National Security Group Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of National Security Group Inc (NSEC) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: National Security Group Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 66M vs 1,404,837M combined for its competitors (0.0% combined share).
- Trending: Latest-quarter revenue run-rate is holding steady (-1.8% annualized vs trailing 12 months), vs decelerating (-27.7%) for its tracked peer group.
- Growth: National Security Group Inc generated -0.5% revenue growth year over year in Q1 2022, vs 2.5% for its competitors combined.
- Profitability: Its 5.9% net margin compares with 8.8% for the peer group.
- Peer revenue share: National Security Group Inc accounted for 0.0% of combined revenue among its tracked peer group, up from 0.0% a year earlier.
- Peer differentiation: Revenue per employee of $66.13M compares with $1.33M for the peer group (49.6x).
- Structure: National Security Group Inc operates in the following segments: Dwelling Fire and Extended Coverage, Homeowners (Including Mobile Homeowners), Traditional Life Insurance, Insurance Product Line, Other liability, Accident and Health Insurance.
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
NSEC Sales vs. its Competitors, Q1 2022
National Security Group Inc reported revenue contraction of 0.48 % year on year in Q1 2022, below its competitors' combined revenue growth of 2.47 %.
With a net margin of 5.93 %, National Security Group Inc reported lower profitability than its competitors (8.84 %).
National Security Group Inc generated 0.01 % of the combined sales of its peer group, up from 0.01 % a year earlier.
API endpoints for this dataset
National Security Group Inc vs. its Competitors, Q1 2022
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in National Security Group Inc reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across National Security Group Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| National Security Group Inc. | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (5) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across National Security Group Inc's competitor groups requires a Commercial License.
For context: the Life Insurance industry grew revenue 2.7% year over year, combined, vs -0.5% for National Security Group Inc. National Security Group Inc's share of combined industry revenue moved from 0.01% to 0.01%, a gain of 0.00 percentage points.
National Security Group Inc's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| National Security Group Inc. | Yes | No | No | No |
| Competitors combined (75) | ||||
| Similar Growth & Profitability (8) | 87.50 % (7 of 8) | 75.00 % (6 of 8) | 12.50 % (1 of 8) | 12.50 % (1 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
NSEC Stock Performance relative to its Competitors
NSEC Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Kingstone Companies Inc | 282.9% | Outperformed |
| 2 | Voya Financial Inc | 282.9% | Outperformed |
| 3 | Assurant Inc | 282.9% | Outperformed |
| 4 | United Fire Group Inc | 282.9% | Outperformed |
| 5 | Travelers Companies inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for National Security Group Inc's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
National Security Group Inc's Comment on Competition and Industry Peers
NSFCs primary insurance products are dwelling fire and homeowners, including mobile homeowners. Dwelling fire and homeowners are collectively referred to as the dwelling property line of business. We focus on providing niche insurance products within the markets we serve. We are in the top twenty-five dwelling property insurance carriers in our two largest states, Alabama and Mississippi. However, due to the large concentration of business among the top five carriers, our total market share in the dwelling fire line of business is approximately 2.5% in Alabama and 1.5% in Mississippi. In the homeowners line of business, our market share in both Alabama and Mississippi is less than 1%. The homeowners markets are even more concentrated with the top three homeowners carriers in both Alabama and Mississippi controlling approximately 50% of the market share.
We have actively sought competitive advantages over the last decade in the area of technological advancement. Over the last twelve years, we have replaced our primary policy administration systems in both our property and casualty and life insurance subsidiaries.
The property and casualty administration system is an internally developed end-to-end system that we believe enhances our ability to compete with larger carriers in the markets we serve. The system features a web based portal that allows our independent agents to rate, quote and issue policies directly in their office. The system streamlines the underwriting process with automation of many previous manual processes and enhances our agents ability to provide excellent service to their clients. The system also enhances the efficiency of our underwriting process allowing for a more thorough evaluation of risks.
Our property and casualty claims administration system automates processes and workflows throughout the claims process and provides a single view of the activity that has occurred on a claim. The system also has an adjuster web portal, which allows adjusters to view policy limits, see reserve history and policy information, and view prior claims and loss history. Communications between adjusters and examiners are centralized on the web portal allowing for any messages to be viewed securely as part of the claims history. Computerized issuance of field checks by staff adjusters was also implemented enforcing reserve and policy limits while reducing the error rates of the previously used hand written checks issued in the field.
Publicly Traded Peers of National Security Group Inc.
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 National Security Group Inc. |
41.43 | 66.13 |
 Progressive Corp |
137,189.61 | 91,735.00 |
 Travelers Companies inc |
85,124.52 | 48,921.00 |
 The Cigna Group |
80,215.41 | 282,382.00 |
 Aon Plc |
71,953.53 | 17,707.00 |
 Allstate Corp |
69,318.32 | 70,137.00 |
| SUBTOTAL | 1,126,190.41 | 1,415,996.36 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on National Security Group Inc. versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
National Security Group Inc's Competitors Named by the Company
Competitive relationships identified from National Security Group Inc reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Cno Financial Group Inc | Company report | 85% |
| Atlantic American Corp | Company report | 85% |
| First Trinity Financial Corporation | Company report | 85% |
| Citizens Inc | Company report | 85% |
| Proassurance Corporation | Company report | 85% |
| Heritage Insurance Holdings Inc | Company report | 85% |
| Fbl Financial Group Inc | Company report | 85% |
| James River Group Holdings Inc | Company report | 85% |
| Fg Nexus Inc | Company report | 85% |
| Universal Insurance Holdings Inc | Company report | 85% |
| Kingsway Financial Services Inc | Company report | 85% |
| Presurance Holdings Inc | Company report | 85% |
| Donegal Group Inc | Company report | 85% |
| National Western Life Group Inc | Company report | 85% |
| Aspen Insurance Holdings Limited | Company report | 85% |
| Tiptree Inc | Company report | 85% |
| Hallmark Financial Services inc | Company report | 85% |
| Hci Group Inc | Company report | 85% |
| Midwest Holding Inc | Company report | 85% |
| American Coastal Insurance Corporation | Company report | 85% |
| Partnerre Ltd | Company report | 85% |
| Fednat holding company | Company report | 85% |
| Security National Financial Corporation | Company report | 85% |
| Enstar Group Ltd | Company report | 85% |
| Global Indemnity Group Llc | Company report | 85% |
Company report basis, confidence, active dates and source counts for National Security Group Inc's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
National Security Group Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| National Security Group Inc. | Dwelling Fire and Extended Coverage 70.92 % |
| Travelers Companies inc | Business Insurance 47.23 % |
| The Cigna Group | Evernorth 86.55 % |
| Aon Plc | Risk Capital 65.40 % |
| Allstate Corp | Allstate Protection 86.96 % |
| Metlife Inc | Group Benefits 33.54 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
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National Security Group Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| National Security Group Inc. | 41 | 66,131,000 | 823,000 |
| Progressive Corp | 137,190 | 1,834,700 | 232,440 |
| Travelers Companies inc | 85,125 | 1,438,853 | 244,618 |
| The Cigna Group | 80,215 | 4,171,078 | 102,555 |
| Aon Plc | 71,954 | 295,117 | 65,750 |
| Allstate Corp | 69,318 | 1,308,526 | 248,134 |
| PEERS TOTAL | 1,126,149 | 1,333,445 | 171,365 |
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National Security Group Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Aon Plc | Europe, Middle East, and Africa, Other Than United Kingdom and Ireland 14.78 % |
| Brown and Brown Inc | US 88.00 % |
| Ncr Atleos Corporation | United States 46.86 % |
| Leaf Group Ltd | US 87.97 % |
| Citizens Inc | All Countries 66.88 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
National Security Group Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Life Insurance industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (33 companies). See the full Life Insurance industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 29.01 % | 42.66 % (avg) | -13.6 pp |
| Operating Margin | 14.68 % | industry median | -27.4 pp |
| EBITDA Margin | 7.91 % | 20.12 % (avg) | -12.2 pp |
| Capital Intensity (Capex / Revenue) | 0.11 % | 0.71 % (avg) | -0.6 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
National Security Group Inc's Valuation vs Competitive Position
Valuation multiples vs the Life Insurance industry average (33 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Life Insurance industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 10.2x | - |
| EV / EBITDA | 9.8x | 8.7x | +1.1x |
| P/B | 0.9x | 1.3x | -0.4x |
| Return on Equity | 1.92 % | industry aggregate | -10.60 % |
| Return on Invested Capital | 5.31 % | 5.35 % (avg) | -0.04 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
National Security Group Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 5.15 % | -0.40 % | 4.44 % | -1.87 % | -1.19 % | 3.92 % | -1.11 % | -0.66 % |
| Operating Margin | 28.54 % | 24.48 % | 19.94 % | -16.99 % | -9.34 % | 19.55 % | -3.92 % | 14.11 % |
| Return on Invested Capital | 10.85 % | 8.69 % | 7.74 % | -6.03 % | -3.34 % | 6.84 % | -1.39 % | 5.07 % |
| P/E | - | 7.9x | 14.1x | - | 40.9x | 8.1x | - | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
National Security Group Inc's Strategic Group Map
National Security Group Inc is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
National Security Group Inc's trailing-12-month revenue growth of -2.6% and operating margin of 14.7% compares with an average of 2.0% growth and 16.5% margin across its 8 closest peers by combined growth, margin and ROIC -- National Security Group Inc sits below that peer average on growth and below it on margin.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
National Security Group Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 0.11 % vs industry average 0.71 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on National Security Group Inc's dedicated Suppliers and Customers pages, not here.
National Security Group Inc's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
National Security Group Inc falls in the High attractiveness / Low strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
National Security Group Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
No rule matched.
Weaknesses
- Operating margin 27.4 points below the industry median.
- Return on equity 10.6 points below the industry aggregate.
Opportunities
No rule matched.
Threats
- Tracked peer group's revenue run-rate is broadly decelerating (-27.7% annualized).
Methodology: see Methodology: SWOT Analysis.
National Security Group Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| National Security Group Inc. | - | 1.41 | 0.31 |
| Progressive Corp | 0.06 | 1.06 | 0.24 |
| Travelers Companies inc | 0.01 | 1.08 | 0.29 |
| The Cigna Group | 0.12 | 0.82 | 0.76 |
| Aon Plc | 0.06 | 1.06 | 1.86 |
| Allstate Corp | 0.02 | 0.15 | 0.25 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
National Security Group Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| National Security Group Inc. | Q1 2022 | -0.5 % | +33.4 % |
| Progressive Corp | Q3 2026 | +3.0 % | -2.8 % |
| Travelers Companies inc | Q3 2026 | -0.5 % | +1.5 % |
| The Cigna Group | Q2 2026 | +6.7 % | +22.4 % |
| Aon Plc | Q3 2026 | +2.6 % | +1.3 % |
| Allstate Corp | Q2 2026 | +11.8 % | +55.8 % |
| PEERS TOTAL | +7.7 % | -9.3 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
National Security Group Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| National Security Group Inc. | Q1 2022 | +16.8 % | +433.3 % |
| Progressive Corp | Q3 2026 | +1,016.0 % | +75.8 % |
| Travelers Companies inc | Q3 2026 | +0.4 % | - |
| The Cigna Group | Q2 2026 | +6.4 % | - |
| Aon Plc | Q3 2026 | - | +36.2 % |
| Allstate Corp | Q2 2026 | +6.1 % | - |
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National Security Group Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| National Security Group Inc. | 0.53% | 0.59% | 1.92% |
| Progressive Corp | 9.34% | 10.98% | 35.44% |
| Travelers Companies inc | 5.82% | 8.95% | 26.20% |
| The Cigna Group | 4.44% | 6.84% | 16.41% |
| Aon Plc | 7.15% | 9.96% | 40.15% |
| Allstate Corp | 10.88% | 16.50% | 43.12% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
National Security Group Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| National Security Group Inc. | - | 0.63 |
| Progressive Corp | 11.87 | 1.50 |
| Travelers Companies inc | 10.65 | 1.74 |
| The Cigna Group | 12.89 | 0.28 |
| Aon Plc | 18.72 | 4.06 |
| Allstate Corp | 5.36 | 0.99 |
| PEERS AVERAGE | 6.19 | 0.80 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.