profit dropped 33.5 percent compared to a year earlier.

For the quarter ended March 31 the company made $1.15 million or 19 cents per share compared to $1.73 million or 26 cents per share a year earlier.

First quarter results included zero net investment losses compared to net gains of eight cents per share a year earlier, said Bloomberg Business News.

After adjusting for investment gains and losses net operating income was $1.15 million compared to $1.16 million.

There is significant seasonal characteristic to the company's results with first quarter generally weakest and third quarter generally strongest, the company said.

All of the company's insurance operations are conducted by the US subsidiary, Nobel Insurance Company. That company's combined ratio for 1995 was 108 percent compared to 80.5 percent for 1994.

The expense ratio for 1995 was 40.3 percent compared to 16.6 percent a year earlier.

Premiums earned for the quarter were $10.28 million compared to $6.86 million a year earlier, and increase of 50 percent.