CONTINENTAL <GIC> SEES 1987 NET UP FROM TAX LAW
  Continental Corp said the fresh start
  provision of the Tax Reform Act of 1986 may add 1.30 to 1.60 to
  1987 earnings per share.
      The insurance holding company had net earnings of 449.6 mln
  dlrs, or, or 7.42 per share, in 1986.
      John Loynes, Continental chief financial officer, said the
  fresh start provision allowed the company to discount opening
  tax reserves to January 1, 1987, which released deferred taxes
  into earnings.
      Loynes said the provision's potential benefit would decline
  gradually over the next four years, during which time
  Continental will pay 250 mln to 350 mln dlrs more in taxes.
      Loynes added, however, the higher taxes are not expecetd to
  have a significant impact on earnings.