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HOME LIFE REPORTS SIGNIFICANT GAINS IN 1991

 HOME LIFE REPORTS SIGNIFICANT GAINS IN 1991
 NEW YORK, March 3 /PRNewswire/ -- Home Life Insurance Company's


reported capital increased 11.7 percent to $225.2 million in 1991, and its net income more than doubled to a record $26.8 million, the company announced today.
 Home Life's year end results also include significant gains in pre-tax profit, net operating income, and capital-to-asset ratios.
 "During a year in which the insurance industry was greatly challenged, our net operating income was the best in our history, and we showed strong revenues in all continuing lines of business," said William B. Wallace, chairman and chief executive officer. "We stand well positioned for 1992; we will enter our merger with The Phoenix from a position of strength and stability."
 Highlights of Home Life's 1991 financial results include the following:
 -- Reported capital increased to $225.2 million in 1991 from $201.6 million in 1990. The consolidated capital-to-asset ratio rose to 5.47 percent, from 4.36 percent a year earlier (the mutual company's capital ratio rose to 5.79 percent from 4.53 percent).
 -- Net income rose to $26.8 million from $11.9 million in 1990. Net operating income rose to $38.2 million, a record, from $22.1 million.
 -- Consolidated gain from operations (before dividends and taxes) increased to $123.5 million in 1991 from $121.4 million in 1990.
 -- Total premiums and deposits declined to $624.5 million from $856 million a year earlier. The decline resulted largely from Home Life's withdrawal from the guaranteed investment contract (GIC) market.
 -- Individual insurance in force increased to $20.8 billion.
 Home Life, founded in 1860, is a New York-based mutual life insurance company with administrative offices in Piscataway, N.J. It is active in individual life insurance, annuities, and group life and health insurance.
 As previously announced, Home Life has agreed to merge with Phoenix Mutual Life Insurance Company. Subject to regulatory and policyholder approvals, the merger should close this summer.
 HOME LIFE INSURANCE COMPANY
 CONSOLIDATED FINANCIAL HIGHLIGHTS
 (dollars in millions)
 1991 1990
 Total capital 225.2 201.6
 Capital to asset ratio (percent) 5.47 4.36
 Gain from operations 123.5 121.4
 Pre-tax gain 38.4 29.9
 Net operating income 38.2 22.1
 Net income 26.8 11.9
 -0- 3/3/92
 /CONTACT: Bernadette Sohler of Home Life Insurance Company, 908-980-8332/ CO: Home Life Insurance Company ST: IN: INS SU: ERN


PS -- NY003 -- 4334 03/03/92 09:01 EST
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Date:Mar 3, 1992
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