Second Quarter 2003
New York, NY, July 25, 2003 - Financial Guaranty Insurance Company (FGIC) today reported that it has continued to produce strong results during the first half of 2003. Net premiums written in the second quarter 2003 were $97.4 million, a 47% increase as compared to $66.3 million in the second quarter 2002. For the first half 2003, net premiums written were $145.9 million versus $102.4 million in the comparable period in 2002, a 42% increase. During the first six months of 2003, adjusted gross premiums rose to $150.7 million, a 33% increase versus $113.0 million in the first half of 2002.
"Exceptional capital strength, customer centricity and profitability remain the hallmarks of FGIC's strategy. Our performance continues to reflect our discipline and unwavering commitment to deliver innovative solutions to meet the capital market needs of our customers," said Deborah M. Reif, Chairman, President and CEO.
Municipal Finance - FGIC insured $10.1 billion in the second quarter 2003, representing 17.2% of the total insured volume. Gross premiums written in the second quarter 2003 rose to $84.1 million, a 26% increase over $67.0 million in the second quarter 2002. Year-to-date, gross premiums written were $124.3 million as compared to $95.4 million in the first half of 2002, a 30% increase.
Structured Finance - FGIC insured $2.8 billion of structured finance securitizations in the second quarter of 2003 as compared to $1.0 billion in the second quarter of 2002, a 182% increase. During the first six months of 2003, par insured rose to $6.5 billion, a 49% increase as compared to $4.4 billion in the second half of 2002.
Financial Guaranty Insurance Company (FGIC) is part of GEI, Inc., a family of companies with $173 billion in assets that provide insurance, investments, mortgage-related services and financial guarantees for commercial, municipal, retail and consumer customers across the globe. GEI, Inc.'s parent is General Electric Company. General Electric Company is a diversified services, technology and manufacturing company with operations worldwide.