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USLIFE CORPORATION TO CONSOLIDATE CREDIT LIFE INSURANCE UNITS

       USLIFE CORPORATION TO CONSOLIDATE CREDIT LIFE INSURANCE UNITS
    NEW YORK, Jan. 16 /PRNewswire/ -- USLIFE Corporation (NYSE: USH) today announced that it will consolidate its credit life insurance operations.  As a result of this action, the operations of Security of America Life Insurance Company in Reading, Pa., a wholly owned USLIFE company, will be transferred to USLIFE Credit Life Insurance Company in Schaumburg, Ill. subject to approval by regulatory authorities.
    In making this announcement, Gordon E. Crosby, Jr., chairman of the board, president and chief executive officer of USLIFE Corporation, commented:  "The consolidation of all our credit life insurance operations will position us favorably to better serve existing accounts and attract new business in the increasingly competitive field of marketing insurance-related products to creditor institutions and their customers.  USLIFE will have the advantages of an unusually broad product line for this marketplace and an experienced, professional field marketing staff that is virtually unique in the industry.  With a single management team and a common identity, coupled with the elimination of duplicate facilities and an accompanying reduction in operating expenses, we will benefit from even greater financial strength."
    Crosby added:  "The strategy of consolidating duplicative functions has been consistently and successfully pursued throughout USLIFE's ordinary, group, credit and administrative operations.  We expect the process of consolidation within the USLIFE Credit Insurance Group, which is to be initiated immediately, to continue through 1992 and the early part of 1993."
    USLIFE plans to retain its Reading office which also houses the claims unit for the Group Operations of The United States Life Insurance Company, another wholly owned USLIFE company.  Further expansion of that unit is under consideration for the near future.
    -0-         1/16/92
    /NOTE TO EDITORS:  USLIFE Credit Insurance Group was formed in 1983. USLIFE Credit Life Insurance Company was acquired by USLIFE Corporation in 1968 and traces its origin back to 1890.  It is a major, nationwide provider of credit life and disability insurance through banks, thrift and other creditor institutions.  USLIFE Agency Services, Inc., another unit within the USLIFE Credit Insurance Group, markets coverage for protection of borrowers by insuring payments for automobile loans, charge cards, revolving credit accounts and mortgage loans.
    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 $102 billion of life insurance in force as of Sept. 30, 1991.  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; Security of America Life Insurance Company;
     USLIFE Credit Life Insurance Company ST:  New York, Pennsylvania IN:  INS SU: FC-SH -- NY073 -- 0653 01/16/92 15:43 EST
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Publication:PR Newswire
Date:Jan 16, 1992
Words:475
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