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FOREMOST CORPORATION OF AMERICA REPORTS IMPROVED SECOND-QUARTER RESULTS

FOREMOST CORPORATION OF AMERICA REPORTS IMPROVED SECOND-QUARTER RESULTS
 GRAND RAPIDS, Mich., July 22 /PRNewswire/ -- Foremost Corporation of America (NASDAQ-NMS: FCOA) today reported continued improvement in results during the second quarter of 1992.
 FCOA's per-share operating income was $.53 in the second quarter compared with last year's operating loss of $.65 per share for the same quarter. Operating income per share for the first half of 1992 was $1.07 compared with a $.31-per-share loss for the first six months of 1991.
 Overall premium production was up 9 percent during the quarter. Mobile home written premium increased 13 percent over second-quarter 1991 while recreational vehicle premium increased 9 percent for the same period. Automobile, commercial and other lines decreased according to corporate plan.
 A significant improvement in the company's combined loss and expense ratio was credited for the increase in corporate profitability. The second quarter's combined ratio for FCOA's property and casualty group was 97.9 percent compared with 120.2 percent in 1991. For the first six months the combined ratio was 98.0 percent, compared with 111.8 percent last year.
 Factors affecting the combined ratio include improvements in the loss ratio, reduced acquisition costs and recoveries from a new catastrophe reinsurance agreement.
 After-tax income was down 9.7 percent from second-quarter 1991 and down 12.7 percent for the year. The decrease was attributed to lower interest rates and the shift in FCOA's portfolio toward taxable securities.
 Foremost Corporation of America and its subsidiaries are primarily engaged in providing insurance and financial services to the manufactured housing and recreational vehicle industries.
 FOREMOST CORPORATION OF AMERICA
 AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME BY BUSINESS SEGMENT
 (UNAUDITED)
 Three Six
 Months Ended Months Ended
 e data)
 Net income (loss) after taxes:
 Property and casualty
 insurance $ 7,032 $(7,953) $14,372 $(1,822)
 Life insurance 464 434 979 1,122
 Total insurance operations 7,496 (7,519) 15,351 (700)
 Parent and other (1,589) (1,569) (3,039) (3,539)
 Consolidated net income
 (loss) $ 5,907 $(9,088) $12,312 $(4,239)
 Per share of common stock:
 Consolidated net income
 (loss) $ .55 $ (.85) $ 1.15 $ (.40)
 Average shares outstanding 10,717 10,716 10,717 10,716
 -0- 7/22/92
 /CONTACT: F. Robert Woudstra of Foremost Corporation of America, 616-956-8218/
 (FCOA) CO: Foremost Corporation of America ST: Michigan IN: INS SU: ERN


ML -- DE005 -- 1738 07/22/92 09:39 EDT
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Publication:PR Newswire
Date:Jul 22, 1992
Words:402
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