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Citizens reports 12% surge in Q1 earnings

Citizens, an insurance holding company, has reported a net income of $2.7 million for the first quarter ended March 31, 2008, a 12.1% increase compared to a net income of $2.4 million during the same period in 2007.

The increase was primarily due to an increase in premium income, fueled by continued strong renewal life insurance premiums as well as an increase in net investment income.

Total revenues for the quarter were $39.9 million compared to $38.4 million in Q1 2007, a growth of 3.9%. Continued growth in premium income in the international life business and increase in net investment income were the primary reasons for the increase.

Premiums for the period improved 4% to $32.7 million from $31.4 million registered in the comparable quarter of 2007, due to continued persistency in the international life and home service segments.

During the quarter, net investment income was $7.5 million, up 5.6% compared to $7.1 million in the same quarter of 2007. The increase was due primarily from the growth in the investment portfolio during 2007 and the first part of 2008.

Assets at March 31, 2008 rose to $794.2 million from $787.9 million as on December 31, 2007. Stockholders’ equity at March 31, 2008 was $176.3 million compared to $176.2 million as on December 31, 2007.