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The National Security Group, Inc. Releases Third Quarter Earnings

The National Security Group, Inc. (the Company) (Nasdaq: NSEC), today reported results for the quarter and nine months ended September 30, 2011 and 2010, based on accounting principles generally accepted in the United States of America, as follows:

       
Three Months Nine Months
Ended September 30 Ended September 30
2011     2010 2011     2010
 
REVENUES
Net premiums earned $ 14,340,000 $ 15,248,000 $ 42,531,000 $ 46,189,000
Net investment income 765,000 1,175,000 3,164,000 3,696,000
Net realized investment gains (losses) (203,000 ) 75,000 828,000 1,433,000
Other Income 217,000   259,000   728,000   814,000
 
Total Revenues 15,119,000   16,757,000   47,251,000   52,132,000
 
BENEFITS AND EXPENSES
Policyholder benefits paid or provided 10,045,000 10,096,000 35,049,000 29,630,000
Policy acquisition costs 2,899,000 3,082,000 8,894,000 8,800,000
General expenses 2,422,000 2,792,000 7,971,000 7,532,000
Taxes, licenses and fees 394,000 525,000 1,496,000 1,492,000
Interest expense 293,000   294,000   863,000   859,000
Total Expenses
16,053,000   16,789,000   54,273,000   48,313,000
 
(Loss) Income Before Income Taxes (934,000 ) (32,000 ) (7,022,000 ) 3,819,000
 
INCOME TAX (BENEFIT) EXPENSE (284,000 ) (255,000 ) (2,422,000 ) 888,000
 
Net (Loss) Income $ (650,000 ) $ 223,000   $ (4,600,000 ) $ 2,931,000
 
 
(LOSS) EARNINGS PER COMMON SHARE $ (0.26 ) $ 0.09   $ (1.86 ) $ 1.19
 
 

For the three-months ended September 30, 2011, the Company had a net loss of $650,000, $0.26 loss per share, compared to net income of $223,000, $0.09 per share, for the same period last year. The primary reason for the net loss during the third quarter of 2011 was adverse loss development in the property and casualty subsidiaries, primarily in the non-standard auto line of business.

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