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CMAC INVESTMENT CORPORATION CONFIRMS THIRD QUARTER EARNINGS INCREASE OF 39 PERCENT

 PHILADELPHIA, Nov. 30 ~PRNewswire~ -- CMAC Investment Corporation (NYSE: CMT) today confirmed its earlier report of third quarter earnings of $5.3 million ($.76 per share), an increase of 39.1 percent over the $3.8 million ($.54 per share) in the third quarter of 1991.
 For the first nine months of 1992, net income increased 112 percent to $16.0 million ($2.28 per share) from $7.5 million ($1.07 per share) for the same period in 1991.
 New insurance written in the third quarter of 1992 totalled $1.8 billion compared to $1.2 billion for the third quarter of 1991. CMAC's primary insurance in force as of Sept. 30, 1992, was $16.8 billion.
 James C. Miller, president, said, "Commonwealth Mortgage Assurance Company's (CMAC) business volume remained strong during the third quarter, with new premiums written increasing 19.5 percent to $8.3 million from $6.9 million in the third quarter of 1991. I am also pleased with the improvement in CMAC's combined ratio to 70.5 percent from 84.0 percent in the comparable period of 1991."
 Miller continued, "The infusion of $67 million from the proceeds of the company's initial public offering of common stock and $40 million from the sale of preferred stock brings CMAC's total capital to over $200 million. Combining this strong capital base with CMAC's financial strength rating upgrade from A3 to Aa3 by Moody's and the affirmation of our AA claims-paying ability rating by Standard & Poor's, positions CMAC for future growth opportunities."
 Headquartered in Philadelphia, CMAC provides private mortgage insurance and risk management services to mortgage lending institutions through offices in key cities nationwide. Private mortgage insurance protects lenders from default-related losses on residential first mortgage loans made to home buyers who make down payments of less than 20 percent of a home's purchase price, and facilitates the sale of such mortgage loans in the secondary mortgage market.
 CMAC INVESTMENT CORPORATION AND SUBSIDIARIES
 Consolidated Statement of Operations
 (In thousands, except per-share data)
 Periods ended Three months Nine months
 Sept. 30 1992 1991 1992 1991
 Revenues:
 New premiums written $8,307 $6,950 $21,747 $16,669
 Renewal premiums written 13,135 12,595 34,454 32,967
 Other (1,274) (75) (3,143) (561)
 Net premiums written 20,168 19,470 53,058 49,075
 Premiums earned 16,820 15,906 49,352 45,337
 Net investment income 3,313 3,210 9,928 9,092
 Gain (loss) on sales
 of investments 101 (1,286) 1,483 (3,223)
 Other income 277 101 651 249
 Total revenues 20,511 17,931 61,414 51,455
 Expenses:
 Provision for losses 6,888 8,282 22,069 26,045
 Policy acquisition costs 3,457 2,726 9,659 8,031
 Other operating expenses 2,247 2,186 5,727 6,323
 Total expenses 12,592 13,194 37,455 40,399
 Pretax income 7,919 4,737 23,959 11,056
 Provision for income taxes (2,620) (694) (8,001) (2,800)
 Income before equity in
 investee companies 5,299 4,043 15,958 8,256
 Equity in investee companies --- (233) --- (731)
 Net income 5,299 3,810 15,958 7,525
 Weighted average common
 shares outstanding
 (in thousands) 7,000 7,000 7,000 7,000
 Net income per share $.76 $.54 $2.28 $1.07
 New insurance written
 ($ millions) 1,775 1,206 4,235 3,162
 Statutory combined ratio
 (percent) 70.5 84.0 73.4 91.1
 Other Statistical Information
 Sept. 30, 1992 Dec. 31, 1991 Sept. 30, 1991
 Direct Primary
 Insurance in Force
 ($ millions) 16,829 15,702 15,457
 Direct Primary Risk in
 Force ($ millions) 3,248 3,204 3,156
 Primary Insurance:
 No. of insured loans 196,158 189,381 188,234
 No. of loans in default 5,615 5,692 5,505
 Percentage of loans in
 default (percent) 2.9 3.0 2.9
 ~delval~
 -0- 11~30~92
 ~CONTACT: Debbie Pinnock of CMAC, 215-564-6600, ext. 3452~
 (CMT)


CO: CMAC Investment Corporation ST: Pennsylvania IN: FIN SU: ERN

MK-CC -- PH004 -- 4032 11~30~92 09:15 EST
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Date:Nov 30, 1992
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