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CONNIE LEE POSTS 36 PERCENT RISE IN THIRD QUARTER EARNINGS

 CONNIE LEE POSTS 36 PERCENT RISE IN THIRD QUARTER EARNINGS
 WASHINGTON, Nov. 3 /PRNewswire/ -- Connie Lee (College Construction Loan Insurance Association) reported consolidated net income for the third quarter of $1.5 million, a 36 percent increase over third quarter 1991 earnings of $1.1 million. Consolidated net income for the first three quarters of 1992 increased to $4.3 million, compared with $2.7 million for the same period last year.
 Net premiums written for the third quarter totaled $5.9 million. This represents a 136 percent gain over the $2.5 million in net premiums written in the third quarter of 1991. For the first nine months of this year, net premiums were $16.4 million, compared with $6.8 million written in the first three quarters of last year.
 Connie Lee insured $156.9 million and $454.9 million in par volume for the third quarter and first nine months, respectively. Total par guarantied, including reinsurance, stands at $638.6 million through Sept. 30, 1992.
 The company's consolidated revenues for the third quarter were $4.0 million, a 25 percent gain over the $3.2 million in the third quarter of 1991. During the first three quarters combined, consolidated revenues rose 35 percent to $11.5 million from the prior year's $8.5 million in the same period. Consolidated revenues include earned premiums and income from the company's investment portfolio.
 Connie Lee's unearned premium reserve computed on a statutory basis as of Sept. 30, 1992, was $44.0 million, and its qualified statutory capital (consisting of policyholders' surplus and contingency reserve) was $105.8 million, for a total reserve available for policyholders of $149.9 million. As of Dec. 31, 1991, total reserves available for policyholders stood at $133.3 million.
 Connie Lee's debt service in force at Sept. 30, 1992, totaled $4.7 billion, compared with $3.6 billion at Dec. 31, 1991.
 Connie Lee is the only financial guarantor that exclusively insures and reinsures bonds issued by colleges, universities and teaching hospitals. The company's claims-paying ability is rated "AAA" by Standard & Poor's Corporation. Connie Lee investors include the U.S. Department of Education and a consortium of major private institutions.
 CONNIE LEE
 Consolidated GAAP Financial Highlights
 (Dollars in Thousands)
 Nine Months Ended
 Summary of Operations 9/30/92 9/30/91
 Net Premiums Written $ 16,388 $ 6,885
 Premiums Earned 3,221 2,060
 Net Investment Income 8,255 6,411
 Total Revenues 11,476 8,471
 Policy Acquisition Costs 4,528 5,194
 Net Policy Acquisition Costs 2,062 1,364
 Other Expenses 3,814 2,859
 Total Expenses 5,876 4,223
 Earnings Before Taxes 5,600 4,248
 Earnings After Taxes $ 4,315 $ 2,747
 As of As of
 Balance Sheet Highlights 9/30/92 12/31/91
 Investment Portfolio $151,686 $135,224
 Deferred Policy Acquisition Costs 19,585 17,119
 Total Assets 180,800 162,172
 Unearned Premium Reserve 40,344 27,177
 Stockholders' Equity 133,515 129,200
 Statutory Reserves
 As of As of
 9/30/92 12/31/91
 Policyholders' Surplus $101,704 $100,731
 Contingency Reserves 4,100 2,833
 Qualified Capital 105,804 103,564
 Unearned Premium Reserve 44,085 29,724
 Total Reserves Available
 for Policyholders $149,889 $133,288
 Leverage
 Debt Service In-force $4,720,000 $3,650,000
 Exposure to Qualified
 Statutory Capital 44:1 35:1
 -0- 11/3/92
 /CONTACT: Irene E. Lombardo of Connie Lee, 202-728-3447/ CO: Connie Lee ST: District of Columbia IN: FIN SU: ERN


TW -- DC008 -- 2068 11/03/92 12:33 EST
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Publication:PR Newswire
Date:Nov 3, 1992
Words:596
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