Security National Financial Corp (NASDAQ: SNFCA)

Security National Financial Corp (SNFCA) is a diversified financial services company operating in the life insurance, cemetery and mortuary, and mortgage industries. The company's main business activities encompass selling and servicing life insurance, annuity products, and accident and health insurance, as well as originating and underwriting residential and commercial loans. With a strong presence in the United States, the company operates in 40 states through its life insurance subsidiaries and in Utah, California, and New Mexico through its cemetery and mortuary locations and mortgage retail offices.

The life insurance segment of SNFCA is engaged in selling and servicing selected lines of life insurance, annuity products, and accident and health insurance. The company's life insurance business includes funeral plans, interest-sensitive life insurance, and other traditional life, accident, and health insurance products. The company's insurance subsidiaries are licensed to sell insurance in 40 states, and it places specific marketing emphasis on funeral plans through pre-need planning.

SNFCA's cemetery and mortuary segment consists of eight mortuaries and five cemeteries in Utah, one cemetery in California, and one cemetery and four mortuaries in New Mexico. The company also engages in pre-need selling of funeral, cemetery, mortuary, and cremation services through its cemetery and mortuary locations.

In the mortgage industry, SNFCA originates and underwrites residential and commercial loans for new construction, existing homes, and other real estate projects. The company operates through 100 retail offices in 23 states and is an approved mortgage lender in several other states.

The life insurance industry is highly competitive, with approximately 800 legal reserve life insurance companies in business in the United States. SNFCA competes with a large number of insurance companies, many of which have greater financial resources, longer business histories, and more diversified lines of insurance products than the company. The company believes that its policies and rates for the markets it serves are generally competitive.

The cemetery and mortuary industry is also highly competitive, with several cemeteries and mortuaries in the Utah, California, and New Mexico markets where the company competes. The company bears the cost of a pre-need sales program that is not incurred by its competitors, which do not have a pre-need sales force.

The mortgage industry is highly competitive, with many mortgage companies and banks in the same geographic area as the company. The mortgage industry is sensitive to changes in interest rates and the refinancing market is particularly vulnerable to changes in interest rates.

SNFCA has a strong information security program and systems to guard against unauthorized access, malicious software, corruption of data, disruption of its networks and systems, and unauthorized release of confidential information. The company's Cybersecurity System is comprised of multiple layers of controls to reduce the risk of cybersecurity incidents.

Security National Financial Corp employs 1,227 full-time and 246 part-time employees. The company provides employee benefits, including group health insurance, retirement plans, supplemental life insurance, and voluntary benefit programs. The company also provides other time off benefits, such as paid sick and paid vacation time, and offers an employee assistance program that provides 24/7 counseling services for employees who may be facing challenges outside of the workplace.

In terms of its brand names and trade names, Security National Financial Corp operates under the subsidiaries of Security National Life, First Guaranty, Kilpatrick, and its pre-need sales program. The company's primary products and services include life insurance, annuity products, accident and health insurance, funeral plans, cemetery and mortuary services, and mortgage loans.