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UTG, Inc. (UTGN) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that UTG, Inc., a Delaware-based insurance holding company, focuses primarily on individual life insurance through its principal subsidiary, Universal Guaranty Life Insurance Company.
For the fiscal year 2024, the company reported total revenues of approximately $84.9 million, a significant increase from $26.3 million in 2023. This was largely driven by a $56.8 million change in the fair value of equity securities.
Net income attributable to common shareholders was approximately $49.3 million, compared to $2.7 million in the previous year. The increase was mainly due to realized investment gains and changes in fair value of equity securities.
UTG, Inc. maintains a strong philanthropic program, allocating a portion of its earnings to Christ-centered organizations and those supporting the weak or poor.
The company did not declare or pay any dividends on its common stock in 2024 and 2023, and does not plan to pay dividends in the near future.
As of December 31, 2024, UTG reported total assets of approximately $477 million and total shareholders' equity of $211 million.
The company continues to focus on maintaining its existing insurance business, maximizing investment earnings, and exploring acquisitions of other companies or policy blocks in the life insurance sector.
UTG, Inc. has a stock repurchase program, authorized to repurchase up to $24 million of its common stock. As of December 31, 2024, the company spent approximately $20.8 million on repurchasing 1,380,820 shares.
The company identified no material weaknesses in its internal controls over financial reporting for the fiscal year 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the UTG, Inc. annual 10-K report dated March 26, 2025. To report an error, please email earnings@qz.com.