Citizens, Inc. Reports Full Year and Fourth Quarter 2024 Financial Results
Citizens Inc (NYSE: CIA) reported its full year and Q4 2024 financial results, marking significant growth milestones. Total revenues reached $245.0 million in 2024, up from $240.7 million in 2023. The company achieved record-breaking insurance issuance of over $1.1 billion in 2024, a 54% increase from 2023, with total direct insurance in force exceeding $5.2 billion.
Key highlights include: First year premiums increased for the ninth consecutive quarter, with Q4 2024 showing an 84% increase. The company expanded its presence to 43 U.S. states, up from 39 in 2023. Global producing agents network grew 72% year-over-year. However, income before federal income tax decreased to $15.0 million in 2024 from $26.2 million in 2023.
Book value per Class A share rose 21% to $4.21, and the company maintained positive net cash from operations, reaching $31.9 million in 2024. Management expects continued sales growth leading to revenue and profit growth in 2025 and stronger performance in 2026.
Citizens Inc (NYSE: CIA) ha riportato i risultati finanziari per l'intero anno e il quarto trimestre del 2024, segnando traguardi di crescita significativi. I ricavi totali hanno raggiunto $245,0 milioni nel 2024, rispetto ai $240,7 milioni del 2023. L'azienda ha raggiunto un'emissione record di assicurazioni superiore a $1,1 miliardi nel 2024, con un aumento del 54% rispetto al 2023, e il totale delle assicurazioni dirette in vigore ha superato i $5,2 miliardi.
I punti salienti includono: i premi del primo anno sono aumentati per il nono trimestre consecutivo, con il Q4 2024 che mostra un incremento dell'84%. L'azienda ha ampliato la sua presenza a 43 stati americani, rispetto ai 39 del 2023. La rete degli agenti produttori a livello globale è cresciuta del 72% anno su anno. Tuttavia, il reddito prima delle imposte federali è diminuito a $15,0 milioni nel 2024, rispetto ai $26,2 milioni del 2023.
Il valore contabile per azione di Classe A è aumentato del 21% a $4,21, e l'azienda ha mantenuto un flusso di cassa netto positivo dalle operazioni, raggiungendo $31,9 milioni nel 2024. La direzione prevede una continua crescita delle vendite che porterà a una crescita dei ricavi e dei profitti nel 2025 e a una performance più forte nel 2026.
Citizens Inc (NYSE: CIA) reportó sus resultados financieros del año completo y del cuarto trimestre de 2024, marcando hitos de crecimiento significativos. Los ingresos totales alcanzaron $245,0 millones en 2024, en comparación con los $240,7 millones de 2023. La compañía logró una emisión récord de seguros de más de $1,1 mil millones en 2024, un aumento del 54% respecto a 2023, con un total de seguros directos en vigor que supera los $5,2 mil millones.
Los aspectos destacados incluyen: las primas del primer año aumentaron durante el noveno trimestre consecutivo, con el Q4 2024 mostrando un aumento del 84%. La compañía amplió su presencia a 43 estados de EE. UU., frente a 39 en 2023. La red de agentes productores a nivel global creció un 72% interanual. Sin embargo, los ingresos antes de impuestos federales disminuyeron a $15,0 millones en 2024, desde $26,2 millones en 2023.
El valor contable por acción de Clase A aumentó un 21% a $4,21, y la compañía mantuvo un flujo de caja neto positivo de las operaciones, alcanzando $31,9 millones en 2024. La dirección espera un crecimiento continuo de las ventas que lleve a un aumento de los ingresos y beneficios en 2025 y un rendimiento más sólido en 2026.
Citizens Inc (NYSE: CIA)는 2024년 전체 연도 및 4분기 재무 결과를 보고하며 중요한 성장 이정표를 기록했습니다. 총 수익은 2024년에 $245.0 백만에 도달하여 2023년의 $240.7 백만에서 증가했습니다. 이 회사는 2024년에 $1.1억 이상의 보험 발행 기록을 달성했으며, 이는 2023년 대비 54% 증가한 수치로, 총 직접 보험 가입 금액은 $5.2억을 초과했습니다.
주요 하이라이트에는: 첫 해 보험료가 아홉 분기 연속 증가했으며, 2024년 4분기에는 84% 증가했습니다. 이 회사는 2023년 39개에서 43개 미국 주로 사업을 확장했습니다. 글로벌 생산 에이전트 네트워크는 전년 대비 72% 성장했습니다. 그러나 연방 소득세 전 소득은 2024년에 $15.0 백만으로 감소했으며, 2023년에는 $26.2 백만이었습니다.
클래스 A 주당 장부 가치는 21% 상승하여 $4.21에 도달했으며, 회사는 운영에서 긍정적인 순 현금을 유지하며 2024년에 $31.9 백만에 도달했습니다. 경영진은 2025년에 수익 및 이익 증가로 이어지는 지속적인 판매 성장을 기대하고 있으며, 2026년에는 더 강력한 성과를 기대하고 있습니다.
Citizens Inc (NYSE: CIA) a annoncé ses résultats financiers pour l'année complète et le quatrième trimestre de 2024, marquant des jalons de croissance significatifs. Les revenus totaux ont atteint $245,0 millions en 2024, contre $240,7 millions en 2023. L'entreprise a réalisé une émission record d'assurances de plus de $1,1 milliard en 2024, soit une augmentation de 54% par rapport à 2023, avec un total d'assurances directes en vigueur dépassant les $5,2 milliards.
Les points forts incluent : les primes de première année ont augmenté pour le neuvième trimestre consécutif, le Q4 2024 montrant une augmentation de 84%. L'entreprise a élargi sa présence à 43 États américains, contre 39 en 2023. Le réseau d'agents producteurs à l'échelle mondiale a crû de 72% d'une année sur l'autre. Cependant, le revenu avant impôt fédéral a diminué à $15,0 millions en 2024, contre $26,2 millions en 2023.
La valeur comptable par action de Classe A a augmenté de 21% pour atteindre $4,21, et l'entreprise a maintenu un flux de trésorerie net positif provenant des opérations, atteignant $31,9 millions en 2024. La direction s'attend à une poursuite de la croissance des ventes entraînant une augmentation des revenus et des bénéfices en 2025 et une performance plus forte en 2026.
Citizens Inc (NYSE: CIA) hat seine Finanzzahlen für das gesamte Jahr und das vierte Quartal 2024 veröffentlicht und dabei bedeutende Wachstumsmeilensteine erreicht. Die Gesamterlöse beliefen sich 2024 auf $245,0 Millionen, ein Anstieg von $240,7 Millionen im Jahr 2023. Das Unternehmen erzielte eine rekordverdächtige Versicherungsproduktion von über $1,1 Milliarden im Jahr 2024, was einem Anstieg von 54% gegenüber 2023 entspricht, wobei die Gesamtsumme der in Kraft befindlichen Direktversicherungen $5,2 Milliarden überstieg.
Zu den wichtigsten Highlights gehören: Die Erstjahresprämien stiegen im neunten aufeinanderfolgenden Quartal, wobei das Q4 2024 einen Anstieg von 84% zeigte. Das Unternehmen erweiterte seine Präsenz auf 43 US-Bundesstaaten, von 39 im Jahr 2023. Das Netzwerk der globalen Produktionsagenten wuchs im Jahresvergleich um 72%. Allerdings sank das Einkommen vor der Bundessteuer auf $15,0 Millionen im Jahr 2024, verglichen mit $26,2 Millionen im Jahr 2023.
Der Buchwert pro Stammaktie der Klasse A stieg um 21% auf $4,21, und das Unternehmen hielt einen positiven Netto-Cashflow aus dem operativen Geschäft, der 2024 $31,9 Millionen erreichte. Das Management erwartet ein anhaltendes Umsatzwachstum, das zu Umsatz- und Gewinnwachstum im Jahr 2025 und einer stärkeren Leistung im Jahr 2026 führen wird.
- Record insurance issuance of $1.1 billion in 2024, up 54% from 2023
- First year premiums increased 84% in Q4 2024
- Global producing agents network grew 72% year-over-year
- Book value per Class A share increased 21% to $4.21
- Positive net cash from operations of $31.9 million in 2024
- Expanded presence to 43 U.S. states from 39 in 2023
- Income before federal income tax declined to $15.0 million in 2024 from $26.2 million in 2023
- Q4 2024 net income decreased to $3.6 million from $10.7 million in Q4 2023
- $3.4 million decrease in investment gains due to BlackRock fund write-down
- Direct renewal premiums decreased to $40.7 million in Q4 2024 from $41.6 million year-ago
Insights
Citizens, Inc.'s 2024 results represent a significant inflection point in the company's growth trajectory after years of stagnation. Total revenues increased to
The company's underlying operational metrics show promising momentum. Insurance issued reached a record
From a balance sheet perspective, Citizens maintains financial strength with
Despite the impressive operational momentum, investors should monitor the
Citizens' 2024 results showcase a textbook insurance business transformation. The
The record
The
While income declined, this reflects typical dynamics of a growth phase in insurance - new business strain where acquisition costs precede premium recognition. The
The company's achievement of all three strategic milestones (premium growth, agent expansion, and product development) indicates management is executing effectively against their transformation roadmap while maintaining their niche focus on life, living benefits, and final expense insurance.
Total revenues of
$245.0 million in the full year 2024, from$240.7 in 2023. Adjusted total revenues of$247.6 million in the full year 2024, from$239.9 million in 2023.Total revenues of
$63.5 million in Q4 2024, from$66.9 million in Q4 2023. Adjusted total revenues of$67.6 million in Q4 2024, from$65.6 million in Q4 2023.Income before federal income tax of
$15.0 million in the full year 2024, from$26.2 million in 2023. Adjusted income before federal income tax of$21.3 million in the full year 2024, from$26.6 million in 2023.Income before federal income tax of
$3.7 million in Q4 2024, from$8.8 million in Q4 2023. Adjusted income before federal income tax of$8.0 million in Q4 2024, from$7.6 million in Q4 2023.
Austin, Texas--(Newsfile Corp. - March 13, 2025) - Citizens, Inc. (NYSE: CIA), a leading diversified financial services company specializing in life, living benefits, and final expense insurance, today reported results for the fourth quarter 2024 and full year ended December 31, 2024.
"We are thrilled that our total annual premium revenue grew for the first time since 2017, reflecting the success of our growth-oriented strategic initiatives. In 2024, our new products and the expansion of our distribution channels led to the issuance of the highest amount of insurance ever in a year of over
"In Q4 2024, first year premiums increased year-over-year for the ninth consecutive quarter. Insurance issued increased
"As we look ahead, we expect continued sales growth leading to revenue and profit growth in the full year 2025 and stronger growth in full year 2026. We believe we're well positioned to drive long-term value creation for our shareholders, supported by our robust global business model. Our strong performance in 2024, combined with our competitive advantages in expanding niche markets globally, rapid sales force expansion, and expertise in profitable product development, reinforces great confidence in our outlook," concluded Stenberg.
Recent Business Highlights
Record setting results and highlight accomplishments for Citizens, including:
Insurance issued was
$262.6 million in Q4 2024, up10% compared to the same period in 2023, from sales of our new domestic products and strong international sales.Record total direct insurance in force - over
$5.2 billion of total direct insurance in force at December 31, 2024.Direct first year life and A&H premiums increased
84% in Q4 2024, the ninth consecutive quarter of year-over-year growth in first year premiums, driven by growth and new products.Record number of agents - increased global network of producing agents, up
72% since December 31, 2023.Licensed in 43 U.S. states and Washington, D.C., up from 39 at 2023 year-end and up from 32 at 2022 year-end.
Full Year 2024 Financial Highlights
Total revenues of
$245.0 million increased in the full year 2024 compared to$240.7 million in 2023 driven by$7.0 million increase in life insurance premiums. Excluding investment related gains (losses), adjusted total revenues of$247.6 million increased in the full year 2024, from$239.9 million in 2023.Direct first year life and A&H premiums increased
71% in 2024, driven by growth in both the domestic and international markets of our Life Insurance segment.Income before federal income tax of
$15.0 million in the full year 2024, from$26.2 million in 2023. The factors that impacted that change were:primarily non-cash
$3.4 million decrease in investment related gains (losses) mostly related to a write-down of our BlackRock fund;the non-cash accrual of
$3.5 million in legal fees awarded to certain defendants in the trade secret lawsuit; andtotal premium revenues increased by
$6.3 million in 2024 for the first time in 7 years, but offset by an$11.5 million increase in total insurance benefits paid or provided.
Adjusted income before federal income tax of
$21.3 million in the full year 2024 compared to$26.6 million in 2023. Adjusted income before federal income tax excludes investment related gains (losses), loss from ceased property insurance business and the legal fee accrual.Net income of
$14.9 million or$0.29 per fully diluted Class A share in the full year 2024, compared to$24.4 million or$0.48 per fully diluted Class A share in 2023.Positive net cash provided by operating activities of
$31.9 million in the full year 2024 compared to$22.1 million in 2023. The Company has had positive net cash provided by operating activities annually since 2004.Total assets of
$1.7 billion and cash and cash equivalents of$29.3 million and no debt at December 31, 2024.Book value per Class A share of
$4.21 increased21% over the year-ago. Book value per Class A share excluding accumulated other comprehensive income (loss) (AOCI) of$6.14 increased5% over the year-ago.
2024 Milestones
For 2024, the Company set the following milestones:
Increase first year premium revenues at least
Result Full Year 2024: Increased
Expand global network of producing agents at least
Result Full Year 2024: Increased
Introduce 2 to 3 new products or major product enhancements
Result Full Year 2024: Product enhancement and two new products
Fourth Quarter 2024 Performance and Highlights
Total revenues of
Total benefits and expenses increased by
Income before federal income tax of
Net income for the fourth quarter of 2024 was
Investments
Net investment income of
The carrying value of the Company's fixed maturity securities investment portfolio at December 31, 2024 was
Cash Flow
Positive net cash provided by operating activities was
Upcoming Conference
Emerging Growth Virtual Conference on March 27, 2025
Citizens management plans to present at the Emerging Growth Virtual Conference on March 27 at 1:45 p.m. ET. The live, interactive webcast and slide presentation will be accessible on the Company's Investor Relations website under the Events tab HERE. The webcast will be archived on the website for future viewing.
About Citizens, Inc.
Citizens, Inc. (NYSE: CIA) is a diversified financial services company providing life, living benefits and final expense insurance and other financial products to individuals and small businesses in the U.S., Latin America, and Asia. Through its customer-centric growth strategy, Citizens offers innovative products to address the evolving needs of its customers in their native languages of English, Spanish, Portuguese, and Mandarin. The Company operates two primary segments: Life Insurance, where internationally the Company is a market leader in U.S. Dollar denominated life insurance and where it is growing in niche markets in the United States through its final expense products distributed through white-label and established distribution channels, and Home Service Insurance, which operates primarily in the U.S. Gulf coast region. For more information about Citizens, please visit the website at www.citizensinc.com and LinkedIn.
Explanatory Notes on Use of Non-GAAP Measures
Adjusted Revenues
Adjusted revenues is a non-GAAP measure that excludes investment related gains (losses) from total revenues. Management believes the adjusted revenues metric is meaningful, as it allows investors to evaluate revenues generated by core business activities excluding items that are heavily impacted by investment market fluctuations.
Adjusted Income Before Federal Income Tax
Adjusted Income Before Federal Income Tax is a non-GAAP measure that is computed as pre-tax GAAP operating income with discrete adjustments that exclude net investment related gains (losses), income (loss) from ceased businesses and other special items not indicative of operating trends. Management believes this metric is meaningful, as it allows investors to evaluate underlying profitability and enhances comparability across periods, by excluding items that are heavily impacted by investment market fluctuations and other economic factors and are not indicative of operating trends. Management believes the pre-tax metric is a more useful comparison than the post-tax metric, as the Company's effective tax rate can fluctuate significantly from quarter-to-quarter.
Adjusted Book Value Per Class A Common Share
Adjusted book value per Class A common share is a non-GAAP measure that is calculated by dividing actual Class A common stockholders' equity, excluding AOCI, by the number of Class A common shares outstanding at the end of the period. Management believes this metric is meaningful, as it allows investors to evaluate underlying book value growth by excluding the impact of interest rate volatility.
Selected Consolidated Financial Data | |||||||||
As of and for the periods ended | Three Months Ended December 31, | Year Ended December 31, | |||||||
(In thousands, except per share data) | 2024 | 2023 | 2024 | 2023 | |||||
Balance sheet data | |||||||||
Total assets | $ | 1,685,325 | 1,668,928 | 1,685,325 | 1,668,928 | ||||
Total liabilities | 1,474,970 | 1,496,799 | 1,474,970 | 1,496,799 | |||||
Total stockholders' equity | 210,355 | 172,129 | 210,355 | 172,129 | |||||
Total direct insurance in force | 5,227,506 | 4,922,254 | 5,227,506 | 4,922,254 | |||||
Operating items | |||||||||
Insurance premiums | $ | 49,199 | 47,038 | 173,328 | 167,039 | ||||
Net investment income | 17,308 | 17,567 | 69,712 | 69,254 | |||||
Investment related gains (losses), net | (4,163) | 1,237 | (2,626) | 760 | |||||
Total revenues | 63,474 | 66,849 | 245,001 | 240,680 | |||||
Claims and surrenders | 41,961 | 35,195 | 146,082 | 135,993 | |||||
Other general expenses | 12,194 | 11,654 | 52,266 | 47,131 | |||||
Total benefits and expenses | 59,758 | 58,075 | 230,021 | 214,506 | |||||
Income before federal income tax | 3,716 | 8,774 | 14,980 | 26,174 | |||||
Federal income tax expense (benefit) | 95 | (1,967) | 68 | 1,737 | |||||
Net income | 3,621 | 10,741 | 14,912 | 24,437 | |||||
Per share data | |||||||||
Book value per share | $ | 4.21 | 3.47 | 4.21 | 3.47 | ||||
Diluted income per Class A share | 0.07 | 0.21 | 0.29 | 0.48 |
Definition of Reported Segments
The Company is comprised of two operating business segments and other non-insurance enterprises as detailed below. The insurance operations are the Company's primary focus and are the lead income generators of the business.
Life Insurance – The Life Insurance segment primarily issues U.S. dollar-denominated ordinary whole life insurance and endowment policies predominantly sold to non-U.S. residents located principally in Latin America and the Pacific Rim. Domestically, we are licensed in 43 U.S. states and sell whole life final expense insurance and life insurance with living benefits and critical illness products. These products are sold primarily through independent marketing organizations.
Home Service Insurance – The Home Service Insurance segment provides final expense life insurance policies marketed to middle- and lower-income households, and whole life products with higher allowable face values in Louisiana, Mississippi, and Arkansas. These products are sold through independent agents and funeral homes.
Selected Segment Financial Data | |||||||||
As of and for the periods ended | Three Months Ended December 31, | Year Ended December 31, | |||||||
(In thousands) | 2024 | 2023 | 2024 | 2023 | |||||
LIFE INSURANCE SEGMENT | |||||||||
Balance sheet data | |||||||||
Total assets | $ | 1,291,300 | 1,267,243 | 1,291,300 | 1,267,243 | ||||
Operating items | |||||||||
Insurance premiums | $ | 38,522 | 36,017 | 130,189 | 122,145 | ||||
Net investment income | 13,590 | 13,882 | 54,666 | 54,352 | |||||
Investment related gains (losses), net | (3,928) | 424 | (2,185) | 301 | |||||
Total revenues | 49,313 | 51,309 | 187,153 | 180,403 | |||||
Claims and surrenders | 36,404 | 29,602 | 123,020 | 113,428 | |||||
Total benefits and expenses | 44,055 | 43,083 | 164,207 | 151,782 | |||||
Income (loss) before federal income tax | 5,258 | 8,226 | 22,946 | 28,621 | |||||
HOME SERVICE INSURANCE SEGMENT | |||||||||
Balance sheet data | |||||||||
Total assets | $ | 358,788 | 359,773 | 358,788 | 359,773 | ||||
Operating items | |||||||||
Insurance premiums | 10,677 | 11,021 | 43,139 | 44,894 | |||||
Net investment income | 3,544 | 3,453 | 14,162 | 13,832 | |||||
Investment related gains (losses), net | (245) | 805 | (424) | 522 | |||||
Total revenues | 13,977 | 15,295 | 56,898 | 59,265 | |||||
Claims and surrenders | 5,557 | 5,593 | 23,062 | 22,565 | |||||
Total benefits and expenses | 13,451 | 13,796 | 54,418 | 56,252 | |||||
Income (loss) before federal income tax | 526 | 1,499 | 2,480 | 3,013 |
GAAP to Non-GAAP Reconciliation
Reconciliation of Adjusted Revenues | |||||||||
For the periods ended | Three Months Ended December 31, | Year Ended December 31, | |||||||
Unaudited (In thousands) | 2024 | 2023 | 2024 | 2023 | |||||
Revenues | $ | 63,474 | 66,849 | 245,001 | 240,680 | ||||
Less: | |||||||||
Investment related gains (losses) | (4,163) | 1,237 | (2,626) | 760 | |||||
Adjusted revenues | $ | 67,637 | 65,612 | 247,627 | 239,920 |
Reconciliation of Adjusted Income Before Federal Income Tax | |||||||||
For the periods ended | Three Months Ended December 31, | Year Ended December 31, | |||||||
Unaudited (In thousands) | 2024 | 2023 | 2024 | 2023 | |||||
Income before federal income tax | $ | 3,716 | 8,774 | 14,980 | 26,174 | ||||
Less: | |||||||||
Investment related gains (losses) | (4,163) | 1,237 | (2,626) | 760 | |||||
Property insurance business income (loss) | (130) | (53) | (204) | (1,217) | |||||
Legal fee accrual | — | — | (3,500) | — | |||||
Adjusted income before federal income tax | $ | 8,009 | 7,590 | 21,310 | 26,631 |
Reconciliation of Stockholders' Equity and Book Value per Class A Common Share | ||||||
As of December 31, | ||||||
Unaudited (In thousands, except per share data) | 2024 | 2023 | ||||
Stockholders' equity, end of period | $ | 210,355 | 172,129 | |||
Less: Accumulated other comprehensive income (loss) (AOCI) | (95,965) | (118,155) | ||||
Stockholders' equity, end of period, excluding AOCI | $ | 306,320 | 290,284 | |||
Book value per Class A common share - diluted | $ | 4.21 | 3.47 | |||
Less: Per share impact of AOCI | (1.93) | (2.38) | ||||
Book value per Class A common share - diluted, excluding AOCI | $ | 6.14 | 5.85 |
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by words such as "may," "will," "expect," "anticipate", "believe", "project", "intends," "continue" or comparable words. Such forward-looking statements may relate to the Company's expectations regarding its business performance, operational strategy, capital expenditures, technological changes, regulatory actions, and other financial and operational measures. In addition, all statements other than statements of historical facts that address activities that the Company expects or anticipates will or may occur in the future are forward-looking statements. Such statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict and many of which are beyond our control. Therefore, actual outcomes and results may differ materially from those matters expressed or implied in such forward-looking statements. The risks, uncertainties and assumptions that are involved in our forward-looking statements include, but are not limited to the risk factors discussed in our most recently filed periodic reports on Form 10-K and Form 10-Q. The Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in the Company's expectations. Accordingly, you should not unduly rely on these forward-looking statements. The Company also disclaims any duty to comment upon or correct information that may be contained in reports published by the investment community.
Citizens, Inc. Investor Relations Contacts
Darrow Associates Investor Relations
Jeff Christensen and Matt Kreps
Email: CIA@darrowir.com (Jeff and Matt)
Phone: 703-297-6917 (Jeff) and 214-597-8200 (Matt)
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/244465