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CMAC INVESTMENT CORPORATION SECOND QUARTER EARNINGS UP 36.5 PERCENT TO $8.1 MILLION

 PHILADELPHIA, July 21 /PRNewswire/ -- CMAC Investment Corporation (NYSE: CMT) today reported second quarter earnings of $8.1 million, up 36.5 percent from $6.0 million in the second quarter of 1992.
 Earnings per share, which were affected by the increase in outstanding shares resulting from the company's initial public offering, were $0.66 on 11.1 million shares compared to $0.85 on 7.0 million shares in 1992.
 For the first six months of 1993, net income increased 41.2 percent to $15.0 million from $10.7 million in 1992, before the cumulative effect of adopting new accounting rules (FASB 106 and 109). Earnings per share for the six month period were $1.21 before the accounting changes and $1.36 after the accounting changes compared to $1.52 for 1992.
 New insurance written in the second quarter of 1993 increased 53.8 percent over 1992 from $1.3 billion to $2.1 billion. For the six month period, new insurance written increased 40.5 percent from $2.5 billion in 1992 to $3.5 billion in 1993.
 James C. Miller, president of CMAC Investment Corporation, said, "I am pleased with the growth in our business; new premiums written increased 41 percent over last year, reflecting an increase in home purchase transactions of approximately 20 percent and the continuation of refinancing activity at unprecedented levels. I also am pleased with our improving combined ratio. Of course, I'm particularly proud of our people who have handled this growing volume while maintaining a high level of customer service."
 Headquartered in Philadelphia, CMAC Investment Corporation's operating subsidiary, CMAC, provides private mortgage insurance and risk management services to mortgage lending institutions through offices in key cities nationwide. Private mortgage insurance protects lenders from default-related losses on residential first mortgage loans made to home buyers who make down payments of less than 20 percent of a home's purchase price, and facilitates the sale of mortgage loans in the secondary mortgage market.
 CMAC INVESTMENT CORPORATION AND SUBSIDIARIES
 Consolidated Statement of Income
 (In thousands, except per-share data)
 Periods ended Quarter Six months
 June 30 1993 1992 1993 1992
 Revenues:
 New premiums written $10,686 $7,562 $19,326 $13,441
 Renewal premiums written 13,602 12,782 23,290 21,320
 Reinsurance ceded, net (1,254) (1,353) (1,993) (1,871)
 Net premiums written 23,034 18,991 40,623 32,890
 Premiums earned 19,207 16,422 37,984 32,532
 Net investment income 5,219 3,397 10,113 6,615
 Gain on sales of investments 71 1,154 83 1,382
 Other income 714 228 865 374
 Total 25,211 21,201 49,045 40,903
 Expenses:
 Provision for losses 6,564 7,166 14,112 15,181
 Policy acquisition costs 4,371 3,199 8,480 6,202
 Other operating expenses 2,847 1,859 5,396 3,480
 Total 13,782 12,224 27,988 24,863
 Pretax income 11,429 8,977 21,057 16,040
 Provision for income taxes (3,295) (3,018) (6,008) (5,381)
 Income before cumulative
 effect of change in
 accounting principles 8,134 5,959 15,049 10,659
 Cumulative effect of change
 in accounting principles
 (SFAS Nos. 106 and 109) --- --- 1,700 ---
 Net income 8,134 5,959 16,749 10,659
 Per-share data:
 Income before cumulative
 effect of change in
 accounting principles $.66 $.85 $1.21 $1.52
 Cumulative effect of change
 in accounting principles --- --- .15 ---
 Net income .66 .85 1.36 1.52
 Other Data:
 Weighted average shares
 outstanding (in thousands) 11,074 7,000 11,085 7,000
 New insurance written
 ($ millions) 2,058 1,338 3,453 2,458
 Statutory combined ratio
 (percent) 65.2 73.3 70.0 74.9
 Consolidated Balance Sheet
 (Thousands of dollars)
 June 30, Dec. 31, June 30,
 1993 1992 1992
 Assets:
 Cash and investments $307,893 $306,135 $168,131
 Other assets 35,386 29,219 26,700
 Total assets 343,279 335,354 194,831
 Liabilities and Stockholders' Equity:
 Unearned premiums 49,538 44,024 40,620
 Reserve for losses 41,856 44,886 44,631
 Other liabilities 16,233 25,767 6,241
 Total liabilities 107,627 114,677 91,492
 Preferred stock 40,000 40,000 ---
 Common stock 11 11 2,000
 Additional paid-in capital 159,638 159,638 91,198
 Retained earnings 34,562 20,545 9,958
 Unrealized gain on investments 1,441 483 183
 Total common stockholders' equity 195,652 180,677 103,339
 Total liabilities and
 stockholders' equity 343,279 335,354 194,831
 Other Statistical Information:
 Direct Primary Insurance in Force
 ($ millions) 18,875 17,118 16,426
 Direct Primary Risk in Force
 ($ millions) 3,671 3,375 3,271
 Primary Insurance:
 Number of insured loans 210,427 196,509 194,360
 Number of loans in default 5,007 5,443 5,598
 Percentage of loans in
 default (percent) 2.4 2.8 2.9
 /delval/
 -0- 7/21/93
 /CONTACT: Debbie Pinnock of CMAC, 215-564-6600, ext. 3452/
 (CMT)


CO: CMAC Investment Corporation ST: Pennsylvania IN: FIN SU: ERN

MJ-KP -- PH040 -- 4120 07/21/93 16:15 EDT
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Date:Jul 21, 1993
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