Printer Friendly

FRONTIER INSURANCE GROUP ANNOUNCES UNAUDITED 1991 RESULTS

       FRONTIER INSURANCE GROUP ANNOUNCES UNAUDITED 1991 RESULTS
    MONTICELLO, N.Y., Feb. 13 /PRNewswire/ -- Frontier Insurance Group, Inc. (NYSE: FTR) today announced its unaudited results for 1991 as follows:
                     FRONTIER INSURANCE GROUP INC.
      Three months ended Dec. 31:      1991          1990        Percent
                                          (Unaudited)            Change
    Net premiums written           $25,847,000   $20,565,000      25.7
    Earned premium revenues         22,849,000    19,003,000      20.2
    Net investment income            4,731,000     3,215,000      47.2
    Realized capital gains (losses)    248,000       (45,000)    651.1
    Claims adjusting income            409,000       376,000       8.8
    Total revenues                  28,237,000    22,549,000      25.2
    Total expenses                  22,433,000    19,092,000      17.5
    Income before income taxes       5,804,000     3,457,000      67.9
    Net income                       4,350,000     2,886,000      50.7
    Earnings per share:
     Realized capital gains (losses)      $.03         ($.01)(A) 400.0
    Federal income tax
     "Fresh Start" benefits                              .01(A)  (100.0)
    Operating income                       .68           .59(A)    17.2
    Net income                            $.71          $.59       22.4
    Weighted average shares
      outstanding                    6,170,574     4,884,004(A)    26.3
      Year ended Dec. 31:              1991          1990        Percent
                                          (Unaudited)            Change
    Net premiums written           $82,573,000   $69,877,000      18.2
    Earned premium revenues         78,017,000    72,271,000       8.0
    Net investment income           15,904,000    11,991,000      32.6
    Realized capital gains (losses)    787,000       135,000     483.0
    Claims adjusting income          1,562,000     1,555,000       0.4
    Total revenues                  96,270,000    85,952,000      12.0
    Total expenses                  76,125,000    71,292,000       6.8
    Income before income taxes      20,145,000    14,660,000      37.4
    Net income                      14,988,000    10,772,000      39.1
    Earnings per share:
     Realized capital gains (losses)      $.09(A)       $.02(A)  350.0
    Federal income tax
     "Fresh Start" benefits                .04(A)       .05(A)   (20.0)
    Operating income                      2.50(A)      2.14(A)    16.8
    Net income                           $2.63(A)     $2.21(A)    19.0
    Weighted average shares
      outstanding                    5,699,259(A)  4,881,571(A)    16.1
    Statutory combined ratio (pct.)       96.7           97.7
    (A) -- In September 1991 and July 1990, the company paid a 10 percent stock dividend.  Weighted average shares outstanding presented and used in the calculations of per-share amounts presented above have been adjusted retroactively top reflect the stock dividends.
    Frontier is an underwriter and creator of specialty insurance products which serve the needs of insureds in niche markets.
    -0-                   2/13/92
    /CONTACT:  Walter A. Rhulen of Frontier Insurance Group, 914-796-2100, ext. 501/
    (FTR) CO:  Frontier Insurance Group Inc. ST:  New York IN:  INS SU:  ERN CK-TS -- NY045 -- 9700 02/13/92 11:31 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 13, 1992
Words:451
Previous Article:CHEVRON CHEMICAL COMPANY TO INSTALL AROMAX(R) TECHNOLOGY AT PASCAGOULA REFINERY
Next Article:LINCOLN-MERCURY REPORTS SALES
Topics:


Related Articles
FRONTIER INSURANCE GROUP ANNOUNCES UNAUDITED 1991 RESULTS
FRONTIER INSURANCE GROUP ANNOUNCES UNAUDITED FIRST QUARTER 1992 RESULTS
FRONTIER INSURANCE GROUP ANNOUNCES UNAUDITED FIRST QUARTER 1992 RESULTS
FRONTIER INSURANCE GROUP ANNOUNCES UNAUDITED SECOND QUARTER 1992 RESULTS
FRONTIER INSURANCE ANNOUNCES UNAUDITED THIRD QUARTER 1992 RESULTS
FRONTIER INSURANCE GROUP ANNOUNCES UNAUDITED 1992 RESULTS
FRONTIER INSURANCE GROUP, INC. ANNOUNCES FIRST QUARTER 1993 RESULTS
FRONTIER INSURANCE GROUP INC. ANNOUNCES UNAUDITED THIRD QUARTER 1993 RESULTS
/ C O R R E C T I O N -- FRONTIER INSURANCE GROUP / (Correction Notice)
/C O R R E C T I O N -- FRONTIER INSURANCE GROUP, INC./(Correction Notice)

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters