Profile: Citizens Inc (CIA.N)
10 Feb 2016
Citizens, Inc. (Citizens), incorporated on November 8, 1977, is an insurance holding company. The Company operates in three business segments: Life Insurance, Home Service and Other Non-Insurance Enterprises. Its core insurance operations include issuing and servicing the United States Dollar-denominated ordinary whole life insurance and endowment policies to high net worth, high income foreign residents, located principally in Latin America and the Pacific Rim, through independent marketing consultants; ordinary whole life insurance policies to middle income households concentrated in the Midwest, Mountain West and southern United States through independent marketing consultants, and final expense and limited liability property policies to middle and lower income households in Louisiana, Mississippi and Arkansas through employee and independent agents in its home service distribution channel.
The Company's Life Insurance segment issues ordinary whole life insurance domestically and in United States Dollar-denominated amounts to foreign residents. These contracts are designed to provide a fixed amount of insurance coverage over the life of the insured. Additionally, endowment contracts are issued by the Company, which are accumulation contracts that incorporate an element of life insurance protection. The Company operates this segment through its subsidiaries: CICA Life Insurance Company of America (CICA) and Citizens National Life Insurance Company (CNLIC). The Company maintains standard contracts with the independent marketing firms pursuant to which they provide recruitment, training and supervision of their managers and associates in the service and placement of its products.
The Company offers several ordinary whole life insurance and endowment products designed to meet the needs of its non-United States policy owners. Its domestic life insurance products focus primarily on living needs and provide benefits focused towards accumulating money for the policy owner. The features of its domestic life insurance products include cash accumulation/living benefits; tax-deferred interest earnings; guaranteed lifetime income options; monthly income for surviving family members; accidental death benefit coverage options, and an option to waive premium payments in the event of disability. The primary purpose of its product portfolio is to help the insured create capital for needs, such as retirement income, children's higher education funds, business opportunities, emergencies and healthcare needs.
Home Service Insurance
The Company's Home Service Insurance segment operates in this market through its subsidiaries, Security Plan Life Insurance Company (SPLIC), Magnolia Guaranty Life Insurance Company (MGLIC) and Security Plan Fire Insurance Company (SPFIC), and focuses on the life insurance needs of the middle and lower income markets, primarily in Louisiana, Mississippi and Arkansas. Its policies are sold and serviced through a home service marketing distribution system and through over 200 funeral homes and independent agents to sell policies, collect premiums and service policyholders. Its Home Service segment sells limited-liability, named peril property policies covering dwelling and contents. Its home service insurance products consist of small face amount ordinary whole life and pre-need policies, which are designed to fund final expenses for the insured, primarily consisting of funeral and burial costs.
Other Non-Insurance Enterprises
The Company's Other Non-insurance Enterprises segment includes Computing Technology, Inc., which provides data processing services to the Company and Insurance Investors, Inc., which provides aviation transportation to the Company. This segment also includes the results of Citizens, Inc., the parent Company.
400 E Anderson Ln
AUSTIN TX 78752-1224