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Utah-based Security National Financial Corporation released their 2024 financial results earlier this week and CEO, President, and Chairman of the Board of the company Scott Quist made the following prepared remarks in the company’s press release on the subject:
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“2024 marked another year of solid progress for our Company. Our Life Insurance Segment had its best operational year ever, delivering a 25% improvement over 2023 which was its previous best year ever.”
“2024 was our Cemetery and Mortuary Segment’s best year ever improving 5% over 2023 which was its previous best year ever. “
“It is instructive to note that our Utah based Cemetery and Mortuary group has received the “Best in State” award for the last 7 consecutive years, a very significant recognition of the quality services we provide.”
“Our Mortgage Segment delivered a solid performance, decreasing its loss by over $11 million dollars (64%) while increasing its revenue by over 8%. The mortgage industry as a whole continues to be profit challenged”
You can access the company’s press release on their 2024 financials here.
- For the year 2024 company revenues increased by 5.0% over 2023. The company took in revenues of $334.5 million in 2024 as compared to $318.5 million in 2023.
- Earnings before Taxes for the company increased 109% for the same comparable period. Earnings before Taxes in 2024 totaled $34.1 million in 2024 as compared to $16.3 million for 2023.
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- The Cemetery/Mortuary division increased their revenue 3.4% to $33.0 million on the year as compared to $31.9 million for 2023. Earnings before taxes for the Cemetery/Mortuary division increased by 4.9% to $8.86 million for 2024.
- Security National Financial Corporation has a presence in the Death Care business world operating funeral homes, cemeteries, preneed insurance, and insurance assignment businesses. They operate outside the Death Care business world via their Mortgage segment.
Disclaimer–The author of this article for Funeral Director Daily is a shareholder of Security National Financial Corporation.
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