UTG, Inc. Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	28.53	49.3	2.66	34.26	9.66	2.09
Depreciation & Amortization	1.53	1.91	0.73	2.03	2.76	1.7
Other Amortization	0.62	0.64	0.66	0.69	0.71	0.74
Gain (Loss) on Sale of Investments	-37.66	-63.64	-6.83	-42.71	-19.56	-10.91
Stock-Based Compensation	0.17	0.48	0.8	0.6	0.29	0.33
Reinsurance Recoverable	0.71	0.58	0.37	0.21	0.09	0.54
Change in Income Taxes	1.38	1.34	-6.32	5.16	-1.24	-0.05
Change in Insurance Reserves / Liabilities	-3.71	-3.01	-3.54	-2.84	-5.47	-2.29
Change in Other Net Operating Assets	-0.1	1.94	3.05	-3.19	2.65	-3.19
Other Operating Activities	3.1	8.9	-1.37	0.45	-2.34	-2.22
Operating Cash Flow	-5.44	-1.57	-9.79	-5.33	-12.45	-13.24
Sale of Property, Plant & Equipment	-	-	-	-	1.32	-
Investment in Securities	8.45	34.07	-22.04	15.51	-9.58	28.42
Other Investing Activities	8.33	1.39	0.16	3.3	-0.04	1.81
Investing Cash Flow	20.55	26.5	6.9	26.2	-18.05	26.92
Short-Term Debt Issued	-	-	21.5	58.5	24	-
Total Debt Issued	-	-	21.5	58.5	24	-
Total Debt Repaid	-	-19	-21.5	-63.5	-	-
Net Debt Issued (Repaid)	-	-19	-	-5	24	-
Issuance of Common Stock	-	-	-	-	0.01	-
Repurchases of Common Stock	-0.84	-0.65	-0.88	-0.69	-0.54	-3.31
Other Financing Activities	-0.1	-0.1	-0.1	-0.13	-0.08	-0.19
Financing Cash Flow	-1.67	-20.85	-1.22	-6.37	22.27	-3.44
Net Cash Flow	13.44	4.08	-4.11	14.5	-8.24	10.24
Free Cash Flow	-5.44	-1.57	-9.79	-5.33	-12.45	-13.24
Free Cash Flow Margin	-9.27%	-1.85%	-37.20%	-7.65%	-34.97%	-48.59%
Free Cash Flow Per Share	-1.72	-0.49	-3.08	-1.68	-3.93	-4.09
Cash Interest Paid	-	0.02	0.04	0.08	0	-
Cash Income Tax Paid	1	0.77	5.8	1.89	1.2	2.53
Levered Free Cash Flow	33.7	71.27	-28.1	32.7	9.68	16.4
Unlevered Free Cash Flow	33.7	71.28	-28.08	32.77	9.69	16.4
Change in Working Capital	-1.73	0.85	-6.43	-0.65	-3.98	-4.98

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.