The National Security Group, Inc. Releases Earnings
March 26 2012 - 3:30PM
Business Wire
The National Security Group, Inc. (NASDAQ: NSEC) today announced
its financial results for the year ended December 31, 2011. Total
revenues were $62,092,000 compared to $69,392,000 for the same
period last year; a decrease of 10.5%. A decrease in earned premium
in the P&C segment along with a decline in net realized
investment gains were the primary contributing factors to the
decrease in total revenue for 2011 over 2010.
The Company ended the year 2011 with a net loss totaling
$4,956,000, or $2.01 per share, compared to net income of
$3,265,000, or $1.32 per share, in 2010. A 12.8% increase in
policyholder benefits was the primary factor contributing to the
net loss in the current year. For the year 2011, policyholder
benefits were 78.3% of earned premium compared to 63.7% in 2010, an
increase of 14.6 percentage points. Losses and loss adjustment
expenses incurred in the P&C segment from increased storm
activity during 2011 combined with losses and adjustment expenses
from an automobile program were the primary reasons for the
increase compared to the same period last year.
Stockholders equity for the year ended December 31, 2011
was $38,015,000 compared to $43,710,000 at December 31, 2010;
a decrease of $5,695,000 or 13%. The change in stockholders equity
is composed of dividends paid to shareholders of $1,357,000 and a
net loss of $4,956,000 as well as a net increase in accumulated
other comprehensive income, primarily increases in accumulated
unrealized capital gains of $618,000. Year-end book value per
share, defined as stockholders equity divided by common shares
outstanding of 2,466,600, was $15.41 at December 31, 2011
compared to $17.72 at December 31, 2010.
A summary of income statement information
follows:
Year Ended December 31, 2011 2010 Premium
Earned $ 56,243,000 $ 61,263,000 Investment Income 4,261,000
5,089,000 Realized Investment Gains (Losses) 669,000 1,879,000
Other Income 919,000 1,161,000 Total Revenues $ 62,092,000
$ 69,392,000 Net Income $ (4,956,000 ) $ 3,265,000
Net Income Per Share $ (2.01 ) $ 1.32
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