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Business Segment Information (Tables)
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Schedule of Revenues and Expenses by Reportable Segment

 

   Insurance   Mortuary   Mortgage   Eliminations   Consolidated 
   Year Ended December 31, 2022 
   Life   Cemetery/       Intercompany     
   Insurance   Mortuary   Mortgage   Eliminations   Consolidated 
Revenues:                         
From external sources:                         
Revenue from customers  $105,144,646   $26,993,855   $173,356,675    -   $305,495,176 
Net investment income   62,565,021    2,444,599    1,187,972    -    66,197,592 
Gains (losses) on investments and other assets   (459,462)   (796,096)   398,098    -    (857,460)
Other than temporary impairments   -    -    -    -    - 
Other revenues   1,932,402    305,073    16,579,545    -    18,817,020 
Intersegment revenues:                         
Net investment income   6,601,132    451,139    356,574    (7,408,845)   - 
Total revenues   175,783,739    29,398,570    191,878,864    (7,408,845)   389,652,328 
Expenses:                         
Death, surrenders and other policy benefits   64,066,432    -    -    -    64,066,432 
Increase in future policy benefits   28,858,969    -    -    -    28,858,969 
Amortization of deferred policy and pre-need acquisition costs and value of business acquired   17,352,803    597,399    -    -    17,950,202 
Selling, general and administrative expenses:                         
Commissions   4,097,680    1,372,200    57,851,212    -    63,321,092 
Personnel   26,285,207    9,305,429    64,520,887    -    100,111,523 
Advertising   1,649,273    628,114    3,420,611    -    5,697,998 
Rent and rent related   384,908    163,182    6,334,923    -    6,883,013 
Depreciation on property and equipment   1,036,521    759,415    700,970    -    2,496,906 
Provision for loan loss reserve   -    -    -    -    - 
Cost related to funding mortgage loans   -    -    7,540,041    -    7,540,041 
Intersegment   232,915    160,690    1,795,507    (2,189,112)   - 
Other   13,190,827    5,321,730    27,285,196    -    45,797,753 
Interest expense:                         
Intersegment   462,753    274,911    4,482,069    (5,219,733)   - 
Other   3,969,905    710    3,859,828    -    7,830,443 
Costs of goods and services sold-mortuaries and cemeteries   -    4,721,094    -    -    4,721,094 
Total benefits and expenses   161,588,193    23,304,874    177,791,244    (7,408,845)   355,275,466 
Earnings before income taxes  $14,195,546   $6,093,696   $14,087,620   $-   $34,376,862 
Income tax expense   (4,034,979)   (1,523,954)   (3,127,627)   -    (8,686,560)
Net earnings  $10,160,567   $4,569,742   $10,959,993   $-   $25,690,302 
                          
Identifiable assets  $1,246,840,586   $82,320,929   $219,872,163   $(93,174,569)  $1,455,859,109 
                          
Goodwill  $2,765,570   $2,488,213   $-   $-   $5,253,783 

 

 

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2022 and 2021

 

15) Business Segment Information (Continued)

 

   Insurance   Mortuary   Mortgage   Eliminations   Consolidated 
   Year Ended December 31, 2021 
   Life   Cemetery/       Intercompany     
   Insurance   Mortuary   Mortgage   Eliminations   Consolidated 
Revenues:                         
From external sources:                         
Revenue from customers  $100,254,573   $23,997,313   $263,418,230    -   $387,670,116 
Net investment income   56,091,725    1,653,940    519,018    -    58,264,683 
Gains on investments and other assets   4,554,528    1,511,965    198,641    -    6,265,134 
Other than temporary impairments   (39,502)   -    -    -    (39,502)
Other revenues   2,152,531    100,255    16,282,325    -    18,535,111 
Intersegment revenues:                         
Net investment income   7,569,875    314,001    599,115    (8,482,991)   - 
Total revenues   170,583,730    27,577,474    281,017,329    (8,482,991)   470,695,542 
Expenses:                         
Death, surrenders and other policy benefits   67,218,455    -    -    -    67,218,455 
Increase in future policy benefits   26,263,312    -    -    -    26,263,312 
Amortization of deferred policy and pre-need acquisition costs and value of business acquired   15,611,374    531,596    -    -    16,142,970 
Selling, general and administrative expenses:                         
Commissions   3,514,498    1,917,899    112,854,072    -    118,286,469 
Personnel   25,009,096    6,850,617    68,880,448    -    100,740,161 
Advertising   1,160,640    570,924    4,894,854    -    6,626,418 
Rent and rent related   733,726    109,318    6,399,243    -    7,242,287 
Depreciation on property and equipment   806,543    479,005    650,065    -    1,935,613 
Provision for loan loss reserve   -    -    -    -    - 
Cost related to funding mortgage loans   -    -    10,541,570    -    10,541,570 
Intersegment   497,113    113,062    671,107    (1,281,282)   - 
Other   12,075,374    5,224,178    35,766,430    -    53,065,982 
Interest expense:                         
Intersegment   392,003    97,195    6,712,511    (7,201,709)   - 
Other   2,328,868    54,620    4,744,028    -    7,127,516 
Costs of goods and services sold-mortuaries and cemeteries   -    3,704,014    -    -    3,704,014 
Total benefits and expenses   155,611,002    19,652,428    252,114,328    (8,482,991)   418,894,767 
Earnings before income taxes  $14,972,728   $7,925,046   $28,903,001   $-   $51,800,775 
Income tax expense   (2,943,715)   (1,975,787)   (7,362,283)   -    (12,281,785)
Net earnings  $12,029,013   $5,949,259   $21,540,718   $-   $39,518,990 
                          
Identifiable assets  $1,236,406,558   $73,432,116   $328,600,841   $(96,099,992)  $1,542,339,523 
                          
Goodwill  $2,765,570   $2,488,213   $-   $-   $5,253,783