Core Insights - Citizens, Inc. reported a total annual premium revenue growth for the first time since 2017, with new products and expanded distribution channels leading to over $1.1 billion in insurance issued, a 54% increase from 2023 [3][6] - The company achieved total revenues of $245.0 million for the full year 2024, up from $240.7 million in 2023, and adjusted total revenues of $247.6 million, an increase from $239.9 million [6][10] - Citizens, Inc. expects continued sales growth leading to revenue and profit growth in 2025 and stronger growth in 2026, supported by a robust global business model [5][10] Financial Performance - In Q4 2024, total revenues were $63.5 million, down from $66.9 million in Q4 2023, but adjusted total revenues increased to $67.6 million from $65.6 million [6][10] - Income before federal income tax for the full year 2024 was $15.0 million, down from $26.2 million in 2023, with adjusted income before federal income tax at $21.3 million compared to $26.6 million in 2023 [6][10] - Net income for Q4 2024 was $3.6 million, or $0.07 per fully diluted Class A share, down from $10.7 million, or $0.21 per fully diluted Class A share, in the prior year quarter [14][10] Insurance Issuance and Premiums - Insurance issued in Q4 2024 was $262.6 million, a 10% increase compared to Q4 2023, driven by new domestic products and strong international sales [7][10] - Direct first year life and accident & health (A&H) premiums increased by 84% in Q4 2024, marking the ninth consecutive quarter of year-over-year growth [7][10] - The total direct insurance in force reached over $5.2 billion by December 31, 2024, an increase from $4.9 billion in 2023 [10][6] Strategic Initiatives - The company expanded its licensing to 43 U.S. states and Washington, D.C., up from 39 at the end of 2023 [3][10] - Citizens, Inc. achieved a 72% increase in its global network of producing agents in 2024, exceeding its goal of a 20% increase [9][10] - The company introduced two new products and made significant enhancements to existing products in 2024 [9][10] Cash Flow and Assets - Positive net cash provided by operating activities was $31.9 million for the full year 2024, compared to $22.1 million in 2023 [10][16] - Total assets were reported at $1.7 billion with cash and cash equivalents of $29.3 million and no debt as of December 31, 2024 [10][16] - Book value per Class A share increased by 21% over the year to $4.21, with an adjusted book value per share of $6.14, reflecting a 5% increase [10][30]
Citizens, Inc. Reports Full Year and Fourth Quarter 2024 Financial Results