Citizens, Inc. (CIA) Appoints Jon Stenberg as CEO

Citizens, Inc. (NYSE: CIA), a leading diversified financial services company specializing in life, living benefits, and final expense insurance, today announces the planned transition of the Chief Executive Officer role. Jon Stenberg, who currently serves as Citizens' President, is appointed to the additional role of Chief Executive Officer effective July 1, 2024. Gerald W. Shields, who has served as CEO and Vice Chairman since 2020, will continue as Vice Chairman of the Company's Board of Directors.

"This announcement comes at an exciting time as we continue our momentum to capitalize on the unique opportunities in front of us. The Company expects continued sales growth in 2024 leading to strong profit growth in the full year 2025," said Gerald W. Shields.

"I am thrilled with this appointment. We are fortunate to continue benefiting from Gerald's leadership and expertise as the entire Citizens team works to further grow and create value for our customers and shareholders. Citizens is an incredible company delivering customer-centric, innovative products in large and underserved markets," said Jon Stenberg.

Gerald W. Shields - A Legacy of Record Setting Achievements

Mr. Shields became the Company's CEO on January 1, 2022, after serving as its Interim CEO and President from August 2020 through December 31, 2021. Mr. Shields has also served as the Company's Vice Chairman of the Board of Directors since February 2020. He successfully guided Citizens to advance its strategic roadmap. Highlights of Citizens' recent record-setting and key accomplishments:

• Highest amount of insurance issued in a quarter - Insurance issued increased 61% year-over-year to $274.5 million in Q1 2024.

• Record insurance in force, over $5 billion of insurance in force at March 31, 2024.

• AM Best initiated financial strength and credit ratings on Citizens, Inc.'s CICA Life Insurance Company of America in 2023, recognizing CICA's Very Strong balance sheet and outlook.

Jon Stenberg, President, Adds Role of CEO

Mr. Stenberg has served as President of Citizens since joining the Company in March 2024, and is appointed to the additional role of Chief Executive Officer effective July 1, 2024. Mr. Stenberg's accomplished life insurance career spans 30 years, building high-performing teams and scaling revenue at multiple life insurance enterprises.

Mr. Stenberg is an experienced growth leader in the life insurance industry. He previously served as Executive Vice President of the Individual Life Division of Symetra Life Insurance Company, where he pivoted its business model. The pivot resulted in dramatic sales growth while improving profitability and capital efficiency.

Jon previously served as Executive Vice President of Ameriprise Financial, where he developed and executed strategies that delivered revitalized sales and profit while managing all facets of the life insurance division. He served as Head of Retail Insurance, Senior Vice President, of New York Life, where he expanded the Company's core life insurance product line to help drive record sales. He also served as UBS Insurance Agency's President, and Lincoln Financial Group's Life Insurance Sales Vice President.

Mr. Stenberg holds an MBA from Wharton School of Business at the University of Pennsylvania, and a Bachelor of Science degree from Central Michigan University. He is a veteran of the U.S. Army.

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