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The National Security Group, Inc. Releases Second Quarter Results

Stocks in this article: NSEC

Results for the three months and six months ended June 30, 2011 and 2010, 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
2011   2010 2011   2010
Premium Income $ 13,321,000 $ 15,903,000 $ 28,191,000 $ 30,941,000
Investment Income 1,257,000 1,195,000 2,399,000 2,521,000
Realized Investment Gain (Loss) 261,000 689,000 1,031,000 1,358,000
Other Income 256,000   256,000 511,000   555,000
Total Revenues $ 15,095,000   $ 18,043,000 $ 32,132,000   $ 35,375,000
Net Income $ (4,945,000 ) $ 814,000 $ (3,950,000 ) $ 2,708,000
Net Income Per Share $ (2.00 ) $ 0.33 $ (1.60 ) $ 1.10

The Company ended the quarter ended June 30, 2011 with a net loss of $4,945,000, $2.00 per share, compared to a net income of $814,000, $0.33 per share, for the same period last year. The primary reason for the decline in net income was an increase in incurred losses and incurred adjustment expenses in the P&C segment from several severe weather related events during April of 2011. The month of April, 2011 was one of the most active spring storm seasons in history. According to statistics from the National Weather Service and Storm Prediction Center, there were 753 Tornadoes nationwide during the month of April, four of which were rated EF5. All four of the EF5 tornadoes occurred on April 27, 2011. As a result of the tornado, severe wind and hail activity occurring April 25-27, 2011 (hereafter referred to as CAT 46) in the Company’s coverage area, the P&C segment incurred losses and loss adjustment expenses, before reinsurance of $9,936,000. Net income, net of reinsurance, for the three and six month periods ended June 30, 2011, was reduced by $3,777,000 ($1.53 per share) due to storm related losses from this event.

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