ACADEMY INSURANCE GROUP INC &lt;ACIG> 4TH QTR NET

  Oper shr profit one ct vs loss 1.14 dlrs
      Oper net profit 435,000 vs loss 19.9 mln
      Year
      Oper shr loss 28 cts vs loss 2.78 dlrs
      Oper net loss 10 mln vs loss 46.5 mln
      NOTE: Excludes investment gains of one ct per share vs 12
  cts in the quarter, and gains 10 cts per share vs 13 cts in the
  year. Excludes loss from discontinued operations of three cts
  per share in fourth quarter 1985, and loss of 21 cts per share
  vs loss 2.72 dlrs in the year.
  

