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BANCINSURANCE CORPORATION ANNOUNCES RECORD RESULTS FOR 1991

 BANCINSURANCE CORPORATION ANNOUNCES RECORD RESULTS FOR 1991
 COLUMBUS, Ohio, March 24 /PRNewswire/ -- Bancinsurance Corporation (NASDAQ: BCIS) today announced record results for the year 1991. Net income rose dramatically to $942,410 for the 12 months ended Dec. 31, 1991, compared to $439,746 a year ago, an increase of 114 percent. Earnings per share grew significantly, doubling from 8 cents in 1990 to 16 cents in 1991. Shareholders' equity increased 23 percent for the year to $5,239,984 on Dec. 31, 1991.
 These results benefited from the highest revenues in the company's history, and lower claims expenses as a percent of revenues. While achieving substantial growth in 1991, the company also strengthened its balance sheet to enhance long-term performance.
 For the three months ended Dec. 31, 1991, net income was $92,007 versus a loss of $128,134 for the same period a year ago. Net premiums earned rose to $1,636,316 for the fourth quarter of 1991, an increase of 23 percent. Net investment and other income, based primarily on fixed income and short-term investments, increased significantly from $14,818 for the three months ended Dec. 31, 1990, to $142,559 in the comparable quarter of 1991. The quality of the investment portfolio remains strong and does not include "junk bonds" nor real estate investments.
 Bancinsurance Corporation, headquartered in Columbus, Ohio, is a specialty insurance holding company primarily engaged, through its casualty insurance subsidiary, Ohio Indemnity Company, underwriting "Ultimate Loss Insurance." This insurance protects banks and other lenders against the risk arising from theft or damage to certain loan collateral where the borrower has failed to secure and maintain adequate insurance coverage. The company also provides a surety bond program for a national firm that offers certain services to governmental and non-profit entities.
 Financial Highlights
 Three Months Ended Three Months Ended
 Dec. 31, 1991 Dec. 31, 1990
 Total Revenues $ 1,778,875 $ 1,344,310
 Net income $ 92,007 $ (128,134)
 Earnings per share $ .015 $ (.022)
 Twelve Months Ended Twelve Months Ended
 Dec. 31, 1991 Dec. 31, 1990
 Total Revenues $ 7,505,844 $ 4,940,158
 Net income $ 942,410 $ 439,746
 Earnings per share $ .16 $ .08
 Dec. 31, 1991 Dec. 31, 1990
 Total assets $ 15,394,305 $ 11,581,617
 Shareholders' equity $ 5,239,984 $ 4,247,832
 -0- 3/23/92
 /CONTACT: Si Sokol, president of Bancinsurance Corporation, 614-228-2800/
 (BCIS) CO: Bancinsurance Corporation ST: Ohio IN: INS SU: ERN


CG -- CL016 -- 1275 03/24/92 17:17 EST
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Publication:PR Newswire
Date:Mar 24, 1992
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