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PENN TREATY AMERICAN CORPORATION ANNOUNCES FOURTH QUARTER 1992 AND FULL YEAR 1992 RESULTS

 ALLENTOWN, Pa., March 19 /PRNewswire/ -- Penn Treaty American Corporation (NASDAQ: PTAC) today announced earnings for the fourth quarter and full year 1992 operating results.
 Net income for the three months ended Dec. 31, 1992, totalled $634,948 or 20 cents per share, compared to $1,659,714 or 53 cents per share, for the same three-month period the previous year. For the entire year of 1992, the company reported net income of $5,416,356, a 17 percent decrease from the previous year's total of $6,515,253. Earnings per share were $1.72 per share compared to $2.08 per share for the previous year.
 Premium revenue for the quarter totalled $15,206,757, a 22 percent increase over the previous year's three-month total of $12,490,477. Premium revenue for the year totalled $60,235,705, a 16 percent increase over the previous year's total of $51,922,927.
 The company stated that while premium revenue reached a record level, overall earnings were negatively impacted by an increase in the number and duration of home health care claims. In addition, earnings were impacted by an increase in policy lapsations which the company said it believes were due to reductions in expendable income by senior citizens as a result of lower earnings on their investments and rate increases on Medicare supplement policies. In an effort to address these developments, the company filed for and obtained rate increases on its original home health care policies, developed a new home health care policy with higher rates and strengthened its overall reserves. The company has also enhanced its conservation program in an effort to reduce the lapsation rate. The company said it is optimistic that these corrective measures will produce positive results in the future.
 Penn Treaty American Corporation, through its wholly owned direct and indirect subsidiaries, Penn Treaty Life Insurance Company, Network America Life Insurance Company and Cher-Britt Service Company, is primarily engaged in the underwriting, marketing and sale of individual fixed defined benefit accident and health insurance products principally covering long-term nursing home care and home health care. The company is licensed to conduct business in 44 states and the District of Columbia.
 /delval/
 -0- 3/19/93
 /CONTACT: Michael F. Grill of Penn Treaty, 800-222-3469/
 (PTAC)


CO: Penn Treaty American Corporation ST: Pennsylvania IN: INS SU: ERN

CC-MK -- PH020 -- 7897 03/19/93 12:19 EST
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Publication:PR Newswire
Date:Mar 19, 1993
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