Welcome to our dedicated page for Citizens news (Ticker: CIA), a resource for investors and traders seeking the latest updates and insights on Citizens stock.
Citizens, Inc. (NYSE: CIA) is a diversified financial services company that has been serving the life insurance needs of individuals in the United States since 1969 and internationally since 1975. The company operates through its various insurance subsidiaries including CICA Life Insurance Company of America ("CICA Life"), Citizens National Life Insurance Company ("CNLIC"), Security Plan Life Insurance Company ("SPLIC"), and Security Plan Fire Insurance Company ("SPFIC").
Citizens provides insurance benefits to residents in thirty-two U.S. states and more than seventy countries. The company’s primary sources of revenue are life insurance premiums from their two operating segments: the Life Insurance segment and the Home Service Insurance segment. The Life Insurance segment constitutes the majority of the company’s revenue. In addition to premiums, Citizens also generates income from its investment portfolio.
The company has recently been recognized by AM Best, a global credit rating agency specializing in the insurance industry. In July 2023, CICA Life Insurance Company of America was assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of bbb+ (Good), reflecting a stable outlook and the strength of its balance sheet.
Recent achievements and ongoing projects of Citizens include the successful introduction of new insurance products, which are experiencing significant demand and contributing to the persistent expansion of their customer base. The company has also been strategically moving its international business operations from Bermuda to Puerto Rico to better serve their global clientele.
Financially, Citizens has demonstrated resilience and growth. For example, in the second quarter of 2023, net income increased to $6.1 million, up from $2.5 million in the prior year quarter. Total revenues grew by 9% to $58.5 million, driven by increased premiums and net investment income. Moreover, the company maintains a positive cash flow from operations annually since 2004, showcasing its strong liquidity and financial health.
Citizens' customer-centric growth strategy focuses on addressing the evolving needs of its customers with innovative products tailored to their native languages, including Spanish, Portuguese, and Mandarin. The company continues to invest in enhancing its distribution capabilities and expanding its reach in both established and underserved markets.
Citizens Inc (NYSE: CIA) announced the filing of a new shelf registration statement on Form S-3 with the SEC to replace its expiring registration on November 30, 2024. The new filing reduces the number of shares available under the company's Stock Investment Plan (SIP) from 15 million to 5 million shares. The SIP, in place since 2001, allows investors to purchase shares either directly from the company or through the open market. The company clarified that while it currently doesn't use the SIP for capital raising, the renewal maintains future flexibility in capital management as part of its strategic growth plan.
Citizens, Inc. (NYSE: CIA) reported its Q3 2024 financial results, highlighting significant achievements and growth. The company saw a 75% increase in insurance issued, amounting to $307.6 million, marking its fourth consecutive record quarter. Total revenues rose by 4% to $61.7 million, and direct first-year life and A&H premiums surged by 70%. Despite these gains, income before federal income tax fell to $3.0 million from $4.6 million in Q3 2023, with adjusted income before federal income tax decreasing to $2.2 million from $5.7 million. Net income was $2.8 million or $0.05 per share, up from $2.7 million or $0.05 per share in Q3 2023. The company maintained positive net cash from operations, totaling $9.7 million, and reported cash and cash equivalents of $32.4 million with no debt. Book value per Class A share increased by 35% to $4.16. Citizens expanded its licensing to 42 states and Washington, D.C. and grew its network of agents by 86% since December 2023.
Citizens Inc (NYSE: CIA), a diversified financial services company focusing on life, living benefits, and final expense insurance, has announced its participation in two upcoming investor conferences. The company will present at the Emerging Growth Virtual Conference on October 31, 2024, at 2:25 ET, and participate in a fireside chat at the Singular Research Virtual Conference on December 12, 2024, at 1:45 ET. Both events will feature live, interactive webcasts accessible through the company's Investor Relations website, with archived recordings available for future viewing.
Citizens, Inc. (NYSE: CIA), a leading diversified financial services company, has announced its participation in three upcoming investor conferences:
- Singular Research Virtual Conference on September 11, 2024, featuring a fireside chat at 11:30 ET
- Emerging Growth Virtual Conference on September 26, 2024, with a presentation at 2:55 ET
- LD Micro 17th Annual Main Event Conference in Los Angeles on October 29, 2024, including a presentation at 12:30 PT and one-on-one meetings
All conference webcasts will be accessible on Citizens' Investor Relations website and archived for future viewing. This series of conferences provides opportunities for investors to engage with Citizens' management and gain insights into the company's operations and strategies.
Citizens, Inc. (NYSE: CIA), a diversified financial services company, has announced its participation in three upcoming investor conferences:
- Sidoti Micro-Cap Virtual Conference on August 15, 2024, featuring a fireside chat at 11:30 AM ET
- Emerging Growth Virtual Conference on August 22, 2024, with a presentation at 10:50 ET
- LD Micro 17th Annual Main Event Conference in Los Angeles on October 29, 2024, including a presentation at 12:30 PT
Management will attend one-on-one meetings at the Sidoti and LD Micro conferences. Live webcasts and slide presentations will be accessible on the company's Investor Relations website and archived for future viewing. These events provide opportunities for investors to engage with Citizens management and gain insights into the company's operations and strategies.
Citizens, Inc. (NYSE: CIA) reported strong Q2 2024 results, with total revenues increasing 6% to $62.1 million. The company achieved record-setting performance, including the highest amount of insurance issued ever in a quarter at $295.2 million, up 86% year-over-year. Direct first year life and A&H premiums increased 85%, marking the seventh consecutive quarter of year-over-year growth. The global network of producing agents expanded by 45% since December 31, 2023. Despite higher expenses, Citizens reported net income of $4.0 million, or $0.08 per fully diluted Class A share. The company maintains a strong financial position with $26.3 million in cash and no debt. Book value per Class A share increased 30% over the year-ago quarter to $3.85.
Citizens announced that Jon Stenberg, currently the President, will become the Chief Executive Officer effective July 1, 2024. Gerald W. Shields, the current CEO and Vice Chairman, will continue as Vice Chairman of the Board. Shields has been with Citizens since 2020 and has achieved record-setting results, including a 61% increase in insurance issued year-over-year in Q1 2024. The company projects continued sales and profit growth into 2025. Stenberg, who joined Citizens in March 2024, brings over 30 years of experience in the life insurance industry, including leadership roles at Symetra Life Insurance, Ameriprise Financial, New York Life, UBS Insurance Agency, and Lincoln Financial Group.
Citizens, a diversified financial services company (NYSE: CIA), announced a correction regarding a misattribution on some investor platforms. The Federal Reserve's 2024 stress test report on June 26, 2024, involved Citizens Financial Group (NYSE: CFG), a bank subjected to the stress test. However, some platforms mistakenly tagged Citizens (CIA), which is not a bank and not part of the stress test. The company aims to clarify this distinction to prevent misinformation.
Citizens, a diversified financial services company specializing in life, living benefits, and final expense insurance, announced its participation in two upcoming investor conferences. The Emerging Growth Virtual Conference will take place on June 13, 2024, where Citizens will present at 2:35 PM ET. The Sidoti Micro-Cap Virtual Conference is scheduled for August 15, 2024, where management will be available for one-on-one meetings and a fireside chat webcast at 11:30 AM ET. Both events will be webcast live and archived on Citizens' Investor Relations website for future viewing.
Citizens, Inc. reported strong first quarter financial results for 2024, showcasing record insurance issued, high revenue growth, and positive net cash flow. The company remains committed to sustainable growth and value creation for shareholders, with a focus on product innovation, sales expansion, and profitable development. Key highlights include a 3% revenue increase, $4.5 million net income, and significant growth in life and A&H premiums.
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