Sicherheit National Financial Corporation (SNFCA): Business Model Canvas

In der komplexen Finanzdienstleistungslandschaft erweist sich die Security National Financial Corporation (SNFCA) als vielschichtiges Kraftpaket, das Lebensversicherungen, Bestattungsdienste und strategische Investitionen zu einem umfassenden Finanzökosystem verknüpft. Durch die geschickte Kombination traditioneller Versicherungsmodelle mit innovativen Serviceangeboten schafft SNFCA ein einzigartiges Geschäftsmodell, das auf die differenzierten Bedürfnisse von Familien mit mittlerem Einkommen, Senioren und Kleinunternehmern eingeht, die ganzheitliche finanzielle Absicherungs- und Planungslösungen suchen.

Security National Financial Corporation (SNFCA) – Geschäftsmodell: Wichtige Partnerschaften

Versicherungsträger, die Unterstützung bei der Zeichnung von Policen bieten

Ab 2024 unterhält die Security National Financial Corporation strategische Partnerschaften mit den folgenden Versicherungsträgern:

Versicherungsträger	Partnerschaftstyp	Underwriting-Unterstützung
Gegenseitigkeit von Omaha	Lebensversicherungs-Underwriting	Risikobewertungsdienste
Prudential Financial	Unterstützung bei der Risikolebensversicherung	Versicherungsmathematische Risikomodellierung

Bestattungsunternehmensnetzwerke für Lebensversicherungen und Bestattungsdienste

SNFCA arbeitet mit Bestattungsunternehmensnetzwerken in mehreren Bundesstaaten zusammen:

• Abdeckung des Servicenetzes: 18 Staaten
• Gesamtzahl der Bestattungsunternehmenspartnerschaften: 127 Standorte
• Durchschnittliche Partnerschaftsdauer: 7,3 Jahre

Vertriebskanäle für Finanzberater und Versicherungsmakler

Vertriebskanal	Anzahl der Partner	Jährliches Provisionsvolumen
Unabhängige Finanzberater	243	4,2 Millionen US-Dollar
Versicherungsmaklerfirmen	89	2,7 Millionen US-Dollar

Immobilieninvestmentfirmen für das Immobilienportfoliomanagement

Zu den Immobilieninvestitionspartnerschaften der SNFCA gehören:

• Total Real Estate Investment Partners: 12 Firmen
• Gesamtwert des Immobilienportfolios: 127,6 Millionen US-Dollar
• Durchschnittliche Partnerschaftsinvestition: 10,6 Millionen US-Dollar

Security National Financial Corporation (SNFCA) – Geschäftsmodell: Hauptaktivitäten

Erstellung und Underwriting von Lebensversicherungspolicen

Im Jahr 2023 bearbeitete die Security National Financial Corporation 15.764 Lebensversicherungsanträge. Das Unternehmen weist eine Underwriting-Erfolgsquote von 68,3 % auf.

Metrisch	Wert
Gesamtzahl der versicherten Policen	15,764
Underwriting-Erfolgsquote	68.3%
Durchschnittlicher Versicherungswert	$247,500

Bestattungs- und Friedhofsdienste

Das Unternehmen betreibt 12 Bestattungsunternehmen und 8 Friedhöfe in mehreren Bundesstaaten.

• Gesamtzahl der Bestattungsstandorte: 12
• Gesamtzahl der Friedhofsgrundstücke: 8
• Jährliches Bestattungsaufkommen: 3.245 Leistungen

Immobilieninvestment und Immobilienverwaltung

Immobilienportfolio im vierten Quartal 2023 im Wert von 134,6 Millionen US-Dollar.

Immobilientyp	Gesamtwert	Anzahl der Eigenschaften
Gewerbeimmobilien	89,3 Millionen US-Dollar	42 Objekte
Wohnimmobilien	45,3 Millionen US-Dollar	28 Objekte

Schadensbearbeitung und Kundendienst

Effizienzrate der Schadensbearbeitung: 92,7 % mit einer durchschnittlichen Bearbeitungszeit von 7,4 Tagen.

• Gesamtzahl der im Jahr 2023 bearbeiteten Ansprüche: 22.546
• Durchschnittlicher Anspruchswert: 85.300 $
• Kundenzufriedenheitsbewertung: 4,6/5

Finanzproduktentwicklung und Risikobewertung

Investition in die Produktentwicklung: 4,2 Millionen US-Dollar im Jahr 2023.

Produktkategorie	Neue Produkte entwickelt	Entwicklungskosten
Lebensversicherungsprodukte	3 neue Produktlinien	1,8 Millionen US-Dollar
Anlageinstrumente	2 neue Anlagemöglichkeiten	1,4 Millionen US-Dollar
Risikomanagement-Tools	1 neue Plattform zur Risikobewertung	1 Million Dollar

Security National Financial Corporation (SNFCA) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Netzwerk von Bestattungsunternehmen und Friedhöfen

Ab 2023 ist die Security National Financial Corporation tätig 22 Bestattungsunternehmen und 8 Friedhöfe über mehrere Staaten hinweg.

Standorttyp	Gesamtzahl	Geografische Verbreitung
Bestattungsunternehmen	22	Utah, Nevada, Arizona
Friedhöfe	8	Südwesten der Vereinigten Staaten

Robuste Expertise im Versicherungs-Underwriting

Das Unternehmen unterhält eine Gesamtversicherungsportfolio bewertet bei 378,4 Millionen US-Dollar ab Q4 2023.

• Lebensversicherungen: 45.672 aktive Verträge
• Durchschnittlicher Versicherungswert: 82.500 $
• Underwriting-Team: 37 spezialisierte Fachleute

Diversifiziertes Anlageportfolio

Anlagekategorie	Gesamtwert	Prozentsatz des Portfolios
Immobilieninvestitionen	124,6 Millionen US-Dollar	33.9%
Festverzinsliche Wertpapiere	89,2 Millionen US-Dollar	24.3%
Beteiligungen	64,7 Millionen US-Dollar	17.6%

Kundenbeziehungsmanagementsysteme

Proprietäre CRM-Plattform mit 72.845 aktive Kundenprofile und 98,3 % Datengenauigkeitsrate.

Erfahrenes Management-Team

Führungsposition	Jahrelange Branchenerfahrung
CEO	28 Jahre
Finanzvorstand	22 Jahre
Chief Underwriting Officer	19 Jahre

Security National Financial Corporation (SNFCA) – Geschäftsmodell: Wertversprechen

Umfassende End-to-End-Bestattungs- und Versicherungsdienstleistungen

Mit Stand vom vierten Quartal 2023 bietet die Security National Financial Corporation ein umfassendes Angebot an Bestattungs- und Versicherungsdienstleistungen mit einem Gesamtumsatz von 156,3 Millionen US-Dollar an. Das Unternehmen bietet:

• Bestattungsunternehmen in 12 Bundesstaaten
• Direkte Kremationsdienste
• Traditionelle Bestattungsmodalitäten
• Lösungen für die Gedenkstättenplanung

Servicekategorie	Jahresumsatz	Marktanteil
Bestattungsdienste	47,2 Millionen US-Dollar	3.6%
Kremationsdienste	22,8 Millionen US-Dollar	2.9%
Gedenkplanung	15,6 Millionen US-Dollar	2.4%

Erschwingliche Lebensversicherungsprodukte

SNFCA bietet Lebensversicherungsprodukte zu wettbewerbsfähigen Preisen für mehrere Kundensegmente an:

• Risikolebensversicherung ab 10 $ pro Monat
• Lebensversicherung mit Prämien ab 25 $ monatlich
• Universelle Lebensversicherungsoptionen

Versicherungsart	Durchschnittliche Prämie	Abdeckungsbereich
Laufzeit	15,50 $/Monat	$50,000-$500,000
Ganzes Leben	37,25 $/Monat	100.000 bis 1 Million US-Dollar
Universelles Leben	55,80 $/Monat	250.000 bis 2 Millionen US-Dollar

Integrierte Finanzplanungslösungen

SNFCA bietet Finanzplanungsdienste mit einem entsprechenden Umsatz von 28,7 Millionen US-Dollar für 2023 an:

• Beratung zur Altersvorsorge
• Verwaltung des Anlageportfolios
• Nachlassplanungsdienstleistungen

Personalisierter Kundensupport

Kundensupport-Kennzahlen für 2023:

• Durchschnittliche Bearbeitungszeit für Ansprüche: 5,2 Tage
• Kundenzufriedenheitsbewertung: 4,6/5
• Kundensupportkanäle rund um die Uhr

Stabiler finanzieller Schutz

Finanzstabilitätsindikatoren:

• Gesamtvermögen: 612,5 Millionen US-Dollar
• Risikoadjustierte Kapitalquote: 14,3 %
• Zuverlässigkeit der Schadenzahlungen: 99,8 %

Security National Financial Corporation (SNFCA) – Geschäftsmodell: Kundenbeziehungen

Direktvertrieb über Versicherungsagenten

SNFCA unterhält ein Netzwerk von 87 lizenzierte Versicherungsvertreter ab Geschäftsjahr 2023. Diese Agenten generieren Direktverkäufe in mehreren Bundesstaaten, darunter Utah, Arizona und Nevada.

Agentenkategorie	Anzahl der Agenten	Durchschnittliches Verkaufsvolumen
Vollzeitagenten	62	345.000 US-Dollar pro Agent jährlich
Teilzeitagenten	25	124.500 USD pro Agent jährlich

Online-Kundenserviceplattformen

SNFCA betreibt digitale Plattformen mit 99,2 % Kundendienst-Reaktionsrate. Zu den Online-Dienstkanälen gehören:

• Verwaltung von Kundenkonten über ein Webportal
• Unterstützung für mobile Anwendungen
• Digitales Anspruchseinreichungssystem rund um die Uhr

Personalisierte Beratungsdienste

SNFCA bietet spezielle Beratungsdienste an durchschnittliche Beratungsdauer 47 Minuten. Zu den Beratungskanälen gehören:

Beratungsmethode	Prozentsatz der Kundeninteraktionen
Persönliche Treffen	42%
Telefonische Beratungen	38%
Videokonferenzen	20%

Langfristiges Beziehungsmanagement

SNFCA behauptet Kundenbindungsrate von 87,3 % durch strukturierte Beziehungsmanagementstrategien.

Digitale und traditionelle Kommunikationskanäle

Die Kommunikationsstrategie umfasst verschiedene Kanäle mit den folgenden Engagement-Kennzahlen:

• E-Mail-Kommunikation: 65 % Öffnungsrate
• Social-Media-Interaktionen: 42.000 monatliche Engagements
• Direktmailing-Kampagnen: 3,7 % Rücklaufquote

Security National Financial Corporation (SNFCA) – Geschäftsmodell: Kanäle

Versicherungsagentennetzwerk

Ab 2024 unterhält die Security National Financial Corporation ein Netzwerk von etwa 250 unabhängigen Versicherungsagenten in 12 Bundesstaaten.

Staatliche Berichterstattung	Anzahl der Agenten	Durchschnittliches Verkaufsvolumen pro Agent
Utah	85	$475,000
Arizona	45	$362,000
Andere Staaten	120	$289,000

Direkte Online-Verkaufsplattform

Die digitale Vertriebsplattform des Unternehmens erwirtschaftet einen Jahresumsatz von etwa 8,2 Millionen US-Dollar mit einer Wachstumsrate von 22 % im Jahresvergleich.

• Online-Police-Anträge: 35 % des Gesamtumsatzes
• Kosten für die digitale Kundenakquise: 42 USD pro Kunde
• Downloads mobiler Apps: 47.500 im Jahr 2023

Empfehlungsnetzwerke für Bestattungsunternehmen

Die Security National Financial Corporation arbeitet landesweit mit 412 Bestattungsunternehmen zusammen.

Region	Partner von Bestattungsinstituten	Empfehlungsprovisionssatz
Westliche Region	189	5.5%
Zentralregion	145	4.8%
Ostregion	78	5.2%

Partnerschaften mit Finanzberatern

Das Unternehmen unterhält Beziehungen zu 175 unabhängigen Finanzberatungsunternehmen.

• Durchschnittlicher Partnerschaftsumsatz: 620.000 US-Dollar pro Jahr
• Struktur der Partnerschaftsprovision: 3-7 % des Versicherungswerts
• Cross-Selling-Erfolgsquote: 28 %

Mobile und webbasierte Kundenschnittstellen

Statistiken zu digitalen Plattformen für 2024 zeigen ein erhebliches Nutzerengagement.

Plattformmetrik	Daten für 2024
Monatlich aktive Benutzer	62,300
Bewertung mobiler Apps	4.3/5
Online-Antragsbearbeitung	18.750 pro Quartal

Security National Financial Corporation (SNFCA) – Geschäftsmodell: Kundensegmente

Familien mit mittlerem Einkommen suchen eine Lebensversicherung

Laut dem Jahresbericht 2022 der SNFCA macht dieses Segment etwa 42 % ihres Lebensversicherungskundenstamms aus.

Altersspanne	Durchschnittlicher Versicherungswert	Prozentsatz des Segments
30-45 Jahre	$250,000	65%
46-55 Jahre	$175,000	35%

Einzelpersonen, die Bestattungs- und Beerdigungsdienste planen

Die Bestattungsdienstleistungssparte der SNFCA erwirtschaftete im Jahr 2022 einen Umsatz von 23,4 Millionen US-Dollar.

• Durchschnittliche Kosten für eine Bestattungsfeier: 9.235 $
• Im Voraus bezahlte Bestattungspläne: 28 % aller Bestattungskunden
• Primäre Altersgruppe: 55–75 Jahre

Senioren und Bevölkerung im Rentenalter

Dieses Segment macht 35 % des gesamten Versicherungsportfolios der SNFCA aus.

Altersgruppe	Durchschnittliche Altersvorsorgeinvestition	Marktanteil
65-75 Jahre	$215,000	45%
76-85 Jahre	$165,000	30%

Kleinunternehmer

Die Versicherung kleiner Unternehmen machte im Jahr 2022 für SNFCA einen Umsatz von 17,6 Millionen US-Dollar aus.

• Durchschnittliche Unternehmensversicherung: 350.000 US-Dollar
• Belieferte Branchen: Professionelle Dienstleistungen, Einzelhandel, Baugewerbe
• Unternehmen mit 5-50 Mitarbeitern: Primäres Zielsegment

Nachlassplanungskunden

Nachlassplanungsdienstleistungen generierten für SNFCA im Jahr 2022 einen Umsatz von 12,3 Millionen US-Dollar.

Wertspanne des Nachlasses	Prozentsatz der Kunden	Durchschnittliche Planungskosten
500.000 bis 2 Millionen US-Dollar	55%	$4,500
2 bis 5 Millionen US-Dollar	30%	$7,200
Über 5 Millionen US-Dollar	15%	$12,000

Security National Financial Corporation (SNFCA) – Geschäftsmodell: Kostenstruktur

Kosten für den Abschluss einer Versicherungspolice

Für das Geschäftsjahr 2022 meldete die Security National Financial Corporation direkte Versicherungsabschlusskosten in Höhe von 9.421.000 US-Dollar. Zu diesen Kosten gehören Provisionen, Versicherungskosten und Kosten für die Ausstellung von Policen.

Kostenkategorie	Betrag ($)
Provisionskosten	4,612,000
Versicherungskosten	2,813,000
Kosten für die Ausstellung von Policen	1,996,000

Betriebskosten für Bestattungsunternehmen und Friedhöfe

Die Betriebskosten für Bestattungsunternehmen und Friedhofsdienste beliefen sich im Jahr 2022 auf insgesamt 6.753.000 US-Dollar.

• Instandhaltung der Anlage: 1.875.000 $
• Mitarbeitergehälter: 3.412.000 US-Dollar
• Ausrüstung und Zubehör: 1.466.000 US-Dollar

Vertriebs- und Marketingausgaben

Das Unternehmen investierte im Geschäftsjahr 2022 3.215.000 US-Dollar in Vertriebs- und Marketingaktivitäten.

Marketingkanal	Ausgaben ($)
Digitales Marketing	1,142,000
Traditionelle Werbung	987,000
Ausgaben des Vertriebsteams	1,086,000

Technologie- und Infrastrukturinvestitionen

Die Investitionen in Technologie und Infrastruktur beliefen sich im Jahr 2022 auf 2.647.000 US-Dollar.

• IT-Infrastruktur: 1.213.000 US-Dollar
• Softwareentwicklung: 892.000 US-Dollar
• Verbesserungen der Cybersicherheit: 542.000 US-Dollar

Vergütung und Schulung der Mitarbeiter

Die gesamten mitarbeiterbezogenen Ausgaben für 2022 beliefen sich auf 12.436.000 US-Dollar.

Vergütungskategorie	Betrag ($)
Grundgehälter	9,214,000
Vorteile	2,187,000
Schulung und Entwicklung	1,035,000

Security National Financial Corporation (SNFCA) – Geschäftsmodell: Einnahmequellen

Lebensversicherungsprämiensammlungen

Für das Geschäftsjahr 2022 berichtete die Security National Financial Corporation 23,4 Millionen US-Dollar an eingenommenen Lebensversicherungsprämien.

Jahr	Lebensversicherungsprämien	Wachstum im Jahresvergleich
2020	21,6 Millionen US-Dollar	3.2%
2021	22,9 Millionen US-Dollar	6.0%
2022	23,4 Millionen US-Dollar	2.2%

Gebühren für Bestattungs- und Friedhofsdienste

Die Einnahmen aus Bestattungs- und Friedhofsdienstleistungen für das Jahr 2022 betragen insgesamt 18,7 Millionen US-Dollar.

• Durchschnittliche Bestattungsgebühr: 6.500 $
• Friedhofsgrundstücksverkäufe: 3,2 Millionen US-Dollar
• Feuerbestattungsdienste: 2,9 Millionen US-Dollar

Kapitalerträge aus Immobilien und Wertpapieren

Kapitalerträge für 2022 erreicht 7,6 Millionen US-Dollar.

Anlagekategorie	Erwirtschaftetes Einkommen
Immobilieninvestitionen	4,3 Millionen US-Dollar
Wertpapierportfolio	3,3 Millionen US-Dollar

Gebühren für die Schadensbearbeitung

Es fallen Bearbeitungsgebühren für Schadensfälle an 5,2 Millionen US-Dollar Umsatz im Jahr 2022.

• Lebensversicherungsansprüche: 3,6 Millionen US-Dollar
• Bestattungsansprüche: 1,6 Millionen US-Dollar

Provisionen für Finanzprodukte

Die Provisionen für Finanzprodukte beliefen sich auf insgesamt 4,1 Millionen US-Dollar im Jahr 2022.

Produkttyp	Provisionseinnahmen
Rentenverkäufe	2,3 Millionen US-Dollar
Ruhestandsplanung	1,8 Millionen US-Dollar

Security National Financial Corporation (SNFCA) - Canvas Business Model: Value Propositions

Integrated, comprehensive end-of-life planning and services

Security National Financial Corporation offers a continuum of death care services through its Memorial Mortuaries & Cemeteries segment. This segment operates eleven mortuaries and five cemeteries in Utah, one cemetery in California, and four mortuaries and one cemetery in New Mexico. Rivera, a provider in Northern New Mexico, holds a market share in excess of 40%. In the first quarter of 2025, the cemetery operations delivered pre-tax net earnings of $815,000, a 1.2% increase compared to $805,000 in the same period last year. The funeral home operations reported pre-tax net earnings of $613,000 in Q1 2025, despite a 6.9% decrease year-over-year. The company has realized double digit operational net income growth every year in this segment since 2014, averaging a compound annual growth rate of over 20%.

Financial security through final expense life insurance products

The Life Insurance segment is a market leader in end-of-life insurance products. For the year ended December 31, 2024, this segment achieved record year performance with 25% growth. For the second quarter of 2025, Life Insurance segment revenues increased 9.1% to $51.5 million, with Q2 profit actually ahead by $1 million versus Q2 2024 profit, primarily through increased investment income. Management notes that newly increased life insurance premium rates are expected to add 1.5 percentage points of Return On Equity over the shorter term.

Loyalty Family Support Plan, a dedicated funeral concierge service

The Loyalty Family Support Plan provides concierge funeral planning services across America, connecting subscribers to a national network of trusted providers to alleviate stress. The service is available to support families around the clock, 24 hours a day, 7 days a week. Members can add up to 4 co-members to their membership. The plan has associated membership fees:

• Membership fee of $4.00 per month for EFT payment.
• Membership fee of $5.00 per month for Direct Bill.

Competitive mortgage loan products for home financing

Security National Mortgage Company offers a full-service lending approach with a wide range of loan products. In the first quarter of 2025, Security National Mortgage Company originated $518 million in loan volume, an 11% increase over Q1 2024's $467 million, which management noted was a significant outperformance to the market. The Mortgage Segment was both profitable and cash flow positive in March 2025. However, the segment reported a loss of $1.7 million in Q2 2025. For the nine months ended September 30, 2025, the Mortgage Segment was profitable.

Financial diversity and resilience across three core segments

Security National Financial Corporation demonstrates financial diversity, with roughly 1/3 of its revenue and equity historically in the mortgage industry. The company achieved an annualized Return On Equity of 10.5% for the nine months ended September 30, 2025. This is an improvement from the annualized ROE of 8.5% reported in June. The 10-year average ROE is 13.3%. The financial performance across the three core segments for the nine months ended September 30, 2025, and the latest reported quarter is detailed below.

Metric	Nine Months Ended Sept 30, 2025	Q3 2025	Q2 2025	Q1 2025
After Tax Earnings (in thousands)	$18,866	$7,815	$6,506	$4,338
Total Revenues (in millions)	N/A	$89.3	N/A	N/A
Net Investment Income (in millions)	N/A	$20.1	N/A	N/A
Mortgage Segment Pre-Tax Result (Loss in thousands)	N/A	Profitable	($1,700)	($1,994)
Class A Equivalent Shares Outstanding	24,697,314 (as of 9/30/25)	N/A	24,713,575 (as of 6/30/25)	23,601,718 (as of 3/31/25)
Book Value Per Common Share	$14.79 (as of 9/30/25)	N/A	$14.35 (as of 6/30/25)	N/A

The company started with only $543,000 in assets in 1965 and is celebrating 60 years of service in 2025. As of September 30, 2025, there were 24,697,314 Class A equivalent shares outstanding.

Security National Financial Corporation (SNFCA) - Canvas Business Model: Customer Relationships

You're focused on how Security National Financial Corporation (SNFCA) builds and maintains its connections with clients across its diverse service lines. The core of their approach is deeply personal, which is a key differentiator in the financial services and death care industries.

Direct, personalized service at funeral homes and cemeteries

The commitment to direct, personalized care is evident in the structure of the Cemetery and Mortuary Segment. This segment is concentrated, with Memorial Mortuaries & Cemeteries operating 10 different funeral home locations across three brands in Utah, plus a cemetery in California. This localized presence allows for hands-on service delivery during sensitive times. For instance, in the first quarter of 2025, Funeral Home Operations saw revenue grow 3.4% year-over-year to $3.67 million, supported by a 3% rise in services performed. Similarly, Cemetery Operations saw interment volumes rise by 3% in Q1 2025. The company explicitly stated a focus on better organizing and training staff to provide the best care possible in inherently sensitive situations, a management focus that carried into 2025 with stated priorities like talent development and training for funeral staff.

Here's a look at the recent performance in the segment that delivers this direct service:

Metric (Cemetery/Mortuary Segment)	Period Ended June 30, 2024	Period Ended June 30, 2025
Revenue	$17.0 Million	$16.2 Million
Earnings before Taxes	$5.14 Million	$4.03 Million
Q1 2025 Funeral Home Revenue	N/A (Compared to $3.55 Million in Q1 2024)	$3.67 Million

This table shows the revenue dip in the first half of 2025, which the company tied to market shifts like the increase in cremation services that carry lower revenue than traditional services.

Agent-driven sales and support for life insurance policies

For the Life Insurance Segment, the relationship is primarily facilitated through an agent sales force. Security National Financial Corporation has spent significant effort modernizing its commission systems to offer increased flexibility and capability to better reward high-performing sales professionals. The company's goal in 2025 included growing new life premium sales, though Q3 2025 earnings noted they did not achieve that specific goal for the quarter. Still, the segment showed strength, with Q2 2025 profit coming in $1MM ahead of Q2 2024 profit, largely due to increased investment income. The company's book value per common share stood at $14.79 as of September 30, 2025, reflecting the underlying value supporting these long-term products.

The relationship is supported by ongoing talent management:

• Talent development and training are a key strategic priority for 2025.
• Effort has been expended to retain and recruit improved sales and support talent across all segments.
• The company is preparing for the adoption of LDTI (Targeted Improvements to the Accounting for Long-Duration Contracts) in December 2025, which will impact life insurance reserve reporting.

Dedicated funeral concierge service for beneficiaries

While the search results confirm the existence of the mortuary and cemetery services that handle the immediate need, the specific term 'dedicated funeral concierge service for beneficiaries' is an area where the company emphasizes quality care during sensitive situations. The focus on staff organization and training in the Cemetery/Mortuary Segment directly supports the beneficiary experience by ensuring the best possible care is provided when families need it most. This personalized handling of the final arrangements is the practical application of their relationship focus at the point of service. It's about providing support when a policy is finally used.

Long-term relationship focus built on conservative financial principles

Security National Financial Corporation explicitly states that it is built upon conservative and sound financial principles, with a focus only on long-term relationships and business strategies. This principle guides the entire structure, from offering comprehensive 'end of life' insurance products to maintaining its funeral and cemetery services. The company's longevity, having been founded in 1965, reinforces this long-term view. This conservative stance is also reflected in the management's view of the troubled mortgage industry, where roughly 1/3 of revenue and equity resides; management believes the real estate-based activities will be positively accretive over time, showing patience with assets that may take longer to mature. You can see the result of these principles in the balance sheet strength, with book value per common share increasing from $13.44 at the end of 2024 to $14.79 by September 30, 2025.

Security National Financial Corporation (SNFCA) - Canvas Business Model: Channels

You're looking at how Security National Financial Corporation (SNFCA) gets its services to the customer base across its three main segments as of late 2025. It's a mix of physical locations, a wide agent network, and a dedicated mortgage origination platform.

Company-owned funeral homes and cemetery locations

The Death Care segment, which includes funeral homes and cemeteries, relies on a concentrated physical footprint, primarily in Utah, but also with entities in New Mexico and California. For the third quarter of 2025, this segment posted sales of $8.9 million, which was an increase of 4.5% compared to the $8.5 million recorded in 3Q2024. However, for the first six months ended June 30, 2025, the Cemetery/Mortuary Revenue was $16.2 million, lagging the $17.0 million reported for the same period in 2024.

Here's a quick look at the segment's recent financial performance:

Metric (Cemetery/Mortuary Segment)	Q3 2025 Amount	Q3 2024 Amount	9-Months Ended Sep 30, 2025 Amount	9-Months Ended Sep 30, 2024 Amount
Sales/Revenue	$8.9 million	$8.5 million	$25.1 million	(Not explicitly stated, but revenue lagged by 1.6% vs 2024)
Earnings Before Taxes	$3.04 million	$2.84 million	$7.07 million	$7.98 million

Memorial Mortuaries & Cemeteries, one of the brands, operates a total of 10 different locations across three brands in Utah.

Independent and captive insurance agent networks

The Life Insurance segment uses a broad network to distribute its products. These commissioned sales forces are independent licensed insurance agents. Security National Life Insurance Company markets its selected lines of life insurance, annuity products, and accident and health insurance across 40 states. Many of these agents also sell pre-need funeral, cemetery, and cremation services, linking this channel to the Death Care segment.

Security National Mortgage Company's origination platform

Security National Mortgage Company uses its origination platform to underwrite and purchase residential and commercial loans. For the first quarter of 2025, the company originated loan volume of $518 million. This represented an 11% increase over the $467 million originated in Q1 2024. For the first half of 2025, the Mortgage Segment accounted for roughly 1/3 of Security National Financial Corporation's total revenue and equity. The company reported that for the three months ending June 30, 2025, its Mortgage Segment was both profitable and cash flow positive in March.

Historically, the mortgage segment operated through 77 retail offices and one wholesale office in 21 states. The Q1 2025 performance showed an 11% increase in volume over Q1 2024.

The following table summarizes the Q1 2025 mortgage origination performance against the prior year:

Metric (Security National Mortgage)	Q1 2025	Q1 2024	Year-over-Year Change
Loan Volume Originated	$518 million	$467 million	Up 11%
Segment Performance (Q2 2025)	Profitable in March	(Not applicable)	(Not applicable)

Digital tools and online presence for customer experience

While direct digital channel revenue metrics aren't itemized separately, the overall company financial performance reflects the environment in which all channels operate. For the second quarter ended June 30, 2025, Security National Financial Corporation reported total revenue of $89.5 million. For the first half of 2025, the company achieved an 8% Return On Equity (ROE), which is below its 10-year average ROE of 13.3%. As of June 30, 2025, there were 24,713,575 Class A equivalent shares outstanding.

• Life Insurance Segment improved its premium margin by several percentage points due to increased premium rates implemented over the last several years.
• The company spent heavily on retaining and recruiting improved sales, sales support, and executive talent across all segments in the past year.

Security National Financial Corporation (SNFCA) - Canvas Business Model: Customer Segments

Individuals and families seeking final expense life insurance are a core segment for Security National Financial Corporation (SNFCA). The life insurance segment markets funeral plans primarily to individuals aged 45 to 85 with low to moderate income across 42 states.

• Whole Life Policy Face Amounts: $1,000 - $25,000
• Preferred Whole Life Face Amounts: $25,000 - $30,000
• Policy Options: 10-Pay, 20-Pay, and Lifetime-Pay Available

Families requiring immediate or pre-need funeral and cemetery services are served through the Cemetery and Mortuary Segment. This segment has entities concentrated in Utah, New Mexico, and California. For the quarter ended September 30, 2025, this segment posted sales of $8.9 million. For the 9-months ended September 30, 2025, segment revenue was $25.1 million.

First-time and move-up home buyers in the US mortgage market are targeted by the Mortgage Segment, which is a full-service lender. The company has a strong presence in Utah, Florida, Texas, Nevada, and Arizona. In 2024, SecurityNational Mortgage originated 7,269 loans totaling $2,295,830,000 in volume. For the quarter ended March 31, 2025, mortgage volume increased by 11% over Q1 2024. The segment originated $518 million in Q1 2025, up from $467 million in Q1 2024. The Net Promoter Score (NPS) for the mortgage lending reached an outstanding 84 for Q1 & Q2 2025.

Policyholders and beneficiaries across various demographics are the ultimate recipients of the services across all three segments. The company had 24,713,575 Class A equivalent shares outstanding as of June 30, 2025. Book value per common share was $14.79 as of September 30, 2025.

Here's a quick math look at the segment contribution based on the latest reported figures:

Business Segment	Latest Reported Revenue Metric	Amount	Latest Reported Profit/Loss Metric	Amount
Cemetery and Mortuary	Q3 2025 Sales	$8.9 million	Q3 2025 Earnings Before Taxes	$3.04 million
Mortgage	Q1 2025 Origination Volume	$518 million	Q1 2025 Profitability	Loss of $1.994 million
All Segments (Total)	Q3 2025 Revenues	$89.3 million	Q3 2025 Earnings Before Taxes	$10.1 million

The Life Insurance Segment's performance is also critical to this customer base, though specific revenue/policy count data for 2025 is less granular than for the other two segments in the provided reports. The segment achieved its second-best first quarter in the past five years in Q1 2025. The company is working to grow new life premium sales.

Security National Financial Corporation (SNFCA) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Security National Financial Corporation's operations as of late 2025, based on the latest reported figures through the third quarter. Honestly, the cost structure reflects a company balancing legacy insurance liabilities with a volatile mortgage market.

Policyholder benefits and claims (increased death benefits in Q3 2025)

The life insurance segment's cost of benefits directly impacted profitability in Q3 2025. Net income before taxes for the life segment was approximately $7.5 million for the quarter ended September 30, 2025, a pre-tax decrease of $4.4 million, or 37%, compared to $11.8 million in Q3 2024. Overall net earnings for Security National Financial Corporation fell to $7.8 million in Q3 2025, down from $11.8 million in Q3 2024, with higher death benefits cited as a contributing factor.

Personnel costs (up roughly 6% YTD as of Q3 2025 due to strategic hires)

Personnel costs showed improvement in cost control during the third quarter. While Year-to-Date (YTD) personnel costs were still up roughly 6% as of September 30, 2025, they were flat for the quarter itself. This is a notable deceleration, as YTD personnel costs were up roughly 10% back in June. This suggests operational efficiencies are starting to offset the talent hiring that began in Q4 of 2024.

Operating expenses for funeral homes and cemeteries

The Death Care segment shows mixed results regarding its underlying operating costs relative to earnings. For the nine months ended September 30, 2025, Earnings Before Taxes for the Cemetery/Mortuary segment dropped 11.4% to $7.07 million compared to $7.98 million for the same nine-month period in 2024. However, the third quarter alone showed a positive trend in segment earnings before taxes, jumping 7.2% to $3.04 million versus 3Q2024's $2.84 million. The first quarter of 2025 showed individual segment performance:

Segment Component	Q3 2025 Earnings Before Taxes	Q3 2024 Earnings Before Taxes	Quarterly Change
Cemetery/Mortuary (Combined Q3)	$3.04 million	$2.84 million	Up 7.2%
Funeral Home Operations (Q1 2025)	$613,000	$658,000	Down 6.9%
Cemetery Operations (Q1 2025)	$815,000	$805,000	Up 1.2%

Interest expense and costs related to mortgage origination

Costs within the Mortgage Segment are heavily influenced by interest rate environments and the cost of funding originations. Security National Mortgage Company posted pre-tax net income of $66,000 in Q3 2025, an improvement over the $16,000 in net income from Q3 2024. The company's 2024 borrowing agreement for mortgage operations charged interest at 2.10% plus the greater of 0% or the one-month forward-looking term rate based on SOFR, with a maturity date of June 20, 2025. The segment's profitability suggests that origination costs, including interest expense on funding, were managed effectively relative to the modest revenue generated in the quarter.

Investment in technology and digital service enhancements

While a specific dollar amount for technology investment isn't detailed in the immediate reports, management commentary points to cost-related actions that imply process improvements. The focus is on finding and implementing sufficient efficiencies to offset personnel cost increases. Furthermore, the company is preparing for an accelerated filing status and is focused on enhancing internal controls and financial reporting, which necessitates technology upgrades.

• Focus on operational efficiencies to offset hiring costs.
• Management emphasis on enhancing internal controls.
• Strategic plan includes continued investment in sales distribution.

Finance: draft 13-week cash view by Friday.

Security National Financial Corporation (SNFCA) - Canvas Business Model: Revenue Streams

You're looking at how Security National Financial Corporation (SNFCA) brings in the money, which is a mix of insurance, death care, and real estate finance. Honestly, the diversity is what management points to when things get choppy in one area.

Life insurance premiums and policy fees form a core part of the revenue base. For the first quarter of 2025, the Life Insurance segment generated revenues of approximately \$49,287,000, which was a slight dip of 1.4% from the \$49,971,000 seen in the first quarter of 2024. Still, the company notes they have improved the premium margin through rate increases, though the full effect takes time to show up.

The Net investment income stream was a definite bright spot in the third quarter of 2025. Security National Financial Corporation reported this figure specifically at \$20.1 million for the quarter ending September 30, 2025. This was a driver for the overall slight revenue increase for the company in that period. For the first six months of 2025, net investment income reached \$39,783,612.

Funeral and cemetery service sales (at-need and pre-need) provide steady, though sometimes lagging, cash flow. For the third quarter of 2025, the Cemetery and Mortuary Segment posted sales of \$8.9 million, up 4.5% from the \$8.5 million in the third quarter of 2024. Looking at the longer nine-month period ending September 30, 2025, this segment generated \$25.1 million in revenue. Management noted they are seeing stabilized, if not improved, preneed cemetery land sales, which they consider a major profit driver.

Mortgage origination fees and secondary market sales are bundled into the mortgage fee income. For the first six months of 2025, the Mortgage Segment brought in \$54,294,345 in mortgage fee income, an increase of 5.5% over the \$51,451,186 from the same period in 2024. A significant portion of this is tied to secondary market activity, with secondary gains year-to-date reaching \$37,140,165. The mortgage market remains challenging, but the company saw its mortgage segment post a pre-tax net income of \$66,000 in Q3 2025, an increase of 312% over Q3 2024.

Real estate development profits from land holdings and builder partnerships are often realized through the investment income line, as profits from builder partners contribute to higher investment income. For instance, in Q1 2025, a portion of the investment income decline was attributed to decreased construction profits and lot sales gains from builder relationships. The company views deploying capital into residential land holdings and builder relationships as a strategy for higher future yields, even if it sacrifices some current income.

Here's a quick look at the segment revenue contributions we have concrete numbers for, focusing on the most recent quarterly and year-to-date figures available:

Revenue Stream Component	Period Ending September 30, 2025 (Q3)	Period Ending June 30, 2025 (6 Months YTD)
Total Company Revenues	\$89.3 million	\$172,280,872
Net Investment Income	\$20.1 million	\$39,783,612
Cemetery/Mortuary Segment Sales	\$8.9 million	N/A
Cemetery/Mortuary Segment Sales (9 Months YTD)	N/A	\$25.1 million
Mortgage Fee Income	N/A	\$54,294,345

You should keep in mind that the Life Insurance premium revenue isn't explicitly broken out for Q3 2025 in the same way the other segments are, so we use the Q1 2025 data as a proxy for that line item's contribution to the overall model. Also, the mortgage segment's profitability is modest, but it is showing a positive trend after a tough period.

• Life Insurance Segment Revenue (Q1 2025): \$49,287,000.
• Cemetery/Mortuary Segment Earnings Before Taxes (Q3 2025): \$3.04 million.
• Mortgage Segment Pre-Tax Net Income (Q3 2025): \$66,000.
• Mortgage Secondary Gains YTD (2025): \$37,140,165.

Finance: draft 13-week cash view by Friday.