PAN ATLANTIC RE INC <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.