Core Viewpoint - Security National Financial Corporation (SNFC) reported significant financial growth for the year ended December 31, 2024, with after-tax earnings from operations increasing by 83% to $26,536,000, driven by a 5% rise in revenues to $334,523,000 [1][2]. Financial Performance - After-tax earnings from operations rose from $14,495,000 in 2023 to $26,536,000 in 2024, marking an 83% increase [1]. - Total revenues increased from $318,497,000 in 2023 to $334,523,000 in 2024, reflecting a 5% growth [1]. - Net earnings per common share improved from $0.61 in 2023 to $1.11 in 2024 [2]. - Book value per common share increased from $13.44 as of December 31, 2023, to $14.45 as of December 31, 2024 [2]. Business Segments Performance - Life Insurance Segment: Revenues grew from $185,176,000 in 2023 to $191,530,000 in 2024 (3.4% increase), with earnings before taxes rising from $25,272,000 to $31,456,000 (24.5% increase) [2]. - Cemeteries and Mortuaries Segment: Revenues increased from $31,938,000 in 2023 to $33,022,000 (3.4% increase), with earnings before taxes improving from $8,444,000 to $8,861,000 (4.9% increase) [2]. - Mortgages Segment: Revenues rose from $101,383,000 in 2023 to $109,971,000 (8.5% increase), while losses decreased from $17,416,000 to $6,213,000 (64% reduction) [2]. Management Insights - The Chairman and CEO highlighted the company's solid progress in 2024, particularly in the Life Insurance and Cemetery/Mortuary segments, which achieved their best operational years [2]. - The company has focused on modernizing commission systems and improving sales force value propositions to enhance performance [2]. - The management team is actively working on streamlining operations and improving customer experience in a challenging mortgage industry environment [2].
Security National Financial Corporation Reports Financial Results For the Year Ended December 31, 2024