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AMERICAN HERITAGE LIFE INVESTMENT CORPORATION REPORTS SECOND QUARTER AND SIX MONTHS' EARNINGS

 AMERICAN HERITAGE LIFE INVESTMENT CORPORATION
 REPORTS SECOND QUARTER AND SIX MONTHS' EARNINGS
 JACKSONVILLE, Fla., July 23 /PRNewswire/ -- Operating results for the three months and six months ended June 30, 1992 were reported today by American Heritage Life Investment Corporation (NYSE: AHL).
 Earnings from operations, excluding net realized investment gains, for the three months ended June 30, 1992 were $4,189,407, up 10.3 percent from the $3,797,661 reported for the same period in 1991. This represents $.53 per share for the second quarter 1992 vs. $.48 for the second quarter 1991, an increase of 10.4 percent.
 Net earnings for the second quarter were $4,344,535, up 11.9 percent from the $3,883,308 reported for the same period last year. On a per share basis, net earnings were $.55 compared to $.49 last year, up 12.2 percent.
 Earnings from operations, excluding net realized investment gains, for the six months ended June 30, 1992 were $8,400,946, up 11.2 percent from the $7,554,087 reported for the same period in 1991. This represents $1.06 per share for the first six months of 1992 vs. $0.96 for the same period last year, up 10.4 percent.
 Net earnings for the six months ended June 30, 1992 were $8,569,250, up 12.2 percent from the $7,637,021 reported for the same period in 1991. On a per share basis, net earnings were $1.08 compared to $0.97 last year, an increase of 11.3 percent.
 Total income for the six months ended June 30, 1992 was $129,585,533 compared to $119,008,408 for the same period last year, up 8.9 percent.
 The company's assets at June 30, 1992 were $951,097,023 compared to $843,583,633 at June 30, 1991; equity per share at June 30, 1992 was $17.12 compared to $15.60 at June 30, 1991.
 At the board of directors meeting today, the company declared three $.07 monthly dividends, payable Aug. 21, Sept. 25, and Oct. 23, 1992 to shareholders of record on Aug. 10, Sept. 14, and Oct. 12, 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
 Percent
 Three months ended June 30 1992 1991 Change
 Total Insurance revenues $50,115,781 $48,241,914 + 3.9 pct.
 Net investment income 14,981,254 13,526,240 + 10.8 pct.
 Net earnings 4,344,535 3,883,308 + 11.9 pct.
 Net earnings per share (A) $ 0.5474 $ 0.4912 + 11.4 pct.
 Historical Presentation
 Earnings from operations $ 4,189,407 $ 3,797,661 + 10.3
 Realized investment gains 155,128 85,647 + 81.1
 Net earnings $ 4,344,535 $ 3,883,308 + 11.9
 Earnings per share (A)
 Earnings from operations $ .5278 $ .4804 + 9.9
 Realized investment gains .0196 .0108 + 81.5
 Net earnings $ .5474 $ .4912 + 11.4
 (A) -- Based on 7,936,545 daily average number of shares outstanding in 1992 and 7,905,281 in 1991 (restated to reflect the four-for-three stock split in Feb. 1992).
 Percent
 Six Months Ended June 30 1992 1991 Change
 Total insurance revenues $99,889,232 $92,472,430 + 8.0
 Net investment income 29,441,297 26,410,344 + 11.5
 Net earnings 8,569,250 7,637,021 + 12.2
 Net earnings per share $ 1.0805 $ 0.9662 + 11.8
 Historical Presentation
 Earnings from operations $ 8,400,946 $ 7,554,087 + 11.2
 Realized investment gains 168,304 82,934 +102.9
 Net earnings $ 8,569,250 $ 7,637,021 + 12.2
 Earnings per share (A)
 Earnings from operations $ 1.0593 $ 0.9557 + 10.8
 Realized investment gains .0212 .0105 +101.9
 Net earnings $ 1.0805 $ 0.9662 + 11.8
 At June 30
 Total assets $951,097,023 $843,583,633 + 12.7
 Total stockholders' equity 135,984,592 123,384,473 + 10.2
 Equity per share 17.12 15.60 + 9.7
 (A) -- Based on 7,930,884 daily average number of shares outstanding in 1992 and 7,903,932 in 1991 (restated to reflect the four-for-three stock split in Feb. 1992).
 -0- 7/23/92
 /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


JB-AK -- FL010 -- 2465 07/23/92 11:30 EDT
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