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NUCORP REPORTS 15 PERCENT INCREASE IN FIRST QUARTER NET INCOME

 NUCORP REPORTS 15 PERCENT INCREASE IN FIRST QUARTER NET INCOME
 CHICAGO, May 13 /PRNewswire/ -- Nucorp, Inc. (NASDAQ: NUCO), today reported net income of $1.6 million during the first quarter ended March 31, 1992, a 15 percent increase compared to net income of $1.4 million during the same quarter last year. Quarterly pre-tax income rose to $2.4 million from $2.1 million in 1991.
 On a per share basis, earnings were 17 cents in the first quarter of this year, compared to 16 cents in the first quarter of 1991.
 Earnings improved in the property and casualty insurance segment, despite a decline in revenues. Included in the earnings increase are lower interest expense, lower amortization expense and the recognition of $200,000 of contingent reinsurance commission income in the first quarter of 1992. Excluding the recognition of the last item, underwriting income was flat compared to the corresponding quarter of 1991.
 The company pointed out that while net earned premiums declined, net written premiums in the first quarter of 1992 increased 28 percent, continuing the growth trend established during the fourth quarter of 1991.
 The statutory combined ratio of Nucorp's specialty property and casualty insurance company, United Capitol, was 81.4 percent in the first quarter of 1992, compared to 96.7 percent in the corresponding period of 1991. Excluding the contingent reinsurance commission income, the combined ratio for the first quarter of 1992 was 86.2 percent.
 Improvements in the performance of the property and casualty insurance segment were offset by declines in Nucorp's oil and gas segment, where oil and gas production continued to decline during the first quarter of the year. Pre-tax results in the oil and gas segment declined to a loss of $126,000 from income of $335,000 last year.
 Nucorp's total first quarter 1992 revenues declined to $7.9 million from $8.9 million during the same quarter a year earlier.
 Nucorp is involved primarily in specialty property and casualty insurance, through United Capitol Insurance Company. United Capitol is rated "A-" (Excellent) by A.M. Best Company, Inc., and conducts business principally as an excess and surplus lines insurer in all 50 states, the District of Columbia and Puerto Rico.
 NUCORP INC. AND SUBSIDIARIES
 (Amounts in thousands except per share amounts)
 Quarter ended March 31 1992 1991
 Revenues:
 Insurance:
 Net earned premiums $ 3,749 $ 4,204
 Net investment income 3,197 3,325
 Realized investment gain 33 88
 Oil and gas 825 1,164
 Corporate investment income 126 150
 Total 7,930 8,931
 Expenses:
 Insurance:
 Net losses and loss adjustment expenses 2,275 2,502
 Net commissions and brokerage 69 374
 Other acquisition and operating expenses 825 961
 Interest expense 929 1,419
 Amortization expense 149 404
 Oil and gas:
 Production, exploration and gas gathering
 and processing 734 568
 Depletion and depreciation 187 234
 General and administrative 30 27
 Corporate expense 293 319
 Total 5,491 6,808
 Income before income taxes 2,439 2,123
 Income taxes 829 722
 Net income $ 1,610 $ 1,401
 Weighted average common and common
 equivalent shares outstanding 10,608 10,588
 Net income per share $0.17 $0.16
 -0- 5/13/92
 /CONTACT: Susan Obuchowski, 312-466-4010, or Kirk Brewer, 312-258-4359, both for Nucorp/
 (NUCO) CO: Nucorp, Inc. ST: Illinois IN: INS SU: ERN


GK -- NY059 -- 9692 05/13/92 12:42 EDT
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Publication:PR Newswire
Date:May 13, 1992
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