AM Best's ratings recognize CICA's
strength of balance sheet and outlook.
AUSTIN,
Texas, July 17, 2023 /PRNewswire/
-- Citizens, Inc. (NYSE: CIA), a leading
diversified financial services company specializing in life, living
benefits, and final expense insurance, announced today AM Best
Rating Services, Inc. initiated ratings in July 2023 on CICA Life Insurance Company of
America, a large Citizens life insurance subsidiary. AM Best is a
global credit rating agency, news publisher, and data analytics
provider specializing in the insurance industry.
In the AM Best report, CICA Life Insurance Company ("CICA") was
assigned a Financial Strength Rating of B++ (Good) and Long-Term
Issuer Credit Rating of bbb+ (Good). According to an announcement
from AM Best, the stable outlook on CICA reflects the credit rating
agency's expectation that over the intermediate term, CICA will
maintain a very strong balance sheet strength assessment, supported
by additional initiatives that will further leverage the parent
company's enterprise risk management framework.
"We're proud that AM Best recognizes the strength of CICA's
balance sheet and outlook. Our transformative strategic direction
drives durable growth. Newly introduced products continue to see
significant demand and have been a major contributing factor in the
persistent expansion of our customer base. Overall, we deliver
innovative, high-quality products to customers who need them, and
we remain committed to further enhancing our distribution
capabilities going forward. Looking ahead, we believe continued
execution on our strategic plan will translate to sustainable
growth and profitability over the long term," said Company Vice
Chairman and CEO, Gerald W.
Shields.
As part of Citizens' ongoing assessment testing and financial
controls analysis, the Company pays close attention to its capital
adequacy to ensure that levels remain strong. AM Best's Financial
Strength Rating is their opinion of CICA's financial strength and
ability to meet ongoing insurance policy and contract
obligations.
This press release relates to Financial Strength and Credit
Ratings published on AM Best's website. For all rating information
relating to the release and pertinent disclosures, including
details of the office responsible for issuing each of the
individual ratings referenced in this release, please see AM Best's
Recent Rating Activity web page. For additional information
regarding the use and limitations of Credit Rating opinions, please
view Guide to Best's Credit Ratings. For information on the proper
use of Best's Credit Ratings, Best's Preliminary Credit
Assessments, and AM Best press releases, please view Guide to
Proper Use of Best's Ratings & Assessments.
About Citizens, Inc.
Citizens, Inc. (NYSE: CIA) is a diversified financial services
company providing life, living benefits and final expense 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 in their native languages of
Spanish, Portuguese, and Mandarin. The company operates two primary
segments: Life Insurance, where the Company is a market leader in
life insurance and accident and health insurance in Spanish,
Portuguese and Mandarin in the United
States, Latin America, and
Asia and Home Services, which
operates primarily in the U.S. Gulf coast region. For more
information about Citizens and CICA Life Insurance Company of
America, 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, which can be identified by words such as "may," "will,"
"expect," "anticipate", "believe", "project", "intends," "continue"
or comparable words. Such forward-looking statements may relate to
the Company's expectations regarding the impact of the COVID-19
pandemic, business performance, operational strategy, capital
expenditures, technological changes, regulatory actions, and other
financial and operational measures. 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. 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-Q. 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.
Contact Information
Investors
Darrow Associates Investor Relations
Jeff Christensen and Matt Kreps
Email: CIA@darrowir.com (Jeff and Matt)
Phone: 703-297-6917 (Jeff) and 214-597-8200 (Matt)
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SOURCE Citizens, Inc.
