Here are 1-2 brief analogies for Security National Financial (SNFCA):

• A diversified financial services company, like a smaller entity combining MetLife (life insurance), Rocket Mortgage (home loans), and Service Corporation International (SCI) (funeral services).

• A life-stage financial services provider, blending elements of Rocket Mortgage (home loans), MetLife (life insurance), and Service Corporation International (SCI) (funeral services).

• Life Insurance: Provides various types of life insurance policies to individuals and families.
• Cemeteries and Mortuaries: Offers comprehensive funeral and burial services, including pre-need and at-need arrangements, cremation, and the sale of cemetery plots and related merchandise.
• Banking Services: Provides traditional commercial and retail banking services, including consumer and commercial loans, and various deposit accounts to individuals and businesses.

Security National Financial (symbol: SNFCA) primarily sells its services to individuals and families. While its banking segment also serves small to medium-sized businesses, the majority of its business from its life insurance and cemetery & funeral segments is directed at the consumer market. Its major customer categories are:

• Individuals and Families Seeking Life Insurance and Annuities: These customers purchase various life insurance products (such as term, whole, and universal life insurance) and annuity products for purposes like financial protection, income replacement, retirement planning, and wealth transfer.
• Individuals and Families Planning For or Needing Funeral and Cemetery Services: This category includes customers making pre-need arrangements for funeral and burial services, as well as families requiring immediate at-need services for their loved ones following a death.
• Individuals and Small to Medium-sized Businesses Utilizing Banking and Mortgage Services: These customers engage SNFCA's banking subsidiary for a range of financial products, including checking and savings accounts, consumer loans, residential mortgages, and commercial loans for local businesses.

Scott M. Quist, Chairman of the Board, President and Chief Executive Officer

Scott M. Quist has served as Chairman of the Board and Chief Executive Officer of Security National Financial Corporation since September 14, 2012, and as President since 2002. He has been a director of the company since 1986 and previously served as First Vice President from 1986 to 2002. Before joining Security National Financial, Mr. Quist was a tax specialist with Peat, Marwick, Mitchell, & Co. from 1980 to 1982. He has held leadership roles in various trade associations, including Treasurer and a director of The National Association of Life Companies from 1986 to 1991, and a member of the Board of Governors of the Forum 500 Section of the American Council of Life Insurance. He is currently a director and past president of the National Alliance of Life Companies. Mr. Quist also serves as Chairman, President & Chief Executive Officer of Security National Life Insurance Co. and Southern Security Life Insurance Co., Inc. He holds a B.S. degree in Accounting and a law degree from Brigham Young University. His father, George R. Quist, was the founder, Chairman & CEO of the company.

Garrett S. Sill, Chief Financial Officer and Treasurer

Garrett S. Sill serves as the Chief Financial Officer, Principal Accounting Officer, and Treasurer of Security National Financial Corporation. Further detailed background information, such as founding or managing other companies, selling companies, or a pattern of managing private equity-backed companies, was not readily available in the provided search results.

Jeffrey R. Stephens, Secretary and Senior General Counsel

Jeffrey R. Stephens holds the positions of Secretary and Senior General Counsel for Security National Financial Corporation. Further detailed background information, such as founding or managing other companies, selling companies, or a pattern of managing private equity-backed companies, was not readily available in the provided search results.

S. Andrew Quist, Vice President, Mortgage Operations, General Counsel, and Director

S. Andrew Quist has served as a Vice President of Security National Financial Corporation since 2010. He is also the President of Mortgage Operations, General Counsel, and a Director. He has served as the Company's Associate General Counsel since 2007. Further detailed background information, such as founding or managing other companies, selling companies, or a pattern of managing private equity-backed companies, was not readily available in the provided search results.

Adam G. Quist, Vice President, Life Insurance and Memorial Services, Assistant Secretary, General Counsel and Director

Adam G. Quist serves as Vice President, Life Insurance and Memorial Services, Assistant Secretary, General Counsel, and Director for Security National Financial Corporation. He is also the President of Memorial Services. Further detailed background information, such as founding or managing other companies, selling companies, or a pattern of managing private equity-backed companies, was not readily available in the provided search results.

• Disruption from InsurTech Companies in Life Insurance: Emerging direct-to-consumer digital platforms and InsurTech companies (e.g., Ethos, Bestow, Lemonade) are increasingly using advanced data analytics and simplified online processes to offer life insurance products with greater speed, convenience, and often lower costs. This model directly competes with traditional agency-based distribution and underwriting processes utilized by Security National Financial, potentially eroding market share among tech-savvy consumers and younger demographics.

• Accelerating Shift Towards Cremation and Alternative End-of-Life Services: There is a clear and accelerating trend in consumer preferences away from traditional burials towards cremation and other alternative end-of-life options (e.g., green burials, human composting, aquamation). This shift reduces demand for traditional cemetery plots, caskets, and certain higher-margin funeral services, directly impacting the revenue streams and long-term asset utilization of Security National Financial's cemetery and funeral operations, which rely significantly on traditional burial offerings.

• Increased Digitization and Automation in Mortgage Banking: The mortgage banking industry is experiencing rapid innovation driven by online-only lenders and FinTech companies that leverage AI, machine learning, and comprehensive digital platforms to streamline the loan origination, underwriting, and servicing processes. Competitors like Rocket Mortgage and other digital lenders offer significantly faster application-to-close times and a more seamless customer experience, posing a competitive threat to traditional mortgage banking operations that may not have invested as heavily in comparable technological advancements.

Security National Financial (SNFCA) operates in three primary business segments: life insurance, cemetery and mortuary services, and mortgage loans. The company's operations are predominantly within the United States.

Life Insurance

The addressable market for life insurance in the U.S. is substantial. In 2024, the United States life insurance market was valued at approximately USD 1.46 trillion, with projections to reach USD 2.42 trillion by 2034, growing at a compound annual growth rate (CAGR) of 5.20%. Another estimate places the U.S. life insurance market size at USD 1.93 trillion in 2024, expected to grow to around USD 4.74 trillion by 2034 with a CAGR of 9.40%. The total U.S. life insurance new annualized premium increased by 8% in the first quarter of 2025 to $3.9 billion.

Cemetery and Mortuary Services

Security National Financial is involved in cemetery and mortuary services, including the pre-need selling of funeral, cemetery, mortuary, and cremation services. The broader U.S. death care market, which includes funeral homes, crematories, cemeteries, and related services, was estimated at approximately $75 billion in 2025. This market is projected to reach around $103.5 billion by 2030, growing at a CAGR of about 6.67% from 2025 onward. The U.S. pre-need death care market, a significant component of this segment, was valued at USD 65.4 billion in 2025 and is expected to reach USD 98.7 billion by 2033, with the U.S. contributing over 40% of global revenue. The cemetery services industry in the U.S. generated an estimated revenue of $6.4 billion in 2025.

Mortgage Loans

The company's mortgage segment originates and underwrites residential and commercial loans. The total mortgage origination volume in the U.S. is projected to increase to $2.3 trillion in 2025, up from $1.79 trillion expected in 2024. Purchase originations alone are forecast to increase to $1.46 trillion in 2025. The U.S. home loan market was valued at USD 2.29 trillion in 2025 and is forecasted to grow to USD 3.02 trillion by 2030, at a CAGR of 5.63%. Americans originated $884 billion in new mortgage debt in the first half of 2025.

1. Life Insurance Premium Rate Increases: Management anticipates improved Return on Equity (ROE) as premium rate increases in the life insurance segment take effect. This segment had its best operational year in 2024, with a 25% improvement over 2023, primarily driven by higher insurance premiums.
2. Stabilization and Growth in Mortgage Origination Volume: Despite recent challenges, the company's recruiting strategies in 2023 and 2024 are expected to contribute to strong mortgage origination performance. Management projects improved ROE as the mortgage segment stabilizes. The mortgage segment also saw an 8% increase in revenue in 2024, attributed to increased loan originations and secondary gains from investors.
3. Strategic Investments in Residential Land and Builder Relationships: Security National Financial is actively investing in residential land and fostering relationships with builders, a strategy expected to generate higher future returns. This indicates a focus on expanding its real estate activities to drive revenue.
4. Growth in Funeral Home and Cemetery Services: The funeral home operations demonstrated revenue growth of 3.4% year-over-year in the first quarter of 2025, primarily due to a 3% increase in total services performed and a 0.4% increase in average revenue per contract. Additionally, the cemetery and mortuary segment achieved record results in 2024, with a 5% increase over the previous year, mainly driven by an increase in cemetery pre-need sales.

Share Repurchases

• In its 2024 Form 10-K report, Security National Financial repurchased $3,053,506 worth of treasury stock.
• An authorization was made in December 2020 to repurchase an additional 700,000 shares of Class A Common Stock.

Share Issuance

• Security National Financial issued stock dividends, which increased the number of shares outstanding.
• The company declared a 5% stock dividend for stockholders of record on July 11, 2025, to be issued on July 18, 2025. This marks its 37th consecutive year of declaring a stock dividend.
• Shareholders approved an amendment to the 2022 Equity Incentive Plan in 2025, authorizing the issuance of an additional 3,000,000 shares of Class A and Class C common stock, with a maximum of 500,000 shares of Class C common stock permitted.

Outbound Investments

• In 2025, the company made a gross additional investment of approximately $50,000,000 in residential land holdings, aimed at achieving higher future yields.
• In December 2021, through its wholly-owned subsidiary Memorial Mortuary Inc., the company acquired Holbrook Mortuary in Salt Lake City, Utah, for a net purchase price of $3,051,747.
• The company actively pursues growth through acquisitions of life insurance companies, funeral homes, and cemeteries, and through expanding its mortgage operations.