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USLIFE CORPORATION REPORTS 15 PERCENT INCREASE IN FIRST QUARTER RESULTS; COMMON STOCK DIVIDEND DECLARED

 Highlights of USLIFE Corporation Earnings:
 Excluding capital gains and losses, USLIFE Corporation (NYSE: USH)


first quarter 1993 earnings per share 93 cents vs. 81 cents in first quarter 1992 (before cumulative effect of accounting change in 1992 period).
 USLIFE first quarter 1993 income including capital gains and losses $20,462,000 or 90 cents per share vs. $17,547,000 or 77 cents per share (before cumulative effect of accounting change in 1992 period).
 Retroactively recorded charge for cumulative effect of accounting change of $37,990,000 or $1.67 per share in 1992 first quarter relating to SFAS 106 resulted in reported net loss of 90 cents per share for 1992 period.
 Revenues: $382,812,000 vs. $360,980,000
 1992 period per-share data adjusted to reflect 3-for-2 split of USLIFE Corporation common stock in December 1992.
 Quarterly dividend declared on common stock at 30 cents per share, payable June 1, 1993; record date May 17, 1993.
 NEW YORK, April 27 /PRNewswire/ -- USLIFE Corporation (NYSE: USH) today reported first quarter operating results.
 For the first quarter of 1993, "operating income" (which excludes realized capital gains and losses) increased to $21.1 million versus $18.5 million for the comparable 1992 period, while earnings per share increased 15 percent to 93 cents versus 81 cents in the first quarter of 1992. Earnings per share for the 1992 period have been adjusted to reflect the 3-for-2 split of the company's common stock in December 1992.
 Reported net income includes capital losses equivalent to 3 cents per share in the first quarter of 1993 and 4 cents per share in the corresponding 1992 period. For the first quarter of 1993, income including capital gains and losses increased to $20.5 million versus $17.5 million for the comparable 1992 period, while earnings per share increased 17 percent to 90 cents versus 77 cents in the corresponding 1992 period (before the impact of a charge for cumulative effect of accounting change). Total revenues were $383 million for the 1993 period versus $361 million for the first quarter of 1992.
 During the fourth quarter of 1992, the company elected to implement new accounting standards for non-pension postretirement benefits required by FASB Statement No. 106 (SFAS 106) and recognized the initial liability required by SFAS 106 by means of a one-time income statement charge for "cumulative effect of accounting change." As required by SFAS 106, this charge was retroactively recorded in the first quarter of 1992. Including this charge, which amounted to $38.0 million or $1.67 per share, a net loss of $20.4 million or 90 cents per share has been reported for the first quarter of 1992.
 Common Stock Dividend Declared
 The board of directors declared a dividend on USLIFE common stock of 30 cents per share. Dividends were also declared on USLIFE's preferred stocks: Series A, $1.125 per share; and Series B, $1.25 per share. These dividends are payable June 1, 1993 to shareholders of record on May 17, 1993.
 NOTE TO EDITORS: USLIFE Corporation is a life insurance-based holding company whose principal subsidiaries engage in the life insurance business. With nationwide operations, the USLIFE Life Insurance Division has three ordinary life insurance companies and a credit insurance group with approximately $116 billion of life insurance in force as of March 31, 1993. Additionally, there are five other subsidiaries that furnish the life insurance companies with investment advisory, broker-dealer, real estate, data processing and administrative services.
 USLIFE CORPORATION
 Consolidated Operations Summary
 (Number of shares and amounts in thousands except per share)
 Three months ended
 March 31
 1993 1992
 Total revenues $ 382,812 $ 360,980
 Total benefits and expenses 352,071 334,470
 Income from operations before
 Federal income taxes and cumulative
 effect of accounting change 30,741 26,510
 Income taxes (current and deferred) 10,279 8,963
 Income from operations, before
 cumulative effect of acctg. change 20,462 17,547
 Cumulative effect of acctg change for
 years prior to 1992, net of applicable
 income taxes (A) -- (37,990)
 Net income $ 20,462 $ (20,443)
 Income per share (B):
 Income before cumulative effect of
 acctg. change (AA) $ .90 $ .77
 Cumulative effect of acctg. change -- (1.67)
 Net income $ .90 $ (.90)
 (AA) -- Reported income per share for the first quarter of 1993 and 1992 includes capital loss transactions equivalent to approximately 3 cents per share and 4 cents per share, respectively. On an "operating income" basis (excluding capital gains and losses), the above earnings per share would be:
 "Operating income per share" .93 .81
 Earnings Per Share Computation Data (B):
 Number of shares used in
 earnings per share computations 22,794 22,724
 Preferred stock dividend requirements
 deducted for purposes of earnings
 per share computations -- 66
 (A) -- During 1992, the company elected to recognize the initial liability required by FASB Statement No. 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions," by means of a one-time income statement charge for cumulative effect of the accounting change. As required by Statement No. 106, this charge was retroactively recorded in the first quarter of 1992.
 (B) -- Earnings per share data for the 1992 period has been adjusted to reflect the 3-for-2 split of the company's common stock in December 1992.
 USLIFE CORPORATION
 Operating Results by Lines of Business
 (Amounts in thousands except per share)
 Three Months Ended March 31
 1993 1992(A)
 After-Tax After-Tax
 Revenues Income Revenues Income
 Life Insurance $377,531 $ 29,689 $357,698 $27,551
 Investment and Corporate
 Services:
 Realty investment (B) 428 (140) 474 (163)
 Securities investment (C) 2,685 121 2,011 90
 Corporate services (D) 2,168 (9,208) 797 (9,931)
 Consolidated 382,812 20,462 360,980 17,547
 Income per share (AA) .90 .77
 (AA) -- Reported income per share for the first quarter of 1993 and 1992 includes capital loss transactions equivalent to approximately 3 cents per share and 4 cents per share, respectively. On an "operating income" basis (excluding capital gains and losses), the above earnings per share would be:
 "Operating income per share" .93 .81
 (A) -- Earnings per share data for the 1992 period has been adjusted to reflect the 3-for-2 split of the company's common stock in December 1992. 1992 period results are before cumulative effect of accounting change for postretirement benefits other than pensions.
 (B) -- Includes USLIFE Realty and USLIFE Real Estate Services.
 (C) -- Includes USLIFE Advisers and USLIFE Equity Sales.
 (D) -- Includes USLIFE Systems Corporation, USLIFE Insurance Services Corporation and USLIFE Agency Services, Inc., as well as USLIFE Corporation and consolidating adjustments.
 -0- 4/27/93
 /CONTACT: Richard P. Keating, vice president-corporate communications of USLIFE Corporation, 212-709-6227/
 (USH)


CO: USLIFE Corporation ST: New York IN: INS SU: ERN

TS-AH -- NY100 -- 1567 04/27/93 16:14 EDT
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Date:Apr 27, 1993
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