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JEFFERSON-PILOT CORPORATION REPORTS RECORD FIRST QUARTER NET INCOME -- EARNINGS PER SHARE INCREASED 18.5 PERCENT FOR THE FIRST QUARTER

JEFFERSON-PILOT CORPORATION REPORTS RECORD FIRST QUARTER NET INCOME --
 EARNINGS PER SHARE INCREASED 18.5 PERCENT FOR THE FIRST QUARTER
 GREENSBORO, N.C., April 20 /PRNewswire/ -- Jefferson-Pilot Corporation (NYSE: JP) today reported that first quarter 1992 earnings per share increased 18.5 percent to $.96 from $.81 in the same quarter for 1991. Both of these earnings figures have been adjusted for the three-for-two stock split which was effected April 15, 1992. First quarter 1992 earnings included $.10 per share of realized gain from sales of investments, net of income taxes, versus $.07 per share for the 1991 period. Excluding such gain, earnings per share for the quarter increased to $.86, 16.2 percent above comparable earnings of $.74 last year.
 "Jefferson-Pilot's excellent results across the board for the first quarter of 1992 represent the continuation of many years of superior performance for its shareholders," said W. Roger Soles, Chairman and Chief Executive Officer. "Our strong earnings this quarter once again demonstrate the effectiveness of the Board's strategies to maximize shareholder value."
 The Corporation's total net income increased 18.6 percent to a record first quarter level of $49,259,000 from $41,533,000 in the same quarter last year. Each of the Corporation's business segments reported higher net income with the core life and accident and health insurance business reporting earnings of $40,049,000, an increase of 11.9 percent over the $35,798,000 reported in the same period last year. These earnings were comprised of net income of $30,534,000 from individual insurance operations, up 12.2 percent from the first quarter of last year; and $9,515,000 of earnings from group insurance operations, up 10.8 percent from a year earlier. In addition, casualty and title insurance operations earned $1,236,000 versus a loss of $361,000 last year, and communications operations' earnings were $4,031,000, an increase of 17.0 percent versus last year. Realized investment gain, net of income taxes, amounted to $5,379,000, up from $3,626,000 in the first quarter of 1991.
 On March 31, 1992, Jefferson-Pilot's stockholders' equity per share stood at $31.05, up 10.7 percent from $28.06 a year earlier. Both values have been restated for the stock split. Jefferson-Pilot's asset quality remains exceptionally high, and the company's Jefferson-Pilot Life subsidiary continues to carry the highest financial strength ratings available from Standard & Poor's ("AAA") and A.M. Best ("A+").
 JEFFERSON-PILOT CORPORATION
 First Quarter Results
 Three Months Ended
 March 31, 1992 March 31, 1991
 Income per share of
 common stock:
 Income before gain from
 sales of investments $ 0.86 $ 0.74
 Gain from sales of
 investments, net of
 income taxes 0.10 0.07
 Net income $ 0.96 $ 0.81
 Net income (in thousands) $ 49,259 $ 41,533
 Average number of
 shares outstanding 51,306,292 51,455,628
 -0- 4/20/92
 /CONTACT: Bill Chenoweth, Jefferson-Pilot Corporation, 919-691-3390/
 (JP) CO: Jefferson-Pilot Corporation ST: North Carolina IN: TLS INS SU: ERN


CM -- CH015 -- 0182 04/20/92 15:30 EDT
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Publication:PR Newswire
Date:Apr 20, 1992
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