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CENTRAL RESERVE LIFE CORPORATION ANTICIPATES INCREASED 1992 EARNINGS; LOWER THAN EXPECTED FOURTH QUARTER 1992 RESULTS

 STRONGSVILLE, Ohio, Feb. 17 /PRNewswire/ -- Central Reserve Life Corporation (NASDAQ-NMS: CRLC) today announced it anticipates net income and earnings per share for the three months ended Dec. 31, 1992 to be lower than market expectations; however, the full year 1992 results are expected to be higher than the reported amounts for the previous year. The company also stated that it adopted the Financial Accounting Standards Board's SFAS No. 109, Accounting for Income Taxes, during 1992 which will have an impact on net income for 1991 and 1992.
 Results for the three months ended Dec. 31, 1992, were affected by an unexpectedly larger increase in the reserve and accruals for future claims as well as SFAS No. 109. While preliminary information indicates that the incurred loss ratio remains stable, the significant amount of new premiums and an increased number of large claims recorded during the fourth quarter resulted in a decision to further straighten the company's reserves. Additional details regarding financial information for the full year 1992 are expected by March 5, 1993 and a complete earnings announcement will be released at that time.
 -0- 2/17/93
 /CONTACT: Frank Grimone, CFO of Central Reserve Life, 216-572-2400, or Robert A. Lentz of Robert A. Lentz and Associates, Inc., 614-228-2142, for Central Reserve Life/
 (CRLC)


CO: Central Reserve Life ST: Ohio IN: INS SU:

SM -- CL008 -- 7733 02/18/93 09:26 EST
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Publication:PR Newswire
Date:Feb 18, 1993
Words:231
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