Security National Financial (SNFCA) Q4 2024 earnings summary

Executive summary

• After-tax earnings from operations rose 83% year-over-year to $26.5M for 2024 on a 5% revenue increase to $334.5M.

• Life Insurance and Cemetery/Mortuary segments achieved record operational years, with Life Insurance up 25% and Cemetery/Mortuary up 5% over 2023.

• Mortgage segment reduced its loss by 64% to $6.2M and grew revenue by 8.5% despite industry-wide challenges.

• Net earnings per share increased to $1.11 from $0.61 year-over-year; book value per share rose to $14.45 from $13.44.

Financial highlights

• Total revenues reached $334.5M, up 5% from $318.5M in 2023.

• Earnings before taxes more than doubled to $34.1M from $16.3M year-over-year.

• After-tax earnings from operations increased 83% to $26.5M.

• Net earnings per share rose to $1.11, up from $0.61 in 2023.

• Book value per share increased to $14.45 from $13.44.

Outlook and guidance

• Management sees continued growth opportunities in Life Insurance through competitive positioning and premium rate adjustments.

• Ongoing modernization of commission systems aims to further incentivize high-performing sales professionals.

• Efforts to streamline and consolidate Mortgage operations continue amid a challenging industry environment.