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ALLEGHANY REPORTS EARNINGS

 ALLEGHANY REPORTS EARNINGS
 NEW YORK, April 22 /PRNewswire/ -- Net earnings of Alleghany


Corporation (NYSE: Y) were $1.93 per share of common stock in the first quarter of 1992 compared with 40 cents per share the year before, F. M. Kirby, chairman of the board of Alleghany, announced today.
 Highlights are as follows (in millions, except for shares and per share amounts):
 First quarter 1992 1991
 Revenues(A) $397.5 $248.1
 Earnings from continuing operations
 before income taxes 18.0 2.8
 Earnings from continuing operations 12.6 1.9
 Earnings from discontinued opers., net (B) -- 0.7
 Net earnings $ 12.6 $ 2.6
 Per share of common stock (C):
 Continuing operations $1.93 $0.29
 Discontinued operations (B) -- 0.11
 Net earnings $1.93 $0.40
 Average number of outstanding shares
 of common stock (C) 6,524,419 6,516,922
 Actual number of outstanding shares of
 common stock at end of quarter (C) 6,530,217 6,521,445
 (A) -- Amounts previously reported as "net gain (loss) on investment transactions" have been reclassified and reported as a component of revenues.
 (B) -- Operations of the Shelby Insurance Company, which was sold on Dec. 31, 1991.
 (C) -- Adjusted to reflect dividends of common stock declared in March 1991 and March 1992.
 ALLEGHANY CORPORATION AND SUBSIDIARIES
 Combining Statement of Earnings
 (Unaudited, dollars in thousands)
 Quarter ended March 31, 1992
 Corporate
 Activities &
 Sacramento Intercompany
 CT&T Savings Celite Eliminations Combined
 Revenues:
 Title premiums,
 escrow and
 trust fees $268,980 $-- $-- $-- $268,980
 Int. on loans
 receivable -- 54,138 -- (42) 54,096
 Int., div. &
 other income 14,533 7,818 28 15,424 37,803
 Net mineral &
 filtration sales -- -- 35,500 -- 35,500
 Net gain on
 investment
 transactions 465 21 -- 683 1,169
 Total revenues 283,978 61,977 35,528 16,065 397,548
 Costs & expenses:
 Salaries,
 commissions and
 other employee
 benefits 191,994 6,243 -- 29 198,266
 Admin., selling
 & other
 operating exps. 57,082 11,280 6,262 11,127 85,751
 Provision for
 title losses
 & other claims 23,953 -- -- -- 23,953
 Int. on deposits -- 35,936 -- (239) 35,697
 Cost of mineral
 & filtration sales -- -- 25,009 -- 25,009
 Interest expense 2,708 653 997 3,888 8,246
 Corporate admin. -- -- -- 2,674 2,674
 Total costs
 and expenses 257,737 54,112 32,268 17,479 379,596
 Earnings (loss)
 from cont. opers.
 bef. inc. taxes $ 8,241 $ 7,865 $ 3,260 $(1,414) 17,952
 Income taxes 5,340
 Net earnings $ 12,612
 Quarter ended March 31, 1991
 Corporate
 Activities &
 Sacramento Intercompany
 CT&T Savings Eliminations Combined
 Revenues:
 Title premiums,
 escrow and trust fees $149,388 $-- $-- $149,388
 Interest on loans
 receivable -- 56,172 -- 56,172
 Interest, dividend
 and other income 13,847 10,099 15,734 39,680
 Net gain on investment
 transactions 208 50 2,623 2,881
 Total revenues 163,443 66,321 18,357 248,121
 Costs and expenses:
 Salaries, commissions
 and other employee
 benefits 115,221 6,055 24 121,300
 Admin., selling and
 other operating exps. 38,062 5,957 11,863 55,882
 Provision for title
 losses & other claims 13,253 -- -- 13,253
 Interest on deposits -- 43,283 (226) 43,057
 Interest expense 1,674 1,176 6,228 9,078
 Corporate administration -- -- 2,794 2,794
 Total costs and expenses 168,210 56,471 20,683 245,364
 Earns. from cont. opers.
 before income taxes $ (4,767) $ 9,850 $(2,326) 2,757
 Income taxes 901
 Earnings from cont. opers. 1,856
 Earnings from discontinued
 operations, net 745
 Net earnings $ 2,601
 -0- 4/22/92
 /CONTACT: T. E. Somerville of Alleghany, 212-752-1356/
 (Y) CO: Alleghany Corporation ST: New York IN: SU: ERN


GK-TS -- NY007 -- 1139 04/22/92 10:08 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Date:Apr 22, 1992
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