Think of it as Service Corporation International (SCI), but with added life insurance and mortgage divisions.

• Life Insurance Policies: Sells and services various life insurance products, including funeral plans, interest-sensitive life insurance, and traditional life, accident, and health insurance.
• Annuity Products: Provides single and flexible premium deferred annuities and immediate annuities.
• Cemetery and Mortuary Services: Operates mortuaries and cemeteries, offering death care products like plots, caskets, and urns, alongside professional funeral and interment services.
• Residential Mortgage Lending: Originates and underwrites residential loans for new construction and existing homes.
• Commercial Mortgage Lending: Originates and underwrites commercial loans for real estate projects.

Security National Financial (SNFCA) primarily sells its services and products to individuals. Based on its diverse business segments, the company serves the following categories of customers:

• Individuals Seeking Financial Protection and Planning: This category includes policyholders for various life insurance products (such as funeral plans, interest-sensitive life insurance, traditional life, accident, and health insurance) and individuals purchasing annuity products for retirement planning and income.

• Individuals and Families Requiring Death Care Services: This segment serves individuals engaging in pre-need planning for funeral and cemetery services, as well as families requiring immediate mortuary and cemetery services at the time of a loss. Products and services include plots, interment vaults, mausoleum crypts, markers, caskets, urns, and professional services from funeral directors.

• Individuals Seeking Home Financing: This category comprises individuals applying for residential mortgage loans for new construction or existing homes, directly or through real estate brokers and builders.

Scott M. Quist, 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. He has also held the position of President since 2002 and has been a director of the company since 1986. Earlier in his career, Mr. Quist was a tax specialist with Peat, Marwick, Mitchell, & Co. in Dallas, Texas, from 1980 to 1982. He served as Treasurer and a director of The National Association of Life Companies from 1986 to 1991, and is a past president and current director of the National Alliance of Life Companies. Mr. Quist holds a B.S. in Accounting and a law degree from Brigham Young University.

Garrett S. Sill, Chief Financial Officer and Treasurer

Garrett S. Sill was appointed Chief Financial Officer and Treasurer of Security National Financial Corporation on July 12, 2013. Prior to this, he served as the company's Acting Chief Financial Officer and Acting Treasurer from January to July 2013. Before these roles, Mr. Sill was Vice President and Assistant Treasurer of Security National Life Insurance Company, a wholly-owned subsidiary, starting in 2011. From 2002 to 2011, he was the Chief Financial Officer and Treasurer of SecurityNational Mortgage Company, another wholly-owned subsidiary, where he also served as Vice President and Controller from 1997 to 2002. Mr. Sill is a certified public accountant, licensed since 2002. He earned a B.A. in Accounting from Weber State University and an M.B.A. from the University of Utah.

Jeffrey R. Stephens, Secretary and Senior General Counsel

Jeffrey R. Stephens has served as Secretary and Senior General Counsel for Security National Financial Corporation. He was appointed General Counsel and Corporate Secretary in December 2008, having previously served as General Counsel from November 2006. Before joining the company, Mr. Stephens was in private practice in Washington and Utah from 1981 to 2006. He holds a B.S. degree in Geography from the University of Utah and a law degree from Brigham Young University.

S. Andrew Quist, Vice President and General Counsel

S. Andrew Quist has been a Vice President of the company since 2010 and has served as Associate General Counsel since 2007, focusing on regulatory matters and acquisitions. He is also the Vice President and Chief Operating Officer of C&J Financial, LLC, a wholly-owned subsidiary that funds funeral and burial policies, a role he has held since 2010. Mr. Quist was elected a director of the National Alliance of Life Companies (NALC) in 2013 and is currently the President of the Utah Life Convention. He holds a B.S. in Accounting from Brigham Young University and a law degree from the University of Southern California.

Jason G. Overbaugh, Vice President, National Marketing Director of Life Insurance

Jason G. Overbaugh has served as a Vice President and Assistant Secretary of Security National Financial Corporation since 2002. He has been the National Marketing Director of Life Insurance since 2008. Additionally, he has been Vice President and National Marketing Director of Security National Life Insurance Company, a subsidiary, since 2006. From 2003 to 2006, Mr. Overbaugh was a Vice President of Security National Life Insurance Company, managing investments in construction lending and commercial real estate. He served as Vice President of Memorial Estates, Inc., overseeing operations and sales from 2000 to 2003. Mr. Overbaugh is a director of the LOMA Life Insurance Council and a member of the NFDA Trade Association. He received a B.S. degree in Finance from the University of Utah.

Key Risks to Security National Financial (SNFCA)

• Volatile Investment Market Conditions: Security National Financial's profitability is significantly exposed to fluctuations in public equity markets and real estate activities, which directly impact its investment income. For instance, the company reported a 7% decrease in investment income during Q1 2025, primarily attributable to broader market downturns. Adverse market movements can significantly affect the company's overall financial stability, as a substantial portion of its portfolio is exposed to these conditions. This risk has contributed to a notable decline in after-tax earnings in recent quarters.
• Mortgage Industry Risks and Interest Rate Sensitivity: The company's mortgage segment faces ongoing profitability challenges due to the volatile nature of interest rates and overall market conditions, which can impede consistent profit generation. While the segment may see periods of profitability, it has also reported losses in challenging market conditions. Interest rate fluctuations directly impact demand for new loans and the segment's overall financial performance.
• Regulatory and Accounting Changes: Security National Financial operates in highly regulated industries (life insurance, mortgages, and death care), making it susceptible to legal and regulatory risks. Changes in the legal or regulatory environment can create additional expenses, impact the pricing of products, and affect mortgage sales (e.g., through changes in tax laws related to mortgage interest deductions). The adoption of new accounting standards, such as CECL (Current Expected Credit Loss) and new standards in the Life Insurance segment, has led to increased bad debt expenses and is expected to result in significant adjustments to key financial metrics, creating uncertainty for investors regarding future earnings.

• Insurtech disruption: The emergence of digital-first insurance companies leveraging advanced technology, AI, and big data to offer streamlined, personalized, and potentially more cost-effective life insurance and annuity products, which could challenge traditional sales and service models.
• Shifting end-of-life preferences: A clear societal trend towards cremation, green burials, and simpler, less expensive memorial services is reducing the demand for traditional burial plots, mausoleum crypts, caskets, and full-service mortuary packages, directly impacting the cemetery and mortuary segment.
• Fintech transformation in mortgage lending: The rapid advancement and adoption of online mortgage platforms, automated underwriting, and digital closing processes are creating a competitive landscape where speed, convenience, and potentially lower costs offered by fintech lenders could significantly threaten traditional mortgage originators.

Security National Financial Corporation operates in three main segments: life insurance, cemetery and mortuary services, and mortgage lending. The addressable markets for these products and services are primarily within the United States, with specific states noted for certain operations.

Life Insurance, Annuity Products, and Accident & Health Insurance

In the United States, the life insurance and annuities market was valued at approximately USD 819 billion in 2024 and is projected to grow to USD 1,100.2 billion by 2032. Another estimate places the U.S. life insurance and annuities market at USD 1.1 trillion in both 2025 and 2026. Separately, individual annuity sales in the U.S. reached an estimated USD 461.3 billion in 2025. The broader U.S. health and medical insurance market is estimated at USD 1.65 trillion in 2026 and is projected to reach USD 2.15 trillion by 2031. More specifically for accident insurance, the U.S. Accident Insurance Market is valued at approximately USD 85 billion.

Cemetery and Mortuary Services

The global death care services market was valued at USD 140.2 billion in 2024 and is expected to reach USD 217.7 billion by 2034. Within this, the U.S. death care services market is estimated at USD 44.9 billion in 2024 and was valued at USD 27.2 billion in 2022, with projections to reach USD 40.7 billion by 2032.

For California, where Security National Financial operates a cemetery, the market size of the funeral homes industry is estimated at USD 1.6 billion in 2026. Specific market sizes for death care services in Utah and New Mexico were not readily available in the search results.

Mortgage Business (Residential and Commercial)

The U.S. home mortgage market, representing new originations, was valued at approximately USD 180.91 billion in 2023 and is projected to grow to about USD 501.67 billion by 2032. The total outstanding mortgage market in the U.S. is around USD 14.5 trillion.

For commercial mortgages in the U.S., total origination volume is forecasted to increase to USD 805.5 billion in 2026, up from an expected USD 633.7 billion in 2025. The total level of commercial mortgage debt in the U.S. was approximately USD 4.70 trillion as of Q1 2024.

Regionally, Security National Financial primarily operates its mortgage segment in Florida, Nevada, Texas, and Utah:

• Florida: The median home price in Florida was USD 408,400 in October 2025. In 2021, existing home sales in Florida totaled approximately USD 241 billion from over 528,000 sales. The average Florida mortgage was USD 346,762.
• Nevada: In January 2026, the median home price in Nevada was USD 451,700. The Las Vegas mortgage market is projected for significant growth over the next five years.
• Texas: The median home price in Texas was around USD 335,000 in 2025. The average monthly mortgage payment in Texas was approximately USD 2,174 as of October 2025. In 2025, 335,390 homes were sold statewide.
• Utah: In February 2026, home prices in Utah were up 2.5% compared to the previous year, with a median price of USD 559,600. The median home sale price in Utah was USD 587,100 in September 2025.

Security National Financial Corporation (SNFCA) anticipates several key drivers to fuel its revenue growth over the next two to three years across its diversified business segments:

1. Growth in Retail Mortgage Originations and Strategic Recruitment: The company expects continued outperformance in retail mortgage originations, attributing this to successful recruitment strategies implemented in recent years. This focus on expanding its origination capabilities is designed to increase market share and drive future revenue. Additionally, the mortgage segment aims to offer long-term financing to homebuyers and plans to reinvest profit-split proceeds into similar attractive transactions, strengthening its asset base.
2. Increased Premium Rates and Enhanced Sales Force Effectiveness in Life Insurance: Security National Financial has already implemented premium rate increases within its life insurance segment, with the full positive impact on margins and profitability expected to materialize over several years. Management is also actively evaluating competitive positions, improving value propositions for its sales force, and modernizing commission systems to better reward high-performing sales professionals, all aimed at driving new life premium sales growth.
3. Expansion and Improved Sales in Cemetery and Mortuary Segment, particularly Preneed Land Sales: The company is focused on enhancing preneed cemetery land sales and operational efficiency within its death care segment. This includes the reorganization of executive sales staff to improve sales performance and strategic investments in expanding memorial-space capacity, such as the groundbreaking for new mausoleums, which is expected to support future revenues from predevelopment sales.
4. Strategic Investments in Residential Land Holdings and Builder Relationships: Security National Financial is making additional investments in residential land holdings and fostering builder relationships within its mortgage operations. This strategy is viewed as a medium to longer-term approach to generate higher future yields and capitalize on robust demand in the housing market, as evidenced by increased residential construction loan commitments and drawdowns.

Share Repurchases

• Security National Financial Corporation has an authorized Stock Repurchase Plan, initially adopted in September 2018, allowing for the buyback of up to 300,000 shares of Class A Common Stock for 401(k) matching contributions.
• An additional authorization on December 4, 2020, allowed for the repurchase of another 700,000 shares of Class A Common Stock.
• As of December 7, 2020, 234,323 shares from the original 300,000 authorized had been repurchased.

Share Issuance

• The company authorized a 5% stock dividend on June 27, 2025, for issuance on July 18, 2025, continuing its 37th consecutive year of declaring a stock dividend.
• Under the 2022 Equity Incentive Plan, Restricted Stock Units (RSUs) were granted, including 2,509 shares on December 6, 2024, at $13.08 per share and 2,461 shares on December 5, 2025, at $8.53 per share.
• The number of Class A equivalent shares outstanding increased from 23,451,432 as of December 31, 2024, to 24,697,314 as of September 30, 2025.

Outbound Investments

• Security National Financial Corporation actively pursues growth through acquisitions, particularly in its life insurance, cemetery, and mortuary segments.
• In 2021, the company acquired Rivera Funerals, Cremations and Memorial Gardens, and Holbrook Mortuary, expanding its death care operations.
• The company completed a merger with FOXO Life Insurance Company in 2023.
• In May 2025, the company announced the successful conclusion of a residential development loan for the Arrowhead Ranch project, originated in June 2021, which yielded approximately $4,000,000 in "profit-split" income in addition to interest and origination fees. The proceeds are intended for reinvestment in similar transactions.

Capital Expenditures

• The company's Capital Expenditure was reported as USD -707.4 thousand in 2025, indicating a significant year-over-year decrease of 363.8%.
• The trailing twelve months (TTM) Capital Expenditure average over the last five years, as of September 30, 2025, was $50 million.
• The average Capital Expenditure over the past five years was approximately $28.67 million.