Table of Contents CITIZENS, INC. AND CONSOLIDATED SUBSIDIARIES Consolidated Statements of Operations and Comprehensive Income (Loss) Years Ended December 31, (In thousands, except share amounts) 2020 2019 2018 Revenues: Premiums Life insurance $ 170,328 178,351  181,825  Accident and health insurance 1,019 1,383  1,218  Property insurance 3,982 4,613  4,817  Net investment income 60,197 59,531  54,205  Realized investment gains (losses), net 1,502 5,249  108  Other income 1,828 1,418  1,833  Total revenues 238,856 250,545  244,006  Benefits and Expenses: Insurance benefits paid or provided: Claims and surrenders 121,145 106,827  91,103  Increase in future policy benefit reserves 29,923 41,712  47,947  Policyholders' dividends 5,587 6,040  6,362  Total insurance benefits paid or provided 156,655 154,579  145,412  Commissions 32,069 34,222  34,962  Other general expenses 53,669 48,440  47,632  Capitalization of deferred policy acquisition costs (20,475) (22,255) (22,695) Amortization of deferred policy acquisition costs 27,439 28,268  34,235  Amortization of cost of insurance acquired 1,816 1,546  2,458  Total benefits and expenses 251,173 244,800  242,004  Income (loss) before federal income tax (12,317) 5,745  2,002  Federal income tax expense (benefit) (1,329) 7,115  13,064  Net income (loss) (10,988) (1,370) (11,062) Per Share Amounts: Basic and diluted earnings (losses) per share of Class A common stock $ (0.22) (0.03) (0.22) Basic and diluted earnings (losses) per share of Class B common stock (0.11) (0.01) (0.11) Other Comprehensive Income (Loss): Unrealized gains (losses) on fixed maturity securities: Unrealized holding gains (losses) arising during period 48,642 78,825  (30,639) Reclassification adjustment for losses (gains) included in net income 111 (1,927) (953) Unrealized gains (losses) on fixed maturity securities, net 48,753 76,898  (31,592) Income tax expense (benefit) on unrealized gains (losses) on fixed maturity securities (2,385) 5,147  (6,464) Other comprehensive income (loss) 51,138 71,751  (25,128) Total comprehensive income (loss) $ 40,150 70,381  (36,190) See accompanying Notes to Consolidated Financial Statements. December 31, 2020 | 10-K 78 CITIZENS, INC.