Schedule II

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Schedule II

Schedule II Condensed Financial Information of Registrant CITIZENS, INC. (Parent Company) Balance Sheets
December 31, (In thousands)	2023		2022
Assets:
Investment in subsidiaries (1)	$	140,557	88,222
Fixed maturity securities available-for-sale, at fair value	21,190		28,566
Equity securities, at fair value	23		770
Short-term investments	—		1,241
Cash	3,905		2,163
Accrued investment income	230		342
Accounts receivable from subsidiaries (1)	4,332		5,126
Property and equipment, net	9,251		10,387
Other assets	1,151		1,715
Total assets	$	180,639	138,532
Liabilities and Stockholders' Equity:
Liabilities:
Accrued expense and other liabilities	$	8,510	10,743
Total liabilities	8,510		10,743
Stockholders' equity:
Common stock:
Class A	268,675		268,147
Class B	3,184		3,184
Retained earnings	42,150		16,308
Unrealized investment gains (losses) on securities held by parent and subsidiaries, net of tax	(118,155)		(137,044)
Treasury stock	(23,725)		(22,806)
Total stockholders' equity	172,129		127,789
Total liabilities and stockholders' equity	$	180,639	138,532

 (1) Eliminated in consolidation.

Note to Schedule II:

Citizens, Inc.'s investments in consolidated subsidiaries are stated at cost plus equity in undistributed income of consolidated subsidiaries and unrealized gains (losses) on investments held by consolidated subsidiaries. The Company includes in its statements of operations and comprehensive income (loss) dividends from its subsidiaries and equity in income (loss) of consolidated subsidiaries, which represents the net income (loss) of each of its wholly-owned subsidiaries.

Schedule II, Continued Condensed Financial Information of Registrant CITIZENS, INC. (Parent Company) Statements of Operations and Comprehensive Income (Loss)
Years ended December 31, (In thousands)	2023		2022	2021
Comprehensive Income (Loss):
Revenues:
Management service fees (1)	$	42,394	35,413	33,311
Investment income	1,083		6,124	1,063
Other	6		6	(37)
Investment related gains (losses), net	(63)		(188)	1,197
Total revenues	43,420		41,355	35,534
Expenses:
General expenses	44,642		38,926	37,977
Taxes, licenses and fees	158		149	198
Total expenses	44,800		39,075	38,175
Income (loss) before federal income tax expense (benefit) and equity in income (loss) of consolidated subsidiaries	(1,380)		2,280	(2,641)
Federal income tax expense (benefit)	1,798		(571)	(1,661)
Income (loss) before equity in income (loss) of consolidated subsidiaries	(3,178)		2,851	(980)
Equity in income (loss) of consolidated subsidiaries	27,615		23,156	73,686
Net income (loss)	24,437		26,007	72,706
Other comprehensive income (loss)	18,889		1,945	49,581
Total comprehensive income (loss)	$	43,326	27,952	122,287

 (1) Eliminated in consolidation.

Note to Schedule II:

Citizens, Inc.'s investments in consolidated subsidiaries are stated at cost plus equity in undistributed income of consolidated subsidiaries and unrealized gains (losses) on investments held by consolidated subsidiaries. The Company includes in its statements of operations and comprehensive income (loss) dividends from its subsidiaries and equity in income (loss) of consolidated subsidiaries, which represents the net income (loss) of each of its wholly-owned subsidiaries.

Schedule II, Continued Condensed Financial Information of Registrant CITIZENS, INC. (Parent Company) Statements of Cash Flows
Years ended December 31, (In thousands)	2023		2022	2021
Cash flows from operating activities:
Net income (loss)	$	24,437	26,007	72,706
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Investment related gains (losses), net	63		188	(1,197)
Equity in loss (income) of consolidated subsidiaries	(27,615)		(23,156)	(73,686)
Change in accrued expenses and other liabilities	(1,398)		643	(11,458)
Change in federal income tax payable	—		(9,318)	(2,683)
Deferred federal income tax expense (benefit)	—		—	227
Amortization of premiums and discounts on investments	107		281	473
Depreciation	228		224	239
Change in accrued investment income	112		97	32
Stock-based compensation	588		461	646
Decrease (increase) in receivable from subsidiaries and other assets	795		705	(921)
Other, net	481		188	151
Net cash provided by (used in) operating activities	(2,202)		(3,680)	(15,471)
Cash flows from investing activities:
Purchases of fixed maturity securities, available-for-sale	(723)		(11,232)	(2,678)
Maturities and calls of fixed maturity securities, available-for-sale	6,027		9,721	7,548
Sales of fixed maturity securities, available-for-sale	2,580		4,314	6,952
Sales of property and equipment	—		2	14
Sale of equity securities	770		500	—
Sale of other long-term investments	—		—	8,790
Sale of real estate	—		—	3,552
Funding of mortgage loans	—		—	(1,000)
Principal payments on mortgage loans	—		1,000	—
Purchases of property and equipment	(130)		(32)	(119)
Purchases of short-term investments	—		(1,250)	—
Maturities of short-term investments	750		—	—
Sales of short-term investments	499		—	—
Net cash provided by (used in) investing activities	9,773		3,023	23,059
Cash flows from financing activities:
Issuance of common stock	—		2,244	2,255
Acquisition of treasury stock	(919)		(2,705)	(9,090)
Capital contribution to subsidiary	(4,850)		—	—
Other	(60)		(118)	(456)
Net cash provided by (used in) financing activities	(5,829)		(579)	(7,291)
Net increase (decrease) in cash	1,742		(1,236)	297
Cash at beginning of year	2,163		3,399	3,102
Cash at end of year	$	3,905	2,163	3,399

Note to Schedule II:

Citizens, Inc.'s investments in consolidated subsidiaries are stated at cost plus equity in undistributed income of consolidated subsidiaries and unrealized gains (losses) on investments held by consolidated subsidiaries. The Company includes in its statements of operations and comprehensive income (loss) dividends from its subsidiaries and equity in income (loss) of consolidated subsidiaries, which represents the net income (loss) of each of its wholly-owned subsidiaries.