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LIFE USA REPORTS RECORD EARNINGS, SALES AND REVENUES INCREASE

 LIFE USA REPORTS RECORD EARNINGS, SALES AND REVENUES INCREASE
 MINNEAPOLIS, April 22 /PRNewswire/ -- Life USA Holding, Inc. (NASDAQ anticipated symbol: LUSA), a Minneapolis-based issuance holding company, today reported consolidated net income for the first quarter ended March 31, 1992, of $1,818,415 or $.13 per share. This represents a 366 percent increase over the


same period in 1991, when consolidated net income was $390,471, or $.03 per share (Earnings per share are adjusted for a 3-for-1 reverse stock split, effective April 9, 1992, which retroactively restated prior year's earnings per share and common share to reflect this reverse stock split.)
 Total consolidated revenues of $30,001,592 were reported for the first quarter, representing a 28 percent increase over the $23,401,191 reported for the same period in 1991.
 The company reported total first quarter collected premiums of $146,818,123 (including premiums collected under an administrative arrangement with North American Life and Casualty Company), an increase of 19 percent over the same period in 1991.
 For the first quarter of 1992, Life USA Holding, Inc. reported consolidated assets of $356,543,950 and total surplus of $30,821,500. This compares with assets of $198,607,564 and surplus of $23,947,554 for the same period in 1991.
 The company also reported that as of March 31, 1992, 100 percent of Life USA's long-term investment portfolio consisted of direct U.S. government issued, U.S. government agency of U.S. government agency backed instruments. The remaining assets are held in short-term securities awaiting reinvestment. There are no junk bonds, private placement or real estate investments in the Life USA portfolio, making it one of the most liquid and secure portfolios in the life insurance industry.
 Life USA Holding, Inc. is a Minneapolis-based employee/agent-owned insurance holding company. Life USA Insurance Company, a wholly owned subsidiary of Life USA Holding, is represented nationally by over 31,000 agents and 275 home office employees. Life USA Holding, Inc. is a public company, but the stock is not publicly traded. The company has announced that its board of directors has authorized the trading of its common stock on the NASDAQ National Market. It is anticipated that trading will commence on May 19, 1992, under the symbol LUSA.
 LIFE USA HOLDING, INC.
 CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
 (Unaudited)
 (Dollars in thousands, except per share amounts)
 Three Months Ended
 3/31/92 3/31/91
 Revenues:
 Net investment income $5,528 $3,283
 Commissions and expense
 allowance on ceded
 reinsurance, net 22,725 19,181
 Other income 1,749 937
 Total revenues 30,002 23,401
 Expenses:
 Commissions 13,816 13,022
 Interest credited to
 policyholders' 5,257 3,058
 Interest expense 183 102
 Operating expenses 7,814 6,648
 Total expenses 27,070 22,830
 Income before income taxes
 and extraordinary item 2,932 571
 Income taxes (1,114) (187)
 Extraordinary item --- 6
 Net income $1,818 $390
 Net income per share $.13 $.03
 Average number of shares issued
 and outstanding 14,215,787 13,932,751
 -0- 4/22/92
 /CONTACT: Robert W. MacDonald of Life USA, 612-546-7386/
 (LUSA) CO: Life USA Holding, Inc.; Life USA Insurance Company ST: Minnesota IN: INS SU: ERN


KH -- MN005 -- 1153 04/22/92 10:20 EDT
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Publication:PR Newswire
Date:Apr 22, 1992
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