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DELPHI FINANCIAL GROUP, INC. REPORTS 1992 RECORD RESULTS

 WILMINGTON, Del., Feb. 11 /PRNewswire/ -- Delphi Financial Group Inc. (NASDAQ: DLFI) today announced earnings before extraordinary items of $2.38 per share or $24.6 million for the year ended Dec. 31, 1992.
 These record results represent a 68 percent increase over 1991 earnings per share of $1.42. Total revenues were $355.5 million for 1992 versus $332.7 million in 1991.
 Robert Rosenkranz, chairman and chief executive officer, said, "Our 1992 results represent a 32 percent increase in fully diluted book value per share. Our continued commitment to enhance shareholder value has resulted in a 36 percent compounded average growth rate in fully diluted book value per share in the last five years. Key financial indicators remain strong. Production in our group lines was up 34 percent in 1992. Block annuity acquisitions totalled $210 million. Debt to equity at year end improved to 1.27:1, while interest coverage increased to almost three times."
 Insurance premiums and policyholder fees for the year ended December 31, 1992 were $202.9 million compared to $180.4 million in 1991. Premiums in the employee benefits market increased 14.0 percent during this period. Claims increased marginally across group lines in association with the flat economy. Amortization of cost of business acquired in 1992 includes $7.4 million of accelerated amortization, principally resulting from realized investment gains in the third quarter.
 For the fourth quarter of 1992, earnings before an extraordinary item were $.45 per share or $4.6 million. This compares to $.57 per share or $6.7 million in 1991. The 1991 fourth quarter earnings include $.38 per share of net realized investment gains versus $.14 per share in 1992. Total revenues were $90.1 million for the three months ended December 31, 1992 compared to $90.4 million in 1991. The extraordinary loss for the quarter ($0.6 million or $.06 per share) was primarily related to the company's repurchase of $10.0 million of subordinated debt.
 Insurance premiums and policyholder fees for the fourth quarter of 1992 were $56.3 million compared to $48.7 million in 1991. Employee benefits premiums increased 17.8 percent during the fourth quarter over the comparable period in 1991. A decrease in net investment income for the three months ended Dec. 31, 1992, was offset by a similar decrease in interest credited to policyholders on asset accumulation products.
 Delphi Financial Group, Inc. is an insurance holding company that underwrites, through its subsidiaries, a portfolio of life, long-term disability and personal accident insurance, targeted principally to the employee benefits market, and asset accumulation products throughout the fifty states and the District of Columbia.
 DELPHI FINANCIAL GROUP, INC.
 Consolidated Statements of Income
 (Unaudited; in thousands except per-share data)
 Periods ended Three months Year
 Dec. 31 1992 1991 1992 1991
 Revenue:
 Insurance premiums and
 policyholder fees:
 Group insurance $50,172 $42,605 $178,737 $154,316
 Asset accumulation
 products 926 600 3,086 8,020
 Individual products 5,234 5,466 21,065 18,063
 Total 56,332 48,671 202,888 180,399
 Net investment income 31,677 35,345 133,515 133,075
 Net realized
 investment gains 2,126 6,393 19,115 19,267
 Total 90,135 90,409 355,518 332,741
 Benefits and expenses:
 Benefits, claims &
 interest credited
 to policyholders 57,207 55,911 215,643 217,444
 Amortization of cost
 of business acquired 7,665 5,973 29,421 19,954
 Other expenses 13,546 13,552 53,352 49,198
 Total 78,418 75,436 298,416 286,596
 Operating income before
 interest & taxes 11,717 14,973 57,102 46,145
 Interest expense 4,705 5,337 19,949 22,160
 Income taxes 2,384 2,890 12,513 7,195
 Income before
 extraordinary loss &
 cumulative effect of a
 change in accounting
 principle 4,628 6,746 24,640 16,790
 Extraordinary loss
 on early extinguishment
 of debt (640) --- (387) ---
 Cumulative effect of a
 change in accounting
 principle --- --- (594) ---
 Net income $3,988 $6,746 $23,659 $16,790
 Income before
 extraordinary loss &
 cumulative effect of a
 change in accounting
 principle $.45 $.57 $2.38 $1.42
 Net income $.39 $.57 $2.29 $1.42
 Weighted average
 shares outstanding 10,189 11,776 10,351 11,835
 Book value, period end $13.39 $11.97 $13.39 $11.97
 Pro forma book value
 assuming exercise of
 options & warrants $12.67 $9.62 $12.67 $9.62
 /delval/
 -0- 2/11/93
 /CONTACT: Patrick J. Mitchell, director, investor relations of Delphi Financial, 215-787-3950/
 (DLFI)


CO: Delphi Financial Group, Inc. ST: Delaware IN: INS SU: ERN

CC -- PH037 -- 5911 02/11/93 17:17 EST
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Publication:PR Newswire
Date:Feb 11, 1993
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