Printer Friendly

KENTUCKY CENTRAL LIFE INSURANCE COMPANY ANNOUNCES RESULTS

 KENTUCKY CENTRAL LIFE INSURANCE COMPANY ANNOUNCES RESULTS
 LEXINGTON, Ky., Nov. 12 /PRNewswire/ -- Kentucky Central Life Insurance Company (NASDAQ-NMS: KENCA) has reported net income of $16.3 million, equal to $1.38 per share, for the first nine months of 1992. Net income for the three months ended Sept. 30, 1992 was $2.2 million, equal to 20 cents per share.
 Net income for the first nine months of 1991 was $22.6 million, equal to $1.69 per share. For the third quarter of 1991, net income was $8.1 million, equal to 61 cents per share.
 However, three month and nine month results for 1991 included:
 -- A gain of $38.3 million, equal to $2.86 per share, from the sale of a subsidiary company, Kentucky Finance Co., Inc.
 -- A charge of $23.1 million, equal to $1.72 per share, to the increase in the reserve for possible future mortgage loan and real estate losses.
 Additionally, the nine month results for 1991 also included $7.9 million, equal to 59 cents per share, in after-tax income from the discontinued operations of Kentucky Finance.
 In making today's announcements, W.E. Burnett, Jr., chairman of the board and president of Kentucky Central, said, "This year's results are satisfactory when compared to 1991. In effect, we have made up for the net income which was previously provided by Kentucky finance."
 Burnett pointed out that the company's net investment in mortgage loans and real estate has declined significantly. At Sept. 30, 1992 mortgage loans and real estate totaled $407.3 million, a decline of $72.8 million, or 15 percent, in the previous 12 months. The mortgage loan and real estate reserve declined by $6.6 million. Mortgage loans and real estate at Sept. 30 were 23 percent of total consolidated assets.
 At Sept. 30, 1992 Kentucky Central had consolidated assets of $1.8 billion, liabilities and minority interest of $1.5 billion, and shareholders' equity of $292.4 million, equal to $25.97 per share.
 At Sept. 30, 1991 the company had consolidated assets of $1.9 billion, liabilities and minority interest of $1.6 billion, and shareholders' equity of $340.1 million, equal to $25.39 per share.
 Total revenue for the first nine months of 1992 was $284.8 million. Total revenue by category included insurance premiums, $107.8 million; policy charges from universal life and other investment contracts, $90.3 million; investments, $60.2 million, and other, $26.5 million.
 Kentucky Central had $46.2 billion of life insurance in force at September 30. Life insurance sales for the first nine months of the year totaled $4.6 billion, including $1.4 billion in the third quarter.
 All figures are reported on the basis of generally accepted accounting principles ("GAAP"), and include provisions for federal and state income taxes. Per share computations are based on the weighted average of 11,829,366 shares outstanding as of Sept. 30, 1992, and 13,408,542 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.; Blue Grass 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- 11/12/92
 /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


MM-CM -- CH011 -- 0331 11/12/92 15:48 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:Nov 12, 1992
Words:589
Previous Article:GULFSTREAM TO SHOW TWO NEW BUSINESS PASSENGER JETS TO MEDIA
Next Article:TWO FORD MOTOR COMPANY EXECUTIVE APPOINTMENTS
Topics:


Related Articles
KENTUCKY CENTRAL LIFE INSURANCE COMPANY REPORTS RESULTS
KENTUCKY CENTRAL LIFE INSURANCE COMPANY DECLARES DIVIDEND, ANNOUNCES PLAN TO REPURCHASE STOCK
KENTUCKY CENTRAL LIFE INSURANCE COMPANY ANNOUNCES RESULTS
KENTUCKY CENTRAL LIFE INSURANCE COMPANY TO REPURCHASE SHARES
KENTUCKY CENTRAL LIFE INSURANCE COMPANY ANNOUNCES RESULTS
KENTUCKY CENTRAL LIFE INSURANCE ANNOUNCES EARNINGS
KENTUCKY CENTRAL LIFE INSURANCE COMPANY BOARD OF DIRECTORS DECIDES NOT TO DECLARE QUARTERLY DIVIDEND
KENTUCKY CENTRAL LIFE INSURANCE COMPANY ASKS KENTUCKY INSURANCE COMMISSIONER TO TAKE ACTION TO PRESERVE ASSETS OF THE COMPANY
Central Reserve Life Corporation Secures Interim Financing
Arm Financial Group, Inc. Anticipates Issuing Second Quarter Earnings Results By the End of the Week.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters