<ARTICLE> 7
<LEGEND>
THIS 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>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               JUN-30-1997
<DEBT-HELD-FOR-SALE>                            92,098
<DEBT-CARRYING-VALUE>                                0
<DEBT-MARKET-VALUE>                                  0
<EQUITIES>                                      85,665
<MORTGAGE>                                           0
<REAL-ESTATE>                                    1,480
<TOTAL-INVEST>                                 205,222
<CASH>                                          49,280
<RECOVER-REINSURE>                               7,207
<DEFERRED-ACQUISITION>                           5,001
<TOTAL-ASSETS>                                 388,102
<POLICY-LOSSES>                                228,945
<UNEARNED-PREMIUMS>                             25,961
<POLICY-OTHER>                                       0
<POLICY-HOLDER-FUNDS>                                0
<NOTES-PAYABLE>                                      0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                            32
<OTHER-SE>                                     111,214
<TOTAL-LIABILITY-AND-EQUITY>                   388,102
<PREMIUMS>                                      28,478
<INVESTMENT-INCOME>                              6,102
<INVESTMENT-GAINS>                               2,945
<OTHER-INCOME>                                     705
<BENEFITS>                                      21,538
<UNDERWRITING-AMORTIZATION>                        377
<UNDERWRITING-OTHER>                             9,222
<INCOME-PRETAX>                                  5,380
<INCOME-TAX>                                     1,659
<INCOME-CONTINUING>                              3,722
<DISCONTINUED>                                      94
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     3,816
<EPS-PRIMARY>                                     0.11
<EPS-DILUTED>                                     0.11
<RESERVE-OPEN>                                       0
<PROVISION-CURRENT>                                  0
<PROVISION-PRIOR>                                    0
<PAYMENTS-CURRENT>                                   0
<PAYMENTS-PRIOR>                                     0
<RESERVE-CLOSE>                                      0
<CUMULATIVE-DEFICIENCY>                              0