<ARTICLE> 7
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEET AND CONSOLIDATED STATEMENT OF OPERATIONS OF PICO
HOLDINGS, INC. AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               MAR-31-1998
<DEBT-HELD-FOR-SALE>                            25,678
<DEBT-CARRYING-VALUE>                                0
<DEBT-MARKET-VALUE>                                  0
<EQUITIES>                                      67,190
<MORTGAGE>                                           0
<REAL-ESTATE>                                    2,201
<TOTAL-INVEST>                                 149,902
<CASH>                                          63,669
<RECOVER-REINSURE>                               2,859
<DEFERRED-ACQUISITION>                           5,359
<TOTAL-ASSETS>                                 418,925
<POLICY-LOSSES>                                186,245
<UNEARNED-PREMIUMS>                             19,618
<POLICY-OTHER>                                       0
<POLICY-HOLDER-FUNDS>                                0
<NOTES-PAYABLE>                                      0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                            33
<OTHER-SE>                                     110,663
<TOTAL-LIABILITY-AND-EQUITY>                   418,925
<PREMIUMS>                                       9,138
<INVESTMENT-INCOME>                              3,376
<INVESTMENT-GAINS>                                 504
<OTHER-INCOME>                                     716
<BENEFITS>                                       7,995
<UNDERWRITING-AMORTIZATION>                        757
<UNDERWRITING-OTHER>                             5,237
<INCOME-PRETAX>                                    299
<INCOME-TAX>                                     1,226
<INCOME-CONTINUING>                              (979)
<DISCONTINUED>                                      52
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     (927)
<EPS-PRIMARY>                                   (0.03)
<EPS-DILUTED>                                   (0.03)
<RESERVE-OPEN>                                       0
<PROVISION-CURRENT>                                  0
<PROVISION-PRIOR>                                    0 
<PAYMENTS-CURRENT>                                   0
<PAYMENTS-PRIOR>                                     0
<RESERVE-CLOSE>                                      0
<CUMULATIVE-DEFICIENCY>                              0