3 unchanged sentences
Consolidated Balance Sheets
−Removed: (In thousands) March 31, 2025 December 31, 2024
+Added: (In thousands) June 30, 2025 December 31, 2024
Fixed maturity securities available-for-sale, at fair value (amortized cost:
19 unchanged sentences
See accompanying Notes to Consolidated Financial Statements.
−Removed: March 31, 2025 | 10-Q 2
+Added: June 30, 2025 | 10-Q 2
CITIZENS, INC.
1 unchanged sentence
Consolidated Balance Sheets, Continued
−Removed: (In thousands, except share amounts) March 31, 2025 December 31, 2024
+Added: (In thousands, except share amounts) June 30, 2025 December 31, 2024
Liabilities and Stockholders' Equity:
13 unchanged sentences
Commissions payable 4,010 4,546
−Removed: Current federal income tax payable 58 —
Deferred federal income tax liability 4,999 3,442
−Removed: Payable for securities in process of settlement 250 —
Other liabilities 47,330 48,857
12 unchanged sentences
See accompanying Notes to Consolidated Financial Statements.
−Removed: March 31, 2025 | 10-Q 3
+Added: June 30, 2025 | 10-Q 3
CITIZENS, INC.
1 unchanged sentence
Consolidated Statements of Operations and Comprehensive Income (Loss)
−Removed: Three Months Ended
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
(In thousands, except per share amounts)
+Added: 2025 2024 2025 2024
Life insurance $ 42,937 42,101 82,286 80,362
21 unchanged sentences
Federal income tax expense (benefit)
+Added: 455 ( 657 ) 291 ( 274 )
Net income (loss)
7 unchanged sentences
Reclassification adjustment for (gains) losses included in net income (loss)
+Added: 168 199 251 647
Unrealized gains (losses) on fixed maturity securities, net 411 ( 14,059 ) 18,828 ( 27,027 )
4 unchanged sentences
See accompanying Notes to Consolidated Financial Statements.
−Removed: March 31, 2025 | 10-Q 4
+Added: June 30, 2025 | 10-Q 4
CITIZENS, INC.
14 unchanged sentences
Balance at March 31, 2025 270,315 3,184 55,439 ( 87,074 ) ( 23,725 ) 218,139
+Added: Comprehensive income (loss):
+Added: Net income (loss)
+Added: — — 6,459 — — 6,459
+Added: Other comprehensive income (loss) — — — 3,419 — 3,419
+Added: Total comprehensive income (loss) — — 6,459 3,419 — 9,878
+Added: Stock-based compensation 1,009 — — — — 1,009
+Added: Balance at June 30, 2025 $ 271,324 3,184 61,898 ( 83,655 ) ( 23,725 ) 229,026
Balance at December 31, 2023 $ 268,675 3,184 42,150 ( 118,155 ) ( 23,725 ) 172,129
6 unchanged sentences
Balance at March 31, 2024 268,802 3,184 46,692 ( 99,770 ) ( 23,725 ) 195,183
+Added: Comprehensive income (loss):
+Added: Net income (loss)
+Added: — — 3,959 — — 3,959
+Added: Other comprehensive income (loss) — — — ( 8,154 ) — ( 8,154 )
+Added: Total comprehensive income (loss) — — 3,959 ( 8,154 ) — ( 4,195 )
+Added: Stock-based compensation 481 — — — — 481
+Added: Balance at June 30, 2024 $ 269,283 3,184 50,651 ( 107,924 ) ( 23,725 ) 191,469
See accompanying Notes to Consolidated Financial Statements.
−Removed: March 31, 2025 | 10-Q 5
+Added: June 30, 2025 | 10-Q 5
CITIZENS, INC.
1 unchanged sentence
Consolidated Statements of Cash Flows
−Removed: Three Months Ended March 31,
+Added: Six Months Ended June 30,
(In thousands)
24 unchanged sentences
Principal payments on mortgage loans 4 5
−Removed: (Increase) decrease in policy loans, net 255 85
+Added: Change in policy loans 1,568 1,897
Sales of other long-term investments 2,031 130
4 unchanged sentences
See accompanying Notes to Consolidated Financial Statements.
−Removed: March 31, 2025 | 10-Q 6
+Added: June 30, 2025 | 10-Q 6
CITIZENS, INC.
1 unchanged sentence
Consolidated Statements of Cash Flows, Continued
−Removed: Three Months Ended March 31,
+Added: Six Months Ended June 30,
(In thousands)
10 unchanged sentences
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
−Removed: During the three months ended March 31, 2025, various fixed maturity issuers exchanged securities with book values of $ 5.7 million for securities of equal value and none during the three months ended March 31, 2024.
−Removed: The Company had $ 0.3 million and $ 1.4 million of net unsettled security trades at March 31, 2025 and March 31, 2024, respectively.
+Added: During the six months ended June 30, 2025, various fixed maturity issuers exchanged securities with book values of $ 6.5 million for securities of equal value and $ 3.7 million during the six months ended June 30, 2024.
+Added: The Company had $ 0.8 million of net unsettled security trades at June 30, 2024 and none at June 30, 2025.
See accompanying Notes to Consolidated Financial Statements.
−Removed: March 31, 2025 | 10-Q 7
+Added: June 30, 2025 | 10-Q 7
CITIZENS, INC .
3 unchanged sentences
The consolidated financial statements include the accounts and operations of Citizens, Inc.
−Removed: ("Citizens" or the "Company"), a Colorado corporation, and its wholly-owned subsidiaries, CICA Life Insurance Company of America ("CICA Domestic"), CICA Life Ltd.
−Removed: ("CICA Bermuda"), Security Plan Life Insurance Company ("SPLIC"), Magnolia Guaranty Life Insurance Company ("MGLIC"), Computing Technology, Inc.
+Added: ("Citizens" or the "Company"), a Colorado corporation, and its wholly-owned subsidiaries, CICA Life Insurance Company of America ("CICA Domestic"), CICA Life Ltd., Security Plan Life Insurance Company ("SPLIC"), 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").
1 unchanged sentence
Citizens and its wholly-owned subsidiaries are collectively referred to as the "Company," "it," "we," "us" or "our".
−Removed: The consolidated balance sheet as of March 31, 2025, the consolidated statements of operations and comprehensive income (loss) and stockholders' equity for the three months ended March 31, 2025 and March 31, 2024 and the consolidated statements of cash flows for the three months ended March 31, 2025 and March 31, 2024 have been prepared by the Company without audit and are not subject to audit.
−Removed: In the opinion of management, all normal and recurring adjustments to present fairly the financial position, results of operations, and changes in cash flows at March 31, 2025 and for comparative periods have been made.
+Added: The consolidated balance sheet as of June 30, 2025, the consolidated statements of operations and comprehensive income (loss) and stockholders' equity for the three and six months ended June 30, 2025 and June 30, 2024 and the consolidated statements of cash flows for the six months ended June 30, 2025 and June 30, 2024 have been prepared by the Company without audit and are not subject to audit.
+Added: 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 June 30, 2025 and for comparative periods have been made.
The consolidated financial statements have been prepared in accordance with U.S.
19 unchanged sentences
GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
−Removed: March 31, 2025 | 10-Q 8
+Added: June 30, 2025 | 10-Q 8
CITIZENS, INC .
20 unchanged sentences
(In thousands, except for %)
−Removed: March 31, 2025 December 31, 2024
+Added: June 30, 2025 December 31, 2024
Amount % Amount %
6 unchanged sentences
Total cash and invested assets $ 1,436,492 100.0 % 1,420,499 100.0 %
−Removed: March 31, 2025 | 10-Q 9
+Added: June 30, 2025 | 10-Q 9
CITIZENS, INC .
1 unchanged sentence
The following tables represent the amortized cost, gross unrealized gains and losses and fair value of fixed maturity securities as of the dates indicated.
−Removed: March 31, 2025
+Added: June 30, 2025
(In thousands)
29 unchanged sentences
Total fixed maturity securities $ 1,401,301 5,401 185,741 1,220,961
−Removed: March 31, 2025 | 10-Q 10
+Added: June 30, 2025 | 10-Q 10
CITIZENS, INC .
2 unchanged sentences
(In thousands)
−Removed: March 31, 2025 December 31, 2024
+Added: June 30, 2025 December 31, 2024
Equity securities:
7 unchanged sentences
Equity securities are measured at fair value with the change in fair value recorded through net income (loss).
−Removed: The Company recognized net investment related gains of $ 47 thousand and $ 0.1 million for the three months ended March 31, 2025 and 2024, respectively, on equity securities held.
+Added: The Company recognized net investment related losses of $ 16 thousand and gains of $ 31 thousand for the three and six months ended June 30, 2025, compared to losses of $ 0.1 million and gains of $ 0.1 million for the same periods in 2024, respectively, on equity securities held.
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.
−Removed: For the three months ended March 31, 2025 and 2024, the Company recorded no credit valuation losses on fixed maturity securities.
−Removed: For fixed maturity security investments that have unrealized losses as of March 31, 2025 and December 31, 2024, the gross unrealized losses and related fair values that have been in a continuous unrealized loss position by timeframe are as follows.
−Removed: March 31, 2025 Less than 12 months Greater than 12 months Total
+Added: For the three and six months ended June 30, 2025 and 2024, the Company recorded no credit valuation losses on fixed maturity securities.
+Added: For fixed maturity security investments that have unrealized losses as of June 30, 2025 and December 31, 2024, the gross unrealized losses and related fair values that have been in a continuous unrealized loss position by timeframe are as follows.
+Added: June 30, 2025 Less than 12 months Greater than 12 months Total
(In thousands, except for # of securities) Fair
17 unchanged sentences
Total fixed maturity securities $ 134,267 4,855 222 815,330 165,387 1,036 949,597 170,242 1,258
−Removed: March 31, 2025 | 10-Q 11
+Added: June 30, 2025 | 10-Q 11
CITIZENS, INC .
21 unchanged sentences
In each category of our fixed maturity securities described above, we do not intend to sell our investments, and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.
−Removed: As of March 31, 2025 and December 31, 2024, 99.2 % of the fair value of our fixed maturity securities portfolio, respectively, were rated investment grade.
+Added: As of June 30, 2025 and December 31, 2024, 98.6 % and 99.2 % of the fair value of our fixed maturity securities portfolio, respectively, were rated investment grade.
While the losses are currently unrealized, we continue to monitor all fixed maturity securities on an on-going basis as future information may become available which could result in an allowance being recorded.
1 unchanged sentence
The fair value is expected to recover as the securities approach maturity or if market yields for such investments decline.
−Removed: The amortized cost and fair value of fixed maturity securities at March 31, 2025 by contractual maturity are shown in the table below.
+Added: The amortized cost and fair value of fixed maturity securities at June 30, 2025 by contractual maturity are shown in the table below.
Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Securities not due at a single maturity date have been reflected based upon final stated maturity.
−Removed: March 31, 2025 Amortized
+Added: June 30, 2025 Amortized
(In thousands)
5 unchanged sentences
Total fixed maturity securities $ 1,403,782 1,242,271
−Removed: March 31, 2025 | 10-Q 12
+Added: June 30, 2025 | 10-Q 12
CITIZENS, INC .
1 unchanged sentence
The Company uses the specific identification method of the individual security to determine the cost basis used in the calculation of realized gains and losses related to security sales.
−Removed: Three Months Ended
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
(In thousands) 2025 2024 2025 2024
3 unchanged sentences
Gross realized losses $ 438 147 442 196
−Removed: Real estate held-for-sale consists of former Home Service Insurance segment district offices in Baton Rouge and Bogalusa, Louisiana.
−Removed: It was determined during the quarter that these properties met the held-for-sale criteria.
−Removed: As a result, these properties were reclassified from property, plant and equipment, net to real estate held-for-sale and is included in other long-term investments on the consolidated balance sheets.
+Added: During the first quarter of 2025, real estate, formerly utilized as district offices in our Home Service Insurance segment in Baton Rouge and Bogalusa, Louisiana, was reclassified from net property, plant and equipment to real estate held-for-sale and is included in other long-term investments on the consolidated balance sheets.
These investments are listed at carrying value and are no longer being depreciated.
+Added: During the three months ended June 30, 2025, the Company accepted a tender offer by Discovery Communications, Inc.
+Added: after considering the outlook of the issuer.
+Added: As a result, the Company recognized a realized loss of $ 0.4 million, which is recorded a net realized investment loss for the period.
(4) FAIR VALUE MEASUREMENTS
18 unchanged sentences
Government-sponsored enterprise securities, securities issued by states and political subdivisions and certain mortgage and asset-backed securities.
−Removed: Level 3 is comprised of financial instruments whose fair value is estimated based on non-binding broker prices utilizing significant inputs not based on or corroborated by readily available market information.
−Removed: Real estate held-
−Removed: March 31, 2025 | 10-Q 13
+Added: June 30, 2025 | 10-Q 13
CITIZENS, INC .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: for-sale is included in this category.
−Removed: There were no securities in this category as of or during the periods ended March 31, 2025 and December 31, 2024.
+Added: Level 3 is comprised of financial instruments whose fair value is estimated based on non-binding broker prices utilizing significant inputs not based on or corroborated by readily available market information.
+Added: Real estate held-for-sale is included in this category.
+Added: There were no securities in this category as of or during the periods ended June 30, 2025 and December 31, 2024.
The following tables set forth our assets measured at fair value on a recurring basis as of the dates indicated.
−Removed: March 31, 2025 Level 1 Level 2 Level 3 Total
+Added: June 30, 2025 Level 1 Level 2 Level 3 Total
(In thousands)
20 unchanged sentences
The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.
−Removed: March 31, 2025 | 10-Q 14
+Added: June 30, 2025 | 10-Q 14
CITIZENS, INC .
26 unchanged sentences
Fixed maturity securities, available-for-sale.
−Removed: At March 31, 2025, fixed maturity securities, valued using a third-party pricing source, totaled $ 1.2 billion for Level 2 assets and comprised 92.2 % of total reported fair value of our financial assets.
+Added: At June 30, 2025, fixed maturity securities, valued using a third-party pricing source, totaled $ 1.2 billion for Level 2 assets and comprised 92.0 % of total reported fair value of our financial assets.
The Level 1 and Level 2 valuations are reviewed and updated quarterly through testing by comparisons to separate pricing models, other third-party pricing services, and back tested to recent trades.
In addition, we obtain information annually relative to the third-party pricing models and review model parameters for reasonableness.
−Removed: There were no Level 3 assets at March 31, 2025.
−Removed: As of March 31, 2025, there were no material changes to the valuation methods or assumptions used to determine fair values, and no broker or third-party prices were changed from the values received.
+Added: There were no Level 3 assets at June 30, 2025.
+Added: As of June 30, 2025, there were no material changes to the valuation methods or assumptions used to determine fair values, and no broker or third-party prices were changed from the values received.
Equity securities.
4 unchanged sentences
For these investments, which are measured at fair value on a recurring basis, we use the NAV per share to measure fair value.
−Removed: The Company recognized net investment related losses of $ 1.5 million for the three months ended March 31, 2025, and
−Removed: March 31, 2025 | 10-Q 15
+Added: The Company recognized net investment related gains specific to change in fair value of $ 2.9 million and $ 1.4 million for the three and six months ended June 30, 2025, and gains of $ 4 thousand and $ 1.3 million on limited partnerships
+Added: June 30, 2025 | 10-Q 15
CITIZENS, INC .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: gains of $ 1.3 million on limited partnerships held for the three months ended March 31, 2024.
+Added: held for the three and six months ended June 30, 2024.
These investments are included in other long-term investments on the consolidated balance sheets.
−Removed: March 31, 2025 December 31, 2024
+Added: June 30, 2025 December 31, 2024
(In thousands, except for years)
16 unchanged sentences
The carrying amount and fair value for the financial assets and liabilities on the consolidated financial statements not otherwise disclosed for the periods indicated were as follows:
−Removed: March 31, 2025 December 31, 2024
+Added: June 30, 2025 December 31, 2024
(In thousands) Carrying
6 unchanged sentences
Annuity - investment contracts 66,592 61,922 68,888 63,629
−Removed: Policy loans.
−Removed: Policy loans had a weighted average annual interest rate of 7.7 % at both March 31, 2025 and December 31, 2024 and no specified maturity dates.
−Removed: The aggregate fair value of policy loans approximates the
−Removed: March 31, 2025 | 10-Q 16
+Added: June 30, 2025 | 10-Q 16
CITIZENS, INC .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: carrying value reflected on the consolidated balance sheets.
+Added: Policy loans.
+Added: Policy loans had a weighted average annual interest rate of 7.7 % at both June 30, 2025 and December 31, 2024 and no specified maturity dates.
+Added: The aggregate fair value of policy loans approximates the carrying value reflected on the consolidated balance sheets.
Policy loans are an integral part of the life insurance policies we have in force, cannot be valued separately and are not marketable.
2 unchanged sentences
This mortgage loan is secured by a residential property.
−Removed: The interest rate for this loan was 7.0 % at both March 31, 2025 and December 31, 2024.
−Removed: At March 31, 2025, the remaining loan matures in three years .
−Removed: Management estimated the fair value using an annual interest rate of 6.25 % at both March 31, 2025 and December 31, 2024.
+Added: The interest rate for this loan was 7.0 % at both June 30, 2025 and December 31, 2024.
+Added: At June 30, 2025, the remaining loan matures in three years .
+Added: Management estimated the fair value using an annual interest rate of 6.25 % at both June 30, 2025 and December 31, 2024.
Our mortgage loan is considered a Level 3 asset in the fair value hierarchy and is included in other long-term investments on the consolidated balance sheets.
2 unchanged sentences
Annuity liabilities.
−Removed: The fair value of the Company's liabilities under annuity contracts, which are considered Level 3 liabilities, was estimated at March 31, 2025 and December 31, 2024 using discounted cash flows based upon spot rates adjusted for various risk adjustments ranging from 3.80 % to 4.92 % and 3.96 % to 4.96 %, respectively.
+Added: The fair value of the Company's liabilities under annuity contracts, which are considered Level 3 liabilities, was estimated at June 30, 2025 and December 31, 2024 using discounted cash flows based upon spot rates adjusted for various risk adjustments ranging from 3.68 % to 5.06 % and 3.96 % to 4.96 %, respectively.
The fair value of liabilities under all insurance contracts are taken into consideration in the overall management of interest rate risk, which seeks to minimize exposure to changing interest rates through the matching of investment maturities with amounts due under insurance contracts.
4 unchanged sentences
(In thousands )
−Removed: March 31, 2025 December 31, 2024
+Added: June 30, 2025 December 31, 2024
Other long-term investments:
8 unchanged sentences
(5) DEFERRED POLICY ACQUISITION COSTS AND COST OF INSURANCE ACQUIRED
−Removed: The following tables roll forward the DAC and COIA balances for the three months ended March 31, 2025 and 2024 by reporting cohort.
+Added: The following tables roll forward the DAC and COIA balances for the six months ended June 30, 2025 and 2024 by reporting cohort.
Our reporting cohorts are Permanent, which summarizes insurance policies with premiums payable over the lifetime of the policy, and Permanent Limited Pay, which summarizes insurance policies with
−Removed: March 31, 2025 | 10-Q 17
+Added: June 30, 2025 | 10-Q 17
CITIZENS, INC .
2 unchanged sentences
Both reporting cohorts include whole life and endowment policies.
−Removed: Three Months Ended March 31, 2025
+Added: Six Months Ended June 30, 2025
(In thousands)
15 unchanged sentences
Balance, end of period $ 178,443 28,741 1,760 208,944
−Removed: Three Months Ended March 31, 2024
+Added: Six Months Ended June 30, 2024
(In thousands)
15 unchanged sentences
Balance, end of period $ 157,796 26,188 2,347 186,331
−Removed: DAC capitalization increased for the three months ended March 31, 2025, compared to the same prior year period mainly from increased commissions from higher first year sales in our Life Insurance segment.
−Removed: March 31, 2025 | 10-Q 18
+Added: June 30, 2025 | 10-Q 18
CITIZENS, INC .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: Three Months Ended March 31, 2025
+Added: DAC capitalization decreased for the six months ended June 30, 2025, compared to the same prior year period mainly from increased ceding commissions and expenses due to a full six months of reinsurance with RGA in 2025 offset by higher first year sales.
+Added: Six Months Ended June 30, 2025
(In thousands)
12 unchanged sentences
Balance, end of period $ 7,225 784 1,260 9,269
−Removed: Three Months Ended March 31, 2024
+Added: Six Months Ended June 30, 2024
(In thousands)
16 unchanged sentences
Permanent, which summarizes insurance policies with premiums payable over the lifetime of the policy,
−Removed: March 31, 2025 | 10-Q 19
+Added: June 30, 2025 | 10-Q 19
CITIZENS, INC .
2 unchanged sentences
Both reporting cohorts include whole life and endowment policies.
−Removed: March 31, 2025
+Added: June 30, 2025
(In thousands)
31 unchanged sentences
Net liability for future policy benefits, after reinsurance recoverable $ 687,835 170,573 858,408 103,961 97,015 200,976
−Removed: March 31, 2025 | 10-Q 20
+Added: June 30, 2025 | 10-Q 20
CITIZENS, INC .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: March 31, 2024
+Added: June 30, 2024
(In thousands)
28 unchanged sentences
Net liability for future policy benefits $ 705,282 174,312 879,594 107,113 101,742 208,855
−Removed: March 31, 2025 | 10-Q 21
+Added: Reinsurance recoverable 142 — 142 — — —
+Added: Net liability for future policy benefits, after flooring impact $ 705,140 174,312 879,452 107,113 101,742 208,855
+Added: June 30, 2025 | 10-Q 21
CITIZENS, INC .
1 unchanged sentence
The following table reconciles the net liability for future policy benefits shown above to the liability for future policy benefits reported in the consolidated balance sheets.
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: June 30, 2025
+Added: June 30, 2024
(In thousands) Life
9 unchanged sentences
Total life insurance 924,326 245,790 1,170,116 938,810 250,783 1,189,593
−Removed: Accident & Health:
+Added: Accident & Health Insurance:
Other 737 503 1,240 634 361 995
1 unchanged sentence
The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefit payments for long-term duration contracts.
−Removed: March 31, 2025 March 31, 2024
+Added: June 30, 2025 June 30, 2024
(In thousands) Life
13 unchanged sentences
Expected future benefit payments 186,231 111,220 188,339 116,312
−Removed: March 31, 2025 | 10-Q 22
+Added: June 30, 2025 | 10-Q 22
CITIZENS, INC .
1 unchanged sentence
The following tables summarize the amount of revenue and interest related to long-term duration contracts recognized in the consolidated statement of operations and comprehensive income (loss).
−Removed: Three Months Ended March 31,
+Added: Three Months Ended June 30,
+Added: Six Months Ended June 30,
+Added: 2025 2024 2025 2024
(In thousands)
−Removed: Gross Premiums Interest Expense Gross Premiums Interest Expense
+Added: Gross Premiums Interest Expense Gross Premiums Interest Expense Gross Premiums Interest Expense Gross Premiums Interest Expense
Life Insurance Segment:
5 unchanged sentences
Total, net of reinsurance 32,451 10,485 31,402 10,634 61,418 21,066 59,100 21,361
−Removed: Accident & Health:
+Added: Accident & Health Insurance:
Other 192 — 204 — 380 — 368 —
9 unchanged sentences
Total, net of reinsurance 10,486 3,036 10,699 2,979 20,868 6,059 21,262 5,949
−Removed: Accident & Health:
+Added: Accident & Health Insurance:
Other 259 — 255 — 520 — 506 —
Total $ 10,745 3,036 10,954 2,979 21,388 6,059 21,768 5,949
+Added: June 30, 2025 | 10-Q 23
+Added: CITIZENS, INC .
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following table provides the weighted-average durations of the liability for future policy benefits.
−Removed: March 31, 2025 March 31, 2024
+Added: June 30, 2025 June 30, 2024
(In years) Life
7 unchanged sentences
Duration at current discount rate 7.6 13.1 7.8 14.4
−Removed: March 31, 2025 | 10-Q 23
−Removed: CITIZENS, INC .
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following table provides the weighted-average interest rates for the liability for future policy benefits.
−Removed: March 31, 2025 March 31, 2024
+Added: June 30, 2025 June 30, 2024
Insurance Home Service
9 unchanged sentences
At Guaranteed Minimum 1 Basis Point-50 Basis Points Above 51 Basis Points-150 Basis Points Above Greater Than 150 Basis Points Above Total
−Removed: March 31, 2025
+Added: June 30, 2025
(In thousands)
9 unchanged sentences
Total $ 140,658 561 26,995 67,148 235,362
+Added: June 30, 2025 | 10-Q 24
+Added: CITIZENS, INC .
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
At Guaranteed Minimum 1 Basis Point-50 Basis Points Above 51 Basis Points-150 Basis Points Above Greater Than 150 Basis Points Above Total
−Removed: March 31, 2024
+Added: June 30, 2024
(In thousands)
9 unchanged sentences
Total $ 147,961 375 14,642 54,417 217,395
−Removed: March 31, 2025 | 10-Q 24
−Removed: CITIZENS, INC .
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following tables summarize balances of and changes in policyholders' account balances.
−Removed: March 31, 2025
+Added: June 30, 2025
(In thousands, except for %)
10 unchanged sentences
Cash surrender value $ 71,355 85,811 49,281 28,915
−Removed: March 31, 2024
+Added: June 30, 2024
(In thousands, except for %)
10 unchanged sentences
Cash surrender value $ 53,332 86,792 46,644 30,627
−Removed: March 31, 2025 | 10-Q 25
+Added: June 30, 2025 | 10-Q 25
CITIZENS, INC .
1 unchanged sentence
The following table reconciles policyholders' account balances shown above to the policyholders' account balance liability in the consolidated balance sheets.
−Removed: As of March 31,
+Added: As of June 30,
(In thousands)
9 unchanged sentences
In the normal course of business, the Company reinsures portions of certain policies that we underwrite to mitigate exposure to potential losses and/or to provide additional capacity for growth.
−Removed: In our international business, we generally retain $ 100,000 on any one individual life insurance policy and reinsure the death benefit amount above $ 100,000 .
+Added: In CICA International, prior to April 1, 2025, we retained up to $ 100,000 on any one individual life insurance policy and reinsured the death benefit amount.
+Added: For new policies beginning on such date, we increased our retention amount to $ 250,000 and reinsure amounts above that.
We also reinsure 100 % of our accidental death benefit rider coverage.
In the second quarter of 2024, CICA Domestic entered into a coinsurance agreement with RGA Reinsurance Company ("RGA").
−Removed: Under this agreement, CICA Domestic initially elected for RGA to reinsure 50 % of its newly written final expense business.
+Added: Under this agreement, CICA Domestic has elected for RGA to reinsure 50 % of its newly written final expense business.
The Company remains contingently liable in the event that any of the reinsurers are unable to meet their obligations under any reinsurance agreement.
3 unchanged sentences
Best Company range from A- (Excellent) to A+ (Superior).
−Removed: A summary of insurance in force, along with assumed and ceded life reinsurance activity, is summarized below as of the periods indicated.
+Added: A summary of life insurance in force, along with assumed and ceded reinsurance activity, is summarized below as of the periods indicated.
(In thousands)
−Removed: March 31, 2025 December 31, 2024
−Removed: Insurance in force:
+Added: June 30, 2025 December 31, 2024
+Added: Life insurance in force:
Direct life insurance in force $ 5,347,041 5,227,506
2 unchanged sentences
Net life insurance in force $ 4,500,351 4,409,718
−Removed: March 31, 2025 | 10-Q 26
+Added: June 30, 2025 | 10-Q 26
CITIZENS, INC .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: The Company's reinsurance recoverable on ceded reinsurance was $ 7.9 million and $ 6.9 million as of March 31, 2025 and December 31, 2024, respectively.
+Added: The Company's reinsurance recoverable on ceded reinsurance was $ 9.4 million and $ 6.9 million as of June 30, 2025 and December 31, 2024, respectively.
Premiums, claims and surrenders assumed and ceded, and expenses ceded for all lines of business are summarized for the periods indicated below.
−Removed: Three Months Ended
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
(In thousands) 2025 2024 2025 2024
22 unchanged sentences
Commitments and Contingencies of our 2024 consolidated financial statements and notes thereto included in the Form 10-K includes a discussion of our legal proceedings.
−Removed: There have been no material developments in the three months ended March 31, 2025 from the legal proceedings described in our 2024 consolidated financial statements and notes thereto included in the Form 10-K .
+Added: There have been no material developments in the six months ended June 30, 2025 from the legal proceedings described in our 2024 consolidated financial statements and notes thereto included in the Form 10-K .
CONTRACTUAL OBLIGATIONS
−Removed: As of March 31, 2025, CICA International is committed to fund investments up to $ 12.5 million related to limited partnerships previously described.
+Added: As of June 30, 2025, CICA International is committed to fund investments up to $ 10.5 million related to limited partnerships previously described.
CREDIT FACILITY
3 unchanged sentences
At the Company's election, the revolving loans may either bear a rate (a fluctuating rate per annum) equal to
−Removed: March 31, 2025 | 10-Q 27
+Added: June 30, 2025 | 10-Q 27
CITIZENS, INC .
4 unchanged sentences
The Credit Facility contains customary events of default and financial, affirmative and negative covenants including, but not limited to, restrictions on indebtedness, liens, investments, asset dispositions and restricted payments.
−Removed: As of March 31, 2025, the Company had no t borrowed any funds against the Credit Facility and was not in violation of any covenants.
+Added: As of June 30, 2025, the Company had no t borrowed any funds against the Credit Facility and was not in violation of any covenants.
(9) STOCKHOLDERS' EQUITY AND RESTRICTIONS
4 unchanged sentences
A summary of the change in the number of shares of Class A common stock and treasury stock issued is as follows:
−Removed: Three Months Ended March 31, 2025 2024
+Added: Six Months Ended June 30,
(In thousands)
7 unchanged sentences
The following table sets forth the computation of basic and diluted earnings per share.
−Removed: Three Months Ended March 31, 2025 2024
+Added: Three Months Ended June 30, 2025 2024
(In thousands, except per share amounts)
6 unchanged sentences
Weighted average shares of Class A outstanding - diluted 50,985 50,809
−Removed: 50,912 50,561
−Removed: Basic and diluted earnings (loss) per share of Class A common stock
−Removed: $ ( 0.03 ) 0.09
−Removed: (1) Because the Company reported a net loss for the three months ended March 31, 2025, the effect of all potentially dilutive securities was excluded from the calculation of diluted earnings per share as it would be anti-dilutive.
−Removed: March 31, 2025 | 10-Q 28
+Added: Basic and diluted earnings per share of Class A common stock
+Added: June 30, 2025 | 10-Q 28
CITIZENS, INC .
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: Six Months Ended June 30, 2025 2024
+Added: (In thousands, except per share amounts)
+Added: Basic and diluted earnings per share:
+Added: Net income (loss)
+Added: $ 4,836 8,501
+Added: Net income (loss) allocated to Class A common stock
+Added: $ 4,836 8,501
+Added: Weighted average shares of Class A outstanding - basic 50,024 49,606
+Added: Weighted average shares of Class A outstanding - diluted
+Added: 50,897 50,775
+Added: Basic and diluted earnings per share of Class A common stock
STATUTORY CAPITAL AND SURPLUS
1 unchanged sentence
National Association of Insurance Commissioners ("NAIC").
−Removed: All domestic insurance subsidiaries exceeded the minimum capital requirements at March 31, 2025.
+Added: All domestic insurance subsidiaries exceeded the minimum capital requirements at June 30, 2025.
On March 27, 2024 , Citizens and the Colorado Division of Insurance entered into a capital maintenance agreement that specifies that Citizens will infuse capital as needed to ensure that CICA Domestic's RBC remains above 350 %.
−Removed: As CICA Domestic's RBC exceeded 350% at March 31, 2025, no capital contribution was necessary.
+Added: As CICA Domestic's RBC exceeded 350% at June 30, 2025, no capital contribution was necessary.
CICA International is a Puerto Rico domiciled company.
1 unchanged sentence
CICA International is required to maintain a minimum of $750,000 in capital and maintain a premium to surplus ratio of 7 to 1 .
−Removed: At March 31, 2025, CICA International's capital exceeds both of the required minimum capital and related ratio.
+Added: At June 30, 2025, CICA International's capital exceeds both of the required minimum capital and related ratio.
(10) SEGMENT AND OTHER OPERATING INFORMATION
12 unchanged sentences
In addition to the Life Insurance and Home Service Insurance business, the Company also operates other non-insurance portions of the Company ("Other Non-Insurance Enterprises"), which primarily include the Company’s IT and corporate-support functions.
+Added: June 30, 2025 | 10-Q 29
+Added: CITIZENS, INC .
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The accounting policies of the reportable segments and Other Non-Insurance Enterprises are presented in accordance with U.S.
3 unchanged sentences
The Company's Other Non-Insurance Enterprises represents the only reportable difference between segments and consolidated operations.
−Removed: March 31, 2025 | 10-Q 29
+Added: Life Insurance Home Service Insurance Other Non-Insurance Enterprises Consolidated
+Added: Three Months Ended June 30, 2025
+Added: (In thousands)
+Added: Life insurance $ 32,451 10,486 — 42,937
+Added: Accident and health insurance 192 259 — 451
+Added: Net investment income 13,400 3,595 174 17,169
+Added: Investment related gains (losses), net 2,625 ( 218 ) 1 2,408
+Added: Other income 2,121 — — 2,121
+Added: Total revenues 50,789 14,122 175 65,086
+Added: Benefits and expenses:
+Added: Insurance benefits paid or provided:
+Added: Claims and surrenders 35,223 4,997 — 40,220
+Added: Increase (decrease) in future policy benefit reserves ( 5,571 ) 1,017 — ( 4,554 )
+Added: Policyholder liability remeasurement (gain) loss 1,081 270 — 1,351
+Added: Policyholders' dividends 1,308 7 — 1,315
+Added: Total insurance benefits paid or provided 32,041 6,291 — 38,332
+Added: Commissions 8,184 3,225 — 11,409
+Added: Other general expenses 6,644 3,799 3,016 13,459
+Added: Capitalization of deferred policy acquisition costs ( 8,155 ) ( 1,565 ) — ( 9,720 )
+Added: Amortization of deferred policy acquisition costs 3,906 707 — 4,613
+Added: Amortization of cost of insurance acquired 21 58 — 79
+Added: Total benefits and expenses 42,641 12,515 3,016 58,172
+Added: Income (loss) before federal income tax $ 8,148 1,607 ( 2,841 ) 6,914
+Added: June 30, 2025 | 10-Q 30
CITIZENS, INC .
1 unchanged sentence
Life Insurance Home Service Insurance Other Non-Insurance Enterprises Consolidated
−Removed: Three Months Ended March 31, 2025
+Added: Six Months Ended June 30, 2025
(In thousands)
19 unchanged sentences
Income (loss) before federal income tax $ 8,391 1,727 ( 4,991 ) 5,127
−Removed: March 31, 2025 | 10-Q 30
+Added: June 30, 2025 | 10-Q 31
CITIZENS, INC .
1 unchanged sentence
Life Insurance Home Service Insurance Other Non-Insurance Enterprises Consolidated
−Removed: Three Months Ended March 31, 2024
+Added: Three Months Ended June 30, 2024
(In thousands)
20 unchanged sentences
Income (loss) before federal income tax $ 7,472 1,411 ( 5,581 ) 3,302
+Added: June 30, 2025 | 10-Q 32
+Added: CITIZENS, INC .
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: Life Insurance Home Service Insurance Other Non-Insurance Enterprises Consolidated
+Added: Six Months Ended June 30, 2024
+Added: (In thousands)
+Added: Life insurance $ 59,100 21,262 — 80,362
+Added: Accident and health insurance 366 506 — 872
+Added: Property insurance — ( 2 ) — ( 2 )
+Added: Net investment income 27,498 7,066 463 35,027
+Added: Investment related gains (losses), net 807 ( 68 ) ( 29 ) 710
+Added: Other income 2,724 20 83 2,827
+Added: Total revenues 90,495 28,784 517 119,796
+Added: Benefits and expenses:
+Added: Insurance benefits paid or provided:
+Added: Claims and surrenders 56,533 11,110 — 67,643
+Added: Increase (decrease) in future policy benefit reserves ( 3,462 ) 2,861 — ( 601 )
+Added: Policyholder liability remeasurement (gain) loss 1,679 — — 1,679
+Added: Policyholders' dividends 2,417 11 — 2,428
+Added: Total insurance benefits paid or provided 57,167 13,982 — 71,149
+Added: Commissions 15,503 7,179 — 22,682
+Added: Other general expenses 12,961 7,420 7,596 27,977
+Added: Capitalization of deferred policy acquisition costs ( 15,407 ) ( 3,467 ) — ( 18,874 )
+Added: Amortization of deferred policy acquisition costs 6,944 1,367 — 8,311
+Added: Amortization of cost of insurance acquired 55 269 — 324
+Added: Total benefits and expenses 77,223 26,750 7,596 111,569
+Added: Income (loss) before federal income tax $ 13,272 2,034 ( 7,079 ) 8,227
The Company categorizes premiums in two categories - first year premiums are premiums received within the first 12 months of a policy's issuance and any premiums received thereafter are renewal premiums.
1 unchanged sentence
(In thousands)
−Removed: Three Months Ended March 31,
+Added: Three Months Ended
+Added: June 30, Six Months Ended
+Added: 2025 2024 2025 2024
Life Insurance Segment:
5 unchanged sentences
Total premiums $ 32,643 31,605 61,797 59,466
−Removed: March 31, 2025 | 10-Q 31
+Added: June 30, 2025 | 10-Q 33
CITIZENS, INC .
2 unchanged sentences
(In thousands)
−Removed: Three Months Ended March 31,
+Added: Three Months Ended
+Added: June 30, Six Months Ended
+Added: 2025 2024 2025 2024
Home Service Insurance Segment:
7 unchanged sentences
The table below summarizes assets by segment.
−Removed: As of March 31,
+Added: As of June 30,
(In thousands)
7 unchanged sentences
The following table sets forth the Company's annual total of earned premiums by country of policyholder residence for the periods indicated.
−Removed: Three Months Ended March 31,
+Added: Three Months Ended
+Added: June 30, Six Months Ended
(In thousands)
+Added: 2025 2024 2025 2024
United States $ 16,983 14,248 33,483 27,399
7 unchanged sentences
Total premiums $ 43,388 42,559 83,185 81,232
−Removed: March 31, 2025 | 10-Q 32
+Added: June 30, 2025 | 10-Q 34
CITIZENS, INC .
2 unchanged sentences
The effective tax rate is the ratio of tax expense or tax benefit over pre-tax income.
−Removed: The tax benefit effective rate was 9.2 % for the three months ended March 31, 2025, compared to effective tax rate of 7.8 % for the same period in 2024.
+Added: The tax benefit effective rates were 6.6 % and 5.7 % for the three and six months ended June 30, 2025, compared to effective tax rate of ( 19.9 )% and ( 3.3 )% for the same periods in 2024.
CICA International is considered a controlled foreign corporation for federal income tax purposes.
2 unchanged sentences
The effective tax rate varies from the prevailing corporate federal income tax rate of 21% mainly due to the impact of Subpart F and the reduced Puerto Rico income tax rate.
−Removed: At March 31, 2025 and 2024, we determined it was more likely than not that a portion of our capital deferred tax assets would not be realized in their entirety.
−Removed: The Company recorded valuation allowances of $ 4.7 million and $ 4.6 million at March 31, 2025 and 2024, respectively, through Other Comprehensive Income (Loss).
+Added: At June 30, 2025 and 2024, we determined it was more likely than not that a portion of our capital deferred tax assets would not be realized in their entirety.
+Added: The Company recorded valuation allowances of $ 4.8 million and $ 5.0 million at June 30, 2025 and 2024, respectively, in Accumulated Other Comprehensive Income (Loss).
+Added: On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S.
+Added: The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions.
+Added: The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027.
+Added: We are currently assessing its impact on our consolidated financial statements.
(12) OTHER COMPREHENSIVE INCOME (LOSS)
−Removed: The changes in the components of other comprehensive income (loss) are reported net of the effects of income taxes of 21% for domestic entities and 4 % for Puerto Rican entities for the three months ended March 31, 2025 and 2024, as indicated below.
−Removed: Three Months Ended March 31, 2025 2024
−Removed: (In thousands) Amount Tax Effect Total Amount Tax Effect Total
−Removed: Unrealized gains (losses):
−Removed: Unrealized holding gains (losses) arising during the period $ 18,334 ( 1,362 ) 16,972 ( 13,416 ) 1,198 ( 12,218 )
−Removed: Reclassification adjustment for (gains) losses included in net income (loss)
+Added: The changes in the components of other comprehensive income (loss) are reported net of the effects of income taxes of 21% for domestic entities and 4 % for Puerto Rican entities for the three and six months ended June 30, 2025 and 2024.
+Added: The following table provides a rollforward of accumulated other comprehensive income (loss) for the periods indicated below.
+Added: (In thousands) Unrealized Gains and Losses on Available for Sale Securities Discount Rate for Liability for Future Policy Benefits Other Comprehensive Income (Loss)
+Added: Balance at December 31, 2024, net of tax
$ ( 169,599 ) 73,634 ( 95,965 )
−Removed: Unrealized holding gains (losses), net 18,417 ( 1,379 ) 17,038 ( 12,968 ) 1,104 ( 11,864 )
−Removed: Change in current discount rate for liability for future policy benefits ( 8,589 ) 442 ( 8,147 ) 33,995 ( 3,746 ) 30,249
−Removed: Other comprehensive income (loss) $ 9,828 ( 937 ) 8,891 21,027 ( 2,642 ) 18,385
+Added: Other comprehensive income (loss) before reclassification, before tax 18,334 ( 8,589 ) 9,745
+Added: Amounts reclassified from other comprehensive income (loss), before tax
+Added: Income tax benefit (expense)
+Added: ( 1,379 ) 442 ( 937 )
+Added: Balance at March 31, 2025, net of tax
+Added: ( 152,561 ) 65,487 ( 87,074 )
+Added: Other comprehensive income (loss) before reclassification, before tax 243 4,003 4,246
+Added: Amounts reclassified from other comprehensive income (loss), before tax 168 — 168
+Added: Income tax benefit (expense) ( 213 ) ( 782 ) ( 995 )
+Added: Balance at June 30, 2025, net of tax
+Added: $ ( 152,363 ) 68,708 ( 83,655 )
+Added: June 30, 2025 | 10-Q 35
+Added: CITIZENS, INC .
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (In thousands) Unrealized Gains and Losses on Available for Sale Securities Discount Rate for Liability for Future Policy Benefits Other Comprehensive Income (Loss)
+Added: Balance at December 31, 2023, net of tax
+Added: $ ( 141,741 ) 23,586 ( 118,155 )
+Added: Other comprehensive income (loss) before reclassification, before tax ( 13,416 ) 33,995 20,579
+Added: Amounts reclassified from other comprehensive income (loss), before tax
+Added: Income tax benefit (expense)
+Added: 1,104 ( 3,746 ) ( 2,642 )
+Added: Balance at March 31, 2024, net of tax
+Added: ( 153,605 ) 53,835 ( 99,770 )
+Added: Other comprehensive income (loss) before reclassification, before tax ( 14,258 ) 5,522 ( 8,736 )
+Added: Amounts reclassified from other comprehensive income (loss), before tax 199 — 199
+Added: Income tax benefit (expense) 951 ( 568 ) 383
+Added: Balance at June 30, 2024, net of tax
+Added: $ ( 166,713 ) 58,789 ( 107,924 )
(13) RELATED PARTY TRANSACTIONS
The Company has various routine related party transactions in conjunction with our holding company structure, such as management service agreements related to costs incurred, a tax sharing agreement between entities, and inter-company dividends and capital contributions.
−Removed: There were no changes related to these relationships during the three months ended March 31, 2025.
+Added: There were no changes related to these relationships during the six months ended June 30, 2025.
See our Form 10-K for a comprehensive discussion of related party transactions.
1 unchanged sentence
The Company has evaluated the impact of subsequent events as defined by the accounting guidance through the date this report was issued and determined that no other significant subsequent events need to be recognized or disclosed at this time.
−Removed: March 31, 2025 | 10-Q 33
+Added: June 30, 2025 | 10-Q 36
CITIZENS, INC.
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.