Finance

Security National reports 3Q and 9-month 2019 financials

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Security National Financial Corporation of Utah, a public company that has operations in both the mortuary and insurance businesses reported financial numbers for their 3rd Quarter of 2019 recently.  You can read their press release on that information here.

3rd Quarter Life Insurance revenues are up slightly to $29.8 million in 2019 from $28.9 million in 2018 during the same period.  They report, however, that their Cemetery/Mortuary revenue for the 3rd quarter is down in 2019 to $3.57 million from $4.01 million during last year’s 3rd Quarter.

For the year’s first nine months, SNFC reports that both Life Insurance revenue and Cemetery/Mortuary revenue is down.  The Life Insurance segment is down approximately 18.6% and the Cemetery/Mortuary revenue is down about 4.5% from 2018’s first nine months.

President Scott M. Quist is quoted in the press release with this statement, “I am pleased with the year to date operational performance of our Company.  First, I would note our momentum.  We have clearly improved each quarter of the year.”  Quist continues, “Our year to date Insurance Segment operational income is up about 10% over 2018, and our year to date Memorial Segment operational income is up about 11%.  In my view, those results are enviable in our marketplaces.  Lastly, it should not go without saying that obtaining the necessary yields within acceptable risk tolerances for our Insurance Segment continues to be difficult in this low interest rate environment.”

You can see the web-site for Memorial Mortuaries and Cemeteries here.

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