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The National Security Group, Inc. (NASDAQ: NSEC) announced today its financial results for the year and three month ending December 31, 2009. Total revenues for the year increased 8.8% to $66,004,000 compared to $60,690,000 for 2008. The most important factor contributing to the increase in revenue was a decline in relinquished reinsurance cost due to the absence of catastrophe reinstatement premium payments. In 2008, premium revenues were reduced by $1,335,000 due to additional cost of catastrophe reinstatement premium triggered by Hurricane Gustav. Total revenues were also positively impacted by improved investment returns and a reduction in impairment charges, which led to an increase in capital gains.
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This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") including 2009 growth, revenue for the second quarter and year of 2009 and gross margin for the second quarter and year of 2009. Additionally, words such as "seek," "intend," "believe," "plan," "estimate," "expect," "anticipate" and other similar expressions are forward-looking statements within the meaning of the Act. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the impact of intense competition, the continuation or worsening of current economic conditions and the condition of the domestic and global credit and capital markets.
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