Page 1

* CITIZENS CITIZENS ANNOUNCES Q3 2021 FINANCIAL RESULTS AUSTIN , TX - COVID - 19 and Hurricane Ida Impact Quarter - Underlying Revenue and Sales Trends Strong November 4 , 2021 - Citizens , Inc. ( NYSE : CIA ) today announced Q3 2021 financial results showing ( $ 0.06 ) loss per share , a $ 0.10 improvement over the prior year . The increase is boosted by lower operating expenses due to the Change - in - Control expenses in 2020 and higher realized gains this year , partially offset by higher hurricane losses and adverse mortality during the third quarter due partly to the continuing COVID - 19 pandemic . Gerald W. Shields , Vice - Chairman of the Board and interim CEO , said , " Our Life Insurance segment produced strong first year premiums during the third quarter . Underlying performance was driven by a continued focus on sales with over 1000 new policies totaling $ 64 million insurance issued . " Mr. Shields went on to say , " While both first year and renewal premiums in our Home Service segment increased , there is still work to do to transform the business . Premium revenue was negatively affected by Hurricane Ida , and expenses were negatively affected by higher death claims due to the COVID - 19 Delta variant . Our growth strategy remains focused on the introduction of new products and processes -- all core to our value proposition . " Financial Condition on September 30 , 2021 • Total Investments of $ 1.6 billion ; comprised of 91.4 % fixed maturity securities • Total Assets of $ 1.8 billion • Total Stockholders ' Equity of $ 0.3 billion • $ 4.6 billion of direct insurance in force . No Debt Q3 Highlights ( versus Q3 2020 ) • • • Net loss per share of Class A common stock of $ 0.06 ; $ 0.10 improvement per share vs. the prior year Revenue up 3 % on higher realized gains Claims and surrenders down 3 % on improved surrenders in Life Insurance segment • General expenses down 46 % on lower Change - in - Control expenses Net loss of ( $ 0.06 ) per Class A earnings share improved by $ 0.10 versus last year , mainly on lower general expenses due to executive severance costs and professional fees paid in 2020 in connection with a change in control of the Company . Higher realized gains related to our limited partnership investments in 2021 were negatively offset by higher death claims due to COVID - 19 and the impact of Hurricane Ida on premiums and claims in the current year . Revenue increased by 3 % over the prior year , primarily driven by realized gains , reflecting changes in the fair value in the limited partnership portfolio , as well as a property sale gain .