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USLIFE TO IMPLEMENT NEW FASB ACCOUNTING STANDARDS

 NEW YORK, Jan. 15 /PRNewswire/ -- USLIFE Corporation (NYSE: USH) today announced that its financial statements for the year ended Dec. 31, 1992 will reflect the initial implementation of new accounting and reporting standards for non-pension postretirement benefits and income taxes as required by recent statements of the Financial Accounting Standards Board.
 Statement No. 106 requires that employers' obligations for non- pension retirement benefits such as health care and life insurance be recognized by income statement charges on an accrual basis during the employees' service periods rather than on a "pay as you go" basis as permitted by previous accounting standards, and also requires a liability to be recorded for accumulated benefits at the time of adoption. The company intends to recognize the required initial liability by means of a one-time income statement charge for "cumulative effect of accounting change" which is currently estimated at approximately $60 million before applicable taxes. Although the annual charge for these benefits is expected to increase under the new accounting standards, the change is not anticipated to result in a material adverse impact upon ongoing consolidated results of operations.
 Statement No. 109 requires that income taxes be accounted for by the "liability method," which entails application of the current income tax rate at the balance sheet date to temporary differences between financial statement and tax reporting. Under the previous "deferred method," income tax expense was determined based on pre-tax accounting income. The company has elected to recognize the adjustment required by Statement No. 109 by means of restatement of previous years' financial statements. It is estimated that the required adjustment will reduce Equity Capital at Dec. 31, 1992 by an amount in the range of $80 million to $90 million. Since the required adjustment arises primarily from differing effective tax rates prior to 1988, the accounting change is not expected to have a material impact on reported net income for the years 1988 through 1992. On an ongoing basis, the new accounting method is expected to produce financial statement charges that are generally similar to those under previous accounting principles, unless there is a future change in tax rates. In the event of a future change in Federal income tax rates, Statement No. 109 will require the company to recognize its impact by means of a charge or credit to the income statement.
 -0- 1/15/93
 /NOTE TO EDITORS: USLIFE Corporation is a life insurance-based holding company whose principal subsidiaries engage in the life insurance business. With nationwide operations, 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 Corporation, 212-709-6227/
 (USH)


CO: USLIFE Corporation ST: New York IN: FIN SU:

WB-OS -- NY021 -- 5293 01/15/93 10:58 EST
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Date:Jan 15, 1993
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