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AMERICAN HERITAGE LIFE INVESTMENT CORPORATION REPORTS RECORD FIRST QUARTER EARNINGS FROM OPERATIONS

 AMERICAN HERITAGE LIFE INVESTMENT CORPORATION REPORTS
 RECORD FIRST QUARTER EARNINGS FROM OPERATIONS
 JACKSONVILLE, Fla., April 23 /PRNewswire/ -- Record first quarter earnings for the three months ended March 31, 1992 were reported today by American Heritage Life Investment Corporation (NYSE: AHL).
 Earnings from operations, excluding net realized investment gains (losses), for the three months ended March 31, 1992 were $4,211,539, up 12.1 percent from the $3,756,426 reported for the same period in 1991. This represents $.53 per share for the first quarter of 1992 vs. $.47 for the first quarter of 1991.
 Net earnings for the first quarter were $4,224,715, up 12.5 percent from the $3,753,713 for the same period last year. On a per share basis, net earnings were $.53 compared to $.47 last year.
 Total income for the three months ended March 31, 1992 was $64,253,470 compared to the prior year's first quarter of $57,110,907, up 12.5 percent.
 The company's assets at March 31, 1992 were $930,142,181 compared to $812,280,096 at March 31, 1991; equity per share at March 31, 1992 was $16.71, compared to $15.37 at March 31, 1991.
 The board of directors, at its meeting today, declared three monthly dividends at the rate of $.07 per share per month, payable May 22, June 26, and July 24, 1992 to shareholders of record on May 11, June 15, and July 13, 1992, respectively.
 American Heritage Life Investment Corporation is a life insurance- oriented holding company, based in Jacksonville, Fla., whose principal subsidiary is American Heritage Life Insurance Company.
 AMERICAN HERITAGE LIFE INVESTMENT CORPORATION
 SELECTED FINANCIAL DATA
 Three Months Ended Percent
 March 31 1992 1991 Change
 Total insurance
 revenues $ 49,773,451 44,230,516 +12.5
 Net investment income 14,460,043 12,884,104 +12.2
 Net earnings 4,224,715 3,753,713 +12.5
 Earnings per share (A) .5331 .4750 +12.2
 At March 31
 Total assets 930,142,181 812,280,096 +14.5
 Life insurance
 in force 14,703,745,381 13,934,792,433 + 5.5
 Stockholders' equity 132,586,603 121,412,765 + 9.2
 Equity per share 16.71 15.37 + 8.7
 Historical Presentation
 Three Months Ended Percent
 March 31 1992 1991 Change
 Earnings from
 operations $ 4,211,539 3,756,426 +12.1
 Realized investment
 gains (losses) 13,176 (2,713) --
 Net earnings $ 4,224,715 3,753,713 +12.5
 Earnings per share (A)
 Earnings from operations .5315 .4753 +11.8
 Realized investment
 gains (losses) .0016 (.0003) --
 Net earnings $ .5331 .4750 +12.2
 (A) -- Based on 7,924,514 daily average number of shares outstanding in 1992 (7,902,568 in 1991), adjusted for the four-for- three stock split in form of a stock dividend paid in February 1992.
 -0- 4/23/92
 /CONTACT: Chris A. Verlander of American Heritage Life Investment Corporation, 904-359-2580/
 (AHL) CO: American Heritage Life Investment Corporation ST: Florida IN: FIN INS SU: ERN


AW-JB -- FL008 -- 1856 04/23/92 11:56 EDT
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Date:Apr 23, 1992
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