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ACORDIA 2ND QTR EARNINGS PER SHARE UP 20 PERCENT

 INDIANAPOLIS, July 22 /PRNewswire/ -- Acordia, Inc. (NYSE: ACO) today announced financial results for the second quarter of 1993. Net income increased 19 percent to $5,459,000 for the second quarter ended June 30, 1993, compared to $4,591,000 in the comparable 1992 period. Earnings per share increased 20 percent to $0.42 from $0.35.
 The company also said total revenues were up 12 percent to $55,015,000 for the second quarter of 1993. Revenues for the second quarter of 1992 were $49,326,000.
 L. Ben Lytle, chairman of the board, president and chief executive officer said, "Acordia continued to perform strongly in spite of client uncertainty about health care reform and the persistence of softness in the property and casualty market. In this difficult environment, our strategy of knowing our clients and responding quickly to their needs is serving us well."
 Acordia has been ranked as the eighth largest insurance broker in the United States, and the 13th largest in the world. Acordia is a nationwide network of companies that provide insurance brokerage, claims administration and selected financial services.
 Unique among brokers, Acordia is structured to meet the needs of clients in specific geographic, demographic and industry markets.
 ACORDIA, INC.
 CONSOLIDATED STATEMENTS OF INCOME
 (in thousands, except per share data)
 (unaudited)
 Three Months Six Months
 Ended June 30 Ended June 30
 1993 1992 1993 1992
 Revenues:
 Commissions and fees $51,805 $46,378 $103,193 $93,689
 Investment income 1,944 2,034 4,070 3,918
 Other 1,266 914 3,017 1,766
 Total revenues 55,015 49,326 110,280 99,373
 Expenses:
 Employee compensation
 and benefits 25,920 22,899 50,756 45,334
 Other Operating 19,963 18,402 39,921 36,810
 Total Expenses 45,883 41,301 90,677 82,144
 Income before taxes and
 accounting change 9,132 8,025 19,603 17,229
 Income taxes 3,673 3,434 7,783 7,281
 Income before accounting
 change 5,459 4,591 11,820 9,948
 Cumulative effect of
 accounting change
 (net of tax) --- --- 776 ---
 Net Income $5,459 $4,591 $11,044 $9,948
 Earnings Per Share:
 Income before cumulative
 effect of accounting
 change $0.42 $0.35 $0.90 $0.75
 Cumulative effective on
 prior years -- -- (0.06) --
 Net Income $0.42 $0.35 $0.84 $0.75
 Weighted Average Shares
 Outstanding 13,098,738 13,238,821 13,097,357 13,237,865
 -0- 7/21/93
 /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: ERN

BM -- CL002 -- 4270 07/22/93 07:21 EDT
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Publication:PR Newswire
Date:Jul 22, 1993
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