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Citizens(CIA) - 2025 Q1 - Quarterly Results
CIACitizens(CIA)2025-05-08 20:12

Financial Performance - Total revenues for Q1 2025 were 55.7million,downfrom55.7 million, down from 57.7 million in Q1 2024, while adjusted total revenues increased to 58.5millionfrom58.5 million from 56.7 million[6]. - The company reported a loss before federal income tax of 1.8millioninQ12025,adeclinefromaprofitof1.8 million in Q1 2025, a decline from a profit of 4.9 million in Q1 2024, primarily due to a 3.9milliondecreaseininvestment−relatedgains[10].−Adjustedafter−taxoperatingincomewas3.9 million decrease in investment-related gains[10]. - Adjusted after-tax operating income was 1.0 million, or 0.02perfullydilutedClassAshare,downfrom0.02 per fully diluted Class A share, down from 3.6 million, or 0.07pershare,intheprioryear[11].−ForthethreemonthsendedMarch31,2025,thecompanyreportedanadjustedincomebeforefederalincometaxof0.07 per share, in the prior year[11]. - For the three months ended March 31, 2025, the company reported an adjusted income before federal income tax of 1,107,000, a decrease of 72% compared to 3,957,000inthesameperiodof2024[34].−ThenetlossforthethreemonthsendedMarch31,2025,was3,957,000 in the same period of 2024[34]. - The net loss for the three months ended March 31, 2025, was 1,623,000, compared to a net income of 4,542,000inthesameperiodof2024[36].−Theadjustedafter−taxoperatingincomeforthethreemonthsendedMarch31,2025,was4,542,000 in the same period of 2024[36]. - The adjusted after-tax operating income for the three months ended March 31, 2025, was 1,005,000, down 72% from 3,649,000in2024[37].−ThebasicanddilutedadjustedearningspershareofClassAcommonstockwere3,649,000 in 2024[37]. - The basic and diluted adjusted earnings per share of Class A common stock were 0.02 for the three months ended March 31, 2025, compared to 0.07 in 2024[37]. Revenue and Premium Growth - Direct first year life and accident & health (A&H) premiums rose by 49% in Q1 2025 compared to the same quarter last year, driven by new product sales and an expanded agent network[7]. - Total direct insurance in force reached a record 5.28 billion, representing a 5% increase from the previous year[7]. - The number of producing agents increased by 50% since March 31, 2024, contributing to premium growth[7]. Expenses and Cash Flow - Total benefits and expenses rose to 57.4millioninQ12025,upfrom57.4 million in Q1 2025, up from 52.8 million in the prior year, mainly due to higher insurance benefits paid[9]. - The company maintained positive net cash from operating activities of 0.7millioninQ12025,continuingatrendofpositivecashflowsince2004[14].−NetinvestmentincomeforQ12025was0.7 million in Q1 2025, continuing a trend of positive cash flow since 2004[14]. - Net investment income for Q1 2025 was 17.4 million, slightly down from 17.5millioninthesamequarterlastyear[13].ShareholderEquityandBookValue−BookvalueperClassAshareincreasedto17.5 million in the same quarter last year[13]. Shareholder Equity and Book Value - Book value per Class A share increased to 4.37 at March 31, 2025, up 11% from 3.94ayearearlier[11].−Stockholders′equityattheendoftheperiodwas3.94 a year earlier[11]. - Stockholders' equity at the end of the period was 218,139,000, an increase of 11.7% from 195,183,000in2024[39].−ThebookvalueperClassAcommonshare−dilutedincreasedto195,183,000 in 2024[39]. - The book value per Class A common share - diluted increased to 4.37 in 2025 from 3.94in2024,representinganincreaseof10.93.94 in 2024, representing an increase of 10.9%[39]. - The company reported accumulated other comprehensive income (loss) of (87,074,000) as of March 31, 2025, compared to $(99,770,000) in 2024[39]. Forward-Looking Statements - The company anticipates future performance and operational strategies may be impacted by various risks and uncertainties, as outlined in their forward-looking statements[40]. - The company has no obligation to update any forward-looking statements as a result of new information or future events[40]. Share Information - The weighted average shares of Class A outstanding - diluted increased to 50,912 in 2025 from 50,561 in 2024[37].