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VICTORIA FINANCIAL CORPORATION ANNOUNCES RECORD RESULTS FOR 1991

 VICTORIA FINANCIAL CORPORATION ANNOUNCES RECORD RESULTS FOR 1991
 CLEVELAND, March 3 /PRNewswire/ -- Victoria Financial Corporation (NASDAQ: VICF), the Cleveland-based specialty insurance company, today announced record annual results. All comparisons are to the same 1990 period. Annual Pre-tax Net Operating Income, which excludes realized gains (losses) on sale of investments, reached $801,000, exceeding the previous annual record of 1989 by more than 100 percent. In addition, the Combined Operating Ratio improved significantly to 99.8 percent.
 For the year ended Dec. 31, 1991, Net Operating Income, was $.15 per share compared to a net operating (loss) of ($.06) per share in 1990. Net Income increased to $513,000, or $.15 per share in 1991, compared to a net (loss) of ($139,000), or ($.04) per share in 1990. Direct Written Premiums (sales) increased 45 percent to $28,942,000. Net Investment Income increased $323,000 during the period to $1,354,000. The Combined Operating Ratio improved from 105.2 percent to 99.8 percent.
 For the quarter ended Dec. 31, 1991, Net Operating Income, increased 50 percent to $.03 per share compared to Net Operating Income of $.02 per share in 1990. Net Income increased to $91,000 or $.03 per share in 1991 compared to $12,000, or $.00 per share in 1990. Direct Written Premiums (sales) increased 55 percent to $8,826,000. Net Investment Income increased $86,000 during the period to $405,000. The Combined Operating Ratio improved from 102.6 percent to 101.5 percent.
 Operating results were positively impacted by significant growth in sales volume. The growth is primarily a result of additional penetration into existing markets. We also began writing business in two new states in 1991. The Combined Operating Ratio improvements reflect favorable loss experience over previous years and the company's ability to maintain control over increases in operating expenses.
 Victoria Financial Corporation, headquartered in Cleveland, is a specialty lines insurance holding company concentrating in nonstandard automobile insurance. The company currently operates in Arizona, Illinois, Indiana, Iowa, Ohio, Tennessee and Virginia and has licenses to write business in an additional 19 states. The company's common stock trades on the NASDAQ over-the-counter market with the symbol VICF.
 VICTORIA FINANCIAL CORPORATION
 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
 For the Years Ended
 December 31, 1991 and 1990
 (Dollars in Thousands)
 1991 1990 Pct. Change
 Direct Written Premiums (sales) $28,942 $19,935 45
 Net Written Premiums 28,285 19,525 45
 Net Earned Premiums 23,767 18,530 28
 Net Investment Income 1,354 1,031 31
 Other Revenues 613 453 35
 Total Revenues 25,734 20,014 29
 Loss and Loss Adjustment
 Expenses 15,030 12,083 24
 Underwriting and Other
 Expenses 9,903 8,155 21
 Total Expenses 24,933 20,238 23
 Pre-tax Net Operating Income 801 (224) --
 Income Tax Expense 261 (10) --
 Net Operating Income (Loss) 540 (214) --
 Realized Gain (Loss) on Sale
 of Investments, net of tax (27) 75 --
 Net Income (Loss) $ 513 $ (139) --
 1991 1990
 Net Operating Income Per Common Share:
 Primary $.17 $(.06)
 Fully Diluted $.15 $(.06)
 Net Income (Loss) Per Common Share:
 Primary $.16 $(.04)
 Fully Diluted $.15 $(.04)
 Combined Operating Ratio (GAAP Basis):
 Loss and Loss Adjustment Expense Ratio 63.2 pct. 65.0 pct.
 Underwriting and Other Expense Ratio 36.6 pct. 40.2 pct.
 Combined Operating Ratio 99.8 pct. 105.2 pct.
 For the Three Months Ended
 December 31, 1991 and 1990
 (Dollars in Thousands)
 1991 1990 Pct. Change
 Direct Written Premiums (sales) $ 8,826 $ 5,679 55
 Net Written Premiums 8,580 5,552 55
 Net Earned Premiums 7,019 4,659 51
 Net Investment Income 404 319 27
 Other Revenues 185 136 36
 Total Revenues 7,608 5,114 49
 Loss and Loss Adjustment
 Expenses $ 4,677 $ 3,080 52
 Underwriting and Other
 Expenses 2,776 1,982 40
 Total Expenses 7,452 5,062 47
 Pre-tax Net Operating Income 156 52 --
 Income Tax Expense (Benefit) 68 (10) --
 Net Operating Income (Loss) 88 62 42
 Realized Gain (Loss) on Sale
 of Investments, net of tax 3 (50) --
 Net Income (Loss) $ 91 $ 12 --
 1991 1990
 Net Operating Income Per Common Share:
 Primary $ .03 $ .02
 Fully Diluted $ .03 $ .02
 Net Income (Loss) Per Common Share:
 Primary $ .03 --
 Fully Diluted $ .03 --
 Combined Operating Ratio (GAAP Basis):
 Loss and Loss Adjustment Expense Ratio 66.6 pct. 65.5 pct.
 Underwriting and Other Expense Ratio 34.9 pct. 37.1 pct.
 Combined Operating Ratio 101.5 pct. 102.6 pct.
 VICTORIA FINANCIAL CORPORATION
 CONSOLIDATED CONDENSED BALANCE SHEET
 Dec. 31, 1991 and 1990
 (Dollars in Thousands)
 1991 1990 Pct.
 Change
 Cash and Investments $28,831 $19,549 47
 Deferred Policy Acquisition Costs 4,103 2,820 45
 Premium Balances Receivable 7,785 5,219 49
 Other Assets 1,812 1,000 81
 Total $42,531 $28,588 49
 Loss and Loss Adjustment Expenses
 Payable $10,195 $ 6,457 58
 Unearned Premiums 13,392 8,879 51
 Other Liabilities 3,334 2,393 39
 Notes and Debentures Payable 11,174 6,987 60
 Shareholders' Equity 4,436 3,872 15
 Total $42,531 $28,588 49
 Common Shares Outstanding 3,181,291 3,181,291 --
 -0- 3/3/92 R
 /CONTACT: Tab A. Keplinger, assistant vice president of Victoria Financial Corporation, 216-461-3461/
 (VICF) CO: Victoria Financial Corporation ST: Ohio IN: FIN INS SU: ERN


LC -- CL010 -- 4454 03/03/92 11:32 EST
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