On this page of StockholderLetter.com we present the latest annual shareholder letter from CITIZENS, INC. — ticker symbol CIA. Reading current and past CIA letters to shareholders can bring important insights into the investment thesis.
Contact or call us at +1 512.837.7100 Citizens, Inc. sells life insurance and Critical Illness insurance through its licensed subsidiaries. CITIZENS, INC. | 2024 Annual Report Contact us today at www.citizensinc.com CITIZENS, INC. 2024 Annual report INSURANCE IS A PROMISE MADE, CITIZENS IS A PROMISE KEPT. Citizens, Inc. sells life insurance and Critical Illness insurance through its licensed subsidiaries.
PREMIUM REVENUE SNAPSHOT $173M Diversified Premium Revenues and Geographies Licensed in 43 U.S. States and Washington, DC OVERVIEW 2024 Premium Revenue (Geography) Colombia Citizens Inc. is redefining what it means to be a life insurance company. With a presence in more than 75 countries, we have historically been a leader in international markets, but our recent expansion into the U.S. final expense market has propelled us into a new phase of extraordinary growth. We believe we re well positioned to drive long-term value creation for our shareholders, supported by our robust global business model. Our strong performance in 2024, combined with our competitive advantages in expanding niche markets globally, rapid sales force expansion, and expertise in profitable product development, reinforces great confidence in our outlook. As we look ahead, we expect continued sales growth leading to revenue and profit growth in the full year 2025 and stronger growth in full year 2026. Our success comes from our unique white-label distribution strategy, which allows distributors to brand our products while we handle underwriting and administration. This fosters strong loyalty among agents and creates an exclusive demand for our products. 45 SE EA R 34 INC 43 United States 39 15% Taiwan 10% 8% 35 31 34% 32 8% Venezuela Ecuador 6% 25 12/31/21 12/31/22 12/31/23 19% 12/31/24 Argentina Other Unlike traditional life insurance companies that grow at the rate of inflation, Citizens is delivering both stability and rapid expansion. Our strategic positioning and strong market demand set the stage for continued earnings growth. We are not just a life insurance company, we are a high-growth company in a stable industry, making Citizens an exciting opportunity for investors looking for strong returns. INVESTMENT PORTFOLIO High-Quality and Well-Diversified Cash and Invested Assets (12-31-2024) Policy Loans 5% Fixed Maturity Securities 86% GLOBAL PRESENCE $1.42 B Long-term Investment 7% Cash & Cash Equivalents 2% Fixed income securities represent 86% of the investment portfolio 99% of fixed income investments are investment grade Annualized investment yield of 4.6% Diversified across asset class, sector, and issuer/borrower Europe North America West Asia Central America and the Caribbean East Asia South Asia Africa South America A.M. Best Financial Strength Rating: B++ ( Good ), 5th highest out of 16 ratings for financial strength. Rating as of July 2023. CICA Life Insurance Company ( CICA ) has received a Financial Strength Rating of B++ (Good) and Long-Term Issuer Credit Rating of bbb+ (Good) from AM Best (Please visit Citizens, Inc. website for current ratings.) The pins in the image represent regions where we have policies in force.
PREMIUM REVENUE SNAPSHOT $173M Diversified Premium Revenues and Geographies Licensed in 43 U.S. States and Washington, DC OVERVIEW 2024 Premium Revenue (Geography) Colombia Citizens Inc. is redefining what it means to be a life insurance company. With a presence in more than 75 countries, we have historically been a leader in international markets, but our recent expansion into the U.S. final expense market has propelled us into a new phase of extraordinary growth. We believe we re well positioned to drive long-term value creation for our shareholders, supported by our robust global business model. Our strong performance in 2024, combined with our competitive advantages in expanding niche markets globally, rapid sales force expansion, and expertise in profitable product development, reinforces great confidence in our outlook. As we look ahead, we expect continued sales growth leading to revenue and profit growth in the full year 2025 and stronger growth in full year 2026. Our success comes from our unique white-label distribution strategy, which allows distributors to brand our products while we handle underwriting and administration. This fosters strong loyalty among agents and creates an exclusive demand for our products. 45 SE EA R 34 INC 43 United States 39 15% Taiwan 10% 8% 35 31 34% 32 8% Venezuela Ecuador 6% 25 12/31/21 12/31/22 12/31/23 19% 12/31/24 Argentina Other Unlike traditional life insurance companies that grow at the rate of inflation, Citizens is delivering both stability and rapid expansion. Our strategic positioning and strong market demand set the stage for continued earnings growth. We are not just a life insurance company, we are a high-growth company in a stable industry, making Citizens an exciting opportunity for investors looking for strong returns. INVESTMENT PORTFOLIO High-Quality and Well-Diversified Cash and Invested Assets (12-31-2024) Policy Loans 5% Fixed Maturity Securities 86% GLOBAL PRESENCE $1.42 B Long-term Investment 7% Cash & Cash Equivalents 2% Fixed income securities represent 86% of the investment portfolio 99% of fixed income investments are investment grade Annualized investment yield of 4.6% Diversified across asset class, sector, and issuer/borrower Europe North America West Asia Central America and the Caribbean East Asia South Asia Africa South America A.M. Best Financial Strength Rating: B++ ( Good ), 5th highest out of 16 ratings for financial strength. Rating as of July 2023. CICA Life Insurance Company ( CICA ) has received a Financial Strength Rating of B++ (Good) and Long-Term Issuer Credit Rating of bbb+ (Good) from AM Best (Please visit Citizens, Inc. website for current ratings.) The pins in the image represent regions where we have policies in force.
OUR VALUE PROPOSITION: Financial security and peace of mind Premature Death Protected Savings Medical Emergencies Whole Life Endowment Living Benefits CITIZENS HEADQUARTERS - AUSTIN, TEXAS. LOW RISK PROFILE AND FINANCIAL STRENGTH Low risk business model with traditional products and conservative investment approach Disciplined Approach to Capital and Liquidity Conservative Investment Portfolio FINANCIAL STRENGTH Strong balance sheet underpinned by a prudent approach to: - Investment Portfolio Mix - Loss Reserving - Capital and Liquidity Reinsure business with large global reinsurers Prudent Reserving Our Reinsurers We are committed to selflessly serving others by delivering financial security and peace of mind to individuals and families around the world. INSURANCE IS A PROMISE MADE, CITIZENS IS A PROMISE KEPT.
OUR VALUE PROPOSITION: Financial security and peace of mind Premature Death Protected Savings Medical Emergencies Whole Life Endowment Living Benefits CITIZENS HEADQUARTERS - AUSTIN, TEXAS. LOW RISK PROFILE AND FINANCIAL STRENGTH Low risk business model with traditional products and conservative investment approach Disciplined Approach to Capital and Liquidity Conservative Investment Portfolio FINANCIAL STRENGTH Strong balance sheet underpinned by a prudent approach to: - Investment Portfolio Mix - Loss Reserving - Capital and Liquidity Reinsure business with large global reinsurers Prudent Reserving Our Reinsurers We are committed to selflessly serving others by delivering financial security and peace of mind to individuals and families around the world. INSURANCE IS A PROMISE MADE, CITIZENS IS A PROMISE KEPT.
 • shareholder letter icon 4/30/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/24/2023 CIA Stockholder Letter
 • stockholder letter icon 4/29/2024 CIA Stockholder Letter
 • stockholder letter icon More "Life & Health Insurance" Category Stockholder Letters
 • Benford's Law Stocks icon CIA Benford's Law Stock Score = 87


CIA Shareholder/Stockholder Letter Transcript:

Contact or call us at +1 512.837.7100
Citizens, Inc. sells life insurance and Critical Illness insurance through its licensed subsidiaries.
CITIZENS, INC. | 2024 Annual Report
Contact us today at www.citizensinc.com
CITIZENS, INC.
2024 Annual report
INSURANCE IS A PROMISE MADE,
CITIZENS IS A PROMISE KEPT.
Citizens, Inc. sells life insurance and Critical Illness insurance through its licensed subsidiaries.

PREMIUM REVENUE SNAPSHOT
$173M Diversified Premium Revenues and Geographies
Licensed in 43 U.S. States
and Washington, DC
OVERVIEW
2024 Premium Revenue
(Geography)
Colombia
Citizens Inc. is redefining what it means to be a life insurance company. With a presence in more than 75 countries, we
have historically been a leader in international markets, but our recent expansion into the U.S. final expense market has
propelled us into a new phase of extraordinary growth. We believe we   re well positioned to drive long-term value
creation for our shareholders, supported by our robust global business model. Our strong performance in 2024,
combined with our competitive advantages in expanding niche markets globally, rapid sales force expansion, and
expertise in profitable product development, reinforces great confidence in our outlook.
As we look ahead, we expect continued sales growth leading to revenue and profit
growth in the full year 2025 and stronger growth in full year 2026. Our success comes from our unique white-label
distribution strategy, which allows distributors to brand our products while we handle underwriting and administration.
This fosters strong loyalty among agents and creates an exclusive demand for our products.
45
SE
EA
R

34
INC
43
United
States
39
15%
Taiwan
10%
8%
35
31
34%
32
8%
Venezuela
Ecuador
6%
25
12/31/21
12/31/22
12/31/23
19%
12/31/24
Argentina
Other
Unlike traditional life insurance companies that grow at the rate of inflation, Citizens is delivering both stability and rapid
expansion. Our strategic positioning and strong market demand set the stage for continued earnings growth. We are
not just a life insurance company, we are a high-growth company in a stable industry, making Citizens an exciting
opportunity for investors looking for strong returns.
INVESTMENT PORTFOLIO
High-Quality and Well-Diversified
Cash and Invested Assets (12-31-2024)
Policy
Loans
5%
Fixed
Maturity
Securities
86%
GLOBAL PRESENCE
$1.42 B
Long-term
Investment
7%
Cash & Cash
Equivalents
2%
    Fixed income securities represent
86% of the investment portfolio
    99% of fixed income investments are
investment grade
    Annualized investment yield of 4.6%
    Diversified across asset class, sector,
and issuer/borrower
Europe
North America
West Asia
Central America
and the Caribbean
East Asia
South Asia
Africa
South America
A.M. Best Financial Strength Rating: B++ (   Good   ), 5th highest out of 16 ratings for financial
strength. Rating as of July 2023.
CICA Life Insurance Company (   CICA   ) has received a Financial Strength Rating of B++
(Good) and Long-Term Issuer Credit Rating of bbb+ (Good) from AM Best
(Please visit Citizens, Inc. website for current ratings.)
The pins in the image represent regions where we have policies in force.

PREMIUM REVENUE SNAPSHOT
$173M Diversified Premium Revenues and Geographies
Licensed in 43 U.S. States
and Washington, DC
OVERVIEW
2024 Premium Revenue
(Geography)
Colombia
Citizens Inc. is redefining what it means to be a life insurance company. With a presence in more than 75 countries, we
have historically been a leader in international markets, but our recent expansion into the U.S. final expense market has
propelled us into a new phase of extraordinary growth. We believe we   re well positioned to drive long-term value
creation for our shareholders, supported by our robust global business model. Our strong performance in 2024,
combined with our competitive advantages in expanding niche markets globally, rapid sales force expansion, and
expertise in profitable product development, reinforces great confidence in our outlook.
As we look ahead, we expect continued sales growth leading to revenue and profit
growth in the full year 2025 and stronger growth in full year 2026. Our success comes from our unique white-label
distribution strategy, which allows distributors to brand our products while we handle underwriting and administration.
This fosters strong loyalty among agents and creates an exclusive demand for our products.
45
SE
EA
R

34
INC
43
United
States
39
15%
Taiwan
10%
8%
35
31
34%
32
8%
Venezuela
Ecuador
6%
25
12/31/21
12/31/22
12/31/23
19%
12/31/24
Argentina
Other
Unlike traditional life insurance companies that grow at the rate of inflation, Citizens is delivering both stability and rapid
expansion. Our strategic positioning and strong market demand set the stage for continued earnings growth. We are
not just a life insurance company, we are a high-growth company in a stable industry, making Citizens an exciting
opportunity for investors looking for strong returns.
INVESTMENT PORTFOLIO
High-Quality and Well-Diversified
Cash and Invested Assets (12-31-2024)
Policy
Loans
5%
Fixed
Maturity
Securities
86%
GLOBAL PRESENCE
$1.42 B
Long-term
Investment
7%
Cash & Cash
Equivalents
2%
    Fixed income securities represent
86% of the investment portfolio
    99% of fixed income investments are
investment grade
    Annualized investment yield of 4.6%
    Diversified across asset class, sector,
and issuer/borrower
Europe
North America
West Asia
Central America
and the Caribbean
East Asia
South Asia
Africa
South America
A.M. Best Financial Strength Rating: B++ (   Good   ), 5th highest out of 16 ratings for financial
strength. Rating as of July 2023.
CICA Life Insurance Company (   CICA   ) has received a Financial Strength Rating of B++
(Good) and Long-Term Issuer Credit Rating of bbb+ (Good) from AM Best
(Please visit Citizens, Inc. website for current ratings.)
The pins in the image represent regions where we have policies in force.

OUR VALUE PROPOSITION:
Financial security and peace of mind
Premature Death
Protected Savings
Medical Emergencies
Whole Life
Endowment
Living Benefits
CITIZENS HEADQUARTERS - AUSTIN, TEXAS.
LOW RISK PROFILE AND FINANCIAL STRENGTH
Low risk business model with traditional products and conservative
investment approach
Disciplined
Approach to
Capital and
Liquidity
Conservative
Investment
Portfolio
FINANCIAL
STRENGTH
    Strong balance sheet underpinned
by a prudent approach to:
- Investment Portfolio Mix
- Loss Reserving
- Capital and Liquidity
    Reinsure business with large global
reinsurers
Prudent
Reserving
Our Reinsurers
We are committed to selflessly serving others by delivering
financial security and peace of mind to individuals and families
around the world.
INSURANCE IS A PROMISE MADE,
CITIZENS IS A PROMISE KEPT.

OUR VALUE PROPOSITION:
Financial security and peace of mind
Premature Death
Protected Savings
Medical Emergencies
Whole Life
Endowment
Living Benefits
CITIZENS HEADQUARTERS - AUSTIN, TEXAS.
LOW RISK PROFILE AND FINANCIAL STRENGTH
Low risk business model with traditional products and conservative
investment approach
Disciplined
Approach to
Capital and
Liquidity
Conservative
Investment
Portfolio
FINANCIAL
STRENGTH
    Strong balance sheet underpinned
by a prudent approach to:
- Investment Portfolio Mix
- Loss Reserving
- Capital and Liquidity
    Reinsure business with large global
reinsurers
Prudent
Reserving
Our Reinsurers
We are committed to selflessly serving others by delivering
financial security and peace of mind to individuals and families
around the world.
INSURANCE IS A PROMISE MADE,
CITIZENS IS A PROMISE KEPT.



shareholder letter icon 4/30/2025 Letter Continued (Full PDF)
 

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