Item 5.02. Departure of Directors or Certain Officers.

On February 21, 2023, Mr. James Rousey submitted a letter of resignation stating his desire to retire. In this regard, he retired as President of UTG, Inc. and its subsidiary, Universal Guaranty Life Insurance Company as well as his position as a Director of both entities. This was effective as of the date of the letter.

The Board of Directors of UTG, Inc. and Universal Guaranty Life Insurance Company formally accepted the resignation letter on February 22, 2023. Mr. Jess Correll, CEO and Chairman of the Board of the companies, will assume the title of President initially.

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