Citizens, Inc. reported a net loss of $1.6 million for the first quarter of 2025, a significant decline from a net income of $4.5 million during the same period in 2024. Total revenues decreased to $55.7 million, down from $57.7 million year-over-year. The decline in profitability was attributed to a $3.9 million decrease in investment-related gains, primarily due to losses associated with the company's investment in BlackRock's Global Renewable Power Fund III, alongside a $2.5 million increase in total insurance benefits paid.
The company's total assets increased to $1.7 billion as of March 31, 2025, compared to $1.7 billion at the end of 2024. Total investments rose to $1.4 billion, with fixed maturity securities comprising 88% of this total. Citizens, Inc. reported a slight increase in direct premiums, which rose to $42.4 million, driven by a 49% increase in first-year premiums, particularly in the Life Insurance segment. However, total insurance benefits paid increased to $40.1 million, reflecting higher claims and matured endowment benefits.
Operationally, Citizens, Inc. saw a decrease in its Home Service Insurance segment, with total direct life and accident & health premiums slightly declining to $10.6 million. The company attributed this decline to strategic actions aimed at improving sales quality, which resulted in a reduced sales force. The Life Insurance segment, however, experienced growth, particularly in new domestic final expense products, contributing to a total direct life insurance premium of $39.3 million.
The company continues to focus on strategic growth initiatives, including expanding its distribution channels and enhancing its product offerings. As of March 31, 2025, Citizens, Inc. maintained a strong capital position, with no debt and a book value per share of $4.37. The outlook for the remainder of 2025 includes expectations for continued growth in first-year premiums and a focus on managing operating expenses while navigating the challenges posed by market conditions and investment performance.
About CITIZENS, INC.
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