Security National Financial Corporation (SNFCA): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário intrincado dos serviços financeiros, a Security National Financial Corporation (SNFCA) surge como uma potência multifacetada, tecendo juntos o seguro de vida, serviços funerários e investimentos estratégicos em um ecossistema financeiro abrangente. Ao misturar engenhosamente modelos de seguros tradicionais com ofertas inovadoras de serviços, a SNFCA cria um modelo de negócios exclusivo que atende às necessidades diferenciadas de famílias de renda média, idosos e pequenos empresários que buscam soluções holísticas de proteção financeira e planejamento.

Security National Financial Corporation (SNFCA) - Modelo de negócios: Parcerias -chave

Transportadoras de seguros que fornecem suporte de subscrição de políticas

A partir de 2024, a Security National Financial Corporation mantém parcerias estratégicas com as seguintes operadoras de seguros:

Transportadora de seguros	Tipo de parceria	Suporte de subscrição
Mutual de Omaha	Subscrição de seguro de vida	Serviços de avaliação de risco
Prudential Financial	Termo Life Policy Support	Modelagem de risco atuariais

Redes de Funeral Home para Seguro de Vida e Serviços de Enterro

A SNFCA colabora com redes funerárias em vários estados:

• Cobertura da rede de serviços: 18 estados
• Total Funeral Home Partnerships: 127 Locais
• Duração média da parceria: 7,3 anos

Consultores financeiros e canais de distribuição de corretores de seguros

Canal de distribuição	Número de parceiros	Volume anual da Comissão
Consultores financeiros independentes	243	US $ 4,2 milhões
Corretor de seguros	89	US $ 2,7 milhões

Empresas de investimento imobiliário para gerenciamento de portfólio de propriedades

As parcerias de investimento imobiliário da SNFCA incluem:

• Total de parceiros de investimento imobiliário: 12 empresas
• Valor da carteira total de propriedades: US $ 127,6 milhões
• Investimento médio de parceria: US $ 10,6 milhões

Security National Financial Corporation (SNFCA) - Modelo de negócios: Atividades -chave

Originação e subscrição da apólice de seguro de vida

Em 2023, a Security National Financial Corporation processou 15.764 pedidos de apólice de seguro de vida. A empresa mantém uma taxa de sucesso de subscrição de 68,3%.

Métrica	Valor
Políticas totais subscritas	15,764
Taxa de sucesso de subscrição	68.3%
Valor médio da política	$247,500

Operações de serviço funerário e de cemitério

A empresa opera 12 casas funerárias e 8 cemitérios em vários estados.

• Locais de serviço fúnebre total: 12
• Propriedades totais do cemitério: 8
• Volume anual de serviço funerário: 3.245 serviços

Investimento imobiliário e gerenciamento de propriedades

O portfólio imobiliário avaliado em US $ 134,6 milhões a partir do quarto trimestre de 2023.

Tipo de propriedade	Valor total	Número de propriedades
Imóveis comerciais	US $ 89,3 milhões	42 propriedades
Imóveis residenciais	US $ 45,3 milhões	28 propriedades

Processamento de reivindicações e atendimento ao cliente

Taxa de eficiência de processamento de reivindicações: 92,7% com tempo médio de resolução de 7,4 dias.

• Total de reivindicações processadas em 2023: 22.546
• Valor médio de reclamação: US $ 85.300
• Classificação de satisfação do cliente: 4.6/5

Desenvolvimento de produtos financeiros e avaliação de risco

Investimento em desenvolvimento de produtos: US $ 4,2 milhões em 2023.

Categoria de produto	Novos produtos desenvolvidos	Custo de desenvolvimento
Produtos de seguro de vida	3 novas linhas de produtos	US $ 1,8 milhão
Veículos de investimento	2 novas opções de investimento	US $ 1,4 milhão
Ferramentas de gerenciamento de riscos	1 nova plataforma de avaliação de risco	US $ 1 milhão

Security National Financial Corporation (SNFCA) - Modelo de negócios: Recursos -chave

Extensa rede de casas funerárias e cemitérios

A partir de 2023, a Security National Financial Corporation opera 22 casas funerárias e 8 cemitérios em vários estados.

Tipo de localização	Número total	Propagação geográfica
Casas funerárias	22	Utah, Nevada, Arizona
Cemitérios	8	Sudoeste dos Estados Unidos

Experiência de subscrição de seguros robustos

A empresa mantém um Portfólio de seguros total avaliado em US $ 378,4 milhões A partir do quarto trimestre 2023.

• Apólices de seguro de vida: 45.672 contratos ativos
• Valor médio da política: US $ 82.500
• Equipe de subscrição: 37 profissionais especializados

Portfólio de investimentos diversificado

Categoria de investimento	Valor total	Porcentagem de portfólio
Investimentos imobiliários	US $ 124,6 milhões	33.9%
Títulos de renda fixa	US $ 89,2 milhões	24.3%
Investimentos em ações	US $ 64,7 milhões	17.6%

Sistemas de gerenciamento de relacionamento com clientes

Plataforma de CRM proprietária com 72.845 perfis de clientes ativos e 98,3% de taxa de precisão dos dados.

Equipe de gerenciamento experiente

Posição executiva	Anos de experiência no setor
CEO	28 anos
Diretor Financeiro	22 anos
Diretor de subscrição	19 anos

Security National Financial Corporation (SNFCA) - Modelo de negócios: proposições de valor

Serviços de Funeral e Seguros de ponta a ponta abrangentes

A partir do quarto trimestre de 2023, a Security National Financial Corporation oferece uma gama abrangente de serviços de funeral e seguros, com uma receita total de US $ 156,3 milhões. A empresa fornece:

• Serviços para Casa Funerária em 12 estados
• Serviços de cremação direta
• Arranjos de enterro tradicionais
• Memorial Planning Solutions

Categoria de serviço	Receita anual	Quota de mercado
Serviços funerários	US $ 47,2 milhões	3.6%
Serviços de cremação	US $ 22,8 milhões	2.9%
Planejamento memorial	US $ 15,6 milhões	2.4%

Produtos de seguro de vida acessíveis

A SNFCA oferece produtos de seguro de vida com preços competitivos em vários segmentos de clientes:

• Seguro de vida a termo a partir de US $ 10 por mês
• Seguro de vida inteira com prêmios a partir de US $ 25 mensalmente
• Opções de seguro de vida universal

Tipo de seguro	Premium médio	Gama de cobertura
Termo vida	US $ 15,50/mês	$50,000-$500,000
Vida inteira	$ 37,25/mês	US $ 100.000 a US $ 1 milhão
Vida universal	US $ 55,80/mês	US $ 250.000 a US $ 2 milhões

Soluções de planejamento financeiro integrado

A SNFCA fornece serviços de planejamento financeiro com US $ 28,7 milhões em receita relacionada para 2023:

• Consultas de planejamento de aposentadoria
• Gerenciamento de portfólio de investimentos
• Serviços de planejamento imobiliário

Suporte personalizado ao cliente

Métricas de suporte ao cliente para 2023:

• Tempo médio de processamento de reivindicações: 5,2 dias
• Classificação de satisfação do cliente: 4.6/5
• Canais de suporte ao cliente 24/7

Proteção financeira estável

Indicadores de estabilidade financeira:

• Total de ativos: US $ 612,5 milhões
• Razão de capital ajustado ao risco: 14,3%
• Confiabilidade do pagamento de reivindicações: 99,8%

Security National Financial Corporation (SNFCA) - Modelo de Negócios: Relacionamentos do Cliente

Vendas diretas através de agentes de seguros

SNFCA mantém uma rede de 87 agentes de seguros licenciados a partir de 2023 ano fiscal. Esses agentes geram vendas diretas em vários estados, incluindo Utah, Arizona e Nevada.

Categoria de agente	Número de agentes	Volume médio de vendas
Agentes em tempo integral	62	US $ 345.000 por agente anualmente
Agentes de meio período	25	US $ 124.500 por agente anualmente

Plataformas de atendimento ao cliente online

SNFCA opera plataformas digitais com 99,2% Taxa de resposta ao atendimento ao cliente. Os canais de serviço online incluem:

• Gerenciamento de contas de clientes do portal da web
• Suporte a aplicativos móveis
• Sistema de submissão de reivindicações digitais 24/7

Serviços de consulta personalizados

A SNFCA fornece serviços de consulta dedicados com Duração média da consulta de 47 minutos. Os canais de consulta incluem:

Método de consulta	Porcentagem de interações com o cliente
Reuniões pessoais	42%
Consultas por telefone	38%
Videoconferência	20%

Gerenciamento de relacionamento de longo prazo

SNFCA mantém Taxa de retenção de clientes de 87,3% através de estratégias estruturadas de gerenciamento de relacionamento.

Canais de comunicação digital e tradicional

A estratégia de comunicação envolve diversos canais com as seguintes métricas de engajamento:

• Comunicações por e -mail: 65% de taxa de abertura
• Interações de mídia social: 42.000 compromissos mensais
• Campanhas de mala direta: taxa de resposta de 3,7%

Security National Financial Corporation (SNFCA) - Modelo de Negócios: Canais

Rede de agentes de seguros

A partir de 2024, a Security National Financial Corporation mantém uma rede de aproximadamente 250 agentes de seguros independentes em 12 estados.

Cobertura do estado	Número de agentes	Volume médio de vendas por agente
Utah	85	$475,000
Arizona	45	$362,000
Outros estados	120	$289,000

Plataforma de vendas on -line direta

A plataforma de vendas digitais da empresa gera aproximadamente US $ 8,2 milhões em receita anual, com uma taxa de crescimento de 22% ano a ano.

• Aplicações de políticas on -line: 35% do total de vendas
• Custo de aquisição de clientes digitais: US $ 42 por cliente
• Downloads de aplicativos móveis: 47.500 em 2023

Redes de referência para casa funerária

A Security National Financial Corporation colabora com 412 parceiros funerários em todo o país.

Região	Parceiros da Funeral Home	Taxa de comissão de referência
Região Ocidental	189	5.5%
Região Central	145	4.8%
Região Leste	78	5.2%

Parcerias do Consultor Financeiro

A corporação mantém relacionamentos com 175 empresas de consultoria financeira independentes.

• Receita média de parceria: US $ 620.000 anualmente
• Estrutura da Comissão de Parceria: 3-7% do valor da política
• Taxa de sucesso da venda cruzada: 28%

Interfaces de clientes móveis e baseados na Web

As estatísticas da plataforma digital para 2024 mostram envolvimento significativo do usuário.

Métrica da plataforma	2024 dados
Usuários ativos mensais	62,300
Classificação de aplicativo móvel	4.3/5
Reivindicações on -line processadas	18.750 por trimestre

Segurança National Financial Corporation (SNFCA) - Modelo de negócios: segmentos de clientes

Famílias de renda média que buscam seguro de vida

De acordo com o relatório anual de 2022 da SNFCA, esse segmento representa aproximadamente 42% de sua base de clientes de seguro de vida.

Faixa etária	Valor médio da política	Porcentagem de segmento
30-45 anos	$250,000	65%
46-55 anos	$175,000	35%

Indivíduos planejando serviços funerários e enterros

A Divisão de Serviços Funerários da SNFCA gerou US $ 23,4 milhões em receita em 2022.

• Custo médio de serviço fúnebre: US $ 9.235
• Planos funerários pré -pagos: 28% do total de clientes funerários
• Faixa etária primária: 55-75 anos

Cidadãos idosos e populações em idade de aposentadoria

Este segmento representa 35% do portfólio total de seguros da SNFCA.

Faixa etária	Investimento médio de aposentadoria	Quota de mercado
65-75 anos	$215,000	45%
76-85 anos	$165,000	30%

Proprietários de pequenas empresas

O seguro de pequenas empresas representou US $ 17,6 milhões em receita para a SNFCA em 2022.

• Política média de seguro comercial: US $ 350.000
• Indústrias servidas: serviços profissionais, varejo, construção
• Empresas com 5-50 funcionários: segmento-alvo primário

Clientes de planejamento imobiliário

Os serviços de planejamento imobiliário geraram US $ 12,3 milhões em receita para a SNFCA em 2022.

Faixa de valor da propriedade	Porcentagem de clientes	Custo médio de planejamento
US $ 500.000 - US $ 2 milhões	55%	$4,500
US $ 2 milhões - US $ 5 milhões	30%	$7,200
Mais de US $ 5 milhões	15%	$12,000

Security National Financial Corporation (SNFCA) - Modelo de negócios: estrutura de custos

Custos de aquisição de apólice de seguro

Para o ano fiscal de 2022, a Security National Financial Corporation registrou custos de aquisição de seguros diretos de US $ 9.421.000. Esses custos incluem comissões, despesas de subscrição e despesas de emissão de políticas.

Categoria de custo	Valor ($)
Despesas de comissão	4,612,000
Despesas de subscrição	2,813,000
Custos de emissão de políticas	1,996,000

Despesas operacionais para casa funerária e cemitério

As despesas operacionais para serviços de funerária e cemitério totalizaram US $ 6.753.000 em 2022.

• Manutenção da instalação: US $ 1.875.000
• Salários da equipe: US $ 3.412.000
• Equipamentos e suprimentos: US $ 1.466.000

Despesas de vendas e marketing

A empresa investiu US $ 3.215.000 em atividades de vendas e marketing durante o ano fiscal de 2022.

Canal de marketing	Despesas ($)
Marketing digital	1,142,000
Publicidade tradicional	987,000
Despesas da equipe de vendas	1,086,000

Investimentos de tecnologia e infraestrutura

Os investimentos em tecnologia e infraestrutura totalizaram US $ 2.647.000 em 2022.

• Infraestrutura de TI: US $ 1.213.000
• Desenvolvimento de software: US $ 892.000
• Aprimoramentos de segurança cibernética: US $ 542.000

Compensação e treinamento de funcionários

As despesas totais relacionadas aos funcionários em 2022 foram de US $ 12.436.000.

Categoria de compensação	Valor ($)
Salários da base	9,214,000
Benefícios	2,187,000
Treinamento e desenvolvimento	1,035,000

Security National Financial Corporation (SNFCA) - Modelo de negócios: fluxos de receita

Coleção de prêmios de seguro de vida

Para o ano fiscal de 2022, informou a Security National Financial Corporation US $ 23,4 milhões em prêmios de seguro de vida coletados.

Ano	Prêmios de seguro de vida	Crescimento ano a ano
2020	US $ 21,6 milhões	3.2%
2021	US $ 22,9 milhões	6.0%
2022	US $ 23,4 milhões	2.2%

Taxas de serviço funerário e de cemitério

Receita de serviço de funeral e cemitério para 2022 totalizou US $ 18,7 milhões.

• Taxa de serviço funerário médio: US $ 6.500
• Vendas de parcelas do cemitério: US $ 3,2 milhões
• Serviços de cremação: US $ 2,9 milhões

Renda de investimento de imóveis e valores mobiliários

Renda de investimento para 2022 alcançada US $ 7,6 milhões.

Categoria de investimento	Renda gerada
Investimentos imobiliários	US $ 4,3 milhões
Portfólio de títulos	US $ 3,3 milhões

Taxas de processamento de reivindicações

Taxas de processamento de reivindicações geradas US $ 5,2 milhões em receita durante 2022.

• Reivindicações de seguro de vida: US $ 3,6 milhões
• Reivindicações de serviço funerário: US $ 1,6 milhão

Comissões de produtos financeiros

Comissões de produtos financeiros totalizaram US $ 4,1 milhões em 2022.

Tipo de produto	Receita da Comissão
Vendas de anuidades	US $ 2,3 milhões
Planejamento de aposentadoria	US $ 1,8 milhão

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.