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CITIZENS SECURITY GROUP REPORTS FIRST-QUARTER RESULTS

 CITIZENS SECURITY GROUP REPORTS FIRST-QUARTER RESULTS
 RED WING, Minn., April 23 /PRNewswire/ -- Citizens Security Group


Inc. (NASDAQ: CSGI) today reported first quarter operating results for the period ended March 31, 1992.
 First quarter premiums earned were $6,087,965 in 1992 as compared to $5,748,635 for the same period in 1991. Realized losses on investments were $168,417 in the first quarter of 1992 compared to realized gains of $79,717 in 1991. First quarter revenues totaled $6,496,346 compared to $6,391,616 reported in the same period a year ago.
 The loss ratio (loss and loss adjustment expenses incurred to premiums earned) was 64.0 percent for the first quarter of 1992 compared to 69.4 percent in the first quarter of 1991. Net income was $224,207 or $.09 per share for the quarter compared to net income of $139,411 or $.05 per share in last year's first quarter.
 "The various steps we have taken to improve our financial performance are producing the desired results. We are pleased to report an increase in net income for the first quarter of 1992 compared to 1991," said Spencer A. Broughton, chairman, president and CEO. "Our book value per share increased to $4.43 at March 31, 1992, from $4.36 at Dec. 31, 1991. Our balance sheet remains very strong with high grade investments and no junk bonds or real estate investments."
 Citizens Security Group Inc., which is a holding company engaged in the preferred risk property and casualty business, is part of an insurance group which also includes Citizens Security Mutual Insurance Company, Citizens Fund Insurance Company and Insurance Company of Ohio.
 Citizens Security Group Inc. common stock trades on the national- over-the-counter market under the NASDAQ symbol CSGI.
 CITIZENS SECURITY GROUP INC.
 Condensed, Consolidated Statement of Earnings
 (Unaudited)
 Three Months Ended
 3/31/92 3/31/91
 Revenues:
 Premiums earned $6,087,965 $5,748,635
 Investment income, less related expenses 492,591 482,717
 Realized gains (losses) on investments (168,417) 79,717
 Other 84,207 80,547
 Total revenues 6,496,346 6,391,616
 Losses and expenses:
 Losses and loss adjustment expenses 3,893,644 3,991,010
 Operating expenses 2,327,495 2,249,895
 Total losses and expenses 6,221,139 6,240,905
 Income before income taxes 275,207 150,711
 Income tax expense 51,000 11,300
 Net income $224,207 $139,411
 Weighted average shares outstanding 2,562,495 2,562,495
 Earnings per share $.09 $.05
 -0- 4/23/92
 /CONTACT: Charles W. Bergner or Mary B. Plein, 612-388-7171, both of Citizens Security Group/
 (CSGI) CO: Citizens Security Group Inc. ST: Minnesota IN: INS SU: ERN


AL -- MN012 -- 2057 04/23/92 15:46 EDT
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Publication:PR Newswire
Date:Apr 23, 1992
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