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USLIFE CORPORATION REPORTS 17 PERCENT INCREASE IN SECOND QUARTER RESULTS; FIRST HALF RESULTS UP 16 PERCENT

 Highlights of USLIFE Corporation Press Release
 Excluding capital gains and losses, USLIFE Corporation first half 1993 earnings per share $1.96 vs. $1.69 in first half 1992 (before cumulative effect of accounting change in 1992 period).
 USLIFE first half 1993 income including capital gains and losses $44,196,000 or $1.93 per share vs. $37,265,000 or $1.63 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 $725,000 or 4 cents per share for 1992 first half.
 Revenues: $789,931,000 vs. $750,808,000.
 All 1992 period per-share data adjusted to reflect 3-for-2 split of USLIFE Corporation common stock in December 1992.
 Excluding capital gains and losses, USLIFE Corporation second quarter 1993 earnings per share $1.03 vs. 88 cents in second quarter 1992.
 USLIFE second quarter 1993 net income $23,734,000 or $1.03 per share vs. $19,718,000 or 86 cents per share.
 Revenues: $407,119,000 vs. $389,828,000.
 NEW YORK, July 22 /PRNewswire/ -- USLIFE Corporation (NYSE: USH) today reported second quarter and first half operating results.
 For the second quarter of 1993, "operating income" (which excludes realized capital gains and losses) increased to $23.7 million versus $20.2 million for the comparable 1992 period, while earnings per share increased 17 percent to $1.03 versus 88 cents in the second quarter of 1992. Earnings per share for 1992 periods have been adjusted to reflect the 3-for-2 split of the company's common stock in December 1992.
 Reported net income, including capital gains and losses, increased to $23.7 million for the second quarter of 1993 versus $19.7 million for the comparable 1992 period, while net income per share increased 20 percent to $1.03 from 86 cents in the second quarter of 1992. Capital gains and losses had no net impact on second quarter 1993 earnings per share, while second quarter 1992 reported net income included capital losses equivalent to approximately 2 cents per share.
 For the first half of 1993, "operating income" (which excludes realized capital gains and losses) increased to $44.9 million versus $38.6 million for the comparable 1992 period, while earnings per share increased 16 percent to $1.96 versus $1.69 in the first half of 1992. Reported net income includes capital losses equivalent to 3 cents per share in the first half of 1993 and 6 cents per share in the corresponding 1992 period. For the first half of 1993, income including capital gains and losses increased to $44.2 million versus $37.3 million for the comparable 1992 period, while earnings per share increased 18 percent to $1.93 versus $1.63 in the 1992 period (before the impact of a charge for "cumulative effect of accounting change"). Total revenues were $790 million for the 1993 period versus $751 million for the first half 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 of $1.67 per share, a net loss of $725 thousand or 4 cents per share has been retroactively reported for the six months ended June 30, 1992.
 USLIFE CORPORATION
 Consolidated Operations Summary
 (Number of shares and amounts in thousands, except per share)
 Periods Ended Six months Three months
 June 30 1993 1992 1993 1992
 Total revenues $789,931 $750,808 $407,119 $389,828
 Total benefits and expenses 723,346 694,701 371,275 360,231
 Income from operations before
 Federal income taxes and cumulative
 effect of accounting change 66,585 56,107 35,844 29,597
 Income taxes
 (current and deferred) 22,389 18,842 12,110 9,879
 Income from operations,
 before cumulative effect
 of accounting change 44,196 37,265 23,734 19,718
 Cumulative effect of accounting
 change for years prior to 1992,
 net of applicable income taxes --- (37,990) --- ---
 Net income $44,196 $ (725) $23,734 $19,718
 Income per share (B):
 Income before cumulative effect
 of accounting change (A) $ 1.93 $ 1.63 $ 1.03 $ .86
 Cumulative effect of
 accounting change --- (1.67) --- ---
 Net income $ 1.93 $ (.04) $ 1.03 $ .86
 (A) Reported income per share for the first half of 1993 and 1992 includes capital loss transactions equivalent to approximately 3 cents per share and 6 cents per share, respectively. Capital gain and loss transactions had no net impact on reported earnings per share for the second quarter of 1993; reported income per share for the second quarter of 1992 includes capital loss transactions equivalent to approximately 2 cents per share. On an "operating income" basis (excluding capital gains and losses), the above earnings per share would be:
 Operating income per share $ 1.96 $ 1.69 $ 1.03 $ .88
 Earnings per share computation data(A):
 Number of shares used in
 earnings per share
 computations 22,872 22,721
 Preferred stock dividend
 requirements deducted for
 purposes of earnings per
 share computations --- $ 131
 (B) Earnings per share data for the 1992 periods 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)
 Six months ended June 30, 1993 1992(B)
 After-Tax After-Tax
 Revenues Income Revenues Income
 Life insurance $ 780,354 $ 63,242 $ 745,581 $ 58,673
 Investment and corporate services:
 Realty investment (C) 879 (253) 1,147 (172)
 Securities investment (D) 5,906 235 4,284 180
 Corporate services (E) 3,775 (18,371) 1,836 (20,053)
 Total, excluding capital
 gains and losses 790,914 44,853 752,848 38,628
 Capital losses (983) (657) (2,040) (1,363)
 Total $ 789,931 $ 44,196 $ 750,808 $ 37,265
 Income per share (A) $ 1.93 $ 1.63
 (A) Reported income per share for the first half of 1993 and 1992 includes capital loss transactions equivalent to approximately 3 cents per share and 6 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 $ 1.96 $ 1.69
 (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. 1992 period results are before cumulative effect of accounting change for postretirement benefits other than pensions.
 (C)Includes USLIFE Realty and USLIFE Real Estate Services.
 (D)Includes USLIFE Advisers and USLIFE Equity Sales.
 (E)Includes USLIFE Systems Corporation, USLIFE Insurance Services Corporation and USLIFE Agency Services, Inc., as well as USLIFE Corporation and consolidating adjustments.
 -0- 7/22/93
 /NOTE TO EDITORS: USLIFE Corporation is a life insurance-based holding company whose principal subsidiaries engage in the life insurance business. With nationwide operations, USLIFE has three ordinary life insurance companies and a credit insurance group with approximately $117 billion of life insurance in force as of June 30, 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./
 /CONTACT: Richard P. Keating, vice president - corporate communications of USLIFE, 212-709-6227/
 (USH)


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

PS-MP -- NY015 -- 4498 07/22/93 11:42 EDT
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Date:Jul 22, 1993
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