When one looks at the totality of the 2nd Quarter 2024 report for Security National Financial Corporation (SNFC) you would have to say that “overall” it was a pretty good quarter for the company —- total revenues increased 2.3% over the same period in 2023 and Earnings before Taxes jumped 15.2% to $9.3 million as compared to 2Q2023 Earnings of $8.1 million.

You can access the press release on SNFC’s quarterly performance here.

Oddly enough, even in this elevated interest rate environment, it was SNFC’s Mortgage segment that led the way to the Revenue and Earnings increase for the quarter.  As you may know, SNFC operates in three business segments, the Mortgage segment and then two which include Death Care profession businesses, the Life Insurance segment and the Cemeteries/Mortuary segments.

For both of those Death Care related segments, revenue and Earnings before Taxes dropped in this year’s 2nd Quarter in comparison with 2023’s 2nd Quarter.  The Life Insurance revenue was off 1.7% and the Cemetery/Mortuary revenue was off 6.1%. . . .and both had less earnings before taxes in 2Q24 than in 2Q23.

However, when you look at the first 6-months of 2024, both of those segments, on the strength of good 1st Quarters, are running ahead of the 2023 pace.  Life Insurance segment revenues for the half-year are at $97.2 million, 4.0% over the first-half year of 2023 and Life Insurance earnings before taxes are up 22.2% as compared to the first-half of 2023.

Cemetery/Mortuary segment first-half performance shows increased revenue of 6.6% to $17.0 million as compared to the first-half of 2023 which came in at $16.0 million.  And, 6-month Earnings before Taxes for the Cemetery/Mortuary segment are at $5.1 million for 2024 as compared to $4.6 million for the same period in 2023, an 11.5% increase.

Here are some comments from SNFC’s President Scott M. Quist about the report:

• “I am quite pleased with our Company’s financial performance in the first half of 2024. . . “

• “From an operational perspective our Memorial Team achieved an admirable 20% plus improvement in the first half of the year in both mortuary and cemetery operations.”

• “Our Insurance Team continued to hold costs steady in the inflationary environment and improved our premium rates significantly. The improved premium rates will not show up in the financial statement for a while since they apply only to new business, but they nevertheless represent significant effort and achievement in understanding and adapting to our changing markets.”

• “Our Mortgage Segment, through extraordinary continuous effort, achieved the first quarter of profitability in the last nine quarters.”

• “As an instructional backdrop, the Mortgage Bankers Association reports an unprecedented 8 consecutive quarters of industry-wide negative production profit. Previously the MBA had never reported 2 consecutive quarters of negative production profit and only 3 total quarters going back to Q3 2008.“

Disclaimer — The author of this article for Funeral Director Daily is a shareholder in Security National Financial Corporation.

More news from the world of Death Care:

• Cremation Honor Wall to provide resting space for 1,500 veterans at Mansfield Cemetery.  Aol
• Funeral association president says more support needed to help families struggling to bury loved ones.  CBC News (Canada)
• Funeral pricing transparency may tip the scales in favor of consumers.  Chapelboro.com (NC)
• “A moral issue”:  Canadian funeral directors warn of unauthorized obituaries.  CTV (Canada)

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