<ARTICLE> 7 <MULTIPLIER> 1,000 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> MAR-31-1996 <DEBT-HELD-FOR-SALE> 3,549,678 <DEBT-CARRYING-VALUE> 0 <DEBT-MARKET-VALUE> 0 <EQUITIES> 18,011 <MORTGAGE> 116,364 <REAL-ESTATE> 8,054 <TOTAL-INVEST> 4,741,326 <CASH> 156,586 <RECOVER-REINSURE> 2,195 <DEFERRED-ACQUISITION> 376,473 <TOTAL-ASSETS> 12,409,018 <POLICY-LOSSES> 35,245 <UNEARNED-PREMIUMS> 0 <POLICY-OTHER> 11,143 <POLICY-HOLDER-FUNDS> 4,696,853 <NOTES-PAYABLE> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 2,000 <OTHER-SE> 598,758 <TOTAL-LIABILITY-AND-EQUITY> 12,409,018 <PREMIUMS> 0 <INVESTMENT-INCOME> 86,909 <INVESTMENT-GAINS> 6,728 <OTHER-INCOME> 38,958 <BENEFITS> 5,529 <UNDERWRITING-AMORTIZATION> 16,944 <UNDERWRITING-OTHER> 12,008 <INCOME-PRETAX> 29,124 <INCOME-TAX> 8,687 <INCOME-CONTINUING> 20,437 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 20,437 <EPS-PRIMARY> 0 <EPS-DILUTED> 0 <RESERVE-OPEN> 0 <PROVISION-CURRENT> 0 <PROVISION-PRIOR> 0 <PAYMENTS-CURRENT> 0 <PAYMENTS-PRIOR> 0 <RESERVE-CLOSE> 0 <CUMULATIVE-DEFICIENCY> 0