8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 8, 2008

CITIZENS, INC.

(Exact name of registrant as specified in its charter)

COLORADO	0-16509	84-0755371
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

400 East Anderson Lane
Austin, Texas 78752
(Address of principal executive offices) (Zip Code)

(512) 837-7100
(Registrant’s telephone number, including area code)

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

SECTION 2 – FINANCIAL INFORMATION

Item 2.02 Results of Operations and Financial Condition.

On May 8, 2008, Citizens, Inc. (“Citizens”) issued a news release (the “Release”) reporting, among other things, results for the first quarter ended March 31, 2008. A copy of the Release is included as Exhibit 99.8 to this Current Report on Form 8-K and incorporated herein by reference. Citizens also announced that it would hold a conference call to discuss its financial results at 10:00 a.m. Central Daylight Time on Friday May 9, 2008.

The information in this report is being furnished, not filed, for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and pursuant to Item 2.02 of Form 8-K will not be incorporated by reference into any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

Item 9.01 Financial Statements and Exhibits

(d)	Exhibits:
99.8	News Release issued by Citizens, Inc. on May 8, 2008.

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SIGNATURE

     Pursuant to the requirement of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	CITIZENS, INC
	By:	/s/ Rick D. Riley
		Rick D. Riley, Vice Chairman and
Date: May 8, 2008		President

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EXHIBIT INDEX

Exhibit No.	Description
99.8	News Release issued by Citizens, Inc. on May 8, 2008

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EX-99.8

Exhibit 99.8

News Release

FOR FURTHER INFORMATION CONTACT:

Randall H. Riley

Vice President, Investor Relations

FOR IMMEDIATE RELEASE

CITIZENS, INC. FIRST QUARTER EARNINGS RESULTS

Austin, Texas – May 8, 2008 – Citizens, Inc. (NYSE: CIA) reported net income of $2.7 million or $0.05 per share of Class A common stock for the quarter ended March 31, 2008, a 12.1% increase over net income of $2.4 million or $0.05 per share of Class A common stock during the same period in 2007. The increase was primarily due to higher premium income, fueled by continued strong renewal life insurance premiums as well as an increase in net investment income.

Total revenues for the first three months of 2008 were $39.9 million compared to $38.4 million in 2007, an increase of 3.9%. Continued growth in premium income in the international life business, as well as the increase in net investment income were the primary reasons for the increase in revenues. Premiums for the first quarter of 2008 increased 4.0% to $32.7 million from $31.4 million in the first quarter of 2007, due to continued persistency in the international life and home service segments. Net investment income increased 5.6% during the first quarter of 2008 to $7.5 million compared to $7.1 million in the first quarter 2007. The increase was due primarily from the growth in the investment portfolio during 2007 and the first part of 2008.

Claims and surrenders decreased slightly to $13.1 million in the first quarter 2008 compared to $13.2 million in the first quarter of 2007, due primarily to favorable death claim experience comparatively between quarters.

Underwriting, acquisition and insurance expense were unchanged in the first quarter of 2008 from 2007 at $6.9 million, largely related to integration of our Home Service segment into Citizens’ back office operations.

Assets at March 31, 2008 totaled $794.2 million, compared to $787.9 million at December 31, 2007. Stockholders’ equity at March 31, 2008 was $176.3 million compared to $176.2 million at December 31, 2007.

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P.O. Box 149151  § Austin, Texas 78714-9151 § Phone 512 837-7100 § Fax: 512-836-9334
email: PR@citizensinc.com § web site: www.citizensinc.com

Citizens, Inc. will host a conference call to discuss its first quarter 2008 operating results at 10:00 a.m. Central Daylight Time on Friday, May 9, 2008, and will be hosted by Rick D. Riley, Vice Chairman and President, Tom Kopetic, Chief Financial Officer and other members of the Citizens, Inc. management team.

To participate in the Citizens, Inc. conference call on Friday, May 9, 2008, please dial (888) 742-8686 and when prompted enter confirmation code #8442219. It is recommended you dial in 3-5 minutes before the call is scheduled to begin.

About Citizens, Inc.

Citizens, Inc. is a financial services company listed on the New York Stock Exchange under the symbol CIA. The Company plans to achieve $1 billion in assets, $250 million in revenues and $10 billion of life insurance in force by 2010, via the worldwide sale of U.S. dollar denominated whole life cash value insurance policies, coupled with the acquisition of other life insurance companies. Citizens’ Class A common stock closed at $6.30 on May 7, 2008.

Additional information is available about the Company on its web site: www.citizensinc.com.

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Information herein contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by words such as “may,” “will,” “expect,” “anticipate” or “continue” or comparable words. In addition, all statements other than statements of historical facts that address activities that the Company expects or anticipates will or may occur in the future are forward-looking statements. Readers are encouraged to read the SEC reports of the Company, particularly its Form 10-K for the fiscal year ended December 31, 2007, its quarterly reports on Form 10-Q and its current reports on Form 8-K, for the meaningful cautionary language disclosing why actual results may vary materially from those anticipated by management. The Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in the Company’s expectations. The Company also disclaims any duty to comment upon or correct information that may be contained in reports published by the investment community.

CITIZENS, INC.
COMPARATIVE CONSOLIDATED FINANCIAL HIGHLIGHTS
(In thousands, except per share amounts)

OPERATING STATEMENTS

	(Unaudited)
	Three Months Ended
	March 31,
	2008			2007
Revenues
Premiums	$	32,670		$	31,441
Net investment income		7,464			7,067
Realized gains (losses), net		16			(13	)
Increase in fair value of warrants		(503	)		(427	)
Other income		279			352
Total revenues		39,926			38,420
Benefits and Expenses
Insurance benefits paid or provided:
Claims and surrenders		13,078			13,180
Increase in future policy benefit reserves		6,997			6,935
Policyholders’ dividends		1,377			1,230
Total insurance benefits paid or provided		21,452			21,345
Commissions		7,711			8,389
Other underwriting, acquisition and insurance expenses		6,911			6,900
Capitalization of deferred policy acquisition costs		(4,855	)		(6,124	)
Amortization of deferred policy acquisition costs		3,562			3,151
Amortization of cost of customer relationships acquired and other intangibles		764			841
Total benefits and expenses		35,545			34,502
Income before Federal income tax		4,381			3,918
Federal income tax expense		1,646			1,479
Net income	$	2,735		$	2,439
Net income applicable to common stock	$	2,223		$	1,936
Basic and diluted earnings per share of Class A common stock	$	0.05		$	0.05
Basic and diluted earnings per share of Class B common stock	$	0.03		$	0.02

BALANCE SHEETS

	(Unaudited)
	March 31,		December 31,
	2008		2007
Total assets	$	794,209	$	787,909
Total invested assets		591,212		585,296
Stockholders’ equity		176,289		176,157