Schedule II - Financial Statements (Tables)

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]


Schedule II Condensed Financial Information of Registrant CITIZENS, INC. (Parent Company) Balance Sheets
December 31, (In thousands)	2024		2023

Assets:
Investment in subsidiaries (1)	$	188,678	140,557
Fixed maturity securities, available-for-sale, at fair value	16,331		21,190
Equity securities, at fair value	21		23




Cash (restricted portion: $1,554 and none in 2024 and 2023, respectively)	4,272		3,905
Accrued investment income	197		230
Accounts receivable from subsidiaries (1)	4,292		4,332
Property and equipment, net	8,018		9,251

Other assets	283		1,151
Total assets	$	222,092	180,639
Liabilities and Stockholders' Equity:
Liabilities:
Accrued expense and other liabilities	$	11,737	8,510
Total liabilities	11,737		8,510
Stockholders' equity:
Common stock:
Class A	269,799		268,675
Class B	3,184		3,184
Retained earnings	57,062		42,150
Unrealized investment gains (losses) on securities held by parent and subsidiaries, net of tax	(95,965)		(118,155)
Treasury stock	(23,725)		(23,725)
Total stockholders' equity	210,355		172,129
Total liabilities and stockholders' equity	$	222,092	180,639

(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.

Condensed Income Statement


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)	2024		2023
Comprehensive Income (Loss):
Revenues:
Management service fees (1)	$	41,636	42,394
Investment income	4,900		1,083
Other	83		6
Investment related gains (losses), net	(17)		(63)
Total revenues	46,602		43,420
Expenses:
General expenses	47,470		44,642
Taxes, licenses and fees	216		158
Total expenses	47,686		44,800
Income (loss) before federal income tax expense (benefit) and equity in income (loss) of consolidated subsidiaries	(1,084)		(1,380)
Federal income tax expense (benefit)	—		1,798
Income (loss) before equity in income (loss) of consolidated subsidiaries	(1,084)		(3,178)
Equity in income of consolidated subsidiaries	15,996		27,615
Net income	14,912		24,437
Other comprehensive income (loss)	22,190		18,889
Total comprehensive income (loss)	$	37,102	43,326

(1) Eliminated in consolidation.

Note to Schedule II:

Condensed Cash Flow Statement


Schedule II, Continued Condensed Financial Information of Registrant CITIZENS, INC. (Parent Company) Statements of Cash Flows
Years ended December 31, (In thousands)	2024		2023
Cash flows from operating activities:
Net income	$	14,912	24,437
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Investment related gains (losses), net	17		63
Equity in income of consolidated subsidiaries	(15,996)		(27,615)
Change in accrued expenses and other liabilities	4,303		(1,398)
Change in federal income tax payable	828		—

Amortization of premiums and discounts on investments	81		107
Depreciation	243		228
Change in accrued investment income	32		112
Stock-based compensation	1,517		588
Decrease (increase) in receivable from subsidiaries and other assets	39		795
Other, net	(23)		481
Net cash provided by (used in) operating activities	5,953		(2,202)
Cash flows from investing activities:


Purchases of fixed maturity securities, available-for-sale	(5,066)		(723)
Maturities and calls of fixed maturity securities, available-for-sale	9,989		6,027

Sales of fixed maturity securities, available-for-sale	—		2,580

Sale of equity securities	—		770





Purchases of property and equipment	(106)		(130)

Maturities of short-term investments	—		750
Sales of short-term investments	—		499
Net cash provided by (used in) investing activities	4,817		9,773
Cash flows from financing activities:


Acquisition of treasury stock	—		(919)
Capital contribution to subsidiary	(10,010)		(4,850)
Other share repurchases	(393)		(60)
Net cash provided by (used in) financing activities	(10,403)		(5,829)
Net increase (decrease) in cash	367		1,742
Cash at beginning of year	3,905		2,163
Cash at end of year	$	4,272	3,905

Note to Schedule II: