UTG INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>UTG Inc. has filed its 2023 10-K report detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

UTG INC (UTGN) filed a Annual Report (10-K) with the SEC on April 1, 2024. UTG Inc. filed its 2023 Form 10-K on April 1, 2024, reporting for the fiscal year ending December 31, 2023. The company's principal business is Life Insurance, with SIC code 6311. UTG Inc. was formerly known as UNITED TRUST GROUP INC and UNITED TRUST INC /IL/. The filing includes financial data for the years 2020, 2021, 2022, and 2023. The company's principal executive offices are located at 205 North Depot Street, Stanford, KY 40484.

Why It Matters

For investors and stakeholders tracking UTG INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of UTG Inc.'s financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's performance and future outlook. As a Life Insurance company, UTG Inc.'s filing is subject to specific regulatory disclosures and accounting standards, offering insights into its market position and compliance within the insurance sector.

Risk Assessment

Risk Level: low — UTG INC shows low risk based on this filing. The filing is a standard annual report (10-K) with no immediate red flags or significant negative disclosures apparent from the provided header information.

Analyst Insight

Review the detailed financial statements and risk factors within the full 10-K filing to understand UTG Inc.'s performance and strategic direction for 2023.

Key Numbers

• 20231231 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 20240401 — Filing Date (FILED AS OF DATE)
• 6311 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• 20001206 — Date of Name Change (FORMER COMPANY)
• 19920703 — Date of Name Change (FORMER COMPANY)

Key Players & Entities

• UTG INC (company) — FILER
• UNITED TRUST GROUP INC (company) — FORMER COMPANY
• UNITED TRUST INC /IL/ (company) — FORMER COMPANY
• 205 NORTH DEPOT STREET (location) — BUSINESS ADDRESS
• STANFORD (location) — BUSINESS ADDRESS CITY
• KY (location) — BUSINESS ADDRESS STATE
• 40484 (location) — BUSINESS ADDRESS ZIP
• 2172416300 (phone) — BUSINESS PHONE

FAQ

Glossary

GainLossOnSaleOfOtherInvestments

Represents gains or losses realized from the sale of investment assets not classified as trading securities. (Indicates the company's ability to generate profits from its investment portfolio through strategic sales.)

EquitySecuritiesFvNiRealizedGainLoss

Reflects realized gains or losses from the sale of equity securities that are accounted for at fair value through net income. (Shows the impact of equity investments on the company's net income when these securities are sold.)

Key Financial Figures

• $38.63 — ased upon the price of the last sale of $38.63 per share), had an aggregate market val
• $442 m — the Company had consolidated assets of $442 million, consolidated liabilities of $280
• $280 million — 42 million, consolidated liabilities of $280 million and total shareholders' equity of $163
• $163 million — llion and total shareholders' equity of $163 million. The Company's consolidated liabilities
• $243 million — olicyholder liabilities and accruals of $243 million. The Company's principal executive off
• $125,000 — . The Company will not retain more than $125,000, including accidental death benefits, o
• $10,000 — e minimum face amount is the greater of $10,000 or the amount of coverage provided by a
• $100 — or the amount of coverage provided by a $100 annual premium. Annuity - The annuity
• $2,500,000 — o maintain minimum statutory surplus of $2,500,000. At December 31, 2023, substantially al
• $2 million — d the repurchase of up to an additional $2 million of UTG's common stock, for a total repu
• $22 million — common stock, for a total repurchase of $22 million of UTG's common stock in the open marke
• $881,966 — hrough the stock repurchase program for $881,966. Through December 31, 2023, UTG has spe
• $20,191,403 — hrough December 31, 2023, UTG has spent $20,191,403 in the acquisition of 1,356,859 shares

Filing Documents

• utg10k2023.htm (10-K) — 2086KB
• promissorynoteinb.htm (EX-10.19) — 44KB
• listofsubsidiaries.htm (EX-21.1) — 14KB
• exhibit23.htm (EX-23) — 3KB
• exhibit311.htm (EX-31.1) — 20KB
• exhibit312.htm (EX-31.2) — 16KB
• exhibit321.htm (EX-32.1) — 6KB
• exhibit322.htm (EX-32.2) — 5KB
• exhibit1015.htm (EX-10.15) — 37KB
• image00022.jpg (GRAPHIC) — 22KB
• image00028.jpg (GRAPHIC) — 183KB
• image00030.jpg (GRAPHIC) — 89KB
• 0001140361-24-016714.txt (&nbsp;) — 11719KB
• utgn-20231231.xsd (EX-101.SCH) — 80KB
• utgn-20231231_cal.xml (EX-101.CAL) — 127KB
• utgn-20231231_def.xml (EX-101.DEF) — 348KB
• utgn-20231231_lab.xml (EX-101.LAB) — 1095KB
• utgn-20231231_pre.xml (EX-101.PRE) — 622KB
• utg10k2023_htm.xml (XML) — 1946KB

Risk Factors

Item 1A. Risk Factors 8

Unresolved Staff Comment

Item 1B. Unresolved Staff Comment 8

Cybersecurity

Item 1C. Cybersecurity 9

Properties

Item 2. Properties 10

Legal Proceedings

Item 3. Legal Proceedings 10

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 10 PART II 10

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 10

Reserved

Item 6. Reserved 11

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 11

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 21

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 21

Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 56

Controls and Procedures

Item 9A. Controls and Procedures 57

Other Information

Item 9B. Other Information 57

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 57 PART III 58

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 58

Executive Compensation

Item 11. Executive Compensation 62

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 63

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 65

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 66 PART IV 67

Exhibit and Financial Statement Schedules

Item 15. Exhibit and Financial Statement Schedules 67

Form 10-K Summary

Item 16. Form 10-K Summary 69

Forward-Looking Statements

Forward-Looking Statements This report on Form 10-K contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. We have based our forward-looking statements on our current expectations and projections about future events. Our forward-looking statements include information about possible or assumed future results of operations. All statements, other than statements of historical facts, included or incorporated by reference in this report that address activities, events or developments that we expect or anticipate may occur in the future, including such things as the growth of our business and operations, our business strategy, competitive strengths, goals, plans, future capital expenditures and references to future successes may be considered forward-looking statements. Also, when we use words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "probably," or similar expressions, we are making forward-looking statements. Numerous risks and uncertainties may impact the matters addressed by our forward-looking statements, any of which could negatively and materially affect our future financial results and performance. Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and, therefore, the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. In light of the significant uncertainties inherent in the forward-looking statements that are included in this report, our inclusion of this information is not a representation by us or any other person that our objectives and plans will be achieved. In light of these risks, uncertainties and assumptions, any forward-looking event discussed in this report may not occur. Our forward-looking statements speak only as of t

Business

Item 1. Business General The Holding Company - UTG, Inc. (the "Registrant", "Company" or "UTG") is an insurance holding company incorporated in the state of Delaware in 2005 and headquartered in Stanford, KY. The Company's principal subsidiary is Universal Guaranty Life Insurance Company ("UG"). The Registrant and its primary subsidiary have only one significant segment, insurance. The holding company has no significant business operations of its own and relies on fees, dividends and other distributions from its operating subsidiary as the principal source of cash flows to meet its obligations. The Company may explore supplemental sources of income in the future. The cash outlays of the Company mainly consist of operational costs and the costs of repurchasing Company common stock. UTG has a strong philanthropic program. The Company generally allocates a portion of its earnings to be used for its philanthropic efforts primarily targeted to Christ-centered organizations or organizations that help the weak or poor. The Company also encourages its staff to be involved on a personal level through monetary giving, volunteerism and use of their talents to assist those less fortunate than themselves. Through these efforts, the Company hopes to make a positive difference in the local community, state, nation and world. This document at times will refer to the Registrant's largest shareholder, Mr. Jesse T. Correll and certain companies controlled by Mr. Correll. Mr. Correll holds a majority ownership of First Southern Funding LLC, a Kentucky corporation, ("FSF") and First Southern Bancorp, Inc. ("FSBI"), a financial services holding company. FSBI operates through its 100% owned subsidiary bank, First Southern National Bank ("FSNB"). Banking activities are conducted through multiple locations within south-central and western Kentucky. Mr. Correll is Chief Executive Officer and Chairman of the Board of Directors of UTG and is currently UTG's largest shareholder through hi

Risk Factors

Item 1A. Risk Factors As a smaller reporting company, as defined by Rule 12b-2 of the Exchange Act and Item 10(f)(1) of Regulation S-K, the Company has elected to comply with certain scaled disclosure reporting obligations, and therefore does not have to provide the information required by this item.

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments Not applicable. Item 1C

View Full Filing

View this 10-K filing on SEC EDGAR