Citizens, Inc. · NYSE:CIA
Citizens — Investor Presentation (April 2026)
28 slides from Citizens's investor presentation, April 2026
Slide 1: Accelerate EPS Growth Through Operating Leverage
CITIZENS INC. Accelerate EPS Growth Through Operating Leverage APRIL 2026 WWW.CITIZENSINC.COM NYSE: CIA
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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 246 Employees In More Than 3,300+ $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 premiums sales in Taiwan Over 50 years serving this market We deliver whole life insurance
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: 2026 to 2027: Earnings Inflection
2026 TO 2027: EARNINGS INFLECTION OUR STRATEGIC ROADMAP IS ON TRACK 3.0000 Drive Revenues and EPS Growth Expand EPS through operating leverage and revenue growth 2.5000 Recurring revenue base building 2.0000 1.5000 Key growth initiatives: ▪ Increase first year premium revenues 1.0000 ▪ Increase pene
Slide 10: Uniquely Positioned for Growth Opportunities
UNIQUELY POSITIONED FOR GROWTH OPPORTUNITIES PERSISTENT 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 Product
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 full year and fou
Slide 12: EPS Growth Driver: Endowment Benefit Payments Peaked in 2025, Declining Thereafter
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 +16% y/y increase in Direct First Year Life and A&H Premiums 2025 $40.0 $38.3 New & Innovative Products $33.0 Successful Selling Campaigns $30.0 Growing Distributor Relationships $19.3 Positive results $20.0 $17.8 $17.5 $16.0 $10.0 2020 2021 2022 202
Slide 14: Revenue Growth Drivers: Our Life Insurance Segment
REVENUE GROWTH DRIVERS: OUR LIFE INSURANCE SEGMENT 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 4
Slide 15: Driving Superior Results
DRIVING SUPERIOR RESULTS Total Direct Insurance In Force Strong client demand drove the growth of insurance in force, a 3.9% y/y increase in 2025 5,500 $5,432 • Highest-ever total direct insurance in force of $5.43 billion • Second highest amount of insurance issued in a year of $1.1 billion $5,228
Slide 16: Shareholder Returns
SHAREHOLDER RETURNS Book Value Per Share, Ex-AOCI Shareholder Equity, Ex-AOCI $7.00 $millions $6.43 $6.50 $6.14 $5.85 $400 $6.00 $5.50 $5.31 $4.78 $323 $5.00 $306 $4.50 $300 $290 $265 $88 $4.00 $239 $96 $3.50 $118 $3.00 $200 $137 $2.50 $139 $2.00 $210 $235 $1.50 $100 $172 $1.00 $128 $100 $0.50 $0.00
Slide 17: Process Improvements & Technology Drives Efficiency
PROCESS IMPROVEMENTS & TECHNOLOGY DRIVES 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 capabiliti
Slide 18: Financial Overview
Financial Overview \CcITIZENS ©
Slide 19: Low Risk Profile and Financial Strength
LOW RISK PROFILE 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 P
Slide 20: Investment Portfolio
INVESTMENT PORTFOLIO HIGH-QUALITY AND WELL-DIVERSIFIED Cash and Invested Assets 12/31/25 • Fixed income and cash securities represent 90% of the investment portfolio 6% • 99% of fixed income investments are rated Long-term and Equity investment grade Investments 4% • 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 • Record full year and fourth quarter revenue • Total revenues of $255.6 in 2025 from $245.0 in 2024 • Adjusted total revenues, which excludes investment related gains (losses), of $255.5 million in 2025 increased fro
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 $17.3 million in 2025, from $21.3 mill
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 (GAAP) grew 11% y/y, and book value per share excluding AOCI grew 5% y/y Explanatory Notes on Use of Non-GAAP Measures is the la
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 accounting U.S. generally accepted accounting principles (“GAAP”), in our press release, the Company provides certain non-GAAP financial measures that we believe improves understanding
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