Security National Financial Corporation reported significant financial developments for the third quarter and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenues for Q3 2024 reached $88.3 million, a 10% increase from $80.2 million in Q3 2023. For the nine months, revenues rose to $255.3 million, up 4.8% from $243.6 million in the prior year. This growth was driven by a 21.2% increase in mortgage fee income, which totaled $30.2 million for Q3 2024, and a 4.8% rise in insurance premiums, amounting to $89.8 million for the nine-month period.
Net earnings for Q3 2024 were $11.8 million, significantly higher than $4.0 million in Q3 2023. For the nine months, net earnings increased to $26.6 million from $11.6 million in the previous year. The earnings per Class A equivalent common share for Q3 2024 were $0.51, compared to $0.17 in Q3 2023, reflecting improved profitability.
The company’s total assets as of September 30, 2024, were $1.49 billion, up from $1.43 billion at the end of 2023. Cash and cash equivalents increased to $170.7 million from $126.9 million, while total investments decreased slightly to $924.2 million from $936.8 million. The increase in cash reserves was attributed to improved operational cash flow, which provided approximately $34.9 million for the nine-month period, compared to $18.4 million in 2023.
Liabilities also rose, with total liabilities at $1.15 billion as of September 30, 2024, compared to $1.12 billion at year-end 2023. Future policy benefits and unpaid claims increased to $937.8 million from $916.0 million.
In terms of strategic developments, the company has maintained a diversified mortgage loan portfolio, with total mortgage loans held for investment amounting to $285.6 million. The allowance for credit losses decreased to $1.58 million from $2.61 million a year earlier, indicating improved asset quality.
The company continues to navigate market conditions and operational challenges while focusing on enhancing its financial performance across its segments, which include life insurance, cemetery and mortuary services, and mortgage operations.
About SECURITY NATIONAL FINANCIAL CORP
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