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USF&G EXPECTS TO REPORT BETTER THAN ANTICIPATED FIRST QUARTER RESULTS

 BALTIMORE, April 19 /PRNewswire/ -- USF&G Chairman Norman P. Blake Jr. announced today in Baltimore prior to tomorrow's meeting of insurance industry security analysts that "USF&G expects to report first quarter 1993 earnings that are greater than analysts' current expectations."
 Blake further said: "Consolidated net income for the first quarter, prior to net realized gains and losses and the impact of adopting three new Financial Accounting Standards Board (FASB) standards, is expected to approximate $22 million, or 12 cents per common share, after deduction of preferred stock dividends. Analysts' current earnings expectations average 5 cents per share.
 "In the first quarter we will adopt FASB 106 relating to accounting for post-retirement employee benefits, FASB 109 relating to accounting for income taxes, and FASB 113 relating to accounting for reinsurance contracts. The effect of the adoption of these standards is a $38 million net benefit to the first quarter net income, which together with realized gains, is expected to result in total consolidated net income of approximately $61 million, or 58 cents per common share, after deduction of preferred stock dividends."
 In the first quarter of 1992, the company reported a consolidated net income of $4 million, or a net loss of 9 cents per common share, after deduction of preferred stock dividends. For the full year 1992, consolidated net income totaled $28 million, or a net loss of 24 cents per common share, after deduction of preferred stock dividends. The 1992 results included historically large catastrophe losses of $140 million.
 USF&G expects to report final results for the 1993 first quarter on or before April 28.
 USF&G Corporation (NYSE: FG), with assets of $14 billion, is one of the nation's largest insurers. Its primary subsidiary is United States Fidelity and Guaranty Company (USF&G Insurance), founded in 1896.
 -0- 4/19/93
 /CONTACT: Kerrie Burch-DeLuca of USF&G, 410-547-3573/
 (FG)


CO: USF&G Corporation ST: Maryland IN: INS SU: ERN

TW-MH -- DC015 -- 7363 04/19/93 11:54 EDT
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Publication:PR Newswire
Date:Apr 19, 1993
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