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BANCINSURANCE CORPORATION ANNOUNCES RECORD RESULTS FOR THIRD QUARTER AND FIRST NINE MONTHS OF 1992

 BANCINSURANCE CORPORATION ANNOUNCES RECORD RESULTS
 FOR THIRD QUARTER AND FIRST NINE MONTHS OF 1992
 COLUMBUS, Ohio, Oct. 27 /PRNewswire/ -- Bancinsurance Corporation (NASDAQ: BCIS) today announced record net income of $766,633 for the three months ended Sept. 30, 1992, compared to $390,949 for the same period a year ago. This 96 percent increase benefited from strong growth in premiums earned, higher investment income and lower claims and claims adjustment expenses as a percent of premiums earned. Earnings per share for the third quarter of 1992 rose to 13 cents versus 7 cents a year ago, an increase of more than 85 percent.
 Results for the first nine months of 1992 exceed 1991's full-year performance. Net income rose 93 percent to $1,641,411 for the nine months ended Sept. 30, 1992, compared to $850,403 a year ago. Year-to- date earnings per share totaled 28 cents versus 15 cents for the same period in 1991. Improvements in operating performance have continued to strengthen throughout 1992, resulting in significantly higher financial performance and a much stronger capital position. Shareholders' equity totaled $7,015,450 on Sept. 30, 1992, an increase of 33.9 percent during the past 12 months.
 The company's strategy to selectively pursue growth opportunities has contributed to the significant growth in premiums and profitability. During the third quarter of 1992, strong premium growth continued in specialized property and casualty insurance, "Ultimate Loss Insurance" and surety premiums. In addition, higher incremental revenues were recorded in the company's newest line of business, collision and comprehensive policies for the private passenger non-standard automobile market in California. This new business is expected to provide additional future profits.
 The quality of the investment portfolio remains strong and does not include "junk bonds" or real estate investments. The company continues to invest in AAA municipal bonds and investments or higher grade preferred securities for the investment portfolio in order to benefit current and future income.
 Bancinsurance Corporation, headquartered in Columbus, Ohio, is a specialty insurance holding company primarily engaged, through its casualty insurance subsidiary, Ohio Indemnity Company, in underwriting "Ultimate Loss Insurance." This insurance protects banks and other lenders against 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 performs certain services to non-profit entities, and underwrites private passenger non-standard automobile collision and comprehensive policies.
 FINANCIAL HIGHLIGHTS
 Three Months Ended Three Months Ended
 September 30, 1992 September 30, 1991
 Total Revenues $ 3,304,623 $ 2,203,312
 Net Income $ 766,633 $ 390,949
 Earnings Per Share $ .13 $ .07
 Nine Months Ended Nine Months Ended
 September 30, 1992 September 30, 1991
 Total Revenues $ 7,902,096 $ 5,726,969
 Net Income $ 1,641,411 $ 850,403
 Earnings Per Share $ .28 $ .15
 September 30, 1992 September 30, 1991
 Total Assets $ 22,965,927 $ 15,394,305
 Shareholders' Equity $ 7,015,450 $ 5,239,984
 -0- 10/27/92
 /CONTACT: Si Sokol, president of Bancinsurance Corporation, 614-228-2800/
 (BCIS) CO: Bancinsurance Corporation ST: Ohio IN: INS SU: ERN


KK -- CL012 -- 5299 10/27/92 10:37 EST
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Publication:PR Newswire
Date:Oct 27, 1992
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