reported net income of $40.8 million for the third quarter to June 30, a 15.6 percent increase over the 1995 third quarter.

Net income for the quarter that is available to common shareholders after minority interest of more than $15 million is $25,793,000.

Earnings per share for the quarter were $1.70, and book value per share on a fully diluted basis was $19.38.

LaSalle opened on Nasdaq yesterday at $22 and was trading as high as $22.75 before midday. The results bucked a trend of catastrophe reinsurers reporting lower quarterly earnings as a result of a fall in catastrophe insurance premium rates.

Net premiums written were marginally up 1.1 percent to $26.7 million, as net premiums earned rose 13.3 percent to $55.3 million. Net investment income was up 6.3 percent to $6.7 million.

Net income was up 7.2 percent for the first three quarters to $101.6 million.

Net income for the nine months that was available to common shareholders after a minority interest of $37.7 million was $63,866,000.

Net premiums written were modestly up 2.8 percent to $171.9 million, as net premiums earned shot up 29 percent to $158.4 million.

Chairman, president and CEO, Victor H. Blake, said the results were in line with the company's business plan.

He said: "We are pleased that we have achieved a record level of net income in this quarter, and that our return on equity continues at an annualised rate of more than 30 percent.'' Losses and loss expenses reported for the quarter were $10 million, or 18 percent of net premiums earned, compared with $10.5 million, or 21.5 of net premiums earned in the 1995 period.

The company declared a quarterly dividend of 25 cents per share, which was payable to shareholders of record June 25 on July 11.

LASALLE AT A GLANCE (All figures in '000s, except per-share amounts) (Figures in brackets signify losses) Jun.30 Jun.30 Pc t.

1996 1995 Change Net Income $40,817 35,320 15.6% Earnings per share $1.70 $N/A N/A Realised Invst Gain 46 0 N/A