Slide 1: Citizens Inc. September 2026
CITIZENS INC. SEPTEMBER 2026 WWW.CITIZENSINC.COM NYSE: CIA
Slide 2: 2
2
Slide 3: Safe Harbor Statement
SAFE HARBOR STATEMENT This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. All statements other than statements of historical facts contained in this presentation, including statements
Slide 4: Company Overview
Company Overview \CcITIZENS ©
Slide 5: Citizens Overview (NYSE: CIA)
CITIZENS OVERVIEW (NYSE: CIA) We specialize in offering International life and endowment products and Domestic final expense insurance in niche markets globally that build on our sustainable competitive advantages Policyholders 248 Employees In More Than 3,500+ $1.8B Assets Producing 80 Agents Count
Slide 6: Company Snapshot
COMPANY SNAPSHOT Our Markets We deliver U.S. dollar-denominated whole life and endowment insurance policies International Majority of premiums originate in Latin American countries Life Insurance • Additional premium sales in Taiwan Over 50 years serving this market We deliver whole life insurance p
Slide 7: Strategic Roadmap
Strategic Roadmap \CcITIZENS ©
Slide 8: Company Timeline
COMPANY TIMELINE 2021 Transformational strategic growth roadmap initiated 2020 2021 to 2023 • 20+ new products or product enhancements CEO, Gerald • Added sought-after white-labeled products by Shields joins established agency partners 2025 Citizens • A.M. Best Financial Rating B++; Rejoined Russell
Slide 9: Strategic Roadmap: Execution and Long-Term Value Creation
STRATEGIC ROADMAP: EXECUTION AND LONG-TERM VALUE CREATION Key Growth Initiatives Recent Business Highlights ▪ Increase first year premium revenues ▪ $5.54 billion highest-ever direct insurance in force ▪ Increase penetration in new and existing countries served ▪ 15 consecutive quarters of YOY first
Slide 10: Uniquely Positioned for Growth Opportunities
UNIQUELY POSITIONED FOR GROWTH OPPORTUNITIES CUSTOMER BASE EXPANSION IN LARGE, GROWING UNDERSERVED NICHE MARKETS GLOBALLY Capital is invested in a more secure economic environment (the U.S.) U.S. Dollar Denominated Protection against devaluation of the policyowners' local currency Products Less pron
Slide 11: Recent Accomplishments
ACCOMPLISHMENTS MIX SHIFT TO HIGHER GROWTH OPPORTUNITIES INITIATIVES Rapid expansion of sales force Clear and defined runway for geographic Disciplined expense and expansion capital management Rapidly develop innovative products Advantages in growing niche markets globally ▪ Record number of global
Slide 12: EPS Growth Driver: Endowment Benefit Payments Peaked in 2025
EPS GROWTH DRIVER: ENDOWMENT BENEFIT PAYMENTS PEAKED IN 2025, DECLINING THEREAFTER The strongest headwind was anticipated in 2025 (in millions) Matured Endowment Benefit Payments due to the sales of life insurance endowment $80.0 $76.8 products in early 2000’s: Actual Estimates • Endowment policies’
Slide 13: Executing on Success
EXECUTING ON SUCCESS STRONG NEW BUSINESS PIPELINE Direct First Year Life and A&H Premiums 45 New & Innovative Products 40 $38.3 35 $33.0 Successful Selling Campaigns $20.0 30 Growing Distributor Relationships 25 20 $19.3 $17.8 $17.5 $16.0 $18.3 $18.7 Positive results 15 10 5 0 2020 2021 2022 2023 20
Slide 14: Revenue Growth Drivers: Our Life Insurance Segments
REVENUE GROWTH DRIVERS: OUR LIFE INSURANCE SEGMENTS STRONG EXECUTION ON OUR ADVANTAGES IN GROWING NICHE MARKETS GLOBALLY U.S. Domestic growth drivers: Licensed in 43 U.S. States • Increased licenses to 43 underpenetrated U.S. states and Washington, DC and Washington, DC • New final expense products
Slide 15: Record Direct Insurance In Force
RECORD DIRECT INSURANCE IN FORCE Total Direct Insurance In Force Strong client demand drove the growth of insurance in force, a 3.9% y/y increase in 2025 $5,540 5,500 $5,432 • Total direct insurance in force of $5.43 billion as of December 31, 2025 $5,228 • Second highest amount of insurance issued
Slide 16: Consistent Book Value Growth
CONSISTENT BOOK VALUE GROWTH 14 CONSECUTIVE QUARTERS OF YOY BOOK VALUE PER SHARE GROWTH Book Value Per Share, Ex-AOCI Shareholder Equity, Ex-AOCI $7.00 $6.44 $millions $6.43 $6.50 $6.14 $5.85 $400 $6.00 $5.50 $5.31 $4.78 $323 $326 $5.00 $306 $300 $290 $4.50 $265 $88 $91 $4.00 $239 $96 $3.50 $118 $3.
Slide 17: Process Improvements & Technology Drive Efficiency
PROCESS IMPROVEMENTS & TECHNOLOGY DRIVE EFFICIENCY MAKING IT EASIER TO DO BUSINESS WITH CITIZENS Sales & Distribution Self-service Platform Developed digital sales and Enhanced policyholder and agent servicing platforms to improve self-services platform with new distribution capabilities capabilitie
Slide 18: Financial Overview
Financial Overview \CcITIZENS ©
Slide 19: Risk Management and Financial Strength
RISK MANAGEMENT AND FINANCIAL STRENGTH • Low risk business model with traditional products and conservative investment approach Disciplined Conservative • Strong balance sheet underpinned by a prudent Approach to Investment approach to: Capital and Portfolio Liquidity o Investment portfolio mix o Pr
Slide 20: Investment Portfolio
INVESTMENT PORTFOLIO HIGH-QUALITY AND WELL-DIVERSIFIED Cash and Invested Assets 6/30/26 • Fixed income and cash securities represent 90% of the investment portfolio 6% • 99% of fixed income investments are rated Long-term and investment grade Equity Investments 5% • Annualized investment yield of 4.
Slide 21: Capital Adequacy and Liquidity
CAPITAL ADEQUACY AND LIQUIDITY Risk Based Capital Ratio (%) Our Puerto Rico Company (TAC/ACL RBC) Capital Ratio 600% 8.0 510% 7.0 6.8 500% 6.0 Management’s 400% 5.0 objective is Minimum 350% less than 7.0A 300% 4.0 3.0 200% 2.0 100% 1.0 0% 0.0 2025 2025 RBC Ratio (%) Premium to Surplus Ratio AOur lo
Slide 22: Income Statement
INCOME STATEMENT Reconciliation of Adjusted Total Revenues1 Performance Highlights • Total revenues (GAAP) of $60.4 million in Q2 2026 from $65.1 million in year ago quarter • Adjusted total revenues, which excludes investment related gains (losses), of $61.9 million in Q2 2026 from $62.7 million in
Slide 23: Income Statement (Cont'd)
INCOME STATEMENT (CONT’D) Reconciliation of Adjusted Income Before Federal Income Tax2 Reconciliation of Adjusted Income Per Share of Class A Common Stock4 Reconciliation of Adjusted Net Income3 Performance Results • Adjusted income before federal income tax of $0.97 million in Q2 2026 from $4.5 mil
Slide 24: Stockholders' Equity and Book Value Per Share
STOCKHOLDERS’ EQUITY AND BOOK VALUE PER SHARE Reconciliation of Stockholders’ Equity and Book Value Per Class A Common Share5 Performance Highlights • Book value per share, both GAAP and excluding AOCI, increased in Q2 2026 relative to Q2 2025 • 14 consecutive quarters of YOY book value per share gr
Slide 25: Explanatory Notes on Use of Non-GAAP Measures
EXPLANATORY NOTES ON USE OF NON-GAAP MEASURES In addition to the financial information prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), in this presentation, the Company provides certain non-GAAP financial measures that we believe improve understanding the underlyi
Slide 26: Citizens
SC CITIZENS
Slide 27: Appendix
Appendix \CcITIZENS ©
Slide 28: Dedicated & Experienced Management Team
DEDICATED & EXPERIENCED MANAGEMENT TEAM INTERDISCIPLINARY TEAM WITH BROAD CAPABILITIES JON STENBERG CEO and President CEO and PRESIDENT Joined ‘24 JEFFERY P. CONKLIN CFO Since ’19 SHERYL KINLAW Chief Financial Officer and Treasurer, Chief CLO Chief Legal Officer and Secretary Investment Officer Join