<ARTICLE> 7
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEET AND CONSOLIDATED STATEMENTS OF OPERATIONS OF PICO
HOLDINGS, INC. AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               MAR-31-1997
<DEBT-HELD-FOR-SALE>                           147,146
<DEBT-CARRYING-VALUE>                                0
<DEBT-MARKET-VALUE>                                  0
<EQUITIES>                                     106,487
<MORTGAGE>                                           0
<REAL-ESTATE>                                    1,524
<TOTAL-INVEST>                                 255,233
<CASH>                                          62,380
<RECOVER-REINSURE>                               3,661
<DEFERRED-ACQUISITION>                           7,310
<TOTAL-ASSETS>                                 458,243
<POLICY-LOSSES>                                285,348
<UNEARNED-PREMIUMS>                             30,576
<POLICY-OTHER>                                       0
<POLICY-HOLDER-FUNDS>                                0
<NOTES-PAYABLE>                                      0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                            32
<OTHER-SE>                                     111,769
<TOTAL-LIABILITY-AND-EQUITY>                   458,243
<PREMIUMS>                                      15,088
<INVESTMENT-INCOME>                              4,194
<INVESTMENT-GAINS>                               2,940
<OTHER-INCOME>                                     404
<BENEFITS>                                      11,796
<UNDERWRITING-AMORTIZATION>                      6,455
<UNDERWRITING-OTHER>                               833
<INCOME-PRETAX>                                  2,970
<INCOME-TAX>                                       978
<INCOME-CONTINUING>                              1,992
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     1,992
<EPS-PRIMARY>                                     0.06
<EPS-DILUTED>                                     0.06
<RESERVE-OPEN>                                       0
<PROVISION-CURRENT>                                  0
<PROVISION-PRIOR>                                    0
<PAYMENTS-CURRENT>                                   0
<PAYMENTS-PRIOR>                                     0
<RESERVE-CLOSE>                                      0
<CUMULATIVE-DEFICIENCY>                              0