Benefit Plans

12 Months Ended

Dec. 31, 2024

Benefit Plans [Abstract]

Benefit Plans

The Company sponsors a defined contribution retirement plan.  The plan was initially established as the Citizens, Inc. Profit Sharing Plan and was restated as the Citizens, Inc. 401(k) Retirement and Profit Sharing Plan effective March 1, 2016. There have been no profit sharing contributions since 2014.

The 401(k) plan automatically enrolls employees who have completed three months of service. Voluntary contributions are made by employees and the Company provides a matching contribution based upon the employee's level of contribution. The Company's expense was $0.8 million in both 2024 and 2023.

Until December 31, 2024, the Company was primarily self-insured for employee health benefits.  The Company recorded its self-insurance liability based on an estimate of claims incurred but not yet reported. Through December 31, 2024, we also had stop-loss coverage for amounts in excess of $80,000 per individual per year.