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LIFE USA REPORTS RECORD NET INCOME AND REVENUES

 LIFE USA REPORTS RECORD NET INCOME AND REVENUES
 MINNEAPOLIS, Feb. 27 /PRNewswire/ -- Life USA Holding, Inc. and its


wholly owned subsidiary, LifeUSA Insurance Company, today reported increases in consolidated net income and revenues for the year ended Dec. 31, 1991.
 Consolidated net income for 1991 increased 26 percent to $4,691,379, or $.11 per share, compared to consolidated net income of $3,734,208, or $.10 per share for the year ended Dec. 31, 1990.
 In 1991, consolidated net revenues increased 44 percent to $113,574,518, compared to $78,873,459 for 1990. The increase was due primarily to increased sales of life insurance and continued sales of annuity products by the company's field sales force, which grew from 19,000 to almost 30,000 agents during 1991.
 Collected life insurance premium in 1991 increased 99 percent to $39,244,881 compared to $19,708,484 in 1990, including premium collected under a marketing agreement with North American Life and Casualty (NALAC). Collected annuity premiums in 1991, including NALAC, were $476,900,254 compared to $494,776,489 in 1990. In addition, LifeUSA reported 1991 net investment income of $16,904,401, a 160 percent increase compared to $6,506,122 in 1990. Consolidated assets increased 94 percent to $312,185,629 for year end 1991 from $161,050,360 at the end of 1990.
 Total expenses increased to $106,871,736 in 1991, compared to $74,327,583 in 1990. The increase was primarily due to an increase in commissions paid to the field sales force and increases in interest and benefits paid to policyholders.
 "LifeUSA continued its established record of growth and profitability in 1991," said Robert W. MacDonald, chairman and chief executive officer. "LifeUSA's financial strength and conservative investment strategies, together with our unique agent/employee ownership structure, continued to stimulate new sales and strong recruiting, and position the company well for future growth."
 MacDonald said, "We expect 1992 to show continued growth from the life line of business, while LifeUSA's exclusive new idea annuity offers the potential for significantly increased annuity sales. Increased economies of scale in operations should begin to have a positive impact and contribute to enhanced profitability."
 Life USA Holding Inc. is an employee and agent-owned holding company with over $300 million in assets and net equity of $28 million. Life USA's wholly owned subsidiary, LifeUSA Insurance Company, has more than 30,000 general agents and agents representing the company nationally. Total insurance in force exceeds $4 billion. LifeUSA's investment portfolio is 100 percent investment grade. Investments in the portfolio have an average rating of Aaa.
 LIFE USA HOLDING, INC.
 CONSOLIDATED STATEMENT OF INCOME
 (In thousands, except for per share amounts)
 Three Months Ended 12 Months Ended
 12/31/91 12/31/90 12/31/91 12/31/90
 Revenues:
 Commissions and expense
 allowance on ceded
 reinsurance, net $24,018 $14,679 $81,436 $71,267
 Net investment income 4,622 2,576 16,904 6,506
 Net realized gains on
 investments 10,163 -- 10,163 --
 Other income 1,558 721 5,072 1,100
 Total revenues $40,361 $17,976 $113,575 $78,873
 Expenses:
 Operation expenses 19,455 9,173 50,384 25,828
 Commissions expenses 16,505 9,728 55,995 48,052
 Interest expense 150 58 493 447
 Total expenses 36,110 18,959 106,872 74,327
 Income before taxes 4,251 (983) 6,703 4,546
 Income taxes 1,322 (167) 2,029 1,601
 Net income (loss) before
 extraordinary item 2,929 (816) 4,674 2,945
 Extraordinary item 11 (9) 17 789
 Net income (loss) $2,940 $(825) $4,691 $3,734
 Net income (loss) per share $.07 $(.02) $.11 $.10
 Average number of shares
 issued and
 outstanding 42,461,189 40,235,012 42,207,203 37,646,514
 -0- 2/27/92
 /CONTACT: Robert W. MacDonald of Life USA, 612-546-7386/ CO: Life USA Holding, Inc. ST: Minnesota IN: INS SU: ERN


AL -- MN012 -- 3448 02/27/92 16:45 EST
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Publication:PR Newswire
Date:Feb 27, 1992
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