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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 National Life Insurance Company, a subsidiary of Citizens, Inc. (NYSE: CIA), has launched a new Critical Illness Coverage product, its third in the past year. This product provides direct benefits to policyholders facing qualifying critical illnesses, allowing them flexibility in their spending on medical deductibles or everyday expenses. President Bob Mauldin highlighted the product's aim to supplement health insurance. Citizens National also emphasizes tailored services for Spanish and Portuguese-speaking clients, enhancing customer experience in the life insurance market.
Citizens, Inc. (NYSE: CIA) has appointed Gerald W. Shields as its Chief Executive Officer, effective January 1, 2022. Mr. Shields, who has served as Interim CEO since August 2020, will also remain on the Board as Vice-Chairman. With over 30 years of experience in health insurance and technology, he is recognized as a strategic leader capable of navigating the company through transitions. The Board expresses confidence in Shields' ability to enhance shareholder value.
Citizens, Inc. (NYSE: CIA) has announced the launch of a new Critical Illness Coverage product through its subsidiary, Security Plan Life Insurance Company. The product provides direct cash benefits to policyholders diagnosed with a qualifying illness, allowing them flexibility in spending on various needs, from medical expenses to everyday costs like rent and food. Security Plan, operating since 1996, aims to meet the financial needs of middle- and lower-income households in Louisiana, Mississippi, and Arkansas. This initiative reflects the company's commitment to enhancing coverage for critical life events.
Citizens, Inc. (NYSE: CIA) reported a Q3 2021 net loss of $0.06 per share, improving by $0.10 year-over-year. Total revenues increased by 3% to $61.6 million, bolstered by higher realized gains. While operating expenses dropped 46% due to lower Change-in-Control costs, higher hurricane losses and COVID-19 related mortality impacted earnings. The Life Insurance segment saw a 19% rise in issued policies, totaling $64 million, although premium revenues were affected by Hurricane Ida and increased death claims. The company holds total investments of $1.6 billion and boasts no debt.
Citizens, Inc. (NYSE: CIA) reported Q2 2021 earnings of $0.10 per share, a $0.12 increase year-over-year, driven by realized gains and premium revenue growth. Revenue rose 9%, with significant increases in first-year premiums—up 53% overall. Notable growth was seen in the Home Services segment, which grew 30%. However, total stockholders' equity decreased to $269,125 from $289,793 year-over-year. The company continues to focus on product innovation and improving distribution capabilities.
Citizens, Inc. (NYSE: CIA) has appointed three new board members as of August 1, 2021, reinforcing its commitment to diversity and expertise in the insurance sector. The new members include Cindy Davis, Keith Morgan, and Mary Taylor, each bringing significant experience relevant to the company's strategic objectives. Davis specializes in underwriting, Morgan in legal and regulatory matters, while Taylor has a strong background in finance and operations. The board now consists of 10 members with 20% being diverse, aimed at enhancing company oversight and stakeholder service.
Citizens, Inc. (NYSE: CIA) has appointed Sheryl Kinlaw as Chief Legal Officer, effective immediately. Kinlaw, who has over 20 years of legal experience, previously served as Interim Chief Legal Officer since April 2021 and as outside counsel since March 2020. Her role encompasses overseeing legal, regulatory, governance, and compliance matters. Vice-Chairman Gerald W. Shields expressed confidence in her ability to aid the company's growth strategy. Citizens, Inc. focuses on U.S. Dollar-denominated whole life insurance policies and related financial products.
Citizens, Inc. (NYSE: CIA) announced the launch of a new Whole Life insurance product, Security Plan Plus, under its subsidiary Security Plan Life Insurance Company (SPLIC). This product aims to address the needs of middle-income consumers in Louisiana, Mississippi, and Arkansas. Security Plan Plus promises a streamlined application process and competitive features, enhancing financial security for families. The company's focus remains on expanding its offerings to meet evolving market demands, indicating a commitment to growth in the Home Service market.
Citizens, Inc. (NYSE: CIA) announced that shareholders approved its say-on-pay proposal for the first time in three years, with 76% voting in favor. This decision reflects the Company’s commitment to enhance its executive compensation program and align it with shareholder expectations. The expanded pay-for-performance program now applies from executives to department directors and emphasizes four key business goals: first-year sales targets for markets, policy retention goals, execution milestones on the business roadmap, and financial targets for net earnings improvements.
Citizens, Inc. (NYSE: CIA) reported a Q1 2021 net loss of ($0.07) per share, consistent with the prior year, amidst a challenging COVID-19 environment. Revenue remained flat due to lower renewal premiums, although new policies issued surged by 22% reflecting improved operational strategies and agent recruitment.
The company announced regulatory approval to purchase Class B shares, restoring control to one class of voting shares. While claims and surrenders rose 16% due to increased death claims, general expenses saw a 1% decrease, highlighting management's focus on growth and compliance.
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