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RELIANCE GROUP, INCORPORATED REPORTS 1992 FINANCIAL RESULTS

 NEW YORK, April 15 /PRNewswire/ -- Reliance Group Incorporated, a wholly owned subsidiary of Reliance Group Holdings, Inc. (NYSE: REL) today reported net income for 1992 of $64.5 million compared to a net loss of $54.6 million in 1991. Revenues totaled $2.76 billion in 1992, versus $2.56 billion in 1991.
 Results for 1992 include income from discontinued operations of $64.1 million and a loss of $47.3 million on the disposal of discontinued operations.
 Results for the prior year include an after-tax charge of $103 million to increase property and casualty insurance loss reserves, income from discontinued operations of $31.4 million and an extraordinary gain of $1 million from early debt retirement of an investee company.
 For the fourth quarter of 1992, Reliance Group, Incorporated reported a net loss of $43.7 million, versus net income of $18.6 million in the 1991 fourth quarter. Revenues totaled $727.1 million in the 1992 fourth quarter, versus $717.8 million in the prior-year period.
 Results for the 1992 fourth quarter include a loss on disposal of discontinued operations of $47.3 million and income from discontinued operations of $5.1 million.
 Results for the 1991 period include income from discontinued operations of $11.9 million and an extraordinary gain of $.2 million from early debt retirement of an investee company.
 The company previously announced a definitive agreement for the sale of its life insurance operations for total estimated consideration of $550 million. The transaction resulted in a charge of $87.3 million in the fourth quarter of 1992. Reliance also completed the sale of its discontinued insurance brokerage oordinated 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, INCORPORATED AND SUBSIDIARIES
 Financial Summary of Operations
 (Unaudited -- In thousands)
 Periods Ended Quarter Year
 Dec. 31 1992 1991 1992 1991
 Revenues $727,100 $717,836 $2,762,765 $2,555,985
 Inc. (loss) from cont.
 operations (1,556) 6,487 44,207 (86,953)
 Inc. from discont. opers. 5,112 11,889 64,105 31,444
 Loss on disposal of
 discontinued operations (47,300) -- (47,300) --
 Inc. (loss) before
 extraordinary item (43,744) 18,376 61,012 (55,509)
 Extraordinary item -- -- 3,460 --
 Extraordinary item of
 investee companies -- 224 -- 894
 Net income (loss) (43,744) 18,600 64,472 (54,615)
 -0- 4/15/93
 /CONTACT: Brian T. Martin, vice president-communications of Reliance Group Holdings, 212-909-1247/
 (REL)


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

SB-PS -- NY059 -- 6262 04/15/93 12:38 EDT
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Publication:PR Newswire
Date:Apr 15, 1993
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