The full extent of the impact on PartnerRe of fierce European storms became clear yesterday.

The company reported a loss of $28 million -- but insisted this was in line with expectations.

The figure reflects the operating result available to common shareholders, excluding net realised investment gains and losses, for the three months ended December 31, 1999.

This compares with operating earnings of $59.8 million, or $1.08 per share, for the fourth quarter of 1998. The company was hit by severe storms at the end of December in France, Switzerland and Germany. And catastrophe losses in the fourth quarter were $90 million after tax, or $1.76 per share.

The net result for the three months ended December 31, 1999, including net realised investment gains and losses, was a net loss of $10.3 million. This contrasts with net income of $63.4 million for the fourth quarter of 1998.

The decrease in net income for the quarter reflects the impact of the 1999 catastrophe losses.

Net loss per diluted share for the three months ended December 31,1999, was $0.30 compared to net income per share of $1.05 for the fourth quarter of 1998.

For the year ended December 31, 1999, the operating earnings were $92 million, or $1.73 per share, compared to $230.3 million, or $4.05 per share, for 1998.

Net income for the year ended December 31, 1999, was $94.8 million, or $1.40 per diluted share, compared to $266.3 million, or $4.34 per diluted share, for 1998.

The major catastrophes during 1999 hit the company's after tax operating result by $164 million, or $3.08 per share for the year.

At December 31, 1999, total assets were $7.6 billion and shareholders' equity was $1.8 billion.

The company announced that the board of directors declared a 4 percent increase in the regular quarterly dividend to $0.26 per common share from $0.25.