the investment return , or yield , on invested assets is an important element of the company 's earnings since insurance products are priced with the assumption that premiums received can be invested for a period of time before benefits are paid . most of the company 's invested assets have been held in fixed maturity available-for-sale securities , primarily in asset classes of corporate bonds , municipal bonds , and government obligation bonds . the interest rate environment has a significant impact on the determination of insurance contract liabilities , our investment rates and yields , and our asset/liability management . the primary investment objective for the company is to maximize economic value , consistent with acceptable risk parameters , including the management of credit risk and interest rate sensitivity of invested assets , while generating sufficient after-tax income to meet policyholder and corporate obligations . the company maintains a prudent investment strategy that may vary based on a variety of factors including business needs , regulatory requirements and tax considerations . we have previously reported that a portion of the life insurance policies issued by our subsidiary insurance companies failed to qualify for the favorable u.s. federal income tax treatment afforded by sections 7702 and 72 ( s ) of the internal revenue code ( `` irc `` ) of 1986. further , we have determined that the structure of our policies sold to non-u.s. persons , which were novated to cica ltd. effective july 1 , 2018 , may have inadvertently generated u.s. source income over time , which caused tax withholding and information reporting requirements for the company under chapters 3 and 4 of the irc . we have incurred significant costs in the evaluation process of this issue as we have engaged legal , tax and actuarial consultants to assist us in this review and remediation . in december 2019 , the company submitted corrected withholding tax returns to the irs in order to establish the tax liability amount for failing to withhold tax and report the u.s. source income generated by the novated policies . with the continued uncertainty that remains , including the acceptance of the submitted withholding tax returns , irs review of our submission , and future negotiations , our estimated liability as of december 31 , 2019 was approximately $ 10.0 million , after tax , related to projected agreement with the irs . the probability weighted range of financial estimates relative to this issue is $ 7.4 million to $ 52.5 million , net of tax . the amount of our liabilities and expenses depends on a number of uncertainties , including the number of prior tax years for which we may be liable to the irs , the number of domestic life insurance policies we will be required to remediate , the methodology applicable to the calculation of taxable benefits under non-compliant policies and the amount of time and resources we will require from external advisors who are assisting us with resolving these issues . given the range of potential outcomes and the significant variables assumed in establishing our estimates , actual amounts incurred may exceed our reserve and also could exceed the high end of our estimated range of liabilities and expenses . on may 17 , 2017 , we submitted an offer to enter into closing agreements with the irs covering certain cica and cnlic domestic life insurance policies ( the `` closing agreements `` ) , which was accepted by the irs on june 7 , 2019. pursuant to the closing agreements , cica and cnlic agreed to pay the irs $ 123,779 and $ 4,118 , respectively , by august 6 , 2019 , and follow the corrective steps for the policies outlined in the closing agreements by september 5 , 2019. these payments were made to the irs on july 12 , 2019. see note 7. commitments and contingencies in the notes to our consolidated financial statements for more information . current financial highlights our total assets grew 8.0 % , or $ 129 million , from 2018 to 2019 and totaled $ 1.7 billion as of december 31 , 2019 . total stockholders ' equity increased 38.4 % from $ 187.7 million at december 31 , 2018 , to $ 259.8 million at december 31 , 2019 primarily due to a change in net unrealized gains on available-for-sale securities after taxes of $ 71.8 million in 2019 as market interest rates decreased from 2018 levels . insurance premiums declined 1.9 % in 2019 compared to 2018 , totaling $ 184.3 million and $ 187.9 million , respectively . the decline was driven by fewer renewal premiums in our life insurance segment , partially offset by an increase in first year premiums in that segment as we realized growth in 2019 following investment in our sales and marketing activities and increased sales of higher average premium policies . first year premiums in our life insurance segment increased 2.1 % in 2019 compared december 31 , 2019 | 10-k 29 citizens , inc. to 2018 . insurance premiums declined 6.3 % in 2018 compared to 2017 , driven by fewer renewal and first year premiums in our life insurance segment . net investment income increased 9.8 % in 2019 compared to 2018 , totaling $ 59.5 million and $ 54.2 million , respectively . the increase was driven by a growing asset base derived from cash flows from our insurance operations , improvements in cash management , and a strategic focus on achieving greater yields while maintaining a prudent risk profile for our investment portfolio . the average yield on the consolidated investment portfolio was an annualized rate of 4.36 % for 2019 compared to 4.17 % for 2018 . a realized gain of $ 2.0 million was recorded during 2019 related to the redemption of two fixed maturity securities by the issuers at a price above par . story_separator_special_tag million , respectively . the significant change in effective tax rate noted in 2017 is the result of the tax cuts and jobs act of 2017 ( the `` tax act `` ) enacted at the end of 2017 which resulted in $ 35.7 million of income tax due to the remeasurement of deferred tax assets . differences between our effective tax rate and the statutory tax rate result from income and expense items that are treated differently for financial reporting and tax purposes . refer to note 9. income taxes in the notes to our consolidated financial statements for further discussion . december 31 , 2019 | 10-k 36 citizens , inc. segment operations our business is comprised of two operating business segments , as detailed below . life insurance home service insurance our insurance operations are the primary focus of the company , as those operations generate most of our income . the amount of insurance , number of policies issued , and average face amounts of policies issued during the periods indicated are shown below . replace_table_token_10_th the number of policies issued decreased 8.7 % and 8.9 % for the life insurance and home service insurance segments in 2019 and 2018 , respectively . the decline in the number of new business applications in our life insurance segment is driven by ceasing sales in brazil and terminating agreements with several independent consultants in latin america who did not align with our vision , values and culture . excluding these two factors , the number of policies issued by our international business increased during 2018 and 2019 as we invested heavily in our sales and marketing activities and achieved better alignment with our independent consultants on vision , value and strategy . while the number of policies issued has declined in the life insurance and home service insurance segments during 2019 , the average face amount issued has increased , resulting in overall premium income not declining at the same rate as policy issuances . these segments are reported in accordance with u.s. gaap . the company evaluates profit and loss performance based on net income before federal income taxes . replace_table_token_11_th december 31 , 2019 | 10-k 37 citizens , inc. life insurance our life insurance segment primarily issues ordinary whole life insurance and endowment policies in u.s. dollar-denominated amounts to foreign residents in more than 20 countries through approximately 1,000 independent marketing consultants . replace_table_token_12_th premiums . premium revenues decreased by 2.5 % in 2019 compared to 2018 as first year premiums increased 2.1 % , while renewal premiums declined by 2.9 % . we have invested heavily in our sales and marketing activities in 2019 and achieved better alignment with our independent consultants on vision , value , and strategy . the increase in first year premiums is also partly due to the company 's focus on selling higher average premium policies . since the first quarter of 2019 , we have experienced progressive improvement in our new business production for our international business . for 2018 , premiums decreased 6.3 % as we experienced declines in both first year and renewal premiums . life insurance premium breakout is detailed below . replace_table_token_13_th the company has taken actions over the past few years to pursue long-term stability that may have negatively impacted sales levels , including reducing discretionary dividends on existing international policies in response to the sustained low interest environment . in addition , in 2017 , the company introduced a set of repriced products in response to the continued low interest rate environment . these measures resulted in more expensive policies for our customers and december 31 , 2019 | 10-k 38 citizens , inc. likely negatively impacted our new sales . also , in april 2018 , in connection with the review of our international business model , we discontinued accepting new life insurance applications from brazilian citizens or residents . brazil had been one of our top premium-producing countries in our international life insurance business for the past several years . finally , venezuela , which has historically been one of our more critical markets , has experienced prolonged economic and social turmoil , which has negatively impacted our sales in the country , decreasing approximately 10 % in both 2019 and 2018 . endowment sales represent a significant portion of our new business sales internationally and totaled approximately $ 9.3 million , $ 10.4 million and $ 13.3 million , representing approximately 79.5 % , 90.8 % and 76.4 % of total first year premiums in 2019 , 2018 , and 2017 , respectively . most of our life insurance policies contain a policy loan provision , which allows the policyholder to use the accumulated cash value of a policy to pay premiums . these accumulated cash values can also be taken as a cash loan from the policy at the request of the policyholder and are secured by the policy values . the policy loan asset balance increased 1.3 % from 2018 to 2019 and remains at the same approximate ratio to life reserves as noted in prior years . the following table sets forth , by country , our direct premiums from our international life insurance business for the periods indicated . replace_table_token_14_th sales from colombia , venezuela and taiwan represented the majority of the new business premiums in 2019 , 2018 and 2017 . overall , three of our top five countries listed above experienced a decline in premium levels from 2018 to 2019 , with venezuela leading the decline . while overall premiums declined in 2019 compared to 2018 due to a decrease in renewal premiums , first year premiums increased during the period . our international business and premiums could be impacted by our inability to comply with current or future foreign laws or regulations applicable to the company or our independent consultants in the countries where we accept applications . in addition , marketing

parent company liquidity and capital resources below for a discussion of additional parent company liquidity . december 31 , 2019 | 10-k 50 citizens , inc. we have established a liability of $ 10.0 million , net of tax , for probable liabilities and expenses associated with a tax compliance matter as of december 31 , 2019 as described in note 7. commitments and contingencies in the notes to our consolidated financial statements , which represents management 's best estimate . we have disclosed an estimated range related to probable liabilities and expenses of $ 7.4 million to $ 52.5 million , net of tax . this estimate and range include projected settlement amounts payable to the irs , as well as estimated increased payout obligations to current and former holders of non-compliant domestic life insurance policies expected to result from remediation of those policies . the amount of our liabilities and expenses depends on a number of uncertainties , including the number of prior tax years for which we may be liable to the irs , the number of domestic life insurance policies we will be required to remediate , and the methodology applicable to the calculation of the tax liabilities for policies . given the range of potential outcomes and the significant variables assumed in establishing our estimates , actual amounts incurred may exceed our reserve and exceed the high end of our estimated range of liabilities and expenses . the naic has established minimum capital requirements in the form of risk-based capital ( `` rbc '' ) . rbc considers the type of business written by an insurance company , the quality of its assets , and various other aspects of an insurance company 's business to develop a minimum level of capital called `` authorized control level risk-based capital '' . this level of capital is then compared to an adjusted statutory capital that includes capital and surplus as reported under statutory accounting principles , plus certain investment reserves . should the ratio of adjusted statutory capital to control level risk-based capital fall below 200 % , a series of remedial actions by the affected company would be required . we have a parental guarantee between citizens , inc.


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```parent company liquidity and capital resources below for a discussion of additional parent company liquidity . december 31 , 2019 | 10-k 50 citizens , inc. we have established a liability of $ 10.0 million , net of tax , for probable liabilities and expenses associated with a tax compliance matter as of december 31 , 2019 as described in note 7. commitments and contingencies in the notes to our consolidated financial statements , which represents management 's best estimate . we have disclosed an estimated range related to probable liabilities and expenses of $ 7.4 million to $ 52.5 million , net of tax . this estimate and range include projected settlement amounts payable to the irs , as well as estimated increased payout obligations to current and former holders of non-compliant domestic life insurance policies expected to result from remediation of those policies . the amount of our liabilities and expenses depends on a number of uncertainties , including the number of prior tax years for which we may be liable to the irs , the number of domestic life insurance policies we will be required to remediate , and the methodology applicable to the calculation of the tax liabilities for policies . given the range of potential outcomes and the significant variables assumed in establishing our estimates , actual amounts incurred may exceed our reserve and exceed the high end of our estimated range of liabilities and expenses . the naic has established minimum capital requirements in the form of risk-based capital ( `` rbc '' ) . rbc considers the type of business written by an insurance company , the quality of its assets , and various other aspects of an insurance company 's business to develop a minimum level of capital called `` authorized control level risk-based capital '' . this level of capital is then compared to an adjusted statutory capital that includes capital and surplus as reported under statutory accounting principles , plus certain investment reserves . should the ratio of adjusted statutory capital to control level risk-based capital fall below 200 % , a series of remedial actions by the affected company would be required . we have a parental guarantee between citizens , inc.
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 Suspicious Activity Report : the investment return , or yield , on invested assets is an important element of the company 's earnings since insurance products are priced with the assumption that premiums received can be invested for a period of time before benefits are paid . most of the company 's invested assets have been held in fixed maturity available-for-sale securities , primarily in asset classes of corporate bonds , municipal bonds , and government obligation bonds . the interest rate environment has a significant impact on the determination of insurance contract liabilities , our investment rates and yields , and our asset/liability management . the primary investment objective for the company is to maximize economic value , consistent with acceptable risk parameters , including the management of credit risk and interest rate sensitivity of invested assets , while generating sufficient after-tax income to meet policyholder and corporate obligations . the company maintains a prudent investment strategy that may vary based on a variety of factors including business needs , regulatory requirements and tax considerations . we have previously reported that a portion of the life insurance policies issued by our subsidiary insurance companies failed to qualify for the favorable u.s. federal income tax treatment afforded by sections 7702 and 72 ( s ) of the internal revenue code ( `` irc `` ) of 1986. further , we have determined that the structure of our policies sold to non-u.s. persons , which were novated to cica ltd. effective july 1 , 2018 , may have inadvertently generated u.s. source income over time , which caused tax withholding and information reporting requirements for the company under chapters 3 and 4 of the irc . we have incurred significant costs in the evaluation process of this issue as we have engaged legal , tax and actuarial consultants to assist us in this review and remediation . in december 2019 , the company submitted corrected withholding tax returns to the irs in order to establish the tax liability amount for failing to withhold tax and report the u.s. source income generated by the novated policies . with the continued uncertainty that remains , including the acceptance of the submitted withholding tax returns , irs review of our submission , and future negotiations , our estimated liability as of december 31 , 2019 was approximately $ 10.0 million , after tax , related to projected agreement with the irs . the probability weighted range of financial estimates relative to this issue is $ 7.4 million to $ 52.5 million , net of tax . the amount of our liabilities and expenses depends on a number of uncertainties , including the number of prior tax years for which we may be liable to the irs , the number of domestic life insurance policies we will be required to remediate , the methodology applicable to the calculation of taxable benefits under non-compliant policies and the amount of time and resources we will require from external advisors who are assisting us with resolving these issues . given the range of potential outcomes and the significant variables assumed in establishing our estimates , actual amounts incurred may exceed our reserve and also could exceed the high end of our estimated range of liabilities and expenses . on may 17 , 2017 , we submitted an offer to enter into closing agreements with the irs covering certain cica and cnlic domestic life insurance policies ( the `` closing agreements `` ) , which was accepted by the irs on june 7 , 2019. pursuant to the closing agreements , cica and cnlic agreed to pay the irs $ 123,779 and $ 4,118 , respectively , by august 6 , 2019 , and follow the corrective steps for the policies outlined in the closing agreements by september 5 , 2019. these payments were made to the irs on july 12 , 2019. see note 7. commitments and contingencies in the notes to our consolidated financial statements for more information . current financial highlights our total assets grew 8.0 % , or $ 129 million , from 2018 to 2019 and totaled $ 1.7 billion as of december 31 , 2019 . total stockholders ' equity increased 38.4 % from $ 187.7 million at december 31 , 2018 , to $ 259.8 million at december 31 , 2019 primarily due to a change in net unrealized gains on available-for-sale securities after taxes of $ 71.8 million in 2019 as market interest rates decreased from 2018 levels . insurance premiums declined 1.9 % in 2019 compared to 2018 , totaling $ 184.3 million and $ 187.9 million , respectively . the decline was driven by fewer renewal premiums in our life insurance segment , partially offset by an increase in first year premiums in that segment as we realized growth in 2019 following investment in our sales and marketing activities and increased sales of higher average premium policies . first year premiums in our life insurance segment increased 2.1 % in 2019 compared december 31 , 2019 | 10-k 29 citizens , inc. to 2018 . insurance premiums declined 6.3 % in 2018 compared to 2017 , driven by fewer renewal and first year premiums in our life insurance segment . net investment income increased 9.8 % in 2019 compared to 2018 , totaling $ 59.5 million and $ 54.2 million , respectively . the increase was driven by a growing asset base derived from cash flows from our insurance operations , improvements in cash management , and a strategic focus on achieving greater yields while maintaining a prudent risk profile for our investment portfolio . the average yield on the consolidated investment portfolio was an annualized rate of 4.36 % for 2019 compared to 4.17 % for 2018 . a realized gain of $ 2.0 million was recorded during 2019 related to the redemption of two fixed maturity securities by the issuers at a price above par . story_separator_special_tag million , respectively . the significant change in effective tax rate noted in 2017 is the result of the tax cuts and jobs act of 2017 ( the `` tax act `` ) enacted at the end of 2017 which resulted in $ 35.7 million of income tax due to the remeasurement of deferred tax assets . differences between our effective tax rate and the statutory tax rate result from income and expense items that are treated differently for financial reporting and tax purposes . refer to note 9. income taxes in the notes to our consolidated financial statements for further discussion . december 31 , 2019 | 10-k 36 citizens , inc. segment operations our business is comprised of two operating business segments , as detailed below . life insurance home service insurance our insurance operations are the primary focus of the company , as those operations generate most of our income . the amount of insurance , number of policies issued , and average face amounts of policies issued during the periods indicated are shown below . replace_table_token_10_th the number of policies issued decreased 8.7 % and 8.9 % for the life insurance and home service insurance segments in 2019 and 2018 , respectively . the decline in the number of new business applications in our life insurance segment is driven by ceasing sales in brazil and terminating agreements with several independent consultants in latin america who did not align with our vision , values and culture . excluding these two factors , the number of policies issued by our international business increased during 2018 and 2019 as we invested heavily in our sales and marketing activities and achieved better alignment with our independent consultants on vision , value and strategy . while the number of policies issued has declined in the life insurance and home service insurance segments during 2019 , the average face amount issued has increased , resulting in overall premium income not declining at the same rate as policy issuances . these segments are reported in accordance with u.s. gaap . the company evaluates profit and loss performance based on net income before federal income taxes . replace_table_token_11_th december 31 , 2019 | 10-k 37 citizens , inc. life insurance our life insurance segment primarily issues ordinary whole life insurance and endowment policies in u.s. dollar-denominated amounts to foreign residents in more than 20 countries through approximately 1,000 independent marketing consultants . replace_table_token_12_th premiums . premium revenues decreased by 2.5 % in 2019 compared to 2018 as first year premiums increased 2.1 % , while renewal premiums declined by 2.9 % . we have invested heavily in our sales and marketing activities in 2019 and achieved better alignment with our independent consultants on vision , value , and strategy . the increase in first year premiums is also partly due to the company 's focus on selling higher average premium policies . since the first quarter of 2019 , we have experienced progressive improvement in our new business production for our international business . for 2018 , premiums decreased 6.3 % as we experienced declines in both first year and renewal premiums . life insurance premium breakout is detailed below . replace_table_token_13_th the company has taken actions over the past few years to pursue long-term stability that may have negatively impacted sales levels , including reducing discretionary dividends on existing international policies in response to the sustained low interest environment . in addition , in 2017 , the company introduced a set of repriced products in response to the continued low interest rate environment . these measures resulted in more expensive policies for our customers and december 31 , 2019 | 10-k 38 citizens , inc. likely negatively impacted our new sales . also , in april 2018 , in connection with the review of our international business model , we discontinued accepting new life insurance applications from brazilian citizens or residents . brazil had been one of our top premium-producing countries in our international life insurance business for the past several years . finally , venezuela , which has historically been one of our more critical markets , has experienced prolonged economic and social turmoil , which has negatively impacted our sales in the country , decreasing approximately 10 % in both 2019 and 2018 . endowment sales represent a significant portion of our new business sales internationally and totaled approximately $ 9.3 million , $ 10.4 million and $ 13.3 million , representing approximately 79.5 % , 90.8 % and 76.4 % of total first year premiums in 2019 , 2018 , and 2017 , respectively . most of our life insurance policies contain a policy loan provision , which allows the policyholder to use the accumulated cash value of a policy to pay premiums . these accumulated cash values can also be taken as a cash loan from the policy at the request of the policyholder and are secured by the policy values . the policy loan asset balance increased 1.3 % from 2018 to 2019 and remains at the same approximate ratio to life reserves as noted in prior years . the following table sets forth , by country , our direct premiums from our international life insurance business for the periods indicated . replace_table_token_14_th sales from colombia , venezuela and taiwan represented the majority of the new business premiums in 2019 , 2018 and 2017 . overall , three of our top five countries listed above experienced a decline in premium levels from 2018 to 2019 , with venezuela leading the decline . while overall premiums declined in 2019 compared to 2018 due to a decrease in renewal premiums , first year premiums increased during the period . our international business and premiums could be impacted by our inability to comply with current or future foreign laws or regulations applicable to the company or our independent consultants in the countries where we accept applications . in addition , marketing

