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

On November 13, 2003, Citizens, Inc. issued a press release announcing third quarter 2003 financial results. A copy of the press release as well as supplemental information is furnished with this report as Exhibit 99.1, and is incorporated herein by reference.

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 12 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.

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.

Austin, Texas – November 13, 2003 – Citizens, Inc. (NYSE: CIA), reported net income of $1,314,000 or $0.04 per share for the three months ended September 30, 2003, compared to net income of $223,000, or $0.01 per share, for the same period in 2002. A reduction in claims and surrenders combined with an increase in net investment income contributed to the increased net income for the quarter.

Total revenues increased 12.4%, to $25.0 million for the three months ended September 30, 2003, compared to the same period in 2002 when revenues were $22.3 million. The acquisition of First Alliance Corporation in February 2003 added $1.4 million to the revenues for the quarter. Additionally, increased life insurance premiums written by the Company’s other subsidiaries coupled with higher investment income and greater realized investment gains offset lower accident and health premiums. Premium income for the quarter was $20.5 million, compared to $18.5 million for 2002, an increase of 10.3%. Net investment income increased 6.1% for the three months ended September 30, 2003, amounting to $3.7 million compared to $3.5 million for the same period in 2002, with the acquisition of First Alliance contributing to the increase. Third quarter claims and surrenders decreased $700,000 from the same period in 2002 as the result of decreases in accident and health benefits and lower surrender activity. Management non-renewed virtually all of the Company’s major medical business in April 2003 due to unfavorable loss ratios. This action will lower annual revenues by approximately $2.3 million but is a contributor to the declining accident and health benefits. Underwriting, acquisition and insurance expenses for the quarter increased from $4.1 million in 2002 to $4.9 million in 2003, with the increase primarily attributable to the acquisition of First Alliance.

For the nine months ended September 30, 2003, the Company earned net income of $941,000 or $0.03 per share, compared to $2,900,000, or $0.10 per share, for the same period in 2002. Increased claims and surrenders and amortization of cost of customer relationships acquired contributed to lower income for the nine months ended September 30, 2003, compared to 2002.

Total revenues increased by 15.0%, for the nine months ended September 30, 2003 to $68.2 million compared to the same period in 2002 when revenues were $59.3 million. The increase was primarily the result of the three acquisitions since March 2002. Realized gains for the nine months ended September 30, 2003, amounted to $1.0 million compared to $200,000 for the same period in 2002 because of selective sales of securities from earlier acquisitions that did not meet the Company’s quality criteria.

Claims and surrenders increased $2.4 million for the nine months ended September 30, 2003, driven by $1.3 million in surrender expense related to the acquisition of First Alliance and a increase of $1.3 million in accident and health benefits related to the acquisitions completed in March 2002. In addition to the non-renewal of the major medical business, significant rate increases have been implemented on the accident and health business remaining in force. Death claims and surrenders on the Company’s core book of business decreased by approximately $1.3 million.

Underwriting, acquisition and insurance expenses increased from $10.2 million in the first nine months of 2002 to $14.7 million for the same period in 2003. The acquisition of First Alliance added $1.2 million in expense. Additionally, included in 2003 expenses is approximately $900,000 related to marketing expenses previously borne by the Company’s International Marketing Manager, who was terminated in late 2002. Although expenses will increase as a result of this action, a portion of the increase is offset by the fact that lower first year commissions are paid. Other factors in the increased expenses relate to the start-up costs of the Company’s USA marketing program and other merger and acquisition activities.

Amortization of cost of customer relationships acquired increased to $5.1 million during the first nine months of 2003 from $1.9 million for the same period in 2002. The increase relates to the amortization of cost of customer relationships acquired through the three acquisitions completed since March 2002. Approximately $1.2 million of such amortization was recorded as a result of the non-renewal of the major medical business described above (which was offset by a release of policy reserves).

Assets at September 30, 2003, totaled $369.7 million, compared to $326.3 million at December 31, 2002, an increase of 13.3%. Stockholders’ equity increased to $119,041,852 at September 30, 2003, from $101,792,305 at December 31, 2002. The growth in assets and equity was principally related to the Company’s acquisition of First Alliance for 2.6 million shares of Class A common stock.

On March 7, 2003, Citizens entered into a Plan and Agreement of Merger with Mid-American Alliance Corporation (Mid-American) a Missouri insurance holding company, whereby Citizens will acquire all of the outstanding shares of Mid-American for shares of its Class A common stock in a transaction valued at $8.2 million. A special meeting of the Mid-American shareholders is scheduled for November 18, 2003, and closing of the acquisition is contemplated to occur shortly thereafter, assuming all conditions are met and shareholder approval is obtained.

Citizens, Inc. is a financial services company listed on the New York Stock Exchange under the symbol CIA. Its growth strategy is to achieve $1 billion in assets, $250 million in revenues and $10 billion of life insurance in force by 2010 targeting the sale of U.S. dollar whole life insurance policies in the United States and overseas, and via the acquisition of other life insurance companies.

Citizens is included in the Russell 2000^® Index, which measures the performance of the largest companies in the U.S. stock market, based on market capitalization. Citizens’ stock closed at $9.45 on November 12, 2003.

Additional information is available at the Company’s web site: www.citizensinc.com.

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, 2002, for the meaningful cautionary language disclosing why actual results may vary materially from those anticipated by management.


				(Unaudited)						(Unaudited)
				Nine-Months Ended						Three-Months Ended
				September 30,						September 30,

				2003			2002			2003			2002

Revenues
	Premium income			$	55,867,983		$	48,028,142		$	20,451,093		$	18,537,959
	Annuity and universal life considerations				247,158			200,197			81,346			51,220
	Net investment income				10,521,530			10,562,276			3,720,331			3,505,043
	Realized gains				989,847			172,861			523,275			42,025
	Other income				609,249			356,154			238,202			117,642

			Total revenues	$	68,235,767		$	59,319,630		$	25,014,247		$	22,253,889
Benefits and Expenses
Insurance benefits paid or provided:
	Increase in future policy benefit reserves			$	4,736,044		$	4,867,175		$	2,693,965		$	1,537,076
	Policyholders’ dividends				2,559,430			2,490,803			978,665			922,888
	Claims and surrenders				29,476,507			27,084,175			10,022,800			10,741,046
	Annuity expenses				257,778			199,710			114,013			60,634

			Total revenues benefits paid or provided		37,029,759			34,641,863			13,809,443			13,261,644

	Commissions				12,564,190			11,493,195			4,772,855			4,362,659
	Other underwriting, acquisition and insurance expenses				14,675,995			10,229,464			4,949,190			4,052,063
	Capitalization of deferred policy acquisition costs				(11,718,064	)		(9,910,941	)		(4,808,408	)		(3,979,716	)
	Amortization of deferred policy acquisition costs				9,222,629			7,118,730			3,561,968			3,030,402
	Amortization of cost of customer relationships acquired				5,147,240			1,895,733			881,857			1,107,176

			Total benefits and expenses		66,921,749			55,468,044			23,166,905			21,834,228

Income before federal income tax				$	1,314,018		$	3,851,586		$	1,847,342		$	419,661
Federal income tax expense				$	372,901		$	951,950		$	532,898		$	196,729

		Net income		$	941,117		$	2,899,636		$	1,314,444		$	222,932


	(Unaudited)		(Unaudited)		(Unaudited)				(Unaudited)
	September 30,		June 30,		March 31,		December 31,		September 30,
	2003		2003		2003		2002		2002

Total assets	$	369,698,028	$	372,278,718	$	364,315,985	$	326,291,001	$	320,477,535
Total invested assets	$	266,105,355	$	229,756,599	$	219,820,972	$	226,008,600	$	216,758,585
Stockholders’ equity	$	119,041,852	$	119,383,720	$	119,980,032	$	101,792,305	$	97,617,296


COLORADO	0-16509	84-0755371

(State or other jurisdiction of incorporation	(Commission File Number)	(IRS Employer Identification No.)


	ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
	ITEM 12: RESULTS OF OPERATIONS AND FINANCIAL CONDITION
SIGNATURE
EXHIBIT INDEX
EX-99.1 Press Release


Exhibit No.		Description

99.1		Press Release dated November 13, 2003


		CITIZENS, INC.

		By:		/s/ Mark A. Oliver

				Mark A. Oliver, President


Exhibit No.		Description

99.1		Press Release dated November 13, 2003

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents


	FOR FURTHER INFORMATION CONTACT:
	Joel H. Mathis
	Vice President
	Public Relations and Investor Relations


Net Income per share	$	0.03	$	0.10	$	0.04	$	0.01

Weighted average shares outstanding		32,217,204		29,744,120		32,681,977		30,120,983


	email: PR@citizensinc.com	•	web site: www.citizensinc.com