Security National Financial issues 3rd Quarter Earnings Press Release

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Funeral Director Daily published an article on Security National Financial Corporation’s 3rd Quarter 2024 results on Monday using the company’s November 14, 2024, Form 10-Q as our guidance as no press release had been issued from SNFC at that time.

Later on November 18, a press release on the earnings from SNFC was released and, as promised, we publish that information today.  You can access that press release here.

The company reported that 3rd Quarter Revenues were at $88.2 million, up from $80.2 million for the same time period of 2023 and “Earnings Before Taxes” for the 9-month period ended September 30, 2024 were $15.2 million as compared to $5.1 million for the first 9-months of 2023.

Here’s what Scott M. Quist, President of the company, said in prepared remarks in that press release, “It should be noted that for the 9 months our Mortgage Segment has improved its profitability by $9.4 million dollars, reflecting significant expense-reduction work along with the improved revenues. Our Life Insurance Segment revenues are arguably flat, being up only 3.8%, but the Life Insurance Segment’s profitability improved over 40% to $28 million dollars. Driving that profitability increase were decreasing death claims, including a return to more normal age distributions following COVID, and a decrease in the amortization of deferred acquisition costs which is related to the improved profit margins on our products.”

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