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National Security Group Inc.  (NSEC)
Other Ticker:  
 
    Sector  Financial    Industry Life Insurance
   Industry Life Insurance
   Sector  Financial

National Security Group Inc's

Competitiveness


 

NSEC Sales vs. its Competitors Q1 2022



Comparing the results to its competitors, National Security Group Inc reported Total Revenue decrease in the 1 quarter 2022 year on year by -0.48 %, despite revenue increase by most of its competitors of 3.44 %, recorded in the same quarter.

List of NSEC Competitors

With net margin of 5.93 % company reported lower profitability than its competitors.

More on NSEC Margin Comparisons



Revenue Growth Comparisons




Net Income Comparison


National Security Group Inc. Net Income in the 1 quarter 2022 grew year on year by 33.38 %, while most of its competitors have experienced contraction in net income by -34.02 %.

<<  More on NSEC Income Comparisons


National Security Group Inc's Comment on Competitors and Industry Peers


In both of our insurance segments, we operate in a very competitive environment. There are numerous insurance companies competing in the various states in which we offer our products. Many of the companies with which we compete are much larger, have significantly larger volumes of business, offer much broader ranges of products and have more significant financial resources than we do. We compete directly with many of these companies, not only in the sale of products to consumers, but also in the recruitment and retention of qualified agents. We believe the main areas in which a smaller company, like us, can compete is in the areas of providing niche products in under-served areas of the insurance market at competitive prices while providing excellent service to our agents and policyholders during the entire insurance product life cycle from policy issuance to final payment of a claim. We pride ourselves on being accessible to our independent agent force and maintain a presence through the efforts of a field marketing staff and easy access to home office staff. We believe we have made significant advancements in developing a competitive advantage, especially over the last decade. We also have longstanding relationships with many of our agents. We believe we compete effectively within the markets we serve and continue to evolve our processes and procedures in order to garner further competitive advantages.

NSFC's 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.

 





  

Overall company Market Share Q1 2022

Overall company, revenue fell by -0.48 % and company lost market share, to approximate 0.01 %.




<<  More on NSEC Market Share.
 
*Market share is calculated based on total revenue.


NSEC's vs. Competition, Data

(Revenue and Income for Trailing 12 Months, in Millions of $, except Employees)


COMPANY NAME MARKET CAP
(in millions of $)
REVENUES
(in millions of $)
INCOME
(in millions of $)
EMPLOYEES
National Security Group Inc. NSEC 41.46 66.00 1.00 1
Chubb Limited ACE 0 56,118.00 8,360.00 0
Allstate Corp ALL 36,153 50,048.00 944.00 46,290
American International Group Inc. AIG 45,393 57,171.00 13,891.00 46,000
Cincinnati Financial Corporation CINF 16,998 7,143.00 542.00 5,148
Progressive Corp PGR 74,521 47,712.00 851.80 41,571
Metlife Inc. MET 53,457 68,306.00 3,612.00 49,000
The Hartford Financial Services Group Inc. HIG 22,969 22,268.00 2,077.00 19,500
Assurant Inc. AIZ 9,437 10,205.10 1,203.70 14,200
Loews Corp L 14,380 14,360.00 1,820.00 12,200
Travelers Companies inc. TRV 41,942 35,761.00 3,564.00 30,600
Berkshire Hathaway Inc BRKA 500,090 289,371.00 12,751.00 0
Leaf Group Ltd LEAF 304 231.10 -4.48 0
Triple s Management Corporation GTS 840 4,115.22 81.17 3,257
Aflac Incorporated AFL 41,103 21,345.00 4,347.00 11,729
Aon Plc AON 64,496 12,448.00 1,544.00 50,000
Truist Financial Corporation TFC 68,550 22,495.00 6,254.00 59,000
Lincoln National Corporation LNC 8,838 19,636.00 880.00 11,357
Principal Financial Group inc PFG 20,171 17,283.50 4,324.80 17,400
Prudential Financial Inc. PRU 38,616 64,301.00 2,191.00 51,511
Unum Group UNM 7,961 11,972.20 1,112.20 10,300
Cigna Corporation CI 92,776 179,461.00 5,538.00 73,700
Mbia Inc MBI 632 179.00 -387.00 252
Genworth Financial Inc. GNW 2,268 7,579.00 908.00 5,300
International Bancshares Corporation IBOC 2,888 546.00 222.59 2,822
Old National Bancorp ONB 5,306 1,018.68 215.33 2,652
Trustmark Corp TRMK 2,100 636.20 110.92 2,941
Security National Financial Corporation SNFCA 164 450.46 30.62 1,271
Atlantic American Corp AAME 60 195.30 2.91 147
Cno Financial Group Inc. CNO 2,321 3,741.00 464.00 3,500
Partnerre Ltd PREJ 0 7,399.54 702.17 0
American National Group Inc ANAT 5,109 4,299.31 639.89 4,736
Citizens Inc. CIA 193 240.60 30.46 620
Fbl Financial Group Inc FFG 1,494 788.43 102.89 1,637
First Trinity Financial Corp. FTFC 0 61.20 4.47 9
National Western Life Group Inc. NWLI 713 628.50 156.69 261
Planet Labs Pbc PL 1,640 0.00 48.67 0
Utg Inc. UTGN 92 27.90 2.21 42
Voya Financial Inc. VOYA 7,133 6,717.00 1,104.00 0
Brown and Brown Inc. BRO 19,343 3,253.17 613.57 7,807
Tiptree Inc TIPT 417 1,230.73 12.55 929
Arch Capital Group Ltd. ACGL 17,960 8,570.86 1,646.47 2,030
Aspen Insurance Holdings Limited AHLPRC 0 2,628.90 29.80 0
Aspira Women s Health Inc. AWH 107 7.48 -36.18 1,433
Axis Capital Holdings Ltd AXS 4,696 5,190.69 443.81 1,225
Protective Insurance Corporation PTVCA 333 518.47 39.56 0
Conifer Holdings Inc. CNFR 20 104.25 -13.28 133
China United Insurance Service inc. CUII 106 98.84 13.14 2,239
Donegal Group Inc. DGICA 490 825.29 3.50 0
Essent Group Ltd. ESNT 4,715 1,049.47 892.28 366
Fednat holding company FNHC 7 235.04 -127.63 297
Enstar Group Ltd ESGR 3,432 -692.15 -892.22 1,327
Global Indemnity Group Llc GBLI 360 634.46 -9.47 460
Hallmark Financial Services inc. HALL 27 350.26 -72.51 411
Hci Group Inc. HCI 567 464.50 -9.18 225
Horace Mann Educators Corporation HMN 1,586 1,354.90 118.00 1,350
Heritage Insurance Holdings Inc. HRTG 75 656.50 -184.25 247
James River Group Holdings Ltd JRVR 965 797.36 -188.88 367
Kingsway Financial Services Inc KFS 169 101.00 -3.65 305
Kingstone Companies Inc. KINS 41 148.83 -25.34 69
Kemper Corporation KMPR 3,123 5,755.80 -92.40 5,600
Mercury General Corporation MCY 1,939 3,572.57 -375.84 4,500
Markel Corporation MKL 17,056 10,843.90 131.42 10,600
National General Holdings Corp NGHC 3,976 5,552.29 524.21 4,630
Outbrain Inc. OB 286 967.28 -16.71 1,150
Old Republic International Corporation ORI 7,148 8,749.80 982.00 8,200
Fg Financial Group Inc. FGF 10 4.02 -16.96 0
Proassurance Corporation PRA 1,250 1,161.66 39.12 938
Rli Corp RLI 5,380 1,071.74 170.21 902
Safety Insurance Group inc. SAFT 1,389 819.21 65.53 622
State Auto Financial Corporation STFC 2,324 1,659.20 71.70 2,065
Hanover Insurance Group Inc. THG 4,956 5,274.70 324.90 4,800
United Fire Group Inc UFCS 766 985.59 66.03 1,057
United Insurance Holdings Corp. UIHC 45 535.44 -120.30 119
Unico American Corporation UNAM 10 36.39 -5.67 86
Universal Insurance Holdings Inc. UVE 391 1,145.92 67.03 392
W. R. Berkley Corp WRB 0 7,775.78 1,334.12 7,493
White Mountains Insurance Group ltd WTM 0 765.50 -562.50 2,973
Alleghany Corp Y 11,326 11,799.42 810.84 3,135
Midwest Holding Inc. MDWT 56 24.24 -5.46 0
SUBTOTAL 1,307,996.12 1,142,354.67 85,885.17 659,436
       
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