Both StoneMor Partners and Assurant filed earnings reports in the last couple of days. Both companies are members of the Death Care Index (DCI) of publicly traded companies.
StoneMor, which has had permission to file some reports on a delayed term, filed their report for the three months ending June 30, 2018. For that three month time period they report that they had revenues of $81.6 million and a 2nd quarter net loss of $17.0 million. That compares on a year over year basis with 2017 of the same period of a loss of $11.6 million on revenue of $86 million.
For the first six months of 2018 StoneMor claims revenues of $159.5 million as compared to revenues for the same period of 2017 of $168.9 million. The company reports a net loss for the first six months of 2018 of $34.9 million as compared to 2017’s 6-month net loss of $20.1 million.
CEO Joe Redling, also StoneMor’s President, commented in the press release, “The second quarter of 2018 genrerated stable year over year results in many of our key performance metrics such as interments performed, net interment rights sold and cemetery contracts written.”
StoneMor Partners L.P., in headquartered in Trevose, Pennsylvania and owns 322 cemeteries and 90 funeral homes according to the press release. You can read the StoneMor Partners press release here.
Assurant, which advertises it operates a business that is a “global provider of risk management solutions” does business in the Pre-Need insurance portion of the death care industry. You can read their year end report here.
Assurant CEO Alan Colberg announced, “In 2018 we successfully executed on our financial commitments, achieving solid earnings growth while further expanding our offerings. . . “. As an entire company, Assurant recorded $345.4 million of net operating income as compared to 220.0 million for the year of 2017.
Specifically, Assurant’s Global Preneed unit recorded Net Operating Income of $57.7 million for 2018 on Net premiums of $189.5 million. That compares to Net Operating Income of $39.6 million in 2017 on Net premiums of $181.0 million for that year.
Assurant announced in their earnings report that the increased net operating income for Global Preneed in 2018 was due to the impact of a lower effective tax rate, higher net investment income, including higher real estate joint venture partnership income and yields. They also announced that net premium increases was primarily driven by growth in prefunded funeral policies in the U.S. and Canada.