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VICTORIA FINANCIAL CORPORATION ANNOUNCES FIFTH CONSECUTIVE RECORD QUARTER Net Operating Income Up 104 Pct.; Net Income Increases 46 Pct.

 CLEVELAND, April 19 /PRNewswire/ -- Victoria Financial Corporation, (NASDAQ: VICF), a Cleveland-based specialty insurance company, today announced record results for the first quarter ending March 31, 1993. All comparisons are to the same 1992 period. All per share amounts are fully diluted.
 For the quarter ended March 31, 1993, Net Operating Income, which excludes gain (loss) on the sale of investments, increased 104 percent to $401,000 or $.06 per share compared to Net Operating Income of $197,000 or $.05 per share in 1992. Net income increased 46 percent to $521,000 or $.08 per share in 1993, compared to $356,000 or $.07 per share in 1992. After-tax Net Investment Income increased 12 percent for the quarter. Direct Written Premiums (sales) increased 15 percent to $15,161,000. The Combined Operating Ratio improved from 99.6 to 98.6.
 The Company continues to report significant growth in sales volume and improvement in the Combined Operating Ratio. Kenneth R. Rosen, president and chief executive officer, stated, "We are pleased with first quarter sales growth despite the competitive rate conditions being experienced. Even with severe weather conditions that impacted our loss ratio, we continued to reduce our Combined Operating Ratio by emphasizing operating expense controls. Our expense ratio was 28.2 compared to 30.2 in the first quarter of 1992."
 Additionally, Jeffrey A. Cole, chairman of the board reported, "As a result of the conversion of all of the $6,174,000 principle amount of 10 percent Convertible Subordinated Notes Due 2001 into 3,087,000 shares of stock on December 31, 1992, we have increased shareholders' equity by more than 150 percent. This dramatically improves the capitalization of the Company, reducing the debt to equity ratio from 2.4 to approximately .7."
 Victoria Financial Corporation, headquartered in Cleveland, is a specialty lines insurance holding company concentrating in non-standard automobile insurance. The Company currently operates in Alabama, Arizona, Florida, Illinois, Indiana, Iowa, Ohio, Tennessee, and Virginia and is licensed to write business in an additional 16 states and the District of Columbia. The Company's common stock trades on The Nasdaq Market under the symbol "VICF."
 VICTORIA FINANCIAL CORPORATION
 CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
 (Dollars in Thousands)
 Statement of Operations For the Three Months Ended
 March 31, March 31 Percent
 1993 1992 Change
 Direct Written Premiums (sales) $15,161 13,159 15
 Net Written Premiums $13,287 12,930 3
 Net Earned Premiums 10,264 8,501 21
 Net Investment Income 410 405 1(A)
 Other Revenues 407 244 67
 Total Revenues 11,081 9,150 21
 Loss and Loss Adjustment
 Expenses $ 7,220 5,899 22
 Underwriting and Other
 Expenses 3,326 2,977 12
 Total Expenses 10,546 8,876 19
 Pre-tax Net Operating Income 535 274 95
 Income Tax Expense 134 77 74
 Net Operating Income 401 197 104
 Realized Gain on Sale
 of Investments, Net of tax 120 159 (25)
 Net Income $ 521 $ 356 46
 (A) After-tax Net Investment Income was $319 and $286 for the quarters ended March 31, 1993 and 1992, respectively. This increase of 12 percent was primarily due to significant increases in the size of the tax exempt fixed income securities portfolio.
 VICTORIA FINANCIAL CORPORATION
 CONSOLIDATED FINANCIAL HIGHLIGHTS
 FOR THE THREE MONTHS ENDED MARCH 31, 1993
 1993 1992
 Net Operating Income Per Common Share:
 Fully Diluted:
 Net Operating Income $ .06 $ .05
 Net Income Per Common Share:
 Fully Diluted:
 Net Income $ .08 $ .07
 Combined Operating Ratio (GAAP Basis):
 Loss and Loss Adjustment Expense Ratio 70.4 69.4
 Underwriting and Other Expense Ratio 28.2 30.2
 Combined Operating Ratio 98.6 99.6
 Common Shares Outstanding 6,399,402 3,181,291
 -0- 4/19/93
 /CONTACT: Tab A. Keplinger, vice president-finance of Victoria Financial Corporation, 216-461-3461/
 (VICF)


CO: Victoria Financial Corporation ST: Ohio IN: FIN INS SU: ERN

LC -- CL022 -- 7481 04/19/93 14:15 EDT
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Publication:PR Newswire
Date:Apr 19, 1993
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