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VICTORIA FINANCIAL CORPORATION ANNOUNCES SIXTH CONSECUTIVE RECORD QUARTER

 Direct Written Premiums (Sales) Up 24 Percent;
 Net Operating Income Increases 111 Percent;
 Combined Operating Ratio Improves to 98.6
 CLEVELAND, July 20 /PRNewswire/ -- Victoria Financial Corporation (NASDAQ: VICF), a Cleveland-based specialty insurance company, today announced second quarter and first half results. All comparisons are to the same 1992 periods.
 For the quarter ended June 30, 1993, Net Operating Income, which excludes realized gains (losses) on the sale of investments, was $450,000 exceeding that of the same period in 1992 by 111 percent. Net Income of $521,000 increased by 132 percent and the Combined Operating Ratio improved to 98.6 from 99.3. Direct Written Premiums increased 24 percent to $14,827,000. Net Operating Income per share increased 40 percent to $.07 from $.05 while Net Income per share increased 60 percent to $.08 from $.05.
 For the six months ended June 30, 1993, Net Operating Income of $851,000 exceeded that of the same period in 1992 by 108 percent. Net Income of $1,042,000 increased 79 percent and the Combined Operating Ratio improved to 98.6 from 99.4 in 1992. Direct Written Premiums increased 19 percent to $29,988,000. Net Operating Income per share increased 30 percent to $.13 from $.10 while Net Income per share increased 33 percent to $.16 from $.12.
 The company previously announced a split of one share of common stock for each 2.5 shares outstanding, which will be effective on July 30, 1993, and has filed an application with NASDAQ for inclusion of its common stock on NASDAQ's National Market System. The purpose of these actions is to increase the exposure of the company's common stock to a broader audience of institutional and retail investors who normally may not purchase stocks of relatively lower prices or those not listed on the National Market System. Net income per share, on a post-split basis, was $.39 for the six months ended June 30, 1993, compared to $.30 for the same period in 1992.
 Kenneth R. Rosen, president and chief executive officer, stated, "The environment remains very competitive as other companies are reducing rates with the stated purpose of increasing market share. However, through aggressive analysis of our database, we have continued to cultivate profitable market segments."
 Victoria Financial Corporation, headquartered in Cleveland, is a specialty lines insurance holding company concentrating in nonstandard 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 17 states and the District of Columbia. The company's common stock currently trades on the NASDAQ Small-Cap Market under 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
 1993 1992 Change
 Direct Written Premiums (sales) $29,988 $25,158 19
 Net Written Premiums 26,218 24,497 7
 Net Earned Premiums 21,711 18,436 18
 Net Investment Income 857 796 8
 Other Revenues 847 539 57
 Total Revenues 23,415 19,771 18
 Loss and Loss Adjustment
 Expenses 15,305 12,381 24
 Underwriting and Other
 Expenses 6,987 6,819 2
 Total Expenses 22,292 19,200 16
 Pre-tax Net Operating Income 1,123 571 97
 Income Tax Expense 272 161 69
 Net Operating Income 851 410 108
 Realized Gain on Sale
 of Investments, net of tax 191 171 12
 Net Income $ 1,042 $ 581 79
 STATEMENTS OF OPERATIONS For the Three Months Ended
 June 30, June 30, Percent
 1993 1992 Change
 Direct Written Premiums (sales) $14,827 $11,999 24
 Net Written Premiums 12,931 11,567 12
 Net Earned Premiums 11,447 9,935 15
 Net Investment Income 447 391 14
 Other Revenues 439 295 49
 Total Revenues 12,333 10,621 16
 Loss and Loss Adjustment
 Expenses 8,085 6,482 25
 Underwriting and Other
 Expenses 3,661 3,843 (5)
 Total Expenses 11,746 10,325 14
 Pre-tax Net Operating Income 587 296 98
 Income Tax Expense 137 83 65
 Net Operating Income 450 213 111
 Realized Gain on Sale
 of Investments, net of tax 71 12 492
 Net Income $ 521 $ 225 132
 FOR THE SIX MONTHS ENDED
 JUNE 30,
 1993 1992
 Net Operating Income Per Common Share:
 Primary $ .13 $ .12
 Fully Diluted $ .13 $ .10
 Net Income Per Common Share:
 Primary $ .16 $ .17
 Fully Diluted $ .16 $ .12
 Combined Operating Ratio (GAAP Basis):
 Loss and Loss Adjustment Expense Ratio 70.5 67.1
 Underwriting and Other Expense Ratio 28.1 32.3
 Combined Operating Ratio 98.6 99.4
 FOR THE THREE MONTHS ENDED
 JUNE 30,
 1993 1992
 Net Operating Income Per Common Share:
 Primary $ .07 $ .06
 Fully Diluted $ .07 $ .05
 Net Income Per Common Share:
 Primary $ .08 $ .07
 Fully Diluted $ .08 $ .05
 Combined Operating Ratio (GAAP Basis):
 Loss and Loss Adjustment Expense Ratio 70.6 65.3
 Underwriting and Other Expense Ratio 28.0 34.0
 Combined Operating Ratio 98.6 99.3
 VICTORIA FINANCIAL CORPORATION
 CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
 (Dollars in Thousands)
 BALANCE SHEETS June 30, Dec. 31, Percent
 1993 1992 Change
 Cash and Investments $46,588 $42,725 9
 Deferred Policy Acquisition Costs 6,210 5,137 21
 Premium Balances Receivable 17,582 13,604 29
 Reinsurance Recoverable 8,321 5,111 63
 Other Assets 2,459 1,958 26
 Total Assets $81,160 $68,535 18
 Loss and Loss Adjustment Expenses
 Payable $19,620 $16,782 17
 Unearned Premiums 25,932 20,922 24
 Funds Held Under Reinsurance
 Treaties 7,319 4,151 76
 Other Liabilities 6,880 6,357 8
 Notes and Debentures Payable 8,500 8,500 ---
 Stockholders' Equity 12,909 11,823 9
 Total Liabilities &
 Stockholers' Equity $81,160 $68,535 18
 Common Shares Outstanding 6,416,477 6,399,402 ---
 -0- 7/20/93
 /CONTACT: Tab A. Keplinger, vice president - finance, Victoria Financial Corporation, 216-461-3461/
 (VICF)


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

AR -- CL017 -- 3564 07/20/93 16:32 EDT
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Date:Jul 20, 1993
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