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JEFFERSON-PILOT CORPORATION REPORTS RECORD FIRST QUARTER NET INCOME BEFORE EFFECT OF INITIAL APPLICATION OF SFAS 106

 GREENSBORO, N.C., April 27 /PRNewswire/ -- Jefferson-Pilot Corporation (NYSE: JP) today reported that first quarter 1993 earnings per share before the effect of the initial application of SFAS 106 increased to $.99 from $.96 in the same quarter of 1992. The company adopted Financial Accounting Standard No. 106, "Employers' Accounting for Post Retirement Benefits Other Than Pension," which resulted in a one-time after-tax charge to earnings of $.48 per share. Including this charge, net income per share amounted to $.51 for the first quarter of 1993.
 The corporation's total net income before SFAS 106 increased to a record first quarter level of $49,935,000 from $49,259,000 in the same quarter last year. A one-time after-tax charge to net income of $24,109,000 for the accumulated post retirement benefit obligation under SFAS 106 reduced reported net income to $25,826,000. In addition, the ongoing periodic benefit expense for the current quarter reduced income by $522,000, net of taxes amounting to $.01 per share.
 "Strong sales gains in our core individual life insurance business, solid profits from group insurance, and excellent results from our communications operations contributed to our record results," said Chief Executive Officer David Stonecipher. "These strong earnings reinforce our vision to become a market leader in our businesses while achieving superior long-term results for our shareholders."
 The quarter was highlighted by a 12.6 percent increase in total individual insurance premiums reported on a FAS 60 basis. Jefferson-Pilot's core individual life insurance segment is being redirected to provide Jefferson-Pilot's producers and customers with competitive, yet profitable, products which will enable the company to become a leader in its targeted markets. For the first quarter of 1993, unusually high mortality experience caused earnings from this segment to decrease to $27,286,000 from $30,534,000 in the same quarter of 1992. Earnings from group insurance operations of $9,531,000 were flat compared with year earlier results. Communications operations' earnings were $4,802,000, an increase of 19.1 percent versus last year, and casualty and title insurance operations earnings were $2,016,000, up 63.1 percent from a year earlier. Realized investment gain, net of income taxes, amounted to $6,700,000, up from $5,379,000 in the first quarter of 1992.
 On March 31, 1993, Jefferson-Pilot's stockholders' equity per share stood at $33.79, up 10.1 percent from $30.68 a year earlier. The previously reported equity per share of $31.05 at March 31, 1992 was restated to conform with Financial Accounting Standard No. 109, Accounting for Income Taxes. 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++").
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 Jefferson-Pilot Corporation, a holding company, is one of the nation's largest shareholder-owned life insurance companies. The company's largest subsidiary, Jefferson-Pilot Life Insurance Company, offers a full line of individual and group life and health insurance and annuity products. Other subsidiaries offer fire and casualty insurance, title insurance, and mutual fund sales. Jefferson-Pilot Communications Company owns and operates two network television stations, 12 radio stations, and produces sports programming. The company and its predecessor have paid cash dividends in every year since 1913.
 JEFFERSON PILOT CORPORATION
 First Quarter Results
 March 31, 1993 March 31, 1992
 Income before effect of initial
 application of SFAS 106 and
 gain from sales of investments $ 0.86 $ 0.86
 Gain from sales of investments,
 net of income taxes 0.13 0.10
 Income before effect of initial
 application of SFAS 106 0.99 0.96
 Effect of initial application of
 SFAS 106 (0.48) 0.00
 Net income per share $ 0.51 $ 0.96
 Income before SFAS 106 $49,935,000 $49,259,000
 Application of SFAS 106 (24,109,000) --
 Net Income $25,826,000 $49,259,000
 Average number of shares
 outstanding 50,542,318 51,306,292
 -0- 4/27/93
 /CONTACT: William H. Chenoweth, 919-691-3390, or John T. Still, 919-691-3382, both of Jefferson-Pilot Corporation/
 (JP)


CO: Jefferson-Pilot Corporation ST: North Carolina IN: TLS INS SU: ERN

MM-CM -- CH006 -- 1416 04/27/93 13:04 EDT
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Date:Apr 27, 1993
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