Security National Financial Corporation Reports Financial Results for the Year Ended December 31, 2021

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[{"type":"text","content":"SALT LAKE CITY, April 04, 2022 (GLOBE NEWSWIRE) -- Security National Financial Corporation (SNFC) (NASDAQ symbol \"SNFCA\") announced financial results for the year ended December 31, 2021. For the twelve months ended December 31, 2021, SNFC’s after-tax earnings from operations decreased 29% from $55,597,000 in 2020 to $39,519,000 in 2021, on a 2% decrease in revenues to $470,696,000. Scott Quist, Chairman of the Board, President, and Chief Executive Officer of SNFC, said, “Many adjectives have been used to describe the past two years, including unprecedented, extraordinary, devastating, and unparalleled. For Security National, I would use the term “remarkable” in describing the performance of our teams. Among the most telling metrics summarizing our Company’s performance for 2020 and 2021 are that total Stockholder’s Equity increased 50% and revenues increased 66%. There have been major economic and societal currents that have had very mixed effects over the last two years. The pandemic caused horrific increases in mortality, which did economically benefit our death care segment, but correspondingly stressed our insurance segment. Additionally, the decline in interest rates stressed our insurance segment, but correspondingly benefitted our mortgage segment. As those currents reverse themselves, as they seem to be doing, I anticipate that the corresponding economic stresses and benefits will also reverse to some degree. The speed, and sometimes even the direction of those currents, is difficult to anticipate. During the last two years our death care segment has overcome staffing shortages due to pandemic related illnesses and restrictions, coupled with unprecedented demand. Their performance in providing care during this most difficult time has been exceptional. Our mortgage segment saw demand double in a matter of weeks as interest rates fell, while at the same time our production teams converted to working from home. Their performance in serving our customers’ financial needs has also been outstanding. Lastly, our insurance segment, while also converting to working from home, processed huge increases in death claims while remarkably maintaining our pre-pandemic levels of service for our 700,000 insurance policies. I believe we should all be justifiably proud of our Company’s performance.” SNFC has three business segments. The ...

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