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CITIZENS SECURITY GROUP INC. REPORTS SUBSTANTIAL INCREASE IN NINE MONTH AND THIRD QUARTER NET INCOME

 CITIZENS SECURITY GROUP INC. REPORTS SUBSTANTIAL INCREASE
 IN NINE MONTH AND THIRD QUARTER NET INCOME
 RED WING, Minn., Oct. 15 /PRNewswire/ -- Citizens Security Group Inc. (NASDAQ: CSGI) today reported improved operating results for the periods ended Sept. 30, 1992. Net income for the nine months was $642,330, or $.25 per share, compared to a net loss of $365,006, or $.14 per share, for the same period in 1991. Premiums earned were $18,240,249 for the nine months of 1992 compared to $17,773,541 in 1991. Nine month revenues increased to $20,012,187 from $19,944,606 in the prior period a year ago. The loss and loss adjustment expense ratio improved to 68.4 percent from 79.5 percent for the first three quarters of 1991.
 For the third quarter, net income totaled $269,544, or $.10 per share, compared to a net loss of $545,569, or $.21 per share, in last year's third quarter. Revenues equaled $6,656,146 compared to $6,735,569 in the third quarter a year ago. The loss and loss adjustment expense ratio improved dramatically to 67.5 percent for the third quarter of 1992 compared to 90.4 percent in the third quarter of 1991.
 "We are pleased to report a substantial increase in net income for the nine months of 1992 compared to 1991, principally due to our strict underwriting discipline which has resulted in an 11.1 percentage point decrease in our loss and loss adjustment expense ratio for the nine month period this year," said Spencer A. Broughton, chairman and CEO. "This is our fourth consecutive quarter of positive earnings."
 Citizens Security Group Inc., which is a holding company engaged in the preferred risk property and casualty business, is part of an insurance group which also includes Citizens Security Mutual Insurance Company, Citizens Fund Insurance Company and Insurance Company of Ohio.
 Citizens Security Group Inc. common stock trades on the National Over-the-Counter market under the NASDAQ symbol CSGI.
 CITIZENS SECURITY GROUP INC.
 CONDENSED, CONSOLIDATED STATEMENT OF EARNINGS
 Three Months Ended Nine Months Ended
 9/30/92 9/30/91 9/30/92 9/30/91
 Revenues:
 Premiums earned $6,042,629 $6,105,204 $18,240,249 $17,773,541
 Investment income,
 less related
 expenses 451,483 532,548 1,477,919 1,602,827
 Realized gains on
 investments 69,001 12,894 25,389 324,218
 Other 93,033 84,923 268,630 244,020
 Total revenues 6,656,146 6,735,569 20,012,187 19,944,606
 Losses and expenses:
 Losses and loss
 adjustment expenses 4,076,857 5,519,518 12,474,587 14,130,090
 Operating expenses 2,234,245 2,109,620 6,745,270 6,565,222
 Total losses and
 expenses 6,311,102 7,629,138 19,219,857 20,695,312
 Income (loss) before
 income taxes 345,044 (893,569) 792,330 (750,706)
 Income tax expense
 (benefit) 75,500 (348,000) 150,000 (385,700)
 Net income $269,544 $(545,569) $642,330 $(365,006)
 Weighted average shares
 outstanding 2,562,495 2,562,495 2,562,495 2,562,495
 Earnings per share $.10 $(.21) $.25 $(.14)
 -0- 10/15/92
 /CONTACT: Mary B. Plein of Citizens Security, 612-388-7171/
 (CSGI) CO: Citizens Security Group Inc. ST: Minnesota IN: INS SU: ERN


KH -- MN020 -- 0581 10/15/92 15:53 EDT
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Publication:PR Newswire
Date:Oct 15, 1992
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