XML 105 R40.htm IDEA: XBRL DOCUMENT v3.20.1
Quarterly Financial Information (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information (Unaudited) [Abstract]  
Schedule of Quarterly Financial Information [Table Text Block]
The following table contains selected unaudited financial data for each quarter.

(In thousands, except per share amounts)
Fourth
Quarter
 
Third
Quarter
 
Second
Quarter
 
First
Quarter
2019
 
 
 
 
 
 
 
Revenues
$
69,806

 
61,467

 
56,866

 
62,406

Benefits and expenses
64,878

 
59,335

 
60,189

 
60,398

Federal income tax expense (benefit)
(23
)
 
86

 
1,242

 
5,810

Net income (loss)
4,951

 
2,046

 
(4,565
)
 
(3,802
)
Net income (loss) available to common shareholders
4,951

 
2,046

 
(4,565
)
 
(3,802
)
Basic & Diluted earnings (losses) per share of Class A common stock
0.10

 
0.04

 
(0.09
)
 
(0.08
)
Basic & Diluted earnings (losses) per share of Class B common stock
0.05

 
0.02

 
(0.04
)
 
(0.04
)

(In thousands, except per share amounts)
Fourth
Quarter
 
Third
Quarter(a)
 
Second
Quarter
 
First
Quarter
2018
 
 
 
 
 
 
 
Revenues
$
65,570

 
61,161

 
59,842

 
57,433

Benefits and expenses
67,598

 
55,599

 
63,953

 
54,854

Federal income tax expense (benefit)
(596
)
 
12,671

 
(1,553
)
 
2,542

Net income (loss)
(1,432
)
 
(7,109
)
 
(2,558
)
 
37

Net income (loss) available to common shareholders
(1,432
)
 
(7,109
)
 
(2,558
)
 
37

Basic & Diluted earnings (losses) per share of Class A common stock
(0.03
)
 
(0.14
)
 
(0.05
)
 
—

Basic & Diluted earnings (losses) per share of Class B common stock
(0.01
)
 
(0.07
)
 
(0.03
)
 
—


(a) On July 1, 2018, the Company novated all of the international policies issued by CICA to CICA Ltd., a newly established Bermuda entity that began operations in July 2018. While this novation transaction has been eliminated in consolidation of affiliated entities, there are tax effects reflected in the consolidated financial statements as a result of the transaction being executed between our subsidiaries that reside in different tax jurisdictions. CICA Ltd. is considered a controlled foreign corporation for federal tax purposes. As a result, the insurance activity of CICA Ltd. is subject to Subpart F of the IRC and is included in Citizens’s taxable income which generated $18.4 million of federal income tax expense in 2018. In addition, as of July 1, 2018, we implemented a new actuarial valuation software solution that provides enhanced reporting and modeling capabilities for ordinary whole life and endowment policies of CICA and CICA Ltd., which are included in the Life Insurance segment. The impact of this system conversion resulted in changes in estimates due to refinements based upon our accounting analysis of the circumstances and reflected as a decrease in reserves of $10.2 million and a decrease in DAC of $4.3 million, before tax.