UTG Inc. Files Q3 2024 10-Q Report

TL;DR

UTG Inc. Q3 2024 10-Q filed. Financials for 9 months ending Sep 30, 2024 vs 2023 available.

AI Summary

UTG Inc. reported its third-quarter results for the period ending September 30, 2024. The company's filing provides financial data for the nine months ended September 30, 2024, and compares it to the same period in 2023. Specific financial statement details, including balance sheets and income statements, are included in the report.

Why It Matters

This 10-Q filing provides investors and analysts with the latest financial performance and position of UTG Inc. for the third quarter of 2024, enabling informed investment decisions.

Risk Assessment

Risk Level: low — This filing is a standard quarterly report and does not indicate any immediate or unusual risks.

Key Numbers

• 2024-09-30 — Reporting Period End Date (The end date for the financial data presented in the 10-Q.)
• 2024-01-01 — Reporting Period Start Date (The start date for the financial data presented in the 10-Q.)
• 2023-09-30 — Prior Year Period End Date (The end date for the comparative financial data from the previous year.)
• 2023-01-01 — Prior Year Period Start Date (The start date for the comparative financial data from the previous year.)

Key Players & Entities

• UTG INC (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period for the 10-Q
• 20241113 (date) — Filing date of the 10-Q
• LIFE INSURANCE [6311] (industry) — Standard Industrial Classification for UTG Inc.
• 205 NORTH DEPOT STREET (address) — Business and mailing address of UTG Inc.
• STANFORD (location) — City of UTG Inc.'s headquarters
• KY (location) — State of UTG Inc.'s headquarters
• 40484 (zip_code) — Zip code of UTG Inc.'s headquarters

FAQ

Key Financial Figures

• $0 — ments with an estimated market value of $0 as of September 30, 2024 and December 3

Filing Documents

• utg24q3.htm (10-Q) — 1671KB
• q1exhibit311.htm (EX-31.1) — 18KB
• q1exhibit312.htm (EX-31.2) — 19KB
• q1exhibit321.htm (EX-32.1) — 6KB
• q1exhibit322.htm (EX-32.2) — 6KB
• 0000832480-24-000019.txt ( ) — 8455KB
• utgn-20240930.xsd (EX-101.SCH) — 50KB
• utgn-20240930_cal.xml (EX-101.CAL) — 105KB
• utgn-20240930_def.xml (EX-101.DEF) — 263KB
• utgn-20240930_lab.xml (EX-101.LAB) — 777KB
• utgn-20240930_pre.xml (EX-101.PRE) — 444KB
• utg24q3_htm.xml (XML) — 1599KB

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) September 30, 2024 December 31, 2023* ASSETS Investments: Investments, available for sale: Fixed maturities, at fair value (amortized cost $ 104,413,377 and $ 109,554,738 ) $ 99,888,682 $ 103,409,836 Held to maturity redeemable preferred stock, at amortized cost 2,500,000 2,500,000 Equity securities, at fair value (cost $ 93,493,236 and $ 89,387,893 ) 209,395,420 156,550,812 Equity securities, at cost 16,733,309 15,977,368 Mortgage loans on real estate, at amortized cost (net of credit loss reserve of $ 265,000 and $ 274,000 ) 18,233,549 15,318,176 Notes receivable (net of credit loss reserve of $ 209,000 and $ 250,000 ) 13,746,866 14,009,225 Investment real estate, net 29,113,167 21,975,120 Policy loans 5,812,048 6,018,248 Short-term investments 8,174,456 29,132,236 Total investments 403,597,497 364,891,021 Cash and cash equivalents 36,008,132 41,185,196 Accrued investment income 1,482,531 2,001,064 Reinsurance receivables: Future policy benefits 23,772,150 23,847,623 Policy claims and other benefits 4,387,584 4,734,575 Cost of insurance acquired 1,560,035 2,036,896 Income tax receivable 1,375,394 2,128,027 Other assets 776,257 884,531 Total assets $ 472,959,580 $ 441,708,933 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Policy liabilities and accruals: Future policyholder benefits $ 220,076,367 $ 223,757,860 Policy claims and benefits payable 3,992,089 4,188,917 Other policyholder funds 243,163 260,892 Dividend and endowment accumulations 14,608,032 14,749,258 Deferred income taxes 22,857,990 12,426,840 Notes payable 0 19,000,000 Other liabilities 6,139,163 5,635,373 Total liabilities 267,916,804 280,019,140 Shareholders' equity: Common stock - no par value, stated value $ 0.001 per share. Authorized 7,000,000 s

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View this 10-Q filing on SEC EDGAR