Citizens(CIA) - 2024 Q1 - Quarterly Results

Revenue and Growth - Insurance issued increased 61% to $274.5 million in Q1 2024 compared to the same period in 2023, driven by new products and an increase in producing agents[4] - Total revenues increased 3% to$ 57.7 million in Q1 2024, up from $55.9 million in the year-ago quarter[5] - First year life and A&H premiums increased 42% to$ 5.9 million in Q1 2024, marking the sixth consecutive quarter of year-over-year growth[4] - The global network of producing agents increased by 20% at the end of Q1 2024 compared to December 31, 2023[4] - Citizens plans to introduce 2 to 3 new products or major product enhancements in 2024[4] Financial Performance - Net income for Q1 2024 was $4.5 million, or$ 0.09 per fully diluted Class A share, down from $4.9 million, or$ 0.10 per share in Q1 2023[7] - Cash and cash equivalents stood at $23.2 million with no debt as of March 31, 2024[10] - Book value per Class A share increased 28% to$ 3.94 compared to the year-ago quarter[4] - Positive net cash provided by operating activities was $6.8 million in Q1 2024, continuing a trend of positive cash flow since 2004[10] Investment Performance - The average pre-tax yield on the investment portfolio was 4.6% in Q1 2024, an increase of 9 basis points from the prior year[8]