quarter for the period ending December 31, 1999 in its latest earnings report.

Net operating income, excluding realised gains on investments, grew 34 percent to $10,357,000 or $0.38 per share, compared with $7,720,000 or $0.28 per share for the same period in 1998.

For the 12 months ending December 31, 1999, net operating income increased 120 percent to $36,988,000 or $1.36 per share, as compared with $16,787,000 or $0.66 per share for the initial operating period of eight and a half months ending December 31, 1998.

Net income was $35,703,000 or $1.31 per share and $9,760,000 or $0.36 per share for the 12 months and quarter ending December 31, 1999, respectively.

Total revenue for the quarter ending December 31, 1999, grew 107 percent to $70,817,000 compared with $34,159,000 for the quarter ending December 31, 1998.

Total revenue for the 12 months ending December 31, 1999, was $187,855,000 as compared with $55,059,000 for the initial eight and a half month operating period.

Underwriting results reflected stable, improving mortality.

Operating expenses were 4.1 percent of total revenue -- a very low figure by industry standards -- as compared with 7.5 percent in 1998.

The company's President and Chief Executive Officer Lawrence Doyle said: "We are very pleased with our operating results in 1999.

"Our management team has done an excellent job in building a quality portfolio of major life insurers that have been assisted by our low cost structure.

"Our business has now achieved critical mass, which will enable us to maintain our conservative underwriting and investment strategy.'' On February 9, the Board of Directors declared a dividend of $0.04 per common share payable on March 23 to shareholders of record on March 9.