profit for fiscal 1994, according to the company's 1994 financial statements.

The company reported profit of $1.4 million compared to a net income loss of $5.8 million for 1993.

GTE Reinsurance Company Ltd., a wholly-owned subsidiary of GTE Corp, was originally incorporated in Bermuda but November 30, 1994 moved its site of incorporation to Vermont on November 30 last year.

GTE Life Insurance Company Ltd., a a wholly-owned subsidiary of GTE Re, remains in Bermuda.

GTE Re's assets declined ten percent to $538.4 million from $600.4 million while liabilities dropped five percent to $465.9 million from $491.7 million.

Revenues fell to $94.7 million compared to $133.7 million, a drop of 30 percent.

Expenses were down 35 percent at $87.9 million compared to $1356 million a year earlier.

Net premiums written declined ten percent to $66.5 million from $73.8 million.

Life premiums written declined 22 percent from $9 million to $7 million.