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Security National FY09 Revenues Remain Flat

IBR Staff Writer Published 06 April 2010

Security National Financial has reported revenues of $218.5m for the fiscal year 2009, which remained almost flat compared to $219.5m for the same period last year.

The company's pre-tax earnings from operations were $6.35m in 2009, an increase of 768% compared to $0.73m in 2008. The book value per common share was $7.30 compared to $7.12.

For the full year ended December 31, 2009, the company posted net after tax earnings of $3.8m an increase of 556% compared to $0.58m in 2008. Net earnings per common share for the year was $0.46 compared to $0.07 per share for the same period last year.

Security National's life insurance segment revenues increased 9% from 2008 to $55.13m in 2009, while cemeteries/mortuaries segment revenues decreased 7% to $12.8m and mortgages segment saw a decrease of 3% to $150.6m in 2009.

Scott Quist, president of SNFC, said: “The economic environment within which we must operate continues to be very troubled. Of course we are gratified that we have maintained our revenues and increased our profitability during these times. This low interest rate environment continues to hamper life segment profitability and assuming moderately rising interest rates in the near future such increases would hamper mortgage segment profitability.”