Security National Financial Corporation (SNFCA): History, Ownership, Mission, How It Works & Makes Money

Ever wondered about the financial entities that operate behind the scenes, offering diverse services from life insurance to mortgage loans? Security National Financial Corporation (SNFCA), a company founded in 1965, stands as a diversified financial entity operating through life insurance, cemetery and mortuary services, and mortgage loans. But how exactly does SNFCA, with its humble beginnings of $543,000 in assets, operate and generate revenue across these varied sectors, and what makes it a strong industry leader even after 60 years?

Security National Financial Corporation (SNFCA) History

Security National Financial Corporation Founding Timeline

Year established

Security National Financial Corporation was established in 1965.

Original location

The company was originally located in Salt Lake City, Utah.

Founding team members

The founding team members included:

• George R. Quist
• Robert L. Moody
• W. Lloyd Hoskins

Initial capital/funding

The initial capital infusion was approximately $880,000. This funding was crucial for establishing the company's operations and pursuing its initial business strategies.

Security National Financial Corporation Evolution Milestones

Security National Financial Corporation Transformative Moments

Several transformative moments have shaped Security National Financial Corporation’s trajectory:

• Diversification into the Death Care Industry: The acquisition of Memorial Mortuaries and Cemeteries in 1993 marked a significant strategic shift, providing a stable and counter-cyclical revenue stream.
• Reorganization into a Holding Company: The transformation from Security National Life Insurance Company into Security National Financial Corporation in 1981 allowed for greater flexibility in business operations and investment strategies.
• Strategic Focus on Mortgage Lending: Expanding mortgage loan operations enabled the company to capitalize on favorable real estate market conditions and diversify its financial services portfolio.
• Technological Integration: Investment in technology to enhance customer experience and streamline operations has been crucial in maintaining competitiveness and efficiency in recent years.

These moments reflect the company's ability to adapt to changing market conditions and proactively pursue growth opportunities. You might be also interested in: Mission Statement, Vision, & Core Values of Security National Financial Corporation (SNFCA).

Security National Financial Corporation (SNFCA) Ownership Structure

Understanding the ownership structure of Security National Financial Corporation (SNFCA) provides valuable insights into the company's control and governance. The following sections detail the company's status, ownership breakdown, and key leadership figures.

Security National Financial Corporation's Current Status

Security National Financial Corporation is a publicly traded company, meaning its shares are available for purchase by the general public on the open market. It is listed on the NASDAQ Stock Market under the ticker symbol SNFCA.

Security National Financial Corporation's Ownership Breakdown

Understanding the distribution of ownership in Security National Financial Corporation (SNFCA) can offer insights into potential influences on the company’s strategic direction. Here’s a snapshot of the ownership composition:

Security National Financial Corporation's Leadership

The leadership team plays a crucial role in guiding Security National Financial Corporation's strategic direction and operational execution. Key figures include:

• Scott M. Quist: Chairman of the Board, President, and CEO.
• Cameron N. Quist: Executive Vice President and Chief Investment Officer.
• Garrett S. Sill: Executive Vice President, CFO, Treasurer, and Secretary.

These individuals, along with other members of the executive team and board of directors, are responsible for the overall management and performance of the company.

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Security National Financial Corporation (SNFCA) Mission and Values

Security National Financial Corporation (SNFCA) aims to increase shareholder value through strategic acquisitions and internal growth, guided by its core values. SNFCA's commitment to integrity, service, and growth shapes its operations and relationships with stakeholders.

Security National Financial Corporation's Core Purpose

Official mission statement

Security National Financial Corporation does not have a single, explicitly stated mission statement available in its filings or other public documents. However, insights into the company's mission can be gleaned from its operational priorities and strategic goals. The company focuses on enhancing shareholder value through a combination of strategic acquisitions and organic growth. This approach is evident in its expansion and management of businesses within the life insurance, cemetery, and mortgage sectors.

Key aspects of SNFCA's implied mission include:

• Enhancing Shareholder Value: Prioritizing actions and strategies that lead to increased returns for shareholders.
• Strategic Acquisitions: Growing the company through careful and deliberate purchases of other businesses that align with SNFCA's core competencies.
• Organic Growth: Expanding existing business segments through internal improvements, innovations, and market penetration.
• Operational Excellence: Maintaining high standards of service and efficiency across all business operations.

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Vision statement

While a specific vision statement is not formally declared, SNFCA’s vision can be inferred from its strategic objectives and long-term goals. The corporation aims to be a leading provider in its key sectors, marked by sustainable growth and financial stability. The vision encompasses:

• Market Leadership: Aspiring to be a top-tier provider in the life insurance, cemetery, and mortgage industries.
• Sustainable Growth: Ensuring that growth is not only rapid but also sustainable over the long term, contributing to lasting value.
• Financial Stability: Maintaining a strong financial foundation to withstand market fluctuations and support future investments.
• Innovation and Adaptation: Continuously adapting to market changes and innovating to meet the evolving needs of customers and the industry.

Company slogan/tagline

Security National Financial Corporation does not have a widely publicized official slogan or tagline. However, the essence of a tagline can be understood through its actions and the values it promotes:

• 'Securing Your Future, Honoring Legacies': This encapsulates the dual focus on providing financial security through life insurance and preserving legacies through cemetery and mortuary services.
• 'Growth Through Strength and Service': Reflects the company's approach to expanding its business while maintaining high standards of customer service and financial robustness.

Security National Financial Corporation (SNFCA) How It Works

Security National Financial Corporation (SNFCA) operates primarily in the life insurance, cemetery, and mortgage segments, offering a range of products and services to meet the needs of individuals and families in these areas.

Security National Financial Corporation's Product/Service Portfolio

Security National Financial Corporation's Operational Framework

SNFCA's operations are structured to drive value creation across its core business segments:

• Life Insurance: SNFCA focuses on selling life insurance policies through a network of independent agents and direct marketing efforts. Premiums collected are invested to generate returns, and claims are paid out to beneficiaries upon the death of the insured.
• Mortgage Loans: The company originates and purchases mortgage loans, which are then either held in its portfolio or sold to investors. Revenue is generated through interest income and loan origination fees.
• Cemetery and Funeral Services: SNFCA operates cemeteries and provides funeral services, generating revenue through the sale of burial plots, funeral merchandise, and service fees. The company focuses on providing dignified and respectful services to families during their time of need.

Security National Financial Corporation's Strategic Advantages

SNFCA's competitive advantages include:

• Diversified Business Model: SNFCA operates in three distinct business segments, which helps to mitigate risk and provide multiple avenues for growth.
• Strong Financial Position: As of the fiscal year 2024, SNFCA maintains a strong balance sheet with \$678.9 million in total assets, demonstrating financial stability and the capacity to invest in future growth initiatives.
• Experienced Management Team: SNFCA's management team has a proven track record of success in the insurance, mortgage, and cemetery industries.
• Geographic Diversification: SNFCA operates in multiple states, which helps to reduce its exposure to regional economic downturns.

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Security National Financial Corporation (SNFCA) How It Makes Money

Security National Financial Corporation (SNFCA) primarily generates revenue through its diverse operations in the life insurance, cemetery, and mortgage segments.

Security National Financial Corporation's Revenue Breakdown

While exact percentage breakdowns for fiscal year 2024 are not available, understanding the general revenue streams and their trends provides valuable insight.

Security National Financial Corporation's Business Economics

The business economics of Security National Financial Corporation are influenced by several key factors:

• Life Insurance: This segment benefits from predictable premium payments and investment income generated from policyholder funds. Profitability depends on accurate actuarial projections of mortality rates and effective investment strategies.
• Cemetery and Mortuary: This segment provides a stable revenue stream due to consistent demand for funeral and cemetery services. Revenue is generated through the sale of interment rights, funeral services, and related merchandise.
• Mortgage Lending: This segment's profitability is highly sensitive to interest rate fluctuations and housing market conditions. Revenue is generated through loan origination fees and servicing fees.
• Pricing Strategies: The company employs various pricing strategies across its segments. In the life insurance segment, premiums are determined based on factors such as age, health, and policy coverage. In the cemetery segment, prices for interment rights and funeral services are influenced by location, amenities, and competitive pressures. The mortgage lending segment's pricing is primarily driven by prevailing interest rates and credit risk assessments.

Security National Financial Corporation's Financial Performance

Key aspects of Security National Financial Corporation's recent financial performance include:

• Revenue Growth: While specific figures for 2024 are not available, analyzing past trends indicates moderate revenue growth driven primarily by the life insurance segment.
• Profitability: Profitability is influenced by factors such as claims experience in the life insurance segment, operating costs in the cemetery segment, and interest rate spreads in the mortgage lending segment.
• Key Metrics: Important financial metrics to consider include:
  • Return on Equity (ROE): Measures the company's profitability relative to shareholders' equity.
  • Debt-to-Equity Ratio: Indicates the company's financial leverage.
  • Net Interest Margin (NIM): Reflects the profitability of the mortgage lending segment.

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Security National Financial Corporation (SNFCA) Market Position & Future Outlook

Security National Financial Corporation operates within the financial services industry, focusing on life insurance, annuity products, and mortgage banking. While specific market share data for SNFCA is not readily available, the company's future outlook is shaped by its ability to adapt to changing interest rates, regulatory environments, and evolving consumer preferences. Strategic initiatives aimed at expanding its product offerings and enhancing its distribution channels will be crucial for maintaining and improving its competitive position.

Competitive Landscape

Opportunities & Challenges

Industry Position

Security National Financial Corporation maintains a strong position within its niche markets, particularly in providing specialized insurance and mortgage products. Key aspects of its industry standing include:

• Regional Strength: SNFCA has a well-established presence in specific geographic areas, allowing it to cater to local market needs effectively.
• Diversified Offerings: The company’s mix of insurance and mortgage services provides a buffer against fluctuations in any single market segment.
• Customer Focus: SNFCA emphasizes customer relationships, which supports customer loyalty and referrals.

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