percent to $488.3 million or $3.87 a share for the year ended December 31, compared to 1997.

The company had total revenues of $1.3 billion for the year. Total assets increased to $4.4 billion. Members' equity was about $2.5 billion at December 31.

OPL reported total return of 23 percent to shareholders during the year. The return included a cash dividend of $1.04 per share and an increase in net book value to $19.84 from $17 a share.

OPL president and chief executive officer Scott Davis said this was the fourth year in a row annual return to shareholders exceeded 20 percent.

"We are pleased with the performance of all of our business segments this year, especially considering the unprecedented volatility in global equity markets and soft reinsurance market conditions,'' he said.

Net underwriting income increased 5.5 percent to $239.8 million. Gross reinsurance premiums written increased by $203.1 million to $923.6 million.

OPL reported that the company added 48 new programmes and renewed 14 during the year. New property, marine and aviation programmes accounted for about 60 percent of the new business underwritten.

The combined ratio increased four percentage points to 69 percent in 1998, reflecting the changing mix of business and increased competition in the marketplace.

The company had investment income of $238.2 million, down by 3.7 percent over the previous year. The company has an investment portfolio currently valued at $2.6 billion.

"The architecture of our investment portfolio was able to withstand the record volatility levels experienced by global investment markets during 1998 and we are pleased to report another year of outstanding investment results,'' Mr. Davis said.

OPL began operations in 1983 underwriting shipper's risk, reinsuring packages carried by subsidiaries of United Parcel Service of America, Inc. The company has since expanded into related business, including property, workers' compensation, aviation, marine, accident and health, automobile and other specialty reinsurance products.

Through a subsidiary, OPL also owns and manages a convention hotel and five office buildings in Atlanta, Boston and Chicago.

OVERSEAS PARTNERS LTD.

Overseas Partners Ltd.

OPL 1998 financial results for year ended December 31: Net income up 2.3 percent to $488.3 million Revenues up 1.8 percent to $2.3 billion Expenses up 22.5 percent to $758.9 million Reinsurance premiums earned up 16.9 percent to $746.9 million Real estate and leasing revenues up 2.6 percent to $255.1 million Assets up 19 percent to $4.4 billion Members' equity up 13.6 percent to $2.5 billion Book value up 16.7 percent to $19.84 a share