Security National Financial (US:SNFCA)2026-03-16 18:01Development 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[54]. - The Center53 Development project is expected to create nearly one million square feet of office space in five buildings, with the first phase completed in July 2017 and currently 93% leased[55]. - The Company plans to continue its development endeavors based on market demand assessments[54]. Employment - As of December 31, 2025, the Company employed 1,035 full-time and 208 part-time employees, with 652 in the mortgage segment, 386 in life insurance, and 205 in cemetery and mortuary[69]. Mortgage Lending - The Company has a strong retail origination presence in Utah, Florida, Texas, Nevada, and Arizona for its residential mortgage lending services[53]. - The Company's mortgage subsidiaries are subject to regulations from HUD and various state licensing acts, requiring annual audits for compliance[60]. Regulatory Environment - The Company is subject to comprehensive regulations in the jurisdictions where it operates, which may cause unforeseen costs and operational restrictions[56]. - The Company's life insurance subsidiaries are taxed under the Life Insurance Company Tax Act of 1984, with taxable income calculated after establishing a provision for acquisition costs[61]. Life Insurance Industry - The life insurance industry is highly competitive, with approximately 700 legal reserve life insurance companies in the U.S., and the Company believes its policies and rates are generally competitive[64]. Cemetery and Funeral Products - The Company actively seeks to sell cemetery and funeral products on a pre-need basis, employing commission-based sales representatives[49].