$8.48 million or 31 cents per share.

Net operating income excluding realised gains on investments for the Bermuda-based annuity and life reinsurance provider edged up 6.5 percent to $8.22 million, from the $7.72 million it posted after 1998's last quarter.

And the board of directors declared a 4 cent per common share dividend on April 29 payable on June 3 to shareholders of record on May 20. Book value per share climbed from $14.72 at the close of the 1998 fiscal year to $14.88 for the quarter ending March 31.

And total revenue was $36.91 million, up from $30.66 million in the previous quarter.

Annuity & Life Re pared down operating expenses from $1.71 million in 1998's final quarter to $1.38 million for 1999's first quarter -- 4 percent of total revenue.

President and CEO Lawrence Doyle said this was consistent with Annuity Life & Re's goal to be the low cost provider of customised reinsurance programmes to the life and annuity reinsurance sector. He added there was "strong growth in our business''.