Q3 2025 Security National Financial Corp Earnings Call Transcript
Key Points
- Security National Financial Corp (SNFCA) achieved a 7.9% return on equity for the nine months ending September 30, 2025, showing improvement from the previous quarter.
- The Mortgage segment returned to profitability in Q3 2025, marking its first profitable quarter since Q3 2024.
- Personnel costs were flat for the quarter, indicating successful implementation of operational efficiencies.
- The Cemetery Mortuary segment posted improved results over Q3 2024, with stabilized pre-need cemetery land sales.
- Investment income remained strong, particularly in the Life Insurance segment, contributing positively to overall earnings.
- Overall net earnings for the year-to-date period were down $8 million compared to the same period in 2024.
- The Life Insurance segment experienced a 37% decrease in pre-tax income due to increased deferred acquisition costs and lower unrealized gains.
- The Mortgage segment's market share decreased due to higher refinance volumes, highlighting an area of underperformance.
- Personnel costs increased by 10% compared to Q3 2024, despite efforts to control expenses.
- The implementation of new accounting standards (LDTI) in Q4 2025 is expected to cause significant adjustments to financial statements, adding uncertainty.
Good afternoon, everyone, and welcome to Security National Financial Corporation's third-quarter 2025 earnings call. We thank you for joining us today to review our financial and operational results for the period ended October 31, 2025.
Before we begin, we'd like to remind everyone that our remarks today will include forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from those projected. Such risks include, but are not limited to, changes in economic conditions, interest rates, regulatory developments, competitive pressures, and other factors detailed in our filings of the Securities and Exchange Commission. We caution you not to place undue reliance on these forward-looking statements, which speak only as of today's date. We undertake no obligation to publicly update or revise these statements to reflect future events or circumstances, except as required by law.
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