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Citizens Q3 net incomes declines

Citizens, a financial services company, has reported a net income applicable to common stock of 1.66m, or $0.03 per diluted share for the third quarter of 2010, compared to 1.87m for the same period of 2009.

Premiums earned for the third quarter of 2010 was $3.8m, compared to $3.61m in the same quarter last year.

Total revenues for the third quarter of 2010 were $45m, compared to $44m for the same period of 2009.

Citizens vice chairman and president Rick Riley said, earned premiums rose 5.3% in the quarter as the company’s international life insurance business continues to experience strong persistency, accompanied by claims and surrenders within expectations.

“Future policy benefit reserves rose for the three and nine months ended 30 September 2010 compared to the same periods in 2009 due to current year assumption changes related to new policies issued and a general increase from existing business,” Riley said.