Profile: Security National Financial Corp (SNFCA.OQ)
1 Jul 2016
Security National Financial Corporation, incorporated on December 29, 1978, is a holding company. The Company operates through three segments: life insurance, cemetery and mortuary, and mortgage loans. The life insurance segment is engaged in the business of selling and servicing selected lines of life insurance, annuity products, and accident and health insurance. The cemetery and mortuary segment consists of approximately seven mortuaries and five cemeteries in the state of Utah and a cemetery in the state of California. The mortgage loan segment originates and underwrites or otherwise purchases residential and commercial loans for new construction, existing homes and real estate projects. The Company is also engaged in pre-need selling of funeral, cemetery, mortuary and cremation services through its Utah and California operations. It also sells pre-need funeral, cemetery and cremation services. The Company, through its subsidiary, SecurityNational Mortgage Company, is engaged in the residential real estate market.
The Company, through Security National Life Insurance Company (Security National Life), issues and distributes selected lines of life insurance and annuities. The Company's life insurance business includes funeral plans and interest-sensitive life insurance, as well as other traditional life, accident and health insurance products. The Company is licensed to sell insurance in approximately 38 states. The Company, in marketing its life insurance products, seeks to locate, develop and service specific markets. The Company's funeral plan policies are sold primarily to persons ranging in age from 45 to 85 and have low to moderate income. The Company sells its life insurance products through direct agents, brokers and independent licensed agents, selling insurance products of other companies.
The Company's annuity business includes single premium deferred annuities, flexible premium deferred annuities and immediate annuities. It offers a diver's accident policy that provides across the world coverage for medical expense reimbursement in the event of a diving accident. The Company maintains a diversified portfolio consisting of common stocks, preferred stocks, municipal bonds, investment and non investment grade bonds, mortgage loans, real estate, short-term investments and other securities and investments.
Cemetery and Mortuary
Through its cemetery and mortuary operations, the Company markets a range of products and services both on a pre-need basis (prior to death), and an at-need basis (at the time of death). The products include plots, interment vaults, mausoleum crypts, markers, caskets, flowers and other death care related products. Its services include professional services of funeral directors, opening and closing of graves, use of chapels and viewing rooms, and use of automobiles and clothing. The Company has a mortuary at each of its cemeteries, other than Holladay Memorial Park and Singing Hills Memorial Park, and has approximately three separate mortuary facilities.
The Company, through its subsidiary, SecurityNational Mortgage Company (SecurityNational Mortgage), is engaged in the residential real estate market. SecurityNational Mortgage originates a range of residential mortgage loan products, which are subsequently sold to investors. The Company uses internal and external funding sources to fund mortgage loans. Security National Life originates commercial real estate loans, residential construction loans and land development loans for internal investment. The Company's residential mortgage lending services are marketed primarily to real estate brokers and some independent mortgage loan originators. It has a retail origination presence in the Utah, Florida, Nevada and Texas markets, in addition to over three wholesale branch offices located in Florida, Texas and Utah.
Security National Financial Corp
PO Box 57220
SALT LAKE CITY UT 84157-0220