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RELIANCE GROUP, INCORPORATED REPORTS THIRD QUARTER RESULTS

 NEW YORK, Nov. 15 /PRNewswire/ -- Reliance Group, Incorporated, a wholly owned subsidiary of Reliance Group Holdings, Inc., (NYSE: REL) today reported income from continuing operations of $49.0 million for the third quarter of 1993, compared to a loss of $9.3 million in the third quarter of 1992. Net income was $49.0 million in the third quarter of 1993, compared with net income of $20.7 million in the 1992 third quarter, which included $30.0 million of income from discontinued operations. Revenues totaled $747.2 million in the 1993 third quarter, versus $700.3 million in the 1992 period.
 For the first nine months of 1993, Reliance Group, Incorporated reported income from continuing operations of $126.3 million, compared with $45.8 million for the first nine months of 1992. Net income was $130.2 million in the 1993 period, including a one-time benefit of $3.9 million from an accounting change related to income taxes. Net income for the 1992 nine month period was $108.2 million, including $59.0 million from discontinued operations and a $3.5 million extraordinary gain from early retirement of debt.
 Revenues totaled $2.19 billion in the first nine months of 1993, versus revenues of $2.04 billion in the 1992 period.
 Reliance Group, Incorporated's 9-7/8 percent subordinated sinking fund debentures, due 1998 and 9-7/8 percent subordinated sinking fund debentures, due 1999, are traded on the New York Stock Exchange.
 Reliance Group Holdings, Inc., headquartered in New York City, has major property and casualty and title insurance operations.
 RELIANCE GROUP, INCORPORATED AND SUBSIDIARIES
 Financial Summary of Income
 (Unaudited, in thousands)
 Periods Ended Quarter Nine Months
 Sept. 30, 1993 1992 1993 1992
 Revenues $747,220 $700,275 $2,191,454 $ 2,035,665
 Income (loss)from
 continuing operations 48,954 (9,272) 126,316 45,763
 Income from discontinued
 operations -- 30,016 -- 58,993
 Income before extraordinary
 item and cumulative effect
 of change in accounting
 for income taxes 48,954 20,744 126,316 104,756
 Extraordinary item -
 early extinguishment
 of debt -- -- -- 3,460
 Cumulative effect of change
 in accounting for income
 taxes -- -- 3,900 --
 Net income $ 48,954 $20,744 $130,216 $108,216
 -0- 11/15/93
 /CONTACT: Brian T. Martin, vice president-communications of Reliance Group Holdings, Inc., 212-909-1247/
 (REL)


CO: Reliance Group, Incorporated ST: New York IN: INS SU: ERN

LD-WB -- NY137 -- 4753 11/15/93 18:17 EST
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Publication:PR Newswire
Date:Nov 15, 1993
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