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USF&G EXPECTS TO REPORT BETTER THAN ANTICIPATED FIRST QUARTER RESULTS

USF&G EXPECTS TO REPORT BETTER THAN ANTICIPATED FIRST QUARTER RESULTS
 BALTIMORE, April 8 /PRNewswire/ -- Norman P. Blake Jr., chairman, president and chief executive officer of USF&G Corporation (NYSE: FG), said today in Baltimore at a meeting of security analysts, "The company expects to report first quarter 1992 results that are better than analysts' current per share expectations."
 Consolidated net income for the quarter is anticipated to range from $2 million to $5 million with per (common) share loss ranging from 12 cents to 9 cents, after accounting for preferred stock dividends. These anticipated results include some strengthening of both real estate reserves as well as core insurance loss reserves. Analysts' current per common share expectations are for a loss of approximately 30 cents.
 In the first quarter of 1991, the company reported a net loss of $55 million, or 70 cents per share; for the full year 1991, the company reported a net loss of $176 million, or $2.53 per share. The 1991 results were impacted by one-time charges for business repositioning, restructuring, and involuntary assigned risk pools.
 Blake also stated: "The fundamental repositioning of the company to focus on improving the competitiveness of our core insurance operation is well underway. The overall objectives and strategies which were established at the outset of 1991 are being realized in terms of pruning unprofitable and non-strategic businesses/product lines, improving overall underwriting results, lowering the cost of doing business, and the strengthening of balance sheet quality.
 "While the insurance environment remains soft, we believe we have established the basis for improved performance for the year and over the long term."
 USF&G expects to report final results for the 1992 first quarter on or before April 29.
 USF&G Corporation, with assets of $14.5 billion, is composed of property/casualty and life insurance subsidiaries. Its primary subsidiary is Untied States Fidelity and Guaranty Company, one of the nation's largest property/casualty insurers.
 -0- 4/8/92
 /CONTACT: Kerrie Burch-DeLuca of USF&G Corporation, 410-547-3573/
 (FG) CO: USF&G ST: Maryland IN: INS SU: ERN


MP-SB -- DC005 -- 6107 04/08/92 09:28 EDT
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Publication:PR Newswire
Date:Apr 8, 1992
Words:355
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