<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>
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             DEC-30-1997
<PERIOD-END>                               SEP-30-1997
<EXCHANGE-RATE>                                      1
<DEBT-HELD-FOR-SALE>                            60,700
<DEBT-CARRYING-VALUE>                                0
<DEBT-MARKET-VALUE>                                  0
<EQUITIES>                                      82,985
<MORTGAGE>                                           0
<REAL-ESTATE>                                   74,385
<TOTAL-INVEST>                                 221,547
<CASH>                                         109,498
<RECOVER-REINSURE>                               7,508
<DEFERRED-ACQUISITION>                           4,820
<TOTAL-ASSETS>                                 462,886
<POLICY-LOSSES>                                217,063
<UNEARNED-PREMIUMS>                             22,775
<POLICY-OTHER>                                       0
<POLICY-HOLDER-FUNDS>                                0
<NOTES-PAYABLE>                                  5,695
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                            33
<OTHER-SE>                                     116,881
<TOTAL-LIABILITY-AND-EQUITY>                   462,886
<PREMIUMS>                                      40,101
<INVESTMENT-INCOME>                              8,509
<INVESTMENT-GAINS>                              29,999
<OTHER-INCOME>                                   3,403
<BENEFITS>                                      31,494
<UNDERWRITING-AMORTIZATION>                        557
<UNDERWRITING-OTHER>                            14,652
<INCOME-PRETAX>                                 30,678
<INCOME-TAX>                                     9,840
<INCOME-CONTINUING>                             20,838
<DISCONTINUED>                                     838
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    21,676
<EPS-PRIMARY>                                     0.65
<EPS-DILUTED>                                     0.64
<RESERVE-OPEN>                                       0
<PROVISION-CURRENT>                                  0
<PROVISION-PRIOR>                                    0
<PAYMENTS-CURRENT>                                   0
<PAYMENTS-PRIOR>                                     0
<RESERVE-CLOSE>                                      0
<CUMULATIVE-DEFICIENCY>                              0