The National Security Group, Inc. Releases Earnings
15 May 2012 - 6:00AM
Business Wire
Results for the three months ended March 31, 2012 and 2011,
based on accounting principles generally accepted in the United
States of America, were reported today as follows:
Three months ended March 31, 2012 2011 Premium Earned
$ 13,496,000 $ 14,870,000 Investment Income 1,135,000 1,142,000
Realized Investment Gains 206,000 770,000 Other Income 197,000
255,000 Total Revenues $ 15,034,000 $ 17,037,000
Net Income $ 531,000 $ 995,000 Net Income Per
Share $ 0.22 $ 0.40
The Company ended the first quarter of 2012 with net income of
$531,000 compared to net income of $995,000 for the same period
last year; a decrease of 46.6%. For the three-months ended
March 31, 2012, the Company had net income per share of $0.22
compared to net income per share of $0.40 for the three-months
ended March 31, 2011. The primary reasons for the $464,000
decrease in net income in the current year compared to the prior
year were a 73.3% decrease in net realized investment gains in
addition to a 20.1% increase in general expenses. The decrease in
realized investment gains was primarily associated with a decline
in trading activity in the investment portfolios. The increase in
general expenses was primarily due to litigation expenses incurred
at the holding company level, which further reduced net income in
2012 compared to 2011.
Consolidated premium revenue was $13,496,000 for the
quarter-ended March 31, 2012 compared to $14,870,000 for the
same period last year; a decrease of $1,374,000 or 9.2%. In late
2011, we made the decision to exit all automobile lines of business
due to a lack of underwriting profitability in these programs. Also
impacting premium revenue were tightened underwriting guidelines in
several states in the homeowners line of business.
Shareholders’ equity as of March 31, 2012 was $38,661,000,
up $646,000 compared to $38,015,000 as of December 31, 2011.
Book value per share increased $0.26 per share for the period ended
March 31, 2012 to $15.67 per share compared to $15.41 per
share at December 31, 2011.
The National Security Group, Inc. (NASDAQ Symbol: NSEC), through
its property & casualty and life insurance subsidiaries, offers
property, casualty, life, accident and health insurance in twelve
states. The Company writes primarily personal lines property
coverage including dwelling fire and windstorm, homeowners, mobile
homeowners and personal non-standard automobile lines of insurance.
The Company also offers life, accident and health, supplemental
hospital and cancer insurance products. The Company was founded in
1947 and is based in Elba, Alabama.
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