UTG (UTGN) 10-Q 12 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 31, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Document Transition Report	false
Entity File Number	000-16867
Entity Registrant Name	UTG, INC.
Entity Central Index Key	0000832480
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-2907892
Entity Address, Address Line One	205 North Depot Street
Entity Address, City or Town	Stanford
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	40484
City Area Code	217
Local Phone Number	241-6300
Title of 12(g) Security	Common Stock, stated value $.001 per share
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,167,698

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2022	Dec. 31, 2021	[1]
Investments available for sale:
Fixed maturities, at fair value (amortized cost $121,435,668 and $127,949,963)	$ 118,136,543	$ 140,963,881
Equity securities, at fair value (cost $72,291,234 and $68,403,168)	133,462,075	122,229,121
Equity securities, at cost	14,543,343	14,543,343
Mortgage loans on real estate at amortized cost	29,787,180	29,183,562
Investment real estate	37,879,631	39,748,261
Notes receivable	17,712,550	17,722,976
Policy loans	7,322,454	7,390,497
Total investments	358,843,776	371,781,641
Cash and cash equivalents	19,049,190	30,787,278
Accrued investment income	1,278,020	1,264,159
Reinsurance receivables:
Future policy benefits	24,446,269	24,740,562
Policy claims and other benefits	3,889,077	4,426,997
Cost of insurance acquired	3,042,327	3,386,501
Income tax receivable	908,638	975,373
Other assets	567,633	1,097,246
Total assets	412,024,930	438,459,757
Policy liabilities and accruals:
Future policyholder benefits	232,537,561	235,367,680
Policy claims and benefits payable	3,517,179	3,941,305
Other policyholder funds	340,253	345,248
Dividend and endowment accumulations	14,746,845	14,686,166
Deferred income taxes	11,560,222	13,680,396
Notes payable	7,000,000	24,000,000
Trading securities, at fair value (proceeds $0 and $2,202)	0	1,116
Other liabilities	5,410,367	5,193,039
Total liabilities	275,112,427	297,214,950
Shareholders' equity:
Common stock - no par value, stated value $.001 per share. Authorized 7,000,000 shares - 3,169,243 and 3,166,669 shares issued	3,170	3,167
Additional paid-in capital	32,854,050	32,780,587
Retained earnings	106,158,464	97,731,347
Accumulated other comprehensive income	(2,634,157)	10,253,151
Total UTG shareholders' equity	136,381,527	140,768,252
Noncontrolling interests	530,976	476,555
Total shareholders' equity	136,912,503	141,244,807
Total liabilities and shareholders' equity	$ 412,024,930	$ 438,459,757
[1]Balance sheet audited at December 31, 2021.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Investments available for sale:
Fixed maturities, amortized cost	$ 121,435,668	$ 127,949,963
Equity securities, cost	72,291,234	68,403,168
Liabilities:
Trading securities, proceeds	$ 0	$ 2,202
Shareholders' equity:
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, stated value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	7,000,000	7,000,000
Common stock, outstanding (in shares)	3,169,243	3,166,669

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue:
Premiums and policy fees	$ 2,155,643	$ 2,296,481	$ 4,308,704	$ 4,595,544
Ceded reinsurance premiums and policy fees	(721,650)	(696,061)	(1,367,799)	(1,288,535)
Net investment income	4,440,186	2,082,359	8,899,554	4,042,026
Other income	93,713	94,470	155,036	189,205
Revenue before net investment gains (losses)	5,967,892	3,777,249	11,995,495	7,538,240
Net investment gains (losses):
Other-than-temporary impairments	0	(411,584)	0	(411,584)
Other realized investment gains, net	79,109	4,287,461	4,859,258	4,432,507
Change in fair value of equity securities	(790,338)	195,136	7,364,291	20,375,015
Total net investment gains (losses)	(711,229)	4,071,013	12,223,549	24,395,938
Total revenue	5,256,663	7,848,262	24,219,044	31,934,178
Benefits, claims and settlement expenses:
Life	3,609,121	4,025,758	8,269,918	8,020,609
Ceded reinsurance benefits and claims	245,841	(577,515)	(741,590)	(986,666)
Annuity	256,188	255,538	519,230	493,093
Dividends to policyholders	85,933	86,476	173,092	174,284
Commissions and amortization of deferred policy acquisition costs	(26,290)	(30,754)	(51,959)	(56,908)
Amortization of cost of insurance acquired	172,087	179,102	344,174	357,845
Operating expenses	1,899,338	1,734,156	4,817,661	3,837,533
Interest expense	23,306	0	35,280	0
Total benefits and other expenses	6,265,524	5,672,761	13,365,806	11,839,790
Income before income taxes	(1,008,861)	2,175,501	10,853,238	20,094,388
Income tax expense (benefit)	(270,762)	350,499	2,372,300	4,070,667
Net income (loss)	(738,099)	1,825,002	8,480,938	16,023,721
Net income attributable to noncontrolling interests	(27,107)	(26,502)	(53,821)	(56,255)
Net income (loss) attributable to common shareholders	$ (765,206)	$ 1,798,500	$ 8,427,117	$ 15,967,466
Amounts attributable to common shareholders
Basic income (loss) per share (in dollars per share)	$ (0.24)	$ 0.57	$ 2.66	$ 5.03
Diluted income (loss) per share (in dollars per share)	$ (0.24)	$ 0.57	$ 2.66	$ 5.03
Basic weighted average shares outstanding (in shares)	3,172,243	3,175,027	3,171,667	3,176,012
Diluted weighted average shares outstanding (in shares)	3,172,243	3,175,027	3,171,667	3,176,012

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) [Abstract]
Net income (loss)	$ (738,099)	$ 1,825,002	$ 8,480,938	$ 16,023,721
Other comprehensive income (loss):
Unrealized holding gains (losses) arising during period, pre-tax	(7,129,016)	2,505,067	(16,313,575)	(4,975,001)
Tax (expense) benefit on unrealized holding gains (losses) arising during the period	1,497,094	(526,064)	3,425,851	1,044,750
Unrealized holding gains (losses) arising during period, net of tax	(5,631,922)	1,979,003	(12,887,724)	(3,930,251)
Less reclassification adjustment for (gains) losses included in net income	4,896	377,348	527	377,348
Tax expense (benefit) for gains included in net income (loss)	(1,029)	(79,243)	(111)	(79,243)
Reclassification adjustment for (gains) losses included in net income, net of tax	3,867	298,105	416	298,105
Subtotal: Other comprehensive income (loss), net of tax	(5,628,055)	2,277,108	(12,887,308)	(3,632,146)
Comprehensive income (loss)	(6,366,154)	4,102,110	(4,406,370)	12,391,575
Less comprehensive income attributable to noncontrolling interests	(27,107)	(26,502)	(53,821)	(56,255)
Comprehensive income (loss) attributable to UTG, Inc.	$ (6,393,261)	$ 4,075,608	$ (4,460,191)	$ 12,335,320

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]	Noncontrolling Interest [Member]	Total
Balance at Dec. 31, 2020	$ 3,176	$ 33,025,018	$ 88,068,284	$ 15,584,241	$ 460,772	$ 137,141,491
Common stock issued during year	7	170,531	0	0	0	170,538
Treasury shares acquired	(9)	(238,962)	0	0	0	(238,971)
Net income (loss) attributable to common shareholders	0	0	15,967,466	0	0	15,967,466
Unrealized holding income on securities net of noncontrolling interest and reclassification adjustment and taxes	0	0	0	(3,632,146)	0	(3,632,146)
Contributions	0	0	0	0	0	0
Distributions	0	0	0	0	0	0
Gain attributable to noncontrolling interest	0	0	0	0	56,255	56,255
Balance at Jun. 30, 2021	3,174	32,956,587	104,035,750	11,952,095	517,027	149,464,633
Balance at Mar. 31, 2021	3,178	33,065,925	102,237,250	9,674,987	490,525	145,471,865
Common stock issued during year	1	16,772	0	0	0	16,773
Treasury shares acquired	(5)	(126,110)	0	0	0	(126,115)
Net income (loss) attributable to common shareholders	0	0	1,798,500	0	0	1,798,500
Unrealized holding income on securities net of noncontrolling interest and reclassification adjustment and taxes	0	0	0	2,277,108	0	2,277,108
Contributions	0	0	0	0	0	0
Distributions	0	0	0	0	0	0
Gain attributable to noncontrolling interest	0	0	0	0	26,502	26,502
Balance at Jun. 30, 2021	3,174	32,956,587	104,035,750	11,952,095	517,027	149,464,633
Balance at Dec. 31, 2021	3,167	32,780,587	97,731,347	10,253,151	476,555	141,244,807	[1]
Common stock issued during year	18	486,779	0	0	0	486,797
Treasury shares acquired	(15)	(413,316)	0	0	0	(413,331)
Net income (loss) attributable to common shareholders	0	0	8,427,117	0	0	8,427,117
Unrealized holding income on securities net of noncontrolling interest and reclassification adjustment and taxes	0	0	0	(12,887,308)	0	(12,887,308)
Contributions	0	0	0	0	0	0
Distributions	0	0	0	0	600	600
Gain attributable to noncontrolling interest	0	0	0	0	53,821	53,821
Balance at Jun. 30, 2022	3,170	32,854,050	106,158,464	(2,634,157)	530,976	136,912,503
Balance at Mar. 31, 2022	3,176	32,999,942	106,923,670	2,993,898	503,266	143,423,952
Common stock issued during year	0	0	0	0	0	0
Treasury shares acquired	(6)	(145,892)	0	0	0	(145,898)
Net income (loss) attributable to common shareholders	0	0	(765,206)	0	0	(765,206)
Unrealized holding income on securities net of noncontrolling interest and reclassification adjustment and taxes	0	0	0	(5,628,055)	0	(5,628,055)
Contributions	0	0	0	0	0	0
Distributions	0	0	0	0	603	603
Gain attributable to noncontrolling interest	0	0	0	0	27,107	27,107
Balance at Jun. 30, 2022	$ 3,170	$ 32,854,050	$ 106,158,464	$ (2,634,157)	$ 530,976	$ 136,912,503
[1]Balance sheet audited at December 31, 2021.

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income (loss)	$ 8,480,938	$ 16,023,721
Adjustments to reconcile net income to net cash used in operating activities:
Amortization (accretion) of investments	(6,865)	27,843
Other-than-temporary impairments	0	411,584
Realized investment gains (losses), net	(4,859,258)	(4,432,507)
Change in fair value of equity securities	(7,364,291)	(20,375,015)
Unrealized trading (gains) losses included in income	0	(950)
Realized trading (gains) losses included in income	13,283	(18,304)
Amortization of cost of insurance acquired	344,174	357,845
Depreciation and depletion	918,168	1,260,915
Stock-based compensation	486,797	170,538
Charges for mortality and administration of universal life and annuity products	(2,995,235)	(3,216,269)
Interest credited to account balances	1,891,086	1,970,895
Change in accrued investment income	(13,861)	14,833
Change in reinsurance receivables	832,213	246,433
Change in policy liabilities and accruals	(2,016,166)	(2,293,954)
Change in income taxes receivable (payable)	66,735	(1,071,762)
Change in other assets and liabilities, net	2,052,502	4,632,604
Net cash used in operating activities	(2,169,780)	(6,291,550)
Proceeds from investments sold and matured:
Fixed maturities available for sale	7,628,136	14,542,087
Equity securities	2,806,561	5,161,155
Trading securities	17,983	241
Mortgage loans	961,672	7,569,346
Real estate	8,794,081	4,350,324
Notes receivable	3,921,082	581,329
Policy loans	591,084	559,398
Total proceeds from investments sold and matured	24,720,599	32,763,880
Cost of investments acquired:
Fixed maturities available for sale	(1,112,505)	(20,000)
Equity securities	(6,387,281)	(24,990,946)
Trading securities	(32,382)	(358)
Mortgage loans	(1,560,291)	(747,941)
Real estate	(3,271,775)	(1,402,593)
Notes receivable	(3,910,657)	(6,000,000)
Policy loans	(523,039)	(452,004)
Total cost of investments acquired	(16,797,930)	(33,613,842)
Net cash provided by (used in) investing activities	7,922,669	(849,962)
Cash flows from financing activities:
Policyholder contract deposits	2,444,662	2,343,191
Policyholder contract withdrawals	(2,522,908)	(3,007,581)
Proceeds from notes payable/line of credit	9,500,000	0
Payments of principal on notes payable/line of credit	(26,500,000)	0
Purchase of treasury stock	(413,331)	(238,971)
Non controlling contributions (distributions) of consolidated subsidiary	600	0
Net cash used in financing activities	(17,490,977)	(903,361)
Net increase (decrease) in cash and cash equivalents	(11,738,088)	(8,044,873)
Cash and cash equivalents at beginning of period	30,787,278	39,025,754
Cash and cash equivalents at end of period	$ 19,049,190	$ 30,980,881

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2022
Basis of Presentation [Abstract]
Basis of Presentation	Note 1 – Basis of Presentation The accompanying Condensed Consolidated Balance Sheet as of June 30, 2022, which has been derived from audited consolidated financial statements, and the unaudited interim Condensed Consolidated Financial Statements include the accounts of UTG, Inc. (the “Parent”) and its subsidiaries (collectively with the Parent, the “Company”). All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for audited annual financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which in the opinion of Management, are necessary for a fair presentation of the results for the interim periods. The unaudited Condensed Consolidated Financial Statements included herein and these related notes should be read in conjunction with the Company’s consolidated financial statements, and the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 . December 31, 2022 During March 2020, a global pandemic was declared by the World Health Organization related to the rapidly growing outbreak of a novel strain of coronavirus (COVID-19). The pandemic has significantly impacted the economic conditions in the U.S. and globally, accelerating during the first half of March, as federal, state, and local governments reacted to the public health crisis, creating significant uncertainties in the U.S. economy. The Company has not experienced a slow-down in activities, however government restrictions and client-imposed delays are evaluated regularly and this could change. While the disruption is currently expected to be temporary, there is uncertainty around the duration. The Company cannot at this time predict the ultimate impact the pandemic will have on its results of operations, financial position, liquidity, or capital resources but such impact could be material. This document at times will refer to the Registrant’s largest shareholder, Mr. Jesse T. Correll and certain companies controlled by Mr. Correll. Mr. Correll holds a majority ownership of First Southern Funding, LLC (“FSF”), a Kentucky corporation, and First Southern Bancorp, Inc. (“FSBI”), a financial services holding company. FSBI operates through its 100% owned subsidiary bank, First Southern National Bank (“FSNB”). Banking activities are conducted through multiple locations within south-central and western Kentucky. Mr. Correll is Chief Executive Officer and Chairman of the Board of Directors of UTG and is currently UTG’s largest shareholder through his ownership control of FSF, FSBI and affiliates. At June 30, 2022, Mr. Correll owns or controls directly and indirectly approximately 65.33% of UTG’s outstanding stock. UTG’s life insurance subsidiary, Universal Guaranty Life Insurance Company (“UG”), has several wholly-owned and majority-owned subsidiaries. The subsidiaries were formed to hold certain real estate investments. The real estate investments were placed into the limited liability companies and partnerships to provide additional protection to the policyholders and to UG.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	6 Months Ended
	Jun. 30, 2022
Recently Issued Accounting Standards [Abstract]
Recently Issued Accounting Standards	Note 2 – Recently Issued Accounting Standards During the six months ended June 30, 2022, there were no additions to or changes in the critical accounting policies disclosed in the 2021 Form 10-K.

Investments

Investments	6 Months Ended
	Jun. 30, 2022
Investments [Abstract]
Investments	Note 3 – Investments Available for Sale Securities – Fixed Maturity Securities The Company’s insurance subsidiary is regulated by insurance statutes and regulations as to the type of investments they are permitted to make, and the amount of funds that may be used for any one type of investment. Investments in available for sale securities are summarized as follows: June 30, 2022 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 $ 21,312,711 $ 0 $ (726,455 ) $ 20,586,256 U.S. special revenue and assessments 7,537,981 985,555 0 8,523,536 All other corporate bonds 92,584,976 322,474 (3,880,699 ) 89,026,751 $ 121,435,668 $ 1,308,029 $ (4,607,154 ) $ 118,136,543 December 31, 2021 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 $ 25,312,358 $ 355,623 $ (17,078 ) $ 25,650,903 U.S. special revenue and assessments 7,540,867 982,668 0 8,523,535 All other corporate bonds 95,096,738 11,692,705 0 106,789,443 $ 127,949,963 $ 13,030,996 $ (17,078 ) $ 140,963,881 The amortized cost and estimated market value of debt securities at June 30, 2022, by contractual maturity, is shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Fixed Maturities Available for Sale June 30, 2022 Amortized Cost Fair Value Due in one year or less $ 7,501,776 $ 7,494,055 Due after one year through five years 44,835,101 44,068,821 Due after five years through ten years 20,027,750 20,942,277 Due after ten years 22,092,801 20,516,755 Fixed maturities with no single maturity date 26,978,240 25,114,635 Total $ 121,435,668 $ 118,136,543 The fair value of investments with sustained gross unrealized losses are as follows: June 30, 2022 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 $ 20,586,256 (726,455 ) 0 0 20,586,256 $ (726,455 ) All other corporate bonds 74,322,835 (3,880,699 ) 0 0 74,322,835 (3,880,699 ) Total fixed maturities $ 94,909,091 (4,607,154 ) 0 0 94,909,091 $ (4,607,154 ) December 31, 2021 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 $ 4,042,825 (17,078 ) 0 0 4,042,825 $ (17,078 ) Total fixed maturities $ 4,042,825 (17,078 ) 0 0 4,042,825 $ (17,078 ) Additional information regarding investments in an unrealized loss position is as follows: Less than 12 months 12 months or longer Total As of June 30, 2022 Fixed maturities 47 0 47 As of December 31, 2021 Fixed maturities 3 0 3 Substantially all of the unrealized losses on fixed maturities at June 30, 2022 and December 31, 2021 are attributable to changes in market interest rates and general disruptions in the credit market subsequent to purchase. The Company does not currently intend to sell nor does it expect to be required to sell any of the securities in an unrealized loss position. Based upon the Company’s expected continuation of receipt of contractually required principal and interest payments and its intent and ability to retain the securities until price recovery, as well as the Company’s evaluation of other relevant factors, the Company deems these securities to be temporarily impaired as of June 30, 2022 and December 31, 2021. Net Investment Gains (Losses) The following table presents net investment gains (losses) and the change in net unrealized gains (losses) on investments. Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Realized gains: Sales of fixed maturities $ 314 $ 34,236 $ 4,683 $ 34,236 Sales of equity securities 12,223 3,006,835 397,581 3,019,207 Sales of real estate 113,398 1,247,193 4,571,840 1,383,252 Total realized gains 125,935 4,288,264 4,974,104 4,436,695 Realized losses: Sales of fixed maturities (5,210 ) 0 (5,210 ) 0 Sales of equity securities (41,616 ) (803 ) (109,636 ) (4,188 ) Other-than-temporary impairments 0 (411,584 ) 0 (411,584 ) Total realized losses (46,826 ) (412,387 ) (114,846 ) (415,772 ) Net realized investment gains (losses) 79,109 3,875,877 4,859,258 4,020,923 Change in fair value of equity securities: Change in fair value of equity securities held at the end of the period (790,338 ) 195,136 7,364,291 20,375,015 Change in fair value of equity securities (790,338 ) 195,136 7,364,291 20,375,015 Net investment gains (losses) $ (711,229 ) $ 4,071,013 $ 12,223,549 $ 24,395,938 Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income: Fixed maturities $ (7,129,016 ) $ 2,505,067 $ (16,313,575 ) $ (4,975,001 ) Net increase (decrease) $ (7,129,016 ) $ 2,505,067 $ (16,313,575 ) $ (4,975,001 ) Other-Than-Temporary Impairments The Company regularly reviews its investment securities for factors that may indicate that a decline in fair value of an investment is other than temporary. The factors considered by Management in its regular review to identify and recognize other-than-temporary impairment losses on fixed maturities include, but are not limited to: the length of time and extent to which the fair value has been less than cost; the Company’s intent to sell, or be required to sell, the debt security before the anticipated recovery of its remaining amortized cost basis; the financial condition and near-term prospects of the issuer; adverse changes in ratings announced by one or more rating agencies; subordinated credit support, whether the issuer of a debt security has remained current on principal and interest payments; current expected cash flows; whether the decline in fair value appears to be issuer specific or, alternatively, a reflection of general market or industry conditions, including the effect of changes in market interest rates. If the Company intends to sell a debt security, or it is more likely than not that it would be required to sell a debt security before the recovery of its amortized cost basis, the entire difference between the security’s amortized cost basis and its fair value at the balance sheet date would be recognized by a charge to other-than-temporary losses in the Condensed Consolidated Statements of Operations. Management regularly reviews its real estate portfolio in comparison to appraisal valuations and current market conditions for indications of other-than-temporary impairments. If a decline in value is judged by Management to be other-than-temporary, a loss is recognized by a charge to other-than-temporary impairment losses in the Condensed Consolidated Statements of Operations. The Company did not recognize any other-than-temporary impairments during the six-month period ended June 30, 2022. The Company recognized an other-than-temporary impairment on one fixed maturing secuirty during the second quarter of 2021. The other-than-temporary impairment was recognized due to the length of time the investment remained in an unrealized loss position. Cost Method Investments The Company held equity investments with an aggregate cost of $14,543,343 at June 30, 2022 and December 31, 2021. These equity investments were not reported at fair value because it is not practicable to estimate their fair values due to insufficient information being available. Management did not identify any events or changes in circumstances that might have a significant adverse effect on the reported value of those investments. Based on Management’s evaluation of the expected cash flow of the investments, and the Company’s ability and intent to hold the investments for a reasonable period of time, the Company does not deem an other-than-temporary impairment necessary at June 30, 2022. Trading Securities Securities designated as trading securities are reported at fair value, with gains or losses resulting from changes in fair value recognized in net investment income on the Condensed Consolidated Statements of Operations. Trading securities include exchange-traded equities and exchange-traded options. Trading securities carried as liabilities are securities sold short. A gain, limited to the price at which the security was sold short, or a loss, potentially unlimited in size, will be recognized upon the termination of the short sale. The fair value of derivatives included in trading security assets and trading security liabilities as of June 30, 2022 was $0. The fair value of derivatives included in trading security assets and trading security liabilities as of December 31, 2021 was $0 and $1,116, respectively. Earnings from trading securities are classified in cash flows from operating activities. The derivatives held by the Company are for income generation purposes only. Trading revenue charged to net investment income from trading securities was: Three Months Ended June 30, 2022 2021 Net unrealized gains (losses) $ 0 $ (1,784 ) Net realized gains (losses) (10,767 ) 7,350 Net unrealized and realized gains (losses) $ (10,767 ) $ 5,566 Six Months Ended June 30, 2022 2021 Net unrealized gains (losses) $ 0 $ 950 Net realized gains (losses) (13,283 ) 18,304 Net unrealized and realized gains (losses) $ (13,283 ) $ 19,254 Mortgage Loans The Company, from time to time, acquires mortgage loans through participation agreements with FSNB. FSNB has been able to provide the Company with additional expertise and experience in underwriting commercial and residential mortgage loans, which provide more attractive yields than the traditional bond market. The Company is able to receive participations from FSNB for three primary reasons: 1) FSNB has already reached its maximum lending limit to a single borrower, but the borrower is still considered a suitable risk; 2) the interest rate on a particular loan may be fixed for a long period that is more suitable for UG given its asset-liability structure; and 3) FSNB’s loan growth might at times outpace its deposit growth, resulting in FSNB participating such excess loan growth rather than turning customers away. For originated loans, the Company’s Management is responsible for the final approval of such loans after evaluation. Before a new loan is issued, the applicant is subject to certain criteria set forth by Company Management to ensure quality control. These criteria include, but are not limited to, a credit report, personal financial information such as outstanding debt, sources of income, and personal equity. Once the loan is approved, the Company directly funds the loan to the borrower. The Company bears all risk of loss associated with the terms of the mortgage with the borrower. During the six months ended June 30, 2022 and 2021, the Company acquired $1,560,291 and $747,941 in mortgage loans, respectively. FSNB services the majority of the Company’s mortgage loan portfolio. The Company pays FSNB a 0.25% servicing fee on these loans and a one-time fee at loan origination of 0.50% of the original loan cost to cover costs incurred by FSNB relating to the processing and establishment of the loan. During 2022 and 2021, the maximum and minimum lending rates for mortgage loans were: 2022 2021 Maximum rate Minimum rate Maximum rate Minimum rate Farm Loans 6.00 % 4.50 % 6.00 % 4.50 % Commercial Loans 6.00 % 4.10 % 5.50 % 4.10 % Residential Loans 5.00 % 4.15 % 5.00 % 4.15 % Most mortgage loans are first position loans. Loans issued are generally limited to no more than 80% of the appraised value of the property. The Company has in place a monitoring system to provide Management with information regarding potential troubled loans. Letters are sent to each mortgagee when the loan becomes 30 days or more delinquent. Management is provided with a monthly listing of loans that are 60 days or more past due along with a brief description of what steps are being taken to resolve the delinquency. All loans 90 days or more past due are placed on a non-performing status and classified as delinquent loans. Quarterly, coinciding with external financial reporting, the Company reviews each delinquent loan and determines how each delinquent loan should be classified. Management believes the current internal controls surrounding the mortgage loan selection process provide a quality portfolio with minimal risk of foreclosure and/or negative financial impact. Changes in the current economy could have a negative impact on the loans, including the financial stability of the borrowers, the borrowers’ ability to pay or to refinance, the value of the property held as collateral and the ability to find purchasers at favorable prices. Interest accruals are analyzed based on the likelihood of repayment. In no event will interest continue to accrue when accrued interest along with the outstanding principal exceeds the net realizable value of the property. The Company does not utilize a specified number of days delinquent to cause an automatic non-accrual status. A mortgage loan reserve is established and adjusted based on Management’s quarterly analysis of the portfolio and any deterioration in value of the underlying property which would reduce the net realizable value of the property below its current carrying value. The mortgage loan reserve was $0 at June 30, 2022 and December 31, 2021. The following table summarizes the mortgage loan holdings of the Company for the periods ended: June 30, 2022 December 31, 2021 In good standing $ 27,706,407 $ 27,102,789 Overdue interest over 90 days 2,080,773 2,080,773 Total mortgage loans $ 29,787,180 $ 29,183,562 Investment Real Estate Real estate held-for-investment is stated at cost less accumulated depreciation. Depreciation is computed on a straight-line basis for financial reporting purposes using estimated useful lives of 3 to 30 years. The Company periodically reviews its real estate held-for-investment for impairment and tests for recoverability whenever events or changes in circumstances indicate the carrying value may not be recoverable. During the six months ended June 30, 2022, no impairments were recognized on the investment real estate. Note 4 - Fair Value Measurements of the Condensed Consolidated Financial Statements provides further information regarding the fair value of financial instruments that are not measured at fair value. The investment real estate owned by the Company is included in this portion of the Note 4 - Fair Value Measurements disclosure. The following table provides an allocation of the Company’s investment real estate by type: June 30, 2022 December 31, 2021 Raw land $ 12,345,613 $ 14,538,507 Commercial 5,229,742 4,347,423 Residential 4,745,295 3,813,936 Land, minerals and royalty interests 15,558,981 17,048,395 Total investment real estate $ 37,879,631 $ 39,748,261 The Company’s investment real estate portfolio includes ownership in oil and gas royalties. As of June 30, 2022 and December 31, 2021, investments in oil and gas royalties represented 41% and 43%, respectively, of the total investment real estate portfolio. See Note 9 – Concentrations of Credit Risk of the Condensed Consolidated Financial Statements for additional information regarding the allocation of the oil and gas investment real estate holdings by industry type. Gains and losses recognized on the disposition of the properties are recorded as realized gains and losses in the Condensed Consolidated Statements of Operations. During the six months ended June 30, 2022 and 2021, the Company acquired $3,271,775 and $1,402,593 of investment real estate, respectively. Notes Receivable Notes receivable represent collateral loans and promissory notes issued by the Company and are reported at their unpaid principal balances, adjusted for valuation allowances. Valuation allowances are established for impaired loans when it is probable that contractual principal and interest will not be collected. The valuation allowance as of June 30, 2022 and December 31, 2021 was $0. Interest accruals are analyzed based on the likelihood of repayment. The Company does not utilize a specified number of days delinquent to cause an automatic non-accrual status. During the six months ended June 30, 2022 and 2021 the Company acquired $3,910,657 and $6,000,000 of notes receivable, respectively. Before a new note is issued, the applicant is subject to certain criteria set forth by Company Management to ensure quality control. Once the note is approved, the Company directly funds the note to the borrower. Several of the notes have participation agreements in place, whereas the Company has reduced its investment in the note receivable by participating a portion of the note to a third party. Similar to the mortgage loans, FSNB services several of the notes receivable. The Company, and the participants in the notes, share in the risk of loss associated with the terms of the note with the borrower, based upon their ownership percentage in the note. The Company has in place a monitoring system to provide Management with information regarding potential troubled loans.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 4 – Fair Value Measurements Fair Value Measurements on a Recurring Basis Assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three levels based on the observability of valuation inputs: Level 1 – Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 – Valuation methodologies include quoted prices for similar assets and liabilities in active markets or quoted prices for identical, quoted prices for identical or similar assets or liabilities in markets that are not active, or the Company may use various valuation techniques or pricing models that use observable inputs to measure fair value. Level 3 – Valuation is based upon unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Unobservable inputs reflect the Company’s own assumptions about the inputs that market participants would use in pricing the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used: June 30, 2022 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 $ 20,586,256 $ 0 $ 0 $ 0 $ 20,586,256 U.S. special revenue and assessments 0 8,523,535 0 0 8,523,535 Corporate securities 0 89,026,752 0 0 89,026,752 Total fixed maturities 20,586,256 97,550,287 0 0 118,136,543 Equity securities: Common stocks 46,878,831 14,251,937 6,114,394 64,969,913 132,215,075 Preferred stocks 0 0 1,247,000 0 1,247,000 Total equity securities 46,878,831 14,251,937 7,361,394 64,969,913 133,462,075 Total financial assets $ 67,465,087 $ 111,802,224 $ 7,361,394 $ 64,969,913 $ 251,598,618 Liabilities Trading securities $ 0 $ 0 $ 0 $ 0 $ 0 December 31, 2021 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 $ 25,650,903 $ 0 $ 0 $ 0 $ 25,650,903 U.S. special revenue and assessments 0 8,523,535 0 0 8,523,535 Corporate securities 0 106,789,443 0 0 106,789,443 Total fixed maturities 25,650,903 115,312,978 0 0 140,963,881 Equity securities: Common stocks 40,784,660 16,711,180 5,861,486 57,603,597 120,960,923 Preferred stocks 0 21,198 1,247,000 0 1,268,198 Total equity securities 40,784,660 16,732,378 7,108,486 57,603,597 122,229,121 Total financial assets $ 66,435,563 $ 132,045,356 $ 7,108,486 $ 57,603,597 $ 263,193,002 Liabilities Trading securities $ (1,116 ) $ 0 $ 0 $ 0 $ (1,116 ) The following is a description of the valuation techniques used the by Company to measure assets reported at fair value on a recurring basis. There have been no Available for Sale Securities Securities classified as available for sale are recorded at fair value on a recurring basis. Securities classified as Level 1 2 1 2 3 3 Equity Securities at Fair Value Equity securities consist of common stocks mainly in private equity investments, financial institutions and publicly traded corporations. Equity securities for which there is sufficient market data are categorized as Level 1 or 2 in the fair value hierarchy. For the equity securities in which quoted market prices are not available, the Company uses industry standard pricing methodologies, including discounted cash flow models that may incorporate various inputs such as payment expectations, risk of the investment, market data, and health of the underlying company. The inputs are based upon Management’s assumptions and available market information. When evidence is believed to support a change to the carrying value from the transaction price, adjustments are made to reflect the expected cash flows, material events and market data. These investments are included in Level 3 of the fair value hierarchy. Equity Securities at Net Asset Value Certain equity securities carried at fair value, which do not have readily determinable fair values, use net asset value (“NAV”) and are excluded from the fair value hierarchy. These investments are generally not readily redeemable by the investee. See Note 7 – Commitments and Contingencies for additional information regarding unfunded commitments. Trading Securities Trading securities are recorded at fair value. They are classified as Level 1 Change in Level 3 Recurring Fair Value Measurements The following table presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities. Equity Securities at Fair Value Equity Securities at Net Asset Value Total Balance at December 31, 2021 $ 7,108,486 $ 57,603,597 $ 64,712,083 Realized gains (losses) 198,125 327,863 525,988 Unrealized gains (losses) (1,926 ) 6,142,178 6,140,252 Purchases 257,834 3,415,980 3,673,814 Sales (201,125 ) (2,519,705 ) (2,720,830 ) Balance at June 30, 2022 $ 7,361,394 $ 64,969,913 $ 72,331,307 Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized gains (losses) on instruments held at June 30, 2022 and December 31, 2021 may include changes in fair value that were attributable to both observable and unobservable inputs. Quantitative Information About Level 3 Fair Value Measurements The following table presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and include only those instruments for which information about the inputs is reasonably available to the Company, such as data from independent third-party valuation service providers and from internal valuation models. Financial Assets Fair Value at June 30, 2022 Fair Value at December 31, 2021 Valuation Technique Equities $ 64,969,913 $ 57,603,597 Net Asset Value Equities 7,361,394 7,108,486 Pricing Model Total $ 72,331,307 $ 64,712,083 Uncertainty of Fair Value Measurements The significant unobservable inputs used in the determination of the fair value of assets classified as Level 3 have an inherent measurement uncertainty that if changed could result in higher or lower fair value measurements of these assets as of the reporting date. Equity Securities at Fair Value Fair market value for equity securities is derived based on unobservable inputs, such as projected normalized revenues and industry standard multiples of revenue for the equity securities valued using pricing model. Significant increases (decreases) in either of those inputs in isolation would result in a significantly higher (lower) fair value measurement. Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share Investment Company Fair Value at June 30, 2022 Unfunded Commitments Redemption Frequency Redemption Notice Period Common Stocks Growth Equity Redeemable $ 33,694,525 $ 0 Quarterly 45 days Non-Redeemable 31,275,388 8,720,678 n/a n/a Total $ 64,969,913 $ 8,720,678 Investment Company Fair Value at December 31, 2021 Unfunded Commitments Redemption Frequency Redemption Notice Period Common Stocks Growth Equity Redeemable $ 28,546,227 $ 0 Quarterly 45 days Non-Redeemable 29,057,370 5,288,967 n/a n/a Total $ 57,603,597 $ 5,288,967 Fair Value Measurements on a Nonrecurring Basis Certain assets are not carried at fair value on a recurring basis. Accordingly, such investments are only included in the fair value hierarchy disclosure when the investment is subject to re-measurement at fair value after initial recognition and the resulting re-measurement is reflected in the Condensed Consolidated Financial Statements. The Company did not recognize any re-measurements or impairments of financial instruments at June 30, 2022 or December 31, 2021. Fair Value Information About Financial Instruments Not Measured at Fair Value Certain assets are not carried at fair value on a recurring basis. Accordingly, such investments are only included in the fair value hierarchy disclosure when the investment is subject to re-measurement at fair value after initial recognition and the resulting re-measurement is reflected in the Condensed Consolidated Financial Statements. The following table presents the carrying amount and estimated fair values of the Company’s financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used: Carrying Estimated June 30, 2022 Amount Fair Value Level 1 Level 2 Level 3 Assets Common stock, at cost $ 5,860,000 5,860,000 0 0 5,860,000 Preferred stock, at cost 8,683,343 8,683,343 0 0 8,683,343 Mortgage loans on real estate 29,787,180 29,485,963 0 0 29,485,963 Investment real estate 37,879,631 93,789,571 0 0 93,789,571 Notes receivable 17,712,550 17,933,489 0 0 17,933,489 Policy loans 7,322,454 7,322,454 0 0 7,322,454 Liabilities Notes payable 7,000,000 7,000,000 0 7,000,000 0 Carrying Estimated December 31, 2021 Amount Fair Value Level 1 Level 2 Level 3 Assets Common stock, at cost $ 5,860,000 5,860,000 0 0 5,860,000 Preferred stock, at cost 8,683,343 8,683,343 0 0 8,683,343 Mortgage loans on real estate 29,183,562 29,183,562 0 0 29,183,562 Investment real estate 39,748,261 96,463,112 0 0 96,463,112 Notes receivable 17,722,976 17,722,976 0 0 17,722,976 Policy loans 7,390,497 7,390,497 0 0 7,390,497 Liabilities Notes payable 24,000,000 24,000,000 0 24,000,000 0 The above estimated fair value amounts have been determined based upon the following valuation methodologies. Considerable judgment was required to interpret market data in order to develop these estimates. Accordingly, the estimates are not necessarily indicative of the amounts which could be realized in a current market exchange. The use of different market assumptions or estimation methodologies may have a material effect on the fair value amounts. The fair values of mortgage loans on real estate are estimated using discounted cash flow analyses and interest rates being offered for similar loans to borrowers with similar credit ratings. The inputs used to measure the fair value of our mortgage loans on real estate are classified as Level 3 within the fair value hierarchy. A portion of the mortgage loans balance consists of discounted mortgage loans. The Company has historically purchased non-performing discounted mortgage loans at a deep discount through an auction process led by the Federal Government. In general, the discounted loans are non-performing and there is a significant amount of uncertainty surrounding the timing and amount of cash flows to be received by the Company. Accordingly, the Company records its investment in the discounted loans at its original purchase price, which Management believes approximates fair value. The inputs used to measure the fair value of our discounted mortgage loans are classified as Level 3 within the fair value hierarchy. Investment real estate is recorded at the lower of the net investment in the real estate or the fair value of the real estate less costs to sell. The determination of fair value assessments are performed on a periodic, non-recurring basis by external appraisal and assessment of property values by Management. The inputs used to measure the fair value of our investment real estate are classified as Level 3 within the fair value hierarchy. The fair values of notes receivable are estimated using discounted cash flow analyses and interest rates being offered for similar loans to borrowers with similar credit ratings. The inputs used to measure the fair value of the notes receivable are classified as Level 3 within the fair value hierarchy . Policy loans are carried at the aggregate unpaid principal balances in the Condensed Consolidated Balance Sheets which approximate fair value, and earn interest at rates ranging from 4% to 8%. Individual policy liabilities in all cases equal or exceed outstanding policy loan balances. The inputs used to measure the fair value of our policy loans are classified as Level 3 within the fair value hierarchy.

Credit Arrangements

Credit Arrangements	6 Months Ended
	Jun. 30, 2022
Credit Arrangements [Abstract]
Credit Arrangements	Note 5 – Credit Arrangements Instrument Issue Date Maturity Date Revolving Credit Limit December 31, 2021 Borrowings Repayments June 30, 2022 Lines of Credit: UTG 11/20/2013 11/20/2022 $ 8,000,000 0 0 0 $ 0 UG - CMA 10/21/2021 10/7/2022 25,000,000 24,000,000 9,500,000 26,500,000 7,000,000 UG - REPO 10/21/2021 10/7/2022 25,000,000 0 0 0 0 The UTG line of credit carries interest at a fixed rate of 3.750% and is payable monthly. As collateral, UTG has pledged 100% of the During October of 2021, the Federal Home Loan Bank approved UG's Cash Management Advance ("CMA"). The CMA gives the Company the option of selecting a variable rate of interest for up to days or a fixed rate for a maximum of days. The variable rate CMA is prepayable at any time without a fee, while the fixed CMA is not prepayable prior to maturity. The Company has pledged bonds with a collateral lendable value of $ . The CMA is a source of overnight liquidity utilized to address the day-to-day cash needs of a Company. In order to provide the Company with multiple lending options, Management also applied for, and the FHLB approved, the Company's Repurchase ("REPO") Advance Application for $25 million. The REPO Advance requires a minimum borrowing of $15 million and provides financing for one day to one year at a fixed rate of interest. The Company has enough qualifying investments for collateral pledging of $25 million total against these two borrowing vehicles.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2022
Shareholders' Equity [Abstract]
Shareholders' Equity	Note 6 – Shareholders’ Equity Stock Repurchase Program – The Board of Directors of UTG has authorized the repurchase in the open market or in privately negotiated transactions of UTG’s common stock. At a meeting of the Board of Directors in March of 2022, the Board of Directors of UTG authorized the repurchase of up to an additional million of UTG’s common stock, for a total repurchase of up to million of UTG’s common stock in the open market or in privately negotiated transactions. Company Management has broad authority to operate the program, including the discretion of whether to purchase shares and the ability to suspend or terminate the program. Open market purchases are made based on the last available market price but may be limited. During the , the Company repurchased shares through the stock repurchase program for $ . Through , UTG has spent in the acquisition of shares under this program. During 2022, the Company issued 17,963 shares of stock to management and employees as compensation at a cost of $486,797. These awards are determined at the discretion of the Board of Directors. Earnings Per Share Calculations Earnings per share are based on the weighted average number of common shares outstanding during each period. For the six months ended June 30, 2022 and 2021, diluted earnings per share were the same as basic earnings per share since the Company had no dilutive instruments outstanding.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 7 – Commitments and Contingencies The insurance industry has experienced a number of civil jury verdicts which have been returned against life and health insurers in the jurisdictions in which the Company does business involving the insurers’ sales practices, alleged agent misconduct, failure to properly supervise agents, and other matters. Some of the lawsuits have resulted in the award of substantial judgments against the insurer, including material amounts of punitive damages. In some states, juries have substantial discretion in awarding punitive damages in these circumstances. In the normal course of business, the Company is involved from time to time in various legal actions and other state and federal proceedings. Management is of the opinion that the ultimate disposition of the matters will not have a materially adverse effect on the Company’s results of operations or financial position. Under the insurance guaranty fund laws in most states, insurance companies doing business in a participating state can be assessed up to prescribed limits for policyholder losses incurred by insolvent or failed insurance companies. Although the Company cannot predict the amount of any future assessments, most insurance guaranty fund laws currently provide that an assessment may be excused or deferred if it would threaten an insurer’s financial strength. Mandatory assessments may be partially recovered through a reduction in future premium tax in some states. The Company does not believe such assessments will be materially different from amounts already provided for in the condensed consolidated financial statements, though the Company has no control over such assessments. The following table represents the total funding commitments and the unfunded commitment as of June 30, 2022 related to certain investments: Total Funding Commitment Unfunded Commitment RLF III, LLC $ 4,000,000 $ 398,120 Sovereign’s Capital, LP Fund I 500,000 13,000 Sovereign's Capital, LP Fund II 1,000,000 92,034 Sovereign's Capital, LP Fund III 3,000,000 641,440 Macritchie Storage II, LP 7,000,750 833,358 Garden City Companies, LLC 2,000,000 1,496,507 Carrizo Springs Music, LLC 5,000,000 189,711 Legacy Venture X, LLC 3,000,000 1,740,000 QCC Investment Co., LLC 1,500,000 150,000 Great American Media Group, LLC 4,000,000 3,200,000 Sovereign's Capital Evergreen Fund I, LLC 3,000,000 300,454 PBEX, LLC 2,000,000 1,199,343 Sovereign's Capital Lower Middle Market Fund II, LP 3,000,000 3,087,900 Elisha's Properties, LLC 1,096,750 491,823 Granite Shoals Music, LLC 6,500,000 6,242,166 Legacy Venture XI, LLC 2,000,000 2,000,000 During 2006, the Company committed to invest in RLF III, LLC (“RLF”), which makes land-based investments in undervalued assets. RLF makes capital calls as funds are needed for continued land purchases. During 2012, the Company committed to invest in Sovereign’s Capital, LP Fund I (“Sovereign’s”), which invests in companies in emerging markets. Sovereign’s makes capital calls to investors as funds are needed. During 2015, the Company committed to invest in Sovereign’s Capital, LP Fund II (“Sovereign’s II”), which invests in companies in emerging markets. Sovereign’s II makes capital calls to investors as funds are needed. During 2018, the Company committed to invest in Sovereign’s Capital, LP Fund III (“Sovereign’s III”), which invests in companies in emerging markets. Sovereign’s III makes capital calls to investors as funds are needed. During 2018, the Company committed to fund a mortgage loan for Macritchie Storage II, LP (“Macritchie”). Macritchie makes draw requests on the loan as funds are needed to fund the construction project. During 2020, the Company committed to invest in Garden City Companies, LLC (“Garden City”), which invests primarily in companies in the healthcare, inspection/testing services and maintenance service arena. Garden City makes capital calls to investors as funds are needed. During 2020, the Company committed to invest in Carrizo Springs Music, LLC (“Carrizo”), which invests in music royalties. Carrizo makes capital calls to its investors as funds are needed to acquire the royalty rights. During 2020, the Company committed to invest in Legacy Venture X, LLC (“Legacy Venture X”), which is a fund of funds. Legacy Venture X makes capital calls to its investors as funds are needed. During 2021, the Company committed to invest in QCC Investment Co., LLC (“QCC”). The funds are being utilized to purchase a manufacturing entity. QCC makes capital calls to its investors as funds are needed. During 2021, the Company committed to fund a collateral loan for Great American Media Group, LLC (“GAM”). GAM makes draw requests on the loan as funds are needed to fund the operating needs of the Company. During 2021, the Company committed to invest in Sovereign's Capital Evergreen Fund I, LLC ("Evergreen"), which invests in companies in emerging markets. Evergreen makes capital calls to investors as funds are needed. During 2022, the Company committed to fund a collateral loan for PBEX, LLC (“PBEX"). PBEX makes draw requests on the loan as funds are needed to fund the operating needs of the Company. During 2022, the Company committed to invest in Sovereign's Capital Lower Middle Market Fund II, LP ("Sovereign's LMM"), which invests in companies in emerging markets. Sovereign's LMM makes capital calls to investors as funds are needed. During 2022, the Company committed to invest in Elisha's Properties, LLC ("Elisha's"), which investment in real estate properties. Elisha's makes capital calls as funds are needed. During 2022, the Company committed to invest in Granite Shoals Music, LLC (“Granite”), which invests in music royalties. Granite makes capital calls to its investors as funds are needed to acquire the royalty rights.

Other Cash Flow Disclosures

Other Cash Flow Disclosures	6 Months Ended
	Jun. 30, 2022
Other Cash Flow Disclosures [Abstract]
Other Cash Flow Disclosures	Note 8 – Other Cash Flow Disclosures On a cash basis, the Company paid the following expenses: Three Months Ended June 30, 2022 2021 Interest $ 18,387 $ 0 Federal income tax 0 0 Six Months Ended June 30, 2022 2021 Interest $ 30,196 $ 0 Federal income tax 1,000,000 1,202,000

Concentrations of Credit Risk

Concentrations of Credit Risk	6 Months Ended
	Jun. 30, 2022
Concentrations of Credit Risk [Abstract]
Concentrations of Credit Risk	Note 9 – Concentrations of Credit Risk The Company maintains cash balances in financial institutions that at times may exceed federally insured limits. The Company maintains its primary operating cash accounts with First Southern National Bank, an affiliate of the largest shareholder of UTG, Mr. Jesse Correll, the Company’s CEO and Chairman. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash and cash equivalents. Because UTG serves primarily individuals located in states, the ability of our customers to pay their insurance premiums is impacted by the economic conditions in these areas. As of and , approximately and , respectively, of the Company’s total direct premium was collected from Illinois, Ohio, Texas and West Virginia. Thus, results of operations are heavily dependent upon the strength of these economies. The Company reinsures that portion of insurance risk which is in excess of its retention limits. Retention limits range up to $ per life. Life insurance ceded represented and of total life insurance in force at and , respectively. Insurance ceded represented and of premium income . The Company would be liable for the reinsured risks ceded to other companies to the extent that such reinsuring companies are unable to meet their obligations. The Company owns a variety of investments associated with the oil and gas industry. These investments represent approximately 28% and 22% of the Company’s total invested assets as of June 30, 2022 and December 31, 2021, respectively. The following table provides an allocation of the oil and gas investments by type. June 30, 2022 Land, Minerals & Royalty Interests Exploration Total Fixed maturities, at fair value $ 0 $ 1,100,210 $ 1,100,210 Equity securities, at fair value 77,008,407 0 77,008,407 Investment real estate 15,558,983 0 15,558,983 Notes receivable 5,800,657 0 5,800,657 Total $ 98,368,047 $ 1,100,210 $ 99,468,257 December 31, 2021 Land, Minerals & Royalty Interests Exploration Total Fixed maturities, at fair value $ 0 $ 1,249,040 $ 1,249,040 Equity securities, at fair value 60,932,033 0 60,932,033 Investment real estate 16,351,500 0 16,351,500 Notes receivable 5,000,000 0 5,000,000 Total $ 82,283,533 $ 1,249,040 $ 83,532,573 At June 30, 2022 and December 31, 2021, the Company owned two equity securities that represented approximately 53% of the total investments associated with the oil and gas industry. The Company’s results of operations and financial condition have in the past been, and may in the future be, adversely affected by the degree of certain industry specific concentrations in the Company’s investment portfolio. The Company has significant exposure to investments associated with the oil and gas industry. Events or developments that have a negative effect on the oil and gas industry may adversely affect the valuation of our investments in this specific industry. The Company’s ability to sell its investments associated with the oil and gas industry may be limited.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2022
Basis of Presentation [Abstract]
Basis of Presentation	The accompanying Condensed Consolidated Balance Sheet as of June 30, 2022, which has been derived from audited consolidated financial statements, and the unaudited interim Condensed Consolidated Financial Statements include the accounts of UTG, Inc. (the “Parent”) and its subsidiaries (collectively with the Parent, the “Company”). All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for audited annual financial statements. The information furnished includes all adjustments and accruals of a normal recurring nature, which in the opinion of Management, are necessary for a fair presentation of the results for the interim periods. The unaudited Condensed Consolidated Financial Statements included herein and these related notes should be read in conjunction with the Company’s consolidated financial statements, and the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 . December 31, 2022 During March 2020, a global pandemic was declared by the World Health Organization related to the rapidly growing outbreak of a novel strain of coronavirus (COVID-19). The pandemic has significantly impacted the economic conditions in the U.S. and globally, accelerating during the first half of March, as federal, state, and local governments reacted to the public health crisis, creating significant uncertainties in the U.S. economy. The Company has not experienced a slow-down in activities, however government restrictions and client-imposed delays are evaluated regularly and this could change. While the disruption is currently expected to be temporary, there is uncertainty around the duration. The Company cannot at this time predict the ultimate impact the pandemic will have on its results of operations, financial position, liquidity, or capital resources but such impact could be material.

Recently Issued Accounting St_2

Recently Issued Accounting Standards (Policies)	6 Months Ended
	Jun. 30, 2022
Recently Issued Accounting Standards [Abstract]
Recently Issued Accounting Standards	During the six months ended June 30, 2022, there were no additions to or changes in the critical accounting policies disclosed in the 2021 Form 10-K.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2022
Investments [Abstract]
Available for Sale Securities	Investments in available for sale securities are summarized as follows: June 30, 2022 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 $ 21,312,711 $ 0 $ (726,455 ) $ 20,586,256 U.S. special revenue and assessments 7,537,981 985,555 0 8,523,536 All other corporate bonds 92,584,976 322,474 (3,880,699 ) 89,026,751 $ 121,435,668 $ 1,308,029 $ (4,607,154 ) $ 118,136,543 December 31, 2021 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 $ 25,312,358 $ 355,623 $ (17,078 ) $ 25,650,903 U.S. special revenue and assessments 7,540,867 982,668 0 8,523,535 All other corporate bonds 95,096,738 11,692,705 0 106,789,443 $ 127,949,963 $ 13,030,996 $ (17,078 ) $ 140,963,881
Debt Securities by Contractual Maturity	The amortized cost and estimated market value of debt securities at June 30, 2022, by contractual maturity, is shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Fixed Maturities Available for Sale June 30, 2022 Amortized Cost Fair Value Due in one year or less $ 7,501,776 $ 7,494,055 Due after one year through five years 44,835,101 44,068,821 Due after five years through ten years 20,027,750 20,942,277 Due after ten years 22,092,801 20,516,755 Fixed maturities with no single maturity date 26,978,240 25,114,635 Total $ 121,435,668 $ 118,136,543
Fair Value of Investments with Sustained Gross Unrealized Losses	The fair value of investments with sustained gross unrealized losses are as follows: June 30, 2022 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 $ 20,586,256 (726,455 ) 0 0 20,586,256 $ (726,455 ) All other corporate bonds 74,322,835 (3,880,699 ) 0 0 74,322,835 (3,880,699 ) Total fixed maturities $ 94,909,091 (4,607,154 ) 0 0 94,909,091 $ (4,607,154 ) December 31, 2021 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 $ 4,042,825 (17,078 ) 0 0 4,042,825 $ (17,078 ) Total fixed maturities $ 4,042,825 (17,078 ) 0 0 4,042,825 $ (17,078 )
Securities in Continuous Unrealized Loss Position	Additional information regarding investments in an unrealized loss position is as follows: Less than 12 months 12 months or longer Total As of June 30, 2022 Fixed maturities 47 0 47 As of December 31, 2021 Fixed maturities 3 0 3
Net Investment Gains (Losses) and Change in Net Unrealized Gains (Losses) on Investments	The following table presents net investment gains (losses) and the change in net unrealized gains (losses) on investments. Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 Realized gains: Sales of fixed maturities $ 314 $ 34,236 $ 4,683 $ 34,236 Sales of equity securities 12,223 3,006,835 397,581 3,019,207 Sales of real estate 113,398 1,247,193 4,571,840 1,383,252 Total realized gains 125,935 4,288,264 4,974,104 4,436,695 Realized losses: Sales of fixed maturities (5,210 ) 0 (5,210 ) 0 Sales of equity securities (41,616 ) (803 ) (109,636 ) (4,188 ) Other-than-temporary impairments 0 (411,584 ) 0 (411,584 ) Total realized losses (46,826 ) (412,387 ) (114,846 ) (415,772 ) Net realized investment gains (losses) 79,109 3,875,877 4,859,258 4,020,923 Change in fair value of equity securities: Change in fair value of equity securities held at the end of the period (790,338 ) 195,136 7,364,291 20,375,015 Change in fair value of equity securities (790,338 ) 195,136 7,364,291 20,375,015 Net investment gains (losses) $ (711,229 ) $ 4,071,013 $ 12,223,549 $ 24,395,938 Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income: Fixed maturities $ (7,129,016 ) $ 2,505,067 $ (16,313,575 ) $ (4,975,001 ) Net increase (decrease) $ (7,129,016 ) $ 2,505,067 $ (16,313,575 ) $ (4,975,001 )
Trading Revenue Charged to Investment Income from Trading Securities	Trading revenue charged to net investment income from trading securities was: Three Months Ended June 30, 2022 2021 Net unrealized gains (losses) $ 0 $ (1,784 ) Net realized gains (losses) (10,767 ) 7,350 Net unrealized and realized gains (losses) $ (10,767 ) $ 5,566 Six Months Ended June 30, 2022 2021 Net unrealized gains (losses) $ 0 $ 950 Net realized gains (losses) (13,283 ) 18,304 Net unrealized and realized gains (losses) $ (13,283 ) $ 19,254
Maximum and Minimum Lending Rates for Mortgage Loan	During 2022 and 2021, the maximum and minimum lending rates for mortgage loans were: 2022 2021 Maximum rate Minimum rate Maximum rate Minimum rate Farm Loans 6.00 % 4.50 % 6.00 % 4.50 % Commercial Loans 6.00 % 4.10 % 5.50 % 4.10 % Residential Loans 5.00 % 4.15 % 5.00 % 4.15 %
Mortgage Loan Holdings	The following table summarizes the mortgage loan holdings of the Company for the periods ended: June 30, 2022 December 31, 2021 In good standing $ 27,706,407 $ 27,102,789 Overdue interest over 90 days 2,080,773 2,080,773 Total mortgage loans $ 29,787,180 $ 29,183,562
Investment Real Estate by Type	The following table provides an allocation of the Company’s investment real estate by type: June 30, 2022 December 31, 2021 Raw land $ 12,345,613 $ 14,538,507 Commercial 5,229,742 4,347,423 Residential 4,745,295 3,813,936 Land, minerals and royalty interests 15,558,981 17,048,395 Total investment real estate $ 37,879,631 $ 39,748,261

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Measurements [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used: June 30, 2022 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 $ 20,586,256 $ 0 $ 0 $ 0 $ 20,586,256 U.S. special revenue and assessments 0 8,523,535 0 0 8,523,535 Corporate securities 0 89,026,752 0 0 89,026,752 Total fixed maturities 20,586,256 97,550,287 0 0 118,136,543 Equity securities: Common stocks 46,878,831 14,251,937 6,114,394 64,969,913 132,215,075 Preferred stocks 0 0 1,247,000 0 1,247,000 Total equity securities 46,878,831 14,251,937 7,361,394 64,969,913 133,462,075 Total financial assets $ 67,465,087 $ 111,802,224 $ 7,361,394 $ 64,969,913 $ 251,598,618 Liabilities Trading securities $ 0 $ 0 $ 0 $ 0 $ 0 December 31, 2021 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 $ 25,650,903 $ 0 $ 0 $ 0 $ 25,650,903 U.S. special revenue and assessments 0 8,523,535 0 0 8,523,535 Corporate securities 0 106,789,443 0 0 106,789,443 Total fixed maturities 25,650,903 115,312,978 0 0 140,963,881 Equity securities: Common stocks 40,784,660 16,711,180 5,861,486 57,603,597 120,960,923 Preferred stocks 0 21,198 1,247,000 0 1,268,198 Total equity securities 40,784,660 16,732,378 7,108,486 57,603,597 122,229,121 Total financial assets $ 66,435,563 $ 132,045,356 $ 7,108,486 $ 57,603,597 $ 263,193,002 Liabilities Trading securities $ (1,116 ) $ 0 $ 0 $ 0 $ (1,116 )
Reconciliation for Level 3 Assets Measured at Fair Value on a Recurring Basis	Change in Level 3 Recurring Fair Value Measurements The following table presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities. Equity Securities at Fair Value Equity Securities at Net Asset Value Total Balance at December 31, 2021 $ 7,108,486 $ 57,603,597 $ 64,712,083 Realized gains (losses) 198,125 327,863 525,988 Unrealized gains (losses) (1,926 ) 6,142,178 6,140,252 Purchases 257,834 3,415,980 3,673,814 Sales (201,125 ) (2,519,705 ) (2,720,830 ) Balance at June 30, 2022 $ 7,361,394 $ 64,969,913 $ 72,331,307
Quantitative Information About Level 3 Fair Value Measurements	Quantitative Information About Level 3 Fair Value Measurements The following table presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and include only those instruments for which information about the inputs is reasonably available to the Company, such as data from independent third-party valuation service providers and from internal valuation models. Financial Assets Fair Value at June 30, 2022 Fair Value at December 31, 2021 Valuation Technique Equities $ 64,969,913 $ 57,603,597 Net Asset Value Equities 7,361,394 7,108,486 Pricing Model Total $ 72,331,307 $ 64,712,083
Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share	Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share Investment Company Fair Value at June 30, 2022 Unfunded Commitments Redemption Frequency Redemption Notice Period Common Stocks Growth Equity Redeemable $ 33,694,525 $ 0 Quarterly 45 days Non-Redeemable 31,275,388 8,720,678 n/a n/a Total $ 64,969,913 $ 8,720,678 Investment Company Fair Value at December 31, 2021 Unfunded Commitments Redemption Frequency Redemption Notice Period Common Stocks Growth Equity Redeemable $ 28,546,227 $ 0 Quarterly 45 days Non-Redeemable 29,057,370 5,288,967 n/a n/a Total $ 57,603,597 $ 5,288,967
Carrying Values and Estimated Fair Values of Financial Instruments not Recorded at Fair Value	The following table presents the carrying amount and estimated fair values of the Company’s financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used: Carrying Estimated June 30, 2022 Amount Fair Value Level 1 Level 2 Level 3 Assets Common stock, at cost $ 5,860,000 5,860,000 0 0 5,860,000 Preferred stock, at cost 8,683,343 8,683,343 0 0 8,683,343 Mortgage loans on real estate 29,787,180 29,485,963 0 0 29,485,963 Investment real estate 37,879,631 93,789,571 0 0 93,789,571 Notes receivable 17,712,550 17,933,489 0 0 17,933,489 Policy loans 7,322,454 7,322,454 0 0 7,322,454 Liabilities Notes payable 7,000,000 7,000,000 0 7,000,000 0 Carrying Estimated December 31, 2021 Amount Fair Value Level 1 Level 2 Level 3 Assets Common stock, at cost $ 5,860,000 5,860,000 0 0 5,860,000 Preferred stock, at cost 8,683,343 8,683,343 0 0 8,683,343 Mortgage loans on real estate 29,183,562 29,183,562 0 0 29,183,562 Investment real estate 39,748,261 96,463,112 0 0 96,463,112 Notes receivable 17,722,976 17,722,976 0 0 17,722,976 Policy loans 7,390,497 7,390,497 0 0 7,390,497 Liabilities Notes payable 24,000,000 24,000,000 0 24,000,000 0

Credit Arrangements (Tables)

Credit Arrangements (Tables)	6 Months Ended
	Jun. 30, 2022
Credit Arrangements [Abstract]
Credit Arrangements	Instrument Issue Date Maturity Date Revolving Credit Limit December 31, 2021 Borrowings Repayments June 30, 2022 Lines of Credit: UTG 11/20/2013 11/20/2022 $ 8,000,000 0 0 0 $ 0 UG - CMA 10/21/2021 10/7/2022 25,000,000 24,000,000 9,500,000 26,500,000 7,000,000 UG - REPO 10/21/2021 10/7/2022 25,000,000 0 0 0 0

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies [Abstract]
Total Funding Commitments and Unfunded Commitment	The following table represents the total funding commitments and the unfunded commitment as of June 30, 2022 related to certain investments: Total Funding Commitment Unfunded Commitment RLF III, LLC $ 4,000,000 $ 398,120 Sovereign’s Capital, LP Fund I 500,000 13,000 Sovereign's Capital, LP Fund II 1,000,000 92,034 Sovereign's Capital, LP Fund III 3,000,000 641,440 Macritchie Storage II, LP 7,000,750 833,358 Garden City Companies, LLC 2,000,000 1,496,507 Carrizo Springs Music, LLC 5,000,000 189,711 Legacy Venture X, LLC 3,000,000 1,740,000 QCC Investment Co., LLC 1,500,000 150,000 Great American Media Group, LLC 4,000,000 3,200,000 Sovereign's Capital Evergreen Fund I, LLC 3,000,000 300,454 PBEX, LLC 2,000,000 1,199,343 Sovereign's Capital Lower Middle Market Fund II, LP 3,000,000 3,087,900 Elisha's Properties, LLC 1,096,750 491,823 Granite Shoals Music, LLC 6,500,000 6,242,166 Legacy Venture XI, LLC 2,000,000 2,000,000

Other Cash Flow Disclosures (Ta

Other Cash Flow Disclosures (Tables)	6 Months Ended
	Jun. 30, 2022
Other Cash Flow Disclosures [Abstract]
Expenses Paid on a Cash Basis	On a cash basis, the Company paid the following expenses: Three Months Ended June 30, 2022 2021 Interest $ 18,387 $ 0 Federal income tax 0 0 Six Months Ended June 30, 2022 2021 Interest $ 30,196 $ 0 Federal income tax 1,000,000 1,202,000

Concentrations of Credit Risk (

Concentrations of Credit Risk (Tables)	6 Months Ended
	Jun. 30, 2022
Concentrations of Credit Risk [Abstract]
Allocation of Oil and Gas Investments by Type	The Company owns a variety of investments associated with the oil and gas industry. These investments represent approximately 28% and 22% of the Company’s total invested assets as of June 30, 2022 and December 31, 2021, respectively. The following table provides an allocation of the oil and gas investments by type. June 30, 2022 Land, Minerals & Royalty Interests Exploration Total Fixed maturities, at fair value $ 0 $ 1,100,210 $ 1,100,210 Equity securities, at fair value 77,008,407 0 77,008,407 Investment real estate 15,558,983 0 15,558,983 Notes receivable 5,800,657 0 5,800,657 Total $ 98,368,047 $ 1,100,210 $ 99,468,257 December 31, 2021 Land, Minerals & Royalty Interests Exploration Total Fixed maturities, at fair value $ 0 $ 1,249,040 $ 1,249,040 Equity securities, at fair value 60,932,033 0 60,932,033 Investment real estate 16,351,500 0 16,351,500 Notes receivable 5,000,000 0 5,000,000 Total $ 82,283,533 $ 1,249,040 $ 83,532,573

Basis of Presentation (Details)

Basis of Presentation (Details)	Jun. 30, 2022
Chief Executive Officer and Chairman of the Board [Member]
Ownership Interest [Abstract]
Ownership interest percentage	65.33%
FSBI [Member] | FSNB [Member]
Ownership Interest [Abstract]
Ownership in subsidiary bank	100%

Investments, Available for Sale

Investments, Available for Sale Securities (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Fixed maturities [Abstract]
Original or amortized cost	$ 121,435,668	$ 127,949,963
Gross unrealized gains	1,308,029	13,030,996
Gross unrealized losses	(4,607,154)	(17,078)
Fair value	118,136,543	140,963,881	[1]
U.S. Government and Govt. Agencies and Authorities [Member]
Fixed maturities [Abstract]
Original or amortized cost	21,312,711	25,312,358
Gross unrealized gains	0	355,623
Gross unrealized losses	(726,455)	(17,078)
Fair value	20,586,256	25,650,903
U.S. Special Revenue and Assessments [Member]
Fixed maturities [Abstract]
Original or amortized cost	7,537,981	7,540,867
Gross unrealized gains	985,555	982,668
Gross unrealized losses	0	0
Fair value	8,523,536	8,523,535
All Other Corporate Bonds [Member]
Fixed maturities [Abstract]
Original or amortized cost	92,584,976	95,096,738
Gross unrealized gains	322,474	11,692,705
Gross unrealized losses	(3,880,699)	0
Fair value	$ 89,026,751	$ 106,789,443
[1]Balance sheet audited at December 31, 2021.

Investments, Debt Securities by

Investments, Debt Securities by Contractual Maturity (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Amortized cost [Abstract]
Due in one year or less	$ 7,501,776
Due after one year through five years	44,835,101
Due after five years through ten years	20,027,750
Due after ten years	22,092,801
Fixed maturities with no single maturity date	26,978,240
Original or amortized cost	121,435,668	$ 127,949,963
Fair value [Abstract]
Due in one year or less	7,494,055
Due after one year through five years	44,068,821
Due after five years through ten years	20,942,277
Due after ten years	20,516,755
Fixed maturities with no single maturity date	25,114,635
Fair value	$ 118,136,543	$ 140,963,881	[1]
[1]Balance sheet audited at December 31, 2021.

Investments, Securities in Cont

Investments, Securities in Continuous Unrealized Loss Position (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Fair Value of Investments with Sustained Gross Unrealized Losses [Abstract]
Less than 12 months, fair value	$ 94,909,091	$ 4,042,825
12 months or longer, fair value	0	0
Total	94,909,091	4,042,825
Less than 12 months, unrealized losses	(4,607,154)	(17,078)
12 months or longer, unrealized losses	0	0
Total	(4,607,154)	(17,078)
U.S. Government and Govt. Agencies and Authorities [Member]
Fair Value of Investments with Sustained Gross Unrealized Losses [Abstract]
Less than 12 months, fair value	20,586,256	4,042,825
12 months or longer, fair value	0	0
Total	20,586,256	4,042,825
Less than 12 months, unrealized losses	(726,455)	(17,078)
12 months or longer, unrealized losses	0	0
Total	(726,455)	$ (17,078)
All Other Corporate Bonds [Member]
Fair Value of Investments with Sustained Gross Unrealized Losses [Abstract]
Less than 12 months, fair value	74,322,835
12 months or longer, fair value	0
Total	74,322,835
Less than 12 months, unrealized losses	(3,880,699)
12 months or longer, unrealized losses	0
Total	$ (3,880,699)

Investments, Number of Securiti

Investments, Number of Securities in Unrealized Loss Position (Details) - Security	Jun. 30, 2022	Dec. 31, 2021
Fixed Maturities, Number of Securities in Unrealized Loss Position [Abstract]
Less than 12 months, number of securities	47	3
12 months or longer, number of securities	0	0
Total	47	3

Investments, Net Investment Gai

Investments, Net Investment Gains (Losses) and Change in Net Unrealized Gains (Losses) on Investments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Realized gains on available-for-sale investments [Abstract]
Total realized gains	$ 125,935	$ 4,288,264	$ 4,974,104	$ 4,436,695
Realized losses on available-for-sale investments [Abstract]
Other-than-temporary impairments	0	(411,584)	0	(411,584)
Total realized losses	(46,826)	(412,387)	(114,846)	(415,772)
Net realized investment gains (losses)	79,109	3,875,877	4,859,258	4,020,923
Change in fair value of equity securities [Abstract]
Change in fair value of equity securities held at the end of the period	(790,338)	195,136	7,364,291	20,375,015
Change in fair value of equity securities	(790,338)	195,136	7,364,291	20,375,015
Total net investment gains (losses)	(711,229)	4,071,013	12,223,549	24,395,938
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income [Abstract]
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income	(7,129,016)	2,505,067	(16,313,575)	(4,975,001)
Fixed Maturities [Member]
Realized gains on available-for-sale investments [Abstract]
Total realized gains	314	34,236	4,683	34,236
Realized losses on available-for-sale investments [Abstract]
Total realized losses	(5,210)	0	(5,210)	0
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income [Abstract]
Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income	(7,129,016)	2,505,067	(16,313,575)	(4,975,001)
Equity Securities [Member]
Realized gains on available-for-sale investments [Abstract]
Total realized gains	12,223	3,006,835	397,581	3,019,207
Realized losses on available-for-sale investments [Abstract]
Total realized losses	(41,616)	(803)	(109,636)	(4,188)
Real Estate [Member]
Realized gains on available-for-sale investments [Abstract]
Total realized gains	$ 113,398	$ 1,247,193	$ 4,571,840	$ 1,383,252

Investments, Cost Method Invest

Investments, Cost Method Investments (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Investments [Abstract]
Equity securities, at cost	$ 14,543,343	$ 14,543,343	[1]
[1]Balance sheet audited at December 31, 2021.

Investments, Trading Securities

Investments, Trading Securities (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Trading Securities [Abstract]
Fair value, derivatives included in trading security assets	$ 0		$ 0		$ 0
Fair value, derivative included in trading security liabilities	0		0		$ 1,116
Trading Revenue Charged to Net Investment Income from Trading Securities [Abstract]
Net unrealized gains (losses)	0	$ (1,784)	0	$ 950
Net realized gains (losses)	(10,767)	7,350	(13,283)	18,304
Net unrealized and realized gains (losses)	$ (10,767)	$ 5,566	$ (13,283)	$ 19,254

Investments, Mortgage Loans, In

Investments, Mortgage Loans, Investment Real Estate, Notes Receivable, and Short-Term Investments (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Mortgage Loans [Abstract]
Mortgage loans acquired, including discounted mortgage loans	$ 1,560,291	$ 747,941
Servicing fee on loan	0.25%
Loan origination	0.50%
Loan limit threshold for appraised property value	80%
Mortgage loans reserve	$ 0		$ 0
Mortgage loan holdings [Abstract]
Total mortgage loans	29,787,180		29,183,562	[1]
Investment Real Estate [Abstract]
Impairment on investment real estate	0
Total investment real estate	$ 37,879,631		$ 39,748,261	[1]
Oil & Gas Royalties - as a % of total Inv RE	41%		43%
Investment real estate acquired	$ 3,271,775	1,402,593
Notes Receivable [Abstract]
Valuation allowance	0		$ 0
Notes receivable acquired	$ 3,910,657	$ 6,000,000
Minimum [Member]
Mortgage Loans [Abstract]
Loan delinquent period after which letters are sent to mortgagee	30 days
Loan delinquent period after which monthly listing of loans are provided to management	60 days
Loan delinquent period after which loans are placed on non-performing status and classified as delinquent loans	90 days
Investment Real Estate [Abstract]
Estimated useful life	3 years
Maximum [Member]
Investment Real Estate [Abstract]
Estimated useful life	30 years
Raw Land [Member]
Investment Real Estate [Abstract]
Total investment real estate	$ 12,345,613		14,538,507
Commercial [Member]
Investment Real Estate [Abstract]
Total investment real estate	5,229,742		4,347,423
Residential [Member]
Investment Real Estate [Abstract]
Total investment real estate	4,745,295		3,813,936
Land, Minerals and Royalty Interests [Member]
Investment Real Estate [Abstract]
Total investment real estate	15,558,981		17,048,395
In Good Standing [Member]
Mortgage loan holdings [Abstract]
Total mortgage loans	27,706,407		27,102,789
Overdue Interest over 90 Days [Member]
Mortgage loan holdings [Abstract]
Total mortgage loans	$ 2,080,773		$ 2,080,773
Farm Loans [Member] | Minimum [Member]
Mortgage Loans [Abstract]
Interest rate on mortgage loans	4.50%		4.50%
Farm Loans [Member] | Maximum [Member]
Mortgage Loans [Abstract]
Interest rate on mortgage loans	6%		6%
Commercial Loans [Member] | Minimum [Member]
Mortgage Loans [Abstract]
Interest rate on mortgage loans	4.10%		4.10%
Commercial Loans [Member] | Maximum [Member]
Mortgage Loans [Abstract]
Interest rate on mortgage loans	6%		5.50%
Residential Loans [Member] | Minimum [Member]
Mortgage Loans [Abstract]
Interest rate on mortgage loans	4.15%		4.15%
Residential Loans [Member] | Maximum [Member]
Mortgage Loans [Abstract]
Interest rate on mortgage loans	5%		5%
[1]Balance sheet audited at December 31, 2021.

Fair Value Measurements, Assets

Fair Value Measurements, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Assets [Abstract]
Fixed maturities available for sale	$ 118,136,543	$ 140,963,881	[1]
Equity securities	133,462,075	122,229,121	[1]
Liabilities [Abstract]
Trading Securities	0	(1,116)
U.S. Government and Government Agencies and Authorities [Member]
Assets [Abstract]
Fixed maturities available for sale	20,586,256	25,650,903
Net Asset Value [Member]
Assets [Abstract]
Equity securities	64,969,913	57,603,597
Measured on a Recurring Basis [Member]
Assets [Abstract]
Fixed maturities available for sale	118,136,543	140,963,881
Equity securities	133,462,075	122,229,121
Total financial assets	251,598,618	263,193,002
Liabilities [Abstract]
Trading Securities	0	(1,116)
Measured on a Recurring Basis [Member] | U.S. Government and Government Agencies and Authorities [Member]
Assets [Abstract]
Fixed maturities available for sale	20,586,256	25,650,903
Measured on a Recurring Basis [Member] | U.S. Special Revenue and Assessments [Member]
Assets [Abstract]
Fixed maturities available for sale	8,523,535	8,523,535
Measured on a Recurring Basis [Member] | Corporate Securities [Member]
Assets [Abstract]
Fixed maturities available for sale	89,026,752	106,789,443
Measured on a Recurring Basis [Member] | Common Stock [Member]
Assets [Abstract]
Equity securities	132,215,075	120,960,923
Measured on a Recurring Basis [Member] | Preferred Stock [Member]
Assets [Abstract]
Equity securities	1,247,000	1,268,198
Measured on a Recurring Basis [Member] | Net Asset Value [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Equity securities	64,969,913	57,603,597
Total financial assets	64,969,913	57,603,597
Liabilities [Abstract]
Trading Securities	0	0
Measured on a Recurring Basis [Member] | Net Asset Value [Member] | U.S. Government and Government Agencies and Authorities [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Measured on a Recurring Basis [Member] | Net Asset Value [Member] | U.S. Special Revenue and Assessments [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Measured on a Recurring Basis [Member] | Net Asset Value [Member] | Corporate Securities [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Measured on a Recurring Basis [Member] | Net Asset Value [Member] | Common Stock [Member]
Assets [Abstract]
Equity securities	64,969,913	57,603,597
Measured on a Recurring Basis [Member] | Net Asset Value [Member] | Preferred Stock [Member]
Assets [Abstract]
Equity securities	0	0
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 1 [Member]
Assets [Abstract]
Fixed maturities available for sale	20,586,256	25,650,903
Equity securities	46,878,831	40,784,660
Total financial assets	67,465,087	66,435,563
Liabilities [Abstract]
Trading Securities	0	(1,116)
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 1 [Member] | U.S. Government and Government Agencies and Authorities [Member]
Assets [Abstract]
Fixed maturities available for sale	20,586,256	25,650,903
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 1 [Member] | U.S. Special Revenue and Assessments [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 1 [Member] | Corporate Securities [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 1 [Member] | Common Stock [Member]
Assets [Abstract]
Equity securities	46,878,831	40,784,660
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 1 [Member] | Preferred Stock [Member]
Assets [Abstract]
Equity securities	0	0
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 2 [Member]
Assets [Abstract]
Fixed maturities available for sale	97,550,287	115,312,978
Equity securities	14,251,937	16,732,378
Total financial assets	111,802,224	132,045,356
Liabilities [Abstract]
Trading Securities	0	0
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 2 [Member] | U.S. Government and Government Agencies and Authorities [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 2 [Member] | U.S. Special Revenue and Assessments [Member]
Assets [Abstract]
Fixed maturities available for sale	8,523,535	8,523,535
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 2 [Member] | Corporate Securities [Member]
Assets [Abstract]
Fixed maturities available for sale	89,026,752	106,789,443
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 2 [Member] | Common Stock [Member]
Assets [Abstract]
Equity securities	14,251,937	16,711,180
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 2 [Member] | Preferred Stock [Member]
Assets [Abstract]
Equity securities	0	21,198
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 3 [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Equity securities	7,361,394	7,108,486
Total financial assets	7,361,394	7,108,486
Liabilities [Abstract]
Trading Securities	0	0
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 3 [Member] | U.S. Government and Government Agencies and Authorities [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 3 [Member] | U.S. Special Revenue and Assessments [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 3 [Member] | Corporate Securities [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 3 [Member] | Common Stock [Member]
Assets [Abstract]
Equity securities	6,114,394	5,861,486
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 3 [Member] | Preferred Stock [Member]
Assets [Abstract]
Equity securities	$ 1,247,000	$ 1,247,000
[1]Balance sheet audited at December 31, 2021.

Fair Value Measurements, Reconc

Fair Value Measurements, Reconciliation for Level 3 Assets Measured at Fair Value on a Recurring Basis (Details)	6 Months Ended
	Jun. 30, 2022 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 64,712,083
Total unrealized gain or (losses) [Abstract]
Realized gains (losses)	525,988
Unrealized gains (losses)	6,140,252
Purchases	3,673,814
Sales	(2,720,830)
Ending Balance	72,331,307
Beginning Balance	64,712,083
Purchases
Ending Balance	72,331,307
Equity Securities [Member]
Total unrealized gain or (losses) [Abstract]
Beginning Balance	7,108,486
Purchases
Realized gains (losses)	198,125
Unrealized gains (losses)	(1,926)
Purchases	257,834
Sales	(201,125)
Ending Balance	7,361,394
Equity Securities at Net Asset Value [Member]
Total unrealized gain or (losses) [Abstract]
Beginning Balance	57,603,597
Purchases
Realized gains (losses)	327,863
Unrealized gains (losses)	6,142,178
Purchases	3,415,980
Sales	(2,519,705)
Ending Balance	$ 64,969,913

Fair Value Measurements, Quanti

Fair Value Measurements, Quantitative Information About Level 3 and Investments in Certain Entities Carried at Fair Value (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Information about Significant Unobservable Inputs Used for Recurring Fair Value Measurements for Certain Level 3 Instruments [Abstract]
Financial assets, fair value	$ 72,331,307	$ 64,712,083
Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share [Abstract]
Equity securities	133,462,075	122,229,121	[1]
Unfunded commitments	8,720,678	5,288,967
Growth Equity Redeemable [Member]
Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share [Abstract]
Unfunded commitments	$ 0	$ 0
Redemption frequency	Quarterly
Redemption notice period	45 days	45 days
Growth Equity Non-Redeemable [Member]
Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share [Abstract]
Unfunded commitments	$ 8,720,678	$ 5,288,967
Net Asset Value [Member]
Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share [Abstract]
Equity securities	64,969,913	57,603,597
Net Asset Value [Member] | Growth Equity Redeemable [Member]
Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share [Abstract]
Equity securities	33,694,525	28,546,227
Net Asset Value [Member] | Growth Equity Non-Redeemable [Member]
Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share [Abstract]
Equity securities	31,275,388	29,057,370
Net Asset Value [Member] | Common Stock [Member]
Information about Significant Unobservable Inputs Used for Recurring Fair Value Measurements for Certain Level 3 Instruments [Abstract]
Financial assets, fair value	64,969,913	57,603,597
Pricing Model [Member] | Common Stock [Member]
Information about Significant Unobservable Inputs Used for Recurring Fair Value Measurements for Certain Level 3 Instruments [Abstract]
Financial assets, fair value	$ 7,361,394	$ 7,108,486
[1]Balance sheet audited at December 31, 2021.

Fair Value Measurements, Carryi

Fair Value Measurements, Carrying Values and Estimated Fair Values of Financial Instruments not Recorded at Fair Value (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Carrying Amount [Member]
Assets [Abstract]
Mortgage loans on real estate	$ 29,787,180	$ 29,183,562
Investment real estate	37,879,631	39,748,261
Notes receivable	17,712,550	17,722,976
Policy loans	7,322,454	7,390,497
Liabilities [Abstract]
Notes Payable	7,000,000	24,000,000
Carrying Amount [Member] | Common Stock [Member]
Assets [Abstract]
Equity securities, at cost	5,860,000	5,860,000
Carrying Amount [Member] | Preferred Stock [Member]
Assets [Abstract]
Equity securities, at cost	8,683,343	8,683,343
Estimated Fair Value [Member]
Assets [Abstract]
Mortgage loans on real estate	29,485,963	29,183,562
Investment real estate	93,789,571	96,463,112
Notes receivable	17,933,489	17,722,976
Policy loans	7,322,454	7,390,497
Liabilities [Abstract]
Notes Payable	7,000,000	24,000,000
Estimated Fair Value [Member] | Common Stock [Member]
Assets [Abstract]
Equity securities, at cost	5,860,000	5,860,000
Estimated Fair Value [Member] | Preferred Stock [Member]
Assets [Abstract]
Equity securities, at cost	8,683,343	8,683,343
Equity securities, at cost	$ 14,543,343	14,543,343	[1]
Minimum [Member]
Liabilities [Abstract]
Policy loan interest rate	4%
Maximum [Member]
Liabilities [Abstract]
Policy loan interest rate	8%
Level 1 [Member]
Assets [Abstract]
Mortgage loans on real estate	$ 0	0
Investment real estate	0	0
Notes receivable	0	0
Policy loans	0	0
Liabilities [Abstract]
Notes Payable	0	0
Level 2 [Member]
Assets [Abstract]
Mortgage loans on real estate	0	0
Investment real estate	0	0
Notes receivable	0	0
Policy loans	0	0
Liabilities [Abstract]
Notes Payable	7,000,000	24,000,000
Level 3 [Member]
Assets [Abstract]
Mortgage loans on real estate	29,485,963	29,183,562
Investment real estate	93,789,571	96,463,112
Notes receivable	17,933,489	17,722,976
Policy loans	7,322,454	7,390,497
Liabilities [Abstract]
Notes Payable	0	0
Common Stock [Member] | Level 1 [Member]
Assets [Abstract]
Equity securities, at cost	0	0
Common Stock [Member] | Level 2 [Member]
Assets [Abstract]
Equity securities, at cost	0	0
Common Stock [Member] | Level 3 [Member]
Assets [Abstract]
Equity securities, at cost	5,860,000	5,860,000
Preferred Stock [Member] | Level 1 [Member]
Assets [Abstract]
Equity securities, at cost	0	0
Preferred Stock [Member] | Level 2 [Member]
Assets [Abstract]
Equity securities, at cost	0	0
Preferred Stock [Member] | Level 3 [Member]
Assets [Abstract]
Equity securities, at cost	$ 8,683,343	$ 8,683,343
[1]Balance sheet audited at December 31, 2021.

Credit Arrangements (Details)

Credit Arrangements (Details)	1 Months Ended	3 Months Ended	6 Months Ended
	Oct. 31, 2021 USD ($) Vehicle	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Line of Credit Facility [Abstract]
Number of borrowing vehicles | Vehicle	2
UTG 2013-11-20 [Member]
Line of Credit Facility [Abstract]
Issue Date			Nov. 20, 2013
Maturity Date			Nov. 20, 2022
Revolving Credit Limit			$ 8,000,000
Outstanding Balance			0	$ 0
Borrowings			0
Repayments			$ 0
Interest Rate			3.75%
Frequency of payments			monthly
Assets Pledged			common voting stock of its wholly owned subsidiary, Universal Guaranty Life Insurance Company.
UTG 2013-11-20 [Member] | UG [Member]
Line of Credit Facility [Abstract]
Percentage of common voting stock pledged			100%
Cash Management Advance [Member]
Line of Credit Facility [Abstract]
Revolving Credit Limit	$ 25,000,000
Cash Management Advance [Member] | Subsequent Event [Member]
Line of Credit Facility [Abstract]
Borrowings		$ 2,000,000
Repayments		$ 4,000,000
Cash Management Advance [Member] | Variable Rate [Member] | Maximum [Member]
Line of Credit Facility [Abstract]
Period of interest under CMA			90 days
Cash Management Advance [Member] | Variable Rate [Member] | Subsequent Event [Member]
Line of Credit Facility [Abstract]
Interest Rate		2.35%
Cash Management Advance [Member] | Fixed Rate [Member] | Maximum [Member]
Line of Credit Facility [Abstract]
Period of interest under CMA			30 days
Cash Management Advance [Member] | UG [Member]
Line of Credit Facility [Abstract]
Issue Date			Oct. 21, 2021
Maturity Date			Oct. 07, 2022
Revolving Credit Limit			$ 25,000,000
Outstanding Balance			7,000,000	24,000,000
Borrowings			9,500,000
Repayments			26,500,000
Cash Management Advance [Member] | Asset Pledged as Collateral [Member]
Line of Credit Facility [Abstract]
Pledged bonds			$ 20,018,737
Repurchase ("REPO") Advance [Member]
Line of Credit Facility [Abstract]
Revolving Credit Limit	25,000,000
Repurchase ("REPO") Advance [Member] | Minimum [Member]
Line of Credit Facility [Abstract]
Required borrowings to provide financing	$ 15,000,000
Repurchase ("REPO") Advance [Member] | Fixed Rate [Member] | Minimum [Member]
Line of Credit Facility [Abstract]
Period of interest under CMA	1 day
Repurchase ("REPO") Advance [Member] | Fixed Rate [Member] | Maximum [Member]
Line of Credit Facility [Abstract]
Period of interest under CMA	1 year
Repurchase ("REPO") Advance [Member] | UG [Member]
Line of Credit Facility [Abstract]
Issue Date			Oct. 21, 2021
Maturity Date			Oct. 07, 2022
Revolving Credit Limit			$ 25,000,000
Outstanding Balance			0	$ 0
Borrowings			0
Repayments			$ 0

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)	1 Months Ended	6 Months Ended
	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021
Stock Repurchase Program [Abstract]
Stock repurchase program, additional amount authorized	$ 2,000,000
Stock repurchase program authorized amount		$ 22,000,000
Stock repurchased during period (in shares)		15,389
Amount paid to repurchase shares during the year		$ 413,331	$ 238,971
Amount of common stock repurchased		$ 19,036,961
Number of common stock acquired (in shares)		1,317,294
Number of shares issued (in shares)		17,963
Cost of shares issued		$ 486,797
Earnings Per Share Calculations [Abstract]
Dilutive instruments outstanding (in shares)		0	0

Commitments and Contingencies_2

Commitments and Contingencies (Details)	Jun. 30, 2022 USD ($)
RLF III, LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	$ 4,000,000
Unfunded Commitment	398,120
Sovereign's Capital, LP Fund I [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	500,000
Unfunded Commitment	13,000
Sovereign's Capital, LP Fund II [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	1,000,000
Unfunded Commitment	92,034
Sovereign's Capital, LP Fund III [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	3,000,000
Unfunded Commitment	641,440
Macritchie Storage II, LP [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	7,000,750
Unfunded Commitment	833,358
Garden City Companies, LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	2,000,000
Unfunded Commitment	1,496,507
Carrizo Springs Music, LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	5,000,000
Unfunded Commitment	189,711
Legacy Venture X, LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	3,000,000
Unfunded Commitment	1,740,000
Legacy Venture XI, LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	2,000,000
Unfunded Commitment	2,000,000
QCC Investment Co., LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	1,500,000
Unfunded Commitment	150,000
Great American Media Group, LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	4,000,000
Unfunded Commitment	3,200,000
Sovereign's Capital Evergreen Fund I, LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	3,000,000
Unfunded Commitment	300,454
PBEX, LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	2,000,000
Unfunded Commitment	1,199,343
Sovereign's Capital Lower Middle Market Fund II, LP [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	3,000,000
Unfunded Commitment	3,087,900
Elisha's Properties, LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	1,096,750
Unfunded Commitment	491,823
Granite Shoals Music, LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	6,500,000
Unfunded Commitment	$ 6,242,166

Other Cash Flow Disclosures (De

Other Cash Flow Disclosures (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Other Cash Flow Disclosures [Abstract]
Interest	$ 18,387	$ 0	$ 30,196	$ 0
Federal income tax	$ 0	$ 0	$ 1,000,000	$ 1,202,000

Concentrations of Credit Risk_2

Concentrations of Credit Risk (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2022 USD ($) Security State	Jun. 30, 2021	Dec. 31, 2021 USD ($) Security
Concentrations [Abstract]
Number of states by which entity primarily serves | State	4
Maximum retention limits per life	$ 125,000
Allocation of Oil and Gas Investments [Abstract]
Fixed maturities available for sale	118,136,543		$ 140,963,881	[1]
Equity securities, at fair value	133,462,075		122,229,121	[1]
Investment real estate	37,879,631		39,748,261	[1]
Notes receivable	17,712,550		17,722,976	[1]
Total investments	$ 358,843,776		$ 371,781,641	[1]
Equity Securities [Member]
Concentrations [Abstract]
Number of equity securities owned | Security	2		2
Oil and Gas Industry [Member]
Allocation of Oil and Gas Investments [Abstract]
Fixed maturities available for sale	$ 1,100,210		$ 1,249,040
Equity securities, at fair value	77,008,407		60,932,033
Investment real estate	15,558,983		16,351,500
Notes receivable	5,800,657		5,000,000
Total investments	99,468,257		83,532,573
Oil and Gas Industry [Member] | Land, Minerals & Royalty Interests [Member]
Allocation of Oil and Gas Investments [Abstract]
Fixed maturities available for sale	0		0
Equity securities, at fair value	77,008,407		60,932,033
Investment real estate	15,558,983		16,351,500
Notes receivable	5,800,657		5,000,000
Total investments	98,368,047		82,283,533
Oil and Gas Industry [Member] | Exploration [Member]
Allocation of Oil and Gas Investments [Abstract]
Fixed maturities available for sale	1,100,210		1,249,040
Equity securities, at fair value	0		0
Investment real estate	0		0
Notes receivable	0		0
Total investments	$ 1,100,210		$ 1,249,040
Reinsurer Concentration Risk [Member] | Life Insurance Ceded [Member]
Concentrations [Abstract]
Percentage of gross insurance in force	22%		20%
Percentage of premium income	39%	36%
Direct Premium Collected [Member] | Geographic Concentration Risk [Member] | Illinois, Ohio, Texas and West Virginia [Member]
Concentrations [Abstract]
Concentration risk, percentage	51%	52%
Invested Assets [Member] | Customer Concentration Risk [Member] | Oil and Gas Industry [Member]
Concentrations [Abstract]
Concentration risk, percentage	28%		22%
Invested Assets [Member] | Customer Concentration Risk [Member] | Oil and Gas Industry [Member] | Equity Securities [Member]
Concentrations [Abstract]
Concentration risk, percentage	53%		53%
[1]Balance sheet audited at December 31, 2021.