SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: November 20, 2001
(Date of earliest event reported)
CITIZENS, INC.
(Exact name of registrant as specified in its charter)
COLORADO 0-16509 84-0755371
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(State or other jurisdiction (Commission (IRS Employer
incorporation File Number) Identification Number)
400 East Anderson Lane
Austin, Texas 78752
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(Address of principal (Zip Code)
executive offices)
(512) 837-7100
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(Registrant's telephone number)
ITEM 5. OTHER EVENTS.
On November 20, 2001, Citizens, Inc., the registrant, entered into
definitive agreements to acquire all outstanding shares of Combined Underwriters
Life Insurance Company ("Combined") and Lifeline Underwriters Life Insurance
Company ("Lifeline") for shares of Citizens Class A common stock through
statutory exchanges under Texas law.
The agreements are subject to approval by Combined and Lifeline
shareholders and insurance regulatory authorities in Texas. The exchanges will
be based upon a market value of $8.64 per share for Combined and $5.00 per share
for Lifeline, or an aggregate value of approximately $12.1 million. The price
for the Citizens Class A shares will be based upon the average price for the
20-days preceding closing.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial statements of businesses acquired. None.
(b) Pro forma financial information. None.
(c) Exhibits.
10.01.1 Plan and Agreement of Exchange by and between
Citizens, Inc. and Combined Underwriters Life
Insurance Company
10.02.2 Plan and Agreement of Exchange by and between
Citizens, Inc. and Lifeline Underwriters Life
Insurance Company
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SIGNATURE
Pursuant to the requirement of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CITIZENS, INC.
By: /s/ Mark A. Oliver
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Mark A. Oliver, FLMI
President
Date: November 21, 2001
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INDEX TO EXHIBITS
<Table>
<Caption>
EXHIBIT
NUMBER DESCRIPTION
- ------- -----------
10.01.1 Plan and Agreement of Exchange by and between
Citizens, Inc. and Combined Underwriters Life
Insurance Company
10.02.2 Plan and Agreement of Exchange by and between
Citizens, Inc. and Lifeline Underwriters Life
Insurance Company
</Table>