Revision of Previously Issued Consolidated Financial Statements

3 Months Ended

Mar. 31, 2026

Revision of Previously Issued Consolidated Financial Statements [Abstract]

Revision of Previously Issued Consolidated Financial Statements

Note 12 – Revision of Previously Issued Consolidated Financial Statements

As disclosed in Note 17 of the December 31, 2025 Form 10-K filing, the Company adopted ASU 2018-12 on December 31, 2025, for the liability for future policy benefits. ASU 2018-12 was adopted on a modified retrospective basis such that the balance for the liability for future policy benefits was adjusted to conform to ASU 2018-12 effective January 1, 2024. With respect to an analysis for market risk benefits, the Company concluded that it had no market-based options or guarantees associated with its liability for policyholders’ account balances. Also, the Company does not currently have a deferred acquisition cost asset and did not have such an asset at January 1, 2024.

To improve the consistency and comparability of the 2025 quarterly condensed consolidated financial statements, Management will revise the March 31, 2025 condensed consolidated financial statements and related disclosures to reflect the implementation.

		As Previously
March 31, 2025		Reported			Adjustments			As Restated
Consolidated Balance Sheets
Future policy benefits	$	216,786,456		$	(101,318,625	)	$	115,467,831
Policyholder account balances		0			94,582,639			94,582,639
Deferred income taxes		26,968,767			1,414,557			28,383,324
Retained earnings		193,406,264			882,526			194,288,790
Accumulated other comprehensive income (loss)		(2,213,770	)		4,438,903			2,225,133
Consolidated Statements of Operations
Benefits, claims and settlement expenses: Life	$	3,401,007		$	(225,261	)	$	3,175,746
Income tax expense		3,750,990			47,305			3,798,295
Net income attributable to common shareholders		12,774,687			177,956			12,952,643
Basic income per share		4.05			0.05			4.10
Diluted income per share		4.05			0.05			4.10
Consolidated Statements of Comprehensive Income (Loss)
Net income	$	12,798,260		$	177,956		$	12,976,216
Subtotal: Other comprehensive income (loss), net of tax		728,543			(1,098,666	)		(370,123	)
Comprehensive income (loss) attributable to UTG, Inc.		13,503,230			(920,710	)		12,582,520
Consolidated Statements of Cash Flows
Net income	$	12,798,260		$	177,956		$	12,976,216
Provision for deferred income tax expense		3,703,042			47,305			3,750,347
Change in policy liabilities and accruals		(1,298,156	)		(225,261	)		(1,523,417	)