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COTTON STATES LIFE AND HEALTH INSURANCE COMPANY ANNOUNCES FIRST-QUARTER RESULTS

 COTTON STATES LIFE AND HEALTH INSURANCE COMPANY
 ANNOUNCES FIRST-QUARTER RESULTS
 ATLANTA, April 27 /PRNewswire/ -- Cotton States Life and Health Insurance Company (NASDAQ: CSLH) today reported earnings for the first quarter ended March 31.
 Earnings for the quarter were $727,281 or $.28 per share, compared to $293,257 or $.11 per share for the first quarter ending March 31. Earnings include realized investment gains of $350,248 compared to realized gains of $203,172 for the year earlier quarter.
 President and CEO J. Ridley Howard said, "The increase in operational earnings was due to lower expenses and a small profit from CS Marketing Resources, a subsidiary which lost $88,000 during the first quarter last year."
 Howard also announced that the board of directors declared a dividend of $.03 per share -- a reduction from $.07 per share -- following a change in the Georgia insurance code which limits the dividends a company can pay. In addition to compliance with the change in the Georgia insurance code, reducing the dividend will allow the company to fund current and future growth by increasing statutory surplus at a faster rate.
 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
 3 months ended March 31 1992 1991
 Income:
 Premium income $2,201,877 $2,026,515
 Mortality and expense
 charges earned 1,191,331 1,014,033
 Investment income 1,493,076 1,480,001
 Realized investment gains 350,248 203,172
 Brokerage and other income 171,773 196,585
 Total income 5,408,305 4,920,306
 Benefits and expenses:
 Life benefits and claims 2,148,168 2,051,301
 A&H benefits and claims 750,179 751,196
 Amortization of policy
 acquisition costs 349,394 400,950
 Operating expenses 1,252,283 1,350,072
 Total benefits and expenses 4,500,024 4,553,519
 Earnings before federal
 income taxes 908,281 366,787
 Federal income taxes 181,000 73,530
 Net earnings $ 727,281 $ 293,257
 Earnings per share of
 common stock: $ 0.28 $ 0.11
 Weighted average number of
 shares used in computing
 earnings per share 2,624,168 2,674,537
 -0- 4/27/92
 /CONTACT: Gary W. Meader, senior vice president/treasurer, 404-391-8786, or Wendy Chamblee, vice president, Corporate Communications, 404-391-8903, both of Cotton States/
 (CSLH) CO: Cotton States Life and Health Insurance Company ST: Georgia IN: INS SU: ERN DIV


EA-BN -- AT014 -- 3285 04/27/92 15:03 EDT
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Publication:PR Newswire
Date:Apr 27, 1992
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