SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE YEAR ENDED DECEMBER 31, 1994
INDEPENDENT LIFE INVEST PLAN
INDEPENDENT INSURANCE GROUP, INC.
ONE INDEPENDENT DRIVE
JACKSONVILLE, FLORIDA 32276
TELEPHONE (904) 358-5151
INDEPENDENT LIFE INVEST PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1994
WASHINGTON TEMPLETON
MUTUAL FOREIGN
FUND FUND
ASSETS:
Cash $0 $0
Investments, at market (Note 3):
Independent Insurance Group, Inc.
non-voting common stock 0 0
Short Term Investment 55 1
Mutual Funds 4,038,994 2,350,406
Loans to participants 184,019 120,732
Receivables:
Employer contributions receivable 148,323 88,159
Transfers receivable (payable) (38,205) 42,206
Accrued Investment Income 43 567
Total Assets 4,333,229 2,602,071
LIABILITIES:
Withdrawals and distributions
payable to participants 143,940 52,316
NET ASSETS AVAILABLE FOR BENEFITS $4,189,289 $2,549,755
See accompanying notes to financial statements.
INDEPENDENT LIFE INVEST PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1994
FIDELITY BANKERS
BOND TRUST
FUND FUND
ASSETS:
Cash $0 $0
Investments, at market (Note 3):
Independent Insurance Group, Inc.
non-voting common stock 0 0
Short Term Investment 0 1
Mutual Funds 1,042,217 3,773,145
Loans to participants 63,702 169,593
Receivables:
Employer contributions receivable 40,878 117,915
Transfers receivable (payable) (18,499) 79,929
Accrued Investment Income 3 17,054
Total Assets 1,128,301 4,157,637
LIABILITIES:
Withdrawals and distributions
payable to participants 29,014 152,697
NET ASSETS AVAILABLE FOR BENEFITS $1,099,287 $4,004,940
See accompanying notes to financial statements.
INDEPENDENT LIFE INVEST PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1994
NEW YORK INDEPENDENT
VENTURE STOCK
FUND FUND
ASSETS:
Cash $0 $0
Investments, at market (Note 3):
Independent Insurance Group, Inc.
non-voting common stock 0 883,694
Short Term Investment 7 19,720
Mutual Funds 4,981,443 0
Loans to participants 230,380 61,955
Receivables:
Employer contributions receivable 188,594 49,135
Transfers receivable (payable) (60,645) (4,786)
Accrued Investment Income 226 70
Total Assets 5,340,005 1,009,788
LIABILITIES:
Withdrawals and distributions
payable to participants 211,138 17,600
NET ASSETS AVAILABLE FOR BENEFITS $5,128,867 $992,188
See accompanying notes to financial statements.
INDEPENDENT LIFE INVEST PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1994
TOTAL
ASSETS:
Cash $0
Investments, at market (Note 3):
Independent Insurance Group, Inc.
non-voting common stock 883,694
Short Term Investment 19,784
Mutual Funds 16,186,205
Loans to participants 830,381
Receivables:
Employer contributions receivable 633,004
Transfers receivable (payable) 0
Accrued Investment Income 17,963
Total Assets 18,571,031
LIABILITIES:
Withdrawals and distributions
payable to participants 606,705
NET ASSETS AVAILABLE FOR BENEFITS 17,964,326
See accompanying notes to financial statements.
INDEPENDENT LIFE INVEST PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1993
CORPORATE
EQUITY BALANCED
FUND FUND
ASSETS:
Cash $143 $1
Investments, at market (Note 3):
Independent Insurance Group, Inc.
non-voting common stock 0 0
Common trust funds 5,976,983 2,969,427
Loans to participants 206,834 94,694
Employer contributions receivable 239,237 123,404
Total Assets 6,423,197 3,187,526
LIABILITIES:
Withdrawals and distributions
payable to participants 230,653 56,681
NET ASSETS AVAILABLE FOR BENEFITS $6,192,544 $3,130,845
See accompanying notes to financial statements.
INDEPENDENT LIFE INVEST PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1993
FIXED
INCOME GIC
FUND FUND
ASSETS:
Cash $0 $0
Investments, at market (Note 3):
Independent Insurance Group, Inc.
non-voting common stock 0 0
Common trust funds 1,687,164 2,191,608
Loans to participants 53,472 62,909
Employer contributions receivable 77,149 100,352
Total Assets 1,817,785 2,354,869
LIABILITIES:
Withdrawals and distributions
payable to participants 40,351 60,579
NET ASSETS AVAILABLE FOR BENEFITS $1,777,434 $2,294,290
See accompanying notes to financial statements.
INDEPENDENT LIFE INVEST PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1993
INDEPENDENT
STOCK
FUND TOTAL
ASSETS:
Cash $1 $145
Investments, at market (Note 3):
Independent Insurance Group, Inc.
non-voting common stock 916,382 916,382
Common trust funds 629,387 13,454,569
Loans to participants 66,798 484,707
Employer contributions receivable 86,290 626,432
Total Assets 1,698,858 $15,482,235
LIABILITIES:
Withdrawals and distributions
payable to participants 34,266 $422,530
NET ASSETS AVAILABLE FOR BENEFITS $1,664,592 $15,059,705
INDEPENDENT LIFE INVEST PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS,
WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1994
WASHINGTON TEMPLETON
MUTUAL FOREIGN
FUND FUND
ADDITIONS:
Contributions:
Participants $1,148,361 $659,182
Employer (net of forfeitures
of $28,863) 155,460 92,560
Investment income:
Interest 243,008 167,287
Dividends 0 0
Interest on loans to participants 8,968 5,201
Net realized gains/(losses) (5,070) 922
Transfers:
Interfund transfers (202,797) 63,248
Total Additions 1,347,930 988,400
DEDUCTIONS:
Withdrawals and distributions
to participants 460,794 106,071
Net unrealized depreciation
in fair value of investments 233,626 189,950
Fund Expense 1 1
Total Deductions 694,421 296,022
Net increase (decrease) 653,509 692,378
NET ASSETS AVAILABLE FOR BENEFITS -
BEGINNING OF YEAR (Note 5) 3,535,780 1,857,377
NET ASSETS AVAILABLE FOR BENEFITS -
END OF YEAR $4,189,289 $2,549,755
See accompanying notes to financial statements.
INDEPENDENT LIFE INVEST PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS,
WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1994
FIDELITY BANKERS
BOND TRUST
FUND FUND
ADDITIONS:
Contributions:
Participants $322,273 $766,470
Employer (net of forfeitures
of $28,863) 42,216 95,630
Investment income:
Interest 52,308 189,335
Dividends 0 0
Interest on loans to participants 2,802 8,856
Net realized gains/(losses) (5,108) 469
Transfers:
Interfund transfers (93,945) 440,934
Total Additions 320,546 1,501,694
DEDUCTIONS:
Withdrawals and distributions
to participants 116,717 641,800
Net unrealized depreciation
in fair value of investments 77,932 0
Fund Expense 1 115
Total Deductions 194,650 641,915
Net increase (decrease) 125,896 859,779
NET ASSETS AVAILABLE FOR BENEFITS -
BEGINNING OF YEAR (Note 5) 973,391 3,145,161
NET ASSETS AVAILABLE FOR BENEFITS -
END OF YEAR $1,099,287 $4,004,940
See accompanying notes to financial statements.
INDEPENDENT LIFE INVEST PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS,
WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1994
NEW YORK INDEPENDENT
VENTURE STOCK
FUND FUND
ADDITIONS:
Contributions:
Participants $1,171,723 $388,098
Employer (net of forfeitures
of $28,863) 195,517 54,678
Investment income:
Interest 250,691 5,124
Dividends 0 16,126
Interest on loans to participants 12,118 3,145
Net realized gains/(losses) (8,226) (9,768)
Transfers:
Interfund transfers (257,274) 49,834
Total Additions 1,364,549 507,237
DEDUCTIONS:
Withdrawals and distributions
to participants 332,802 131,386
Net unrealized depreciation
in fair value of investments 427,740 406,780
Fund Expense 1 18
Total Deductions 760,543 538,184
Net increase (decrease) 604,006 (30,947)
NET ASSETS AVAILABLE FOR BENEFITS -
BEGINNING OF YEAR (Note 5) 4,524,861 1,023,135
NET ASSETS AVAILABLE FOR BENEFITS -
END OF YEAR $5,128,867 $992,188
See accompanying notes to financial statements.
INDEPENDENT LIFE INVEST PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS,
WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1994
TOTAL
ADDITIONS:
Contributions:
Participants $4,456,107
Employer (net of forfeitures
of $28,863) $636,061
Investment income:
Interest $907,753
Dividends $16,126
Interest on loans to participants $41,090
Net realized gains/(losses) ($26,781)
Transfers:
Interfund transfers $0
Total Additions $6,030,356
DEDUCTIONS:
Withdrawals and distributions
to participants $1,789,570
Net unrealized depreciation
in fair value of investments $1,336,028
Fund Expense $137
Total Deductions $3,125,735
Net increase (decrease) $2,904,621
NET ASSETS AVAILABLE FOR BENEFITS -
BEGINNING OF YEAR (Note 5) $15,059,705
NET ASSETS AVAILABLE FOR BENEFITS -
END OF YEAR $17,964,326
See accompanying notes to financial statements.
INDEPENDENT LIFE INVEST PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS,
WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1993
CORPORATE
EQUITY BALANCED
FUND FUND
ADDITIONS:
Contributions:
Participants $1,575,766 $778,650
Employer (net of forfeitures
of $26,934) 240,099 124,117
Investment income:
Interest 110,504 113,333
Dividends 0 0
Interest on loans to participants 10,872 5,462
Net realized gains/(losses) 745,974 250,463
Transfers:
Interfund transfers 46,834 29,648
Transfer from South Atlantic Plan 72,922 62,615
Total Additions 2,802,971 1,364,288
DEDUCTIONS:
Withdrawals and distributions
to participants 677,376 304,362
Net unrealized depreciation/(appreciation)
in fair value of investments 330,860 113,185
Total Deductions 1,008,236 417,547
Net increase 1,794,735 946,741
NET ASSETS AVAILABLE FOR BENEFITS -
BEGINNING OF YEAR 4,397,809 2,184,104
NET ASSETS AVAILABLE FOR BENEFITS -
END OF YEAR $6,192,544 $3,130,845
See accompanying notes to financial statements.
INDEPENDENT LIFE INVEST PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS,
WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1993
FIXED
INCOME GIC
FUND FUND
ADDITIONS:
Contributions:
Participants $474,975 $651,955
Employer (net of forfeitures
of $26,934) 77,804 100,970
Investment income:
Interest 88,761 131,798
Dividends 0 0
Interest on loans to participants 3,119 3,489
Net realized gains/(losses) 52,437 21,246
Transfers:
Interfund transfers 88,931 (87,390)
Transfer from South Atlantic Plan 10,644 105,703
Total Additions 796,671 927,771
DEDUCTIONS:
Withdrawals and distributions
to participants 212,840 341,316
Net unrealized depreciation/(appreciation)
in fair value of investments 2,522 34,015
Total Deductions 215,362 375,331
Net increase 581,309 552,440
NET ASSETS AVAILABLE FOR BENEFITS -
BEGINNING OF YEAR 1,196,125 1,741,850
NET ASSETS AVAILABLE FOR BENEFITS -
END OF YEAR $1,777,434 $2,294,290
See accompanying notes to financial statements.
INDEPENDENT LIFE INVEST PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS,
WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1993
INDEPENDENT
STOCK
FUND TOTAL
ADDITIONS:
Contributions:
Participants $547,266 $4,028,612
Employer (net of forfeitures
of $26,934) 86,751 $629,741
Investment income:
Interest 1,552 $445,948
Dividends 20,903 $20,903
Interest on loans to participants 3,836 $26,778
Net realized gains/(losses) (101,202) $968,918
Transfers:
Interfund transfers (78,023) $0
Transfer from South Atlantic Plan 17,176 $269,060
Total Additions 498,259 $6,389,961
DEDUCTIONS:
Withdrawals and distributions
to participants 189,850 $1,725,745
Net unrealized depreciation/(appreciation)
in fair value of investments (79,619) $400,963
Total Deductions 110,231 $2,126,707
Net increase 388,028 4,263,254
NET ASSETS AVAILABLE FOR BENEFITS -
BEGINNING OF YEAR 1,276,564 10,796,452
NET ASSETS AVAILABLE FOR BENEFITS -
END OF YEAR $1,664,592 $15,059,706
See accompanying notes to financial statements.
INDEPENDENT LIFE INVEST PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994 AND 1993
1. DESCRIPTION OF THE PLAN
The following description of the Independent Life Invest
Plan (the "Plan") provides general information to
participants. Participants should refer to the Plan
document for a more complete description of the Plan's
provisions.
General
The Plan, as amended and restated on April 10, 1992 and
May 8, 1992, was commenced and made effective August 8,
1990 under the provisions of Section 401(a) of the
Internal Revenue Code (the "Code"). The Plan is a
defined contribution plan covering all full-time
employees of The Independent Life and Accident Insurance
Company and its affiliates (the "Company") with one year
or more of service and who are at least twenty-one years
of age. The Plan is subject to the provisions of the
Employee Retirement Income Security Act of 1974 (ERISA).
Contributions
Employee
Highly compensated employees, as described in
Internal Revenue Code Section 414(q), may make basic
contributions from 1% to 4% and supplemental
contributions from 1% to 3% of their earned
compensation, limited to $9,240 (as adjusted for the
cost of living as defined by the Secretary of the
Treasury) per calendar year. Earned compensation is
defined as base pay plus commissions, not to exceed
$150,000. Non-highly compensated employees may make
basic contributions from 1% to 4% and supplemental
contributions from 1% to 11% of their earned
compensation, limited to $9,240 per calendar year.
The percentage which will be considered a basic
contribution may be changed for any future period by
action of the Company's Board of Directors.
Employer
The Company makes annual matching contributions
equal to 25% of each participant's basic contribution
for the Plan year. Effective January 1, 1994, the
Company's Board of Directors authorized an additional
match of 12.5% on contributions up to 6% of
compensation, based on Company profitability. For
1994, the Company did not meet the profitability goal.
The Board of Directors may change the matching
percentage prior to each Plan year.
Participant Accounts
The Company maintains separate Basic Contribution
accounts, Supplemental Contribution accounts, and
Employer Contribution accounts for each participant.
Employee contributions are deposited to participant
accounts each payroll period; employer contributions are
allocated to participant accounts on the last day of
each Plan year to participants who were employed by the
Company on the last day of the Plan year or employees
whose separation from service was due to retirement,
total and permanent disability, or death. Earnings of
each investment fund, together with any increases or
decreases in the fair market value of the fund
investments, are allocated to participant accounts on
the last day of each calendar quarter based on the
participant's percentage of the applicable Investment
Fund. Forfeitures of employer contributions are applied
to reduce employer contributions otherwise payable; in a
Plan year in which no employer contributions are made to
the Plan, forfeitures will be allocated to participants
who otherwise would have been eligible to receive an
allocation of employer contributions.
Each participant may elect, in multiples of 10%, the
following investment options:
Washington Mutual Investors Fund - a fund
of common stocks of U. S. companies with the
objective of current income and opportunity for
capital growth;
Templeton Foreign Fund - a fund seeking
long-term capital growth, investing primarily in
stock and debt securities of companies and
governments outside the United States;
Fidelity Advisor Limited-Term Bond
Portfolio-Institutional Class - a fund seeking a
high rate of income by investing in fixed-income
securities with a weighted average maturity of ten
years or less;
Bankers Trust Guaranteed Investment
Contract Fund - a fund seeking certificate of
deposit rates with a guarantee of principal and
interest by investing in Guaranteed Investment
Contracts of insurance companies, banks and other
financial institutions, and short-term money market
instruments;
New York Venture Fund - a fund seeking
capital growth by investing primarily in common
stocks or convertible securities with above-average
appreciation potential;
Independent Stock Fund - invests in the
nonvoting common stock of Independent Insurance
Group, Inc., the Company's Parent. The stock is
purchased by the Plan's Investment Manager in a
market transaction at the current market price as
quoted on the NASDAQ National Market System.
Vesting
The Plan provides that employee contribution accounts
are immediately and fully vested. Employer contribution
accounts become vested over a six-year period according
to the following schedule:
Years of Service Vesting Percentage
Less than 2 0%
2 20%
3 40%
4 60%
5 80%
6 or more 100%
Withdrawals and Loans
Participants under age 59 1/2 may make withdrawals of
their vested account balance only by demonstrating
financial hardship as defined in the Plan provisions.
Participants who have attained age 59 1/2 may withdraw
all or part of their vested account balance without
regard to the financial hardship requirement.
Participants who are actively employed by the Company
may borrow a minimum of $1,000 up to one-half of the
vested portion of their account balance to a maximum of
$50,000. The loans bear interest at rates set by the
Invest Plan Committee, and are repayable over a period
from one to five years. The loans are treated as
separate investments of the participants' accounts and
the unpaid balance of each participant's loan is
credited, on a proportional basis, with earnings based
on the cumulative interest earnings on all outstanding
participant loans.
Payment of Benefits
On termination of employment, death, or disability of
the participant, payment will be made based on Plan
provisions and participant elections. Such payment
alternatives may include one lump-sum cash payment or
deferred payments.
Administrative Costs
All expenses of the Plan and the Trustee shall be paid
from the assets of the Plan unless paid by the Company.
In 1994 and 1993, substantially all expenses of the Plan
($111,431 and $174,872, respectively) were paid by the
Company.
Plan Termination
Although the Company has established the Plan as a
permanent plan with the intention and expectation that
it will continue in effect, the Company has the right to
terminate the Plan at any time. In the event of
complete termination of the Plan, the accrued benefit of
each participant who is employed on the termination date
shall be nonforfeitable, no further contributions or
allocations shall be made after such date, and no
employee shall become a participant after such date.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The Plan's accounts are maintained on the accrual basis
which records revenues when earned, contributions in the
period in which the right to receive such arise, and
expenses when incurred.
Investments
The Plan's investments are held in five managed mutual
funds and a sixth fund invested in Independent Insurance
Group, Inc. nonvoting common stock. The value of
investments are based upon quoted market values on the
last business day of the Plan year. The Plan's share of
the investment income of the mutual funds is determined
based on the Plan's proportionate share of the net
assets of the mutual funds. Securities transactions are
recorded on a trade date basis. The difference between
cost and market value of investments at the beginning
and end of the period is reported as unrealized
appreciation or depreciation on investments using the
average cost method.
3. INVESTMENTS
The Plan's investments at December 31, 1994 and 1993 are
summarized as follows:
1994
Number Market
of Shares Cost Value
Common Stock:
Independent Insurance
Group, Inc. Non-voting
Common Stock 75,208 $1,290,474 $ 883,694
Mutual Funds:
WB DTF Short Term
Investment Fund 19,784 19,784 19,784
Washington Mutual
Investors Fund 239,845 4,272,620 4,038,994
Templeton Foreign
Fund 266,486 2,540,356 2,350,406
Fidelity Advisor Limited
Term Bond Portfolio 101,680 1,120,149 1,042,217
Bankers Trust Pyramid
GIC Fund 3,773,145 3,773,145 3,773,145
New York Venture
Fund 446,366 5,409,183 4,981,443
$17,135,237 $16,205,989
1993
Number Market
of Shares Cost Value
Common Stock:
Independent Insurance
Group, Inc. Non-voting
Common Stock 58,183 $ 1,047,140 $ 916,382
Common Trust Funds:
Sun Trust Retirement
Reserve Fund 880,033 $ 880,033 $ 880,033
Sun Trust Corporate
Equity Fund 71,891 7,583,017 7,345,822
Corporate Fixed
Income Fund 1,747 988,345 949,355
Corporate Intermediate
Fixed Income Fund 19,000 502,062 470,440
Sun Bank High Grade
Bond Fund 105,074 1,671,216 1,650,713
Sun Trust Employee Benefit
Stable Asset Fund 112,348 2,210,828 2,158,206
$13,835,501 $13,454,569
The Participants' investment option elections at
December 31, 1994 and 1993 are summarized as follows:
Number of Participants
1994 1993
Washington Mutual Fund 2,349
Templeton Foreign Fund 1,740
Fidelity Bond Fund 1,102
Bankers Trust Fund 2,067
New York Venture Fund 1,962
Independent Stock Fund 1,216
Corporate Equity Fund 1,809
Balanced Fund 1,271
Fixed Income Fund 1,012
GIC Fund 1,073
Independent Stock Fund 1,050
4. SOUTH ATLANTIC PLAN MERGER
On March 31, 1993, the profit sharing and savings plan
sponsored by South Atlantic Life Insurance Company, a
company purchased by The Independent Life and Accident
Insurance Company in 1989, was terminated and merged
into the Plan. In connection with the merger, nineteen
South Atlantic plan participants became participants of
the Plan and $269,060 of net assets available for
benefits was transferred to the Plan.
5. TRUSTEE TRANSFER
Effective January 1, 1994, Wachovia Bank of North
Carolina, N.A. succeeded Sun Bank, N.A. as Plan Trustee.
In connection with the change, five mutual funds
replaced the four common trust funds administered by the
prior Trustee. The Independent Insurance Group, Inc.
Stock Fund remained as an investment option in 1994. The
Net Assets Available for Benefits at January 1, 1994,
$15,059,705, were reallocated to the new six investment
funds based on individual investment option elections
executed by the Plan participants.
INDEPENDENT LIFE INVEST PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
DECEMBER 31, 1994 AND 1993
6. INCOME TAX STATUS
The Internal Revenue Service ruled on May 14, 1992 that
the Plan qualifies under Section 401(a) of the Code and,
therefore, the related trust is not subject to tax.
Once qualified, the Plan is required to operate in
conformity with the Code to maintain its qualification.
The Company is not aware of any course of action or
series of events that have occurred which might
adversely affect the Plan's qualified status.
7. SUBSEQUENT EVENT
On July 12, 1995, the Board of Directors of the Plan
Sponsor announced that it had authorized management to
look into various methods of maximizing shareholder
value, including investigating the terms on which the
Company might be combined with another company. The
Company emphasized that the process is in a preliminary
stage and that there is no assurance that any
transaction involving the Company would take place. The
ultimate effects, if any, on the Plan as a result of
this announcement or any subsequent transaction is not
determinable at this time.
INDEPENDENT LIFE INVEST PLAN
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1994
Description of
Investment, Including
Maturity Date, Rate of
Identity of Issue, Borrower, Interest, Par or Maturity Current
Lessor Or Similar Party Value Cost Value
Common Stock:
Independent Insurance Group, Inc. 75,208 shares of
Non-voting
Common Stock $1,290,474 $ 883,694
Mutual Funds:
WB DTF Short Term Investment Fund 19,784 units $ 19,784 $ 19,784
Bankers Trust Pyramid GIC Fund 3,773,145 units $3,773,145 $3,773,145
Fidelity Advisor Limited Bond Portfolio 101,680 units $1,120,149 $1,042,217
New York Venture Fund 446,366 units $5,409,183 $4,981,443
Templeton Foreign Fund 266,486 units $2,540,356 $2,350,406
Washington Mutual Invest 239,845 units $4,272,620 $4,038,994
$17,135,237 $16,205,989
Participant Loans 6% - 10% $0 $830,381
INDEPENDENT LIFE INVEST PLAN
SCHEDULE OF REPORTABLE
TRANSACTIONS
Year ended December 31, 1994
Identity of Party Purchase
Involved Description of Assets Price
Category (iii)--series of
transactions in excess of 5
percent of plan assets
Wachovia Bank of North WB DTF Short Term Invest Fund
Carolina, N.A. 15,772,277 units purchased $15,772,277
15,752,493 units sold -
Wachovia Bank of North Washington Mutual Investors Fund
Carolina, N.A. 258,213 units purchased 4,601,094
18,368 units sold -
Wachovia Bank of North Templeton Foreign Fund
Carolina, N.A. 273,130 units purchased 2,603,695
6,644 units sold -
Wachovia Bank of North New York Venture Fund
Carolina, N.A. 481,539 units purchased 5,838,617
35,173 units sold -
Wachovia Bank of North Fidelity Advisors Limited-Term
Carolina, N.A. Bond Fund
111,084 units purchased 1,224,745
9,404 units sold -
Wachovia Bank of North Bankers Trust Pyramid GIC Fund
Carolina, N.A. 4,561,859 units purchased 4,561,859
788,714 units sold -
There were no category (i), (ii),
or (iv) reportable transactions
during 1994.
INDEPENDENT LIFE INVEST PLAN
SCHEDULE OF REPORTABLE
TRANSACTIONS
Year ended December 31, 1994
Identity of Party Selling
Involved Description of Assets Price
Category (iii)--series of
transactions in excess of 5
percent of plan assets
Wachovia Bank of North WB DTF Short Term Invest Fund
Carolina, N.A. 15,772,277 units purchased $ -
15,752,493 units sold 15,752,493
Wachovia Bank of North Washington Mutual Investors Fund
Carolina, N.A. 258,213 units purchased -
18,368 units sold 322,876
Wachovia Bank of North Templeton Foreign Fund
Carolina, N.A. 273,130 units purchased -
6,644 units sold 63,984
Wachovia Bank of North New York Venture Fund
Carolina, N.A. 481,539 units purchased -
35,173 units sold 420,533
Wachovia Bank of North Fidelity Advisors Limited-Term
Carolina, N.A. Bond Fund
111,084 units purchased -
9,404 units sold 99,342
Wachovia Bank of North Bankers Trust Pyramid GIC Fund
Carolina, N.A. 4,561,859 units purchased -
788,714 units sold 788,714
There were no category (i), (ii),
or (iv) reportable transactions
during 1994.
INDEPENDENT LIFE INVEST PLAN
SCHEDULE OF REPORTABLE
TRANSACTIONS
Year ended December 31, 1994
Identity of Party Cost of
Involved Description of Assets Asset
Category (iii)--series of
transactions in excess of 5
percent of plan assets
Wachovia Bank of North WB DTF Short Term Invest Fund
Carolina, N.A. 15,772,277 units purchased $15,772,277
15,752,493 units sold 15,752,493
Wachovia Bank of North Washington Mutual Investors Fund
Carolina, N.A. 258,213 units purchased 4,601,094
18,368 units sold 328,474
Wachovia Bank of North Templeton Foreign Fund
Carolina, N.A. 273,130 units purchased 2,603,695
6,644 units sold 63,339
Wachovia Bank of North New York Venture Fund
Carolina, N.A. 481,539 units purchased 5,838,617
35,173 units sold 429,434
Wachovia Bank of North Fidelity Advisors Limited-Term
Carolina, N.A. Bond Fund
111,084 units purchased 1,224,745
9,404 units sold 104,596
Wachovia Bank of North Bankers Trust Pyramid GIC Fund
Carolina, N.A. 4,561,859 units purchased 4,561,859
788,714 units sold 788,714
There were no category (i), (ii),
or (iv) reportable transactions
during 1994.
INDEPENDENT LIFE INVEST PLAN
SCHEDULE OF REPORTABLE
TRANSACTIONS
Year ended December 31, 1994
Current Value
of
Identity of Party Asset on
Involved Description of Assets Transaction
Date
Category (iii)--series of
transactions in excess of 5
percent of plan assets
Wachovia Bank of North WB DTF Short Term Invest Fund
Carolina, N.A. 15,772,277 units purchased $15,772,277
15,752,493 units sold 15,752,493
Wachovia Bank of North Washington Mutual Investors Fund
Carolina, N.A. 258,213 units purchased 4,601,094
18,368 units sold 322,876
Wachovia Bank of North Templeton Foreign Fund
Carolina, N.A. 273,130 units purchased 2,603,695
6,644 units sold 63,984
Wachovia Bank of North New York Venture Fund
Carolina, N.A. 481,539 units purchased 5,838,617
35,173 units sold 420,533
Wachovia Bank of North Fidelity Advisors Limited-Term
Carolina, N.A. Bond Fund
111,084 units purchased 1,224,745
9,404 units sold 99,342
Wachovia Bank of North Bankers Trust Pyramid GIC Fund
Carolina, N.A. 4,561,859 units purchased 4,561,859
788,714 units sold 788,714
There were no category (i), (ii),
or (iv) reportable transactions
during 1994.
INDEPENDENT LIFE INVEST PLAN
SCHEDULE OF REPORTABLE
TRANSACTIONS
Year ended December 31, 1994
Identity of Party Net Gain
Involved Description of Assets (Loss)
Category (iii)--series of
transactions in excess of 5
percent of plan assets
Wachovia Bank of North WB DTF Short Term Invest Fund
Carolina, N.A. 15,772,277 units purchased $ -
15,752,493 units sold 0
Wachovia Bank of North Washington Mutual Investors Fund
Carolina, N.A. 258,213 units purchased
18,368 units sold (5,598)
Wachovia Bank of North Templeton Foreign Fund
Carolina, N.A. 273,130 units purchased
6,644 units sold 645
Wachovia Bank of North New York Venture Fund
Carolina, N.A. 481,539 units purchased
35,173 units sold (8,901)
Wachovia Bank of North Fidelity Advisors Limited-Term
Carolina, N.A. Bond Fund
111,084 units purchased
9,404 units sold (5,254)
Wachovia Bank of North Bankers Trust Pyramid GIC Fund
Carolina, N.A. 4,561,859 units purchased
788,714 units sold 0
There were no category (i), (ii),
or (iv) reportable transactions
during 1994.
Report of Independent Certified Public Accountants
INVEST Plan Committee of the
Independent Life INVEST Plan
Jacksonville, Florida
We have audited the accompanying statements of net assets
available for benefits of the Independent Life INVEST Plan
(the "Plan") as of December 31, 1994 and 1993, and the
related statements of changes in net assets available for
benefits for the years then ended. Our responsibility is to
express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the net assets
available for benefits of the Plan at December 31, 1994 and
1993, and the changes in its net assets available for
benefits for the years then ended, in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion
on the basic financial statements taken as a whole. The
accompanying supplemental schedules of assets held for
investment as of December 31, 1994 and transactions or
series of transactions in excess of 5 percent of the current
value of plan assets for the year then ended are presented
for purposes of complying with the Department of Labor's
Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974 and are not
a required part of the basic financial statements. The
supplemental schedules have been subjected to the auditing
procedures applied in our audit of the 1994 basic financial
statements and, in our opinion, are fairly stated in all
material respects in relation to the 1994 basic financial
statements taken as a whole.
Ernst & Young LLP
Jacksonville, Florida
July 28, 1995
.
SIGNATURES
The Plan. Pursuant to the requirements of the Securities
Exchange Act of 1934, the trustees (or other persons who
administer the employee benefit plan) have duly caused this
annual report to be signed on its behalf by the undersigned
hereunto duly authorized.
INDEPENDENT LIFE INVEST PLAN
Date August 9, 1995 By: Wilford C. Lyon, Jr.
Wilford C. Lyon, Jr.
Chairman of the Board and
Chief Executive Officer
Independent Insurance Group,
Inc.
Consent of Independent Certified Public Accountants
We consent to the incorporation by reference in the
Registration Statement (Form S-8 No. 33-35785) pertaining to
the Independent Life INVEST Plan of our report dated July
28, 1995, with respect to the financial statements of the
Independent Life INVEST Plan included in this Annual Report
(Form 11-K) for the year ended December 31, 1994.
Ernst & Young LLP
Jacksonville, Florida
August 8, 1995
