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Citizens, Inc. Reports Q3 2024 Financial Results
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Citizens, Inc. Reports Q3 2024 Financial Results

Citizens Inc ( (CIA) ) has released its Q3 earnings. Here is a breakdown of the information Citizens Inc presented to its investors.

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Citizens, Inc. is a Colorado-based insurance company primarily engaged in life insurance, with its operations spread through various subsidiaries in both domestic and international markets. It offers life insurance products such as ordinary whole life, final expense, and life products with living benefits in the U.S. and U.S. dollar-denominated insurance products internationally.

In its latest quarterly earnings report for the period ending September 30, 2024, Citizens, Inc. reported a slight increase in total revenues compared to the previous year. Net income for the nine months was recorded at $11.29 million, a decrease from $13.7 million reported for the same period last year. The company also noted a growth in its investment portfolio, with total assets rising from $1.67 billion to $1.74 billion over the year.

The company’s key financial highlights include an increase in total investments from $1.4 billion to $1.45 billion, driven by higher valuations in fixed maturity securities and other long-term investments. The insurance benefits paid or provided saw a rise to $110.57 million, reflecting a significant increase in commissions and general expenses. Additionally, Citizens, Inc. showed an improvement in its comprehensive income, reaching $34.76 million for the nine months, compared to $24.07 million the previous year.

Despite the drop in net income, the company maintains a strong financial position with an increase in stockholders’ equity from $172.13 million to $207.57 million. The company’s strategic initiatives to enhance first-year sales have contributed to the increased capitalizations of deferred policy acquisition costs.

Looking forward, Citizens, Inc. remains committed to expanding its insurance segments and optimizing its investment strategy to bolster financial resilience and shareholder value in a dynamic market environment.

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