Citizens Reports First Quarter 2022 Financial Results

• Q1 2022 Net Loss of $1.3 million, a $2.2 million Improvement Compared to Q1 2021

• Q1 2022 Renewal Premiums Increased 2% Year-Over-Year to $36 million, Driven by Growth Across Life Insurance and Home Service Insurance Segments

• Q1 2022 Total Claims and Surrenders Decreased 7% Year-Over-Year

• $1.7 billion of Total Assets at March 31, 2022 with No Debt

• Book Value per Class A Share at March 31, 2022 of $3.91

AUSTIN, Texas, May 5, 2022 /PRNewswire/ — Citizens, Inc. (NYSE: CIA), today reported financial results for the first quarter ended March 31, 2022.

Net loss for the first quarter of 2022 totaled $1.3 million, or $0.03 per fully diluted class A share, an improvement compared to net loss of $3.6 million, or $0.07 per fully diluted class A share, in the prior-year quarter. The improvement in net loss was primarily due to decreased death claim benefits, as well as lower federal tax, general expenses, and property claims, partially offset by investment related losses.

Management Commentary
“Our overall performance in the first quarter validates the strategic direction of the company and the effectiveness of the initiatives we have implemented to enhance sales practices, expand our network of independent consultants and mitigate surrenders,” said Company vice chairman and CEO, Gerald W. Shields. “Operationally, our insurance premiums have continued to grow, claims and surrenders have continued to decline, and we have introduced new,…