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AMERICAN HERITAGE LIFE INVESTMENT CORP. ANNOUNCES RECORD EARNINGS; FOUR-FOR-THREE STOCK SPLIT AND FOUR PERCENT DIVIDEND INCREASE

 AMERICAN HERITAGE LIFE INVESTMENT CORP. ANNOUNCES RECORD EARNINGS;
 FOUR-FOR-THREE STOCK SPLIT AND FOUR PERCENT DIVIDEND INCREASE
 JACKSONVILLE, Fla., Feb. 3 /PRNewswire/ -- Record earnings from operations, a 4-for-3 stock split, and a four percent cash dividend increase were reported today by American Heritage Life Investment Corporation (NYSE: AHL).
 Earnings from operations, excluding net realized investment gains, for the year ended Dec. 31, 1991, were $15,019,334 up 12.0 percent from the $13,409,112 for the year ended Dec. 31, 1990. This represents $2.53 per share for Dec. 31, 1991 vs. $2.25 for the same period in 1990.
 Net earnings for the year ended Dec. 31, 1991 were $15,077,802, up 15.3 percent from the $13,071,916 reported last year end. On a per share basis, net earnings were $2.54 compared to $2.20 last year.
 Earnings from operations, excluding net realized investment gains, for the three months ended Dec. 31, 1991 were $3,736,829, up 11.6 percent from the $3,349,696 for the same period in 1990. This represents $.63 per share for the fourth quarter 1991 vs. $.56 for the fourth quarter 1990.
 Net earnings for three months ended Dec. 31, 1991, were $3,693,332, up 25.7 percent from $2,938,483 reported for the same period in 1990. On a per share basis, net earnings were $.62 compared to $.50 for the same period last year.
 The board of directors declared a 4-for-3 stock split in the form of a stock dividend, payable Feb. 28, 1992 to shareholders of record Feb. 18, 1992 and a four percent cash dividend increase to $.07 per share per month on the shares outstanding after the stock split, payable Feb. 28, March 27 and April 24, 1992 to shareholders of record Feb. 18, March 16 and April 13, 1992 respectively.
 Total income for the year ended Dec. 31, 1991 was $250,494,771 compared to $220,842,230 for the same period last year, up 13.4 percent.
 The company's assets at Dec. 31, 1991 were $892,594,832 compared to $780,629,309 at Dec. 31, 1990; equity per share at Dec. 31, 1991 was $22.10 compared to $19.25 at Dec. 31, 1990.
 This is the company's 16th consecutive annual increase in operating earnings and the 23rd consecutive annual dividend increase.
 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
 Percent
 THREE MONTHS ENDED DEC. 31 1991 1990 Change
 Total insurance premiums
 including premium equivalents $90,162,770 $88,966,728 + 1.3
 Net investment income 14,210,393 12,804,723 + 11.0
 Net earnings 3,693,332 2,938,483 + 25.7
 Net earnings per share (A) $ .6226 $ .4958 + 25.6
 HISTORICAL PRESENTATION
 Earnings from operations $ 3,736,829 $ 3,349,696 + 11.6
 Realized investment losses (43,497) (411,213) --
 Net earnings $ 3,693,332 $ 2,938,483 + 25.7
 Earnings per share (A)
 Earnings from operations $ .6299 $ .5649 + 11.5
 Realized investment losses (.0073) (.0691) --
 Net earnings $ .6226 $ .4958 + 25.6
 (A) -- Based on 5,932,326 daily average number of shares outstanding in 1991 and 5,934,399 in 1990.
 Percent
 YEAR ENDED DEC. 31 1991 1990 Change
 Total insurance premiums
 including premium equivalents $382,206,416 $328,847,308 + 16.2
 Net investment income 54,535,383 43,367,156 + 25.8
 Net earnings 15,077,802 13,071,916 + 15.3
 Net earnings per share (A) $ 2.5426 $ 2.1974 + 15.7
 HISTORICAL PRESENTATION
 Earnings from operations $15,019,334 $13,409,112 + 12.0
 Realized investment gains (losses) 58,468 (337,196) --
 Net earnings $15,077,802 $13,071,916 + 15.3
 Earnings per share (A)
 Earnings from operations $ 2.5327 $ 2.2541 + 12.4
 Realized investment gains (losses) .0099 (.0567) --
 Net earnings $ 2.5426 $ 2.1974 + 15.7
 AT DEC. 31
 Total Assets $892,594,832 $780,629,309 + 14.3
 Total Stockholders' equity 131,100,251 114,142,159 + 14.9
 Equity per share 22.10 19.25 + 14.8
 (A) -- Based on 5,930,156 daily average number of shares outstanding in 1991 and 5,948,862 in 1990.
 -0- 2/3/92
 /CONTACT: Chris A. Verlander of American Heritage Life Investment Corp., 904-359-2580/
 (AHL) CO: American Heritage Life Investment Corp. ST: Florida IN: INS SU: ERN


JJ-AW -- FL006 -- 6132 02/03/92 11:20 EST
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Date:Feb 3, 1992
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