Emerging Growth Virtual Conference on March 6, 2024Singular Research "Spring Select" Virtual Conference on May 22, 2024Austin, Texas--(Newsfile Corp. - March 5, 2024) - Citizens, Inc. (NYSE: CIA), a leading diversified financial services company specializing in life, living benefits, and final expense insurance, today announced management's plan for participation in upcoming investor conferences.Emerging Growth Virtual Conference on March 6, 2024Citizens plans to present at the Emerging Growth Virtual Conf ...

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 September 30, 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 CITIZENS, INC. (Exact name of registrant as specified in its charter) Colorado 84-0755371 (State or other jurisdiction of incorp ...

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 June 30, 2023. 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 June 30, 2023. The Company holds 22% and 14% of its municipal bond ...

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 CITIZENS, INC. (Exact name of registrant as specified in its charter) Colorado 84-0755371 (State or other jurisdiction of incorporat ...

Insurance Operations and Market Environment - Approximately 69% of direct insurance premiums are generated from policyholders in foreign countries, primarily in Latin America and the Pacific Rim [153]. - The company faces significant competition in international markets, which may adversely affect business and profitability [187]. - Regulatory risks include the need for licenses or approvals in foreign countries, which could disrupt sales and impact premium revenue [153][184]. - Political instability in operating countries could affect policyholder premium payments and new product sales [157]. - The ongoing COVID-19 pandemic has led to increased claims and decreased premium revenue, with potential long-term effects on pricing assumptions and underwriting risks [228]. - Insurance laws may prioritize policyholders' interests over shareholders' interests, potentially complicating mergers or acquisitions [258]. Financial Performance and Risks - The company's overall financial performance primarily depends on the pricing of its insurance products and the accuracy of its pricing assumptions [192]. - The company's largest expense is payments of claims and surrenders to policyholders, with mismanagement potentially impacting financial condition [164]. - The company must accurately underwrite and set premiums to cover costs and earn profits, which is subject to various risks and uncertainties [161]. - Rising interest rates may reduce the market values of fixed income assets, leading to unrealized losses and negatively affecting stockholder equity [219]. - The company may experience liquidity risks if policyholders with mature policies elect to receive lump sum distributions at greater levels than anticipated [226]. - Unanticipated increases in early policyholder withdrawals or surrenders could negatively impact liquidity [194]. - The company may need to sell investments or seek third-party financing if cash flow from insurance operations is insufficient to meet benefit payments [195]. - Market volatility and changes in interest rates could adversely affect investment income, which is a significant portion of total revenues, potentially impacting overall financial condition [247]. - The company is exposed to credit risk in its investment portfolio, with potential defaults or downgrades leading to reduced investment income and recognition of losses [248]. Regulatory and Compliance Issues - The company is subject to extensive regulation and supervision in the jurisdictions where it operates, which may affect its operations and financial condition [214]. - Citizens, Inc. is subject to minimum capital and surplus requirements across its insurance subsidiaries, and failure to meet these could lead to regulatory actions that adversely impact competitiveness and financial condition [239]. - The company has implemented an enhanced anti-money laundering and sanctions program to comply with U.S. and Bermuda laws [160]. - Regulatory changes in the insurance industry could impose greater restrictions, increasing operational costs and affecting liquidity and financial results [242]. - The company’s Class A common stock is registered with the SEC but not under foreign laws, posing a risk of regulatory penalties in foreign jurisdictions [257]. Operational and Technological Risks - The company relies on independent consultants for distribution, with almost 1,000 active consultants internationally and nearly 600 independent agencies domestically [176]. - The company relies on independent consultants for product distribution, which may impact its ability to attract effective sales representatives [189]. - Citizens, Inc. relies on independent consultants for sales, which poses risks related to maintaining relationships and could lead to declines in insurance product sales if not managed effectively [232]. - The company is continuously enhancing its information systems to adapt to technological changes, with potential risks of system failures or security gaps that could adversely affect operations [252]. - The company has disaster recovery systems in place, but unanticipated problems could materially impact operations and financial condition [255]. - The company has insurance against certain cyber risks, but potential litigation and financial losses may exceed policy limits [254]. Claims and Reserves Management - The company maintains reserves to cover estimated exposure for claims related to issued insurance policies, which may require adjustments based on future developments, potentially increasing expenses and negatively affecting financial results [230]. - The company faces risks associated with the collectability of reinsurance recoverables, which depend on the solvency of individual reinsurers [229]. - The company has faced legal proceedings involving allegations of tortious interference and misappropriation of trade secrets [263]. Internal Controls and Financial Reporting - The company maintains effective internal control over financial reporting as of December 31, 2022, based on management's evaluation [567]. - The company's internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting [566]. - The company's consolidated financial statements for the year ended December 31, 2022, received an unqualified opinion from the auditing firm [570].

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 September 30, 2022 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 CITIZENS, INC. (Exact name of registrant as specified in its charter) Colorado 84-0755371 (State or other jurisdiction of incorp ...

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 June 30, 2022 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 CITIZENS, INC. (Exact name of registrant as specified in its charter) Colorado 84-0755371 (State or other jurisdiction of incorporati ...

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, 2022 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 CITIZENS, INC. (Exact name of registrant as specified in its charter) Colorado 84-0755371 (State or other jurisdiction of incorporat ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 COMMISSION FILE NUMBER: 000-16509 CITIZENS, INC. (Exact name of registrant as specified in its charter) Colorado 84-0755371 (State or other jurisdiction of incorporation or organization) (I.R.S. employer id ...

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 September 30, 2021 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 CITIZENS, INC. (Exact name of registrant as specified in its charter) Colorado 84-0755371 (State or other jurisdiction of incorp ...