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ALLEGHANY REPORTS SECOND QUARTER 1992 RESULTS

 ALLEGHANY REPORTS SECOND QUARTER 1992 RESULTS
 NEW YORK, July 24 /PRNewswire/ -- Net earnings of Alleghany


Corporation (NYSE: Y) were $3.10 per share of common stock in the second quarter of 1992 compared with $1.80 per share the year before, John J. Burns, Jr., president of Alleghany, announced today. Net earnings in the first six months were $5.04 in 1992 compared with $2.20 the year before.
 ALLEGHANY CORPORATION
 (In millions, except for shares and per share amounts)
 Periods ended Quarter Six months
 June 30: 1992 1991 1992 1991
 Revenues $479.2 $357.2 $876.7 $605.3
 Earns. from cont. opers.
 before income taxes 52.7 16.1 70.7 18.8
 Earnings from cont. opers 20.3 9.6 32.9 11.5
 Earnings from discontinued
 operations, net (A) -- 2.2 -- 2.9
 Net earnings 20.3 11.8 32.9 14.4
 Per share of common stock(B)
 Continuing operations $2.70 $0.98 $4.52 $0.98
 Gains on investment
 transactions 0.40 0.49 0.52 0.78
 Discontinued operations (A) -- 0.33 -- 0.44
 Net earnings 3.10 1.80 5.04 2.20
 Average number of
 outstanding shares
 of common stock (B) 6,530,841 6,521,767 6,527,260 6,519,044
 (A) -- Operations of The Shelby Insurance Company, which was sold on Dec. 31, 1991.
 (B) -- Adjusted to reflect dividends of common stock declared in March 1991 and March 1992.
 The increase in 1992 earnings is the result of improved operating results of Alleghany's title insurance/investment management subsidiary (Chicago Title and Trust Company) and retail banking subsidiary (Sacramento Savings Bank), as well as the earnings contribution of Alleghany's new industrial minerals subsidiary (World Minerals Inc.), which was acquired last July.
 In the 1992 first half, Chicago Title's contribution to Alleghany's earnings from continuing operations before income taxes was $48 million compared with $7.7 million a year earlier, Sacramento's was $18.7 million compared with $18.3 million a year earlier, and World Minerals' was $6.6 million.
 In the 1992 second quarter, Chicago Title's contribution was $39.7 million compared with $12.5 million, Sacramento's was $10.8 million compared with $8.4 million, and World Minerals' was $3.4 million. Chicago Title's contribution in the 1992 second quarter includes $22.6 million representing its shares of the proceeds of its previously reported recovery in litigation against California Canadian Bank; however, the beneficial effect of this recovery on Alleghany's net income was almost entirely offset by tax provisions and other previously anticipated charges.
 On a pro forma basis, Alleghany common stockholders' equity per share, adjusted to reflect marketable securities at market, and dividends paid in common stock, was $119.37 at June 30, 1992 compared with $102.82 a year earlier.
 ALLEGHANY CORPORATION AND SUBSIDIARIES
 Combining Statements of Earnings
 Six months ended June 30, 1992
 (Unaudited, dollars in thousands)
 Corporate Activities
 Sacramento World & intercompany
 CT&T Savings Minerals Eliminations Combined
 Revenues:
 Title premiums
 escrow and trust
 fees $58,264 $0 $0 $0 $582,264
 Interest on loans
 receivable 0 107,602 0 (241) 107,361
 Interest dividend
 and other income 62,590 16,773 314 30,107 109,784
 Net mineral and
 filtration sales 0 0 72,156 0 72,156
 Net gain on investment
 transactions 1,281 302 0 3,574 5,157
 Total revenues 646,135 124,677 72,470 33,440 876,722
 Costs and expenses:
 Salaries, commissions
 and other employee
 benefits 406,623 12,605 0 74 421,302
 Administrative,
 selling and
 other operating
 expenses 130,815 22,071 13,326 22,256 188,468
 Provision for title
 losses and other
 claims 53,424 0 0 0 53,424
 Interest on deposits 0 70,135 0 (270) 69,865
 Cost of mineral and
 filtration sales 0 0 50,278 0 50,278
 Interest expense 5,300 1,166 2,232 7,554 16,252
 Corporate
 administration 0 0 0 6,473 6,473
 Total costs and
 expenses 598,162 105,977 65,836 36,087 806,062
 Earnings (loss) from
 continuing operations
 before income taxes 47,973 18,700 6,634 (2,647) 70,660
 Income taxes -- -- -- -- 37,771
 Net earnings -- -- -- -- 32,889
 Quarter ended June 30, 1992
 Corporate Activities
 Sacramento World & intercompany
 CT&T Savings Minerals Eliminations Combined
 Revenues:
 Title premiums
 escrow and trust
 fees $313,284 $0 $0 $0 $313,284
 Interest on loans
 receivable 0 53,464 0 (199) 53,265
 Interest dividend
 and other income 48,057 8,955 286 14,683 71,981
 Net mineral and
 filtration sales 0 0 36,656 0 36,656
 Net gain on investment
 transactions 816 281 0 2,891 3,988
 Total revenues 362,157 62,700 36,942 17,375 478,174
 Costs and expenses:
 Salaries, commissions
 and other employee
 benefits 216,629 6,362 0 45 223,036
 Administrative,
 selling and
 other operating
 expenses 73,733 10,791 7,064 11,129 102,717
 Provision for title
 losses and other
 claims 29,471 0 0 0 29,471
 Interest on deposits 0 34,199 0 (31) 34,168
 Cost of mineral and
 filtration sales 0 0 25,264 0 25,269
 Interest expense 2,592 513 1,235 3,666 8,026
 Corporate
 administration 0 0 0 3,799 3,799
 Total costs and
 expenses 322,425 51,865 33,568 18,608 426,466
 Earnings (loss) from
 continuing operations
 before income taxes 39,732 10,835 3,374 (1,233) 52,708
 Income taxes -- -- -- -- 32,431
 Net earnings -- -- -- -- 20,277
 Six months ended June 30, 1991
 Corporate Activities
 Sacramento & intercompany
 CT&T Savings Eliminations Combined
 Revenues:
 Title premiums
 escrow & trust fees $404,978 $0 $0 $404,978
 Interest on loans
 receivable 0 113,110 0 113,110
 Interest dividend
 and other income 29,514 18,479 31,433 79,426
 Net gain on investment
 transactions 3,684 902 3,246 7,832
 Total revenues 438,176 132,491 34,679 605,346
 Costs and expenses:
 Salaries, commissions
 and other employee
 benefits 296,397 11,937 52 308,386
 Administrative,
 selling and
 other operating
 expenses 92,508 15,177 23,158 130,843
 Provision for title
 losses and other
 claims 37,665 0 0 37,665
 Interest on deposits 0 85,181 (389) 84,792
 Interest expense 3,901 1,944 12,087 17,932
 Corporate administration 0 0 6,884 6,884
 Total costs & expenses 430,471 114,239 41,792 586,502
 Earnings from
 continuing operations
 before income taxes 7,705 18,252 (7,113) 18,844
 Income taxes -- -- -- -- 7,382
 Earns. from cont. opers. -- -- -- -- 11,462
 Earnings from discontinuing
 operations, net of tax -- -- -- -- 2,905
 Net earnings -- -- -- -- 14,367
 Quarter ended June 30, 1991
 Corporate Activities
 Sacramento & intercompany
 CT&T Savings Eliminations Combined
 Revenues:
 Title premiums, escrow
 and trust fees $255,590 $0 $0 $255,590
 Interest on loans
 receivable 0 56,938 0 56,938
 Interest dividend
 and other income 15,667 8,380 15,699 39,746
 Net gain on investment
 transactions 3,476 852 623 4,951
 Total revenues 274,733 66,170 16,322 357,255
 Costs and expenses:
 Salaries, commissions
 and other employee
 benefits 181,176 5,882 28 187,086
 Administrative,
 selling and
 other operating
 expenses 54,446 9,220 11,295 74,961
 Provision for title
 losses and other
 claims 24,412 0 0 24,412
 Interest on deposits 0 41,898 (163) 41,735
 Interest expense 2,227 768 5,859 8,854
 Corporate administration 0 0 4,090 4,090
 Total costs & expenses 262,261 57,768 21,109 341,138
 Earnings from
 continuing operations
 before income taxes 12,472 8,402 (4,787) 16,087
 Income taxes -- -- -- -- 6,481
 Earns. from cont. opers. -- -- -- -- 9,606
 Earnings from discontinuing
 operations, net of tax -- -- -- -- 2,160
 Net earnings -- -- -- -- 11,766
 -0- 7/24/92
 /CONTACT: T.E. Somerville of Alleghany, 212-752-1356/
 (Y) CO: Alleghany Corporation ST: New York IN: INS SU: ERN


LR-TS -- NY026 -- 3056 07/24/92 13:21 EDT
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Date:Jul 24, 1992
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