[LETTERHEAD OF ACORDIA, INC.]

                                                                    Exhibit 99.1



                ACORDIA AND ANTHEM UPDATE PREVIOUSLY ANNOUNCED
                               STRATEGIC REVIEW

FOR IMMEDIATE RELEASE-May 20, 1997

INDIANAPOLIS -- Acordia, Inc. (NYSE:ACO) and Anthem Insurance Companies, Inc.
announced today that in furtherance of the previously announced review of their 
current business and financial relationship, they are in discussions with regard
to a possible reorganization of Acordia's health business, which could include 
an acquisition by Anthem of the publicly owned shares of Acordia not currently 
owned by Anthem. Anthem further announced that it is in discussions with a third
party with regard to a possible sale of Acordia's brokerage business. There can
be no assurance that these discussions will result in any transaction, or if so,
as to the terms or timing of any such transaction.

As of May 1, 1997, Anthem owned approximately 67% of Acordia's outstanding 
common stock.


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For inquiries, contact:

Keith Maib
Executive Vice President & Chief Financial Officer
Acordia, Inc.
317-488-6561

Don Stengele
Director, Corporate Communications
Anthem, Inc.
317-488-6255