Achieving New Milestones for 2024
Security National Financial Corporation (SNFC) has made impressive strides in its financial performance for the year ending December 31, 2024. This year showcased a remarkable 83% increase in after-tax earnings from $14,495,000 in 2023 to an impressive $26,536,000 in 2024, buoyed by a 5% growth in revenues, totaling $334,523,000. These results manifest the company’s successful strategies and resilient market position.
Insights from Leadership
Scott Quist, the Chairman of the Board, President, and Chief Executive Officer of SNFC, expressed his satisfaction with these results. He emphasized, “2024 marked another year of solid progress for our company.” Notably, the Life Insurance Segment achieved its best operational year, marking a 25% improvement compared to 2023, previously its stellar year. This progress points towards significant opportunities for future growth, as the company continues to evaluate its competitive positioning and enhance the offerings provided to its sales force.
Improvements in Sales and Service
SNFC focused on modernizing its commission systems, enhancing flexibility and rewarding high-performing sales professionals. The Cemetery and Mortuary Segment also celebrated its best year with a 5% improvement. This highlights SNFC’s commitment to delivering compassionate, quality care during sensitive situations. The group has been recognized for its excellence, receiving the “Best in State” award for seven consecutive years.
Recognizing Workplace Excellence
SNFC proudly received the “Top Workplace Award” for the last nine consecutive years, underscoring its dedication to employee satisfaction and an inclusive work environment. The company recognizes that a motivated and committed workforce contributes significantly to the delivery of quality service and fosters a culture of success.
Mortgage Segment Recovery
The Mortgage Segment showed resilience by decreasing its losses by over $11 million, amounting to a 64% drop while increasing revenue by more than 8%. This is particularly noteworthy as the broader mortgage industry struggles with challenges, especially in the fourth quarter where production income may fall. SNFC's management is dedicated to improving operations and providing competitive rates amidst these challenges.
Streamlining Operations
SNFC’s management team is proactive in streamlining, rightsizing, and enhancing operational efficiency. By adding quality personnel and consolidating operations where feasible, the company aims to offer consistent and competitive rates while maintaining superior customer experiences, even in a challenging economic environment.
Financial Breakdown and Performance
Each of SNFC’s business segments significantly contributed to the overall financial performance in 2024. Here’s a snapshot of revenues and earnings before taxes compared to 2023 across three segments:
Life Insurance: Revenues surged to $191,530,000 in 2024 from $185,176,000 in 2023, with earnings before taxes improving to $31,456,000.
Cemeteries/Mortuaries: Revenues increased to $33,022,000, rising from $31,938,000, resulting in $8,861,000 in earnings before taxes. This segment demonstrates a solid 4.9% earnings growth.
Mortgages: This segment reached revenues of $109,971,000 compared to $101,383,000, reflecting a sharp focus on recovery with losses narrowing significantly to $(6,213,000).
Considering Future Growth
With net earnings recorded at $1.11 per common share for 2024, compared to $.61 for the previous year, the financial outlook is evidently on an upward trajectory. The book value per common share rose to $14.45 at the close of 2024 from $13.44 the previous year, signaling healthy growth for investors.
Class Structure of Stock
SNFC operates with two classes of common stock: Class A and Class C. As of the end of 2024, there were 23,451,432 Class A equivalent shares outstanding, which highlights the company's efforts in maintaining a vibrant capital structure.
Contact Details
For further inquiries or clarifications, please reach out to:
Security National Financial Corporation
P.O. Box 57250
Phone (801) 264-1060
Fax (801) 265-9882
Frequently Asked Questions
1. What are the key financial results for SNFC in 2024?
For 2024, SNFC reported an 83% increase in after-tax earnings, totaling $26,536,000, with revenues reaching $334,523,000.
2. How did the Life Insurance Segment perform?
The Life Insurance Segment had its optimal operational year, achieving a 25% growth over the previous year.
3. What improvements were made in the Mortgage Segment?
The Mortgage Segment significantly reduced its losses by over $11 million, equating to a 64% decrease while increasing revenue by over 8%.
4. What awards has SNFC received for its workplace culture?
SNFC earned the “Top Workplace Award” for the last nine consecutive years, indicating its commitment to employee satisfaction.
5. How many shares of common stock does SNFC have?
As of December 31, 2024, SNFC had 23,451,432 Class A equivalent shares outstanding.
