earnings increased 30 percent to $20.7 million in 1993, the company reported yesterday.

Earnings increased by $5.3 million from $15.4 million for the year ending December 31, 1992.

Revenues for the 12 months to December 31, 1993, came to $106.1 million for the year, up 162.2 percent on 1992's figure of $91.4 million.

Expenses went increased 13.2 percent from $69.7 million in 1992 to $78.9 million in 1993.

Income tax payments accounted for another $6.4 million, a two percent increase on 1992.

Premiums earned increased $4.8 million to $55.3 million, and risk management fees earned the company $41.3 million, a 29.7 percent increase on 1992's figure of $31.8 million.

Losses and loss expenses incurred amounted to $40.3 million, down $2.25 million or 5.2 percent on 1992.

Operating expenses came to $22.1 million, up from $18 million the previous year.

For the fourth quarter of fiscal 1993, ending December 31, 1993, MRM showed a $5.7 million profit, compared to a profit of $4 million for the same period the previous year.

In a joint statement, Mr. Robert Mulderig, MRM chairman and CEO, and Mr. John Kessock, MRM president said: "The operating results for the first quarter were excellent, and reflected continued strong demand for the company's services from participants in the Alternative Market''.

MRM's risk management fees increased 31 percent to $11 million for the last quarter of 1993.

Profit margins on these risk management fees continued to improve, and amounted to 46 percent for both the three and twelve months of 1993, as compared to 39 percent and 43 percent in the corresponding 1992 periods.

Legion Insurance Company, MRM's policy-issuing subsidiary, added 12 new programmes during the fourth quarter as compared to nine in the 1992 fourth quarter, bringing to a total 64 new programmes added during 1993, as compared to 49 new programmes in 1992.

Legion's renewal rate decreased from 80 percent in 1992, to 78 percent in 1993.

Gross premiums written by Legion increased to $251.3 million for the year ended December 31, 1993, up 28 percent from the 1992 amount of $196.7.

Investment income for the year ended December 31, 1993, amounted to $9.5 million, a three percent increase over the 1992 amount of $9.2 million.

Fourth quarter 1993 investment income increased 6 percent to $2.5 million, as compared to $2.4 million in the 1992 fourth quarter.

MRM shares closed up $1.625 to $27.50 at the new York Stock Exchange.

MRM's 1993 RESULTS (Millions of dollars except share value) Profits $20.7 Revenue $106.2 Expenses $78.9 Assets $859 Shareholders' equity $114 Book value per share $9.81.