公民保险 2026年季度报告

FORM 10-Q☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the Quarterly Period Ended March31, 2026OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the Transition Period from toCOMMISSION FILE NUMBER:000-16509 84-0755371 Colorado (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 11815 Alterra Pkwy, Floor 15, Austin, TX 78758(Current Address) Registrant's telephone number, including area code:(512) 837-7100Securities registered pursuant toSection 12(b)of the Act Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days.YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuantto Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrantwas required to submit such files).YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany or an emerging growth company.See the definitions of "large accelerated filer," "accelerated filer," "smaller reportingcompany" and "emerging growth company" in Rule 12b-2 of the Exchange Act: Large acceleratedfiler☐Accelerated filer☒Non-acceleratedfiler☐Smaller reportingcompany☒Emerging growthcompany☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).☐YesNo As of May1, 2026, the Registrant had 50,553,564 shares of Class A common stock outstanding. TABLE OF CONTENTS Part I. FINANCIAL INFORMATION Item 1.Financial Statements2Consolidated Balance Sheets, March 31, 2026 (Unaudited) and December 31, 20252Consolidated Statements of Operations and Comprehensive Income (Loss), Three MonthsEnded March 31, 2026 and 2025 (Unaudited)4Consolidated Statements of Stockholders' Equity, Three Months Ended March 31, 2026 and2025 (Unaudited)5Consolidated Statements of Cash Flows, Three Months Ended March 31, 2026 and 2025(Unaudited)6Notes to Consolidated Financial Statements (Unaudited)8Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations34Item 3.Quantitative and Qualitative Disclosures about Market Risk54Item 4.Controls and Procedures54 Part II. OTHER INFORMATION Item 1.Legal Proceedings55Item 1A.Risk Factors55Item 2.Unregistered Sales of Equity Securities and Use of Proceeds55Item 3.Defaults Upon Senior Securities55Item 4.Mine Safety Disclosures55Item 5.Other Information55Item 6.Exhibits56 March31, 2026 | 10-Q 1 PART I.FINANCIAL INFORMATION Item 1. FINANCIAL STATEMENTSCITIZENS, INC. AND CONSOLIDATED SUBSIDIARIESConsolidated Balance Sheets Assets: CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIESConsolidated Balance Sheets, Continued CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIESConsolidated Statements of Operations and Comprehensive Income (Loss)(Unaudited) Revenues: CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIESConsolidated Statements of Cash Flows(Unaudited) CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIESConsolidated Statements of Cash Flows, Continued(Unaudited) Three Months Ended March 31,(In thousands) SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: During the three months ended March31, 2025, various fixed maturity issuers exchanged securities with book values of$5.7 million for securities of equal value and none during the three months ended March31, 2026. The Company had $1.9 million net unsettled security trades at March31, 2026 and $0.3 million at March31, 2025. See accompanying Notes to Consolidated Financial Statements. (1) 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 ("CLOA"), CICA LifeLtd. ("CICA Bermuda"), Security Plan Life Insurance Company ("SPLIC"), Magnolia Guaranty Life Insurance Company("MGLIC"), Computing Technology, Inc. ("CTI"), and Nexo Global Services LLC, a Puerto Rico holding company ("Nexo")and its wholly-owned subsidiaries, CICA Life A.I., a Puerto Rico company ("CICA International") and Nexo EnrollmentServices LLC, a Puerto Rico service company ("NES"). All significant inter-c