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VICTORIA FINANCIAL CORPORATION ANNOUNCES RECORD RESULTS FOR SECOND QUARTER AND FIRST HALF

 VICTORIA FINANCIAL CORPORATION ANNOUNCES RECORD RESULTS
 FOR SECOND QUARTER AND FIRST HALF
 CLEVELAND, Aug. 4 /PRNewswire/ -- Victoria Financial Corporation (NASDAQ: VICF), a Cleveland based specialty insurance company, today announced record second quarter and first half results. All comparisons are to the same 1991 period.
 For the quarter ended June 30, 1992, net operating income, which excludes realized gains (losses) on sale of investments and extraordinary items, reached $213,000, exceeding the previous year by 87 percent. Net income increased 84 percent to $225,000, while the combined operating ratio remained under 100 for the fifth time in the most recent six quarters. Direct written premiums (sales) increased 73 percent to $11,999,000.
 For the six month period ended June 30, 1992, net operating income reached $410,000, exceeding the previous year by 58 percent. Net income increased 128 percent to $581,000, while the combined operating ratio remained under 100 at 99.4. Direct written premiums increased 101 percent to $25,158,000.
 Kenneth R. Rosen, president and chief executive officer, stated "The competitive environment is becoming more difficult as some of our more significant competitors are reducing rates with the stated purpose of increasing market share. We remain disciplined in pricing our product to maximize long-term profitability. As a result, we expect the rate of sales growth in the second half of the year to moderate from first half levels. The company expects 1992 to be another record year."
 Victoria Financial Corporation, headquartered in Cleveland, is a specialty lines insurance holding company concentrating in nonstandard automobile insurance. The company currently operates in Arizona, Illinois, Indiana, Iowa, Ohio, Tennessee and Virginia and is licensed to write business in an additional 19 states. The company's common stock trades on the NASDAQ over-the-counter market with the symbol VICF.
 VICTORIA FINANCIAL CORPORATION
 CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
 (Dollars in Thousands)
 STATEMENTS OF OPERATIONS For the Six Months Ended
 June 30, June 30, Percent
 1992 1991 Change
 Direct Written Premiums (sales) $25,158 $12,514 101
 Net Written Premiums 24,497 12,239 100
 Net Earned Premiums 18,436 10,483 76
 Net Investment Income 796 584 36
 Other Revenues 539 265 103
 Total Revenues 19,771 11,332 74
 Loss and Loss Adjustment
 Expenses $12,381 $ 6,300 97
 Underwriting and Other
 Expenses 6,819 4,640 47
 Total Expenses 19,200 10,940 76
 Pre-tax Net Operating Income 571 392 46
 Income Tax Expense 161 133 21
 Net Operating Income before
 Extraordinary Item 410 259 58
 Extraordinary Item - Tax Benefit from
 Utilization of an Operating Loss
 Carryforward -- 26 --
 Realized Gain (Loss) on Sale
 of Investments, net of tax 171 (30) --
 Net Income $ 581 $ 255 128
 STATEMENTS OF OPERATIONS For the Three Months Ended
 June 30, June 30, Percent
 1992 1991 Change
 Direct Written Premiums (sales) $11,999 $6,927 73
 Net Written Premiums 11,567 6,783 71
 Net Earned Premiums 9,935 5,625 77
 Net Investment Income 391 288 36
 Other Revenues 295 138 114
 Total Revenues 10,621 6,051 76
 Loss and Loss Adjustment
 Expenses $6,482 $3,528 84
 Underwriting and Other
 Expenses 3,843 2,350 64
 Total Expenses 10,325 5,878 76
 Pre-tax Net Operating Income 296 173 71
 Income Tax Expense 83 59 41
 Net Operating Income 213 114 87
 Realized Gain (Loss) on Sale
 of Investments, net of tax 12 8 50
 Net Income $ 225 $ 122 84
 VICTORIA FINANCIAL CORPORATION
 CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
 (Dollars in Thousands)
 BALANCE SHEETS June 30, June 30, Percent
 1992 1991 Change
 Cash and Investments $34,926 $19,891 76
 Deferred Policy Acquisition Costs 5,757 3,289 75
 Premium Balances Receivable 12,111 6,049 100
 Other Assets 1,979 951 108
 Total Assets $54,773 $30,180 81
 Loss and Loss Adjustment Expenses
 Payable $13,161 $ 7,561 74
 Unearned Premiums 19,452 10,636 83
 Other Liabilities 5,467 3,113 76
 Notes and Debentures Payable 11,674 4,735 147
 Shareholders' Equity 5,019 4,135 21
 Total Liabilities & Shareholders'
 Equity $54,773 $30,180 81
 Common Shares Outstanding 3,181,291 3,181,291 --
 VICTORIA FINANCIAL CORPORATION
 CONSOLIDATED FINANCIAL HIGHLIGHTS
 FOR THE THREE MONTHS ENDED
 JUNE 30,
 1992 1991
 Net Operating Income Per Common Share:
 Primary:
 Before Extraordinary Item $.06 $.04
 Extraordinary Item -- --
 Net Operating Income $.06 $.04
 Fully Diluted:
 Before Extraordinary Item $.05 $.03
 Extraordinary Item -- --
 Net Operating Income $.05 $.03
 Net Income Per Common Share:
 Primary:
 Before Extraordinary Item $.07 $.04
 Extraordinary Item -- --
 Net Income $.07 $.04
 Fully Diluted:
 Before Extraordinary Item $.05 $.03
 Extraordinary Item -- --
 Net Income $.05 $.03
 Combined Operating Ratio (GAAP Basis):
 Loss and Loss Adjustment Expense Ratio 65.3 62.7
 Underwriting and Other Expense Ratio 34.0 36.9
 Combined Operating Ratio 99.3 99.6
 VICTORIA FINANCIAL CORPORATION
 CONSOLIDATED FINANCIAL HIGHLIGHTS
 FOR THE SIX MONTHS ENDED
 JUNE 30,
 1992 1991
 Net Operating Income Per Common Share:
 Primary:
 Before Extraordinary Item $.12 $.08
 Extraordinary Item -- .01
 Net Operating Income $.12 $.09
 Fully Diluted:
 Before Extraordinary Item $.10 $.07
 Extraordinary Item -- .01
 Net Operating Income $.10 $.08
 Net Income Per Common Share:
 Primary:
 Before Extraordinary Item $.17 $.07
 Extraordinary Item $.12 $.06
 Extraordinary Item -- .01
 Net Income $.12 $.07
 Combined Operating Ratio (GAAP Basis):
 Loss and Loss Adjustment Expense Ratio 67.1 60.1
 Underwriting and Other Expense Ratio 32.3 39.2
 Combined Operating Ratio 99.4 99.3
 -0- 8/4/92
 /CONTACT: Tab A. Keplinger, assistant vice president of Victoria Financial Corporation, 216-461-3461/
 (VICF) CO: Victoria Financial Corporation ST: Ohio IN: FIN INS SU: ERN


KK -- CL014 -- 6753 08/04/92 14:55 EDT
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