FIRST QUARTER 1996
FINANCIAL SUPPLEMENT
FIRST COLONY
CORPORATION
TABLE OF CONTENTS
Quarterly Sales and Financial Summary 3&4
Per Share Analysis 5
Segment Summary 6
Operating Segment Data:
Annual Life Insurance 7
SPIA 8
Accumulation Products 9
Segment Analysis 10
Balance Sheet 11
Income Statement 12
Shareholders Equity Statement 13
Cash Flow Statement 14
Investment Summary 15, 16, 17, & 18
Analyst Coverage 19
Common Stock Data 19
Ratings 19
Questions regarding this financial report
should be referred to:
April A. Keesee, CMA
Assistant Vice President
Director - Investor Relations
Phone: (804) 948-5709
Fax: (804) 948-5749
Interim results are unaudited
First Colony Corporation 3
Quarterly Sales and Financial Summary
(In millions of dollars)
1996 1995
% Change From
1st Qtr 1Q95 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. Year
Life insurance sales volume: $12,135.3 13% $10,716.8 $10,498.7 $9,884.7 $10,380.0 $41,480.2
Premium sales:
Annual Life insurance 35.8 6% 33.7 32.4 31.4 31.3 128.8
SPIA 143.8 6% 135.1 177.3 168.6 186.6 667.6
Accumulation products 12.0 -82% 66.0 125.9 28.5 11.2 231.6
Selected Income Statement Data
Premium Revenue - Life insurance 92.1 17% 79.0 85.0 85.9 94.2 344.1
- SPIA 85.4 6% 80.7 106.1 100.2 115.5 402.5
Total premium revenue 177.5 11% 159.7 191.1 186.1 209.7 746.6
Net investment income 196.2 9% 179.5 184.0 191.5 192.0 747.0
Mortality, surrender and administrative charges 27.7 7% 25.9 25.6 26.9 27.5 105.9
Total revenues excluding realized gains 401.4 10% 365.1 400.7 404.5 429.2 1,599.5
Debt service costs 3.1 3% 3.0 3.0 3.1 3.0 12.1
Benefits, claims and expenses 348.1 8% 322.5 354.2 354.0 378.2 1,408.9
Guaranty fund provision 0.0 - 0.0 0.0 0.0 4.0 4.0
Pretax operating income (a) 50.2 27% 39.6 43.5 47.4 48.0(b) 178.5(b)
Income tax on operations 17.8 28% 13.9 15.3 16.6 15.5 61.3
Tax effect on guaranty fund provision 0.0 - 0.0 0.0 0.0 1.4 1.4
After-tax operating income 32.4 26% 25.7 28.2 30.8 31.1(b) 115.8(b)
Realized gains on investments 10.3 -10% 11.5 20.9 4.6 21.9 58.9
Amortization effect related to realized gains -0.3 0% -0.3 0.2 0.7 -0.3 0.3
Income tax on realized gains 3.5 -13% 4.0 7.5 1.8 7.7 21.0
Net realized gains 6.5 -10% 7.2 13.6 3.5 13.9 38.2
Net income 38.9 18% 32.9 41.8 34.3 45.0 154.0
Preferred dividends 0.9 29% 0.7 1.0 0.7 1.0 3.4
Net income available to common shareholders 38.0 18% 32.2 40.8 33.6 44.0 150.6
Total income taxes incurred 21.3 17.9 22.8 18.4 23.2 82.3
Effective tax rate - Operations 35.3% 35.0% 35.3% 34.9% 35.2% 35.1%
Total revenues including realized gains 411.7 9% 376.6 421.6 409.1 451.1 1,658.4
<FN>
(a) Excludes net realized investment gains (losses) and the effect of related amortization.
(b) Excluding $4.0 pretax ($2.6 after-tax), or $0.05 per share guaranty fund provision.
</FN>
First Colony Corporation 4
Quarterly Sales and Financial Summary
(In millions of dollars except per share data)
Actual 1996 Actual 1995
% Change
from
1st Qtr. 1Q95 1st Qtr. 2nd Qtr. 3rd Qtr. 4th Qtr. Year
Earnings per share ( based on 49.4 million shares):
Operating income $0.64 25% $0.51 $0.55 $0.61 $0.61(a) $2.28(a)
Net realized gains and losses $0.13 -7% $0.14 $0.28 $0.07 $0.28 $0.77
Net income available to common shareholders $0.77 18% $0.65 $0.83 $0.68 $0.84 $3.00
<FN>
(a) Excludes $0.05 per share guaranty fund provision.
</FN>
% Change % Change
From 12/95 From 3/95
Selected Balance Sheet and In-Force Data:
Amounts including FASB 115
Total investments $9,305 -1% 12% $8,322 $8,848 $9,033 $9,386 $9,386
Total assets 10,718 0% 12% 9,529 10,085 10,318 10,721 10,721
Shareholders' equity 1,354 -9% 19% 1,139 1,299 1,340 1,484 1,484
Book value per common share $25.81 -9% 20% $21.47 $24.69 $25.50 $28.44 $28.44
Amounts excluding FASB 115
Total investments $9,206 2% 10% $8,379 $8,694 $8,860 $9,017 $9,017
Total assets 10,635 2% 11% 9,584 9,956 10,171 10,400 10,400
Shareholders' equity 1,300 2% 11% 1,175 1,215 1,245 1,276 1,276
Book value per common share $24.71 2% 11% $22.19 $23.00 $23.57 $24.22 $24.22
Long-term debt 175 0% 0% 175 175 175 175 175
Pfd. Stock 80 0% 0% 80 80 80 80 80
Life insurance in force 185,160 5% 21% 152,758 160,243 166,881 176,919 176,919
5
PER SHARE ANALYSIS
% Change from
1Q96 1Q95 1Q95 2Q95 3Q95 4Q95 1995
Operating Income $0.64 25% $0.51 $0.55 $0.61 $0.61(a) $2.28(a)
Net Realized Investment Gains/Losses 0.13 -7% 0.14 0.28 0.07 0.28 0.77
Net Income 0.77 18% 0.65 0.83 0.68 0.84 3.00
Book Value per
Common Share: Including FASB 115 25.81 20% 21.47 24.69 25.50 28.44 28.44
Excluding FASB 115 24.71 11% 22.19 23.00 23.57 24.22 24.22
Shares used in
computations (000) 49,372 49,354 49,361 49,414 49,388 49,377
<FN>
(a) Excludes $0.05 per share guaranty fund provision.
</FN>
6
SEGMENT SUMMARY
% Change from
1Q96 1Q95 1Q95 2Q95 3Q95 4Q95 1995
Revenues (millions)
Excluding Realized Investment Gains
and Losses:
Annual Life Insurance $ 143.0 13% 126.5 129.9 135.1 143.3 534.8
SPIA 201.5 9% 185.2 214.7 212.7 229.6 842.2
Accumulation Products 56.9 7% 53.4 56.1 56.7 56.3 222.5
TOTAL $ 401.4 10% 365.1 400.7 404.5 429.2 1,599.5
Operating Earnings (millions)
Excluding Realized Investment Gains
and Losses:
Annual Life Insurance $ 23.9 25% 19.1 22.7 25.9 22.7(a) 90.4(a)
SPIA 14.1 28% 11.0 10.3 11.0 12.6(a) 44.9(a)
Accumulation Products 12.2 28% 9.5 10.5 10.5 12.7(a) 43.2(a)
TOTAL $ 50.2 27% 39.6 43.5 47.4 48.0(a) 178.5(a)
Assets (including FASB 115)
Annual Life Insurance $ 2,224.9 18% 1,887.6 1,963.6 2,018.5 2,129.3 2,129.3
SPIA 5,806.3 14% 5,071.7 5,368.2 5,538.5 5,822.8 5,822.8
Accumulation Products 2,686.8 5% 2,569.3 2,753.2 2,760.6 2,768.5 2,768.5
$ 10,718.0 12% 9,528.6 10,085.0 10,317.6 10,720.6 10,720.6
Assets (excluding FASB 115)
Annual Life Insurance $ 2,227.5 17% 1,899.4 1,956.0 2,007.7 2,107.4 2,107.4
SPIA 5,761.4 13% 5,112.9 5,305.9 5,460.7 5,631.8 5,631.8
Accumulation Products 2,645.7 3% 2,571.3 2,694.5 2,702.2 2,661.0 2,661.0
$ 10,634.6 11% 9,583.6 9,956.4 10,170.6 10,400.2 10,400.2
<FN>
(a) Excluding $4.0 pretax ($2.6 after-tax), or $0.05 per share guaranty fund
provision.
</FN>
7
OPERATING SEGMENT DATA
ANNUAL LIFE INSURANCE
Dollars in millions
% Change from
1Q96 1Q95 1Q95 2Q95 3Q95 4Q95 1995
Ordinary Life Insurance Sales:
Volume $ 12,126.0 14% 10,679.0 10,401.5 9,844.8 10,367.7 41,293.0
Premium $ 35.8 6% 33.7 32.4 31.4 31.3 128.8
# Policies 43,889 10% 40,010 41,307 38,595 39,623 159,535
Life Insurance in Force
by Face Amount $ 185,160 21% 152,758 160,243 166,881 176,919 176,919
Revenues:
Operating $ 143.0 13% 126.5 129.9 135.1 143.3 534.8
Realized Investment Gains
and Losses (net) $ 0.2 -96% 5.7 9.4 1.3 0.6 17.0
Income Before Income Taxes:
Operating $ 23.9 25% 19.1 22.7 25.9 22.7(a) 90.4(a)
Realized Investment Gains
and Losses (net) $ 0.2 -96% 5.7 9.4 1.3 0.6 17.0
DAC Amortization $ 0.0 0% 0.0 0.3 (0.2) 0.0 0.1
Assets (including FASB 115) $ 2,224.9 18% 1,887.6 1,963.6 2,018.5 2,129.3 2,129.3
(excluding FASB 115) $ 2,227.5 17% 1,899.4 1,956.0 2,007.7 2,107.4 2,107.4
<FN>
(a) Excluding $1.1 pretax ($0.7 after-tax), or $0.01 per share guaranty fund
provision.
</FN>
8
OPERATING SEGMENT DATA
SINGLE PREMIUM IMMEDIATE ANNUITIES
Dollars in millions
% Change from
1Q96 1Q95 1Q95 2Q95 3Q95 4Q95 1995
Premium Sales: $ 143.8 6% 135.1 177.3 168.6 186.6 667.6
# Contracts Sold: 1,356 -19% 1,674 1,824 1,708 1,813 7,019
Revenues:
Operating $ 201.5 9% 185.2 214.7 212.7 229.6 842.2
Realized Investment Gains
and Losses (net) $ 12.5 184% 4.4 9.9 5.2 19.4 38.9
Income Before Income Taxes:
Operating $ 14.1 28% 11.0 10.3 11.0 12.6(a) 44.9(a)
Realized Investment Gains
and Losses (net) $ 12.5 184% 4.4 9.9 5.2 19.4 38.9
DAC Amortization $ 0.0 0% 0.0 0.0 0.0 0.0 0.0
Assets (including FASB 115) $ 5,806.3 14% 5,071.7 5,368.2 5,538.5 5,822.8 5,822.8
(excluding FASB 115) $ 5,761.4 13% 5,112.9 5,305.9 5,460.7 5,631.8 5,631.8
<FN>
(a) Excluding $2.3 pretax ($1.5 after-tax), or $0.03 per share guaranty fund
provision.
</FN>
9
OPERATING SEGMENT DATA
ACCUMULATION PRODUCTS*
Dollars in millions.
% Change from
1Q96 1Q95 1Q95 2Q95 3Q95 4Q95 1995
Premium Sales: $ 12.0 -82% 66.0 125.9 28.5 11.2 231.6
# Contracts Sold: 296 -79% 1,442 1,794 1,005 245 4,486
Revenues:
Operating $ 56.9 7% 53.4 56.1 56.7 56.3 222.5
Realized Investment Gains
and Losses (net) $ (2.4) -271% 1.4 1.6 (1.9) 1.9 3.0
Income Before Income Taxes:
Operating $ 12.2 28% 9.5 10.5 10.5 12.7(a) 43.2(a)
Realized Investment Gains
and Losses (net) $ (2.4) -271% 1.4 1.6 (1.9) 1.9 3.0
DAC Amortization $ (0.3) 0% (0.3) (0.1) 0.9 (0.3) 0.2
Assets (including FASB 115) $ 2,686.8 5% 2,569.3 2,753.2 2,760.6 2,768.5 2,768.5
(excluding FASB 115) $ 2,645.7 3% 2,571.3 2,694.5 2,702.2 2,661.0 2,661.0
<FN>
* Accumulation Products include Single Premium Deferred Annuities and
Single Premium Whole Life Insurance.
</FN>
<FN>
(a) Excluding $0.6 pretax ($0.4 after-tax), or $0.01 per share guaranty fund
provision.
</FN>
10
SEGMENT ANALYSIS
Reserves (billions)
At March 31, 1995 At March 31, 1996
Total Reserves $7.7 Total Reserves $8.6
% of % of
Segment Reserves Total Segment Reserves Total
Life $1.1 14.3% Life $1.3 15.1%
Accumulation Products $2.4 31.2% Accumulation Products $2.5 29.1%
Immediate Annuities $4.2 54.5% Immediate Annuities $4.8 55.8%
Operating Earnings
At March 31, 1995 At March 31, 1996
% of % of
Segment Total Segment Total
Life 48.2% Life 47.6%
Accumulation Products 24.0% Accumulation Products 24.3%
Immediate Annuities 27.8% Immediate Annuities 28.1%
11
FIRST COLONY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands)
(1996 Unaudited)
March 31 December 31
1996 1995
Investments:
Fixed maturities held to maturity, at
amortized cost:
Bonds (Fair value: 1996, $4,345,009;
1995, $4,660,947) $ 4,069,067 $ 4,070,476
Fixed maturities available for sale,
at fair value:
Bonds (Amortized cost: 1996, $4,468,066;
1995, $4,242,361) 4,564,479 4,602,319
Preferred stock, redeemable (Amortized
cost: 1996, $74,540; 1995, $77,465) 85,717 96,479
Equity securities, at market value
Preferred stock, nonredeemable (cost: 1996,
$253,130; 1995, $274,328) 284,893 321,118
Common stock (cost: 1996, $28,766;
1995, $28,476) 35,568 32,935
Other invested assets 265,187 262,651
Total investments 9,304,911 9,385,978
Cash and cash equivalents 22,447 46,125
Accrued investment income 171,207 161,689
Deferred policy acquisition costs 938,381 874,586
Reinsurance receivable 125,375 115,344
Other assets and goodwill 155,662 136,887
Total assets $10,717,983 $10,720,609
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Policy liabilities and policyholder funds 8,795,303 8,639,242
Other liabilities 154,937 93,881
Long-term debt 174,847 174,843
Deferred income taxes 238,438 328,238
Total liabilities 9,363,525 9,236,204
Shareholders' equity:
Preferred stock 80,000 80,000
Common stock 312,913 312,888
Net unrealized appreciation
of fixed maturities 54,195 208,288
Net unrealized appreciation
of equity securities 26,400 34,644
Retained earnings unappropriated 880,950 848,585
Total shareholders' equity 1,354,458 1,484,405
Total liabilities and shareholders' equity $10,717,983 $10,720,609
12
FIRST COLONY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands Except Per Share Amounts)
(Unaudited)
Three months ended
March 31
1996 1995
Revenues:
Life insurance premiums $ 92,106 $ 79,010
Life contingent annuity premiums 85,360 80,722
Total premiums 177,466 159,732
Net investment income 196,231 179,467
Mortality, surrender &
administrative charges 27,725 25,865
Realized gains on investments 10,301 11,468
Total revenues 411,723 376,532
Benefits:
Life and annuity benefits paid 133,488 117,353
Increase in reserves 174,658 170,164
Total benefits 308,146 287,517
Expenses:
Commissions 7,977 8,749
General and administrative and
other expenses 17,440 15,789
Amortization of intangible assets 14,892 10,695
Debt service cost 3,069 3,025
Total expenses 43,378 38,258
Total benefits and expenses 351,524 325,775
Income before income taxes 60,199 50,757
Income taxes 21,276 17,822
Net income 38,923 32,935
Dividends on preferred stock 888 749
Earnings available for common
shareholders $ 38,035 $ 32,186
Net income per share of common
stock $ 0.77 $ 0.65
Cash dividends paid per share of
common stock $ 0.115 $ 0.100
Shares used to compute net income
per share of common stock 49,372 49,354
13
FIRST COLONY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(In Thousands)
(Unaudited)
Three Months Ended
March 31
1996 1995
Shares Amounts Shares Amounts
Preferred Stock, no par value
(authorized 15,000 shares
issued and outstanding 3,200)
Beginning and ending balance 3,200 $ 80,000 3,200 $ 80,000
Common Stock, no par value
(authorized 150,000 shares issued
and outstanding 49,303 in 1996
and 49,301 in 1995)
Beginning balance 49,302 $ 312,888 49,301 $ 312,879
Exercise of stock options 1 25
Ending balance 49,303 312,913 49,301 312,879
Net unrealized appreciation
(depreciation) of fixed maturities:
Beginning balance 208,288 (114,937)
Net change in unrealized gains
(losses) net of (i) deferred
taxes (benefit) of ($82,973) in 1996
and $42,631 in 1995; (ii) deferred
policy acquisition costs of
($32,800) in 1996 and $24,200 in
1995. (154,093) 79,173
Ending balance, net of (i)
deferred taxes (benefit) of $29,182 in
1996 and ($19,258) in 1995; (ii)
deferred policy acquisition
costs of $16,000 in 1996 and
($2,800) in 1995. 54,195 (35,764)
Net unrealized appreciation of
equity securities:
Beginning balance 34,644 16,293
Net change in unrealized gains
(losses) net of deferred taxes (benefit)
of $(4,439) in 1996 and $10,025
in 1995. (8,244) 18,618
Ending balance, net of deferred
taxes of $12,166 in 1996 and
$16,749 in 1995. 26,400 34,911
Retained earnings:
Beginning balance 848,585 720,307
Net income 38,923 32,935
Cash dividends to shareholders:
Preferred stock (888) (749)
Common stock (5,670) (4,930)
Ending balance 880,950 747,563
Total shareholders' equity $1,354,458 $1,139,589
14
FIRST COLONY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
Three Months Ended
March 31
1996 1995
Cash and cash equivalents at beginning of period $ 46,125 $ 54,817
Cash flows from operating activities:
Net income 38,923 32,935
Adjustments to reconcile net income to cash
provided from operating activities:
Increase in policy liabilities
and accruals 103,015 114,624
Depreciation, depletion and amortization 16,304 12,029
Federal income taxes 12,065 27,026
Accrual of discounts on fixed maturities (23,861) (23,377)
Deferred policy acquisition costs (45,370) (47,389)
Realized (gains)/losses on investments (10,301) (11,468)
Other (22,083) (19,060)
Net cash provided from
operating activities 68,692 85,320
Cash flows used in investing activities
Fixed maturities available-for-sale:
Purchases (321,903) (277,850)
Sales 23,294 157,614
Maturities, calls and redemptions 77,506 25,460
Fixed maturities held-to-maturity:
Purchases (28,879) (172,452)
Maturities, calls and redemptions 53,472 22,644
Purchase of other investments (1,753) (18,301)
Sale or maturity of other investments 28,648 24,188
Other (2,605) (15,544)
Net cash used by
investing activities (172,220) (254,241)
Cash flows from financing activities:
Investment contracts 23,303 111,800
Universal life contracts 25,099 32,098
Dividend to shareholders (946) (5,720)
Other 32,394
Net cash provided from
financing activities 79,850 138,178
Decrease in cash and cash equivalents (23,678) (30,743)
Cash and cash equivalents at end of period $ 22,447 $ 24,074
15
INVESTMENT SUMMARY
Bond and Note Portfolio
Quality Ratings by Par Value
At March 31, 1996 At December 31, 1995
Quality % of Quality % of
Rating Portfolio Rating Portfolio
Aaa 25% Aaa 26%
Aa 8% Aa 7%
A 36% A 37%
Baa 29% Baa 28%
below Baa 2% below Baa 2%
Bond Portfolio Composition
by Par Value
At March 31, 1996 At December 31, 1995
% of % of
Type Portfolio Type Portfolio
Public Bonds 57% Public Bonds 56%
Private Placements 27% Private Placements 27%
CMO's 16% CMO's 17%
16
INVESTMENT SUMMARY
Book Value of Securities Called/Prepaid
($ millions)
Bonds CMO's
Period Book Value Period Book Value
1Q94 $ 107 1Q94 $ 185
2Q94 $ 64 2Q94 $ 58
3Q94 $ 25 3Q94 $ 23
4Q94 $ 12 4Q94 $ 24
1Q95 $ 19 1Q95 $ 10
2Q95 $ 35 2Q95 $ 22
3Q95 $ 30 3Q95 $ 23
4Q95 $ 99 4Q95 $ 27
1Q96 $ 61 1Q96 $ 50
Bonds Currently Callable in 1996
Book Value:
- $812 million - Total
- $464 million - With Coupons in Excess of 8.00%
- $234 million - With Coupons in Excess of 9.00%
Portfolio at March 31, 1996
($ millions) Carrying % of
Value Total
Bonds $8,633.5 92.5
Preferred Stock 370.6 4.0
Common Stock 35.6 0.4
Mortgage Loans 0.2 0.0
Real Estate 7.5 0.1
Policy Loans 212.6 2.3
Other 34.0 0.4
Cash and Short Term 33.3 0.3
$9,327.3 100.0
17
INVESTMENT SUMMARY
QUARTERLY PRE-TAX REALIZED GAINS/LOSSES
Gains/Losses
Period (in millions)
1Q94 $ 24.3
2Q94 $ 1.7
3Q94 $ (3.1)
4Q94 $(35.0)
1Q95 $ 11.5
2Q95 $ 20.9
3Q95 $ 4.6
4Q95 $ 21.9
1Q96 $ 10.3
PORTFOLIO YIELD
(excluding FASB 115)
Period Yield
88 11.3%
89 11.2%
90 10.7%
91 10.4%
92 10.3%
93 9.8%
94 8.9%
95 8.9%
1Q96 8.8%
18
INVESTMENT SUMMARY
Bond Portfolio Par Value by Coupon
3/31/96 (000,000)
Total CMO/Mtg Cum
Public Private Bonds Backed Total % %
> 11% $ 35 $ 296 $ 331 $ 1 $ 332 3.4 % 3.4 %
10% 88 280 368 22 390 4.0 % 7.4 %
9% 478 760 1,238 212 1,450 15.0 % 22.4 %
8% 1,265 424 1,689 439 2,128 22.1 % 44.5 %
7% 2,055 358 2,413 616 3,029 31.4 % 75.9 %
< 6% 607 240 847 300 1,147 11.9 % 87.8 %
0% 951 215 1,166 10 1,176 12.2 % 100.0 %
$ 5,479 $ 2,573 $ 8,052 $ 1,600 $ 9,652 100.0 %
Bond Portfolio Par Value by Coupon
12/31/95
Total CMO/Mtg Cum
Public Private Bonds Backed Total % %
> 11% $ 35 $ 292 $ 327 $ 1 $ 328 3.5 % 3.5 %
10% 88 291 379 33 412 4.4 % 7.9 %
9% 493 765 1,258 215 1,473 15.6 % 23.5 %
8% 1,276 424 1,700 467 2,167 23.0 % 46.5 %
7% 1,917 339 2,256 607 2,863 30.3 % 76.8 %
< 6% 548 203 751 280 1,031 10.9 % 87.7 %
0% 953 214 1,167 0 1,167 12.3 % 100.0 %
$ 5,310 $ 2,528 $ 7,838 $ 1,603 $ 9,441 100.0 %
CMO Portfolio by Underlying Collateral Rate
3/31/96
Book Par
< 7.5% $ 258.9 $ 280.0
7.5 - 8.5 468.9 490.1
8.5 - 9.5 453.4 469.9
> 9.5% 307.5 320.0
$ 1,488.7 $ 1,560.0
CMO Portfolio by Underlying Collateral Rate
12/31/95
Book Par
< 7.5% $ 246.3 $ 266.4
7.5 - 8.5 457.2 478.0
8.5 - 9.5 467.6 484.6
> 9.5% 334.7 348.2
$ 1,505.8 $ 1,577.2
19
ANALYST COVERAGE
A. G. Edwards Jeffrey Hopson
Conning & Company Paul Goulekas
CS First Boston Vanessa Wilson
Davenport & Company David West
Fox-Pitt, Kelton Ronald McIntosh
Lehman Brothers Edward Spehar
Merrill Lynch Margaret Alexandre
Morgan Stanley Michael Blumstein
Oppenheimer & Company Eric Berg
Robinson-Humphrey Thomas Rosencrants
Sanford Bernstein Sallie Krawcheck
Schroder Wertheim Andrew Kligerman
Scott & Stringfellow Neal Kaplan
COMMON STOCK DATA
1Q96 1Q95 2Q95 3Q95 4Q95
High 26 1/4 23 24 7/8 27 3/4 28 7/8
Low 23 5/8 20 3/4 21 23 5/8 24
Closing 23 7/8 22 5/8 24 27 1/8 25 3/8
Avg. Daily Volume 74,935 64,862 100,379 56,349 72,498
Dividends per share .115 .10 .10 .10 .10
Shares Outstanding (millions) 49.4 49.3 49.4 49.4 49.4
FINANCIAL STRENGTH RATINGS
A. M. Best A++
Duff & Phelps AA+
Moody's Aa3
S&P AA+