Increase in H1 net income was mainly due to much improved Q1 results
The National Security Group has released the results for the three months and six months ended June 30, 2009 and 2008.
The company has reported a net income of $1.57 million, $0.64 per share, for the six-months period ended June 30, 2009, as compared to $746,000, $0.30 per share, for the same period last year. The primary reason for the increase in net income was much improved first quarter results in 2009.
The net income for the quarter ended June 30, 2009 totalled $92,000, $0.04 per share, compared to a net loss of $36,000, ($0.01) per share, for the same period last year.
The shareholders’ equity as of June 30, 2009 was $37.27 million as compared to $34.64 million at December 31, 2008. The $2.62 million increase reflects a net income of $1.57 million, an increase in accumulated unrealised investment gains associated with available-for-sale securities of $1.58 million, a gain on an interest rate swap of $212,000 and dividends paid of $740,000.
The National Security Group, through its property & casualty and life insurance subsidiaries, offers property, casualty, life, accident and health insurance in the US.