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[54] - The Center53 Development 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] Employment and Workforce - As of December 31, 2023, the Company employed 1,227 full-time and 246 part-time employees, with 729 in the mortgage segment, 373 in life insurance, and 125 in cemetery and mortuary[68] - The Company has an employee safe harbor retirement plan for each business segment, with matching contributions based on employee contributions[70] - As of December 31, 2023, 756 employees had elected to participate in the Company's group health insurance plans[69] Business Segments and Marketing - 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[53] - The Company actively seeks to sell its cemetery and funeral products on a pre-need basis, employing commission-based sales representatives, many of whom are also licensed insurance salesmen[49] Industry Competition and Regulation - The Company's insurance subsidiaries are subject to comprehensive regulation, which may cause unforeseen costs and operational restrictions[56] - The life insurance industry is highly competitive, with approximately 800 legal reserve life insurance companies in the U.S., many of which have greater financial resources[64] - The mortgage industry is highly competitive and sensitive to changes in interest rates, impacting refinancing opportunities[66]
Security National Financial (SNFCA) - 2023 Q4 - Annual Report