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, 1997
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, 1997 and 1996
Statements of Changes in Net Assets Available for Benefits,
with Fund Information - Year Ended December 31, 1997 and 1996
Notes to Financial Statements
Supplemental Schedules
Schedule of Assets Held for Investment Purposes at December 31, 1997
(Form 5500 - Item 27a)
Schedule of Reportable Transactions for the Year Ended December 31, 1997
(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 statements of net assets available for
benefits of Jefferson-Pilot Corporation Teamshare Plan as of December 31,
1997 and 1996, and the related statements of changes in net assets available
for benefits for the years 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 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, 1997 and 1996, 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 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, 1997, 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 statements of net assets available for benefits and the
statements 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 audits 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, NC
May 29, 1998
<PAGE>
<TABLE>
Jefferson-Pilot Corporation
Teamshare Plan
Statements of Net Assets Available for Benefits,
with Fund Information
December 31, 1997
<CAPTION>
JP Life
Guaranteed Jefferson-Pilot Life Separate Account B
Account
---------- ---------------------------------------------------------------------------------------
Fidelity Fidelity Fidelity
JP Life Jefferson-Pilot Oppenheimer VIP Equity VIP VIP
Guaranteed Common Bond Income Growth Overseas Loan
Fund Stock Fund Fund Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Assets
Investments:
At fair value:
Pooled separate accounts $ - $19,985,784 $ 2,957,772 $11,553,498 $13,586,516 $3,529,446 $ - $51,613,016
Participant notes receivable - - - - - - 904,078 904,078
At contract value:
Guaranteed insurance contract 4,584,303 - - - - - - 4,584,303
----------- ---------- ---------- ---------- ---------- ---------- -------- -----------
Total investments 4,584,303 19,985,784 2,957,772 11,553,498 13,586,516 3,529,446 904,078 57,101,397
Receivables:
Employer's matching
contribution - 44,455 - - - - - 44,455
Employer's Gainshare
contribution - 1,288,863 - - - - - 1,288,863
Participants' contributions 9,816 29,052 8,313 40,363 43,298 15,468 - 146,310
Interest receivable 10,101 - - - - - - 10,101
----------- ----------- ---------- ----------- ----------- ---------- -------- -----------
Total receivables 19,917 1,362,370 8,313 40,363 43,298 15,468 - 1,489,729
----------- ----------- ---------- ----------- ----------- ---------- -------- -----------
Net assets available for
benefits $ 4,604,220 $21,348,154 $2,966,085 $11,593,861 $13,629,814 $3,544,914 $904,078 $58,591,126
=========== =========== ========== =========== =========== ========== ======== ===========
See accompanying notes.
</TABLE>
<PAGE>
<TABLE>
Jefferson-Pilot Corporation
Teamshare Plan
Statements of Net Assets Available for Benefits,
with Fund Information (continued)
December 31, 1996
<CAPTION>
JP Life
Guaranteed Jefferson-Pilot Life Separate Account B
Account
---------- -----------------------------------------------------------------------------------
Fidelity Fidelity Fidelity
JP Life Jefferson-Pilot Oppenheimer VIP VIP VIP
Guaranteed Common Bond Equity-Income Growth Overseas Loan
Fund Stock Fund Fund Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Assets
Investments:
At fair value:
Pooled Separate Accounts $ - $ 9,032,165 $ 1,703,522 $5,478,672 $7,295,457 $1,793,634 $ - $25,303,450
Participant notes receivable - - - - - - 303,943 303,943
Guaranteed insurance contracts,
at contract value 5,191,914 - - - - - - 5,191,914
----------- ----------- ----------- ---------- ---------- ---------- -------- -----------
Total investments 5,191,914 9,032,165 1,703,522 5,478,672 7,295,457 1,793,634 303,943 30,799,307
Receivables:
Employer's matching
contribution - 25,578 - - - - - 25,578
Employer's Gainshare
contribution - 2,656,610 - - - - - 2,656,610
Participants' contributions 33,655 116,068 26,251 95,254 133,272 32,660 - 437,160
Interest receivable 20,278 - - - - - - 20,278
----------- ----------- ----------- ---------- ---------- ---------- -------- -----------
Total receivables 53,933 2,798,256 26,251 95,254 133,272 32,660 - 3,139,626
----------- ----------- ----------- ---------- ---------- --------- -------- -----------
Net assets available for
benefits $ 5,245,847 $11,830,421 $ 1,729,773 $5,573,926 $7,428,729 $1,826,294 $303,943 $33,938,933
=========== =========== =========== ========== ========== ========== ======== ===========
See accompanying notes.
</TABLE>
<PAGE>
<TABLE>
Jefferson-Pilot Corporation
Teamshare Plan
Statements of Changes in Net Assets Available for Benefits,
with Fund Information
Year ended December 31, 1997
<CAPTION>
JP Life
Guaranteed Jefferson-Pilot Life Separate Account B
Account
---------- ---------------------------------------------------------------------------------------
Fidelity Fidelity Fidelity
JP Life Jefferson-Pilot Oppenheimer VIP VIP VIP
Guaranteed Common Stock 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:
Investment income:
Net appreciation in fair
value of investments $ - $ 5,006,143 $ 211,888 $1,865,566 $1,990,115 $ 173,492 $ - $ 9,247,204
Interest 269,463 - - - - - - 269,463
--------- ----------- ---------- ---------- ---------- ---------- -------- -----------
Total investment income 269,463 5,006,143 211,888 1,865,566 1,990,115 173,492 - 9,516,667
Contributions:
Participants' 496,824 1,648,187 428,624 1,741,757 2,304,225 678,262 - 7,297,879
Rollovers from Chubb 713,752 1,139,440 748,502 2,968,021 2,414,734 941,960 586,163 9,512,572
Rollovers 33,918 75,320 14,206 176,809 214,534 49,306 - 564,093
Employer matching - 1,167,966 - - - - - 1,167,966
Gainshare - 1,288,863 - - - - - 1,288,863
---------- ----------- ---------- ---------- ---------- ---------- -------- ------------
Total contributions 1,244,494 5,319,776 1,191,332 4,886,587 4,933,493 1,669,528 586,163 19,831,373
---------- ----------- ---------- ---------- ---------- ---------- -------- ------------
Total additions 1,513,957 10,325,919 1,403,220 6,752,153 6,923,608 1,843,020 586,163 29,348,040
Deductions from net assets
attributed to:
Payments to beneficiaries
and participants 2,015,828 613,328 143,857 992,763 839,783 90,288 - 4,695,847
---------- ----------- ---------- ---------- ---------- ---------- -------- -----------
Net increase (decrease) prior
to interfund transfers (501,871) 9,712,591 1,259,363 5,759,390 6,083,825 1,752,732 586,163 24,652,193
Interfund transfers (net) (139,756) (194,858) (23,051) 260,545 117,260 (34,112) 13,972 -
---------- ----------- ---------- ---------- ---------- ---------- -------- -----------
Net increase (decrease) (641,627) 9,517,733 1,236,312 6,019,935 6,201,085 1,718,620 600,135 24,652,193
Net assets available for
benefits:
Beginning of year 5,245,847 11,830,421 1,729,773 5,573,926 7,428,729 1,826,294 303,943 33,938,933
---------- ----------- ---------- ---------- ----------- ---------- -------- -----------
End of year $4,604,220 $21,348,154 $2,966,085 $11,593,861 $13,629,814 $3,544,914 $904,078 $58,591,126
========== =========== ========== =========== =========== ========== ======== ===========
See accompanying notes.
</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>
JP Life
Guaranteed Jefferson-Pilot Life Separate Account B
Account
---------- ---------------------------------------------------------------------------------------
Fidelity Fidelity Fidelity
JP Life Jefferson-Pilot Oppenheimer VIP VIP VIP
Guaranteed Common Stock 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:
Investment income:
Net appreciation in fair
value of investments $ - $ 673,656 $ 54,711 $ 453,252 $ 486,485 $ 155,298 $ - $ 1,823,402
Interest 118,551 - - - - - 10,255 128,806
Dividends - 168,401 - - - - - 168,401
---------- ----------- ---------- ---------- ---------- ---------- -------- -----------
118,551 842,057 54,711 453,252 486,485 155,298 10,255 2,120,609
Contributions:
Participants 466,472 1,564,756 406,903 1,299,906 1,933,261 528,808 - 6,200,106
Net transfers 3,639,299 1,549,797 462,317 1,897,926 2,449,471 286,980 314,902 10,600,692
Employer rollovers 56,694 91,610 83,977 202,176 188,095 5,865 - 628,417
Employer matching - 444,328 - - - - - 444,328
Gainshare - 2,656,610 - - - - - 2,656,610
---------- ----------- ---------- ---------- ---------- ---------- -------- ------------
Total contributions 4,162,465 6,307,101 953,197 3,400,008 4,570,827 821,653 314,902 20,530,153
---------- ----------- ---------- ---------- ---------- ---------- -------- ------------
Total additions 4,281,016 7,149,158 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 149,551 311,424 34,926 135,284 260,209 39,277 - 930,671
---------- ----------- ---------- ---------- ---------- --------- -------- -----------
Net increase prior to
interfund transfer 4,131,465 6,837,734 972,982 3,717,976 4,797,103 937,674 325,157 21,720,091
Interfund transfers (net) 3,828 93,200 (25,596) 14,861 15,963 (13,359) (88,897) -
---------- ----------- ---------- ---------- ---------- --------- -------- -----------
Net increase 4,135,293 6,930,934 947,386 3,732,837 4,813,066 924,315 236,260 21,720,091
Net assets available for
benefits:
Beginning of year 1,110,554 4,899,487 782,387 1,841,089 2,615,663 901,979 67,683 12,218,842
----------- ----------- ---------- ---------- ---------- --------- -------- -----------
End of year $5,245,847 $11,830,421 $1,729,773 $5,573,926 $7,428,729 $1,826,294 $303,943 $33,938,933
=========== =========== ========== ========== ========== ========= ======== ===========
See accompanying notes.
</TABLE>
<PAGE>
Jefferson-Pilot Corporation
Teamshare Plan
Notes to Financial Statements
Years ended December 31, 1997 and 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 Jefferson-Pilot Corporation and the following subsidiaries
(collectively, the Sponsor) who have at least one year of service and are age
twenty-one or older:
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")
Chubb America Service Corporation
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 before-tax compensation,
as defined in the Plan. The Company contributes the lesser of 10% of a
participant's total before-tax contributions for the Plan year that do
not exceed 6% of a participant's compensation for the portion of the year
during which the participant elected to make before-tax contributions. The
minimum funding requirements of ERISA have been met.
"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 (a) the Company's contributions and (b) 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 $43,629 and $76,574 for 1997 and
1996, respectively. The benefit which a participant is entitled is the
benefit that can be provided from the participant's account.
Vesting
Participants are immediately vested in their contributions plus actual
earnings thereon. Vesting in the Company contribution portion of their
accounts plus actual earnings thereon is based on years of service. A
participant is 100% vested in Company contributions after five years of
credited service.
Investment Options
A participant may direct employee contributions to the Jefferson-Pilot Life
Separate Account B and JP Life Guaranteed Account in 5% increments. There
are currently five sub-accounts available under the Jefferson-Pilot Life
Separate Account B. Based on employee contributions and investment
selections, the Sponsor directs purchase payments to any of the available
sub-accounts. All the amounts allocated to each sub-account are invested
at net asset value in the shares of one of the following funds:
Jefferson-Pilot Common Stock Fund - Contributions are invested
exclusively in the common stock of Jefferson-Pilot Corporation.
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.
All employee contributions directed to the JP Life Guaranteed Account are
invested in the following fund:
JP Life Guaranteed Fund - Contributions are invested in, and participate
in the investment income of, the Jefferson-Pilot Life Insurance Company
General Account.
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.
Participant Notes Receivable
Participants may borrow from their accounts if (1) there is an immediate and
heavy financial need and (2) at least two years have elapsed since the member
first made contributions to 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. Loan
transactions are treated as a transfer from (to) the investment fund to
(from) the loan fund. Loan terms range from 1 - 5 years. The loans are
secured by the balance in the participant's account 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.
Interest rates range from 9.25-9.50%. Principal and interest are paid
ratably through weekly, bi-weekly or bi-monthly payroll deductions.
Payment of Benefits
On termination of service, a participant may 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. 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.
2. Summary of Accounting Policies and Income Recognition
Investment Valuation and Income Recognition
The Plan's investments in pooled separate accounts are stated at fair value.
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 Account is stated at
contract value, representing contributions made to the Fund, plus earnings
credited, less benefits paid and any expense charges. The participant notes
receivable are valued at their outstanding balances, which approximates fair
value.
Purchases and sales of securities are recorded on a trade-date basis.
Interest income is recorded on the accrual basis.
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.
3. Investments
Investments that represent 5% or more of net assets are as follows:
<TABLE>
<CAPTION>
December 31
Description 1997 1996
<S>
Investments at fair value: <C> <C>
Jefferson-Pilot Life Separate Account B:
Jefferson-Pilot Common Stock Fund $19,985,784 $9,032,165
Oppenheimer Bond Fund 2,957,772 1,703,522
Fidelity VIP Equity-Income Fund 11,553,498 5,478,672
Fidelity VIP Growth Fund 13,586,516 7,295,457
Fidelity VIP Overseas Fund 3,529,446 1,793,634
Investments at contract value:
JP Life Guaranteed Fund 4,584,303 5,191,914
</TABLE>
The average yield of JP Life Guaranteed Fund for 1997 and 1996 approximated
5.24% and 5.19%, respectively, and the crediting interest rates as of
December 31, 1997 and 1996 were 5.00% and 5.25%, respectively. Crediting
interest rates are normally adjusted annually and a minimum crediting rate
of 3.5% applies. The fair value approximates contract value.
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. 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
1997 1996
Net assets available for benefits per the financial
statements $58,591,126 $33,938,933
Amounts allocated to withdrawn participants (3,836,000) (1,569,869)
----------- -----------
Net assets available for benefits per the Form 5500 $54,755,126 $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,
1997
Benefits paid to participants per the financial statements $ 4,695,847
Add: Amounts allocated on Form 5500 to withdrawn participants
at December 31, 1997 3,836,000
Less: Amounts allocated on Form 5500 to withdrawn participants
at December 31, 1996 (1,569,869)
-----------
Benefits paid to participants per the Form 5500 $ 6,961,978
===========
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.
6. Income Tax Status
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.
7. 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 1997
and 1996, all expenses associated with the Plan were paid for by the Sponsor.
8. Year 2000 Issue (Unaudited)
The Plan Sponsor has developed a plan to modify its internal information
technology to be ready for the year 2000 and has begun converting critical
data processing systems. The project also includes determining whether
third-party service providers have reasonable plans in place to become year
2000 compliant. The Plan Sponsor currently expects the project to be
substantially complete by third quarter 1999. The Plan sponsor does not
expect this project to have a significant effect on plan operations.
<PAGE>
Supplemental Schedules
Jefferson-Pilot Corporation
Teamshare Plan
EIN: 56-08962180
Plan Number: 002
Assets Held for Investment Purposes
(Form 5500 - Item 27a)
December 31, 1997
Number of Current
Description Shares or Units Cost Value
Jefferson-Pilot Separate Account B:
Pooled Separate Accounts:
Oppenheimer Bond Fund, registered
investment company units 218,620 shares $ 2,711,313 $ 2,957,772
Fidelity VIP Equity-Income Fund,
registered investment company units 583,390 shares 9,514,616 11,553,498
Fidelity VIP Growth Fund,
registered investment company units 698,198 shares 11,461,135 13,586,516
Fidelity VIP Overseas Fund,
registered investment company units 253,493 shares 3,302,674 3,529,446
Jefferson-Pilot Common Stock Fund* 846,855 shares 14,923,221 19,985,784
----------- -----------
41,912,959 51,613,016
JP Life Guaranteed Account* 5% per annum 4,584,303 4,584,303
Loans to participants* 9.25% to 9.50% - 904,078
----------- -----------
$46,497,262 $57,101,397
*Represents party-in interest. =========== ===========
<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, 1997
<CAPTION>
Current
Value of
Asset on
Purchase Selling Cost of Transaction Gain
Description of Asset Price Price Asset Date (Loss)
<S> <C> <C> <C> <C> <C>
Category i - Individual transactions in excess of 5% of plan assets
- --------------------------------------------------------------------------------
Fidelity VIP Equity -
Income Fund $2,065,866 $ - $2,065,866 $2,065,866 $ -
Fidelity VIP Equity -
Income Fund 1,788,659 - 1,788,659 1,788,659 -
Jefferson-Pilot Common
Stock Fund 2,656,610 - 2,656,610 2,656,610 -
Category iii - Series of transactions in excess of 5% of plan assets
- --------------------------------------------------------------------------------
Jefferson-Pilot Common
Stock Fund 6,789,818 - 6,789,818 6,789,818 -
- 995,004 842,342 995,004 152,662
Fidelity VIP Equity -
Income Fund 5,282,640 - 5,282,640 5,282,640 -
- 1,128,055 1,073,380 1,128,055 54,675
Fidelity VIP Growth
Fund 5,263,309 - 5,263,309 5,263,309 -
- 1,028,489 962,365 1,028,489 66,124
There were no category (ii) or (iv)reportable transactions during 1997.
</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 May 29, 1998, 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, 1997.
/s/ Ernst & Young LLP
Greensboro, North Carolina
June 24, 1997
