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 Earliest Event Reported: April 2, 1997
Jefferson-Pilot Corporation
(Exact name of registrant as specified in its charter)
North Carolina 1-5955 56-0896180
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
100 North Greene Street, Greensboro, North Carolina 27401
(Address of principal executive offices) (Zip Code)
(910) 691-3691
(Registrant's telephone number, including area code)
Item 5. Other Events
Jefferson-Pilot Corporation ("JP Corp") reported in its Annual
Report on Form 10-K for the year ended December 31, 1996, filed
March 31, 1997, concerning its pending acquisition of Chubb Life
Insurance Company of America and its subsidiaries ("Chubb Life").
It also reported that following the announcement of this
acquisition, A.M. Best, Moody's and Duff and Phelps had
reaffirmed their claims paying ratings for both Jefferson-Pilot
Life Insurance Company and Alexander Hamilton Life Insurance
Company of America, while Standard & Poor's had placed both
companies on CreditWatch with negative implications.
Standard & Poor's today has affirmed its AAA claims-paying
ability ratings for both of these insurance subsidiaries. In a
separate press release, Standard & Poor's also stated that its
AA- claims-paying ability rating of Chubb Life remains on
CreditWatch but that the implications have been revised to
positive from developing, while also indicating that effective
with the acquisition it expects that its rating for Chubb Life
will be raised to AA.
A copy of JP Corp's press release on industry ratings is attached
as an exhibit.
Item 7. Financial Statements and Exhibits
Exhibit 1. A copy of JP Corp's April 2, 1997 press release.
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.
JEFFERSON-PILOT CORPORATION
By:_________________________
(name) Robert A. Reed
(title) Vice President
Dated: April 2, 1997
Index to Exhibits
Exhibit No. Description Page
1 Press release 3
EXHIBIT 1
JEFFERSON-PILOT
FOR IMMEDIATE RELEASE
(Greensboro, North Carolina, April 2, 1997) As a result of
Jefferson-Pilot Corporation's February 24 announcement of an
agreement to acquire the life insurance operations of Chubb Life
Insurance Company of America, rating agencies have reviewed the
ratings they assign Jefferson-Pilot companies.
Standard & Poor's reaffirmed Jefferson-Pilot Life and
Alexander Hamilton Life with their highest claims paying
rating: AAA.
Duff & Phelps reaffirmed the claims-paying ability ratings of
all Jefferson-Pilot companies with their highest rating:
AAA.
A.M. Best reaffirmed the existing Jefferson-Pilot companies
with their highest rating: A++.
David A. Stonecipher, president and CEO of Jefferson-Pilot
Corporation, is pleased with the companies' ratings. He stated,
"In our industry, like many others, size and scale of operation
are key to providing the best possible products and service to
our clients at the most competitive price. We are proud that the
rating services have reaffirmed these extremely strong ratings
for our companies. It's another indication to consumers and
shareholders of our companies' financial strength."
The acquisition of Chubb Life Insurance Company of America brings
added distribution to Jefferson-Pilot. It solidifies the
company's position in the upscale market which will be of benefit
to all agents in the Jefferson-Pilot distribution system. The
Chubb deal also brings highly regarded variable universal life
and term products into the Jefferson-Pilot family, making them
available throughout all distribution channels. Jefferson-
Pilot's variable annuity sales are also expected to benefit
favorably from Chubb's extensive broker/dealer system.
###############
Jefferson-Pilot Corporation, a holding company, is one of the
nation's largest shareholder-owned life insurance organizations.
Jefferson-Pilot's principal life insurance and annuity companies,
Jefferson-Pilot Life and Alexander Hamilton Life, together offer
full lines of individual and group life and health insurance and
annuity products. Jefferson-Pilot Communications Company owns
and operates three network television stations and 17 radio
stations, and produces and syndicates sports programming.
April 2, 1997
VIA EDGAR
Securities and Exchange Commission
ATTENTION: Filing Desk, Stop 1-4
450 Fifth Street N.W.
Washington, D.C. 20549
Ladies and Gentlemen:
SUBJECT: Jefferson-Pilot Corporation
File No. 1-5955
Enclosed herewith is a Current Report on Form 8-K for Jefferson-
Pilot Corporation, the date of the earliest event reported being
April 2, 1997.
Please confirm receipt of this filing by notifying the CompuServe
mailbox maintained by Jefferson-Pilot.
Very truly yours,
/s/ Robert A. Reed
Robert A. Reed
Vice President, Secretary
and Associate General Counsel
Jefferson-Pilot Corporation
