Citizens, Inc. provides life, living benefits and final expense insurance, along with related financial products, to individuals and small businesses in the U.S., Latin America and Asia. Company news centers on quarterly and annual results, direct premiums, renewal premiums, first-year premium trends, insurance in force, book value per Class A share and the performance of its investment portfolio.
Recurring updates also cover Citizens' international U.S. dollar-denominated life insurance business, domestic final expense products, agent-network expansion, product and distribution initiatives, native-language customer offerings, and management participation in investor conferences.
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Citizens, Inc. (NYSE: CIA) reported a net loss of $6.6 million ($0.13 per diluted share) for 2022, a stark contrast to a net gain of $36.8 million in 2021. Excluding one-time items, operating income increased by $8.3 million, driven by higher net investment income and reduced claims. Despite challenges, the company issued eight new products, leading to a 64% growth in total life insurance issued. However, total premium revenue decreased by less than 1%. Notably, first-year premiums rose by 14% in Q4 2022, impacted by strong sales from new products. Book value per share decreased to $0.02, down from $6.41 a year ago.
On March 6, 2023, Citizens, Inc. (NYSE: CIA) announced a strategic white-label partnership with Alliance Group. This collaboration will see Citizens' living benefits life insurance product included in Alliance's offerings across the U.S. The partnership aims to enhance accessibility for the substantial Spanish and Portuguese-speaking populations in the country. Both companies emphasize their commitment to simplifying the insurance process for clients, with Citizens focusing on tailored products and Alliance promoting ease of use for agents. The partnership is expected to significantly improve policy distribution and client experience.