Finance

Security National’s Cemetery/Mortuary revenues up 28% in Q2

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Security National Financial Corporation of Utah revealed their 2nd Quarter 2021 financial numbers earlier this month.  Total revenues for the entire company were actually down about 2% overall as their Mortgage Division saw an overall 8% decline in revenues as compared to the same quarter of 2020.

However, the company’s Life Insurance division, which included preneed insurance and its Cemetery/Mortuary divisions both saw an increase in revenues which lowered that overall revenue loss to only 2%.  The Life Insurance Division saw an increase in revenues to just over $40 million for the quarter which represents a 7.6% increase over 2Q 2020.  And, the Cemetery/Mortuary Division of the company saw revenues expand to $6.8 million on the quarter as compared to revenues of $5.3 million for the division in the 2dn Quarter of 2020.

Here’s what Security National’s President Scott Quist said of the earnings report, “I think we have to be pleased with the operational performance of our company. Q2 2021 represents the Company’s second best second quarter performance and Q1 and Q2 2021 represent our best first half performance.”

For the first six months of 2021, the Cemetery/Mortuary Division of Security National Financial Corporation has reported over $13.8 million in revenues as compared to $9.3 million in the same quarter of 2020. . . . an increase of 48.1%.  Probably more impressive is that the company’s Cemetery/Mortuary Division Earnings before Taxes has increased over 200% to $4.97 million in 2Q21 from $1.65 million in 2q20.

Here’s what President Scott Quist had to say specifically about the Cemetery/Mortuary segment of the company, “Our Memorial segment delivered a very exceptional first half, with operational income increasing 200% over 2020. While some of that improvement related to increased mortality due to COVID, much of the improvement was driven by an increase in preneed cemetery sales. Our dedicated staffs provided, and continue to provide, excellent customer service in difficult working environments, which we believe has led to our increased market share.”

You can access Security National Financial Corporation’s 2nd Quarter earnings press release here.

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