UTG Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>UTG Inc. has filed its Q1 2024 10-Q report, detailing financial performance and position.</b>

AI Summary

UTG INC (UTGN) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. UTG Inc. filed a 10-Q report for the period ending March 31, 2024. The company's fiscal year ends on December 31st. UTG Inc. is classified under Life Insurance (SIC 6311). The filing includes financial data for Q1 2024 and comparative periods. The company was formerly known as UNITED TRUST GROUP INC and UNITED TRUST INC /IL/.

Why It Matters

For investors and stakeholders tracking UTG INC, this filing contains several important signals. This filing provides investors with the latest quarterly financial results and operational updates for UTG Inc. Understanding the Q1 2024 performance is crucial for assessing the company's current financial health and future prospects in the life insurance sector.

Risk Assessment

Risk Level: low — UTG INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags indicating high risk.

Analyst Insight

Review the detailed financial statements and management discussion in the 10-Q to understand UTG Inc.'s Q1 2024 performance and outlook.

Key Numbers

• 2024-03-31 — Period of Report (Quarterly filing)
• 2024-05-13 — Filing Date (Date the report was submitted)
• 2024-01-01 — Quarter Start Date (Beginning of the reporting period)
• 2023-12-31 — Previous Year End (End of the prior fiscal year)
• 2023-03-31 — Prior Year Q1 End (End of the first quarter of the previous year)

Key Players & Entities

• UTG INC (company) — Filer name
• UTGN (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-05-13 (date) — Filing date
• 205 NORTH DEPOT STREET, STANFORD, KY 40484 (address) — Business and mailing address
• UNITED TRUST GROUP INC (company) — Former company name
• UNITED TRUST INC /IL/ (company) — Former company name
• Life Insurance (industry) — Standard Industrial Classification

FAQ

Key Dates

• 2024-03-31: End of Reporting Period — Covers the first quarter of fiscal year 2024.
• 2024-05-13: Filing Date — Date the 10-Q was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with an update on the company's financial condition between annual reports.)

SIC Code

Standard Industrial Classification code used to categorize businesses. (Helps in understanding the industry in which UTG Inc. operates (Life Insurance).)

Key Financial Figures

• $0 — ments with an estimated market value of $0 as of March 31, 2024 and December 31, 2

Filing Documents

• utg24q1.htm (10-Q) — 1456KB
• q1exhibit311.htm (EX-31.1) — 18KB
• q1exhibit312.htm (EX-31.2) — 19KB
• q1exhibit321.htm (EX-32.1) — 6KB
• q1exhibit322.htm (EX-32.2) — 6KB
• 0001140361-24-025691.txt (&nbsp;) — 7997KB
• utgn-20240331.xsd (EX-101.SCH) — 52KB
• utgn-20240331_cal.xml (EX-101.CAL) — 101KB
• utgn-20240331_def.xml (EX-101.DEF) — 255KB
• utgn-20240331_lab.xml (EX-101.LAB) — 775KB
• utgn-20240331_pre.xml (EX-101.PRE) — 441KB
• utg24q1_htm.xml (XML) — 1479KB

Financial Information

Part I. Financial Information 4

Financial Statements

Item 1. Financial Statements 4 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Operations 5 Condensed Consolidated Statements of Comprehensive Income (Loss) 6 Condensed Consolidated Statements of Shareholders' Equity 7 Condensed Consolidated Statements of Cash Flows 9 Notes to Condensed Consolidated Financial Statements 10

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Controls and Procedures

Item 4. Controls and Procedures 33

Other Information

Part II. Other Information 33

Legal Proceedings

Item 1. Legal Proceedings 33

Risk Factors

Item 1A. Risk Factors 33

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 33

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 33

Other Information

Item 5. Other Information 33

Exhibits

Item 6. Exhibits 33

Signatures

Signatures 34 Part 1. Financial Information.

Financial Statements

Item 1. Financial Statements. UTG, Inc. Condensed Consolidated Balance Sheets (Unaudited) March 31, 2024 December 31, 2023* ASSETS Investments: Investments, available for sale: Fixed maturities, at fair value (amortized cost $ 104,570,183 and $ 109,554,738 ) $ 96,982,142 $ 103,409,836 Held to maturity redeemable preferred stock, at amortized cost 2,500,000 2,500,000 Equity securities, at fair value (cost $ 89,136,650 and $ 89,387,893 ) 168,319,975 156,550,812 Equity securities, at cost 15,816,798 15,977,368 Mortgage loans on real estate, at amortized cost (net of credit loss reserve of $ 281,000 and $ 274,000 ) 15,702,437 15,318,176 Notes receivable (net of credit loss reserve of $ 258,000 and $ 250,000 ) 14,379,379 14,009,225 Investment real estate, net 21,371,982 21,975,120 Policy loans 5,994,931 6,018,248 Short-term investments 13,714,840 29,132,236 Total investments 354,782,484 364,891,021 Cash and cash equivalents 40,826,224 41,185,196 Accrued investment income 1,720,261 2,001,064 Reinsurance receivables: Future policy benefits 24,180,623 23,847,623 Policy claims and other benefits 4,301,786 4,734,575 Cost of insurance acquired 1,877,942 2,036,896 Income tax receivable 2,082,822 2,128,027 Other assets 1,028,011 884,531 Total assets $ 430,800,153 $ 441,708,933 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Policy liabilities and accruals: Future policyholder benefits $ 222,835,881 $ 223,757,860 Policy claims and benefits payable 3,534,448 4,188,917 Other policyholder funds 263,297 260,892 Dividend and endowment accumulations 14,698,020 14,749,258 Deferred income taxes 14,511,204 12,426,840 Notes payable 0 19,000,000 Trading securities, at fair value (proceeds $ 102,699 and $ 0 ) 110,000 0 Other liabilities 4,928,666 5,635,373 Total liabilities 260,881,516 280,019,140 Shareholders' equity: Commo

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