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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, 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
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CITIZENS, INC. |
(Exact name of registrant as specified in its charter) |
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Colorado | 84-0755371 |
(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
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Securities registered pursuant to Section 12(b) of the Act |
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Class A Common Stock | CIA | 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:
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| Large accelerated filer | ☐ | | Accelerated filer | ☒ | | Non-accelerated filer | ☐ | | Smaller reporting company | ☒ | | Emerging growth company | ☐ | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes x No
As of November 1, 2024, the Registrant had 49,906,575 shares of Class A common stock outstanding.
THIS PAGE INTENTIONALLY LEFT BLANK
TABLE OF CONTENTS | | | | | | | | | | | |
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Part I. FINANCIAL INFORMATION | |
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| Item 1. | | |
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| Item 2. | | |
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| Item 3. | | |
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| Item 4. | | |
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Part II. OTHER INFORMATION | |
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| Item 1. | | |
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| Item 1A. | | |
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| Item 2. | | |
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| Item 3. | | |
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| Item 4. | | |
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| Item 5. | | |
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| Item 6. | | |
September 30, 2024 | 10-Q 1
PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES
Consolidated Balance Sheets | | | | | | | | | | | |
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(In thousands) | September 30, 2024 | | December 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 | |
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Equity securities, at fair value | 5,716 | | | 5,282 | |
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Policy loans | 72,463 | | | 75,359 | |
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Other long-term investments (portion measured at fair value $93,167 and $82,460 in 2024 and 2023, respectively) | 93,433 | | | 82,725 | |
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Total investments | 1,445,109 | | | 1,402,347 | |
Cash and cash equivalents | 32,382 | | | 26,997 | |
Accrued investment income | 17,082 | | | 17,360 | |
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Reinsurance recoverable | 7,278 | | | 3,991 | |
Deferred policy acquisition costs | 192,268 | | | 175,768 | |
Cost of insurance acquired | 9,566 | | | 10,043 | |
Current federal income tax receivable | 505 | | | 1,546 | |
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Property and equipment, net | 10,975 | | | 11,809 | |
Due premiums | 10,090 | | | 11,264 | |
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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
| | | | | | | | | | | |
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(In thousands, except share amounts) | September 30, 2024 | | December 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 insurance | 998 | | | 889 | |
Total future policy benefit reserves | 1,237,871 | | | 1,230,142 | |
Policyholders' funds: | | | |
Annuities | 145,838 | | | 133,216 | |
Dividend accumulations | 47,052 | | | 44,960 | |
Premiums paid in advance | 32,420 | | | 32,446 | |
Policy claims payable | 9,236 | | | 6,637 | |
Other policyholders' funds | 7,076 | | | 7,363 | |
Total policyholders' funds | 241,622 | | | 224,622 | |
Total policy liabilities | 1,479,493 | | | 1,454,764 | |
Commissions payable | 3,843 | | | 3,445 | |
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Deferred federal income tax liability | 2,367 | | | 1,102 | |
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Other liabilities | 42,533 | | | 37,488 | |
Total liabilities | 1,528,236 | | | 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' equity | 207,573 | | | 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 Ended | | Nine Months Ended |
| September 30, | | September 30, |
(In thousands, except per share amounts) | 2024 | | 2023 | | 2024 | | 2023 |
Revenues: | | | | | | | |
Premiums: | | | | | | | |
Life insurance | $ | 42,461 | | | 41,794 | | | 122,823 | | | 118,020 | |
Accident and health insurance | 452 | | | 296 | | | 1,324 | | | 1,201 | |
Property insurance | (16) | | | (64) | | | (18) | | | 780 | |
Net investment income | 17,377 | | | 17,372 | | | 52,404 | | | 51,687 | |
Investment related gains (losses), net | 827 | | | (892) | | | 1,537 | | | (477) | |
Other income | 630 | | | 884 | | | 3,457 | | | 2,620 | |
Total revenues | 61,731 | | | 59,390 | | | 181,527 | | | 173,831 | |
Benefits and Expenses: | | | | | | | |
Insurance benefits paid or provided: | | | | | | | |
Claims and surrenders | 36,478 | | | 37,723 | | | 104,121 | | | 100,798 | |
Increase (decrease) in future policy benefit reserves | 471 | | | (3,880) | | | (130) | | | (5,802) | |
Policyholder liability remeasurement (gain) loss | 1,157 | | | 1,024 | | | 2,836 | | | 2,860 | |
Policyholders' dividends | 1,320 | | | 1,414 | | | 3,748 | | | 3,783 | |
Total insurance benefits paid or provided | 39,426 | | | 36,281 | | | 110,575 | | | 101,639 | |
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Commissions | 12,957 | | | 9,444 | | | 35,639 | | | 27,340 | |
Other general expenses | 12,095 | | | 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 costs | 4,493 | | | 4,056 | | | 12,804 | | | 11,544 | |
Amortization of cost of insurance acquired | 153 | | | 151 | | | 477 | | | 465 | |
Total benefits and expenses | 58,694 | | | 54,749 | | | 170,263 | | | 156,431 | |
Income before federal income tax | 3,037 | | | 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 | |
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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 | |
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Other Comprehensive Income (Loss): | | | | | | | |
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Unrealized gains (losses) on fixed maturity securities: | | | | | | | |
Unrealized holding gains (losses) arising during period | 59,101 | | | (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, net | 59,001 | | | (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 items | 356 | | | (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) | | | | | | | | | | | | | | | | | | | | |
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| Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Stockholders' Equity |
(In thousands) | Class A | Class B |
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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 compensation | 127 | | | — | | | — | | | — | | | — | | | 127 | |
Balance at March 31, 2024 | 268,802 | | | 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 compensation | 481 | | | — | | | — | | | — | | | — | | | 481 | |
Balance at June 30, 2024 | 269,283 | | | 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 compensation | 73 | | | — | | | — | | | — | | | — | | | 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 A | Class B |
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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 compensation | 50 | | | — | | | — | | | — | | | — | | | 50 | |
Balance at March 31, 2023 | 268,197 | | | 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 compensation | 46 | | | — | | | — | | | — | | | — | | | 46 | |
Balance at June 30, 2023 | 268,243 | | | 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 compensation | 180 | | | — | | | — | | | — | | | — | | | 180 | |
Other 1 | — | | | — | | | 1,327 | | | — | | | — | | | 1,327 | |
Balance at September 30, 2023 | $ | 268,423 | | | 3,184 | | | 31,332 | | | (126,667) | | | (23,525) | | | 152,747 | |
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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) | 2024 | | 2023 |
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 acquired | 477 | | | 465 | |
Depreciation | 443 | | | 380 | |
Amortization of premiums and discounts on investments | 3,738 | | | 3,761 | |
Stock-based compensation | 1,052 | | | 333 | |
Deferred federal income tax expense (benefit) | (1,350) | | | 652 | |
Change in: | | | |
Accrued investment income | 278 | | | 8 | |
Reinsurance recoverable | (3,287) | | | 778 | |
Due premiums | 1,174 | | | 2,168 | |
Future policy benefit reserves | 1,842 | | | (5,111) | |
Other policyholders' liabilities | 19,002 | | | 8,156 | |
Federal income tax payable | 1,041 | | | 1,253 | |
Commissions payable and other liabilities | 6,397 | | | (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-sale | 4,659 | | | 13,690 | |
Maturities and calls of fixed maturity securities, available-for-sale | 37,907 | | | 23,128 | |
| | | |
Sales of equity securities | — | | | 770 | |
Principal payments on mortgage loans | 7 | | | 6 | |
| | | |
(Increase) decrease in policy loans, net | 2,896 | | | 3,023 | |
Sales of other long-term investments | 2,226 | | | 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 | |
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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) | 2024 | | 2023 |
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 year | 26,997 | | | 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
| | | | | | | | |
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 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
| | | | | | | | |
CITIZENS, INC. | NOTES TO CONSOLIDATED FINANCIAL STATEMENTS |
| | (Unaudited) |
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
| | | | | | | | |
CITIZENS, INC. | NOTES TO CONSOLIDATED FINANCIAL STATEMENTS |
| | (Unaudited) |
(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, 2024 | | December 31, 2023 |
Amount | | % | | Amount | | % |
| | | | | | | |
Cash and invested assets: | | | | | | | |
Fixed maturity securities | $ | 1,273,497 | | | 86.2 | % | | 1,238,981 | | | 86.7 | % |
Equity securities | 5,716 | | | 0.4 | | | 5,282 | | | 0.4 | |
Policy loans | 72,463 | | | 4.9 | | | 75,359 | | | 5.3 | |
Other long-term investments | 93,433 | | | 6.3 | | | 82,725 | | | 5.8 | |
| | | | | | | |
Cash and cash equivalents | 32,382 | | | 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 enterprises | 3,380 | | | 287 | | | — | | | 3,667 | |
States and political subdivisions | 299,622 | | | 2,531 | | | 23,940 | | | 278,213 | |
Corporate: | | | | | | | |
Financial | 276,156 | | | 4,152 | | | 24,177 | | | 256,131 | |
Consumer | 253,133 | | | 2,358 | | | 32,726 | | | 222,765 | |
Utilities | 127,449 | | | 1,032 | | | 17,247 | | | 111,234 | |
Energy | 83,130 | | | 452 | | | 6,535 | | | 77,047 | |
Communications | 71,071 | | | 293 | | | 7,500 | | | 63,864 | |
All other | 111,435 | | | 823 | | | 10,675 | | | 101,583 | |
Commercial mortgage-backed | 268 | | | 1 | | | 2 | | | 267 | |
Residential mortgage-backed | 106,816 | | | 14 | | | 7,633 | | | 99,197 | |
Asset-backed | 53,170 | | | 926 | | | 653 | | | 53,443 | |
| | | | | | | |
Total fixed maturity securities | $ | 1,391,580 | | | 13,034 | | | 131,117 | | | 1,273,497 | |
September 30, 2024 | 10-Q 11
| | | | | | | | |
CITIZENS, INC. | NOTES TO CONSOLIDATED FINANCIAL STATEMENTS |
| | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | |
| 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 enterprises | 3,404 | | | 250 | | | 1 | | | 3,653 | |
States and political subdivisions | 314,203 | | | 2,160 | | | 29,132 | | | 287,231 | |
Corporate: | | | | | | | |
Financial | 266,485 | | | 2,066 | | | 31,255 | | | 237,296 | |
Consumer | 250,672 | | | 2,145 | | | 37,094 | | | 215,723 | |
Utilities | 123,625 | | | 615 | | | 20,253 | | | 103,987 | |
Energy | 73,808 | | | 64 | | | 8,049 | | | 65,823 | |
Communications | 74,029 | | | 309 | | | 8,892 | | | 65,446 | |
All other | 111,124 | | | 647 | | | 12,439 | | | 99,332 | |
Commercial mortgage-backed | 171 | | | — | | | — | | | 171 | |
Residential mortgage-backed | 107,174 | | | 9 | | | 10,060 | | | 97,123 | |
Asset-backed | 58,360 | | | 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, 2024 | | December 31, 2023 |
| | | |
Equity securities: | | | |
| | | |
Bond mutual funds | $ | 766 | | | 740 | |
Common stocks | 774 | | | 665 | |
Non-redeemable preferred stock | 8 | | | 7 | |
Non-redeemable preferred stock fund | 4,168 | | | 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
| | | | | | | | |
CITIZENS, INC. | NOTES TO CONSOLIDATED FINANCIAL STATEMENTS |
| | (Unaudited) |
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, 2024 | Less than 12 months | Greater than 12 months | Total |
(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 subdivisions | 12,007 | | 126 | | 21 | | 160,393 | | 23,814 | | 180 | | 172,400 | | 23,940 | | 201 | |
Corporate: | | | | | | | | | |
Financial | 11,511 | | 27 | | 8 | | 165,303 | | 24,150 | | 194 | | 176,814 | | 24,177 | | 202 | |
Consumer | 8,889 | | 122 | | 14 | | 173,308 | | 32,604 | | 216 | | 182,197 | | 32,726 | | 230 | |
Utilities | 2,805 | | 132 | | 8 | | 86,941 | | 17,115 | | 146 | | 89,746 | | 17,247 | | 154 | |
Energy | 3,199 | | 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 Other | 10,989 | | 97 | | 18 | | 71,434 | | 10,578 | | 84 | | 82,423 | | 10,675 | | 102 | |
Commercial mortgage-backed | — | | — | | — | | 96 | | 2 | | 1 | | 96 | | 2 | | 1 | |
Residential mortgage-backed | 46 | | — | | 3 | | 98,714 | | 7,633 | | 84 | | 98,760 | | 7,633 | | 87 | |
Asset-backed | 3,973 | | 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, 2023 | Less than 12 months | Greater than 12 months | Total |
(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 enterprises | 221 | | 1 | | 1 | | — | | — | | — | | 221 | | 1 | | 1 | |
States and political subdivisions | 19,540 | | 357 | | 35 | | 164,264 | | 28,775 | | 192 | | 183,804 | | 29,132 | | 227 | |
Corporate: | | | | | | | | | |
Financial | 12,584 | | 383 | | 19 | | 176,521 | | 30,872 | | 217 | | |