What caused CIA's EPS surprises in early 2024?

The EPS surprise for Citizens, Inc. (CIA) in early 2024 was a positive surprise of $0.02 per share, with the diluted EPS being $0.09 per share. This positive surprise can be attributed to several key factors:

|code|Ticker|Name|Date|Estimate EPS|EPS Surprise|market_code|
|---|---|---|---|---|---|---|
|CIA|CIA.N|Citizens|2024 Q1|0.07|0.02|169|

1. **Revenue Growth**: Citizens reported total revenues of $245.0 million for the full year 2024, with an increase from $240.7 million in 2023. This growth was driven by a rise in direct premium revenue, marking the first time since 2017 that total premium revenue has grown. The company's adjusted total revenues for the full year 2024 were $247.6 million, up from $239.9 million in 2023. This increase in revenue contributed to the positive EPS surprise.
2. **International Operations**: The company has insurance policies in force in nearly 80 countries, with significant premium contributions from Latin America and the Pacific Rim. The growth in international operations, particularly in markets like Colombia, Taiwan, Venezuela, Ecuador, and Argentina, has likely contributed to the positive revenue growth and, consequently, the EPS surprise.
3. **New Product Launches**: Citizens introduced new products in both domestic and international markets. The company issued $1.1 billion in new insurance in 2024, marking a 54% increase from 2023. These new product launches have likely contributed to the growth in first-year premiums and overall revenue.
4. **Strategic Initiatives**: The company has been implementing strategic initiatives to improve sales quality and persistency in its Home Service Insurance segment. These initiatives, along with the expansion of state licenses in the domestic market, have likely contributed to the growth in direct premium revenue.

In conclusion, the positive EPS surprise for Citizens, Inc. in early 2024 can be attributed to revenue growth, international operations, new product launches, and strategic initiatives. These factors collectively contributed to the company's financial performance and exceeded market expectations, resulting in a positive EPS surprise.