quarter ended June 30, a dramatic fall from the 90 cents per share in the same period last year.

Hailstorms in Australia and tornadoes in the mid-west US drew earnings down by an estimated 28 cents per share during the quarter to June 30, 1999. Fully diluted net asset value was $20.24 per share, an increas of 5.7 percent from fiscal year end.

Gross premiums were up 12 percent to $509 million compared to $454.3 million for the same period in 1998. Net investment income, excluding net realised gains, was $84.8 million, an 8.8 percent decline compared to third quarter last year.

Lower interest rates and the payment of $350 million in breast implant claims over the past 15 months accounted for most of the decline. Revenues for the third quarter was $410.37 million compared to $408.81 million over the same period last year.