fiscal 1992 -- up by 7.2 percent on the previous year.

Gross premiums written for the 12 months to November 30, 1992, were up by 13.2 percent ($53.7 million) to $459 million.

Net premiums written went up by nine percent ($35 million) to $434 million.

Losses and loss expenses increased by 5.3 percent ($16 million) to $316 million, while acquisition costs and administrative expenses were stable at $62 million.

Net income per ordinary share was $5.01, compared with $4.83 for the previous year.

The combined operating ratio for 1992 was 92.7 percent, compared with 93.6 percent in 1991.

For 1992, the loss and loss expense ratio was 77.3 percent, against 77.4 percent the year before, and the underwriting expense ratio was 15.4 percent, compared with 16.2 percent.

Realised investment gains jumped by 18.8 percent ($13.4 million) to $84.9 million.

Operating earnings, excluding realised investment gains, went up by 2.9 percent ($5.7 million) to $201.2 million.

Per share operating earnings were $3.52, compared with $3.54 in 1991. Total assets rose by 12.3 percent ($336.2 million) to $3.1 billion, while unpaid losses and loss expenses went up by 22 percent ($211.7 million) to $1.2 billion.

Fully diluted book value per share was $28.49, compared with $24.75. "These are record earnings for the company,'' said Mr. Michael J. Kevany, chairman, president and CEO of EXEL.

"The company's insurance operations enjoyed solid underwriting performance and total investment returns for the year were very good despite declining worldwide interest rates.

"Our conservative underwriting and investment policies have helped us achieve these results.

"Although I am pleased with our full year results, fourth quarter earnings were below last year's, reflecting the impact of lower worldwide interest rates and the stronger US dollar on investment income relative to the year ago period.'' Fourth quarter profit dropped by 6.8 percent ($5.2 million) to $71.5 million.

Net income per share in the fourth quarter of 1992 was $1.25, against $1.35 the year previously.

Gross premiums written in the fourth quarter were $116.5, compared with $105.6 million.

Net premiums written were $116 million, versus $105.5 million in 1991's fourth quarter.

Net investment income, including realised gains, went down from $71.6 million in 1991 to $65.5 million.

The decline in fourth quarter investment income reflected the impact of lower interest rates on current investment yields, said Mr. Kevany.

In addition, interest and dividend income in the fourth quarter was reduced by unrealised foreign currency losses of $2.2 million in the international equity portfolio, reflecting the strong US dollar.

EXEL, through its wholly-owned subsidiaries, Bermuda-based XL Insurance and XL Europe Insurance, provides general liability, directors and officers liability and professional liability coverage to industrial, commercial and other enterprises, directors and officers of such enterprises and professional service firms on a worldwide basis.

The company, which is registered in the Cayman Islands, although its operating headquarters is in Bermuda, is listed on the New York Stock Exchange.

EXEL LTD 1992 RESULTS PROFIT $286.1M GROSS PREMIUMS WRITTEN $459.7M NET PREMIUMS WRITTEN $409.1M LOSSES AND LOSS EXPENSES $316.3M NET INCOME PER SHARE $5.01 ASSETS $3.1B UNPAID LOSSES AND LOSS EXPENSES $1.2B MICHAEL J. KEVANY: A good year `despite declining worldwide interest rates'.