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CONNIE LEE SECOND QUARTER EARNINGS RISE 39 PERCENT

 CONNIE LEE SECOND QUARTER EARNINGS RISE 39 PERCENT
 WASHINGTON, July 30 /PRNewswire/ -- College Construction Loan


Insurance Association, holding company for Connie Lee, reported that consolidated net income for the second quarter totaled $1.2 million, a 39 percent increase over second quarter 1991 earnings of $0.9 million. Consolidated net income for the first half of 1992 increased to $2.8 million, compared to $1.6 million for the same period last year.
 Net premiums written for the second quarter totaled $6.9 million, quadruple the $1.7 million in net premiums written in the second quarter of 1991. For the first six months of this year, net premiums totaled $10.5 million, a 146 percent gain over the $4.3 million written in the first half of 1991.
 Connie Lee became a primary insurer of higher education bond financing late in 1991. The increase in net premiums written reflects Connie Lee's new issue market activity.
 Connie Lee insured $176.6 million and $298.0 million in par volume for the second quarter and first half, respectively.
 The company's consolidated revenues for the second quarter were $3.4 million, a 28 percent gain over the $2.7 million in the second quarter of 1991. During the first two quarters combined, consolidated revenues rose 41 percent to $7.5 million from the prior year's $5.3 million in the same period. Consolidated revenues include earned premiums and income from the company's investment portfolio.
 Computed on a statutory basis, Connie Lee's unearned premium reserve as of June 30, 1992, was $39.0 million, and its qualified statutory capital (consisting of policyholders' surplus and contingency reserve) was $105.3 million, for a total reserve available for policyholders of $144.3 million. As of Dec. 31, 1991, total reserves available for policyholders stood at $133.3 million.
 Connie Lee's debt service in force at June 30, 1992, totaled $4.3 billion, compared with $3.6 billion at Dec. 31, 1991.
 Connie Lee is the only financial guarantor that exclusively insures and reinsures bonds issued by colleges, universities and teaching hospitals. The company is rated "AAA" by Standard & Poor's Corporation. Connie Lee investors include the U.S. Department of Education and a consortium of major private institutions.
 CONSOLIDATED GAAP FINANCIAL HIGHLIGHTS
 (Dollars in Thousands)
 Six Months Ended
 Summary of Operations 6/30/92 6/30/91
 Net Premiums Written $ 10,514 $ 4,273
 Premiums Earned 1,887 1,401
 Net Investment Income 5,586 3,889
 Total Revenues 7,473 5,290
 Policy Acquisition Costs 2,760 3,353
 Net Policy Acquisition Costs 1,293 898
 Other Expenses 2,444 1,884
 Total Expenses 3,737 2,782
 Earnings Before Taxes 3,736 2,508
 Earnings After Taxes $ 2,831 $ 1,619
 As of As of
 Balance Sheet Highlights 6/30/92 12/31/91
 Investment Portfolio $145,599 $135,224
 Deferred Policy Acquisition Costs 18,586 17,119
 Total Assets 173,981 162,172
 Unearned Premium Reserve 35,804 27,177
 Stockholders' Equity 132,032 129,200
 STATUTORY RESERVES
 As of As of
 6/30/92 12/31/91
 Policyholders' Surplus $101,684 $100,731
 Contingency Reserves 3,593 2,833
 Qualified Capital 105,277 103,564
 Unearned Premium Reserve 39,036 29,724
 Total Reserves Available
 for Policyholders $144,313 $133,288
 Leverage
 Debt Service In-force $4,280,000 $3,650,000
 Exposure to Qualified
 Statutory Capital 41:1 35:1
 -0- 7/30/92
 /CONTACT: Irene E. Lombardo for Connie Lee, 202-728-3447/ CO: College Construction Loan Insurance Association ST: District of Columbia IN: INS SU: ERN


TW-MH -- DC004 -- 4979 07/30/92 09:56 EDT
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Date:Jul 30, 1992
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