AUSTIN, Texas, June 7, 2021 /PRNewswire/ -- Citizens, Inc.
(NYSE: CIA) announced that its shareholders approved the Company's
say-on-pay proposal for the first time in three years. The
Company has taken steps to enhance its executive compensation
program, demonstrating its continued commitment to adopt market
best practices and align company goals with shareholder
expectations. Based on continued shareholder feedback, the Company
has expanded its pay-for-performance compensation program from the
executive officers down through the department director
level. This year's program centers around four business
goals:
- First-year sales goals for each of the Company's three
markets
- Policy retention goals
- Execution milestones on the 5-quarter business roadmap
- Financial targets to deliver net earnings improvements
J.D. "Chip" Davis, Jr., Chairman of the Board, said, "We are
pleased that 76% of our voting shareowners voted in favor of
our compensation program. The board is committed to continuing
to enhance our "pay for performance" philosophy adopting best
practices to ensure that executive compensation aligns with
shareholder expectations."
Gerald W. Shields, Vice-Chairman
of the Board and interim CEO, said, "We are all incredibly excited
to have clear business goals aligned with compensation across the
management team. Putting the last few years behind us, we are
energized to execute our growth strategy and strengthen our
performance in the market while increasing shareholder value."
About Citizens, Inc.
Citizens, Inc. is a financial services company listed on the New
York Stock Exchange under the symbol CIA. The Company utilizes a
three-pronged strategy for growth based upon worldwide sales of
U.S. Dollar-denominated whole life cash value insurance policies,
life insurance product sales in the U.S. and final expense and
limited liability property product sales in the U.S.
Information herein contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, which can be identified by words such as "may," "will,"
"expect," "anticipate", "intends," "continue" or comparable
words. In addition, all statements other than statements of
historical facts that address activities that the Company expects
or anticipates will or may occur in the future are forward-looking
statements. Readers are encouraged to read the periodic
reports the Company files with the Securities and Exchange
Commission, particularly its Annual Report on Form 10-K for the
fiscal year ended December 31, 2020,
and its quarterly reports on Form 10-Q, for "Risk Factors" and
other meaningful cautionary language disclosing why actual results
may vary materially from those expected or implied by the
forward-looking statements. The Company undertakes no duty or
obligation to update any forward-looking statements contained in
this release as a result of new information, future events or
changes in the Company's expectations. Accordingly, you should
not unduly rely on these forward-looking statements. The Company
also disclaims any duty to comment upon or correct information that
may be contained in reports published by the investment
community.
For further information contact:
Investor Relations
PR@citizensinc.com
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SOURCE Citizens, Inc.