SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from ___________ to __________
Commission file number 33-56369
JEFFERSON-PILOT CORPORATION TEAMSHARE PLAN
(Full title of the plan)
JEFFERSON-PILOT CORPORATION
(Name of the issuer of the securities held pursuant to the plan)
100 North Greene Street
Greensboro, North Carolina 27401
(Address of principal executive office)
JEFFERSON-PILOT CORPORATION TEAMSHARE PLAN
TABLE OF CONTENTS
PAGE
INDEPENDENT AUDITOR'S REPORT
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Benefits
December 31, 1995
Statements of Changes in Net Assets Available for
Benefits for the Year Ended December 31, 1995
Notes to Financial Statements
SUPPLEMENTAL SCHEDULES AS OF DECEMBER 31, 1995
AND FOR THE YEAR THEN ENDED:
Item 27a - Schedule of Assets Held for Investment
Purposes - December 31, 1995
Item 27d - Schedule of Reportable Transactions
for the Year Ended December 31, 1995
SIGNATURES
EXHIBIT
Supplemental schedules other than those listed above are omitted because of
the absence of the conditions under which they are required by the Department
of Labor's Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974 or because the required
information is included in the financial statements or in the notes thereto.
Jefferson-Pilot Corporation
Teamshare plan
Financial Report
December 31, 1995
Contents
INDEPENDENT AUDITOR'S REPORT 1
FINANCIAL STATEMENTS
Statement of net assets available for benefits, with fund information 2
Statement of changes in net assets available for benefits,
with fund information 3
Notes to financial statements 4 - 10
SUPPLEMENTARY INFORMATION
Schedule of Assets Held for Investment Purposes 11
Schedule of Reportable Transactions 12
Independent Auditor's Report
To the Plan Administrator and Participants
Jefferson-Pilot Corporation Teamshare Plan
Greensboro, North Carolina
We have audited the accompanying statement of net assets
available for benefits, with fund information of Jefferson-Pilot Corporation
Teamshare Plan as of December 31, 1995, and the related statement of
changes in net assets available for benefits, with fund information
for the year then ended. These financial statements are the responsibility
of the Plan's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the net assets available
for benefits of Jefferson-Pilot Corporation Teamshare Plan as of
December 31, 1995 and the changes in net assets available for
benefits for the year then ended, in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplementary
schedules of assets held for investment purposes as of December
31, 1995 and reportable transactions for the year ended December
31, 1995 are presented for the purpose of complying with the
Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of
1974 and are not a required part of the basic financial
statements. The fund information in the statement of net assets
available for benefits and the statement of changes in net
assets available for benefits is presented for the purpose of
additional analysis, rather than to present the net assets
available for benefits and the changes in net assets available
for benefits of each individual fund. The supplementary
schedules and fund information have been subjected to the
auditing procedures applied in the audit of the basic financial
statements and, in our opinion, are fairly stated in all
material respects in relation to the basic financial statements
taken as a whole.
June 28, 1996
Greensboro, North Carolina
JEFFERSON-PILOT CORPORATION
TEAMSHARE PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1995
Jefferson-Pilot JP Life JP Investment Fidelity VIP Fidelity VIP Fidelity
Common Stock Guaranteed Grade Bond Equity-Income Growth VIP Overseas Loan
Fund Fund Fund Fund Fund Fund Fund Total
ASSETS
Contributions receivable,
sponsor $2,336,256 $ - $ - $ - $ - $ - $ - $ 2,336,256
Contributions receivable,
participants - 27,120 - - - - - 27,120
Investments (Note 3) 2,563,231 1,083,434 782,387 1,841,089 2,615,663 901,979 67,683 9,855,466
Net Assets Available
For Benefits $4,899,487 $1,110,554 $ 782,387 $1,841,089 $2,615,663 $901,979 $67,683 $12,218,842
See Notes to Financial Statements.
JEFFERSON-PILOT CORPORATION
TEAMSHARE PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
YEAR ENDED DECEMBER 31, 1995
Jefferson-Pilot JP Life JP Investment Fidelity VIP Fidelity VIP Fidelity VIP
Common Stock Guaranteed Grade Bond Equity-Income Growth Overseas Loan
Fund Fund Fund Fund Fund Fund Fund Total
Additions:
Contributions:
Participants $1,209,741 $ 720,822 $ 460,433 $1,148,599 $1,650,436 $ 631,393 $ - $ 5,821,424
Sponsor:
Matching 579,898 - - - - - - 579,898
Gainshare 2,313,247 - - - - - - 2,313,247
2,893,145 - - - - - - 2,893,145
Rollover 165,449 53,334 6,692 128,286 124,459 42,973 - 521,193
Total contributions 4,268,335 774,156 467,125 1,276,885 1,774,895 674,366 - 9,235,762
Net Investment Income:
Dividends 58,624 - - - - - - 58,624
Interest 16 25,868 21 35 17 7 1,209 27,173
Net appreciation in
value of investments 312,038 - 50,517 227,985 255,116 51,140 - 896,796
Net investment income 370,678 25,868 50,538 228,020 255,133 51,147 1,209 982,593
Total Additions 4,639,013 800,024 517,663 1,504,905 2,030,028 725,513 1,209 10,218,355
Deductions:
Payments to beneficiaries
and participants 37,110 19,671 15,978 50,243 63,609 21,095 3,622 211,328
Loan principal repayments
transfers (787) (1,354) (1,065) (1,762) (898) (380) 6,246 -
Net forfeitures
disbursed 9,304 - - - - - - 9,304
Total Deductions 45,627 18,317 14,913 48,481 62,711 20,715 9,868 220,632
Increase/(Decrease) In Net
Assets Available
For Benefits
Before Transfers 4,593,386 781,707 502,750 1,456,424 1,967,317 704,798 (8,659) 9,997,723
Net Transfer From WCSC,
Inc. 401(K)
Profit Sharing Plan 246,821 428,827 283,438 360,968 606,049 218,674 76,342 2,221,119
Net Transfer (To)
From Other Funds 59,280 (99,980) (3,801) 23,697 42,297 (21,493) - -
Increase In Net Assets
Available For Benefits 4,899,487 1,110,554 782,387 1,841,089 2,615,663 901,979 67,683 12,218,842
Net Assets Available
For Benefits,
Beginning of Year - - - - - - - -
Net Assets Available
For Benefits,
End of Year $4,899,487 $1,110,554 $ 782,387 $ 1,841,089 $2,615,663 $ 901,979 $ 67,683 $12,218,842
See Notes to Financial Statements.
JEFFERSON-PILOT CORPORATION
TEAMSHARE PLAN
NOTES TO FINANCIAL STATEMENTS
Note 1. Organization and Plan Description
Organization: Effective January 1, 1995, Jefferson-Pilot
Corporation (the "Company") established a profit sharing plan
for its eligible employees and those of any adopting affiliate.
The original plan is presently being amended and restated
effective January 1, 1995; the amended and restated plan is
known as Jefferson-Pilot Corporation Teamshare Plan (the
"Plan"). The following description of the Plan provides only
general information. Participants should refer to the Plan
document for a more complete description of the Plan's provisions.
General: The Plan is a defined contribution salary reduction
and profit sharing plan that is intended to meet the requirements
of Sections 401(a), 401(k) and 401(m) of the Internal Revenue Code
of 1986 (the "Code"). It covers substantially all employees of the
following participating employers (collectively, the "Sponsor"):
Jefferson-Pilot Corporation
Jefferson-Pilot Life Insurance Company
Jefferson-Pilot Communications Company
Jefferson-Pilot Communications Company of Virginia
WCSC, Inc.
Alexander Hamilton Life Insurance Company of America (effective
October 6, 1995)
First Alexander Hamilton Life Insurance Company (effective
October 6, 1995)
The Plan's purposes are to allow eligible employees, including
agents and representatives employed under a common law
employment relationship, to set aside a portion of their
compensation for retirement on a before-tax basis, to encourage
employee savings by means of Sponsor matching contributions, and
to enable employees to share in the profitable operations of the
Sponsor through Sponsor gainshare contributions.
Employees of the Sponsor who (1) were employed on January 1,
1995 or have completed one year of service, as defined by the
Plan, if employed after that date and (2) have attained age 21
are eligible to participate in the Plan. The entry date for
Plan participation is the first day of each calendar quarter.
The Plan is subject to the provisions of the Employee Retirement
Income Security Act of 1974 ("ERISA"). The Company serves as
Plan administrator and named fiduciary.
Effective October 6, 1995, the Company's Board of Directors
authorized Alexander Hamilton Life Insurance Company of America
("AH Life") and First Alexander Hamilton Life Insurance Company
("FAHL"), both acquired subsidiaries of the Company, to become
participating employers in the Plan. Eligible employees of AH
Life and FAHL who were participants in the Household
International Tax Reduction Investment Plan (TRIP) became
participants in the Plan on October 6, 1995. See Note 5.
Effective October 1, 1995, WCSC, Inc. 401(k) Profit Sharing Plan
(the "WCSC Plan") was merged into the Plan. The WCSC Plan was
sponsored by WCSC, Inc., which was acquired by Jefferson-Pilot
Communications Company in 1993.
Note 1. Organization and Plan Description (Continued)
Compensation: Compensation as defined by the Plan includes the base
salary paid to a participant during a Plan year, including salary reduction
contributions made on behalf of a participant under any plan maintained by
the Sponsor under Section 125 or 401(k) of the Code. For certain employee
groups, it also includes other elements of annual compensation as specifically
set forth in the Plan document.
Funding: Eligible participants may elect to reduce their compensation by
a specified whole percentage up to 15 percent, not to exceed an annual
dollar limit established by the Internal Revenue Service ("IRS") ($9,240
for 1995) and to have the amount of such reduction contributed to the Plan
as a before-tax contribution. The Plan permits contribution of eligible
rollover distributions as defined in the Code and permits participants
employed by AH Life and FAHL to transfer after-tax contributions accounts
from the TRIP, but does not otherwise permit after-tax contributions.
In 1995, Sponsor matching contributions were equal to the lesser of (1)
10 percent of a participant's total before-tax contributions for the Plan
year or (2) .6 percent of a participant's compensation for the portion of
the year during which the participant elected to make before-tax contributions,
including any period when the participant could not contribute due to IRS
limits. For Plan years beginning January 1, 1996, the Sponsor will make
matching contributions for each pay period in an amount equal to 10 percent
of a participant's before-tax contributions for the pay period that does
not exceed 6 percent of the participant's compensation for that period. For
participants employed by AH Life and FAHL, matching contributions for the
period from October 6, 1995 through December 31, 1995 were equal to
100 percent of the first 6 percent of compensation contributed by
participants as before-tax contributions. Effective January 1, 1996, matching
contributions made on behalf of participants employed by AH Life and FAHL
will be determined in a manner consistent with other matching contributions.
"Gainshare" contributions are subject to approval by the Compensation
Committee of the Company's Board of Directors. Gainshare contributions
are made by the Sponsor on behalf of participants (1) who meet certain
eligibility requirements specified in the Plan document and (2) whose
employer, business unit and, if applicable, business subunit satisfy
predetermined financial performance standards, in amounts of up to
4 percent of compensation.
Employees in Puerto Rico and the U. S. Virgin Islands are not eligible
for before-tax or matching contributions, but may participate in
gainshare contributions when the eligibility requirements and performance
standards are met.
Investment options: A participant may elect to have before-tax and rollover
contributions directed to any one or more of the following investment funds
(the "Funds") in 5 percent increments:
Jefferson-Pilot Common Stock Fund - Contributions are invested exclusively
in the common stock of Jefferson-Pilot Corporation.
JP Life Guaranteed Fund - Contributions are invested in, and participate
in the investment income of, the Jefferson-Pilot Life Insurance Company
General Account.
Note 1. Organization and Plan Description (Continued)
JP Investment Grade Bond Fund - Contributions are invested in
units of a registered investment company that invests in U. S.
Government obligations and/or high-quality corporate debt securities.
Fidelity VIP Equity-Income Fund - Contributions are invested in units
of a registered investment company that invests in dividend-paying
corporate stocks with a portfolio objective of achieving a dividend yield
in excess of that of the Standard & Poors ("S&P") 500.
Fidelity VIP Growth Fund - Contributions are invested in units of a
registered investment company that invests in corporate stocks or other
instruments with a portfolio objective of achieving long-term growth.
Fidelity VIP Overseas Fund - Contributions are invested in units
of a registered investment company that invests primarily in foreign
corporate stocks.
Participants may change investment elections for future
contributions at any time and, subject to rules and limitations
imposed by the Company or by a Fund, may transfer assets among
Funds. Upon notice to the participants, the Company may limit
the amount or percentage of contributions that a participant may
direct to one or more of the Funds. In the event a participant
fails to make an investment election, such participant's account
is invested in the JP Life Guaranteed Fund. Participants
employed by AH Life and FAHL did not have the right to direct
investment of contributions prior to January 1, 1996, but had
all before-tax and rollover contributions between October 6,
1995 and December 31, 1995 invested in the JP Life Guaranteed
Fund. As of January 1, 1996 participants could reallocate these
amounts to other Plan investment options. Participants employed
by AH Life and FAHL may direct contributions in the same manner
as other participants effective January 1, 1996. Sponsor matching
and gainshare contributions are at all times invested in the
Jefferson-Pilot Common Stock Fund, with diversification into other
Funds permitted only by participants who have (1) attained age 55 and
completed 5 years of vested service or (2) incurred a disability.
Participant accounts and forfeitures: A separate account is established
for each participant on their Plan entry date and its balance represents
the total proportionate interest of a participant or former participant
in the Plan's net assets available for benefits. The balance of a
participant's account consists of the sum of the following subaccounts:
After-tax contributions account - the portion that evidences the value of
any after-tax contributions account transferred to the Plan from the TRIP
Before-tax contributions account - the portion that evidences the value of
before-tax contributions, plus the value of any similar accounts transferred
from the TRIP and the WCSC Plan
Matching contributions account - the portion that evidences the value of
matching contributions
Gainshare contributions account - the portion that evidences the
value of gainshare contributions
Note 1. Organization and Plan Description (Continued)
Rollover contributions account - the portion that evidences the
value of eligible rollover distributions contributed to the
Plan, plus the value of any matching and/or rollover
contributions accounts transferred from the TRIP and the WCSC Plan
WCSC account - the portion that evidences the value of any profit
sharing account transferred to the Plan from the WCSC Plan
In addition to contributions, participant accounts are credited
or charged with investment income, including net appreciation
(depreciation) in value of the Funds and any Plan expenses not
absorbed by the Sponsor.
The nonvested portion of the matching contributions account, the
gainshare contributions account and the WCSC account are
forfeited upon termination of employment with the Sponsor. The
Plan provides for restoration of forfeitures to participants who
are later reemployed by the Sponsor in certain circumstances.
Forfeitures are charged to the accounts of terminated participants
and used to reduce future matching and gainshare contributions.
Investment income, including net appreciation (depreciation) in
value of the Funds, is allocated to subaccounts in the same
ratio that the value of the subaccount bears to the sum of the
values of all participants' accounts.
Administration and plan expenses: As Plan administrator, the
Company provides certain services to the Plan and engages other
sponsoring employers and unrelated parties to assist in
providing those services. The Plan provides that investment and
administrative expenses of the Plan will be paid from the Plan's
assets unless paid by the Sponsor. During 1995, neither the
Sponsor nor any of its employees received compensation from the
Plan for services provided and all expenses for the services of
other parties were paid for by the Sponsor.
Vesting: Participants have a fully vested interest in their
after-tax contributions, before-tax contributions and rollover
contributions accounts at all times. The matching
contributions, gainshare contributions and WCSC accounts vest
according to the following schedule:
Years of Vesting Service Vested Percentage
Fewer than 5 0%
5 or more 100%
The vested percentage of a participant's Sponsor contribution
accounts becomes 100 percent in the event of death, attainment
of age 65 or incurrence of a disability prior to the termination
of service.
Note 1. Organization and Plan Description (Continued)
Participant loans: Participants and former participants with
remaining account balances may borrow from their accounts if (1)
there is an immediate and heavy financial need (hardship
withdrawals under Code Section 401(k)) and (2) at least two
years have elapsed since the member first made contributions to
the Plan. Participants employed by AH Life and FAHL may borrow
from their accounts after at least two years have elapsed since
the member first made contributions to TRIP, but in no event
prior to October 1, 1996.
Participant loans may range from a minimum amount of $1,000 up
to a maximum amount equal to the lesser of (1) 50 percent of the
sum of the before-tax contributions account, the rollover
contributions account and the WCSC contributions account or (2)
$50,000 reduced by the highest outstanding balance of prior
loans from the Plan or any other qualified retirement plan
maintained by a sponsoring employer during the one-year period
ending on the day prior to the loan. Maturities generally range
up to 5 years. The loans are secured by the participants'
account balances and bear interest at a rate equal to the prime
lending rate reported in the Wall Street Journal on the last
business day of the calendar quarter, plus one percentage
point. Principal and interest are repaid in equal installments,
each payroll period.
Payment of benefits and withdrawals: The amount of benefit to
which a participant or former participant is entitled upon
retirement is that which can be provided from their account.
A participant who incurs a termination of service for
reason other than death may elect either a lump-sum payment or
periodic installments in substantially equal amounts for a
period of years not to exceed 15. Distributions are paid in
cash, except that distributions from the Jefferson-Pilot Common
Stock Fund may be in shares of the Company's common stock, if so
elected. Distributions upon death of a participant are
generally paid in cash, except that beneficiaries may make share
elections with respect to distributions from the Jefferson-Pilot
Common Stock Fund. Certain annuity benefit forms apply to a
participant employed by AH Life and FAHL who became a
participant in the TRIP prior to July 1, 1989 and whose accounts
in the TRIP were transferred to the Plan. Participant account
balances of $3,500 or less may be distributed in a single lump-sum cash
payment. The Plan permits participants to elect direct rollover
distributions to an eligible retirement plan.
In-service withdrawals are permitted only under certain specific
provisions of the Plan.
Amendment and termination: The Company has the right to amend
and, although it does not expect to do so, to terminate the Plan
at any time. Plan amendments may be retroactive if necessary or
appropriate to meet the requirements of Code Section 401(a). No
amendment may decrease the accrued benefit of any participant or
cause the assets of the Plan to be used for purposes other than
for the participants' exclusive benefit. Upon termination,
participants' accounts become fully vested and will be distributed
at the time and in the manner prescribed by the Code.
Note 1. Organization and Plan Description (Continued)
Income taxes: While no determination letter has been obtained,
the Sponsor intends to submit the amended and restated Plan to
the IRS by a date (expected to be on or about September 1, 1996)
which will allow sufficient time for any remedial amendments
that may be required. The Company and the Plan's tax counsel
believe that the Plan is currently designed and operating in
compliance with the applicable requirements of the Code, that
the Plan was qualified and that the related trust was tax-exempt
as of December 31, 1995. Accordingly, no provision for income
taxes has been reflected in the Plan's financial statements.
Participants are not liable for federal income taxes on employer
contributions or investment income allocated to their accounts
until such amounts are distributed or withdrawn.
Note 2. Summary of Accounting Policies
Basis of accounting: The financial statements have been prepared on
the accrual basis of accounting in conformity with generally accepted
accounting principles.
Investment valuation: The Jefferson-Pilot Common Stock Fund is
stated at market value determined based on the quoted market
price for the Company's common stock, which is traded on the New
York Stock Exchange. The JP Life Guaranteed Fund is stated at
contract value, representing contributions made to the Fund,
plus earnings credited, less benefits paid and any expense
charges. Investments in JP Investment Grade Bond Fund and the
Fidelity VIP Funds are stated at the Funds' unit values. Unit
values are determined by the organizations sponsoring the Funds,
by dividing a Fund's net assets by its units outstanding at the
valuation date. The Loan Fund is stated at the amount of
participant loans outstanding.
Interest income is recorded on an accrual basis and dividends
are recorded on the ex-dividend date.
Note 3. Investment Information
Investments and the approximate number of participants with investments
in each Fund are as follows as of December 31, 1995:
Number of Number of
Description Participants Shares or Units Cost Fair Value
Jefferson-Pilot
Common Stock Fund 2,050 55,123 $2,251,193 $2,563,231
JP Life
Guaranteed Fund 1,120 1,083,434 1,083,434 1,083,434
JP Investment Grade
Bond Fund 850 65,356 731,870 782,387
Fidelity VIP Equity-
Income Fund 1,400 136,106 1,613,104 1,841,089
Fidelity VIP Growth
Fund 1,600 190,380 2,360,547 2,615,663
Fidelity VIP
Overseas Fund 1,240 81,820 850,839 901,979
Loan Fund 15 - 67,683 67,683
$8,958,670 $9,855,466
Note 3. Investment Information (Continued)
The following is a summary of the quarter-end share or unit values
of investments during 1995:
1995
March 31 June 30 September 30 December 31
Jefferson-Pilot Common
Stock Fund $ 39.42 $ 36.50 $ 43.08 $ 46.50
JP Life Guaranteed Fund 1.00 1.00 1.00 1.00
JP Investment Grade Bond Fund 10.5326 11.2600 11.4684 11.9711
Fidelity VIP Equity-Income Fund 10.9219 11.7579 12.7438 13.5269
Fidelity VIP Growth Fund 10.7447 12.6194 14.3368 13.7392
Fidelity VIP Overseas Fund 9.9572 10.5003 10.7977 11.0240
The share values presented above for the Jefferson-Pilot Common Stock
Fund have been retroactively adjusted to reflect a three-for-two common
stock split which was effected as a 50% stock dividend distributed on
December 22, 1995 to holders of record as of December 8, 1995.
The average yield of JP Life Guaranteed Fund for 1995 approximated 6%
and the credited interest rate as of December 31, 1995 was 5.5%.
Crediting interest rates are normally adjusted annually and a minimum
crediting rate of 3.5% applies.
The Sponsor's matching and gainshare contributions are not participant-
directed upon contribution to the Plan. Activity related to amounts that
were not participant-directed follows:
Matching contributions $ 579,898
Gainshare contributions 2,313,247
Net investment income related
to matching contributions 111,203
Amounts included in net assets of
Jefferson-Pilot Common Stock Fund $ 3,004,348
Note 4. Participant Withdrawals Payable
As of December 31, 1995, approximately $100,000 was payable to
participants who were in the process of withdrawing their vested
account balances.
Note 5. Asset Transfers From TRIP
The Plan's management expects assets to be transferred from the
TRIP to the Plan during 1996, in an amount equal to the account
balances in the TRIP of AH Life and FAHL employees who became
participants in the Plan effective October 6, 1995. The
approximate value of those account balances as of May 31, 1996
was $20.5 million.
Note 6. Fair Value of Financial Instruments
The carrying amounts of all of the Plan's assets approximate their
fair values as of December 31, 1995.
JEFFERSON-PILOT CORPORATION
TEAMSHARE PLAN
ASSETS HELD FOR INVESTMENT
December 31, 1995
Number of Fair
Description of Investment Units or Shares Cost Value
Jefferson-Pilot Common Stock Fund 55,123.000000 $ 2,251,193 $ 2,563,231
JP Life Guaranteed Fund 1,083,434.000000 $ 1,083,434 $ 1,083,434
JP Investment Grade Bond Fund,
registered investment company
units 65,356.493296 $ 731,870 $ 782,387
Fidelity VIP Equity-Income Fund,
registered investment company
units 136,106.077892 $ 1,613,104 $ 1,841,089
Fidelity VIP Growth Fund,
registered investment company
units 190,379.637652 $ 2,360,547 $ 2,615,663
Fidelity VIP Overseas Fund,
registered investment company
units 81,819.650953 $ 850,839 $ 901,979
Loans to participants N/A $ 67,683 $ 67,683
JEFFERSON-PILOT CORPORATION
TEAMSHARE PLAN
SCHEDULE OF REPORTABLE TRANSACTIONS
Year Ended December 31, 1995
Total Total Total Total Total
Number of Number of Purchase Selling Gain
Description of Asset Purchases Sales Price Price (Loss)
Jefferson-Pilot Common
Stock Fund 90 4 $2,287,760 $ 36,567 $ -
JP Life Guaranteed Fund 93 5 $1,193,356 $ 109,922 $ -
JP Investment Grade Bond Fund 83 5 $ 755,969 $ 24,099 $ -
Fidelity VIP Equity-Income Fund 87 5 $1,654,605 $ 46,502 $5,001
Fidelity VIP Growth Fund 89 6 $2,428,149 $ 67,602 $ -
Fidelity VIP Overseas Fund 87 7 $ 878,134 $ 27,777 $ 482
Transfer of assets from
WCSC, Inc. 401(k) Profit-
Sharing Plan, (included in
purchases above) invested in:
Jefferson-Pilot Common
Stock Fund 1 - $ 246,821 $ - $ -
JP Life Guaranteed Fund 1 - 428,827 - -
JP Investment Grade Bond Fund 1 - 283,438 - -
Fidelity VIP Equity-Income Fund 1 - 360,968 - -
Fidelity VIP Growth Fund 1 - 606,049 - -
Fidelity VIP Overseas Fund 1 - 218,674 - -
Loan Fund 1 - 76,342 - -
7 - $2,221,119 $ - $ -
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act
of 1934, the trustees (or other persons who administer the employee
benefit plan) have duly caused this annual report to be signed on its
behalf by the undersigned hereunto duly authorized, on June 28, 1996.
JEFFERSON-PILOT CORPORATION
By: /s/ Hoyt J. Phillips
Senior Vice President,
Human Resources
EXHIBIT
CONSENT OF MCGLADREY & PULLEN, LLP, INDEPENDENT AUDITOR
We hereby consent to the incorporation by reference in Jefferson-
Pilot Corporation's Registration Statement on Form S-8 (No. 33-56369)
of our report dated June 28, 1996, with respect to the financial
statements included in the Form 11-K of Jefferson-Pilot Corporation
Teamshare Plan for the year ended December 31, 1995.
McGladrey & Pullen, LLP
Greensboro, North Carolina
June 28, 1996