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ALLMERICA FINANCIAL REPORTS RECORD INCOME FOR 1992; BOOSTS CONTINGENCY RESERVES TO NEW HIGH

 WORCESTER, Mass., March 16 /PRNewswire/ -- Allmerica Financial, (NASDAQ: ALPC) a diversified group of insurance and financial services companies headed by Massachusetts' fourth largest life insurer, State Mutual Life Assurance Company of America, in 1992 achieved the best financial results in its 148-year history, president and chief executive officer John F. O'Brien announced at the organization's annual meeting.
 O'Brien reported the consolidated operating results for State Mutual and SMA Life Assurance Company, a wholly-owned subsidiary, at the meeting held today at Allmerica Financial's home office at 440 Lincoln Street.
 1992 marks the fifth consecutive year of record financial results for the companies.
 Allmerica Financial's net income from operations reached a new high of $104 million, up 21 percent from $86 million in 1991. The organization also achieved a record level in its contingency reserves. The reserves -- considered a barometer of an insurer's financial strength -- increased by $143 million, or 26 percent, to $693 million at year end. Assets totaled $9.3 billion, up from $8.7 million in 1991.
 "During 1992, we achieved the best financial results in our history," O'Brien said. "Each major business line was profitable, and we realized important contributions to earnings from our Allmerica Property & Casualty subsidiaries, The Hanover Insurance Company and Citizens Insurance Company of America."
 O'Brien attributed Allmerica Financial's strong performance to "delivering well-designed products and services that address the financial planning needs of our clients, and maintaining a sound financial foundation to support our products and services over time."
 "Our strong financial condition enabled us to invest substantially in creating new products and services," he said. "Our product portfolio has grown to include a family of investment-based products, investment company client and marketing services, medical management services, payroll services, and retirement plan administrative services."
 Also during 1992, State Mutual was granted a federal charter for Allmerica Trust Company, N.A. The trust company will provide individuals and institutions an array of custody, trustee, and investment services.
 "The steps we have taken make Allmerica Financial a stronger, more competitive organization, better able to deliver higher levels of client service," O'Brien said. "Our more responsive organization can capitalize on emerging business opportunities to benefit clients."
 In other business at the meeting, State Mutual policyholders re-elected two members of the board of directors and three employees were recognized as Exceptional Service Award winners for 1992.
 Policyholders re-elected David A. Barrett, a consultant with MCCM, Inc. and the Medical Center of Central Massachusetts, and Guy W. Nichols, chairman of Woods Hole Oceanographic Institution.
 Exceptional Service Awards were presented to Kristen A. Kowal of Barre, Holly O'Neil Turley of Sturbridge, and Shirley J. Pavone of Worcester.
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 NOTE TO EDITORS: Worcester, Mass.-based State Mutual is the fifth oldest life insurance company in the country and ranks among the 20 largest life insurance companies in the United States on the basis of assets. It is the lead company in a group of insurance and financial services companies known collectively as Allmerica Financial.
 The Allmerica Financial companies are: State Mutual; SMA Life Assurance Company; Allmerica Medical Management; Allmerica Trust Company, N.A.; 440 Financial Group of Worcester, Inc.; Benexco Group of North America; Allmerica Property & Casualty Companies, Inc.; The Hanover Insurance Company; Citizens Insurance Company of America; AMGRO, Inc.; Sterling Risk Management Services, Inc.; Allmerica Asset Management; Allmerica Realty Advisors, Inc.; Allmerica Investment Services, Inc.; Allmerica Investments, Inc.; Allmerica Investment Management Company, Inc.; Allmerica Investment Trust; and State Mutual Securities Trust.
 -0- 3/16/93
 /CONTACT: Michael F. Buckley, director, public information of Allmerica Financial, 508-855-3099/
 (ALPC)


CO: Allmerica Financial ST: Massachusetts IN: INS SU: ERP

TM -- NE005 -- 6475 03/16/93 11:00 EST
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Date:Mar 16, 1993
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