UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                            _________________________


                                    FORM 8-K

                                 CURRENT REPORT

                       Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934

                             _______________________


                       Date of Report
                       (Date of earliest
                       event reported):      July 22, 2003

                               Cobalt Corporation
             (Exact name of registrant as specified in its charter)


          Wisconsin                      1-14177                39-1931212
- ----------------------------    ------------------------    -------------------
(State or other jurisdiction    (Commission File Number)      (IRS Employer
      of incorporation)                                     Identification No.)

                            401 West Michigan Street
                           Milwaukee, Wisconsin 53203
            ---------------------------------------------------------
           (Address of principal executive offices including zip code)

                                 (414) 226-6900
                          -----------------------------
                         (Registrant's telephone number)




Item 9.   Regulation FD Disclosure (Information furnished in this Item 9 is
          furnished under Item 12).

     On July 22, 2003, Cobalt Corporation issued a press release announcing its
financial results for the quarter ended June 30, 2003. A copy of the press
release is furnished as Exhibit 99.1 hereto and is incorporated herein by
reference. Also on July 22, 2003, Cobalt Corporation released its Consolidated
Statements of Operations for the three and six month periods ended June 30, 2003
and 2002 (unaudited). A copy of these Consolidated Statements of Operations is
furnished as Exhibit 99.2 hereto and is incorporated herein by reference.
Finally, on July 22, 2003, Cobalt Corporation released its Quarterly Highlights
for the three and six months ended June 30, 2003. A copy of these Quarterly
Highlights is furnished as Exhibit 99.3 hereto and is incorporated herein by
reference.

     The information furnished pursuant to this Item 9 of this Current Report on
Form 8-K is being furnished pursuant to "Item 12. Results of Operations and
Financial Condition" of Form 8-K in accordance with the guidance provided by the
Securities and Exchange Commission in Securities Exchange Act Release No.
34-47583 (March 27, 2003).

     This Current Report on Form 8-K contains "forward-looking statements"
within the meaning of the safe harbor provisions of the United States Private
Securities Litigation Reform Act of 1995. Forward-looking statements can
generally be identified because they are preceded by or include words like
"anticipate," "believe," "estimate," "expect," "forecast," "objective," "plan,"
"possible," "potential," "project" and similar expressions. Forward-looking
statements are statements based upon management's expectations at the time such
statements are made and are subject to risks and uncertainties that could cause
the Company's actual results to differ materially from those contemplated in the
statements. Those risks and uncertainties include rising health care costs,
business conditions, impact of elimination of memberships, competition in the
managed care industry, developments in health care reform and other regulatory
issues. Readers are cautioned not to place undue reliance on forward-looking
statements.







Item 7.   Financial Statements and Exhibits.

          (a)  Not applicable.

          (b)  Not applicable.

          (c)  Exhibits.

               (99.1)  Press Release, dated July 22, 2003, issued by Cobalt
                       Corporation.

               (99.2)  Cobalt Corporation Consolidated Statements of Operations
                       for the Three and Six Month Periods ended June 30, 2003
                       and 2002 (Unaudited).

               (99.3)  Cobalt Corporation Quarterly Highlights (Unaudited).






                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                          COBALT CORPORATION

Date:  July 28, 2003
                                          By: /s/ Gail L. Hanson
                                              ---------------------------------
                                              Gail L. Hanson
                                              Senior Vice President, Treasurer
                                                and Chief Financial Officer





                               COBALT CORPORATION

                            EXHIBIT INDEX TO FORM 8-K
                           Report Dated July 22, 2003

Exhibit
  No.                              Description
- -------    ---------------------------------------------------------------------

 99.1      Press Release, dated July 22, 2003, issued by Cobalt Corporation.

 99.2      Cobalt Corporation Consolidated Statements of Operations for the
           Three and Six Month Periods ended June 30, 2003 and 2002 (Unaudited).

 99.3      Cobalt Corporation Quarterly Highlights (Unaudited).