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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 27, 1994
AMERICAN GENERAL FINANCE CORPORATION
(Exact Name of Registrant as Specified in Charter)
Indiana 1-6155 35-0416090
(State or Other (Commission File (IRS Employer
Jurisdiction of Number) Identification
Incorporation) No.)
601 N.W. Second Street, Evansville, IN 47708
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (812) 424-8031
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Item 5. Other Events.
On April 27, 1994, American General Finance Corporation (the "Company")
issued an Earnings Release announcing certain unaudited financial results of
the Company for the three-month period ended March 31, 1994.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(c) Exhibits. The following Exhibit is filed as part of this Report:
Exhibit
Number Description
99 Earnings Release issued by American General Finance
Corporation on April 27, 1994 regarding certain of its
unaudited financial results for the three-month period
ended March 31, 1994.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this Report to be signed on its behalf by
the undersigned thereunto duly authorized.
AMERICAN GENERAL FINANCE CORPORATION
Dated: April 27, 1994 By: /S/ LEONARD J. WINIGER
Leonard J. Winiger
Assistant Controller and
Assistant Secretary
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EXHIBIT INDEX
Exhibit
Number Description
99 Earnings Release issued by American General
Finance Corporation on April 27, 1994 regarding
certain of its unaudited financial results for
the three-month period ended March 31, 1994.
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Philip M. Hanley
Chief Financial Officer
American General Finance, Inc.
812-468-5420
AMERICAN GENERAL FINANCE CORPORATION
REPORTS RECORD 1ST QUARTER EARNINGS
QUARTERLY HIGHLIGHTS:
- Record first quarter net income of $51.9 million
- Return on assets of 2.8%
- Return on equity of 17.1%
EVANSVILLE, IN, APRIL 27, 1994.--American General Finance
Corporation today announced record first quarter net income of
$51.9 million, a 12% increase over 1993 first quarter net income
which was $46.3 million, before one-time accounting changes of
$12.6 million. First quarter 1994 return on assets was 2.8% and
return on equity was 17.1%, compared to 2.6% and 16.4%,
respectively, for 1993's first quarter prior to the one-time
accounting changes.
"American General Finance Corporation's continued growth in
higher yielding traditional consumer loans has provided
profitable results, said Daniel Leitch III, President and Chief
Executive Officer. Favorable trends in yield and insurance
revenue continued during the first quarter of 1994, and credit
quality improved when compared to the last quarter of 1993.
Despite an increase in new borrowing costs, we continued to
maintain very favorable interest margins."
FINANCIAL HIGHLIGHTS:
(Dollars in Millions)
For the Quarter Ended March 31, 1994 1993
Total Revenues $314.1 $292.4
Income Before Accounting Changes 51.9 46.3
Accounting Changes, Net - (12.6)
Net Income $ 51.9 $ 33.7
Return on Assets 2.8 2.6%*
Return on Equity 17.1% 16.4%*
* Before one-time accounting changes of $12.6 million
As of: 3/31/94 12/31/93
Net Finance Receivables $5,922 $5,872
Total Assets $7,614 $7,505
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Ratios for Quarter Ended or as of: 3/31/94 3/31/93
Net Charge Offs 2.1% 1.7%
Delinquency 2.4% 2.1%
American General Finance Corporation and its subsidiaries are
engaged in the consumer finance and related credit insurance
businesses. The company, headquartered in Evansville, Indiana,
has assets of $7.6 billion and operates over 1,200 offices in 39
states, Puerto Rico, and the U.S. Virgin Islands. Products and
services are provided to approximately 2.4 million low-to-middle
income American families. The company offers direct consumer and
home equity loans; indirect retail sales financing; and credit
and non-credit related insurance.
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