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Security National -Family of Companies SN ( M ) SN CJ Security National Financial Corporation Reports Financial Results For The Quarter Ended September 30 , 2021 November 15 , 2021 SALT LAKE CITY , Nov. 15 , 2021 ( GLOBE NEWSWIRE ) -- Security National Financial Corporation ( SNFC ) ( NASDAQ symbol " SNFCA " ) announced financial results for the quarter ended September 30 , 2021 . For the three months ended September 30 , 2021 , SNFC's after - tax earnings from operations decreased 63.2 % from $ 29,305,000 in 2020 to $ 10,791,000 in 2021 , on a 18.3 % decrease in revenues to $ 119,509,000 . SNFC's after tax earnings for the nine months ended September 30 , 2021 , decreased 33.4 % to $ 34,177,000 from $ 51,286,000 in 2020 . Scott M. Quist , President of the Company , said , " Realizing our operational earnings decreased as compared to 2020 , I am nevertheless very proud of the results for Quarter 3 and year - to - date 2021. I believe our financial results represent a very solid performance by our teams accomplished despite a continuingly difficult operational environment . Every business segment delivered impressive results . " A common measure of a financial firm's profitability performance is its " return on assets " . Generally speaking , a 1.0 % annualized return on total assets is considered a good , if not best in class , performance . Year to date , our ROA is 2.11 % , or twice that benchmark - and that is with the 4th quarter still to go . Our return on equity for the first 9 months is 11.5 % - again , a very solid performance by almost any measure . Given the extraordinary circumstances of 2021 , a comparison to 2019 pre - pandemic results is instructive . At $ 45,175,000 our Company's third quarter year to date 2021 pre tax earnings are 385 % above Q3 2019 YTD at $ 11,816,000 . Assets have grown 34 % from $ 1.162 billion to $ 1.558 billion . " The mortgage market in 2020 , following the pandemic - related government mandated forbearances on foreclosures and mortgage and rental payments , was very confused . We were able to take advantage of that confusion because of our strong capital position , and profited financially . In 2021 the markets have been much more orderly , and while we have performed at very high levels in my opinion , the extraordinary opportunities presented by last year's confused markets simply have not been available . In a nutshell , our financial performance in 2021 has been very solid and , in many respects , the best in our Company's history , but the extraordinary gains fueled by the 2020 markets are not being replicated . " Our insurance segment's year - to - date operational income reflects similar solid results , increasing 105 % YOY . Death claims are continuing at elevated levels , probably 20 % above 2019 baselines . Obviously , COVID - 19 claims are having , and will continue to have , an impact . Nevertheless , profitability increased 105 % on essentially flat revenues . Looking deeper into the revenues , investment income improved significantly , leading to the improved profitability , but premium collections , expenses , and new sales have been essentially flat . While we have been able to grow our investment income , obtaining necessary investment yields within acceptable risk tolerances is becoming more difficult in this low interest rate environment . We do not anticipate those economic circumstances changing over the near term . " Our Memorial segment also delivered very solid Quarter 3 and year - to - date results with revenues increasing 22 % for the quarter and operational income increasing 125 % year - to - date . Contributing substantially to those results is an increase in preneed cemetery sales , with improvement in mortuary and cemetery operations also being significant contributors . This excellent performance is not an isolated occurrence . It is instructive to note that our Memorial segment has achieved an average 24 % compound annual growth rate in operational income over the last six years . In my view , such excellent financial results are the natural consequence of continuously providing superb customer care and consumer experiences during very difficult times . " SNFC has three business segments . The following table shows the revenues and earnings before taxes for the three months ended September 30 , 2021 , as compared to 2020 , for each of the three business segments : 2021 Revenues 2020 2021 Earnings before Taxes 2020 Life Insurance $ 42,040,000 $ 39,261,000 7.1 % $ 3,721,000 $ 4,807,000 ( 22.6 % ) Cemeteries / Mortuaries $ 6,705,000 $ 5,496,000 22.0 % $ 1,748,000 $ 1,322,000 32.2 % Mortgages $ 70,764,000 $ 101,448,000 ( 30.2 % ) $ 8,674,000 $ 32,455,000 ( 73.3 % ) Total $ 119,509,000 $ 146,205,000 ( 18.3 % ) $ 14,143,000 $ 38,584,000 ( 63.3 % ) For the nine months ended September 30 , 2021 : Life Insurance $ 2021 121,641,000 $ Revenues 2020 110,255,000 10.3 % $ 2021 11,110,000 $ Earnings before Taxes 2020 5,408,000 105.4 %