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Share Name | Share Symbol | Market | Type |
---|---|---|---|
UTG Inc (PK) | USOTC:UTGN | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 30.05 | 30.01 | 34.50 | 0.00 | 12:56:04 |
⌧ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
□ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
UTG, INC.
|
||
(Exact name of registrant as specified in its charter)
|
||
Delaware
|
20-2907892
|
|
(State or other jurisdiction of
|
(I.R.S. Employer
|
|
incorporation or organization)
|
Identification No.)
|
|
205 NORTH DEPOT STREET
|
||
STANFORD, KY 40484
|
||
(Address of principal executive offices) (Zip Code)
|
Securities registered pursuant to Section 12(b) of the Act:
|
|
Title of each class
|
Name of each exchange on which registered
|
None
|
None
|
Large accelerated filer □
|
Accelerated filer □
|
|
|
Non-accelerated filer □
|
Smaller reporting company ⌧
|
|
|
|
Emerging growth company □
|
PART I. Financial Information
|
3
|
Item 1. Financial Statements
|
3
|
Condensed Consolidated Balance Sheets
|
3
|
Condensed Consolidated Statements of Operations
|
4
|
Condensed Consolidated Statements of Comprehensive Income (Loss)
|
5
|
Condensed Consolidated Statements of Shareholders' Equity
|
6
|
Condensed Consolidated Statements of Cash Flows
|
7
|
Notes to Condensed Consolidated Financial Statements
|
8
|
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
17
|
Item 4. Controls and Procedures
|
22
|
PART II. Other Information
|
22
|
Item 1. Legal Proceedings
|
22
|
Item 1A. Risk Factors
|
22
|
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
|
22
|
Item 3. Defaults Upon Senior Securities
|
22
|
Item 4. Mine Safety Disclosures
|
22
|
Item 5. Other Information
|
22
|
Item 6. Exhibits
|
22
|
Signatures
|
23
|
Exhibit Index
|
24
|
March 31, 2020
|
December 31, 2019*
|
||||
ASSETS
|
|||||
Investments:
|
|||||
Investments available for sale:
|
|||||
Fixed maturities, at fair value (amortized cost $160,799,432 and $159,959,855)
|
$
|
173,703,436
|
$
|
171,629,373
|
|
Equity securities, at fair value (cost $30,061,436 and $32,578,862)
|
51,459,924
|
78,661,793
|
|||
Equity securities, at cost
|
10,417,247
|
10,919,247
|
|||
Mortgage loans on real estate at amortized cost
|
9,099,364
|
8,223,286
|
|||
Investment real estate
|
43,087,742
|
44,344,236
|
|||
Notes receivable
|
20,798,050
|
19,487,458
|
|||
Policy loans
|
8,732,681
|
8,803,876
|
|||
Short-term investments
|
15,388,646
|
10,442,173
|
|||
Total investments
|
332,687,090
|
352,511,442
|
|||
Cash and cash equivalents
|
26,431,046
|
28,787,629
|
|||
Accrued investment income
|
1,383,288
|
1,679,783
|
|||
Reinsurance receivables:
|
|||||
Future policy benefits
|
25,468,524
|
25,655,161
|
|||
Policy claims and other benefits
|
4,291,578
|
4,142,142
|
|||
Cost of insurance acquired
|
4,660,108
|
4,846,321
|
|||
Property and equipment, net of accumulated depreciation
|
407,735
|
427,736
|
|||
Other assets
|
3,175,629
|
695,517
|
|||
Total assets
|
$
|
398,504,998
|
$
|
418,745,731
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|||||
Liabilities:
|
|||||
Policy liabilities and accruals:
|
|||||
Future policyholder benefits
|
$
|
247,227,486
|
$
|
249,264,308
|
|
Policy claims and benefits payable
|
3,221,937
|
3,631,666
|
|||
Other policyholder funds
|
433,873
|
404,177
|
|||
Dividend and endowment accumulations
|
14,620,315
|
14,626,475
|
|||
Income taxes payable
|
3,467,474
|
313,662
|
|||
Deferred income taxes
|
7,080,403
|
13,222,604
|
|||
Other liabilities
|
5,158,187
|
5,785,933
|
|||
Total liabilities
|
281,209,675
|
287,248,825
|
|||
Shareholders' equity:
|
|||||
Common stock - no par value, stated value $.001 per share. Authorized 7,000,000 shares - 3,274,919 and 3,277,830 shares outstanding
|
3,276
|
3,279
|
|||
Additional paid-in capital
|
35,903,350
|
36,012,401
|
|||
Retained earnings
|
71,000,617
|
85,979,678
|
|||
Accumulated other comprehensive income
|
9,832,206
|
8,977,914
|
|||
Total UTG shareholders' equity
|
116,739,449
|
130,973,272
|
|||
Noncontrolling interests
|
555,874
|
523,634
|
|||
Total shareholders' equity
|
117,295,323
|
131,496,906
|
|||
Total liabilities and shareholders' equity
|
$
|
398,504,998
|
$
|
418,745,731
|
Three Months Ended
|
|||||
March 31,
|
March 31,
|
||||
2020
|
2019
|
||||
Revenue:
|
|||||
Premiums and policy fees
|
$
|
2,355,755
|
$
|
2,503,205
|
|
Ceded reinsurance premiums and policy fees
|
(680,440)
|
(517,055)
|
|||
Net investment income
|
2,830,186
|
3,112,024
|
|||
Other income
|
59,042
|
63,838
|
|||
Revenue before net investment gains (losses)
|
4,564,543
|
5,162,012
|
|||
Net investment gains (losses):
|
|||||
Other realized investment gains, net
|
7,174,507
|
1,113,698
|
|||
Change in fair value of equity securities
|
(24,684,444)
|
14,787,631
|
|||
Total net investment gains (losses)
|
(17,509,937)
|
15,901,329
|
|||
Total revenue
|
(12,945,394)
|
21,063,341
|
|||
Benefits and other expenses:
|
|||||
Benefits, claims and settlement expenses:
|
|||||
Life
|
3,540,361
|
3,427,200
|
|||
Ceded reinsurance benefits and claims
|
(634,943)
|
(474,622)
|
|||
Annuity
|
232,488
|
197,670
|
|||
Dividends to policyholders
|
94,315
|
103,599
|
|||
Commissions and amortization of deferred policy acquisition costs
|
(35,117)
|
(24,542)
|
|||
Amortization of cost of insurance acquired
|
186,213
|
193,977
|
|||
Operating expenses
|
1,986,692
|
2,144,389
|
|||
Total benefits and other expenses
|
5,370,009
|
5,567,671
|
|||
Income (loss) before income taxes
|
(18,315,403)
|
15,495,670
|
|||
Income tax (benefit) expense
|
(3,368,582)
|
3,697,058
|
|||
Net income (loss)
|
(14,946,821)
|
11,798,612
|
|||
Net income attributable to noncontrolling interests
|
(32,240)
|
(153,733)
|
|||
Net income (loss) attributable to common shareholders
|
$
|
$ (14,979,061)
|
$
|
$ 11,644,879
|
|
Amounts attributable to common shareholders
|
|||||
Basic income (loss) per share
|
$
|
(4.58)
|
$
|
$ 3.53
|
|
Diluted income (loss) per share
|
$
|
(4.58)
|
$
|
$ 3.53
|
|
Basic weighted average shares outstanding
|
3,274,093
|
3,297,353
|
|||
Diluted weighted average shares outstanding
|
3,274,093
|
3,297,353
|
Three Months Ended
|
||||||
March 31,
|
March 31,
|
|||||
2020
|
2019
|
|||||
Net income (loss)
|
$
|
(14,946,821)
|
$
|
11,798,612
|
||
Other comprehensive income (loss):
|
||||||
Unrealized holding gains (losses) arising during period, pre-tax
|
1,472,865
|
4,934,851
|
||||
Tax (expense) benefit on unrealized holding gains (losses) arising during the period
|
(309,302)
|
(1,036,319)
|
||||
Unrealized holding gains (losses) arising during period, net of tax
|
1,163,563
|
3,898,532
|
||||
Less reclassification adjustment for gains (losses) included in net income
|
(391,483)
|
(15,055)
|
||||
Tax (expense) benefit for gains included in net income (loss)
|
82,212
|
3,162
|
||||
Reclassification adjustment for gains (losses) included in net income, net of tax
|
(309,271)
|
(11,893)
|
||||
Subtotal: Other comprehensive income (loss), net of tax
|
854,292
|
3,886,639
|
||||
Comprehensive income (loss)
|
(14,092,529)
|
15,685,251
|
||||
Less comprehensive income attributable to noncontrolling interests
|
(32,240)
|
(153,733)
|
||||
Comprehensive income (loss) attributable to UTG, Inc.
|
$
|
(14,124,769)
|
$
|
15,531,518
|
Three Months Ended March 31, 2020
|
Common Stock
|
Additional Paid-In Capital
|
Retained Earnings
|
Accumulated Other Comprehensive Income
|
Noncontrolling Interest
|
Total Shareholders' Equity
|
||||||
Balance at December 31, 2019
|
$
|
3,279
|
$
|
36,012,401
|
$
|
85,979,678
|
$
|
8,977,914
|
$
|
523,634
|
$
|
131,496,906
|
Common stock issued during year
|
6
|
201,543
|
-
|
-
|
-
|
201,549
|
||||||
Treasury shares acquired
|
(9)
|
(310,594)
|
-
|
-
|
-
|
(310,603)
|
||||||
Net income (loss) attributable to common shareholders
|
-
|
-
|
(14,979,061)
|
-
|
-
|
(14,979,061)
|
||||||
Unrealized holding income on securities net of noncontrolling interest and reclassification adjustment and
taxes
|
-
|
-
|
-
|
854,292
|
-
|
854,292
|
||||||
Contributions
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||
Distributions
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||
Gain attributable to noncontrolling interest
|
-
|
-
|
-
|
-
|
32,240
|
32,240
|
||||||
Balance at March 31, 2020
|
$
|
3,276
|
$
|
35,903,350
|
$
|
71,000,617
|
$
|
9,832,206
|
$
|
555,874
|
$
|
117,295,323
|
Three Months Ended March 31, 2019
|
Common Stock
|
Additional Paid-In Capital
|
Retained Earnings
|
Accumulated Other Comprehensive Income
|
Noncontrolling Interest
|
Total Shareholders' Equity
|
||||||
Balance at December 31, 2018
|
$
|
3,296
|
$
|
36,567,865
|
$
|
69,708,901
|
$
|
62,495
|
$
|
734,153
|
$
|
107,076,710
|
Common stock issued during year
|
8
|
229,792
|
-
|
-
|
-
|
229,800
|
||||||
Treasury shares acquired
|
(7)
|
(212,380)
|
-
|
-
|
-
|
(212,387)
|
||||||
Net income attributable to common shareholders
|
-
|
-
|
11,644,879
|
-
|
-
|
11,644,879
|
||||||
Unrealized holding income on securities net of noncontrolling interest and reclassification adjustment and
taxes
|
-
|
-
|
-
|
3,886,639
|
-
|
3,886,639
|
||||||
Contributions
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||
Distributions
|
-
|
-
|
-
|
-
|
(245,750)
|
(245,750)
|
||||||
Gain attributable to noncontrolling interest
|
-
|
-
|
-
|
-
|
153,733
|
153,733
|
||||||
Balance at March 31, 2019
|
$
|
3,297
|
$
|
36,585,277
|
$
|
81,353,780
|
$
|
3,949,134
|
$
|
642,136
|
$
|
122,533,624
|
Three Months Ended
|
|||||
March 31,
|
March 31,
|
||||
2020
|
2019
|
||||
Cash flows from operating activities:
|
|||||
Net income (loss)
|
$
|
$ (14,946,821)
|
$
|
$ 11,798,612
|
|
Adjustments to reconcile net income to net cash used in operating activities:
|
|||||
Amortization (accretion) of investments
|
(98,297)
|
(39,703)
|
|||
Realized investment gains, net
|
(7,174,507)
|
(1,113,698)
|
|||
Change in fair value of equity securities
|
24,684,444
|
(14,787,631)
|
|||
Amortization of cost of insurance acquired
|
186,213
|
193,977
|
|||
Depreciation
|
156,652
|
323,406
|
|||
Stock-based compensation
|
201,549
|
229,800
|
|||
Charges for mortality and administration of universal life and annuity products
|
(1,583,889)
|
(1,619,743)
|
|||
Interest credited to account balances
|
1,009,012
|
1,029,303
|
|||
Change in accrued investment income
|
296,495
|
232,788
|
|||
Change in reinsurance receivables
|
37,201
|
(61,726)
|
|||
Change in policy liabilities and accruals
|
(1,943,479)
|
(772,518)
|
|||
Change in income taxes receivable (payable)
|
3,153,812
|
612,616
|
|||
Change in other assets and liabilities, net
|
(9,630,253)
|
3,839,857
|
|||
Net cash used in operating activities
|
(5,651,868)
|
(134,660)
|
|||
Cash flows from investing activities:
|
|||||
Proceeds from investments sold and matured:
|
|||||
Fixed maturities available for sale
|
8,626,339
|
2,023,974
|
|||
Equity securities
|
13,350,043
|
33,075
|
|||
Mortgage loans
|
61,847
|
1,945,760
|
|||
Real estate
|
1,119,842
|
3,045,226
|
|||
Notes receivable
|
2,189,408
|
1,537,984
|
|||
Policy loans
|
387,870
|
410,831
|
|||
Short-term investments
|
3,000,000
|
-
|
|||
Total proceeds from investments sold and matured
|
28,735,349
|
8,996,850
|
|||
Cost of investments acquired:
|
|||||
Fixed maturities available for sale
|
(9,038,928)
|
-
|
|||
Equity securities
|
(3,547,593)
|
(46,509)
|
|||
Mortgage loans
|
(931,378)
|
(3,575,500)
|
|||
Real estate
|
-
|
(1,174,688)
|
|||
Notes receivable
|
(3,500,000)
|
(4,416,008)
|
|||
Policy loans
|
(316,675)
|
(324,587)
|
|||
Short-term investments
|
(7,890,228)
|
-
|
|||
Total cost of investments acquired
|
(25,224,802)
|
(9,537,292)
|
|||
Net cash provided by (used in) investing activities
|
3,510,547
|
(540,442)
|
|||
Cash flows from financing activities:
|
|||||
Policyholder contract deposits
|
1,187,672
|
1,264,011
|
|||
Policyholder contract withdrawals
|
(1,092,331)
|
(1,231,379)
|
|||
Purchase of treasury stock
|
(310,603)
|
(212,387)
|
|||
Non controlling contributions (distributions) of consolidated subsidiary
|
-
|
(245,750)
|
|||
Net cash used in financing activities
|
(215,262)
|
(425,505)
|
|||
Net decrease in cash and cash equivalents
|
(2,356,583)
|
(1,100,607)
|
|||
Cash and cash equivalents at beginning of period
|
28,787,629
|
20,150,162
|
|||
Cash and cash equivalents at end of period
|
$
|
$ 26,431,046
|
$
|
$ 19,049,555
|
March 31, 2020
|
Original or Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized Losses
|
Fair Value
|
||||||||
Investments available for sale:
|
||||||||||||
Fixed maturities
|
||||||||||||
U.S. Government and govt. agencies and authorities
|
$
|
44,797,372
|
$
|
1,751,954
|
$
|
-
|
$
|
46,549,326
|
||||
U.S. special revenue and assessments
|
14,366,514
|
1,550,993
|
-
|
15,917,507
|
||||||||
All other corporate bonds
|
101,635,546
|
10,052,499
|
(451,442)
|
111,236,603
|
||||||||
$
|
160,799,432
|
$
|
13,355,446
|
$
|
(451,442)
|
$
|
173,703,436
|
December 31, 2019
|
Original or Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized Losses
|
Fair Value
|
||||||||
Investments available for sale:
|
||||||||||||
Fixed maturities
|
||||||||||||
U.S. Government and govt. agencies and authorities
|
$
|
35,761,440
|
$
|
402,832
|
$
|
(35,529)
|
$
|
36,128,743
|
||||
U.S. special revenue and assessments
|
14,371,263
|
832,100
|
-
|
15,203,363
|
||||||||
All other corporate bonds
|
109,827,152
|
10,470,115
|
-
|
120,297,267
|
||||||||
$
|
159,959,855
|
$
|
11,705,047
|
$
|
(35,529)
|
$
|
171,629,373
|
Fixed Maturities Available for Sale
March 31, 2020
|
Amortized Cost
|
Fair Value
|
||||
Due in one year or less
|
$
|
11,796,278
|
$
|
12,089,426
|
||
Due after one year through five years
|
58,507,802
|
60,788,411
|
||||
Due after five years through ten years
|
46,860,963
|
53,482,062
|
||||
Due after ten years
|
43,634,389
|
47,343,537
|
||||
Total
|
$
|
160,799,432
|
$
|
173,703,436
|
March 31, 2020
|
Less than 12 months
|
12 months or longer
|
Total
|
||||||||||||||
Fair value
|
Unrealized losses
|
Fair value
|
Unrealized losses
|
Fair value
|
Unrealized losses
|
||||||||||||
All other corporate bonds
|
$
|
7,268,145
|
(451,442)
|
-
|
-
|
7,268,145
|
$
|
(451,442)
|
|||||||||
Total fixed maturities
|
$
|
7,268,145
|
(451,442)
|
-
|
-
|
7,268,145
|
$
|
(451,442)
|
|||||||||
December 31, 2019
|
Less than 12 months
|
12 months or longer
|
Total
|
||||||||||||||
Fair value
|
Unrealized losses
|
Fair value
|
Unrealized losses
|
Fair value
|
Unrealized losses
|
||||||||||||
U.S. Government and govt. agencies and authorities
|
$
|
6,059,380
|
(35,529)
|
-
|
-
|
6,059,380
|
$
|
(35,529)
|
|||||||||
Total fixed maturities
|
$
|
6,059,380
|
(35,529)
|
-
|
-
|
6,059,380
|
$
|
(35,529)
|
|||||||||
|
Less than 12 months
|
12 months or longer
|
Total
|
||
As of March 31, 2020
|
|||||
Fixed maturities
|
7
|
-
|
7
|
||
As of December 31, 2019
|
|||||
Fixed maturities
|
3
|
-
|
3
|
Three Months Ended
|
|||||
March 31,
|
|||||
2020
|
2019
|
||||
Realized gains:
|
|||||
Sales of fixed maturities
|
$
|
391,483
|
$
|
15,055
|
|
Sales of equity securities
|
6,783,024
|
-
|
|||
Sales of real estate
|
-
|
1,098,643
|
|||
Total realized gains
|
7,174,507
|
1,113,698
|
|||
Realized losses:
|
|||||
Sales of fixed maturities
|
-
|
-
|
|||
Sales of equity securities
|
-
|
-
|
|||
Sales of real estate
|
-
|
-
|
|||
Other-than-temporary impairments
|
-
|
-
|
|||
Total realized losses
|
-
|
-
|
|||
Net realized investment gains (losses)
|
7,174,507
|
1,113,698
|
|||
Change in fair value of equity securities:
|
|||||
Change in fair value of equity securities held at the end of the period
|
(24,684,444)
|
14,787,631
|
|||
Change in fair value of equity securities
|
(24,684,444)
|
14,787,631
|
|||
Net investment gains (losses)
|
$
|
(17,509,937)
|
$
|
15,901,329
|
|
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive
income:
|
|||||
Fixed maturities
|
$
|
1,472,865
|
$
|
4,934,851
|
|
Net increase (decrease)
|
$
|
1,472,865
|
$
|
4,934,851
|
|
2020
|
2019
|
|||||
Maximum rate
|
Minimum rate
|
Maximum rate
|
Minimum rate
|
||||
Farm Loans
|
5.00%
|
5.00%
|
5.00%
|
5.00%
|
|||
Commercial Loans
|
7.50%
|
4.24%
|
7.50%
|
4.00%
|
|||
Residential Loans
|
5.50%
|
5.50%
|
8.00%
|
8.00%
|
March 31, 2020
|
December 31, 2019
|
||||
In good standing
|
$
|
9,099,364
|
$
|
8,223,286
|
|
Total mortgage loans
|
$
|
9,099,364
|
$
|
8,223,286
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||
Assets
|
|||||||||||
Fixed Maturities, available for sale
|
$
|
46,549,326
|
$
|
127,154,110
|
$
|
-
|
$
|
173,703,436
|
|||
Equity Securities
|
15,953,666
|
12,244,456
|
23,261,802
|
51,459,924
|
|||||||
Total
|
$
|
62,502,992
|
$
|
139,398,566
|
$
|
23,261,802
|
$
|
225,163,360
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||
Assets
|
|||||||||||
Fixed Maturities, available for sale
|
$
|
36,128,743
|
$
|
135,500,630
|
$
|
-
|
$
|
171,629,373
|
|||
Equity Securities
|
29,888,281
|
14,258,750
|
34,514,762
|
78,661,793
|
|||||||
Total
|
$
|
66,017,024
|
$
|
149,759,380
|
$
|
34,514,762
|
$
|
250,291,166
|
Fixed Maturities,
Available for Sale
|
Equity Securities
|
Total
|
||||||
Balance at December 31, 2019
|
$
|
-
|
$
|
34,514,762
|
$
|
34,514,762
|
||
Total unrealized gain or (losses):
|
||||||||
Included in net income (loss)
|
-
|
(2,296,374)
|
(2,296,374)
|
|||||
Included in other comprehensive income
|
-
|
-
|
-
|
|||||
Purchases
|
-
|
1,331,382
|
1,331,382
|
|||||
Sales
|
-
|
(10,287,968)
|
(10,287,968)
|
|||||
Balance at March 31, 2020
|
$
|
-
|
$
|
23,261,802
|
$
|
23,261,802
|
March 31, 2020
|
December 31, 2019
|
|||||||
Change in fair value of equity securities included in net income (loss) relating to assets held
|
$
|
(2,296,374)
|
$
|
6,461,670
|
March 31, 2020
|
December 31, 2019
|
||||||||||
Assets
|
Carrying Amount
|
Estimated Fair Value
|
Carrying Amount
|
Estimated Fair Value
|
|||||||
Equity securities
|
$
|
10,417,247
|
$
|
10,417,247
|
$
|
10,919,247
|
$
|
10,919,247
|
|||
Mortgage loans on real estate
|
9,099,364
|
9,099,364
|
8,223,286
|
8,223,286
|
|||||||
Investment real estate
|
43,087,742
|
43,087,742
|
44,344,236
|
44,344,236
|
|||||||
Notes receivable
|
20,798,050
|
20,798,050
|
19,487,458
|
19,487,458
|
|||||||
Policy loans
|
8,732,681
|
8,732,681
|
8,803,876
|
8,803,876
|
|||||||
Short term investments
|
15,388,646
|
15,388,646
|
10,442,173
|
10,442,173
|
|||||||
Cash and cash equivalents
|
26,431,046
|
26,431,046
|
28,787,629
|
28,787,629
|
Instrument
|
Issue Date
|
Maturity Date
|
Revolving Credit Limit
|
December 31, 2019
|
Borrowings
|
Repayments
|
March 31, 2020
|
||||||||||
Lines of Credit:
|
|||||||||||||||||
UTG
|
11/20/2013
|
11/20/2020
|
$
|
8,000,000
|
-
|
-
|
-
|
-
|
|||||||||
UG
|
6/2/2015
|
5/8/2020
|
10,000,000
|
-
|
-
|
-
|
-
|
Total Funding
Commitment
|
Unfunded
Commitment
|
||||
RLF III, LLC
|
$
|
4,000,000
|
$
|
398,120
|
|
Sovereign’s Capital, LP Fund I
|
500,000
|
20,000
|
|||
Sovereign's Capital, LP Fund II
|
1,000,000
|
158,596
|
|||
Sovereign's Capital, LP Fund III
|
3,000,000
|
2,137,079
|
|||
Garden City Companies, LLC
|
2,000,000
|
1,956,688
|
|||
Carrizo Springs Music, LLC
|
2,500,000
|
2,296,875
|
|||
Modern Distributors, Inc.
|
7,200,000
|
3,700,000
|
|
Three Months Ended
|
||||
March 31,
|
|||||
2020
|
2019
|
||||
Interest
|
$
|
-
|
$
|
-
|
|
Federal income tax
|
-
|
-
|
|
Three Months Ended March 31,
|
||||
2020
|
2019
|
||||
Net investment income
|
$
|
2,830,186
|
$
|
3,112,024
|
|
Net investment gains (losses)
|
$
|
(17,509,937)
|
$
|
15,901,329
|
|
Change in net unrealized investment gains (losses) on available-for-sale securities, pre-tax
|
$
|
1,472,865
|
$
|
4,934,851
|
Three Months Ended
|
|||||
March 31,
|
|||||
2020
|
2019
|
||||
Fixed maturities available for sale
|
$
|
1,409,324
|
$
|
1,589,985
|
|
Equity securities
|
755,402
|
668,108
|
|||
Trading securities
|
-
|
(111,693)
|
|||
Mortgage loans
|
85,799
|
118,612
|
|||
Real estate
|
606,657
|
784,532
|
|||
Notes receivable
|
202,221
|
435,155
|
|||
Policy loans
|
137,970
|
141,552
|
|||
Short-term
|
16,227
|
41,364
|
|||
Cash and cash equivalents
|
89,059
|
-
|
|||
Total consolidated investment income
|
3,302,659
|
3,667,615
|
|||
Investment expenses
|
(472,473)
|
(555,591)
|
|||
Consolidated net investment income
|
$
|
2,830,186
|
$
|
3,112,024
|
*31.1
|
Certification of Jesse T. Correll, Chief Executive Officer and Chairman of the Board of UTG, as required pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
|
*31.2
|
Certification of Theodore C. Miller, Chief Financial Officer, Senior Vice President and Corporate Secretary of UTG, as required pursuant to Section
302 of the Sarbanes-Oxley Act of 2002
|
*32.1
|
Certificate of Jesse T. Correll, Chief Executive Officer and Chairman of the Board of UTG, as required pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
|
*32.2
|
Certificate of Theodore C. Miller, Chief Financial Officer, Senior Vice President and Corporate Secretary of UTG, as required pursuant to Section
906 of the Sarbanes-Oxley Act of 2002
|
**101
|
Interactive Data File
|
Date:
|
May 12, 2020
|
By
|
/s/ James P. Rousey
|
|
James P. Rousey
|
||||
President and Director
|
Date:
|
May 12, 2020
|
By
|
/s/ Theodore C. Miller
|
|
Theodore C. Miller
|
||||
Senior Vice President
|
||||
and Chief Financial Officer
|
Exhibit Number
|
Description
|
*31.1
|
Certification of Jesse T. Correll, Chief Executive Officer and Chairman of the Board of UTG, as required pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
|
*31.2
|
Certification of Theodore C. Miller, Chief Financial Officer, Senior Vice President and Corporate Secretary of UTG, as required pursuant to Section
302 of the Sarbanes-Oxley Act of 2002
|
*32.1
|
Certificate of Jesse T. Correll, Chief Executive Officer and Chairman of the Board of UTG, as required pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
|
*32.2
|
Certificate of Theodore C. Miller, Chief Financial Officer, Senior Vice President and Corporate Secretary of UTG, as required pursuant to Section
906 of the Sarbanes-Oxley Act of 2002
|
**101
|
Interactive Data File
|
1 Year UTG (PK) Chart |
1 Month UTG (PK) Chart |
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