of $64.3 million for the second quarter of fiscal 1993 -- up 74 percent on the same period the year before.

The amount brings the company's total profit for the first six months of the fiscal year to $103 million -- an increase of 12.3 percent compared with the half-year figure for 1992.

Operating income, which excludes realised investment gains, was $29.3 million or 70 cents per share for the three months ending March 31, 1993, compared to $28 million or 77 cents per share for the same period in 1992.

For the first six months of fiscal 1993, operating income came to $60.5 million, an increase of 11.4 percent ($6.2 million).

Net premiums written during the second quarter improved by less than one percent to $77.9 million over the same period in 1992. Premiums earned were up by 18.6 percent ($12.2 million) to $77.6 million.

Net realised gains increased by 291 percent ($26 million) to $35 million and net investment income came to $29 million, up by 5.4 percent ($1.5 million).

Administrative expenses jumped by 72.5 percent ($1.8 million), acquisition costs went up by 15.4 percent ($1.3 million) to $9.5 million and losses and loss expenses increased by 17.2 percent ($9.3 million) to $63.6 million.

Over the first six months of the fiscal, administrative expenses jumped by 42 percent to $7.56 million, largely due to $3.2 million worth of expenses relating to the initial public offering of ACE shares.

Earnings per share went from $1.02 as at March 31, 1992, to $1.71 a year later.

Total investments and cash amounted to $2.1 billion at March 31, 1993. For the second fiscal quarter, an annualised effective yield of 5.8 percent was generated.

Chairman, president and CEO Mr. Walter Scott said: "I'm very pleased with ACE's financial results for the period. We have experienced strong growth in our operations.

"Our underwriting results showed a 20.7 percent increase in earned premiums for the first half of fiscal 1993 and the combined ratio decreased to 99.2 percent from 99.8 percent for the six months ending March 31, 1993.

"Investment returns have again exceeded our benchmarks and net and operating income continue to grow.'' He added: "Our leading position in excess liability and directors' and officers' liability is supported by our financial strength and our ability to meet the needs of a global marketplace.

"The recently completed recapitalisation has simplified our capital structure and will enable our shareholders to more easily evaluate the company's performance on an on-going basis.'' ACE, through its wholly-owned subsidiaries, provides excess directors' and officers' liability insurance and also provides high level excess liability insurance.

The company provides coverage to a diverse group of the world's largest industrial enterprises .

At March 31, 1993, ACE had about $1.2 billion in shareholders' equity, approximately $2.2 billion in assets and 480 policyholders.

ACE RESULTS FOR FIRST HALF OF FISCAL 1993 PROFIT $103.3 M NET PREMIUMS WRITTEN $171.0 M NET PREMIUMS EARNED $154.8 M NET INVESTMENT INCOME $59.3 M NET REALISED GAINS $42.8 M LOSSES AND LOSS EXPENSES $127.0 M ACQUISITION COSTS $19.0 M ADMINISTRATIVE EXPENSES $7.6 M EARNINGS PER SHARE $2.74 MR. WALTER SCOTT -- Head of ACE Insurance.