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AMERICAN GENERAL FINANCE, INC. REPORTS RECORD QUARTERLY EARNINGS QUARTERLY HIGHLIGHTS:

 -- Record quarterly operating earnings, up 50 percent over prior
 year; record first six months operating earnings up 43 percent
 -- Annualized year-to-date return on assets of 2.9 Percent(A)
 -- Annualized year-to-date return on equity of 19.6 Percent(A)
 EVANSVILLE, Ind., July 26 /PRNewswire/ -- American General Finance, Inc. today announced record operating earnings for the quarter ended June 30, 1993. Second quarter 1993 operating earnings of $55.4 million represent more than a 50 percent improvement over second quarter 1992 operating earnings of $36.8 million. Year-to-date operating earnings totalled $103.5 million, a 43 percent increase over the comparable 1992 period operating earnings of $72.2 million. Before a one-time accounting charge of $11.5 million, return on assets was 2.9 percent and return on equity was 19.6 percent for the first six months of 1993, compared with 2.1 percent and 14.3 percent, respectively, for the first six months of 1992.
 Daniel Leitch III, president and chief executive officer, said, in commenting on the results, "Our financial performance is a reflection of the continued emphasis on our core consumer business. Improvements in yield and credit quality, along with a wider interest margin, increased insurance revenues, and steady asset growth have enabled us to achieve these record results."
 FINANCIAL HIGHLIGHTS:
 (Dollars in Millions)
 For the Quarter Ended June 30, 1993 1992
 Total Revenues $322.5 $284.1
 Operating Earnings $55.4 $36.8
 Realized Investment Gains 1.0 0.2
 Net Income $56.4 $37.0
 For the Six Months Ended June 30, 1993 1992
 Total Revenues $633.4 $570.5
 Operating Earnings $103.5 $72.2
 Realized Investment Gains 1.3 0.8
 Income Before Accounting Changes 104.8 73.0
 Accounting Changes, Net (11.5) ---
 Net Income $ 93.3 $ 73.0
 Return on Assets 2.9 Pct. (A) 2.1 Pct.
 Return on Equity 19.6 Pct. (A) 14.3 Pct.
 (A) -- Before a one-time accounting charge of $11.5 million.
 As of: 6/30/93 12/31/92
 Net Finance Receivables $6,427 $6,200
 Total Assets $7,466 $7,211
 2nd Qtr Ratios as Percent of
 Receivables: 1993 1992
 Net Charge Offs 2.0 Pct. 2.2 Pct.
 Delinquency 2.3 Pct. 2.4 Pct.
 American General Finance, Inc., is a financial services holding company specializing in the extension of credit to individual consumers. Products and services are marketed to approximately 2.5 million middle income Americans. The company, headquartered in Evansville, Ind., has assets of $7.5 billion and operates over 1,200 branch offices in 39 states, Puerto Rico, and the Virgin Islands. Services offered include direct consumer and home equity loans; indirect retail sales financing; credit and non-credit related insurance; and credit cards.
 -0- 7/26/93
 /CONTACT: Philip M. Hanley, chief financial officer of American General Finance Inc., 812-468-5420/


CO: American General Finance ST: Indiana IN: FIN SU: ERN

SM -- CL016 -- 5701 07/26/93 12:45 EDT
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Publication:PR Newswire
Date:Jul 26, 1993
Words:490
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