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Business Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Revenues and Expenses by Reportable Segment

 Schedule of Revenues and Expenses by Reportable Segment

		Insurance				Mortuary				Mortgage				Total
		For the Three Months Ended March 31, 2025
		Life				Cemetery/
		Insurance				Mortuary				Mortgage				Total
Revenues:
From external sources:
Revenue from external customers		$	29,779,525			$	7,300,221			$	24,809,241			$	61,888,987
Net investment income			18,630,945				421,253				150,426				19,202,624
Gains on investments and other assets			290,534				209,970				85,517				586,021
Other revenues			585,598				187,850				288,643				1,062,091
Intersegment revenues			1,319,923				83,836				121,868				1,525,627
Total segment revenues			50,606,525				8,203,130				25,455,695				84,265,350
Elimination of intersegment revenues															(1,525,627	)
Total consolidated revenues															82,739,723
Less:
Death benefits			16,045,465				-				-
Surrenders and other policy benefits			1,201,555				-				-
Increase in future policy benefits			8,988,057				-				-
Amortization of deferred policy and pre-need acquisition costs and value of business acquired			4,522,570				173,965				-
Selling, general and administrative expenses:
Commissions			862,343				208,420				9,367,618
Personnel			8,526,188				2,538,026				11,118,194
Advertising			99,976				151,609				572,360
Rent and rent related			99,790				38,038				850,783
Depreciation on property and equipment			242,812				212,361				159,962
Cost related to funding mortgage loans			-				-				1,415,252
Data processing and IT related (1)			235,788				70,526				878,110
Premium taxes on insurance premiums and other considerations (1)			718,071				-				-
Other segment items (1)(2)			2,624,538				1,231,210				1,642,444
Intersegment expenses (3)			205,558				87,441				1,232,628
Interest expense			906,447				163				212,918
Costs of goods and services sold-mortuaries and cemeteries			-				1,253,270				-
Income tax expense (benefit)			1,181,211				534,844				(483,453	)
Segment net earnings (loss)			4,146,156				1,703,257				(1,511,121	)			4,338,292
Net earnings														$	4,338,292
Segment assets		$	1,406,921,748			$	108,399,058			$	100,755,930			$	1,616,076,736
Elimination of intersegment assets															(91,826,406	)
Total consolidated assets														$	1,524,250,330
Expenditures for long-lived assets		$	16,717,670			$	257,933			$	109,134			$	17,084,737

(1) Included in other expenses on the condensed consolidated statements of earnings. Data processing and IT related expenses includes various software subscriptions, maintenance, consulting, support and storage fees.

(2) For each reportable segment, other segment items includes:

Life Insurance - bad debt, insurance expenses, professional service expenses, state insurance department fees,
amortization of intangible assets, and certain overhead expenses.

Cemetery/Mortuary - bad debt, insurance expenses, professional service expenses, maintenance and utility expenses,
property taxes, amortization of intangible assets, and certain overhead expenses.

Mortgage - bad debt, insurance expenses, professional service expenses, business license and registration fees,
dues and subscriptions, amortization expense of mortgage servicing rights, and certain overhead expenses.

(3) For each reportable segment, intersegment expenses includes:

Life Insurance - mortgage servicing fees and interest expense.

Cemetery/Mortuary - rent expense, data processing and IT related expenses, and interest expense.

Mortgage - rent expense and interest expense.

SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2025 (Unaudited)

7) Business Segment Information (Continued)

		Insurance				Mortuary				Mortgage				Total
		For the Three Months Ended March 31, 2024
		Life				Cemetery/
		Insurance				Mortuary				Mortgage				Total
Revenues:
From external sources:
Revenue from external customers		$	29,852,093			$	6,948,491			$	21,831,670			$	58,632,254
Net investment income			18,612,363				1,084,192				250,013				19,946,568
Gains (losses) on investments and other assets			1,088,493				582,162				(1,229	)			1,669,426
Other revenues			417,686				172,733				349,531				939,950
Intersegment revenues			1,379,575				84,768				146,606				1,610,949
Total segment revenues			51,350,210				8,872,346				22,576,591				82,799,147
Elimination of intersegment revenues															(1,610,949	)
Total consolidated revenues															81,188,198
Less:
Death benefits			15,713,753				-				-
Surrenders and other policy benefits			1,215,793				-				-
Increase in future policy benefits			9,345,887				-				-
Amortization of deferred policy and pre-need acquisition costs and value of business acquired			4,509,432				234,481				-
Selling, general and administrative expenses:
Commissions			406,498				231,785				7,342,934
Personnel			7,231,308				2,309,726				10,314,101
Advertising			107,496				127,677				452,482
Rent and rent related			106,560				40,281				1,254,636
Depreciation on property and equipment			224,077				206,605				156,767
Cost related to funding mortgage loans			-				-				1,449,095
Data processing and IT related (1)			206,299				66,800				952,222
Premium taxes on insurance premiums and other considerations (1)			760,959				-				-
Other segment items (1)(2)			1,830,106				1,233,177				1,236,347
Intersegment expenses (3)			231,374				94,024				1,285,551
Interest expense			931,159				240				96,075
Costs of goods and services sold-mortuaries and cemeteries			-				1,274,129				-
Income tax expense (benefit)			1,817,069				786,854				(459,134	)
Segment net earnings (loss)			6,712,440				2,266,567				(1,504,485	)			7,474,522
Net earnings														$	7,474,522
Segment assets		$	1,341,500,414			$	99,346,510			$	94,563,032			$	1,535,409,956
Elimination of intersegment assets															(94,161,443	)
Total consolidated assets														$	1,441,248,513
Expenditures for long-lived assets		$	17,835,137			$	140,367			$	21,406			$	17,996,910

(1)	Included in other expenses on the condensed consolidated statements of earnings. Data processing and IT related expenses includes various software subscriptions, maintenance, consulting, support and storage fees.
(2)	For each reportable segment, other segment items includes:

Life Insurance - bad debt, insurance expenses, professional service expenses, state insurance department fees,
amortization of intangible assets, and certain overhead expenses.

Cemetery/Mortuary - bad debt, insurance expenses, professional service expenses, maintenance and utility expenses,
property taxes, amortization of intangible assets, and certain overhead expenses.

Mortgage - bad debt, insurance expenses, professional service expenses, business license and registration fees,
dues and subscriptions, amortization expense of mortgage servicing rights, and certain overhead expenses.

(3) For each reportable segment, intersegment expenses includes:

Life Insurance - mortgage servicing fees and interest expense.

Cemetery/Mortuary - rent expense, data processing and IT related expenses, and interest expense.

Mortgage - rent expense and interest expense.

X

- Definition

Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

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X

- References

No definition available.

+ Details

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