Enhance Financial Services Group Inc. said this week that its profits in the first quarter of 1994 declined 16.8%, with net income totaling $10.4 million, or 58 cents a share, compared with $12.5 million, or 69 cents, in the first quarter of 1993.

Enhance, whose officials were upbeat about the quarterly performance, attributed the decline to a drop in realized capital gains.

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