Citizens Inc. reports improvement in earnings.AUSTIN Austin. 1 City (1990 pop. 21,907), seat of Mower co., SE Minn., on the Cedar River, near the Iowa line; inc. 1868. The commercial and industrial center of a rich farm region, it is noted as home to the Hormel meatpacking company, whose Spam Town museum , Texas--(BUSINESS WIRE)--Aug. 16, 1995--Citizens Inc. (AMEX AMEX See: American Stock Exchange :CIA CIA: see Central Intelligence Agency. (1) (Confidentiality Integrity Authentication) The three important concerns with regards to information security. Encryption is used to provide confidentiality (privacy, secrecy). ) an international life insurance holding company, today reported increases in revenues, assets, capital and net income for the second quarter ended June June: see month. 30, 1995. Citizens' CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Randall Randall may refer to the following: In places:
The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared to $929,000 or 6 cents per share for the same period in 1994. Revenues for the quarter were $12.9 million, compared to $12.1 million reported in the same three-month period in 1994, an increase of 6.3%. Premium income increased 3.5% to $11.2 million from $10.8 million. Net investment income increased more than 30% during the quarter compared to the same period last year, reaching $1.6 million from $1.2 million. Net income for the six months ended June 30, 1995 was $1.3 million, or 8 cents per share, compared to $1.8 million for 11 cents per share at June 30, 1994. Decreases in capital gains on bonds and increased operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. as a result of recent growth were the primary reasons for the lower earnings for the six months in 1995. Total revenues for the period were up more than 8.5%, reaching $23.7 million. Premium income for the period was $20.5 million, compared to $19.2 million in 1994, an increase of 6.3%. Total assets reached $157.3 million at June 30, up 5% from $149.8 million at Dec. 31, 1994. Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. grew to $38.6 million from $35.1 million at Dec. 31. During the past 12 months, assets have grown 13.2% and stockholders' equity, 35.1%. The company also announced that the pending acquisition of Insurance Investors & Holding Co. of Peoria Peoria (pēôr`ēə). 1 City (1990 pop. 50,618), Maricopa co., central Ariz., a suburb of Phoenix; settled 1897, inc. 1954. , Ill. and American Liberty Financial Corp. of Baton Rouge Baton Rouge (băt`ən r  zh) [Fr.,=red stick], city (1990 pop. 219,531), state capital and seat of East Baton Rouge parish, SE La. , La. are moving toward consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like.2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. . The Louisiana Louisiana (ləwē'zēăn`ə, l ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. Department of Insurance approved the American Liberty
transaction on July 15 and closing, subject to shareholder approval on
Sept. 14, is expected in September. The Insurance Investors transaction
is expected to be presented to shareholders in late September for
approval. Regulatory approval from the Illinois Illinois, river, United StatesIllinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. Department of Insurance was obtained in March. The two acquisitions, for shares of Citizens' Class A common stock, will further enhance the company's revenues, assets and capital. Riley said, "We are pleased with the improvement in second quarter earnings and expect to improve upon these results as the year progresses. The consummation of the two pending acquisitions will further enhance the company's financial position." -0-
Citizens, Inc.
Comparative Consolidated Financial Highlights
Operating Statements
(Unaudited)
Six Months Ended Three Months Ended
June 30, June 30,
1995 1994 1995 1994
Premiums and other
revenues
Premium income $20,505,653 $19,298,329 $11,232,524 $10,855,840
Net investment income 3,124,254 2,539,178 1,620,317 1,238,842
Other 104,910 40,552 19,838 19,374
Total revenues 23,734,817 21,878,059 12,872,679 12,114,056
Benefits and expenses Increase in future policy benefit reserves 4,959,843 4,722,137 2,561,199 3,169,574 Claims and surrenders 8,993,814 8,371,610 4,679,258 4,098,964 Policyholder dividends 1,113,407 1,062,998 657,842 534,338 Commissions 5,251,001 5,075,785 2,786,833 2,983,741 Underwriting and insurance expenses 2,899,485 2,098,286 1,556,499 1,030,663 Net change in deferred policy acquisition costs (1,627,174) (2,144,038) (973,702) (1,519,204) Other 412,955 460,778 240,136 170,284 Total benefits and expenses 22,003,331 19,647,556 11,508,065 10,468,360 Operating income 1,731,486 2,230,503 1,364,614 1,645,696 Realized gains on investments (30,342) 135,796 675 (351,554) Income before federal income tax 1,701,144 2,366,299 1,365,289 1,294,132 Federal income tax expense 410,488 518,058 347,516 364,771 Net income $ 1,290,256 $1,848,241 $1,017,373 $ 929,361
Income Per Share
Operating income per share $0.10 $0.13 $0.06 $0.08 Net income per share $0.06 $0.11 $0.06 $0.06 Average shares outstanding 17,601,389 16,672,514 17,601,389 16,672,514
Balance Sheets
June 30, March 31, Dec. 31, Sept. 30,
1995 1995 1994 1994
Total assets $157,348,570 $152,477,360 $149,797,604 $144,878,120
Total invested
assets $100,606,260 $95,600,298 $93,828,650 $91,896,105
Stockholders'
equity $38,572,242 $36,622,785 $35,055,373 $33,304,734
June 30,
1994
Total assets $138,935,140
Total invested
assets $87,273,110
Stockholders'
equity $28,557,672
CONTACT: Citizens Inc., Austin Mark A. Oliver, 512/837-7100 |
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