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ALLIED GROUP RELEASES ESTIMATED EARNINGS TO ALLAY INVESTOR CONCERNS

ALLIED GROUP RELEASES ESTIMATED EARNINGS TO ALLAY INVESTOR CONCERNS
 DES MOINES, Iowa, July 7 /PRNewswire/ -- Allied Group, Inc. (NASDAQ: ALGR) today responded to national events affecting the property-casualty industry in the second quarter by releasing estimated earnings. Though earthquakes and riots in California combined with the flood and street disturbances in Chicago to raise investor apprehension, they were expected to have only a minor impact on the company's performance.
 The company's fully diluted earnings per share before net realized gains were estimated to be between $0.60 and $0.65 for the second quarter and in the $1.35 to $1.40 range for the six months ended June 30, 1992. Both estimates marked significant improvements over reported earnings of $0.11 and $0.74 for the same periods of 1991. Including realized gains, the estimates were between $0.62 and $0.67 for the quarter and in the $1.47 to $1.52 range for the year to date. Comparable 1991 figures were $0.18 and $0.86
 The property-casualty segment projected an estimated 29 percent increase in net earned premiums from the same period last year, boosted by the effects of an increase in its pooling participation percentage as of Jan. 1, 1992. Growth in net premiums written for the entire pool (including Allied Mutual Insurance Company) was estimated at between 15 percent and 16 percent.
 Property-casualty rate increases and lower wind and hail losses improved the segment's midyear statutory combined ratio to an estimated 101 from 109.7 for the first half of 1991. Midyear wind and hail losses per share were estimated at $0.49 compared with $1.07 as of June 30, 1991.
 Investors can expect a full analysis of the company's performance in its midyear report to stockholders. A complete earnings release will be available July 23, 1992.
 Allied Group, Inc. is a regional property-casualty insurance holding company specializing in personal lines. The company uses independent agencies, exclusive agencies, and direct response marketing to offer products in the suburban and rural areas of primarily central and western states.
 -0- 07/07/92
 CONTACT: Jim Shaffer of Allied Group, 515-280-4326
 (ALGR) CO: ALLIED GROUP INC. IN: INS ST: IA -- NY069 -- X855 07/07/92
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Publication:PR Newswire
Date:Jul 7, 1992
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