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USLIFE REPORTS 14 PERCENT INCREASE IN FIRST QUARTER RESULTS; COMMON STOCK DIVIDEND INCREASED

 USLIFE REPORTS 14 PERCENT INCREASE IN FIRST QUARTER RESULTS;
 COMMON STOCK DIVIDEND INCREASED
 NEW YORK, April 28 /PRNewswire/ -- USLIFE Corporation (NYSE: USH) today reported first quarter operating results.
 For the first quarter of 1992, "operating income" (which excludes realized capital gains and losses) amounted to $18.5 million versus $16.5 million for the comparable 1991 period, with a 14 percent increase in earnings per share from $1.06 in the 1991 period to $1.21 in the first quarter of 1992. Reported net income includes capital losses equivalent to 6 cents per share in the first quarter of 1992 and 5 cents per share in the first quarter of 1991. Reported net income, including capital gains and losses, was $17.5 million or $1.15 per share for the first quarter of 1992 versus $15.7 million or $1.01 per share for the comparable 1991 period. Total revenues were $361 million for the 1992 period versus $314 million for the first quarter of 1991.
 Common Stock Dividend Increased
 The Board of Directors declared a dividend on USLIFE common stock of 42 cents per share, representing a one cent increase. This increase represents the 31st time in USLIFE's 25-year history that the dividend has been increased. Dividends were also declared on USLIFE's preferred stocks: Series A, $1.125 per share; Series B, $1.25 per share; and Series C, $.8325 per share. These dividends are payable June 1, 1992 to shareholders of record on May 15, 1992.
 USLIFE CORPORATION
 Consolidated Operations Summary
 (Number of shares and amounts in thousands except per share)
 Three months ended March 31 1992 1991
 Total revenues $360,980 $314,473
 Total benefits and expenses 334,470 291,051
 Income from operations before
 Federal income taxes 26,510 23,422
 Income taxes (current and deferred) 8,963 7,742
 Net income 17,547 15,680
 Net income per share (A) $1.15 $1.01
 (A) -- First quarter 1992 net income per share includes capital loss transactions equivalent to approximately 6 cents per share; first quarter 1991 net income per share includes capital loss transactions equivalent to approximately 5 cents per share. On an "operating income" basis (excluding capital gains and losses), the above earnings per share would be:
 "Operating income per share" $1.21 $1.06
 Earnings per share computation data:
 Number of shares used in earnings per
 share computations 15,149 15,433
 Preferred stock dividend requirements
 deducted for purposes of earnings
 per share computations $66 $87
 USLIFE CORPORATION
 Operating Results by Lines of Business
 (Amounts in thousands except per share)
 Three months 1992 1991
 ended Net Net
 March 31 Revenues Income Revenues Income
 Life Insurance $357,698 $27,551 $311,634 $26,012
 Investment and corporate
 services:
 Realty investment(B) 474 (163) 642 (88)
 Securities investment(C) 2,011 90 1,335 (26)
 Corporate services (D) 797 (9,931) 862 (10,218)
 Consolidated $360,980 $17,547 $314,473 $15,680
 Net income per share (A) $1.15 $1.01
 (A) -- First quarter 1992 net income per share includes capital loss transactions equivalent to approximately 6 cents per share; first quarter 1991 net income per share includes capital loss transactions equivalent to approximately 5 cents per share. On an "operating income" basis (excluding capital gains and losses), the above earnings per share would be:
 "Operating income per share" $1.21 $1.06
 (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- 4/28/92
 /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 $108 billion of life insurance in force as of March 31, 1992. 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 DIV


GK-HM -- NY107 -- 4002 04/28/92 16:33 EDT
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Publication:PR Newswire
Date:Apr 28, 1992
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