Third Quarter 2003
New York, NY, November 3, 2003 - Financial Guaranty Insurance Company (FGIC) today reported that is has continued to produce solid results during the third quarter of 2003. Net premiums written in the third quarter 2003 were $58.8 million, a 14% increase as compared to $51.8 million in the third quarter 2002. Year-to-date, net premiums written were $204.7 million, a 33% increase versus $154.2 million for the comparable period in 2002. During the third quarter 2003, adjusted gross premiums rose 62% to $75.6 million, as compared to $46.6 million in the third quarter 2002. Adjusted gross premiums year-to-date totaled $226.4 million versus $164.4 million during the first nine months of 2002, a 38% increase.
"Our performance continues to reflect our fundamental business strategy and focus on exceptional capital strength and profitability. By combining our customer centric approach with discipline and innovative solutions, we continue to meet the credit enhancement needs of issuers," said Deborah M. Reif, Chairman, President and CEO.
Municipal Finance - FGIC insured $7.6 billion in the third quarter 2003, representing 16.5% of the total insured volume. Gross premiums written in the third quarter 2003 were $54.7 million as compared to $49.6 million in the third quarter 2002, a 10% increase. Year-to-date, gross premiums written rose 23% to $179.0 million versus $145.7 million during the comparable period in 2002.
Structured Finance - FGIC insured $1.5 billion of structured finance securitizations in the third quarter 2003, essentially flat to the third quarter 2002. Year-to-date, par insured rose to $8.0 billion, a 45% increase as compared to $5.5 billion during the comparable period in 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.