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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 | 32.00 | 0.00 | 13:20:12 |
⌧ |
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
|
8
|
Notes to Condensed Consolidated Financial Statements
|
9
|
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
22
|
Item 4. Controls and Procedures
|
27
|
PART II. Other Information
|
27
|
Item 1. Legal Proceedings
|
27
|
Item 1A. Risk Factors
|
27
|
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
|
27
|
Item 3. Defaults Upon Senior Securities
|
27
|
Item 4. Mine Safety Disclosures
|
27
|
Item 5. Other Information
|
27
|
Item 6. Exhibits
|
27
|
Signatures
|
28
|
September 30, 2020
|
December 31, 2019*
|
||||
ASSETS
|
|||||
Investments:
|
|||||
Investments available for sale:
|
|||||
Fixed maturities, at fair value (amortized cost $156,998,638 and $159,959,855)
|
$
|
176,720,947
|
$
|
171,629,373
|
|
Equity securities, at fair value (cost $33,521,163 and $32,578,862)
|
65,588,029
|
78,661,793
|
|||
Equity securities, at cost
|
14,417,247
|
10,919,247
|
|||
Mortgage loans on real estate at amortized cost
|
20,392,053
|
8,223,286
|
|||
Investment real estate
|
36,421,627
|
44,344,236
|
|||
Notes receivable
|
19,298,398
|
19,487,458
|
|||
Policy loans
|
8,727,991
|
8,803,876
|
|||
Short-term investments
|
7,973,910
|
10,442,173
|
|||
Total investments
|
349,540,202
|
352,511,442
|
|||
Cash and cash equivalents
|
24,723,191
|
28,787,629
|
|||
Accrued investment income
|
1,247,946
|
1,679,783
|
|||
Reinsurance receivables:
|
|||||
Future policy benefits
|
25,412,611
|
25,655,161
|
|||
Policy claims and other benefits
|
4,262,277
|
4,142,142
|
|||
Cost of insurance acquired
|
4,287,682
|
4,846,321
|
|||
Property and equipment, net of accumulated depreciation
|
367,999
|
427,736
|
|||
Income tax receivable
|
145,067
|
0
|
|||
Other assets
|
764,344
|
695,517
|
|||
Total assets
|
$
|
410,751,319
|
$
|
418,745,731
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|||||
Liabilities:
|
|||||
Policy liabilities and accruals:
|
|||||
Future policyholder benefits
|
$
|
245,084,324
|
$
|
249,264,308
|
|
Policy claims and benefits payable
|
3,811,781
|
3,631,666
|
|||
Other policyholder funds
|
402,225
|
404,177
|
|||
Dividend and endowment accumulations
|
14,764,957
|
14,626,475
|
|||
Income taxes payable
|
0
|
313,662
|
|||
Deferred income taxes
|
11,343,548
|
13,222,604
|
|||
Trading securities, at fair value (proceeds $5,584 and $0)
|
4,003
|
0
|
|||
Other liabilities
|
6,172,576
|
5,785,933
|
|||
Total liabilities
|
281,583,414
|
287,248,825
|
|||
Shareholders' equity:
|
|||||
Common stock - no par value, stated value $0.001 per share. Authorized 7,000,000 shares - 3,176,672 and 3,277,830 shares outstanding
|
3,177
|
3,279
|
|||
Additional paid-in capital
|
33,056,562
|
36,012,401
|
|||
Retained earnings
|
80,266,031
|
85,979,678
|
|||
Accumulated other comprehensive income
|
15,218,666
|
8,977,914
|
|||
Total UTG shareholders' equity
|
128,544,436
|
130,973,272
|
|||
Noncontrolling interests
|
623,469
|
523,634
|
|||
Total shareholders' equity
|
129,167,905
|
131,496,906
|
|||
Total liabilities and shareholders' equity
|
$
|
410,751,319
|
$
|
418,745,731
|
Three Months Ended
|
Nine Months Ended
|
||||||||||
September 30,
|
September 30,
|
September 30,
|
September 30,
|
||||||||
2020
|
2019
|
2020
|
2019
|
||||||||
Revenue:
|
|||||||||||
Premiums and policy fees
|
$
|
2,285,170
|
$
|
2,385,113
|
$
|
7,020,901
|
$
|
7,319,807
|
|||
Ceded reinsurance premiums and policy fees
|
(757,649)
|
(678,941)
|
(2,128,125)
|
(2,009,252)
|
|||||||
Net investment income
|
2,231,360
|
2,818,669
|
8,083,200
|
8,632,402
|
|||||||
Other income
|
111,775
|
95,141
|
264,589
|
254,898
|
|||||||
Revenue before net investment gains (losses)
|
3,870,656
|
4,619,982
|
13,240,565
|
14,197,855
|
|||||||
Net investment gains (losses):
|
|||||||||||
Other realized investment gains, net
|
1,754,315
|
3,727,538
|
10,708,155
|
10,143,014
|
|||||||
Change in fair value of equity securities
|
(2,277,902)
|
(4,046,457)
|
(14,016,065)
|
10,838,322
|
|||||||
Total net investment gains (losses)
|
(523,587)
|
(318,919)
|
(3,307,910)
|
20,981,336
|
|||||||
Total revenue
|
3,347,069
|
4,301,063
|
9,932,655
|
35,179,191
|
|||||||
Benefits and other expenses:
|
|||||||||||
Benefits, claims and settlement expenses:
|
|||||||||||
Life
|
4,460,762
|
4,029,261
|
11,423,300
|
12,047,346
|
|||||||
Ceded reinsurance benefits and claims
|
(966,260)
|
(501,184)
|
(1,954,371)
|
(1,583,345)
|
|||||||
Annuity
|
250,486
|
265,413
|
742,023
|
770,452
|
|||||||
Dividends to policyholders
|
70,125
|
74,864
|
256,445
|
274,516
|
|||||||
Commissions and amortization of deferred policy acquisition costs
|
(35,865)
|
(39,665)
|
(99,541)
|
(102,784)
|
|||||||
Amortization of cost of insurance acquired
|
186,214
|
193,977
|
558,639
|
581,930
|
|||||||
Operating expenses
|
2,559,653
|
1,940,795
|
6,249,951
|
5,875,135
|
|||||||
Total benefits and other expenses
|
6,525,115
|
5,963,461
|
17,176,446
|
17,863,250
|
|||||||
Income (loss) before income taxes
|
(3,178,046)
|
(1,662,398)
|
(7,243,791)
|
17,315,941
|
|||||||
Income tax (benefit) expense
|
(765,421)
|
(578,549)
|
(1,629,979)
|
3,781,340
|
|||||||
Net income (loss)
|
(2,412,625)
|
(1,083,849)
|
(5,613,812)
|
13,534,601
|
|||||||
Net income attributable to noncontrolling interests
|
(34,081)
|
(32,795)
|
(99,835)
|
(294,308)
|
|||||||
Net income (loss) attributable to common shareholders
|
$
|
(2,446,706)
|
$
|
(1,116,644)
|
$
|
(5,713,647)
|
$
|
13,240,293
|
|||
Amounts attributable to common shareholders
|
|||||||||||
Basic income (loss) per share
|
$
|
(0.76)
|
$
|
(0.34)
|
$
|
(1.75)
|
$
|
4.03
|
|||
Diluted income (loss) per share
|
$
|
(0.76)
|
$
|
(0.34)
|
$
|
(1.75)
|
$
|
4.03
|
|||
Basic weighted average shares outstanding
|
3,221,049
|
3,279,684
|
3,256,217
|
3,289,133
|
|||||||
Diluted weighted average shares outstanding
|
3,221,049
|
3,279,684
|
3,256,217
|
3,289,133
|
Three Months Ended
|
Nine Months Ended
|
||||||||||
September 30,
|
September 30,
|
September 30,
|
September 30,
|
||||||||
2020
|
2019
|
2020
|
2019
|
||||||||
Net income (loss)
|
$
|
(2,412,625)
|
$
|
(1,083,849)
|
$
|
(5,613,812)
|
$
|
13,534,601
|
|||
Other comprehensive income (loss):
|
|||||||||||
Unrealized holding gains (losses) arising during period, pre-tax
|
169,058
|
3,184,769
|
8,237,909
|
12,044,690
|
|||||||
Tax (expense) benefit on unrealized holding gains (losses) arising during the period
|
(35,502)
|
(668,802)
|
(1,729,961)
|
(2,529,385)
|
|||||||
Unrealized holding gains (losses) arising during period, net of tax
|
133,556
|
2,515,967
|
6,507,948
|
9,515,305
|
|||||||
Less reclassification adjustment for (gains) losses included in net income
|
0
|
30,793
|
(338,223)
|
25,564
|
|||||||
Tax expense (benefit) for gains included in net income (loss)
|
0
|
(6,466)
|
71,027
|
(5,368)
|
|||||||
Reclassification adjustment for (gains) losses included in net income, net of tax
|
0
|
24,327
|
(267,196)
|
20,196
|
|||||||
Subtotal: Other comprehensive income (loss), net of tax
|
133,556
|
2,540,294
|
6,240,752
|
9,535,501
|
|||||||
|
|
|
|
||||||||
Comprehensive income (loss)
|
(2,279,069)
|
1,456,445
|
626,940
|
23,070,102
|
|||||||
Less comprehensive income attributable to noncontrolling interests
|
(34,081)
|
(32,795)
|
(99,835)
|
(294,308)
|
|||||||
|
|
|
|
||||||||
Comprehensive income (loss) attributable to UTG, Inc.
|
$
|
(2,313,150)
|
$
|
1,423,650
|
$
|
527,105
|
$
|
22,775,794
|
Three Months Ended September 30, 2020
|
Common Stock
|
Additional Paid-In Capital
|
Retained Earnings
|
Accumulated Other
Comprehensive Income
|
Noncontrolling Interest
|
Total Shareholders' Equity
|
||||||
Balance at June 30, 2020
|
$
|
3,272
|
$
|
35,780,640
|
$
|
82,712,737
|
$
|
15,085,110
|
$
|
589,388
|
$
|
134,171,147
|
Common stock issued during year
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||
Treasury shares acquired
|
(95)
|
(2,724,078)
|
0
|
0
|
0
|
(2,724,173)
|
||||||
Net income (loss) attributable to common shareholders
|
0
|
0
|
(2,446,706)
|
0
|
0
|
(2,446,706)
|
||||||
Unrealized holding income on securities net of noncontrolling interest and reclassification adjustment and
taxes
|
0
|
0
|
0
|
133,556
|
0
|
133,556
|
||||||
Contributions
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||
Distributions
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||
Gain attributable to noncontrolling interest
|
0
|
0
|
0
|
0
|
34,081
|
34,081
|
||||||
Balance at September 30, 2020
|
$
|
3,177
|
$
|
33,056,562
|
$
|
80,266,031
|
$
|
15,218,666
|
$
|
623,469
|
$
|
129,167,905
|
Nine Months Ended September 30, 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
|
7
|
218,282
|
0
|
0
|
0
|
218,289
|
||||||
Treasury shares acquired
|
(109)
|
(3,174,121)
|
0
|
0
|
0
|
(3,174,230)
|
||||||
Net income (loss) attributable to common shareholders
|
0
|
0
|
(5,713,647)
|
0
|
0
|
(5,713,647)
|
||||||
Unrealized holding income on securities net of noncontrolling interest and reclassification adjustment and
taxes
|
0
|
0
|
0
|
6,240,752
|
0
|
6,240,752
|
||||||
Contributions
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||
Distributions
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||
Gain attributable to noncontrolling interest
|
0
|
0
|
0
|
0
|
99,835
|
99,835
|
||||||
Balance at September 30, 2020
|
$
|
3,177
|
$
|
33,056,562
|
$
|
80,266,031
|
$
|
15,218,666
|
$
|
623,469
|
$
|
129,167,905
|
Three Months Ended September 30, 2019
|
Common Stock
|
Additional Paid-In Capital
|
Retained Earnings
|
Accumulated Other
Comprehensive Income
|
Noncontrolling Interest
|
Total Shareholders' Equity
|
||||||
Balance at June 30, 2019
|
$
|
3,286
|
$
|
36,253,067
|
$
|
84,065,838
|
$
|
7,057,702
|
$
|
749,916
|
$
|
128,129,809
|
Common stock issued during year
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||
Treasury shares acquired
|
(9)
|
(287,914)
|
0
|
0
|
0
|
(287,923)
|
||||||
Net income attributable to common shareholders
|
0
|
0
|
(1,116,644)
|
0
|
0
|
(1,116,644)
|
||||||
Unrealized holding income on securities net of noncontrolling interest and reclassification adjustment and
taxes
|
0
|
0
|
0
|
2,540,294
|
0
|
2,540,294
|
||||||
Contributions
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||
Distributions
|
0
|
0
|
0
|
0
|
(289,912)
|
(289,912)
|
||||||
Gain attributable to noncontrolling interest
|
0
|
0
|
0
|
0
|
32,795
|
32,795
|
||||||
Balance at September 30, 2019
|
$
|
3,277
|
$
|
35,965,153
|
$
|
82,949,194
|
$
|
9,597,996
|
$
|
492,799
|
$
|
129,008,419
|
Nine Months Ended September 30, 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
|
7
|
246,527
|
0
|
0
|
0
|
246,534
|
||||||
Treasury shares acquired
|
(26)
|
(849,239)
|
0
|
0
|
0
|
(849,265)
|
||||||
Net income attributable to common shareholders
|
0
|
0
|
13,240,293
|
0
|
0
|
13,240,293
|
||||||
Unrealized holding income on securities net of noncontrolling interest and reclassification adjustment and
taxes
|
0
|
0
|
0
|
9,535,501
|
0
|
9,535,501
|
||||||
Contributions
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||
Distributions
|
0
|
0
|
0
|
0
|
(535,662)
|
(535,662)
|
||||||
Gain attributable to noncontrolling interest
|
0
|
0
|
0
|
0
|
294,308
|
294,308
|
||||||
Balance at September 30, 2019
|
$
|
3,277
|
$
|
35,965,153
|
$
|
82,949,194
|
$
|
9,597,996
|
$
|
492,799
|
$
|
129,008,419
|
Nine Months Ended
|
|||||
September 30,
|
September 30,
|
||||
2020
|
2019
|
||||
Cash flows from operating activities:
|
|||||
Net income (loss)
|
$
|
(5,613,812)
|
$
|
13,534,601
|
|
Adjustments to reconcile net income to net cash used in operating activities:
|
|||||
Amortization (accretion) of investments
|
(87,559)
|
28,936
|
|||
Realized investment gains, net
|
(10,708,155)
|
(10,143,014)
|
|||
Unrealized trading (gains) losses included in income
|
(1,581)
|
0
|
|||
Change in fair value of equity securities
|
14,016,065
|
(10,838,322)
|
|||
Amortization of cost of insurance acquired
|
558,639
|
581,930
|
|||
Depreciation
|
338,550
|
868,630
|
|||
Stock-based compensation
|
218,289
|
246,534
|
|||
Charges for mortality and administration of universal life and annuity products
|
(4,759,240)
|
(4,839,551)
|
|||
Interest credited to account balances
|
3,014,030
|
3,068,614
|
|||
Change in accrued investment income
|
431,837
|
375,806
|
|||
Change in reinsurance receivables
|
122,415
|
460,659
|
|||
Change in policy liabilities and accruals
|
(2,463,865)
|
(2,458,575)
|
|||
Change in income taxes receivable (payable)
|
(458,729)
|
78,738
|
|||
Change in other assets and liabilities, net
|
(3,373,186)
|
3,749,194
|
|||
Net cash used in operating activities
|
(8,766,302)
|
(5,285,820)
|
|||
Cash flows from investing activities:
|
|||||
Proceeds from investments sold and matured:
|
|||||
Fixed maturities available for sale
|
12,253,350
|
8,563,966
|
|||
Equity securities
|
17,071,364
|
10,219,197
|
|||
Mortgage loans
|
554,787
|
4,824,430
|
|||
Real estate
|
8,513,461
|
11,620,038
|
|||
Notes receivable
|
3,689,060
|
4,296,998
|
|||
Policy loans
|
914,651
|
1,324,183
|
|||
Short-term investments
|
10,500,000
|
0
|
|||
Total proceeds from investments sold and matured
|
53,496,673
|
40,848,812
|
|||
Cost of investments acquired:
|
|||||
Fixed maturities available for sale
|
(9,038,928)
|
(11,655,148)
|
|||
Equity securities
|
(12,011,489)
|
(1,323,310)
|
|||
Trading securities
|
5,584
|
(132,518)
|
|||
Mortgage loans
|
(12,692,488)
|
(4,216,644)
|
|||
Real estate
|
0
|
(1,729,000)
|
|||
Notes receivable
|
(3,500,000)
|
(8,532,796)
|
|||
Policy loans
|
(838,766)
|
(973,594)
|
|||
Short-term investments
|
(7,890,228)
|
0
|
|||
Total cost of investments acquired
|
(45,966,315)
|
(28,563,010)
|
|||
Net cash provided by investing activities
|
7,530,358
|
12,285,802
|
|||
Cash flows from financing activities:
|
|||||
Policyholder contract deposits
|
3,386,396
|
3,542,562
|
|||
Policyholder contract withdrawals
|
(3,040,660)
|
(3,578,980)
|
|||
Purchase of treasury stock
|
(3,174,230)
|
(849,265)
|
|||
Non controlling contributions (distributions) of consolidated subsidiary
|
0
|
(535,662)
|
|||
Net cash used in financing activities
|
(2,828,494)
|
(1,421,345)
|
|||
Net increase (decrease) in cash and cash equivalents
|
(4,064,438)
|
5,578,637
|
|||
Cash and cash equivalents at beginning of period
|
28,787,629
|
20,150,162
|
|||
Cash and cash equivalents at end of period
|
$
|
24,723,191
|
$
|
25,728,799
|
September 30, 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
|
$
|
44,789,865
|
$
|
1,418,625
|
$
|
0
|
$
|
46,208,490
|
||||
U.S. special revenue and assessments
|
14,356,937
|
1,487,743
|
0
|
15,844,680
|
||||||||
All other corporate bonds
|
97,851,836
|
16,815,941
|
0
|
114,667,777
|
||||||||
$
|
156,998,638
|
$
|
19,722,309
|
$
|
0
|
$
|
176,720,947
|
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
|
0
|
15,203,363
|
||||||||
All other corporate bonds
|
109,827,152
|
10,470,115
|
0
|
120,297,267
|
||||||||
$
|
159,959,855
|
$
|
11,705,047
|
$
|
(35,529)
|
$
|
171,629,373
|
Fixed Maturities Available for Sale
September 30, 2020
|
Amortized Cost
|
Fair Value
|
||||
Due in one year or less
|
$
|
26,793,810
|
$
|
27,113,305
|
||
Due after one year through five years
|
46,406,659
|
49,706,585
|
||||
Due after five years through ten years
|
32,831,635
|
37,877,774
|
||||
Due after ten years
|
24,192,862
|
28,870,286
|
||||
Fixed maturities with no single maturity date
|
26,773,672
|
33,152,997
|
||||
Total
|
$
|
156,998,638
|
$
|
176,720,947
|
September 30, 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
|
$
|
0
|
0
|
0
|
0
|
0
|
$
|
0
|
||||||||||
Total fixed maturities
|
$
|
0
|
0
|
0
|
0
|
0
|
$
|
0
|
||||||||||
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)
|
0
|
0
|
6,059,380
|
$
|
(35,529)
|
||||||||||
Total fixed maturities
|
$
|
6,059,380
|
(35,529)
|
0
|
0
|
6,059,380
|
$
|
(35,529)
|
||||||||||
|
Less than 12 months
|
12 months or longer
|
Total
|
||
As of September 30, 2020
|
|||||
Fixed maturities
|
0
|
0
|
0
|
||
As of December 31, 2019
|
|||||
Fixed maturities
|
3
|
0
|
3
|
|
Three Months Ended
|
Nine Months Ended
|
|||||||||
September 30,
|
September 30,
|
||||||||||
2020
|
2019
|
2020
|
2019
|
||||||||
Realized gains:
|
|||||||||||
Sales of fixed maturities
|
$
|
0
|
$
|
0
|
$
|
403,215
|
$
|
116,690
|
|||
Sales of equity securities
|
884,559
|
3,738,333
|
9,500,176
|
6,504,246
|
|||||||
Sales of real estate
|
869,756
|
20,000
|
869,756
|
3,796,850
|
|||||||
Other
|
0
|
0
|
0
|
0
|
|||||||
Total realized gains
|
1,754,315
|
3,758,333
|
10,773,147
|
10,417,786
|
|||||||
Realized losses:
|
|||||||||||
Sales of fixed maturities
|
0
|
(30,795)
|
(64,992)
|
(142,254)
|
|||||||
Sales of equity securities
|
0
|
0
|
0
|
0
|
|||||||
Sales of real estate
|
0
|
0
|
0
|
0
|
|||||||
Other-than-temporary
impairments
|
0
|
0
|
0
|
0
|
|||||||
Other
|
0
|
0
|
0
|
(132,518)
|
|||||||
Total realized losses
|
0
|
(30,795)
|
(64,992)
|
(274,772)
|
|||||||
Net realized investment gains (losses)
|
1,754,315
|
3,727,538
|
10,708,155
|
10,143,014
|
|||||||
Change in fair value of equity securities:
|
|||||||||||
Change in fair value of equity securities held at the end of the period
|
(2,277,902)
|
(4,046,457)
|
(14,016,065)
|
10,838,322
|
|||||||
Change in fair value of equity securities
|
(2,277,902)
|
(4,046,457)
|
(14,016,065)
|
10,838,322
|
|||||||
Net investment gains (losses)
|
$
|
(523,587)
|
$
|
(318,919)
|
$
|
(3,307,910)
|
$
|
20,981,336
|
|||
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive
income:
|
|||||||||||
Fixed maturities
|
$
|
169,058
|
$
|
3,184,769
|
$
|
8,237,909
|
$
|
12,044,690
|
|||
Net increase (decrease)
|
$
|
169,058
|
$
|
3,184,769
|
$
|
8,237,909
|
$
|
12,044,690
|
Three Months Ended
|
Nine Months Ended
|
|||||||
September 30,
|
September 30,
|
|||||||
2020
|
2019
|
2020
|
2019
|
|||||
Net gains (losses) recognized during the period on equity securities
|
$
|
(1,393,343)
|
$
|
(308,124)
|
$
|
(4,515,889)
|
$
|
17,342,568
|
Less: Net gains (losses) recognized during the period on equity securities sold during the period
|
884,559
|
3,738,333
|
9,500,176
|
6,504,246
|
||||
Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date
|
$
|
(2,277,902)
|
$
|
(4,046,457)
|
$
|
(14,016,065)
|
$
|
10,838,322
|
Three Months Ended
|
|||||
September 30,
|
|||||
2020
|
2019
|
||||
Net unrealized gains (losses)
|
$
|
1,581
|
$
|
0
|
|
Net realized gains (losses)
|
0
|
0
|
|||
Net unrealized and realized gains (losses)
|
$
|
1,581
|
$
|
0
|
Nine Months Ended
|
|||||
September 30,
|
|||||
2020
|
2019
|
||||
Net unrealized gains (losses)
|
$
|
1,581
|
$
|
0
|
|
Net realized gains (losses)
|
0
|
0
|
|||
Net unrealized and realized gains (losses)
|
$
|
1,581
|
$
|
0
|
|
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%
|
4.82%
|
|||
Residential Loans
|
5.50%
|
5.50%
|
5.50%
|
5.50%
|
|
September 30, 2020
|
December 31, 2019
|
|||
In good standing
|
$
|
18,319,413
|
$
|
8,223,286
|
|
Overdue interest over 90 days
|
2,072,640
|
0
|
|||
Total mortgage loans
|
$
|
20,392,053
|
$
|
8,223,286
|
September 30, 2020
|
December 31, 2019
|
||||
Raw land
|
$
|
9,915,856
|
$
|
16,089,540
|
|
Commercial
|
5,414,238
|
4,908,028
|
|||
Residential
|
2,235,678
|
2,251,772
|
|||
Land, minerals and royalty interests
|
18,855,855
|
21,094,896
|
|||
Total investment real estate
|
$
|
36,421,627
|
$
|
44,344,236
|
September 30, 2020
|
Level 1
|
Level 2
|
Level 3
|
Net Asset Value
|
Total
|
|||||||||
Financial assets:
|
||||||||||||||
Fixed maturities available for sale:
|
||||||||||||||
U.S. Government and government agencies and authorities
|
$
|
46,208,490
|
$
|
0
|
$
|
0
|
$
|
0
|
$
|
46,208,490
|
||||
U.S. special revenue and assessments
|
0
|
15,844,680
|
0
|
0
|
15,844,680
|
|||||||||
Corporate securities
|
0
|
114,667,777
|
0
|
0
|
114,667,777
|
|||||||||
Total fixed maturities
|
46,208,490
|
130,512,457
|
0
|
0
|
176,720,947
|
|||||||||
Equity securities:
|
||||||||||||||
Common stocks
|
22,790,516
|
16,908,050
|
3,051,875
|
22,814,521
|
65,564,962
|
|||||||||
Preferred stocks
|
0
|
23,066
|
0
|
0
|
23,066
|
|||||||||
Total equity securities
|
22,790,516
|
16,931,116
|
3,051,875
|
22,814,521
|
65,588,028
|
|||||||||
Total financial assets
|
$
|
68,999,006
|
$
|
147,443,573
|
$
|
3,051,875
|
$
|
22,814,521
|
$
|
242,308,975
|
||||
Liabilities
|
||||||||||||||
Trading Securities
|
$
|
(4,003)
|
$
|
0
|
$
|
0
|
$
|
0
|
$
|
(4,003)
|
December 31, 2019
|
Level 1
|
Level 2
|
Level 3
|
Net Asset Value
|
Total
|
|||||||||
Financial assets:
|
||||||||||||||
Fixed maturities available for sale:
|
||||||||||||||
U.S. Government and government agencies and authorities
|
$
|
36,128,743
|
$
|
0
|
$
|
0
|
$
|
0
|
$
|
36,128,743
|
||||
U.S. special revenue and assessments
|
0
|
15,203,363
|
0
|
0
|
15,203,363
|
|||||||||
Corporate securities
|
0
|
120,297,267
|
0
|
0
|
120,297,267
|
|||||||||
Total fixed maturities
|
36,128,743
|
135,500,630
|
0
|
0
|
171,629,373
|
|||||||||
Equity securities:
|
||||||||||||||
Common stocks
|
29,888,281
|
14,258,750
|
10,274,810
|
24,239,952
|
78,661,793
|
|||||||||
Total equity securities
|
29,888,281
|
14,258,750
|
10,274,810
|
24,239,952
|
78,661,793
|
|||||||||
Total financial assets
|
$
|
66,017,024
|
$
|
149,759,380
|
$
|
10,274,810
|
$
|
24,239,952
|
$
|
250,291,166
|
|
Fixed Maturities,
Available for Sale
|
Equity Securities at Fair Value
|
Equity Securities at Net Asset Value
|
Total
|
|||||||
Balance at December 31, 2019
|
$
|
0
|
$
|
10,274,810
|
$
|
24,239,952
|
$
|
34,514,762
|
|||
Realized gains (losses)
|
0
|
6,284,302
|
0
|
6,284,302
|
|||||||
Unrealized gains (losses)
|
0
|
(3,850,560)
|
(2,809,324)
|
(6,659,884)
|
|||||||
Purchases
|
0
|
1,797,500
|
1,415,757
|
3,213,257
|
|||||||
Sales
|
0
|
(11,454,177)
|
(31,864)
|
(11,486,041)
|
|||||||
Balance at September 30, 2020
|
$
|
0
|
$
|
3,051,875
|
$
|
22,814,521
|
$
|
25,866,396
|
Financial Assets
|
Fair Value at September 30, 2020
|
Fair Value at December 31, 2019
|
Valuation Technique
|
||
Common stocks
|
$
|
22,814,521
|
$
|
24,239,952
|
Net Asset Value
|
Common stocks
|
3,051,875
|
10,274,810
|
Pricing Model
|
||
Total
|
$
|
25,866,396
|
$
|
34,514,762
|
Investment Company
|
Fair Value at September 30, 2020
|
Unfunded Commitments
|
Redemption Frequency
|
Redemption Notice Period
|
||
Common Stocks
|
||||||
Growth Equity
|
||||||
Redeemable
|
$
|
18,482,622
|
$
|
0
|
Quarterly
|
45 days
|
Non-Reedemable
|
4,331,899
|
2,295,675
|
n/a
|
n/a
|
||
Total
|
$
|
22,814,521
|
$
|
2,295,675
|
Investment Company
|
Fair Value at September 30, 2019
|
Unfunded Commitments
|
Redemption Frequency
|
Redemption Notice Period
|
||
Common Stocks
|
||||||
Growth Equity
|
||||||
Redeemable
|
$
|
21,270,734
|
$
|
0
|
Quarterly
|
45 days
|
Non-Reedemable
|
2,969,218
|
163,750
|
n/a
|
n/a
|
||
Total
|
$
|
24,239,952
|
$
|
163,750
|
Carrying
|
Estimated
|
|||||
September 30, 2020
|
Amount
|
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
|
Common stock, at cost
|
$
|
5,860,000
|
5,860,000
|
0
|
0
|
5,860,000
|
Preferred stock, at cost
|
8,557,247
|
8,557,247
|
0
|
0
|
8,557,247
|
|
Mortgage loans on real estate
|
20,392,053
|
20,614,085
|
0
|
0
|
20,614,085
|
|
Investment real estate
|
36,421,627
|
81,351,608
|
0
|
0
|
81,351,608
|
|
Notes receivable
|
19,298,398
|
22,380,946
|
0
|
0
|
22,380,946
|
|
Policy loans
|
8,727,991
|
8,727,991
|
0
|
0
|
8,727,991
|
Carrying
|
Estimated
|
|||||
December 31, 2019
|
Amount
|
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
|
Common stock, at cost
|
$
|
7,875,145
|
7,875,145
|
0
|
0
|
7,875,145
|
Preferred stock, at cost
|
3,044,102
|
3,044,102
|
0
|
0
|
3,044,102
|
|
Mortgage loans on real estate
|
8,223,286
|
7,531,094
|
0
|
0
|
7,531,094
|
|
Investment real estate
|
44,344,236
|
88,483,424
|
0
|
0
|
88,483,424
|
|
Notes receivable
|
19,487,458
|
19,332,472
|
0
|
0
|
19,332,472
|
|
Policy loans
|
8,803,876
|
8,803,876
|
0
|
0
|
8,803,876
|
Instrument
|
Issue Date
|
Maturity Date
|
Revolving
Credit Limit
|
December 31, 2019
|
Borrowings
|
Repayments
|
September 30, 2020
|
|||||||||||||||
Lines of Credit:
|
||||||||||||||||||||||
UTG
|
11/20/2013
|
11/20/2020
|
$
|
8,000,000
|
0
|
0
|
0
|
0
|
||||||||||||||
UG
|
6/2/2015
|
5/7/2021
|
10,000,000
|
0
|
0
|
0
|
0
|
|
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
|
|||
Macritchie Storage II, LP
|
7,000,750
|
1,840,485
|
|||
Garden City Companies, LLC
|
2,000,000
|
1,956,688
|
|||
Carrizo Springs Music, LLC
|
2,500,000
|
1,115,000
|
|||
Modern Distributors, Inc.
|
7,200,000
|
3,700,000
|
|
Three Months Ended
|
||||
September 30,
|
|||||
2020
|
2019
|
||||
Interest
|
$
|
0
|
$
|
0
|
|
Federal income tax
|
419,000
|
0
|
|
Nine Months Ended
|
||||
September 30,
|
|||||
2020
|
2019
|
||||
Interest
|
$
|
0
|
$
|
0
|
|
Federal income tax
|
2,529,000
|
1,106,000
|
|
September 30, 2020
|
December 31, 2019
|
||
Land, mineral, and royalty interests
|
$
|
57,246,945
|
$
|
80,182,100
|
Transportation
|
0
|
3,812,565
|
||
Exploration
|
1,258,750
|
2,824,810
|
||
Total
|
$
|
58,505,695
|
$
|
86,819,475
|
|
Three Months Ended
|
Nine Months Ended
|
|||||||||
September 30,
|
September 30,
|
||||||||||
2020
|
2019
|
2020
|
2019
|
||||||||
Net investment income
|
$
|
2,231,360
|
$
|
2,818,669
|
$
|
8,083,200
|
$
|
8,632,402
|
|||
Net investment gains (losses)
|
$
|
(523,587)
|
$
|
(318,919)
|
$
|
(3,307,910)
|
$
|
20,981,336
|
|||
Change in net unrealized investment gains (losses) on available-for-sale securities, pre-tax
|
$
|
169,058
|
$
|
3,184,769
|
$
|
8,237,909
|
$
|
12,044,690
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||
2020
|
2019
|
2020
|
2019
|
|||||
Fixed maturities available for sale
|
$
|
1,301,923
|
$
|
1,445,341
|
$
|
4,023,342
|
$
|
4,371,895
|
Equity securities
|
238,082
|
287,462
|
1,182,308
|
1,256,794
|
||||
Trading securities
|
1,581
|
-
|
1,581
|
-
|
||||
Mortgage loans
|
147,202
|
83,528
|
392,286
|
369,132
|
||||
Real estate
|
563,306
|
881,705
|
2,805,810
|
2,141,339
|
||||
Notes receivable
|
244,473
|
485,288
|
783,406
|
1,435,947
|
||||
Policy loans
|
139,602
|
149,979
|
444,280
|
460,995
|
||||
Cash and cash equivalents
|
284
|
(1,407)
|
53,458
|
2,815
|
||||
Short-term
|
38,429
|
59,980
|
141,509
|
143,620
|
||||
Total consolidated investment income
|
2,674,882
|
3,391,876
|
9,827,980
|
10,182,537
|
||||
Investment expenses
|
(443,522)
|
(573,207)
|
(1,744,780)
|
(1,550,135)
|
||||
Consolidated net investment income
|
$
|
2,231,360
|
$
|
2,818,669
|
$
|
8,083,200
|
$
|
8,632,402
|
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
|
Date:
|
November 13, 2020
|
|
By
|
/s/ James P. Rousey
|
|
|
|
|
James P. Rousey
|
|
|
|
|
President and Director
|
Date:
|
November 13, 2020
|
|
By
|
/s/ Theodore C. Miller
|
|
|
|
|
Theodore C. Miller
|
|
|
|
|
Senior Vice President and Chief Financial Officer
|
1 Year UTG (PK) Chart |
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