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BANCINSURANCE CORPORATION ANNOUNCES SUBSTANTIALLY HIGHER SECOND QUARTER EARNINGS; RECORD FIRST HALF RESULTS

 BANCINSURANCE CORPORATION ANNOUNCES SUBSTANTIALLY HIGHER
 SECOND QUARTER EARNINGS; RECORD FIRST HALF RESULTS
 COLUMBUS, Ohio, July 29 /PRNewswire/ -- Bancinsurance Corporation (NASDAQ: BCIS) today announced net income of $459,861 for the three months ended June 30, 1992, versus $212,970 for the same quarter last year, an increase of 116 percent. Results were attributed to substantially higher premiums earned and investment income, which increased 30 percent and 49 percent, respectively. Earnings per share for the second quarter of 1992 doubled to $.08 compared to $.04 a year ago.
 For the first six months of this year, net income rose 90 percent to $874,778 from $459,454 in 1991. Premiums earned increased 27 percent to $4,016,272 compared to $3,162,687 for the same period a year ago. Investment income totaled $464,434 for the six months ended June 30, 1992, versus $341,110 last year. Earnings per share were $.15 for the first half of 1992 versus $.08 last year.
 The quality of the investment portfolio remains strong and does not include "junk bonds" or real estate investments. Recently, the company purchased a significant amount of short-term pre-refunded AAA municipal bonds and investment or higher grade preferred securities for the portfolio, in order to benefit current and future income.
 Bancinsurance continues to achieve solid growth in premiums from specialized property and casualty insurance, "Ultimate Loss Insurance," as well as surety premiums. In addition, entry into select product niches which complement long-term corporate objectives is being pursued. The company recently began underwriting collision and comprehensive policies for the private passenger non-standard automobile market in California. This new business is already contributing incremental revenues and is expected to provide additional future profits.
 The company's capital position is much stronger today as a result of the improved performance, particularly during the past six quarters. Shareholders' equity has increased 32 percent during the past 12 months, and totaled $6,153,031 on June 30, 1992. This increased financial strength enables Bancinsurance to continue to manage the business prudently and also pursue future growth opportunities.
 At the June 8, 1992, annual meeting of shareholders, James Davis, John Sokol, Daniel Harkins, Saul Sokol, Milton Lustnauer and Si Sokol were re-elected as directors of Bancinsurance Corporation.
 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 writes private passenger non-standard automobile collision and comprehensive policies.
 FINANCIAL HIGHLIGHTS
 Three Months Ended Three Months Ended
 June 30, 1992 June 30, 1991
 Total Revenues $ 2,527,796 $ 1,913,318
 Net Income $ 459,861 $ 212,970
 Earnings Per Share $ .08 $ .04
 Six Months Ended Six Months Ended
 June 30, 1992 June 30, 1991
 Total Revenues $ 4,597,473 $ 3,523,657
 Net Income $ 874,778 $ 459,454
 Earnings Per Share $ .15 $ .08
 June 30, 1992 December 31, 1991
 Total assets $ 17,461,176 $ 15,394,305
 Shareholders' equity $ 6,153,031 $ 5,239,984
 -0- 7/29/92
 /CONTACT: Si Sokol, president of Bancinsurance Corporation, 614-228-2800/
 (BCIS) CO: Bancinsurance Corporation ST: Ohio IN: INS SU: ERN


KK -- CL009 -- 4568 07/29/92 11:20 EDT
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Date:Jul 29, 1992
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