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FOREMOST CORPORATION OF AMERICA ANNOUNCES THIRD QUARTER RESULTS FOR 1992

FOREMOST CORPORATION OF AMERICA ANNOUNCES THIRD QUARTER RESULTS FOR 1992
 GRAND RAPIDS, Mich., Oct. 22 /PRNewswire/ -- Foremost Corporation of America (FCOA) (NASDAQ-NMS: FCOA) today announced third quarter earnings of $.27 per share compared with $.68 per share in the third quarter of last year. Per share net income for the first nine months of 1992 was $1.42 per share compared with $.28 per share during the first nine months of 1991. Losses from Hurricane Andrew affected the quarterly results by $.55 per share.
 Foremost's property and casualty group of companies recorded a 102.9 percent combined loss and expense ratio during the quarter. That compares with a 95.4 percent ratio during the third quarter of 1991. The nine-month combined ratio was 99.6 percent. That compares with 106.3 percent for the same period of 1991.
 "Our results reflect our strong, disciplined approach to the underwriting process. This was confirmed when we assessed the affect of Hurricane Andrew on our results," said Foremost President, CEO and Chairman of the Board, Richard L. Antonini. "Andrew was the most costly and one of the most destructive storms on record. Yet, our continued effort to improve our risk assessment and balance our business shows in both our third quarter and year-to-date combined ratios."
 FCOA reported an increase of total written premium, both for the quarter and the nine months. Mobile home premium was up 14 percent for the quarter and 12 percent for nine months. R.V. premium rose similarly, up 15 percent for the quarter and 10 percent for the nine months.
 After-tax investment income decreased 4.5 percent during the third quarter from 1991 and is down 10 percent for the year. Lower interest rates, sales and calls of higher yielding securities, and an asset allocation change made during the third quarter of 1991 were factors contributing to the decrease.
 Foremost Corporation of America and its subsidiaries are primarily engaged in providing insurance and financial services to the manufactured housing and


recreational vehicle industries.
 FOREMOST CORPORATION OF AMERICA
 AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME BY BUSINESS SEGMENT
 (UNAUDITED)
 Three Nine
 Months Ended Months Ended
 Sept. 30, Sept. 30
 1992 1991 1992 1991
 (In thousands except per share data)
 Total revenue $116,896 $110,186 $344,627 $334,210
 Net income (loss) after taxes:
 Property and casualty
 insurance $ 4,375 $ 11,473 $ 18,747 $ 9,651
 Life insurance 118 1,075 1,097 2,197
 Total insurance operations 4,493 12,548 19,844 11,848
 Parent and other (1,586) (5,268) (4,625) (8,807)
 Consolidated net income $ 2,907 $ 7,280 $ 15,219 $ 3,041
 Per share of common stock:
 Consolidated net income $ .27 $ .68 $ 1.42 $ .28
 Average shares outstanding 10,717 10,716 10,717 10,716
 -0- 10/22/92
 /CONTACT: F. Robert Woudstra of Foremost Corporation of America, 616-956-8218/
 (FCOA) CO: Foremost Corporation of America ST: Michigan IN: INS SU: ERN


ML -- DE005 -- 3360 10/22/92 09:26 EDT
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Publication:PR Newswire
Date:Oct 22, 1992
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