6 million for fiscal 1991 -- a 56.

6 percent increase on the year before.

Mr. Jens Juul, president and CEO, said: "This outstanding result was accomplished through the continued development of the finite risk niche, both in the US, the UK and also in mainland Europe.'' The improvement in performance was achieved largely as a result of a 60.1 percent increase in premiums earned from $15 million in 1990 to $24 million in 1991.

And fees earned, ie., considerations received for services or profits derived from non-prospective insurance transactions, nearly doubled to $6.4 million.

Investment income was static at $4.5 million, although realised investment gains were up by a massive 13,472 percent from $23,831 to $3.2 million.

Mr. Juul said: "To achieve static investment income was an achievement as yields derived from the fixed income markets declined significantly during the year.'' While revenues were up by $15.3 million (67 percent) to $38 million, total expenses rose by $11.5 million (71.5 percent) to $27.6 million. Expenses increased mainly as a result of losses and loss adjustment, from $6.8 million to $12.2 million, and acquisition costs, from $5 million to $11.2 million.

Scandinavian Re's 1991 result represented a return on average equity of 19 percent, compared with 12 percent in 1990. Year-end equity and assets stood at $61.4 million and $303.8 million respectively, compared with $57.5 million and $122.2 million in 1990.

Retained earnings at the end of the year came to $11 million, up from $7.3 million in 1990.

Scandinavian Re. is an open market specialist underwriter, dealing with all aspects of financially-oriented insurance and reinsurance products.

It is a wholly-owned subsidiary of the Sirius Insurance Group of Sweden, which has other in the US and UK and a branch office in Germany.

SCANDINAVIAN RE 1991 RESULTS Profit $10.6m Total revenues $38.2m Total expenses $27.6m Premiums earned $24m Retained earnings $11m Total assets $304m Total liabilities $242m.