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CONNIE LEE POSTS RECORD 1992 RESULTS

 WASHINGTON, March 8 /PRNewswire/ -- College Construction Loan Insurance Association (Connie Lee) reported consolidated net income of $5.8 million for the year ended Dec. 31, 1992, compared with $3.8 million earned in 1991, a 53 percent year-to-year increase. For the fourth quarter of 1992, net income was $1.5 million, compared with $1.1 million in the same period a year earlier.
 Oliver R. Sockwell, president and chief executive officer, said: "During 1992, Connie Lee set out to successfully establish its primary insurance operation, while at the same time expanding the universe of insurable credits. The company's leadership position within its target market, strong trading value and broad spectrum of insured academic institutions reflect success in meeting these objectives. We are confident of continuing this momentum in 1993."
 Connie Lee's gross par insured for the year totaled $1,000.2 million; for the fourth quarter, $395.4 million. Gross premiums written in 1992 totaled $27.3 million for the year and $9.6 million for the for the fourth quarter. This compares with $10.0 million and $3.1 million for the same periods in 1991. At year-end 1992, Connie Lee's debt service in force totaled $5.3 billion vs. $3.6 billion as of Dec. 31, 1991.
 Connie Lee's consolidated revenues for 1992 rose 30 percent to $15.4 million from the $11.8 million reported in 1991. Revenues in the fourth quarter 1992 totaled $3.9 million vs. the prior year's $3.4 million for the same period. Consolidated revenues include earned premiums and income from the company's investment portfolio. Premiums earned in 1992 and the fourth quarter were $4.5 million and $1.3 million, respectively, up from $3.1 million and $1.0 million in the prior year.
 Net investment income for the year increased by 26 percent to $10.9 million from $8.7 million in 1991. For the fourth quarter 1992, net investment income was $2.6 million, compared with $2.3 million a year earlier. At Dec. 31, 1992, Connie Lee's investment portfolio totaled $160 million, consisting solely of high-grade government, municipal and corporate debt securities.
 Connie Lee's unearned premium reserve computed on a statutory basis was $51.4 million as of Dec. 31, 1992. Qualified statutory capital (consisting of policyholders' surplus and contingency reserves) was $106.1 million, for a total reserve available for policyholders of $157.4 million. As of Dec. 31, 1991, total reserves available for policyholders stood at $133.3 million.
 Connie Lee, rated "AAA" by Standard & Poor's Corporation, insures academic facilities bonds issued for colleges, universities and teaching hospitals. Connie Lee shareholders include the U.S. Department of Education and a consortium of major private investors. Since inception, Connie Lee has provided more than $6.5 billion of financial guarantees.
 -0- 3/8/93
 /CONTACT: Irene E. Lombardo, 202-728-3447, or Anne Harvey, 202-728-3478, both of Connie Lee/


CO: College Construction Loan Insurance Association ST: District of Columbia IN: INS SU: ERN

DC-TW -- DC003 -- 3819 03/08/93 08:44 EST
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Date:Mar 8, 1993
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