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The National Security Group, Inc. Releases Second Quarter Earnings

Results for the three months and six months ended June 30, 2010 and 2009, based on accounting principles generally accepted in the United States of America, were reported today as follows:
  Three Months Ended June 30   Six Months Ended June 30
   
2010 2009 2010 2009
 
Premium Income $ 15,903,000 $ 15,373,000 $ 30,941,000 $ 30,593,000
Investment Income 1,195,000 1,374,000 2,521,000 2,611,000
Realized Investment Gain (Loss) 689,000 (231,000) 1,358,000 (230,000)
Other Income 256,000 192,000 555,000 333,000
Total Revenues $ 18,043,000 $ 16,708,000 $ 35,375,000 $ 33,307,000
 
Net Income $ 814,000 $ 92,000 $ 2,708,000 $ 1,573,000
 
Net Income Per Share $ 0.33 $ 0.04 $ 1.10 $ 0.64

The Company had net income of $2,708,000, $1.10 per share, for the six-month period ended June 30, 2010 compared to $1,573,000, $0.64 per share, for the same period last year. The primary reason for the increase in net income for the six-month period ended June 30, 2010 compared to last year was the year-to-date increase of $1,588,000 in net realized investment gains. The increase in year-to-date net income was partially offset by a $428,000 increase in policyholder benefits paid or provided. Year-to-date incurred losses were up in the first half of 2010 in the life segment as well as in the automobile program in the P&C segment compared to the same period last year.

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