Reported a net income of $0.65m for Q3 ended September 30, 2009 compared to a net loss of $6.95m for same period last year
The National Security Group has reported results for the quarter and nine months ended September 30, 2009 and 2008. The company has reported a net income of $0.65m ($0.26 per share) for the three-months ended September 30, 2009 compared to a net loss of $6.95m ($2.82 per share) for same period last year.
The improvement in net income is primarily related to the lack of hurricane activity and fewer investment write downs due to other-than-temporary impairments during the quarter ended September 30, 2009.
The company reported a net income of $2.22m ($0.90 per share) for the nine-months ended September 30, 2009 compared to a net loss of $6.2m ($2.51 per share) for the same period last year. As with results for the quarter, the improvement in year-to-date net income compared to the same period last year is related to the lack of hurricane activity and only $0.29m in other-than-temporary impairments compared to $1.72m being recognised in earnings.
The premium revenue for the three-month period ended September 30, 2009 increased $2.65m compared to the same period last year. The premium revenue for the nine-months ended September 30, 2009 increased 6.4% to $44.95m compared to $42.26m for the same period last year.
The shareholders’ equity as of September 30, 3009 increased $5.78m to $40.43m from $34.65m at December 31, 2008. The most significant factor leading to the increase was the recovery in market value of available-for-sale securities which totalled $4.53m, net of tax.