Citizens, Inc. reported a total revenue of $245 million for the fiscal year ending December 31, 2024, marking a 1.4% increase from $240.7 million in 2023. The company's net income before federal income tax decreased to $15 million, down from $26.2 million in the previous year. This decline was attributed to a $3.4 million decrease in investment-related gains, the accrual of $3.5 million in legal fees from a trade secret lawsuit, and an increase in total insurance benefits paid, which rose by $11.5 million. Despite these challenges, total premium revenue increased by $6.3 million, representing the first growth in this area since 2017.
In 2024, Citizens, Inc. issued $1.1 billion in new insurance, a 54% increase from the previous year, driven by the introduction of new products and an expanded distribution network. The company became licensed in eight additional states, increasing its domestic reach to 43 states. The number of agents selling its products more than doubled, growing from over 2,000 to over 5,000. The Life Insurance segment saw a 106% increase in direct first-year premium revenue, while the Home Service Insurance segment accounted for 24% of total consolidated direct premiums.
The company’s total assets stood at approximately $1.7 billion, with total direct insurance in force reaching $5.2 billion. Citizens, Inc. maintained a strong balance sheet, with no debt reported as of December 31, 2024. The company’s investment portfolio, primarily composed of fixed maturity securities, totaled $1.4 billion, with 88% classified as available-for-sale. However, the company faced challenges due to rising interest rates, which resulted in an accumulated pre-tax net unrealized loss of $180.3 million on its available-for-sale securities.
Looking ahead, Citizens, Inc. aims to continue its growth trajectory by focusing on product development and enhancing customer retention strategies. The company has implemented a capital maintenance agreement with the Colorado Division of Insurance to ensure that its domestic subsidiary maintains a risk-based capital ratio above 350%. The management remains optimistic about future performance, citing the successful introduction of new products and the expansion of its distribution channels as key drivers for continued growth.
About CITIZENS, INC.
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