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KENTUCKY CENTRAL LIFE INSURANCE COMPANY ANNOUNCES RESULTS

 KENTUCKY CENTRAL LIFE INSURANCE COMPANY ANNOUNCES RESULTS
 LEXINGTON, Ky., May 12 /PRNewswire/ -- Kentucky Central Life Insurance Company (NASDAQ: KENCA) posted a 42 percent increase in net income for the first quarter of 1992, compared to the corresponding period in 1991.
 For the three months ended March 31, 1992, net income was $8.3 million, compared to net income of $5.9 million for the first three months of 1991. On a per share basis, net income was 66 cents for the first quarter of 1992, compared to 44 cents for the same period a year ago. Included in 1991 net income was $4.4 million in after-tax income from Kentucky Finance Co., Inc.
 In making today's announcement, W.E. Burnett, Jr., chairman of the board and president, said, "We are very encouraged by our excellent start and are looking forward to a solid performance for the rest of the year."
 Commenting on the first quarter report, Burnett noted that total revenue increased by $6.2 million, with benefits and expenses declining by $1.6 million.
 At March 31, 1992, Kentucky Central had consolidated assets of $1.8 billion, liabilities and minority interest of $1.5 billion, and shareholders' equity of $289.5 million, equal to $24.86 per share.
 At March 31, 1991, consolidated assets totaled $2.2 billion, liabilities and minority interest amounted to $1.9 billion, and shareholders' equity was $321.8 million, equal to $24.02 per share. Both assets and liabilities include assets and liabilities of Kentucky Finace Co., Inc., and the home service division, which were sold in 1991.
 Total revenue for the first quarter of 1992 was $100.3 million, compared to total revenue of $94.2 million for the first quarter of 1991, an increase of 7 percent.
 1992 first quarter revenue by category was as follows: Insurance premiums, $33.4 million; policy charges from universal life and other investment contracts, $33.0 million; investments, $27.3 million; and other, $6.6 million.
 As of March 31, 1992, life insurance in force was $50.2 billion, compared to $55.8 billion on the same date a year ago. This reduction is primarily attributable to the sale of the home service division and the company's decision to discontinue participation in and withdraw from the Federal Employees and Servicemen's Group Life Insurance programs.
 Total life insurance sales for the first three months of 1992 amounted to $1.7 billion.
 Figures include provision for federal and state income taxes.
 All figures are reported on the basis of generally accepted accounting principles ("GAAP"). Per share computations are based on a weighted average of 12,561,253 shares outstanding at March 31, 1992, and 13,429,933 shares outstanding on that date a year ago. Revenue and expense items for 1991 have been reclassified to reflect discontinued operations.
 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- 5/12/92
 /CONTACT: Brent A. Clay, Vice President, Kentucky Central Life Insurance Company, 606-253-5271/
 (KENCA) CO: Kentucky Central Life Insurance Company ST: Kentucky IN: INS SU: ERN


DF -- CH003 -- 9118 05/12/92 12:06 EDT
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Publication:PR Newswire
Date:May 12, 1992
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