LaSalle Re Holdings Ltd.'s fiscal year profit rose 24 percent, the reinsurance company said yesterday.

An increase in net premiums earned, as well as lower losses, contributed to the results.

For the 12 months ended September 30, LaSalle Re made $129.5 million compared to $104.4 million, on revenues of $221.6 million compared to $195.4 million.

Per share earnings were $5.40 compared to $4.51.

Fourth quarter profit rose 187.6 percent to $27.9 million from $9.7 million on revenues of $43.8 million compared to $54.6 million. Quarter share earnings were $1.16 compared to 41 cents.

"Our business in 1996 reflects the continued strengthening of our position as one of the world's leading property catastrophe reinsurers,'' LaSalle Re chairman, president and CEO Victor Blake said.

Net premiums written for the year were $190.2 million, down 5.8 percent, from the $201.9 million reported for the prior year. Net premiums earned rose 14.4 percent to $195.1 million from $170.4 million.

Net investment income was $26.8 million compared to $25.1 million, an increase of 6.8 percent. The year's increase was due to a larger investment base, LaSalle Re said.

Year expenses were $92.1 million compared to $91 million.

Losses and loss expenses for the year were $51.5 million compared to $60.4 million.

Quarter losses were $7.3 million and $35.9 million. In 1996 fourth quarter, the company experienced limited hurricane losses, while in 1995 fourth quarter the company reported losses from hurricanes Luis and Marilyn.

Year loss ratio was 26.4 percent compared to $35.4 percent. Expense ratio was 19.7 percent compared to 17.1 percent. Combined ratio was 46.1 percent compared to 52.6 percent.

Fourth quarter, net premiums written were $18.3 million compared to $34.7 million. LaSalle Re said the 47.3 percent decline was due to: Lower premium volume, due in part to decreasing rates, accounted for $5.3 million of the reduction.

Reduced reinstatement premiums, due to favourable loss experience, accounted for $3.4 million of the reduction.

And estimated quota share agreements adjustments accounted for $7.7 million of the reduction.

The latter related to a single three year contract and the company does not expect an adjustment of this magnitude on this contract in future, LaSalle Re said.

Net quarter premiums earned were $36.8 million, a 22.7 percent decrease, from the $47.6 million for the prior fourth quarter.

"Assuming current market conditions continue, we would expect our property catastrophe premiums to decline in fiscal 1997,'' Mr. Blake said.

"However, based on the market opportunities we currently see, we expect growth in our other lines of business to offset this decrease, resulting in relatively flat overall premium volume.'' Mr. Blake also said that the company exceeded its 20 to 25 percent return on equity goal. For fiscal 1996, the company's return on equity was over 29 percent.

Quarter net investment income was $7.5 million compared to $7.3 million.

On Friday, the company filed a registration statement with the Securities and Exchange Commission related to a $75 million to $100 million share secondary share offering. The common shares will be offered by certain founding shareholders.

LaSalle Re, through its operating company, LaSalle Re Ltd., writes high severity, low frequency reinsurance.

At September 30, the company's assets were $634.4 million compared to $636.5 million a year earlier.