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INTEGON CORPORATION REPORTS SECOND QUARTER EARNINGS

 INTEGON CORPORATION REPORTS SECOND QUARTER EARNINGS
 WINSTON-SALEM, N.C., July 23 /PRNewswire/ -- Integon Corporation


(NYSE: IN) announced today that it earned a record $7.1 million, or 45 cents per share in pro forma net income in the second quarter of 1992, a 41.9 percent increase over 1991's second quarter pro forma net income of $5.0 million, or 31 cents per share.
 In making the announcement, Integon President James. T. Lambie said, "The quarter's growth in premiums written, excellent loss experience and Integon's continuing emphasis on containing operating costs all combined to break the previous quarterly earnings record, which was set in the first quarter of 1992."
 Total revenues for the second quarter of 1992 grew to $52.9 million, up 14.7 percent from $46.2 million for the same period of 1991, due primarily to a 29.5 percent increase in nonstandard automobile net premiums written, which rose from $34.5 million in 1991 to $44.7 million in 1992.
 For the six months ended June 30, Integon reported earnings of $13.9 million, or 87 cents per share in pro forma net income, a 25.7 percent increase over its net income of $11.0 million, or 69 cents per share, for the same period last year.
 Financial results are reported on a pro forma, or adjusted, basis in order to provide a meaningful comparison between 1991 and 1992. For purposes of comparison, financial results have been adjusted to reflect the recent transaction involving the initial public offering of common stock and the concurrent retirement of debt and the related write-off of deferred loan costs associated with that debt, as having all occurred on Jan. 1, 1991.
 "The company continued to strengthen its positions in its North Carolina and Virginia nonstandard automobile insurance markets," Lambie said, "and saw excellent premium growth in Georgia, the company's newest market, where net premiums written totaled $10.1 million at the end of the six-month period."
 Lambie also noted that Integon will enter the Florida nonstandard automobile insurance market during the third quarter.
 Integon Corporation, through its wholly owned property and casualty insurance subsidiaries, specializes in the underwriting and marketing of nonstandard automobile insurance to individuals. The company, headquartered in Winston-Salem, N.C., markets its products through over 2,500 independent agencies located in North Carolina, Virginia, Tennessee and Georgia.
 INTEGON CORPORATION AND SUBSIDIARIES
 STATEMENTS OF OPERATIONS
 (In Thousands Excet Per Share Data)
 (Unaudited)
 Pro Forma Pro Forma
 Six Months Ended Three Months Ended
 6/30/92 6/30/91 6/30/92 6/30/91
 Net Premium Written $91,315 $85,578 $50,614 $44,224
 Change in Unearned
 Premium (5,807) (8,081) (5,913) (4,224)
 Premiums Earned 85,508 77,497 44,701 44,047
 Loss and Loss Adjustment
 Expenses 48,042 47,593 24,913 25,647
 Underwriting Expenses 22,701 17,003 12,479 8,757
 GAAP Underwriting
 Gain 14,765 12,901 7,309 5,643
 Net Investment Income 8,185 6,622 4,241 3,112
 Other Income, Primarily
 Financing 1,094 1,645 627 866
 Less: Amortization
 of Goodwill 830 871 411 433
 Interest expense 3,887 3,756 1,953 1,905
 Pretax Operating
 Income 19,327 16,541 9,813 7,283
 Income Tax Expense 6,379 5,839 3,289 2,597
 Aftertax Operating
 Income 12,948 10,702 6,524 4,686
 Net Realized Investment
 Gains 906 323 573 317
 Income of Continuing
 P&C Business 13,854 11,025 7,097 5,003
 Preferred Dividend (257) (236) (130) (121)
 Income Available to
 Common $13,597 $10,789 $6,967 $4,882
 Per Share:
 Aftertax Operating
 Income $0.83 $0.69 $0.42 $0.30
 Net Realized Investment
 Gains 0.06 0.02 0.04 0.02
 Income of Continuing
 P&C Business 0.89 0.71 0.46 0.32
 Preferred Dividend (0.02) (0.02) (0.01) (0.01)
 Income Available to
 Common $0.87 $0.69 $0.45 $0.31
 Weighted Average Shares
 Outstanding 15,635 15,635 15,635 15,635
 -0- 7/23/92
 /CONTACT: Turner Coley of Turner Coley Associates, 919-760-3000, for Integon Corporation/
 / FIRST AND FINAL ADD TO FOLLOW
 (IN) CO: Integon Corporation ST: North Carolina IN: FIN SU: ERN


CM -- CH001 -- 2328 07/23/92 09:38 EDT
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Date:Jul 23, 1992
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