Security National Financial Corp (NASDAQ: SNFCA) is a financial services company that operates life insurance, mortuary, cemetery, and mortgage lending businesses. It makes money through insurance premiums, net investment income, mortgage origination and secondary market gains, and mortuary and cemetery service revenues. For FY2025, the insurance segment generated $119.8 million in premiums and $76.4 million in net investment income, with total segment revenues of $208.3 million across all segments. The company's life insurance operations are conducted through Security National Life, First Guaranty Insurance Company, and Kilpatrick Life Insurance Company, with a specific marketing emphasis on funeral plans, small face-value life insurance policies covering up to $30,000 per policy. The company retains no more than $100,000 of ordinary insurance per life insured, reinsuring the excess, with $316.3 million in total life insurance reinsured as of December 31, 2025. Cemeteries and mortuaries are concentrated in Utah, with additional locations in California and New Mexico. The company is headquartered in Utah and its insurance subsidiaries are licensed and regulated across multiple states.

Revenue model

Insurance premiums ($119.8M, FY2025), net investment income ($76.4M, FY2025), gains on investments and other assets ($3.2M, FY2025), mortgage secondary market gains and loan origination income, mortuary and cemetery service fees, and other revenues ($1.9M, FY2025). Premium income for certain life insurance products is partially deferred over five or fifteen-year periods for tax purposes.

Products and services

Life insurance products including funeral plans (face value up to $30,000), interest-sensitive life insurance, traditional life, limited-payment life, accident, and limited health insurance; annuities; pre-need funeral planning policies; mortgage loan origination and sale into secondary markets; mortuary services; cemetery plot and space sales. Inactive policy administration through Southern Security Life Insurance Company and Trans-Western Life Insurance Company.

Customers and end markets

Individual policyholders purchasing life insurance and funeral plan coverage; pre-need funeral planning customers through funeral home partnerships; mortgage borrowers; cemetery and mortuary service customers primarily in Utah, California, and New Mexico.

Value-chain role

Direct insurer and policy administrator, funeral plan underwriter distributed through funeral homes, mortgage originator selling loans into secondary markets, and owner-operator of mortuaries and cemeteries. Reinsures excess mortality risk above $100,000 per life with third-party reinsurers.

Geographic exposure

Primary operations in Utah, with cemetery and mortuary locations also in California (El Cajon) and New Mexico (Santa Fe). Insurance subsidiaries licensed and regulated in Utah, Louisiana, Mississippi, Texas, and other states. No disclosed international operations.

Competitors

Approximately 700 legal reserve life insurance companies operating in the United States (per FY2025 10-K filing)

Source: SEC 10-K, filed 2026-03-16

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