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Security National Financial's Q3 after-tax earnings fall 39% due to challenging market conditions

By Reuters News


Overview

  • US insurance, funeral, and mortgage firm's Q3 after-tax earnings fell nearly 39% yr/yr amid challenging market conditions

  • Total Q3 revenue declined 10.5% yr/yr

  • Stockholders’ equity rose 8.2% in Q3, driven by revaluation of life reserves


Outlook

  • Company says unfavorable geopolitical environment continues to weigh on market conditions and volumes

  • Security National expects subdued housing and mortgage activity in most serviced markets

  • Company anticipates profits from increased life insurance sales to be realized in future years


Result Drivers

  • WEAK MARKET CONDITIONS - Unfavorable geopolitical environment and deteriorating market conditions reduced volumes, hurting profitability

  • MORTGAGE SEGMENT LOSS - Mortgage segment swung to loss, partly due to non-cash fair value adjustments to loans and derivatives

  • LOWER INVESTMENT YIELDS - Timing of home builder profit recognition, credit loss provisions, and decreased funeral funding yields weighed on insurance segment profits


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

9M EPS

$0.82


Reuters Recommended Reads

  • Nov 9 - LoanDepot Q3 sales misses estimates on lower volumes

  • Nov 7 - Berkshire Hathaway’s insurance operating earnings drop 42.9% to $1.35 billion in Q3

  • Nov 9 - Barrick Mining Q3 revenue rises 22% on higher gold prices


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

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