EXHIBIT 13.1
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LASALLE RE HOLDINGS LIMITED
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SELECTED FINANCIAL DATA
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Expressed in thousands of United States Dollars,
except per share and operational data.
Year Ended Year Ended Year Ended Year Ended Year Ended
September 30 September 30 September 30 September 30 September 30
1999 1998 1997 1996 1995
STATEMENT OF INCOME DATA
Gross Premiums written $ 139,010 $ 155,316 $ 171,386 $ 190,151 $ 201,916
Net premiums earned 126,615 154,620 163,933 195,141 170,370
Net investment income (including
realized gains and losses) 34,462 39,863 33,664 26,428 25,066
Loss and loss expenses incurred 131,147 95,539 31,199 51,477 60,397
Underwriting expenses 22,219 22,661 26,018 27,268 22,988
Operational expenses 11,358 8,932 12,656 11,114 6,218
Income before minority interest (5,679) 65,232 121,468 129,451 104,448
Minority interest/(1)/
(1999:23%, 1998: 23%, 1997: 21%,
all other periods: 37%) (2,845) 13,426 24,391 47,966 38,774
Net income (2,834) 51,806 97,077 81,485 65,674
Earnings per Common Share - assuming dilution/(2)/ $ (0.61) $ 2.80 $ 5.14 $ 5.40 $ 4.51
Adjusted weighted average number of Common
Shares outstanding/(3)/ 20,213,155 20,919,405 22,998,936 23,967,870 23,170,680
Dividends declared per Common Share $ 1.125 $ 3.00 $ 2.84 $ 0.75 $ 5.72
OTHER DATA
Loss ratio 103.6% 61.8% 19.0% 26.4% 35.5%
Expense ratio 26.5% 20.4% 23.6% 19.6% 17.1%
Combined ratio 130.1% 82.2% 42.6% 46.0% 52.6%
Return on average equity/(4)/ -2.84% 13.0% 25.4% 29.2% 26.6%
BALANCE SHEET DATA (AT END OF PERIOD)
Total investments and cash $ 556,976 $ 606,757 $ 553,043 $ 537,504 $ 522,425
Total assets 736,107 757,290 686,088 634,374 636,547
Reserve for losses and loss expenses 146,552 97,942 45,491 49,875 66,654
Minority interest 93,055 105,569 93,355 179,470 147,389
Total shareholders' equity 382,197 430,053 425,226 307,448 253,422
Book value per share/(5)/ $ 19.69 $ 23.39 $ 23.23 $ 21.42 $ 17.64
/(1)/ Minority interest represents those shares in LaSalle Re Limited that are
held as Exchangeable Non-Voting Shares. These shares are exchangeable, at
the option of the holder, for Common Shares of the Company on a one-for-
one basis.
/(2)/ Earnings per Common Share equals income before minority interest and after
preferred dividends declared and in arrears divided by the adjusted
weighted average number of Common Shares outstanding.
/(3)/ The adjusted weighted average number of Common Shares outstanding include
Common Shares and the Exchangeable Non-Voting Shares and the dilutive
effect of stock options and stock appreciation rights using the treasury
stock method.
/(4)/ Return on average equity is calculated by dividing net income before
minority interest and after preferred dividends declared and in arrears by
the average of the opening and closing sum of common shareholders' equity
and minority interest. The adjustment in respect of minority interest
reflects the exchangeable nature of the Exchangeable Non-Voting Shares.
/(5)/ Book value per share is based on the sum of closing common shareholders'
equity and minority interest divided by Common Shares and Exchangeable
Non-Voting Shares.
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