<ARTICLE> 7 <MULTIPLIER> 1,000,000 <PERIOD-TYPE> 12-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> DEC-31-1996 <DEBT-HELD-FOR-SALE> 31,449 <DEBT-CARRYING-VALUE> 0 <DEBT-MARKET-VALUE> 0 <EQUITIES> 1,865 <MORTGAGE> 4 <REAL-ESTATE> 60 <TOTAL-INVEST> 37,639 <CASH> 112 <RECOVER-REINSURE> 11,229 <DEFERRED-ACQUISITION> 3,535 <TOTAL-ASSETS> 108,840 <POLICY-LOSSES> 22,674 <UNEARNED-PREMIUMS> 2,797 <POLICY-OTHER> 22,220 <POLICY-HOLDER-FUNDS> 50,452 <NOTES-PAYABLE> 1,532 <PREFERRED-MANDATORY> 1,000 <F1> <PREFERRED> 0 <COMMON> 1 <OTHER-SE> 4,519 <TOTAL-LIABILITY-AND-EQUITY> 108,840 <PREMIUMS> 10,076 <INVESTMENT-INCOME> 2,523 <INVESTMENT-GAINS> (126) <OTHER-INCOME> 0 <BENEFITS> 8,942 <UNDERWRITING-AMORTIZATION> 1,678 <UNDERWRITING-OTHER> 2,015 <INCOME-PRETAX> (318) <INCOME-TAX> (219) <INCOME-CONTINUING> (99) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (99) <EPS-PRIMARY> (0.84) <EPS-DILUTED> (0.84) <RESERVE-OPEN> 12,597 <PROVISION-CURRENT> 5,075 <PROVISION-PRIOR> 1,049 <PAYMENTS-CURRENT> 2,035 <PAYMENTS-PRIOR> 2,797 <RESERVE-CLOSE> 13,889 <CUMULATIVE-DEFICIENCY> 0 <FN> <F1>REPRESENTS COMPANY OBLIGATED MANDATORILY REDEEMABLE PREFERRED SECURITIES OF SUBSIDIARY TRUSTS HOLDING SOLELY PARENT JUNIOR SUBORDINATED DEBENTURES. </FN>