PAN ATLANTIC RE INC &lt;PNRE> 4TH QTR NET

  Oper shr 15 cts vs 1.07 dlrs
      Oper net 372,000 vs 2,601,000
      Year
      Oper shr 80 cts vs 61 cts
      Oper net 1,952,000 vs 1,491,000
      NOTE: Net excludes realized investment loss 13,000 dlrs vs
  gain 986,000 dlrs in quarter and gains 1,047,000 dlrs vs
  1,152,000 dlrs in year.
      1986 year net excludes tax credit 919,000 dlrs.
  

