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Citizens(CIA) - 2024 Q4 - Annual Results
CIACitizens(CIA)2025-03-13 20:12

Revenue Growth - Total annual premium revenue grew for the first time since 2017, with insurance issued exceeding 1.1billion,a541.1 billion, a 54% increase from 2023 [3] - Total revenues for the full year 2024 were 245.0 million, up from 240.7millionin2023,whileadjustedtotalrevenuesincreasedto240.7 million in 2023, while adjusted total revenues increased to 247.6 million from 239.9 million [6] - Direct first year life and A&H premiums increased by 71% in 2024, driven by growth in both domestic and international markets [10] - Total direct insurance in force reached over 5.2 billion at December 31, 2024, marking a significant increase from 4.9billionin2023[7]−Theglobalnetworkofproducingagentsincreasedby724.9 billion in 2023 [7] - The global network of producing agents increased by 72% since December 31, 2023, contributing to sales growth [7] Income and Profitability - Income before federal income tax for the full year 2024 was 15.0 million, down from 26.2millionin2023,primarilyduetoanon−cashdecreaseininvestmentrelatedgains[10]−Netincomeforthefullyear2024was26.2 million in 2023, primarily due to a non-cash decrease in investment related gains [10] - Net income for the full year 2024 was 14.9 million, or 0.29perfullydilutedClassAshare,comparedto0.29 per fully diluted Class A share, compared to 24.4 million, or 0.48persharein2023[10]−IncomebeforefederalincometaxfortheLifeInsuranceSegmentwas0.48 per share in 2023 [10] - Income before federal income tax for the Life Insurance Segment was 5,258, a decline of 36.0% compared to 8,226in2023[27]CashFlowandLiquidity−Positivenetcashprovidedbyoperatingactivitieswas8,226 in 2023 [27] Cash Flow and Liquidity - Positive net cash provided by operating activities was 31.9 million in 2024, compared to 22.1millionin2023,reflectingconsistentliquiditystrength[10]BookValueandEquity−BookvalueperClassAshareincreasedby2122.1 million in 2023, reflecting consistent liquidity strength [10] Book Value and Equity - Book value per Class A share increased by 21% over the year-ago to 4.21, while adjusted book value per share excluding AOCI increased by 5% to 6.14[10]−BookvalueperClassAcommonshare,diluted,increasedto6.14 [10] - Book value per Class A common share, diluted, increased to 4.21, up from 3.47in2023,reflectingagrowthof21.33.47 in 2023, reflecting a growth of 21.3% [33] - Stockholders' equity, excluding accumulated other comprehensive income (AOCI), was 306,320, compared to 290,284in2023,markinganincreaseof5.5290,284 in 2023, marking an increase of 5.5% [33] Segment Performance - Total benefits and expenses in the Life Insurance Segment increased to 44,055, up from 43,083,indicatingariseof2.343,083, indicating a rise of 2.3% [27] - Total revenues for the Life Insurance Segment decreased to 49,313, down 3.9% from 51,309in2023[27]−InsurancepremiumsintheLifeInsuranceSegmentroseto51,309 in 2023 [27] - Insurance premiums in the Life Insurance Segment rose to 38,522, a 6.9% increase from 36,017inthesameperiodlastyear[27]−TheHomeServiceInsuranceSegmentreportedtotalrevenuesof36,017 in the same period last year [27] - The Home Service Insurance Segment reported total revenues of 13,977, down 8.6% from $15,295 in 2023 [27] Future Outlook - The company plans to introduce 2 to 3 new products or major product enhancements, achieving product enhancement and two new products in 2024 [10] - The company anticipates continued focus on operational strategy and market expansion, with forward-looking statements indicating potential growth opportunities [34]