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National Security Group Q3 net income declines

The National Security Group has reported a net income of $0.22m or $0.09 per share for the third quarter of 2010, compared to $0.65m or $0.26 per share, for the same quarter of 2009.

National Security Group has said that most significant factors contributing to the decline in the third quarter of 2010 were a $965,000 increase in policyholder benefits paid or provided coupled with a $309,000 increase in general expenses.

Total revenues for the third quarter of 2010 were $16,757 compared to $16,247 for the same period of 2009.

For the first nine-months of 2010, the company had net income of $2.93m, or $1.19 per share, compared to net income of $2.22m, or $0.90 per share, for the same period last year.

Revenues for the first nine months of 2010 were $52.132, compared to $49.554 for the same period last year.