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 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.
Citizens, Inc. (CIA) announced regulatory approval on April 12, 2021, allowing the Harold E. Riley Foundation to transfer its Class B common stock back to the company. The transaction, finalized on March 5, 2021, involved a purchase price of $9,090,463.80. As a result, all Class B shares were reclassified as treasury stock, ensuring only Class A shares remain voting shares. This shift marks a significant change, as for the first time in over 30 years, Citizens is no longer a controlled company, empowering its leaders to focus on growth and shareholder interests.
Citizens National Life Insurance Company (a subsidiary of Citizens, Inc., NYSE: CIA) has entered the Florida insurance market, launching its Whole Life insurance product tailored for Spanish and Portuguese speakers. The Longevity Max™ product combines life insurance with savings protection, offering conservative returns. With over 50 years in the insurance sector, CNLIC aims to serve Florida's Hispanic community, leveraging its vast experience in Latin America. President Robert Mauldin emphasizes the company's commitment to delivering reliable financial security and outstanding service.
Citizens, Inc. (NYSE: CIA) reported a net loss of ($0.22) per Class A share for 2020 due to one-time expenses triggered by a change-in-control. Excluding these, the loss was ($0.03). Total revenue declined by 5% year-over-year, with first-year premiums in the Life Insurance segment increasing by 15% in Q4 2020 versus Q4 2019. The Foundation Settlement Agreement paves the way for strategic growth. Despite challenges from the pandemic, the company saw improvements in policy issuance and virtual operations.
Citizens, Inc. (NYSE: CIA) announced the dismissal of Colorado litigation and the acquisition of all Class B common stock from the Harold E. Riley Foundation. This move stabilizes the company’s governance, allowing Class A shareholders to elect their directors. The litigation dismissal came after Baylor University and Southwestern Theological Seminary resolved their disputes with the Foundation's trustees. This agreement positions Citizens to refocus on business growth and strategic initiatives while committing to support Baylor and Southwestern through future donations.
Citizens, Inc. (NYSE: CIA) reported Q3 2020 results, revealing a Class A earnings per share decline of $0.20 due to one-time expenses from a recent Change-in-Control. Excluding this, EPS fell by $0.011. However, key metrics showed improvements over Q2 2020, including a 3% revenue increase and a 27% rise in first-year sales. The company also noted a 5% rise in renewal premiums and a significant 157% increase in policies issued. Despite the challenges posed by COVID-19 and Hurricane Laura, Citizens is optimistic about future growth initiatives, aiming to enhance product delivery and customer engagement.
Citizens, Inc. (CIA) reported Q2 2020 results with earnings per share improving by $0.07 compared to Q2 2019. The company faced a net loss of $1.0 million, or $0.02 per share, despite a 3% rise in revenue driven by higher realized gains. Total assets increased by 7% to $1.8 billion, with cash and equivalents rising by 52% to $52 million. The pandemic impacted product sales and claims, particularly in the Life Insurance segment, where first-year premiums dropped by 41%. Operational changes, including virtual sales training, were implemented to adapt to market conditions.
Citizens, Inc. (NYSE: CIA) announced the resignation of Geoffrey Kolander as President and CEO due to a change of control. The Board of Directors has appointed Gerald Shields as interim CEO while searching for a permanent replacement. Kolander played a vital role in the company’s transformation and leadership development over the past four years. He will continue to consult during the transition. Citizens, Inc. focuses on growth through U.S. Dollar-denominated whole life cash value insurance and other financial services.
FAQ
What is the current stock price of Citizens (CIA)?
What is the market cap of Citizens (CIA)?
What does Citizens, Inc. specialize in?
What are the main operating segments of Citizens, Inc.?
Who are the subsidiaries of Citizens, Inc.?
In which regions does Citizens, Inc. provide its services?
How does Citizens, Inc. generate its revenue?
What recent recognition has Citizens, Inc. received?
What is Citizens, Inc.'s strategic focus?
How has Citizens, Inc. performed financially recently?
What are the benefits offered by Citizens, Inc.'s insurance products?
Where can more information about Citizens, Inc. be found?
