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UNICO AMERICAN REPORTS FOURTH QUARTER AND YEAR-END FINANCIAL RESULTS

 WOODLAND HILLS, Calif., June 23 /PRNewswire/ -- Unico American Corporation (NASDAQ: UNAM) today reported financial results for its fourth fiscal quarter and fiscal year ended March 31, 1993.
 Revenues for the fourth fiscal quarter ended March 31, 1993 were $6,596,321, as compared to revenues of $7,394,507 for the quarter ended March 31, 1992. Net income was $692,749 or $0.12 per share, for the recent quarter, compared with net income of $1,895,498 or $0.34 per share, for the quarter ended March 31, 1992.
 For the fiscal year ended March 31, 1993, revenues totaled $26,217,189, as compared to revenues of $28,725,687 for the fiscal year ended March 31, 1992. Due primarily to the previously reported Los Angeles riot claims, the company reported a net loss for the year ended March 31, 1993 of $(6,802,146), or $(1.17) per share, compared with net income for the prior fiscal year of $5,009,153, or $0.90 per share.
 Net premiums written for the fourth fiscal quarter ended March 31, 1993 were $5.2 million, an increase of 28 percent from the fourth quarter ended March 31, 1992 and a 34 percent increase over net premiums written in the third fiscal quarter ended Dec. 31, 1992.
 Crusader Insurance, Unico American's property and casualty insurance subsidiary, had total statutory capital and surplus of $16,265,104 at March 31, 1993. Crusader had a statutory combined ratio of 99.9 percent for the quarter ended March 31, 1993.
 Erwin Cheldin, chairman and chief executive officer, commented, "We are very pleased with fourth quarter activity at Crusader. Written premiums were up substantially during the quarter. This trend is continuing with strong activity in the months of April and May."
 Mr. Cheldin further commented, "Unico American Corporation has made significant headway in rebounding from the impact of the Los Angeles riots which occurred at the outset of the first fiscal quarter. We have undertaken a number of strategic initiatives which, we believe, leave us well-positioned for continued earnings growth in fiscal 1994."
 As previously disclosed, Unico American declared an annual cash dividend on the common stock of $0.07 per share, payable Aug. 13, 1993, to shareholders of record on July 31, 1993.
 Unico American Corporation is an insurance holding company that provides property, casualty, health and life insurance and related premium financing through its wholly owned subsidiaries.
 UNICO AMERICAN CORPORATION AND WHOLLY OWNED SUBSIDIARIES
 Condensed Consolidated Statement Of Operations
 (Dollars in thousands, except per share)
 Periods ended Three Months Year
 March 31 1993 1992 1993 1992
 INSURANCE COMPANY:
 Gross Premiums Written $7,235 $5,154 $24,327 $21,438
 Net Premiums Written 5,235 4,091 17,481 16,370
 REVENUES
 Insurance Company Revenues
 Premium Earned 5,750 5,420 22,085 20,428
 Net Premium Earned 3,863 4,045 15,297 15,755
 Investment Income 774 926 3,289 3,646
 Other Income 387 383 1,367 1,285
 Total Insurance Company
 Revenues 5,024 5,354 19,953 20,686
 Non-Insurance Company
 Revenues 1,572 2,041 6,264 7,590
 TOTAL REVENUES 6,596 7,395 26,217 28,276
 COSTS AND EXPENSES
 Loss and Loss Adjustment
 Expenses 2,482 1,410 23,050 7,681
 Policy Acquisition Costs 1,672 1,463 6,211 5,546
 Salaries and Employee
 Benefits 853 976 4,020 4,190
 Commissions to Agents/
 Brokers 265 283 1,084 1,217
 Other Operating Expenses 352 399 2,534 2,184
 Total Costs and Expenses 5,624 4,531 36,899 20,818
 Income (Loss) Before Taxes 972 2,864 (10,682) 7,458
 Income Tax Provision
 (Benefit) 279 968 (3,880) 2,449
 Net Income (Loss) 693 1,896 (6,802) 5,009
 Earnings (Loss) Per Share $0.12 $0.34 $(1.17) $0.90
 Weighted Average Shares
 Outstanding 6,007 5,628 5,816 5,586
 Total Stockholders' Equity -- -- $19,709 $25,284
 Book Value Per Share -- -- $3.31 $4.59
 INSURANCE COMPANY STATUTORY OPERATING RATIOS (IN PCTS.)
 Loss Ratio 62.1 33.0 151.9 49.1
 Expense Ratio 37.8 34.2 38.3 34.1
 Combined Ratio 99.9 67.2 190.2 83.2
 -0- 6/23/93
 /CONTACT: Michele Katz or Joel Herskovits of Morgen-Walke Associates, Inc., 212-850-5600/
 (UNAM)


CO: Unico American Corporation ST: California IN: INS SU: ERN

SM -- NY012 -- 4876 06/23/93 09:14 EDT
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Date:Jun 23, 1993
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