<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
VESTA INSURANCE GROUP, INC.
- --------------------------------------------------------------------------------
COMMON STOCK, $.01 par value per share
- --------------------------------------------------------------------------------
925391 10 4
------------------------
Carol A. McCoy, 2001 Third Avenue South, Birmingham, AL 35233 (205) 325-4243
----------------------------------------------------------------------------
(Name Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
February 10, 1998
-----------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [_].
Check the following box if a fee is being paid with the statement [_]. (A fee is
not required only if the reporting person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1, and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are to
be sent.
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
(Continued on following Page(s))
Page 1 of 10 Pages
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SCHEDULE 13D
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CUSIP NO. 925391 10 4 PAGE OF PAGES
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- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
TORCHMARK CORPORATION
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
63-0780404
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
00
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6 DELAWARE
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 5,384,300
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
0
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 5,384,300
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
5,384,300
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
28.4%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
HC
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2
<PAGE>
SCHEDULE 13D
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CUSIP NO. 925391 10 4 PAGE OF PAGES
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- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
LIBERTY NATIONAL LIFE INSURANCE COMPANY
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
63-0124600
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4 00
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Alabama
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SOLE VOTING POWER
7
NUMBER OF 254,300
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
0
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 254,300
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
254,300
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
1.4%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IC
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3
<PAGE>
SCHEDULE 13D
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CUSIP NO. 925391 10 4 PAGE OF PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
WADDELL & REED FINANCIAL, INC. FORMERLY UNITED INVESTORS MANAGEMENT
COMPANY
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
51-0261715
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
00
4
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
6
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 254,300
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
0
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 254,300
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
11
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
1.4%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
HC
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4
<PAGE>
SCHEDULE 13D
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CUSIP NO. 925391 10 4 PAGE OF PAGES
- ----------------------- ---------------------
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NAME OF REPORTING PERSON
WADDELL & REED FINANCIAL SERVICES, INC.
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
43-1414157
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4 00
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
MISSOURI
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 254,300
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 254,300
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
254,300
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
1.4%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
HC
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5
<PAGE>
SCHEDULE 13D
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CUSIP NO. 925391 10 4 PAGE OF PAGES
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- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
WADDELL & REED, INC.
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
43-1235675
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
00
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6 DELAWARE
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 254,300
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
0
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 254,300
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
254,300
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
1.4%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
BD
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<PAGE>
SCHEDULE 13D
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CUSIP NO. 925391 10 4 PAGE OF PAGES
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NAME OF REPORTING PERSON
WADDELL & REED INVESTMENT MANAGEMENT COMPANY
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
48-1106973
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
00
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
KANSAS
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 254,300
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
0
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 254,300
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
254,300
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
1.4%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IA
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<PAGE>
Item 1. Security and Issuer:
Common Stock of Vesta Insurance Group, Inc.
3760 River Run Drive
Birminigham, Alabama 35243
Item 2. Identity and Background:
Torchmark Corporation, a Delaware corporation
2001 Third Avenue South
Birminigham, Alabama 35233
Torchmark Corporation ("TMK") is an insurance and diversified
financial service holding company.
(d) No.
(e) No.
Liberty National Life Insurance Company, an Alabama corporation
Post Office Box 2612
Birminigham, Alabama 35202
Liberty National Life Insurance Company ("LNL") is a life and accident
insurance company.
(d) No.
(e) No.
Waddell & Reed Financial, Inc. (formerly United Investors Management
Company),
a Delaware corporation
6300 Lamar Avenue
Overland Park, Kansas 66202
Waddell & Reed Financial, Inc. ("WDR") is an intermediate level
holding company.
(d) No.
(e) Not applicable
Waddell & Reed Financial Services, Inc.
Waddell & Reed, Inc.
Waddell & Reed Investment Management Company
6300 Lamar Avenue
Overland Park, Kansas 66202
<PAGE>
Waddell & Reed Financial Services, Inc., ("WRFS") a Missouri
corporation, is an intermediate level holding company.
Waddell & Reed, Inc., ("W&R") a Delaware corporation, is a registered
broker dealer and is the principal distributor for the TMK/United
Funds, Inc. and the United Group of Mutual Funds.
Waddell & Reed Investment Management Company ("WRIMCO"), a Kansas
corporation, is a registered investment advisor.
(d) No.
(e) Not applicable.
Item 3. Source and Amount of Funds or Other Consideration:
Shares shown as beneficially owned by WDR, WRFS, W&R and WRIMCO are
held for client accounts, whose funds are used to purchase stock.
Item 4. Purpose of Transaction:
Shares deemed beneficially owned by WDR, WRFS, W&R and WRIMCO are held
by the United Accumulative Fund for its mutual fund holders or for
investment advisory accounts.
Other than as set out herein, there are no current plans or proposals
which relate to or would result in any of the matters listed in Items
4 (a) through (j), inclusive of Schedule D.
Item 5. Interest in Securities of the Issuer:
(a&b) TMK is the record owner of 5,130,000 shares (27%) of Vesta's
common stock. It has sole voting and dispositive powers over such
shares. LNL and TMK are the holders of approximately 64% of the stock
of WDR LNL owns no Vesta stock directly nor does it have any voting or
dispositive power over Vesta stock.
WDR and WRFS are holding companies for W&R and WRIMCO which provide,
in various capacities, services and investment advice to, among
others, the United Accumulative Fund and individual investment
accounts. As such, each company may be deemed to be the beneficial
owner of Vesta Securities held in the Funds and the individual
investment accounts and have voting and dispositive powers over the
Vesta shares. Each of these companies disclaims any beneficial
ownership interest in the Vesta shares.
<PAGE>
(c) United Accumulative Fund acquired the following Vesta shares
(1.4%):
12-17-97 56,500 shares @ $57.80 per share
12-19-97 115,000 shares @ $57.55 per share
1-8-98 10,700 shares @ $58.02 per share
1-9-98 14,600 shares @ $58.60 per share
1-12-98 1,600 shares @ $58.45 per share
1-13-98 1,600 shares @ $58.71 per share
2-10-98 50,000 shares @ $56.06 per share
(d) None.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer:
None.
Item 7. Material to be Filed as Exhibits:
(a) Joint Filing Agreement, dated March 27, 1996 by and between
Torchmark Corporation, Liberty National Life Insurance Company,
United Investors Management Company, Waddell & Reed
Financial Services, Inc., Waddell & Reed, Inc. and Waddell &
Reed Investment Management Company./1/
________________________
/1/ Previously filed.
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: March 31, 1998 TORCHMARK CORPORATION
By: /s/ Carol A. McCoy
---------------------------------------
Name: Carol A. McCoy
Title: Associate Counsel & Secretary
Dated: March 31, 1998 LIBERTY NATIONAL LIFE INSURANCE COMPANY
By: /s/ Carol A. McCoy
---------------------------------------
Name: Carol A. McCoy
Title: Assistant Secretary
Dated: March 31, 1998 WADDELL & REED FINANCIAL SERVICES, INC.
By: /s/ Keith A. Tucker
---------------------------------------
Name: Keith A. Tucker
Title: President & CEO
Dated: March 31, 1998 WADDELL & REED, INC.
By: /s/ Keith A. Tucker
---------------------------------------
Name: Keith A. Tucker
Title: Chairman
<PAGE>
Dated: March 31, 1998 WADDELL & REED INVESTMENT MANAGEMENT COMPANY
By: /s/ Keith A. Tucker
-----------------------------------------
Name: Keith A. Tucker
Title: Chairman
Dated: March 31, 1998 WADDELL & REED FINANCIAL, INC.
By: /s/ Keith A. Tucker
-----------------------------------------
Name: Keith A. Tucker
Title: Chairman
