a profit of $29.5 million for fiscal 1992 -- down 10.6 percent on the year before.

The drop in net income was largely due to an extraordinary expense item of $2 million, according to the company.

This was the amount spent on the purchase and cancellation of options granted to a subsidiary of ACE Ltd. in 1987.

Lower net realised gains, which were down 33.3 percent ($1.4 million) to $2.

8 million, was also responsible.

Revenues went up by less than one percent ($556,000) to $67.4 million in the 12 months to October 31, 1992. Expenses increased by 6.2 percent ($2.1 million) to $36 million.

Premiums written went up by 23 percent ($7.1 million) to $38.1 million.

Premiums earned increased by 7.5 percent ($2.4 million) to $34.7 million, while net investment income dropped by 1.5 percent ($464,000) to $29.8 million.

The biggest increase in expenses was the 6.5 percent ($1.8 million) rise in losses and loss expenses to $29.2 million.

Acquisition costs were up by 6.1 percent ($271,000) to $4.7 million, while administrative expenses increased by one percent ($21,000) to $2,029,000.

Retained earnings at the end of the year were up by 42.5 percent ($29.5 million) to $98.7 million.

Assets increased by 11.5 percent ($46.9 million) to $454 million, while liabilities went up by 8.7 percent ($17.4 million) to $216.5 million.

Shareholders equity had a rise of 14.2 percent ($29 million) to $237.5 million.

The provision for losses and loss expenses for fiscal 1992 was $140 million, compared with $127.1 million the year before. No specific adverse claim developments were experienced during 1992.

CODA, which is managed by ACE Insurance Management, is a leading writer of D&O liability insurance.

CODA's policy provides directors and officers with protection on a primary or excess of other insurance on a difference in conditions basis.

Coverage of up to $25 million is available in $5 million increments.

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

CODA 1992 RESULTS PROFIT $29.5 million REVENUES $67.4 million EXPENSES $35.96 million PREMIUMS WRITTEN $38.1 million PREMIUMS EARNED $34.7 million ASSETS $454 million LIABILITIES $216.5 million RETAINED EARNINGS $98.7 million.