| Revisions of Previously Issued Consolidated Financial Statements |
To improve the consistency and comparability of the 2025 quarterly
condensed consolidated financial statements, Management has revised the June 30,
2025 condensed consolidated financial statements and related disclosures to reflect
the implementation. | | | As Previously | | | | | | | | | | | June 30, 2025 | | Reported | | | | Adjustments | | | | As Restated | | | Consolidated Balance Sheets | | | | | | | | | | | | | Future policy benefits | $ | 215,605,523 | | | $ | (100,327,099 | ) | | $ | 115,278,424 | | | Policyholder account balances | | 0 | | | | 94,063,407 | | | | 94,063,407 | | | Deferred income taxes | | 26,580,146 | | | | 1,315,375 | | | | 27,895,521 | | | Retained earnings | | 191,636,958 | | | | 1,045,962 | | | | 192,682,920 | | | Accumulated other comprehensive income (loss) | | (1,924,855 | ) | | | 3,902,355 | | | | 1,977,500 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Consolidated Statements of Operations | | | | | | | | | | | | | Benefits, claims and settlement expenses: Life | $ | 6,772,397 | | | $ | (432,142 | ) | | $ | 6,340,255 | | | Income tax expense | | 3,322,136 | | | | 90,750 | | | | 3,412,886 | | | Net income attributable to common shareholders | | 11,005,381 | | | | 341,392 | | | | 11,346,773 | | | Basic income per share | | 3.49 | | | | 0.11 | | | | 3.60 | | | Diluted income per share | | 3.49 | | | | 0.11 | | | | 3.60 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Consolidated Statements of Comprehensive Income (Loss) | | | | | | | | | | | | | Net income | $ | 11,053,296 | | | $ | 341,392 | | | $ | 11,394,688 | | | Subtotal: Other comprehensive income (loss), net of tax | | 1,017,458 | | | | (1,635,214 | ) | | | (617,756 | ) | | Comprehensive income (loss) attributable to UTG, Inc. | | 12,022,839 | | | | (1,293,822 | ) | | | 10,729,017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Consolidated Statements of Cash Flows | | | | | | | | | | | | | Net income | $ | 11,053,296 | | | $ | 341,392 | | | $ | 11,394,688 | | | Provision for deferred income tax expense | | 3,237,621 | | | | 90,750 | | | | 3,328,371 | | | Change in policy liabilities and accruals | | (2,112,376 | ) | | | (432,142 | ) | | | (2,544,518 | ) |
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