INSURANCE EARNINGS

INSURANCE EARNINGS

NATIONAL RE REPORTS

THIRD-QUARTER PROFIT

STAMFORD, Conn. - National Re Corp. reported net income of $12.1 million for the third quarter ended Sept. 30, compared with $12.5 million for the same quarter of 1992.

Operating income climbed to $9 million, or 53 cents a share, during the quarter, compared with $4.8 million, or 28 cents a share, in the same quarter in 1992.

Largely because of reduced income from capital gains and investments, net income dipped to 71 cents a share in the third quarter, compared with 73 cents a share a year earlier, the company reported.

Revenue rose slightly to $95.2 million during the third quarter to surpass revenue of $93.1 million for the same quarter a year ago.

The third-quarter combined ratio improved to 99.2 percent from 107.2 percent for the same quarter a year ago due to lighter catastrophe losses.

Such ratios measure dollars received in premiums against those spent to cover losses, expenses and commissions. A ratio below 100 percent indicates an underwriting profit.