Security National Financial's Q2 profit rises on mortgage segment improvement

Overview

• US funeral, insurance and mortgage firm's Q2 after-tax earnings rose 7.3% yr/yr, revenue fell 6.3%

• Net earnings per share for first half rose to $0.60 from $0.55 a year earlier

• Mortgage segment returned to profitability, cemetery/mortuary segment saw strong revenue and profit growth

Outlook

• Company did not provide specific financial guidance for the current quarter or full year

Result Drivers

• MORTGAGE SEGMENT TURNAROUND - Mortgage segment returned to profitability with $1.6 mln year-over-year improvement in Q2, attributed to operational changes

• CEMETERY/MORTUARY GROWTH - Cemetery and mortuary segment revenue rose 21% and profit 69% in Q2, driven by improved preneed cemetery sales and a $1 mln favorable investment result

• LIFE INSURANCE PRESSURE - Life insurance segment revenue and profit declined due to fewer single-premium product sales and lower investment income, partially offset by improved first-year premium sales

Company press release: ID:nGNX22dRN8

Key Details

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)