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BANCINSURANCE CORPORATION ANNOUNCES SIGNIFICANTLY HIGHER FIRST QUARTER RESULTS

 BANCINSURANCE CORPORATION ANNOUNCES
 SIGNIFICANTLY HIGHER FIRST QUARTER RESULTS
 COLUMBUS, Ohio, April 22 /PRNewswire/ -- Bancinsurance Corporation (NASDAQ: BCIS) today announced substantially higher net income of $414,917 for the three months ended March 31, 1992, versus $246,484 for the same period in 1991, an increase of 68.3 percent. Earnings per share were up sharply, totaling $.07 for the first quarter of 1992 compared to $.04 a year ago.
 Net premiums earned rose an impressive 23 percent to $1,757,622 for the first three months of 1992 over the comparable period in 1991. This was the result of continued increases in sales of specialized property and casualty insurance, "Ultimate Loss Insurance," combined with steady growth in surety premiums. Total revenue of $2,069,677 also included a 24 percent increase in investment income. The quality of the investment portfolio remains strong and does not include "junk bonds" nor real estate investments.
 Si Sokol, president, commented, "We are pleased with the first quarter results for 1992 and are cautiously optimistic about exceeding 1991's record results this year. The company continues to benefit from solid performance in its core business as well as selective additions to the insurance product offerings during the past three years."
 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 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
 March 31, 1992 March 31, 1991
 Total Revenues $ 2,069,677 $ 1,610,339
 Net income $ 414,917 $ 246,484
 Earnings per share $ .07 $ .04
 March 31, 1992 December 31, 1991
 Total assets $ 16,680,489 $ 15,394,305
 Shareholders' equity $ 5,668,596 $ 5,239,984
 -0- 4/22/92
 /CONTACT: Si Sokol, president of Bancinsurance Corporation, 614-228-2800/
 (BCIS) CO: Bancinsurance Corporation ST: Ohio IN: INS SU: ERN


KK -- CL015 -- 1306 04/22/92 13:06 EDT
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Publication:PR Newswire
Date:Apr 22, 1992
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