Primarily due to an increase in life insurance premiums, realised gains on investments and decrease in the fair value of the company's warrants
Citizens has posted a net income of $7.1 million or $0.10 basic earnings per share of Class A common stock and $0.04 diluted earnings per share of Class A common stock for the six months ended June 30, 2009. This is in comparision to net income of $5.7 million or $0.11 per basic and diluted earnings per share of Class A common stock for the same period in 2008.
For the three months ended June 30, 2009, the company earned $2.7 million or $0.03 basic and diluted earnings per share of Class A common stock, as compared to $3 million or $0.06 basic and diluted earnings per share for the same period in 2008.
The increase in H1 net income is primarily due to an increase in life insurance premiums, realised gains on investments and the decrease in the fair value of the company’s warrants.
The total revenues from the life insurance segment increased to $58.3 million for the six months ended June 30, 2009, as compared to $56.3 million for the six months ended June 30, 2008.