Citizens reports Q4 2021 net income $38.1M vs $1.5M YoY; updates governance guidelines

CITIZENS, INC.

Q4 2021 net income $38.1M ($0.77/diluted share) vs $1.5M in Q4 2020; full year net income $36.8M vs $11.0M loss.
Q4 included release of $43.8M uncertain tax position and $12.6M goodwill impairment; pre-tax net loss $6.8M vs $2.3M prior year.
Renewal premiums up 4% to $44.7M, first year premiums $4.7M (down 11% YoY); claims/surrenders down 17%.
Book value per class A share $6.41, up 20% QoQ and 8% YoY; total assets $1.9B, no debt.
Board adopted director ownership guidelines (2.5x retainer), director resignation policy, mandatory retirement at 75 (grandfathered to 80), 12-year term limit.

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