Baltimore-based USF&G; Corp. reported a 5% rise...

Baltimore-based USF&G; Corp. reported a 5% rise in fourth-quarter earnings on a 7% increase in revenue.

While the performance was affected by gains from investments and accounting and tax changes, the company said its core property-casualty and life insurance businesses also saw profit gains.

Net earnings for the quarter ended Dec. 31 were $62 million, or 57 cents a share, compared with $59 million, or 55 cents a share, for the year-earlier period. Excluding the one-time gains and losses, income from operations was up 28% to $37 million.

The company’s quarterly income from property and casualty insurance gained 4% to $54 million. Quarterly income from life insurance was $3 million, compared to break-even results in 1993.

Revenue was $853 million, up from $799 million in 1993.