SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from __________ to ___________
Commission file number 33-56369
JEFFERSON-PILOT CORPORATION TEAMSHARE PLAN
(Full title of the plan)
JEFFERSON-PILOT CORPORATION
(Name of the issuer of the securities held pursuant to the plan)
100 North Greene Street
Greensboro, North Carolina 27401
(Address of principal executive office)
<PAGE>
JEFFERSON-PILOT CORPORATION TEAMSHARE PLAN
TABLE OF CONTENTS
Report of Independent Auditors
Financial Statements
Statements of Net Assets Available for Benefits,
with Fund Information - December 31, 1996
Statements of Changes in Net Assets Available for Benefits,
with Fund Information - Year Ended December 31, 1996
Notes to Financial Statements
Supplemental Schedules
Schedule of Assets Held for Investment Purposes at December 31, 1996
(Form 5500 - Item 27a)
Schedule of Reportable Transactions for the Year Ended December 31, 1996
(Form 5500 - Item 27d)
Supplemental Schedules, other than those listed above, are omitted
because of the absence of the conditions under which they are required
by Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974 or
because the required information is included in the financial statements
or notes thereto.
Signatures
Exhibit
<PAGE>
Report of Independent Auditors
To the Plan Administrator and Participants
Jefferson-Pilot Corporation Teamshare Plan
We have audited the accompanying statement of net assets available for
benefits of Jefferson-Pilot Corporation Teamshare Plan as of December 31,
1996, and the related statement of changes in net assets available for
benefits for the year then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audit. The financial
statements of Jefferson-Pilot Corporation Teamshare Plan for the year
ended December 31, 1995, were audited by other auditors whose report
dated June 28, 1996, expressed an unqualified opinion on those statements.
We conducted our audit 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 audit provides
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, 1996, and the changes in its net assets available for benefits
for the year then ended, in conformity with generally accepted accounting
principles.
Our audit was performed for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental schedules of
assets held for investment purposes as of December 31, 1996, and
reportable transactions for the year then ended are presented for the
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 Fund Information in the statement of net
assets available for benefits and the statement of changes in net assets
available for benefits is presented for purposes of additional analysis rather
than to present the net assets available for benefits and changes in net assets
available for benefits of each fund. The supplemental schedules and Fund
Information have been subjected to the auditing procedures applied in our
audit of the basic financial statements and, in our opinion, are fairly stated
in all material respects in relation to the basic financial statements taken as
a whole.
/s/ Ernst & Young LLP
Greensboro, North Carolina
June 18, 1997
<PAGE>
<TABLE>
Jefferson-Pilot Corporation
Teamshare Plan
Statements of Net Assets Available for Benefits,
with Fund Information
December 31, 1996
<CAPTION>
Fidelity Fidelity Fidelity
Jefferson-Pilot JP Life Oppenheimer VIP VIP VIP
Common Guaranteed Bond Equity-Income Growth Overseas Loan
Stock Fund Fund Fund Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Assets
Investments, at fair value
(Note 3):
Common stock $9,032,165 $ - $ - $ - $ - $ - $ - $ 9,032,165
Mutual funds - - 1,703,522 5,478,672 7,295,457 1,793,634 - 16,271,285
Participant loans - - - - - - 303,943 303,943
Guaranteed insurance contracts,
at contract value - 5,191,914 - - - - - 5,191,914
---------- ---------- ----------- ---------- ----------- ---------- -------- -----------
Total investments 9,032,165 5,191,914 1,703,522 5,478,672 7,295,457 1,793,634 303,943 30,799,307
Receivables:
Plan sponsor's matching
contribution 25,578 - - - - - - 25,578
Plan sponsor's Gainshare
contribution 2,656,610 - - - - - - 2,656,610
Employees' contributions 116,068 33,655 26,251 95,254 133,272 32,660 - 437,160
Interest receivable - 20,278 - - - - - 20,278
----------- ---------- ----------- ---------- ----------- ---------- -------- -----------
Total receivables 2,798,256 53,933 26,251 95,254 133,272 32,660 - 3,139,626
----------- ---------- ----------- ---------- ----------- ---------- -------- -----------
Net assets available for
benefits $11,830,421 $5,245,847 $1,729,773 $5,573,926 $7,428,729 $1,826,294 $303,943 $33,938,933
=========== ========== ========== ========== ========== ========== ======== ===========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Jefferson-Pilot Corporation
Teamshare Plan
Statements of Net Assets Available for Benefits,
with Fund Information (continued)
December 31, 1995
<CAPTION>
JP Fidelity Fidelity Fidelity
Jefferson-Pilot JP Life Investment VIP VIP VIP
Common Guaranteed Grade Bond Equity-Income Growth Overseas Loan
Stock Fund Fund Fund Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Assets
Contributions receivable,
sponsor $2,336,256 $ - $ - $ - $ - $ - $ - $ 2,336,256
Contributions receivable,
participants - 27,120 - - - - - 27,120
Investments (Note 3) 2,563,231 1,083,434 782,387 1,841,089 2,615,663 901,979 67,683 9,855,466
---------- --------- --------- ---------- ---------- --------- ------- -----------
Net assets available for
benefits $4,899,487 $1,110,554 $782,387 $1,841,089 $2,615,663 $901,979 $67,683 $12,218,842
========== ========== ======== ========== ========== ======== ======= ===========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Jefferson-Pilot Corporation
Teamshare Plan
Statements of Changes in Net Assets Available for Benefits,
with Fund Information
Year ended December 31, 1996
<CAPTION>
Fidelity Fidelity Fidelity
Jefferson-Pilot JP Life Oppenheimer VIP VIP VIP
Common Stock Guaranteed Bond Equity-Income Growth Overseas Loan
Fund Fund Fund Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Additions to net assets
attributed to:
Contributions:
Participants $1,564,756 $ 466,472 $ 406,903 $1,299,906 $1,933,261 $ 528,808 $ - $ 6,200,106
Net transfer from AHL
(Note 1 ) 1,549,797 3,639,299 462,317 1,897,926 2,449,471 286,980 314,902 10,600,692
Rollovers 91,610 56,694 83,977 202,176 188,095 5,865 - 628,417
---------- ---------- --------- ---------- ---------- ---------- -------- -----------
3,206,163 4,162,465 953,197 3,400,008 4,570,827 821,653 314,902 17,429,215
Sponsor contributions:
Matching 444,328 - - - - - - 444,328
Gainshare 2,656,610 - - - - - - 2,656,610
----------- ---------- --------- ---------- ---------- ---------- -------- -----------
3,100,938 - - - - - - 3,100,938
---------- ---------- --------- ---------- ---------- ---------- -------- -----------
Total contributions 6,307,101 4,162,465 953,197 3,400,008 4,570,827 821,653 314,902 20,530,153
Net investment income:
Dividends 168,401 - - - - - - 168,401
Interest - 118,551 - - - - 10,255 128,806
Net appreciation in fair
value of investments 673,656 - 54,711 453,252 486,485 155,298 - 1,823,402
---------- ---------- --------- ---------- ---------- -------- -------- -----------
Net investment income 842,057 118,551 54,711 453,252 486,485 155,298 10,255 2,120,609
---------- ---------- ---------- ---------- ---------- -------- -------- -----------
Total additions 7,149,158 4,281,016 1,007,908 3,853,260 5,057,312 976,951 325,157 22,650,762
Deductions from net assets
attributed to:
Payments to beneficiaries
and participants 311,424 149,551 34,926 135,284 260,209 39,277 - 930,671
---------- ---------- ---------- ---------- ---------- -------- -------- -----------
Total deductions 311,424 149,551 34,926 135,284 260,209 39,277 - 930,671
Increase in net assets
available for benefits
before transfers 6,837,734 4,131,465 972,982 3,717,976 4,797,103 937,674 325,157 21,720,091
Interfund transfers 93,200 3,828 (25,596) 14,861 15,963 (13,359) (88,897) -
---------- ---------- ---------- ---------- ---------- -------- -------- -----------
Increase in net assets
available for benefits 6,930,934 4,135,293 947,386 3,732,837 4,813,066 924,315 236,260 21,720,091
Net assets available for
benefits, beginning of year 4,899,487 1,110,554 782,387 1,841,089 2,615,663 901,979 67,683 12,218,842
----------- ---------- ---------- ---------- ---------- ---------- -------- -----------
Net assets available for
benefits, end of year $11,830,421 $5,245,847 $1,729,773 $5,573,926 $7,428,729 $1,826,294 $303,943 $33,938,933
=========== ========== ========== ========== ========== ========== ======== ===========
See accompanying notes to financial statements
</TABLE>
<PAGE>
<TABLE>
Jefferson-Pilot Corporation
Teamshare Plan
Statements of Changes in Net Assets Available for Benefits,
with Fund Information (continued)
Year ended December 31, 1995
<CAPTION>
JP Fidelity Fidelity Fidelity
Jefferson-Pilot JP Life Investment VIP VIP VIP
Common Stock Guaranteed Grade Bond Equity-Income Growth Overseas Loan
Fund Fund Fund Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Additions:
Contributions:
Participants $1,209,741 $ 720,822 $460,433 $1,148,599 $1,650,436 $631,393 $ - $ 5,821,424
Sponsor:
Matching 579,898 - - - - - - 579,898
Gainshare 2,313,247 - - - - - - 2,313,247
---------- ---------- -------- ---------- ---------- -------- ------- -----------
2,893,145 - - - - - - 2,893,145
Rollover 165,449 53,334 6,692 128,286 124,459 42,973 - 521,193
---------- ---------- -------- ---------- ---------- -------- ------- -----------
Total contributions 4,268,335 774,156 467,125 1,276,885 1,774,895 674,366 - 9,235,762
Net investment income:
Dividends 58,624 - - - - - - 58,624
Interest 16 25,868 21 35 17 7 1,209 27,173
Net appreciation in
value of investments 312,038 - 50,517 227,985 255,116 51,140 - 896,796
---------- ---------- -------- --------- ---------- -------- ------- -----------
Net investment income 370,678 25,868 50,538 228,020 255,133 51,147 1,209 982,593
---------- ---------- -------- --------- ---------- -------- ------- -----------
Total additions 4,639,013 800,024 517,663 1,504,905 2,030,028 725,513 1,209 10,218,355
Deductions:
Payments to beneficiaries
and participants 37,110 19,671 15,978 50,243 63,609 21,095 3,622 211,328
Loan principal payments transfers (787) (1,354) (1,065) (1,762) (898) (380) 6,246 -
Net forfeitures disbursed 9,304 - - - - - - 9,304
---------- ---------- -------- --------- ---------- -------- ------- -----------
Total deductions 45,627 18,317 14,913 48,481 62,711 20,715 9,868 220,632
---------- ---------- -------- --------- ---------- -------- ------- -----------
Increase (decrease) in
net assets available for
benefits before transfers 4,593,386 781,707 502,750 1,456,424 1,967,317 704,798 (8,659) 9,997,723
Net transfer from WCSC, Inc.
401(k) profit sharing plan 246,821 428,827 283,438 360,968 606,049 218,674 76,342 2,221,119
Net transfer (to) from
other funds 59,280 (99,980) (3,801) 23,697 42,297 (21,493) - -
---------- ---------- -------- ---------- ---------- -------- ------- -----------
Increase in net assets
available for benefits 4,899,487 1,110,554 782,387 1,841,089 2,615,663 901,979 67,683 12,218,842
Net assets available for
benefits, beginning of year - - - - - - - -
---------- ---------- -------- ---------- ---------- -------- ------- -----------
Net assets available for
benefits, end of year $4,899,487 $1,110,554 $782,387 $1,841,089 $2,615,663 $901,979 $67,683 $12,218,842
========== ========== ======== ========== ========== ======== ======= ===========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
Jefferson-Pilot Corporation
Teamshare Plan
Notes to Financial Statements
December 31, 1996
1. Description of Plan
The following description of the Jefferson-Pilot Corporation (the
"Company") Teamshare Plan (the "Plan") provides only general
information. Participants should refer to the Plan agreement for a more
complete description of the Plan's provisions.
General
The Plan is a defined contribution and profit sharing plan covering all full
time employees of the following participating employers (collectively, the
"Sponsor") who have completed one year of service and are age twenty-one
or older:
Jefferson-Pilot Corporation
Jefferson-Pilot Life Insurance Company
Jefferson-Pilot Communications Company
Jefferson-Pilot Communications Company of Virginia
WCSC, Inc.
Alexander Hamilton Life Insurance Company of America ("AH Life")
First Alexander Hamilton Life Insurance Company ("FAHL")
The Plan is subject to the provisions of the Employee Retirement Income
Security Act of 1974 ("ERISA"). The Company serves as a Plan
administrator and named fiduciary.
Contributions
Eligible participants may contribute up to 15% of pretax bi-weekly
compensation, not to exceed an annual dollar limit established by the
Internal Revenue Service ($9,500 and $9,240 for 1996 and 1995,
respectively). The Plan permits contribution of eligible rollover
distributions as defined in the Code.
The Company contributes the lesser of 10% of a participant's total before-
tax contributions for the Plan year or 0.6% of a participant's compensation
for the portion of the year during which the participant elected to make
before-tax contributions.
<PAGE>
"Gainshare" contributions are subject to approval by the Compensation
Committee of the Company's Board of Directors. Gainshare contributions
are made by the Sponsor on behalf of participants (1) who meet certain
eligibility requirements specified in the Plan document and (2) whose
employer, business unit and, if applicable, business subunit satisfy
predetermined financial performance standards, in amounts of up to 4% of
compensation.
Employees in Puerto Rico and the U.S. Virgin Islands are not eligible for
before-tax or matching contributions, but may participate in "Gainshare"
contributions when the eligibility requirements and performance standards
are met.
All employer contributions are directed in the Jefferson-Pilot Common
Stock Fund.
Participant Accounts
Each participant's account is credited with the participant's contributions
and allocations of the Company's contributions and Plan earnings.
Allocations of contributions are based upon participant earnings defined in
the Plan document. Investment income, including net appreciation
(depreciation) in value of the Funds, is allocated to subaccounts in the same
ratio that the value of the subaccount bears to the sum of the values of all
participants' accounts. Forfeited balances of terminated participants
nonvested accounts are used to reduce Company Gainshare contributions.
The balance of forfeited nonvested account was $76,574 and $9,304 for
1996 and 1995, respectively.
Administration and Plan Expenses
The Plan provides that investment and administrative expenses of the Plan
will be paid from the Plan's assets unless paid by the Sponsor. During 1996
and 1995, all expenses associated with the Plan were paid for by the
Sponsor.
Vesting
Participants are fully vested in their contributions and rollover
contributions. Employer matching contributions, Gainshare contributions
and investment earnings are based on years of service.
<PAGE>
A participant is 100% vested in Company contributions after five years of
credited service, in the event of death, attainment of age 65 or incurrence of
a disability prior to the termination of service.
Investment Options
A participant may direct employee contributions to any one of the following
investment funds in 5% increments:
Jefferson-Pilot Common Stock Fund - Contributions are invested
exclusively in the common stock of Jefferson-Pilot Corporation.
JP Life Guaranteed Fund - Contributions are invested in, and
participate in the investment income of, the Jefferson-Pilot Life
Insurance Company General Account.
Oppenheimer Bond Fund - Contributions are invested in units of a
registered investment company that invests in U.S. Government
obligations and/or high-quality corporate debt securities.
Fidelity VIP Equity-Income Fund - Contributions are invested in
units of a registered investment company that invests in dividend-
paying corporate stocks with a portfolio objective of achieving a
dividend yield in excess of that of the Standard & Poors ("S & P")
500.
Fidelity VIP Growth Fund - Contributions are invested in units of a
registered investment company that invests in corporate stocks or
other instruments with a portfolio objective of achieving long-term
growth.
Fidelity VIP Overseas Fund - Contributions are invested in units of a
registered investment company that invests primarily in foreign
corporate stocks.
<PAGE>
Participants may change investment elections on the first day of the
calendar quarter and, subject to rules and limitations imposed by the
Company, may transfer assets among Funds. In the event a participant fails
to make an investment election, such participant's account is invested in the
JP Life Guaranteed Fund.
Participants employed by AH Life and FAHL did not have the right to direct
investment of contributions prior to January 1, 1996, but had all before-tax
and rollover contributions between October 6, 1995 and December 31, 1995
invested in the JP Life Guaranteed Fund. As of January 1, 1996 participants
reallocated these amounts to other Plan investment options. Participants
employed by AH Life and FAHL direct contributions in the same manner as
other participants effective January 1, 1996. Sponsor matching and
Gainshare contributions are at all times invested in the Jefferson-Pilot
Common Stock Fund, with diversification into other Funds permitted only
for participants who have (1) attained age 55 and completed 5 years of
vested service or (2) incurred a disability. AH Life and FAHL transfers
were completed during the fourth quarter 1996.
Effective December 20, 1996, Oppenheimer Funds, Inc. acquired
substantially all the assets of JP Investment Management Company, the
investment advisor of the JP Investment Grade Bond Fund. The JP
Investment Grade Bond Fund was reorganized into the Oppenheimer Bond
Fund.
Participant Loans
Participants may borrow from their accounts if (1) there is an immediate
and heavy financial need (hardship withdrawals under Code Section 401(k))
and (2) at least two years have elapsed since the member first made
contributions to the Plan. Since the Plan was established January 1, 1995,
there were no loans for the Plan year. However, there were rollover loans
from participating employers which joined the Plan.
Participant loans may range from a minimum amount of $1,000 up to a
maximum amount equal to the lesser of (1) 50% of the sum of the before-
tax contributions account or (2) $50,000 reduced by the highest outstanding
balance of prior loans from the Plan or any other qualified retirement plan
maintained by a sponsoring employer during the one-year period ending on
the day prior to the loan. Maturities generally range up to 5 years. The
loans are secured by the participant's account balances and bear interest at a
rate equal to the prime lending rate reported in the Wall Street Journal on
the last business day of the calendar quarter, plus one percentage point.
Principal and interest are repaid in equal installments each payroll period.
<PAGE>
Payment of Benefits
On termination of service, a participant may elect to receive the vested
value of their account in either a lump sum payment, periodic installments
in substantially equal amounts for a period not to exceed 15 years or direct
rollover to an eligible retirement plan. All fund distributions to participants
or beneficiaries are paid in cash. Distributions from the Jefferson-Pilot
Common Stock Fund may be distributed in cash or in shares of the
Company's common stock, if so elected.
In-service withdrawals are permitted only under certain specific provisions
of the Plan.
2. Summary of Accounting Policies
Investment Valuation
The Jefferson-Pilot Common Stock Fund is stated at fair value based on the
quoted market price for the Company's common stock, which is traded on
the New York Stock Exchange. The JP Life Guaranteed Fund is stated at
contract value, representing contributions made to the Fund, plus earnings
credited, less benefits paid and any expense charges. The fair value of the
participation units owned by the Plan in the registered investment
companies is based on quoted redemption values on the last business day of
the Plan year. The participant loans are valued at their outstanding
balances, which approximates fair value.
Interest income is recorded on an accrual basis and dividends are recorded
on the ex-dividend date.
Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates that
affect the amounts reported in the financial statements and accompanying
notes. Actual results could differ from those estimates.
<PAGE>
3. Investment Information
Investments that represent 5% or more of net assets are as follows:
December 31
Description 1996 1995
Investments at fair value:
Jefferson-Pilot Common Stock Fund $9,032,165 $2,563,231
Oppenheimer Bond Fund 1,703,522 -
Fidelity VIP Equity-Income Fund 5,478,672 1,841,089
Fidelity VIP Growth Fund 7,295,457 2,615,663
Fidelity VIP Overseas Fund 1,793,634 901,979
JP Investment Grade Bond Fund - 782,387
Investments at contract value:
JP Life Guaranteed Fund 5,191,914 1,083,434
The average yield of JP Life Guaranteed Fund for 1996 and 1995
approximated 5.3% and 6.2%, respectively, and the crediting interest rate as
of December 31, 1996 and 1995 was 5.3% and 5.5%, respectively.
Crediting interest rates are normally adjusted annually and a minimum
crediting rate of 3.5% applies.
4. Plan Termination
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to terminate
the Plan subject to the provisions of ERISA. In the event of Plan
termination, participants will become 100% vested in their accounts.
5. Income Taxes
The Internal Revenue Service determined on March 24, 1997 that the Plan
qualified under Section 401(a) of the Internal Revenue Code (IRC) and,
therefore, the related trust is not subject to tax under present income tax
law. The plan has been amended since receiving the determination letter.
The Plan is required to operate in conformity with the IRC to maintain its
qualification. The Pension Committee is not aware of any course of action
or series of events that have occurred that might adversely affect the Plan's
qualified status.
<PAGE>
6. Differences Between Financial Statements and Form 5500
The following is a reconciliation of net assets available for benefits per the
financial statements to the Form 5500:
December 31
1996
Net assets available for benefits per the financial statements $33,938,933
Amounts allocated to withdrawn participants (1,569,869)
-----------
Net assets available for benefits per the Form 5500 $32,369,064
===========
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500:
Year Ended
December 31
1996
Benefits paid to participants per the financial statements $ 930,671
Add: Amounts allocated on Form 5500 to withdrawn participants
at December 31, 1996 1,569,869
-----------
Benefits paid to participants per the Form 5500 $ 2,500,540
===========
Amounts allocated to withdrawn participants are recorded on the
Form 5500 for benefit claims that have been processed and approved for
payment prior to year-end but not yet paid.
7. Subsequent Event
The Sponsor acquired Chubb America Service Corporation effective May 1,
1997, and employees could rollover balances into the Plan or receive a
lump sum payment. Total rollovers at May 10, 1997 amounted to
approximately $6,500,000.
<PAGE>
Supplemental Schedules
<PAGE>
<TABLE>
Jefferson-Pilot Corporation
Teamshare Plan
EIN: 56-08962180
Plan Number: 002
Assets Held for Investment Purposes
(Form 5500 - Item 27a)
December 31, 1996
<CAPTION>
Number of Current
Description Shares or Units Cost Value
<S> <C> <C> <C>
Jefferson-Pilot Common Stock Fund 535,715 shares $8,975,745 $9,032,165
JP Life Guaranteed Fund 5,191,914 units 5,191,914 5,191,914
Oppenheimer Bond Fund, registered
investment company units 137,565 units 1,668,951 1,703,522
Fidelity VIP Equity-Income Fund,
registered investment company units 354,401 units 5,305,356 5,478,672
Fidelity VIP Growth Fund,
registered investment company units 462,937 units 7,160,191 7,295,457
Fidelity VIP Overseas Fund,
registered investment company units 143,708 units 1,740,354 1,793,634
Loans to participants 8% to 9 1/2% - 303,943
----------- -----------
$30,042,511 $30,799,307
=========== ===========
</TABLE>
<PAGE>
<TABLE>
Jefferson-Pilot Corporation
Teamshare Plan
EIN: 56-08962180
Plan Number: 002
Schedule of Reportable Transactions
(Form 5500 - Item 27d)
Year ended December 31, 1996
<CAPTION>
Total Total
Shares Purchase Selling Gain
Description of Asset or Units Price Price Cost (Loss)
<S> <C> <C> <C> <C> <C>
Jefferson-Pilot Common
Stock Fund 20,712 shares $6,190,268 $337,803 $298,028 $39,776
Jefferson-Pilot Common
Stock Fund 382,804 shares 7,022,580 - 7,022,580 -
JP Life Guaranteed Fund - - 416,109 416,109 -
JP Life Guaranteed Fund - 4,462,015 - 4,462,015 -
Oppenheimer Bond Fund 6,482 units - 77,599 77,450 149
Oppenheimer Bond Fund 79,954 units 1,014,531 - 1,014,531 -
Fidelity VIP
Equity-Income Fund 12,136 units - 179,187 165,691 13,496
Fidelity VIP
Equity-Income Fund 234,093 units 3,857,943 - 3,857,943 -
Fidelity VIP Growth Fund 19,793 units - 305,945 270,738 35,207
Fidelity VIP Growth Fund 299,077 units 5,070,382 - 5,070,382 -
Fidelity VIP Overseas Fund 8,856 units - 102,761 99,524 3,237
Fidelity VIP Overseas Fund 70,832 units 989,039 - 989,039 -
</TABLE>
<PAGE>
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, on June 30, 1997.
JEFFERSON-PILOT CORPORATION
By: /s/ Hoyt J. Phillips
Senior Vice President,
Human Resources
<PAGE>
Exhibit
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration Statement
(Form S-8 No. 33-56369) pertaining to the Jefferson-Pilot Corporation
Teamshare Plan of Jefferson-Pilot Corporation of our report dated June 18,
1997, with respect to the financial statements and schedules of the
Jefferson-Pilot Corporation Teamshare Plan included in this Annual Report
(Form 11-K) for the year ended December 31, 1996.
/s/ Ernst & Young LLP
Greensboro, North Carolina
June 24, 1997
Consent of McGladrey & Pullen, LLP, Independent Auditor
We hereby consent to the incorporation by reference in Jefferson-Pilot
Corporation's Registration Statement on Form S-8 (No. 33-56369) of our
report dated June 28, 1996, with respect to the financial statements included
in the Form 11-K of Jefferson-Pilot Corporation Teamshare Plan for the year
ended December 31, 1995.
/s/ McGladrey & Pullen, LLP
Greensboro, North Carolina
June 30, 1997
