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CITIZENS REPORTS 1992 RESULTS

 RED WING, Minn., March 9 /PRNewswire/ -- Citizens Security Group Inc. (NASDAQ: CSGI) today announced net income for the year ended Dec. 31, 1992, of $800,725, or $.31 per share. These earnings reflect a vast improvement over last year's net loss of $113,775, or $.04 per share.
 Spencer A. Broughton, chairman and chief executive officer, commented, "We are very pleased with our 1992 results. We achieved four consecutive quarters of strong earnings momentum and our first underwriting profit since 1989 despite a challenging economic and competitive environment. Major events affecting our industry included catastrophic losses estimated at more than $20 billion, coupled with a competitive underwriting environment."
 The company achieved this income without the benefit of significant investment yields and net realized investment gains. Net premiums earned increased to $24.3 million in 1992 versus just over $24 million in fiscal 1991. The company's combined ratio improved to 99.0 percent and the loss ratio (loss and loss adjustment expenses incurred to premiums earned) decreased by nearly 11 percentage points to 68.2 percent.
 "We must continued in 1993 the progress made last year. Our balance sheet is solid and the investments carry little risk. Our focus on niche markets in select areas of the Upper Midwest has enabled us to grow our business at a controlled pace while improving returns," Broughton continued. "Going forward, we will build on niche markets and increase premium writings with a team of our independent agents."
 Citizens Security Group Inc. is a holding company owning subsidiaries -- Citizens Fund Insurance Company and Insurance Company of Ohio -- engaged in the preferred risk property and casualty business conducted in six states, principally in the Upper Midwest. The common stock of the company is traded on the national over-the-counter market under the NASDAQ symbol "CSGI."
 CITIZENS SECURITY GROUP INC.
 CONDENSED, CONSOLIDATED STATEMENT OF EARNINGS
 Three Months Ended Year Ended
 12/31/92 12/31/91 12/31/92 12/31/91
 Revenues:
 Premiums earned $6,047,824 $6,274,066 $24,288,073 $24,047,607
 Investment income,
 less related expenses 524,165 489,690 2,002,084 2,092,517
 Realized gains on
 investments 13,592 673,342 38,981 997,560
 Other 99,272 76,591 367,902 320,611
 Total revenues 6,684,853 7,513,689 26,697,040 27,458,295
 Losses and expenses:
 Losses and loss
 adjustment expenses 4,100,109 4,816,938 16,574,696 18,947,028
 Operating expenses 2,407,349 2,375,520 9,152,619 8,940,742
 Total losses and
 expenses 6,507,458 7,192,458 25,727,315 27,887,770
 Income (loss) before
 income taxes 177,395 321,231 969,725 (429,475)
 Income tax expense
 (benefit) 19,000 70,000 169,000 (315,700)
 Net income $158,395 $251,231 $800,725 $(113,775)
 Weighted average shares
 outstanding 2,801,546 2,562,495 2,622,584 2,562,495
 Earnings per share $.06 $.10 $.31 $(.04)
 -0- 3/9/93
 /CONTACT: Charles W. Bergner, ext. 251 or Mary B. Plein, ext. 255, 612-388-7171, both of Citizens Security Group/
 (CSGI)


CO: Citizens Security Group, Inc. ST: Minnesota IN: INS SU: ERN

DS -- MN003 -- 4395 03/09/93 09:22 EST
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Publication:PR Newswire
Date:Mar 9, 1993
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