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|
|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|
|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|
|Taxes, licenses and fees||394,000||525,000||1,496,000||1,492,000|
|(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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