profit of $4.775 million -- up by 21.2 percent ($830,000) on the same period in 1992.

Revenues for the three months to June 30, 1993, were up by 6.4 percent ($1.246 million) to $20.819 million while expenses increased by just 0.7 percent ($94,000) to $14.318 million.

Risk management fees accounted for most of the revenue, bringing in $9.854 million during the quarter, an increase of 26.1 percent ($2.039 million).

Premiums earned went down by 8.3 percent ($771,000) to $8.512 million, net investment income fell by 3.1 percent ($77,000) to $2.411 million and realised capital gains increased by 212 percent ($53,000) to $78,000. Other losses came to $36 million.

Operating expenses were the biggest drain on resources, increasing by 18 percent ($831,000) to $5.459 million.

Losses and loss expenses dropped by 25 percent ($1.774 million) to $5.317, acquisition costs went up by 48 percent ($1.087 million) to $3.331 million and interest expense went up by 21.6 percent ($50,000) to $181,000. Other expenses came to $30 million.

Income taxes went up by 19 percent ($276,000) to $1.726 million.

For the six months of fiscal 1993, Mutual Risk made a profit of $9.210 million, up by 24.3 percent ($1.798 million) on the same period last year.

The company's assets at June 30, 1993, stood at $793 billion, up by 16.4 percent ($112 million) compared with December 31, 1992.

Shareholders' equity increased by 8.3 percent ($8 million) to $104 billion during the same period.

Mutual Risk's book value per share at June 30, 1993, was $13.18, compared with $12.34 six months earlier.

Earnings per common share for the first six months of fiscal 1993 was $1.08, compared with 86 cents for the corresponding period in 1992.

In a joint statement, Mr. Robert Mulderig, Mutual Risk's chairman and CEO, and Mr. John Kessock, Jr., the company's president, said the results were "excellent'' and reflected "continued strong sales of the company's services to participants in the alternative market''.

They noted the six-month increase of 27 percent in risk management fees and added that the profit margins on these fees amounted to 46 percent, compared with 45 percent for the corresponding period in 1992.

Legion Insurance Company, the company's policy-issuing subsidiary, added 19 new programmes during the second quarter for a total of 36 new programmes during the first half of 1993, compared with 23 during the first six months of 1992.

Mutual Risk maintained a renewal rate of 75 percent for the first half of 1993, compared with 81 percent for the corresponding period in 1992.

MUTUAL RISK HALF-YEAR 1993 RESULTS PROFIT $9.210m REVENUES $46.825m EXPENSES $34.071m OTHER OUTGOINGS $3.544m ASSETS $793.000b SHAREHOLDERS' EQUITY $104.000b BOOK VALUE PER SHARE $13.18 Mr. Robert Mulderig.