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GENERAL RE CORPORATION REPORTS 1991 EARNINGS

 GENERAL RE CORPORATION REPORTS 1991 EARNINGS
 STAMFORD, Conn., Feb. 5 /PRNewswire/ -- General Re Corporation


(NYSE: GRN) today reported operating income for 1991 of $6.37 per share, an increase of 0.3 percent from the comparable results in 1990 of $6.35 per share. Net income for 1991 was $7.46 per share compared with $6.89 per share in 1990, an increase of 8.3 percent. Net income includes after-tax capital gains of $1.09 per share in 1991 compared with $.54 per share in 1990. Both operating income and net income include "fresh start" tax benefits of $.13 and $.14 per share in 1991 and 1990, respectively.
 The combined underwriting/expense ratio for the domestic property/casualty companies for 1991 was 102.2 percent, compared with 99.0 percent for 1990. In the fourth quarter of 1991, the combined ratio was 103.0 percent, compared with 99.5 percent in the fourth quarter of 1990.
 Commenting on these results, Ronald E. Ferguson, chairman and chief executive officer of General Re, said, "The underwriting result for the year, while short of our goals, compares favorably with that of the reinsurance industry and was achieved in the context of a generally poor pricing environment in the property/casualty insurance industry which has persisted for several years. Underwriting results for the quarter, at a combined ratio of 103.0 percent, were unsatisfactory, but would have been only marginally so were it not for the impact of the fire losses in Oakland and Berkeley in October. Premium writings in the last half of the year were about even with the same period in 1990 which was, by recent standards, a period of strong premium growth. Demand, pricing and retentions with our reinsurance clients continue to be stable. Operating income in the fourth quarter was in line with our expectations reflecting a modest growth of investment income and improved performance in several sectors."
 Operating income for the fourth quarter 1991 was $1.68 per share, an increase of 1.2 percent from the comparable results in the fourth quarter of 1990 of $1.66 per share. Net income for 1991's fourth quarter was $2.10 per share compared with $1.76 per share in the comparable period of 1990, an increase of 19.3 percent. Net income includes after-tax capital gains of $.42 per share in the fourth quarter of 1991 compared with $.10 per share in the fourth quarter of 1990. Both operating income and net income include "fresh start" tax benefits of $.03 and $.04 per share in the fourth quarters of 1991 and 1990, respectively.
 Worldwide net premium volume for 1991 was $2,249.1 million, an increase of $99.5 million or 4.6 percent over the $2,149.6 million in 1990. Domestic property/casualty written premium in 1991 and in the fourth quarter were $2,122.3 million and $540.8 million, respectively, an increase of 4.0 percent over 1990 as a whole and unchanged when compared to the fourth quarter of 1990. Net premium written by overseas subsidiaries in 1991 was $126.8 million, 15.5 percent above last year.
 Revenues for 1991 were $3,206.6 million, compared with $2,954.4 million for 1990. Worldwide net investment income, after taxes, for 1991 amounted to $617.9 million, an increase of 6.3 percent over the $581.4 million for 1990. On a per share basis, net investment income after taxes was $7.10 or 7.4 percent above the comparable figure of $6.61 per share in 1990.
 Shareholders' equity at Dec. 31, 1991, amounted to $3,911.2 million. As of Dec. 31, 1991, the Corporation had 86,640,536 shares of common stock outstanding compared to 87,193,636 at Dec. 31, 1990. During 1991, the Corporation repurchased 664,400 shares of its common stock.
 GENERAL RE CORPORATION
 (In millions except for per share figures)
 Periods ended: Fourth quarter Twelve months
 Dec. 31 1991 1990 1991 1990
 Revenues $839.5 $777.9 $3,206.6 $2,954.4
 Operating income excluding
 realized gains (losses) 147.6 146.8 561.8 566.0
 Realized gains (losses) 36.6 8.7 94.9 47.6
 Net income 184.2 155.5 656.7 613.6
 Per share data
 Average common shares
 outstanding 86,764 87,156 87,079 87,966
 Operating income excluding
 realized gains (losses) $1.68 $1.66 $6.37 $6.35
 Realized gains (losses) .42 .10 1.09 .54
 Net income $2.10 $1.76 $7.46 $6.89
 Net investment income
 after taxes $156.0 $149.3 $617.9 $581.4
 Net premiums written:
 Domestic property/
 casualty $540.8 $540.9 $2,122.3 $ 2,039.8
 Overseas operations 20.1 18.2 126.8 109.8
 Total $560.9 $559.1 $2,249.1 $2,149.6
 Combined underwriting
 ratio of domestic
 property/casualty
 companies: (as a percent)
 Loss ratio 73.4 65.9 72.5 68.2
 Expense ratio 29.6 33.6 29.7 30.8
 Total 103.0 99.5 102.2 99.0
 GENERAL RE CORPORATION
 (In millions except for per share figures)
 Fourth quarter ended
 Dec. 31, 1991:
 Consolidated Domestic Overseas
 Net Premiums Written $ 560.9 $ 540.8 $20.1
 Premiums earned 575.8 557.0 18.8
 Net investment income 190.8 179.6 11.2
 Other income 29.3 28.7 .6
 Realized gains (losses) 43.6 42.3 1.3
 Total revenues 839.5 807.6 31.9
 Claims & claim expenses 422.3 409.2 13.1
 Policy acquisition costs 124.1 121.8 2.3
 Other oper. costs & expenses 72.0 67.6 4.4
 Total 618.4 598.6 19.8
 Income before income taxes $221.1 $209.0 $12.1
 Other Data
 Underwriting income (loss)
 after taxes ($9.3) ($8.9) ($.4)
 Net investment income
 after taxes 156.0 148.6 7.4
 Other income (loss) after taxes .9 .2 .7
 Realized gains (losses)
 after taxes 36.6 35.6 1.0
 Net income $184.2 $175.5 $8.7
 Book value per share $45.14
 Dividends per share $.42
 Statutory Data-Property/Casualty 12/31/91 12/31/90
 Statutory Surplus $3,364.5 $2,901.5
 Loss & Expense Reserve 6,265.4 5,841.5
 (In millions except for per share figures)
 Twelve months ended
 Dec. 31, 1991:
 Consolidated Domestic Overseas
 Net Premiums Written $2,249.1 $2,122.3 $126.8
 Premiums earned 2,241.3 2,118.9 $122.4
 Net investment income 751.6 707.8 43.8
 Other income 98.2 95.8 2.4
 Realized gains (losses) 115.5 117.6 (2.1)
 Total Revenues 3,206.6 3,040.1 166.5
 Claims & claim expenses 1,618.0 1,525.2 92.8
 Policy acquisition costs 471.0 445.9 25.1
 Other operating costs & expenses 324.4 304.0 20.4
 Total 2,413.4 2,275.1 138.3
 Income before income taxes $793.2 $765.0 $28.2
 Other Data
 Underwriting income (loss)
 after taxes ($31.2) ($18.5) ($12.7)
 Net investment income after taxes 617.9 585.9 32.0
 Other income (loss) after taxes (24.9) (24.8) (.1)
 Realized gains (losses) after taxes 94.9 95.8 (.9)
 Net income $656.7 $638.4 $18.3
 Dividends per share $1.68
 -0- 2/5/92
 /CONTACT: Allen W. Rork, 203-328-5770, or Deborah C. Nelson, 203-328-6448, both of General Re/
 (GRN) CO: General Re Corporation ST: Connecticut IN: INS SU: ERN


TS -- NY011 -- 7051 02/05/92 09:33 EST
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