Security National bucks the trend, increases margin in 2Q 2023



On August 14, Security National Financial Corporation (SNFC) issued this press release on its 2nd Quarter 2023 financial results.  The company which operates in three segments — Life Insurance, Memorial, and Mortgages, saw their after tax earnings increase nearly 78% from about $3.6 million in 2Q 2022 to over $6.3 million in 2Q 2023.


Of most interest to us at Funeral Director Daily was their increase in both Revenue and Earnings before Taxes in the Memorial Segment which covers their operations in the Cemetery and Funeral Home businesses.  2nd Quarter Revenues increased in this segment over 20% from the same quarter of 2022. . . .they increased to $8.8 million from last year’s $7.2 million.


More impressive, however, was the 2nd Quarter Earnings before Taxes (EbT) for the Memorial segment.  On that $8.8 million in sales, the Memorial segment reported $2.828 million in EbT for the 2nd Quarter of 2023.  That’s a whopping 32.1% of revenue.  When compared to the 2nd Quarter of 2022, it almost doubles the 2Q2022 Earnings before Taxes of $1.48 million, which was 20.4% of segment revenue.


Here’s what SNFC President Scott M. Quist said about the Memorial segment in his prepared remarks for the press release, “Our Memorial Segment continues to stabilize as death counts have stabilized“.


What else we noticed about SNFC’s business:

  • SNFC’s Life Insurance segment, of which their PreNeed division is held has had a 13.1% increase in Revenues for the first six months of 2023 as compared to the same period in 2022 and the segment has had a 170% increase in Earnings before Taxes for the same comparable period.


  • SNFC’s Mortgage segment is the laggard of the company at this time — they show a 46% decrease in Revenue in the comparable six-month periods of 2023 and 2022.


More news from the world of Death Care:


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