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 REPORT (DATE OF EARLIEST EVENT REPORTED) JULY 24, 1995
SUNAMERICA INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
MARYLAND 1-4618 86-0176061
(STATE OR OTHER JURISDICTION (COMMISSION (IRS EMPLOYER
OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
1 SUNAMERICA CENTER
LOS ANGELES, CALIFORNIA 90067-6022
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
Registrant's telephone number, including
area code (310) 772-6000
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Item 5. Other Events
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The Registrant has released financial position and earnings
information as of and for the periods ended June 30, 1995.
See the attached Condensed Consolidated Balance Sheet and Condensed
Consolidated Income Statement.
Item 7. Financial Statements, Pro Forma Financial Information and
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Exhibits
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(c) Exhibits
Exhibit 20(a) Condensed Consolidated Balance Sheet
Exhibit 20(b) Condensed Consolidated Income Statement
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SUNAMERICA INC.
Date: July 28, 1995 By: /s/ SCOTT L. ROBINSON
-----------------------------
Scott L. Robinson
Senior Vice President
and Controller
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<TABLE>
EXHIBIT 20(a)
SUNAMERICA INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
<CAPTION>
June 30, September 30,
(In thousands) 1995 1994
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<S> <C> <C>
ASSETS
Cash and short-term investments $ 766,926 $ 569,382
Bonds, notes and redeemable preferred stocks:
Available for sale, at fair value 6,236,728 5,270,738
Held for investment, at amortized cost 809,731 1,064,132
Mortgage loans 1,534,936 1,426,924
Common stocks, at fair value 38,834 61,660
Partnerships 750,945 593,854
Real estate 102,898 107,053
Other invested assets 231,757 186,647
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Total investments 10,472,755 9,280,390
Variable annuity assets 4,893,894 4,513,093
Deferred acquisition costs 523,620 581,874
Other assets 305,279 280,868
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TOTAL ASSETS $ 16,195,548 $ 14,656,225
============== ==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Reserves for fixed annuity contracts $ 4,887,635 $ 4,519,623
Reserves for guaranteed investment contracts 3,276,686 2,783,522
Trust deposits 430,868 442,320
Variable annuity liabilities 4,893,894 4,513,093
Senior indebtedness 472,835 501,497
Payable to brokers for purchases of securities 552,723 643,734
Other payables and accrued liabilities 326,714 217,029
Deferred income taxes 136,585 74,319
Preferred securities of grantor trust 52,631 --
Shareholders' equity 1,164,977 961,088
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 16,195,548 $ 14,656,225
============== ==============
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<TABLE>
EXHIBIT 20(b)
SUNAMERICA INC.
CONDENSED CONSOLIDATED INCOME STATEMENT
(In thousands, except per share amounts)
(Unaudited)
<CAPTION>
Three months ended June 30, Nine months ended June 30,
---------------------------- ----------------------------
1995 1994 1995 1994
-------------- ----------- ------------- -----------
<S> <C> <C> <C> <C>
Net investment income:
Investment income $ 233,261 $ 187,019 $ 650,885 $ 560,952
Interest expense (138,557) (112,778) (391,356) (345,261)
-------------- ----------- ------------ -----------
NET INVESTMENT INCOME 94,704 74,241 259,529 215,691
-------------- ----------- ------------ -----------
NET REALIZED INVESTMENT LOSSES (8,975) (5,312) (24,550) (16,566)
-------------- ----------- ------------ -----------
Fee income:
Variable annuity fees 21,246 19,837 61,467 59,148
Asset management fees 6,712 7,541 20,399 24,017
Net retained commissions 8,670 7,181 22,673 20,888
Loan servicing fees 5,874 -- 13,907 --
Trust fees 3,892 3,081 11,584 9,051
-------------- ----------- ------------ ------------
TOTAL FEE INCOME 46,394 37,640 130,030 113,104
-------------- ----------- ------------ ------------
Other income and expenses:
Surrender charges 3,013 2,883 9,169 8,034
General and administrative
expenses (44,358) (32,198) (118,582) (98,155)
Amortization of deferred
acquisition costs (21,783) (17,241) (59,197) (48,574)
Other, net 370 1,150 3,254 2,700
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TOTAL OTHER INCOME AND EXPENSES (62,758) (45,406) (165,356) (135,995)
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PRETAX INCOME 69,365 61,163 199,653 176,234
Income tax expense (21,100) (19,100) (58,900) (54,600)
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INCOME BEFORE CUMULATIVE EFFECT
OF CHANGE IN ACCOUNTING FOR
INCOME TAXES 48,265 42,063 140,753 121,634
Cumulative effect of change in
accounting for income taxes -- -- -- (33,500)
------------- ----------- ------------ ------------
NET INCOME $ 48,265 $ 42,063 $ 140,753 $ 88,134
============= =========== ============ ============
EARNINGS PER SHARE:
INCOME BEFORE CUMULATIVE EFFECT
OF CHANGE IN ACCOUNTING FOR
INCOME TAXES $ 1.05 $ 0.91 $ 3.06 $ 2.63
Cumulative effect of change in
accounting for income taxes -- -- -- (0.81)
------------- ----------- ------------ -----------
NET INCOME $ 1.05 $ 0.91 $ 3.06 $ 1.82
============= =========== ============ ===========
AVERAGE SHARES OUTSTANDING 42,288 41,546 42,069 41,596
============= =========== ============ ===========
KEY OPERATING STATISTICS:
Total sales* $ 831,300 $ 602,099 $ 2,374,041 $ 1,748,468
============= =========== ============= ============
Operating earnings** $ 54,099 $ 45,516 $ 156,711 $ 132,402
============= =========== ============= ============
Operating earnings per share $ 1.19 $ 1.00 $ 3.44 $ 2.89
============= =========== ============= ============
*Premiums and mutual fund sales, excluding sales of money market accounts.
**After-tax earnings before net realized investment losses.
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