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TheStreet Open House

The National Security Group, Inc. Releases First Quarter Earnings

Results for the three months ended March 31, 2010 and 2009, based on accounting principles generally accepted in the United States of America, were reported today as follows:

 
Three Months Ended March 31
 
2010 2009
 
Premium Income $ 15,038,000 $ 15,220,000
Investment Income 1,326,000 1,045,000
Realized Investment Gains 669,000 1,000
Other Income 299,000 141,000
Total Revenues $ 17,332,000 $ 16,407,000
 
Net Income $ 1,894,000 $ 1,481,000
 
Net Income Per Share $ 0.77 $ 0.60
 

The Company ended the first quarter of 2010 with a net income of $1,894,000 or $0.77 per share, compared to a net income of $1,481,000 or $0.60 per share for the same period last year. The primary factor contributing to the increase in net income was a $668,000 increase in realized investment gains. A $281,000 increase in investment income along with a $344,000 reduction in policy acquisition costs also contributed to the $413,000 or 27.9% increase in net income.

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