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AMERICAN INCOME HOLDING, INC. REPORTS RESULTS

 WILMINGTON, Del., Jan. 29 /PRNewswire/ -- American Income Holding, Inc. (NYSE: AIH), today reported net income before extraordinary charge and effect of change in accounting principle of $32.3 million for the year ended Dec. 31, 1992, as compared to $24.7 million for the year ended Dec. 31, 1991. The change in accounting principle is the company's adoption of Statement of Financial Accounting Standards No. 109 "Accounting for Income Taxes" retroactively to Jan. 1, 1991.
 For the year ended Dec. 31, 1992, operating earnings (net income before extraordinary charge and effect of change in accounting principle, excluding realized investment gains/losses and the tax effect thereof) were $2.09 per share as compared to $1.87 per share (as restated for SFAS No. 109) for the year ended Dec. 31, 1991. First year premiums and renewal premiums for the fiscal year ended Dec. 31, 1992, increased 5.0 percent and 7.1 percent, respectively, over the comparable 1991 fiscal year, resulting in an increase of 6.6 percent in total premium revenues.
 The company completed its initial public offering of common stock on March 6, 1992, and its recapitalization on March 13, 1992. Assuming both the offering and recapitalization occurred on the first day of each of the respective periods, pro forma operating earnings would have been $33.0 million ($2.06 per share) for the year ended Dec. 31, 1992, compared to $27.8 million ($1.76 per share) for the prior year.
 American Income Holding, Inc., is an insurance holding company engaged through its subsidiary, American Income Life Insurance Company, in the marketing, writing and issuing of individual life insurance and fixed benefit accident and health insurance to members of labor unions and credit unions.
 AMERICAN INCOME HOLDING, INC.
 Selected Consolidated Data
 (Dollars in thousands except per share data)
 Year ended Dec. 31 1992 1991
 Restated (A)
 Life-first year premiums $ 21,455 $ 19,185
 Life-renewal premiums 80,810 75,471
 Total-life premiums 102,265 94,656
 A&H-first year premiums 8,485 9,332
 A&H-renewal premiums 27,774 25,934
 Total-A&H premiums 36,259 35,266
 Total premium revenue 138,524 129,922
 Net investment income 35,201 33,333
 Total revenues 175,144 169,418
 Net earnings applicable to common
 stock before extraordinary charge
 and effect of change in accounting
 principle 32,343 24,659
 Extraordinary charge, net of tax (4,885) --
 Effect of change in accounting
 principle (A) -- (4,624)
 Net income applicable to common
 stock after extraordinary charge
 and effect of change in accounting
 principle 27,458 20,035
 Total assets 648,762 608,398
 Total debt 100,000 179,600
 Common shareholders' equity $162,575 $ 58,852
 Per share:
 Net income applicable to common
 stock before extraordinary
 charge and effect of change
 in accounting principle $2.12 $2.14
 Extraordinary charge, net of tax (.32) --
 Effect of change in accounting
 principle (A) -- (.40)
 Net income applicable to common stock $1.80 $1.74
 Weighted average number of shares
 outstanding 15,219,826 11,507,019
 Book value per common share $10.35 $5.30
 Shares outstanding at end of period 15,710,620 11,096,000
 (A) -- The company adopted FASB Statement No. 109 in 1992 and applied its provisions retroactively to Jan. 1, 1991. The cumulative effect of the change in the method of accounting for income taxes as of Jan. 1, 1991, is reported separately in the 1991 consolidated statement of earnings.
 -0- 1/29/93
 /CONTACT: Mark E. Pape, executive vice president and chief financial officer of American Income Holding, 817-751-8650/
 (AIH)


CO: American Income Holding, Inc. ST: Delaware IN: FIN SU: ERN

GK -- NY043 -- 0734 01/29/93 12:02 EST
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Date:Jan 29, 1993
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