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OMNI INSURANCE GROUP, INC. REPORTS SECOND QUARTER INCOME

 ATLANTA, Aug. 12 /PRNewswire/ -- Omni Insurance Group, Inc. (NASDAQ: OMGR) today released its first quarterly earnings results since becoming a public company July 28.
 The company said that it welcomes all new shareholders and interested parties.
 Net income for the quarter ended June 30 was $1.1 million compared to $0.7 million for the quarter ended June 30, 1992, representing an increase of 45 percent. Net income before non-recurring compensation expense for the first six months of 1993 was $2.1 million compared to $1.4 million for the first six months of 1992, representing an increase of 48 percent.
 Earnings per share for the quarter ended June 30, were $.20 while earnings per share for the first six months of 1993 were $.36 before non-recurring compensation expense. Earnings per share data for calendar year 1992 is not deemed meaningful and is not being reported.
 Revenues rose to $10.6 million for the second quarter 1993 compared to $9.1 million for the second quarter 1992. Revenues rose for the first six months of 1993 to $20.4 million compared to $17.4 million for the first six months of 1992.
 Net written premiums for the second quarter 1993 rose to $11.7 million compared to net written premiums for the second quarter 1992 of $9.3 million, representing an increase of 26 percent. Net written premiums for the six months ended 1993 were $22.6 million compared to $19.1 million for the six months ended 1992, representing an increase of 18 percent.
 The company's statutory combined ratio was 92.7 percent for the first six months of 1993 compared to a statutory combined ratio of 95.1 percent for the first six months of 1992. This decrease is attributable to further improvement in the expense portion of the ratio resulting from improved operating efficiencies.
 Omni Insurance Group, Inc. is a specialty insurer which markets and underwrites non-standard automobile insurance through its subsidiaries, Omni Insurance Company and Omni Indemnity Company.
 OMNI INSURANCE GROUP, INC. AND SUBSIDIARIES
 (Dollars in thousands except per share amounts)
 Second quarter Year to date
 6/30/93 6/30/92 6/30/93 6/30/92
 Operating data:
 Direct premiums written $18,261 $14,475 $35,083 $29,704
 Net premiums written $11,742 $ 9,332 $22,554 $19,133
 Income statement data:
 Income:
 Premiums earned, net $10,049 $ 8,475 $19,199 $16,260
 Investment income 558 545 1,111 1,114
 Net realized investment gains 14 18 63 26
 Other income 18 13 26 13
 Total revenues 10,639 9,051 20,399 17,413
 Expenses:
 Losses and loss adjustment
 expenses, net 7,347 6,093 13,638 11,552
 Acquisition and operating
 expenses, net 1,664 1,777 3,598 3,602
 Interest 76 106 124 231
 Non-recurring compensation exp. --- --- 2,008 ---
 Total expenses 9,087 7,976 19,368 15,385
 Income before provision for
 income taxes 1,552 1,075 1,031 2,028
 Income taxes 483 336 285 630
 Net income $ 1,069 $ 739 $ 746 $ 1,398
 Weighted average number of
 shares outstanding 5,394 N/A 5,712 N/A
 Net income per share 0.20 N/A 0.13 N/A
 6/30/93 12/31/92
 (Dollars in thousands)
 Assets
 Investments 39,803 38,104
 Accounts receivable 14,281 10,917
 Other 7,302 6,209
 Total assets 61,386 55,230
 Liabilities and stockholders' equity
 Unpaid losses and loss adjustment expenses 19,239 17,931
 Unearned premiums 15,697 12,342
 Note payable 10,150 2,750
 Other 4,870 5,453
 Total liabilities 49,956 38,476
 Total stockholders' equity 11,430 16,754
 Total liabilities and stockholders' equity 61,386 55,230
 6/30/93 6/30/92
 Statutory combined ratio 92.7 pct. 95.1 pct.
 -0- 8/12/93
 /CONTACT: Media: Dudley L. Moore Jr., chairman and CEO, or, Analysts: Susan H. Scalf or J. Paul Kennedy, all of Omni Insurance, 404-952-4500/
 (OMGR)


CO: Omni Insurance Group, Inc. ST: Georgia IN: INS SU: ERN

RA-BR -- AT010 -- 2271 08/12/93 16:38 EDT
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Publication:PR Newswire
Date:Aug 12, 1993
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