2023-01-012023-09-300000024090cia:PremiumsPaidInAdvanceMember2023-01-012023-09-300000024090cia:SupplementalContractsWithoutLifeContingenciesMember2023-09-300000024090us-gaap:FixedAnnuityMember2023-09-300000024090cia:DividendAccumulationsMember2023-09-300000024090cia:PremiumsPaidInAdvanceMember2023-09-300000024090cia:UnearnedRevenueReserveMember2024-09-300000024090cia:UnearnedRevenueReserveMember2023-09-300000024090us-gaap:LifeInsuranceSegmentMember2024-01-012024-09-300000024090us-gaap:AccidentAndHealthInsuranceExcludingWorkersCompensationMember2024-01-012024-09-300000024090us-gaap:LifeInsuranceSegmentMember2024-07-012024-09-300000024090us-gaap:PropertyAndCasualtyPersonalInsuranceProductLineMember2023-01-012023-09-300000024090us-gaap:OtherInsuranceProductLineMember2024-09-300000024090us-gaap:OtherInsuranceProductLineMember2023-12-310000024090us-gaap:OtherShortdurationInsuranceProductLineMember2024-07-012024-09-300000024090us-gaap:OtherShortdurationInsuranceProductLineMember2023-07-012023-09-300000024090us-gaap:OtherShortdurationInsuranceProductLineMember2024-01-012024-09-300000024090us-gaap:OtherShortdurationInsuranceProductLineMember2023-01-012023-09-300000024090us-gaap:OtherLongdurationInsuranceProductLineMember2024-07-012024-09-300000024090us-gaap:OtherLongdurationInsuranceProductLineMember2023-07-012023-09-300000024090us-gaap:OtherLongdurationInsuranceProductLineMember2024-01-012024-09-300000024090us-gaap:OtherLongdurationInsuranceProductLineMember2023-01-012023-09-300000024090cia:FormerEmployeesBreechOfContractMemberus-gaap:JudicialRulingMember2023-01-012023-12-310000024090cia:FormerEmployeesBreechOfContractMemberus-gaap:JudicialRulingMember2024-07-262024-07-260000024090cia:FormerEmployeesBreechOfContractMemberus-gaap:PendingLitigationMember2024-01-012024-09-300000024090cia:FormerEmployeesBreechOfContractMember2024-09-300000024090us-gaap:UnfundedLoanCommitmentMember2024-09-3000000240902024-05-032024-05-030000024090us-gaap:RevolvingCreditFacilityMember2024-05-0300000240902024-05-030000024090us-gaap:FederalFundsEffectiveSwapRateMember2024-05-032024-05-030000024090us-gaap:SecuredOvernightFinancingRateSofrMember2024-05-032024-05-030000024090us-gaap:RevolvingCreditFacilityMember2024-05-032024-05-030000024090us-gaap:RevolvingCreditFacilityMember2024-09-3000000240902004-03-040000024090us-gaap:CommonClassAMember2004-03-040000024090us-gaap:CommonClassBMember2004-03-040000024090us-gaap:TreasuryStockCommonMember2023-12-310000024090us-gaap:CommonClassAMember2022-12-310000024090us-gaap:TreasuryStockCommonMember2022-12-310000024090us-gaap:TreasuryStockCommonMember2024-01-012024-09-300000024090us-gaap:TreasuryStockCommonMember2023-01-012023-09-300000024090us-gaap:TreasuryStockCommonMember2024-09-300000024090us-gaap:CommonClassAMember2023-09-300000024090us-gaap:TreasuryStockCommonMember2023-09-300000024090srt:ParentCompanyMember2024-03-272024-03-270000024090cia:CICALifeInsuranceCompanyOfAmericaAColoradoCompanyMembersrt:ParentCompanyMember2024-03-272024-03-270000024090cia:CICALifeInsuranceCompanyOfAmericaAColoradoCompanyMember2024-01-012024-09-300000024090country:PR2024-01-012024-09-300000024090cia:CICALifeAIAPuertoRicoCompanyMember2024-01-012024-09-300000024090us-gaap:OperatingSegmentsMembercia:LifeInsuranceBusinessSegmentMember2024-07-012024-09-300000024090us-gaap:OperatingSegmentsMembercia:HomeServiceInsuranceSegmentMember2024-07-012024-09-300000024090us-gaap:CorporateNonSegmentMember2024-07-012024-09-300000024090us-gaap:OperatingSegmentsMembercia:LifeInsuranceBusinessSegmentMember2024-01-012024-09-300000024090us-gaap:OperatingSegmentsMembercia:HomeServiceInsuranceSegmentMember2024-01-012024-09-300000024090us-gaap:CorporateNonSegmentMember2024-01-012024-09-300000024090us-gaap:OperatingSegmentsMembercia:LifeInsuranceBusinessSegmentMember2023-07-012023-09-300000024090us-gaap:OperatingSegmentsMembercia:HomeServiceInsuranceSegmentMember2023-07-012023-09-300000024090us-gaap:CorporateNonSegmentMember2023-07-012023-09-300000024090us-gaap:OperatingSegmentsMembercia:LifeInsuranceBusinessSegmentMember2023-01-012023-09-300000024090us-gaap:OperatingSegmentsMembercia:HomeServiceInsuranceSegmentMember2023-01-012023-09-300000024090us-gaap:CorporateNonSegmentMember2023-01-012023-09-300000024090us-gaap:OfficeOfTheTaxCommissionerBermudaMember2023-01-012023-09-300000024090cia:GovernmentOfPuertoRicoMember2024-01-012024-09-300000024090cia:CICALifeAIAPuertoRicoCompanyMember2023-08-3100000240902023-08-310000024090us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2024-07-012024-09-300000024090us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2023-07-012023-09-300000024090us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2024-01-012024-09-300000024090us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2023-01-012023-09-30
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, 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 November 1, 2024, the Registrant had 49,906,575 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.


September 30, 2024 | 10-Q 1


PART I.  FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS
CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES
Consolidated Balance Sheets
(In thousands)September 30, 2024December 31, 2023
(Unaudited)
 
Assets:
Investments:  
Fixed maturity securities available-for-sale, at fair value (amortized cost: $1,391,580 and $1,389,038 in 2024 and 2023, respectively)
$1,273,497 1,238,981 
Equity securities, at fair value 5,716 5,282 
Policy loans72,463 75,359 
Other long-term investments (portion measured at fair value $93,167 and $82,460 in 2024 and 2023, respectively)
93,433 82,725 
Total investments1,445,109 1,402,347 
Cash and cash equivalents32,382 26,997 
Accrued investment income17,082 17,360 
Reinsurance recoverable7,278 3,991 
Deferred policy acquisition costs192,268 175,768 
Cost of insurance acquired9,566 10,043 
Current federal income tax receivable505 1,546 
Property and equipment, net10,975 11,809 
Due premiums10,090 11,264 
Other assets (less allowance for losses of $574 and $408 in 2024 and 2023, respectively)
10,554 7,803 
Total assets$1,735,809 1,668,928 

See accompanying Notes to Consolidated Financial Statements.

September 30, 2024 | 10-Q 2



CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES
Consolidated Balance Sheets, Continued
(In thousands, except share amounts)September 30, 2024December 31, 2023
(Unaudited)
Liabilities and Stockholders' Equity:
Liabilities:  
Policy liabilities:  
Future policy benefit reserves:  
Life insurance$1,236,873 1,229,253 
Accident and health insurance998 889 
Total future policy benefit reserves1,237,871 1,230,142 
Policyholders' funds:
Annuities145,838 133,216 
Dividend accumulations47,052 44,960 
Premiums paid in advance32,420 32,446 
Policy claims payable9,236 6,637 
Other policyholders' funds7,076 7,363 
Total policyholders' funds241,622 224,622 
Total policy liabilities1,479,493 1,454,764 
Commissions payable3,843 3,445 
Deferred federal income tax liability2,367 1,102 
Other liabilities42,533 37,488 
Total liabilities1,528,236 1,496,799 
Commitments and contingencies (Notes 7 and 8)
Stockholders' Equity:  
Common stock:
Class A, no par value, 100,000,000 shares authorized, 54,222,644 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
269,356 268,675 
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 53,441 42,150 
Accumulated other comprehensive income (loss)(94,683)(118,155)
Treasury stock, at cost(23,725)(23,725)
Total stockholders' equity207,573 172,129 
Total liabilities and stockholders' equity $1,735,809 1,668,928 

See accompanying Notes to Consolidated Financial Statements.


September 30, 2024 | 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)
2024202320242023
Revenues: 
Premiums:  
Life insurance$42,461 41,794 122,823 118,020 
Accident and health insurance452 296 1,324 1,201 
Property insurance(16)(64)(18)780 
Net investment income17,377 17,372 52,404 51,687 
Investment related gains (losses), net827 (892)1,537 (477)
Other income630 884 3,457 2,620 
Total revenues61,731 59,390 181,527 173,831 
Benefits and Expenses:  
Insurance benefits paid or provided:  
Claims and surrenders36,478 37,723 104,121 100,798 
Increase (decrease) in future policy benefit reserves471 (3,880)(130)(5,802)
Policyholder liability remeasurement (gain) loss1,157 1,024 2,836 2,860 
Policyholders' dividends1,320 1,414 3,748 3,783 
Total insurance benefits paid or provided39,426 36,281 110,575 101,639 
Commissions12,957 9,444 35,639 27,340 
Other general expenses12,095 11,949 40,072 35,477 
Capitalization of deferred policy acquisition costs(10,430)(7,132)(29,304)(20,034)
Amortization of deferred policy acquisition costs4,493 4,056 12,804 11,544 
Amortization of cost of insurance acquired153 151 477 465 
Total benefits and expenses58,694 54,749 170,263 156,431 
Income before federal income tax3,037 4,641 11,264 17,400 
Federal income tax expense (benefit)
247 1,943 (27)3,704 
Net income 2,790 2,698 11,291 13,696 
Per Share Amounts:  
Basic earnings per share of Class A common stock
0.06 0.06 0.23 0.28 
Diluted earnings per share of Class A common stock
0.05 0.05 0.22 0.27 
Other Comprehensive Income (Loss):  
Unrealized gains (losses) on fixed maturity securities:  
Unrealized holding gains (losses) arising during period59,101 (59,817)31,427 (36,811)
Reclassification adjustment for losses (gains) included in net income(100)419 547 481 
Unrealized gains (losses) on fixed maturity securities, net59,001 (59,398)31,974 (36,330)
Change in current discount rate for liability for future policy benefits(45,404)60,054 (5,887)45,825 
Income tax expense (benefit) on other comprehensive income items356 (1,040)2,615 (882)
Other comprehensive income (loss)13,241 1,696 23,472 10,377 
Total comprehensive income (loss)$16,031 4,394 34,763 24,073 


See accompanying Notes to Consolidated Financial Statements.

September 30, 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, 2024268,802 3,184 46,692 (99,770)(23,725)195,183 
Comprehensive income (loss):      
Net income
  3,959   3,959 
Other comprehensive income (loss)   (8,154) (8,154)
Total comprehensive income (loss)  3,959 (8,154) (4,195)
Stock-based compensation481     481 
Balance at June 30, 2024269,283 3,184 50,651 (107,924)(23,725)191,469 
Comprehensive income (loss):      
Net income
  2,790   2,790 
Other comprehensive income (loss)   13,241  13,241 
Total comprehensive income (loss)  2,790 13,241  16,031 
Stock-based compensation73     73 
Balance at September 30, 2024$269,356 3,184 53,441 (94,683)(23,725)207,573 
See accompanying Notes to Consolidated Financial Statements.

September 30, 2024 | 10-Q 5



CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES
Consolidated Statements of Stockholders' Equity, Continued
(Unaudited)
 Common Stock
Retained Earnings
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
  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
  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
  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 
Other 1
  1,327   1,327 
Balance at September 30, 2023$268,423 3,184 31,332 (126,667)(23,525)152,747 

1 See Note 11 - Income Taxes for details.
See accompanying Notes to Consolidated Financial Statements.

September 30, 2024 | 10-Q 6



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

Nine Months Ended September 30,
(In thousands)
20242023
Cash flows from operating activities: 
Net income
$11,291 13,696 
Adjustments to reconcile net income to net cash provided by operating activities:
  
Investment related (gains) losses on sale of investments and other assets, net(1,537)477 
Net deferred policy acquisition costs(16,500)(8,490)
Amortization of cost of insurance acquired477 465 
Depreciation443 380 
Amortization of premiums and discounts on investments3,738 3,761 
Stock-based compensation1,052 333 
Deferred federal income tax expense (benefit)(1,350)652 
Change in:  
Accrued investment income278 8 
Reinsurance recoverable(3,287)778 
Due premiums1,174 2,168 
Future policy benefit reserves1,842 (5,111)
Other policyholders' liabilities19,002 8,156 
Federal income tax payable1,041 1,253 
Commissions payable and other liabilities6,397 (3,116)
Other, net(2,969)34 
Net cash provided by operating activities
21,092 15,444 
Cash flows from investing activities:  
Purchases of fixed maturity securities, available-for-sale(49,345)(50,077)
Sales of fixed maturity securities, available-for-sale4,659 13,690 
Maturities and calls of fixed maturity securities, available-for-sale37,907 23,128 
Sales of equity securities
 770 
Principal payments on mortgage loans7 6 
(Increase) decrease in policy loans, net2,896 3,023 
Sales of other long-term investments2,226 3,793 
Purchases of other long-term investments(11,123)(13,262)
Purchases of property and equipment(561)(292)
Maturities of short-term investments 750 
Net cash used in investing activities
(13,334)(18,471)
See accompanying Notes to Consolidated Financial Statements.

September 30, 2024 | 10-Q 7


CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES
Consolidated Statements of Cash Flows, Continued
(Unaudited)
Nine Months Ended September 30,
(In thousands)
20242023
Cash flows from financing activities:  
Annuity deposits$5,181 5,443 
Annuity withdrawals(7,183)(7,828)
Acquisition of treasury stock (719)
Other(371)(57)
Net cash used in financing activities
(2,373)(3,161)
Net increase (decrease) in cash and cash equivalents
5,385 (6,188)
Cash and cash equivalents at beginning of year26,997 22,973 
Cash and cash equivalents at end of period$32,382 16,785 


SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:

During the nine months ended September 30, 2024 and 2023, various fixed maturity issuers exchanged securities with book values of $3.7 million and $5.4 million, respectively, for securities of equal value.

The Company had $0.3 million of net unsettled security trades at September 30, 2023 and none at September 30, 2024.

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 none during the nine months ended September 30, 2024.

See accompanying Notes to Consolidated Financial Statements.


September 30, 2024 | 10-Q 8



(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"), Security Plan Life Insurance Company ("SPLIC"), Security Plan Fire Insurance Company ("SPFIC"), Magnolia Guaranty Life Insurance Company ("MGLIC"), Computing Technology, Inc. ("CTI"), Nexo Global Services LLC, a Puerto Rico holding company ("Nexo") and its wholly-owned subsidiaries, CICA Life A.I., a Puerto Rico company ("CICA International") and Nexo Enrollment Services LLC, a Puerto Rico service company ("NES"). 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, 2024, the consolidated statements of operations and comprehensive income (loss) and stockholders' equity for the three and nine months ended September 30, 2024 and September 30, 2023 and the consolidated statements of cash flows for the nine months ended September 30, 2024 and September 30, 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 September 30, 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 Domestic and CICA International.

CICA Domestic. Prior to July 1, 2023, our domestic life insurance business operated through CICA Domestic and Citizens National Life Insurance Company ("CNLIC"). CNLIC merged into CICA Domestic on July 1, 2023. CICA Domestic issues primarily ordinary whole life, final expense and life products with living benefits throughout the U.S.

CICA International. 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 and on August 31, 2023, CICA Bermuda transferred all of its insurance in force business to CICA International. CICA International offers U.S. dollar-denominated products to non-U.S. residents/citizens internationally, including endowment products, which are principally accumulation contracts that incorporate an element of life insurance protection and ordinary whole life insurance.  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.

NES provides services to policyholders of CICA International.

Our Home Service Insurance segment operates through our subsidiaries SPLIC and MGLIC, and focuses on the life insurance needs of the middle- and lower-income markets 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. SPLIC also issues critical illness policies. Prior to June 30, 2023, SPFIC issued dwelling and contents property insurance policies. As of June 30, 2023, we ceased all operations for SPFIC.


September 30, 2024 | 10-Q 9


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 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. As the ASU only requires additional disclosures about the Company's operating segments, the impact to the consolidated financial statements will be minimal.

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.


September 30, 2024 | 10-Q 10


(3) INVESTMENTS

The Company invests primarily in fixed maturity securities, which totaled 86.2% of total cash and invested assets at September 30, 2024, as shown below.

Carrying Value
(In thousands, except for %)
September 30, 2024December 31, 2023
Amount%Amount%
Cash and invested assets:
Fixed maturity securities$1,273,497 86.2 %1,238,981 86.7 %
Equity securities5,716 0.4 5,282 0.4 
Policy loans72,463 4.9 75,359 5.3 
Other long-term investments93,433 6.3 82,725 5.8 
Cash and cash equivalents32,382 2.2 26,997 1.8 
Total cash and invested assets$1,477,491 100.0 %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
September 30, 2024
(In thousands)
Fixed maturity securities:    
Available-for-sale:    
U.S. Treasury securities$5,950 165 29 6,086 
U.S. Government-sponsored enterprises3,380 287  3,667 
States and political subdivisions299,622 2,531 23,940 278,213 
Corporate:
Financial276,156 4,152 24,177 256,131 
Consumer253,133 2,358 32,726 222,765 
Utilities127,449 1,032 17,247 111,234 
Energy83,130 452 6,535 77,047 
Communications
71,071 293 7,500 63,864 
All other111,435 823 10,675 101,583 
Commercial mortgage-backed268 1 2 267 
Residential mortgage-backed106,816 14 7,633 99,197 
Asset-backed53,170 926 653 53,443 
Total fixed maturity securities$1,391,580 13,034 131,117 1,273,497 


September 30, 2024 | 10-Q 11


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 
 
The Company's investments in equity securities are shown below.

Fair Value
(In thousands)
September 30, 2024December 31, 2023
Equity securities: 
Bond mutual funds$766 740 
Common stocks
774 665 
Non-redeemable preferred stock8 7 
Non-redeemable preferred stock fund4,168 3,870 
Total equity securities$5,716 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 $0.4 million for both the three and nine months ended September 30, 2024, respectively, on equity securities held. The Company recognized net investment related losses of $0.4 million and $0.3 million for the three and nine months ended September 30, 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 and nine months ended September 30, 2024 and 2023, the Company recorded no credit valuation losses on fixed maturity securities.


September 30, 2024 | 10-Q 12



For fixed maturity security investments that have unrealized losses as of September 30, 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.

September 30, 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$569 16 2 315 13 4 884 29 6 
States and political subdivisions12,007 126 21 160,393 23,814 180 172,400 23,940 201 
Corporate:
Financial11,511 27 8 165,303 24,150 194 176,814 24,177 202 
Consumer8,889 122 14 173,308 32,604 216 182,197 32,726 230 
Utilities2,805 132 8 86,941 17,115 146 89,746 17,247 154 
Energy3,199 4 4 55,625 6,531 65 58,824 6,535 69 
Communications
2,749 34 4 50,790 7,466 60 53,539 7,500 64 
All Other10,989 97 18 71,434 10,578 84 82,423 10,675 102 
Commercial mortgage-backed   96 2 1 96 2 1 
Residential mortgage-backed46  3 98,714 7,633 84 98,760 7,633 87 
Asset-backed3,973 71 4 16,507 582 18 20,480 653 22 
Total fixed maturity securities$56,737 629 86 879,426 130,488 1,052 936,163 131,117 1,138 

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