Revenue growth remains muted at 4.33% year-over-year, while underwriting profitability remains under pressure with a combined ratio that fluctuated to 103.2% in 2025Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 258.19M | 255.62M | 245M | 240.68M | 232.52M | 250.53M | 238.85M | 250.59M | 244.01M | 252.63M | 245.41M | 236.27M | 230.22M | 213.64M | 202.76M | 194.16M | 190.32M | 188.98M | 146.67M | 169.64M | 158.06M | 142.11M | 99.86M | 92.06M | 82.9M | 67.65M | 66.68M | 71.88M | 72.68M | 65.03M | 63.9M |
| Revenue Growth % | 6.28% | 4.33% | 1.8% | 3.51% | -7.19% | 4.89% | -4.69% | 2.7% | -3.41% | 2.94% | 3.87% | 2.62% | 7.77% | 5.36% | 4.43% | 2.01% | 0.71% | 28.84% | -13.54% | 7.33% | 11.22% | 42.31% | 8.47% | 11.05% | 22.55% | 1.45% | -7.23% | -1.11% | 11.78% | 1.76% | 20.27% |
| Medical Costs & Claims | 167.1M | 165.03M | 123.28M | 0 | 117.73M | 122.4M | 191.92M | 190.32M | 188.01M | 202.96M | 197.67M | 191.86M | 183.3M | 168.24M | 159.5M | 145.72M | 135.16M | 94.32M | 84.91M | 73.31M | 138.68M | 138.4M | 56.78M | 88.53M | 78.43M | 58.85M | 59.72M | 72.2M | 40.16M | 37M | 30.1M |
| Medical Cost Ratio % | 64.72% | 64.56% | 50.32% | 0% | 50.63% | 48.86% | 80.35% | 75.95% | 77.05% | 80.34% | 80.55% | 81.2% | 79.62% | 78.75% | 78.67% | 75.05% | 71.02% | 49.91% | 57.89% | 43.22% | 87.74% | 97.39% | 56.87% | 96.17% | 94.61% | 87% | 89.57% | 100.44% | 55.25% | 56.9% | 47.1% |
| Gross Profit | 91.09M | 90.59M | 121.72M | 240.68M | 114.79M | 128.13M | 46.93M | 60.27M | 56M | 49.67M | 47.73M | 44.41M | 46.92M | 45.4M | 43.26M | 48.44M | 55.16M | 94.66M | 61.76M | 96.33M | 19.38M | 3.71M | 43.07M | 3.53M | 4.47M | 8.79M | 6.96M | -319.4K | 32.53M | 28.03M | 33.8M |
| Gross Margin % | 35.28% | 35.44% | 49.68% | 100% | 49.37% | 51.14% | 19.65% | 24.05% | 22.95% | 19.66% | 19.45% | 18.8% | 20.38% | 21.25% | 21.33% | 24.95% | 28.98% | 50.09% | 42.11% | 56.78% | 12.26% | 2.61% | 43.13% | 3.83% | 5.39% | 13% | 10.43% | -0.44% | 44.75% | 43.1% | 52.9% |
| Gross Profit Growth % | - | -25.57% | -49.43% | 109.67% | -10.41% | 173.02% | -22.14% | 7.64% | 12.74% | 4.06% | 7.49% | -5.36% | 3.36% | 4.95% | -10.7% | -12.18% | -41.73% | 53.26% | -35.88% | 397.01% | 422.12% | -91.38% | 1120.17% | -21.03% | -49.16% | 26.38% | 2278.28% | -100.98% | 16.06% | -17.08% | 5126.28% |
| Operating Expenses | 69.46M | 73.12M | 106.74M | 47.13M | 87.41M | 97.62M | 59.25M | 54.53M | 53.99M | 52.66M | 42.25M | 46.35M | 48.88M | 38.47M | 37.22M | 37.11M | 36.77M | 74.05M | 74.36M | 72.83M | 6.04M | -8.08M | 0 | 3.28M | -965.92K | 3.76M | 4.43M | -1.29M | 38.21M | 24M | 0 |
| OpEx / Revenue % | 26.9% | 28.61% | 43.57% | 19.58% | 37.59% | 38.97% | 24.81% | 21.76% | 22.13% | 20.84% | 17.22% | 19.62% | 21.23% | 18.01% | 18.36% | 19.11% | 19.32% | 39.18% | 50.7% | 42.93% | 3.82% | -5.69% | 0% | 3.57% | -1.17% | 5.56% | 6.65% | -1.8% | 52.56% | 36.9% | 0% |
| Depreciation & Amortization | 653K | 741K | 619K | 1.12M | 536K | 1.14M | 1.42M | 1.68M | 1.45M | 1.06M | 2.87M | 3.1M | 3.3M | 3.67M | 3.7M | 4.05M | 4.11M | 4.6M | 4.01M | 4.28M | 5.95M | 7.93M | 5.46M | 7.8M | 3.32M | 738.45K | 608.53K | 510.75K | 12.09M | 2.81M | 1.4M |
| Combined Ratio % | 91.62% | 93.17% | 93.89% | 19.58% | 88.23% | 87.82% | 105.16% | 97.71% | 99.18% | 101.18% | 97.77% | 100.82% | 100.85% | 96.76% | 97.02% | 94.16% | 90.34% | 89.1% | 108.59% | 86.15% | 91.56% | 91.7% | 56.87% | 99.73% | 93.44% | 92.57% | 96.22% | 98.65% | 107.81% | 93.8% | 47.1% |
| Operating Income | 21.63M | 17.47M | 14.98M | 193.55M | 27.38M | 30.5M | -12.32M | 5.75M | 2M | -2.99M | 5.48M | -1.94M | -1.95M | 6.93M | 6.04M | 11.33M | 18.39M | 20.61M | -12.6M | 23.5M | 13.34M | 11.8M | 43.07M | 245.56K | 5.44M | 5.03M | 2.52M | 972.45K | -5.68M | 4.03M | 33.8M |
| Operating Margin % | 8.38% | 6.83% | 6.11% | 80.42% | 11.77% | 12.18% | -5.16% | 2.29% | 0.82% | -1.18% | 2.23% | -0.82% | -0.85% | 3.24% | 2.98% | 5.84% | 9.66% | 10.9% | -8.59% | 13.85% | 8.44% | 8.3% | 43.13% | 0.27% | 6.56% | 7.43% | 3.78% | 1.35% | -7.81% | 6.2% | 52.9% |
| Operating Income Growth % | - | 16.62% | -92.26% | 606.98% | -10.25% | 347.67% | -314.4% | 186.96% | 167.05% | -154.46% | 382.19% | 0.36% | -128.13% | 14.83% | -46.73% | -38.39% | -10.76% | 263.6% | -153.6% | 76.12% | 13.11% | -72.61% | 17441.2% | -95.48% | 8.1% | 99.25% | 159.52% | 117.13% | -240.88% | -88.08% | 800.96% |
| EBITDA | 22.28M | 18.21M | 15.6M | 194.67M | 27.91M | 31.64M | -10.89M | 7.42M | 3.45M | -1.92M | 8.35M | 1.15M | 1.35M | 10.6M | 9.74M | 15.38M | 22.5M | 25.21M | -8.58M | 27.78M | 19.29M | 19.73M | 48.54M | 8.04M | 8.76M | 5.77M | 3.13M | 1.48M | 6.42M | 6.84M | 35.2M |
| EBITDA Margin % | 8.63% | 7.12% | 6.37% | 80.88% | 12% | 12.63% | -4.56% | 2.96% | 1.42% | -0.76% | 3.4% | 0.49% | 0.59% | 4.96% | 4.8% | 7.92% | 11.82% | 13.34% | -5.85% | 16.37% | 12.2% | 13.88% | 48.6% | 8.74% | 10.57% | 8.53% | 4.7% | 2.06% | 8.83% | 10.52% | 55.09% |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 27.01K | 77.87K | 0 |
| Non-Operating Income | 0 | 0 | 0 | 167.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 830K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 79 | 0 | -3.04M | 0 | 0 | 0 | -100K | -27.01K | -77.87K | 0 |
| Pretax Income | 21.63M | 17.47M | 14.98M | 26.17M | 27.38M | 30.5M | -12.32M | 5.75M | 2M | -2.99M | 5.48M | -1.94M | -1.95M | 6.93M | 6.04M | 11.33M | 18.39M | 20.61M | -12.6M | 23.5M | 13.34M | 11.8M | 8.09M | 3.29M | 5.54M | 5.03M | 2.52M | 972.45K | -5.68M | 4.03M | 3.6M |
| Pretax Margin % | 8.38% | 6.83% | 6.11% | 10.88% | 11.77% | 12.18% | -5.16% | 2.29% | 0.82% | -1.18% | 2.23% | -0.82% | -0.85% | 3.24% | 2.98% | 5.84% | 9.66% | 10.9% | -8.59% | 13.85% | 8.44% | 8.3% | 8.1% | 3.57% | 6.68% | 7.43% | 3.78% | 1.35% | -7.81% | 6.2% | 5.63% |
| Income Tax | 3.15M | 2.88M | 68K | 1.74M | 1.37M | -42.2M | -1.33M | 7.12M | 13.06M | 35.14M | 3.51M | 1.2M | 4.02M | 2.14M | 1.51M | 2.85M | 3.69M | 3.27M | 3.11M | 6.94M | 4.67M | 4.49M | 356K | 162.06K | 1.28M | 1.07M | 471K | -298.62K | 1.04M | 604.22K | 1.4M |
| Effective Tax Rate % | 14.56% | 16.48% | 0.45% | 6.64% | 5% | -138.34% | 10.79% | 123.85% | 652.55% | -1176.86% | 64.09% | -61.76% | -206.15% | 30.85% | 24.97% | 25.14% | 20.04% | 15.85% | -24.71% | 29.54% | 34.96% | 38.1% | 4.4% | 4.93% | 23.2% | 21.19% | 18.66% | -30.71% | -18.38% | 14.99% | 38.89% |
| Net Income | 18.48M | 14.59M | 14.91M | 24.44M | 26.01M | 72.71M | -10.99M | -1.37M | -11.06M | -38.13M | 1.97M | -3.14M | -5.97M | 4.79M | 4.53M | 8.48M | 14.7M | 17.34M | -15.71M | 16.56M | 8.68M | 7.3M | 7.73M | 3.13M | 4.25M | 3.96M | 2.05M | 1.27M | -6.72M | 3.43M | 2.2M |
| Net Margin % | 7.16% | 5.71% | 6.09% | 10.15% | 11.18% | 29.02% | -4.6% | -0.55% | -4.53% | -15.09% | 0.8% | -1.33% | -2.59% | 2.24% | 2.23% | 4.37% | 7.73% | 9.18% | -10.71% | 9.76% | 5.49% | 5.14% | 7.74% | 3.4% | 5.13% | 5.86% | 3.08% | 1.77% | -9.25% | 5.27% | 3.44% |
| Net Income Growth % | 111.3% | -2.15% | -38.98% | -6.04% | -64.23% | 761.69% | -702.04% | 87.62% | 70.99% | -2036.36% | 162.65% | 47.35% | -224.56% | 5.83% | -46.6% | -42.32% | -15.2% | 210.4% | -194.87% | 90.81% | 18.83% | -5.56% | 147.34% | -26.52% | 7.34% | 93.06% | 61.5% | 118.91% | -296.19% | 55.71% | -20.01% |
| EPS (Diluted) | 0.36 | 0.29 | 0.29 | 0.48 | -0.15 | -0.99 | -0.22 | -0.03 | -0.22 | -0.76 | 0.04 | -0.07 | -0.13 | 0.10 | 0.09 | 0.17 | 0.30 | 0.31 | -0.36 | 0.35 | 0.08 | 0.13 | 0.19 | 0.08 | 0.12 | 0.11 | 0.06 | 0.04 | -0.19 | 0.10 | 0.08 |
| EPS Growth % | 114.62% | 0% | -39.58% | 420% | 84.85% | -350% | -697.1% | 87.45% | 71.05% | -2000% | 155.94% | 45% | -230% | 11.11% | -47.06% | -43.33% | -3.23% | 186.11% | -202.86% | 337.5% | -38.46% | -31.58% | 143.28% | -34.92% | 9.09% | 93.66% | 60% | 118.68% | -290.95% | 30.75% | -23.29% |
| EPS (Basic) | - | 0.29 | 0.27 | 0.49 | -0.15 | -1.01 | -0.22 | -0.03 | -0.22 | -0.77 | 0.04 | -0.07 | -0.13 | 0.10 | 0.09 | 0.17 | 0.30 | 0.31 | -0.36 | 0.35 | 0.08 | 0.13 | 0.19 | 0.08 | 0.12 | 0.11 | 0.06 | 0.04 | -0.19 | 0.10 | 0.08 |
| Diluted Shares Outstanding | 50.98M | 50.98M | 50.67M | 50.68M | 50.87M | 50.49M | 49.4M | 49.72M | 50.14M | 50.08M | 50.08M | 50.08M | 50.08M | 50.08M | 50.01M | 49.81M | 49.69M | 48.56M | 43.48M | 41.52M | 43.2M | 41.1M | 41M | 39.47M | 35.45M | 34.68M | 36.15M | 35.81M | 34.49M | 33.66M | 28.93M |
International lapse rate volatility
According to reported financial data, Citizens, Inc. achieved a 4.33% year-over-year revenue growth rate, suggesting that the company is successfully maintaining its specialized international USD-denominated life insurance niche despite broader global economic volatility, though it currently lacks the catalysts required for more aggressive expansion.
The modest revenue growth reflects the company's reliance on a high-touch, relationship-based distribution model that is inherently difficult to scale rapidly. Investors should monitor whether the current growth trajectory can be sustained without significant investment in digital distribution or a broader expansion of the independent agency network.
As indicated by the quarterly income statements, the combined ratio has fluctuated significantly, reaching a peak of 103.2% in 2025Q1, which highlights the company's vulnerability to underwriting volatility and the thin margins inherent in its current operational structure.
The inconsistency in the combined ratio suggests that the company struggles to maintain underwriting discipline across its diverse life and home service segments. The operating margin of 6.83% leaves little room for error, implying that any sustained increase in claims or administrative costs could quickly erode the company's bottom-line profitability.
Based on the provided financial figures, the company's net margin of 5.71% warrants further investigation, as it appears to reflect the high costs of maintaining a complex international compliance infrastructure and a legacy-heavy domestic distribution network in the U.S. South.
The reliance on manual processes within the Home Service segment may be creating a structural drag on profitability that is not easily mitigated by current revenue growth. Analysts should consider whether the company's specialized moat is sufficient to offset the long-term risk of margin compression from rising administrative and commission expenses.
Quick answers to the most common questions about buying CIA stock.
For fiscal year 2025, Citizens, Inc. (CIA) reported total revenue of $255.6M. This represents a 300.0% increase compared to $63.9M in 1996.
Citizens, Inc. (CIA) is profitable, generating $14.6M in net income for the fiscal year ending 2025 with a net profit margin of 5.7%.
Citizens, Inc. (CIA) reported an operating income of $17.5M, resulting in an operating profit margin of 6.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Citizens, Inc. (CIA) generated $90.6M in gross profit for the year, representing a gross profit margin of 35.4%. This demonstrates the company's core pricing power and production efficiency.