Mid Ocean Ltd. has posted net income of $52 million for the first quarter to January 31, a 10.1 percent decrease over the same period the year before.

Earnings per share dropped from $1.57 to $1.43 for the comparative periods.

Net operating income, excluding net gains and losses on investments edged higher from $48.6 million ($1.32 per share) to $49.3 million ($1.36 per share). Total revenues were 2.3 percent higher at $132 million.

Gross written premiums decreased from $295.9 million to $259.8 million, and included $29 million from the Brockbank Group which were not reflected in the first quarter of the previous year.

Net premiums earned were up 5.8 percent to $108.1 million, with Brockbank accounting for $25.5 million.

Net investment income, excluding $2.7 million in net gains on investments, was $23.8 million, up 25.2 percent from $19 million in the same period a year ago.

Michael A. Butt, president and CEO said, "Our results reflect a highly competitive renewal season in virtually all lines we underwrite. On the revenue front, this environment combined with our disciplined underwriting approach led to a decline in premiums written. Adverse comparisons to last year's first quarter resulted in part from reduced investment gains and increased foreign exchange losses this year as well as adverse adjustments to business written in prior years.

"Our profitability for the quarter remained much in line with expectations, as a result of a favourable loss experience.

"Market conditions on a global basis appear as if they will remain highly competitive in most geographic areas and lines of business, although some appear better than others and this is where we intend to focus our activities.

"We also anticipate positive growth from our investment in the Brockbank Group in part due to our decision to increase our dedicated underwriting capacity by approximately 40 percent this year.'' Total assets at January 31 were $2.26 billion, up from $2.02 billion at the end of fiscal 1996, while shareholders' equity was $1.19 billion, up from $1.12 billion. Fully diluted book value per share was $31.31, compared to $30.88 per share at the end of fiscal 1996.