The National Security Group, Inc. Releases Financial Results

The National Security Group, Inc. (NASDAQ:NSEC) financial results for the three-months and nine-months ended September 30, 2012 and 2011, based on accounting principles generally accepted in the United States of America, were reported today as follows:
       
Three-months ended September 30, Nine-months ended September 30,
2012     2011 2012     2011
Premium Earned $ 12,904,000 $ 14,340,000 $ 38,933,000 $ 42,531,000
Investment Income 1,140,000 936,000 3,341,000 3,164,000
Realized Investment Gains 1,703,000 (203,000 ) 2,774,000 828,000
Other Income 258,000   217,000   648,000   728,000  
Total Revenues $ 16,005,000   $ 15,290,000   $ 45,696,000   $ 47,251,000  
 
Net Loss $ (627,000 ) $ (650,000 ) $ (7,402,000 ) $ (4,600,000 )
 
Net Loss Per Share $ (0.25 ) $ (0.26 ) $ (3.00 ) $ (1.86 )
 

For the three-months ended September 30, 2012, the Company had a net loss of $627,000, $0.25 per share, compared to a net loss of $650,000, $0.26 per share, for the same period last year. The primary factor contributing to the net loss for the quarter-ended September 30, 2012 was the increase in claim activity related to Hurricane Isaac. This hurricane struck the Louisiana coast on August 29, 2012, resulting in just over $3,400,000 in incurred losses and loss adjustment expenses. Results for the quarter-ended September 30, 2011 were adversely impacted by poor underwriting results from the non-standard auto program. This program was discontinued in the fourth quarter of 2011.

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