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AUSTIN, Texas - Citizens, Inc. (NYSE: CIA), a financial services firm known for insurance products with a market capitalization of $241.55 million, has promoted Bryon Matthew Lewis (JO:LEWJ) to Chief Operating Officer, a role effective immediately. Lewis, previously the Vice President of Operations, will report to Jon Stenberg, the company’s President and CEO. According to InvestingPro analysis, the company appears slightly undervalued based on its Fair Value assessment, with the stock showing remarkable momentum, gaining over 82% in the past six months.
In his new position, Lewis will manage Underwriting, New Business, Claims, and Corporate and Policyholder Services. These departments are vital for the company’s commitment to its policyholders. Stenberg expressed confidence in Lewis’s ability to lead these critical areas and contribute to the company’s strategic goals, including sustainable growth and improved operating results.
Lewis’s track record with Citizens began in 2021, focusing on business growth and operational efficiency. His previous experience includes leadership roles at Baylor, Scott & White Health and First Care Health Plans, where he was instrumental in IT operations and integration planning. Lewis’s educational background includes a Bachelor of Science in Information Technology from the University of Massachusetts Lowell.
Citizens Inc. has a diverse portfolio, offering life, living benefits, and final expense insurance, catering to individuals and small businesses in the U.S., Latin America, and Asia. The company prides itself on customer-centric strategies and innovative product offerings in multiple languages, including English, Spanish, Portuguese, and Mandarin.
The company operates two primary segments: Life Insurance (NSE:LIFI), where it leads in U.S. Dollar denominated life insurance internationally, and Home Service Insurance, which is concentrated in the U.S. Gulf coast region. The company’s strategic positioning has contributed to its strong performance, with a year-to-date return of 20.7%.
This announcement is based on a press release statement and contains forward-looking statements regarding Citizens’ business performance and operational strategy. These forward-looking statements are not guarantees and are subject to risks, uncertainties, and assumptions that could cause actual results to differ from expectations. Citizens does not undertake any duty to update forward-looking statements as new information emerges or circumstances change.
In other recent news, Citizens Inc., a financial services company, has filed a shelf registration statement with the SEC, a strategic move to replace the expiring shelf registration on November 30, 2024, and to update its Stock Investment Plan (SIP). The company has made changes to its SIP, now permitting the issuance of up to 5 million shares, down from the previous 15 million. This is seen by President and CEO Jon Stenberg as a continuation of good corporate practice, which ensures flexibility for capital management and supports the company’s growth strategy. The SIP, in place since 2001, allows investors to purchase shares directly or on the open market. While it’s not currently used for raising capital, it provides an option for future needs. The company emphasized its dedication to delivering sustainable growth in book value per share. It’s important to note that the shelf registration is not yet effective, and the company cannot sell shares or accept offers to buy until the SEC declares it effective. The company’s recent developments highlight its strategic approach to capital management and growth.
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