UTG (UTGN) 10-Q 12 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 30, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
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		3,187,284

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Investments, available for sale:
Fixed maturities, at fair value (amortized cost $117,312,884 and $117,279,820)	$ 111,140,163	$ 108,313,059	[1]
Equity securities, at fair value (cost $77,544,766 and $77,015,688)	141,927,670	150,053,686	[1]
Equity securities, at cost	15,683,343	15,683,343	[1]
Mortgage loans on real estate at amortized cost	29,341,107	30,698,694	[1]
Investment real estate	34,675,349	34,934,352	[1]
Notes receivable	15,665,605	14,424,127	[1]
Policy loans	6,495,606	6,567,434	[1]
Short-term investments	3,638,309	3,596,941
Total investments	358,567,152	364,271,636	[1]
Cash and cash equivalents	28,282,905	45,290,385	[1]
Accrued investment income	1,061,292	1,371,677	[1]
Reinsurance receivables:
Future policy benefits	24,305,264	24,318,030	[1]
Policy claims and other benefits	4,282,737	4,638,857	[1]
Cost of insurance acquired	2,532,839	2,698,153	[1]
Other assets	586,420	4,945,627	[1]
Total assets	419,618,609	447,534,365	[1]
Policy liabilities and accruals:
Future policyholder benefits	228,377,562	229,582,664	[1]
Policy claims and benefits payable	3,460,941	4,072,879	[1]
Other policyholder funds	320,658	318,096	[1]
Dividend and endowment accumulations	14,812,137	14,802,746	[1]
Income taxes payable	4,066,348	4,189,081	[1]
Deferred income taxes	10,250,018	11,582,138	[1]
Notes payable	0	19,000,000	[1]
Other liabilities	4,887,117	5,958,385	[1]
Total liabilities	266,174,781	289,505,989	[1]
Shareholders' equity:
Common stock - no par value, stated value $0.001 per share. Authorized 7,000,000 shares - 3,187,708 and 3,164,809 shares outstanding	3,189	3,166	[1]
Additional paid-in capital	33,268,111	32,693,972	[1]
Retained earnings	124,592,860	131,989,352	[1]
Accumulated other comprehensive income (loss)	(4,904,294)	(7,111,586)	[1]
Total UTG shareholders' equity	152,959,866	157,574,904	[1]
Noncontrolling interests	483,962	453,472	[1]
Total shareholders' equity	153,443,828	158,028,376	[1]
Total liabilities and shareholders' equity	$ 419,618,609	$ 447,534,365	[1]
[1]Balance sheet audited at December 31, 2022.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Investments, available for sale:
Fixed maturities, amortized cost	$ 117,312,884	$ 117,279,820
Equity securities, cost	$ 77,544,766	$ 77,015,688
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)	3,187,708	3,164,809

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue:
Premiums and policy fees	$ 2,057,181	$ 2,153,061
Ceded reinsurance premiums and policy fees	(517,811)	(646,149)
Net investment income	3,318,165	4,459,368
Other income	36,585	61,323
Revenue before net investment gains (losses)	4,894,120	6,027,603
Net investment gains (losses):
Other realized investment gains, net	716,300	4,780,149
Change in fair value of equity securities	(8,645,474)	8,154,629
Total net investment gains (losses)	(7,929,174)	12,934,778
Total revenue	(3,035,054)	18,962,381
Benefits, claims and settlement expenses:
Life	3,649,024	4,660,797
Ceded reinsurance benefits and claims	(613,361)	(987,431)
Annuity	251,632	263,042
Dividends to policyholders	86,998	87,159
Commissions and amortization of deferred policy acquisition costs	(27,856)	(25,669)
Amortization of cost of insurance acquired	165,314	172,087
Operating expenses	2,271,876	2,918,323
Interest expense	13,923	11,974
Total benefits and other expenses	5,797,550	7,100,282
Income (loss) before income taxes	(8,832,604)	11,862,099
Income tax expense (benefit)	(1,920,852)	2,643,062
Net income (loss)	(6,911,752)	9,219,037
Net income attributable to noncontrolling interests	(30,490)	(26,714)
Net income (loss) attributable to common shareholders	$ (6,942,242)	$ 9,192,323
Amounts attributable to common shareholders
Basic income (loss) per share (in dollars per share)	$ (2.18)	$ 2.9
Diluted income (loss) per share (in dollars per share)	$ (2.18)	$ 2.9
Basic weighted average shares outstanding (in shares)	3,189,100	3,171,087
Diluted weighted average shares outstanding (in shares)	3,189,100	3,171,087

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Condensed Consolidated Statements of Comprehensive Income (Loss) [Abstract]
Net income (loss)	$ (6,911,752)	$ 9,219,037
Other comprehensive income (loss):
Unrealized holding gains (losses) arising during period, pre-tax	2,810,499	(9,184,559)
Tax (expense) benefit on unrealized holding gains (losses) arising during the period	(586,749)	1,928,757
Unrealized holding gains (losses) arising during period, net of tax	2,223,750	(7,255,802)
Less reclassification adjustment for (gains) losses included in net income	(20,833)	(4,369)
Tax expense (benefit) for gains included in net income (loss)	4,375	918
Reclassification adjustment for (gains) losses included in net income, net of tax	(16,458)	(3,451)
Subtotal: Other comprehensive income (loss), net of tax	2,207,292	(7,259,253)
Comprehensive income (loss)	(4,704,460)	1,959,784
Less comprehensive income attributable to noncontrolling interests	(30,490)	(26,714)
Comprehensive income (loss) attributable to UTG, Inc.	$ (4,734,950)	$ 1,933,070

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 (Loss) [Member]	Noncontrolling Interest [Member]	Total		Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-In Capital [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Accumulated Other Comprehensive Income (Loss) [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Noncontrolling Interest [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]
Balance at January 1, 2022 at Dec. 31, 2021	$ 3,167	$ 32,780,587	$ 97,731,347	$ 10,253,151	$ 476,555	$ 141,244,807
Common stock issued during year	18	486,779	0	0	0	486,797
Treasury shares acquired	(9)	(267,424)	0	0	0	(267,433)
Net income (loss) attributable to common shareholders	0	0	9,192,323	0	0	9,192,323
Unrealized holding income on securities net of noncontrolling interest and reclassification adjustment and taxes	0	0	0	(7,259,253)	0	(7,259,253)
Contributions	0	0	0	0	0	0
Distributions	0	0	0	0	(3)	(3)
Gain attributable to noncontrolling interest	0	0	0	0	26,714	26,714
Balance at Mar. 31, 2022	3,176	32,999,942	106,923,670	2,993,898	503,266	143,423,952
Balance at January 1, 2022 at Dec. 31, 2022	3,166	32,693,972	131,989,352	(7,111,586)	453,472	158,028,376	[1]
Balance at January 1, 2022 (ASU 2016-13 [Member]) at Dec. 31, 2022	3,166	32,693,972	131,535,102	(7,111,586)	453,472	157,574,126		$ 0	$ 0	$ (454,250)	$ 0	$ 0	$ (454,250)
Common stock issued during year	27	674,363	0	0	0	674,390
Treasury shares acquired	(4)	(100,224)	0	0	0	(100,228)
Net income (loss) attributable to common shareholders	0	0	(6,942,242)	0	0	(6,942,242)
Unrealized holding income on securities net of noncontrolling interest and reclassification adjustment and taxes	0	0	0	2,207,292	0	2,207,292
Contributions	0	0	0	0	0	0
Distributions	0	0	0	0	0	0
Gain attributable to noncontrolling interest	0	0	0	0	30,490	30,490
Balance at Mar. 31, 2023	$ 3,189	$ 33,268,111	$ 124,592,860	$ (4,904,294)	$ 483,962	$ 153,443,828
[1]Balance sheet audited at December 31, 2022.

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ (6,911,752)	$ 9,219,037
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Amortization (accretion) of investments	(92,439)	(48,692)
Realized investment gains, net	(716,300)	(4,780,149)
Change in fair value of equity securities	8,645,474	(8,154,629)
Unrealized trading (gains) losses included in income	0	470
Realized investment gains (losses), net	0	2,516
Amortization of cost of insurance acquired	165,314	172,087
Depreciation and depletion	174,692	327,883
Stock-based compensation	674,390	486,797
Charges for mortality and administration of universal life and annuity products	(1,448,416)	(1,500,108)
Interest credited to account balances	921,074	948,325
Change in accrued investment income	310,385	286,260
Change in reinsurance receivables	368,886	(21,913)
Change in policy liabilities and accruals	(1,431,856)	(1,067,549)
Change in income taxes receivable (payable)	(122,733)	1,049,842
Change in other assets and liabilities, net	1,459,816	904,101
Net cash provided by (used in) operating activities	1,996,535	(2,175,722)
Proceeds from investments sold and matured:
Fixed maturities available for sale	20,833	6,021,700
Equity securities	958,779	2,517,691
Trading securities	0	9,501
Mortgage loans	984,587	281,974
Real estate	2,046,096	6,573,943
Notes receivable	66,622	3,844,443
Policy loans	280,253	275,914
Short-term investments	9,740,815	0
Total proceeds from investments sold and matured	14,097,985	19,525,166
Cost of investments acquired:
Fixed maturities available for sale	0	(50,000)
Equity securities	(1,393,053)	(3,913,832)
Trading securities	0	(8,311)
Mortgage loans	0	(1,546,165)
Real estate	(1,375,010)	(1,680,959)
Notes receivable	(1,478,100)	(2,060,657)
Policy loans	(208,423)	(207,030)
Short-term investments	(9,701,297)	0
Total cost of investments acquired	(14,155,883)	(9,466,954)
Net cash provided by (used in) investing activities	(57,898)	10,058,212
Cash flows from financing activities:
Policyholder contract deposits	1,110,855	1,278,889
Policyholder contract withdrawals	(956,744)	(1,416,469)
Payments of principal on notes payable/line of credit	(19,000,000)	(14,000,000)
Purchase of treasury stock	(100,228)	(267,433)
Non controlling contributions (distributions) of consolidated subsidiary	0	(3)
Net cash used in financing activities	(18,946,117)	(14,405,016)
Net increase (decrease) in cash and cash equivalents	(17,007,480)	(6,522,526)
Cash and cash equivalents at beginning of period	45,290,385	30,787,278
Cash and cash equivalents at end of period	$ 28,282,905	$ 24,264,752

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2023
Basis of Presentation [Abstract]
Basis of Presentation	Note 1 – Basis of Presentation The accompanying Condensed Consolidated Balance Sheet as of March 31, 2023, 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, 2022 . December 31, 2023 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 March 31, 2023, Mr. Correll owns or controls directly and indirectly approximately 65.32% 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. Certain amounts in prior periods have been reclassified to conform with the current period presentation.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
	Mar. 31, 2023
Recently Issued Accounting Standards [Abstract]
Recently Issued Accounting Standards	Note 2 – Recently Issued Accounting Standards During the three months ended March 31, 2023, there were no additions to or changes in the critical accounting policies disclosed in the 2022 Form 10-K., except for the following: On January 1, 2023, the Company adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASC 326). The Company adopted ASC 326 and all related subsequent amendments thereto effective January 1, 2023 using the modified retrospective approach for all financial assets measured at amortized cost and off-balance sheet credit exposure. The transition adjustment of the adoption of CECL included an increase in the allowance for credit losses on loans of $545,000, which is presented as a reduction to net loans outstanding, and an increase in the allowance for credit losses on unfunded commitments of $30,000, which is recorded within other liabilities. The Company recorded a net decrease to retained earnings of $454,250 as of January 1, 2023 for the cumulative effect of adopting CECL, which reflects the transition adjustments noted above, net of the applicable deferred tax assets recorded. Results for reporting periods beginning after January 1, 2023 are presented under CECL while prior period amounts continue to be reported in accordance with previously applicable accounting standards ("Incurred Loss").

Investments

Investments	3 Months Ended
	Mar. 31, 2023
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: March 31, 2023 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 $ 18,316,435 $ 9,960 $ (878,737 ) $ 17,447,658 U.S. special revenue and assessments 7,533,538 0 (252,944 ) 7,280,594 All other corporate bonds 91,462,911 122,423 (5,173,423 ) 86,411,911 $ 117,312,884 $ 132,383 $ (6,305,104 ) $ 111,140,163 December 31, 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 $ 18,315,321 $ 0 $ (1,104,146 ) $ 17,211,175 U.S. special revenue and assessments 7,535,018 0 (335,918 ) 7,199,100 All other corporate bonds 91,429,481 65,529 (7,592,226 ) 83,902,784 $ 117,279,820 $ 65,529 $ (9,032,290 ) $ 108,313,059 The amortized cost and estimated market value of debt securities at March 31, 2023, 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 March 31, 2023 Amortized Cost Fair Value Due in one year or less $ 12,500,225 $ 12,361,315 Due after one year through five years 42,509,179 41,076,248 Due after five years through ten years 13,246,696 12,922,869 Due after ten years 21,973,971 20,274,940 Fixed maturities with no single maturity date 27,082,813 24,504,791 Total $ 117,312,884 $ 111,140,163 The fair value of investments with sustained gross unrealized losses are as follows: March 31, 2023 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 $ 2,931,390 (69,182 ) 13,004,388 (809,555 ) 15,935,778 $ (878,737 ) U.S. Special Revenue and Assessments 7,280,594 (252,944 ) 0 0 7,280,594 (252,944 ) All other corporate bonds 54,985,073 (3,345,310 ) 25,321,763 (1,828,113 ) 80,306,836 (5,173,423 ) Total fixed maturities $ 65,197,057 (3,667,436 ) 38,326,151 (2,637,668 ) 103,523,208 $ (6,305,104 ) December 31, 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 $ 17,211,175 (1,104,146 ) 0 0 17,211,175 $ (1,104,146 ) U.S. special revenue and assessments 7,199,100 (335,918 ) 0 0 7,199,100 (335,918 ) All other corporate bonds 80,144,564 (7,592,226 ) 0 0 80,144,564 (7,592,226 ) Total fixed maturities $ 104,554,839 (9,032,290 ) 0 0 104,554,839 $ (9,032,290 ) Additional information regarding investments in an unrealized loss position is as follows: Less than 12 months 12 months or longer Total As of March 31, 2023 Fixed maturities 34 19 53 As of December 31, 2022 Fixed maturities 57 0 57 Substantially all of the unrealized losses on fixed maturities at March 31, 2023 and December 31, 2022 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 March 31, 2023 and December 31, 2022. Net Investment Gains (Losses) The following table presents net investment gains (losses) and the change in net unrealized gains on available-for-sale investments. Three Months Ended March 31, 2023 2022 Realized gains: Sales of fixed maturities $ 20,833 $ 4,369 Sales of equity securities 85,184 385,358 Sales of real estate 586,774 4,458,442 Sales of short-term investments 23,509 0 Total realized gains 716,300 4,848,169 Realized losses: Sales of equity securities 0 (68,020 ) Total realized losses 0 (68,020 ) Net realized investment gains (losses) 716,300 4,780,149 Change in fair value of equity securities: Change in fair value of equity securities held at the end of the period (8,645,474 ) 8,154,629 Change in fair value of equity securities (8,645,474 ) 8,154,629 Net investment gains (losses) $ (7,929,174 ) $ 12,934,778 Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income: Fixed maturities $ 2,810,499 $ (9,184,559 ) Net increase (decrease) $ 2,810,499 $ (9,184,559 ) 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 three months ended March 31, 2023 and 2022. Cost Method Investments The Company held equity investments with an aggregate cost of $15,683,343 at March 31, 2023 and December 31, 2022. 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 March 31, 2023. 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 Consolidated Statements of Operations. Trading Securities included exchange-traded equities and exchange-traded options. Trading securities carried as liabilities were 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 March 31, 2023 was $0. The fair value of derivatives included in trading security assets and trading security liabilities as of December 31, 2022 was $00. 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 March 31, 2023 2022 Net unrealized gains (losses) $ 0 $ (470 ) Net realized gains (losses) 0 (2,516 ) Net unrealized and realized gains (losses) $ 0 $ (2,986 ) 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 three months ended March 31, 2023 and 2022, the Company acquired $0 and $1,546,165 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 2023 and 2022, the maximum and minimum lending rates for mortgage loans were: 2023 2022 Maximum rate Minimum rate Maximum rate Minimum rate Farm Loans 5.00 % 4.50 % 5.00 % 4.50 % Commercial Loans 7.00 % 4.00 % 7.00 % 4.00 % 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. The following is a summary of the mortgage loans outstanding and the related allowance for credit losses: March 31, 2023 December 31, 2022 Farm $ 378,652 $ 383,278 Commercial 29,126,723 30,102,775 Residential 210,732 212,641 Total mortgage loans 29,716,107 30,698,694 Less allowance for credit losses (375,000 ) 0 Total mortgage loans, net $ 29,341,107 $ 30,698,694 There were no past due loans as of March 31, 2023 and December 31, 2022. 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. 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 three months ended March 31, 2023 and 2022 the Company acquired $1,478,100 and $2,060,657 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 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. The following is a summary of the notes receivable outstanding and the related allowance for credit losses: March 31, 2023 December 31, 2022 Notes receivable $ 15,835,605 $ 14,424,127 Less allowance for credit losses (170,000 ) 0 Total notes receivable, net $ 15,665,605 $ 14,424,127 Allowance for Credit Losses - Loans The allowance for credit losses is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when Management believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. The allowance for credit losses represents Management's estimate of lifetime credit losses inherent in loans as of the balance sheet date. The allowance for credit losses is estimated by Management using relevant available information, from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The Company measured expected credit losses for loans on a pooled basis when similar risk characteristics exist. The Company has identified the following portfolio segments - mortgage loans on real estate and notes receivable. The allowance for credit losses calculation includes subjective adjustments for qualitative risk factors that are likely to cause estimated credit losses to differ from historical experience. These qualitative adjustments may increase or reduce reserve levels and include adjustments for risk tolerance, loan review and audit results, asset quality and portfolio trends, industry concentrations, external factors and economic conditions. Loans that do not share risk characteristics are evaluated on an individual bases, When Management determines that foreclosure is probable and the borrower is experiencing financial difficulty, the expected credit losses are based on the fair value of collateral at the reporting date unadjusted for selling costs as appropriate. Allowance for Credit Losses - Unfunded Commitments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The Company's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for off-balance sheet loan commitments is represented by the contractual amount of those instruments. Such financial instruments are recorded when they are funded. The Company records an allowance for credit losses on off-balance sheet credit exposures, unless the commitments to extend credit are unconditionally cancelable, through a charge to provision for unfunded commitments in the Company's income statements. The allowance for credit losses on off-balance sheet credit exposures is estimated by loan segment at each balance sheet date under the current expected credit loss model using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur as well a any third-party guarantees. The allowance for unfunded commitments is included in other liabilities on the Company's consolidated balance sheets. 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 three months ended March 31, 2023, 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: March 31, 2023 December 31, 2022 Raw land $ 10,629,833 $ 11,634,472 Commercial 5,919,337 5,124,847 Residential 3,777,470 3,402,502 Land, minerals and royalty interests 14,348,709 14,772,531 Total investment real estate $ 34,675,349 $ 34,934,352 The Company’s investment real estate portfolio includes ownership in oil and gas royalties. As of March 31, 2023 and December 31, 2022, investments in oil and gas royalties represented 41% and 42%, 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 three months ended March 31, 2023 and 2022, the Company acquired $1,375,010 and $1,680,959 of investment real estate, respectively. Short-Term Investments Short-term investments have remaining maturities exceeding three months and under 12 months at the time of purchase and are stated at amortized cost, which approximates fair value. The short-term investments consist of United States Treasury securities. During 2023 and 2022, the Company acquired $9,701,297 and $0, respectively, in short-term investments.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
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: March 31, 2023 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 $ 17,447,658 $ 0 $ 0 $ 0 $ 17,447,658 U.S. special revenue and assessments 0 7,280,594 0 0 7,280,594 Corporate securities 0 86,411,911 0 0 86,411,911 Total fixed maturities 17,447,658 93,692,505 0 0 111,140,163 Equity securities: Common stocks 44,683,111 5,790,825 6,797,520 83,409,214 140,680,670 Preferred stocks 0 0 1,247,000 0 1,247,000 Total equity securities 44,683,111 5,790,825 8,044,520 83,409,214 141,927,670 Total financial assets $ 62,130,769 $ 99,483,330 $ 8,044,520 $ 83,409,214 $ 253,067,833 December 31, 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 $ 17,211,175 $ 0 $ 0 $ 0 $ 17,211,175 U.S. special revenue and assessments 0 7,199,100 0 0 7,199,100 Corporate securities 0 83,902,784 0 0 83,902,784 Total fixed maturities 17,211,175 91,101,884 0 0 108,313,059 Equity securities: Common stocks 45,999,477 6,651,800 6,720,643 89,434,766 148,806,686 Preferred stocks 0 0 1,247,000 0 1,247,000 Total equity securities 45,999,477 6,651,800 7,967,643 89,434,766 150,053,686 Total financial assets $ 63,210,652 $ 97,753,684 $ 7,967,643 $ 89,434,766 $ 258,366,745 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 Recurring Fair Value Measurements The following table presents the changes in Level 3 equity securities measured at fair value on a recurring basis and equity securities measured at net asset value, and the realized unrealized gains (losses) Equity Securities at Fair Value Equity Securities at Net Asset Value Total Balance at December 31, 2022 $ 7,967,643 $ 89,434,766 $ 97,402,409 Realized gains (losses) 0 0 0 Unrealized gains (losses) 160,002 (6,569,526 ) (6,409,524 ) Purchases 0 632,745 632,745 Sales (83,125 ) (88,771 ) (171,896 ) Balance at March 31, 2023 $ 8,044,520 $ 83,409,214 $ 91,453,734 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 March 31, 2023 and December 31, 2022 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 March 31, 2023 Fair Value at December 31, 2022 Valuation Technique Equities $ 83,409,214 $ 89,434,766 Net Asset Value Equities 8,044,520 7,967,643 Pricing Model Total $ 91,453,734 $ 97,402,409 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 March 31, 2023 Unfunded Commitments Redemption Frequency Redemption Notice Period Common Stocks Growth Equity Redeemable $ 36,743,972 $ 0 Quarterly 45 days Non-Redeemable 46,665,242 7,154,915 n/a n/a Total $ 83,409,214 $ 7,154,915 Investment Company Fair Value at December 31, 2022 Unfunded Commitments Redemption Frequency Redemption Notice Period Common Stocks Growth Equity Redeemable $ 43,724,562 $ 0 Quarterly 45 days Non-Redeemable 45,710,204 7,779,867 n/a n/a Total $ 89,434,766 $ 7,779,867 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 March 31, 2023 or December 31, 2022. 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 March 31, 2023 Amount Fair Value Level 1 Level 2 Level 3 Assets Preferred stock, at cost $ 15,683,343 15,683,343 0 0 15,683,343 Mortgage loans on real estate 29,341,107 28,144,052 0 0 28,144,052 Investment real estate 34,675,349 83,589,276 0 0 83,589,276 Notes receivable 15,665,605 16,047,705 0 0 16,047,705 Policy loans 6,495,606 6,495,606 0 0 6,495,606 Liabilities Notes payable 0 0 0 0 0 Carrying Estimated December 31, 2022 Amount Fair Value Level 1 Level 2 Level 3 Assets Preferred stock, at cost $ 15,683,343 15,683,343 0 0 15,683,343 Mortgage loans on real estate 30,698,694 29,735,873 0 0 46,906,538 Investment real estate 34,934,352 92,425,241 0 0 92,425,241 Notes receivable 14,424,127 14,812,523 0 0 14,812,523 Policy loans 6,567,434 6,567,434 0 0 6,567,434 Liabilities Notes payable 19,000,000 19,000,000 0 19,000,000 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. 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	3 Months Ended
	Mar. 31, 2023
Credit Arrangements [Abstract]
Credit Arrangements	Note 5 – Credit Arrangements Instrument Issue Date Maturity Date Revolving Credit Limit December 31, 2022 Borrowings Repayments March 31, 2023 Lines of Credit: UTG 11/20/2013 11/20/2023 $ 8,000,000 0 0 0 $ 0 UG - CMA 10/21/2021 10/6/2023 25,000,000 19,000,000 0 19,000,000 0 The UTG line of credit carries interest at a fixed rate of 6.500% and is payable monthly. As collateral, UTG has pledged 100% of the During October of 2022, the Federal Home Loan Bank approved UG’s Cash Management Advance Application (“CMA”). The CMA gives the Company the option of selecting a variable rate of interest for up to 90 days or a fixed rate for a maximum of 30 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 $19,995,060. During the fourth quarter of 2022, the Company borrowed $19 million and planned to utilize the funds for investing activities. During the first quarter of 2023, the Company repaid the entire outstanding principal balance.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2023
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 2023, the Company issued 26,911 shares of stock to management and employees as compensation at a cost of $674,390. 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 three months ended March 31, 2023 and 2022, 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	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 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 76,732 Sovereign's Capital, LP Fund III 3,000,000 505,453 Garden City Companies, LLC 2,000,000 1,070,546 Carrizo Springs Music, LLC 5,000,000 189,711 Legacy Venture X, LLC 3,000,000 1,620,000 QCC Investment Co., LLC 1,500,000 150,000 Sovereign's Capital Evergreen Fund I, LLC 3,000,000 4,062 PBEX, LLC 2,000,000 49,343 Sovereign's Capital Lower Middle Market Fund II, LP 3,000,000 1,695,779 Elisha's Properties, LLC 1,096,750 491,823 Granite Shoals Music, LLC 6,500,000 5,633,332 Legacy Venture XI, LLC 2,000,000 1,920,000 SFR X Holdings, LLC 1,550,000 1,550,000 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 2020, the Company committed to invest in Garden City Companies, LLC (“Garden City”), which invests primarily in companies in the health care, 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 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. During 2022, the Company committed to invest in Legacy Venture XI, LLC (“Legacy Venture XI”), which is a fund of funds. Legacy Venture XI makes capital calls to its investors as funds are needed. During 2022, the Company issued a letter of credit to SFR X Holdings, LLC ("SFR"). SFR will make draw requests on the loan as funds are needed to meet the operational needs of the LLC.

Other Cash Flow Disclosures

Other Cash Flow Disclosures	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 2022 Interest $ 41,916 $ 11,809 Federal income tax 0 0

Concentrations of Credit Risk

Concentrations of Credit Risk	3 Months Ended
	Mar. 31, 2023
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, and Texas. 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 26% and 31% of the Company’s total invested assets as of March 31, 2023 and December 31, 2022, respectively. The following table provides an allocation of the oil and gas investments by type. March 31, 2023 Land, Minerals & Royalty Interests Exploration Total Fixed maturities, at fair value $ 0 $ 1,077,350 $ 1,077,350 Equity securities, at fair value 83,769,653 0 83,769,653 Investment real estate 14,348,714 0 14,348,714 Notes receivable 1,950,859 0 1,950,859 Total $ 100,069,226 $ 1,077,350 $ 101,146,576 December 31, 2022 Land, Minerals & Royalty Interests Exploration Total Fixed maturities, at fair value $ 0 $ 1,060,710 $ 1,060,710 Equity securities, at fair value 93,811,806 0 93,811,806 Investment real estate 14,772,536 0 14,772,536 Notes receivable 1,950,657 0 1,950,657 Total $ 110,534,999 $ 1,060,710 $ 111,595,709 At March 31, 2023 and December 31, 2022, the Company owned two equity securities that represented approximately 45% and 50%, respectively, 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)	3 Months Ended
	Mar. 31, 2023
Basis of Presentation [Abstract]
Basis of Presentation	The accompanying Condensed Consolidated Balance Sheet as of March 31, 2023, 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, 2022 . December 31, 2023 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 March 31, 2023, Mr. Correll owns or controls directly and indirectly approximately 65.32% of UTG’s outstanding stock.

Recently Issued Accounting St_2

Recently Issued Accounting Standards (Policies)	3 Months Ended
	Mar. 31, 2023
Recently Issued Accounting Standards [Abstract]
Recently Issued Accounting Standards	During the three months ended March 31, 2023, there were no additions to or changes in the critical accounting policies disclosed in the 2022 Form 10-K., except for the following: On January 1, 2023, the Company adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASC 326). The Company adopted ASC 326 and all related subsequent amendments thereto effective January 1, 2023 using the modified retrospective approach for all financial assets measured at amortized cost and off-balance sheet credit exposure. The transition adjustment of the adoption of CECL included an increase in the allowance for credit losses on loans of $545,000, which is presented as a reduction to net loans outstanding, and an increase in the allowance for credit losses on unfunded commitments of $30,000, which is recorded within other liabilities. The Company recorded a net decrease to retained earnings of $454,250 as of January 1, 2023 for the cumulative effect of adopting CECL, which reflects the transition adjustments noted above, net of the applicable deferred tax assets recorded. Results for reporting periods beginning after January 1, 2023 are presented under CECL while prior period amounts continue to be reported in accordance with previously applicable accounting standards ("Incurred Loss").

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2023
Investments [Abstract]
Available for Sale Securities	Investments in available for sale securities are summarized as follows: March 31, 2023 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 $ 18,316,435 $ 9,960 $ (878,737 ) $ 17,447,658 U.S. special revenue and assessments 7,533,538 0 (252,944 ) 7,280,594 All other corporate bonds 91,462,911 122,423 (5,173,423 ) 86,411,911 $ 117,312,884 $ 132,383 $ (6,305,104 ) $ 111,140,163 December 31, 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 $ 18,315,321 $ 0 $ (1,104,146 ) $ 17,211,175 U.S. special revenue and assessments 7,535,018 0 (335,918 ) 7,199,100 All other corporate bonds 91,429,481 65,529 (7,592,226 ) 83,902,784 $ 117,279,820 $ 65,529 $ (9,032,290 ) $ 108,313,059
Debt Securities by Contractual Maturity	The amortized cost and estimated market value of debt securities at March 31, 2023, 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 March 31, 2023 Amortized Cost Fair Value Due in one year or less $ 12,500,225 $ 12,361,315 Due after one year through five years 42,509,179 41,076,248 Due after five years through ten years 13,246,696 12,922,869 Due after ten years 21,973,971 20,274,940 Fixed maturities with no single maturity date 27,082,813 24,504,791 Total $ 117,312,884 $ 111,140,163
Fair Value of Investments with Sustained Gross Unrealized Losses	The fair value of investments with sustained gross unrealized losses are as follows: March 31, 2023 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 $ 2,931,390 (69,182 ) 13,004,388 (809,555 ) 15,935,778 $ (878,737 ) U.S. Special Revenue and Assessments 7,280,594 (252,944 ) 0 0 7,280,594 (252,944 ) All other corporate bonds 54,985,073 (3,345,310 ) 25,321,763 (1,828,113 ) 80,306,836 (5,173,423 ) Total fixed maturities $ 65,197,057 (3,667,436 ) 38,326,151 (2,637,668 ) 103,523,208 $ (6,305,104 ) December 31, 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 $ 17,211,175 (1,104,146 ) 0 0 17,211,175 $ (1,104,146 ) U.S. special revenue and assessments 7,199,100 (335,918 ) 0 0 7,199,100 (335,918 ) All other corporate bonds 80,144,564 (7,592,226 ) 0 0 80,144,564 (7,592,226 ) Total fixed maturities $ 104,554,839 (9,032,290 ) 0 0 104,554,839 $ (9,032,290 )
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 March 31, 2023 Fixed maturities 34 19 53 As of December 31, 2022 Fixed maturities 57 0 57
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 on available-for-sale investments. Three Months Ended March 31, 2023 2022 Realized gains: Sales of fixed maturities $ 20,833 $ 4,369 Sales of equity securities 85,184 385,358 Sales of real estate 586,774 4,458,442 Sales of short-term investments 23,509 0 Total realized gains 716,300 4,848,169 Realized losses: Sales of equity securities 0 (68,020 ) Total realized losses 0 (68,020 ) Net realized investment gains (losses) 716,300 4,780,149 Change in fair value of equity securities: Change in fair value of equity securities held at the end of the period (8,645,474 ) 8,154,629 Change in fair value of equity securities (8,645,474 ) 8,154,629 Net investment gains (losses) $ (7,929,174 ) $ 12,934,778 Change in net unrealized gains (losses) on available-for-sale investments included in other comprehensive income: Fixed maturities $ 2,810,499 $ (9,184,559 ) Net increase (decrease) $ 2,810,499 $ (9,184,559 )
Trading Revenue Charged to Investment Income from Trading Securities	Trading revenue charged to net investment income from trading securities was: Three Months Ended March 31, 2023 2022 Net unrealized gains (losses) $ 0 $ (470 ) Net realized gains (losses) 0 (2,516 ) Net unrealized and realized gains (losses) $ 0 $ (2,986 )
Maximum and Minimum Lending Rates for Mortgage Loan	During 2023 and 2022, the maximum and minimum lending rates for mortgage loans were: 2023 2022 Maximum rate Minimum rate Maximum rate Minimum rate Farm Loans 5.00 % 4.50 % 5.00 % 4.50 % Commercial Loans 7.00 % 4.00 % 7.00 % 4.00 % Residential Loans 5.00 % 4.15 % 5.00 % 4.15 %
Summary of Mortgage Loans Outstanding and Related Allowance for Credit Losses	The following is a summary of the mortgage loans outstanding and the related allowance for credit losses: March 31, 2023 December 31, 2022 Farm $ 378,652 $ 383,278 Commercial 29,126,723 30,102,775 Residential 210,732 212,641 Total mortgage loans 29,716,107 30,698,694 Less allowance for credit losses (375,000 ) 0 Total mortgage loans, net $ 29,341,107 $ 30,698,694
Notes Receivables	The following is a summary of the notes receivable outstanding and the related allowance for credit losses: March 31, 2023 December 31, 2022 Notes receivable $ 15,835,605 $ 14,424,127 Less allowance for credit losses (170,000 ) 0 Total notes receivable, net $ 15,665,605 $ 14,424,127
Investment Real Estate by Type	The following table provides an allocation of the Company’s investment real estate by type: March 31, 2023 December 31, 2022 Raw land $ 10,629,833 $ 11,634,472 Commercial 5,919,337 5,124,847 Residential 3,777,470 3,402,502 Land, minerals and royalty interests 14,348,709 14,772,531 Total investment real estate $ 34,675,349 $ 34,934,352

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
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: March 31, 2023 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 $ 17,447,658 $ 0 $ 0 $ 0 $ 17,447,658 U.S. special revenue and assessments 0 7,280,594 0 0 7,280,594 Corporate securities 0 86,411,911 0 0 86,411,911 Total fixed maturities 17,447,658 93,692,505 0 0 111,140,163 Equity securities: Common stocks 44,683,111 5,790,825 6,797,520 83,409,214 140,680,670 Preferred stocks 0 0 1,247,000 0 1,247,000 Total equity securities 44,683,111 5,790,825 8,044,520 83,409,214 141,927,670 Total financial assets $ 62,130,769 $ 99,483,330 $ 8,044,520 $ 83,409,214 $ 253,067,833 December 31, 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 $ 17,211,175 $ 0 $ 0 $ 0 $ 17,211,175 U.S. special revenue and assessments 0 7,199,100 0 0 7,199,100 Corporate securities 0 83,902,784 0 0 83,902,784 Total fixed maturities 17,211,175 91,101,884 0 0 108,313,059 Equity securities: Common stocks 45,999,477 6,651,800 6,720,643 89,434,766 148,806,686 Preferred stocks 0 0 1,247,000 0 1,247,000 Total equity securities 45,999,477 6,651,800 7,967,643 89,434,766 150,053,686 Total financial assets $ 63,210,652 $ 97,753,684 $ 7,967,643 $ 89,434,766 $ 258,366,745
Reconciliation for Level 3 Assets Measured at Fair Value on a Recurring Basis	Change in Recurring Fair Value Measurements The following table presents the changes in Level 3 equity securities measured at fair value on a recurring basis and equity securities measured at net asset value, and the realized unrealized gains (losses) Equity Securities at Fair Value Equity Securities at Net Asset Value Total Balance at December 31, 2022 $ 7,967,643 $ 89,434,766 $ 97,402,409 Realized gains (losses) 0 0 0 Unrealized gains (losses) 160,002 (6,569,526 ) (6,409,524 ) Purchases 0 632,745 632,745 Sales (83,125 ) (88,771 ) (171,896 ) Balance at March 31, 2023 $ 8,044,520 $ 83,409,214 $ 91,453,734
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 March 31, 2023 Fair Value at December 31, 2022 Valuation Technique Equities $ 83,409,214 $ 89,434,766 Net Asset Value Equities 8,044,520 7,967,643 Pricing Model Total $ 91,453,734 $ 97,402,409
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 March 31, 2023 Unfunded Commitments Redemption Frequency Redemption Notice Period Common Stocks Growth Equity Redeemable $ 36,743,972 $ 0 Quarterly 45 days Non-Redeemable 46,665,242 7,154,915 n/a n/a Total $ 83,409,214 $ 7,154,915 Investment Company Fair Value at December 31, 2022 Unfunded Commitments Redemption Frequency Redemption Notice Period Common Stocks Growth Equity Redeemable $ 43,724,562 $ 0 Quarterly 45 days Non-Redeemable 45,710,204 7,779,867 n/a n/a Total $ 89,434,766 $ 7,779,867
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 March 31, 2023 Amount Fair Value Level 1 Level 2 Level 3 Assets Preferred stock, at cost $ 15,683,343 15,683,343 0 0 15,683,343 Mortgage loans on real estate 29,341,107 28,144,052 0 0 28,144,052 Investment real estate 34,675,349 83,589,276 0 0 83,589,276 Notes receivable 15,665,605 16,047,705 0 0 16,047,705 Policy loans 6,495,606 6,495,606 0 0 6,495,606 Liabilities Notes payable 0 0 0 0 0 Carrying Estimated December 31, 2022 Amount Fair Value Level 1 Level 2 Level 3 Assets Preferred stock, at cost $ 15,683,343 15,683,343 0 0 15,683,343 Mortgage loans on real estate 30,698,694 29,735,873 0 0 46,906,538 Investment real estate 34,934,352 92,425,241 0 0 92,425,241 Notes receivable 14,424,127 14,812,523 0 0 14,812,523 Policy loans 6,567,434 6,567,434 0 0 6,567,434 Liabilities Notes payable 19,000,000 19,000,000 0 19,000,000 0

Credit Arrangements (Tables)

Credit Arrangements (Tables)	3 Months Ended
	Mar. 31, 2023
Credit Arrangements [Abstract]
Credit Arrangements	Instrument Issue Date Maturity Date Revolving Credit Limit December 31, 2022 Borrowings Repayments March 31, 2023 Lines of Credit: UTG 11/20/2013 11/20/2023 $ 8,000,000 0 0 0 $ 0 UG - CMA 10/21/2021 10/6/2023 25,000,000 19,000,000 0 19,000,000 0

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies [Abstract]
Total Funding Commitments and Unfunded Commitment	The following table represents the total funding commitments and the unfunded commitment as of March 31, 2023 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 76,732 Sovereign's Capital, LP Fund III 3,000,000 505,453 Garden City Companies, LLC 2,000,000 1,070,546 Carrizo Springs Music, LLC 5,000,000 189,711 Legacy Venture X, LLC 3,000,000 1,620,000 QCC Investment Co., LLC 1,500,000 150,000 Sovereign's Capital Evergreen Fund I, LLC 3,000,000 4,062 PBEX, LLC 2,000,000 49,343 Sovereign's Capital Lower Middle Market Fund II, LP 3,000,000 1,695,779 Elisha's Properties, LLC 1,096,750 491,823 Granite Shoals Music, LLC 6,500,000 5,633,332 Legacy Venture XI, LLC 2,000,000 1,920,000 SFR X Holdings, LLC 1,550,000 1,550,000

Other Cash Flow Disclosures (Ta

Other Cash Flow Disclosures (Tables)	3 Months Ended
	Mar. 31, 2023
Other Cash Flow Disclosures [Abstract]
Expenses Paid on a Cash Basis	On a cash basis, the Company paid the following expenses: Three Months Ended March 31, 2023 2022 Interest $ 41,916 $ 11,809 Federal income tax 0 0

Concentrations of Credit Risk (

Concentrations of Credit Risk (Tables)	3 Months Ended
	Mar. 31, 2023
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 26% and 31% of the Company’s total invested assets as of March 31, 2023 and December 31, 2022, respectively. The following table provides an allocation of the oil and gas investments by type. March 31, 2023 Land, Minerals & Royalty Interests Exploration Total Fixed maturities, at fair value $ 0 $ 1,077,350 $ 1,077,350 Equity securities, at fair value 83,769,653 0 83,769,653 Investment real estate 14,348,714 0 14,348,714 Notes receivable 1,950,859 0 1,950,859 Total $ 100,069,226 $ 1,077,350 $ 101,146,576 December 31, 2022 Land, Minerals & Royalty Interests Exploration Total Fixed maturities, at fair value $ 0 $ 1,060,710 $ 1,060,710 Equity securities, at fair value 93,811,806 0 93,811,806 Investment real estate 14,772,536 0 14,772,536 Notes receivable 1,950,657 0 1,950,657 Total $ 110,534,999 $ 1,060,710 $ 111,595,709

Basis of Presentation (Details)

Basis of Presentation (Details)	Mar. 31, 2023
Chief Executive Officer and Chairman of the Board [Member]
Ownership Interest [Abstract]
Ownership interest percentage	65.32%
FSBI [Member] | FSNB [Member]
Ownership Interest [Abstract]
Ownership in subsidiary bank	100%

Recently Issued Accounting St_3

Recently Issued Accounting Standards (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Recently Issued Accounting Standards [Abstract]
Allowance for credit loss	$ 170,000	$ 0
Retained earnings	$ (124,592,860)	(131,989,352)	[1]
ASU 2016-13 [Member]
Recently Issued Accounting Standards [Abstract]
Allowance for credit loss		545,000
ASU 2016-13 [Member] | Unfunded Loan Commitments [Member]
Recently Issued Accounting Standards [Abstract]
Allowance for credit loss		30,000
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member]
Recently Issued Accounting Standards [Abstract]
Retained earnings		$ (454,250)
[1]Balance sheet audited at December 31, 2022.

Investments, Available for Sale

Investments, Available for Sale Securities (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Fixed maturities [Abstract]
Original or amortized cost	$ 117,312,884	$ 117,279,820
Gross unrealized gains	132,383	65,529
Gross unrealized losses	(6,305,104)	(9,032,290)
Fair value	111,140,163	108,313,059	[1]
U.S. Government and Govt. Agencies and Authorities [Member]
Fixed maturities [Abstract]
Original or amortized cost	18,316,435	18,315,321
Gross unrealized gains	9,960	0
Gross unrealized losses	(878,737)	(1,104,146)
Fair value	17,447,658	17,211,175
U.S. Special Revenue and Assessments [Member]
Fixed maturities [Abstract]
Original or amortized cost	7,533,538	7,535,018
Gross unrealized gains	0	0
Gross unrealized losses	(252,944)	(335,918)
Fair value	7,280,594	7,199,100
All Other Corporate Bonds [Member]
Fixed maturities [Abstract]
Original or amortized cost	91,462,911	91,429,481
Gross unrealized gains	122,423	65,529
Gross unrealized losses	(5,173,423)	(7,592,226)
Fair value	$ 86,411,911	$ 83,902,784
[1]Balance sheet audited at December 31, 2022.

Investments, Debt Securities by

Investments, Debt Securities by Contractual Maturity (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Amortized cost [Abstract]
Due in one year or less	$ 12,500,225
Due after one year through five years	42,509,179
Due after five years through ten years	13,246,696
Due after ten years	21,973,971
Fixed maturities with no single maturity date	27,082,813
Original or amortized cost	117,312,884	$ 117,279,820
Fair value [Abstract]
Due in one year or less	12,361,315
Due after one year through five years	41,076,248
Due after five years through ten years	12,922,869
Due after ten years	20,274,940
Fixed maturities with no single maturity date	24,504,791
Fair value	$ 111,140,163	$ 108,313,059	[1]
[1]Balance sheet audited at December 31, 2022.

Investments, Securities in Cont

Investments, Securities in Continuous Unrealized Loss Position (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Fixed Maturities, Fair Value [Abstract]
Less than 12 months	$ 65,197,057	$ 104,554,839
12 months or longer, fair value	38,326,151	0
Total	103,523,208	104,554,839
Fixed Maturities, Unrealized Losses [Abstract]
Less than 12 months	(3,667,436)	(9,032,290)
12 months or longer	(2,637,668)	0
Total	(6,305,104)	(9,032,290)
U.S. Government and Govt. Agencies and Authorities [Member]
Fixed Maturities, Fair Value [Abstract]
Less than 12 months	2,931,390	17,211,175
12 months or longer, fair value	13,004,388	0
Total	15,935,778	17,211,175
Fixed Maturities, Unrealized Losses [Abstract]
Less than 12 months	(69,182)	(1,104,146)
12 months or longer	(809,555)	0
Total	(878,737)	(1,104,146)
U.S. Special Revenue and Assessments [Member]
Fixed Maturities, Fair Value [Abstract]
Less than 12 months	7,280,594	7,199,100
12 months or longer, fair value	0	0
Total	7,280,594	7,199,100
Fixed Maturities, Unrealized Losses [Abstract]
Less than 12 months	(252,944)	(335,918)
12 months or longer	0	0
Total	(252,944)	(335,918)
All Other Corporate Bonds [Member]
Fixed Maturities, Fair Value [Abstract]
Less than 12 months	54,985,073	80,144,564
12 months or longer, fair value	25,321,763	0
Total	80,306,836	80,144,564
Fixed Maturities, Unrealized Losses [Abstract]
Less than 12 months	(3,345,310)	(7,592,226)
12 months or longer	(1,828,113)	0
Total	$ (5,173,423)	$ (7,592,226)

Investments, Number of Securiti

Investments, Number of Securities in Unrealized Loss Position (Details) - Security	Mar. 31, 2023	Dec. 31, 2022
Fixed Maturities, Number of Securities in Unrealized Loss Position [Abstract]
Less than 12 months	34	57
12 months or longer	19	0
Total	53	57

Investments, Net Investment Gai

Investments, Net Investment Gains (Losses) and Change in Net Unrealized Gains (Losses) on Investments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Realized gains on available-for-sale investments [Abstract]
Total realized gains	$ 716,300	$ 4,848,169
Realized losses on available-for-sale investments [Abstract]
Total realized losses	0	(68,020)
Net realized investment gains (losses)	716,300	4,780,149
Change in fair value of equity securities [Abstract]
Change in fair value of equity securities held at the end of the period	(8,645,474)	8,154,629
Change in fair value of equity securities	(8,645,474)	8,154,629
Total net investment gains (losses)	(7,929,174)	12,934,778
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	2,810,499	(9,184,559)
Short-Term Investments [Member]
Realized gains on available-for-sale investments [Abstract]
Total realized gains	23,509	0
Fixed Maturities [Member]
Realized gains on available-for-sale investments [Abstract]
Total realized gains	20,833	4,369
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	2,810,499	(9,184,559)
Equity Securities [Member]
Realized gains on available-for-sale investments [Abstract]
Total realized gains	85,184	385,358
Realized losses on available-for-sale investments [Abstract]
Total realized losses	0	(68,020)
Real Estate [Member]
Realized gains on available-for-sale investments [Abstract]
Total realized gains	$ 586,774	$ 4,458,442

Investments, Cost Method Invest

Investments, Cost Method Investments (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Investments [Abstract]
Preferred stock, at cost	$ 15,683,343	$ 15,683,343	[1]
[1]Balance sheet audited at December 31, 2022.

Investments, Trading Securities

Investments, Trading Securities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Trading Securities [Abstract]
Fair value, derivatives included in trading security assets	$ 0		$ 0
Fair value, derivative included in trading security liabilities	0		$ 0
Trading Revenue Charged to Net Investment Income from Trading Securities [Abstract]
Net unrealized gains (losses)	0	$ (470)
Net realized gains (losses)	0	(2,516)
Net unrealized and realized gains (losses)	$ 0	$ (2,986)

Investments, Mortgage Loans, In

Investments, Mortgage Loans, Investment Real Estate, Notes Receivable, and Short-Term Investments (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Mortgage Loans [Abstract]
Mortgage loans acquired, including discounted mortgage loans	$ 0	$ 1,546,165
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]
Mortgage loans, gross	29,716,107		30,698,694
Less allowance for credit losses	(375,000)		0
Mortgage loans, gross	29,341,107		30,698,694	[1]
Investment Real Estate [Abstract]
Impairment on investment real estate	0
Total investment real estate	$ 34,675,349		$ 34,934,352	[1]
Oil & Gas Royalties - as a % of total Inv RE	41%		42%
Investment real estate acquired	$ 1,375,010	1,680,959
Notes Receivable [Abstract]
Notes receivable acquired	1,478,100	2,060,657
Notes receivable	15,835,605		$ 14,424,127
Valuation allowance	(170,000)		0
Total notes receivable, net	15,665,605		14,424,127	[1]
Short-Term Investments [Abstract]
Short-term investments acquired	$ 9,701,297	$ 0
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	$ 10,629,833		11,634,472
Commercial [Member]
Investment Real Estate [Abstract]
Total investment real estate	5,919,337		5,124,847
Residential [Member]
Investment Real Estate [Abstract]
Total investment real estate	3,777,470		3,402,502
Land, Minerals and Royalty Interests [Member]
Investment Real Estate [Abstract]
Total investment real estate	14,348,709		14,772,531
Farm Loans [Member]
Mortgage loan holdings [Abstract]
Mortgage loans, gross	$ 378,652		$ 383,278
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	5%		5%
Commercial Loans [Member]
Mortgage loan holdings [Abstract]
Mortgage loans, gross	$ 29,126,723		$ 30,102,775
Commercial Loans [Member] | Minimum [Member]
Mortgage Loans [Abstract]
Interest rate on mortgage loans	4%		4%
Commercial Loans [Member] | Maximum [Member]
Mortgage Loans [Abstract]
Interest rate on mortgage loans	7%		7%
Residential Loans [Member]
Mortgage loan holdings [Abstract]
Mortgage loans, gross	$ 210,732		$ 212,641
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, 2022.

Fair Value Measurements, Assets

Fair Value Measurements, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Assets [Abstract]
Fixed maturities available for sale	$ 111,140,163	$ 108,313,059	[1]
Equity securities	141,927,670	150,053,686	[1]
Liabilities [Abstract]
Trading Securities	0	0
U.S. Government and Government Agencies and Authorities [Member]
Assets [Abstract]
Fixed maturities available for sale	17,447,658	17,211,175
Net Asset Value [Member]
Assets [Abstract]
Equity securities	83,409,214	89,434,766
Measured on a Recurring Basis [Member]
Assets [Abstract]
Fixed maturities available for sale	111,140,163	108,313,059
Equity securities	141,927,670	150,053,686
Total financial assets	253,067,833	258,366,745
Measured on a Recurring Basis [Member] | U.S. Government and Government Agencies and Authorities [Member]
Assets [Abstract]
Fixed maturities available for sale	17,447,658	17,211,175
Measured on a Recurring Basis [Member] | U.S. Special Revenue and Assessments [Member]
Assets [Abstract]
Fixed maturities available for sale	7,280,594	7,199,100
Measured on a Recurring Basis [Member] | Corporate Securities [Member]
Assets [Abstract]
Fixed maturities available for sale	86,411,911	83,902,784
Measured on a Recurring Basis [Member] | Common Stock [Member]
Assets [Abstract]
Equity securities	140,680,670	148,806,686
Measured on a Recurring Basis [Member] | Preferred Stock [Member]
Assets [Abstract]
Equity securities	1,247,000	1,247,000
Measured on a Recurring Basis [Member] | Net Asset Value [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Equity securities	83,409,214	89,434,766
Total financial assets	83,409,214	89,434,766
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	83,409,214	89,434,766
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	17,447,658	17,211,175
Equity securities	44,683,111	45,999,477
Total financial assets	62,130,769	63,210,652
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	17,447,658	17,211,175
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	44,683,111	45,999,477
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	93,692,505	91,101,884
Equity securities	5,790,825	6,651,800
Total financial assets	99,483,330	97,753,684
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	7,280,594	7,199,100
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 2 [Member] | Corporate Securities [Member]
Assets [Abstract]
Fixed maturities available for sale	86,411,911	83,902,784
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 2 [Member] | Common Stock [Member]
Assets [Abstract]
Equity securities	5,790,825	6,651,800
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 2 [Member] | Preferred Stock [Member]
Assets [Abstract]
Equity securities	0	0
Measured on a Recurring Basis [Member] | Estimated Fair Value [Member] | Level 3 [Member]
Assets [Abstract]
Fixed maturities available for sale	0	0
Equity securities	8,044,520	7,967,643
Total financial assets	8,044,520	7,967,643
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	6,797,520	6,720,643
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, 2022.

Fair Value Measurements, Reconc

Fair Value Measurements, Reconciliation for Level 3 Assets Measured at Fair Value on a Recurring Basis (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 97,402,409
Purchases	632,745
Sales	(171,896)
Ending Balance	91,453,734
Other Realized Investment Gains, Net [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Realized and unrealized gains (losses)	$ 0
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other realized investment gains, net
Change in Fair Value of Equity Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Realized and unrealized gains (losses)	$ (6,409,524)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Equity Securities, FV-NI, Realized Gain (Loss)
Fair Value [Member] | Equity Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 7,967,643
Purchases	0
Sales	(83,125)
Ending Balance	8,044,520
Fair Value [Member] | Equity Securities [Member] | Other Realized Investment Gains, Net [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Realized and unrealized gains (losses)	0
Fair Value [Member] | Equity Securities [Member] | Change in Fair Value of Equity Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Realized and unrealized gains (losses)	160,002
Net Asset Value [Member] | Equity Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	89,434,766
Purchases	632,745
Sales	(88,771)
Ending Balance	83,409,214
Net Asset Value [Member] | Equity Securities [Member] | Other Realized Investment Gains, Net [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Realized and unrealized gains (losses)	0
Net Asset Value [Member] | Equity Securities [Member] | Change in Fair Value of Equity Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Realized and unrealized gains (losses)	$ (6,569,526)

Fair Value Measurements, Quanti

Fair Value Measurements, Quantitative Information About Level 3 and Investments in Certain Entities Carried at Fair Value (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Information about Significant Unobservable Inputs Used for Recurring Fair Value Measurements for Certain Level 3 Instruments [Abstract]
Financial assets, fair value	$ 91,453,734	$ 97,402,409
Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share [Abstract]
Equity securities	141,927,670	150,053,686	[1]
Unfunded commitments	7,154,915	7,779,867
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	$ 7,154,915	$ 7,779,867
Net Asset Value [Member]
Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share [Abstract]
Equity securities	83,409,214	89,434,766
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	36,743,972	43,724,562
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	46,665,242	45,710,204
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	83,409,214	89,434,766
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	$ 8,044,520	$ 7,967,643
[1]Balance sheet audited at December 31, 2022.

Fair Value Measurements, Carryi

Fair Value Measurements, Carrying Values and Estimated Fair Values of Financial Instruments not Recorded at Fair Value (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Carrying Amount [Member]
Assets [Abstract]
Investment real estate	$ 34,675,349	$ 34,934,352
Notes receivable	15,665,605	14,424,127
Policy loans	6,495,606	6,567,434
Liabilities [Abstract]
Notes Payable	0	19,000,000
Carrying Amount [Member] | Common Stock [Member]
Assets [Abstract]
Preferred stock, at cost	15,683,343	15,683,343
Carrying Amount [Member] | Preferred Stock [Member]
Assets [Abstract]
Preferred stock, at cost	29,341,107	30,698,694
Estimated Fair Value [Member]
Assets [Abstract]
Investment real estate	83,589,276	92,425,241
Notes receivable	16,047,705	14,812,523
Policy loans	6,495,606	6,567,434
Liabilities [Abstract]
Notes Payable	0	19,000,000
Estimated Fair Value [Member] | Common Stock [Member]
Assets [Abstract]
Preferred stock, at cost	15,683,343	15,683,343
Estimated Fair Value [Member] | Preferred Stock [Member]
Assets [Abstract]
Preferred stock, at cost	28,144,052	29,735,873
Preferred stock, at cost	$ 15,683,343	15,683,343	[1]
Minimum [Member]
Liabilities [Abstract]
Policy loan interest rate	4%
Maximum [Member]
Liabilities [Abstract]
Policy loan interest rate	8%
Level 1 [Member]
Assets [Abstract]
Investment real estate	$ 0	0
Notes receivable	0	0
Policy loans	0	0
Liabilities [Abstract]
Notes Payable	0	0
Level 2 [Member]
Assets [Abstract]
Investment real estate	0	0
Notes receivable	0	0
Policy loans	0	0
Liabilities [Abstract]
Notes Payable	0	19,000,000
Level 3 [Member]
Assets [Abstract]
Investment real estate	83,589,276	92,425,241
Notes receivable	16,047,705	14,812,523
Policy loans	6,495,606	6,567,434
Liabilities [Abstract]
Notes Payable	0	0
Common Stock [Member] | Level 1 [Member]
Assets [Abstract]
Preferred stock, at cost	0	0
Common Stock [Member] | Level 2 [Member]
Assets [Abstract]
Preferred stock, at cost	0	0
Common Stock [Member] | Level 3 [Member]
Assets [Abstract]
Preferred stock, at cost	15,683,343	15,683,343
Preferred Stock [Member] | Level 1 [Member]
Assets [Abstract]
Preferred stock, at cost	0	0
Preferred Stock [Member] | Level 2 [Member]
Assets [Abstract]
Preferred stock, at cost	0	0
Preferred Stock [Member] | Level 3 [Member]
Assets [Abstract]
Preferred stock, at cost	$ 28,144,052	$ 46,906,538
[1]Balance sheet audited at December 31, 2022.

Credit Arrangements (Details)

Credit Arrangements (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Abstract]
Pledged bonds	$ 15,835,605	$ 14,424,127
Asset Pledged as Collateral [Member]
Line of Credit Facility [Abstract]
Pledged bonds	$ 19,995,060
UTG 2013-11-20 [Member]
Line of Credit Facility [Abstract]
Issue Date	Nov. 20, 2013
Maturity Date	Nov. 20, 2023
Revolving Credit Limit	$ 8,000,000
Outstanding Balance	0	0
Borrowings	0
Repayments	$ 0
Interest Rate	6.50%
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]
Borrowings		19,000,000
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] | 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. 06, 2023
Revolving Credit Limit	$ 25,000,000
Outstanding Balance	0	$ 19,000,000
Borrowings	0
Repayments	$ 19,000,000

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)	1 Months Ended	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
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)		4,012
Amount paid to repurchase shares during the year		$ 100,228	$ 267,433
Amount of common stock repurchased		$ 19,409,665
Number of common stock acquired (in shares)		1,330,225
Number of shares issued (in shares)		26,911
Cost of shares issued		$ 674,390
Earnings Per Share Calculations [Abstract]
Dilutive instruments outstanding (in shares)		0	0

Commitments and Contingencies_2

Commitments and Contingencies (Details)	Mar. 31, 2023 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	76,732
Sovereign's Capital, LP Fund III [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	3,000,000
Unfunded Commitment	505,453
Garden City Companies, LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	2,000,000
Unfunded Commitment	1,070,546
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	1,620,000
QCC Investment Co., LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	1,500,000
Unfunded Commitment	150,000
Sovereign's Capital Evergreen Fund I, LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	3,000,000
Unfunded Commitment	4,062
PBEX, LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	2,000,000
Unfunded Commitment	49,343
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	1,695,779
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	5,633,332
Legacy Venture XI, LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	2,000,000
Unfunded Commitment	1,920,000
SFR X Holdings, LLC [Member]
Total Funding Commitments and Unfunded Commitment [Abstract]
Total Funding Commitment	1,550,000
Unfunded Commitment	$ 1,550,000

Other Cash Flow Disclosures (De

Other Cash Flow Disclosures (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Cash Flow Disclosures [Abstract]
Interest	$ 41,916	$ 11,809
Federal income tax	$ 0	$ 0

Concentrations of Credit Risk_2

Concentrations of Credit Risk (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) Security State	Mar. 31, 2022	Dec. 31, 2022 USD ($) Security
Concentrations [Abstract]
Number of states by which entity primarily serves | State	3
Maximum retention limits per life	$ 125,000
Allocation of Oil and Gas Investments [Abstract]
Fixed maturities available for sale	111,140,163		$ 108,313,059	[1]
Equity securities, at fair value	141,927,670		150,053,686	[1]
Investment real estate	34,675,349		34,934,352	[1]
Notes receivable	15,665,605		14,424,127	[1]
Total investments	$ 358,567,152		$ 364,271,636	[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	$ 1,077,350		$ 1,060,710
Equity securities, at fair value	83,769,653		93,811,806
Investment real estate	14,348,714		14,772,536
Notes receivable	1,950,859		1,950,657
Total investments	101,146,576		111,595,709
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	83,769,653		93,811,806
Investment real estate	14,348,714		14,772,536
Notes receivable	1,950,859		1,950,657
Total investments	100,069,226		110,534,999
Oil and Gas Industry [Member] | Exploration [Member]
Allocation of Oil and Gas Investments [Abstract]
Fixed maturities available for sale	1,077,350		1,060,710
Equity securities, at fair value	0		0
Investment real estate	0		0
Notes receivable	0		0
Total investments	$ 1,077,350		$ 1,060,710
Reinsurer Concentration Risk [Member] | Life Insurance Ceded [Member]
Concentrations [Abstract]
Percentage of gross insurance in force	21%		20%
Percentage of premium income	29%	38%
Direct Premium Collected [Member] | Geographic Concentration Risk [Member] | Illinois, Ohio, Texas and West Virginia [Member]
Concentrations [Abstract]
Concentration risk, percentage	50%	46%
Invested Assets [Member] | Customer Concentration Risk [Member] | Oil and Gas Industry [Member]
Concentrations [Abstract]
Concentration risk, percentage	26%		31%
Invested Assets [Member] | Customer Concentration Risk [Member] | Oil and Gas Industry [Member] | Equity Securities [Member]
Concentrations [Abstract]
Concentration risk, percentage	45%		50%
[1]Balance sheet audited at December 31, 2022.