Financial Guaranty Insurance Co. yesterday reported a 37% increase in net income for the third quarter compared to the same period last year.

FGIC's profits for the three months ended Sept. 30 jumped to $48.1 million on total revenues of $94.3 million, compared to 1992 third-quarter net income of $35.1 million on revenues of $62 million.

For the first three quarters of 1993, the bond insurer saw profits rise 31%, to $131.1 million from $100.3 million earned between January and September 1992.

The refunding boom is helping boost earnings at all bond insurers this year. Refundings allow insurers to count all at once the premiums issuers pay for the insurance, instead of amortizing the sum over the life of the bonds.

In FGIC's case, premiums earned during the third quarter amounted to $62.8 million, with more than half -- $36.3 million -- attributable to bond calls and refundings. That compares with 1992's third quarter, when total earned premiums were $32.8 million and the amount attributable to bond calls and refundings was $9.4 million.

Ann C. Stern, FGIC's c chairman and chief executive officer, said the company's financial success is translating into a stronger capital position. The company's capital base increased $79 million in the third quarter to $986 million, she said.

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