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ACORDIA INC. ANNOUNCES RECORD EARNINGS, UP 19 PERCENT

 INDIANAPOLIS, April 23 /PRNewswire/ -- Acordia, Inc., (NYSE: ACO) today announced record financial results for the first quarter of 1993. Net income, before the cumulative effort of an accounting change, increased 19 percent to a record $6,361,000 ($0.49 per share) for the 1993 first quarter ended March 31, 1993, compared to $5,357,000 ($0.40 per share) over the comparable 1992 period.
 The company also said total revenues were up 10 percent to $55,265,000 for the first quarter of 1993. Revenues for the first quarter of 1992 were $50,047,000.
 Acordia officials noted that this year the company adopted Statement of Financial Accounting Standards (SFAS) No. 106, "Employers' Accounting for Post Retirement Benefits Other Than Pensions," effective Jan. 1, 1993.
 As a result of the adoption of SFAS No. 106, cumulative noncash charges to net income for the 1993 first quarter totaled $776,000, resulting in net income of $5,585,000 ($0.43 per share).
 L. Ben Lytle, chairman of the board and chief executive officer, stated: "We are pleased with the continued strong performance of the company, which affirms the soundness of Acordia's unique market segmentation strategy and the ability of our management team to implement it."
 Acordia has been ranked the 10th largest insurance broker in the United States, and the 14th 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)
 Three Months Ended March 31, 1993 1992
 Revenue:
 Commissions & administrative fees $ 51,388 $ 47,311
 Investment income 2,126 1,884
 Other 1,751 852
 Total revenues 55,265 50,047
 Expense:
 Employee compensation & benefits 24,836 22,435
 Other operating 19,958 18,408
 Total expenses 44,794 40,843
 Income before taxes and
 accounting change 10,471 9,204
 Income taxes 4,110 3,847
 Income before accounting change 6,361 5,357
 Cumulative effect of accounting
 change (net of tax) 776 0
 Net income $ 5,585 $ 5,357
 Earnings per share:
 Income before cumulative effect of
 accounting charge $ 0.49 $ 0.40
 Cumulative effect on prior years (0.06) 0.00
 Net income $ 0.43 $ 0.40
 Weighted average shares outstanding 13,105 13,237
 -0- 4/23/93
 /CONTACT: Thomas Vanneman, investor, 317-488-6246, or William Carmichael, media, 317-488-6246, both of Acordia, Inc./
 (ACO)


CO: Acordia, Inc. ST: Indiana IN: SU: ERN

LD -- CLF001 -- 9865 04/23/93 07:45 EDT
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Publication:PR Newswire
Date:Apr 23, 1993
Words:437
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