(OPL) soared more than 145 percent to $196.8 million -- a $116.7 million increase on the $80.1 million declared for the first quarter of last year.

Officials said that the improvement was largely due to the extraordinary performance of the company's investment portfolio.

Investment income increased by $117.7 million, primarily as a result of an increase in net holding gains on the equity portfolio, offset by a small decline in bond valuations.

Net income per share rose to $1.55, an increase of 94 cents over the same period the year before.

In just three months, total assets rose $200 million to $3.9 billion at March 31, when compared to the financial year end at December 31.

The company recorded quarterly reinsurance premium of $276.7 million, down from the $303.3 million in the comparative period.

Two new lines of business generated $79 million in written premiums, including $63.8 million from aviation and marine programmes and $15.2 million from medical benefits programmes.

Other reinsurance premiums fell, due to a restructuring of workers' compensation programmes and the cancellation of an automobile warranty programme. Earned premiums however, increased 18 percent from $136.5 million to $161.7 million.

There was modest growth in underwriting income and operating income from the company's leasing and real estate business increased.

OPL president Bruce M. Barone said, "In the first quarter of our 15th year, the company has been able to continue participating in the strong equity markets in the US and throughout the world, which have significantly increased the value of the company's investment portfolio.

"Underlying the growth in investment income, our core businesses have all recorded satisfactory results.'' OPL maintains an investment portfolio valued at March 31 at $2.3 billion.

Mr. Barone said, "Although reinsurance markets continue to be very competitive, we have been successful in adding to our marine, aviation and medical benefit programmes and earned premiums continue to increase.

"Our reinsurance business continues to grow and results from the real estate and leasing business were also encouraging.'' OPL, one of the world's largest reinsurers, also owns, manages and leases real estate. Through a subsidiary, OPL owns and manages four large office complexes and a convention hotel. Other owned companies are leased to major companies.

Four million shares were cancelled in March, leaving $127 million shares outstanding at March 31.

Reinsurance remains the company's core business, which began with shipper's risk, which is the reinsuring of insured packages shipped using United Parcel Services (UPS).

OPL has since expanded into related businesses -- including property, workers' compensation, aviation, marine, medical benefits, finite risk and other specialty reinsurance products that leverage OPL's reinsurance expertise and enhance the firm's growth potential.

The diversified company whose total capital at the end of 1997 was $2.4 billion, almost all of which came from accumulated earnings, less paid dividends.

Since its 1983 inception, OPL has grown into a financially strong entity with total 1997 annual revenues exceeding $1.1 billion, total assets of $3.7 billion and 1997 net income of $447.1 million.

OPL has more than 83,000 shareholders and its common stock is not listed on a securities exchange and is not sold in the organised over-the-counter market.