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AMERICAN HERITAGE LIFE INVESTMENT CORPORATION REPORTS THIRD QUARTER AND NINE MONTHS' EARNINGS

 AMERICAN HERITAGE LIFE INVESTMENT CORPORATION
 REPORTS THIRD QUARTER AND NINE MONTHS' EARNINGS
 JACKSONVILLE, Fla., Oct. 29 /PRNewswire/ -- Operating results for the three months and nine months ended Sept. 30, 1992 were reported today by American Heritage Life Investment Corporation (NYSE: AHL).
 Earnings from operations, excluding net realized investment gains, for the third quarter ended Sept. 30, 1992 were $4,162,092, up 11.6 percent from the $3,728,418 reported for the same period in 1991. This represents $.52 per share for the third quarter 1992 vs. $.47 for the third quarter 1991, an increase of 10.6 percent.
 Net earnings for the third quarter were $4,197,778, up 12.0 percent from the $3,747,449 reported for the same period last year. On a per share basis, net earnings were $.53 compared to $.47 last year, up 12.8 percent.
 Earnings from operations, excluding net realized investment gains, for the nine months ended Sept. 30, 1992 were $12,563,038, up $11.3 percent from the $11,282,505 reported for the same period in 1991. This represents $1.58 per share for the first nine months of 1992 vs. $1.43 for the same period last year, up 10.5 percent.
 Net earnings for the nine months ended Sept. 30, 1992 were $12,767,028, up 12.1 percent from the $11,384,470 reported for the same period in 1991. On a per share basis, net earnings were $1.61 compared to $1.44 last year, an increase of 11.8 percent.
 Total income for the nine months ended Sept. 30, 1992 was $199,555,313 compared to $186,476,565 for the same period last year, up 7.0 percent.
 The company's assets at Sept. 30, 1992 were $998,032,175 compared to $871,180,280 at Sept. 30, 1991; equity per share at Sept. 30, 1992 was $17.86 compared to $15.96 at Sept. 30, 1991.
 At the board of directors meeting today, the company declared three $.07 monthly dividends, payable Nov. 20, 1992, Dec. 23, 1992, and Jan. 22, 1993 to shareholders of record on Nov. 9, 1992, Dec. 11, 1992 and Jan. 11, 1993, respectively.
 The board of directors also adopted a new dividend reinvestment plan for shareholders. This plan provides for the reinvestment of dividends by participating shareholders of all or a portion of their monthly dividends in shares of common stock to be purchased from the company at a price of 5 percent below the market on the dividend payment date. The shares issuable pursuant to this plan will be the subject of a registration statement filed with the Securities and Exchange Commission and will be offered to shareholders only by means of a prospectus.
 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
 Percent
 Three months ended Sept. 30 1992 1991 Change
 Total Insurance revenues $54,960,971 $53,524,780 + 2.7
 Net investment income 14,954,823 13,914,646 + 7.5
 Net earnings 4,197,778 3,747,449 + 12.0
 Net earnings per share (A) $ 0.5285 $ 0.4738 + 11.5
 Historical Presentation
 Earnings from operations $ 4,162,092 $ 3,728,418 + 11.6
 Realized investment gains 35,686 19,031 + 87.5
 Net earnings $ 4,197,778 $ 3,747,449 + 12.0
 Earnings per share (A)
 Earnings from operations $ .5240 $ .4714 + 11.2
 Realized investment gains .0045 .0024 + 87.5
 Net earnings $ .5285 $ .4738 + 11.5
 (A) -- Based on 7,942,902 daily average number of shares outstanding in 1992 and 7,909,768 in 1991 (restated to reflect the four-for-three stock split in February 1992).
 Percent
 Nine Months Ended Sept. 30 1992 1991 Change
 Total insurance revenues $154,850,203 $145,997,210 + 6.1
 Net investment income 44,396,120 40,324,990 + 10.1
 Net earnings 12,767,028 11,384,470 + 12.1
 Net earnings per share $ 1.6090 $ 1.4400 + 11.7
 Historical Presentation
 Earnings from operations $ 12,563,038 $ 11,282,505 + 11.3
 Realized investment gains 203,990 101,965 +100.1
 Net earnings $ 12,767,028 $ 11,384,470 + 12.1
 Earnings per share (A)
 Earnings from operations $ 1.5833 $ 1.4271 + 10.9
 Realized investment gains .0257 .0129 + 99.2
 Net earnings $ 1.6090 $ 1.4400 + 11.7
 At Sept. 30
 Total assets $998,032,175 $871,180,280 + 14.6
 Total stockholders' equity 141,837,660 126,254,663 + 12.3
 Equity per share 17.86 15.96 + 11.9
 (A) -- Based on 7,934,919 daily average number of shares outstanding in 1992 and 7,905,899 in 1991 (restated to reflect the four-for-three stock split in February 1992).
 -0- 10/29/92
 /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


JJ-JB -- FL004 -- 6528 10/29/92 11:19 EST
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