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Security National Financial (SNFCA) investor relations material
Security National Financial Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
After-tax earnings for Q3 2025 decreased 34% year-over-year to $7.8 million; nine-month after-tax earnings fell 30% to $18.7 million, reflecting higher expenses and amortization of deferred policy acquisition costs.
Total revenues for the nine months ended September 30, 2025, increased 2.5% year-over-year to $261.6 million, driven by higher net investment income and mortgage fee income.
Return on equity improved to 7.9% for the nine months, annualizing to 10.5%, up from 8.5% in June.
Operational efficiencies offset increased personnel costs from talent hiring, with year-to-date personnel cost growth slowing from 10% in June to 6% in September; personnel costs were flat for the quarter.
The company operates in three segments: life insurance, cemetery/mortuary, and mortgage, each facing unique market and operational dynamics.
Financial highlights
Q3 2025 revenues rose 1.2% year-over-year to $89.3 million; earnings before taxes dropped 33.3% to $10.2 million.
Net earnings for Q3 2025 were $7.8 million, down from $11.8 million in Q3 2024.
Diluted EPS for Q3 2025 was $0.31, compared to $0.47 in Q3 2024; for the nine months, diluted EPS was $0.73, down from $1.05.
Stockholders' equity increased to $365.4 million from $338.8 million at year-end 2024, and book value per share rose to $14.79 as of September 30, 2025.
Net investment income for the nine months rose 7.4% year-over-year to $59.9 million.
Outlook and guidance
Management expects improved sales and operational efficiencies to benefit future results, especially from recent talent investments.
Continued focus on cost reduction, niche insurance products, cemetery/mortuary expansion, and leveraging the housing market for mortgage originations.
Preparing for audit of internal controls and revamping Form 10-K due to LDTI adoption, which will cause significant adjustments to benefit reserves and deferred acquisition costs.
Management remains confident in long-term profitability and financial health despite current headwinds.
Adoption of new insurance accounting standards is expected to increase stockholders' equity by $4–6 million.
SNMC refinance underperformance plan for 2026
LDTI impact on balance sheet and income statement
Return on increased sales and executive talent investment
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Next Security National Financial earnings date
Q4 202530 Mar, 2026
Next Security National Financial earnings date
Q4 202530 Mar, 2026
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Frequently asked questions
Security National Financial Corporation operates in three primary business segments: life insurance, cemetery and mortuary services, and mortgage lending. The life insurance segment focuses on selling and servicing various life insurance products, including annuities and accident and health insurance. The cemetery and mortuary segment operates funeral homes, cemeteries, and provides related products and services in Utah, California, and New Mexico. The mortgage segment is involved in originating and underwriting residential and commercial loans across several states, including Florida, Nevada, Texas, and Utah. The company is headquartered in Salt Lake City, Utah, and its shares are listed on the NASDAQ.
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