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ACORDIA EARNINGS PER SHARE UP 18 PERCENT

 INDIANAPOLIS, Oct. 19 /PRNewswire/ -- Acordia, Inc. (NYSE: ACO) today announced financial results for the third quarter of 1993. Earnings per share increased 18 percent to $0.45 versus $0.38 for the quarter ended Sept. 30, 1992. Net income grew 15 percent to $5,850,000 compared with $5,085,000 during the same period in 1992. Revenues increased 8 percent to $54,650,000 during the third quarter of 1993, compared to 1992 third quarter revenues of $50,491,000.
 For the nine months ended Sept. 30, 1993, Acordia's earnings per share increased 20 percent to $1.35 (before the cumulative effect of adopting FAS 106) compared with $1.13 during the same period in 1992. Net income for the period before FAS 106 increased 18 percent to $17,670,000 from $15,033,000 in 1992. Revenues increased 10 percent to $164,930,000 during the first three quarters of 1993, compared with $149,864,000 in the prior year.
 L. Ben Lytle, chairman of the board, president and chief executive officer, said, "The soundness of our strategic plan is reflected in Acordia's continued strong performance despite challenging environments in the property and casualty and employee benefits business. We are pleased to report that on Oct. 6, 1993, we completed the acquisition of substantially all of the operations of American Business Insurance, Inc. As a result of the acquisition, Acordia is better positioned to offer mid-market clients a broad range of insurance products and services."
 Acordia is a nationwide network of companies that provide insurance broking, administration, consulting and selected financial services. Based on 1992 gross revenues, including the American Business Insurance acquisition, Acordia is now the seventh largest broker in the United States and the ninth largest in the world.
 ACORDIA, INC.
 CONSOLIDATED STATEMENTS OF INCOME
 (in thousands, except per share data)
 (unaudited)
 Three Months Nine Months
 Ended Sept. 30 Ended Sept. 30
 1993 1992 1993 1992
 Revenues:
 Commissions and fees $51,181 $46,774 $154,374 $140,463
 Investment income 1,982 2,294 6,052 6,212
 Other 1,487 1,423 4,504 3,189
 Total revenues 54,650 50,491 164,930 149,864
 Expenses:
 Employee compensation
 and benefits 24,968 23,957 75,724 69,291
 Other Operating 19,387 17,844 59,308 54,654
 Total Expenses 44,355 41,801 135,032 123,945
 Income before taxes and
 accounting change 10,295 8,690 29,898 25,919
 Income taxes 4,445 3,605 12,228 10,886
 Income before accounting
 change 5,850 5,085 17,670 15,033
 Cumulative effect of
 accounting change
 (net of tax) --- --- 776 ---
 Net Income $5,850 $5,085 $16,894 $15,033
 Earnings Per Share:
 Income before cumulative
 effect of accounting
 change $0.45 $0.38 $1.35 $1.13
 Cumulative effective on
 prior years --- --- (0.06) ---
 Net Income $0.45 $0.38 $1.29 $1.13
 Weighted Average Shares
 Outstanding 13,106,952 13,336,430 13,105,374 13,270,244
 -0- 10/19/93
 /CONTACT: William Carmichael (media), 317-488-6248, or Thomas Vanneman (investors), 317-488-6246, both of Acordia, Inc.
 (ACO)


CO: Acordia, Inc. ST: Indiana IN: INS SU: PER

AR-KL -- CL034 -- 4256 10/19/93 18:17 EDT
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Date:Oct 19, 1993
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