AUSTIN,
Texas, May 10, 2022 /PRNewswire/ -- Citizens,
Inc. ("Citizens" or the "Company") (NYSE: CIA), today announced
that its Board of Directors has unanimously authorized a new share
repurchase program under which the Company may repurchase up to
$8 million of its outstanding shares
of Class A common stock.
"This share repurchase program demonstrates the Board's
confidence in our strategic direction and our ability to deliver
long-term value for shareholders," said Citizens' Vice Chairman,
President and CEO Gerald W. Shields.
"The Board's optimism is supported by the Company's continued
execution of strategic initiatives and resulting operational
improvements. These improvements were most recently demonstrated in
our first quarter 2022 results, which saw premium revenues increase
for the second quarter in a row, and claims and surrenders continue
to decline. We believe our current share price inadequately
reflects the fundamental strength of our business and future
earnings potential of our Company."
Mr. Shields concluded, "While the primary focus of our capital
deployment strategy is to invest in these strategic initiatives,
this plan allows us to opportunistically support stockholder value
while maintaining the flexibility to pursue investments in our
future."
The Company may purchase its Class A common stock from time to
time on a discretionary basis through open market purchases,
privately negotiated transactions or other means, including trading
plans intended to qualify under Rule 10b5-1, in accordance with
applicable federal securities laws and other applicable legal
requirements. The Company expects to fund these repurchases through
existing cash balances. Decisions regarding the amount and the
timing of purchases under the program will be influenced by the
Company's cash on hand, cash flows from operations, general market
conditions and other factors. Citizens is not obligated to acquire
any particular amount of its Class A common stock. This program has
no set termination date and may be suspended or discontinued by our
Board of Directors at any time.
About Citizens, Inc
Citizens, Inc. (NYSE: CIA) is a
diversified financial services company providing life, final
expense, and limited liability property insurance and other
financial products to individuals and small businesses in the U.S.,
Latin America, and Asia. Through its customer-centric growth
strategy, Citizens offers innovative products to address the
evolving needs of its customers. The company operates two primary
segments: Life Insurance, where the Company is a market leader of
U.S. dollar denominated whole life cash value insurance policies in
Latin America, and Home Services,
which operates primarily in the U.S. Gulf coast region. For more
information about Citizens, please visit www.citizensinc.com.
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, that involve risks and
uncertainties. Forward-looking statements provide current
expectations of future events based on certain assumptions and
include any statement that does not directly relate to any
historical or current fact. Forward-looking statements can
also be identified by words such as "future," "anticipates,"
"believes," "estimates," "intends," "plans," "predicts," "will,"
"would," "could," "can," "may," "expects" and similar terms. Such
forward-looking statements may relate to the Company's expectations
regarding the impact of the COVID-19 pandemic, business
performance, operational strategy and other financial and
operational measures. Such statements are not guarantees of future
performance and involve certain risks, uncertainties and
assumptions, which are difficult to predict and many of which are
beyond our control. Therefore, actual outcomes and results may
differ materially from those matters expressed or implied in such
forward-looking statements. The risks, uncertainties and
assumptions that are involved in our forward-looking statements
include, but are not limited to the risk factors discussed in our
most recently filed periodic reports on Form 10-K and Form 10-Q.
The Company assumes no obligation to revise or update any
forward-looking statements for any reason, except as required by
law. You should be aware that factors not referred to herein
could affect the accuracy of our forward-looking statements and use
caution and common sense when considering our forward-looking
statements.
Investor Contact
Matt Glover and Matthew Hausch
Gateway Group,
Inc.
(949) 574-3860
CIA@gatewayir.com
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SOURCE Citizens, Inc.