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Security National Financial Corporation Class A Common Stock (SNFCA+0.87%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing total revenues of $334,522,668, an increase from $318,497,490 in the previous year. This increase was primarily driven by a rise in mortgage fee income and insurance premiums.
Net earnings for the year were $26,535,768, up from $14,495,058 in the previous year. The increase in net earnings was attributed to higher revenues and a decrease in total benefits and expenses as a percentage of total revenues.
The life insurance segment reported revenues of $198,801,650, with net earnings of $24,851,000, marking a 15% increase from the previous year. This was due to higher insurance premiums and a decrease in policy benefits.
The cemetery and mortuary segment reported revenues of $33,363,137, with net earnings of $6,634,000, a 5% increase from the previous year. This was primarily due to an increase in cemetery pre-need sales.
The mortgage segment reported revenues of $110,544,373, with a net loss of $4,949,000, an improvement from the previous year's net loss of $13,435,000. The improvement was due to increased loan originations and secondary gains from investors.
The company reported total assets of $1,489,807,214 and total liabilities of $1,151,024,935 as of December 31, 2024. Stockholders’ equity increased to $338,782,279 from $312,895,219 in the previous year.
The company’s life insurance subsidiaries were in compliance with regulatory capital requirements, with a combined statutory capital and surplus of $120,216,000 as of December 31, 2024.
The filing also details the company's investments, which include fixed maturity securities, equity securities, mortgage loans, and real estate. The company continues to focus on its real estate development projects, including the Center53 Development in Salt Lake City.
Security National Financial Corporation does not anticipate cash dividend payments to common stockholders in the near future. The company continues to focus on growth through acquisitions and expansion of its business segments.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Security National Financial Corporation Class A Common Stock annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.