Financial Guaranty Insurance Co. last week reported a 27% increase in profits for the first half of 1993, as the municipal bond insurer racked up $83 million in net income for the period.
That compares with $65.2 million earned during the first six months of last year, FGIC said.
For the second quarter, the company's net income was $38.3 million on revenues of $71.4 million, a 19% increase over 1992's second-quarter net income of $32. 1 million on revenues of $53.9 million.
"FGIC continues to achieve remarkable financial results," Richard A. Price, a managing director, said in a statement announcing the new figures. "Over the past 12 months, Financial Guaranty's earnings have allowed it to increase its capital and surplus by $99 million, or 17%."
The company also reported a 13% increase in net premiums written of $67.8 million for the quarter ended June 30, compared with $59.9 million for the second quarter of 1992.
Earned premiums of $38.5 million for the second quarter included $10.2 million attributable to bond calls and refundings, which compares with earned premiums of $28.7 million for the second quarter of 1992, including $6.9 million attributable to bond calls and refundings.
Policyholders' reserves were $1.7 billion at the end of the half, a 10% increase from the $1.54 billion reported as of Dec. 31.