# EDGAR Filing Document

**Accession Number:** 0000832480
**File Stem:** 0000832480-26-000013
**Filing Date:** 2026-5
**Character Count:** 135169
**Document Hash:** 2e93ea95062c96d77538f7f8daf65487
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000832480-26-000013.hdr.sgml**: 20260513

**ACCESSION NUMBER**: 0000832480-26-000013

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 88

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260513

**DATE AS OF CHANGE**: 20260513

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UTG INC
- **CENTRAL INDEX KEY:** 0000832480
- **STANDARD INDUSTRIAL CLASSIFICATION:** LIFE INSURANCE [6311]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 202907892
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-16867
- **FILM NUMBER:** 26972697

**BUSINESS ADDRESS:**
- **STREET 1:** 205 NORTH DEPOT STREET
- **CITY:** STANFORD
- **STATE:** KY
- **ZIP:** 40484
- **BUSINESS PHONE:** 2172416300

**MAIL ADDRESS:**
- **STREET 1:** 205 NORTH DEPOT STREET
- **CITY:** STANFORD
- **STATE:** KY
- **ZIP:** 40484

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UNITED TRUST GROUP INC
- **DATE OF NAME CHANGE:** 20001206

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UNITED TRUST INC /IL/
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM 10-Q**

(Mark One)

☒

**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the quarterly period ended March 31, 2026

**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 No. 000-16867

---

| | | |
|:---|:---|:---|
|  | UTG, INC.  |  |
|  | (Exact name of registrant as specified in its charter)  |  |
| Delaware  |  | 20-2907892  |
| (State or other jurisdiction of  |  | (I.R.S. Employer  |
| incorporation or organization)  |  | Identification No.)  |
|  | 205 North Depot Street  |  |
|  | Stanford, KY 40484  |  |
|  | (Address of principal executive offices) (Zip Code)  |  |

---

Registrant's telephone number, including area code: (217) 241-6300

Securities registered pursuant to Section 12(b) of the Act: <br> <u> Title of each class </u> <u> Name of each exchange on which registered </u> <br> &nbsp;&nbsp;&nbsp;&nbsp; None &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; None

Securities registered pursuant to Section 12(g) of the Act:

<u>Title of class</u>

Common Stock, stated value $.001 per share

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No □

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulations S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No □

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of "large accelerated filer," accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | |
|:---|:---|
| Large accelerated filer □  | Accelerated filer □  |
| Non-accelerated filer □  | Smaller reporting company ☒  |
|  | Emerging growth company ☐  |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.

The number of shares outstanding of the registrant's common stock as of April 30, 2026 was 3,139,393.

------

**UTG, Inc.**

(The "Company")

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **Part I. Financial Information** | 4 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 1. Financial Statements  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Condensed Consolidated Balance Sheets*  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Condensed Consolidated Statements of Operations*  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Condensed Consolidated Statements of Comprehensive Income*  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Condensed Consolidated Statements of Shareholders' Equity*  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Condensed Consolidated Statements of Cash Flow* | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Notes to Condensed Consolidated Financial Statements*  | 9 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations  | 29 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 4. Controls and Procedures  | 35 |
| **Part II. Other Information** | 35 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 1. Legal Proceedings  | 35 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 1A. Risk Factors  | 35 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 2. Unregistered Sales of Equity Securities and Use of Proceeds  | 35 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 3. Defaults Upon Senior Securities  | 35 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 4. Mine Safety Disclosures  | 35 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 5. Other Information  | 35 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 6. Exhibits  | 35 |
| S**ignatures** | 36 |

---

------

**Part 1. Financial Information.**

**Item 1. Financial Statements.**

**UTG, Inc.**

**Condensed Consolidated Balance Sheets (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | March 31, | December 31, |
|  | 2026 | 2025<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ASSETS** |  |  |
| Investments: |  |  |
| &nbsp;&nbsp;Investments, available for sale: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturities, at fair value (amortized cost $74,330,976 and $74,900,990) | $72174265 | $73159589 |
| &nbsp;&nbsp;Equity securities, at fair value (cost $126,001,547 and $127,220,244) | 288877911 | 265704230 |
| &nbsp;&nbsp;Equity securities, at cost | 13664543 | 20510250 |
| &nbsp;&nbsp;Mortgage loans on real estate, at amortized cost (net of credit loss reserve of $210,000 and $220,000) | 13625829 | 14402304 |
| &nbsp;&nbsp;Investment real estate, net | 32593252 | 33087699 |
| &nbsp;&nbsp;Notes receivable (net of credit loss reserve of $130,000 and $135,000) | 8257713 | 8708417 |
| &nbsp;&nbsp;Policy loans | 5267121 | 5361164 |
| &nbsp;&nbsp;Short-term investments | 7390012 | 9808824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments | 441850646 | 430742477 |
| Cash and cash equivalents | 46771832 | 30536972 |
| Accrued investment income | 1142164 | 1129139 |
| Reinsurance receivables: |  |  |
| &nbsp;&nbsp;Future policy benefits | 23184745 | 23215542 |
| &nbsp;&nbsp;Policy claims and other benefits | 6667722 | 4015191 |
| Cost of insurance acquired | 634378 | 786915 |
| Income tax receivable | 0 | 15180 |
| Other assets | 1141112 | 927165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $521392599 | $491368581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| Liabilities: |  |  |
| Policy liabilities and accruals: |  |  |
| &nbsp;&nbsp;Future policyholder benefits | $113562735 | $114371298 |
| &nbsp;&nbsp;Policyholder account balances | 91720214 | 92921066 |
| &nbsp;&nbsp;Policy claims and benefits payable | 6208011 | 3456000 |
| &nbsp;&nbsp;Other policyholder funds | 182276 | 176714 |
| &nbsp;&nbsp;Dividend and endowment accumulations | 14490086 | 14568544 |
| Income taxes payable | 1506100 | 0 |
| Deferred income taxes | 32242260 | 27387718 |
| Other liabilities | 4911254 | 5794974 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 264822936 | 258676314 |
| Shareholders' equity: |  |  |
| Common stock - no par value, stated value $0.001 per share. Authorized 7,000,000 shares - 3,140,682 and 3,142,470 shares outstanding | 3141 | 3142 |
| Additional paid-in capital | 31933641 | 31951092 |
| Retained earnings | 221852934 | 198416066 |
| Accumulated other comprehensive income | 2305942 | 1872602 |
| Total UTG shareholders' equity | 256095658 | 232242902 |
| Noncontrolling interest | 474005 | 449365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 256569663 | 232692267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $521392599 | $491368581 |

---

\* Balance sheet audited at December 31, 2025.

See accompanying notes.

------

**UTG, Inc.**

**Condensed Consolidated Statements of Operations (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | Three Months Ended | Three Months Ended |
|  | March 31, | March 31, |
|  | 2026 | 2025 |
| Revenue: |  | (as restated) |
| &nbsp;&nbsp;Premiums and policy fees | $1796689 | $1914317 |
| &nbsp;&nbsp;Ceded reinsurance premiums and policy fees | (425276) | (462313) |
| &nbsp;&nbsp;Net investment income | 3295336 | 3118736 |
| &nbsp;&nbsp;Other income | 64606 | 66181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue before net investment gains | 4731355 | 4636921 |
| &nbsp;&nbsp;Net investment gains: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other realized investment gains, net | 3548793 | 975769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of equity securities | 28213466 | 16290482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net investment gains | 31762259 | 17266251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 36493614 | 21903172 |
| Benefits and other expenses: |  |  |
| &nbsp;&nbsp;Benefits, claims and settlement expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life | 6830388 | 3175746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ceded reinsurance benefits and claims | (2898288) | (616386) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annuity | 252993 | 243966 |
| &nbsp;&nbsp;Dividends to policyholders | 74310 | 81149 |
| &nbsp;&nbsp;Commissions and amortization of deferred policy acquisition costs | (26049) | (29690) |
| &nbsp;&nbsp;Amortization of cost of insurance acquired | 152537 | 153542 |
| &nbsp;&nbsp;Operating expenses | 2373577 | 2120334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and other expenses | 6759468 | 5128661 |
| Income before income taxes | 29734146 | 16774511 |
| Income tax expense | 6272638 | 3798295 |
| Net income | 23461508 | 12976216 |
| Net income attributable to noncontrolling interests | (24640) | (23573) |
| Net income attributable to common shareholders | $23436868 | $12952643 |
| Amounts attributable to common shareholders |  |  |
| &nbsp;&nbsp;Basic income per share | $7.46 | $4.10 |
| &nbsp;&nbsp;Diluted income per share | $7.42 | $4.10 |
| &nbsp;&nbsp;Basic weighted average shares outstanding | 3141417 | 3156550 |
| &nbsp;&nbsp;Diluted weighted average shares outstanding | 3159110 | 3156550 |

---

See accompanying notes.

------

**UTG, Inc.**

**Condensed Consolidated Statements of Comprehensive Income (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | Three Months Ended | Three Months Ended |
|  | March 31, | March 31, |
|  | 2026 | 2025 |
|  |  | (as restated) |
| Net income | $23461508 | $12976216 |
| Other comprehensive income (loss): |  |  |
| &nbsp;&nbsp;Unrealized holding gains (losses) arising during period, pre-tax | (415310) | 922207 |
| &nbsp;&nbsp;Tax (expense) benefit on unrealized holding gains (losses) arising during the period | 87215 | (193664) |
| &nbsp;&nbsp;Unrealized holding gains (losses) arising during period, net of tax | (328095) | 728543 |
| &nbsp;&nbsp;Remeasurement gains (losses) on future policy benefits during period, pre-tax | 963842 | (1390716) |
| &nbsp;&nbsp;Tax (expense) benefit on remeasurement gains (losses) on future policy benefits during the period | (202407) | 292050 |
| &nbsp;&nbsp;Remeasurement gains (losses) on future policy benefits during period, net of tax | 761435 | (1098666) |
| &nbsp;&nbsp;&nbsp;&nbsp; Subtotal: Other comprehensive income (loss), net of tax | 433340 | (370123) |
| Comprehensive income | 23894848 | 12606093 |
| Less comprehensive income attributable to noncontrolling interests | (24640) | (23573) |
| Comprehensive income attributable to UTG, Inc. | $23870208 | $12582520 |

---

See accompanying notes.

------

**UTG, Inc.**

**Condensed Consolidated Statements of Shareholders' Equity (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Accumulated Other |  |  |
|  |  | Additional Paid-In |  | Comprehensive |  | Total Shareholders' |
| Three Months Ended March 31, 2026 | Common Stock | Capital | Retained Earnings | &nbsp;&nbsp;&nbsp;&nbsp;Income (Loss) | Noncontrolling Interest | Equity |
| Balance at January 1, 2026 | $3142 | $31951092 | $198416066 | $1872602 | $449365 | $232692267 |
| Common stock issued during year | 2 | 90132 | 0 | 0 | 0 | 90134 |
| Treasury shares acquired and retired | (3) | (195770) | 0 | 0 | 0 | (195773) |
| Stock-based compensation expense | 0 | 88187 | 0 | 0 | 0 | 88187 |
| Net income attributable to common shareholders | 0 | 0 | 23436868 | 0 | 0 | 23436868 |
| Other comprehensive income | 0 | 0 | 0 | 433340 | 0 | 433340 |
| Gain attributable to noncontrolling interest | 0 | 0 | 0 | 0 | 24640 | 24640 |
| Balance at March 31, 2026 | $3141 | $31933641 | $221852934 | $2305942 | $474005 | $256569663 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Accumulated Other |  |  |
|  |  | Additional Paid-In |  | Comprehensive |  | Total Shareholders' |
| Three Months Ended March 31, 2025 (as restated) | Common Stock | Capital | Retained Earnings | &nbsp;&nbsp;&nbsp;&nbsp;Income (Loss) | Noncontrolling Interest | Equity |
| Balance at January 1, 2025 | $3159 | $32442486 | $181336147 | $2595256 | $459455 | $216836503 |
| Common stock issued during year | 1 | 13973 | 0 | 0 | 0 | 13974 |
| Treasury shares acquired and retired | (3) | (96021) | 0 | 0 | 0 | (96024) |
| Net income attributable to common shareholders | 0 | 0 | 12952643 | 0 | 0 | 12952643 |
| Other comprehensive loss | 0 | 0 | 0 | (370123) | 0 | (370123) |
| Gain attributable to noncontrolling interest | 0 | 0 | 0 | 0 | 23573 | 23573 |
| Balance at March 31, 2025 | $3157 | $32360438 | $194288790 | $2225133 | $483028 | $229360546 |

---

See accompanying notes.

------

**UTG, Inc.**

**Condensed Consolidated Statements of Cash Flows (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | Three Months Ended | Three Months Ended |
|  | March 31, | March 31, |
|  | 2026 | 2025 |
| Cash flows from operating activities: |  | (as restated) |
| &nbsp;&nbsp;Net income | $23461508 | $12976216 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization (accretion) of investments | (4787) | 55126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized investment gains, net | (3548793) | (975769) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of equity securities | (28213466) | (16290482) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in allowance from credit losses | (15000) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of cost of insurance acquired | 152537 | 153542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for deferred income taxes | 4739351 | 3750347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and depletion | 494447 | 375893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 178321 | 13974 |
| &nbsp;&nbsp;&nbsp;&nbsp;Charges for mortality and administration of universal life and annuity products | (1332337) | (1354014) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited to account balances | 848659 | 872357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in accrued investment income | (13025) | 184152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in reinsurance receivables | (2621734) | 277737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in policy liabilities and accruals | 2851835 | (1523417) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in income taxes receivable | 1521280 | 47948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in other assets and liabilities, net | (1097667) | (1818821) |
| Net cash used in operating activities | (2598871) | (3255211) |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;Proceeds from investments sold and matured: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturities available for sale | 2242178 | 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities | 16110094 | 2331830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | 1228381 | 1096597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes receivable | 455703 | 95403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy loans | 245920 | 248124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 2500000 | 0 |
| &nbsp;&nbsp;Total proceeds from investments sold and matured | 22782276 | 6771954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of investments acquired: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturities available for sale | (1706386) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities | (717988) | (9131704) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | (441906) | (675112) |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes receivable | 0 | (1318133) |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate | 0 | (465800) |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy loans | (151876) | (202355) |
| Total cost of investments acquired | (3018156) | (11793104) |
| Net cash (used in) provided by investing activities | 19764120 | (5021150) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;Policyholder contract deposits | 1013884 | 1025008 |
| &nbsp;&nbsp;Policyholder contract withdrawals | (1748500) | (1158017) |
| &nbsp;&nbsp;Purchase of treasury stock | (195773) | (96024) |
| Net cash used in financing activities | (930389) | (229033) |
| Net increase (decrease) in cash and cash equivalents | 16234860 | (8505394) |
| Cash and cash equivalents at beginning of period | 30536972 | 45263967 |
| Cash and cash equivalents at end of period | $46771832 | $36758573 |

---

See accompanying notes.

------

**UTG, Inc.**

**Notes to Condensed Consolidated Financial Statements**

 **(Unaudited)**

**Note 1 – Basis of Presentation**

The accompanying Condensed Consolidated Balance Sheet as of March 31, 2026, which has been derived from audited consolidated financial statements, and the unaudited interim Condensed Consolidated Financial Statements include the accounts of UTG, Inc. (the "Parent") and its subsidiaries (collectively with the Parent, the "Company"). All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 8 of regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for audited annual financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which in the opinion of Management, are necessary for a fair presentation of the results for the interim periods. The unaudited Condensed Consolidated Financial Statements included herein and these related notes should be read in conjunction with the Company's consolidated financial statements, and the notes thereto, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. The Company's results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026 or for any other future period.

This document at times will refer to the Registrant's largest shareholder, Mr. Jesse T. Correll and certain companies controlled by Mr. Correll. Mr. Correll holds a majority ownership of First Southern Funding, LLC ("FSF"), a Kentucky corporation, and First Southern Bancorp, Inc. ("FSBI"), a financial services holding company. FSBI operates through its 95% indirectly owned subsidiary bank, First Southern National Bank ("FSNB"). Banking activities are conducted through multiple locations within south-central and western Kentucky. Mr. Correll is Chief Executive Officer, President, and Chairman of the Board of Directors of UTG and is currently UTG's largest shareholder through his ownership control of FSF, FSBI and affiliates. At March 31, 2026, Mr. Correll owns or controls directly and indirectly approximately 69% of UTG's outstanding stock.

UTG's life insurance subsidiary, Universal Guaranty Life Insurance Company ("UG"), has several wholly-owned and majority-owned subsidiaries. The subsidiaries were formed to hold certain real estate investments. The real estate investments were placed into the limited liability companies and partnerships to provide additional protection to the policyholders and to UG.

Certain amounts in prior periods have been reclassified to conform with the current period presentation.

**Subsequent Events -** Management has evaluated subsequent events for recognition and disclosure in the consolidated financial statements through the date the consolidated financial statements were available to be issued. The Company did not identify any subsequent events requiring recognition or disclosure.

**Note 2 – Recently Issued Accounting Standards**

During the three months ended March 31, 2026, there were no additions to or changes in the critical accounting policies disclosed in the 2025 Form 10-K.

**Note 3 – Investments**

**Investment in Fixed Maturity Securities**

The Company's insurance subsidiary is regulated by insurance statutes and regulations as to the type of investments they are permitted to make, and the amount of funds that may be used for any one type of investment.

Investments in fixed maturity securities are summarized by type as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Original or Amortized | Gross Unrealized | Gross Unrealized |  |
| March 31, 2026 | Cost | Gains | Losses | Fair Value |
| U.S. Government and govt. agencies and authorities | $22843918 | $23851 | $(159801) | $22707968 |
| U.S. special revenue and assessments | 7514694 | 0 | (99155) | 7415539 |
| All other corporate bonds | 43972364 | 89444 | (2011050) | 42050758 |
| Total fixed maturities, at fair value | $74330976 | $113295 | $(2270006) | $72174265 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Original or Amortized | Gross Unrealized | Gross Unrealized |  |
| December 31, 2025 | Cost | Gains | Losses | Fair Value |
| U.S. Government and govt. agencies and authorities | $22839422 | $60190 | $(148886) | $22750726 |
| U.S. special revenue and assessments | 7516321 | 0 | (62399) | 7453922 |
| All other corporate bonds | 44545247 | 148195 | (1738501) | 42954941 |
| Total fixed maturities, at fair value | $74900990 | $208385 | $(1949786) | $73159589 |

---

The amortized cost and estimated market value of fixed maturity securities at March 31, 2026, by contractual maturity, is shown below.

Fixed Maturity Securities

---

| | | |
|:---|:---|:---|
| March 31, 2026 | Amortized Cost | Fair Value |
| Due in one year or less | $26613198 | $26514612 |
| Due after one year through five years | 25184612 | 25021098 |
| Due after five years through ten years | 7960994 | 7498425 |
| Due after ten years | 14572172 | 13140130 |
| Total | $74330976 | $72174265 |

---

Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options.

By insurance statute, the majority of the Company's investment portfolio is invested in investment grade securities to provide ample protection for policyholders.

Below investment grade debt securities generally provide higher yields and involve greater risks than investment grade debt securities because their issuers typically are more highly leveraged and more vulnerable to adverse economic conditions than investment grade issuers. In addition, the trading market for these securities is usually more limited than for investment grade debt securities. Debt securities classified as below-investment grade are those that receive a Standard & Poor's rating of BB+ or below.

The Company held below investment grade investments with an estimated market value of $0 as of March 31, 2026 and December 31, 2025.

The following tables present the estimated fair value and gross unrealized losses of fixed maturity securities in an unrealized loss position:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| March 31, 2026 | Less than 12 months | Less than 12 months | 12 months or longer | 12 months or longer | Total | Total |
|  | Fair value | Unrealized losses | Fair value | Unrealized losses | Fair value | Unrealized losses |
| U.S. Government and govt. agencies and authorities | $5667112 | $(36513) | $6987201 | $(123288) | $12654313 | $(159801) |
| U.S. special revenue and assessments | 0 | 0 | 7415539 | (99155) | 7415539 | (99155) |
| All other corporate bonds | 2059175 | (13172) | 33390720 | (1997878) | 35449895 | (2011050) |
| Total fixed maturities | $7726287 | $(49685) | $47793460 | $(2220321) | $55519747 | $(2270006) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| December 31, 2025 | Less than 12 months | Less than 12 months | 12 months or longer | 12 months or longer | Total | Total |
|  | Fair value | Unrealized losses | Fair value | Unrealized losses | Fair value | Unrealized losses |
| U.S. Government and govt. agencies and authorities | $996280 | $(2040) | $8663797 | $(146846) | $9660077 | $(148886) |
| U.S. special revenue and assessments | 0 | 0 | 7453922 | (62399) | 7453922 | (62399) |
| All other corporate bonds | 0 | 0 | 34265250 | (1738501) | 34265250 | (1738501) |
| Total fixed maturities | $996280 | $(2040) | $50382969 | $(1947746) | $51379249 | $(1949786) |

---

Additional information regarding investments in an unrealized loss position is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Less than 12 months | 12 months or longer | Total |
| As of March 31, 2026 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed maturities | 6 | 27 | 33 |
| As of December 31, 2025 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed maturities | 1 | 29 | 30 |

---

**Allowance for Credit Loss - Available for Sale Securities**

Management considers a wide range of factors about the security issuer and uses its best judgment in evaluating the cause of the decline in the estimated fair value of the security and in assessing the prospects for near-term recovery. Inherent in management's evaluation of the security are assumptions and estimates about the operations of the issuer and its future earnings potential. Considerations used in the credit loss evaluation process include, but are not limited to: (1) the extent to which the estimated fair value has been below amortized cost, (2) adverse conditions specifically related to a security, an industry sector, adverse change in the financial condition of the issuer of the security, (3) payment structure of the security and likelihood of the issuer being able to make payments, (4) failure of the issuer to make scheduled interest and principal payments, (5) whether the issuer, or series of issuers or an industry has suffered a catastrophic loss or has exhausted natural resources, (6) whether the Company has the intent to sell or will more likely than not be required to sell a particular security before the decline in estimated fair value below amortized cost recovers, (7) changes in the rating of the security by a rating agency, and (8) other subjective factors.

Substantially all of the unrealized losses on fixed maturity securities at March 31, 2026 and December 31, 2025 are attributable to changes in market interest rates and general disruptions in the credit market subsequent to purchase. At March 31, 2026, the Company did not intend to sell its securities in an unrealized loss position, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost. Therefore, the Company concluded that these securities had not incurred a credit loss and should not have an allowance for credit loss at March 31, 2026.

Future provisions for credit loss will depend primarily on economic fundamentals, issuer performance, and changes in credit ratings.

Net unrealized losses included in accumulated other comprehensive income (loss) for investments classified as available-for-sale, net of the effect of deferred income taxes, assuming that the depreciation had been realized as of March 31, 2026 and December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | March 31, 2026 | December 31, 2025 |
| Unrealized appreciation (depreciation) on available-for-sale securities | $(2156711) | $(1741400) |
| Deferred income taxes | 452909 | 365693 |
| Net unrealized appreciation (depreciation) on available-for-sale securities | $(1703802) | $(1375707) |

---

**Cost Method Equity Investments**

The Company held equity investments with an aggregate cost of $13,664,543 and $20,510,250 at March 31, 2026 and December 31, 2025, respectively. These equity investments were not reported at fair value because it is not practicable to estimate their fair values due to insufficient information being available. Management reviews and considers events or changes in circumstances that might have a significant adverse effect on the reported value of those investments. Management did not identify any events or changes in circumstances that might have a significant adverse effect on the reported value of those investments.

**Mortgage Loans**

&nbsp;&nbsp;&nbsp;&nbsp; The Company, from time to time, acquires mortgage loans through participation agreements with FSNB. FSNB has been able to provide the Company with additional expertise and experience in underwriting commercial and residential mortgage loans, which provide more attractive yields than the traditional bond market. The Company is able to receive participations from FSNB for three primary reasons: 1) FSNB has already reached its maximum lending limit to a single borrower, but the borrower is still considered a suitable risk; 2) the interest rate on a particular loan may be fixed for a long period that is more suitable for UG given its asset-liability structure; and 3) FSNB's loan growth might at times outpace its deposit growth, resulting in FSNB participating such excess loan growth rather than turning customers away. For originated loans, the Company's Management is responsible for the final approval of such loans after evaluation. Before a new loan is issued, the applicant is subject to certain criteria set forth by Company Management to ensure quality control. These criteria include, but are not limited to, a credit report, personal financial information such as outstanding debt, sources of income, and personal equity. Once the loan is approved, the Company directly funds the loan to the borrower. The Company bears all risk of loss associated with the terms of the mortgage with the borrower.

During the three months ended March 31, 2026 and 2025, the Company acquired $441,906 and $675,112 in mortgage loans, respectively. FSNB services the majority of the Company's mortgage loan portfolio. The Company pays FSNB a 0.25% servicing fee on these loans and a one-time fee at loan origination of 0.50% of the original loan cost to cover costs incurred by FSNB relating to the processing and establishment of the loan.

During 2026 and 2025, the maximum and minimum lending rates for mortgage loans were:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 2026 | 2026 | 2025 | 2025 |
|  | Maximum rate | Minimum rate | Maximum rate | Minimum rate |
| Farm Loans | 8.00% | 8.00% | 8.00% | 8.00% |
| Commercial Loans | 10.00% | 4.40% | 10.00% | 4.40% |
| Residential Loans | 5.00% | 4.15% | 5.00% | 4.15% |

---

Most mortgage loans are first position loans. Loans issued are generally limited to no more than 80% of the appraised value of the property.

The Company has in place a monitoring system to provide Management with information regarding potential troubled loans. Letters are sent to each mortgagee when the loan becomes 30 days or more delinquent. Management is provided with a monthly listing of loans that are 60 days or more past due. All loans 90 days or more past due are placed on a non-performing status and classified as delinquent loans. Quarterly, coinciding with external financial reporting, the Company reviews each delinquent loan and determines how each delinquent loan should be classified. Management believes the current internal controls surrounding the mortgage loan selection process provide a quality portfolio with minimal risk of foreclosure and/or negative financial impact.

Changes in the current economy could have a negative impact on the loans, including the financial stability of the borrowers, the borrowers' ability to pay or to refinance, the value of the property held as collateral and the ability to find purchasers at favorable prices. Interest accruals are analyzed based on the likelihood of repayment. In no event will interest continue to accrue when accrued interest along with the outstanding principal exceeds the net realizable value of the property. The Company does not utilize a specified number of days delinquent to cause an automatic non-accrual status.

The following table summarizes the mortgage loan holdings of the Company:

---

| | | |
|:---|:---|:---|
|  | March 31, 2026 | December 31, 2025 |
| In good standing | $13625829 | $14402304 |
| Total mortgage loans | $13625829 | $14402304 |

---

The following is a summary of the mortgage loans outstanding and the related allowance for credit losses:

---

| | | |
|:---|:---|:---|
|  | March 31, 2026 | December 31, 2025 |
| Farm | $311780 | $311780 |
| Commercial | 12152977 | 12928334 |
| Residential | 1371072 | 1382190 |
| Total mortgage loans | 13835829 | 14622304 |
| Less allowance for credit losses | (210000) | (220000) |
| Total mortgage loans, net | $13625829 | $14402304 |

---

There were no past due loans as of March 31, 2026 and December 31, 2025.

**Notes Receivable**

Notes receivable represent collateral loans and promissory notes issued by the Company and are reported at their unpaid principal balances, adjusted for valuation allowances. Interest accruals are analyzed based on the likelihood of repayment. The Company does not utilize a specified number of days delinquent to cause an automatic non-accrual status. During the three months ended March 31, 2026 and 2025 the Company acquired $0 and $1,318,133 of notes receivable, respectively.

Before a new note is issued, the applicant is subject to certain criteria set forth by Company Management to ensure quality control. Once the note is approved, the Company directly funds the note to the borrower. Several of the notes have participation agreements in place, whereas the Company has reduced its investment in the note receivable by participating a portion of the note to a third party.

Similar to the mortgage loans, FSNB services the notes receivable. The Company, and the participants in the notes, share in the risk of loss associated with the terms of the note with the borrower, based upon their ownership percentage in the note. The Company has in place a monitoring system to provide Management with information regarding potential troubled loans.

The following is a summary of the notes receivable outstanding and the related allowance for credit losses:

---

| | | |
|:---|:---|:---|
|  | March 31, 2026 | December 31, 2025 |
| Notes receivable | $8387713 | $8843417 |
| Less allowance for credit losses | (130000) | (135000) |
| Total notes receivable, net | $8257713 | $8708417 |

---

**Allowance for Credit Loss - Loans**

The allowance for credit loss ("ACL") is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when Management believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off.

The ACL represents Management's estimate of lifetime credit losses inherent in loans as of the balance sheet date. The allowance for credit losses is estimated by Management using relevant available information, from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts.

The Company measures expected credit losses for loans on a pooled basis when similar risk characteristics exist. The Company has identified the following portfolio segments - mortgage loans on real estate and notes receivable.

The ACL calculation includes subjective adjustments for qualitative risk factors that are likely to cause estimated credit losses to differ from historical experience. These qualitative adjustments may increase or reduce reserve levels and include adjustments for risk tolerance, loan review and audit results, asset quality and portfolio trends, industry concentrations, external factors and economic conditions.

Loans that do not share risk characteristics are evaluated on an individual basis. When Management determines that foreclosure is probable and the borrower is experiencing financial difficulty, the expected credit losses are based on the fair value of collateral at the reporting date unadjusted for selling costs as appropriate.

**Allowance for Credit Loss - Unfunded Commitments**

Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The Company's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for off-balance sheet loan commitments is represented by the contractual amount of those instruments. Such financial instruments are recorded when they are funded.

The Company records an allowance for credit losses on off-balance sheet credit exposures, unless the commitments to extend credit are unconditionally cancelable, through a charge to provision for unfunded commitments in the Company's income statements. The allowance for credit losses on off-balance sheet credit exposures is estimated by loan segment at each balance sheet date under the current expected credit loss model using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur as well a any third-party guarantees. The allowance for unfunded commitments as of March 31, 2026 and December 31, 2025 was $25,000 and $30,000, respectively, and is included in other liabilities on the Company's Condensed Consolidated Balance Sheets.

**Allowance for Credit Loss - Accrued Interest**

Accrued interest is not included in the ACL and if deemed uncollectible, it is charged against interest income when determined to be uncollectible.

**Allowance for Credit Loss - Summary of Activity**

The following is a summary of activity related to the allowance for credit loss:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Allowance For Credit Losses | Allowance For Credit Losses | Allowance For Credit Losses | Allowance For Credit Losses |
|  | Mortgage | Notes | Unfunded |  |
|  | Loans | Receivable | Commitments | Total |
| January 1, 2025 | $235000 | 195000 | 50000 | $480000 |
| 2025 Change in allowance | (15000) | (60000) | (20000) | (95000) |
| December 31, 2025 | 220000 | 135000 | 30000 | 385000 |
| 2026 Change in allowance | (10000) | (5000) | (5000) | (20000) |
| March 31, 2026 | $210000 | 130000 | 25000 | $365000 |

---

**Investment Real Estate**

Real estate held-for-investment is stated at cost less accumulated depreciation. Depreciation is computed on a straight-line basis for financial reporting purposes using estimated useful lives of 3 to 30 years. The Company periodically reviews its real estate held-for-investment for impairment and tests for recoverability whenever events or changes in circumstances indicate the carrying value may not be recoverable. During the three months ended March 31, 2026, no impairments were recognized on the investment real estate.

The following table provides an allocation of the Company's investment real estate by type:

---

| | | |
|:---|:---|:---|
|  | March 31, 2026 | December 31, 2025 |
| Raw land | $16754842 | $16754842 |
| Commercial | 6200264 | 6245872 |
| Residential | 1889084 | 1897744 |
| Land, minerals and royalty interests | 7749062 | 8189241 |
| Total investment real estate | $32593252 | $33087699 |

---

The Company's investment real estate portfolio includes ownership in oil and gas royalties. As of March 31, 2026 and December 31, 2025, investments in oil and gas royalties represented 29% and 30%, respectively, of the total investment real estate portfolio. See Note 10 – Concentrations of the Condensed Consolidated Financial Statements for additional information regarding the allocation of the oil and gas investment real estate holdings by industry type.

Gains and losses recognized on the disposition of the properties are recorded as realized gains and losses in the Condensed Consolidated Statements of Operations. During the three months ended March 31, 2026 and 2025, the Company acquired $0 and $465,800 of investment real estate, respectively.

**Short-Term Investments**

Short-term investments have remaining maturities exceeding three months and under 12 months at the time of purchase and are stated at amortized cost, which approximates fair value. The short-term investments consist of United States Treasury securities.

During the three months ended March 31, 2026 and 2025, the Company acquired $0 of short-term investments, respectively.

**Net Investment Gains (Losses)**

The following table presents net investment gains (losses) and the change in net unrealized gains on available-for-sale investments.

---

| | | |
|:---|:---|:---|
|  | Three Months Ended | Three Months Ended |
|  | March 31, | March 31, |
|  | 2026 | 2025 |
| Realized gains: |  |  |
| &nbsp;&nbsp;Sales of fixed maturities | $42178 | $0 |
| &nbsp;&nbsp;Sales of equity securities | 3506615 | 975769 |
| &nbsp;&nbsp;Total realized gains | 3548793 | 975769 |
| Realized losses: |  |  |
| &nbsp;&nbsp;Total realized losses | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized investment gains | 3548793 | 975769 |
| Change in fair value of equity securities: |  |  |
| &nbsp;&nbsp;Change in fair value of equity securities held at the end of the period | 28213466 | 16290482 |
| &nbsp;&nbsp;Change in fair value of equity securities | 28213466 | 16290482 |
| &nbsp;&nbsp;Net investment gains | $31762259 | $17266251 |
| Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income: |  |  |
| &nbsp;&nbsp;Fixed maturities | $(415310) | $922207 |
| &nbsp;&nbsp;Net increase (decrease) | $(415310) | $922207 |

---

**Note 4 – Fair Value Measurements**

**Fair Value Measurements on a Recurring Basis**

Assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three levels based on the observability of valuation inputs:

Level 1 – Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 – Valuation methodologies include quoted prices for similar assets and liabilities in active markets or quoted prices for identical, quoted prices for identical or similar assets or liabilities in markets that are not active, or the Company may use various valuation techniques or pricing models that use observable inputs to measure fair value.

Level 3 – Valuation is based upon unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Unobservable inputs reflect the Company's own assumptions about the inputs that market participants would use in pricing the asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used:

---

| | | | | |
|:---|:---|:---|:---|:---|
| March 31, 2026 | Level 1 | Level 2 | Level 3 | Total |
| Fixed maturity securities: |  |  |  |  |
| U.S. Government and government agencies and authorities | $22707968 | $0 | $0 | $22707968 |
| U.S. special revenue and assessments | 0 | 7415539 | 0 | 7415539 |
| Corporate securities | 0 | 42050758 | 0 | 42050758 |
| Total fixed maturities | 22707968 | 49466297 | 0 | 72174265 |
| Equity securities: |  |  |  |  |
| Common stocks | 79362164 | 5415600 | 3572977 | 88350741 |
| Limited liability companies | 0 | 0 | 85567443 | 85567443 |
| Total equity securities | 79362164 | 5415600 | 89140420 | 173918184 |
| Short-term investments | 7390012 | 0 | 0 | 7390012 |
| Total financial assets | $109460144 | $54881897 | $89140420 | $253482461 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| December 31, 2025 | Level 1 | Level 2 | Level 3 | Total |
| Fixed maturity securities: |  |  |  |  |
| U.S. Government and government agencies and authorities | $22750726 | $0 | $0 | $22750726 |
| U.S. special revenue and assessments | 0 | 7453922 | 0 | 7453922 |
| Corporate securities | 0 | 42954941 | 0 | 42954941 |
| Total fixed maturities | 22750726 | 50408863 | 0 | 73159589 |
| Equity securities: |  |  |  |  |
| Common stocks | 75400093 | 5571600 | 3368748 | 84340441 |
| Limited liability companies | 0 | 0 | 85810435 | 85810435 |
| Total equity securities | 75400093 | 5571600 | 89179183 | 170150876 |
| Short-term investments | 9808824 | 0 | 0 | 9808824 |
| Total financial assets | $107959643 | $55980463 | $89179183 | $253119289 |

---

Total assets included in the fair value hierarchy exclude certain equity securities that were measured at estimated fair value using the net asset value ("NAV") per share practical expedient. At March 31, 2026 and December 31, 2025, the estimated fair value of such investments was $114,959,727 and $95,553,354, respectively. These investments are generally not readily redeemable by the investee.

The following is a description of the valuation techniques used the by Company to measure assets reported at fair value on a recurring basis. There have been no significant changes in the valuation techniques utilized by the Company for the three months ended March 31, 2026.

**Available for Sale Securities**

Securities classified as available for sale are recorded at fair value on a recurring basis. Securities classified as Level 1 utilized fair value measurements based upon quoted market prices, when available. If quoted market prices are not available, the Company obtains fair value measurements from recently executed transactions, market price quotations, benchmark yields and issuer spreads to value Level 2 securities. In certain instances where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. Fair value determinations for Level 3 measurements are estimated on a quarterly basis where assumptions used are reviewed to ensure the estimated fair value complies with accounting standards generally accepted in the United States.

**Equity Securities at Fair Value**

Equity securities consist of common and preferred stocks and limited liability companies mainly in private equity investments, financial institutions and publicly traded corporations. Equity securities for which there is sufficient market data are categorized as Level 1 or 2 in the fair value hierarchy. For the equity securities in which quoted market prices are not available, the Company uses industry standard pricing methodologies, including discounted cash flow models that may incorporate various inputs such as payment expectations, risk of the investment, market data, and health of the underlying company. The inputs are based upon Management's assumptions and available market information. When evidence is believed to support a change to the carrying value from the transaction price, adjustments are made to reflect the expected cash flows, material events and market data. These investments are included in Level 3 of the fair value hierarchy.

**Change in Recurring Fair Value Measurements**

The following table presents the changes in Level 3 equity securities measured at fair value on a recurring basis, and the realized and unrealized gains related to the Level 3 equity securities.

---

| | | | |
|:---|:---|:---|:---|
|  |  | Investments in |  |
|  | Investments in | Limited Liability |  |
|  | Common Stocks | Companies | Total |
| Balance at December 31, 2024 | $3064983 | $82654596 | $85719579 |
| Unrealized gains | 303765 | 4146711 | 4450476 |
| Sales | 0 | (990872) | (990872) |
| Balance at December 31, 2025 | 3368748 | 85810435 | 89179183 |
| Unrealized gains (losses) | 204229 | (242992) | (38763) |
| Balance at March 31, 2026 | $3572977 | $85567443 | $89140420 |

---

Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the table above. As a result, the unrealized gains (losses) on instruments held at March 31, 2026 and December 31, 2025 may include changes in fair value that were attributable to both observable and unobservable inputs.

Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event, or one or more significant input(s) becoming observable.

**Quantitative Information About Level 3 Fair Value Measurements**

The following table presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments and includes only those instruments for which information about the inputs is reasonably available to the Company, such as data from independent third-party valuation service providers and from internal valuation models.

---

| | | | |
|:---|:---|:---|:---|
|  | Fair Value at | Fair Value at |  |
| Financial Assets | March 31, 2026 | December 31, 2025 | Valuation Technique |
| Limited liability companies | $85567443 | $85810435 | Pricing Model |
| Common stocks | 3572977 | 3368748 | Pricing Model |
| Total | $89140420 | $89179183 |  |

---

**Uncertainty of Fair Value Measurements**

The significant unobservable inputs used in the determination of the fair value of assets classified as Level 3 have an inherent measurement uncertainty that if changed could result in higher or lower fair value measurements of these assets as of the reporting date.

**Equity Securities at Fair Value**

Fair market value for equity securities is derived based on unobservable inputs, such as projected normalized revenues and industry standard multiples of revenue for the equity securities valued using pricing model. Significant increases (decreases) in either of those inputs in isolation would result in a significantly higher (lower) fair value measurement.

**Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share**

The Company holds certain equity securities that are measured at estimated fair value using the NAV per share practical expedient. These investments are generally not readily redeemable by the investee. The following tables provide additional information regarding the assets carried at NAV.

**Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Fair Value at | Unfunded |  | Redemption Notice |
| <u>Investment Category</u> | March 31, 2026 | Commitments | Redemption Frequency | Period |
| Redeemable |  |  |  |  |
| &nbsp;&nbsp; Limited partnership | $67060154 | $0 | Quarterly | 45 days |
| Non-redeemable |  |  |  |  |
| &nbsp;&nbsp; Limited liability companies | 7851247 | 2580042 | n/a | n/a |
| &nbsp;&nbsp; Limited partnerships | 40048326 | 5804849 | n/a | n/a |
| Total | $114959727 | $8384891 |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Fair Value at | Unfunded |  | Redemption Notice |
| <u>Investment Category</u> | December 31, 2025 | Commitments | Redemption Frequency | Period |
| Redeemable |  |  |  |  |
| &nbsp;&nbsp; Limited partnership | $48740340 | $0 | Quarterly | 45 days |
| Non-redeemable |  |  |  |  |
| &nbsp;&nbsp; Limited liability companies | 6883913 | 2740042 | n/a | n/a |
| &nbsp;&nbsp; Limited partnerships | 39929101 | 1069085 | n/a | n/a |
| &nbsp;&nbsp;Total | $95553354 | $3809127 |  |  |

---

The following are descriptions of the Company's assets held at NAV.

The Company invested in a limited partnership that was formed under the laws of the State of Delaware in 1999, as a Delaware limited partnership ("LP"). The Limited Partnership Agreement provides for the Fund to continue until dissolved. There are significant restrictions to the dissolution process, which are outlined in the LP Agreement. The Fund invests in listed equity and fixed income securities as well as non-listed securities, including direct-owned minerals and other royalties. In 2013, UG entered into an irrevocable subscription agreement to invest in the LP.

The Company invested in a Limited Liability Company ("LLC") that was formed under the laws of the state of Delaware in 2020. The LLC agreement provides for the Company to continue until dissolved. There are significant restrictions to the dissolution process, which are outlined in the LLC Agreement. The LLC Company was formed for the purpose of acquiring, making investments in, and owning, holding, and growing operating businesses through the United States. In 2020, UG entered into a LLC Agreement to invest in this LLC.

The Company invested in a Limited Liability Company ("LLC") that was formed under the laws of the state of Delaware. The LLC was formed in 2020 to provide long-term investment returns. The Company will continue to operate until December 31, 2032, or until each of the investment funds in which the LLC invests terminates, unless terminated earlier or extended in accordance with the Operating Agreement. In 2020, UG completed the Subscription Agreement to become an investor in this LLC.

The Company invested in a Limited Liability Company ("LLC") that was formed under the laws of the state of Delaware. The LLC was formed in 2022 to amplify philanthropy by primarily investing in venture capital investment funds and in direct venture capital investments of operating companies. The Company will continue to operate until December 31, 2034, or until each of the investment funds in which the LLC invests terminates, unless terminated earlier or extended in accordance with the Operating Agreement. In 2022, the Company completed the Subscription Agreement to become an investor in this LLC.

The Company invested in the Limited Partnership ("LP"), a closed-end fund, formed pursuant to the laws of the state of Delaware under a limited partnership agreement in 2022, and shall dissolve upon the first to occur of either the end of the tenth anniversary of the final closing date or, if extended, upon the end of such extension(s), upon the dissolution or removal of the General Partner or upon other specific circumstances as defined in the LP Agreement.

The Company invested in a closed-end LP fund that was formed pursuant to the laws of the State of Delaware under a limited partners agreement (the "Agreement") in 2012 and is scheduled to terminate on the tenth anniversary of the final closing date, unless terminated sooner or extended in accordance with the Agreement. The purpose of the LP is to make investments in and pursue targets that educate, train, and inspire men and women in the United States and around the world to value free enterprise, business, and economics to improve the quality of their lives and the lives and the lives of those in their communities. In 2012, the Company entered into a Limited Partnership Agreement to invest in this LP. The Company is currently in the process of winding down operations.

The Company invested in a closed-end LP fund that was formed pursuant to the laws of the State of Delaware under a limited partners agreement (the "Agreement") in 2015 and is scheduled to terminate on the tenth anniversary of the final closing date, unless terminated sooner or extended in accordance with the Agreement. The purpose of the LP is to make investments in and pursue targets that educate, train, and inspire men and women in the United States and around the world to value free enterprise, business, and economics to improve the quality of their lives and the lives and the lives of those in their communities. In 2015, the Company entered into a Limited Partnership Agreement to invest in this LP.

The Company invested in a closed-end LP fund that was formed pursuant to the laws of the State of Delaware under a limited partners agreement (the "Agreement") in 2018 (the "Agreement") and is scheduled to terminate on the twelfth anniversary of the Final Closing Date, unless terminated sooner or extended in accordance with the Agreement. The purpose of the Partnership is to make investments in and pursue targets that educate, train, and inspire men and women in the United States and around the world to value free enterprise, business, and economics to improve the quality of their lives and the lives and the lives of those in their communities. In 2018, the Company entered into a Limited Partnership Agreement to invest in this LP.

The Company invested in a Limited Liability Company ("LLC") that was formed under the laws of the state of Delaware. The LLC was formed in 2021 for the purpose of investing in companies located in emerging markets. The Limited Liability Company Agreement provides for LLC to continue until dissolved, unless terminated earlier through terms specified in the Operating Agreement. In 2021, the Company entered into a Limited Liability Company Agreement to invest in the LLC.

The Company invested in a closed-end LP fund that was formed pursuant to the laws of the State of Delaware under a limited partners agreement (the "Agreement") in 2024 and is scheduled to terminate on the tenth anniversary of the final closing date, unless terminated sooner or extended in accordance with the Agreement. The purpose of the LP is to invest in fire prevention related services. In 2024, the Company entered into a Limited Partnership Agreement to invest in this LP.

The Company invested in a LP that was formed pursuant to the laws of the state of Delaware under a limited partnership agreement in 2021 (the "Agreement") and is scheduled to terminate on the tenth anniversary of the Final Closing Date, unless terminated sooner or extended in accordance with the Agreement. The Partnership is organized for the principal purposes of acquiring, holding, supervising, managing and disposing of investment in recapitalization, management buyouts, and corporate divestitures of Portfolio Companies operating in various segments of the U.S. lower middle markets. In 2022, the Company entered into a Limited Partnership Agreement to invest in this LP.

The Company invested in a Limited Partnership ("LP") that was formed under the laws of the state of Delaware. The LP was formed in 2024 to provide long-term investment returns. The Limited Partnership Agreement provides for the Fund to continue until dissolved. There are significant restrictions to the dissolution process, which are outlined in the LP Agreement. The Fund invests in listed equity and fixed income securities. In 2025, UG entered into a subscription agreement to invest in the LP.

The Company invested in a LP that was formed pursuant to the laws of the state of Delaware under a limited partnership agreement in 2025 (the "Agreement") and is scheduled to terminate on the tenth anniversary of the Final Closing Date, unless terminated sooner or extended in accordance with the Agreement. The Partnership is organized for the principal purposes of acquiring, holding, supervising, managing and disposing of investment in recapitalization, management buyouts, and corporate divestitures of Portfolio Companies operating in various segments of the U.S. lower middle markets. In 2026, the Company entered into a Limited Partnership Agreement to invest in this LP.

**Fair Value Measurements on a Nonrecurring Basis**

Certain assets are not carried at fair value on a recurring basis. Accordingly, such investments are only included in the fair value hierarchy disclosure when the investment is subject to re-measurement at fair value after initial recognition and the resulting re-measurement is reflected in the Consolidated Financial Statements. At March 31, 2026 and December 31, 2025, the Company recognized an other-than-temporary impairment of $0 and $725,032 on an equity security, respectively.

**Fair Value Information About Financial Instruments Not Measured at Fair Value**

Certain assets are not carried at fair value on a recurring basis. Accordingly, such investments are only included in the fair value hierarchy disclosure when the investment is subject to re-measurement at fair value after initial recognition and the resulting re-measurement is reflected in the Consolidated Financial Statements.

The following table presents the carrying amount and estimated fair values of the Company's financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Carrying | Estimated |  |  |  |
| March 31, 2026 | Amount | Fair Value | Level 1 | Level 2 | Level 3 |
| Assets |  |  |  |  |  |
| Equity securities, at cost | $13664543 | $13664543 | $0 | $0 | $13664543 |
| Mortgage loans on real estate | 13625829 | 13125011 | 0 | 0 | 13125011 |
| Notes receivable | 8257713 | 8254172 | 0 | 0 | 8254172 |
| Policy loans | 5267121 | 5267121 | 0 | 0 | 5267121 |
| Accrued investment income | 1142164 | 1142164 | 0 | 0 | 1142164 |
| Liabilities |  |  |  |  |  |
| Policy claims and benefits payable | 6208011 | 6208011 | 0 | 0 | 6208011 |
| Dividend and endowment accumulations | 14490086 | 14490086 | 0 | 0 | 14490086 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Carrying | Estimated |  |  |  |
| December 31, 2025 | Amount | Fair Value | Level 1 | Level 2 | Level 3 |
| Assets |  |  |  |  |  |
| Equity securities, at cost | $20510250 | $20510250 | $0 | $0 | $20510250 |
| Mortgage loans on real estate | 14402304 | 13637402 | 0 | 0 | 13637402 |
| Notes receivable | 8708417 | 8675239 | 0 | 0 | 8675239 |
| Policy loans | 5361164 | 5361164 | 0 | 0 | 5361164 |
| Accrued investment income | 1129139 | 1129139 | 0 | 0 | 1129139 |
| Liabilities |  |  |  |  |  |
| Policy claims and benefits payable | 3456000 | 3456000 | 0 | 0 | 3456000 |
| Dividend and endowment accumulations | 14568544 | 14568544 | 0 | 0 | 14568544 |

---

The above estimated fair value amounts have been determined based upon the following valuation methodologies. Considerable judgment was required to interpret market data in order to develop these estimates. Accordingly, the estimates are not necessarily indicative of the amounts which could be realized in a current market exchange. The use of different market assumptions or estimation methodologies may have a material effect on the fair value amounts.

Certain equity securities are reported at their cost basis, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. It is not practicable to estimate their fair values due to insufficient information being available.

The fair values of mortgage loans on real estate are estimated using discounted cash flow analyses and interest rates being offered for similar loans to borrowers with similar credit ratings. The inputs used to measure the fair value of our mortgage loans on real estate are classified as Level 3 within the fair value hierarchy.

The fair values of notes receivable are estimated using discounted cash flow analyses and interest rates being offered for similar loans to borrowers with similar credit ratings. The inputs used to measure the fair value of the notes receivable are classified as Level 3 within the fair value hierarchy.

Policy loans are carried at the aggregate unpaid principal balances in the Condensed Consolidated Balance Sheets which approximate fair value, and earn interest at rates ranging from 4% to 8%. Individual policy liabilities in all cases equal or exceed outstanding policy loan balances. The inputs used to measure the fair value of our policy loans are classified as Level 3 within the fair value hierarchy.

The carrying value of accrued investment income approximates its fair value.

The carrying amounts reported for policy claims and benefits payable approximates fair value.

The carrying value for dividend and endowment accumulations approximates fair value.

#### Note 5 – Future Policy Benefits
In 2025 and 2026, the Company updated the net premium ratio when updating for actual historical experience; future cash flow assumptions were reviewed and updated if appropriate.

The following tables summarize balances and changes in the liability for future policy benefits for nonparticipating traditional and limited-payment contracts.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| March 31, 2026 | Traditional Premium Paying | Traditional Premium Paying | Traditional Limited Pay | Traditional Limited Pay | Total | Total |
|  | Present Value of Net Premiums | Present Value of Benefits | Present Value of Net Premiums | Present Value of Benefits | Present Value of Net Premiums | Present Value of Benefits |
| Balance, beginning of year | $3971915 | $21601667 | $(10695983) | $28599439 | $(6724068) | $50201106 |
| Beginning balance at original discount rate | 4193882 | 22968581 | (11298224) | 30964035 | (7104342) | 53932616 |
| Effect of changes in CF considerations | 804625 | 1146539 | 2412098 | 2759828 | 3216723 | 3906367 |
| Effect of actual variances from expected | (123404) | (182893) | (163991) | (201740) | (287395) | (384633) |
| Adjusted beginning of period balance | 4875103 | 23932227 | (9050117) | 33522123 | (4175014) | 57454350 |
| New issuances |  |  |  |  |  |  |
| Interest accrual | 301005 | 2025061 | 699261 | 1536997 | 1000266 | 3562058 |
| Premiums | (244724) |  | (8309) |  | (253033) |  |
| Benefit Payments |  | (1980822) |  | (1350001) |  | (3330823) |
| Ending balance at original discount rate | 4931384 | 23976466 | (8359165) | 33709119 | (3427781) | 57685585 |
| Effect of changes in discount rate | (314063) | (1702940) | 529586 | (3157162) | 215523 | (4860102) |
| Balance, end of year | $4617321 | $22273526 | $(7829579) | $30551957 | $(3212258) | $52825483 |
| Net liability for future policy benefits | $17656205 | $17656205 | $38381536 | $38381536 | $56037741 | $56037741 |
| Deferred profit liability | $0 | $0 | $1169982 | $1169982 | $1169982 | $1169982 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| March 31, 2025 | Traditional Premium Paying | Traditional Premium Paying | Traditional Limited Pay | Traditional Limited Pay | Total | Total |
|  | Present Value of Net Premiums | Present Value of Benefits | Present Value of Net Premiums | Present Value of Benefits | Present Value of Net Premiums | Present Value of Benefits |
| Balance, beginning of year | 4293082 | 22118278 | (12243574) | 26826750 | (7950492) | 48945028 |
| Beginning balance at original discount rate | 4711513 | 24563973 | (13416148) | 30636495 | (8704635) | 55200468 |
| Effect of changes in CF considerations |  |  |  |  |  |  |
| Effect of actual variances from expected | (262585) | (280702) | 682111 | 745613 | 419526 | 464911 |
| Adjusted beginning of period balance | 4448928 | 24283271 | (12734037) | 31382108 | (8285109) | 55665379 |
| New issuances |  |  |  |  |  |  |
| Interest accrual | 958415 | 1062781 | 290511 | (70475) | 1248926 | 992306 |
| Premiums | (167360) |  | (8009) |  | (175369) |  |
| Benefit Payments |  | (583546) |  | (391763) |  | (975309) |
| Ending balance at original discount rate | 5239983 | 24762506 | (12451535) | 30919870 | (7211552) | 55682376 |
| Effect of changes in discount rate | (369914) | (1970584) | 867412 | (3150783) | 497498 | (5121367) |
| Balance, end of year | $4870069 | $22791922 | $(11584123) | $27769087 | $(6714054) | $50561009 |
| Net liability for future policy benefits | $17921853 | $17921853 | $39353210 | $39353210 | $57275063 | $57275063 |
| Deferred profit liability | $0 | $0 | $749626 | $749626 | $749626 | $749626 |

---

The following table reconciles the net liability for future policy benefits to the liability for future policy benefits in the consolidated balance sheet. The DPL for the limited pay products is presented together with the liability for future policy benefits in the consolidated balance sheet. Furthermore, there is a block of participating policies that was deemed outside the scope of the changes related to the LFPB as a result of ASU 2018-12. Thus this block continues to hold reserves consistent with historical. Lastly, a block that is 100% coinsured to Park Avenue Life Insurance Company (PALIC) was not considered in the roll forwards. The Company continues to hold a gross reserve utilizing an approach consistent with the pre-ASU-2018-12 reserves, with a net liability of zero.

---

| | | |
|:---|:---|:---|
|  | March 31, 2026 | December 31, 2025 |
| Traditional Premium Paying | $17656205 | $17629752 |
| Traditional Limited Pay | 39551518 | 40196147 |
| Participating Policies | 40664988 | 40810267 |
| Miscellaneous Reserves | 2088813 | 2108019 |
| PALIC | 13533857 | 13559661 |
| A&H | 67354 | 67452 |
| Total | $113562735 | $114371298 |

---

The undiscounted expected future benefit payments and gross premiums as of March 31, 2026, and 2025 are summarized as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Undiscounted | Original Present Value | Current Present Value |
| <u>March 31, 2026</u> |  |  |  |
| Gross premiums | $11632160 | $8697920 | $8144074 |
| Benefits | 84540332 | 57685586 | 52825483 |
| <u>March 31, 2025</u> |  |  |  |
| Gross premiums | $15211817 | $11037712 | $10258479 |
| Benefits | 84280896 | 55682375 | 50561008 |

---

The weighted-average interest rates as of March 31, 2026, and 2025 are summarized as follows:

---

| | | |
|:---|:---|:---|
|  | March 31, 2026 | March 31, 2025 |
| Original discount rate | 3.92% | 3.92% |
| Current discount rate | 5.00% | 5.01% |

---

The weighted-average durations of the liability in years as of March 31, 2026, and 2025 are summarized as follows:

March 31, 2026 March 31, 2025 <br> Original duration of the liability in years 8.82 9.59 <br> Current duration of the liability in years 8.28 9.01

The actual experience during the years ended March 31, 2026, and 2025 compared to what was expected for the years ended March 31, 2026 and 2025 is summarized as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <u>March 31, 2026</u> | Amount Inforce | Mortality | Lapsation | Maturity | Total Benefits |
| Expected | $156387760 | $925776 | $220089 | $49639 | $1195504 |
| Expected rate |  | 0.59% | 0.14% | 0.03% | 0.76% |
| Actual | $156758780 | $719052 | $282305 | $74625 | $1075982 |
| Actual rate |  | 0.46% | 0.18% | 0.05% | 0.69% |
| Actual to expected ratio |  | 77.67% | 128.27% | 150.34% | 90.00% |
| <u>March 31, 2025</u> | Amount Inforce | Mortality | Lapsation | Maturity | Total Benefits |
| Expected | $163647604 | $911463 | $228670 | $59704 | $1199837 |
| Expected rate |  | 0.56% | 0.14% | 0.04% | 0.74% |
| Actual | $163667836 | $975310 | $277491 | $64437 | $1317238 |
| Actual rate |  | 0.60% | 0.17% | 0.04% | 0.81% |
| Actual to expected ratio |  | 107.00% | 121.35% | 107.93% | 109.78% |

---

Significant assumption inputs to the calculation of the liability for future policy benefits for the nonparticipating traditional and limited pay products include mortality, lapses and discount rates. Given limited credibility, the Company did not make any assumption changes since transition.

Policyholders' Account Balances include universal life and annuity contracts.

The composition of universal life and annuities included in Policyholders' Account Balances as of March 31, 2026, and December 31, 2025 is summarized as follows:

---

| | | |
|:---|:---|:---|
|  | March 31, 2026 | December 31, 2025 |
| Annuity | $24606957 | $24769354 |
| Universal Life | 67113257 | 68151712 |
| Total policyholder account balances | $91720214 | $92921066 |

---

The range of crediting rates for policyholders' account balances compared to the guaranteed minimum crediting rates as of March 31, 2026, and 2025 are presented as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <u>March 31, 2026</u> | At Guaranteed Minimum | 1 Basis Point to 50 Basis Points Above Guaranteed Minimum | 51 Basis Point to 150 Basis Points Above Guaranteed Minimum |  | Total |
| Less than 2.00% | $749191 | $- | $- | $– $| 749191 |
| 2.00% to 2.99% | 195584 |  |  | – | 195584 |
| 3.00% to 3.99% | 5328031 |  |  | – | 5328031 |
| Greater than 4.00% | 67363713 | 215159 | 17868536 | – | 85447408 |
| Total | $73636519 | $215159 | $17868536 | $– $| 91720214 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <u>March 31, 2025</u> | At Guaranteed Minimum | 1 Basis Point to 50 Basis Points Above Guaranteed Minimum | 51 Basis Point to 150 Basis Points Above Guaranteed Minimum |  | Total |
| Less than 2.00% | $756197 | $- | $- | $– $| 756197 |
| 2.00% to 2.99% | 223603 |  |  | – | 223603 |
| 3.00% to 3.99% | 5374493 |  |  | – | 5374493 |
| Greater than 4.00% | 70228348 | 210071 | 17789927 | – | 88228346 |
| Total | $76582641 | $210071 | $17789927 | $– $| 94582639 |

---

The change in the policyholders account balances for the years ended March 31, 2026, and 2025 are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | March 31, 2026 | March 31, 2026 | March 31, 2025 | March 31, 2025 |
|  | Universal Life | Annuity | Universal Life | Annuity |
| Balance, beginning of year | $68151712 | $24769354 | $69836708 | $25403323 |
| Issuances | 0 | 0 | 0 | 0 |
| Premiums received | 932906 | 38984 | 942635 | 45710 |
| Policy charges | (1276125) | 0 | (1312558) | 0 |
| Benefit payments | (1051559) | (349404) | (586098) | (161205) |
| Surrenders and withdrawals | (222741) | (124796) | (118885) | (308991) |
| Interest Credited | 579064 | 272819 | 556086 | 285914 |
| Balance, end of year | $67113257 | $24606957 | $69317888 | $25264751 |
| Weighted average crediting rate | 4.45% | 4.01% | 4.42% | 4.02% |
| Cash surrender value | $52901113 | $24592609 | $55118128 | $25247675 |

---

**Note 6 – Credit Arrangements**

During March 31, 2026 and December 31, 2025, the Company had the following line of credit available:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Instrument | Issue Date | Maturity Date | Revolving Credit Limit | December 31, 2025 | Borrowings | Repayments | March 31, 2026 |
| Line of Credit: |  |  |  |  |  |  |  |
| UG - CMA | 10/21/21 | 10/2/26 | 25000000 | 0 | 0 | 0 | 0 |

---

During October of 2025, the Federal Home Loan Bank approved UG's Cash Management Advance Application ("CMA"). The CMA gives the Company the option of selecting a variable rate of interest for up to 90 days or a fixed rate for a maximum of 30 days. The variable rate CMA is prepayable at any time without a fee, while the fixed CMA is not prepayable prior to maturity. The Company has pledged bonds with a collateral lendable value of $21,716,686. The Company has no outstanding borrowings on the CMA at March 31, 2026 nor had any borrowing activity during 2026.

**Note 7 – Shareholders' Equity**

During 2026, the Company issued 1,733 shares of stock to management and employees as compensation at a cost of $90,134. These awards are determined at the discretion of the Board of Directors.

**Stock Repurchase Program** – The Board of Directors of UTG has authorized the repurchase in the open market or in privately negotiated transactions of UTG's common stock. The Board of Directors of UTG authorized the repurchase of up to $26 million of UTG's common stock in the open market or in privately negotiated transactions. Company Management has broad authority to operate the program, including the discretion of whether to purchase shares and the ability to suspend or terminate the program. Open market purchases are made based on the last available market price but may be limited. During the three months ended March 31, 2026, the Company repurchased 3,521 shares through the stock repurchase program for $195,773. Through March 31, 2026, UTG has spent $21,035,328 in the acquisition of 1,402,790 shares under this program.

**Stock Option Plan**

On March 26, 2025, the Company's Board of Directors approved the UTG, Inc. 2025 Stock Option Plan (the "Plan") and agreed to recommend the shareholders vote in favor of the Plan. On June 27, 2025, the Company's shareholders approved the Stock Option Plan which provides for the grant of qualified incentive stock options and nonqualified stock options to employees, directors, consultants and advisors.

The Company has reserved for issuance, an aggregate of 300,000 shares of common stock under the Plan. As of March 31, 2026, 96,250 shares have been granted, and 203,750 shares remained under the Plan for future issuance.

The purpose of the Plan is to enable UTG to attract and retain the types of employees, officers, directors, consultants, and advisors who will contribute to UTG long-range success and to promote the successes of UTG's business through the award of options to purchase shares of common stock of UTG.

The Company's Compensation Committee will administer the Plan with respect to individuals the Board has identified as "Designated Executives" and by the Board with respect to all others eligible to participate in the Plan. The Compensation Committee and the Board are known as the "Governing Committee" of the Plan.

The Company does not currently maintain a formal policy or practice regarding the timing of options in relation to the release of material nonpublic information ("MNPI"), as such, option awards are not part of its executive compensation program. The Company has not timed the disclosure of MNPI for the purpose of affecting the value of executive compensation.

No option shall be exercised more than 10 years after the date such option is granted. The Plan will terminate 10 years from the date of approval by shareholders, unless previously terminated by the Board. After the Plan is terminated, no awards of stock options may be granted but stock options previously awarded will remain outstanding in accordance with their applicable terms and conditions and the Plan's terms and conditions.

The exercise price of incentive stock options granted under the Plan must be at least equal to 100% of the fair market value of the Company's stock at the date of grant. The exercise price must not be less than 110% of the fair market value of the stock at date of grant for incentive stock options granted to an employee that owns greater than 10% of the Company stock.

The following table provides a summary of option activity under the Plan:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Weighted average** |  |
|  |  | **Weighted** | **remaining** | **Aggregate** |
|  | **Number of** | **average exercise** | **contractual** | **intrinsic value** |
|  | **options** | **price** | **life (years)** | **(1)** |
| Outstanding at December 31, 2025 | 96250 | $45 | 8.89 | $- |
| &nbsp;&nbsp; Granted |  |  |  |  |
| Outstanding at March 31, 2026 | 96250 | 44.69 | 8.64 |  |
| Exercisable at March 31, 2026 |  | $- |  | $- |

---

(1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the closing price of the common stock for the options that were in the money as of March 31, 2026.

The Company estimates the fair value of options awarded on the date of grant using the Black-Scholes option-pricing model, which requires inputs based on certain subjective assumptions, including (i) the expected stock price volatility, (ii) the expected term of the award, (iii) the risk-free interest rate, and (iv) expected dividends. The Company estimates the expected term of options using the simplified method described in Staff Accounting Bulletin Topic 14, as amended, as it does not have sufficient historical experience for determining the expected term of the awards granted. Expected volatility is estimated based on the monthly volatility of the Company's stock. The risk-free rate for the expected term of the option is based on the U.S Treasury yield curve at the date of grant. The expected dividend yield is 0% as the Company has not paid and does not expect to pay cash dividends. The Company recognizes forfeitures as they occur.

The assumptions used in the Black-Scholes option-pricing model for stock options granted were:

---

| | |
|:---|:---|
|  | **2025** |
| Expected volatility | 31.90% |
| Weighted-average risk-free interest rate | 3.84% |
| Expected dividend yield | 0% |
| Expected term (in years) | 5.0 - 7.5 |

---

The weighted-average grant-date fair value of options granted during 2025 was $18.32 per share. There are no options exercisable under the Plan as of March 31, 2026.

During 2025, the Board of Directors and Compensation Committee granted $1,763,747 of stock options with service-based conditions to certain employees and officers of the Company. Compensation expense related to awards with service requirements is recognized over a straight-line basis based on grant date fair value over the associated service period of the award, which is typically the vesting period. The options granted in 2025 will vest annually over a five-year period.

Total unrecognized compensation expense related to non-vested stock options granted under the Plan was $1,557,977 as of March 31, 2026, with the cost expected to be recognized over a weighted-average period of approximately 4.42 years.

The Company recognized stock-based compensation expense related to stock options of $88,187 and $0 for the three months ended March 31, 2026 and 2025, respectively.

#### Earnings Per Share Calculations
Basic earnings per share ("EPS") are based on the weighted average number of common shares outstanding during each period. Diluted EPS is computed based on the weighted average number of common shares plus the effect of dilutive potential common shares outstanding during each period using the treasury stock method. Dilutive potential common shares include outstanding stock options and stock awards.

The components of basic and diluted EPS were as follows:

---

| | | |
|:---|:---|:---|
|  | Three Months Ended | Three Months Ended |
|  | March 31, 2026 | March 31, 2025 |
| Basic weighted average shares outstanding | 3141417 | 3156550 |
| Weighted average dilutive options outstanding | 17693 | 0 |
| Diluted weighted average shares outstanding | 3159110 | 3156550 |

---

**Note 8 – Commitments and Contingencies**

The insurance industry has experienced a number of civil jury verdicts which have been returned against life and health insurers in the jurisdictions in which the Company does business involving the insurers' sales practices, alleged agent misconduct, failure to properly supervise agents, and other matters. Some of the lawsuits have resulted in the award of substantial judgments against the insurer, including material amounts of punitive damages. In some states, juries have substantial discretion in awarding punitive damages in these circumstances. In the normal course of business, the Company is involved from time to time in various legal actions and other state and federal proceedings. Management is of the opinion that the ultimate disposition of the matters will not have a materially adverse effect on the Company's results of operations or financial position.

Under the insurance guaranty fund laws in most states, insurance companies doing business in a participating state can be assessed up to prescribed limits for policyholder losses incurred by insolvent or failed insurance companies. Although the Company cannot predict the amount of any future assessments, most insurance guaranty fund laws currently provide that an assessment may be excused or deferred if it would threaten an insurer's financial strength. Mandatory assessments may be partially recovered through a reduction in future premium tax in some states. The Company does not believe such assessments will be materially different from amounts already provided for in the consolidated financial statements, though the Company has no control over such assessments.

Mortgage Loan Commitments - The Company commits to lend funds under mortgage loan commitments. The Company had no mortgage loan commitments at March 31, 2026 and December 31, 2025.

Notes Receivable Commitments - The Company commits to lend funds under notes receivable funding commitments. The amounts of these notes receivable commitments were $625,000 and $625,000 at March 31, 2026 and December 31, 2025, respectively.

Commitments to Fund Limited Liability Company and Limited Partnership Investments - The Company commits to fund investments in limited liability companies and limited partnerships. The amounts of the unfunded commitments were $22,693,730 and $23,174,978 at March 31, 2026 and December 31, 2025, respectively.

**Note 9 – Other Cash Flow Disclosures**

On a cash basis, the Company paid the following expenses:

---

| | | |
|:---|:---|:---|
|  | Three Months Ended | Three Months Ended |
|  | March 31, | March 31, |
|  | 2026 | 2025 |
| Interest | $0 | $0 |
| Federal income tax | 0 | 0 |

---

**Note 10 – Concentrations of Credit Risk**

The Company maintains cash balances in financial institutions that at times may exceed federally insured limits. The Company maintains its primary operating cash accounts with First Southern National Bank, an affiliate of the largest shareholder of UTG, Mr. Jesse Correll, the Company's CEO and Chairman. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash and cash equivalents.

Because UTG serves primarily individuals located in three states, the ability of the Company's customers to pay their insurance premiums is impacted by the economic conditions in these areas. As of March 31, 2026 and 2025, approximately 52% and 51% of the Company's total direct premium was collected from Illinois, Ohio, and Texas. Thus, results of operations are heavily dependent upon the strength of these economies.

The Company reinsures that portion of insurance risk which is in excess of its retention limits. Retention limits range up to $125,000 per life. Life insurance ceded represented 20% of total life insurance in force at March 31, 2026 and December 31, 2025, respectively. Insurance ceded represented 24% of premium income for the three months ended March 31, 2026 and 2025, respectively. The Company would be liable for the reinsured risks ceded to other companies to the extent that such reinsuring companies are unable to meet their obligations.

The Company owns a variety of investments associated with the oil and gas industry. These investments represent approximately 39% and 35% of the Company's total invested assets as of March 31, 2026 and December 31, 2025, respectively.

---

| | | | |
|:---|:---|:---|:---|
|  | Land, Minerals & |  |  |
| March 31, 2026 | Royalty Interests | Exploration | Total |
| Fixed maturities, at fair value | $0 | $1046210 | $1046210 |
| Equity securities, at fair value | 157498921 | 0 | 157498921 |
| Equity securities, at cost | 3696763 | 0 | 3696763 |
| Investment real estate | 9438515 | 0 | 9438515 |
| Notes receivable | 1875000 | 0 | 1875000 |
| Total | $172509199 | $1046210 | $173555409 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Land, Minerals & |  |  |
| December 31, 2025 | Royalty Interests | Exploration | Total |
| Fixed maturities, at fair value | $0 | $1061720 | $1061720 |
| Equity securities, at fair value | 136129315 | 0 | 136129315 |
| Equity securities, at cost | 3904565 | 0 | 3904565 |
| Investment real estate | 9879784 | 0 | 9879784 |
| Notes receivable | 1875000 | 0 | 1875000 |
| Total | $151788664 | $1061720 | $152850384 |

---

At March 31, 2026 and December 31, 2025, the Company owned 4 equity securities that represented approximately 80%, respectively, of the total investments associated with the oil and gas industry.

The Company's results of operations and financial condition have in the past been, and may in the future be, adversely affected by the degree of certain industry specific concentrations in the Company's investment portfolio. The Company has significant exposure to investments associated with the oil and gas industry. Events or developments that have a negative effect on the oil and gas industry may adversely affect the valuation of our investments in this specific industry. The Company's ability to sell its investments associated with the oil and gas industry may be limited.

**Note 11 – Segment Information**

The Company is organized into a single reportable segment: insurance distribution. The Company derives its revenue entirely from within the United States and manages business activities on a consolidated basis. The Company's chief operating decision maker is its Chief Executive Officer.

The accounting policies of the insurance distribution segment are the same as those described in the summary of significant accounting policies. The chief operating decision maker uses net income or loss, as reported on the Consolidated Statements of Operations, to assess performance and allocate resources for the insurance distribution segment. The significant segment expense categories regularly provided to the chief operating decision maker are the same as those included on the Consolidated Statements of Operations. The measure of segment assets is total assets as reported on the Consolidated Balance Sheets.

The chief operating decision maker uses net income or loss to assess performance by examining period-over-period trends and monitoring budget versus actual results.

**Note 12 – Revision of Previously Issued Consolidated Financial Statements**

As disclosed in Note 17 of the December 31, 2025 Form 10-K filing, the Company adopted ASU 2018-12 on December 31, 2025, for the liability for future policy benefits. ASU 2018-12 was adopted on a modified retrospective basis such that the balance for the liability for future policy benefits was adjusted to conform to ASU 2018-12 effective January 1, 2024. With respect to an analysis for market risk benefits, the Company concluded that it had no market-based options or guarantees associated with its liability for policyholders' account balances. Also, the Company does not currently have a deferred acquisition cost asset and did not have such an asset at January 1, 2024.

To improve the consistency and comparability of the 2025 quarterly condensed consolidated financial statements, Management will revise the March 31, 2025 condensed consolidated financial statements and related disclosures to reflect the implementation.

---

| | | | |
|:---|:---|:---|:---|
|  | As Previously |  |  |
| <u>March 31, 2025</u> | Reported | Adjustments | As Restated |
| Consolidated Balance Sheets |  |  |  |
| Future policy benefits | $216786456 | $(101318625) | $115467831 |
| Policyholder account balances | 0 | 94582639 | 94582639 |
| Deferred income taxes | 26968767 | 1414557 | 28383324 |
| Retained earnings | 193406264 | 882526 | 194288790 |
| Accumulated other comprehensive income (loss) | (2213770) | 4438903 | 2225133 |
| Consolidated Statements of Operations |  |  |  |
| Benefits, claims and settlement expenses: Life | $3401007 | $(225261) | $3175746 |
| Income tax expense | 3750990 | 47305 | 3798295 |
| Net income attributable to common shareholders | 12774687 | 177956 | 12952643 |
| Basic income per share | 4.05 | 0.05 | 4.10 |
| Diluted income per share | 4.05 | 0.05 | 4.10 |
| Consolidated Statements of Comprehensive Income (Loss) |  |  |  |
| Net income | $12798260 | $177956 | $12976216 |
| Subtotal: Other comprehensive income (loss), net of tax | 728543 | (1098666) | (370123) |
| Comprehensive income (loss) attributable to UTG, Inc. | 13503230 | (920710) | 12582520 |
| Consolidated Statements of Cash Flows |  |  |  |
| Net income | $12798260 | $177956 | $12976216 |
| Provision for deferred income tax expense | 3703042 | 47305 | 3750347 |
| Change in policy liabilities and accruals | (1298156) | (225261) | (1523417) |

---

------

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

The following is Management's discussion and analysis of the financial condition and results of operations of UTG, Inc. and its subsidiaries (collectively with the Parent, the "Company"). The following discussion of the financial condition and results of operations of the Company should be read in conjunction with, and is qualified in its entirety by reference to, the Consolidated Financial Statements of the Company and the related Notes thereto appearing in the Company's annual report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission, and our unaudited Condensed Consolidated Financial Statements and related Notes thereto appearing elsewhere in this quarterly report.

**Cautionary Statement Regarding Forward-Looking Statements**

Numerous risks and uncertainties may impact the matters addressed by our forward-looking statements, any of which could negatively and materially affect our future financial results and performance.

Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and, therefore, the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. In light of the significant uncertainties inherent in the forward-looking statements that are included in this report, our inclusion of this information is not a representation by us or any other person that our objectives and plans will be achieved. In light of these risks, uncertainties and assumptions, any forward-looking event discussed in this report may not occur. Our forward-looking statements speak only as of the date made, and we undertake no obligation to update or review any forward-looking statement, whether as a result of new information, future events or other developments, unless the securities laws require us to do so.

**Overview**

UTG, Inc., a Delaware corporation, is a life insurance holding company. The Company's dominant business is individual life insurance, which includes the servicing of existing insurance policies in-force, the acquisition of other companies in the life insurance business, the acquisition of blocks of business and the administration and processing of life insurance business for other entities.

UTG has a strong philanthropic program. The Company generally allocates a portion of its earnings to be used for its philanthropic efforts primarily targeted to Christ-centered organizations or organizations that help the weak or poor. The Company also encourages its staff to be involved on a personal level through monetary giving, volunteerism and use of their talents to assist those less fortunate than themselves. Through these efforts, the Company hopes to make a positive difference in the local community, state, nation and world.

**Critical Accounting Policies**

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts and related disclosures. Actual results could differ significantly from those estimates. The Company has identified certain estimates that involve a higher degree of judgment and are subject to a significant degree of variability. The Company's critical accounting policies and the related estimates considered most significant by Management are disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. Management has identified the accounting policies related to cost of insurance acquired, assumptions and judgments utilized in determining if declines in fair values of investments are other-than-temporary, and valuation methods for investments that are not actively traded as those, due to the judgments, estimates and assumptions inherent in those policies, are critical to an understanding of the Company's Condensed Consolidated Financial Statements and this Management's Discussion and Analysis.

During the three-months ended March 31, 2026, there were no additions to or changes in the critical accounting policies disclosed in the 2025 Form 10-K.

**Results of Operations**

On a consolidated basis, the Company reported net income attributable to common shareholders of approximately $23.4 and $13.0 million for the three-month period ended March 31, 2026 and 2025, respectively.

**Revenues**

For the three-month period ended March 31, 2026, the Company reported total revenues of approximately $36.5 million and for the same period in 2025 total revenues of approximately $21.9 million.

The variance in total revenue between first quarter 2026 and 2025 is primarily the result of the change in the fair value of equity securities. The Company reported a first quarter 2026 gain in the change in the fair value of equity securities of approximately $28.2 million. In 2025, the Company reported a first quarter gain in the change in the fair value of equity securities of approximately $16.3 million. The stock markets have experienced volatility in recent periods, which in general, should always be expected.

This line item is material to the results reported in the Condensed Consolidated Statements of Operations, and this line item can also be extremely volatile, as it reflects changes in the stock market. While these results can be material and volatile, most of the equity holdings of the Company were acquired with a long-term view, thus making these intermediate changes in value of less concern to Management. Management monitors its equity holdings looking more at the specific entity and market it is in relative to performance and less to changes due to general market swings that occur over the holding period of the investment.

The Company reported revenue before net investment gains of approximately $4.7 million and $4.6 million for the three-month-period ended March 31, 2026 and 2025, respectively. The 2026 results are comparable to 2025 for first quarter.

The following table summarizes our investment performance.

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| | | |
|:---|:---|:---|
|  | Three Months Ended | Three Months Ended |
|  | March 31, | March 31, |
|  | 2026 | 2025 |
| Net investment income | $3295336 | $3118736 |
| Net realized investment gains | $3548793 | $975769 |
| Change in fair value of equity securities | $28213466 | $16290482 |

---

The following table reflects net investment income of the Company:

---

| | | |
|:---|:---|:---|
|  | Three Months Ended March 31, | Three Months Ended March 31, |
|  | 2026 | 2025 |
| Fixed maturities available for sale | $643462 | $688530 |
| Held to maturity redeemable preferred stock | 0 | 40719 |
| Equity securities | 1475242 | 725607 |
| Mortgage loans | 206182 | 220927 |
| Real estate | 1524438 | 1665122 |
| Notes receivable | 103074 | 310929 |
| Policy loans | 81686 | 91506 |
| Short-term | 81187 | 22406 |
| Cash and cash equivalents | 290269 | 404644 |
| Total consolidated investment income | 4405540 | 4170390 |
| Investment expenses | (1110204) | (1051654) |
| Consolidated net investment income | $3295336 | $3118736 |

---

Net investment income represented 70% and 67% of the Company's revenue before net investment gains as of March 31, 2026 and 2025, respectively. When comparing current and prior year results, net investment income was comparable in most of the investment categories outside of the equity securities investment portfolio.

The earnings reported by the equity securities investments represented 33% and 17% of the total consolidated investment income reported by the Company during the three months ended March 31, 2026 and 2025, respectively. The increase in earnings in this category is mainly the result of a single equity security in the oil & gas industry producing a one-time dividend of $420,000.

The average oil price per barrel was $65 in 2025, but at the end of March 2026, prices climbed above $100 per barrel, peaking at $115. If oil prices remain elevated above 2025 levels, the Company expects to receive higher royalty distributions for as long as prices stay above historical averages. The Company is unable to predict when the conflict will end or when oil supply disruptions will stabilize, or when price per barrel will see less volatility.

The following table reflects net investment gains:

---

| | | |
|:---|:---|:---|
|  | Three Months Ended | Three Months Ended |
|  | March 31, | March 31, |
|  | 2026 | 2025 |
| Fixed maturities available for sale | $42178 | $0 |
| Equity securities | 3506615 | 975769 |
| Consolidated net realized investment gains | 3548793 | 975769 |
| Change in fair value of equity securities | 28213466 | 16290482 |
| Net investment gains | $31762259 | $17266251 |

---

Realized investment gains are the result of one-time events and are expected to vary from year to year.

In 2026, the sale of four equity securities represents all the realized investment gains from equity securities.

The Company reported a year-to-date 2026 change in the fair value of equity securities of approximately $28.2 million. In 2025, The Company reported a year-to-date change in the fair value of equity securities of approximately $16.3 million. This line item is material to the results reported in the Condensed Consolidated Statements of Operations, and this line item can also be extremely volatile, as it reflects changes in the stock market. Of the 2026 change in fair value of equity securities, approximately $18.3 million is attributable to a single equity security holding related to the oil and gas industry. While these results can be material and volatile, most of the equity holdings of the Company were acquired with a long-term view, thus making these intermediate changes in value of less concern to Management. Management monitors its equity holdings looking more at the specific entity and market it is in relative to performance and less to changes due to general market swings that occur over the holding period of the investment.

In 2026 and 2025, the Company saw mostly positive results in its equity investments. Equity investments primarily in the oil and gas area represent almost all the unrealized gains reported in 2026 and 2025. Periodic pull backs and rallies are expected by management. Management believes its current equity investments continue to be solid investments for the Company and have further growth potential; however, changes in market conditions could cause volatility in market prices.

In summary, the Company's basis for future revenue is expected to come from the following primary sources: Conservation of business currently in-force, the maximization of investment earnings and the acquisition of other companies or policy blocks in the life insurance business. Management has placed a significant emphasis on the development of these revenue sources to enhance these opportunities.

**Expenses**

The Company reported total benefits and other expenses of approximately $6.8 million and $5.1 million for the three month period ended March 31, 2026 and 2025, respectively. Benefits, claims and settlement expenses represented approximately 63% and 56% of the Company's total expenses for the three month periods ended March 31, 2026 and 2025, respectively. The other major expense category of the Company is operating expenses, which represented approximately 35% and 41% of the Company's total expenses for the three month periods ended March 31, 2026 and 2025, respectively.

When comparing first quarter 2026 and 2025 results, life benefits, claims and settlement expenses were up approximately $1.4 million. Policy claims vary from period to period and therefore, fluctuations in mortality are to be expected and are not considered unusual by Management.

Changes in policyholder reserves, or future policy benefits, also impact this line item. Reserves are calculated on an individual policy basis and generally increase over the life of the policy as a result of additional premium payments and acknowledgment of increased risk as the insured continues to age.

The short-term impact of policy surrenders is negligible since a reserve for future policy benefits payable is held which is, at a minimum, equal to and generally greater than the cash surrender value of a policy. The benefit of fewer policy surrenders is primarily received over a longer time period through the retention of the Company's asset base.

Operating expenses increased approximately 12% in the three month period ended March 31, 2026 as compared to the same period in 2025. The increase in operating expenses is primarily attributable to increased salary costs and stock option amortization.

As mentioned above in the Overview section of the Management Discussion and Analysis, UTG has a strong philanthropic program. The Company generally allocates a portion of its earnings to be used for its philanthropic efforts primarily targeted to Christ-centered organizations or organizations that help the weak or poor. Charitable contributions made by the Company are expected to vary from year to year depending on the earnings of the Company.

Net amortization of cost of insurance acquired decreased approximately 3% when comparing current and prior year activity. Cost of insurance acquired is established when an insurance company is acquired or when the Company acquires a block of in-force business. The Company assigns a portion of its cost to the right to receive future profits from insurance contracts existing at the date of the acquisition. Cost of insurance acquired is amortized with interest in relation to expected future profits, including direct charge-offs for any excess of the unamortized asset over the projected future profits. The interest rates may vary due to risk analysis performed at the time of acquisition on the business acquired. The Company utilizes a 12% discount rate on the remaining unamortized business. The amortization is adjusted retrospectively when estimates of current or future gross profits to be realized from a group of products are revised. Amortization of cost of insurance acquired is particularly sensitive to changes in interest rate spreads and persistency of certain blocks of insurance in-force. This expense is expected to decrease unless the Company acquires a new block of business.

Management continues to place significant emphasis on expense monitoring and cost containment. Maintaining administrative efficiencies directly impacts net income.

**Financial Condition**

**Investment Information**

Investments are the largest asset group of the Company. The Company's insurance subsidiary is regulated by insurance statutes and regulations as to the type of investments they are permitted to make, and the amount of funds that may be used for any one type of investment. The below table reflects, by investment category, the investments held by the Company as of March 31, 2026, and December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | 2026 | As a % of Total Investments | As a % of Total Assets |
| Fixed maturities available for sale | $72174265.0 | 16% | 14% |
| Equity securities, at fair value | 288877911.0 | 66% | 55% |
| Equity securities, at cost | 13664543.0 | 3% | 3% |
| Mortgage loans | 13625829.0 | 3% | 3% |
| Real estate | 32593252.0 | 7% | 6% |
| Notes receivable | 8257713.0 | 2% | 2% |
| Policy loans | 5267121.0 | 1% | 1% |
| Short-term investments | 7390012.0 | 2% | 1% |
| Total investments | $441850646.0 | 100% | 85% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | 2025 | As a % of Total Investments | As a % of Total Assets |
| Fixed maturities, available for sale | $73159589.0 | 17% | 15% |
| Equity securities, at fair value | 265704230.0 | 62% | 54% |
| Equity securities, at cost | 20510250.0 | 5% | 4% |
| Mortgage loans | 14402304.0 | 3% | 3% |
| Real estate | 33087699.0 | 8% | 7% |
| Notes receivable | 8708417.0 | 2% | 2% |
| Policy loans | 5361164.0 | 1% | 1% |
| Short-term investments | 9808824.0 | 2% | 2% |
| Total investments | $430742477.0 | 100% | 88% |

---

The Company's investments are generally managed to match related insurance and policyholder liabilities. The comparison of investment return with insurance or investment product crediting rates establishes an interest spread. Interest crediting rates on adjustable-rate policies have been reduced to their guaranteed minimum rates, and as such, cannot be lowered any further. Policy interest crediting rate changes and expense load changes become effective on an individual policy basis on the next policy anniversary. Therefore, it takes a full year from the time the change was determined for the full impact of such change to be realized. If interest rates decline in the future, the Company will not be able to lower rates and both net investment income and net income will be impacted negatively.

The Company's total investments represented 85% and 88% of the Company's total assets as of March 31, 2026, and December 31, 2025, respectively. Fixed maturities and equity securities consistently represented a substantial portion, 82% and 79%, of the total investments during 2026 and 2025, respectively. The overall investment mix, as a percentage of total investments, remained fairly consistent when comparing the respective investments held as of March 31, 2026 and December 31, 2025.

As of March 31, 2026, the carrying value of fixed maturity securities in default as to principal or interest was immaterial in the context of consolidated assets, shareholders' equity or results from operations. To provide additional flexibility and liquidity, the Company has identified all fixed maturity securities as "investments available for sale". Investments available for sale are carried at market value, with changes in market value charged directly to the other comprehensive component of shareholders' equity. Changes in the market value of available for sale securities resulted in net unrealized gains (losses) of approximately $(328,000) and $1.6 million as of March 31, 2026 and 2025, respectively. The variance in the net unrealized gains and losses is the result of normal market fluctuations mainly related to changes in interest rates in the marketplace.

The Company owns a variety of investments associated with the oil and gas industry. These investments represent approximately 39% and 35% of the Company's total invested assets as of March 31, 2026 and December 31, 2025, respectively. See Note 10 – Concentrations for more details related to our oil and gas concentrations.

Management continues to view the Company's investment portfolio with utmost priority. Significant time has been spent internally researching the Company's risk and communicating with outside investment advisors about the current investment environment and ways to ensure preservation of capital and mitigate losses. Management has put extensive efforts into evaluating the investment holdings. Additionally, members of the Company's Board of Directors and investment committee have been solicited for advice and provided with information. Management reviews the Company's entire portfolio on a security level basis to be sure all understand our holdings, potential risks and underlying credit supporting the investments. Management intends to continue its close monitoring of its bond holdings and other investments for possible deterioration or market condition changes. Future events may result in Management's determination that certain current investment holdings may need to be sold which could result in gains or losses in future periods.

**Liquidity**

Liquidity provides the Company with the ability to meet on demand the cash commitments required by its business operations and financial obligations. The Company's liquidity is primarily derived from cash balances, a portfolio of marketable securities and line of credit facilities. The Company has two principal needs for cash – the insurance company's contractual obligations to policyholders and the payment of operating expenses.

**Parent Company Liquidity**

UTG is a holding company that has no day-to-day operations of its own. Cash flows from UTG's insurance subsidiary, UG, are used to pay costs associated with maintaining the Company in good standing with states in which it does business and purchasing outstanding shares of UTG stock. UTG's cash flow is dependent on management fees received from its insurance subsidiary, stockholder dividends from its subsidiary and earnings received on cash balances. As of March 31, 2026, and December 31, 2025, substantially all of the consolidated shareholders' equity represents net assets of its subsidiaries. As of March 31, 2026, the Parent company has received no dividends from its insurance subsidiary. Certain restrictions exist on the payment of dividends from the insurance subsidiary to the Parent company. For further information regarding the restrictions on the payment of dividends by the insurance subsidiary, see Note 7 – Shareholders' Equity in the Notes to the Consolidated Financial Statements. Although these restrictions exist, dividend availability from the insurance subsidiary has historically been sufficient to meet the cash flow needs of the Parent company.

**Insurance Subsidiary Liquidity**

Sources of cash flows for the insurance subsidiary primarily consist of premium and investment income. Cash outflows from operations include policy benefit payments, administrative expenses, taxes and dividends to the Parent company.

**Short-Term Borrowings**

During October of 2025, the Federal Home Loan Bank approved the renewal of UG's Cash Management Advance Application ("CMA"). The CMA is a source of overnight liquidity utilized to address the day-to-day cash needs of a Company. The CMA gives the company the option of selecting a variable rate of interest for up to 90 days or a fixed rate for a maximum of 30 days. The variable rate CMA is prepayable at any time without a fee, while the fixed CMA is not prepayable prior to maturity. The Company has pledged bonds with a collateral lendable value of $21.7 million as of March 31, 2026. The Company has no outstanding borrowings on the CMA at March 31, 2026 nor had any borrowing activity during 2026.

**Consolidated Liquidity**

Cash used in operating activities was approximately $2.6 million in 2026 and cash used by operating activities was approximately $3.3 million in 2025. Sources of operating cash flows of the Company, as with most insurance entities, is comprised primarily of premiums received on life insurance products and income earned on investments. Uses of operating cash flows consist primarily of payments of benefits to policyholders and beneficiaries and operating expenses. The Company has not marketed any significant new products for several years. As such, premium revenues continue to decline with the exception of fluctuations in reinsurance premiums. Management anticipates future cash flows from operations to remain similar to historic trends.

During 2026, the Company's investing activities provided net cash of approximately $19.8 million and used net cash of approximately $5.0 million in 2025. The Company recognized proceeds of approximately $22.8 million and $6.8 million from investments sold and matured in 2026 and 2025, respectively. The Company used approximately $3.0 million and $11.8 million to acquire investments during 2026 and 2025, respectively. The net cash provided by or used in investing activities is expected to vary from year to year depending on market conditions and management's ability to find and negotiate favorable investment contracts.

Net cash used in financing activities was approximately $930,000 and $229,000 during 2026 and 2025, respectively. As of March 31, 2026 and 2025, the Company had no debt outstanding with third parties.

The Company had cash and cash equivalents of approximately $46.8 million and $30.5 million as of March 31, 2026 and December 31, 2025, respectively. The Company has a portfolio of marketable fixed maturity securities that could be sold, if an unexpected event were to occur. These securities had a fair value of approximately $72.2 million at March 31, 2026. However, the strong cash flows from investing activities, investment maturities and the availability of the line of credit facilities make it unlikely that the Company would need to sell securities for liquidity purposes.

Management believes the overall sources of liquidity available will be sufficient to satisfy its financial obligations.

**Capital Resources**

Total shareholders' equity increased by approximately 10% as of March 31, 2026, compared to December 31, 2025. The increase is mainly attributable to an increase in retained earnings, which is the result of the current year net income reported by the Company.

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**Item 4. Controls and Procedure**

The Company maintains a set of disclosure controls and procedures designed to ensure that information required to be disclosed in reports that it files or submits under the Securities Exchange Act of 1934, as amended (the Exchange Act), is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms. In addition, the disclosure controls and procedures ensure that information required to be disclosed is accumulated and communicated to Management, including the principal executive officer and principal financial officer, allowing timely decisions regarding required disclosure. Under the supervision and with the participation of our Management, including our principal executive officer and principal financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) promulgated under the Exchange Act. Based on this evaluation, our principal executive officer and our principal financial officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this quarterly report.

**Part II. Other Information**

**Item 1. Legal Proceedings**

None

**Item 1A. Risk Factors**

None

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

None

**Item 3. Defaults Upon Senior Securities**

**None**

**Item 4. Mine Safety Disclosures**

**None**

**Item 5. Other Information**

None

**Item 6. Exhibits**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| \*[31.1](exhibit31-1.htm) | Certification of Jesse T. Correll, Chief Executive Officer and Chairman of the Board of UTG, as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| \*[31.2](exhibit31-2.htm) | Certification of Theodore C. Miller, Chief Financial Officer and Senior Vice President of UTG, as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| \*[32.1](exhibit32-1.htm) | Certificate of Jesse T. Correll, Chief Executive Officer and Chairman of the Board of UTG, as required pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| \*[32.2](exhibit32-2.htm) | Certificate of Theodore C. Miller, Chief Financial Officer and Senior Vice President of UTG, as required pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| 101 | The following financial statements from the Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations, (iii) Condensed Consolidated Statements of Comprehensive Income, (iv) Condensed Consolidated Statements of Shareholders' Equity, (v) Condensed Consolidated Statements of Cash Flows and (vi) Notes to the Condensed Consolidated Financial Statements (detail tagged). |
| 104 | Cover Page Interactive Data File (formatted in iXBRL and included in exhibit 101). |

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\* Filed herewith

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

**<u>UTG, INC.</u>**

(Registrant)

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| | | | |
|:---|:---|:---|:---|
| Date:  | May 13, 2026 | By  | /s/ Jesse T. Correll  |
|  |  |  | Jesse T. Correll  |
|  |  |  | Chairman of the Board, Chief Executive Officer, President and Director (Principal Executive Officer)  |

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| | | | |
|:---|:---|:---|:---|
| Date:  | May 13, 2026 | By  | /s/ Theodore C. Miller  |
|  |  |  | Theodore C. Miller  |
|  |  |  | Chief Financial Officer and Senior Vice President <br> (Principal Financial and Accounting Officer)  |

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## Exhibit 31.1

Exhibit 31.1

**CERTIFICATIONS**

I, Jesse T. Correll, Chairman of the Board, Chief Executive Officer, and President of UTG, Inc., certify that:

&nbsp;&nbsp;&nbsp;&nbsp; 1. I have reviewed this quarterly report on Form 10-Q of the registrant, UTG, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp; 5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.

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| | | | |
|:---|:---|:---|:---|
| Date:  | May 13, 2026 | By:  | /s/ Jesse T. Correll  |
|  |  |  | Chairman of the Board,  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer, and President  |

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## Exhibit 31.2

**Exhibit 31.2** 

**CERTIFICATIONS**

I, Theodore C. Miller, Senior Vice President and Chief Financial Officer of UTG, Inc., certify that:

&nbsp;&nbsp;&nbsp;&nbsp; 1. I have reviewed this quarterly report on Form 10-Q of the registrant, UTG, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp; 5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.

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| | | | |
|:---|:---|:---|:---|
| Date: | May 13, 20226 | By: | /s/ Theodore C. Miller |
|  |  |  | Senior Vice President and |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer |

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## Exhibit 32.1

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of UTG, Inc. (the "Company") for the period ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report") I, Jesse T. Correll, Chairman of the Board, Chief Executive Officer, and President of the Company, certify pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company

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| | | | |
|:---|:---|:---|:---|
| Date:  | May 13, 2026 | By:  | /s/ Jesse T. Correll  |
|  |  |  | Jesse T. Correll  |
|  |  |  | Chairman of the Board,  |
|  |  |  | Chief Executive Officer, and President  |

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## Exhibit 32.2

Exhibit 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of UTG, Inc. (the "Company") for the period ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report") I, Theodore C. Miller, Senior Vice President and Chief Financial Officer of the Company, certify pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company

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| | | | |
|:---|:---|:---|:---|
| Date: | May 13, 2026 | By: | /s/ Theodore C. Miller |
|  |  |  | Theodore C. Miller |
|  |  |  | Senior Vice President and |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer |

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