[OBJECT OMITTED]

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    Form 10-Q

            QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended           March 31, 1998
                                 -------------------------------

Commission file number                        1-8026
                                 -------------------------------             

[OBJECT OMITTED]
                             GENERAL RE CORPORATION

             (Exact name of registrant as specified in its charter)

        DELAWARE                                               06-1026471
      ------------                                            ------------
(State or other jurisdiction of                             (I.R.S. Employer
 incorporation or organization)                            Identification No.)

     Financial Centre, P.O. Box 10350
         Stamford, Connecticut                                   06904-2350
         ---------------------                                   ----------
(Address of principal executive offices)                         (Zip Code)

Registrant's telephone number, with area code                 (203) 328-5000
                                                              ----------------

                                      None
              (Former name, former address and former fiscal year, if
                          changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.
                                                 Yes    |X|               No

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock, as of the latest practicable date.
                 Class                       Outstanding at March 31, 1998

     Common Stock, $.50 par value                  76,510,211 Shares
---------------------------------------     --------------------------------

<PAGE>
                                [OBJECT OMITTED]

                             GENERAL RE CORPORATION

                                 FORM 10-Q INDEX



PART I.  FINANCIAL INFORMATION


                                                                     PAGE
Item 1.    Financial Statements

           Consolidated Statements of Income
           Three months ended March 31, 1998 and 1997                  3

           Consolidated Statements of Comprehensive Income
           Three months ended March 31, 1998 and 1997                  4

           Consolidated Balance Sheets
           March 31, 1998 and December 31, 1997                        5

           Consolidated Statements of Common Shareowners' Equity   
           Three months ended March 31, 1998 and 1997                  6

           Consolidated Statements of Cash Flows
           Three months ended March 31, 1998 and 1997                  7

           Notes to Consolidated Interim Financial Statements          8

Item 2.    Management's Discussion and Analysis of
           Financial Condition and Results of Operations              10


PART II.  OTHER INFORMATION


Item 6.    Exhibits and Reports on Form 8-K

           Reports on Form 8-K (none)                                 19

           Exhibit 27    -  Financial Data Schedules                  21







<PAGE>
                                                             
                             GENERAL RE CORPORATION
                        Consolidated Statements of Income
                        (in millions, except share data)

                                                           (Unaudited)
                                                           -----------
                                                       Three months ended 
                                                            March 31,
                                                            ---------
                                                      1998             1997     
                                                      ----             ----
Premiums and other revenues

Net premiums written
     Property/casualty                               $1,087           $1,263
     Life/health                                        324              298
                                                     ------          -------
Total net premiums written                           $1,411           $1,561
                                                     ======           ======

Net premiums earned
     Property/casualty                               $1,167           $1,370
     Life/health                                        307              286
                                                     ------          -------
Total net premiums earned                             1,474            1,656

Investment income                                       322              318
Other revenues                                           93               87
Net realized gains                                       37               11
                                                    -------          -------

         Total revenues                               1,926            2,072
                                                      -----            -----

Expenses

Claims and claim expenses                               782              967
Life/health benefits                                    223              200
Acquisition costs                                       344              354
Other operating costs and expenses                      185              206
Goodwill amortization                                     7                7
                                                    -------          -------

         Total expenses                               1,541            1,734
                                                      -----            -----

         Income before income taxes and
           minority interest                            385              338

Income tax expense                                       96               81
                                                     ------           ------

         Income before minority interest                289              257

Minority interest                                        17               13
                                                     ------           ------

         Net income                                    $272             $244
                                                       ====             ====

Share data:

Net income per common share:
         Basic                                        $3.49            $2.97
                                                      =====            =====
         Diluted                                      $3.40            $2.91
                                                      =====            =====

Average common shares outstanding:
         Basic                                   76,993,544       81,098,094
                                                 ==========       ==========
         Diluted                                 79,689,665       83,463,222
                                                 ==========       ==========

Dividend per share to common shareowners              $ .59            $ .55
                                                      =====            =====

           See notes to the consolidated interim financial statements.
                                        3
<PAGE>
                             GENERAL RE CORPORATION
                 Consolidated Statements of Comprehensive Income
                        (in millions, except share data)



                                                       (Unaudited)
                                                       -----------
                                                    Three months ended
                                                         March 31,
                                                         ---------

                                                     1998          1997
                                                     ----          ----



Net income                                            $272          $244

Unrealized appreciation (depreciation) of 
 investments, after tax:

     Common equities                                   253            53

     Preferred equities                                  4             1

     Fixed maturities                                   (7)         (107)

     Less:   Reclassification for prior periods' 
             appreciation included in current
             period's realized gains                   (33)           -

Foreign currency translation gains (losses)            (18)           38
                                                     -----         -----

         Comprehensive income                         $471          $229
                                                      ====          ====



Share data:

Comprehensive income per diluted common share        $5.90         $2.73
                                                     =====         =====















           See notes to the consolidated interim financial statements.
                                        4
<PAGE>
                             GENERAL RE CORPORATION
                           Consolidated Balance Sheets
                        (in millions, except share data)

                                                          March 31,    Dec. 31, 
                                                            1998         1997
Assets
Insurance investments:
  Fixed maturities, available-for-sale (cost:
   $15,597 in 1998; $15,859 in 1997)                       $16,602     $16,847
  Preferred equities, at fair value (cost: 
   $921 in 1998; $980 in 1997)                                 986       1,041
  Common equities, at fair value (cost:
   $2,155 in 1998; $2,098 in 1997)                           5,201       4,748
  Short-term investments, at amortized cost 
   which approximates fair value                             1,178       1,172
  Other invested assets                                        760         768
                                                          --------    --------
     Total insurance investments                            24,727      24,576

Cash                                                           204         193
Accrued investment income                                      291         358
Accounts receivable                                          1,983       1,858
Funds held by reinsured companies                              474         488
Reinsurance recoverable                                      2,575       2,706
Deferred acquisition costs                                     457         476
Goodwill                                                       956         968
Other assets                                                   735         962
Financial services assets:
     Investment securities, at fair value (cost:
      $1,103 in 1998; $790 in 1997)                          1,107         792
     Trading securities, at fair value (cost: 
      $2,146 in 1998; $1,908 in 1997)                        2,110       1,859
     Short-term investments, at fair value                     268         129
     Cash                                                       88         159
     Trading account assets                                  4,601       4,313
     Securities purchased under agreements to resell           838         903
     Other assets                                              791         719
                                                          --------   ---------
         Total assets                                      $42,205     $41,459
                                                           =======     =======

Liabilities
Claims and claim expenses                                  $15,719     $15,797
Policy benefits for life/health contracts                      944         907
Unearned premiums                                            1,756       1,874
Other reinsurance balances                                   2,432       2,948
Commercial paper                                               150          -
Notes payable                                                  285         285
Income taxes                                                 1,308       1,104
Other liabilities                                              940         997
Minority interest                                            1,038       1,032
Financial services liabilities:
     Securities sold under agreements to repurchase,
      at contract value                                      1,047       1,030
     Securities sold but not yet purchased, at 
      market value                                           1,020       1,190
     Trading account liabilities                             4,187       3,664
     Commercial paper                                          640         689
     Notes payable                                           1,176         746
     Other liabilities                                       1,192       1,032
                                                           -------     -------
         Total liabilities                                  33,834      33,295
                                                            ------      ------

Cumulative convertible preferred stock (shares 
 issued: 1,696,257 in 1998 and 1,700,231 in 1997;
  no par value)                                                145         145
Loan to employee savings and stock ownership plan             (142)       (142)
                                                           -------     -------
                                                                 3           3
                                                          --------   ---------
Common shareowners' equity
Common stock (102,827,344 shares issued in 1998
 and 1997; par value $.50)                                      51          51
Paid-in capital                                              1,128       1,109
Accumulated other comprehensive income, net of 
 deferred income taxes                                       2,617       2,418
Retained earnings                                            7,716       7,492
Less common stock in treasury, at cost (shares
  held:  26,317,133 in 1998 and 25,393,840 in 1997)         (3,144)     (2,909)
                                                          --------    --------
         Total common shareowners' equity                    8,368       8,161
                                                          --------     -------
         Total liabilities, cumulative convertible
          preferred stock and common shareowners' equity   $42,205     $41,459
                                                           =======     =======


           See notes to the consolidated interim financial statements.
                                        5
<PAGE>
                             GENERAL RE CORPORATION
              Consolidated Statements of Common Shareowners' Equity
                                  (in millions)
                                                        (Unaudited)
                                                        -----------
                                                     Three months ended
                                                          March 31,
                                                          ---------
                                                    1998           1997
                                                    ----           ----
Common stock:
    Beginning of period                              $51            $51
    Change for the period                              -              -
                                                     ---            ---
       End of period                                  51             51
                                                      --             --

Paid-in capital:
    Beginning of period                            1,109          1,041
    Stock issued under stock option and other   
     incentive arrangements                           14             13
    Other                                              5              6
                                                  ------          -----
       End of period                               1,128          1,060
                                                   -----          -----

Accumulated other comprehensive income
    net of deferred income taxes:

    Unrealized appreciation of investments, 
     net of adjustment for appreciation 
     (depreciation) related to realized gains   
     included in net income
    Beginning of period                            2,460          1,625
    Change for the period                            337            (68)
    Deferred income taxes                           (120)            15
                                                  ------        -------
       End of period                               2,677          1,572
                                                   -----          -----

    Currency translation adjustments
    Beginning of period                              (42)           (53)
    Change for the period                            (34)            36
    Deferred income taxes                             16              3
                                                    ----           ----
       End of period                                 (60)           (14)
                                                     ---            ---

    Accumulated other comprehensive income
    Beginning of period                            2,418          1,572
    Change for the period                            303            (32)
    Deferred income taxes                           (104)            18
                                                  ------        -------
       End of period                               2,617          1,558
                                                   -----          -----

Retained earnings:
    Beginning of period                            7,492          6,708
    Net income                                       272            244
    Dividends on common stock                        (45)           (44)
    Dividends on preferred stock, net of 
     income taxes                                     (3)            (3)
                                                 -------        -------
       End of period                               7,716          6,905
                                                   -----          -----

Common stock in treasury:
    Beginning of period                           (2,909)        (2,046)
    Cost of shares acquired during period           (230)          (167)
    Stock issued under stock option and other
     incentive arrangements                           (5)             4
                                                  -------        ------
       End of period                              (3,144)        (2,209)
                                                  ------         ------

    Total common shareowners' equity              $8,368         $7,365
                                                  ======         ======

           See notes to the consolidated interim financial statements.
                                        6
<PAGE>
                             GENERAL RE CORPORATION
                      Consolidated Statements of Cash Flows
                                  (in millions)
                                                               (Unaudited)
                                                               -----------
                                                           Three months ended
                                                                March 31,
                                                                ---------
                                                             1998       1997
                                                             ----       ----
Cash flows from operating activities:
     Net income                                              $272       $244
     Adjustments to reconcile net income to net
      cash provided by operating activities:
         Change in claim and claim expense liabilities        (78)       138
         Increase in policy benefits for life/health
          contracts                                            37         33
         Change in reinsurance recoverable                    131        (24)
         Change in unearned premiums                         (118)      (110)
         Amortization of acquisition costs                    344        354
         Acquisition costs deferred                          (325)      (343)
         Trading account activities:
              Change in trading account securities           (587)       (80)
              Securities purchased under agreements
               to resell                                       65       (476)
              Securities sold under agreements to 
               repurchase                                      17        556
              Change in other trading balances                366       (374)
         Other changes in assets and liabilities              232         44
         Net realized gains on investments                    (37)       (11)
                                                              ---        ----
                  Net cash from (used in)
                   operating activities                       319        (49)
                                                              ---        ----

Cash flows from investing activities:
     Fixed maturities: available-for-sale
         Purchases                                         (1,251)    (1,709)
         Calls and maturities                                 144        116
         Sales                                                986      2,007
     Equity securities
         Purchases                                           (355)      (418)
         Sales                                                307        126
     Net sales (purchases) of short-term investments            8       (203)
     Net purchases of other invested assets                    (3)       (16)
                                                             ----     -------
                  Net cash used in investing
                   activities                                (164)       (97)
                                                             ----     -------

Cash flows from financing activities:
     Issuance of structured notes                             410         -
     Commercial paper borrowing, net                          101        310
     Change in contract deposits                             (449)         1
     Dividends paid to common shareowners                     (45)       (44)
     Acquisition of treasury stock                           (218)      (172)
     Other                                                    (14)        18
                                                              ---         --
              Net cash from (used in)financing activities    (215)       113
                                                             ----        ---

Change in cash                                                (60)       (33)

Cash, beginning of period                                     352        365
                                                              ---        ---

Cash, end of period                                          $292       $332
                                                             ====       ====

           See notes to the consolidated interim financial statements.
                                        7


                                     <PAGE>


                             GENERAL RE CORPORATION

               NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS


1. General - The interim financial  statements of General Re Corporation and its
subsidiaries  ("General  Re")  have  been  prepared  on the  basis of  generally
accepted  accounting  principles and, in the opinion of management,  reflect all
adjustments  (consisting  of normal,  recurring  accruals)  necessary for a fair
presentation  of results for such  periods.  The results of  operations  for any
interim  period are not  necessarily  indicative  of results  for the full year.
These financial  statements and related notes should be read in conjunction with
the  financial  statements  and related notes in General Re's 1997 Annual Report
filed on Form 10-K. Certain reclassifications have been made to 1997 balances to
conform  to the  1998  presentation.  The  operating  results  of  General  Re's
international reinsurance operations are reported on a one quarter lag.

2.   Income Taxes - General Re's effective  income tax rate differs from current
     statutory rates principally due to tax-exempt interest income and dividends
     received  deductions.  General Re paid income  taxes of $23 million and $69
     million in the first three months of 1998 and 1997, respectively.

3.   Reinsurance Ceded - General Re utilizes  reinsurance to reduce its exposure
     to large  losses.  The  income  statement  amounts  for  premiums  written,
     premiums  earned,  claims  and  claim  expenses  incurred  and  life/health
     benefits are reported net of reinsurance.  Direct,  assumed,  ceded and net
     amounts  for the first  three  months of 1998 and 1997 were as follows  (in
     millions):

             Property/Casualty      Life/Health      Claims and      Life/Health
             Written    Earned     Written  Earned  Claim Expenses     Benefits

 1998
 Direct     $  127     $  127         -         -      $  69               -
 Assumed     1,144      1,258        $359    $342        830            $245
 Ceded        (184)      (218)        (35)    (35)      (117)            (22)
            ------     ------        ----    ----       ----            ----
 Net        $1,087     $1,167        $324    $307       $782            $223
            ======     ======        ====    ====       ====            ====

 1997
 Direct     $  123     $  126         -       -         $104             -
 Assumed     1,340      1,456        $352    $323        969            $221
 Ceded        (200)      (212)        (54)    (37)      (106)            (21)
            ------     ------        ----    ----       ----            ----
 Net        $1,263     $1,370        $298    $286       $967            $200
            ======     ======        ====    ====       ====            ====












                                        8
<PAGE>
                             GENERAL RE CORPORATION

         NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)


4.   Per Common  Share  Data - Basic  earnings  per  common  share were based on
     earnings less preferred  dividends,  divided by the weighted average common
     shares  outstanding  during each period.  Diluted earnings per share assume
     the  conversion  of all  outstanding  convertible  preferred  stock and the
     maximum  dilutive  effect of common stock  equivalents.  The following is a
     reconciliation  of the  numerators and  denominators  used in the basic and
     diluted  earnings per share  calculations for the first quarter of 1998 and
     1997.


                              Three Months Ended         Three Months Ended
                                March 31, 1998             March 31, 1997
                             Income Shares Per share    Income Shares Per share

     (in millions, except
     per share information)  

     Net income             $ 272                        $244
     Less: preferred 
      dividends                (3)                         (3)
                              ----                        ----
           Basic earnings     269    77.0   $ 3.49        241    81.1    $ 2.97
                                            ======                       ======
     Effect of dilutive 
      securities
     Stock options             --     1.0                  --     0.7
     Conversion of
      preferred stock           3     1.7                   3     1.7

     Conversion expense        (1)    --                   (1)     --
                              ----    --                  ----     --
        Diluted earnings    $ 271    79.7   $ 3.40      $ 243     83.5   $ 2.91
                             ====    ====   ======       ====    =====   ======



5.   New Accounting Standards - In June 1997, the Financial Accounting Standards
     Board issued Statement No. 131,  Disclosure about Segments of an Enterprise
     and Related  Information.  This statement  requires that  companies  report
     certain  information  about their  operating  segments in their interim and
     annual financial  statements,  including information about the products and
     services  from  which  revenues  are  derived,   the  geographic  areas  of
     operation,  and information  about major customers.  The statement  defines
     operating segments based on internal management  reporting and management's
     method of allocating resources and assessing performance.  The statement is
     effective for year end 1998 and is not expected to change the four segments
     now reported by General Re.











                                        9
<PAGE>
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF

                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS


CONSOLIDATED

Income from operations, excluding after-tax realized gains and losses, was $3.12
per diluted  share in the first quarter of 1998, an increase of 9.9 percent from
the $2.84 per diluted share earned in the comparable  period in 1997. Net income
for the first quarter of 1998 was $3.40 per diluted  share,  compared with $2.91
per diluted  share in 1997.  Net income for the first  quarter of 1998  included
after-tax  realized  gains of $0.28 per share,  compared with $0.07 per share in
the first  quarter of 1997.  The improved  results in the first  quarter of 1998
were  primarily  due to improved international property/casualty underwriting  
results and  growth in North  American  property/casualty investment income.

As required by Financial Accounting  Statement No. 130, Reporting  Comprehensive
Income,  General Re's financial statements for the first quarter of 1998 include
a  statement  of  comprehensive  income.  Comprehensive  income  consists of net
income,  unrealized  changes in  investment  appreciation  and foreign  currency
translation gains or losses.  Comprehensive income for the first quarter of 1998
was $471 million,  or $5.90 per diluted  share,  compared with $229 million,  or
$2.73 per diluted  share for the same  period in 1997.  The  difference  between
comprehensive  income and net income in the first  quarter of 1998 was primarily
due to unrealized appreciation in the equity portfolio.

Consolidated  net  premiums  written  for the first  quarter of 1998 were $1,411
million, a decrease of 9.6 percent from $1,561 million in 1997. The consolidated
underwriting  combined  ratio was 100.3  percent  in the first  quarter of 1998,
compared with 101.0 percent for the first quarter of 1997.

Consolidated  pretax  investment income was $322 million in the first quarter of
1998,  compared  with $318  million in the same period of 1997.  The 1.4 percent
increase in consolidated  pretax  investment income in the first quarter of 1998
was due to higher invested assets partially offset by the effect of a decline in
global  interest rates and the  strengthening  of the U.S.  dollar,  principally
against the German mark.

The  consolidated  effective  tax rate was 24.9 percent for the first quarter of
1998,  compared with 24.1 percent in the first quarter of 1997 and 22.9% for the
full  year  1997.  The  increase  in the  consolidated  effective  tax  rate was
principally  the  result  of an  increase  in  earnings  from the  international
subsidiaries in higher tax rate jurisdictions.

Excluding the financial  services  operations,  consolidated  net cash flow from
operations  was $462  million  in the first  quarter of 1998,  compared  to $345
million in the same period in 1997.  The  increase in the first  quarter of 1998
was  principally  due  to  lower  paid  claims  reduced  by  the  effect  of the
strengthening U.S. dollar which decreased reported international cash flow.

At March 31, 1998,  insurance  investments  of $24,727  million  increased  $151
million from $24,576  million at December 31, 1997,  primarily due to unrealized
appreciation in the equity portfolio,  partly offset by common stock repurchases
and dividend  payments.  The financial service  operations had $3,485 million of
invested  assets at March 31,  1998,  an  increase of $705  million  compared to
December 31, 1997. The increase in financial  services  invested  assets results
from  changes in the  hedging  needs and  activities  of  General  Re  Financial
Products Corporation ("GRFP").

                                       10
<PAGE>
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF

            FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)


The  consolidated  gross  liability  for  claims  and  claim  expenses  for  the
property/casualty   operations   was   $15,719   million  at  March  31,   1998,
substantially   unchanged   from  the  year-end  1997   liability.   Reinsurance
recoverable on unpaid claims was $2,236  million at March 31, 1998,  compared to
$2,356 million at December 31, 1997. At March 31, 1998, the gross  liability for
claims and claim  expenses and the related  asset for  reinsurance  recoverables
included $2,072 million and $613 million,  respectively,  for  environmental and
latent injury  claims.  These amounts  include  provisions for both reported and
incurred but not reported claims.

Common  shareowners' equity at March 31, 1998 was $8,368 million, an increase of
2.5 percent from the $8,161 million at December 31, 1997. The increase in common
shareowners'  equity during the first quarter of 1998 was principally the result
of net income of $272 million,  an increase in after-tax  unrealized  investment
gains of $217  million,  partially  offset by common share  repurchases  of $230
million and common and preferred stock dividends of $48 million.  On a per share
basis,  common shareowners' equity was $109.38 at March 31, 1998, an increase of
3.8 percent from $105.40 at December 31, 1997.
During the first quarter of 1998,  General Re paid common dividends of $0.59 per
share.

General Re repurchased 1,073,600 shares of common stock during the first quarter
of 1998 for aggregate  consideration  of $230  million.  In addition to specific
repurchase  authorizations,  General Re has  standing  authority  to  repurchase
shares in  anticipation of share  issuances  under various  compensation  plans.
Since  the  inception  of  the  repurchase  program  in  1987,  General  Re  has
repurchased 32,899,400 common shares for total consideration of $3.4 billion.

General Re periodically issues commercial paper to meet the short-term financing
needs of its various operations. Commercial paper offered by General Re has been
rated A1+ by  Standard  & Poor's  and  Prime 1 by  Moody's.  At March 31,  1998,
General Re had $790 million of  commercial  paper  outstanding,  $640 million of
which was used to support  liquidity needs for GRFP and $150 million was used by
General  Reinsurance  Corporation for its liquidity  needs.  General Re has $1.8
billion in  available  lines of credit that provide  General Re with  additional
financial flexibility and support the commercial paper program. The credit lines
consist of a five-year  credit  facility of $1.0 billion and a 364-day  facility
for the remaining  $0.8 billion.  The credit  agreements  with the banks require
General Re to maintain a minimum consolidated tangible net worth, as defined, of
$2.7 billion.  To date,  General Re has not drawn  against its corporate  credit
facilities.

Pretax income  discussed in the segment  sections that follow is before minority
interest  deductions  and  goodwill  amortization,  both  of  which  are  deemed
corporate expenses that have not been allocated to the segments.











                                       11
<PAGE>
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF

            FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)


NORTH AMERICAN PROPERTY/CASUALTY

(in millions)
                                                        First Quarter
                                                        -------------
                                                    1998            1997
                                                    ----            ----
Income before income taxes and realized gains       $220            $205
Net premiums written                                 672             795
Net underwriting income                                5               6

Loss ratio                                          66.8%           67.9%
Expense ratio                                       32.5            31.3
                                                    ----            ----
Underwriting combined ratio                         99.3%           99.2%

Investment income                                   $206            $199
Other income                                          10              -
Operating cash flow                                  295             117

For  the  first  quarter  of  1998,   pretax  income  for  the  North   American
property/casualty  operations,  excluding realized  gains/losses,  increased 7.3
percent over the  comparable  quarter of 1997.  The growth in pretax  income was
primarily due to increased  investment  income  resulting  from operating cash 
flow during the prior year and lower operating expenses.  The underwriting 
results were substantially unchanged for the quarter.

Net premiums written for the North American property/casualty operations of $672
million in the first quarter of 1998,  decreased  15.4  percent.  The decline in
premium  reflects the current  competitive  market and General Re's adherence to
underwriting  discipline.
  
The  wholesale  nature  of  reinsurance  transactions  periodically  results  in
somewhat  volatile  premium trends between  quarters and years.  The addition or
loss of a large contract may  significantly  affect General Re's premium growth,
although  large  contracts  generally  have a smaller effect on earnings than on
premium  trends.  General Re's largest  treaty,  which had  annualized  premiums
written of approximately $250 million in 1997 and contributed  approximately one
half of one  percent of  General  Re's 1997 net  income,  was  terminated  as of
September 30, 1997 and thus impacts  premium  comparisons,  since  premiums from
this contract  were  included in the first quarter of 1997,  but were not in the
first quarter of 1998.  Excluding  this  contract,  General Re's North  American
premiums  written  declined  8.2  percent  for the  quarter.  Based  on  current
estimates   of   premium   inforce,    General   Re   expects   North   American
property/casualty  net  premiums,  excluding  this  contract,  to decline in the
mid-single digets.

The General Star companies,  which primarily write excess, surplus and specialty
insurance,  increased net premiums written by 5.7 percent for the quarter.  This
growth was primarily due to increased property business.  General Star continues
to experience  significant  levels of  competition  from standard  companies for
business that was previously written in the excess and surplus lines market. For
the Genesis  operations,  which provide direct excess coverage to companies with
self-insurance  programs, net premiums written increased by 14.0 percent for the
quarter.  Growth in Genesis  premiums during 1998 was primarily due to increased
liability business.

Pretax  investment  income for the North American  property/casualty  operations
increased  3.3  percent  compared  to the  first  quarter  of  1997.  Growth  in
investment income for the North American property/casualty operations


                                       12
<PAGE>
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF

            FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)

was due to operating  cash flow over the last twelve  months,  partly  offset by
common dividends and share  repurchases.  Net other income increased $10 million
in the first quarter of 1998 due to higher financial  reinsurance fees and lower
corporate expenses.

The pretax total return on the North American  property/casualty  invested asset
portfolio  was 3.75 percent in the first  quarter of 1998.  Segments  within the
investment portfolio performed at or near their benchmarks.

Operating cash flow for the North American property/casualty  operations of $295
million in the first quarter of 1998 increased $178 million from $117 million in
the same  period of 1997.  The  increase  was  primarily  due to lower net claim
payments  during  the  period.  Due to the nature of  General  Re's  reinsurance
operations,  paid claims may be volatile from quarter to quarter. In addition to
operating cash flow, the North  American  property/casualty  operations had cash
outflows  related to contract  deposits that matured  during the quarter of $298
million  ("change in contract  deposits" in the statement of cash flows).  These
types  of  contracts  generally  have a  provision  that  requires  most  of the
investment  income  earned on the funds held by General Re to be shared with the
ceding company.  Thus, the impact of the return of these funds was immaterial to
investment income and earnings.

North American  property/casualty  invested assets were $16,315 million at March
31,  1998,  an increase of 2.0 percent from  December 31, 1997.  The increase in
invested  assets was  primarily  the result of  unrealized  appreciation  in the
equity  portfolios,  partly reduced by common stock dividends and repurchases of
General Re's common stock.

The gross  liability  for  claims  and  claim  expenses  for the North  American
property/casualty  operations was $10,641  million at March 31, 1998, a decrease
of $43  million,  or  0.4  percent; compared  to the  year-end  1997  liability.
Reinsurance  recoverable  on unpaid claims was $1,681 million at March 31, 1998,
compared to $1,803 million at December 31, 1997.

INTERNATIONAL PROPERTY/CASUALTY

(in millions)                                        First Quarter
-------------                                        -------------
                                                 1998             1997
                                                 ----             ----
Income before income taxes and realized gains     $91              $71
Net premiums written                              414              468
Net underwriting loss                              (8)             (20)

Loss ratio                                       67.2%            74.3%
Expense ratio                                    34.3             29.2
                                                 ----             ----
Underwriting combined ratio                     101.5%           103.5%

Investment income                                 $87              $93
Other income (loss)                                11               (2)
Operating cash flow 1                             167              228

1 Also includes operating cash flows from the global life/health operations.

                                       13
<PAGE>
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF

            FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)


Income   before   income   taxes  and  realized   gains  of  the   international
property/casualty  operations  of $91  million  for the first  quarter  of 1998,
increased  27.1 percent over the 1997 period.  The  comparisons  for the quarter
were affected  adversely by the strengthening of the U.S. dollar relative to the
German mark (12.9 percent) and the Australian dollar (13.0 percent).

The international  property/casualty  operation's underwriting combined ratio of
101.5 percent in the first quarter  compared  favorably to the 103.5 percent for
the first  quarter of 1997 and 102.4 percent  reported for the  full-year  1997.
Catastrophe  losses  were  not  significant  during  any of these  periods.  The
improved  underwriting result was primarily due to lower property claims (1997's
first quarter  included two large property  losses) and favorable development on
previously reported case reserves.

International  net premiums  written  were $414 million in the first  quarter of
1998,  a  decline  of 11.5%.  Adjusted  for the  effects  of  foreign  exchange,
international  property/casualty  premiums written were substantially  unchanged
from the prior period.

After-tax investment income for the international  property/casualty  operations
was $54  million  for the first  quarter of 1998,  compared  with $57 million in
1997.  Investment  income was lower in the  quarter due to the decline in global
interest  rates over the past two years and the  effects  of  foreign  exchange.
Adjusted  for the  effects  of foreign  exchange,  after-tax  investment  income
increased approximately 3.0 percent compared with the first quarter of 1997.

Operating  cash  flow  of  the   international   property/casualty   and  global
life/health  operations of $167 million for the first quarter of 1998  decreased
from $228 million in comparable  period of 1997.  The decline in operating  cash
flow  was  principally  due  to  the  effect  of  foreign   exchange  and  lower
underwriting  cash flow. In addition to operating cash flow,  the  international
property/casualty operations had cash outflows related to contract deposits that
matured during the first quarter of $151million  ("change in contract  deposits"
in the  statement of cash  flows).  These types of  contracts  generally  have a
provision that require most of the investment income earned on the funds held by
General Re to be shared with the ceding company.  Thus, the impact of the return
of these funds is not material to  investment  income and  earnings.  General Re
anticipates that  approximately an additional $100 million of deposit  contracts
will mature during the remainder of 1998.

International  property/casualty  and  life/health  invested  assets were $8,412
million at March 31, 1998,  compared  with $8,581  million at December 31, 1997.
The  decrease in  invested  assets was due to the  stronger  U.S.  dollar  which
appreciated 2.1 percent against the German mark in the first quarter of 1998.

The gross  liability for claims and claim  expenses was $5,078  million at March
31,  1998,  compared  with $5,113  million at  December  31,  1997.  Reinsurance
recoverable  on unpaid  claims was $556 million at March 31, 1998  compared with
$553 million at December 31, 1997. Excluding the effect of foreign exchange, the
gross   liability  for  claims  and  claim  expenses  would  have  increased  by
approximately 1.0 percent.






                                       14
<PAGE>
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF

            FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)

GLOBAL LIFE/HEALTH
                                                           First Quarter
                                                           -------------
(in millions)                                         1998             1997
                                                      ----             ----
Income before income taxes and realized gains          $20              $28
Net premiums written
     Life reinsurance                                  216              207
     Health reinsurance                                108               91
                                                     -----             ----
Total life/health net premiums written                 324              298
Net underwriting income                                  -               10
Investment income                                       21               18
Other income (loss)                                     (1)               1

Income  before  income  taxes and  realized  gains for the first  quarter of $20
million decreased 27.7 percent from the $28 million in the comparable quarter of
1997.  The  decrease  in first  quarter was due to lower  underwriting  profits,
principally in the health reinsurance sector.

Life  reinsurance  net premiums  written of $216  million for the first  quarter
increased 4.7 percent over the first  quarter of 1997.  Adjusted for the effects
of foreign exchange,  global life reinsurance  premiums increased  approximately
15.4 percent in the quarter.  Health reinsurance premiums written increased 18.6
percent in the first quarter.  This growth was primarily due to new group health
business  written in London and new contracts written in the United States.

After-tax  investment  income  for the  global  life/health  operations  was $12
million in the first  quarter,  an increase  of 20.2  percent.  The  increase in
investment income was due to the significant growth in premium volume during the
last two years.

The liability for policy benefits for life/health  contracts was $944 million at
March 31, 1998,  compared  with $907  million at December 31, 1997.  Reinsurance
recoverable  on unpaid  losses was $287 million at March 31,  1998,  compared to
$271 million at December 31, 1997.

Cologne Re manages its invested  assets and total  assets on an aggregate  basis
for the  life/health  and  property/casualty  business  and does  not  presently
disaggregate  these  accounts by segment.  The invested  assets and total assets
disclosures in the international property/casualty segment include the assets of
the global life/health segment.

FINANCIAL SERVICES

(in millions)
                                                         First Quarter
                                                    1998             1997
                                                    ----             ----
Income before income taxes and realized gains        $25              $30
Total revenues (excluding realized gains)             84               82
Investment income                                      9                8
Other income                                          16               22

                                       15
<PAGE>
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF

            FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)


Financial  service   operations   include  General  Re's  derivative   products,
investment   management,   insurance   brokerage  and  management,   reinsurance
brokerage, and real estate management operations. Income before income taxes and
realized gains  declined 16.1 percent in the quarter  primarily due to increased
expenses from  investments in new product  initiatives.  In the first quarter of
1998,  financial  services  revenues of $84 million  increased 2.6 percent.  The
growth in 1998 revenues was principally  attributable to growth in GRFP's equity
linked trades and fixed income transactions in North America.

Invested  assets held for trading  purposes in the first quarter  increased $251
million to $2,110 million at March 31, 1998. The increase  primarily  relates to
the hedging activities of GRFP. At March 31, 1998, total assets of the financial
service operations were $9,700 million, compared with $8,793 million at December
31, 1997. The amount and nature of the financial  service  segment's  assets and
liabilities  are  significantly  affected  by  the  risk  management  strategies
utilized by GRFP to reduce its market  risks.  GRFP's market  exposures  arising
from derivative products are managed through the purchase and sale of government
securities,  futures  and forward  contracts,  or by  entering  into  offsetting
derivatives  transactions.   The  purchase  of  government  securities,  usually
financed through  collateralized  repurchase  agreements  (securities sold under
agreements to repurchase), and the sale of government securities, whose proceeds
are  invested  in reverse  repurchase  agreements  (securities  purchased  under
agreements to resell), are used to offset GRFP's market exposures. While the use
of  these  instruments  for  risk  management  purposes  may  cause  significant
short-term  fluctuations  in GRFP's assets and  liabilities,  they do not have a
material effect on General Re's results from  operations or common  shareowners'
equity.

MARKET RISK

As a global reinsurance and financial services company, General Re is subject to
market  risk  arising  from the  potential  change in the  value of its  various
financial instruments.  These changes may be due to fluctuations in interest and
foreign  exchange rates,  credit spreads and equity prices.  The level of market
risk  is  influenced  by  many  factors,  such as  volatility,  correlation  and
liquidity.  Potential  gains or  losses  from  changes  in  market  rates can be
estimated through statistical models that project within a specified  confidence
level the "value at risk" based on historical  price and  volatility  movements.
General Re's 1997 Form 10-K  provides a more  detailed  discussion of the market
risks  affecting the  reinsurance  and financial  service  operations.  Based on
General Re's estimates as of March 31, 1998, no material  change has occurred in
its  value  at  risk in the  reinsurance  operations,  as  compared  to  amounts
disclosed in its 1997 Form 10-K.

General Re's financial service operations are subject to market risk principally
through GRFP. GRFP monitors its market risk on a daily basis across all swap and
option  products by  calculating  the effect on  operating  results of potential
changes in market variables over a one-week period,  based on historical  market
volatility, correlation data and informed judgment. This evaluation is performed
on an individual trading book basis, against limits set by individual book, to a
95% probability  level.  GRFP sets market risk limits for each type of risk, and
for an aggregate  measure of risk,  based on a 99% probability that movements in
market rates will not affect the results from  operations in excess of the limit
over a one week period. Risk is measured primarily by Monte Carlo




                                       16
<PAGE>
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF

            FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)

simulations to obtain the required  degree of confidence.  The table below shows
the highest,  lowest and average value at risk,  as  calculated  using the above
methodology,  by broad  category of market risk to which GRFP is exposed.  There
was no one-week  period during either 1997 or the first quarter of 1998 in which
reported profit or loss exceeded the risk limit.

                                      First Quarter 1998
                                      ------------------
                     Interest      Foreign
(in millions)          Rate     Exchange Rate       Equity        All Risks
                       ----     -------------       ------        ---------

Highest                 $9           $4               $4              $9
Lowest                   7            3                3               6
Average                  8            3                3               8

                                        Full Year 1997
                                        --------------
                     Interest      Foreign
(in millions)          Rate     Exchange Rate       Equity         All Risks
                       ----     -------------       ------         ---------

Highest                $11           $6                $5             $13
Lowest                   6            3                 0               7
Average                  9            4                 2              10

For the first quarter of 1998, the largest weekly pretax gains and losses due to
market  risk were $5 million and $1 million,  respectively.  The largest  weekly
pretax gain due to market risk was $5 million and the largest weekly pretax loss
due to market risk was $3 million for the full year 1997.  The average effect of
the change in market risk on income was a pretax gain of $1 million in the first
quarter of 1998 and was neutral for the full year 1997.


SAFE HARBOR DISCLOSURE

In  connection  with the "safe  harbor"  provisions  of the  Private  Securities
Litigation  Reform  Act of  1995  (the  "Act"),  General  Re  sets  forth  below
cautionary statements  identifying important factors that could cause its actual
results to differ  materially from those that might be projected,  forecasted or
estimated in its forward-looking  statements,  as defined in the Act, made by or
on behalf of General Re in press releases, written statements or documents filed
with the  Securities  and  Exchange  Commission,  or in its  communications  and
discussions with investors and analysts in the normal course of business through
meetings, phone calls and conference calls. Such statements may include, but are
not  limited  to,  projections  of premium  revenue,  investment  income,  other
revenue, losses, expenses,  earnings (including earnings per share), cash flows,
plans for future operations,  common  shareowners'  equity (including book value
per share),  investments,  financing  needs,  capital  plans,  dividends,  plans
relating to products or  services  of General Re and  estimates  concerning  the
effects of litigation or other  disputes,  as well as assumptions for any of the
foregoing  and  are  generally   expressed   with  words  such  as   "believes,"
"estimates,"  "expects,"   "anticipates,"   "plans,"  "projects,"   "forecasts,"
"goals,"  "could  have,"  "may have" and similar  expressions.  General Re, as a
matter of policy,  does not make any specific  projections as to future earnings
nor does it endorse any projections  regarding  future  performance  that may be
made by others.


                                       17
<PAGE>
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF

            FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)


Forward-looking  statements  involve known and unknown risks,  uncertainties and
other  factors which may cause  General Re's results to differ  materially  from
such  forward-looking  statements  and  include,  but are not  limited  to,  the
following:

1)    Changes  in  the  level  of   competition   in  the  North   American  and
      international  reinsurance  or primary  insurance  markets that affect the
      volume or profitability of General Re's  property/casualty  or life/health
      businesses.  These changes include,  but are not limited to changes in the
      intensity of price  competition,  the entry of new  competitors,  existing
      competitors exiting the market, and the development of new products by new
      and existing competitors;

2)    Changes  in the  demand  for  reinsurance,  including  changes  in  ceding
      companies'  risk  retentions,  and  changes  in the  demand for excess and
      surplus lines  insurance  coverages in North  America,  and changes in the
      demand for financial service operations'  products,  including derivatives
      offered by GRFP;

3)    The ability of General Re to execute  its  strategies  in its 
      property/casualty,  life/health  and  financial  service operations;

4)    Catastrophe   losses  in  General  Re's  North  American  or international
      property/casualty businesses;

5)    Adverse   development  on   property/casualty   claim  and  claim  expense
      liabilities related to business written in prior years, including, but not
      limited to,  evolving case law and its effect on  environmental  and other
      latent injury claims,  changing government  regulations,  newly identified
      toxins, newly reported claims, new theories of liability, such as possible
      Year  2000  computer-related  losses,  or new  insurance  and  reinsurance
      contract interpretations;

6)    Changes in inflation that affect the profitability of General Re's current
      property/casualty  and  life/health  businesses  or  the  adequacy  of its
      property/casualty  claim and claim  expense  liabilities  and  life/health
      policy benefit liabilities related to prior years' business;

7)    Changes  in  General Re's property/casualty  and  life/health  businesses'
      retrocessional arrangements;

8)    Lower than estimated  retrocessional  or reinsurance  recoveries on unpaid
      losses,  including,  but not  limited  to,  losses due to a decline in the
      creditworthiness of General Re's retrocessionaires or reinsurers;

9)    Increases in interest  rates,  which cause a reduction in the market value
      of  General  Re's  fixed  income  investment  portfolio,  and  its  common
      shareowners' equity;

10)   Decreases in interest  rates  causing a reduction of income  earned on new
      cash flow from operations and the reinvestment of the proceeds from sales,
      calls or maturities of existing investments;

11)   Decline in the value of General Re's common equity investments;



                                       18
<PAGE>
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF

            FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)


12)   Changes in the composition of General Re's investment portfolio;

13)   Changes in  mortality  or  morbidity   levels  that  affect  General  Re's
      life/health business;

14)   Credit  losses on General  Re's  investment  portfolio;  credit and market
      losses on GRFP's portfolio of derivatives and other transactions;

15)   Adverse  results in  litigation  matters,  including,  but not limited to,
      litigation  related to  environmental,  asbestos and other  potential mass
      tort claims;

16)   Gains or losses related to changes in foreign currency exchange rates; and

17)   Changes in General Re's capital needs.

In addition to the factors  outlined above that are directly  related to General
Re's  businesses,  General  Re  is  also  subject  to  general  business  risks,
including, but not limited to, adverse state, federal or foreign legislation and
regulation,  adverse  publicity or news  coverage,  changes in general  economic
factors and the loss of key employees.




Item 6. Exhibits and Reports on Form 8-K


(a)  Reports on 
      Form 8-K    -  None

(b)  Exhibit 27.1 -  Financial Data Schedule for the Period Ended March 31, 1998
     Exhibit 27.2 -  Restated Financial Data Schedule for the Periods Ended
                     September 30, 1997, June 30, 1997, March 31, 1997 and
                     December 31, 1996
     Exhibit 27.3 -  Restated Financial Data Schedule for the Periods Ended
                     September 30, 1996, June 30, 1996 and March 31, 1996,
                     December 31, 1995 and December 31, 1994










                                       19
<PAGE>
                                OTHER INFORMATION


                                   SIGNATURES


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.


                           GENERAL RE CORPORATION
                               (Registrant)


Date:    May 14, 1998      JOSEPH P. BRANDON
                           Joseph P. Brandon
                           Senior Vice President and Chief Financial Officer
                           (Principal Financial Officer)


Date:    May 14, 1998      ELIZABETH A. MONRAD
                           Elizabeth A. Monrad
                           Vice President and Treasurer
                           (Principal Accounting Officer)