The National Security Group, Inc. (NASDAQ: NSEC) today announced its financial results for the year ended December 31, 2010. Total revenues for the year increased 5.1% to $69,392,000 compared to $66,004,000 for 2009. Earned premium increases in the P&C segment as well as the increase in net realized investment gains were the primary contributing factors to the increase in total revenue for 2010 over 2009.
Net income for the year ended December 31, 2010 was $3,265,000, or $1.32 per share, compared to net income of $4,224,000, or $1.71 per share, for 2009. An increase in policyholder benefits was the primary factor contributing to the decrease in net income. Increased accident and health claims in the Life Segment contributed approximately one percentage point to the increase while increased homeowners and auto claims in the P&C segment account for most of the remaining increase.
Stockholders equity for the year ended December 31, 2010 was $43,710,000 compared to $41,168,000 at December 31, 2009, an increase of $2,542,000 or 6.2%. The change in stockholders equity is composed of dividends paid to shareholders of $1,480,000; net income of $3,265,000 and an increase in accumulated other comprehensive income due to recoveries in investment portfolio market values of $757,000. Yearend book value per share, defined as stockholders equity divided by common shares outstanding of 2,466,600, was $17.72 at December 31, 2010 compared to $16.69 at December 31, 2009.
A summary of income statement information follows:
|Ended December 31|
|Realized Investment Gains (Losses)||1,879,000||357,000|
|Net Income Per Share||$||1.32||$||1.71|