<ARTICLE>                                       7
<MULTIPLIER>                                                       1,000
       
                                             
<PERIOD-TYPE>                                   3-MOS
<FISCAL-YEAR-END>                               DEC-31-1996
<PERIOD-END>                                    MAR-31-1996
<DEBT-HELD-FOR-SALE>                                           9,546,612
<DEBT-CARRYING-VALUE>                                                  0
<DEBT-MARKET-VALUE>                                                    0
<EQUITIES>                                                        29,376
<MORTGAGE>                                                        72,774
<REAL-ESTATE>                                                          0
<TOTAL-INVEST>                                                10,178,616
<CASH>                                                         1,011,718
<RECOVER-REINSURE>                                                     0
<DEFERRED-ACQUISITION>                                           263,455
<TOTAL-ASSETS>                                                13,092,388
<POLICY-LOSSES>                                                        0
<UNEARNED-PREMIUMS>                                                    0
<POLICY-OTHER>                                                10,191,629
<POLICY-HOLDER-FUNDS>                                                  0
<NOTES-PAYABLE>                                                  229,000
<PREFERRED-MANDATORY>                                                  0
<PREFERRED>                                                       13,237
<COMMON>                                                             281
<OTHER-SE>                                                       947,573
<TOTAL-LIABILITY-AND-EQUITY>                                  13,092,388
<PREMIUMS>                                                             0
<INVESTMENT-INCOME>                                              192,012
<INVESTMENT-GAINS>                                                 3,774
<OTHER-INCOME>                                                    84,124
<BENEFITS>                                                         1,166
<UNDERWRITING-AMORTIZATION>                                       14,108
<UNDERWRITING-OTHER>                                              63,296
<INCOME-PRETAX>                                                   36,274
<INCOME-TAX>                                                      12,452
<INCOME-CONTINUING>                                                    0
<DISCONTINUED>                                                         0
<EXTRAORDINARY>                                                        0
<CHANGES>                                                              0
<NET-INCOME>                                                      23,822
<EPS-PRIMARY>                                                           .81
<EPS-DILUTED>                                                           .81
<RESERVE-OPEN>                                                         0
<PROVISION-CURRENT>                                                    0
<PROVISION-PRIOR>                                                      0
<PAYMENTS-CURRENT>                                                     0
<PAYMENTS-PRIOR>                                                       0
<RESERVE-CLOSE>                                                        0
<CUMULATIVE-DEFICIENCY>                                                0