UTG Inc. Files Q2 2024 10-Q

TL;DR

UTG Inc. 10-Q filed for Q2 2024. Check financials.

AI Summary

UTG Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial data and disclosures relevant to investors are presented.

Why It Matters

This filing provides investors with the latest financial health and performance indicators for UTG Inc., crucial for making informed investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Players & Entities

• UTG INC (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240812 (date) — Filing date
• 205 NORTH DEPOT STREET (address) — Business and mailing address
• STANFORD (location) — City of business and mailing address
• KY (location) — State of business and mailing address
• 40484 (zip_code) — ZIP code of business and mailing address
• 2172416300 (phone_number) — Business phone number

FAQ

Key Financial Figures

• $0 — ments with an estimated market value of $0 as of June 30, 2024 and December 31, 20

Filing Documents

• utg24q2.htm (10-Q) — 1585KB
• q1exhibit311.htm (EX-31.1) — 18KB
• q1exhibit312.htm (EX-31.2) — 19KB
• q1exhibit321.htm (EX-32.1) — 6KB
• q1exhibit322.htm (EX-32.2) — 6KB
• 0000832480-24-000014.txt ( ) — 8180KB
• utgn-20240630.xsd (EX-101.SCH) — 50KB
• utgn-20240630_cal.xml (EX-101.CAL) — 105KB
• utgn-20240630_def.xml (EX-101.DEF) — 263KB
• utgn-20240630_lab.xml (EX-101.LAB) — 776KB
• utgn-20240630_pre.xml (EX-101.PRE) — 444KB
• utg24q2_htm.xml (XML) — 1511KB

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) June 30, 2024 December 31, 2023* ASSETS Investments: Investments, available for sale: Fixed maturities, at fair value (amortized cost $ 104,458,333 and $ 109,554,738 ) $ 96,080,683 $ 103,409,836 Held to maturity redeemable preferred stock, at amortized cost 2,500,000 2,500,000 Equity securities, at fair value (cost $ 91,366,652 and $ 89,387,893 ) 177,296,271 156,550,812 Equity securities, at cost 16,771,998 15,977,368 Mortgage loans on real estate, at amortized cost (net of credit loss reserve of $ 231,000 and $ 274,000 ) 15,632,978 15,318,176 Notes receivable (net of credit loss reserve of $ 208,000 and $ 250,000 ) 14,096,559 14,009,225 Investment real estate, net 30,244,425 21,975,120 Policy loans 5,826,833 6,018,248 Short-term investments 8,073,676 29,132,236 Total investments 366,523,423 364,891,021 Cash and cash equivalents 35,493,889 41,185,196 Accrued investment income 1,990,782 2,001,064 Reinsurance receivables: Future policy benefits 24,094,241 23,847,623 Policy claims and other benefits 3,790,156 4,734,575 Cost of insurance acquired 1,718,988 2,036,896 Income tax receivable 2,103,464 2,128,027 Other assets 961,062 884,531 Total assets $ 436,676,005 $ 441,708,933 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Policy liabilities and accruals: Future policyholder benefits $ 221,455,958 $ 223,757,860 Policy claims and benefits payable 3,358,070 4,188,917 Other policyholder funds 253,862 260,892 Dividend and endowment accumulations 14,588,899 14,749,258 Deferred income taxes 15,856,311 12,426,840 Notes payable 0 19,000,000 Other liabilities 5,443,668 5,635,373 Total liabilities 260,956,768 280,019,140 Shareholders' equity: Common stock - no par value, stated value $ 0.001 per share. Authorized 7,000,000 shares

View Full Filing

View this 10-Q filing on SEC EDGAR