CITIZENS (CIA) Company Report

Citizens, Inc. (CIA) is a diversified financial services company offering life, living benefits, and final expense insurance, and was the fastest-growing life insurance company in the United States last year.
The company is investing in a new admin system to enable new product offerings, such as universal life and level term, to support international expansion and domestic upmarket growth, with a long-term goal of achieving 50% international and 50% domestic revenue.
CIA prioritizes organic growth, maintains a debt-free balance sheet, and leverages reinsurance for capital efficiency, while its investment portfolio is highly conservative with 99% investment grade bonds.

Dec 11, 2025, 8:10 PM

Transcript

Citizens, Inc. Outlines Growth Strategy and System Modernization

CIA

New Projects/Investments

Product Launch

Revenue Acceleration/Inflection

Citizens, Inc. (CIA), a diversified financial services company, was the fastest-growing life insurance company in the United States last year. It provides life, living benefits, and final expense insurance to individuals and small businesses in the U.S., Latin America, and Asia, with two-thirds of its premium historically from overseas markets.
The company is investing in a new administration system to replace its decades-old platform, which will enable the launch of modern products like universal life and level term insurance, unlocking growth in new international markets and upmarket segments in the U.S. starting next year.
CIA maintains a debt-free capital structure and focuses on organic growth rather than acquisitions, leveraging reinsurance for capital efficiency. Its investment portfolio is very conservative, with 99% of bonds being investment grade and an A rating.
While historical revenue was two-thirds international, 2024 sales were two-thirds domestic, with a long-term goal to achieve a 50% international and 50% domestic revenue balance.

Dec 11, 2025, 8:10 PM

Transcript

Citizens, Inc. Outlines Growth Strategy and Financial Approach

CIA

New Projects/Investments

Revenue Acceleration/Inflection

Guidance Update

Citizens, Inc. (CIA) is a diversified financial services company providing life, living benefits, and final expense insurance to individuals and small businesses across the U.S., Latin America, and Asia.
The company was the fastest-growing life insurance company in the U.S. last year and aims for a long-term 50% international and 50% domestic revenue split, with 2024 sales showing two-thirds domestic growth.
A key strategic initiative is investing in a new administration system to support modern insurance products, enabling expansion into new international markets and upmarket segments in the U.S..
CIA prioritizes organic growth, maintains a debt-free balance sheet, and utilizes a reinsurance partnership for capital-efficient expansion.
Its investment portfolio is conservative, with an A rating and 99% investment-grade bonds, while actively seeking yield enhancements.

Dec 11, 2025, 8:10 PM

Transcript

CIA Highlights Strong Growth, Financial Strength, and Strategic Expansion

CIA

Revenue Acceleration/Inflection

New Projects/Investments

Guidance Update

CIA reported $1.7 billion in assets and $173 million in revenue, with over $5 billion in face amount of policies.
The company achieved $1.1 billion in annual insurance sales in 2024, a record, and has seen 12 consecutive quarters of increased first-year sales. Direct first-year premiums increased 23% year-over-year and are expected to exceed 2024 sales in 2025.
CIA is the fastest-growing life insurance company in the United States, expanding to 43 states and growing its agent count to over 3,000. Its unique white-label strategy accounts for 60% of US premium.
The company maintains a strong balance sheet with no debt and a domestic RBC ratio over 600%. It is strategically expanding its investment portfolio into private placements and asset-backed securities to enhance yield.

Dec 10, 2025, 7:30 PM

Transcript

Citizens, Inc. Highlights Strong Growth and Financial Position at Investor Conference

CIA

Revenue Acceleration/Inflection

New Projects/Investments

Share Buyback

Citizens, Inc. (CIA) reported $1.7 billion in assets and over $5 billion in face amount of policies, with approximately $173 million in revenue. The company was the fastest-growing life insurance company in the United States last year, expanding its presence to 43 states and increasing its producing agents to over 3,000.
In 2024, CIA achieved $1.1 billion in annual insurance sales for the first time and its direct in-force insurance surpassed $5 billion. The company has experienced 12 consecutive quarters of increased first-year sales, with 2025 priorities focused on expanding first-year premium revenues and growing book value per share (excluding AOCI).
CIA maintains a strong financial position with no debt and a domestic RBC ratio over 600%, significantly above its 350% minimum target. The company utilizes a flexible reinsurance strategy to manage growth and capital strain and is actively working to improve investment yield through private placements and asset-backed securities.

Dec 10, 2025, 7:30 PM

Transcript

Citizens, Inc. Highlights Record Growth and Strategic Expansion at Sidoti Conference

CIA

Revenue Acceleration/Inflection

New Projects/Investments

Product Launch

Citizens, Inc. (CIA) reported setting company-wide records in 2024, including $1.1 billion in annual insurance sold and over $5 billion in direct in-force.
The company has achieved over 12 straight quarters of increased first-year sales, with direct first-year premiums beating the prior year by 23% and expected to exceed 2024 sales in 2025.
CIA's business model includes approximately two-thirds of its premium from overseas, primarily South America and Taiwan, while rapidly expanding domestically from 5 to 43 states and growing its agent count to over 3,000.
The company maintains a strong financial position with no debt and a domestic Risk-Based Capital (RBC) ratio of over 600%.
Management believes the stock is currently undervalued due to its unique "out-of-the-box" business model, which combines rapid domestic growth with a significant international presence.

Dec 10, 2025, 7:30 PM

Transcript

Citizens, Inc. Reports Third Quarter 2025 Financial Results and Board Appointment

CIA

Earnings

Board Change

Revenue Acceleration/Inflection

Total revenues for Q3 2025 reached $62.8 million, with adjusted total revenues increasing 5% to $64.1 million compared to Q3 2024.
Net income for Q3 2025 was $2.4 million, or $0.04 per fully diluted Class A share, while adjusted net income increased 70% to $3.4 million, or $0.07 per fully diluted Class A share, compared to Q3 2024.
The company reported its highest-ever total direct insurance in force of $5.38 billion at September 30, 2025, and its global network of producing agents increased 19% since September 30, 2024.
Book value per Class A share was $4.49 on September 30, 2025, an 8% increase over the year-ago period, with adjusted book value per Class A share at $6.26.
Michael Harwood was elected to the Board of Directors on November 6, 2025.

Nov 7, 2025, 3:16 PM

8-K

Impact Property Solutions Acquires Interior Logic Group’s Property Services Division

CIA

M&A

New Projects/Investments

Impact Property Solutions acquired the Property Services division of Interior Logic Group, which provides replacement flooring and installation services to owners and operators of rental housing.
This acquisition significantly expands Impact's national presence, increasing its combined locations from 13 to 30 and establishing a meaningful presence in the Western U.S..
The transaction is a transformational step for Impact, solidifying its position as a leading provider of multifamily flooring solutions, and represents the sixth acquisition since its partnership with Blue Sage Capital began in late 2020.
Grant Ebright, President of Property Services, will continue as President and Chief Operating Officer at Impact.

Nov 5, 2025, 1:00 PM

Press Release

Citizens Inc. Reports Significant 2024 Growth and Outlines 2025 Strategy

CIA

Revenue Acceleration/Inflection

New Projects/Investments

Product Launch

Citizens Inc. (CIA) achieved significant growth in 2024, becoming the fastest-growing mature life insurance company in the US with domestic sales increasing from less than $20 million to nearly $50 million, and expanded its producing agent base from under 1,000 in 2023 to over 3,000.
The company is addressing an anticipated "higher cliff" of matured endowment benefit payments in 2025 by developing new products, including a successful offering for maturing endowments and a domestic product launched previously.
Key growth drivers include increasing contracted agents (currently 8,000) and leveraging a strategic advantage in white-labeling products, which accounts for 60% of its domestic final expense business.
Citizens Inc. has $1.67 billion in assets and over $5 billion of insurance in force, with plans for future expansion in Asia and additional US states.

Oct 22, 2025, 6:55 PM

Transcript

Citizens Inc. Reports Strong Domestic Growth and Future Expansion Plans

CIA

Revenue Acceleration/Inflection

New Projects/Investments

Product Launch

Citizens Inc. (CIA) was the fastest-growing mature life insurance company in the United States in 2024, with domestic sales increasing from less than $20 million to nearly $50 million. This growth continued into the first half of 2025, supported by an increase in producing agents from less than 1,000 in 2023 to over 3,000.
The company's domestic growth is significantly driven by its ability to white-label products, which accounts for 60% of its domestic final expense business. CIA is also investing in new systems to enhance product development speed and responsiveness to market demands, anticipating many new product offerings.
While anticipating a "higher cliff" of matured endowment benefit payments in 2025, Citizens Inc. is mitigating this through new product development and increased sales. The company plans future expansion into Asia and additional domestic states.