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AMERICAN HERITAGE LIFE REPORTS RECORD FIRST QUARTER EARNINGS; DIRECTORS VOTE 3-FOR-2 STOCK SPLIT AND 7 PERCENT CASH DIVIDEND INCREASE

 JACKSONVILLE, Fla., April 29 /PRNewswire/ -- Record first quarter earnings from operations, a 3-for-2 stock split, and a 7 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 three months ended March 31, 1993 were $4,645,459, up 10.3 percent from the $4,211,539 reported for the same period in 1992. This represents $.59 per share for the first quarter of 1993 vs. $.53 for the first quarter of 1992.
 Net earnings for the first quarter were $4,682,967, up 10.8 percent from the $4,224,715 for the same period last year. On a per share basis, net earnings were $.59 compared to $.53 last year.
 Total income for the three months ended March 31, 1993 was $69,340,540 compared to the prior year's first quarter of $64,253,470, up 7.9 percent.
 The company's assets at March 31, 1993 were $1,029,262,527 compared to $930,142,181 at March 31, 1992; equity per share at March 31, 1993 was $18.67 compared to $16.71 at March 31, 1992.
 The company's annualized return on stockholders' equity based on earnings from operations increased to 14.27 percent at March 31, 1993, compared to 13.98 percent for the same period last year.
 The board of directors declared a 3-for-2 stock split in the form of a stock dividend, payable May 21, 1993 to shareholders of record May 10, 1993 and a 7 percent cash dividend increase to $.05 per share per month on the shares outstanding after the stock split, payable May 21, June 25 and July 23, 1993 to shareholders of record May 10, June 14 and July 12, 1993, respectively. Thus, the effective date for this 3-for-2 stock split will be May 10, 1993.
 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 March 31, 1993 1992 Change
 Total insurance revenues $54,280,506 49,773,451 + 9.1
 Net investment income 15,003,226 14,460,043 + 3.8
 Net earnings 4,682,967 4,224,715 + 10.8
 Earnings per share (A) .5897 .5331 + 10.6
 At March 31,
 Total assets 1,029,262,527 930,142,181 + 10.7
 Life insurance in force 15,766,611,149 14,703,745,381 + 7.2
 Stockholders' equity 148,559,691 132,586,603 + 12.0
 Equity per share 18.67 16.71 + 11.7
 Annualized return on
 stockholders' equity (in percents) 14.27 13.98 + 2.1
 Historical Presentation Percent
 Three Months Ended March 31 1993 1992 Change
 Earnings from operations $ 4,645,459 4,211,539 + 10.3
 Net realized investment gains 37,508 13,176 +184.7
 Net earnings $ 4,682,967 4,224,715 + 10.8
 Earnings per share: (A)
 Earnings from operations $ .5850 .5315 + 10.1
 Net Realized investment gains .0047 .0016 +193.8
 Net earnings $ .5897 .5331 + 10.6
 (A) -- Based on 7,941,833 daily average number of shares outstanding in 1993 (7,924,514 in 1992).
 -0- 4/29/93
 /CONTACT: Chris A. Verlander of American Heritage Life Investment Corporation, 904-359-2580/
 (AHL)


CO: American Heritage Life Investment Corporation ST: Florida IN: INS SU: ERN

JB-JM -- FL010 -- 2721 04/29/93 14:05 EDT
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Date:Apr 29, 1993
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