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NORTH EAST INSURANCE GROUP REPORTS RESULTS

 SCARBOROUGH, Maine, Aug. 20 /PRNewswire/ -- North East Insurance Company (NASDAQ: NEIC) today reported results for the six and three months ended June 30, 1993 (table follows).
 Of the results, Robert G. Schatz, North East's president commented, "Income from investments exceeded the loss from our insurance operations providing a bottom line profit for the period and quarter. Our emphasis remains on improving the result of our insurance underwriting activities as the return on invested assets is not expected to be maintained at its current level due to declining market interest rates and the company's decision to reduce its position in below investment grade securities."
 NORTH EAST INSURANCE COMPANY
 CONDENSED FINANCIAL INFORMATION
 (Unaudited)
 Six Months Ended Quarter Ended
 June 30, June 30,
 1993 1992 1993 1992
 Net premiums written $5,259,138 $5,572,021 $2,682,890 $2,595,581
 Net premiums earned 5,054,664 4,653,987 2,535,354 2,532,219
 Net investment income 996,725 1,163,317 497,280 562,313
 Realized gains 361,209 268,252 65,905 40,374
 Total revenue 6,412,598 6,085,556 3,098,539 3,134,906
 Losses and loss
 adjustment expenses
 incurred 3,927,774 4,769,201 1,886,598 2,107,709
 Underwriting expenses
 incurred 2,059,259 2,691,839 1,059,706 1,004,738
 Income before income
 taxes and extraordinary
 item 425,565 (1,375,484) 152,235 22,459
 Provision for inc. taxes 144,692 3,705 51,758 0
 Income before extraordinary
 item 280,873 (1,379,189) 100,477 22,459
 Extraordinary item 136,181 0 48,714 0
 Net income (loss) $417,054$(1,379,189) $149,191 $22,459
 Shareholders' equity $5,678,404 $5,575,662 $5,678,404 $5,575,662
 Per share -- net income 14 cents (46 cents) 5 cents 1 cent
 Shareholders' equity per
 share 1.90 1.87 --- ---
 -0- 8/20/93
 /CONTACT: Graham S. Payne, chief financial officer, North East Insurance Group, 207-883-2232/
 (NEIC)


CO: North East Insurance Group ST: Maine IN: INS SU: ERN

CM-DJ -- NE002 -- 8673 08/20/93 11:47 EDT
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Publication:PR Newswire
Date:Aug 20, 1993
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