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KENTUCKY CENTRAL LIFE INSURANCE ANNOUNCES EARNINGS

 KENTUCKY CENTRAL LIFE INSURANCE ANNOUNCES EARNINGS
 LEXINGTON, Ky., Aug. 12 /PRNewswire/ -- Kentucky Central Life


Insurance Company (NASDAQ-NMS: KENCA) has reported net income of $14.2 million, equal to $1.18 per share, for the first six months of 1992.
 The announcement was made by W.E. Burnett, Jr., chairman of the board and president of Kentucky Central, which will be 90 years old in September. Burnett said, "1992 results are very satisfactory, especially when compared to 1991, which included net income from discontinued operations."
 Net income for the first half of 1991 was $14.5 million, equal to $1.08 per share. This included the sale of the home service division and $7.9 million, equal to 59 cents per share, in after-tax income from Kentucky Finance Co., Inc. The sales of the home service division and Kentucky Finance were effective in the second and third quarters respectively.
 Net income for the three-months period ended June 30, 1992 was $5.9 million, equal to 52 cents per share. Net income of $8.7 million, equal to 64 cents per share, for the same period a year ago included net income of $3.5 million, or 26 cents per share, from discontinued operations.
 At June 30, 1992 Kentucky Central had consolidated assets of $1.8 billion, liabilities and minority interest of $1.5 billion, and shareholders' equity of $292.6 million, equal to $25.78 per share.
 At June 30, 1991, consolidated assets totaled $2.2 billion, liabilities and minority interest was $1.8 billion, and shareholders' equity was $329.1 million, equal to $24.57 per share. Both assets and liabilities for 1991 included assets and liabilities of Kentucky Finance.
 The 12 months ending June 30, 1992 showed a 1.3 million decline in the average number of shares outstanding, due primarily to a company repurchase program.
 Total revenue for the first six months of 1992 increased to $193.1 million from $190.0 million for the first half of 1991, while total benefits and expenses declined by $7.6 million.
 1992 first half revenue by category was as follows: Insurance premiums, $67.7 million; policy charges from universal life and other investment contracts, $61.8 million; investments, $49.5 million; and other $14.1 million.
 Total life insurance sales of the first six months of 1992 amounted to $3.2 billion. As of June 30, 1992 life insurance in force was $48.2 billion, compared to $53.3 billion on the same date a year ago. This reduction is primarily attributable to the company's decision to discontinue participation in and withdraw from the Federal Employees and Servicemen's Group Life Insurance programs.
 Figures include provisions for federal and state income taxes. Revenue and expense items for 1991 have been reclassified to reflect discontinued operations.
 All figures are reported on the basis of generally accepted accounting principles ("GAAP"). Per share computations are based on a weighted average of 12,068,637 shares outstanding as of June 30, 1992, and 13,414,771 shares outstanding on that date a year ago.
 All figures are on a consolidated basis of Kentucky Central Life Insurance Company and its subsidiaries, which are Mid-Central Investment Co., Inc.; Bluegrass Broadcasting Co., Inc.; Brevard Groves, Inc; Kentucky Central Insurance Company, Kentucky National Insurance Company; ARIC Investments, Inc.; American Resources Insurance Company; and M-C Realty, Inc.
 -0- 8/12/92
 /CONTACT: Brent A. Clay, Vice President, Kentucky Central Life Insurance, 606-253-5271/
 (KENCA) CO: Kentucky Central Life Insurance Company ST: Kentucky IN: INS SU: ERN


CM -- CH005 -- 6280 08/12/92 15:05 EDT
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Date:Aug 12, 1992
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