Development Projects - The Company has developed or is in the process of developing assets with an initial development cost exceeding $100,000,000, primarily related to the Center53 Development and multiple single-family residential projects[51] - The first phase of the Center53 Development, completed in July 2017, is currently 88% leased, while the second phase, which began in March 2020, is currently 100% leased[52] Employment and Workforce - As of December 31, 2024, the Company employed 1,186 full-time and 235 part-time employees, with 678 in the mortgage segment, 388 in the life insurance segment, and 120 in the cemetery and mortuary segment[66] - The Company sponsors a 401(k) retirement plan for each business segment, with matching contributions based on employee contributions[68] Sales and Marketing - The Company actively seeks to sell its cemetery and funeral products on a pre-need basis, employing commission-based sales representatives[46] - The Company's residential mortgage lending services are marketed primarily to real estate brokers, builders, and directly to consumers, with a strong presence in Utah, Florida, Texas, Nevada, and Arizona[50] Investment Portfolio - The Company maintains a diversified investment portfolio consisting of common stocks, preferred stocks, municipal bonds, corporate bonds, mortgage loans, real estate, and other securities[42] Regulatory Environment - The Company's life insurance subsidiaries are subject to regulations in multiple states, including Utah, Louisiana, Mississippi, and Texas, which may cause unforeseen costs and operational restrictions[54] - The Company is subject to comprehensive regulations under the Federal Trade Commission's funeral industry rules and state regulations for its cemetery and mortuary operations[56] Industry Competition - The life insurance industry is highly competitive, with approximately 700 legal reserve life insurance companies in the U.S., and the Company competes with larger firms that have more diversified product lines[61]
Security National Financial (SNFCA) - 2024 Q4 - Annual Report