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JEFFERSON-PILOT CORPORATION REPORTS RECORD SECOND QUARTER NET INCOME -- EARNINGS PER SHARE INCREASED 10.6 PERCENT

 GREENSBORO, N.C., July 27 /PRNewswire/ -- Jefferson-Pilot Corporation (NYSE: JP) today reported record earnings per share of $1.04 for the second quarter of 1993, 10.6 percent above earnings per share of $0.94 for the comparable year-earlier quarter. This solid gain for the quarter brought earnings per share before the initial application of SFAS 106 to $2.03 for the first half of 1993, an increase of 6.8 percent from earnings per share of $1.90 in the first half of last year. In the first quarter of 1993, the company adopted Financial Accounting Standard No. 106, "Employers' Accounting for Post Retirement Benefits Other Than Pensions," which resulted in a one-time, after-tax charge to earnings per share of $0.48. Including this charge, net income per share amounted to $1.55 for the first half of 1993.
 The corporation's consolidated net income increased to a record second quarter level of $52,241,000 from $48,260,000 in the same quarter last year. First-half net income before the initial application of SFAS 106 increased to $102,176,000 from $97,519,000 for the first six months of 1992. Including the one-time charge for the accumulated post retirement benefit obligation under SFAS 106, net income was $78,067,000 for the first half of 1993.
 In commenting on Jefferson-Pilot's performance, chief executive officer David Stonecipher noted that the second quarter demonstrated a continuing trend of favorable life insurance sales results. "Individual life insurance and annuity sales year to date are encouraging, which indicates that the marketing programs implemented to date are working," Stonecipher noted. "I am particularly pleased with these results in view of the fact that Jefferson-Pilot Life's new Independent Marketing Organization distribution system has just begun to operate and results from this system will not be felt until the second half of this year."
 Each of the corporation's business segments reported higher net income for the second quarter of 1993, with the core life and accident and health business reporting earnings of $38,357,000 versus $36,393,000 for the same quarter last year. These earnings were comprised of net income of $29,164,000 from the individual insurance operations, up from $27,377,000 in the second quarter of last year; and $9,193,000 of earnings from group insurance operations, up from $9,016,000 a year earlier. In addition, the communications operations earned $3,298,000 versus $3,008,000 last year, and casualty and title insurance operations' earnings were $2,047,000 compared with $1,315,000 last year. Realized investment gain, net of income taxes, amounted to $9,455,000, up from $8,837,000 in the second quarter of 1992.
 For the first half of 1993, the life and accident and health business had earnings of $75,174,000 versus earnings of $76,442,000 for the same period last year. These earnings were comprised of net income of $56,450,000 from individual life operations compared with $57,911,000 for the first half of 1992; and $18,724,000 of earnings from group insurance operations, up from $18,531,000 a year earlier. In addition, the communications operations earned $8,100,000 for the first six months of 1993 versus $7,039,000 last year, and casualty and title insurance operations' earnings were $4,063,000 compared with $2,551,000 during the same period last year. Realized investment gain, net of income taxes, amounted to $16,155,000, up from $14,216,000 for the first six months of 1992.
 On June 30, 1993, Jefferson-Pilot's stockholders' equity per share stood at $34.32, up 7.7 percent from $31.87 a year earlier. The previously reported equity per share of $32.23 at June 30, 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++").
 -----
 Jefferson-Pilot Corporation, a holding company, is one of the nations' 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
 Second-Quarter and Six-Month Results
 Three Months Ended
 June 30, 1993 June 30, 1992
 Income before gain from sales
 of investments $0.85 $0.77
 Gain from sales of investments,
 net of income taxes 0.19 0.17
 Net income per share $1.04 $0.94
 Net income $52,241,000 $48,260,000
 Average number of shares
 outstanding 50,418,998 51,181,427
 Six Months Ended
 June 30, 1993 June 30, 1992
 Income before effect of initial
 application of SFAS 106 and gain
 from sales of investments $1.71 $1.63
 Gain from sales of investments,
 net of income taxes 0.32 0.27
 Income before effect of initial
 application of SFAS 106 2.03 1.90
 Effect of initial application
 of SFAS 106 (0.48) 0.00
 Net income per share $1.55 1.90
 Income before SFAS 106 $102,176,000 $97,519,000
 Application of SFAS 106 (24,109,000) ----
 Net income $78,067,000 $97,519,000
 Average number of shares
 outstanding 50,435,658 51,243,859
 -0- 7/27/93
 /CONTACT: William H. Chenoweth, 919-691-3390, or John T. Still, III, 919-691-3382, both of Jefferson-Pilot Corporation/
 (JP)


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

SB -- CH006 -- 6263 07/27/93 13:07 EDT
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Date:Jul 27, 1993
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