Citizens Q3 revenue up 6% to $59.4M; net income falls to $2.7M; book value per share up 39%

CITIZENS, INC.

Revenue $59.4M (+6% YoY); first year life and A&H premiums up 15% to $5.2M.
Net income $2.7M ($0.05 diluted EPS) vs $3.4M ($0.06) in Q3 2022; adjusted operating income before taxes $5.7M vs $9.6M.
Book value per Class A share $3.08 (+39% YoY); ex-AOCI $5.63 (+12%).
Cash and equivalents $16.8M, zero debt; $4.6M remaining on $8M share repurchase authorization.
AM Best initiated financial strength and credit ratings on CICA Life Insurance Company of America.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CITIZENS, INC. reported the third quarter ended September 30, 2023 results: revenue $59.4 million, net income $2.7 million, EPS $0.05.

Period: the third quarter ended September 30, 2023
Revenue: $59.4 million
Net income: $2.7 million
EPS: $0.05
Result: reported results

Exact text from the filing

Third Quarter 2023 Financial Highlights • Total revenues increased to $59.4 million in Q3 2023, from $56.2 million in the year-ago quarter. • First year life and A&H premiums increased 15% in Q3 2023, the fourth consecutive quarter of year-over-year growth in first year premiums, driven by new products and focused marketing campaigns. • Net income was $2.7 million in Q3 2023, from $3.4 million in Q3 2022. Earnings per fully diluted Class A share was $0.05 in Q3 2023, from $0.06 in the year-ago quarter.

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Source: SEC EDGAR

accession 0000024090-23-000111

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