For fiscal 1993, the company made a $379.2 million profit -- up 33 percent on the previous year.

Gross premiums written for the 12 months to November 30, 1993, were up by 23 percent ($105.4 million) to $564.4 million.

Net premiums earned went up by 12 percent ($47.7 million) to $456.8 million.

Losses and loss expenses increased by $36.9 million to $353.2 million, while acquisitions costs and administrative expenses climbed by a mere $3,406.

Net income per ordinary share was $6.82, compared with $5.01 for the previous year.

The combined operating ratio for 1993 was 91.9 percent, compared with 92.7 percent in 1992.

For 1993, the loss and loss expense ratio remained stable at 77.3 percent, and the underwriting expense ratio was 14.6 percent, compared with 15.4 percent.

Realised investment gains jumped by $75.9 million to $160.8 million.

Operating earnings, excluding realised investment gains, went up by eight percent to $218.3 million.

Per share operating earnings were $3.93, compared to $3.52 per share, for 1992.

Total assets were $3.6 billion, up from $3.1 billion at November 30, 1992, while unpaid losses and loss expenses went up by $190.6 million to $1.3 billion.

"These excellent earnings reflect the very strong results of our insurance operations throughout 1993,'' said Mr. Michael J. Kevany, chairman, president and chief executive officer of EXEL.

"This success is attributable to our very disciplined approach to underwriting excess insurance, particularly in a more competitive market, and the significant capital gains realised this year by our investment operations, reflecting favourable conditions in both the domestic and international fixed income markets.

"While I am confident that our underwriting operations will continue profitable, similar levels of realised capital gains are unlikely in 1994,'' said Mr. Kevany.

"I am also pleased to note that during the fourth quarter, the company repurchased 436,400 shares of its stock as part of a million share repurchase programme authorised by the Board of Directors in September 1993.

"As of December 30, 1993, this repurchase programme had been completed for a total cost of $44.3 million,'' he said.

Fourth quarter profit increased by 24 percent ($17.1 million) to $88.6 million.

Net income per share in the fourth quarter of 1993 was $1.60, against $1.25 the year previously.

Gross premiums written in the fourth quarter increased 41 percent to $164.4 million from $116.5 million the previous year.

Net premiums earned were $117.4 million, up 11 percent on $106.2 million. Net investment income, including realised gains, went down one percent from $41.1 million in 1992 to $40.5 million in 1993.

The lower net investment income in 1993 primarily reflects the impact of reinvestment of funds at lower interest rates than a year ago, said Mr.

Kevany.

Another contributing factor was the reduction in new cash flow received by investment managers in 1992 and 1993 as a result of the company's investment in Mid Ocean Limited, and the repurchase of 7.3 million share options during 1992 and 1993.

EXEL currently owns 25.4 percent of the total issued shares of Mid Ocean Limited. In the fourth quarter of 1993, the company earned $5.4 million from its equity in the net earnings of Mid Ocean, which began operations in the fourth quarter of 1992.

EXEL, though its wholly-owned subsidiaries, Bermuda-based XL Insurance and XL Europe Insurance, provides general liability, directors and officers liability and professional liability coverage to industrial, commercial and other enterprises, directors and officers of such enterprises and professional service firms on a worldwide basis.

EXEL LTD 1993 RESULTS PROFIT .$379.2M GROSS PREMIUMS WRITTEN .$564.3M NET PREMIUMS EARNED .$456.8M LOSSES AND LOSS EXPENSES .$353.2M NET INCOME PER SHARE .$6.82 ASSETS .$3.6B UNPAID LOSSES, LOSS EXPENSES .$1.3B.

MICHAEL KEVANY: `Very disciplined approach'