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COTTON STATES LIFE AND HEALTH INSURANCE COMPANY ANNOUNCES THIRD QUARTER RESULTS

           COTTON STATES LIFE AND HEALTH INSURANCE COMPANY
                 ANNOUNCES THIRD QUARTER RESULTS
    ATLANTA, Nov. 6 /PRNewswire/ -- Cotton States Life and Health Insurance Company (NASDAQ: CSLH) today reported per share earnings of $.12 for the third quarter, compared to per share earnings of $.18 for the same period last year.
    Year-to-date earnings are $.42 per share, compared to $.56 for 1990.
    President and CEO J. Ridley Howard attributed the decrease in third quarter earnings to a one-time charge of $.06 per share incurred in the restructuring of CS Marketing Resources, a brokerage subsidiary.  The $.06 charge against earnings is $.03 per share less than previously expected.
    Howard said that bringing the administration of Marketing Resources into the Cotton States home office will reduce expenses and position the subsidiary for growth in 1992.  "Marketing Resources remains an integral part of the Cotton States Insurance Group's long-term strategy," Howard said.
    Cotton States Life and Health Insurance Company is licensed to sell life insurance in Alabama, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Virginia.  Its common shares are traded Over-the-Counter under the NASDAQ symbol CSLH.
           COTTON STATES LIFE AND HEALTH INSURANCE COMPANY
             Unaudited Consolidated Summary of Earnings
       9 mos. ended 9/30            1991             1990
    Income:
       Premium Income             $6,155,529       $5,373,916
       Mortality and expense
         charges earned            3,427,143        2,839,674
       Investment income           4,456,356        4,337,380
       Realized investment gains     637,764          214,862
       Brokerage and other income    397,429          350,507
          Total income            15,074,221       13,116,339
    Benefits and expenses:
       Life benefits and claims    5,895,996        4,549,929
       A&H benefits and claims     2,557,074        1,958,855
       Amortization of policy
          acquisition costs        1,061,429        1,185,708
       Operating expenses          4,168,763        3,575,597
    Total benefits and expenses   13,683,262       11,270,089
    Earnings before federal
       income taxes                1,390,959        1,846,250
    Federal income taxes             277,679          313,863
       Net earnings               $1,113,280       $1,532,387
    Earnings per share of
       common stock:              $     0.42       $     0.56
    Weighted averge number of
       shares used in computing
       earnings per share          2,635,370        2,746,808
       3 mos. ended 9/30            1991             1990
    Income:
       Premium Income             $2,127,670       $1,809,845
       Mortality and expense
         charges earned            1,265,444          888,503
       Investment income           1,486,748        1,534,106
       Realized investment gains      37,091          (45,229)
       Brokerage and other income    (14,884)         106,301
          Total income             4,902,069        4,293,526
    Benefits and expenses:
       Life benefits and claims    1,887,649        1,611,467
       A&H benefits and claims       946,996          686,573
       Amortization of policy
          acquisition costs          238,420          345,663
       Operating expenses          1,411,623        1,062,628
    Total benefits and expenses    4,484,688        3,706,331
    Earnings before federal
       income taxes                  417,381          587,195
    Federal income taxes              93,083           99,824
       Net earnings               $  324,298       $  487,371
    Earnings per share of
       common stock:              $     0.12       $     0.18
    Weighted averge number of
       shares used in computing
       earnings per share          2,635,370        2,746,808
    -0-                           11/6/91
    /CONTACT:  Gary Meader, senior vice president/treasurer, 404-391-8786, or Cindy S. Coker, vice president, secretary, general counsel, 404-391-8769, both of Cotton States/
    (CSLH) CO:  Cotton States Life and Health Insurance Company ST:  Georgia IN:  INS SU:  ERN BR-BN -- AT011 -- 1812 11/06/91 14:49 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 6, 1991
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