College Construction Loan Insurance Association, the holding company for Connie Lee Insurance Co., reported yesterday that net income totaled $1.7 million in the first quarter of 1994, compared to $1.54 million in the same period last year.

"We are pleased to report a 10% increase in net profits," said Oliver R. Sockwell, Connie Lee's president and chief executive officer, in a statement. "Connie Lee's performance demonstrates its ability to generate profits in varying market conditions and circumstances."

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