an unaudited profit of $16.3 million for the first half of fiscal 1992 -- down 1.7 percent on the same period the year before.

CODA wrote premiums worth $17 million -- down five percent -- during the six months to April 30, 1992.

Losses and loss expenses increased by 3.5 percent from $13.6 million to $14.1 million. CODA made a net underwriting profit of $237,000, up 7.7 percent.

The firm's assets for the period increased by 10.7 percent from $392.5 million to $434.5 million, while its liabilities went up 4.7 percent from $200.7 million to $210 million.

Its retained earnings at the end of the period were $85.6 million, up 62 percent.

CODA is a leading writer of directors' and officers' liability insurance and is managed by ACE Insurance Management.

The company provides coverage up to $25 million in $5 million increments.

Fiduciary liability coverage is also available up to $10 million.

The company's shareholders comprise large American firms such as General Electric, USX, Delta Airlines and Texaco.

CODA 1992 half year results, unaudited Profit $16.3M Net underwriting profit $237,000 Premiums written $17M Assets $434.5M Liabilities $210.2M.