UNITED STATES
SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 |
Delaware
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0-18649
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63-1020300
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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661 East Davis Street
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Elba, Alabama
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36323
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(Address of principal executive offices)
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(Zip Code)
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Registrant's telephone number, including area code:
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(334) 897-2273
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N/A
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(Former name or former address, if changed since last report)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock,
par value $1.00 per share
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NSEC
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The NASDAQ Stock Market LLC
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Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Emerging growth company 1
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 1
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Exhibit No.
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Description of Document
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Press release, dated May 14, 2020, issued by The National Security Group, Inc.
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The National Security Group, Inc.
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Date: May 14, 2020
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By: /s/ Brian R. McLeod
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Brian R. McLeod
Chief Financial Officer
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661 East Davis Street
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Post Office Box 703
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Elba, Alabama 36323
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PRESS RELEASE
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FOR IMMEDIATE RELEASE
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For Additional Information: Contact Brian McLeod - Chief Financial Officer @ (334) 897-2273.
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The National Security Group, Inc. Releases Financial Results
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Unaudited Consolidated Financial Summary
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Three months ended
March 31,
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2020
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2019
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Gross premiums written
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$
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17,131,000
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$
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16,936,000
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Net premiums written
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$
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15,331,000
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$
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15,600,000
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Net premiums earned
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$
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14,955,000
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$
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14,718,000
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Net investment income
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964,000
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962,000
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Net investment gains (losses)
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(990,000
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2,120,000
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Other income
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145,000
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146,000
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Total Revenues
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15,074,000
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17,946,000
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Policyholder benefits and settlement expenses
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10,583,000
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9,023,000
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Amortization of deferred policy acquisition costs
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1,065,000
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980,000
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Commissions
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2,075,000
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2,033,000
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General and administrative expenses
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1,394,000
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2,332,000
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Taxes, licenses and fees
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721,000
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687,000
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Interest expense
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261,000
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295,000
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Total Benefits, Losses and Expenses
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16,099,000
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15,350,000
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Income (Loss) Before Income Taxes
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(1,025,000
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)
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2,596,000
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Income tax expense (benefit)
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(165,000
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)
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153,000
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Net Income (Loss)
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$
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(860,000
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$
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2,443,000
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Income (Loss) Per Common Share
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$
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(0.34
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)
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$
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0.97
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Reconciliation of Net Income (Loss) to non-GAAP Measurement
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Net income (loss)
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$
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(860,000
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$
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2,443,000
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Income tax expense (benefit)
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(165,000
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)
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153,000
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Investment (gains) losses, net
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990,000
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(2,120,000
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Pretax Income (Loss) From Operations
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$
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(35,000
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$
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476,000
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Selected Balance Sheet Highlights
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March 31, 2020
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December 31, 2019
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UNAUDITED
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Invested Assets
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$
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120,248,000
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$
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118,969,000
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Cash
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$
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5,869,000
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$
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11,809,000
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Total Assets
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$
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150,486,000
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$
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153,934,000
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Policy Liabilities
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$
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78,559,000
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$
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78,472,000
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Total Debt
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$
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14,167,000
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$
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14,164,000
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Accumulated Other Comprehensive Income (Loss)
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$
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(42,000
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)
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$
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2,443,000
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Shareholders' Equity
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$
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49,958,000
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$
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53,461,000
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Book Value Per Share
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$
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19.74
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$
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21.12
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The National Security Group, Inc. (NASDAQ Symbol: NSEC), through its property & casualty (P&C) and life insurance subsidiaries, offers property, casualty, life, accident and health insurance in ten states. The Company writes primarily personal lines property coverage including dwelling fire and windstorm, homeowners, and mobile homeowners 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. Additional information about the Company, including additional details of recent financial results, can be found on our website: www.nationalsecuritygroup.com.
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