yesterday with operating income up 17 percent to an all-time high.

For the quarter ended June 30 the company recorded operating income of $19.6 million or 45 cents per share, compared with $16.8 million and 41 cents in 1998's second quarter.

MRM's fee income increased 21 percent in the quarter to $45.8 million, from $37.9 million in the same period last year.

In a joint statement chairman and CEO Robert Mulderig and president John Kessock said fees and operating income for the quarter were records.

Combined fees for the company's programme business, specialty brokerage and financial services segments grew by 35 percent.

"Return on equity continued to meet our expectations at 20 percent for the first six months of 1999,'' the statement said.

But operating expenses were also on the rise -- up 29 percent to $30.4 million for the quarter compared to $23.7 million last year.

MRM bosses blamed this on the company's growth in personnel as well as the cost of doing more business and recent acquisitions.

Pre-tax profit margins were 34 percent for the second quarter, slightly down on the 38 percent for the corresponding 1998 period.