1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
Annual Report
Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
For the fiscal year ended December 31, 1993
Commission File Number 1-7067
UNITED COMPANIES FINANCIAL CORPORATION
EMPLOYEES' SAVINGS PLAN AND TRUST
(Full title of the Plan)
4041 ESSEN LANE
BATON ROUGE, LOUISIANA 70809
(Address of the Plan)
UNITED COMPANIES FINANCIAL CORPORATION
(Name of Issuer)
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Item 1. Changes in the Plan
The United Companies Financial Corporation Employees' Savings Plan and
Trust (the "Plan") became effective July 1, 1987. The following amendments to
the Plan were adopted during 1993:
Not applicable.
Item 2. Changes in Investment Policy
The following changes during 1993 occurred with respect to the kind of
securities or other investments in which funds held under the Plan may be
invested:
(a) Participants were provided with three new funds, the Stock
Emphasis Balanced Fund, the Growth Stock Fund and the Stock
Index Fund, to choose as investment program elections.
Item 3. Contributions under the Plan.
Not applicable.
Item 4. Participating Employees.
There were 1,222 employees and former employees participating in the
Plan on December 31, 1993.
Item 5. Administration of the Plan.
(a) The Plan Administrator is UCFC. The Plan is administered on
behalf of UCFC by the following members of its Plan
Administrative Committee (the "Committee"), appointed by the
Board of Directors of UCFC. The members, together with their
respective positions and business addresses, were as follows:
Harris J. Chustz (Chairman of the Committee) 4041 Essen Lane
Chairman of the Board Baton Rouge, LA 70809
United Companies Financial Corporation
J. Terrell Brown 4041 Essen Lane
President and Chief Executive Officer Baton Rouge, LA 70809
United Companies Financial Corporation
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Dale E. Redman 4041 Essen Lane
Executive Vice President, Assistant Baton Rouge, LA 70809
Secretary and Chief Financial Officer
United Companies Financial Corporation
W. Roger Clark 4041 Essen Lane
Executive Vice President Baton Rouge, LA 70809
United Companies Financial Corporation
John E. Smith 4041 Essen Lane
Executive Vice President Baton Rouge, LA 70809
United Companies Financial Corporation
Robert B. Thomas, Jr. 4041 Essen Lane
Executive Vice President Baton Rouge, LA 70809
United Companies Financial Corporation
(b) Members of the Committee do not receive any compensation from
the Plan for services in connection with the Plan.
Item 6. Custodian of Investments.
(a) Hibernia National Bank ("Hibernia"), a national banking
association, is the Plan Trustee and acts as custodian of
substantially all securities and investments of the Plan.
Hibernia's main office is located at 313 Carondelet Street,
New Orleans, LA 70130.
(b) The total amount of compensation received by Hibernia for
administration of the Plan for the year ended December 31,
1993, 1992 and 1991 was $96,085, $54,109 and $62,464,
respectively.
(c) No bond has been furnished by the Trustee specifically
covering the Plan assets. Hibernia is covered by a standard
banker's blanket bond.
Item 7. Reports to Participating Employees.
Reports are furnished to participants on a quarterly basis regarding
the status of their accounts. These statements reflect the opening and closing
totals and an analysis of contributions, withdrawals and other allocations to
or from their accounts.
Item 8. Investment of Funds.
The aggregate dollar amount of brokerage commissions paid by the Plan
during 1993, 1992 and 1991 were $431, $35,157 and $46,511, respectively.
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Item 9. Financial Statements, Schedules and Exhibits.
(a) Financial Statements and Supplemental Schedules:
Page Number
-----------
Independent Auditors' Report 5
Statements of Financial Condition -
December 31, 1993 and 1992 6
Statements of Income and Changes in Plan Equity
For the three years ended December 31, 1993 7
Notes to Financial Statements 8 - 11
Schedule I - Investments of the Plan -
December 31, 1993 12
Schedule II - Allocation of Plan Assets and
Liabilities to Investment Programs -
December 31, 1993 and 1992 13 - 15
Schedule III - Allocation of Plan Income and
Changes in Plan Equity to Investment Programs
For the three years ended December 31, 1993 16 - 19
(b) Exhibits:
Consent of Deloitte & Touche 20
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INDEPENDENT AUDITORS' REPORT
To the Trustee and Participants of
United Companies Financial Corporation
Employees' Savings Plan and Trust
Baton Rouge, Louisiana
We have audited the financial statements of United Companies Financial
Corporation Employees' Savings Plan and Trust (the "Plan"), listed in Item 9.
These financial statements are the responsibility of the Plan's management.
Our responsibility is to express an opinion on the financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial condition of the Plan at December 31, 1993 and 1992 and
the results of its operations and the changes in plan equity for each of the
three years in the period ended December 31, 1993 in conformity with generally
accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules listed in
Item 9 are presented for the purpose of additional analysis and are not a
required part of the basic financial statements. These schedules are the
responsibility of the Plan's management. Such schedules have been subjected to
the auditing procedures applied in our audit of the basic financial statements
and, in our opinion, are fairly stated in all material respects when considered
in relation to the basic financial statements taken as a whole.
/s/ DELOITTE & TOUCHE
Baton Rouge, Louisiana
June 27, 1994
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UNITED COMPANIES FINANCIAL CORPORATION
EMPLOYEES' SAVINGS PLAN AND TRUST
STATEMENTS OF FINANCIAL CONDITION
December 31
-----------------------------------
ASSETS 1993 1992
------------ -----------
Investments at fair value:
UCFC Common Stock, $2 par value (264,001
shares, cost $2,652,772 in 1993 and
138,161 shares, cost $2,437,922 in 1992) $ 10,428,040 $ 2,486,904
Equity Mutual Fund (cost $932,149 in 1993 and
$565,333 in 1992) 925,454 546,893
Government Income Mutual Fund (cost $326,187
in 1993 and $146,150 in 1992) 323,149 144,447
Guaranteed Group Annuity Contracts 1,635,567 1,185,848
Investment in The Principal General
Fund Account 3,635 -
Money-market Fund 41,740 76,000
Investment in The Principal Pooled
Separate Accounts 103,059 -
Participant loans 112,179 169,409
------------ -----------
13,572,823 4,609,501
Cash 7,085 4,134
Contributions receivable 40,637 19,502
Interest receivable - 7,641
Dividends receivable 25,379 21,483
------------ -----------
Total assets $ 13,645,924 $ 4,662,261
============ ===========
LIABILITIES AND PLAN EQUITY
Other liabilities $ 19,147 $ 45,000
Plan Equity:
UCFC Stock Fund 10,475,596 2,536,564
Equity Fund 942,967 554,237
Government Income Fund 339,135 147,326
Guaranteed Fund 1,637,454 1,202,963
Money-market Fund 97,290 6,763
Stock Emphasis Balanced Fund 21,201 -
Growth Stock Fund 2,144 -
Stock Index Fund 572 -
Loan Fund 110,418 169,408
------------ -----------
Total plan equity 13,626,777 4,617,261
------------ -----------
Total liabilities and plan equity $ 13,645,924 $ 4,662,261
============ ===========
See notes to financial statements.
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UNITED COMPANIES FINANCIAL CORPORATION
EMPLOYEES' SAVINGS PLAN AND TRUST
STATEMENTS OF INCOME AND CHANGES IN PLAN EQUITY
Year Ended December 31
-----------------------------------------------
1993 1992 1991
------------- ----------- ------------
Plan Equity, January 1 $ 4,617,261 $ 4,288,289 $ 2,496,407
------------- ----------- ------------
Additions:
Interest and dividend income 212,417 192,791 148,375
Contributions
Employee 1,031,768 1,071,534 1,118,941
Employer 367,580 285,166 317,784
------------- ----------- ------------
Total 1,399,348 1,356,700 1,436,725
Reimbursement of administrative expenses 997 - 3,106
Net appreciation (depreciation) of
investments 8,662,445 (458,604) 734,302
------------- ----------- ------------
Total additions 10,275,207 1,090,887 2,322,508
------------- ----------- ------------
Deductions:
Administrative expenses 104,914 59,161 62,464
Distributions to participants 1,160,777 702,754 468,162
------------- ----------- ------------
Total deductions 1,265,691 761,915 530,626
------------- ----------- ------------
Income and changes in plan equity 9,009,516 328,972 1,791,882
------------- ----------- ------------
Plan Equity, December 31 $ 13,626,777 $ 4,617,261 $ 4,288,289
============= =========== ============
See notes to financial statements.
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UNITED COMPANIES FINANCIAL CORPORATION
EMPLOYEES' SAVINGS PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the United Companies Financial Corporation
Employees' Savings Plan and Trust (the "Plan") are prepared on the accrual
basis. Investments are reported at fair value. Fair value for investments in
the UCFC Stock Fund, the Equity Fund, the Government Income Fund, the
Guaranteed Fund, the Money-market Fund, the Stock Emphasis Balanced Fund, the
Growth Stock Fund, and the Stock Index Fund, is determined by reference to
market prices on the valuation date when available. The guaranteed group
annuity contracts and participant loans are valued at cost, which approximates
fair value.
Certain 1992 and 1991 amounts have been reclassified to conform with
the current year presentations.
2. ELIGIBILITY, CONTRIBUTIONS AND INVESTMENT PROGRAMS
The following description of the Plan's provisions provides general
information regarding eligibility, contributions and investment programs.
Participants should refer to the Plan document for a more complete description
of the Plan's provisions.
Employees are eligible to participate in the Plan provided they have
completed one year of service and have attained the age of twenty-one prior to
the election date. The employee must be a full-time employee (working at least
30 hours a week) and complete 1,000 hours of service during the one year
waiting period. Participating employees may revise the direction of their
contribution on January 1, April 1, July 1 or October 1 of any year. UCFC
provides matching contributions of a percentage of the participant's
contribution up to 5% of the participant's salary. Salary for purposes of the
Plan is limited to $200,000 for any Plan year, adjusted for cost of living
increases. From July 1, 1992 to December 31, 1993, the matching employer
contributions are 50% of the participant's contribution deferral and are
invested in UCFC stock.
Participants are 100% vested in employee contributions ("elective
deferrals") and earnings thereon. Vesting in the employer contributions and
earnings thereon is based on years of service. Participants generally have no
vesting rights until completion of five (5) years of service with the Company
at which time they will become 100% vested in employer matching contributions.
The non-vested portion of a participant's account will be forfeited upon
distribution of the participant's vested portion or incurring 5 consecutive
one-year breaks in service. Amounts forfeited will be used to reduce the
employer contributions in the following Plan year.
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UNITED COMPANIES FINANCIAL CORPORATION
EMPLOYEES' SAVINGS PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
Employee contributions are supplemented by the matching employer and
the employee contributions are invested as directed by the participant in one
or more of the following eight funds:
(a) UCFC Stock Fund - Contributions to this fund are invested in
$2 par value common stock of United Companies Financial
Corporation ("UCFC"). The number of participating employees
in this fund were 743 and 757 at December 31, 1993 and 1992,
respectively.
(b) Equity Fund - Contributions to this fund are invested in a
professionally managed and diversified portfolio of common
stocks of high quality companies. The number of employees
participating in this fund were 219 and 193 at December 31,
1993 and 1992, respectively.
(c) Government Income Fund - Contributions to this fund are
invested primarily in obligations issued or guaranteed by the
U.S. Government or its agencies. The number of participating
employees in this fund were 153 and 88 at December 31, 1993
and 1992, respectively.
(d) Guaranteed Fund - Contributions to this fund are invested
primarily with an insurance company at a guaranteed interest
rate for a specified period of time. Investments of the fund
include private placement bonds, commercial mortgages, and
residential mortgages. The number of participating employees
in this fund were 259 and 267 at December 31, 1993 and 1992,
respectively.
(e) Money-market Fund - Contributions to this fund are invested
primarily in money market instruments. The number of
participating employees in this fund was 167 and 21 at
December 31, 1993 and 1992, respectively.
(f) Stock Emphasis Balanced Fund - Contributions to this fund are
invested in separate accounts of Principal Mutual Life
Insurance Company, weighted toward equity accounts. The
number of participating employees in this fund was 4 at
December 31, 1993.
(g) Growth Stock Fund - Contributions to this fund are invested in
separate accounts of Principal Mutual Life Insurance Company,
primarily in common stocks of large established companies
whose earnings are expected to grow at above average rates.
The number of participating employees in this fund was 2 at
December 31, 1993.
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UNITED COMPANIES FINANCIAL CORPORATION
EMPLOYEES' SAVINGS PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
(h) Stock Index Fund - Contributions to this fund are in separate
accounts of Principal Mutual Life Insurance Company, invested
in the common stock of those firms included in the Standard &
Poor's 500 Stock Index. The number of participating employees
in this fund was 1 at December 31, 1993.
Investment options (f), (g) and (h) are offered through a pooled
separate account, The Principal Pooled Separate Account, and are classified as
such in the statement of financial condition.
The Plan allows participants to borrow from the Plan up to 50% of each
participant's vested interest in the Plan. Participant loans are considered
another investment option of the Plan and require the approval of the Plan
Administrator. Loan payments, including principal and interest, must be made
no less frequently than quarterly, with level amortization over the term of the
loan. The loan term may not exceed 5 years from the date the loan is made
unless the loan is made for the purpose of building, purchasing or
substantially rehabilitating the participant's principal residence.
3. UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS
The cumulative amount of net unrealized appreciation (depreciation) of
investments by fund was as follows:
December 31
-----------------------------
1993 1992
----------- ---------
UCFC Stock Fund $ 7,775,268 $ 48,982
Equity Fund (6,695) (18,440)
Government Income Fund (3,038) (1,703)
----------- ---------
Total $ 7,765,535 $ 28,839
=========== =========
Included in net appreciation of investments in the Statements of Income
and Changes in Plan Equity are realized gains and (losses), calculated using
the cost basis of the assets sold, of $870,435, $73,547 and $27,156 in 1993,
1992 and 1991, respectively, of the UCFC Stock Fund; $54,729, $123,459 and
$5,430 in 1993, 1992 and 1991, respectively, of the Equity Fund; and $585,
($5,522) and $5,003 in 1993, 1992 and 1991, respectively, of the Government
Income Fund.
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UNITED COMPANIES FINANCIAL CORPORATION
EMPLOYEES' SAVINGS PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
4. INCOME TAXES
A determination letter dated August 10, 1988 has been received from the
Internal Revenue Service to the effect that the Plan as currently in effect is
qualified as to form under Section 401(a) of the Code; the trust is exempt from
Federal income tax under Section 501(a) of the Code; and employer contributions
paid to the trust under the Plan will be allowable to the Employer as Federal
income tax deductions subject to the conditions and limitations of Section 404
of the Code. It is intended that the Plan, as modified by the provisions of
the Tax Reform Act of 1986, will continue to meet the requirements of Section
401(a) of the Code. Accordingly, no provisions for Federal income taxes have
been made in the accompanying financial statements.
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UNTIED COMPANIES FINANCIAL CORPORATION
EMPLOYEES' SAVINGS PLAN AND TRUST
SCHEDULE I - INVESTMENTS OF THE PLAN
December 31, 1993
Number of
Shares or Fair
Name of Issuer Investment Units Value
- - -------------- ---------------- -----
United Companies Financial Corporation 264,001.000 $ 10,428,040
Tower Capital Appreciation Mutual Fund 67,159.234 925,454
Tower U.S. Government Income Mutual Fund 30,514.497 323,149
CIGNA Guaranteed Group Annuity Contracts - 1,635,567
The Principal General Fund Account - 3,635
Tower Cash Reserve Money-market Fund 41,740.000 41,740
The Principal Pooled Separate Accounts - 103,059
Participant Loans - 112,179
------------
Total $ 13,572,823
============
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UNITED COMPANIES FINANCIAL CORPORATION
EMPLOYEES' SAVINGS PLAN AND TRUST
SCHEDULE II - ALLOCATION OF PLAN ASSETS
AND LIABILITIES TO INVESTMENT PROGRAMS
December 31, 1993
Stock
UCFC Government Emphasis
Stock Equity Income Guaranteed Balanced
Combined Fund Fund Fund Fund Fund
------------- ------------ --------- ---------- ----------- ---------
ASSETS
Investments at fair value:
UCFC Common Stock,
$2 par value $ 10,428,040 $ 10,428,040
Equity Mutual Fund 925,454 $ 925,454
Government Income
Mutual Fund 323,149 $ 323,149
Guaranteed Group Annuity
Contracts 1,635,567 $ 1,635,567
Investment in The Principal
General Fund Account 3,635 3,635
Money-market Fund 41,740 13,425 3,944
Investment in The Principal
Pooled Separate Accounts 103,059 12,451 $ 21,201
Participant loans 112,179
------------- ------------ --------- ---------- ----------- ---------
13,572,823 10,428,040 938,879 339,544 1,639,202 21,201
Cash 7,085 8,914 (310) (1,519)
Contributions receivable 40,637 26,312 6,307 1,775
Dividends receivable 25,379 25,379
------------- ------------ --------- ---------- ----------- ---------
Total assets $ 13,645,924 $ 10,488,645 $ 944,876 $ 339,800 $ 1,639,202 $ 21,201
============= ============ ========= ========== =========== =========
Growth Stock Money-
Stock Index market Loan
Fund Fund Fund Fund
---------- ----------- ---------- -----------
ASSETS
Investments at fair value:
UCFC Common Stock,
$2 par value
Equity Mutual Fund
Government Income
Mutual Fund
Guaranteed Group Annuity
Contracts
Investment in The Principal
General Fund Account
Money-market Fund $ 24,371
Investment in The Principal
Pooled Separate Accounts $ 2,144 $ 572 66,691
Participant loans $ 112,179
---------- ----------- ---------- -----------
2,144 572 91,062 112,179
Cash
Contributions receivable 6,243
Dividends receivable
---------- ----------- ---------- -----------
Total assets $ 2,144 $ 572 $ 97,305 $ 112,179
========== =========== ========== ===========
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UNITED COMPANIES FINANCIAL CORPORATION
EMPLOYEES' SAVINGS PLAN AND TRUST
SCHEDULE II - ALLOCATION OF PLAN ASSETS
AND LIABILITIES TO INVESTMENT PROGRAMS
(Continued)
December 31, 1993
Stock
UCFC Government Emphasis
Stock Equity Income Guaranteed Balanced
Combined Fund Fund Fund Fund Fund
------------- ------------ ---------- ----------- ----------- ---------
LIABILITIES AND PLAN EQUITY
Other liabilities $ 19,147 $ 13,049 $ 1,909 $ 665 $ 1,748
Plan equity:
UCFC Stock Fund 10,475,596 10,475,596
Equity Fund 942,967 942,967
Government Income Fund 339,135 339,135
Guaranteed Fund 1,637,454 1,637,454
Money-market Fund 97,290
Stock Emphasis Balanced
Fund 21,201 $ 21,201
Growth Stock Fund 2,144
Stock Index Fund 572
Loan Fund 110,418
------------- ------------ ---------- ----------- ----------- ---------
Total plan equity 13,626,777 10,475,596 942,967 339,135 1,637,454 21,201
------------- ------------ ---------- ----------- ----------- ---------
Total liabilities
and plan equity $ 13,645,924 $ 10,488,645 $ 944,876 $ 339,800 $ 1,639,202 $ 21,201
============= ============ ========== =========== =========== =========
Growth Stock Money-
Stock Index market Loan
Fund Fund Fund Fund
---------- ----------- ---------- -----------
LIABILITIES AND PLAN EQUITY
Other liabilities $ 15 $ 1,761
Plan equity:
UCFC Stock Fund
Equity Fund
Government Income Fund
Guaranteed Fund
Money-market Fund 97,290
Stock Emphasis Balanced
Fund
Growth Stock Fund $ 2,144
Stock Index Fund $ 572
Loan Fund 110,418
---------- ----------- ---------- -----------
Total plan equity 2,144 572 97,290 110,418
---------- ----------- ---------- -----------
Total liabilities
and plan equity $ 2,144 $ 572 $ 97,305 $ 112,179
========== =========== ========== ===========
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UNITED COMPANIES FINANCIAL CORPORATION
EMPLOYEES' SAVINGS PLAN AND TRUST
SCHEDULE II - ALLOCATION OF PLAN ASSETS
AND LIABILITIES TO INVESTMENT PROGRAMS
December 31, 1992
UCFC Government Money-
Stock Equity Income Guaranteed market Loan
Combined Fund Fund Fund Fund Fund Fund
----------- ----------- --------- --------- ----------- ------- ---------
ASSETS
Investments at fair value:
UCFC Common Stock,
$2 par value $ 2,486,904 $ 2,486,904
Equity Mutual Fund 546,893 $ 546,893
Government Income
Mutual Fund 144,447 $ 144,447
Guaranteed Group Annuity
Contracts 1,185,848 $ 1,185,848
Money-market Fund 76,000 49,300 1,800 1,500 2,100 $ 5,900 $ 15,400
Participant loans 169,409 169,409
----------- ----------- --------- --------- ----------- ------- ---------
4,609,501 2,536,204 548,693 145,947 1,187,948 5,900 184,809
Cash 4,134 17 3,104 871 18 81 43
Contributions receivable 19,502 1,602 6,449 1,517 9,164 770
Interest receivable 7,641 116 11 13 7,453 12 36
Dividends receivable 21,483 21,483
Due from (to) other funds - 22,142 (4,020) (1,022) (1,620) (15,480)
----------- ----------- --------- --------- ----------- ------- ---------
Total assets $ 4,662,261 $ 2,581,564 $ 554,237 $ 147,326 $ 1,202,963 $ 6,763 $ 169,408
=========== =========== ========= ========= =========== ======= =========
LIABILITIES AND PLAN EQUITY
Other liabilities $ 45,000 $ 45,000
----------- ------------
Total liabilities 45,000 45,000
----------- ------------
Plan equity:
UCFC Stock Fund 2,536,564 2,536,564
Equity Fund 554,237 $ 554,237
Government Income Fund 147,326 $ 147,326
Guaranteed Fund 1,202,963 $ 1,202,963
Money-market Fund 6,763 $ 6,763
Loan Fund 169,408 $ 169,408
----------- ----------- --------- --------- ----------- ------- ---------
Total plan equity 4,617,261 2,536,564 554,237 147,326 1,202,963 6,763 169,408
----------- ----------- --------- --------- ----------- ------- ---------
Total liabilities
and plan equity $ 4,662,261 $ 2,581,564 $ 554,237 $ 147,326 $ 1,202,963 $ 6,763 $ 169,408
=========== =========== ========= ========= =========== ======= =========
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UNITED COMPANIES FINANCIAL CORPORATION
EMPLOYEES' SAVINGS PLAN AND TRUST
SCHEDULE III - ALLOCATION OF PLAN INCOME
AND CHANGES IN PLAN EQUITY TO INVESTMENT PROGRAMS
For the year ended December 31, 1993
Stock
UCFC Government Emphasis
Stock Equity Income Guaranteed Balanced
Combined Fund Fund Fund Fund Fund
------------- ------------ ---------- ---------- ----------- ---------
Plan Equity
January 1, 1993 $ 4,617,261 $ 2,536,564 $ 554,237 $ 147,326 $ 1,202,963
Additions:
Interest and dividend income 212,417 97,877 19,454 16,666 65,438 $ 45
Contributions
Employee 1,031,768 491,765 187,917 69,996 208,199 21,155
Employer 367,580 367,908 (328)
------------- ------------ ---------- ---------- ----------- ---------
Total 1,399,348 859,673 187,917 69,996 207,871 21,155
Reimbursement of
administrative expenses 997 577 122 29 268 1
Net appreciation (depreciation)
of investments 8,662,445 8,596,721 66,474 (750)
------------- ------------ ---------- ---------- ----------- ---------
Total additions 10,275,207 9,554,848 273,967 85,941 273,577 21,201
------------- ------------ ---------- ---------- ----------- ---------
Deductions:
Administrative expenses 104,914 58,284 12,591 6,105 19,937
Distributions to
participants 1,160,777 800,301 82,961 30,044 227,616
------------- ------------ ---------- ---------- ----------- ---------
Total deductions 1,265,691 858,585 95,552 36,149 247,553 -
------------- ------------ ---------- ---------- ----------- ---------
Growth Stock Money-
Stock Index market Loan
Fund Fund Fund Fund
---------- ----------- ---------- -----------
Plan Equity
January 1, 1993 $ 6,763 $ 169,408
Additions:
Interest and dividend income $ 22 1,569 11,346
Contributions
Employee 2,122 $ 572 50,042
Employer
---------- ----------- ---------- -----------
Total 2,122 572 50,042 -
Reimbursement of
administrative expenses
Net appreciation (depreciation)
of investments
---------- ----------- ---------- -----------
Total additions 2,144 572 51,611 11,346
---------- ----------- ---------- -----------
Deductions:
Administrative expenses 2,011 5,986
Distributions to
participants 874 18,981
---------- ----------- ---------- -----------
Total deductions - - 2,885 24,967
---------- ----------- ---------- -----------
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UNITED COMPANIES FINANCIAL CORPORATION
EMPLOYEES' SAVINGS PLAN AND TRUST
SCHEDULE III - ALLOCATION OF PLAN INCOME
AND CHANGES IN PLAN EQUITY TO INVESTMENT PROGRAMS
(Continued)
For the year ended December 31, 1993
Stock
UCFC Government Emphasis
Stock Equity Income Guaranteed Balanced
Combined Fund Fund Fund Fund Fund
------------- ------------ --------- ---------- ----------- ---------
Net transfers between funds - (757,231) 210,315 142,017 408,467
------------- ------------ --------- ---------- ----------- ---------
Income and changes in
plan equity 9,009,516 7,939,032 388,730 191,809 434,491 21,201
------------- ------------ --------- ---------- ----------- ---------
Plan Equity
December 31, 1993 $ 13,626,777 $ 10,475,596 $ 942,967 $ 339,135 $ 1,637,454 $ 21,201
============= ============ ========= ========== =========== =========
Growth Stock Money-
Stock Index market Loan
Fund Fund Fund Fund
---------- ----------- ---------- ----------
Net transfers between funds 41,801 (45,369)
---------- ----------- ---------- ----------
Income and changes in
plan equity 2,144 572 90,527 (58,990)
---------- ----------- ---------- ----------
Plan Equity
December 31, 1993 $ 2,144 $ 572 $ 97,290 $ 110,418
========== =========== ========== ==========
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UNITED COMPANIES FINANCIAL CORPORATION
EMPLOYEES' SAVINGS PLAN AND TRUST
SCHEDULE III - ALLOCATION OF PLAN INCOME
AND CHANGES IN PLAN EQUITY TO INVESTMENT PROGRAMS
For the year ended December 31, 1992
UCFC Government Money-
Stock Equity Income Guaranteed market Loan
Combined Fund Fund Fund Fund Fund Fund
---------- ---------- -------- --------- ---------- --------- --------
Plan Equity
January 1, 1992 $4,288,289 $2,766,479 $439,774 $ 67,987 $ 938,093 $ 75,956
---------- ---------- -------- --------- ---------- --------
Additions:
Interest and dividend income 192,791 85,989 7,629 6,756 80,616 $ 54 11,747
Contributions
Employee 1,071,534 664,855 148,948 33,125 219,683 4,923
Employer 285,166 262,570 7,978 1,636 12,982
---------- ---------- -------- --------- ---------- --------- --------
Total 1,356,700 927,425 156,926 34,761 232,665 4,923 -
Net depreciation of
investments (458,604) (450,608) (3,553) (4,387) (56)
---------- ---------- -------- --------- ---------- --------- --------
Total additions 1,090,887 562,806 161,002 37,130 313,225 4,977 11,747
---------- ---------- -------- --------- ---------- --------- --------
Deductions:
Administrative expense 59,161 36,422 5,638 1,122 15,027 17 935
Distributions to
participants 702,754 427,867 96,463 7,961 156,522 13,941
---------- ---------- -------- --------- ---------- --------- --------
Total deductions 761,915 464,289 102,101 9,083 171,549 17 14,876
---------- ---------- -------- --------- ---------- --------- --------
Net transfers between funds - (328,432) 55,562 51,292 123,194 1,803 96,581
---------- ---------- -------- --------- ---------- --------- --------
Income and changes in
plan equity 328,972 (229,915) 114,463 79,339 264,870 6,763 93,452
---------- ---------- -------- --------- ---------- --------- --------
Plan Equity
December 31, 1992 $4,617,261 $2,536,564 $554,237 $147,326 $1,202,963 $ 6,763 $169,408
========== ========== ======== ======== ========== ========= ========
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UNITED COMPANIES FINANCIAL CORPORATION
EMPLOYEES' SAVINGS PLAN AND TRUST
SCHEDULE III - ALLOCATION OF PLAN INCOME
AND CHANGES IN PLAN EQUITY TO INVESTMENT PROGRAMS
For the Year Ended December 31, 1991
UCFC Government
Stock Equity Income Guaranteed Loan
Combined Fund Fund Fund Fund Fund
---------- ---------- -------- -------- -------- --------
Plan Equity
January 1, 1991 $2,496,407 $1,566,235 $267,875 $ 50,642 $589,135 $ 22,520
---------- ---------- -------- -------- -------- --------
Additions:
Interest and dividend income 148,375 70,789 483 4,692 67,527 4,884
Contributions
Employee 1,118,941 659,752 135,654 29,158 294,377
Employer 317,784 291,029 9,292 2,602 14,861
---------- ---------- -------- -------- -------- --------
Total 1,436,725 950,781 144,946 31,760 309,238 -
Administrative expense
reimbursement 3,106 1,808 586 64 637 11
Net appreciation of
investments 734,302 628,814 102,405 3,049 34
---------- ---------- -------- -------- -------- --------
Total additions 2,322,508 1,652,192 248,420 39,565 377,436 4,895
---------- ---------- -------- -------- -------- --------
Deductions:
Administrative expense 62,464 40,867 6,960 1,277 12,952 408
Distributions to
participants 468,162 259,397 88,005 12,273 108,487
---------- ---------- -------- -------- -------- ---------
Total deductions 530,626 300,264 94,965 13,550 121,439 408
---------- ---------- -------- -------- -------- ---------
Net transfer between
funds - (151,684) 18,444 (8,670) 92,961 48,949
---------- ---------- -------- -------- -------- --------
Income and changes in
plan equity 1,791,882 1,200,244 171,899 17,345 348,958 53,436
---------- ---------- -------- -------- -------- --------
Plan Equity
December 31, 1991 $4,288,289 $2,766,479 $439,774 $ 67,987 $938,093 $ 75,956
========== ========== ======== ======== ======== =========
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EXHIBIT 23
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in Registration Statement No.
33-17366 of United Companies Financial Corporation on Form S-8 of our report
dated June 27, 1994, appearing in this Annual Report on Form 11-K of United
Companies Financial Corporation Employees' Savings Plan and Trust for the year
ended December 31, 1993.
/s/ DELOITTE & TOUCHE
Baton Rouge, Louisiana
June 27, 1994
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