INSURANCE EARNINGS

INSURANCE EARNINGS

GMAC REPORTS RISE

IN NET INCOME FOR '91

DETROIT - General Motors Acceptance Corp., which includes GMAC's Motors Insurance division as well as auto financing and mortgage operations, reported a rise in net income to $1.4 billion for 1991, from $1.2 billion a year earlier.

The results were in stark contrast to those of GMAC's parent, General Motors Corp., which posted nearly $6 billion in losses for 1991.

GMAC's insurance operations posted a record $205 million in 1991 revenue, 41 percent higher than last year, reflecting improved underwriting results on automobile and mechanical insurance coverages and higher capital gains, as well as the cumulative effect related to the 1991 implementation of the new Statement on Accounting for Income Taxes, GMAC Chairman John R. Edman said Monday.

For 1991, GMAC assets fell to $101 billion, from $103.5 billion a year earlier.