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USLIFE REPORTS THIRD QUARTER AND FIRST NINE MONTHS RESULTS; COMMON STOCK DIVIDEND INCREASED; BOARD AUTHORIZES 3-FOR-2 SPLIT OF COMMON STOCK

USLIFE REPORTS THIRD QUARTER AND FIRST NINE MONTHS RESULTS; COMMON STOCK DIVIDEND INCREASED; BOARD AUTHORIZES 3-FOR-2 SPLIT OF COMMON STOCK
 Highlights of the following USLIFE Corporation press release:
 -- Excluding capital gains and losses, USLIFE Corporation (NYSE: USH) first nine months 1992 earnings per share $3.88 vs. $3.45.
 -- USLIFE first nine months 1992 net income including capital gains and losses $3.77 per share vs. $3.37 per share.
 -- USLIFE first nine months 1992 net income $57,157,000 vs. $52,207,000 in 1991 period.
 -- Revenue: $1,137,897,000 vs. $1,011,337,000.
 -- Excluding capital gains and losses, USLIFE third quarter 1992 earnings per share $1.34 vs. $1.23.
 -- USLIFE third quarter 1992 net income $1.32 per share vs. $1.20 per share.
 -- USLIFE third quarter 1992 net income $19,892,000 vs. $18,607,000 in 1991 period.
 -- Revenue: $387,089,000 vs. $351,631,000.
 -- Quarterly dividend increased to 45 cents per share, representing a 2 cent increase, payable Dec. 1, 1992; record date Nov. 16, 1992.
 -- Board of Directors approved a 3-for-2 split of the company's common stock; one additional share of common stock will be distributed to shareholders on or about Dec. 22, 1992 for each two shares held as of record date of Dec. 1, 1992.
 NEW YORK, Oct. 27 /PRNewswire/ -- USLIFE Corporation (NYSE: USH) today reported third quarter and first nine months operating results.
 For the third quarter of 1992, "operating income" (which excludes realized capital gains and losses) amounted to $20.2 million versus $19.1 million for the comparable 1991 period, with a 9 percent increase in earnings per share from $1.23 in the 1991 period to $1.34 in the third quarter of 1992. Reported net income includes capital losses equivalent to 2 cents per share in the third quarter of 1992 and 3 cents per share in the third quarter of 1991. Reported net income, including capital gains and losses, was $19.9 million or $1.32 per share for the third quarter of 1992 versus $18.6 million or $1.20 per share for the comparable 1991 period.
 For the nine months ended Sept. 30, 1992, "operating income" (which excludes realized capital gains and losses) amounted to $58.8 million versus $53.4 million for the comparable 1991 period, with a 12 percent increase in earnings per share from $3.45 in the 1991 period to $3.88 in the first nine months of 1992. Reported net income includes capital losses equivalent to 11 cents per share in the first nine months of 1992 and 8 cents per share in the comparable 1991 period. Reported net income, including capital gains and losses, was $57.2 million or $3.77 per share for the first nine months of 1992 versus $52.2 million or $3.37 per share for the comparable 1991 period. Total revenues were $1.138 billion for the 1992 period versus $1.011 billion for the first nine months of 1991.
 Common Stock Dividend Increased
 The Board of Directors declared a dividend on USLIFE common stock of 45 cents per share, representing a 2 cent increase. This increase represents the 33rd time in USLIFE's 26-year history that the dividend has been increased. 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 Dec. 1, 1992 to shareholders of record at the close of business on Nov. 16, 1992.
 Board Authorizes 3-for-2 Split of Common Stock
 The Board of Directors has approved a 3-for-2 split of the company's common stock. As a result of this action, one additional share of USLIFE common stock will be distributed on or about Dec. 22, 1992 for each two shares held, to shareholders of record at the close of business on Dec. 1, 1992.
 USLIFE CORPORATION
 Consolidated Operations Summary
 (Number of shares and amounts in thousands except per share)
 Nine Months Ended Three Months Ended
 Sept. 30 Sept. 30
 1992 1991 1992 1991
 Total revenues $1,137,897 $1,011,337 $387,089 $351,631
 Total benefits & expenses 1,052,135 933,797 357,434 324,027
 Income from operations
 before Federal income
 taxes 85,762 77,540 29,655 27,604
 Income taxes (current
 and deferred) 28,605 25,333 9,763 8,997
 Net income $ 57,157 $ 52,207 $ 19,892 $ 18,607
 Net income per share (A) $3.77 $3.37 $1.32 $1.20
 (A) -- Net income per share for the first nine months of 1992 includes capital loss transactions equivalent to approximately 11 cents per share; for the corresponding 1991 period, net income per share includes capital loss transactions equivalent to approximately 8 cents per share. Third quarter 1992 net income per share includes capital loss transactions equivalent to approximately 2 cents per share; third quarter 1991 net income per share includes capital loss transactions equivalent to approximately 3 cents per share. On an "operating income" basis (excluding capital gains and losses), the above earnings per share would be:
 "Operating income per share" $3.88 $3.45 $1.34 $1.23
 Earnings per share
 computation data:
 Number of shares used
 in earnings per share
 computations 15,110 15,413
 Preferred stock dividend
 requirements deducted for
 purposes of earnings per
 share computations $197 $262
 USLIFE CORPORATION
 Operating Results by Lines of Business
 (Amounts in thousands except per share)
 Nine Months Ended Sept. 30
 1992 1991
 Net Net
 Revenues Income Revenues Income
 Life Insurance $1,126,931 $ 86,003 $1,000,659 $ 82,312
 Investment & Corporate
 Services:
 Realty investment (B) 1,233 (600) 2,222 (28)
 Securities investment (C) 6,538 262 4,538 (26)
 Corporate services (D) 3,195 (28,508) 3,918 (30,051)
 Consolidated $1,137,897 $ 57,157 $1,011,337 $ 52,207
 Net income per share (A) $3.77 $3.37
 (A) -- Net income per share for the first nine months of 1992 includes capital loss transactions equivalent to approximately 11 cents per share; for the corresponding 1991 period, net income per share includes capital loss transactions equivalent to approximately 8 cents per share. On an "operating income" basis (excluding capital gains and losses), the above earnings per share would be:
 "Operating income per share" $3.88 $3.45
 (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- 10/27/92
 /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 $110 billion of life insurance in force as of Sept. 30, 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


GK-EE -- NY100 -- 5609 10/27/92 16:11 EST
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Date:Oct 27, 1992
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