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AMERICAN RELIANCE GROUP REPORTS RECORD FIRST QUARTER RESULTS

 AMERICAN RELIANCE GROUP REPORTS RECORD FIRST QUARTER RESULTS
 LAWRENCEVILLE, N.J., April 21 /PRNewswire/ -- American Reliance Group, Inc. (AMEX: ARI) today reported record results for the quarter ended March 31, 1992.
 Total revenues were $20,430,000 for the quarter, compared to $22,818,000 for the first quarter of 1991. The first quarter of 1992 included $546,000 in realized investment gains, compared to $698,000 for the 1991 first quarter. Net income was $2,336,000 or $.95 per share, compared to $1,728,000 or $.68 in 1991.
 Bruce W. Herrick, chairman and president of American Reliance, said, "As previously announced, our plan of reorganization became effective on Jan. 1, 1992. Revenues and expenses decreased for the quarter as a result of the transfer of our New Jersey personal automobile insurance to our mutual parent. The shares of our stock acquired in this plan are being held in treasury and, accordingly, shares outstanding decreased and book value per share increased. Earnings per share for the quarter were increased by approximately $.20 as a result of this plan."
 Herrick said, "Our statutory combined ratio for the first quarter of 1992 of 97.5 percent was reduced by 3.4 points as a result of the elimination of the New Jersey personal automobile experience through the plan of reorganization. For the first quarter of 1991 the combined ratio was 106.8 percent."
 American Reliance Group, Inc., a regional property and casualty insurance holding company, specializes in providing insurance coverage for small to medium-size businesses and individuals in rural and suburban locations.
 AMERICAN RELIANCE GROUP, INC.
 (Amounts in thousands, except per-share data)
 Three months ended March 31 1992 1991
 Premiums written $13,775 $17,985
 Premiums earned 16,752 19,098
 Net investment income 2,564 2,708
 Realized investment gains 546 698
 Total revenues 20,430 22,818
 Income before tax 3,319 2,416
 Net income 2,336 1,728
 Earnings per share:
 Primary $.95 $.68
 Fully diluted .95 .68
 Average shares outstanding:
 Primary 2,449 2,551
 Fully diluted 2,455 2,551
 /delval/
 -0- 4/21/92
 /CONTACT: Dennis M. Bandish, senior vp-finance of American Reliance, 609-896-1921/
 (ARI) CO: American Reliance Group, Inc. ST: New Jersey IN: INS SU: ERN


MP-LJ -- PH009 -- 0408 04/21/92 09:07 EDT
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Publication:PR Newswire
Date:Apr 21, 1992
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