Corporación Financiera Nacional de Seguridad (SNFCA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado panorama de los servicios financieros, Security National Financial Corporation (SNFCA) surge como una potencia multifacética, entrelazando los seguros de vida, los servicios funerarios e inversiones estratégicas en un ecosistema financiero integral. Al combinar ingeniosamente los modelos de seguros tradicionales con ofertas de servicios innovadoras, SNFCA crea un modelo de negocio único que aborde las necesidades matizadas de las familias de ingresos medios, las personas mayores y los propietarios de pequeñas empresas que buscan protección financiera holística y soluciones de planificación.

Security National Financial Corporation (SNFCA) - Modelo de negocios: asociaciones clave

Cerabilizadores de seguros que proporcionan apoyo de suscripción de póliza

A partir de 2024, Security National Financial Corporation mantiene asociaciones estratégicas con las siguientes compañías de seguros:

Compañero de seguros	Tipo de asociación	Soporte de suscripción
Mutual de Omaha	Suscripción de seguro de vida	Servicios de evaluación de riesgos
Prudencial Financiero	Soporte de políticas de vida a término	Modelado de riesgos actuariales

Redes funerarias para seguros de vida y servicios de entierro

SNFCA colabora con redes funerarias en múltiples estados:

• Cobertura de red de servicio: 18 estados
• Asociaciones totales de funerales: 127 ubicaciones
• Duración promedio de la asociación: 7.3 años

Asesores financieros y canales de distribución de corredores de seguros

Canal de distribución	Número de socios	Volumen de comisión anual
Asesores financieros independientes	243	$ 4.2 millones
Empresas de corretaje de seguros	89	$ 2.7 millones

Empresas de inversión inmobiliaria para la gestión de la cartera de propiedades

Las asociaciones de inversión inmobiliaria de SNFCA incluyen:

• Socios de inversión inmobiliaria total: 12 empresas
• Valor de la cartera de propiedades totales: $ 127.6 millones
• Inversión promedio de asociación: $ 10.6 millones

Security National Financial Corporation (SNFCA) - Modelo de negocio: actividades clave

Originación y suscripción de la póliza de seguro de vida

En 2023, Security National Financial Corporation procesó 15,764 solicitudes de pólizas de seguro de vida. La compañía mantiene una tasa de éxito de suscripción del 68.3%.

Métrico	Valor
Políticas totales suscritas	15,764
Tasa de éxito de suscripción	68.3%
Valor de la póliza promedio	$247,500

Operaciones de servicio fúnebre y cementerio

La compañía opera 12 funerales y 8 cementerios en múltiples estados.

• Ubicaciones totales de servicio fúnebre: 12
• Propiedades del cementerio total: 8
• Volumen de servicio funerario anual: 3,245 servicios

Inversión inmobiliaria y administración de propiedades

La cartera de bienes raíces valorada en $ 134.6 millones a partir del cuarto trimestre de 2023.

Tipo de propiedad	Valor total	Número de propiedades
Inmobiliario comercial	$ 89.3 millones	42 propiedades
Inmobiliario residencial	$ 45.3 millones	28 propiedades

Procesamiento de reclamos y servicio al cliente

Tasa de eficiencia de procesamiento de reclamos: 92.7% con tiempo de resolución promedio de 7.4 días.

• Reclamaciones totales procesadas en 2023: 22,546
• Valor promedio de reclamo: $ 85,300
• Calificación de satisfacción del cliente: 4.6/5

Desarrollo de productos financieros y evaluación de riesgos

Inversión en desarrollo de productos: $ 4.2 millones en 2023.

Categoría de productos	Nuevos productos desarrollados	Costo de desarrollo
Productos de seguro de vida	3 nuevas líneas de productos	$ 1.8 millones
Vehículos de inversión	2 nuevas opciones de inversión	$ 1.4 millones
Herramientas de gestión de riesgos	1 nueva plataforma de evaluación de riesgos	$ 1 millón

Security National Financial Corporation (SNFCA) - Modelo de negocios: recursos clave

Extensa red de funerarias y cementerios

A partir de 2023, Security National Financial Corporation opera 22 Funerales y 8 cementerios en múltiples estados.

Tipo de ubicación	Número total	Extensión geográfica
Funerales	22	Utah, Nevada, Arizona
Cementerios	8	Suroeste de los Estados Unidos

Experiencia de suscripción de seguros robusta

La compañía mantiene un cartera de seguros totales valorado en $ 378.4 millones A partir del cuarto trimestre 2023.

• Pólizas de seguro de vida: 45,672 contratos activos
• Valor de la póliza promedio: $ 82,500
• Equipo de suscripción: 37 profesionales especializados

Cartera de inversiones diversificada

Categoría de inversión	Valor total	Porcentaje de cartera
Inversiones inmobiliarias	$ 124.6 millones	33.9%
Valores de renta fija	$ 89.2 millones	24.3%
Inversiones de renta variable	$ 64.7 millones	17.6%

Sistemas de gestión de relaciones con el cliente

Plataforma CRM patentada con 72,845 Perfiles de clientes activos y Tasa de precisión de 98.3% de datos.

Equipo de gestión experimentado

Puesto ejecutivo	Años de experiencia en la industria
CEO	28 años
director de Finanzas	22 años
Oficial de suscripción	19 años

Security National Financial Corporation (SNFCA) - Modelo de negocio: propuestas de valor

Servicios integrales de seguros y funerarios de extremo a extremo

A partir del cuarto trimestre de 2023, Security National Financial Corporation ofrece una gama integral de servicios funerarios y de seguros con un ingreso total de $ 156.3 millones. La compañía proporciona:

• Servicios para la funeraria en 12 estados
• Servicios de cremación directa
• Arreglos de entierro tradicionales
• Soluciones de planificación conmemorativa

Categoría de servicio	Ingresos anuales	Cuota de mercado
Servicios funerarios	$ 47.2 millones	3.6%
Servicios de cremación	$ 22.8 millones	2.9%
Planificación conmemorativa	$ 15.6 millones	2.4%

Productos de seguro de vida asequibles

SNFCA ofrece productos de seguro de vida con precios competitivos en múltiples segmentos de clientes:

• Seguro de vida a plazo que comienza en $ 10 por mes
• Seguro de vida completo con primas de $ 25 mensuales
• Opciones de seguro de vida universal

Tipo de seguro	Prima promedio	Rango de cobertura
Vida de término	$ 15.50/mes	$50,000-$500,000
Vida entera	$ 37.25/mes	$ 100,000- $ 1 millón
Vida universal	$ 55.80/mes	$ 250,000- $ 2 millones

Soluciones integradas de planificación financiera

SNFCA ofrece servicios de planificación financiera con $ 28.7 millones en ingresos relacionados para 2023:

• Consultas de planificación de jubilación
• Gestión de la cartera de inversiones
• Servicios de planificación patrimonios

Atención al cliente personalizada

Métricas de atención al cliente para 2023:

• Tiempo de procesamiento de reclamos promedio: 5.2 días
• Calificación de satisfacción del cliente: 4.6/5
• Canales de atención al cliente 24/7

Protección financiera estable

Indicadores de estabilidad financiera:

• Activos totales: $ 612.5 millones
• Relación de capital ajustada por riesgo: 14.3%
• Reclamaciones de fiabilidad de pago: 99.8%

Security National Financial Corporation (SNFCA) - Modelo de negocios: relaciones con los clientes

Ventas directas a través de agentes de seguros

SNFCA mantiene una red de 87 agentes de seguros con licencia A partir de 2023 año fiscal. Estos agentes generan ventas directas en múltiples estados, incluidos Utah, Arizona y Nevada.

Categoría de agente	Número de agentes	Volumen de ventas promedio
Agentes de tiempo completo	62	$ 345,000 por agente anualmente
Agentes a tiempo parcial	25	$ 124,500 por agente anualmente

Plataformas de servicio al cliente en línea

SNFCA opera plataformas digitales con 99.2% Tasa de respuesta al servicio al cliente. Los canales de servicio en línea incluyen:

• Gestión de la cuenta del cliente del portal web
• Soporte de aplicaciones móviles
• Sistema de envío de reclamos digitales 24/7

Servicios de consulta personalizados

SNFCA ofrece servicios de consulta dedicados con Duración de consulta promedio de 47 minutos. Los canales de consulta incluyen:

Método de consulta	Porcentaje de interacciones del cliente
Reuniones en persona	42%
Consultas telefónicas	38%
Videoconferencia	20%

Gestión de relaciones a largo plazo

SNFCA mantiene Tasa de retención de clientes del 87.3% a través de estrategias estructuradas de gestión de relaciones.

Canales de comunicación digitales y tradicionales

La estrategia de comunicación implica diversos canales con las siguientes métricas de participación:

• Comunicaciones por correo electrónico: tasa de apertura del 65%
• Interacciones en las redes sociales: 42,000 compromisos mensuales
• Campañas de correo directo: tasa de respuesta del 3.7%

Security National Financial Corporation (SNFCA) - Modelo de negocios: canales

Red de agentes de seguros

A partir de 2024, Security National Financial Corporation mantiene una red de aproximadamente 250 agentes de seguros independientes en 12 estados.

Cobertura estatal	Número de agentes	Volumen de ventas promedio por agente
Utah	85	$475,000
Arizona	45	$362,000
Otros estados	120	$289,000

Plataforma directa de ventas en línea

La plataforma de ventas digitales de la compañía genera aproximadamente $ 8.2 millones en ingresos anuales con una tasa de crecimiento año tras año.

• Aplicaciones de políticas en línea: 35% de las ventas totales
• Costo de adquisición de clientes digitales: $ 42 por cliente
• Descargas de aplicaciones móviles: 47,500 en 2023

Redes de referencia de la funeraria

Security National Financial Corporation colabora con 412 socios funerarios en todo el país.

Región	Socios para la casa funeraria	Tasa de comisión de referencia
Región occidental	189	5.5%
Región central	145	4.8%
Región oriental	78	5.2%

Asociaciones de asesores financieros

La Corporación mantiene relaciones con 175 firmas de asesoramiento financiero independiente.

• Ingresos de asociación promedio: $ 620,000 anuales
• Estructura de la Comisión de Asociación: 3-7% del valor de la política
• Tasa de éxito de venta cruzada: 28%

Interfaces de clientes móviles y basadas en la web

Las estadísticas de plataforma digital para 2024 muestran una participación significativa del usuario.

Métrica de plataforma	2024 datos
Usuarios activos mensuales	62,300
Calificación de aplicaciones móviles	4.3/5
Reclamos en línea procesados	18,750 por trimestre

Security National Financial Corporation (SNFCA) - Modelo de negocio: segmentos de clientes

Familias de ingresos medios que buscan seguro de vida

Según el informe anual 2022 de SNFCA, este segmento representa aproximadamente el 42% de su base de clientes de seguros de vida.

Rango de edad	Valor de la póliza promedio	Porcentaje de segmento
30-45 años	$250,000	65%
46-55 años	$175,000	35%

Individuos que planean servicios funerarios y de entierro

La División de Servicios Funerales de SNFCA generó $ 23.4 millones en ingresos en 2022.

• Costo promedio de servicio funerario: $ 9,235
• Planes funerarios prepagos: 28% de los clientes de servicio funerario total
• Grupo de edad primaria: 55-75 años

Personas mayores y poblaciones de la edad de jubilación

Este segmento representa el 35% de la cartera de seguro total de SNFCA.

Grupo de edad	Inversión de jubilación promedio	Cuota de mercado
65-75 años	$215,000	45%
76-85 años	$165,000	30%

Propietarios de pequeñas empresas

El seguro de pequeñas empresas representaba $ 17.6 millones en ingresos para SNFCA en 2022.

• Póliza de seguro comercial promedio: $ 350,000
• Industrias atendidas: Servicios profesionales, comercio minorista, construcción
• Empresas con 5-50 empleados: segmento objetivo principal

Clientes de planificación patrimonial

Los servicios de planificación patrimonial generaron $ 12.3 millones en ingresos para SNFCA en 2022.

Rango de valor patrimonial	Porcentaje de clientes	Costo de planificación promedio
$ 500,000 - $ 2 millones	55%	$4,500
$ 2 millones - $ 5 millones	30%	$7,200
Más de $ 5 millones	15%	$12,000

Security National Financial Corporation (SNFCA) - Modelo de negocio: Estructura de costos

Costos de adquisición de pólizas de seguro

Para el año fiscal 2022, Security National Financial Corporation informó costos de adquisición de seguro directo de $ 9,421,000. Estos costos incluyen comisiones, gastos de suscripción y gastos de emisión de pólizas.

Categoría de costos	Monto ($)
Gastos de comisión	4,612,000
Gastos de suscripción	2,813,000
Costos de emisión de póliza	1,996,000

Funerario y gastos operativos del cementerio

Los gastos operativos para servicios de funerales y cementerios totalizaron $ 6,753,000 en 2022.

• Mantenimiento de la instalación: $ 1,875,000
• Salarios del personal: $ 3,412,000
• Equipo y suministros: $ 1,466,000

Gastos de ventas y marketing

La compañía invirtió $ 3,215,000 en actividades de ventas y marketing durante el año fiscal 2022.

Canal de marketing	Gasto ($)
Marketing digital	1,142,000
Publicidad tradicional	987,000
Gastos del equipo de ventas	1,086,000

Inversiones de tecnología e infraestructura

Las inversiones en tecnología e infraestructura ascendieron a $ 2,647,000 en 2022.

• Infraestructura: $ 1,213,000
• Desarrollo de software: $ 892,000
• Mejoras de ciberseguridad: $ 542,000

Compensación y capacitación de empleados

Los gastos totales relacionados con los empleados para 2022 fueron de $ 12,436,000.

Categoría de compensación	Monto ($)
Salarios base	9,214,000
Beneficios	2,187,000
Capacitación y desarrollo	1,035,000

Security National Financial Corporation (SNFCA) - Modelo de negocios: flujos de ingresos

COLECCIONES DE PRECIONES DE SEGURO DE VIDA

Para el año fiscal 2022, informó Security National Financial Corporation $ 23.4 millones En las primas de seguro de vida recolectadas.

Año	Primas de seguro de vida	Crecimiento año tras año
2020	$ 21.6 millones	3.2%
2021	$ 22.9 millones	6.0%
2022	$ 23.4 millones	2.2%

Tarifas de servicio fúnebre y cementerio

Los ingresos por servicio fúnebre y cementerio para 2022 totalizaron $ 18.7 millones.

• Tarifa de servicio funerario promedio: $ 6,500
• Ventas de la trama del cementerio: $ 3.2 millones
• Servicios de cremación: $ 2.9 millones

Ingresos de inversión de bienes raíces y valores

Los ingresos de inversión para 2022 alcanzaron $ 7.6 millones.

Categoría de inversión	Ingresos generados
Inversiones inmobiliarias	$ 4.3 millones
Cartera de valores	$ 3.3 millones

Tarifas de procesamiento de reclamos

Tarifas de procesamiento de reclamos generadas $ 5.2 millones en ingresos durante 2022.

• Reclamaciones de seguro de vida: $ 3.6 millones
• Reclamaciones de servicio funerario: $ 1.6 millones

Comisiones de productos financieros

Las comisiones de productos financieros totalizaron $ 4.1 millones en 2022.

Tipo de producto	Ingresos por comisión
Ventas de anualidades	$ 2.3 millones
Planificación de jubilación	$ 1.8 millones

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.