Annual Report ‘24
approach every challenge with a deliberate mindset. This mindset ensures that every decision we make is weighed carefully, with an awareness of both risk and opportunity. We know that the best-laid plans and the most intricately developed strategies cannot every circumstance, whether in times of triumph or customers, management team, and staff. Confidence and to uphold the highest standards of integrity. We see every challenge as a chance to grow, learn, and grateful for the opportunity to serve our customers,
In the past year, we have navigated a complex business environment with resilience and optimism, guided by the enduring principles of joy, prayer, and gratitude. Our strategic initiatives continue to yield positive results, reinforcing our belief that a focused approach can transform challenges into opportunities for sustainable and continued growth. Let’s take a look at our accomplishments in 2024:
Directors Investment Group (DIG)
• A total of 260 employees participated in our Sabbatical program, a 100% increase over the number that participated in 2017.
• We upgraded our DIG U learning management system to enhance functionality and create more engaging digital learning courses, resulting in 60% more courses being completed this year over last year.
• All Texas mortuary schools, along with a number of others in different states, have now been onboarded onto Passare, meaning that over 40% of mortuary school students nationwide are now utilizing Passare in their coursework.
• Net income exceeded the budget by almost 17%!
Passare
• We surpassed 1,200 customers and are now serving over 2,400 funeral home rooftops.
• We now serve 320,000 families through Passare on an annual basis.
• We had record revenue of over $6.4 million.
• We had a retention rate for customers of 97.5%.
• Passare achieved $2.22 million of new annual sales contracts with 247 funeral home accounts (sales volume was up 39% over 2023).
Parkway Advisors
• We represent 67 separate entities with $11.4 billion in assets.
• We developed a partnership to offer private credit/ direct mortgage loans to clients – we closed 13 deals for approximately $20 million, at a yield of 8.1% average.
• We had a 50% increase in trading volume compared to 2023, averaging 9 trades and $3.2 million worth of transactions daily across 23 broker/dealers.
• We provided active credit monitoring for all our clients – the total of fixed income securities managed by Parkway, across all accounts, is in excess of 12,000 holdings.
• Net income exceeded the budget by almost 17%!
Funeral Directors Life (FDL) CULTURE
• During our Bahamas sales incentive trip, 130 volunteers worked at the Salvation Army to benefit a school for blind children, a shelter for abused women, and the homeless and hungry populations in Nassau.
• We successfully updated the Virtual Wolfelt Experience program to increase engagement and retention - as a result, more funeral homes are adopting the program.
FDL OPERATIONS
• We implemented Grooper for handwriting recognition in New Business to process paper contracts faster and to gather more data on each handwritten contract.
• We automated multiple processes with Robotic Process Automation (RPA) to speed up claims, new business, and early payoff processes!
DIG DEVELOPMENT
• We released DIGicon Mobile into beta testing!
• RPAs saved over 10,000 hours of staff time this year!
• We implemented 480 updates, 1,947 new features, and resolved 5,772 support tickets!
PEOPLE OPERATIONS
• We built an internal recruitment process for the Leadership Development Academy.
• We incorporated a “Shark Tank”-like program for the Emerging Leaders Program.
• We integrated Select Producer Onboarding with our Home Office Onboarding to increase retention.
• We piloted an approach to recruiting students attending mortuary science programs.
CLAIMCHECK
• We defined the operational structure to create a dedicated verification, collections, and customer care team.
• Due to an increase in our customer base and total assignments, we completed a rewrite of the processing and verification workflow that allows for scalability within the team.
• With a focus on structure, procedures, and technology, Claimcheck had its best year ever.
ACTUARIAL
• We continued to strengthen relationships with key stakeholders.
• We successfully executed updates to enhance data accuracy and workflow efficiency, supporting our commitment to operational excellence.
FINANCIAL REPORTING
• We achieved a $240 million increase in assets during 2024 – total assets grew to $2.4 billion!
• New mortgage loans earned 200 basis points more than new bond purchases – mortgage loan income was up 14.24% over budget and 40.85% over 2023.
DIRECTORS BUSINESS SOLUTIONS
• For the second consecutive year, we exceeded our goal for new funeral home loan originations, reaching over $101 million in 2024 – the total loan portfolio is now more than $360 million.
• We launched enhanced, industry-leading financial reporting for both new and existing clients – these reports harness the combined power of Passare and Power BI.
OVERALL SALES
• We achieved a record annual sales volume of $575 million for 2024 (up 9.5% over 2023).
• We achieved a record monthly sales volume of $56.4 million in October!
• Our Select Producer program achieved a record annual sales volume of $80 million!
• We enrolled 391 new funeral home accounts directly and in partnership with our marketing partners – this is a new record for new accounts signed in one year.
• The overall marketing partner segment finished 2024 with more than $248 million in sales (up 24% over 2023).
OVERALL MARKETING
• We leveraged AI for proofreading, brainstorming, data analysis, and content creation.
• We provided comprehensive startup support for new funeral homes, from logo creation and website design to launch planning and SEO strategies.
INFORMATION SECURITY
• We achieved a Microsoft Secure Score above 80%, where the industry average is 44.2%.
• Security Awareness rating year over year dropped from 5.49% in 2023 to 2.30% in 2024, which has us beating the industry average of 5.2%
ACCOUNTING DEPARTMENT
• We successfully jumpstarted the Model Audit Rule readiness project.
• We fully revamped our corporate governance documents and created the Audit & Risk Committee.
• We were accepted as a member of the Federal Home Loan Bank, which will facilitate borrowing to enhance future investment income.
Conclusion
The achievements we had in 2024 were significant for our company and would have never happened had we not had extraordinary teamwork! I must “give honor where honor is due” (Romans 13:7). Our management team is extraordinary! Our company continues to flourish due to their dedication, care for our people, and trust in my leadership! You might ask, “What separates DIG’s management team from others?” The answer is simple – they rejoice always, they pray continually, and they give thanks in all circumstances – they are obedient to God’s calling!
Lastly, it is with a grateful heart that I give honor to Tommy Welch and Allan Adams, who are both in Heaven now. Tommy and Allan were esteemed members of our Board of Directors at DIG, whose contributions left a lasting impact on our organization. Tommy, a dedicated funeral director and owner of Nalley-Pickle & Welch Funeral Homes
in Big Spring and Midland, Texas, was known for his unwavering commitment to serving families with compassion and excellence. His leadership and vision were significant in guiding the company towards growth and success. Allan owned funeral homes in Ralls, Crosbyton, and Lorenzo, Texas. A passionate funeral director with nearly 50 years of service, he was deeply involved in his community and the funeral profession. His dedication to helping families and his active participation in DIG reflected his commitment to making a positive difference. Both men will be remembered for their exceptional service, their leadership, and their profound legacy.
As we move forward, we remain dedicated to not only achieving financial success but also nurturing the values that define us. We thank you, fellow shareholders, for your support. There is no greater responsibility than earning and keeping your trust and confidence. Together, let us continue to embrace a future marked by innovation, integrity, and shared prosperity.
With joy, prayer, and gratitude,
KRIS SEALE Chairman of the Board President & Chief Executive Officer
Discussion and Analysis
Executive Overview
Directors Investment Group, Inc. (DIG), a Nevada corporation, is the parent company for a diverse group of companies with a focus on two strategic industries – life insurance and financial services. The combined financial statements of Directors Investment Group, Inc. include all accounts of DIG and its subsidiaries (the Company) accounted for on a Generally Accepted Accounting Principles basis with the exception of the insurance subsidiaries that are accounted for on a Statutory Accounting Principles basis.
book value in accordance with the methods set forth by the National Association of Insurance Commissioners (NAIC).
The sections that follow provide information about the important aspects of our operations and investments, both at the combined and subsidiary levels, and include discussion of our results of operations. The accounting periods for all of the entities end on December 31.
Earnings Per Share
As of December 31, 2024, the subsidiaries of DIG include Directors Capital Ventures, Inc. (DCVI), Directors Holding Corporation (DHC), Parkway Advisors Group, Inc. (PAGI), Parkway Advisors Holdings, Inc. (PAHI), and Funeral Agency, Inc. (FAI). Additionally, the limited partnerships owned by the subsidiaries are included in the combined statement. The limited partnerships are Parkway Advisors LP (PALP) and Directors Agency LP (DALP). Effective January 1, 2020, Passare, Inc. was merged into DIG and as a legal entity ceased to exist. Passare operations continue to be reported separately but as a division of DIG. The insurance company subsidiaries include Funeral Directors Life Insurance Company (FDL), Kentucky Funeral Directors Life Insurance Company (KFDLIC), Funeral Directors Life of Louisiana (FDLA), and American Life and Annuity Company (ALAC). On September 15, 2022, FDL purchased 100% of FPA Inc. (FPA), an Arkansas corporation. FPA is the parent company of ALAC, a preneed life insurance company domiciled in the State of Arkansas. The value of the insurance company subsidiaries is recorded on the books of the Company at
Basic earnings per share (EPS) is calculated by dividing net income by the average number of common shares issued and outstanding for the current and previous years. Diluted earnings per share is calculated by dividing net income by the average number of common shares issued and outstanding plus stock options issued and outstanding for the current and previous years. For the purpose of these calculations, shares issued and outstanding do not include treasury shares purchased by the Company.
For 2024, the average number of common shares issued and outstanding, basic and diluted, was 2,555,019 and 2,801,512, respectively. For 2023, the average number of common shares issued and outstanding, basic and diluted, was 2,557,584 and 2,792,026, respectively. The exercise of 15,039 common stock options by employees and directors and the net purchase of 21,938 treasury shares by the Company are reflected in the change in average common shares outstanding.
Basic EPS was $6.04, and diluted EPS was $5.51 for 2024. For 2023, basic and diluted EPS was $4.89 and $4.48, respectively.
Computation of Share Value
DIG’s Share Value was $105.46 for 2024 and $95.51 for 2023 based on the modified book value calculation. This was a 10.42% increase over 2023.
For 2024 and 2023, Share Value is calculated using the modified book value approach that was approved by the shareholders at the April 1996 annual shareholders’ meeting. The calculation is the 1996 book value method plus an additional amount added for the value of FDL’s insurance business and interest maintenance reserve (IMR). For 2024, the equity component was $208,980,869, and the value of FDL’s business and IMR was $60,100,771.
Total actual shares issued and outstanding at the end of 2024 were 2,551,569. For 2023, the equity component was $197,264,723, and the value of FDL’s business and IMR was $47,096,848. Total actual shares issued and outstanding at the end of 2023 were 2,558,468.
Income Taxes
Directors Investment Group, Inc. and its noninsurance subsidiaries file a consolidated U.S. income tax return. All taxes are booked and paid at the DIG level. In 2023, the Company recorded $1.2 million in federal income tax. For 2024, DIG recorded $1.1 million in federal income tax. DIG was able to utilize $1.8 million in loss carryforwards assumed upon the merger of Passare into DIG in 2020. $1.6 million remains in loss carryforwards that expire in 2034.
The insurance subsidiaries - FDL, KFDLIC, and FDLA - file a separate consolidated U.S. income tax return. The method of allocation between the companies is based upon separate return calculations with current credit for net losses.
Intercompany tax balances are settled annually after the federal income tax return is completed and filed.
ALAC will file a separate tax return but will be eligible for consolidation with the other insurance subsidiaries five years from the date of acquisition.
DALP and FDL are also subject to filing state income tax returns for various states in which they are licensed to conduct business.
The corporate federal income tax rate for DIG and the insurance subsidiaries was 21%.
Liquidity and Cash Flows
Management has set forth strategic objectives to help ensure that we keep a focus on growing our core business and increasing shareholder value and that we are in a position to take advantage of opportunities when they arise. Those objectives include internal investment in our business (e.g. capital expenditures), share repurchases, shareholder dividends, debt reduction and management, and acquisitions of businesses that will complement our core operations. The Company believes that cash generated from operations, together with the Company’s existing financial resources, will adequately finance the Company’s planned 2025 cash requirements.
SUMMARY OF CASH ACTIVITIES
Principal sources of cash were commissions earned at DALP and FAI, investment advisory and consulting fees earned at PALP, subscription and activation fees earned at Passare, principal and interest payments received on business loans, and proceeds for issuance of common stock options and the sale of treasury stock. Our primary uses of cash were for operational expenses, reduction of debt, repurchase of stock, funding of business loans, and payment of shareholder dividends. The net decrease in cash for 2024 was $302.1 thousand.
INVESTING ACTIVITIES
Business loans outstanding at year-end 2024 were $7.4 million compared to $4.5 million at the end of 2023. DIG received principal payments of $889.7 thousand and issued new loans of $3.8 million. Remaining loans to funeral home customers earned interest at an average rate of 10.26%. DIG collected interest payments of $622.0 thousand.
In 2016, DIG initiated a short-term investment strategy with Parkway Advisors as a means to earn investment income on excess cash accumulated from net operating earnings, repayment of business loans, or proceeds from the sale of treasury stock. Previously, investments were short-term in nature and laddered to throw off approximately $500.0 thousand in cash at the end of each month. In order to achieve a higher return, DIG revised its investment plan to invest approximately 20% in either money markets or liquid bonds with a duration inside one year and the remaining 80% invested with a growth and income focus. Total interest collected on investments was $419.2 thousand. At year-end 2024, total invested funds were $10.0 million.
FINANCING ACTIVITIES
DIG’s debt was comprised of borrowings from FDL. These loans originated in 2007 and were used to facilitate the funding of the funeral home business loans in conjunction with mortgage loans extended by FDL. The loans pay interest at the rate of 8.75% and mature in April 2027. DIG paid FDL $651.5 thousand in principal and $185.3 thousand in interest in 2024. At year-end 2024, outstanding borrowings on the loans from FDL were $1.8 million.
During 2024, the Company offered options on 301,089 shares of common stock at a price range of $62.57 to $107.50. Options on 15,039 shares were exercised at a price range of $62.57 to $86.94, providing $1.0 million in cash resources. 24,003 shares at a price of $62.57 were not exercised and forfeited, leaving 262,047 shares exercisable in 2025, 2026, 2027, 2028, and 2029 at a price range of $68.14 to $107.50. During the year, DIG also repurchased 37,329 shares of common stock for $3.6 million. In July 2010, the Board of Directors approved the annual sale of a limited number of treasury shares. In 2023, DIG sold 33,416 shares of treasury stock for $2.9 million, and in 2024, DIG sold 15,391 shares for $1.5 million.
The Board of Directors approved the payment of quarterly dividends averaging $0.253 per share during 2024 for a total of $2.6 million. DIG paid $2.3 million in dividends in 2023.
Shareholder List & Beneficial Ownership
The table beginning on page 41 sets forth certain information as of March 1, 2025, with respect to each person who owns the Company’s Common Stock, each director of the Company, and all directors and officers of the Company as a group. Except as otherwise indicated, the persons named in the table have sole voting and investment power with respect to the shares of Common Stock shown. Each Common share is entitled to one vote per share. The Company does have authorized Preferred Stock; however, none of the Preferred Stock was issued or outstanding as of December 31, 2024.
FDL is the primary investment and income source for DIG. FDL is in the business of funding prepaid funerals with life insurance and annuities. A simplified financial statement is included herein.
In 2024, FDL’s assets grew to $2.35 billion, up $240.1 million or 11.37% over 2023 assets of $2.11 billion. Invested assets are the largest component of assets for an insurance company. FDL’s investments were $2.31 billion for 2024, an increase of 11.37% over 2023 investments of $2.08 billion. The primary investment held by FDL was bonds - government, agency, and corporate - representing 81.55% of invested assets or $1.9 billion. FDL’s total common stock portfolio was $26.3 million, comprised of $20.8 million for investments in KFDLIC, FDLA, and FPA, Inc., as well as $5.5 million invested in the Monteagle Select Value Fund managed by PALP and the Federal Home Loan Bank. During 2024, FDL’s mortgage loan portfolio increased by $72.8 million for the financing of funeral home locations for a total of $352.8 million. Real estate holdings of $22.6 million are primarily related to Home Office property. Other invested assets consisted of loans to parent of $1.8 million, surplus debentures of $3.2 million, construction loans of $8.1 million, and cash and short-term investments of $11.8 million.
Other assets exceeded 2023 by approximately $3.9 million and consisted largely of accrued investment income of $21.4 million, $5.7 million in deferred tax assets, and $5.5 million in insurance assignment receivables.
FDL’s primary liability is its reserves for policyholders. For 2024, reserves were $2.1 billion,
an increase of 12.02% over reserves of $1.9 billion in 2023. Asset valuation reserve (AVR) increased $4.3 million or 20.06% compared to a $4.5 million increase from year-end 2022 to year-end 2023. The $26.0 million in this account represents a loss reserve mandated by the NAIC to offset potential defaults of any of the company’s invested assets. Claims liabilities and premiums received in advance were $3.8 million and $6.4 million, respectively, for a total of $10.2 million. The interest maintenance reserve of $6.7 million decreased by $637.9 thousand from year-end 2023 for net realized capital losses of $369.5 thousand and amortization of $268.4 thousand. Statutory reporting requirements mandate that gains or losses from the sale of bonds with a future maturity date must be held as a liability and amortized into income over the remaining life of disposed bonds. Commissions due to agents exceeded 2023 by $894.2 thousand. Dividends to policyholders decreased to $700.0 thousand. Borrowed funds of $258.7 thousand represent a grant from the Development Corporation of Abilene that was based upon the Company’s expansion of the Home Office and its commitment to create 70 new jobs over a 5-year period. Other liabilities of FDL included amounts due to affiliates, general expenses payable, premium taxes and fees, and other miscellaneous liabilities for a total of $4.9 million.
Total capital and surplus increased by $10.0 million for 2024 compared to the increase of $8.2 million in 2023. The increase in 2024 consisted of net income of $12.6 million, a $2.7 million increase in net deferred income tax, and unrealized gains of $318.6
thousand, offset by a $4.3 million increase in asset valuation reserve, and a $1.3 million increase in non-admitted assets. The majority of non-admitted assets relate to non-admitted deferred income tax. The ratio of capital and surplus to total assets was 7.81% at year-end 2024 compared to 8.23% at yearend 2023.
Revenues for FDL were primarily premium collections and investment income totaling $626.6 million. When compared to the previous year, 2024 revenues increased 12.62% or $70.2 million. New business issued for 2024 was approximately 10.1% higher than 2023 production and 96.0% of projected. Net investment income reflects a $13.4 million increase due to strong investment yields and additional funds for investment.
Policyholder benefits increased significantly due to the increase in new business sales. Death and annuity benefits paid during the year exceeded 2023 by $26.0 million and were $12.5 million above expected. Monthly claims expense averaged $20.4
million in 2024 compared to $18.4 million in 2023. With the year-over-year increase in new business sales, aggregate reserves from year to year were up $29.3 million or 14.9%. General insurance expenses exceeded 2023 by $11.5 million and included commissions paid to agents of $77.3 million, general operating expenses of $47.8 million, and taxes licenses and fees of $7.2 million.
Net gain from operations was $19.2 million compared to $15.7 million for 2023. Policyholder dividends were consistent with 2023. Federal income taxes were $6.2 million compared to $5.4 million in 2023 due to increased taxable income. FDL realized net capital gains of $516.9 thousand compared to capital gains of $328.5 thousand in 2023. For 2024, the company posted net income of $12.6 million compared to $9.7 million 2023.
1,884,458.2 8,797.2 21,654.2 7,071.8 7,302.6 800.0 517.5 7,045.3 1,937,646.8 173,727.7 $ 2,111,374.5 $ 556,346.8 419,712.6 120,955.2
KENTUCKY FUNERAL DIRECTORS LIFE INSURANCE COMPANY
Kentucky Funeral Directors Life Insurance Company (KFDLIC), a wholly owned stock life insurance company of FDL, was incorporated in the state of Kentucky in 2001. KFDLIC is in the business of funding prepaid funerals with life insurance and annuities, similar to FDL.
For 2024, KFDLIC’s new business sales volume exceeded 2023 by 78.8%. Approximately 52% of new business was generated by a third-party marketing partner. KFDLIC’s financial performance is reflective of the significant increase in insurance sales and the related costs, resulting in a net loss for the year.
The total assets of KFDLIC increased $3.4 million or 11.41% during 2024 compared to $1.9 million or 6.70% during 2023.
As of December 31, 2024, 98.37% of KFDLIC’s total assets were invested assets. The majority of this account was government and corporate bonds, representing 98.9% of investments. The remaining investments consisted of cash and short-term investments. KFDLIC continues its long-term investment strategy with the goal of matching estimated policy liabilities/maturities with investment maturities. As the company grows, this investment strategy will shape the company’s conservative investment portfolio.
Other assets consisted largely of investment income due and accrued of $403.2 thousand and a net deferred tax asset of $100.8 thousand.
On December 31, 2024, KFDLIC’s liabilities were distributed as follows: 97.92% in aggregate reserves for life contracts, 0.77% in asset valuation reserve, 0.35% in commissions to agents, 0.34% in premiums received in advance, 0.27% in interest maintenance reserve, and 0.35% in all other liabilities.
The policy reserves are calculated on a conservative basis in order to provide more than adequate reserves.
The company was capitalized with $1.0 million of common capital stock and $2.3 million of gross paid in and contributed surplus in 2001. For 2024, the capital and surplus of KFDLIC decreased $87.2 thousand. The decrease consisted of net loss of $37.2 thousand plus deferred income tax of $20.8 thousand, offset by a $26.0 thousand increase in non-admitted assets, and $44.8 thousand increase in asset valuation reserve. Despite the year-over-year decrease, the ratio of capital and surplus to assets remains very high.
Premium income was $7.0 million compared to $4.1 million for 2023. 2024 preneed sales production was $7.8 million, 116.6% of projected and up 78.8% from 2023 production. Net investment income was $1.4 million, up approximately $137.1 thousand from 2023. Virtually all the company’s expenses were variable based on the level of new business production. For 2024, death and annuity benefits increased by $470.3 thousand, while aggregate reserves for life policies increased by $1.9 million compared to the $390.3 thousand decrease between 2022 and 2023. Commission expenses increased $871.6 thousand for the year-over-year increase in sales. General insurance expenses were up approximately $92.8 thousand from 2023 due to an increase in administrative service fees paid to FDL and sales-related expenses.
Federal income tax expense reflected a year-over-year decrease of $66.9 thousand based upon taxable income of $65.6 thousand. Net loss for 2024 was $37.2 thousand compared to a gain of $281.6 thousand for 2023.
The only demands for cash flow will come from death benefits and normal administrative expenses caused by the increasing number of policyholders. The premium income and investment income should more than offset the effects of increased death benefits. Total premium income and investment income will allow KFDLIC to meet all obligations and invest a remainder amount.
Funeral Directors Life Insurance Company of Louisiana (FDLA) was incorporated on June 6, 2019. On June 25, 2019, FDLA issued Funeral Directors Life Insurance Company 100% (100,000 shares) of its outstanding stock in exchange for $4.5 million in cash. FDLA commenced business on August 1, 2019, and was created in response to unfavorable regulations in Louisiana related to agent licensing requirements for foreign corporations only.
For 2024, FDLA’s new business sales volume increased by $1.1 million as the company continues to grow its presence in Louisiana. FDLA’s financial performance remains strong through its growth. In its fifth full year since inception, FDLA increased assets by 24.54%, increased unassigned surplus by 35.54% and achieved a positive net income of $324.7 thousand.
FDLA ended 2024 with $37.0 million in total assets compared to $29.7 million at the end of 2023. As of December 31, 2024, 98.29% of FDLA’s total assets were invested assets. The majority of this account was government and corporate bonds, representing 95.07% of the investments. The remaining investments consisted of a participation loan and cash and short-term investments. FDLA’s goal is to follow a long-term investment strategy and focus on high credit quality, diversification in terms of capital and surplus, and the company’s asset liability matching. Other assets consisted largely of investment income due and accrued of $359.0 thousand and a net deferred tax asset of $209.8 thousand.
On December 31, 2024, FDLA’s liabilities were distributed as follows: 96.14% in aggregate reserves for life contracts, 1.55% in claims and premiums and annuity considerations received in advance, 0.96% in commissions due to agents, 0.58% in asset valuation reserve, 0.44% in taxes, licenses, and fees, and 0.33% in all other liabilities.
The policy reserves are calculated on a conservative basis in order to provide more than adequate reserves.
The company was capitalized with $100.0 thousand of common capital stock and $4.4 million of gross paid in and contributed surplus in 2019. For 2024, the capital and surplus of FDLA increased $267.0 thousand. The increase consisted of net income of $324.7 thousand plus deferred income tax of $19.9 thousand, offset by a $51.0 thousand increase in asset valuation reserve and $26.5 thousand increase in non-admitted assets.
Premium income was $13.7 million for the year ended December 31, 2024, compared to $12.2 million for 2023. The majority of FDLA’s new business was individual life. During 2024, there was a significant shift to multipay vs. single-pay business. Net investment income of $1.3 million exceeded 2023 by 42.32%. Virtually all the company’s expenses are variable based on the level of new business production. For 2024, death and annuity benefits increased by $907.7 thousand or 23.69% over 2023, while aggregate reserves for life policies increased by $694.4 thousand. Commission expenses were $1.3 million, up 6.22% from 2023. General insurance expenses were $1.1 million and consisted largely of administrative service fees paid to Funeral Directors Life Insurance Company and sales-related expenses. Insurance taxes, license, and fees were $302.2 thousand.
Gain from operations of $465.8 thousand was offset by federal income taxes of $141.1 thousand. Net income reflects a gain of $324.7 thousand for 2024 compared to a gain of $97.9 thousand in 2023 due largely to improved investment income.
The invested assets of FDLA are structured to generate cash flows sufficient to provide for the cash needs of the company. These cash needs include the expected claims and all operating needs of the insurer caused by the increasing number of policyholders. The premium income and investment income should more than offset the effects of increased death benefits. Total premium income and investment income will allow FDLA to meet all obligations and invest any remaining amount.
AMERICAN
LIFE AND ANNUITY COMPANY
American Life and Annuity Company (ALAC) is an Arkansas-domiciled preneed insurance company and wholly owned subsidiary of FPA, Inc. FPA’s only asset is its investment in ALAC. ALAC was originally incorporated on October 1, 1920, but was purchased by FPA on July 3, 1989. ALAC joined DIG’s holding company system on September 15, 2022, through FDL’s acquisition of FPA. Funeral home customers of ALAC were transitioned to FDL, but existing business on the books of ALAC continues to be administered as existing policies mature over time.
The total assets of ALAC decreased $1.4 million during 2024, consistent with the $1.1 million decrease for 2023 as the company is no longer selling new business.
As of December 31, 2024, 98.29% of ALAC’s total assets were invested assets. The majority of this account was government and corporate bonds, representing 96.13% of investments. The remaining investments consisted of common stock, policy loans, and cash and short-term investments. ALAC continues its long-term investment strategy with the goal of matching estimated policy liabilities/maturities with investment maturities.
Other assets consisted largely of investment income due and accrued of $451.4 and interest maintenance reserve of $286.5 thousand.
On December 31, 2024, ALAC’s liabilities were distributed as follows: 98.72% in aggregate reserves for life contracts, 1.13% in asset valuation reserve, and .15% in all other liabilities.
The policy reserves are calculated on a conservative basis in order to provide more than adequate reserves.
The company was capitalized with $100.0 thousand of common capital stock and $337.0 thousand of gross
paid in and contributed surplus. For 2024, the capital and surplus of ALAC increased $516.0 thousand. The increase consisted of net income of $342.4 thousand plus a $221.4 thousand change in net unrealized capital gains, a $40.6 thousand decrease in non-admitted assets, and an increase in net deferred income tax of $6.0 thousand offset by a $94.5 thousand increase in asset valuation reserve.
Premium income was $830.8 thousand compared to $980.9 thousand for 2023. Preneed sales production discontinued upon acquisition in September of 2022 as ALAC customers were transitioned to FDL. Yearover-year net investment income was down due to the use of cash to pay death and annuity benefits. For 2024, death and annuity benefits were down $328.2 thousand, while aggregate reserves for life policies increased by $212.8 thousand compared to the $1.8 million decrease between 2022 and 2023. General insurance expenses were consistent with 2023 and consisted largely of administrative service fees paid to FDL.
Gain from operations before federal income tax expense was down $214.9 thousand due largely to the decrease in investment income. Federal income tax expense reflected a year-over-year increase of $23.5 thousand for increase in taxable income. Capital gains reflected in 2023 were related to the sale of common stock. Net income for 2024 was $342.4 thousand compared to $774.1 thousand for 2023.
The only demands for cash flow will come from death benefits and normal administrative expenses. The premium income and investment income should more than offset the effects of death benefits. Total premium income and investment income will allow ALAC to meet all obligations and invest the remaining amount.
DIRECTORS AGENCY, LP
DALP is a Delaware limited partnership formed on February 1, 2002, and owned 1% by DCVI and 99% by DHC, both wholly owned subsidiaries of DIG. DALP provides strategic sales and marketing support for the sale of FDL’s insurance products. At year-end 2024, DALP employed 68 sales professionals, called Select Producers, across the United States to support FDL’s active sales program.
For 2024, total assets were $1.5 million compared to $2.0 million at year-end 2023. The net year-over-year decrease was due largely to a decrease in cash due to distributions to partners and, ultimately, DIG.
Liabilities decreased by $61.2 thousand for the reduction in accrued commissions. Capital accounts ended the year at $1.1 million after partner distributions of $3.7 million.
Revenues consisted largely of commissions earned from FDL and FAI and were $12.5 million compared to $12.1 million in 2023. Commission income from the active sales program was $10.0 million compared to $9.6 million in 2023. Expenses in 2024 consisted primarily of salaries and benefits for insurance agents hired to actively sell preneed. Employment-related expenses totaled $6.4 million. The remaining expenses were mainly related to training, recruiting, and lead generation. Net income for 2024 was $3.2 million – approximately $75.0 thousand better than 2023.
DIRECTORS HOLDING CORPORATION
DHC ended 2024 with assets of $188.8 million compared to 2023 assets of $180.1 million. The primary increase in DHC’s assets was in its investments. DHC’s Investment in SubsidiaryFDL increased $9.2 million to $187.7 million. As of December 31, 2024, DHC owned a 99% limited partner’s interest in DALP. DHC’s investment in DALP decreased $481.9 thousand after distributions from DALP of $3.66 million. Total investments in subsidiaries and partnerships for DHC increased $8.7 million.
DHC’s equity increased 4.84% to $188.8 million. During 2024, DHC declared and paid dividends to DIG in the amount of $3.66 million.
DHC’s operating expenses consisted primarily of corporate residency costs. DHC derived its earnings from equity increases in FDL and partnership interest increases in DALP. DHC’s earnings from its investments were $12.4 million in 2024 as compared to $10.5 million in 2023 resulting in net income of $12.4 million.
DIRECTORS CAPITAL VENTURES, INC.
DCVI is the general partner for the limited partnership investment in DALP and is the operating entity for the DIG Wellness Center - a company-provided health and wellness facility for employees of DIG affiliates that opened in February 2013. DCVI owns a 1% interest in DALP that represents $10.7 thousand of its assets. Other assets include computer equipment and prepaid expenses. DCVI ended the year with assets of $14.0 thousand compared to $22.0 thousand in 2023.
Liabilities of $11.6 thousand are related to general accounts payable and amounts due to affiliates. Equity ended the year at $2.4 thousand. During 2024, DCVI paid dividends to DIG in the amount of $37.0 thousand and received contributions of $64.0 thousand. The contributions from DIG provided operating cash flow for the wellness facility.
Revenues consist of reimbursements from Blue Cross Blue Shield (BCBS) for services provided to DIG’s employees as well as monthly service fees from FDL. During the year, DCVI received $150.0 thousand in service fees from FDL and $70.0 thousand in reimbursements from BCBS and employees. DCVI had $286.4 thousand in expenses for operating the DIG Wellness Center as well as corporate existence expenses such as registration fees and corporate residency expenses. The DIG Wellness Center employs a nurse practitioner and a fitness director. DCVI’s equity in earnings was derived from its 1% ownership in DALP. Partnership income in the amount of $32.1 thousand was reported for 2024. DCVI recorded a net loss of $34.3 thousand in 2024 consistent with a net loss of $34.1 thousand for 2023.
PARKWAY ADVISORS, LP
PALP is a Delaware limited partnership that was created on March 22, 2001, and is owned 1% by PAGI and 99% by PAHI, both wholly owned subsidiaries of DIG. PALP is an investment advisory firm in the business of providing discretionary investment advisory, consulting, and investment accounting services to insurance companies.
Total assets for 2024 were $1.3 million. Cash ended the year at $883.3 thousand after partner distributions of $2.3 million. Receivables were $324.7 thousand and represent fees due from advisory clients as well as amounts due from affiliates. Investments in EDP equipment and software were $62.2 thousand. Other assets of $50.6 thousand consisted of prepaid expenses.
Liabilities consisted of general payables and payroll liabilities. Total partners’ capital ended the year at $1.3 million after net income for the year of $2.3 million less partner withdrawals of $2.3 million. Revenues for 2024 were $5.6 million and were comprised of advisory service and consulting fees.
Assets under management were approximately $3.5 billion at year-end 2024. The assets of consulting and investment reporting clients were $7.8 billion. During the year, Parkway added four new insurance clients to asset management and two clients for consulting services. Operating expenses were $3.3 million, largely comprised of salaries and benefits. Other operating expenses were general in nature. Net income for 2024 was $2.3 million compared to $2.2 million for 2023.
PARKWAY ADVISORS GROUP, INC.
PAGI is the sole general partner for the limited partnership, PALP. PAGI is a Nevada corporation created on March 23, 2001.
PAGI ended the year with assets of $16.9 thousand. PAGI owns 1% interest in the limited partnership that represents $13.1 thousand of its assets. Cash and accounts receivable comprised the remaining assets. Liabilities of $39.1 thousand represent amounts due to PALP. Total capital ended the year at negative $22.2 thousand after dividends to DIG in the amount of $23.0 thousand.
PAGI had limited expenses for its corporate existence, such as registration fees, telephone charges, and corporate residency expenses, resulting in an operating loss of $3.0 thousand.
For 2024, PAGI recorded partnership earnings of $22.7 thousand from its 1% ownership of the limited partnership investment in PALP. Net income for PAGI was $19.7 thousand.
PARKWAY ADVISORS HOLDINGS, INC.
PAHI is the sole limited partner for the limited partnership, PALP. PAHI is a Nevada corporation created on March 23, 2001.
PAHI ended the year with assets of $1.3 million. PAHI owns a 99% interest in the limited partnership that comprised the majority of its assets with a small amount of cash for remaining assets. Liabilities of $32.9 thousand represent amounts due to PALP.
Total capital ended the year at $1.27 million after dividends paid to DIG in the amount of $2.277 million.
PAHI had expenses for its corporate existence, such as registration fees, telephone charges, and corporate residency expenses. Total operating expenses were $2.5 thousand.
For 2024, PAHI recorded partnership earnings of $2.2 million from its 99% ownership of the limited partnership investment in PALP, resulting in net income of $2.2 million.
FUNERAL AGENCY, INC.
FAI is a marketer and seller of prepaid funerals and various insurance products on behalf of FDL in the states of Texas and Colorado. FAI is a licensed insurance agency and holds a prepaid funeral permit issued by the Texas Department of Banking and the Colorado Department of Insurance. A Texas corporation organized on June 18, 1982, FAI was acquired by DIG on January 1, 2006.
FAI ended the year with assets of $740.1 thousand, consisting mostly of claims receivable from FDL and goodwill. Liabilities of $2.7 million consisted largely of agent credit balances and suspense items. Equity ended the year at negative $1.9 million.
Through an agency agreement with FDL, FAI received commission income on premiums collected by FDL on preneed funeral business written in Texas. Revenues for 2024 were $2.9 million – up $307.7 thousand from 2023. FAI contributed approximately 19.9% of FDL’s preneed sales volume during 2024, producing $114.1 million in new business. Expenses consisted mostly of salaries and benefits of sales managers employed by the Company and sales-related incentive programs. Net income for 2024 was $226.2 thousand compared to $111.8 thousand in 2023.
PASSARE – A DIVISION OF DIG
Originally a Delaware corporation created on November 26, 2012, Passare was merged into DIG effective January 1, 2020. Passare is a software-as-aservice company providing an online administrative platform specifically designed for funeral homes. DIG initially invested in Passare in 2013 and also provided an operating line of credit to sustain Passare’s operations. In April 2015, DIG negotiated an exchange of all outstanding debt with Passare in return for additional shares of stock, resulting in majority ownership. In 2019, DIG gained 100% ownership in Passare after an exchange of cash or stock for remaining minority interests in Passare. Gaining 100% control of Passare paved the way to substantial expense reduction and sharing of resources between Passare and other DIG affiliates as reflected in the 2024 financial results.
While Passare’s assets and liabilities were combined with DIG’s due to the merger, the operations of Passare are monitored and recorded as a separate division within DIG.
During 2024, Passare increased revenues by 15.96% or $886.5 thousand, ending the year with approximately 1,300 customers. Passare continued to improve features of the software in line with the Company’s vision to “make Passare the system through which a funeral home can run its entire business.” Passare also expanded its consulting services, such as premium support and client services. Revenues were $6.4 million compared to $5.5 million in 2023. Total expenses in 2024 were $4.9 million compared to $4.3 million in 2023 – a $640.7 thousand increase. The increase in expenses was due largely to an increase in salaries and benefits and contract development. Laborrelated expenses account for approximately 88% of total operating expenses with the majority of those expenses dedicated to further development of the software. Net income was $1.6 million compared to $1.2 million in 2023.
OF OPERATIONS Twelve Months Ended December 31, 2024 2023 (Dollars in thousands)
FINANCIALS
Assets
Cash Trade Receivables
Investments - Fixed Income and Cash Equivalents
Investments - Long Term:
Investment in Subsidiary - FDL
Investment in Land
Investment in Furniture & Fixtures - NET
Investment in Autos - NET
Investment in EDP Equipment - NET
Notes Receivable
Goodwill
Other Assets - Net
Total Assets
Liabilities and Stockholders' Equity
Liabilities
Intercompany Payables
General Expense Payable
Dividends Payable
Agent Credit Balances
Unearned Income
Miscellaneous Liabilities
Federal Income Taxes Payable
Notes Payable
Total Liabilities
Stockholders' Equity
Common Stock (2,928,954 and 2,913,715 shares, respectively @ $.01 Par)
Additional Paid-In Capital
Treasury Stock (377,185 and 355,247 shares respectively)
Dividends
Retained Earnings
Total Stockholders' Equity
Year Ended 2024 ) ) ) )
Total Liabilities and Stockholders' Equity $ 3,018,166
54,664 1,760,340 7,254,470 29,288 24,314,278 (11,505,215 (30,026,058 226,168,576 208,980,869 $ 216,235,339 $ 3,320,278 290,918 10,415,224 178,516,204 1,057,532 2,295 32,446 182,311 4,484,231 5,946,289 1,224,962 $ 205,472,690 $ 769,861 456,730 614,013 2,100,884 1,295,457 213,655 345,543 2,411,824 8,207,967 29,137 23,269,814 (9,333,966 (27,442,180 210,741,918 197,264,723 $ 205,472,690
2,026,978 1,453,247
STATEMENT OF OPERATIONS
Net Income of Subsidiaries and Partnerships
Net Income - Parkway Advisors, LP
Net Loss - Parkway Advisors Group, Inc.
Net Loss - Parkway Advisors Holdings, Inc.
Net Income - Directors Agency, LP
Net Loss - Directors Capital Ventures, Inc.
Net Loss - Directors Holding Corporation
Net Income - Funeral Agency, Inc.
Total Net Income of Subsidiaries and Partnerships
Operating Expenses - Directors Investment Group, Inc.
Legal and Accounting Fees
Travel, Meals, and Entertainment
Directors Fees
Insurance Expense
Other Operating Expenses
Total Operating Expenses - Directors Investment Group, Inc.
Combined Income Before Other Income/Expense
Other Income
Equity in Earnings of Funeral Directors Life Insurance Company
GAAP Adjustment for Statutory Accounting
Equity in Earnings of Passare
Interest Income - Business Loans
Interest Income - Investments
Capital Gain on Sale of Assets
Other Expense
Interest Expense to FDL
Income Before Income Taxes
Federal Income Tax Expense
Net Income 2,271,128 (3,051 (2,458 3,213,252 (66,468 (666 226,244 5,637,981 35,826
Year Ended 2024 $ $ $
Year Ended 2023
437,800 39,805 186,452 880,978 4,757,003 10,020,829 (820,880 1,566,346 650,959 419,201 144,115 180,569 16,557,004 1,130,346 $ 15,426,658 2,226,397 (2,997 (2,423 3,137,944 (65,519 (2,154 111,827 5,403,075 40,606
4,712,800 8,174,555 (820,880 1,225,427 325,558 326,805235,357 13,708,908 1,209,943 12,498,965
SHAREHOLDERS’ EQUITY
TREASURY STOCK COMMON STOCK
Ending Balance, December 31, 2023
Common Stock Issued Through Exercise of Stock Options
Common Stock Purchased by the Company
Treasury Stock Sold by the Company
Dividends on Common Stock, $1.01 per share
Net Income
Ending Balance, December 31, 2024 $183,299,738 (2,583,878 15,426,658 $196,142,518
Number of Shares Number of Shares ) ) ) ) )
$(11,505,215 $23,269,814 1,044,464 $24,314,278 $197,264,723 1,044,615 (3,639,250 1,468,001 (2,583,878 15,426,658 $208,980,869
CASH FLOWS
Cash Flows from Operating Activities
Net Income
Adjustments to Reconcile Net Income to Net Cash from Operating Activities:
Depreciation and Amortization
Change in Current Assets and Liabilities:
Increase (Decrease) in Receivables and Other Assets
Increase in Payables
Increase (Decrease) in Taxes Payable
Net Cash Provided by Operating Activities
Cash Flows from Investing Activities
(Increase) Decrease in Short-Term Investments
Increase in Investment in Affiliate - FDL
Increase in Notes Receivable
Net (Increase) Decrease in Land
Net Increase in Furniture & Fixtures, Autos, and Equipment
Net Cash Used In Investing Activity
Cash Flows from Financing Activities
Payments of Long-Term Debt
Proceeds from Issuance of Common Stock
Proceeds from Sale of Treasury Stock
Repurchases of Common Stock
Common Stock Dividends
Net Cash Used in Financing Activity
Net Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Period
Cash and Cash Equivalents at End of Period
Year Ended 2023 Year Ended 2024
$ 15,426,658
30,866 (290,879) 15,624,206 374,306 (9,199,949) (2,922,981) 255,885 (71,583) (11,564,322) (651,484) 1,044,615 1,468,001 (3,639,250) (2,583,878) (4,361,996) (302,112) 3,320,278 $ 3,018,166
1,421,225 $ 12,498,965 86,619 (446,677) 99,321 238,376 12,476,604 (1,037,706) (7,353,675) (3,169,613) (727,230) (80,482) (12,368,706) (549,298) 960,707 2,943,784 (4,169,291) (2,306,672) (3,120,770) (3,012,872) 6,333,150 $ 3,320,278 $ 217,771 $ 971,567
185,319
SHAREHOLDERS OF RECORD AS OF MARCH 1, 2025
The Seale Family L. P., Kris Seale General Ptr
JCJDC Investments, Ltd.
Elizabeth Gay Schulze
B. Kris Seale as Trustee for the Dylan Moore Trust
Amy Paquette
Robert Elliott Hamil Trust
Angela Jo Hamil Willis Trust
TT Welch Investments, LLC
Phillip Welch
Rudy Jack Cypert
Mike Lemons
Pam Welch
Amy Paquette as Trustee for the Paquette Children’s Trust
Bob and Carolynn White
The Allan and Gail Adams Revocable Trust
Robert E. Hamil
Forward Investment LTD, Forward Mgt. Inc. General Ptr
Lois Dodds
K4G L.P.
Kathleen B. McReavy REVOCABLE TRUST
William L. McReavy REVOCABLE TRUST
Charles Doby
Mark S. France
Thomas W. Branon
Pat Baxter
Darrell W. Rains
Bobby B. Connell
T. Duane Connell
Teresa Carol Davis Branon
Leslie Branon Montz
Sidney C. Grant, Self Directed IRA
Michael L. Soper
B & LD Partnership
Legacy Funeral Holdings, Inc.
W. Brown Claybar Self-Directed IRA
Addison Templeton
Stuart Ford
Mark Cypert
Robby & Deana Morris
Washburn McReavy Funeral Chapels, Inc
Susan P. Branon
Kasi Welch-Baker
Ann M. Swanson
Mark Owen
SHAREHOLDERS OF RECORD AS OF MARCH 1, 2025
Patrick C. Patton & Suzanne E. Patton, Trustees of Patton Living Trust dated 6-2-2020
401k FBO Sam J Chase
Jerry Willingham
Taylor Greene
Reagan Ramsower
Terry Groban
Terri Bannister
Theron Holladay
Timothy J. Hoff and Jenifer R. Hoff Trust under Agreement dated December 30, 2020.
Thomas M. Vertin
Samuel S. Maroney
Ray Harper
Betty S. Alvey
Mark & Lori Beale
Pressley H. Guitar II
Patricia Angeley
John Harrington
JNLucas II, LP
Roy Carroway, Jr.
Cliff Pollack
Horan 2012 Family Trust
Gregg A. Havlak
Drew Seale
Nadene Smith
John W. & Grace Eirkson
Jeff W. Stewart
Shannon Ward
401k FBO Linda Chase
Ray Thompson
Amanda Farrow
Gerald D. Runnels
Robert Hantge
First Financial Trust & Asset Management Co.,N.A. FBO Jeannette Waddell McQueen
First Financial Trust & Asset Management Co.,N.A. FBO David Lee McQueen
Jeffery Stewart (DSD)
Sonia DeLeon
Zachary O. Schulze
Pat Zalusky
Gloria Skinner
Kyle Swearingen
Mark Willingham
Lori Owen
Mark Childs
Angela Hamil-Willis
Pamela Ulery
Elizabeth Harper Schulze Edwards
Harry C. Drew
Kelsey Swearingen
2,200 2,152 2,100 2,086 2,055 2,000 1,897 1,894 1,847
0.078% 0.074% 0.074% 0.072% 0.006% 0.066% 0.063% 0.063% 0.056% 0.056% 0.055% 0.055% 0.050% 0.050% 0.048% 0.048% 0.047% 0.047%
Kelly McCarty
W.B Claybar
Mark J. Krause
Victor E. Schulze
Angie Dobbs
Shaun Gaffney
Paul Lovelace
Horan Indie Holdings, LLC.
Amy Biggs
Kevin Gaffney
Alvino Sanchez
Warren Family Trust - Larry Warren
Zach Sims
Jay Thomas
Melissa Magers
Stephen Etter Bassett
Brian K. Nichols
Foresight Family Funeral Homes, LLC
Charles M. Walls
Sam Chase
Todd Carlson
Patricia Haynes
Gary Boulicault
Melanie Carr
Kyle Timmermann
Thomas & Maria Hartsfield
William P. Wimberly
Josh McQueen
Thomas E. Antram
John & Christie Callahan
Larry Anderson
Theodore Beck
Zachary Bellenger
Brandon Byerly
Frank Downing
Ben Ciani
Annette Parmelly
Vicki Dickson
Matthew Waldrip
Stephen Vermilya
Denise Chabarria
David McQueen
Craig Loper
Steven Dantzler
Lisa Davidson
Charles Eric Espinosa
Suzann Sharp
Kim J. Beckerman
SHAREHOLDERS OF RECORD AS OF MARCH 1, 2025
Robert Durham
David and Toni Nichols
White Dove Holdings Business Trust
Jon Billetdeaux
Maria Sandoval
Nathan Ulery
Bryan Hicks
Anissa Minatra
Ester Johnson
Rodolfo D. Robles, Jr
Jason Gazaille
Kelly Johnson
Marcus Wilson
Joe Ramos
Haley Cooke
Jacob Kramar
Joshua Koehler
Kelly Gilgenbach
Colin Nguyen
Barry R. Henderson
Trevor Rupe
Mandi Faulks
Laurie Mitchell
Sherri Miller
Nathan Kesler
Dawson Rodriguez
Gloria & Jim Skinner
David C. Ulery
Proko-Wall and Associates, LLC
Albert Jonas
Vanessa Callari
Frank and Amy Downing
Brandi Williams (Turner)
Gibraltar Remembrance Services
Jessica Ahrens
Judy Webb
Ryon Allen
Ezmeralda Bueno
Karen Toms
Patrick Walker
Spring Grove Cemetery and Arboretum
Glenn Taylor
Heather Guitar
Julie Hofmann
Scott Schaake
Stephanie Nelson
Kylee Stockard
Susan Condry
Mary Beth Hensley
Kim Halfmann
Kyle Williams
Ronald H. Clyde
Branddy Hopkins
Bryan Sherman
Erin Shilcutt
Jonathan Moore
Mark Maschka
Michael Anderson
Stephen Patrick McKee and Denise McKee Trustees of the McKee Revocable Trust
Beth Ann Carpenter
Eric M. and Nancy N. Siegel Trust under agreement dated February 12, 2019
William T. & Diana R. Turner Trust
Jill Lopez
LeAndra Pruett
Jessie Caffey
Mitchell McLean
William F. Krause III
Donald F. Swan
Brennan Arthur Lantzy
Kylie Eileen Lantzy
Westin Reid Lantzy
Lei Ann Lantzy
Jayce Parker Lantzy
Cooper James Lantzy
Jennifer Flores
Arthur Ellis Lantzy
Delia Villanueva
RAMI Properties LLC
Tammy Dermody
Iris Williams
Michael Robinson
Hillary Madeline
Leslie Oglesby
Shawna Thomas
Judy Farmer
Stacy M. Foley
Erin Merriott
J. Mark Busch
James H. Busch
Tracy Tortella
Nelida Rodriguez
Doug Diener
Alec Hartman
Nicholas Tunheim
David Fuentes
Shannon Stih-Zaun
Stephanie Hinkson
Coleton Honea
Darla McCarty
Susana Cantu Daniel
David S. J. Anderson
John G. Fidel
Charles W. Hammond
Steve & Michele Ferree
James A. Clair
Barry L. Noffze
Charles E Young
Millennium Trust Company, LLC Custodian FBO Mark Gonzales Traditional IRA xxxx91670
Daniel R. Neal
Christine M. Jacob
Gregg P. Krause
Laurie Burton
Jessica Kraut
William (Jeff) Robinson
Rees Heizelman
Steve McKee
Tatianna E. Verden
Zachary G. Verden
Dawn Garrett
Koetta Carrell
Kathy Byram
Tina Steele
Clint Eastman
Nathan Bachert
Bonafair Capital Partners, LLC
Caroline Jackson
Amanda Williams
Klayton Oneal
Jeremy Miles
Elaine Edwards
Greg Neeley
Zack Shahan
Sam Corbett
Emerson G. Verden
Emalin Verden
Teagen G. Knowles
Amanda Buch
Tyler Ward
John P. Chaka
Alyssia Martinez
Michelle Morgan
Rex Johnson
Alyssa Alvarez
Christy Kessler
Lisa Bolin
McKee Wallwork + Company, LLC
Kim Kent
Chris Baber
Deonna Walker
Jessie Martin
Joyce Kiser
Christy Bechtel
Darrell Richardson
Jamin Phillips
Teresa Mansker
Allison Condry
Jennifer Richardson
Carlos Pena
Zackary Keene
Patrick Messersmith
Taylor Stokes
Nicolas Alvarez
Keith Carroll
Brooke Thompson Brown
Cody Forrester
Jennifer Salinas
Lauren Evans
Amber Rush-Jones
Michael Garcia
Reagan Biggs
Brady Corbett
Chloe Jonas
Jamilah Spears
Carrie Terrill
Andrea Frizzell
Ruben James Ulloa
Tate Knowles
Grand Total Issued and Outstanding Treasury Stock Held By Company
Grand Total Issued and Outstanding and in Treasury
All Active Directors (D), Emeritus Directors (E) and Officers (O) as a Group
2,557,171 372,161 2,929,332 1,138,570 Seale Family
0.000% 0.000% 0.000% 0.000% 87.295% 12.705% 100.000% 44.525% 33.955% 15.001% 10.506% 40.538%
BOARD OF DIRECTORS
shareholders
Stuart Ford Houston Mark France Austin
Mark Cypert Snyder
Sid Grant Sylvester
Leslie Branon Montz Ft. Worth
Robert Hamil Abilene
Tim Hoff St. Charles, MN
Jeff Harper San Angelo
Pat Patton Sauk Centre, MN
Drew Seale Abilene
Kris Seale Abilene Kasi Welch-Baker Midland
Dr. Reagan Ramsower Waco
Jerry Edwards Granbury Emeritus Director
Mike Lemons Austin Emeritus Director
Darrell Rains Austin Emeritus Director
Bob White Weatherford Emeritus Director
jack Cypert Snyder Emeritus Director
Terry Groban Abilene
CORPORATE OFFICERS
Kris Seale President & Chief Executive Officer, Chairman of the Board
Paul Lovelace
Executive Vice President & Chief Corporate Development Officer
Executive Vice President & Chief Marketing Officer
Todd Carlson Executive Vice President & Chief Sales Officer
McGraw Executive Vice President & Chief Actuary
Jeff Stewart
Executive Vice President & Chief Culture Officer
Terry Groban Executive Vice President & Chief Financial Officer
Rodriguez Executive Vice President & Chief Information Security Officer
Executive Vice President & Chief Operations Officer
Dwayne
Dawson
Addison Templeton
Drew Seale
OUR visionaries
Allan Adams 1945 - 2024
Thomas (Tommy) Lynn Welch 1953 - 2024
Jay Kelly ...................................................................................... 1932 - 2022
Ernest Welch, Jr. .................................................................... 1925 - 2016
Mike Branon ............................................................................ 1953 - 2015
Billy Ray Harper ...................................................................... 1931 - 2013
Avery Connell 1922 - 2008
Bill Seale 1927 - 2005
Benjamin Burton.................................................................... 1930 - 2004
Melvin Storm ........................................................................... 1921 - 2004
Wendell Dodds ........................................................................ 1938 - 2000
John Hamil .................................................................................1935 - 1998
Haynie Sides 1917 - 1998
Tom Branon 1929 - 1988
