second quarter to June 30 compared with $300.5 million in the same period last year.

For the six month period Oil had net income of $139.7 million compared with $395 million in the same period 1998. The company wrote net premiums written and earned of $9.4 million in the quarter compared with $20.5 million.

Net underwriting income ws $7.9 million compared with $5.9 million for the 1998 quarter. Net investment income was $78.9 million for the quarter compared with $296.2 million.

Shareholders equity incresed by $84.8 million in the quarter to $1.9 billion.