CIA Insider Filing: Waite Adds 81K+ Stake with Monthly Plan Buys

Rhea-AI Filing Summary

Citizens, Inc. (CIA) – Form 4 insider filing

Chief Actuary Harvey J. Waite reported four open-market purchases of Class A common stock through the company’s Stock Investment Plan. The transactions occurred on 03/31/2025 (544.9828 shares at $4.56), 05/02/2025 (594.7455 shares at $4.17), 05/30/2025 (658.7451 shares at $3.77) and 06/27/2025 (676.1309 shares at $3.67). In total, Waite acquired 2,474.6043 shares for an aggregate cost of roughly $9,500 based on the disclosed prices. Following these purchases, his direct beneficial ownership stands at 81,161.298 shares. No derivative securities were involved and no sales were reported.

The filing reflects routine, payroll-deduction plan activity rather than a discretionary bulk purchase. While it indicates continued insider accumulation, the share count represents a small addition relative to Waite’s existing position and Citizens’ public float.

Positive

• Continued insider accumulation: Four consecutive monthly purchases totaling 2,474.6 shares signal ongoing participation in the company’s stock investment plan.
• No insider sales reported: All transactions were acquisitions, which investors may perceive as a mild vote of confidence.

Negative

• Immaterial transaction size: The dollar value (≈ $9,500) and share count are too small to meaningfully affect ownership structure or provide a strong sentiment signal.
• Automatic plan purchases: Code “L” indicates routine, pre-scheduled buys, limiting their informational value about insider expectations.

Insights

Financial Analyst

TL;DR: Small, plan-based insider buys; signal modest confidence but immaterial to valuation.

The aggregate acquisition of 2.5k shares adds less than 3% to Waite’s stake and less than 0.01% to outstanding shares. Because the purchases were executed automatically via the stock investment plan (code “L”), they are less indicative of opportunistic insider sentiment than discretionary market buys. No sales accompany the filing, so the directional bias is positive, but the dollar value (< $10k) is negligible for market impact. Investors may view the activity as neutral reinforcement rather than a catalyst.

Corporate Governance Specialist

TL;DR: Governance-neutral; compliant reporting, no red flags.

The timely Form 4 aligns with Section 16 requirements, and the absence of complex derivatives or late disclosures suggests sound compliance processes. The plan-based nature of the purchases under Rule 10b5-1(c) reduces concerns about information asymmetry. Overall, the event does not alter governance risk profile.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Waite Harvey J.

(Last) (First) (Middle)

11815 ALTERRA PARKWAY, SUITE 1500

(Street)

AUSTIN TX 78758

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CITIZENS, INC. [ CIA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Actuary

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Citizens, Inc. Class A Common Stock	03/31/2025		L(1)		544.9828	A	$4.56	79,231.6765	D
Citizens, Inc. Class A Common Stock	05/02/2025		L(1)		594.7455	A	$4.17	79,826.422	D
Citizens, Inc. Class A Common Stock	05/30/2025		L(1)		658.7451	A	$3.77	80,485.1671	D
Citizens, Inc. Class A Common Stock	06/27/2025		L(1)		676.1309	A	$3.67	81,161.298	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. These shares were purchased through the Citizens, Inc. Stock Investment Plan as part of regular monthly payroll deduction.

Remarks:

	/s/Harvey J. Waite	07/09/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Citizens (CIA) shares did the Chief Actuary buy?

Harvey J. Waite acquired 2,474.6043 Class A shares across four transactions.

What was the average purchase price for the reported transactions?

The prices ranged from $3.67 to $4.56; the volume-weighted average is approximately $3.84.

What is the executive’s total ownership after these purchases?

Waite now directly owns 81,161.298 Citizens shares.

Were any derivative securities involved in the filing?

No; Table II shows no derivative positions acquired or disposed.

Do these insider buys indicate a major strategic move for Citizens, Inc.?

The transactions are routine, plan-based purchases and are not large enough to suggest a significant strategic signal.