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Security National Financial Corporation Reports Financial Results For the Year Ended December 31, 2024

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Security National Financial (SNFCA) reported strong financial results for 2024, with after-tax earnings increasing 83% to $26.5 million on a 5% revenue growth to $334.5 million.

The Life Insurance segment achieved its best operational year with a 25% improvement over 2023. The Cemetery and Mortuary segment also posted record results, improving 5% over the previous year. The Mortgage segment showed significant improvement, reducing losses by 64% ($11 million) while increasing revenue by 8%.

Net earnings per common share rose to $1.11 in 2024, up from $0.61 in 2023. Book value per common share increased to $14.45 from $13.44 year-over-year. The company had 23,451,432 Class A equivalent shares outstanding as of December 31, 2024.

Security National Financial (SNFCA) ha riportato risultati finanziari solidi per il 2024, con utili dopo le tasse aumentati dell'83% a 26,5 milioni di dollari grazie a una crescita dei ricavi del 5% a 334,5 milioni di dollari.

Il segmento Assicurazioni Vita ha raggiunto il suo miglior anno operativo con un miglioramento del 25% rispetto al 2023. Anche il segmento Cimitero e Onoranze Funebri ha registrato risultati record, con un incremento del 5% rispetto all'anno precedente. Il segmento Mutui ha mostrato un miglioramento significativo, riducendo le perdite del 64% (11 milioni di dollari) mentre aumentava i ricavi dell'8%.

Gli utili netti per azione ordinaria sono aumentati a 1,11 dollari nel 2024, rispetto a 0,61 dollari nel 2023. Il valore contabile per azione ordinaria è salito a 14,45 dollari rispetto a 13,44 dollari anno su anno. L'azienda aveva 23.451.432 azioni equivalenti di Classe A in circolazione al 31 dicembre 2024.

Security National Financial (SNFCA) reportó resultados financieros sólidos para 2024, con ganancias después de impuestos que aumentaron un 83% a $26.5 millones gracias a un crecimiento de ingresos del 5% a $334.5 millones.

El segmento de Seguros de Vida logró su mejor año operativo con una mejora del 25% en comparación con 2023. El segmento de Cementerios y Funerarias también publicó resultados récord, mejorando un 5% respecto al año anterior. El segmento de Hipotecas mostró una mejora significativa, reduciendo las pérdidas en un 64% ($11 millones) mientras aumentaba los ingresos en un 8%.

Las ganancias netas por acción común aumentaron a $1.11 en 2024, frente a $0.61 en 2023. El valor contable por acción común aumentó a $14.45 desde $13.44 año tras año. La empresa tenía 23,451,432 acciones equivalentes de Clase A en circulación al 31 de diciembre de 2024.

Security National Financial (SNFCA)는 2024년 강력한 재무 결과를 보고했으며, 세후 수익이 83% 증가하여 2650만 달러에 달하고, 매출은 5% 증가하여 3억 3450만 달러에 이릅니다.

생명 보험 부문은 2023년 대비 25% 개선된 최고의 운영 연도를 기록했습니다. 묘지 및 장례식 부문도 지난해 대비 5% 향상된 기록적인 결과를 올렸습니다. 주택 담보 대출 부문은 손실을 64%($1100만) 줄이면서 수익을 8% 증가시키는 등 상당한 개선을 보였습니다.

2024년 일반 주식당 순이익은 $1.11로 증가했으며, 2023년의 $0.61에서 상승했습니다. 일반 주식당 장부 가치는 연간 기준으로 $13.44에서 $14.45로 증가했습니다. 회사는 2024년 12월 31일 기준으로 23,451,432개의 A 클래스 동등 주식을 발행했습니다.

Security National Financial (SNFCA) a annoncé des résultats financiers solides pour 2024, avec des bénéfices après impôts en hausse de 83% à 26,5 millions de dollars grâce à une croissance des revenus de 5% à 334,5 millions de dollars.

Le segment d'Assurance Vie a atteint sa meilleure année opérationnelle avec une amélioration de 25% par rapport à 2023. Le segment des Cimetières et Funérariums a également affiché des résultats record, s'améliorant de 5% par rapport à l'année précédente. Le segment des Hypothèques a montré une amélioration significative, réduisant les pertes de 64% (11 millions de dollars) tout en augmentant les revenus de 8%.

Les bénéfices nets par action ordinaire ont augmenté à 1,11 dollar en 2024, contre 0,61 dollar en 2023. La valeur comptable par action ordinaire a augmenté à 14,45 dollars contre 13,44 dollars d'une année sur l'autre. L'entreprise comptait 23 451 432 actions de classe A en circulation au 31 décembre 2024.

Security National Financial (SNFCA) berichtete über starke Finanzergebnisse für 2024, mit einem Anstieg des Nachsteuergewinns um 83% auf 26,5 Millionen Dollar bei einem Umsatzwachstum von 5% auf 334,5 Millionen Dollar.

Der Lebensversicherungsbereich erzielte sein bestes operatives Jahr mit einer Verbesserung von 25% im Vergleich zu 2023. Auch der Bereich Friedhöfe und Bestattungen verzeichnete Rekordergebnisse und verbesserte sich um 5% im Vergleich zum Vorjahr. Der Hypothekenbereich zeigte erhebliche Verbesserungen, indem er die Verluste um 64% (11 Millionen Dollar) reduzierte und die Einnahmen um 8% steigerte.

Der Nettogewinn je Stammaktie stieg 2024 auf 1,11 Dollar, im Vergleich zu 0,61 Dollar im Jahr 2023. Der Buchwert je Stammaktie erhöhte sich von 13,44 Dollar auf 14,45 Dollar im Jahresvergleich. Das Unternehmen hatte zum 31. Dezember 2024 insgesamt 23.451.432 ausstehende Aktien der Klasse A.

Positive
  • After-tax earnings surged 83% to $26.5 million
  • Revenue increased 5% to $334.5 million
  • Life Insurance segment achieved record year with 25% growth
  • Cemetery and Mortuary segment improved 5% to record levels
  • Mortgage segment reduced losses by 64% ($11M) with 8% revenue growth
  • Net earnings per share increased to $1.11 from $0.61
  • Book value per share grew to $14.45 from $13.44
Negative
  • Mortgage segment still operating at a loss despite improvements
  • Mortgage industry remains profit-challenged according to MBA

Insights

Security National Financial 's fiscal 2024 results demonstrate remarkable financial strength, with after-tax earnings surging 83% to $26.5 million on a more modest 5% revenue increase to $334.5 million. This substantial gap between revenue and profit growth reveals significant operational efficiency improvements and margin expansion across the business.

The company's diversified business model proved highly effective, with all three segments showing notable progress. The Life Insurance segment achieved its best year ever with a 25% improvement year-over-year, suggesting successful premium pricing adjustments and sales force optimization. The Cemetery and Mortuary segment likewise posted record results with 5% growth, maintaining its seven-year streak of "Best in State" recognition in Utah.

Most impressive is the Mortgage segment's performance amid industry headwinds. While the mortgage industry remains "profit challenged" according to the company (with Q4 being Production Income negative per the Mortgage Bankers Association), SNFCA reduced segment losses by 64% (over $11 million) while growing segment revenue by 8%. This counter-cyclical improvement demonstrates effective cost management and operational streamlining.

These operational successes translated directly to shareholder value, with earnings per share nearly doubling from $0.61 to $1.11 and book value per share increasing 7.5% to $14.45. With before-tax income improvement exceeding 100% according to management, SNFCA has clearly executed effectively across its diverse business portfolio while maintaining investments in systems and training that should support continued growth.

SALT LAKE CITY, March 31, 2025 (GLOBE NEWSWIRE) -- Security National Financial Corporation (SNFC) (NASDAQ symbol "SNFCA") announced financial results for the year ended December 31, 2024.

For the twelve months ended December 31, 2024, SNFC’s after-tax earnings from operations increased 83% from $14,495,000 in 2023 to $26,536,000 in 2024, on a 5% increase in revenues to $334,523,000.

Scott Quist, Chairman of the Board, President, and Chief Executive Officer of SNFC, said, “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. We believe there is much opportunity for growth as we evaluate our competitive positions, improve the value propositions for our sales force, and increase premium rates where appropriate. We have spent much effort modernizing our commission systems with increased flexibility and capability to better reward our high performing sales professionals. 2024 was our Cemetery and Mortuary Segment’s best year ever improving 5% over 2023 which was its previous best year ever. We spent much time to better organize and train our staffs to provide the best care possible in the inherently sensitive situations within which we provide service. 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. In that same vein it should be noted that as a total Security National Financial organization we have received the “Top Workplace Award” for the last 9 consecutive years, which award highlights our commitment to our employees. 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, with Q4 being Production Income negative according to the Mortgage Bankers Association.   Our talented management group continues to work on streamlining, rightsizing, adding quality personnel, and consolidating operations where possible, to provide consistently competitive rates and customer experience in a tough environment. Across all our Segments we have made very concerted efforts to provide all our sales forces the tools and accountability necessary to increase their incomes in this inflation-challenged economy by improving efficiency and increasing the value provided to our consumers.   Lastly I will say that any year that we as a total organization improve our before tax income by over 100%, is a very good year.”

SNFC has three business segments. The following table shows the revenues and earnings before taxes for the twelve months ended December 31, 2024, as compared to 2023, for each business segment:

 Revenues Earnings before Taxes
  2024  2023    2024   2023  
Life Insurance$191,530,000 $185,176,000 3.4% $31,456,000  $25,272,000 24.5%
            
Cemeteries/Mortuaries$33,022,000 $31,938,000 3.4% $8,861,000  $8,444,000 4.9%
            
Mortgages$109,971,000 $101,383,000 8.5% $(6,213,000) $(17,416,000)64.3%
            
Total$334,523,000 $318,497,000 5.0% $34,104,000  $16,300,000 109.2%
            

Net earnings per common share was $1.11 for the twelve months ended December 31, 2024, compared to net earnings of $.61 per share for the prior year, as adjusted for the effect of annual stock dividends. Book value per common share was $14.45 as of December 31, 2024, compared to $13.44 as of December 31, 2023.

The Company has two classes of common stock outstanding, Class A and Class C. There were 23,451,432 Class A equivalent shares outstanding as of December 31, 2024.

This press release contains statements that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to Security National Financial Corporation and its business. The predictions in the statements will involve risk and uncertainties and, accordingly, actual results may differ significantly from the results discussed or implied in such forward-looking statements.

If there are any questions, please contact Mr. Garrett S. Sill or Mr. Scott Quist at:

Security National Financial Corporation
P.O. Box 57250
Salt Lake City, Utah 84157
Phone (801) 264-1060
Fax (801) 265-9882


FAQ

What was SNFCA's earnings growth in 2024?

SNFCA's after-tax earnings grew 83% to $26.5 million in 2024 compared to $14.5 million in 2023.

How did SNFCA's Mortgage segment perform in 2024?

The Mortgage segment reduced losses by 64% ($11 million) and increased revenue by 8% in 2024.

What was SNFCA's book value per share as of December 31, 2024?

SNFCA's book value per share was $14.45 as of December 31, 2024, up from $13.44 in 2023.

How much did SNFCA's Life Insurance segment improve in 2024?

SNFCA's Life Insurance segment achieved its best year ever with a 25% improvement over 2023.

What was SNFCA's revenue growth in 2024?

SNFCA's revenue grew 5% to $334.5 million in 2024.
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SNFCA Stock Data

276.01M
14.77M
30.12%
48.16%
0.07%
Mortgage Finance
Finance Services
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United States
SALT LAKE CITY