Companies: 10,793     total market cap: $134.270 T
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Citizens Inc
CIA
#8221
Rank
$0.25 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$5.10
Share price
0.39%
Change (1 day)
6.03%
Change (1 year)
๐Ÿฆ Insurance
Categories
  1. Citizens Inc
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2023 Q1

Citizens Inc - 10-Q quarterly report FY2023 Q1


Text size:
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2023
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from to
COMMISSION FILE NUMBER:  000-16509

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CITIZENS, INC.
(Exact name of registrant as specified in its charter)
Colorado84-0755371
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

11815 Alterra Pkwy, Floor 15, Austin, TX 78758
(Current Address)

Registrant's telephone number, including area code: (512) 837-7100
Securities registered pursuant to Section 12(b) of the Act
Class A Common StockCIA NYSE
(Title of each class)(Trading symbol(s))(Name of each exchange on which registered)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes o No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). x Yes o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act:
Large accelerated filer☐Accelerated filer☒Emerging growth company☐
Non-accelerated filer☐Smaller reporting company☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes x No
As of May 3, 2023, the Registrant had 49,856,895 shares of Class A common stock outstanding and 0 shares of Class B common stock outstanding.

                                            



























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TABLE OF CONTENTS
Page Number
Part I. FINANCIAL INFORMATION
 Item 1. 
  
2
4
5
  
6
  
8
 Item 2.
41
 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
61
 Item 4.
Controls and Procedures
61
Part II. OTHER INFORMATION 
 Item 1.
62
Item 1A.
62
 Item 2.
62
 Item 3.
62
 Item 4.
62
 Item 5.
62
 Item 6.
62


March 31, 2023 | 10-Q 1

Table of Contents                                            
PART I.  FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS
CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
(In thousands)March 31, 2023December 31, 2022
Assets
Investments:  
Fixed maturity securities available-for-sale, at fair value (amortized cost: $1,387,919 and $1,381,318 in 2023 and 2022, respectively)
$1,229,691 1,179,619 
Equity securities, at fair value 11,899 11,590 
Policy loans78,659 78,773 
Other long-term investments (portion measured at fair value $71,990 and $66,846 in 2023 and 2022, respectively)
72,254 69,558 
Short-term investments1,244 1,241 
Total investments1,393,747 1,340,781 
Cash and cash equivalents18,924 22,973 
Accrued investment income16,958 17,131 
Reinsurance recoverable4,323 4,560 
Deferred policy acquisition costs165,471 162,927 
Cost of insurance acquired10,486 10,647 
Current federal income tax receivable— 601 
Property and equipment, net12,592 12,926 
Due premiums9,181 11,829 
Other assets (less allowance for losses of $359 and $347 in 2023 and 2022, respectively)
6,799 6,328 
Total assets$1,638,481 1,590,703 

See accompanying Notes to Consolidated Financial Statements.

March 31, 2023 | 10-Q 2

Table of Contents                                        

CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES
Consolidated Balance Sheets, Continued
(Unaudited)
(In thousands, except share amounts)March 31, 2023December 31, 2022
Liabilities and Stockholders' Equity (Deficit)
Liabilities:  
Policy liabilities:  
Future policy benefit reserves:  
Life insurance$1,218,295 1,198,647 
Accident and health848 767 
Total future policy benefit reserves1,219,143 1,199,414 
Policyholders' funds:
Annuities124,528 121,422 
Dividend accumulations42,668 41,663 
Premiums paid in advance36,697 36,384 
Policy claims payable7,485 9,884 
Other policyholders' funds7,325 7,501 
Total policyholders' funds218,703 216,854 
Total policy liabilities1,437,846 1,416,268 
Commissions payable1,948 1,967 
Current federal income tax payable537 — 
Deferred federal income tax liability5,775 3,653 
Other liabilities38,084 41,025 
Total liabilities1,484,190 1,462,913 
Commitments and contingencies (Note 7)
Stockholders' Equity:  
Common stock:
Class A, no par value, 100,000,000 shares authorized, 53,792,476 and 53,758,176 shares issued and outstanding in 2023 and 2022, respectively, including shares in treasury of 3,935,581 in 2023 and 2022
268,197 268,147 
Class B, no par value, 2,000,000 shares authorized, 1,001,714 shares issued and outstanding in 2023 and 2022, including shares in treasury of 1,001,714 in 2023 and 2022
3,184 3,184 
Retained earnings 21,181 16,309 
Accumulated other comprehensive income (loss)(115,465)(137,044)
Treasury stock, at cost(22,806)(22,806)
Total stockholders' equity154,291 127,790 
Total liabilities and stockholders' equity $1,638,481 1,590,703 

See accompanying Notes to Consolidated Financial Statements.


March 31, 2023 | 10-Q 3

Table of Contents                                        

CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES
Consolidated Statements of Operations and Comprehensive Income (Loss)
(Unaudited)
Three Months Ended March 31,
(In thousands, except per share amounts)
20232022
Revenues: 
Premiums:  
Life insurance$36,934 37,746 
Accident and health insurance358 286 
Property insurance957 1,332 
Net investment income17,074 15,487 
Investment related gains (losses), net(288)(582)
Other income879 1,088 
Total revenues55,914 55,357 
Benefits and Expenses:  
Insurance benefits paid or provided:  
Claims and surrenders30,299 28,434 
Increase (decrease) in future policy benefit reserves(978)114 
Policyholder liability remeasurement (gain) loss880 668 
Policyholders' dividends1,108 1,353 
Total insurance benefits paid or provided31,309 30,569 
Commissions9,013 7,673 
Other general expenses11,260 11,030 
Capitalization of deferred policy acquisition costs(6,358)(4,781)
Amortization of deferred policy acquisition costs3,814 3,559 
Amortization of cost of insurance acquired161 129 
Total benefits and expenses49,199 48,179 
Income (loss) before federal income tax6,715 7,178 
Federal income tax expense (benefit)1,843 729 
Net income (loss)4,872 6,449 
Per Share Amounts:  
Basic and diluted earnings (losses) per share of Class A common stock0.10 0.13 
Other Comprehensive Income (Loss):  
Unrealized gains (losses) on fixed maturity securities:  
Unrealized holding gains (losses) arising during period43,436 (132,765)
Reclassification adjustment for losses (gains) included in net income (loss)38 59 
Unrealized gains (losses) on fixed maturity securities, net43,474 (132,706)
Change in current discount rate for liability for future policy benefits(20,480)151,607 
Income tax expense (benefit) on other comprehensive income items1,415 1,712 
Other comprehensive income (loss)21,579 17,189 
Total comprehensive income (loss)$26,451 23,638 
See accompanying Notes to Consolidated Financial Statements.

March 31, 2023 | 10-Q 4

Table of Contents                                        

CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES
Consolidated Statements of Stockholders' Equity (Deficit)
(Unaudited)
 Common StockRetained Earnings (Accumulated
Deficit)		Accumulated Other
Comprehensive
 Income (Loss)		Treasury
Stock		Total Stockholders' Equity (Deficit)
(In thousands)Class AClass B
Balance at December 31, 2022$268,147 3,184 16,309 (137,044)(22,806)127,790 
Comprehensive income (loss):
Net income (loss)— — 4,872 — — 4,872 
Other comprehensive income (loss)— — — 21,579 — 21,579 
Total comprehensive income (loss)— — 4,872 21,579 — 26,451 
Stock-based compensation50 — — — — 50 
Balance at March 31, 2023$268,197 3,184 21,181 (115,465)(22,806)154,291 
Balance at December 31, 2021$265,561 3,184 (9,698)(138,989)(20,101)99,957 
Comprehensive income (loss):
Net income (loss)— — 6,449 — — 6,449 
Other comprehensive income (loss)— — — 17,189 — 17,189 
Total comprehensive income (loss)— — 6,449 17,189 — 23,638 
Issuance of common stock1,788 — — — — 1,788 
Stock-based compensation93 — — — — 93 
Balance at March 31, 2022$267,442 3,184 (3,249)(121,800)(20,101)125,476 

See accompanying Notes to Consolidated Financial Statements.

March 31, 2023 | 10-Q 5

Table of Contents                                        

CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES
Consolidated Statements of Cash Flows
(Unaudited)

Three Months Ended March 31,
(In thousands)
20232022
Cash flows from operating activities: 
Net income (loss)$4,872 6,449 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:  
Investment related (gains) losses on sale of investments and other assets288 582 
Net deferred policy acquisition costs(2,544)(1,222)
Amortization of cost of insurance acquired161 129 
Depreciation122 153 
Amortization of premiums and discounts on investments1,203 1,386 
Stock-based compensation70 132 
Deferred federal income tax expense (benefit)706 896 
Change in:  
Accrued investment income173 442 
Reinsurance recoverable237 1,965 
Due premiums2,648 1,777 
Future policy benefit reserves(125)706 
Other policyholders' liabilities1,582 (2,406)
Federal income tax payable1,138 (166)
Commissions payable and other liabilities(2,673)1,489 
Other, net(504)(172)
Net cash provided by (used in) operating activities7,354 12,140 
Cash flows from investing activities:  
Purchases of fixed maturity securities, available-for-sale(25,114)(26,050)
Sales of fixed maturity securities, available-for-sale2,865 1,100 
Maturities and calls of fixed maturity securities, available-for-sale14,426 10,435 
Principal payments on mortgage loans2 2 
(Increase) decrease in policy loans, net114 962 
Sales of other long-term investments249 1,681 
Purchases of other long-term investments(3,495)(7,940)
Purchases of property and equipment(73)(34)
Purchases of short-term investments— (5)
Net cash provided by (used in) investing activities(11,026)(19,849)
See accompanying Notes to Consolidated Financial Statements.

March 31, 2023 | 10-Q 6

Table of Contents                                        
CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES
Consolidated Statements of Cash Flows, Continued
(Unaudited)
Three Months Ended March 31,
(In thousands)
20232022
Cash flows from financing activities:  
Annuity deposits$2,008 2,227 
Annuity withdrawals(2,365)(2,263)
Issuance of common stock— 1,788 
Other(20)(39)
Net cash provided by (used in) financing activities(377)1,713 
Net increase (decrease) in cash and cash equivalents(4,049)(5,996)
Cash and cash equivalents at beginning of year22,973 27,294 
Cash and cash equivalents at end of period$18,924 21,298 


SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:

During the three months ended March 31, 2023 and 2022, various fixed maturity issuers exchanged securities with book values of $2.1 million and $0.6 million, respectively, for securities of equal value.

The Company had no net unsettled security trades during the three months ended March 31, 2023 and $3.8 million during the three months ended March 31, 2022.

The Company recognized no right-of-use assets in exchange for new operating lease liabilities during the three months ended March 31, 2023 and $0.4 million during the three months ended March 31, 2022.


See accompanying Notes to Consolidated Financial Statements.


March 31, 2023 | 10-Q 7

Table of Contents                                        

CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

(1) FINANCIAL STATEMENTS

BASIS OF PRESENTATION AND CONSOLIDATION

The consolidated financial statements include the accounts and operations of Citizens, Inc. ("Citizens" or the "Company"), a Colorado corporation, and its wholly-owned subsidiaries, CICA Life Insurance Company of America ("CICA"), CICA Life Ltd. ("CICA International"), CICA Life A.I., a Puerto Rico company ("CICA PR"), Citizens National Life Insurance Company ("CNLIC"), Security Plan Life Insurance Company ("SPLIC"), Security Plan Fire Insurance Company ("SPFIC"), Magnolia Guaranty Life Insurance Company ("MGLIC"), Computing Technology, Inc. ("CTI"), and Nexo Global Services, LLC ("Nexo"). All significant inter-company accounts and transactions have been eliminated. Citizens and its wholly-owned subsidiaries are collectively referred to as the "Company", "it", "we", "us" or "our".

The consolidated balance sheet as of March 31, 2023, the consolidated statements of operations and comprehensive income (loss) and stockholders' equity (deficit) for the three months ended March 31, 2023 and March 31, 2022 and the consolidated statements of cash flows for the three months ended March 31, 2023 and March 31, 2022 have been prepared by the Company without audit and are not subject to audit. In the opinion of management, all normal and recurring adjustments to present fairly the financial position, results of operations, and changes in cash flows at March 31, 2023 and for comparative periods have been made. The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission ("SEC").  Accordingly, the consolidated financial statements do not include all the information and footnotes required for complete financial statements and should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022 ("Form 10-K").  Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period.

Our Life Insurance segment operates through CICA International, CICA PR, CICA and CNLIC. Until December 31, 2022, our international life insurance business, operated through CICA International. Beginning January 1, 2023, all new international policies are issued by CICA PR. These companies provide U.S. dollar-denominated endowment contracts internationally, which are principally accumulation contracts that incorporate an element of life insurance protection and ordinary whole life insurance in U.S. dollar-denominated amounts sold to non-U.S. residents.  These contracts are designed to provide a fixed amount of insurance coverage over the life of the insured and may utilize rider benefits to provide additional increasing or decreasing coverage and annuity benefits to enhance accumulations. Our domestic life insurance business operates through CICA and CNLIC. CICA issues ordinary whole life, credit life and disability policies and CNLIC issues ordinary whole life and critical illness policies mainly in Texas and Florida. Both companies service whole life and accident and health policies primarily in the Southern U.S., Midwest and Mountain West.

Our Home Service Insurance segment operates through our subsidiaries SPLIC, MGLIC and SPFIC, and focuses on the life insurance needs of the middle- and lower-income markets, primarily in Louisiana, Mississippi and Arkansas.  Our products in this segment consist primarily of small face amount ordinary whole life, industrial life and pre-need policies, which are designed to fund final expenses for the insured, primarily consisting of funeral and burial costs as well as critical illness and property insurance policies, which cover dwelling and contents.

CTI provides data processing systems and services to the Company.

USE OF ESTIMATES

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and

March 31, 2023 | 10-Q 8

Table of Contents                                        

CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
expenses during the reporting period.  Actual results could differ from those estimates.

Significant estimates include those used in the evaluation of credit allowances on fixed maturity securities, actuarially determined assets and liabilities and assumptions and valuation allowance on deferred tax assets.  Certain of these estimates are particularly sensitive to market conditions, and deterioration and/or volatility in the worldwide debt or equity markets could have a material impact on the consolidated financial statements.

SIGNIFICANT ACCOUNTING POLICIES

For a description of all significant accounting policies, see Part IV, Item 15, Note 1. Summary of Significant Accounting Policies in the notes to our consolidated financial statements included in our Form 10-K, which should be read in conjunction with these accompanying consolidated financial statements.

DEFERRED POLICY ACQUISITION COSTS

Deferred policy acquisition costs (“DAC”) are costs that are incremental and directly related to the successful acquisition of new or renewal insurance contracts. Such costs include the incremental direct costs of contract acquisition, such as sales commissions; the portion of employees’ total compensation and payroll-related fringe benefits related directly to time spent performing acquisition activities, such as underwriting, issuing, and processing policies for contracts that have actually been acquired; and other costs related directly to acquisition activities that would not have been incurred if the contract had not been acquired.

Contracts are grouped by contract type and issue year into cohorts consistent with the grouping used in estimating the associated liability. DAC is amortized on a constant level basis for the grouped contracts over the expected term of the related contracts to approximate straight-line amortization. For the Life Insurance Segment, the constant level basis used is policy count in force. For the Home Service Insurance Segment, the constant level basis used is face amount in force. The constant level bases used for amortization are projected using mortality and lapse assumptions that are based on the Company’s experience, industry data, and other factors at the end of each reporting period and are consistent with those used for the liability for future policy benefit life reserves. Annually, the Company completes experience studies with respect to mortality and lapse. If those assumptions are updated, the DAC amortization basis is recalculated and the effect of the assumption change will be reflected in the cohort level amortization in future periods.

Amortization of DAC is included in the consolidated statements of comprehensive income or loss. The DAC balance on the consolidated balance sheet is reduced for actual experience in excess of expected experience. Changes in future estimates are recognized prospectively over the remaining expected contract term.

COST OF INSURANCE ACQUIRED

The Company recognizes an intangible asset that arises in the application of GAAP purchase accounting as the difference between the reported value and the fair value of insurance contract liabilities, or comparable amounts determined in purchased insurance business combinations. This intangible asset is referred to as the Cost of Insurance Acquired (“COIA”), which is amortized on a basis consistent with DAC, such that it is amortized in proportion to policies in force for the Life Insurance Segment and face amount in force for the Home Service Insurance Segment to approximate straight-line amortization.

FUTURE POLICY BENEFITS AND EXPENSES

As premium revenue is recognized, a liability for future policy benefits, which is the present value of estimated future policy benefits to be paid to or on behalf of policyholders less the present value of estimated future net premiums to be collected from policyholders, is accrued. The liability is estimated using current assumptions that include discount rate, mortality and lapses. These current assumptions are based on judgements that consider the Company’s historical experience, industry data, and other factors.


March 31, 2023 | 10-Q 9

Table of Contents                                        

CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
For traditional and limited-payment contracts, contracts are grouped into cohorts by contract type and issue year. Our reporting cohorts are (i) Permanent, which summarizes insurance policies with premiums payable over the lifetime of the policy, and (ii) Permanent Limited Pay, which summarizes insurance policies with premiums payable for a limited time after which the policy is fully paid up. Both reporting cohorts include whole life and endowment policies. The liability is adjusted for differences between actual and expected experience. The Company reviews its historical cash flow assumptions quarterly and in the third quarter of the year, the Company reviews its future cash flow assumptions. The net premium ratio used to calculate the liability is updated each quarter based on the current period's actual experience relative to expected experience. The revised net premium ratio is used to derive an updated liability for future policy benefits as of the beginning of the current reporting period, discounted at the locked-in discount rate. This amount is then compared to the carrying amount of the liability as of that same date, before the updating of cash flow assumptions, to determine the current period change in liability estimate. The current period change in the liability is the policyholder liability remeasurement gain or loss and is presented as a separate component of total insurance benefits paid or provided in the consolidated statements of comprehensive income or loss. In subsequent periods, the revised net premiums are used to measure the liability for future policy benefits, subject to future revisions.

For traditional and limited-payment contracts, the current discount rate assumption is a yield curve that equals the yield of an upper-medium grade fixed income instrument, based on an A-quality corporate bonds. The Company selects fixed-income instruments that have been A rated by one of the major credit rating agencies, such as Moody’s, Standard & Poor’s, or Fitch. The current discount rate assumption is updated quarterly and used to remeasure the liability at the reporting date, with the resulting change reflected in other comprehensive income. For liability cash flows that are projected beyond the duration of market-observable A credit-rated fixed-income instruments, the Company uses the last market-observable yield level and uses linear interpolation to determine yield assumptions for durations that do not have market observable yields. The locked-in discount rate for policies issued prior to transition equals the rate set at contract issuance. For current year issues, the locked-in discount rate is the average of the current year quarterly discount rates and will change throughout the year as new discount rates are calculated, with the change reflected in net income.

DEFERRED PROFIT LIABILITY

For limited-payment products, gross premiums received in excess of net premiums are deferred at initial recognition as a deferred profit liability (“DPL”). Gross premiums are measured using assumptions consistent with those used in the measurement of the liability for future policy benefit life reserves, including discount rate, mortality and lapses.

The DPL is amortized and recognized in net income within the increase in future policy benefit reserves. The amortization basis for the DPL is the present value of insurance in force for life insurance contracts. Interest is accreted on the balance of the DPL using the locked-in discount rate. The Company reviews and updates its estimates of cash flows for the DPL at the same time as the estimates of cash flows for the liability for future policy benefit life reserves. The DPL is updated each quarter based on the current period's actual experience relative to expected experience with the changes recorded within the increase in future policy benefit reserves in the consolidated statements of comprehensive income or loss. On the consolidated balance sheets, DPL is recorded as a component of the liability for future policy benefits.


March 31, 2023 | 10-Q 10

Table of Contents                                        

CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(2) ACCOUNTING PRONOUNCEMENTS

ACCOUNTING STANDARDS RECENTLY ADOPTED

Impacts at Transition Date

In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. The Company adopted ASU 2018-12 for the liability for future policy benefits, DAC and COIA on a modified retrospective basis such that those balances were adjusted to conform to ASU 2018-12 effective January 1, 2021. The following table summarizes the balance of and changes in the liability for future policy benefits, annuity reserves, DAC and COIA due to the adoption of ASU 2018-12.

(In thousands)Life Insurance SegmentHome Services Insurance SegmentConsolidated
Liability for Future Policy Benefits
Pre-adoption liability as of 12/31/2020$987,373 255,513 1,242,886 
Change in discount rate assumptions261,823 108,468 370,291 
Effect of reserve changes6 96 102 
Post-adoption liability as of 1/1/2021$1,249,202 364,077 1,613,279 
Fixed Annuity Liability
Pre-adoption liability as of 12/31/2020$60,027 18,277 78,304 
Adjustments for the removal of shadow adjustments— 3,426 3,426 
Post-adoption liability as of 1/1/2021$60,027 21,703 81,730 
Deferred Acquisition Costs
Pre-adoption balance as of 12/31/2020$94,771 10,142 104,913 
Adjustments for the removal of shadow adjustments8,270 29,905 38,175 
Impact of flooring cohorts at zero23 12 35 
Post adoption balance as of 1/1/2021$103,064 40,059 143,123 
Cost of Insurance Acquired
Pre-adoption balance as of 12/31/2020$1,734 9,807 11,541 
Adjustments for the removal of shadow adjustments— 484 484 
Post adoption balance as of 1/1/2021$1,734 10,291 12,025 
At transition, the Company recorded a charge of $0.1 million to retained earnings, net of tax, primarily from capping net premium ratios for certain policyholder benefit cohorts at 100%, increasing reserves for certain non-premium paying cohorts and flooring certain DAC cohorts at zero. Other comprehensive income ("OCI") was reduced by $316.8 million primarily due to the difference in the discount rate used prior to transition and the discount rate at January 1, 2021. The Company also removed shadow adjustments previously recorded in OCI for the impact of unrealized gains and losses on annuity products that previously amortized unearned revenue, DAC and COIA over expected future gross profits.

March 31, 2023 | 10-Q 11

Table of Contents                                        

CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Impacts to Previously Reported Results

Adoption of the standard impacted our previously reported consolidated financial results are as follows:


(in thousands, except per share amounts)
 As Previously Reported  Adoption of New Standard Post Adoption
As of December 31, 2022
Consolidated Balance Sheet
Deferred policy acquisition costs$140,167 22,760 162,927 
Cost of insurance acquired10,260 387 10,647 
Deferred tax asset, net2,414 (2,414)— 
Future policy benefit reserves:
   Life insurance1,305,506 (106,859)1,198,647 
   Annuities91,234 (91,234)— 
Policyholders' funds:
   Annuities— 121,422 121,422 
   Other policyholders' funds40,497 (32,996)7,501 
Deferred federal income tax liability— 3,653 3,653 
Retained earnings (accumulated deficit)(52,203)68,512 16,309 
Accumulated other comprehensive income (loss)(195,279)58,235 (137,044)
For the Three Months Ended March 31, 2022
Consolidated Statement of Operations
Increase (decrease) in future policy benefit reserves$6,569 (6,455)114 
Policyholder liability remeasurement (gain) loss— 668 668 
Amortization of deferred policy acquisition costs5,817 (2,258)3,559 
Amortization of cost of insurance acquired236 (107)129 
Federal income tax expense (benefit)359 370 729 
Basic and diluted earnings (losses) per share of Class A common stock(0.03)0.16 0.13 
Consolidated Statement of Comprehensive Income (Loss)
Unrealized holding gains (losses) arising during period$(133,342)577 (132,765)
Change in current discount rate for liability for future policy benefits— 151,607 151,607 
Income tax expense (benefit) on other comprehensive income items(9,066)10,778 1,712 

ACCOUNTING STANDARDS NOT YET ADOPTED

On June 30, 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820: Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. This standard clarifies that contractual restrictions on equity security sales are not considered part of the security unit of account and, therefore, are not considered in measuring fair value. In addition, the amendments clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. Disclosures on such restrictions are also required.

March 31, 2023 | 10-Q 12

Table of Contents                                        

CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, and are required to be applied prospectively, with any adjustments from the adoption recognized in earnings and disclosed. Early adoption is available. Adoption of this standard will have no impact on our consolidated financial statements.

No other new accounting pronouncements issued or effective during the year had, or is expected to have, a material impact on our consolidated financial statements.

(3) INVESTMENTS

The Company invests primarily in fixed maturity securities, which totaled 87.0% of total cash and invested assets at March 31, 2023, as shown below.

Carrying Value
(In thousands, except for %)
March 31, 2023December 31, 2022
Amount%Amount%
Cash and invested assets:
Fixed maturity securities$1,229,691 87.0 %1,179,619 86.5 %
Equity securities11,899 0.8 %11,590 0.8 %
Policy loans78,659 5.6 %78,773 5.8 %
Other long-term investments72,254 5.1 %69,558 5.1 %
Short-term investments1,244 0.1 %1,241 0.1 %
Cash and cash equivalents18,924 1.4 %22,973 1.7 %
Total cash and invested assets$1,412,671 100.0 %1,363,754 100.0 %

The following tables represent the amortized cost, gross unrealized gains and losses and fair value of fixed maturity securities as of the dates indicated.
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
March 31, 2023
(In thousands)
Fixed maturity securities:    
Available-for-sale:    
U.S. Treasury securities$5,720 215 10 5,925 
U.S. Government-sponsored enterprises3,427 337 1 3,763 
States and political subdivisions334,887 2,311 28,618 308,580 
Corporate:
Financial249,030 790 36,119 213,701 
Consumer250,189 1,634 38,514 213,309 
Utilities121,236 269 20,204 101,301 
Energy74,564 42 8,840 65,766 
All other186,640 813 22,556 164,897 
Commercial mortgage-backed171 — 3 168 
Residential mortgage-backed110,579 10 7,686 102,903 
Asset-backed51,376 333 2,432 49,277 
Foreign governments100 1 — 101 
Total fixed maturity securities$1,387,919 6,755 164,983 1,229,691 

March 31, 2023 | 10-Q 13

Table of Contents                                        

CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
December 31, 2022
(In thousands)
Fixed maturity securities:    
Available-for-sale:    
U.S. Treasury securities$9,425 152 9 9,568 
U.S. Government-sponsored enterprises3,434 277 1 3,710 
States and political subdivisions344,208 1,114 37,964 307,358 
Corporate:
Financial243,758 512 42,383 201,887 
Consumer247,824 758 47,138 201,444 
Utilities115,738 39 23,790 91,987 
Energy76,065 — 11,395 64,670 
All other184,022 683 29,048 155,657 
Commercial mortgage-backed171 — 2 169 
Residential mortgage-backed110,582 9 10,765 99,826 
Asset-backed45,991 18 2,767 43,242 
Foreign governments100 1 — 101 
Total fixed maturity securities$1,381,318 3,563 205,262 1,179,619 
 
Most of the Company's equity securities are diversified stock and bond mutual funds.

Fair Value
(In thousands)
March 31, 2023December 31, 2022
Equity securities: 
Stock mutual funds$2,683 2,615 
Bond mutual funds4,409 4,337 
Common stock924 857 
Non-redeemable preferred stock9 8 
Non-redeemable preferred stock fund3,874 3,773 
Total equity securities$11,899 11,590 

VALUATION OF INVESTMENTS

Available-for-sale ("AFS") fixed maturity securities are reported in the consolidated financial statements at fair value. Equity securities are measured at fair value with the change in fair value recorded through net income (loss). The Company recognized net investment related gains of $0.3 million on equity securities held for the three months ended March 31, 2023 and losses of $0.8 million for the same period ended March 31, 2022, respectively.

The Company considers several factors in its review and evaluation of individual investments, using the process described in Part IV, Item 15, Note 2. Investments in the notes to the consolidated financial statements of our Form 10-K to determine whether a credit valuation loss exists. For the three months ended March 31, 2023 and 2022, the Company recorded no credit valuation losses on fixed maturity securities.


March 31, 2023 | 10-Q 14

Table of Contents                                        

CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables present the fair values and gross unrealized losses of fixed maturity securities that are not deemed to have credit losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position at March 31, 2023 and December 31, 2022.

March 31, 2023Less than 12 monthsGreater than 12 monthsTotal
(In thousands, except for # of securities)Fair
Value		Unrealized
Losses		# of
Securities		Fair
Value		Unrealized
Losses		# of
Securities		Fair
Value		Unrealized
Losses		# of
Securities
Fixed maturity securities:        
Available-for-sale securities:         
U.S. Treasury securities$514 2 2 66 8 2 580 10 4 
U.S. Government-sponsored enterprises223 1 1 — — — 223 1 1 
States and political subdivisions111,550 5,674 131 80,193 22,944 100 191,743 28,618 231 
Corporate:
Financial102,783 9,440 119 89,543 26,679 130 192,326 36,119 249 
Consumer81,680 5,352 90 108,995 33,162 153 190,675 38,514 243 
Utilities30,814 2,271 55 61,557 17,933 104 92,371 20,204 159 
Energy36,270 2,270 41 26,992 6,570 37 63,262 8,840 78 
All Other93,285 6,463 99 57,461 16,093 80 150,746 22,556 179 
Commercial mortgage-backed168 3 2 — — — 168 3 2 
Residential mortgage-backed101,277 7,354 87 1,296 332 12 102,573 7,686 99 
Asset-backed12,725 692 19 23,609 1,740 28 36,334 2,432 47 
Total fixed maturity securities$571,289 39,522 646 449,712 125,461 646 1,021,001 164,983 1,292 

December 31, 2022Less than 12 monthsGreater than 12 monthsTotal
(In thousands, except for # of securities)Fair
Value		Unrealized
Losses		# of
Securities		Fair
Value		Unrealized
Losses		# of
Securities		Fair
Value		Unrealized
Losses		# of
Securities
Fixed maturity securities:        
Available-for-sale securities:         
U.S. Treasury securities$— — — 64 9 2 64 9 2 
U.S. Government-sponsored enterprises223 1 1 — — — 223 1 1 
States and political subdivisions189,084 30,866 242 14,184 7,098 14 203,268 37,964 256 
Corporate:
Financial182,447 39,122 237 6,144 3,261 16 188,591 42,383 253 
Consumer164,224 34,823 220 23,417 12,315 30 187,641 47,138 250 
Utilities73,483 15,959 152 16,413 7,831 18 89,896 23,790 170 
Energy59,053 9,601 75 5,617 1,794 8 64,670 11,395 83 
All Other140,955 25,337 171 7,910 3,711 15 148,865 29,048 186 
Commercial mortgage-backed168 2 2 — — — 168 2 2 
Residential mortgage-backed98,758 10,514 95 759 251 5 99,517 10,765 100 
Asset-backed37,067 2,485 41 4,264 282 9 41,331 2,767 50 
Total fixed maturity securities$945,462 168,710 1,236 78,772 36,552 117 1,024,234 205,262 1,353 

March 31, 2023 | 10-Q 15

Table of Contents                                        

CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

In each category of our fixed maturity securities described above, we do not intend to sell our investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. As of March 31, 2023 and December 31, 2022, 98.7% of the fair value of our fixed maturity securities portfolio was rated investment grade. While the losses are currently unrealized, we continue to monitor all fixed maturity securities on an on-going basis as future information may become available which could result in an allowance being recorded. While we experience unrealized losses across several corporate sectors, the financial sector includes exposure to banks which have been impacted the most by recent economic and interest rate pressures. We have assessed our exposure in this sector and believe our investments have access to sufficient liquidity to meet their debt obligations.

These unrealized losses on fixed maturity securities are due to noncredit-related factors, including widening credit spreads and rising interest rates since purchase, which have little bearing on the recoverability of our investments, hence they are not recognized as credit losses. The fair value is expected to recover as the securities approach maturity or if market yields for such investments decline.

The amortized cost and fair value of fixed maturity securities at March 31, 2023 by contractual maturity are shown in the table below.  Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date have been reflected based upon final stated maturity.

March 31, 2023Amortized
Cost		Fair
Value
(In thousands)
Fixed maturity securities:  
Due in one year or less$9,753 9,718 
Due after one year through five years131,003 129,487 
Due after five years through ten years248,095 240,207 
Due after ten years999,068 850,279 
Total fixed maturity securities$1,387,919 1,229,691 

The Company uses the specific identification method of the individual security to determine the cost basis used in the calculation of realized gains and losses related to security sales.  

Three Months Ended
March 31,
(In thousands)20232022
Fixed maturity securities, available-for-sale:
Proceeds$2,865 1,100 
Gross realized gains$5 — 
Gross realized losses$12 — 

The Company sold 4 AFS fixed maturity securities during the three months ended March 31, 2023 and 1 during the three months ended March 31, 2022, respectively.

(4) FAIR VALUE MEASUREMENTS

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  We hold AFS fixed maturity securities, which are carried at fair value with changes in fair value reported through other comprehensive income (loss). We also report our equity

March 31, 2023 | 10-Q 16

Table of Contents                                        

CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
securities and certain other long-term investments at fair value with changes in fair value reported through the consolidated statements of operations.

Fair value measurements are generally based upon observable and unobservable inputs.  Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our view of market assumptions in the absence of observable market information. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs.  All assets and liabilities carried at fair value are required to be classified and disclosed in one of the following three categories:

•Level 1 - Quoted prices for identical instruments in active markets.
•Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs or whose significant value drivers are observable.
•Level 3 - Instruments whose significant value drivers are unobservable.

Level 1 primarily consists of financial instruments whose value is based on quoted market prices such as U.S. Treasury securities and actively traded mutual fund and stock investments.

Level 2 includes those financial instruments that are valued by independent pricing services or broker quotes.  These pricing models are primarily industry-standard models that consider various inputs, such as interest rates, credit spreads and foreign exchange rates for the underlying financial instruments.  All significant inputs are observable or derived from observable information in the marketplace or are supported by observable levels at which transactions are executed in the marketplace.  Financial instruments in this category primarily include corporate securities, U.S. Government-sponsored enterprise securities, securities issued by states and political subdivisions and certain mortgage and asset-backed securities.

Level 3 is comprised of financial instruments whose fair value is estimated based on non-binding broker prices utilizing significant inputs not based on or corroborated by readily available market information.  We have no investments in this category.


March 31, 2023 | 10-Q 17

Table of Contents                                        

CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables set forth our assets that are measured at fair value on a recurring basis as of the dates indicated.

March 31, 2023Level 1Level 2Level 3Total
Fair Value
(In thousands)
Financial Assets
Fixed maturity securities available-for-sale:    
U.S. Treasury and U.S. Government-sponsored enterprises$5,925 3,763 — 9,688 
States and political subdivisions— 308,580 — 308,580 
Corporate47 758,927 — 758,974 
Commercial mortgage-backed— 168 — 168 
Residential mortgage-backed— 102,903 — 102,903 
Asset-backed— 49,277 — 49,277 
Foreign governments— 101 — 101 
Total fixed maturity securities available-for-sale5,972 1,223,719 — 1,229,691 
Equity securities:    
Stock mutual funds2,683 — — 2,683 
Bond mutual funds4,409 — — 4,409 
Common stock924 — — 924 
Non-redeemable preferred stock9 — — 9 
Non-redeemable preferred stock fund3,874 — — 3,874 
Total equity securities11,899 — — 11,899 
Other long-term investments (1)
— — — 71,990 
Total financial assets$17,871 1,223,719 — 1,313,580 
(1) In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient are not classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.

March 31, 2023 | 10-Q 18

Table of Contents                                        

CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
December 31, 2022Level 1Level 2Level 3Total
Fair Value
(In thousands)
Financial Assets
Fixed maturity securities available-for-sale:    
U.S. Treasury and U.S. Government-sponsored enterprises$9,568 3,710 — 13,278 
States and political subdivisions— 307,358 — 307,358 
Corporate44 715,601 — 715,645 
Commercial mortgage-backed— 169 — 169 
Residential mortgage-backed— 99,826 — 99,826 
Asset-backed— 43,242 — 43,242 
Foreign governments— 101 — 101 
Total fixed maturity securities available-for-sale9,612 1,170,007 — 1,179,619 
Equity securities:    
Stock mutual funds2,615 — — 2,615 
Bond mutual funds4,337 — — 4,337 
Common stock857 — — 857 
Non-redeemable preferred stock8 — — 8 
Non-redeemable preferred stock fund3,773 — — 3,773 
Total equity securities11,590 — — 11,590 
Other long-term investments (1)
— — — 66,846 
Total financial assets$21,202 1,170,007 — 1,258,055 
(1) In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient are not classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.
 
FINANCIAL INSTRUMENTS VALUATION

FINANCIAL INSTRUMENTS CARRIED AT FAIR VALUE

Fixed maturity securities, available-for-sale.  At March 31, 2023, fixed maturity securities, valued using a third-party pricing source, totaled $1.2 billion for Level 2 assets and comprised 93.2% of total reported fair value of our financial assets.  The Level 1 and Level 2 valuations are reviewed and updated quarterly through testing by comparisons to separate pricing models, other third-party pricing services, and back tested to recent trades.  In addition, we obtain information annually relative to the third-party pricing models and review model parameters for reasonableness.  There were no Level 3 assets at March 31, 2023.  As of March 31, 2023, there were no material changes to the valuation methods or assumptions used to determine fair values, and no broker or third-party prices were changed from the values received.

Equity securities.  Our equity securities are classified as Level 1 assets as their fair values are based upon quoted market prices.

Limited partnerships. The Company considers the net asset value ("NAV") to represent the value of the investment fund and is measured by the total value of assets minus the total value of liabilities. The following table includes information related to our investments in limited partnerships that calculate NAV per share. For these investments, which are measured at fair value on a recurring basis, we use the NAV per share to measure fair value. The Company recognized net investment related losses of $0.6 million and $0.8 million on limited partnerships held for

March 31, 2023 | 10-Q 19

Table of Contents                                        

CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
the three months ended March 31, 2023 and March 31, 2022, respectively. These investments are included in other long-term investments on the consolidated balance sheets.

March 31, 2023December 31, 2022
(In thousands, except years)Fair Value
 Using NAV Per Share		Unfunded Commit-
ments		Range
(In years)		Fair Value
 Using NAV Per Share		Unfunded Commit-
ments		Range
(In years)
Description
Limited partnerships
Middle marketInvestments in privately-originated, performing senior secured debt primarily in North America-based companies$33,643 3,452 4$33,234 6,011 5
Global equity fundInvestments in common stocks of U.S., international developed and emerging markets with a focus on long-term capital growth9,329 — 09,037 — 0
Late-stage growthInvestments in private late-stage, established companies seeking capital to accelerate growth prior to an IPO or sale18,315 17,172 
5 to 7
16,892 18,444 
5 to 7
InfrastructureInvestments in climate infrastructure assets, focusing on renewable power generation in wind and solar energy10,703 14,926 
10 to 12
7,683 4,107 11
Total limited partnerships$71,990 35,550 $66,846 28,562 

The majority of our limited partnership investments are not redeemable because distributions from the funds will be received when the underlying investments of the funds are liquidated. The life spans indicated above may be shortened or extended at the fund manager's discretion, typically in one or two-year increments. The global equity fund is redeemable monthly.

FINANCIAL INSTRUMENTS NOT CARRIED AT FAIR VALUE

Estimates of fair values are made at a specific point in time, based on relevant market prices and information about the financial instruments.  The estimated fair values of financial instruments presented below are not necessarily indicative of the amounts the Company might realize in actual market transactions.

The carrying amount and fair value for the financial assets and liabilities on the consolidated financial statements not otherwise disclosed for the periods indicated were as follows:

 March 31, 2023December 31, 2022
(In thousands)Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Financial Assets:    
Policy loans$78,659 78,659 78,773 78,773 
Residential mortgage loan47 48 49 50 
Cash and cash equivalents18,924 18,924 22,973 22,973 
Financial Liabilities:    
Annuity - investment contracts67,799 62,968 67,344 61,701 


March 31, 2023 | 10-Q 20

Table of Contents                                        

CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Policy loans. Policy loans had a weighted average annual interest rate of 7.7% at both March 31, 2023 and December 31, 2022 and no specified maturity dates. The aggregate fair value of policy loans approximates the carrying value reflected on the consolidated balance sheets. Policy loans are an integral part of the life insurance policies we have in force, cannot be valued separately and are not marketable. Therefore, the fair value of policy loans approximates the carrying value and policy loans are considered Level 3 assets in the fair value hierarchy.

Residential mortgage loan. The mortgage loan is secured principally by a residential property. The interest rate for this loan was approximately 7.0% at both March 31, 2023 and December 31, 2022. At March 31, 2023, the remaining loan matures in five years.  Management estimated the fair value using an annual interest rate of 6.25% at March 31, 2023. Our mortgage loan is considered Level 3 assets in the fair value hierarchy and is included in other long-term investments on the consolidated balance sheet.

Cash and cash equivalents. The fair value of cash and cash equivalents approximates carrying value and are characterized as Level 1 assets in the fair value hierarchy.

Annuity liabilities. The fair value of the Company's liabilities under annuity contract policies, which are considered Level 3 liabilities, was estimated at March 31, 2023 and December 31, 2022 using discounted cash flows based upon spot rates adjusted for various risk adjustments ranging from 4.18% to 4.41% and 4.74% to 5.09%, respectively. The fair value of liabilities under all insurance contracts are taken into consideration in the overall management of interest rate risk, which seeks to minimize exposure to changing interest rates through the matching of investment maturities with amounts due under insurance contracts.

Other long-term investments. Financial instruments included in other long-term investments are classified in various levels of the fair value hierarchy. The following table summarizes the carrying amounts of these investments.

Carrying Value
(In thousands)
March 31, 2023December 31, 2022
Other long-term investments:
Limited partnerships$71,990 69,294 
FHLB common stock195 193 
Mortgage loans47 49 
All other investments22 22 
Total other long-term investments$72,254 69,558 

We carried no limited partnership investments at cost at March 31, 2023 while $2.4 million were carried at cost at December 31, 2022.

We are a member of the Federal Home Loan Bank ("FHLB") of Dallas and such membership requires members to own stock in the FHLB. Our FHLB stock is carried at amortized cost, which approximates fair value.

(5) DEFERRED POLICY ACQUISITION COSTS AND COST OF INSURANCE ACQUIRED

DAC

The following tables roll forward the DAC asset for the three months ended March 31, 2023 and 2022 by reporting cohort. Our reporting cohorts are Permanent, which summarizes insurance policies with premiums payable over the lifetime of the policy, and Permanent Limited Pay, which summarizes insurance policies with premiums payable for a limited time after which the policy is fully paid up. Both reporting cohorts include whole life and endowment policies.

March 31, 2023 | 10-Q 21

Table of Contents                                        

CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Three Months Ended March 31, 2023
(In thousands)PermanentPermanent Limited PayOther BusinessTotal
Life Insurance:
Balance, beginning of year$100,926 11,542 1,016 113,484 
Capitalizations3,453 822 85 4,360 
Amortization expense(2,918)(186)(58)(3,162)
Balance, end of period$101,461 12,178 1,043 114,682 
Home Service Insurance:
Balance, beginning of year$38,793 9,729 921 49,443 
Capitalizations1,615 331 52 1,998 
Amortization expense(492)(95)(65)(652)
Balance, end of period$39,916 9,965 908 50,789 
Consolidated:
Balance, beginning of year$139,719 21,271 1,937 162,927 
Capitalizations5,068 1,153 137 6,358 
Amortization expense(3,410)(281)(123)(3,814)
Balance, end of period$141,377 22,143 1,951 165,471 

Three Months Ended March 31, 2022
(In thousands)PermanentPermanent Limited PayOther BusinessTotal
Life Insurance:
Balance, beginning of year$97,675 9,001 1,026 107,702 
Capitalizations2,439 838 29 3,306 
Amortization expense(2,793)(150)(77)(3,020)
Balance, end of period$97,321 9,689 978 107,988 
Home Service Insurance:
Balance, beginning of year$35,137 8,723 856 44,716 
Capitalizations1,149 323 3 1,475 
Amortization expense(444)(89)(6)(539)
Balance, end of period$35,842 8,957 853 45,652 
Consolidated:
Balance, beginning of year$132,812 17,724 1,882 152,418 
Capitalizations3,588 1,161 32 4,781 
Amortization expense(3,237)(239)(83)(3,559)
Balance, end of period$133,163 18,646 1,831 153,640 

DAC capitalization increased for the three months ended March 31, 2023, compared to the same prior year period mainly from increased commissions from higher first year sales across our business segments.


March 31, 2023 | 10-Q 22

Table of Contents                                        

CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
COIA

The following tables provide rollforwards of the COIA balances for the three months ended March 31, 2023 and 2022 by reporting cohort. Our reporting cohorts are Permanent, which summarizes insurance policies with premiums payable over the lifetime of the policy, and Permanent Limited Pay, which summarizes insurance policies with premiums payable for a limited time after which the policy is fully paid up. Both reporting cohorts include whole life and endowment policies.

Three Months Ended March 31, 2023
(In thousands)PermanentPermanent Limited PayOther BusinessTotal
Life Insurance:
Balance, beginning of year$267 750 444 1,461 
Amortization expense(4)(15)(13)(32)
Balance, end of period$263 735 431 1,429 
Home Service Insurance:
Balance, beginning of year$7,583 176 1,427 9,186 
Amortization expense(99)(2)(28)(129)
Balance, end of period$7,484 174 1,399 9,057 
Consolidated:
Balance, beginning of year$7,850 926 1,871 10,647 
Amortization expense(103)(17)(41)(161)
Balance, end of period$7,747 909 1,830 10,486 

Three Months Ended March 31, 2022
(In thousands)PermanentPermanent Limited PayOther BusinessTotal
Life Insurance:
Balance, beginning of year$287 812 485 1,584 
Amortization expense(5)(16)(3)(24)
Balance, end of period$282 796 482 1,560 
Home Service Insurance:
Balance, beginning of year$7,989 184 1,511 9,684 
Amortization expense(103)(2)— (105)
Balance, end of period$7,886 182 1,511 9,579 
Consolidated:
Balance, beginning of year$8,276 996 1,996 11,268 
Amortization expense(108)(18)(3)(129)
Balance, end of period$8,168 978 1,993 11,139 


March 31, 2023 | 10-Q 23

Table of Contents                                        

CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(6) POLICYHOLDERS’ LIABILITIES

LIABILITY FOR FUTURE POLICY BENEFITS

The following tables summarize balances of and changes in the liability for future policy benefits for our reporting cohorts: Permanent, which summarizes insurance policies with premiums payable over the lifetime of the policy, and Permanent Limited Pay, which summarizes insurance policies with premiums payable for a limited time after which the policy is fully paid up. Both reporting cohorts include whole life and endowment policies.
Life Insurance Segment
March 31, 2023
(In thousands)
PermanentPermanent Limited PayTotal
Present Value of Expected Net Premiums
Balance, beginning of year$235,228 10,209 245,437 
Beginning balance at original discount rate247,601 10,682 258,283 
Effects of actual variances from expected experience1,742 365 2,107 
Adjusted beginning of year balance249,343 11,047 260,390 
Issuances6,236 759 6,995 
Interest accrual2,272 72 2,344 
Net premiums collected(9,715)(751)(10,466)
Derecognition and other153 38 191 
Ending balance at original discount rate248,289 11,165 259,454 
Effect of changes in discount rates(8,766)(370)(9,136)
Balance, end of period$239,523 10,795 250,318 
Present Value of Expected Future Policy Benefits
Balance, beginning of year$947,415 195,612 1,143,027 
Beginning balance at original discount rate996,169 208,051 1,204,220 
Effects of actual variances from expected experience2,538 1,045 3,583 
Adjusted beginning of year balance998,707 209,096 1,207,803 
Issuances6,375 785 7,160 
Interest accrual10,842 2,112 12,954 
Benefit payments(19,153)(4,873)(24,026)
Derecognition and other14 12 26 
Ending balance at original discount rate996,785 207,132 1,203,917 
Effect of changes in discount rates(31,065)(9,459)(40,524)
Balance, end of period$965,720 197,673 1,163,393 
Net liability for future policy benefits$726,197 186,878 913,075 

The Life Insurance segment impact of updating actual experience for the current period contributed to an increase in liabilities primarily due to higher benefits than expected.


March 31, 2023 | 10-Q 24

Table of Contents                                        

CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Home Service Insurance
March 31, 2023
(In thousands)
PermanentPermanent Limited PayTotal
Present Value of Expected Net Premiums
Balance, beginning of year$93,508 13,255 106,763 
Beginning balance at original discount rate100,225 14,394 114,619 
Effects of actual variances from expected experience(1,371)(809)(2,180)
Adjusted beginning of year balance98,854 13,585 112,439 
Issuances4,789 1,176 5,965 
Interest accrual986 114 1,100 
Net premiums collected(2,967)467 (2,500)
Derecognition and other132 46 178 
Ending balance at original discount rate101,794 15,388 117,182 
Effect of changes in discount rates(4,925)(873)(5,798)
Balance, end of period$96,869 14,515 111,384 
Present Value of Expected Future Policy Benefits
Balance, beginning of year$200,351 116,356 316,707 
Beginning balance at original discount rate214,188 121,908 336,096 
Effects of actual variances from expected experience(1,299)25 (1,274)
Adjusted beginning of year balance212,889 121,933 334,822 
Issuances4,789 1,176 5,965 
Interest accrual2,310 1,410 3,720 
Benefit payments(4,178)(1,748)(5,926)
Derecognition and other132 45 177 
Ending balance at original discount rate215,942 122,816 338,758 
Effect of changes in discount rates(10,101)(3,712)(13,813)
Balance, end of period$205,841 119,104 324,945 
Net liability for future policy benefits$108,972 104,589 213,561 

Net premiums collected are defined as the transactional gross premiums collected in the current period times the net premium ratio. Issuances are calculated as the present value, using the locked-in discount rate of the expected net premiums or the expected future policy benefits related to new policies issued during the three months ended March 31, 2023 and 2022. Interest accrual is the interest earned on the beginning present value of either the expected net premiums or the expected future policy benefits using the locked-in discount rate. Benefit payments are the transactional benefits (death, lapse, surrenders and maturities) paid in the current period. Derecognition refers to a subset of the issuances or the present value of future premiums released on new issues that lapsed during the three months ended March 31, 2023 and 2022 as well as other reconciling items. The effects of actual variances from expected experience lines are primarily impacted by the actual policy cash flows during the period compared to that which was expected in the reserve assumptions. If the net of the two lines is a positive number, the implication is an unfavorable result with policy cash flows less favorable than assumed while a negative number implies a favorable result compared to assumptions. Our policy experience will vary from actual experience in any one period, either favorably or unfavorably.


March 31, 2023 | 10-Q 25

Table of Contents                                        

CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The Home Service Insurance segment impact of updating actual experience for the current period contributed to an increase in liabilities due to higher premiums collected than expected.

Life Insurance
March 31, 2022
(In thousands)
PermanentPermanent Limited PayTotal
Present Value of Expected Net Premiums
Balance, beginning of year$269,528 4,939 274,467 
Beginning balance at original discount rate246,386 5,093 251,479 
Effects of actual variances from expected experience1,693 422 2,115 
Adjusted beginning of year balance248,079 5,515 253,594 
Issuances5,795 1,121 6,916 
Interest accrual2,088 (2)2,086 
Net premiums collected(9,166)133 (9,033)
Derecognition and other57 24 81 
Ending balance at original discount rate246,853 6,791 253,644 
Effect of changes in discount rates6,040 (291)5,749 
Balance, end of period$252,893 6,500 259,393 
Present Value of Expected Future Policy Benefits
Balance, beginning of year$1,168,282 240,679 1,408,961 
Beginning balance at original discount rate990,921 207,105 1,198,026 
Effects of actual variances from expected experience1,998 1,407 3,405 
Adjusted beginning of year balance992,919 208,512 1,201,431 
Issuances5,863 1,141 7,004 
Interest accrual10,658 2,125 12,783 
Benefit payments(17,715)(3,918)(21,633)
Derecognition and other(10)4 (6)
Ending balance at original discount rate991,715 207,864 1,199,579 
Effect of changes in discount rates72,720 12,917 85,637 
Balance, end of period$1,064,435 220,781 1,285,216 
Net liability for future policy benefits$811,542 214,281 1,025,823 

The Life Insurance segment impact of updating actual experience for the current period contributed to an increase in liabilities primarily due to higher benefits paid than expected.


March 31, 2023 | 10-Q 26

Table of Contents                                        

CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Home Service Insurance
March 31, 2022
(In thousands)
PermanentPermanent Limited PayTotal
Present Value of Expected Net Premiums
Balance, beginning of year$104,556 10,196 114,752 
Beginning balance at original discount rate90,012 9,532 99,544 
Effects of actual variances from expected experience876 (1,083)(207)
Adjusted beginning of year balance90,888 8,449 99,337 
Issuances4,349 711 5,060 
Interest accrual822 43 865 
Net premiums collected(2,723)1,610 (1,113)
Derecognition and other(1,113)24 (1,089)
Ending balance at original discount rate92,223 10,837 103,060 
Effect of changes in discount rates5,130 (112)5,018 
Balance, end of period$97,353 10,725 108,078 
Present Value of Expected Future Policy Benefits
Balance, beginning of year$266,206 161,715 427,921 
Beginning balance at original discount rate205,340 117,425 322,765 
Effects of actual variances from expected experience1,090 625 1,715 
Adjusted beginning of year balance206,430 118,050 324,480 
Issuances4,350 708 5,058 
Interest accrual2,164 1,349 3,513 
Benefit payments(5,832)(2,057)(7,889)
Derecognition and other(1,114)24 (1,090)
Ending balance at original discount rate205,998 118,074 324,072 
Effect of changes in discount rates28,342 23,076 51,418 
Balance, end of period$234,340 141,150 375,490 
Net liability for future policy benefits$136,987 130,425 267,412 

The Home Service Insurance segment impact of updating actual experience for the current period contributed to an increase in liabilities due to higher premiums collected than expected.


March 31, 2023 | 10-Q 27

Table of Contents                                        

CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table reconciles the net liability for future policy benefits shown above to the liability for future policy benefits in the consolidated balance sheet.
March 31, 2023
March 31, 2022
(In thousands)Life
Insurance		Home Service
Insurance		ConsolidatedLife
Insurance		Home Service
Insurance		Consolidated
Life Insurance
Permanent$726,197 108,972 835,169 811,542 136,987 948,529 
Permanent limited pay186,878 104,589 291,467 214,281 130,425 344,706 
Deferred profit liability26,347 25,113 51,460 23,042 22,502 45,544 
Other26,474 13,725 40,199 27,918 13,403 41,321 
Total life insurance965,896 252,399 1,218,295 1,076,783 303,317 1,380,100 
Accident & Health
Other599 249 848 521 245 766 
Total$966,495 252,648 1,219,143 1,077,304 303,562 1,380,866 

The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefit payments for long-term duration contracts.

As of March 31,20232022
(In thousands)Life
Insurance		Home Service
Insurance		Life
Insurance		Home Service
Insurance
Undiscounted:
Permanent
Expected future gross premiums607,319 463,491 623,969 459,627 
Expected future benefit payments$1,478,777 478,978 1,468,066 453,855 
Permanent Limited Pay
Expected future gross premiums46,845 77,743 47,904 65,371 
Expected future benefit payments321,985 319,390 322,955 304,278 
Discounted:
Permanent
Expected future gross premiums474,777 277,098 523,290 308,271 
Expected future benefit payments$965,720 205,841 1,064,435 234,340 
Permanent Limited Pay
Expected future gross premiums41,719 54,170 44,202 53,038 
Expected future benefit payments197,673 119,104 220,781 141,150 


March 31, 2023 | 10-Q 28

Table of Contents                                        

CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables summarize the amount of revenue and interest related to long-term duration contracts recognized in the consolidated statement of operations:
Life Insurance Home Service Insurance
Three Months Ended March 31, 2023
(In thousands)
Gross PremiumsInterest ExpenseGross PremiumsInterest Expense
Life Insurance
Permanent$22,458 8,570 8,372 1,324 
Permanent Limited Pay4,168 2,336 2,154 1,586 
Other77 — 368 — 
Reinsurance(648)— (15)— 
Total, net of reinsurance26,055 10,906 10,879 2,910 
Accident & Health
Other152 — 206 — 
Reinsurance— — — — 
Total, net of reinsurance152 — 206 — 
Total$26,207 10,906 11,085 2,910 

Life InsuranceHome Service Insurance
Three Months Ended March 31, 2022
(In thousands)
Gross PremiumsInterest ExpenseGross PremiumsInterest Expense
Life Insurance
Permanent$22,257 8,570 8,456 1,342 
Permanent Limited Pay3,656 2,350 2,041 1,559 
Other1,425 — — — 
Reinsurance(500)— (14)— 
Total, net of reinsurance26,838 10,920 10,483 2,901 
Accident & Health
Other94 — 193 — 
Reinsurance(1)— — — 
Total, net of reinsurance93 — 193 — 
Total$26,931 10,920 10,676 2,901 

The following table provides the weighted-average durations of the liability for future policy benefits.

March 31, 2023March 31, 2022
(In years)Life
Insurance		Home Service
Insurance		Life
Insurance		Home Service
Insurance
Permanent
Original duration8.115.98.816.0
Current duration8.416.19.116.3
Permanent Limited Pay
Original duration7.614.58.015.2
Current duration7.615.28.417.5


March 31, 2023 | 10-Q 29

Table of Contents                                        

CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table provides the weighted-average interest rates for the liability for future policy benefits.
March 31, 2023March 31, 2022
(In thousands)Life
Insurance		Home Service
Insurance		Life
Insurance		Home Service
Insurance
Permanent
Original discount rate4.92 %4.99 %4.93 %5.01 %
Current discount rate4.86 %5.09 %3.43 %3.68 %
Permanent Limited Pay
Original discount rate4.30 %5.05 %4.33 %5.06 %
Current discount rate4.85 %5.08 %3.38 %3.67 %


March 31, 2023 | 10-Q 30

Table of Contents                                        

CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
LIABILITY FOR POLICYHOLDERS’ ACCOUNT BALANCES

The following table presents the policyholders' account balances by range of guaranteed minimum crediting rates and the related range of the difference, in basis points, between rates being credited and the respective guaranteed minimums.
March 31, 2023At Guaranteed Minimum
1 Basis Point-50 Basis Points Above
51 Basis Points-150 Basis Points Above
Greater Than 150 Basis Points Above
Total
(In thousands)Range of Guaranteed Minimum Crediting Rate
Life Insurance:
SCWOLC (1)
0.00% - 1.49%
$— — — — — 
1.50% - 2.99%
1,452 — — — 1,452 
3.00% - 4.49%
33,940 — — — 33,940 
Greater or equal to 4.50%
134 — — — 134 
Total$35,526 — — — 35,526 
Fixed annuity
0.00% - 1.49%
$197 — 1,144 — 1,341 
1.50% - 2.99%
13,078 — 59 — 13,137 
3.00% - 4.49%
21,568 10 — — 21,578 
Greater or equal to 4.50%
30,944 — — — 30,944 
Total$65,787 10 1,203 — 67,000 
Dividend accumulations
0.00% - 1.49%
$239 — — 3,499 3,738 
1.50% - 2.99%
11,144 551 7 — 11,702 
3.00% - 4.49%
26,985 — — — 26,985 
Greater or equal to 4.50%
3 — — — 3 
Total$38,371 551 7 3,499 42,428 
Premiums paid in advance
0.00% - 1.49%
$— — — 34,122 34,122 
1.50% - 2.99%
— — — — — 
3.00% - 4.49%
— — — — — 
Greater or equal to 4.50%
— — — — — 
Total$— — — 34,122 34,122 
Home Service Insurance:
SCWOLC (1)
0.00% - 1.49%
$4 — — — 4 
1.50% - 2.99%
250 — — — 250 
3.00% - 4.49%
55 — — — 55 
Greater or equal to 4.50%
— — — — — 
Total$309 — — — 309 
Fixed annuity
0.00% - 1.49%
$296 — — 392 688 
1.50% - 2.99%
— — — — — 
3.00% - 4.49%
18,696 — — — 18,696 
Greater or equal to 4.50%
777 — — — 777 
Total$19,769 — — 392 20,161 
Dividend accumulations
0.00% - 1.49%
$— — — 173 173 
1.50% - 2.99%
5 42 — — 47 
3.00% - 4.49%
20 — — — 20 
Greater or equal to 4.50%
— — — — — 
Total$25 42 — 173 240 
(1) Supplemental Contracts Without Life Contingencies

March 31, 2023 | 10-Q 31

Table of Contents                                        

CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
March 31, 2022At Guaranteed Minimum
1 Basis Point-50 Basis Points Above
51 Basis Points-150 Basis Points Above
Greater Than 150 Basis Points Above
Total
(In thousands)Range of Guaranteed Minimum Crediting Rate
Life Insurance:
SCWOLC (1)
0.00% - 1.49%
$— — — — — 
1.50% - 2.99%
256 — — — 256 
3.00% - 4.49%
24,862 — — — 24,862 
Greater or equal to 4.50%
145 — — — 145 
Total$25,263 — — — 25,263 
Fixed annuity
0.00% - 1.49%
$203 — 813 — 1,016 
1.50% - 2.99%
10,584 — 12 — 10,596 
3.00% - 4.49%
21,976 9 — — 21,985 
Greater or equal to 4.50%
30,662 — — — 30,662 
Total$63,425 9 825 — 64,259 
Dividend accumulations
0.00% - 1.49%
$250 — — 3,529 3,779 
1.50% - 2.99%
8,501 533 11 — 9,045 
3.00% - 4.49%
25,507 — — — 25,507 
Greater or equal to 4.50%
3 — — — 3 
Total$34,261 533 11 3,529 38,334 
Premiums paid in advance
0.00% - 1.49%
$— — — 37,922 37,922 
1.50% - 2.99%
— — — — — 
3.00% - 4.49%
— — — — — 
Greater or equal to 4.50%
— — — — — 
Total$— — — 37,922 37,922 
Home Service Insurance:
SCWOLC (1)
0.00% - 1.49%
$6 — — — 6 
1.50% - 2.99%
249 — — — 249 
3.00% - 4.49%
49 — — — 49 
Greater or equal to 4.50%
— — — — — 
Total$304 — — — 304 
Fixed annuity
0.00% - 1.49%
$284 — — 408 692 
1.50% - 2.99%
— — — — — 
3.00% - 4.49%
18,743 — — — 18,743 
Greater or equal to 4.50%
903 — — — 903 
Total$19,930 — — 408 20,338 
Dividend accumulations
0.00% - 1.49%
$— — — 173 173 
1.50% - 2.99%
5 44 — — 49 
3.00% - 4.49%
19 — — — 19 
Greater or equal to 4.50%
— — — — — 
Total$24 44 — 173 241 
(1) Supplemental Contracts Without Life Contingencies

March 31, 2023 | 10-Q 32

Table of Contents                                        

CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables summarize balances of and changes in policyholders' account balances.

March 31, 2023
(In thousands)
SCWOLC (1)
Fixed AnnuityDividend
Accumulations		Premiums Paid in Advance
Life Insurance:
Balance, beginning of year$32,667 66,543 41,424 34,603 
Issuances4,788 536 147 905 
Premiums received18 1,025 1,383 145 
Interest credited341 536 322 226 
Less:
Surrenders and withdrawals— 1,640 848 1,757 
Benefit payments2,288 — — — 
Balance, end of period$35,526 67,000 42,428 34,122 
Weighted-average crediting rates4.10 %3.70 %3.49 %3.00 %
Cash surrender value$35,526 67,000 42,428 34,122 
Home Service Insurance:
Balance, beginning of year$328 20,264 239 — 
Issuances— 227 1 — 
Premiums received— 145 1 — 
Interest credited2 132 2 — 
Less:
Surrenders and withdrawals— 607 3 — 
Benefit payments21 — — — 
Balance, end of period$309 20,161 240 — 
Weighted-average crediting rates2.20 %3.10 %3.09 %4.00 %
Cash surrender value$309 20,161 240 — 
Consolidated:
Balance, beginning of year$32,995 86,807 41,663 34,603 
Issuances4,788 763 148 905 
Premiums received18 1,170 1,384 145 
Interest credited343 668 324 226 
Less:
Surrenders and withdrawals— 2,247 851 1,757 
Benefit payments2,309 — — — 
Balance, end of period$35,835 87,161 42,668 34,122 
Weighted-average crediting rates4.05 %3.57 %3.05 %2.98 %
Cash surrender value$35,835 87,161 42,668 34,122 
(1) Supplemental Contracts Without Life Contingencies



March 31, 2023 | 10-Q 33

Table of Contents                                        

CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
March 31, 2022
(In thousands)
SCWOLC (1)
Fixed AnnuityDividend
Accumulations		Premiums Paid in Advance
Life Insurance:
Balance, beginning of year$23,628 63,591 37,513 38,875 
Issuances2,392 604 123 469 
Premiums received12 995 1,264 132 
Interest credited232 517 292 275 
Less:
Surrenders and withdrawals— 1,448 858 1,829 
Benefit payments1,001 — — — 
Balance, end of period$25,263 64,259 38,334 37,922 
Weighted-average crediting rates4.11 %3.76 %3.50 %3.09 %
Cash surrender value$25,263 64,259 38,334 37,922 
Home Service Insurance:
Balance, beginning of year$322 20,326 247 — 
Issuances10 213 3 — 
Premiums received— 189 1 — 
Interest credited2 140 2 — 
Less:
Surrenders and withdrawals— 530 12 — 
Benefit payments30 — — — 
Balance, end of period$304 20,338 241 — 
Weighted-average crediting rates2.13 %3.11 %3.10 %4.00 %
Cash surrender value$304 20,338 241 — 
Consolidated:
Balance, beginning of year$23,950 83,917 37,760 38,875 
Issuances2,402 817 126 469 
Premiums received12 1,184 1,265 132 
Interest credited234 657 294 275 
Less:
Surrenders and withdrawals— 1,978 870 1,829 
Benefit payments1,031 — — — 
Balance, end of period$25,567 84,597 38,575 37,922 
Weighted-average crediting rates4.08 %3.60 %3.08 %3.09 %
Cash surrender value$25,567 84,597 38,575 37,922 
(1) Supplemental Contracts Without Life Contingencies


March 31, 2023 | 10-Q 34

Table of Contents                                        

CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table reconciles policyholders' account balances to the policyholders' account balances' liability in the consolidated balance sheet.

March 31, 2023March 31, 2022
(In thousands)Life
Insurance		Home Service
Insurance		ConsolidatedLife
Insurance		Home Service
Insurance		Consolidated
Annuities:
SCWOLC (1)
$35,526 309 35,835 25,263 304 25,567 
Fixed annuity67,000 20,161 87,161 64,259 20,338 84,597 
Unearned revenue reserve— 1,531 1,531 — 1,588 1,588 
Other1 — 1 — (1)(1)
Total annuities$102,527 22,001 124,528 89,522 22,229 111,751 
(1) Supplemental Contracts Without Life Contingencies
Dividend Accumulations:
Dividend accumulations$42,428 240 42,668 38,334 241 38,575 
Other1 (1)— — — — 
Total dividend accumulations$42,429 239 42,668 38,334 241 38,575 
Premiums Paid in Advance:
Premiums paid in advance$34,122 — 34,122 37,922 — 37,922 
Other2,294 281 2,575 2,180 331 2,511 
Total premiums paid in advance$36,416 281 36,697 40,102 331 40,433 

(7) COMMITMENTS AND CONTINGENCIES

LITIGATION AND REGULATORY ACTIONS

From time to time, we are subject to legal and regulatory actions relating to our business. We may incur defense costs, including attorneys' fees, and other direct litigation costs associated with defending claims. If we suffer an adverse judgment as a result of litigation claims, it could have a material adverse effect on our business, results of operations and financial condition.

CONTRACTUAL OBLIGATIONS

As of March 31, 2023, CICA International is committed to fund investments up to $35.6 million related to limited partnerships previously described.

CREDIT FACILITY

On May 5, 2021, the Company entered into a $20 million senior secured revolving credit facility (the “Credit Facility”) with Regions Bank ("Regions"). The Credit Facility has a three-year term, maturing on May 5, 2024, and allows the Company to borrow up to $20 million for working capital purposes, capital expenditures and other corporate purposes.

Revolving loans may be requested by the Company in aggregate minimum principal amounts of $0.5 million per loan. At the Company's election, the revolving loans may either bear a base rate, which is 1.75% plus a base rate

March 31, 2023 | 10-Q 35

Table of Contents                                        

CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(a fluctuating rate per annum) equal to the greatest of (a) Regions' prime rate, (b) the federal funds rate plus 0.50%, (c) the one-month LIBOR rate plus 1%, and (d) 0.75%; or an adjusted LIBOR rate, which is 2.75% plus an adjusted LIBOR rate but cannot be less than 0.75%. The Company is required to pay Regions an annual commitment fee of 0.375% of the unused portion of the Credit Facility in quarterly installments, which the Company expenses as it is incurred. Regions informed the Company that after June 30, 2023, the United Kingdom's Financial Conduct Authority will no longer publish a LIBOR rate that may be used as the benchmark interest rate index. Regions will transition to a replacement interest rate index on any future draws.

Obligations under the Credit Facility are secured by substantially all of the assets of the Company other than the equity interests in all of the regulated insurance subsidiaries, real estate owned by the Company, and other limited exceptions. The Credit Facility contains customary events of default and financial, affirmative and negative covenants, including but not limited to restrictions on indebtedness, liens, investments, asset dispositions and restricted payments. As of March 31, 2023, the Company had not borrowed any funds against the Credit Facility and was not in violation of any covenants.

(8) STOCKHOLDERS' EQUITY AND RESTRICTIONS

STOCK

Our Restated and Amended Articles of Incorporation authorize the issuance of 127,000,000 shares, of which 100,000,000 shares shall be Class A common stock, 2,000,000 shares shall be Class B common stock, and 25,000,000 shall be preferred stock. The two authorized classes of common stock are equal in all respects, except (a) each share of Class A common stock is entitled to receive twice the cash dividends paid on a per share basis to the Class B common stock, if any; and (b) the holders of the Class B common stock have the exclusive right to elect a simple majority of the Board of Directors of Citizens. In April 2021, we repurchased all of the outstanding Class B common stock, which is now classified as treasury stock. As a result, all of the directors are elected by the holders of the Class A common stock. Citizens has never issued any preferred stock.

A summary of the change in number of shares of Class A and Class B common stock and treasury stock issued is as follows:
Three Months Ended March 31,
20232022
(In thousands)Common StockTreasuryCommon StockTreasury
Class AClass BStockClass AClass BStock
Balance at beginning of year53,758 1,002 4,937 53,170 1,002 4,138 
Stock issued under stock investment plan— — — 345 — — 
Stock issued for compensation34 — — 18 — — 
Balance at end of period53,792 1,002 4,937 53,533 1,002 4,138 


March 31, 2023 | 10-Q 36

Table of Contents                                        

CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings (loss) per share.
Three Months Ended March 31,20232022
(In thousands, except per share amounts)
Basic and diluted earnings (loss) per share:
Numerator:
Net income (loss)$4,872 6,449 
Net income (loss) allocated to Class A common stock$4,872 6,449 
Denominator:
Weighted average shares of Class A outstanding - basic49,840 50,236 
Weighted average shares of Class A outstanding - diluted50,609 50,906 
Basic and diluted earnings (loss) per share of Class A common stock$0.10 0.13 

CAPITAL AND SURPLUS

Each of our regulated insurance subsidiaries is required to meet stipulated regulatory capital requirements. These include capital requirements imposed by the U.S. National Association of Insurance Commissioners ("NAIC") and the Bermuda Monetary Authority ("BMA"). All domestic insurance subsidiaries exceeded the minimum capital requirements at March 31, 2023.

In order to minimize the risk of a shortfall in capital arising from an unexpected adverse deviation or excess risk, the BMA has established a threshold capital level (termed the Target Capital Level ("TCL")), which is set at 120% of a company’s enhanced capital requirement. The TCL serves as an early warning tool for the BMA. As of March 31, 2023, CICA International was above the TCL threshold. At the request of the BMA, on April 15, 2021, Citizens and CICA International entered into a Keep Well Agreement. The Keep Well Agreement requires Citizens to contribute up to $10 million in capital to CICA International as necessary to ensure that CICA International has a minimum capital level of 120% (equal to the TCL). Since CICA International’s capital level currently exceeds 120%, Citizens is not required to make a capital contribution.

CICA International had previously been granted a permitted practice by the BMA to report its fixed income maturity securities at amortized cost in its unconsolidated statutory financial statements. This permitted practice has expired.

CICA PR is a Puerto Rico domiciled company. The Insurance Code does not specifically set forth minimum capital and surplus standards, but rather requires that an insurer submit a business plan for approval to the Office of the Commissioner of Insurance that includes proposed minimum capital and surplus. CICA PR is required to maintain a minimum of $750,000 in capital and maintain a premium to surplus ratio of 7 to 1. CICA PR began issuing new business as of January 1, 2023 and since higher costs are associated with new business than renewal business (e.g., first year commissions), we expect that Citizens will have to contribute capital to CICA PR in the foreseeable future in order to maintain the required premium to surplus ratio.

(9) SEGMENT INFORMATION

The Company has two reportable segments:  Life Insurance and Home Service Insurance.  Our Life Insurance segment issues endowment contracts, which are principally accumulation contracts that incorporate an element of life insurance protection and ordinary whole life insurance, to non-U.S. residents through CICA International and, beginning January 1, 2023, CICA PR.  These contracts are designed to provide a fixed amount of insurance coverage over the life of the insured and may utilize rider benefits to provide additional coverage and annuity

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CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
benefits to enhance accumulations. Domestically, we currently offer whole life, credit life, credit disability, and critical illness products. The critical illness products are sold in Texas and Florida through CICA and CNLIC. Both CICA and CNLIC also service whole life and accident and health policies primarily in the Southern U.S., Midwest and Mountain West.

Our Home Service Insurance segment operates through our subsidiaries SPLIC, MGLIC and SPFIC, and focuses on the life insurance needs of the middle- and lower-income markets, primarily in Louisiana, Mississippi and Arkansas.  Our policies are sold and serviced through funeral homes and independent agents who sell policies, collect premiums and service policyholders.  Our Home Service Insurance segment also sells property insurance policies in Louisiana.

The Life Insurance and Home Service Insurance portions of the Company constitute separate businesses. In addition to the Life Insurance and Home Service Insurance business, the Company also operates other non-insurance portions of the Company ("Other Non-Insurance Enterprises"), which primarily include the Company’s IT and Corporate-support functions.

The accounting policies of the reportable segments and Other Non-Insurance Enterprises are presented in accordance with U.S. GAAP and are the same as those described in the summary of significant accounting policies in our Form 10-K.  The Company evaluates profit and loss performance based on U.S. GAAP net income (loss) before federal income taxes for its two reportable segments. The Company's Other Non-Insurance Enterprises is the only reportable difference between segments and consolidated operations.
Life InsuranceHome Service InsuranceOther Non-Insurance EnterprisesConsolidated
Three Months Ended March 31, 2023
(In thousands)
Revenues:    
Premiums$26,207 12,042 — 38,249 
Net investment income13,311 3,470 293 17,074 
Investment related gains (losses), net(437)99 50 (288)
Other income (loss)879 — — 879 
Total revenues39,960 15,611 343 55,914 
Benefits and expenses:   
Insurance benefits paid or provided:    
Claims and surrenders24,439 5,860 — 30,299 
Increase (decrease) in future policy benefit reserves(1,820)842 — (978)
Policyholder liability remeasurement (gain) loss816 64 — 880 
Policyholders' dividends1,101 7 — 1,108 
Total insurance benefits paid or provided24,536 6,773 — 31,309 
Commissions4,759 4,254 — 9,013 
Other general expenses 5,459 4,468 1,333 11,260 
Capitalization of deferred policy acquisition costs(4,360)(1,998)— (6,358)
Amortization of deferred policy acquisition costs3,162 652 — 3,814 
Amortization of cost of insurance acquired32 129 — 161 
Total benefits and expenses33,588 14,278 1,333 49,199 
Income (loss) before federal income tax$6,372 1,333 (990)6,715 

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CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Life InsuranceHome Service InsuranceOther Non-Insurance EnterprisesConsolidated
Three Months Ended March 31, 2022
(In thousands)
Revenues:    
Premiums$26,931 12,433 — 39,364 
Net investment income11,971 3,244 272 15,487 
Investment related gains (losses), net(293)(242)(47)(582)
Other income (loss)1,088 — — 1,088 
Total revenues39,697 15,435 225 55,357 
Benefits and expenses:    
Insurance benefits paid or provided:    
Claims and surrenders21,458 6,976 — 28,434 
Increase in future policy benefit reserves1,376 (1,262)— 114 
Policyholder liability remeasurement (gain) loss414 254 — 668 
Policyholders' dividends1,350 3 — 1,353 
Total insurance benefits paid or provided24,598 5,971 — 30,569 
Commissions3,806 3,867 — 7,673 
Other general expenses5,691 4,350 989 11,030 
Capitalization of deferred policy acquisition costs(3,306)(1,475)— (4,781)
Amortization of deferred policy acquisition costs3,020 539 — 3,559 
Amortization of cost of insurance acquired24 105 — 129 
Total benefits and expenses33,833 13,357 989 48,179 
Income (loss) before federal income tax$5,864 2,078 (764)7,178 

(10) INCOME TAXES

The effective tax rate is the ratio of tax expense (benefit) over pre-tax income (loss). The effective tax rate was 27.4% for the three months ended March 31, 2023, compared to 10.2% for the same period in 2022, respectively. CICA International is considered a controlled foreign corporation for federal tax purposes. As a result, the insurance activity of CICA International is subject to Subpart F of the Internal Revenue Code and is included in Citizens’ taxable income. Due to the 0% enacted tax rate in Bermuda, there are no deferred taxes recorded for CICA International's temporary differences. The effective tax rate varies from the prevailing corporate federal income tax rate of 21.0% mainly due to the impact of Subpart F and uncertain tax positions.

At March 31, 2023, we determined it was more likely than not that a portion of our capital deferred tax assets would not be realized in their entirety. The Company recorded a valuation allowance of $3.7 million through Other Comprehensive Income (Loss).


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CITIZENS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(11) OTHER COMPREHENSIVE INCOME (LOSS)

The changes in the components of other comprehensive income (loss) are reported net of the effects of income taxes of 21% as of the three months ended March 31, 2023 and 2022, as indicated below.

Three Months Ended March 31,20232022
(In thousands)AmountTax EffectTotalAmountTax EffectTotal
Unrealized gains (losses):   
Unrealized holding gains (losses) arising during the period$43,436 (2,280)41,156 (132,765)8,957 (123,808)
Reclassification adjustment for (gains) losses included in net income38 (8)30 59 (12)47 
Unrealized holding gains (losses), net43,474 (2,288)41,186 (132,706)8,945 (123,761)
Change in current discount rate for liability for future policy benefits(20,480)873 (19,607)151,607 (10,657)140,950 
Other comprehensive income (loss)$22,994 (1,415)21,579 18,901 (1,712)17,189 

(12) RELATED PARTY TRANSACTIONS

The Company has various routine related party transactions in conjunction with our holding company structure, such as a management service agreement related to costs incurred, a tax sharing agreement between entities, and inter-company dividends and capital contributions. There were no changes related to these relationships during the three months ended March 31, 2023.  See our Form 10-K for a comprehensive discussion of related party transactions.

(13) SUBSEQUENT EVENTS

The Company has a plan of disposal to cease operations for its property insurance business on June 30, 2023. The property insurance business operates through SPFIC and represented less than 1% of the Company’s total consolidated assets as of March 31, 2023 and less than 2% of the Company's total consolidated revenues for the three months ended March 31, 2023.

The Company has evaluated the impact of subsequent events as defined by the accounting guidance through the date this report was issued and determined that no other significant subsequent events need to be recognized or disclosed at this time.


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CITIZENS, INC.MANAGEMENT'S DISCUSSION & ANALYSIS
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS

This section and other parts of this Quarterly Report on Form 10-Q ("Form 10-Q") contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Forward-looking statements can also be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “will,” “would,” “could,” “can,” “may,” and similar terms. Forward-looking statements are not guarantees of future performance and the Company’s actual results may differ significantly from the results discussed in the forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions including those factors discussed in the "Risk Factors" contained in our Annual Report on Form 10-K for the year ended December 31, 2022, which are incorporated herein by reference.

The following discussion should be read in conjunction with the consolidated financial statements and accompanying notes included in Part I, Item 1 of this Form 10-Q. The Company assumes no obligation to revise or update any forward-looking statements for any reason, except as required by law.

The U.S. Securities and Exchange Commission ("SEC") maintains a website that contains reports, proxy and information statements, and other information regarding issuers, including the Company, that file electronically with the SEC. The public can obtain any documents that the Company files with the SEC at http://www.sec.gov. We also make available, free of charge, through our website (http://www.citizensinc.com), our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, Section 16 Reports filed by officers and directors, news releases, and, if applicable, amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as soon as reasonably practicable after we electronically file such reports with, or furnish such reports to, the SEC.  We are not including any of the information contained on our website as part of, or incorporating it by reference into, this Form 10-Q.

OVERVIEW

For almost 50 years, we have been fulfilling the needs of our policyholders and their families by providing insurance products that offer both living and death benefits. Citizens conducts insurance related operations through its insurance subsidiaries, which provide benefits to residents in 32 U.S. states and more than 70 different countries. We specialize in offering primarily ordinary whole life insurance, endowment products and final expense insurance in niche markets where we believe we can optimize our competitive position.

As an insurance provider, we collect premiums on an ongoing basis from our policyholders and invest the majority of the premiums to pay future benefits, including claims and surrenders and policyholder dividends. Accordingly, the Company derives its revenues principally from: (1) life insurance premiums earned for insurance coverages provided to insureds in our two operating segments – Life Insurance and Home Service Insurance; and (2) net investment income. In addition to paying and reserving for insurance benefits that we pay to our policyholders, our expenses consist primarily of the costs of selling our insurance products (e.g., commissions, underwriting, marketing expenses), operating expenses and income taxes.

Objective of our Management's Discussion and Analysis

We refer to our Management’s Discussion and Analysis of Financial Condition and Results of Operations as our “MD&A”. The objective of our MD&A is to provide investors with information in order to assess the material changes in our financial condition from December 31, 2022 to March 31, 2023 and the material changes in our results of operations for the three months ended March 31, 2023 as compared to the same period in 2022. We also discuss in the MD&A any trends that we believe may materially affect our future operations or financial condition. Prior year amounts have been revised to reflect the implementation ASU 2018-12 as noted in Part I, Item 1, Note 1. Financial Statements - "Significant Accounting Policies" and Note 2. Accounting Pronouncements in the notes to our consolidated financial statements.

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CITIZENS, INC.MANAGEMENT'S DISCUSSION & ANALYSIS

The Factors that Drive our Operating Results

We see the following as the primary factors that drive our operating results:

•Sales (i.e., premium revenues)
•Investments
•Claims and surrenders
•Operating expenses

Premium revenues and investment income are our two primary sources of income and thus key to our profitability.

Premium revenues consist of both new sales (first year premiums) and "resells" (i.e., retaining the policy), which lead to renewal premiums.

549755827506549755827571
Our total first year premiums increased by 24% due primarily to a new whole life product that was introduced last year in our international markets, as well as focused marketing campaigns across both of our insurance segments.

Our total renewal premium revenues decreased in the three months ended March 31, 2023 compared to the prior year period primarily due to impact from a higher level of surrenders during the last few years and from matured endowment benefits, which we expected due to contractual expiration dates.

2833
Our net investment income increased for the three months ended March 31, 2023 compared to the same prior year period due to the higher interest rate environment and investment income from our limited partnerships.


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CITIZENS, INC.MANAGEMENT'S DISCUSSION & ANALYSIS
3224
Payment of policyholder benefits for claims and surrenders is our largest expense and thus also key to our profitability. In the three months ended March 31, 2023, our death claim benefits decreased compared to the prior year period due to a lower number of reported death claims. Our surrenders were flat in the three months ended March 31, 2023, compared to the prior year period. As expected, matured endowments increased as many of our endowment policies are reaching their contractual maturity dates.
3977
Operating expenses are our second largest expense and thus also drive our operating results. Our general operating expenses for the three months ended March 31, 2023 increased slightly compared to the prior year period.

FINANCIAL HIGHLIGHTS
4636
Our net income was $4.9 million for the three months ended March 31, 2023 compared to net income of $6.4 million in the prior year period. The decline in net income is primarily driven by lower renewal year premiums, higher federal income tax expense and higher insurance benefits paid or provided, which is partially offset by higher net investment income and lower investment related losses. Our net income per share of Class A common stock was $0.10 for the three months ended March 31, 2023 compared to $0.13 in prior year period.


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CITIZENS, INC.MANAGEMENT'S DISCUSSION & ANALYSIS
Consolidated Revenue Highlights

Insurance premiums and investment income are our primary sources of revenue. Collectively, insurance premiums and investment income were flat in the three months ended March 31, 2023 as compared to the same period in 2022.

•Insurance premiums decreased by $1.1 million, or 2.8%. While first year premiums increased this was more than offset by a decline in renewal year premiums.
•Net investment income increased by $1.6 million, or 10.2% for the same reasons discussed above.

Consolidated Benefits and Expenses Highlights

The primary use of our funds is the payment of insurance benefits for claims and surrenders as well as our general operating expenses. In the three months ended March 31, 2023 compared to the same period in 2022, total benefits and expenses increased by $1.0 million.

•Claims and surrender benefits increased $1.9 million due primarily to increased matured endowment benefits partially offset by lower death claim benefits.
•Increase in future policy benefits reserves decreased $1.1 million due to the impact of reserves released from higher matured endowment benefits partially offset by increases in our in force block of business.

Financial Condition at March 31, 2023

•Total assets of $1.6 billion
•Total investments of $1.4 billion; fixed maturity securities comprised 88.2% of total investments
•$4.8 billion of direct insurance in force
•No debt
•Fully diluted income per share of Class A common stock of $0.10

IMPACT OF INFLATION AND RISING INTEREST RATES

The impact of inflation, which has led to market volatility and rising interest rates, has affected the fair value of our equity securities, leading to investment related losses. Investment related gains and losses can cause significant fluctuations from period to period and are not indicative of our operating results. We believe that investment related gains and losses, whether realized from dispositions or unrealized from changes in market prices of equity securities, have no bearing in understanding our reported results or in evaluating the economic performance of our business. These gains and losses have caused and will continue to cause significant volatility in our periodic earnings.

In addition, interest rates rose significantly in 2022 after being ultra-low for almost a decade. Higher interest rates typically reduce the market values of fixed income assets, as the interest payments from existing fixed income assets become less competitive relative to newer higher rate fixed income instruments. Because we strive to match our asset duration to our liability duration, the vast majority of our total investments are invested in longer-term fixed maturity securities. We reported pre-tax net unrealized losses of $158.2 million on our available-for-sale securities at March 31, 2023. This compares to pre-tax net unrealized losses of $201.7 million at December 31, 2022, with the year-over-year change primarily driven by market interest rates.

In addition, we could experience higher surrenders and lapses and fewer sales in the coming months as our policyholders conserve cash due to concerns over inflation and rising costs, particularly in our Home Service Insurance segment, whose customer base is primarily middle- and lower-income individuals.


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CITIZENS, INC.MANAGEMENT'S DISCUSSION & ANALYSIS
OUR OPERATING SEGMENTS

We manage our business in two operating segments: Life Insurance and Home Service Insurance.

Our insurance operations are the primary focus of the Company, as these operations generate most of our income.  See the discussion under Segment Operations below for detailed analysis.  The amount of insurance, number of policies, and average face amounts for ordinary life policies issued during the periods indicated are shown below.

Three Months Ended March 31,20232022
 Amount of
Insurance
Issued		Number of
Policies
Issued		Average Policy
Face Amount
Issued		Amount of
Insurance
Issued		Number of
Policies
Issued		Average Policy
Face Amount
Issued
Ordinary Life Policies:
Life Insurance$83,892,034 902 $93,007 $42,524,454 633 $67,179 
Home Service Insurance86,437,227 6,524 13,249 54,823,369 5,431 10,095 
Total$170,329,261 7,426 $97,347,823 6,064 

As we previously disclosed, our strategic initiatives include the introduction of new products tailored to our specific markets. These new products helped drive the 75% increase in total insurance issued in the three months ended March 31, 2023, from $97.3 million in the first three months of 2022 to $170.3 million in 2023. The increase in total insurance issued was driven by an increase in total number of policies issued and higher average policy face amounts in both segments.

The growth in our Life Insurance segment is attributable to strong sales from our new international whole life product, which accounted for 72% of total insurance issued in this segment for the three months ended March 31, 2023. In our Home Service Insurance segment, the increase in average policy face amounts issued is attributable to sales campaigns that focused on increasing the face amount of insurance sold.


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CITIZENS, INC.MANAGEMENT'S DISCUSSION & ANALYSIS
CONSOLIDATED RESULTS OF OPERATIONS

A discussion of consolidated results is presented below, followed by a discussion of segment operations and financial results by segment.

REVENUES

Our revenues are generated primarily by insurance renewal premiums and investment income from invested assets.

Three Months Ended
March 31,
(In thousands)20232022
Revenues:  
Premiums:  
Life insurance$36,934 37,746 
Accident and health insurance358 286 
Property insurance957 1,332 
Net investment income17,074 15,487 
Investment related gains (losses), net(288)(582)
Other income879 1,088 
Total revenues$55,914 55,357 

Premium Income.  Total life insurance premium revenues decreased $0.8 million for the three months ended March 31, 2023 compared to the same period in 2022 primarily driven by lower renewal premiums. Property insurance premiums were impacted by an increase in premiums paid for catastrophic reinsurance coverage.

Net Investment Income. A summary of our net investment income and annualized net investment income performance are summarized as follows:

Three Months Ended
March 31,
(In thousands, except for %)20232022
Gross investment income:  
Fixed maturity securities$14,945 13,883 
Equity securities165 151 
Policy loans1,539 1,589 
Long-term investments921 523 
Other investment income124 21 
Total investment income17,694 16,167 
Investment expenses(620)(680)
Net investment income$17,074 15,487 
Net investment income, annualized$68,297 61,948 
Average invested assets, at amortized cost$1,519,149 1,473,240 
Annualized yield on average invested assets4.50 %4.20 %


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CITIZENS, INC.MANAGEMENT'S DISCUSSION & ANALYSIS
Income from our fixed maturity securities constitutes the vast majority of our net investment income, as they comprise 88.2% of our investment portfolio based on fair value. Our total investment income increased by 9.4% for the three months ended March 31, 2023 compared to the same period in 2022, primarily due to a higher average portfolio yield on our fixed maturity securities in the current period. Long-term investment income increased as our private equity investment asset base grew. Our yield increased 30 basis points to 4.50% in the first three months of 2023 compared to the prior year period due to the rising interest rate environment.

Investment Related Gains (Losses), Net.  We recorded investment related losses during the three months ended March 31, 2023 of $0.3 million compared to $0.6 million during the same prior year period. The losses are primarily related to the fair value change of our limited partnership and equity security investments resulting from the inflationary environment and volatility in equity markets. We did not sell these investments as changes in fair values of our equity securities are reflected as investment related gains or losses, in addition to executed transactions that result in a gain or loss.

Other Income. Other income consists primarily of supplemental contracts issued to policyholders in our Life Insurance segment upon the surrender or maturity of their original policies.

BENEFITS AND EXPENSES
 Three Months Ended
March 31,
(In thousands)20232022
 
Benefits and expenses:  
Insurance benefits paid or provided:  
Claims and surrenders$30,299 28,434 
Increase (decrease) in future policy benefit reserves(978)114 
Policyholder liability remeasurement (gain) loss880 668 
Policyholders' dividends1,108 1,353 
Total insurance benefits paid or provided31,309 30,569 
Commissions9,013 7,673 
Other general expenses11,260 11,030 
Capitalization of deferred policy acquisition costs(6,358)(4,781)
Amortization of deferred policy acquisition costs3,814 3,559 
Amortization of cost of insurance acquired161 129 
Total benefits and expenses$49,199 48,179 
 
Claims and surrenders benefits and other general expenses are our primary expenses. Total benefits and expenses increased in the three months ended March 31, 2023 as compared to same period in 2022.


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CITIZENS, INC.MANAGEMENT'S DISCUSSION & ANALYSIS
Claims and Surrenders.  

Three Months Ended
March 31,
(In thousands)20232022
 
Claims and Surrenders:
Death claim benefits$5,382 7,017 
Surrender benefits12,316 12,259 
Endowment benefits2,109 2,134 
Matured endowment benefits8,765 6,134 
Property claims342 142 
A&H and other policy benefits1,385 748 
Total claims and surrenders$30,299 28,434 

Death claim benefits decreased 23.3% for the three months ended March 31, 2023 compared to the same period in 2022 due primarily to a lower volume of reported death claims.

Matured endowment benefits increased 42.9% for the three months ended March 31, 2023 compared to the same period in 2022. We anticipated this increase based upon the contractual maturity dates of the policies.

Explanation of other benefits and expenses

Increase (Decrease) in Future Policy Benefit Reserves.  Future policy benefit reserves reflect the liability established to provide for the payment of policy benefits that we expect to pay in the future and thus generally increase when we have a larger in force block of business due to higher sales and better persistency (i.e., more policies on which we expect to pay future benefits) and decrease when we have lower sales and persistency. In the three months ended March 31, 2023, the change in future policy benefit reserves decreased compared to the same prior year period due to the impact of reserves released from higher matured endowment benefits despite increases in insurance issued and increases in our in force block of business policy benefit reserves.

Commissions. Commission expenses are a cost of acquiring business, as commissions are the primary compensation paid to our independent consultants and independent agents for selling our products. First year commission rates are higher than renewal commission rates and thus commissions fluctuate directly in relation to first year sales. As discussed above, in the three months ended March 31, 2023, we experienced a 24% increase in first year sales leading to an increase in commissions related expenses.

Capitalization and Amortization of Deferred Policy Acquisition Costs. Costs capitalized include certain commissions, policy issuance costs, and underwriting and agency expenses that relate to successful sales efforts for insurance contracts and thus fluctuate primarily with first year sales. Amortization is on a constant level basis for the grouped contracts over the expected term of the related contracts to approximate straight-line amortization.

SEGMENT OPERATIONS

Our business is comprised of two operating business segments, as detailed below.

•Life Insurance
•Home Service Insurance

These segments are reported in accordance with U.S. GAAP.  The Company's Other Non-Insurance enterprises include non-insurance operations such as IT and corporate-support functions, which are included in the table

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CITIZENS, INC.MANAGEMENT'S DISCUSSION & ANALYSIS
presented below to properly reconcile the segment information with the consolidated financial statements of the Company.

The following table sets forth income (loss) before federal income taxes by segment during the periods indicated.

Three Months Ended
March 31,
(In thousands)20232022
Income (loss) before federal income tax expense:
Segments:
  Life Insurance$6,372 5,864 
  Home Service Insurance1,333 2,078 
Total segments7,705 7,942 
Other Non-Insurance enterprises(990)(764)
Total income (loss) before federal income tax expense$6,715 7,178 

LIFE INSURANCE

Detailed results of operations for the Life Insurance segment for the periods indicated are as follows:

Three Months Ended
March 31,
(In thousands)20232022
Revenues:  
Premiums$26,207 26,931 
Net investment income13,311 11,971 
Investment related gains (losses), net(437)(293)
Other income879 1,088 
Total revenues39,960 39,697 
Benefits and expenses:
Insurance benefits paid or provided:
Claims and surrenders24,439 21,458 
Increase (decrease) in future policy benefit reserves(1,820)1,376 
Policyholder liability remeasurement (gain) loss816 414 
Policyholders' dividends1,101 1,350 
Total insurance benefits paid or provided24,536 24,598 
Commissions4,759 3,806 
Other general expenses5,459 5,691 
Capitalization of deferred policy acquisition costs(4,360)(3,306)
Amortization of deferred policy acquisition costs3,162 3,020 
Amortization of cost of insurance acquired32 24 
Total benefits and expenses33,588 33,833 
Income (loss) before federal income tax expense$6,372 5,864 

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CITIZENS, INC.MANAGEMENT'S DISCUSSION & ANALYSIS

In our Life Insurance segment we reported income before federal income tax of $6.4 million in the three months ended March 31, 2023 as compared to income of $5.9 million in the prior year period primarily driven by higher net investment income, partially offset by lower renewal year premiums.

Life Insurance segment premium breakout is detailed below.

Three Months Ended
March 31,
(In thousands)20232022
Premiums:  
First year$2,594 1,987 
Renewal23,613 24,944 
Total premiums$26,207 26,931 

Premiums.  First year premiums increased 30.5% for three months ended March 31, 2023 compared to the same period in 2022, which we believe is due to sales campaigns and our new international whole life product, which launched in March 2022. Our total premiums for three months ended March 31, 2023 decreased 2.7% compared to the same period in 2022. We derive most of our premium revenue in the Life Insurance segment from renewal premiums, which decreased 5.3% in the three months ended March 31, 2023 as compared to the same period in 2022.

International Life Insurance Premiums. Life insurance premiums are generated largely from our international policyholders from more than 70 different countries across the globe. The majority of our international premiums are derived from whole life and endowment products. The following table sets forth our premiums collected from the top five countries of our international life insurance business for the three months ended March 31, 2023 and 2022.

Three Months Ended
March 31,
(In thousands)20232022
Country:
Colombia$6,057 6,030 
Taiwan5,302 4,923 
Venezuela3,722 4,090 
Ecuador3,246 3,026 
Argentina2,184 1,861 
Other Non-U.S.8,841 8,933 
Total$29,352 28,863 
 
Domestic Life Insurance Premiums. Domestic premiums in our Life Insurance segment remained consistent in the three months ended March 31, 2023 compared to the same prior year period. Our domestic in force business results primarily from receipt of renewal premiums from blocks of business of various insurance companies we have acquired over the years as we ceased selling ordinary life in 2017.  We currently offer whole life, credit life, credit disability and critical illness products domestically.

Net Investment Income.  Our net investment income increased by 11.2% for the three months ended March 31, 2023 compared to the same period in 2022 due to our higher average portfolio yield. The majority of investment income is derived from fixed maturity securities; however, long-term investment income continued to increase as our limited partnership asset base grew.

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CITIZENS, INC.MANAGEMENT'S DISCUSSION & ANALYSIS

Investment Related Gains (Losses), Net.  We recorded investment related losses of $0.4 million during the three months ended March 31, 2023 compared to investment related losses of $0.3 million during the same prior year period resulting from the change in estimated fair market value for our limited partnerships, as previously discussed.
 
Claims and Surrenders. The following table sets forth our primary claims and surrender benefits paid within our Life Insurance segment for the three months ended March 31, 2023 compared to the same period in 2022.

Three Months Ended
March 31,
(In thousands)20232022
Claims and Surrenders:
Death claim benefits$748 990 
Surrender benefits11,628 11,637 
Endowment benefits2,108 2,129 
Matured endowment benefits8,620 6,007 
A&H and other policy benefits1,335 695 
Total claims and surrenders$24,439 21,458 

During the three months ended March 31, 2023 and 2022, the majority of our claims and surrender benefits in our Life Insurance segment were related to payment of surrender benefits and matured endowment benefits. Many of our endowment policies are reaching their contractual maturity dates and thus matured endowment benefits are increasing. Death claims benefits decreased for the three months ended March 31, 2023 compared to the prior year period. Mortality experience is closely monitored by the Company as a key performance indicator and these amounts were within expected levels.

Increase (Decrease) in Future Policy Benefit Reserves. The change in future policy benefit reserves decreased as a result of reserves released from higher matured endowment benefits which is offset by increases in our in force block of business for the three months ended March 31, 2023 compared to the same period in 2022.


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CITIZENS, INC.MANAGEMENT'S DISCUSSION & ANALYSIS
HOME SERVICE INSURANCE

Detailed results of operations for the Home Service Insurance segment for the periods indicated are as follows:

Three Months Ended
March 31,
(In thousands)20232022
Revenues:  
Premiums$12,042 12,433 
Net investment income3,470 3,244 
Investment related gains (losses), net99 (242)
Total revenues15,611 15,435 
Benefits and expenses:
Insurance benefits paid or provided:
Claims and surrenders5,860 6,976 
Increase (decrease) in future policy benefit reserves842 (1,262)
Policyholder liability remeasurement (gain) loss64 254 
Policyholders' dividends7 3 
Total insurance benefits paid or provided6,773 5,971 
Commissions4,254 3,867 
Other general expenses4,468 4,350 
Capitalization of deferred policy acquisition costs(1,998)(1,475)
Amortization of deferred policy acquisition costs652 539 
Amortization of cost of insurance acquired129 105 
Total benefits and expenses14,278 13,357 
Income before federal income tax expense$1,333 2,078 

In our Home Service Insurance segment we reported income before federal income tax of $1.3 million in the three months ended March 31, 2023 as compared to income of $2.1 million in the prior year period. This decrease is primarily driven by an increase in catastrophic reinsurance costs and higher total insurance benefits paid or provided partially offset by investment related gains due to the changes in the fair value of our equity securities.

Premiums. Total premium revenue declined by 3.1% in the three months ended March 31, 2023 compared to the same period in 2022 despite an increase of 15.1% in first year premiums for three months ended March 31, 2023 compared to the same period in 2022. The decline in premium was attributed to lower property insurance premiums from an increase in catastrophic reinsurance costs and lower life insurance renewal year premiums. 


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CITIZENS, INC.MANAGEMENT'S DISCUSSION & ANALYSIS
Claims and Surrenders.  Claims and surrender benefits, which are the largest portion of our expenses in the Home Service Insurance segment, are summarized as follows:

Three Months Ended
March 31,
(In thousands)20232022
Claims and Surrenders:
Death claim benefits$4,634 6,027 
Surrender benefits688 622 
Endowment benefits1 5 
Matured endowment benefits145 127 
Property claims342 142 
A&H and other policy benefits50 53 
Total claims and surrenders$5,860 6,976 

The majority of claims and surrender benefits in our Home Service Insurance segment relate to death claim benefits. Death claim benefits decreased 23.1% in the three months ended March 31, 2023 compared to the same 2022 period. The decrease in death claim benefits was due primarily to a lower volume of reported claims. Mortality experience is closely monitored by the Company as a key performance indicator and fluctuates from quarter-to-quarter based on reported claims.

Increase in Future Policy Benefit Reserves. The change in future policy benefit reserves increased as a result of increases in insurance issued and lower total death claim benefits for the three months ended March 31, 2023 compared to the same period in 2022.

OTHER NON-INSURANCE ENTERPRISES

Three Months Ended
March 31,
(In thousands)
20232022
Income (loss) before income tax expense$(990)(764)

This operating unit represents the administrative support entities to the insurance operations. Its revenues are primarily intercompany and have been eliminated in consolidation under U.S. GAAP, which typically results in a segment loss. Revenue in this operating unit consists primarily of net investment income and investment related gains or losses, while expenses consist of other general expenses related to corporate functions.

INVESTMENTS

Our investments are an integral part of our business success. Our cash and invested assets at March 31, 2023 were $1.4 billion, of which 87.0% was invested in fixed maturity securities, all of which are classified as available-for-sale. We closely monitor the duration of our fixed maturity investments, and investment purchases and sales are executed with the objective of having adequate funds available to satisfy our insurance obligations.


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CITIZENS, INC.MANAGEMENT'S DISCUSSION & ANALYSIS
The following table sets forth the carrying value of our investments by investment category and cash, cash equivalents and the percentage of each to total cash and invested assets.

Carrying ValueMarch 31, 2023December 31, 2022
(In thousands, except for %)Amount%Amount%
Cash, Cash Equivalents and Invested Assets
Fixed maturity securities:    
U.S. Treasury and U.S. Government-sponsored enterprises$9,688 0.7 %$13,278 1.0 %
Corporate758,974 53.7 %715,645 52.5 %
States and political subdivisions (1)
308,580 21.8 %307,358 22.5 %
Mortgage-backed (2)
103,071 7.3 %99,995 7.3 %
Asset-backed49,277 3.5 %43,242 3.2 %
Foreign governments101 — %101 — %
Total fixed maturity securities1,229,691 87.0 %1,179,619 86.5 %
Short-term investments1,244 0.1 %1,241 0.1 %
Cash and cash equivalents18,924 1.4 %22,973 1.7 %
Other investments:    
Policy loans78,659 5.6 %78,773 5.8 %
Equity securities11,899 0.8 %11,590 0.8 %
Other long-term investments72,254 5.1 %69,558 5.1 %
Total cash, cash equivalents and invested assets$1,412,671 100.0 %$1,363,754 100.0 %
(1) Includes $128.5 million and $133.2 million of securities guaranteed by third parties at March 31, 2023 and December 31, 2022, respectively.
(2) Includes $102.7 million and $98.8 million of U.S. Government-sponsored enterprises at March 31, 2023 and December 31, 2022, respectively.

The carrying value of the Company’s fixed maturity securities investment portfolio at March 31, 2023 was $1.23 billion compared to $1.18 billion at December 31, 2022. As discussed above, this increase reflects the impact of interest rate sensitivity on the fair value of our fixed maturity securities. The distribution of the credit ratings of our portfolio of fixed maturity securities by carrying value as of March 31, 2023 did not materially change from December 31, 2022 – the weighted average was “A” at both dates.

Cash and cash equivalents decreased as of March 31, 2023 from December 31, 2022 and can fluctuate from period to period primarily due to the timing from operating and investing activities.

Other long-term investments increased by $2.7 million as of March 31, 2023 from December 31, 2022 due to additional funding of our limited partnership investments.

Obligations of States and Political Subdivisions

The Company’s fixed maturity securities investment portfolio at March 31, 2023 and December 31, 2022 included $308.6 million and $307.4 million, respectively, of securities that are obligations of states and political subdivisions, including municipalities (collectively referred to as the municipal bond portfolio).


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CITIZENS, INC.MANAGEMENT'S DISCUSSION & ANALYSIS
The Company's municipal bond portfolio includes third-party guarantees.  Detailed below is a presentation by the Nationally Recognized Statistical Rating Organization ("NRSRO") rating of these holdings by funding type as of March 31, 2023.

General ObligationSpecial RevenueOtherTotal% Based on Amortized
Cost
(In thousands, except for %)Fair
Value		Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value		Amortized
Cost
State and political subdivision fixed maturity securities including third-party guarantees
AAA$14,073 13,949 6,494 6,584 — — 20,567 20,533 6.1 %
AA48,733 48,641 114,841 130,002 10,714 11,090 174,288 189,733 56.7 %
A5,956 6,252 88,770 97,907 4,474 4,403 99,200 108,562 32.4 %
BBB626 656 8,295 9,501 1,375 1,450 10,296 11,607 3.5 %
BB and other2,963 3,185 1,266 1,267 — — 4,229 4,452 1.3 %
Total$72,351 72,683 219,666 245,261 16,563 16,943 308,580 334,887 100.0 %
State and political subdivision fixed maturity securities excluding third-party guarantees
AA$34,169 34,123 39,052 42,762 6,597 6,505 79,818 83,390 24.9 %
A16,823 17,178 121,766 136,950 6,952 7,133 145,541 161,261 48.2 %
BBB2,568 2,561 27,060 30,101 1,639 1,855 31,267 34,517 10.3 %
BB and other18,791 18,821 31,788 35,448 1,375 1,450 51,954 55,719 16.6 %
Total$72,351 72,683 219,666 245,261 16,563 16,943 308,580 334,887 100.0 %

The table below shows the categories in which the Company held investments in special revenue bonds that were greater than 10% of fair value based upon the Company's total municipal bond portfolio at March 31, 2023.

(In thousands)Fair
Value		Amortized
Cost		% of Total
Fair Value
  
Education$48,486 54,317 15.7 %
Utilities46,416 49,303 15.0 %
Transportation38,239 44,661 12.4 %

The Company's municipal bond portfolio is spread across many states, however, municipal bonds from Texas and California comprise the most significant concentration of the total municipal bond portfolio as of March 31, 2023. The Company holds 21.7% and 14.3% of its municipal bond portfolio in Texas and California issuers, respectively, as of March 31, 2023. There were no other states or individual issuer holdings that represented or exceeded 10% of the total municipal bond portfolio as of March 31, 2023.


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CITIZENS, INC.MANAGEMENT'S DISCUSSION & ANALYSIS
The table below represents the Company's detailed exposure to municipal bonds in Texas at March 31, 2023.

General ObligationSpecial RevenueOtherTotal
(In thousands)Fair
Value		Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value		Amortized
Cost
Texas state and political subdivision fixed maturity securities including third-party guarantees
AAA$13,564 13,442 3,060 3,055 — — 16,624 16,497 
AA17,572 17,549 14,730 16,302 — — 32,302 33,851 
A— — 17,458 22,195 — — 17,458 22,195 
BB and other— — 500 501 — — 500 501 
Total$31,136 30,991 35,748 42,053 — — 66,884 73,044 
Texas state and political subdivision fixed maturity securities excluding third-party guarantees
AA$25,137 24,997 3,002 2,982 — — 28,139 27,979 
A4,860 4,852 26,978 32,867 — — 31,838 37,719 
BBB1,139 1,142 3,274 3,421 — — 4,413 4,563 
BB and other— — 2,494 2,783 — — 2,494 2,783 
Total$31,136 30,991 35,748 42,053 — — 66,884 73,044 

The table below represents the Company's detailed exposure to municipal bonds in California at March 31, 2023.

General ObligationSpecial RevenueOtherTotal
(In thousands)Fair
Value		Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value		Amortized
Cost
California state and political subdivision fixed maturity securities including third-party guarantees
AA$1,965 2,036 30,221 35,601 2,478 2,731 34,664 40,368 
A1,306 1,650 7,208 8,924 — — 8,514 10,574 
BBB— — 866 865 — — 866 865 
Total$3,271 3,686 38,295 45,390 2,478 2,731 44,044 51,807 
California state and political subdivision fixed maturity securities excluding third-party guarantees
AA$464 445 4,691 5,447 — — 5,155 5,892 
A2,807 3,241 15,766 18,971 2,478 2,731 21,051 24,943 
BBB— — 3,713 3,929 — — 3,713 3,929 
BB and other— — 14,125 17,043 — — 14,125 17,043 
Total$3,271 3,686 38,295 45,390 2,478 2,731 44,044 51,807 

IMPAIRMENT CONSIDERATIONS RELATED TO INVESTMENTS IN FIXED MATURITY AND EQUITY SECURITIES

The Company did not record any credit valuation allowances on fixed maturity securities in either of the three months ended March 31, 2023 or 2022.

Information on both unrealized and realized gains and losses by category is set forth in Part I, Item 1, Note 3. Investments of the notes to our consolidated financial statements herein.


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CITIZENS, INC.MANAGEMENT'S DISCUSSION & ANALYSIS
LIQUIDITY AND CAPITAL RESOURCES

Below are our primary capital resources (based on carrying value of each) as of the periods indicated.

(In thousands)
March 31, 2023
December 31, 2022
Fixed maturity securities$1,229,691 1,179,619 
Cash and cash equivalents18,924 22,973 

Liquidity refers to a company's ability to generate sufficient cash flows to meet the needs of its operations. In the three months ended March 31, 2023 our operations resulted in $7.4 million in net cash. We manage our insurance operations as described herein in order to ensure that we have stable and reliable sources of cash flow to meet our obligations. We currently anticipate meeting our short-term and long-term cash needs with cash generated by our insurance operations and from our invested assets. From time-to-time, we may raise capital by selling shares in our SIP (as defined below) and we may also access our Credit Facility if needed (also as described below).

PARENT COMPANY LIQUIDITY AND CAPITAL RESOURCES

Citizens is a holding company and has minimal operations of its own.  Our assets consist of the capital stock of our subsidiaries, cash and investments.  Our liquidity requirements are met primarily from two sources: cash generated from our operating subsidiaries and our invested assets. Our ability to obtain cash from our insurance subsidiaries depends primarily upon the availability of statutorily permissible payments, including payments Citizens receives from service agreements with our insurance subsidiaries and dividends from the subsidiaries. The ability to make payments to the holding company is limited by applicable laws and regulations of Bermuda, Puerto Rico and U.S. states of domicile which subject insurance operations to significant regulatory restrictions. These laws and regulations require, among other things, that our insurance subsidiaries maintain minimum solvency requirements, which limit the amount of dividends that can be paid to the holding company. The regulations also require approval of our service agreements with the applicable regulatory authority in order to prevent insurance subsidiaries from moving large amounts of cash to the unregulated holding company.

In addition to the above-mentioned sources of cash, we offer a Stock Investment Plan ("SIP"), whereby investors, policyholders, independent contractors and agents, employees and directors can directly purchase our stock. At our option, purchases of stock under the SIP can be made from newly issued or treasury stock, rather than in the open market, in which case, we can raise capital by selling our shares.

In 2021, we entered into a Credit Facility with Regions Bank. See Part I, Item 1, Note 7. Commitments and Contingencies in the notes to our consolidated financial statements, herein, for a description of the Credit Facility. The Credit Facility provides additional liquidity to the Company for short-term and longer-term needs. As of March 31, 2023, we have not borrowed any money under the Credit Facility and have no immediate plans to do so.

INSURANCE COMPANY SUBSIDIARY LIQUIDITY AND CAPITAL RESOURCES

The liquidity requirements of our insurance operations are primarily met by premium revenues, investment income and investment maturities or sales. Primary cash needs relate to payments of policyholder benefits, investment purchases and operating expenses.  Historically, cash flow from our operations has been sufficient to meet our cash needs. We have not had to liquidate a material amount of investments to pay our expenses and we did not do so in the three months ended March 31, 2023. We believe that we have adequate capital resources to support the liquidity requirements of our insurance operations if the cash flow from our insurance operations is insufficient to meet our cash needs. See Contractual Obligations and Off-balance Sheet Arrangements in our Form 10-K and below for a discussion of known and estimated cash needs. Cash flow projections and cash flow tests under various market interest rate scenarios are performed annually to assist in evaluating liquidity needs and adequacy.


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Cash from Operating Activities. Cash provided by or used in operating activities is an important liquidity metric because it reflects, during a given period, the amount of cash generated that is available to pay our operating expenses, invest in our business or make strategic acquisitions. In the three months ended March 31, 2023, our operations provided $7.4 million in net cash.

Cash from Investing Activities. We have traditionally also had significant cash flows from both scheduled and unscheduled investment security maturities, redemptions, and prepayments.  These cash flows, for the most part, are reinvested in fixed income securities and to a lesser extent limited partnerships or other alternative investments. Net cash outflows from investing activities totaled $11.0 million for the three months ended March 31, 2023. The investing activities fluctuate from period to period due to timing of securities activities such as calls and maturities and reinvestment of those funds. We purchased $25.1 million in fixed maturity securities and we also used $3.5 million to purchase other long-term investments. 87% of our total cash, cash equivalents and investments consist of marketable fixed maturity securities classified as available-for-sale that could be readily converted to cash for liquidity needs.

Trends, Demands and Restrictions on our Uses of Cash

Because claims and surrenders are our largest expense, a primary liquidity concern is the risk of either (i) an extraordinary level of early policyholder surrenders, or (ii) higher than expected mortality experience. In order to mitigate the risk of early policyholder surrenders, we include provisions in our insurance policies, such as surrender charges, that help limit and discourage early withdrawals. As previously discussed, surrender benefits had been higher than usual the last several years as many of our policies have reached the age where surrender charges have expired and due to other reasons, like the loss of one of our biggest distributors in Venezuela. However, we have been aggressively managing policyholder retention efforts and in the three months ended March 31, 2023, surrender benefits have leveled. To the extent that early surrenders are higher than expected, our liquidity could be negatively impacted. We continue to monitor surrenders and early withdrawals.

Our endowment products provide the policyholder with alternatives once the policy matures - they can choose to take a lump sum payout or leave the money on deposit at interest with the Company. As of March 31, 2023, 37% of the Company's total insurance in force was in endowment products. Approximately 17% of the endowments in force will mature in the next five years. Policyholder election behavior is unknown, but if too many policyholders elect lump sum distributions, the Company could be exposed to liquidity risk in years of high maturities. Meeting these distributions could require the Company to sell its investments at inopportune times to pay policyholder withdrawals. Alternatively, if the policyholders were to leave the money on deposit with the Company at interest, our profitability could be impacted if the product guaranteed rate is higher than the market rate we are earning on our investments. We currently anticipate that our available operating cash flow and capital resources will be adequate to meet our needs for funds, but we will monitor closely our policyholder behavior patterns.

As discussed above, we are subject to regulatory capital requirements that could affect the Company’s ability to access capital from our insurance operations or cause the Company to have to put additional cash in our wholly-owned subsidiaries.

Our domestic companies are subject to minimum capital requirements set by the NAIC in the form of risk-based capital ("RBC").  RBC considers the type of business written by an insurance company, the quality of its assets, and various other aspects of an insurance company's business to develop a minimum level of capital called "Authorized Control Level Risk-Based Capital". This level of capital is then compared to an adjusted statutory capital that includes capital and surplus as reported under statutory accounting principles, plus certain investment reserves.  Should the ratio of adjusted statutory capital to control level RBC fall below 200% for our domestic companies, a series of remedial actions by the affected company would be required. Additionally, we have a parental guarantee between Citizens and CICA, Citizens' wholly-owned subsidiary domiciled in Colorado, to maintain a RBC level above 350%. At March 31, 2023, our domestic insurance subsidiaries were above the required minimum RBC levels.


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CITIZENS, INC.MANAGEMENT'S DISCUSSION & ANALYSIS
CICA International is a Bermuda domiciled company. The BMA requires Bermuda insurers to maintain available statutory economic capital and surplus at a level equal to or in excess of the BMA's Enhanced Capital Requirement, which requires a certain Target Capital Level ("TCL"). At the request of the BMA, on April 15, 2021, Citizens and CICA International entered into a Keep Well Agreement. The Keep Well Agreement requires Citizens to contribute up to $10 million in capital to CICA International as necessary to ensure that CICA International has a minimum capital level of 120%. Since CICA International’s capital level currently exceeds 120%, Citizens is not currently required to make a capital contribution. Any capital injection that Citizens is required to make under the parental guarantee with CICA or under the Keep Well Agreement with CICA International could negatively impact the Company’s capital resources and liquidity.

CICA International had previously been granted a permitted practice by the BMA to report its fixed income maturity securities at amortized cost in its unconsolidated statutory financial statements. This permitted practice has expired.

CICA PR is a Puerto Rico domiciled company. The Insurance Code does not specifically set forth minimum capital and surplus standards, but rather requires that an insurer submit a business plan for approval to the OIC that includes proposed minimum capital and surplus. CICA PR is required to maintain a minimum of $750,000 in capital and maintain a premium to surplus ratio of 7 to 1. CICA PR began issuing new business as of January 1, 2023 and since higher costs are associated with new business than renewal business (e.g., first year commissions), we expect that Citizens will have to contribute capital to CICA PR in the foreseeable future in order to maintain the required premium to surplus ratio. Like with CICA International, any capital that Citizens is required to contribute could negatively impact the Company's capital resources and liquidity.

CONTRACTUAL OBLIGATIONS AND OFF-BALANCE SHEET ARRANGEMENTS

As of March 31, 2023, we have no additional contractual obligations or off-balance sheet arrangements other than those described in Part I. Item 1, Note 7. Commitments and Contingencies in the notes to our consolidated financial statements herein and in Part II, Item 7, Contractual Obligations and Off-Balance Sheet Arrangements in our Form 10-K.  We do not utilize special purpose entities as investment vehicles, nor are there any such entities in which we have an investment that engage in speculative activities of any nature, and we do not use such investments to hedge our investment positions.

CRITICAL ACCOUNTING POLICIES

We believe that the accounting policies set forth in Part I, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations - "Critical Accounting Policies" and Part IV, Item 15, Note 1. Summary of Significant Accounting Policies of our consolidated financial statements in our Form 10-K continue to describe the significant judgments and estimates used in the preparation of our consolidated financial statements except as follows. The following items have changed due to adoption of Accounting Standard Update ("ASU") No. 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts.

DEFERRED POLICY ACQUISITION COSTS

Deferred policy acquisition costs (“DAC”) are costs that are incremental and directly related to the successful acquisition of new or renewal insurance contracts. Such costs include the incremental direct costs of contract acquisition, such as sales commissions; the portion of employees’ total compensation and payroll-related fringe benefits related directly to time spent performing acquisition activities, such as underwriting, issuing, and processing policies for contracts that have actually been acquired; and other costs related directly to acquisition activities that would not have been incurred if the contract had not been acquired.

Inherent in the capitalization and amortization of DAC are certain management judgements about what acquisition costs are deferred. Approximately 94.0% of our capitalized DAC are attributed to first year and renewal excess commissions. The remaining 6.0% are attributed to other costs that vary with and are directly related to the

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CITIZENS, INC.MANAGEMENT'S DISCUSSION & ANALYSIS
successful acquisition of new insurance business. Those costs generally include costs related to the production, underwriting and issuance of new business.

DAC is amortized on a constant level basis over the expected term of the related contracts to approximate straight-line amortization. For the Life Insurance Segment, the constant level basis used is policy count in force. For the Home Service Insurance Segment, the constant level basis used is face amount in force. The constant level bases used for amortization are projected using mortality and lapse assumptions that are based on the Company’s experience, industry data, and other factors at the end of each reporting period and are consistent with those used for the liability for future policy benefit life reserves. Annually, the Company completes experience studies to evaluate mortality and lapse. If those assumptions are updated, the DAC amortization basis is recalculated and the impact of the assumption change will be reflected in the cohort level amortization in future periods.

COST OF INSURANCE ACQUIRED

The Company recognizes an intangible asset that arises in the application of GAAP purchase accounting as the difference between the reported value and the fair value of insurance contract liabilities, or comparable amounts determined in purchased insurance business combinations. This intangible asset is referred to as the Cost of Insurance Acquired (“COIA”), which is amortized on a basis consistent with DAC, such that it is amortized in proportion to policies in force for the Life Insurance Segment and face amount in force for the Home Service Insurance Segment to approximate straight-line amortization. Inherent in the amortization of COIA are certain management judgements about the ending asset balance and the annual amortization. The key assumptions are based upon interest, mortality and lapses at the time of purchase.

A recoverability test that considers, among other things, actual experience and projected future experience is performed at least annually. These annual recoverability tests are based initially on an estimate of the available premium (gross premium less the benefit and expense portion of premium) for the next 50 years using best estimate assumptions related to interest rates, mortality and lapses.  Management believes that our COIA is recoverable for the three months ended March 31, 2023.  This belief is based upon the analysis performed on estimated future results of the block and our annual recoverability testing.

POLICY LIABILITIES

As premium revenue is recognized, a liability for future policy benefits is accrued. The liability for a future policy benefit is the present value of estimated future policy benefits to be paid to or on behalf of policyholders less the present value of estimated future net premiums to be collected from policyholders. The liability is estimated using current assumptions that include investment yields, discount rate, mortality and lapses and withdrawals. These current assumptions are based on judgements that consider the Company’s historical experience, industry data, and other factors. Annually, the Company completes experience studies to evaluate mortality and lapse. The results of these studies are used to update current year best estimate assumptions used in establishing benefit liabilities and DAC.

The current discount rate assumption is a yield curve that equals the yield of an upper-medium grade fixed income instrument, based on an A-quality corporate bond. The current discount rate assumption is updated quarterly and used to remeasure the liability at the reporting date, with the resulting change reflected in other comprehensive income. For liability cash flows that are projected beyond the duration of market-observable A credit-rated fixed-income instruments, the Company uses the last market-observable yield level and uses linear interpolation to determine yield assumptions for durations that do not have market observable yields. The locked-in discount rate for policies issued prior to transition equals the rate set at contract issuance. For current year issues, the locked-in discount rate is the average of the current year quarterly discount rates and will change throughout the year as new discount rates are calculated, with the change reflected in net income.


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CITIZENS, INC.
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As a smaller reporting company, we have elected to comply with certain scaled disclosure reporting obligations and therefore are not required to provide the information required by this Item.

Item 4. CONTROLS AND PROCEDURES

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, to allow timely decisions regarding required disclosures.

Our management, including our principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures pursuant to Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of March 31, 2023.  Based on such evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of March 31, 2023 to provide reasonable assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and such information is accumulated and reported to management, including our principal executive and financial officers, as appropriate to allow timely decisions regarding disclosure.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

During the three months ended March 31, 2023, there were no changes in the Company's internal control over financial reporting (as defined in rules 13a-15(f) and 15d-15(f) under the Exchange Act) that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

March 31, 2023 | 10-Q 61

Table of Contents                                        

CITIZENS, INC.
PART II.  OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS

Part I, Item 3. Legal Proceedings of our Form 10-K includes a discussion of our legal proceedings. There have been no material developments in the three months ended March 31, 2023 from the legal proceedings described in our Form 10-K.

Item 1A. RISK FACTORS

Part I, Item 1A, Risk Factors of our Form 10-K includes a discussion of our risk factors. There have been no material changes in the three months ended March 31, 2023 from the risk factors included in our Form 10-K.

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

Item 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

Item 4. MINE SAFETY DISCLOSURES

Not applicable.

Item 5. OTHER INFORMATION

Not applicable.

Item 6. EXHIBITS

Exhibit
Number
The following exhibits are filed herewith:
Restated and Amended Articles of Incorporation dated March 4, 2004 (incorporated herein by reference to Exhibit 3.1 to the Registrant's Annual Report on Form 10-K for the Year Ended December 31, 2003, filed on March 15, 2004)
Amended and Restated Bylaws dated February 6, 2021 (incorporated herein by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K, filed on February 9, 2021)
31.1*
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act*
31.2*
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act*
32.1*
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act*
32.2*
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act*
101*Inline XBRL Document Set for the condensed consolidated financial statements and accompanying notes in Part I, Item 1, Financial Statements of this Quarterly Report on Form 10-Q*
104*Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in the Exhibit 101 Inline XBRL Document Set*
* Filed herewith.
† Indicates management contract or compensatory plan or arrangement.

March 31, 2023 | 10-Q 62

Table of Contents                                        
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 CITIZENS, INC.
  
   
 By:/s/ Gerald W. Shields
  Gerald W. Shields
  Chief Executive Officer & President
By:/s/ Jeffery P. Conklin
 Jeffery P. Conklin
Vice President, Chief Financial Officer, Chief Investment Officer & Treasurer
  
  
   
Date:May 8, 2023  


March 31, 2023 | 10-Q 63

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