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The National Security Group, Inc. Releases First Quarter Earnings

Results for the three months ended March 31, 2011 and 2010, based on accounting principles generally accepted in the United States of America, were reported today as follows:

  Three Months Ended March 31
 
2011 2010
 
Premium Income $ 14,870,000 $ 15,038,000
Investment Income 1,142,000 1,326,000
Realized Investment Gains 770,000 669,000
Other Income 255,000 299,000
Total Revenues $ 17,037,000 $ 17,332,000
 
Net Income $ 995,000 $ 1,894,000
 
Net Income Per Share $ 0.40 $ 0.77

The Company ended the first quarter of 2011 with a net income of $995,000 or $0.40 per share, compared to a net income of $1,894,000 or $0.77 per share for the same period last year. The primary reason for the decline in net income was an $849,000 increase in policyholder benefits paid or provided. The 10% increase in policyholder benefits paid or provided was primarily due to an increase in weather related claim frequency in the property and casualty subsidiaries.

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