# EDGAR Filing Document

**Accession Number:** 0000024090
**File Stem:** 0000024090-25-000116
**Filing Date:** 2025-8
**Character Count:** 30439
**Document Hash:** 395eff18766b58b3f27577def1f9222c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000024090-25-000116.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0000024090-25-000116

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250807

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CITIZENS, INC.
- **CENTRAL INDEX KEY:** 0000024090
- **STANDARD INDUSTRIAL CLASSIFICATION:** LIFE INSURANCE [6311]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 840755371
- **STATE OF INCORPORATION:** CO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-16509
- **FILM NUMBER:** 251194159

**BUSINESS ADDRESS:**
- **STREET 1:** 11815 ALTERRA PKWY
- **STREET 2:** SUITE 1500
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78758
- **BUSINESS PHONE:** 5128377100

**MAIL ADDRESS:**
- **STREET 1:** P O BOX 149151
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78714

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CITIZENS INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CONTINENTAL INVESTORS LIFE INC
- **DATE OF NAME CHANGE:** 19881222

?xml version='1.0' encoding='ASCII'? cia-20250807

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

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

**Date of Report (Date of earliest event reported): August 7, 2025**

**COMMISSION FILE NUMBER: 000-16509**

![citizens_logoonly_cmyk.jpg](cia-20250807_g1.jpg)

**CITIZENS, INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Colorado** | **84-0755371** |
| (State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) |

---

**11815 Alterra Pkwy, Suite 1500, Austin, TX 78758**

(Address of principal executive offices) (Zip Code)

Registrant's telephone number: **(512) 837-7100**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

---

| | | |
|:---|:---|:---|
| **Class A Common Stock** | **CIA** | **New York Stock Exchange** |
| (Title of each class) | (Trading Symbol) | (Name of each exchange on which registered) |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company &nbsp;&nbsp;&nbsp;&nbsp;☐

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. ☐

------

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp; Results of Operations and Financial Condition.** 

On August 7, 2025, the Company issued a press release regarding its financial results for the three and six months ended June 30, 2025. A copy of the Company's press release is attached hereto as Exhibit 99.1.

The information contained in this Current Report shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits** |

---

(d) Exhibits

---

| | |
|:---|:---|
| <u>[99.1](earningsrelease-2q2025.htm)</u> | <u>[Citizens, Inc. press release dated August 7, 2025](earningsrelease-2q2025.htm)</u> |
| 104 | Inline XBRL for the cover page of this Current Report on Form 8-K |

---

------

**SIGNATURE**

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 hereunto duly authorized.

---

| | |
|:---|:---|
| | CITIZENS, INC. |
| By: | /s/ Jon Stenberg |
|  | President & Chief Executive Officer |

---

Date: August 7, 2025

## Exhibit 99.1

![logo.jpg](logo.jpg)

**EXHIBIT 99.1**

**Citizens, Inc. Reports Second Quarter 2025 Financial Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Record number of agents: increased global network of producing agents, up 53% since June 30, 2024, and up 28% from 2024 year-end

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Highest-ever total direct insurance in force of $5.35 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenues of $65.1 million in Q2 2025, from $62.1 million in Q2 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income in Q2 2025 of $6.5 million, or $0.13 income per fully diluted Class A share, increased from $4.0 million net income, or $0.08 income per fully diluted Class A share, in Q2 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Book value per Class A share of $4.56 on June 30, 2025 increased 18% from June 30, 2024

**AUSTIN, TX – August 7, 2025** – **Citizens, Inc. (NYSE: CIA)**, a leading diversified financial services company specializing in life, living benefits, and final expense insurance, today reported results for the second quarter ended June 30, 2025.

"The critical steps in our strategic roadmap to accelerate growth are delivering tangible results. For eleven consecutive quarters, Citizens has driven year-over-year growth in first year premiums. The expansion of our product offerings and distribution channels led to our highest-ever total direct insurance in force of $5.35 billion. Our producing agents have increased by 53% since the second quarter of 2024, and up 28% from 2024 year-end," said Jon Stenberg, President and Chief Executive Officer. "The investment in our strategic roadmap is designed to deliver clear growth for both premiums and adjusted book value per share. We remain fully committed to maintaining profitable growth and capital management, as evidenced by our positive net cash from operations every year since 2004.

"As we look ahead to 2026, we expect revenue and profit growth for the full year 2026. We believe we're well positioned to drive long-term value creation for both our customers and shareholders, supported by our robust global business model. Our competitive advantages in expanding niche markets globally, rapid sales force expansion, and expertise in profitable product development reinforce our positive outlook," concluded Stenberg.

**Recent Business Highlights**

Record setting results and highlight accomplishments for Citizens, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Highest-ever amount of total direct insurance in force - $5.35 billion of total direct insurance in force at June 30, 2025, up 4.4% compared to the same period in 2024, from sales of new products both domestically and internationally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct first year life and A&H premiums increased 20% in Q2 2025 compared to year-ago quarter. First year premiums have increased year-over-year for eleven consecutive quarters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Renewal premium growth in Q2 2025, driven by strong first year sales in 2024 leading to higher number of policies paying renewal premiums in the second quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Record number of agents - increased global network of producing agents, up 53% since June 30, 2024 and up 28% since December 31, 2024.

**Second Quarter 2025 Financial Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income before federal income tax of $6.9 million in Q2 2025, from $3.3 million in the year-ago quarter. Items that drove this increase were:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Increased revenues due to higher life insurance premiums and $2.7 million increase in investment related gains in Q2 2025 compared to the prior year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Lower general expenses due to legal fee accrual of $3.5 million in prior year quarter; no comparable expense in current quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The above gains were partially offset by $2.3 million increase in insurance benefits paid or provided due primarily to expected increased matured endowments in the international business and increase in expenses related to restricted stock unit grants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted income before federal income tax of $4.5 million in Q2 2025, from $7.1 million in Q2 2024. Adjusted income before federal income tax excludes investment related gains (losses), legal fee accrual in Q2 2024 and loss from ceased property insurance business.

------

![logo.jpg](logo.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total assets of $1.7 billion, cash and cash equivalents of $22.7 million and no debt at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Book value per Class A share of $4.56 on June 30, 2025 increased 18% over the year-ago period. Book value per Class A share excluding accumulated other comprehensive income (loss) (AOCI) of $6.22 on June 30, 2025 increased 3% over the year-ago period. The Company has achieved ten consecutive quarters of book value per Class A share growth.

Total revenues of $65.1 million in the second quarter of 2025, increased from $62.1 million in the year-ago quarter. Excluding investment related gains (losses), adjusted total revenues of $62.7 million in the second quarter of 2025, increased from $62.3 million in the second quarter of 2024, driven by the increase in direct first year life and A&H premiums of 20% from the second quarter 2024, as well as increased renewal premiums in the Life Insurance segment. The increase in direct first year life and A&H premiums continued to be driven by our newer products and an increased number of producing agents. Direct renewal premiums were $37.0 million in the second quarter of 2025, compared to $36.0 million in the same year-ago period, driven by strong sales in 2024, which led to a higher number of policies paying renewal premiums in the current period. Investment related gains increased $2.7 million in Q2 2025 compared to year-ago quarter.

Total benefits and expenses decreased to $58.2 million in the second quarter of 2025, from $58.8 million in the same year-ago quarter. The decrease was primarily due to lower other general expenses associated with legal fee accrual in Q2 2024 and lower commissions due to our coinsurance agreement with RGA Reinsurance Company under which RGA shares in commission expenses. The decreases were partially offset by higher insurance benefits paid or provided due to maturing block of endowments in the international business and general expenses associated with continued investment in the growth of our business as well as higher equity compensation costs driven by our stock price growth in the last year and additional participants.

Income before federal income tax of $6.9 million in Q2 2025, increased from $3.3 million in Q2 2024 driven by the higher life insurance premiums, increase in investment related gains and decrease in general expenses due to prior year legal fee accrual of $3.5 million. Excluding investment related gains (losses) and discrete items, adjusted income before federal income tax was $4.5 million in Q2 2025, from $7.1 million income in Q2 2024 primarily due to increased insurance benefits paid or provided due primarily to higher matured endowments in the international business.

Net income for the second quarter of 2025 was $6.5 million, or $0.13 income per fully diluted Class A share, an increase from $4.0 million net income, or $0.08 income per fully diluted Class A share, in the prior year quarter. Adjusted after-tax operating income of $4.2 million, or $0.08 adjusted income per fully diluted Class A share, in Q2 2025, from $8.6 million adjusted after-tax operating income, or $0.17 adjusted income per fully diluted Class A share, in the year-ago quarter.

*The definitions of Non-GAAP information and comparable GAAP information is included in the Explanatory Notes on Use of Non-GAAP Measures section and defines and reconciles measures not presented in accordance with generally accepted accounting principles ("GAAP") (a "non-GAAP Financial Measure").*

------

![logo.jpg](logo.jpg)

**Investments** 

Net investment income of $17.2 million for the second quarter of 2025 from $17.5 million in the same year-ago quarter. The average pre-tax yield on the investment portfolio was at 4.50% in the second quarter of 2025 from 4.60% in the same year-ago quarter.

The carrying value of the Company's fixed maturity securities investment portfolio at June 30, 2025 was $1.2 billion, relatively the same as December 31, 2024.

**Cash Flow** 

Positive net cash provided by operating activities was $4.2 million for the six months ended June 30, 2025. The Company has had positive net cash provided by operating activities annually since 2004. The Company had cash and cash equivalents of $22.7 million and no debt at June 30, 2025.

**Upcoming Conference** 

**Emerging Growth Virtual Conference on September 24, 2025** 

Citizens management plans to present at the Emerging Growth Virtual Conference on September 24 at 1:45 ET. The live, interactive webcast and slide presentation will be accessible on the Company's Investor Relations website under the Events tab HERE. The webcast will be archived on the website for future viewing.

**About Citizens, Inc.** 

Citizens, Inc. (NYSE: CIA) is a diversified financial services company providing life, living benefits and final expense insurance and other financial products to individuals and small businesses in the U.S., Latin America, and Asia. Through its customer-centric growth strategy, Citizens offers innovative products to address the evolving needs of its customers in their native languages of English, Spanish, Portuguese, and Mandarin. The Company operates two primary segments: Life Insurance, where internationally the Company is a market leader in U.S. Dollar denominated life insurance and where it is growing in niche markets in the United States through its final expense products distributed through white-label and established distribution channels, and Home Service Insurance, which operates primarily in the U.S. Gulf coast region. Citizens' stock is included in the Russell 2000® and Russell 3000® indexes. For more information about Citizens, please visit the website at www.citizensinc.com and LinkedIn.

**Explanatory Notes on Use of Non-GAAP Measures** 

In addition to the financial information prepared in conformity with accounting U.S. generally accepted accounting principles ("GAAP"), in this press release, the Company provides certain non-GAAP financial measures that we believe improves understanding of the underlying business trends. Adjustments to GAAP measures generally apply to discrete events and items not indicative to our operating trends.

**Adjusted Revenues** is a non-GAAP measure that excludes investment related gains (losses) from total revenues. Management believes the adjusted revenues metric is meaningful, as it allows investors to evaluate revenues generated by core business activities excluding items that are heavily impacted by investment market fluctuations.

**Adjusted Income Before Federal Income Tax** is a non-GAAP measure that is computed as pre-tax GAAP operating income with discrete adjustments that exclude investment related gains (losses), income (loss) from ceased businesses and other special items not indicative of operating trends. Management believes this metric is meaningful, as it allows investors to evaluate underlying profitability and enhances comparability across periods, by excluding items that are heavily impacted by investment market fluctuations and other economic factors that are not indicative of operating trends.

**Adjusted After-Tax Operating Income** is a non-GAAP measure that is derived by excluding the tax effected Adjusted Income Before Federal Income Tax adjustments described above. The provision for income tax related to adjusted after-tax income is calculated using our effective tax rate.

------

![logo.jpg](logo.jpg)

**Adjusted Earnings Per Share of Class A Common Stock Basic and Diluted** is a non-GAAP measure that is defined as adjusted earnings for the period divided by the weighted average number of basic and fully diluted shares of common stock outstanding for the period.

**Adjusted Book Value Per Class A Common Share** is a non-GAAP measure that is calculated by dividing actual Class A common stockholders' equity, excluding AOCI, by the number of Class A common shares outstanding at the end of the period. Management believes this metric is meaningful, as it allows investors to evaluate underlying book value growth by excluding the impact of interest rate volatility.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Selected Consolidated Financial Data** | **Selected Consolidated Financial Data** | **Selected Consolidated Financial Data** | **Selected Consolidated Financial Data** | **Selected Consolidated Financial Data** |
| **As of and for the periods ended** | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**June 30,** | **Six Months Ended<br> June 30,** | **Six Months Ended<br> June 30,** |
| *(In thousands, except per share data)* | **2025** | **2024** | **2025** | **2024** |
| **Balance sheet data** |  |  |  |  |
| &nbsp;&nbsp;Total assets | $1712500 | 1662473 | 1712500 | 1662473 |
| &nbsp;&nbsp;Total liabilities | 1483474 | 1471004 | 1483474 | 1471004 |
| &nbsp;&nbsp;Total stockholders' equity | 229026 | 191469 | 229026 | 191469 |
| &nbsp;&nbsp;Total direct insurance in force | 5347041 | 5119934 | 5347041 | 5119934 |
| **Operating items** |  |  |  |  |
| &nbsp;&nbsp;Insurance premiums | $43388 | 42559 | 83185 | 81232 |
| &nbsp;&nbsp;Net investment income | 17169 | 17540 | 34546 | 35027 |
| &nbsp;&nbsp;Investment related gains (losses), net | 2408 | (253) | (486) | 710 |
| &nbsp;&nbsp;Total revenues | 65086 | 62084 | 120738 | 119796 |
| &nbsp;&nbsp;Claims and surrenders | 40220 | 34530 | 80318 | 67643 |
| &nbsp;&nbsp;Other general expenses | 13459 | 16639 | 26152 | 27977 |
| &nbsp;&nbsp;Total benefits and expenses | 58172 | 58782 | 115611 | 111569 |
| &nbsp;&nbsp;Income (loss) before federal income tax | 6914 | 3302 | 5127 | 8227 |
| &nbsp;&nbsp;Federal income tax expense (benefit) | 455 | (657) | 291 | (274) |
| &nbsp;&nbsp;Net income (loss) | 6459 | 3959 | 4836 | 8501 |
| **Per share data** |  |  |  |  |
| &nbsp;&nbsp;Book value per share | $4.56 | 3.85 | 4.56 | 3.85 |
| &nbsp;&nbsp;Diluted income (loss) per Class A share | 0.13 | 0.08 | 0.10 | 0.17 |

---

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![logo.jpg](logo.jpg)

**Definition of Reported Segments**

The Company is comprised of two operating business segments and other non-insurance enterprises as detailed below. The insurance operations are the Company's primary focus and are the lead income generators of the business.

<u>Life Insurance</u> – Internationally, our Life Insurance segment issues U.S. dollar-denominated ordinary whole life insurance and endowment policies predominantly to non-U.S. residents located principally in Latin America and the Pacific Rim. Domestically, we are licensed in 43 U.S. states and sell whole life final expense insurance and life insurance with living benefits and critical illness products. All our products in this segment are sold through independent agents.

<u>Home Service Insurance</u> – The Home Service Insurance segment provides final expense life insurance policies marketed to middle- and lower-income households, and whole life products with higher allowable face values in Louisiana, Mississippi, and Arkansas. These products are sold through independent agents and funeral homes.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Selected Segment Financial Data** | **Selected Segment Financial Data** | **Selected Segment Financial Data** | **Selected Segment Financial Data** | **Selected Segment Financial Data** |
| **As of and for the periods ended** | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**June 30,** | **Six Months Ended<br> June 30,** | **Six Months Ended<br> June 30,** |
| *(In thousands)* | **2025** | **2024** | **2025** | **2024** |
| **<u>LIFE INSURANCE SEGMENT</u>** |  |  |  |  |
| **Balance sheet data** |  |  |  |  |
| &nbsp;&nbsp;Total assets | $1311093 | 1263544 | 1311093 | 1263544 |
| **Operating items** |  |  |  |  |
| &nbsp;&nbsp;Insurance premiums | $32643 | 31605 | 61797 | 59466 |
| &nbsp;&nbsp;Net investment income | 13400 | 13812 | 26912 | 27498 |
| &nbsp;&nbsp;Investment related gains (losses), net | 2625 | (279) | (122) | 807 |
| &nbsp;&nbsp;Total revenues | 50789 | 47356 | 92080 | 90495 |
| &nbsp;&nbsp;Claims and surrenders | 35223 | 29169 | 69365 | 56533 |
| &nbsp;&nbsp;Total benefits and expenses | 42641 | 39884 | 83689 | 77223 |
| &nbsp;&nbsp;Income (loss) before federal income tax | 8148 | 7472 | 8391 | 13272 |
| **<u>HOME SERVICE INSURANCE SEGMENT</u>** | **<u>HOME SERVICE INSURANCE SEGMENT</u>** |  |  |  |
| **Balance sheet data** |  |  |  |  |
| &nbsp;&nbsp;Total assets | $365405 | 357731 | 365405 | 357731 |
| **Operating items** |  |  |  |  |
| &nbsp;&nbsp;Insurance premiums | 10745 | 10954 | 21388 | 21766 |
| &nbsp;&nbsp;Net investment income | 3595 | 3529 | 7273 | 7066 |
| &nbsp;&nbsp;Investment related gains (losses), net | (218) | 23 | (366) | (68) |
| &nbsp;&nbsp;Total revenues | 14122 | 14526 | 28295 | 28784 |
| &nbsp;&nbsp;Claims and surrenders | 4997 | 5361 | 10953 | 11110 |
| &nbsp;&nbsp;Total benefits and expenses | 12515 | 13115 | 26568 | 26750 |
| &nbsp;&nbsp;Income (loss) before federal income tax | 1607 | 1411 | 1727 | 2034 |

---

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![logo.jpg](logo.jpg)

**GAAP to Non-GAAP Reconciliations**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of Adjusted Total Revenues** | **Reconciliation of Adjusted Total Revenues** | **Reconciliation of Adjusted Total Revenues** | **Reconciliation of Adjusted Total Revenues** | **Reconciliation of Adjusted Total Revenues** |
| **For the periods ended** | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**June 30,** | **Six Months Ended<br> June 30,** | **Six Months Ended<br> June 30,** |
| *Unaudited (In thousands)* | **2025** | **2024** | **2025** | **2024** |
| **Total revenues** | $65086 | 62084 | 120738 | 119796 |
| &nbsp;&nbsp;Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment related gains (losses) | 2408 | (253) | (486) | 710 |
| **Adjusted total revenues** | $62678 | 62337 | 121224 | 119086 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of Adjusted Income Before Federal Income Tax** | **Reconciliation of Adjusted Income Before Federal Income Tax** | **Reconciliation of Adjusted Income Before Federal Income Tax** | **Reconciliation of Adjusted Income Before Federal Income Tax** | **Reconciliation of Adjusted Income Before Federal Income Tax** |
| **For the periods ended** | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**June 30,** | **Six Months Ended<br> June 30,** | **Six Months Ended<br> June 30,** |
| *Unaudited (In thousands)* | **2025** | **2024** | **2025** | **2024** |
| **Income (loss) before federal income tax** | $6914 | 3302 | 5127 | 8227 |
| &nbsp;&nbsp;Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment related gains (losses) | 2408 | (253) | (486) | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property insurance business income (loss) |  | (76) |  | (71) |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fee accrual |  | (3500) |  | (3500) |
| **Adjusted income before federal income tax** | $4506 | 7131 | 5613 | 11088 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of Adjusted After-Tax Operating Income** | **Reconciliation of Adjusted After-Tax Operating Income** | **Reconciliation of Adjusted After-Tax Operating Income** | **Reconciliation of Adjusted After-Tax Operating Income** | **Reconciliation of Adjusted After-Tax Operating Income** |
| **For the periods ended** | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**June 30,** | **Six Months Ended<br> June 30,** | **Six Months Ended<br> June 30,** |
| *Unaudited (In thousands)* | **2025** | **2024** | **2025** | **2024** |
| **Net income (loss)** | $6459 | 3959 | 4836 | 8501 |
| &nbsp;&nbsp;Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment related gains (losses) | 2408 | (253) | (486) | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property insurance business income (loss) |  | (76) |  | (71) |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fee accrual |  | (3500) |  | (3500) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax impact | (158) | (762) | 108 | (836) |
| **Adjusted after-tax operating income** | $4209 | 8550 | 5214 | 12198 |

---

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![logo.jpg](logo.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of Adjusted Earnings Per Share of Class A Common Stock** | **Reconciliation of Adjusted Earnings Per Share of Class A Common Stock** | **Reconciliation of Adjusted Earnings Per Share of Class A Common Stock** | **Reconciliation of Adjusted Earnings Per Share of Class A Common Stock** | **Reconciliation of Adjusted Earnings Per Share of Class A Common Stock** |
| **For the periods ended** | **Three Months Ended**<br>**June 30,** | **Three Months Ended**<br>**June 30,** | **Six Months Ended<br> June 30,** | **Six Months Ended<br> June 30,** |
| *Unaudited (In thousands, except per share amounts)* | **2025** | **2024** | **2025** | **2024** |
| **Basic and diluted adjusted earnings per share:** | **Basic and diluted adjusted earnings per share:** |  |  |  |
| &nbsp;&nbsp;**Numerator:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted after-tax operating income | $4209 | 8550 | 5214 | 12198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted after-tax operating income allocated to Class A common stock | $4209 | 8550 | 5214 | 12198 |
| &nbsp;&nbsp;**Denominator:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares of Class A outstanding - basic | 50112 | 49639 | 50024 | 49606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares of Class A outstanding - diluted | 50985 | 50809 | 50897 | 50775 |
| Basic adjusted earnings per share of Class A common stock | $0.08 | 0.17 | 0.10 | 0.25 |
| Diluted adjusted earnings per share of Class A common stock | $0.08 | 0.17 | 0.10 | 0.24 |

---

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| | | |
|:---|:---|:---|
| **Reconciliation of Stockholders' Equity and Book Value per Class A Common Share** | **Reconciliation of Stockholders' Equity and Book Value per Class A Common Share** | **Reconciliation of Stockholders' Equity and Book Value per Class A Common Share** |
| | **As of June 30,** | **As of June 30,** |
| *Unaudited (In thousands, except per share data)* | **2025** | **2024** |
| **Stockholders' equity, end of period** | $229026 | 191469 |
| &nbsp;&nbsp;Less: Accumulated other comprehensive income (loss) (AOCI) | (83655) | (107924) |
| **Stockholders' equity, end of period, excluding AOCI** | $312681 | 299393 |
| **Book value per Class A common share - diluted** | $4.56 | 3.85 |
| &nbsp;&nbsp;Less: Per share impact of AOCI | (1.66) | (2.17) |
| **Book value per Class A common share - diluted, excluding AOCI** | $6.22 | 6.02 |

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**Forward-Looking Statements**

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by words such as "may," "will," "expect," "anticipate," "believe," "project," "intends," "continue" or comparable words. Such forward-looking statements may relate to the Company's expectations regarding its business performance, operational strategy, capital expenditures, technological changes, regulatory actions, and other financial and operational measures. In addition, all statements other than statements of historical facts that address activities that the Company expects or anticipates will or may occur in the future are forward-looking statements. Such statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict and many of which are beyond our control. Therefore, actual outcomes and results may differ materially from those matters expressed or implied in such forward-looking statements. The risks, uncertainties and assumptions that are involved in our forward-looking statements include, but are not limited to the risk factors discussed in our most recently filed periodic reports on Form 10-K and Form 10-Q. The Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in the Company's expectations. Accordingly, you should not unduly rely on these forward-looking statements. The Company also disclaims any duty to comment upon or correct information that may be contained in reports published by the investment community.

**Citizens, Inc. Investor Relations Contacts**

Darrow Associates Investor Relations

Jeff Christensen and Matt Kreps

Email: CIA@darrowir.com (Jeff and Matt)

Phone: 703-297-6917 (Jeff) and 214-597-8200 (Matt)

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