Sécurité National Financial Corporation (SNFCA): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage complexe des services financiers, Security National Financial Corporation (SNFCA) apparaît comme une puissance multiforme, tissant ensemble une assurance-vie, des services funéraires et des investissements stratégiques dans un écosystème financier complet. En mélangeant ingénieusement des modèles d'assurance traditionnels avec des offres de services innovantes, la SNFCA élabore un modèle commercial unique qui répond aux besoins nuancés des familles, des personnes âgées et des propriétaires de petites entreprises à la recherche de solutions de protection financière et de planification holistiques.

Sécurité National Financial Corporation (SNFCA) - Modèle d'entreprise: partenariats clés

Des compagnies d'assurance fournissant un soutien à la souscription des politiques

Depuis 2024, Security National Financial Corporation maintient des partenariats stratégiques avec les assureurs suivants:

Compagnie d'assurance	Type de partenariat	Support de souscription
Mutuel d'Omaha	Souscription d'assurance-vie	Services d'évaluation des risques
Financier prudentiel	Support de politique de vie à terme	Modélisation des risques actuariels

Réseaux de salon funéraire pour l'assurance-vie et les services d'inhumation

La SNFCA collabore avec les réseaux de salles funéraires dans plusieurs États:

• Couverture du réseau de services: 18 États
• Partenariats totaux du salon funéraire: 127 emplacements
• Durée du partenariat moyen: 7,3 ans

Conseillers financiers et courtiers de distribution des courtiers d'assurance

Canal de distribution	Nombre de partenaires	Volume de commission annuelle
Conseillers financiers indépendants	243	4,2 millions de dollars
Sociétés de courtage d'assurance	89	2,7 millions de dollars

Sociétés d'investissement immobilier pour la gestion du portefeuille immobilier

Les partenariats d'investissement immobilier de la SNFCA comprennent:

• Total des partenaires d'investissement immobilier: 12 entreprises
• Valeur du portefeuille de propriété totale: 127,6 millions de dollars
• Investissement moyen de partenariat: 10,6 millions de dollars

Sécurité National Financial Corporation (SNFCA) - Modèle d'entreprise: activités clés

Organisation de la police d'assurance-vie et souscription

En 2023, Security National Financial Corporation a traité 15 764 demandes de police d'assurance-vie. La société maintient un taux de réussite de souscription de 68,3%.

Métrique	Valeur
Politiques totales souscrites	15,764
Taux de réussite de la souscription	68.3%
Valeur de politique moyenne	$247,500

Opérations de services funéraires et de cimetière

La société exploite 12 salons funéraires et 8 cimetières dans plusieurs États.

• Lacages totaux des funérailles: 12
• Propriétés totales du cimetière: 8
• Volume annuel des services funéraires: 3 245 services

Investissement immobilier et gestion immobilière

Portefeuille immobilier d'une valeur de 134,6 millions de dollars au T2 2023.

Type de propriété	Valeur totale	Nombre de propriétés
Immobilier commercial	89,3 millions de dollars	42 propriétés
Immobilier résidentiel	45,3 millions de dollars	28 propriétés

Traitement des réclamations et service client

Taux d'efficacité de traitement des réclamations: 92,7% avec un temps de résolution moyen de 7,4 jours.

• Total des réclamations traitées en 2023: 22 546
• Valeur moyenne de la réclamation: 85 300 $
• Évaluation de satisfaction du client: 4.6 / 5

Développement des produits financiers et évaluation des risques

Investissement dans le développement de produits: 4,2 millions de dollars en 2023.

Catégorie de produits	De nouveaux produits développés	Coût de développement
Produits d'assurance-vie	3 nouvelles gammes de produits	1,8 million de dollars
Véhicules d'investissement	2 nouvelles options d'investissement	1,4 million de dollars
Outils de gestion des risques	1 nouvelle plateforme d'évaluation des risques	1 million de dollars

Sécurité National Financial Corporation (SNFCA) - Modèle d'entreprise: Ressources clés

Réseau étendu de salons funéraires et de cimetières

Depuis 2023, Security National Financial Corporation exploite 22 salons funéraires et 8 cimetières dans plusieurs états.

Type d'emplacement	Nombre total	Propagation géographique
Salons funéraires	22	Utah, Nevada, Arizona
Cimetières	8	Southwestern United States

Expertise de souscription d'assurance robuste

La société maintient un portefeuille d'assurance totale valorisé à 378,4 millions de dollars au Q4 2023.

• Politiques d'assurance-vie: 45 672 contrats actifs
• Valeur moyenne de la politique: 82 500 $
• Équipe de souscription: 37 professionnels spécialisés

Portefeuille d'investissement diversifié

Catégorie d'investissement	Valeur totale	Pourcentage de portefeuille
Investissements immobiliers	124,6 millions de dollars	33.9%
Titres à revenu fixe	89,2 millions de dollars	24.3%
Investissements en actions	64,7 millions de dollars	17.6%

Systèmes de gestion de la relation client

Plate-forme CRM propriétaire avec 72 845 profils de clients actifs et Taux de précision de 98,3%.

Équipe de gestion expérimentée

Poste de direction	Années d'expérience dans l'industrie
PDG	28 ans
Directeur financier	22 ans
Chef de la souscription	19 ans

Sécurité National Financial Corporation (SNFCA) - Modèle d'entreprise: propositions de valeur

Services de funérailles et d'assurance complets de bout en bout

Au quatrième trimestre 2023, Security National Financial Corporation offre une gamme complète de services funéraires et d'assurance avec un chiffre d'affaires total de 156,3 millions de dollars. L'entreprise fournit:

• Services au salon funéraire dans 12 États
• Services de crémation directes
• Arrangements d'enterrement traditionnels
• Solutions de planification commémorative

Catégorie de service	Revenus annuels	Part de marché
Funérailles	47,2 millions de dollars	3.6%
Services de crémation	22,8 millions de dollars	2.9%
Planification commémorative	15,6 millions de dollars	2.4%

Produits d'assurance-vie abordables

La SNFCA propose des produits d'assurance-vie avec des prix compétitifs sur plusieurs segments de clients:

• Assurance-vie à terme à partir de 10 $ par mois
• Assurance vie entière avec des primes à partir de 25 $ par mois
• Options d'assurance-vie universelles

Type d'assurance	Prime moyenne	Plage de couverture
Durée de vie	15,50 $ / mois	$50,000-$500,000
Vie entière	37,25 $ / mois	100 000 $ à 1 million de dollars
Vie universelle	55,80 $ / mois	250 000 $ à 2 millions de dollars

Solutions de planification financière intégrées

La SNFCA fournit des services de planification financière avec 28,7 millions de dollars de revenus connexes pour 2023:

• Consultations de planification de la retraite
• Gestion du portefeuille d'investissement
• Services de planification successorale

Support client personnalisé

Métriques du support client pour 2023:

• Temps de traitement moyen des réclamations: 5,2 jours
• Évaluation de satisfaction du client: 4.6 / 5
• Canaux de support client 24/7

Protection financière stable

Indicateurs de stabilité financière:

• Actif total: 612,5 millions de dollars
• Ratio de capital ajusté au risque: 14,3%
• Réabilité de paiement des réclamations: 99,8%

Sécurité National Financial Corporation (SNFCA) - Modèle d'entreprise: relations clients

Ventes directes par le biais d'agents d'assurance

SNFCA maintient un réseau de 87 agents d'assurance sous licence Depuis 2023 Exercice. Ces agents génèrent des ventes directes dans plusieurs États, dont l'Utah, l'Arizona et le Nevada.

Catégorie d'agent	Nombre d'agents	Volume moyen des ventes
Agents à temps plein	62	345 000 $ par agent par an
Agents à temps partiel	25	124 500 $ par agent par an

Plateformes de service client en ligne

SNFCA exploite des plateformes numériques avec Taux de réponse du service client à 99,2%. Les canaux de service en ligne comprennent:

• Gestion des comptes clients du portail Web
• Support d'application mobile
• Système de soumission des réclamations numériques 24/7

Services de consultation personnalisés

SNFCA fournit des services de consultation dédiés avec Durée de consultation moyenne de 47 minutes. Les canaux de consultation comprennent:

Méthode de consultation	Pourcentage des interactions du client
Réunions en personne	42%
Consultations téléphoniques	38%
Vidéoconférence	20%

Gestion des relations à long terme

SNFCA maintient Taux de rétention de la clientèle de 87,3% Grâce à des stratégies de gestion des relations structurées.

Canaux de communication numériques et traditionnels

La stratégie de communication implique divers canaux avec les mesures d'engagement suivantes:

• Communications par e-mail: 65% de taux d'ouverture
• Interactions des médias sociaux: 42 000 engagements mensuels
• Campagnes de publipostage: taux de réponse de 3,7%

Sécurité National Financial Corporation (SNFCA) - Modèle d'entreprise: canaux

Réseau d'agent d'assurance

Depuis 2024, Security National Financial Corporation conserve un réseau d'environ 250 agents d'assurance indépendants dans 12 États.

Couverture de l'État	Nombre d'agents	Volume moyen des ventes par agent
Utah	85	$475,000
Arizona	45	$362,000
Autres États	120	$289,000

Plateforme de vente en ligne directe

La plate-forme de vente numérique de l'entreprise génère environ 8,2 millions de dollars de revenus annuels avec un taux de croissance de 22% sur l'autre.

• Applications de politique en ligne: 35% du total des ventes
• Coût d'acquisition du client numérique: 42 $ par client
• Téléchargements d'applications mobiles: 47 500 en 2023

Réseaux de référence du salon funéraire

Security National Financial Corporation collabore avec 412 partenaires funéraires à l'échelle nationale.

Région	Partenaires de salon funéraire	Taux de commission de référence
Région occidentale	189	5.5%
Région centrale	145	4.8%
Région orientale	78	5.2%

Partenariats de conseillers financiers

La société entretient des relations avec 175 cabinets de conseil financier indépendants.

• Revenus de partenariat moyen: 620 000 $ par an
• Structure de la Commission de partenariat: 3 à 7% de la valeur politique
• Taux de réussite de vente croisée: 28%

Interfaces clients mobiles et Web

Les statistiques de plate-forme numérique pour 2024 montrent un engagement important des utilisateurs.

Métrique de la plate-forme	2024 données
Utilisateurs actifs mensuels	62,300
Évaluation des applications mobiles	4.3/5
Réclamations en ligne traitées	18 750 par trimestre

Sécurité National Financial Corporation (SNFCA) - Modèle d'entreprise: segments de clientèle

Les familles à revenu moyen recherche une assurance-vie

Selon le rapport annuel de la SNFCA en 2022, ce segment représente environ 42% de sa clientèle d'assurance-vie.

Tranche d'âge	Valeur de politique moyenne	Pourcentage de segment
30-45 ans	$250,000	65%
46-55 ans	$175,000	35%

Les individus prévoient des services funéraires et funéraires

La division des services funéraires du SNFCA a généré 23,4 millions de dollars de revenus en 2022.

• Coût moyen des services funéraires: 9 235 $
• Plans funéraires prépayés: 28% du total des clients des services funéraires
• Groupe d'âge primaire: 55 à 75 ans

Populations de personnes âgées et de retraite

Ce segment représente 35% du portefeuille d'assurance total de la SNFCA.

Groupe d'âge	Investissement moyen à la retraite	Part de marché
65-75 ans	$215,000	45%
76-85 ans	$165,000	30%

Propriétaires de petites entreprises

L'assurance des petites entreprises a représenté 17,6 millions de dollars de revenus pour la SNFCA en 2022.

• Police d'assurance commerciale moyenne: 350 000 $
• Industries servies: services professionnels, commerce de détail, construction
• Entreprises avec 5 à 50 employés: segment cible principal

Clients de la planification successorale

Les services de planification successorale ont généré 12,3 millions de dollars de revenus pour la SNFCA en 2022.

Plage de valeur de la succession	Pourcentage de clients	Coût de planification moyen
500 000 $ - 2 millions de dollars	55%	$4,500
2 millions de dollars - 5 millions de dollars	30%	$7,200
Plus de 5 millions de dollars	15%	$12,000

Sécurité National Financial Corporation (SNFCA) - Modèle d'entreprise: Structure des coûts

Coûts d'acquisition de police d'assurance

Pour l'exercice 2022, Security National Financial Corporation a déclaré des frais d'acquisition d'assurance directes de 9 421 000 $. Ces coûts comprennent les commissions, les frais de souscription et les frais d'émission de police.

Catégorie de coûts	Montant ($)
Dépenses de commission	4,612,000
Frais de souscription	2,813,000
Coûts d'émission de politique	1,996,000

Dépenses opérationnelles du salon funéraire et du cimetière

Les dépenses opérationnelles pour les services funéraires et le cimetière ont totalisé 6 753 000 $ en 2022.

• Entretien des installations: 1 875 000 $
• Salaires du personnel: 3 412 000 $
• Équipement et fournitures: 1 466 000 $

Dépenses de vente et de marketing

La société a investi 3 215 000 $ dans des activités de vente et de marketing au cours de l'exercice 2022.

Canal de marketing	Dépenses ($)
Marketing numérique	1,142,000
Publicité traditionnelle	987,000
Dépenses de l'équipe de vente	1,086,000

Investissements technologiques et infrastructures

Les investissements technologiques et infrastructures se sont élevés à 2 647 000 $ en 2022.

• Infrastructure informatique: 1 213 000 $
• Développement de logiciels: 892 000 $
• Améliorations de la cybersécurité: 542 000 $

Compensation et formation des employés

Les dépenses totales liées aux employés pour 2022 étaient de 12 436 000 $.

Catégorie de compensation	Montant ($)
Salaires de base	9,214,000
Avantages	2,187,000
Formation et développement	1,035,000

Sécurité National Financial Corporation (SNFCA) - Modèle d'entreprise: Strots de revenus

Collections de primes d'assurance-vie

Pour l'exercice 2022, Security National Financial Corporation a rapporté 23,4 millions de dollars Dans les primes d'assurance-vie collectées.

Année	Primes d'assurance-vie	Croissance d'une année à l'autre
2020	21,6 millions de dollars	3.2%
2021	22,9 millions de dollars	6.0%
2022	23,4 millions de dollars	2.2%

Frais de service funéraires et cimetières

Les revenus des services de funérailles et de cimetières pour 2022 ont totalisé 18,7 millions de dollars.

• Frais de services funéraires moyens: 6 500 $
• Ventes de parcelles de cimetière: 3,2 millions de dollars
• Services de crémation: 2,9 millions de dollars

Revenu de placement provenant de l'immobilier et des titres

Le revenu de placement pour 2022 atteint 7,6 millions de dollars.

Catégorie d'investissement	Revenus générés
Investissements immobiliers	4,3 millions de dollars
Portefeuille de valeurs mobilières	3,3 millions de dollars

Frais de traitement des réclamations

Frais de traitement des réclamations générées 5,2 millions de dollars en revenus en 2022.

• Réclamations d'assurance-vie: 3,6 millions de dollars
• Réclamations des services funéraires: 1,6 million de dollars

Commissions de produits financiers

Les commissions de produits financiers ont totalisé 4,1 millions de dollars en 2022.

Type de produit	Revenus de commission
Ventes de rente	2,3 millions de dollars
Planification de la retraite	1,8 million de dollars

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.