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. | 2025 Annual Report Contact us today at www.citizensinc.com CITIZENS, INC. 2025 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.
GLOBAL PRESENCE OVERVIEW Citizens, Inc. continues to build on its evolution into a high-growth company in the life insurance field with a strong global foundation. Unlike traditional life insurance companies that grow at the pace of inflation, Citizens is delivering stability with accelerated growth. Europe With policyholders in more than 80 countries, our international presence remains a key strength, while our expanding U.S. final expense business is driving increased scale and long-term value creation. West Asia As we look ahead, we expect continued momentum, with management projecting revenue and profit growth through the full year 2026, supported by expanding niche markets, a rapidly growing sales force, and disciplined product development. Our unique white-label distribution approach, which enables partners to brand our products while we manage underwriting and administration, continues to reinforce agent engagement and support consistent market demand. As our strategic initiatives continue to gain traction and our global distribution model strengthens, we are entering the next phase of accelerated performance. We expect continued sales, revenue, and earnings growth, with strong momentum anticipated for 2026, positioning Citizens as a compelling opportunity for long-term shareholders. South Asia Africa North America East Asia Central America and the Caribbean South America The pins in the image represent regions where we have policies in force. PREMIUM REVENUE SNAPSHOT INVESTMENT PORTFOLIO $173M Diversified Premium Revenues and Geographies Licensed in 43 U.S. States and Washington, DC SE EA R 34 INC 43 43 39 (Geography) United States 16% Taiwan 8% 8% 35 31 39% 32 Cash and Invested Assets (12-31-2025) 2025 Premium Revenue Colombia 45 High-Quality and Well-Diversified 8% Venezuela Ecuador 7% 25 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 Licensed in 43 U.S. States and Washington, DC 14% Other Argentina 88% Fixed Income Securities $1.47 B 6% Long-term and Equity Investment 4% Policy Loans 2% Cash & Cash Equivalents Fixed income and cash securities represent 88% of the investment portfolio 99% of fixed income investments rated investment grade Annualized investment yield of 4.6% Diversified across asset class, sector, and issuer/borrower 'A' average credit rating
GLOBAL PRESENCE OVERVIEW Citizens, Inc. continues to build on its evolution into a high-growth company in the life insurance field with a strong global foundation. Unlike traditional life insurance companies that grow at the pace of inflation, Citizens is delivering stability with accelerated growth. Europe With policyholders in more than 80 countries, our international presence remains a key strength, while our expanding U.S. final expense business is driving increased scale and long-term value creation. West Asia As we look ahead, we expect continued momentum, with management projecting revenue and profit growth through the full year 2026, supported by expanding niche markets, a rapidly growing sales force, and disciplined product development. Our unique white-label distribution approach, which enables partners to brand our products while we manage underwriting and administration, continues to reinforce agent engagement and support consistent market demand. As our strategic initiatives continue to gain traction and our global distribution model strengthens, we are entering the next phase of accelerated performance. We expect continued sales, revenue, and earnings growth, with strong momentum anticipated for 2026, positioning Citizens as a compelling opportunity for long-term shareholders. South Asia Africa North America East Asia Central America and the Caribbean South America The pins in the image represent regions where we have policies in force. PREMIUM REVENUE SNAPSHOT INVESTMENT PORTFOLIO $173M Diversified Premium Revenues and Geographies Licensed in 43 U.S. States and Washington, DC SE EA R 34 INC 43 43 39 (Geography) United States 16% Taiwan 8% 8% 35 31 39% 32 Cash and Invested Assets (12-31-2025) 2025 Premium Revenue Colombia 45 High-Quality and Well-Diversified 8% Venezuela Ecuador 7% 25 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 Licensed in 43 U.S. States and Washington, DC 14% Other Argentina 88% Fixed Income Securities $1.47 B 6% Long-term and Equity Investment 4% Policy Loans 2% Cash & Cash Equivalents Fixed income and cash securities represent 88% of the investment portfolio 99% of fixed income investments rated investment grade Annualized investment yield of 4.6% Diversified across asset class, sector, and issuer/borrower 'A' average credit rating
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. 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 A.M. Best Financial Strength Rating: B++ ( Good ), 5th highest out of 16 ratings for financial strength. Rating as of October 2025. CICA Life Insurance Company of America ( 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.)
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. 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 A.M. Best Financial Strength Rating: B++ ( Good ), 5th highest out of 16 ratings for financial strength. Rating as of October 2025. CICA Life Insurance Company of America ( 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.)
 • shareholder letter icon 4/30/2026 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 4/30/2025 CIA Stockholder Letter
 • stockholder letter icon More "Life & Health Insurance" Category Stockholder Letters
 • Benford's Law Stocks icon CIA Benford's Law Stock Score = 91


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. | 2025 Annual Report
Contact us today at www.citizensinc.com
CITIZENS, INC.
2025 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.

GLOBAL PRESENCE
OVERVIEW
Citizens, Inc. continues to build on its evolution into a high-growth company in the life insurance field with a strong
global foundation. Unlike traditional life insurance companies that grow at the pace of inflation, Citizens is delivering
stability with accelerated growth.
Europe
With policyholders in more than 80 countries, our international presence remains a key strength, while our expanding
U.S. final expense business is driving increased scale and long-term value creation.
West Asia
As we look ahead, we expect continued momentum, with management projecting revenue and profit growth through the
full year 2026, supported by expanding niche markets, a rapidly growing sales force, and disciplined product development.
Our unique white-label distribution approach, which enables partners to brand our products while we manage underwriting
and administration, continues to reinforce agent engagement and support consistent market demand.
As our strategic initiatives continue to gain traction and our global distribution model strengthens, we are entering the
next phase of accelerated performance. We expect continued sales, revenue, and earnings growth, with strong
momentum anticipated for 2026, positioning Citizens as a compelling opportunity for long-term shareholders.
South Asia
Africa
North America
East Asia
Central America
and the Caribbean
South America
The pins in the image represent regions where we have policies in force.
PREMIUM REVENUE SNAPSHOT
INVESTMENT PORTFOLIO
$173M Diversified Premium Revenues and Geographies
Licensed in 43 U.S. States
and Washington, DC
SE
EA
R

34
INC
43
43
39
(Geography)
United
States
16%
Taiwan
8%
8%
35
31
39%
32
Cash and Invested Assets (12-31-2025)
2025 Premium Revenue
Colombia
45
High-Quality and Well-Diversified
8%
Venezuela
Ecuador
7%
25
12/31/21
12/31/22
12/31/23
12/31/24
12/31/25
Licensed in 43 U.S. States and Washington, DC
14%
Other
Argentina
88%
Fixed
Income
Securities
$1.47 B
6%
Long-term
and Equity
Investment
4%
Policy
Loans
2%
Cash & Cash
Equivalents
    Fixed income and cash securities
represent 88% of the investment
portfolio
    99% of fixed income investments
rated investment grade
    Annualized investment yield of 4.6%
    Diversified across asset class, sector,
and issuer/borrower
    'A' average credit rating

GLOBAL PRESENCE
OVERVIEW
Citizens, Inc. continues to build on its evolution into a high-growth company in the life insurance field with a strong
global foundation. Unlike traditional life insurance companies that grow at the pace of inflation, Citizens is delivering
stability with accelerated growth.
Europe
With policyholders in more than 80 countries, our international presence remains a key strength, while our expanding
U.S. final expense business is driving increased scale and long-term value creation.
West Asia
As we look ahead, we expect continued momentum, with management projecting revenue and profit growth through the
full year 2026, supported by expanding niche markets, a rapidly growing sales force, and disciplined product development.
Our unique white-label distribution approach, which enables partners to brand our products while we manage underwriting
and administration, continues to reinforce agent engagement and support consistent market demand.
As our strategic initiatives continue to gain traction and our global distribution model strengthens, we are entering the
next phase of accelerated performance. We expect continued sales, revenue, and earnings growth, with strong
momentum anticipated for 2026, positioning Citizens as a compelling opportunity for long-term shareholders.
South Asia
Africa
North America
East Asia
Central America
and the Caribbean
South America
The pins in the image represent regions where we have policies in force.
PREMIUM REVENUE SNAPSHOT
INVESTMENT PORTFOLIO
$173M Diversified Premium Revenues and Geographies
Licensed in 43 U.S. States
and Washington, DC
SE
EA
R

34
INC
43
43
39
(Geography)
United
States
16%
Taiwan
8%
8%
35
31
39%
32
Cash and Invested Assets (12-31-2025)
2025 Premium Revenue
Colombia
45
High-Quality and Well-Diversified
8%
Venezuela
Ecuador
7%
25
12/31/21
12/31/22
12/31/23
12/31/24
12/31/25
Licensed in 43 U.S. States and Washington, DC
14%
Other
Argentina
88%
Fixed
Income
Securities
$1.47 B
6%
Long-term
and Equity
Investment
4%
Policy
Loans
2%
Cash & Cash
Equivalents
    Fixed income and cash securities
represent 88% of the investment
portfolio
    99% of fixed income investments
rated investment grade
    Annualized investment yield of 4.6%
    Diversified across asset class, sector,
and issuer/borrower
    'A' average credit rating

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.
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
A.M. Best Financial Strength Rating: B++ (   Good   ), 5th highest out of 16 ratings
for financial strength. Rating as of October 2025.
CICA Life Insurance Company of America (   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.)

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.
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
A.M. Best Financial Strength Rating: B++ (   Good   ), 5th highest out of 16 ratings
for financial strength. Rating as of October 2025.
CICA Life Insurance Company of America (   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.)


shareholder letter icon 4/30/2026 Letter Continued (Full PDF)
 

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