(Exact name of registrant as specified in its charter) |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Securities registered pursuant to Section 12(b) of the Act | ||||||||
(Title of each class) | (Trading symbol(s)) | (Name of each exchange on which registered) |
Large accelerated filer | ☐ | ☒ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
Page Number | |||||||||||
Part I. FINANCIAL INFORMATION | |||||||||||
Item 1. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Part II. OTHER INFORMATION | |||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Item 5. | |||||||||||
Item 6. |
(In thousands) | March 31, 2020 | December 31, 2019 | |||||||||
Assets | (Unaudited) | ||||||||||
Investments: | |||||||||||
Fixed maturities available-for-sale, at fair value (amortized cost: $ | $ | ||||||||||
Equity securities, at fair value | |||||||||||
Policy loans | |||||||||||
Real estate held-for-sale (less $ | |||||||||||
Other long-term investments (portion measured at fair value $ | |||||||||||
Short-term investments | |||||||||||
Total investments | |||||||||||
Cash and cash equivalents | |||||||||||
Accrued investment income | |||||||||||
Reinsurance recoverable | |||||||||||
Deferred policy acquisition costs | |||||||||||
Cost of insurance acquired | |||||||||||
Goodwill and other intangible assets | |||||||||||
Property and equipment, net | |||||||||||
Due premiums | |||||||||||
Other assets (less allowance for losses of $ | |||||||||||
Total assets | $ |
(In thousands, except share amounts) | December 31, 2019 | ||||||||||
Liabilities and Stockholders' Equity | (Unaudited) | ||||||||||
Liabilities: | |||||||||||
Policy liabilities: | |||||||||||
Future policy benefit reserves: | |||||||||||
Life insurance | $ | ||||||||||
Annuities | |||||||||||
Accident and health | |||||||||||
Dividend accumulations | |||||||||||
Premiums paid in advance | |||||||||||
Policy claims payable | |||||||||||
Other policyholders' funds | |||||||||||
Total policy liabilities | |||||||||||
Commissions payable | |||||||||||
Current federal income tax payable | |||||||||||
Deferred federal income tax payable | |||||||||||
Payable for securities in process of settlement | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Stockholders' Equity: | |||||||||||
Common stock: | |||||||||||
Class A, | |||||||||||
Class B, | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Accumulated other comprehensive income: | |||||||||||
Net unrealized gains on fixed maturity securities, net of tax | |||||||||||
Treasury stock, at cost | ( | ( | |||||||||
Total stockholders' equity | |||||||||||
Total liabilities and stockholders' equity | $ |
Three Months Ended March 31, (In thousands, except per share amounts) | 2020 | 2019 | |||||||||
Revenues: | |||||||||||
Premiums: | |||||||||||
Life insurance | $ | ||||||||||
Accident and health insurance | |||||||||||
Property insurance | |||||||||||
Net investment income | |||||||||||
Realized investment gains (losses), net | ( | ||||||||||
Other income | |||||||||||
Total revenues | |||||||||||
Benefits and Expenses: | |||||||||||
Insurance benefits paid or provided: | |||||||||||
Claims and surrenders | |||||||||||
Increase in future policy benefit reserves | |||||||||||
Policyholders' dividends | |||||||||||
Total insurance benefits paid or provided | |||||||||||
Commissions | |||||||||||
Other general expenses | |||||||||||
Capitalization of deferred policy acquisition costs | ( | ( | |||||||||
Amortization of deferred policy acquisition costs | |||||||||||
Amortization of cost of insurance acquired | |||||||||||
Total benefits and expenses | |||||||||||
Income (loss) before federal income tax | ( | ||||||||||
Federal income tax expense | |||||||||||
Net loss | ( | ( | |||||||||
Per Share Amounts: | |||||||||||
Basic and diluted losses per share of Class A common stock | ( | ( | |||||||||
Basic and diluted losses per share of Class B common stock | ( | ( | |||||||||
Other Comprehensive Income (Loss): | |||||||||||
Unrealized gains (losses) on fixed maturity securities: | |||||||||||
Unrealized holding gains (losses) arising during period | ( | ||||||||||
Reclassification adjustment for losses included in net income | |||||||||||
Unrealized gains (losses) on fixed maturity securities, net | ( | ||||||||||
Income tax expense (benefit) on unrealized gains (losses) on fixed maturity securities | ( | ||||||||||
Other comprehensive income (loss) | ( | ||||||||||
Total comprehensive income (loss) | $ | ( |
Common Stock | Accumulated deficit | Accumulated other comprehensive income (loss) | Treasury stock | Total Stock-holders' equity | |||||||||||||||||||||||||||||||
(In thousands) | Class A | Class B | |||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | ( | ( | ||||||||||||||||||||||||||||||||
Accounting standards adopted January 1, 2020 | ( | ( | |||||||||||||||||||||||||||||||||
Comprehensive loss: | |||||||||||||||||||||||||||||||||||
Net loss | ( | ( | |||||||||||||||||||||||||||||||||
Unrealized investment losses, net | ( | ( | |||||||||||||||||||||||||||||||||
Total comprehensive loss | ( | ( | ( | ||||||||||||||||||||||||||||||||
Stock-based compensation | ( | ( | |||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | ( | ( | ||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | ( | ( | ||||||||||||||||||||||||||||||||
Comprehensive income (loss): | |||||||||||||||||||||||||||||||||||
Net loss | ( | ( | |||||||||||||||||||||||||||||||||
Unrealized investment gains, net | |||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | ( | ||||||||||||||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||||||||||||||
Balance at March 31, 2019 | $ | ( | ( | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, (In thousands) | 2020 | 2019 | |||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | ( | ( | ||||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Realized investment (gains) losses on sale of investments and other assets | ( | ||||||||||
Net deferred policy acquisition costs | |||||||||||
Amortization of cost of insurance acquired | |||||||||||
Depreciation | |||||||||||
Amortization of premiums and discounts on investments | |||||||||||
Stock-based compensation | |||||||||||
Deferred federal income tax benefit | ( | ||||||||||
Change in: | |||||||||||
Accrued investment income | |||||||||||
Reinsurance recoverable | |||||||||||
Due premiums | |||||||||||
Future policy benefit reserves | |||||||||||
Other policyholders' liabilities | |||||||||||
Federal income tax payable | |||||||||||
Commissions payable and other liabilities | ( | ||||||||||
Other, net | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Purchases of fixed maturity securities, available-for-sale | ( | ( | |||||||||
Sales of fixed maturity securities, available-for-sale | |||||||||||
Maturities and calls of fixed maturity securities, available-for-sale | |||||||||||
Purchases of equity securities | ( | ||||||||||
Principal payments on mortgage loans | |||||||||||
(Increase) decrease in policy loans, net | ( | ||||||||||
Sales of other long-term investments and real estate | |||||||||||
Purchases of other long-term investments | ( | ||||||||||
Sales of property and equipment | |||||||||||
Purchases of property and equipment | ( | ( | |||||||||
Maturities of short-term investments | |||||||||||
Purchases of short-term investments | ( | ||||||||||
Net cash used in investing activities | ( | ( | |||||||||
See accompanying Notes to Consolidated Financial Statements. | |||||||||||
CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES | |||||||||||
Consolidated Statements of Cash Flows, Continued | |||||||||||
(Unaudited) | |||||||||||
Three Months Ended March 31, (In thousands) | 2020 | 2019 | |||||||||
Cash flows from financing activities: | |||||||||||
Annuity deposits | $ | ||||||||||
Annuity withdrawals | ( | ( | |||||||||
Other | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Net decrease in cash and cash equivalents | ( | ( | |||||||||
Cash and cash equivalents at beginning of year | |||||||||||
Cash and cash equivalents at end of period | $ | ||||||||||
Life Insurance | Home Service Insurance | Other Non-Insurance Enterprises | Consolidated | ||||||||||||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Premiums | $ | ||||||||||||||||||||||
Net investment income | |||||||||||||||||||||||
Realized investment gains (losses), net | ( | ( | ( | ||||||||||||||||||||
Other income | |||||||||||||||||||||||
Total revenue | |||||||||||||||||||||||
Benefits and expenses: | |||||||||||||||||||||||
Insurance benefits paid or provided: | |||||||||||||||||||||||
Claims and surrenders | |||||||||||||||||||||||
Increase in future policy benefit reserves | |||||||||||||||||||||||
Policyholders' dividends | |||||||||||||||||||||||
Total insurance benefits paid or provided | |||||||||||||||||||||||
Commissions | |||||||||||||||||||||||
Other general expenses | |||||||||||||||||||||||
Capitalization of deferred policy acquisition costs | ( | ( | ( | ||||||||||||||||||||
Amortization of deferred policy acquisition costs | |||||||||||||||||||||||
Amortization of cost of insurance acquired | |||||||||||||||||||||||
Total benefits and expenses | |||||||||||||||||||||||
Income (loss) before federal income tax expense | $ | ( | ( | ( |
Life Insurance | Home Service Insurance | Other Non-Insurance Enterprises | Consolidated | ||||||||||||||||||||
Three Months Ended March 31, 2019 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Premiums | $ | ||||||||||||||||||||||
Net investment income | |||||||||||||||||||||||
Realized investment gains, net | |||||||||||||||||||||||
Other income | |||||||||||||||||||||||
Total revenue | |||||||||||||||||||||||
Benefits and expenses: | |||||||||||||||||||||||
Insurance benefits paid or provided: | |||||||||||||||||||||||
Claims and surrenders | |||||||||||||||||||||||
Increase in future policy benefit reserves | |||||||||||||||||||||||
Policyholders' dividends | |||||||||||||||||||||||
Total insurance benefits paid or provided | |||||||||||||||||||||||
Commissions | |||||||||||||||||||||||
Other general expenses | |||||||||||||||||||||||
Capitalization of deferred policy acquisition costs | ( | ( | ( | ||||||||||||||||||||
Amortization of deferred policy acquisition costs | |||||||||||||||||||||||
Amortization of cost of insurance acquired | |||||||||||||||||||||||
Total benefits and expenses | |||||||||||||||||||||||
Income (loss) before federal income tax expense | $ | ( | ( |
Three Months Ended March 31, | 2020 | 2019 | |||||||||
(In thousands, except per share amounts) | |||||||||||
Basic and diluted earnings per share: | |||||||||||
Numerator: | |||||||||||
Net loss | $ | ( | ( | ||||||||
Net loss allocated to Class A common stock | $ | ( | ( | ||||||||
Net loss allocated to Class B common stock | ( | ( | |||||||||
Net loss | $ | ( | ( | ||||||||
Denominator: | |||||||||||
Weighted average shares of Class A outstanding - basic | |||||||||||
Weighted average shares of Class A outstanding - diluted | |||||||||||
Weighted average shares of Class B outstanding - basic and diluted | |||||||||||
Basic and diluted loss per share of Class A common stock | $ | ( | ( | ||||||||
Basic and diluted loss per share of Class B common stock | ( | ( |
Carrying Value (In thousands, except for %) | March 31, 2020 | December 31, 2019 | |||||||||||||||||||||
Amount | % | Amount | % | ||||||||||||||||||||
Cash and invested assets: | |||||||||||||||||||||||
Fixed maturity securities | $ | % | $ | % | |||||||||||||||||||
Equity securities | % | % | |||||||||||||||||||||
Policy loans | % | % | |||||||||||||||||||||
Real estate and other long-term investments | % | % | |||||||||||||||||||||
Short-term investments | % | % | |||||||||||||||||||||
Cash and cash equivalents | % | % | |||||||||||||||||||||
Total cash and invested assets | $ | % | $ | % |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
March 31, 2020 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||
U.S. Treasury securities | $ | ||||||||||||||||||||||
U.S. Government-sponsored enterprises | |||||||||||||||||||||||
States and political subdivisions | |||||||||||||||||||||||
Corporate: | |||||||||||||||||||||||
Financial | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||
Energy | |||||||||||||||||||||||
All Other | |||||||||||||||||||||||
Commercial mortgage-backed | |||||||||||||||||||||||
Residential mortgage-backed | |||||||||||||||||||||||
Asset-backed | |||||||||||||||||||||||
Foreign governments | |||||||||||||||||||||||
Total fixed maturity securities | $ |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
U.S. Treasury securities | $ | ||||||||||||||||||||||
U.S. Government-sponsored enterprises | |||||||||||||||||||||||
States and political subdivisions | |||||||||||||||||||||||
Corporate: | |||||||||||||||||||||||
Financial | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||
Energy | |||||||||||||||||||||||
All Other | |||||||||||||||||||||||
Commercial mortgage-backed | |||||||||||||||||||||||
Residential mortgage-backed | |||||||||||||||||||||||
Asset-backed | |||||||||||||||||||||||
Foreign governments | |||||||||||||||||||||||
Total fixed maturity securities | $ |
Fair Value (In thousands) | March 31, 2020 | December 31, 2019 | |||||||||
Equity securities: | |||||||||||
Stock mutual funds | $ | ||||||||||
Bond mutual funds | |||||||||||
Common stock | |||||||||||
Non-redeemable preferred stock | |||||||||||
Total equity securities | $ |
March 31, 2020 | Less than 12 months | Greater than 12 months | Total | ||||||||||||||||||||||||||
(In thousands, except for # of securities) | Fair Value | Unrealized Losses | # of Securities | Fair Value | Unrealized Losses | # of Securities | Fair Value | Unrealized Losses | # of Securities | ||||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||
States and political subdivisions | $ | $ | $ | ||||||||||||||||||||||||||
Corporate: | |||||||||||||||||||||||||||||
Financial | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Energy | |||||||||||||||||||||||||||||
All Other | |||||||||||||||||||||||||||||
Commercial mortgage-backed | |||||||||||||||||||||||||||||
Residential mortgage-backed | |||||||||||||||||||||||||||||
Asset-backed | |||||||||||||||||||||||||||||
Total fixed maturities | $ | $ | $ |
December 31, 2019 | Less than 12 months | Greater than 12 months | Total | ||||||||||||||||||||||||||
(In thousands, except for # of securities) | Fair Value | Unrealized Losses | # of Securities | Fair Value | Unrealized Losses | # of Securities | Fair Value | Unrealized Losses | # of Securities | ||||||||||||||||||||
Fixed maturities: | |||||||||||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||||||
States and political subdivisions | $ | $ | $ | ||||||||||||||||||||||||||
Corporate: | |||||||||||||||||||||||||||||
Financial | |||||||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Energy | |||||||||||||||||||||||||||||
All Other | |||||||||||||||||||||||||||||
Commercial mortgage-backed | |||||||||||||||||||||||||||||
Residential mortgage-backed | |||||||||||||||||||||||||||||
Asset-backed | |||||||||||||||||||||||||||||
Total fixed maturities | $ | $ | $ |
March 31, 2020 | Amortized Cost | Fair Value | |||||||||
(In thousands) | |||||||||||
Fixed maturity securities: | |||||||||||
Due in one year or less | $ | ||||||||||
Due after one year through five years | |||||||||||
Due after five years through ten years | |||||||||||
Due after ten years | |||||||||||
Total fixed maturity securities | $ |
Three Months Ended | |||||||||||
Fixed Maturity Securities, Available-for-Sale | March 31, | ||||||||||
(In thousands) | 2020 | 2019 | |||||||||
Proceeds | $ | ||||||||||
Gross realized gains | $ | ||||||||||
Gross realized losses | $ |
March 31, 2020 | Level 1 | Level 2 | Level 3 | Total Fair Value | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||
Fixed maturities available-for-sale | |||||||||||||||||||||||
U.S. Treasury and U.S. Government-sponsored enterprises | $ | ||||||||||||||||||||||
States and political subdivisions | |||||||||||||||||||||||
Corporate | |||||||||||||||||||||||
Commercial mortgage-backed | |||||||||||||||||||||||
Residential mortgage-backed | |||||||||||||||||||||||
Asset-backed | |||||||||||||||||||||||
Foreign governments | |||||||||||||||||||||||
Total fixed maturities available-for-sale | |||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||
Stock mutual funds | |||||||||||||||||||||||
Bond mutual funds | |||||||||||||||||||||||
Common stock | |||||||||||||||||||||||
Non-redeemable preferred stock | |||||||||||||||||||||||
Total equity securities | |||||||||||||||||||||||
Other long-term investments (1) | |||||||||||||||||||||||
Total financial assets | $ |
December 31, 2019 | Level 1 | Level 2 | Level 3 | Total Fair Value | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Financial Assets | |||||||||||||||||||||||
Fixed maturities available-for-sale | |||||||||||||||||||||||
U.S. Treasury and U.S. Government-sponsored enterprises | $ | ||||||||||||||||||||||
States and political subdivisions | |||||||||||||||||||||||
Corporate | |||||||||||||||||||||||
Commercial mortgage-backed | |||||||||||||||||||||||
Residential mortgage-backed | |||||||||||||||||||||||
Asset-backed | |||||||||||||||||||||||
Foreign governments | |||||||||||||||||||||||
Total fixed maturities available-for-sale | |||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||
Stock mutual funds | |||||||||||||||||||||||
Bond mutual funds | |||||||||||||||||||||||
Common stock | |||||||||||||||||||||||
Non-redeemable preferred stock | |||||||||||||||||||||||
Total equity securities | |||||||||||||||||||||||
Total financial assets | $ |
March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
(In thousands) | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||
Mortgage loans | $ | ||||||||||||||||||||||
Policy loans | |||||||||||||||||||||||
Short-term investments | |||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||
Annuity - investment contracts |
Carrying Value (In thousands) | March 31, 2020 | December 31, 2019 | |||||||||
Other long-term investments: | |||||||||||
Private equity | $ | ||||||||||
FHLB common stocks | |||||||||||
Mortgage loans | |||||||||||
All other investments | |||||||||||
Total other long-term investments | $ |
Three Months Ended March 31, | 2020 | 2019 | |||||||||||||||||||||
(In thousands, except for %) | Amount | % | Amount | % | |||||||||||||||||||
Federal income tax expense: | |||||||||||||||||||||||
Expected tax expense (benefit) | $ | ( | % | $ | % | ||||||||||||||||||
Foreign income tax rate differential | ( | % | % | ||||||||||||||||||||
Tax-exempt interest and dividends-received deduction | ( | % | % | ||||||||||||||||||||
Annualized effective tax rate adjustment | ( | % | % | ||||||||||||||||||||
Adjustment of prior year taxes | ( | % | % | ||||||||||||||||||||
Effect of uncertain tax position | ( | % | % | ||||||||||||||||||||
CICA Ltd. Subpart F income | ( | % | % | ||||||||||||||||||||
Other | ( | % | % | ||||||||||||||||||||
Total federal income tax expense | $ | ( | % | $ | % |
Three Months Ended March 31, | 2020 | 2019 | |||||||||
(In thousands) | |||||||||||
Federal income tax expense: | |||||||||||
Current | $ | ||||||||||
Deferred | ( | ||||||||||
Total federal income tax expense | $ |
Net Deferred Tax Asset (Liability) (In thousands) | March 31, 2020 | December 31, 2019 | |||||||||
Deferred tax assets: | |||||||||||
Future policy benefit reserves | $ | ||||||||||
Net operating and capital loss carryforwards | |||||||||||
Investments | |||||||||||
Deferred intercompany loss | |||||||||||
Lease liability | |||||||||||
Other | |||||||||||
Total gross deferred tax assets | |||||||||||
Deferred tax liabilities: | |||||||||||
Deferred policy acquisition costs, cost of insurance acquired and intangible assets | ( | ( | |||||||||
Unrealized gains on investments available-for-sale | ( | ( | |||||||||
Tax reserves transition liability | ( | ( | |||||||||
Right of use lease asset | ( | ( | |||||||||
Other | ( | ( | |||||||||
Total gross deferred tax liabilities | ( | ( | |||||||||
Net deferred tax liability | $ | ( | ( |
Three Months Ended March 31, | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Amount of Insurance Issued | Number of Policies Issued | Average Policy Face Amount Issued | Amount of Insurance Issued | Number of Policies Issued | Average Policy Face Amount Issued | ||||||||||||||||||||||||||||||
Life Insurance | $ | 49,611,100 | 728 | $ | 68,147 | $ | 45,861,092 | 699 | $ | 65,610 | |||||||||||||||||||||||||
Home Service Insurance | 36,117,767 | 5,174 | 6,981 | 43,290,580 | 5,915 | 7,319 |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
(In thousands) | 2020 | 2019 | ||||||||||||
Revenues: | ||||||||||||||
Premiums: | ||||||||||||||
Life insurance | $ | 39,946 | 40,980 | |||||||||||
Accident and health insurance | 261 | 323 | ||||||||||||
Property insurance | 1,110 | 1,161 | ||||||||||||
Net investment income | 15,169 | 13,796 | ||||||||||||
Realized investment gains (losses), net | (1,306) | 5,961 | ||||||||||||
Other income | 542 | 185 | ||||||||||||
Total revenues | $ | 55,722 | 62,406 |
March 31, | December 31, | March 31, | |||||||||||||||
(In thousands, except for %) | 2020 | 2019 | 2019 | ||||||||||||||
Net investment income, annualized | $ | 60,676 | 59,531 | 55,185 | |||||||||||||
Average invested assets, at amortized cost | 1,408,688 | 1,365,036 | 1,352,299 | ||||||||||||||
Annualized yield on average invested assets | 4.31 | % | 4.36 | % | 4.08 | % |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
(In thousands) | 2020 | 2019 | ||||||||||||
Gross investment income: | ||||||||||||||
Fixed maturity securities | $ | 13,868 | 12,514 | |||||||||||
Equity securities | 180 | 157 | ||||||||||||
Policy loans | 1,623 | 1,601 | ||||||||||||
Long-term investments | 1 | 1 | ||||||||||||
Other investment income | 68 | 27 | ||||||||||||
Total investment income | 15,740 | 14,300 | ||||||||||||
Investment expenses | (571) | (504) | ||||||||||||
Net investment income | $ | 15,169 | 13,796 | |||||||||||
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
(In thousands) | 2020 | 2019 | ||||||||||||
Benefits and expenses: | ||||||||||||||
Insurance benefits paid or provided: | ||||||||||||||
Claims and surrenders | $ | 26,449 | 23,033 | |||||||||||
Increase in future policy benefit reserves | 9,471 | 12,299 | ||||||||||||
Policyholders' dividends | 1,233 | 1,182 | ||||||||||||
Total insurance benefits paid or provided | 37,153 | 36,514 | ||||||||||||
Commissions | 7,853 | 7,884 | ||||||||||||
Other general expenses | 11,473 | 14,132 | ||||||||||||
Capitalization of deferred policy acquisition costs | (5,009) | (4,828) | ||||||||||||
Amortization of deferred policy acquisition costs | 6,119 | 6,277 | ||||||||||||
Amortization of cost of insurance acquired | 368 | 419 | ||||||||||||
Total benefits and expenses | $ | 57,957 | 60,398 |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
(In thousands) | 2020 | 2019 | ||||||||||||
Claims and Surrenders: | ||||||||||||||
Death claims | $ | 6,589 | 6,487 | |||||||||||
Surrender benefits | 12,055 | 9,739 | ||||||||||||
Endowments | 2,739 | 3,076 | ||||||||||||
Matured endowments | 3,753 | 2,681 | ||||||||||||
Property claims | 487 | 218 | ||||||||||||
Accident and health benefits | 53 | 58 | ||||||||||||
Other policy benefits | 773 | 774 | ||||||||||||
Total claims and surrenders | $ | 26,449 | 23,033 |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
(In thousands) | 2020 | 2019 | ||||||||||||
Segments: | ||||||||||||||
Life Insurance | $ | 2,086 | 4,637 | |||||||||||
Home Service Insurance | (2,145) | (334) | ||||||||||||
Total segments | (59) | 4,303 | ||||||||||||
Other Non-Insurance enterprises | (2,176) | (2,295) | ||||||||||||
Income (loss) before federal income tax expense | $ | (2,235) | 2,008 |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
(In thousands) | 2020 | 2019 | ||||||||||||
Country: | ||||||||||||||
Colombia | $ | 5,888 | 5,960 | |||||||||||
Taiwan | 4,974 | 4,765 | ||||||||||||
Venezuela | 4,953 | 5,305 | ||||||||||||
Ecuador | 3,111 | 3,238 | ||||||||||||
Argentina | 1,823 | 1,981 | ||||||||||||
Other Non-U.S. | 8,201 | 8,477 | ||||||||||||
Total | $ | 28,950 | 29,726 |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
(In thousands) | 2020 | 2019 | ||||||||||||
Revenue: | ||||||||||||||
Premiums | $ | 29,819 | 30,914 | |||||||||||
Net investment income | 11,480 | 10,169 | ||||||||||||
Realized investment gains, net | 735 | 5,457 | ||||||||||||
Other income | 524 | 183 | ||||||||||||
Total revenue | 42,558 | 46,723 | ||||||||||||
Benefits and expenses: | ||||||||||||||
Insurance benefits paid or provided: | ||||||||||||||
Claims and surrenders | 20,160 | 17,162 | ||||||||||||
Increase in future policy benefit reserves | 8,146 | 11,313 | ||||||||||||
Policyholders' dividends | 1,225 | 1,172 | ||||||||||||
Total insurance benefits paid or provided | 29,531 | 29,647 | ||||||||||||
Commissions | 4,478 | 4,373 | ||||||||||||
Other general expenses | 4,948 | 6,205 | ||||||||||||
Capitalization of deferred policy acquisition costs | (3,921) | (3,702) | ||||||||||||
Amortization of deferred policy acquisition costs | 5,318 | 5,441 | ||||||||||||
Amortization of cost of insurance acquired | 118 | 122 | ||||||||||||
Total benefits and expenses | 40,472 | 42,086 | ||||||||||||
Income before federal income tax expense | $ | 2,086 | 4,637 |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
(In thousands) | 2020 | 2019 | ||||||||||||
Premiums: | ||||||||||||||
First year | $ | 2,715 | 2,274 | |||||||||||
Renewal | 27,104 | 28,640 | ||||||||||||
Total premiums | $ | 29,819 | 30,914 | |||||||||||
Three Months Ended | Year Ended | Three Months Ended | |||||||||||||||
March 31, | December 31, | March 31, | |||||||||||||||
(In thousands, except for %) | 2020 | 2019 | 2019 | ||||||||||||||
Net investment income, annualized | $ | 45,920 | 44,779 | 40,677 | |||||||||||||
Average invested assets, at amortized cost | 1,057,428 | 1,016,055 | 1,003,732 | ||||||||||||||
Annualized yield on average invested assets | 4.34 | % | 4.41 | % | 4.05 | % |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
(In thousands) | 2020 | 2019 | ||||||||||||
Claims and Surrenders: | ||||||||||||||
Death claims | $ | 1,725 | 1,848 | |||||||||||
Surrender benefits | 11,303 | 8,875 | ||||||||||||
Endowment benefits | 2,736 | 3,074 | ||||||||||||
Matured endowments | 3,600 | 2,558 | ||||||||||||
Accident and health benefits | 27 | 38 | ||||||||||||
Other policy benefits | 769 | 769 | ||||||||||||
Total claims and surrenders | $ | 20,160 | 17,162 |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
(In thousands) | 2020 | 2019 | ||||||||||||
State: | ||||||||||||||
Louisiana | $ | 10,506 | 10,643 | |||||||||||
Mississippi | 496 | 506 | ||||||||||||
Arkansas | 463 | 387 | ||||||||||||
Other States | 246 | 227 | ||||||||||||
Total | $ | 11,711 | 11,763 |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
(In thousands) | 2020 | 2019 | ||||||||||||
Revenue: | ||||||||||||||
Premiums | $ | 11,498 | 11,550 | |||||||||||
Net investment income | 3,332 | 3,086 | ||||||||||||
Realized investment gains (losses), net | (1,717) | 484 | ||||||||||||
Other income | 18 | 1 | ||||||||||||
Total revenue | 13,131 | 15,121 | ||||||||||||
Benefits and expenses: | ||||||||||||||
Insurance benefits paid or provided: | ||||||||||||||
Claims and surrenders | 6,289 | 5,871 | ||||||||||||
Increase in future policy benefit reserves | 1,325 | 986 | ||||||||||||
Policyholders' dividends | 8 | 10 | ||||||||||||
Total insurance benefits paid or provided | 7,622 | 6,867 | ||||||||||||
Commissions | 3,375 | 3,511 | ||||||||||||
Other general expenses | 4,316 | 5,070 | ||||||||||||
Capitalization of deferred policy acquisition costs | (1,088) | (1,126) | ||||||||||||
Amortization of deferred policy acquisition costs | 801 | 836 | ||||||||||||
Amortization of cost of insurance acquired | 250 | 297 | ||||||||||||
Total benefits and expenses | 15,276 | 15,455 | ||||||||||||
Loss before federal income tax expense | $ | (2,145) | (334) |
Three Months Ended | Year Ended | Three Months Ended | |||||||||||||||
March 31, | December 31, | March 31, | |||||||||||||||
(In thousands, except for %) | 2020 | 2019 | 2019 | ||||||||||||||
Net investment income, annualized | $ | 13,328 | 13,058 | 12,755 | |||||||||||||
Average invested assets, at amortized cost | 297,728 | 293,497 | 292,262 | ||||||||||||||
Annualized yield on average invested assets | 4.48 | % | 4.45 | % | 4.36 | % |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
(In thousands) | 2020 | 2019 | ||||||||||||
Claims and Surrenders: | ||||||||||||||
Death claims | $ | 4,864 | 4,639 | |||||||||||
Surrender benefits | 752 | 864 | ||||||||||||
Endowment benefits | 3 | 2 | ||||||||||||
Matured endowments | 153 | 123 | ||||||||||||
Property claims | 487 | 218 | ||||||||||||
Accident and health benefits | 26 | 20 | ||||||||||||
Other policy benefits | 4 | 5 | ||||||||||||
Total claims and surrenders | $ | 6,289 | 5,871 |
Carrying Value | March 31, 2020 | December 31, 2019 | |||||||||||||||||||||
(In thousands, except for %) | Amount | % | Amount | % | |||||||||||||||||||
Cash and Invested Assets | |||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||
U.S. Treasury and U.S. Government-sponsored enterprises | $ | 16,678 | 1.1 | % | $ | 15,878 | 1.0 | % | |||||||||||||||
States and political subdivisions (1) | 503,295 | 33.6 | % | 536,284 | 35.1 | % | |||||||||||||||||
Corporate | 651,894 | 43.5 | % | 650,088 | 42.6 | % | |||||||||||||||||
Mortgage-backed (2) | 140,478 | 9.4 | % | 131,387 | 8.6 | % | |||||||||||||||||
Asset-backed | 43,777 | 2.9 | % | 44,203 | 2.9 | % | |||||||||||||||||
Foreign governments | 122 | — | % | 119 | — | % | |||||||||||||||||
Total fixed maturity securities | 1,356,244 | 90.5 | % | 1,377,959 | 90.2 | % | |||||||||||||||||
Short-term investments | 690 | 0.1 | % | 1,301 | 0.1 | % | |||||||||||||||||
Cash and cash equivalents | 34,944 | 2.3 | % | 46,205 | 3.0 | % | |||||||||||||||||
Other investments: | |||||||||||||||||||||||
Policy loans | 81,329 | 5.4 | % | 82,005 | 5.4 | % | |||||||||||||||||
Equity securities | 19,369 | 1.3 | % | 16,033 | 1.1 | % | |||||||||||||||||
Real estate and other long-term investments | 5,751 | 0.4 | % | 2,956 | 0.2 | % | |||||||||||||||||
Total cash and invested assets | $ | 1,498,327 | 100.0 | % | $ | 1,526,459 | 100.0 | % |
Carrying Value | March 31, 2020 | December 31, 2019 | |||||||||||||||||||||
(In thousands, except for %) | Amount | % | Amount | % | |||||||||||||||||||
AAA | $ | 47,468 | 3.5 | % | $ | 56,977 | 4.1 | % | |||||||||||||||
AA | 501,434 | 37.0 | % | 513,190 | 37.2 | % | |||||||||||||||||
A | 388,436 | 28.6 | % | 385,345 | 28.0 | % | |||||||||||||||||
BBB | 391,248 | 28.8 | % | 406,515 | 29.5 | % | |||||||||||||||||
BB and other | 27,658 | 2.1 | % | 15,932 | 1.2 | % | |||||||||||||||||
Totals | $ | 1,356,244 | 100.0 | % | $ | 1,377,959 | 100.0 | % |
General Obligation | Special Revenue | Other | Total | % Based on Amortized Cost | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except for %) | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | |||||||||||||||||||||||||||||||||||||||||||||
Municipal fixed maturity securities shown including third-party guarantees | |||||||||||||||||||||||||||||||||||||||||||||||||||||
AAA | $ | 26,052 | 25,592 | 12,257 | 11,956 | — | — | 38,309 | 37,548 | 7.9 | % | ||||||||||||||||||||||||||||||||||||||||||
AA | 102,178 | 98,517 | 158,152 | 151,590 | 12,747 | 11,299 | 273,077 | 261,406 | 54.5 | % | |||||||||||||||||||||||||||||||||||||||||||
A | 23,481 | 22,303 | 128,858 | 118,957 | 7,688 | 7,067 | 160,027 | 148,327 | 31.0 | % | |||||||||||||||||||||||||||||||||||||||||||
BBB | 4,794 | 4,796 | 12,721 | 12,245 | 1,532 | 1,450 | 19,047 | 18,491 | 3.9 | % | |||||||||||||||||||||||||||||||||||||||||||
BB and other | 4,830 | 4,970 | 8,005 | 7,877 | — | — | 12,835 | 12,847 | 2.7 | % | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 161,335 | 156,178 | 319,993 | 302,625 | 21,967 | 19,816 | 503,295 | 478,619 | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||||
Municipal fixed maturity securities shown excluding third-party guarantees | |||||||||||||||||||||||||||||||||||||||||||||||||||||
AAA | $ | 5,013 | 4,899 | 520 | 512 | — | — | 5,533 | 5,411 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||||
AA | 79,109 | 77,966 | 86,522 | 83,403 | 8,209 | 7,054 | 173,840 | 168,423 | 35.2 | % | |||||||||||||||||||||||||||||||||||||||||||
A | 38,184 | 36,421 | 166,299 | 154,896 | 10,612 | 9,793 | 215,095 | 201,110 | 42.0 | % | |||||||||||||||||||||||||||||||||||||||||||
BBB | 10,011 | 9,641 | 29,004 | 27,934 | — | — | 39,015 | 37,575 | 7.9 | % | |||||||||||||||||||||||||||||||||||||||||||
BB and other | 29,018 | 27,251 | 37,648 | 35,880 | 3,146 | 2,969 | 69,812 | 66,100 | 13.8 | % | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 161,335 | 156,178 | 319,993 | 302,625 | 21,967 | 19,816 | 503,295 | 478,619 | 100.0 | % |
(In thousands) | Fair Value | Amortized Cost | % of Total Fair Value | ||||||||||||||
Utilities | $ | 109,272 | 102,894 | 21.7 | % | ||||||||||||
Education | 84,595 | 79,277 | 16.8 | % | |||||||||||||
March 31, 2020 | General Obligation | Special Revenue | Other | Total | |||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | |||||||||||||||||||||||||||||||||||||||
Texas municipal fixed maturity securities shown including third-party guarantees | |||||||||||||||||||||||||||||||||||||||||||||||
AAA | $ | 25,050 | 24,669 | 9,366 | 9,080 | — | — | 34,416 | 33,749 | ||||||||||||||||||||||||||||||||||||||
AA | 23,793 | 23,338 | 13,710 | 12,930 | — | — | 37,503 | 36,268 | |||||||||||||||||||||||||||||||||||||||
A | — | — | 6,641 | 6,014 | — | — | 6,641 | 6,014 | |||||||||||||||||||||||||||||||||||||||
BBB | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
BB and other | — | — | 829 | 776 | — | — | 829 | 776 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 48,843 | 48,007 | 30,546 | 28,800 | — | — | 79,389 | 76,807 | ||||||||||||||||||||||||||||||||||||||
Texas municipal fixed maturity securities shown excluding third-party guarantees | |||||||||||||||||||||||||||||||||||||||||||||||
AAA | $ | 4,597 | 4,485 | — | — | — | — | 4,597 | 4,485 | ||||||||||||||||||||||||||||||||||||||
AA | 35,910 | 35,500 | 12,860 | 12,547 | — | — | 48,770 | 48,047 | |||||||||||||||||||||||||||||||||||||||
A | 6,084 | 5,866 | 12,803 | 11,671 | — | — | 18,887 | 17,537 | |||||||||||||||||||||||||||||||||||||||
BBB | 1,235 | 1,155 | 553 | 530 | — | — | 1,788 | 1,685 | |||||||||||||||||||||||||||||||||||||||
BB and other | 1,017 | 1,001 | 4,330 | 4,052 | — | — | 5,347 | 5,053 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 48,843 | 48,007 | 30,546 | 28,800 | — | — | 79,389 | 76,807 |
March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
(In thousands) | Amortized Cost | Fair Value | Net Unrealized Gains (Losses) | Amortized Cost | Fair Value | Net Unrealized Gains | |||||||||||||||||||||||||||||
Total fixed maturity securities | $ | 1,314,907 | 1,356,244 | 41,337 | 1,293,853 | 1,377,959 | 84,106 | ||||||||||||||||||||||||||||
Total equity securities | $ | 19,528 | 19,369 | (159) | 15,055 | 16,033 | 978 |
Exhibit Number | The following exhibits are filed herewith: | |||||||
101.INS | The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | |||||||
101.SCH | XBRL Taxonomy Extension Schema* | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase* | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase* | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase* | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase* |
CITIZENS, INC. | |||||||||||
By: | /s/ Geoffrey M. Kolander | ||||||||||
Geoffrey M. Kolander | |||||||||||
President, Chief Executive Officer and Director | |||||||||||
By: | /s/ Jeffery P. Conklin | ||||||||||
Jeffery P. Conklin | |||||||||||
Vice President, Chief Financial Officer and Treasurer | |||||||||||
Date: | May 7, 2020 |
By: | /s/ Geoffrey M. Kolander | ||||||||||
Geoffrey M. Kolander | |||||||||||
President & Chief Executive Officer | |||||||||||
Date: | May 7, 2020 |
By: | /s/ Jeffery P. Conklin | ||||||||||
Jeffery P. Conklin | |||||||||||
Vice President, Chief Financial Officer and Treasurer | |||||||||||
Date: | May 7, 2020 |
/s/ Geoffrey M. Kolander | ||||||||
Name: | Geoffrey M. Kolander | |||||||
Title: | President, Chief Executive Officer and Director | |||||||
Date: | May 7, 2020 |
/s/ Jeffery P. Conklin | ||||||||
Name: | Jeffery P. Conklin | |||||||
Title: | Vice President, Chief Financial Officer and Treasurer | |||||||
Date: | May 7, 2020 |
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Financial Statements |
3 Months Ended |
---|---|
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | FINANCIAL STATEMENTS BASIS OF PRESENTATION AND CONSOLIDATION The consolidated financial statements include the accounts and operations of Citizens, Inc. ("Citizens" or the "Company"), a Colorado corporation, and its wholly-owned subsidiaries, CICA Life Insurance Company of America ("CICA"), Citizens National Life Insurance Company ("CNLIC"), CICA Life Ltd. ("CICA Ltd."), Security Plan Life Insurance Company ("SPLIC"), Security Plan Fire Insurance Company ("SPFIC"), Magnolia Guaranty Life Insurance Company ("MGLIC") and Computing Technology, Inc. ("CTI"). All significant inter-company accounts and interactions have been eliminated. Citizens and its wholly-owned subsidiaries are collectively referred to as the "Company", "we", "us" or "our". The consolidated balance sheets as of March 31, 2020, the consolidated statements of operations and comprehensive income (loss), stockholders' equity and cash flows for the three months ended March 31, 2020 and March 31, 2019 have been prepared by the Company without audit. In the opinion of management, all normal and recurring adjustments to present fairly the financial position, results of operations, and changes in cash flows at March 31, 2020 and for comparative periods have been made. The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission ("SEC"). Accordingly, the consolidated financial statements do not include all the information and footnotes required for complete financial statements and should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. We provide primarily life insurance and a small amount of health insurance policies through our insurance subsidiaries - CICA, CNLIC, CICA Ltd., SPLIC and MGLIC. CICA and CNLIC issued ordinary whole-life policies, credit life and disability, and accident and health related policies, throughout the Midwest and southern U.S. until they ceased most domestic sales beginning January 1, 2017. CICA Ltd. primarily issues endowment and ordinary whole-life policies to non-U.S. residents. SPLIC offers final expense and home service life insurance in Louisiana, Arkansas and Mississippi. SPFIC, a wholly-owned subsidiary of SPLIC, writes a limited amount of property insurance in Louisiana and Arkansas. MGLIC provides industrial life policies through independent funeral homes in Mississippi. CTI provides data processing systems and services to the Company. USE OF ESTIMATES The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include those used in the evaluation of credit allowances on fixed maturity securities, actuarially determined assets and liabilities and assumptions, tests of goodwill impairment, valuation allowance on deferred tax assets, valuation of uncertain tax positions and contingencies relating to litigation and regulatory matters. Certain of these estimates are particularly sensitive to market conditions, and deterioration and/or volatility in the worldwide debt or equity markets could have a material impact on the consolidated financial statements. On March 11, 2020, the World Health Organization declared the outbreak of a novel coronavirus ("COVID-19") as a global pandemic, which continues to spread throughout the United States and around the world. The declaration of a global pandemic indicates that almost all public commerce and related business activities must be, to varying degrees, curtailed with the goal of decreasing the rate of new infections. This has significantly affected the equity and credit markets, and could negatively impact our assets and liabilities. While we continue to evaluate our estimates in the above described areas, additional negative impacts may occur that could cause those estimates to be materially different and other financial impacts could occur though such potential impacts are unknown at this time. SIGNIFICANT ACCOUNTING POLICIES For a description of our significant accounting policies, see Note 1. Summary of Significant Accounting Policies in the notes to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019, which should be read in conjunction with these accompanying consolidated financial statements. Investment securities. We assess all available-for-sale ("AFS") fixed maturity securities in an unrealized loss position for expected credit losses. First, we assess whether we intend to sell, or it is more likely than not that we will be required to sell, the security before recovery of its amortized cost. If either of the criteria is met, the security's amortized cost is written down to its fair value. For AFS fixed maturity securities that do not meet either criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. Any impairment that has not been recorded through an allowance for credit losses is recognized in accumulated other comprehensive income on our consolidated balance sheets. Changes in the allowance for credit losses are recorded through realized capital losses. The Company made a policy election to exclude accrued interest from the amortized cost of AFS fixed maturity securities and report accrued interest separately in accrued investment income in the consolidated balance sheets. AFS fixed maturity securities are placed on non-accrual status when we no longer expect to receive all contractual amounts due. Accrued interest receivable is reversed against interest income when a security is placed on non-accrual status. Accordingly, we do not recognize an allowance for credit loss against accrued interest receivable. We initially estimate the fair value of investments in private equity funds by reference to the transaction price. Subsequently, we obtain the fair value of these investments from net asset value information provided by the general partner or manager of the investments, the financial statements of which are audited annually. These investments are included in other invested assets.
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Accounting Pronouncements (Details) - USD ($) $ in Thousands |
Mar. 31, 2020 |
Jan. 01, 2020 |
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New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Accounting standards adopted January 1, 2020 | $ (395) | |
Accounting Standards Update 2016-13 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Accounting standards adopted January 1, 2020 | $ (400) |
Investments (Cash, Cash Equivalents and Investments) (Details) - USD ($) $ in Thousands |
Mar. 31, 2020 |
Dec. 31, 2019 |
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Investments, Debt and Equity Securities [Abstract] | ||
Fixed maturity securities | $ 1,356,244 | $ 1,377,959 |
Fixed maturity securities, percent | 90.50% | 90.20% |
Equity security | $ 19,369 | $ 16,033 |
Equity securities, percent | 1.30% | 1.10% |
Policy loans | $ 81,329 | $ 82,005 |
Policy loans, percent | 5.40% | 5.40% |
Real estate and other long-term investments | $ 5,751 | $ 2,956 |
Real estate and other long-term investments, percent | 0.40% | 0.20% |
Short-term investments | $ 690 | $ 1,301 |
Short-term investments, percent | 0.10% | 0.10% |
Cash and cash equivalents | $ 34,944 | $ 46,205 |
Cash and cash equivalents, percent | 2.30% | 3.00% |
Total invested assets | $ 1,498,327 | $ 1,526,459 |
Total invested assets, percent | 100.00% | 100.00% |
Investments |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | INVESTMENTS The Company invests primarily in fixed maturity securities, which totaled 90.5% of total invested assets at March 31, 2020, as shown below.
The following tables represent the amortized cost, gross unrealized gains and losses and fair value of fixed maturities as of the dates indicated.
Most of the Company's equity securities are diversified stock and bond mutual funds.
VALUATION OF INVESTMENTS Available-for-sale securities are reported in the consolidated financial statements at fair value. Equity securities are measured at fair value with the change in fair value recorded through net income. The Company recognized net realized losses of $1.1 million on equity securities held for the three months ended March 31, 2020 and gains of $0.6 million for the period ended March 31, 2019. In the first quarter of 2019, the Company sold its former corporate office in Austin, Texas for a gross sales price of $7.5 million, resulting in a gain on the sale of $5.5 million. The building was owned by CICA within our Life Insurance segment. The Company monitors all fixed maturity securities on an on-going basis relative to changes in credit ratings, market prices, earnings trends and financial performance, in addition to specific region or industry reviews. The Company evaluates whether a credit impairment exists for fixed maturity securities by considering primarily the following factors: (a) changes in the financial condition of the security's underlying collateral; (b) whether the issuer is current on contractually obligated interest and principal payments; (c) changes in the financial condition, credit rating and near-term prospects of the issuer; and (d) the payment structure of the security. The Company's best estimate of expected future cash flows used to determine the credit loss amount is a quantitative and qualitative process. Quantitative review includes information received from third-party sources such as financial statements, pricing and rating changes, liquidity and other statistical information. Qualitative factors include judgments related to business strategies, economic impacts on the issuer, overall judgment related to estimates and industry factors as well as the Company's intent to sell the security, or if it is more likely than not that the Company would be required to sell a security before recovery of its amortized cost. The Company's best estimate of future cash flows involves assumptions including, but not limited to, various performance indicators, such as historical and projected default and recovery rates, credit ratings, and current delinquency rates. These assumptions require the use of significant management judgment and include the probability of issuer default and estimates regarding timing and amount of expected recoveries, which may include estimating the underlying collateral value. In addition, projections of expected future fixed maturity security cash flows may change based upon new information regarding the performance of the issuer. Any credit losses are presented as an allowance rather than as a write-down on AFS fixed maturity securities management does not intend to sell or believes that it is more likely than not we will be required to sell. We adopted ASU 2016-13 using the prospective transition approach for fixed maturity securities for which other-than-temporary impairment had been recognized prior to January 1, 2020. As a result, the amortized cost remains the same before and after adoption. The effective interest rate on these fixed maturity securities was not changed. Amounts previously recognized in accumulated other comprehensive income as of January 1, 2020 relating to improvements in cash flow expected to be collected will be accreted into income over the remaining life of the asset. Recoveries of amounts previously written off relating to improvements in cash flows after January 1, 2020 will be recorded in earnings when received. For the three months ended March 31, 2020, the Company recorded no credit valuation losses on fixed maturity securities and recognized no fixed maturity investment impairments for the three months ended March 31, 2019. The following table presents the fair values and gross unrealized losses of fixed maturity securities that are not deemed to have credit losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position at March 31, 2020.
The COVID-19 pandemic has severely impacted equity and credit markets, leading to net unrealized losses of $40.1 million at March 31, 2020. In each category of our fixed maturity securities described below, we do not intend to sell our investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. While the losses are currently unrealized, we continue to monitor all fixed maturity securities on an on-going basis and future information may become available which could result in an allowance being recorded. States and political subdivisions. The Company's investments in states and political subdivisions were purchased at a premium, relative to their face amount, and the contractual cash flows are guaranteed by the respective state or political subdivision. Accordingly, it is expected that the securities will not be settled at a price less than the amortized costs bases of the Company's investments. Corporate. We did not recognize credit losses on corporate securities with unrealized losses that were due to interest rate sensitivity and changes in credit spreads. We believe that fluctuations caused by movements in interest rates and credit spreads have little bearing on the recoverability of our investments. While we are experiencing unrealized losses across several corporate sectors, the energy and automobile sectors have been impacted the most and some issuers within these sectors have been downgraded to below investment grade. We have assessed our exposure in the energy sector and believe our investments have access to sufficient liquidity to meet their debt obligations. We believe that the auto industry will benefit from the recent Federal Reserve program which expanded its corporate bond-buying program to include a primary market facility that specifies that companies recently downgraded from investment grade to the first-tier of junk bonds will be eligible for this relief. The automobile sector is included in the Consumer subtotal above. Asset-backed. Our asset-backed securities are primarily senior tranches of pools of aircraft leases to airlines around the world. If an airline were to go bankrupt and default on its lease, the trust would repossess the plane and relet or sell it. There have been no defaults on leases to date, however the leases contain a feature that allows lessors to defer their lease payments for three months, with the funds recaptured with interest when payments resume. Several of the lessors have requested this deferral. We do not expect to realize any losses for these securities and see the current valuations as a result of general market conditions. Currently all of these securities are rated at investment grade. The following table presents the fair values and gross unrealized losses of fixed maturity securities that are not deemed to have other than temporary impairment ("OTTI"), aggregated by investment category and length of time that individual securities have been in a continuous loss position at December 31, 2019.
We have reviewed the securities in an unrealized loss position for the period ended December 31, 2019 and determined that no OTTI exists that has not been recognized based on our evaluation of the credit worthiness of the issuers and the fact that we do not intend to sell the investments nor is it likely that we will be required to sell the securities before recovery of their amortized costs bases which may be maturity. The amortized cost and fair value of fixed maturity securities at March 31, 2020 by contractual maturity are shown in the table below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date have been reflected based upon final stated maturity.
The Company uses the specific identification method of the individual security to determine the cost basis used in the calculation of realized gains and losses related to security sales.
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Related Party Transactions |
3 Months Ended |
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Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS The Company has various routine related party transactions in conjunction with our holding company structure, such as a management service agreement related to costs incurred, a tax sharing agreement between entities, and inter-company dividends and capital contributions. There were no changes related to these relationships during the three months ended March 31, 2020. See our Annual Report on Form 10-K for the year ended December 31, 2019 for a comprehensive discussion of related party transactions. |
Earnings Per Share (Tables) |
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Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following tables set forth the computation of basic and diluted earnings per share.
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Commitments and Contingencies (Details) - USD ($) $ in Millions |
3 Months Ended | |
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Jul. 01, 2018 |
Mar. 31, 2020 |
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Loss Contingencies [Line Items] | ||
Novation Date | Jul. 01, 2018 | |
Total costs to remediate IRC Section 7702 issue | $ 10.0 | |
Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Cost Range to Remediate IRC Section 7702 Issue | 7.4 | |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Cost Range to Remediate IRC Section 7702 Issue | $ 52.5 |
Segment Information (Tables) |
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Segment Reporting Information, Operating Income (Loss) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The Company's Other Non-Insurance Enterprises are the only reportable difference between segments and consolidated operations.
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Stockholders' Equity and Restrictions |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note Disclosure | STOCKHOLDERS' EQUITY AND RESTRICTIONS EARNINGS PER SHARE The following tables set forth the computation of basic and diluted earnings per share.
CAPITAL AND SURPLUS Each of our regulated insurance subsidiaries is required to meet stipulated regulatory capital requirements. These include capital requirements imposed by the U.S. National Association of Insurance Commissioners ("NAIC") and the Bermuda Monetary Authority ("BMA"). CICA Ltd. is a wholly-owned subsidiary of Citizens and is domiciled in Bermuda. The BMA requires insurers domiciled in Bermuda to maintain available statutory economic capital and surplus at a level equal to or in excess of its enhanced capital requirement (“ECR”), which the Company calculates by using the Bermuda Solvency Capital Requirement (“BSCR”). The BMA has established a target capital level (“TCL”) that requires insurers to maintain available statutory economic capital and surplus equal to 120% of its ECR. We normally experience fluctuations in the fair values of our assets and liabilities, which impact our ECR ratio. As of March 31, 2020, CICA Ltd.’s available statutory economic capital and surplus was below the TCL by $8.9 million. Two key components of available statutory economic capital and surplus were adversely affected at March 31, 2020 due to the disruption that the COVID-19 pandemic has had on the worldwide economy: 1) the fair value of our assets decreased, and 2) interest rates prescribed by the BMA decreased resulting in an increase of our statutory economic insurance liabilities. Since CICA Ltd. failed to meet the TCL at March 31, 2020, we have complied with applicable regulations and notified the BMA in writing and will file a report with the BMA within the required timeframe to provide details of the circumstances leading to the failure and a plan to rectify the failure. Subsequent to March 31, 2020, the fair value of our assets has increased and we estimate that CICA Ltd. is above the TCL threshold at April 30, 2020. However, due to continued uncertainty surrounding the impacts of COVID-19, there could be scenarios that require the Company to either inject capital into CICA Ltd. or issue a parental guarantee.
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Income Tax |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | Our provision for income taxes may not have the customary relationship of taxes to income. CICA Ltd., a wholly owned subsidiary of Citizens, 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’ taxable income. For the three months ended March 31, 2020, the Subpart F income inclusion generated $0.7 million of federal income tax expense. A reconciliation between the U.S. corporate income tax rate and the effective income tax rate is as follows:
A reconciliation of federal income tax expense above is computed by applying the federal income tax rate of 21% in 2020 and 2019 to income before federal income tax expense. Income tax expense consists of:
The components of deferred federal income taxes are as follows:
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Label | Element | Value |
---|---|---|
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 0 |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (395,000) |
Treasury Stock [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 0 |
Common Class B [Member] | Common Stock [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 0 |
Common Class A [Member] | Common Stock [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 0 |
Supplemental Disclosure of Noncash Investing and Financing Activities Statement - USD ($) |
3 Months Ended | |
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Mar. 31, 2020 |
Mar. 31, 2019 |
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Supplemental Disclosure of Noncash Investing and Financing Activities [Abstract] | ||
Noncash or Part Noncash Acquisition, Investments Acquired | $ 3,100,000 | $ 8,800,000 |
Noncash or Part Noncash Acquisition, Net Unsettled Security Trades | $ 3,400,000 | $ 4,900,000 |
Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation between the U.S. corporate income tax rate and the effective income tax rate is as follows:
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Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income tax expense consists of:
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Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of deferred federal income taxes are as follows:
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Equity (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2020
USD ($)
| |
Equity [Abstract] | |
Target Capital Level Foreign Regulation Percent | 12000.00% |
Required Amount to Meet Target Minimum Capital, Foreign Regulation | $ 8.9 |
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