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) APRIL 23, 1996
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 earnings information for the periods
ended March 31, 1996 and 1995.
See the attached 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 Consolidated Income Statement
SIGNATURES
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 hereunto duly authorized.
SUNAMERICA INC.
Date: April 23, 1996 By: /s/ Scott L. Robinson
-----------------------------
Scott L. Robinson
Senior Vice President
and Controller
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<TABLE>
EXHIBIT 20
SUNAMERICA INC.
CONSOLIDATED INCOME STATEMENT
(In thousands, except per-share amounts)
(Unaudited)
<CAPTION>
Three months ended March 31, Six months ended March 31,
---------------------------- --------------------------
1996 1995 1996 1995
-------------- ----------- ------------ -----------
<S> <C> <C> <C> <C>
Investment income $ 287,538 $ 215,457 $ 541,528 $ 417,624
-------------- ----------- ------------ -----------
Interest expense on:
Fixed annuity contracts (89,588) (62,466) (157,684) (122,344)
Guaranteed investment
contracts (59,918) (50,306) (121,342) (97,561)
Trust deposits (2,552) (2,606) (5,123) (5,276)
Senior indebtedness (18,014) (13,363) (33,066) (27,618)
-------------- ----------- ------------ -----------
Total interest expense (170,072) (128,741) (317,215) (252,799)
-------------- ----------- ------------ -----------
Dividends paid on preferred
securities of grantor trusts (5,172) -- (9,893) --
-------------- ----------- ------------ -----------
NET INVESTMENT INCOME 112,294 86,716 214,420 164,825
-------------- ----------- ------------ -----------
NET REALIZED INVESTMENT
LOSSES (3,589) (8,344) (2,185) (15,575)
-------------- ----------- ------------ -----------
Fee income:
Variable annuity fees 25,337 19,768 49,753 40,221
Net retained commissions 13,066 7,383 21,931 14,003
Asset management fees 6,361 6,662 12,864 13,687
Loan servicing fees 6,203 6,055 11,773 8,033
Trust fees 4,126 3,942 8,321 7,692
-------------- ----------- ------------ ------------
TOTAL FEE INCOME 55,093 43,810 104,642 83,636
-------------- ----------- ------------ ------------
Other income and expenses:
Surrender charges 5,025 3,412 7,613 6,156
General and administrative
expenses (50,242) (41,116) (94,340) (74,224)
Amortization of deferred
acquisition costs (21,514) (18,740) (40,516) (37,414)
Other, net 374 1,016 393 2,884
------------- ----------- ------------ ------------
TOTAL OTHER INCOME AND EXPENSES (66,357) (55,428) (126,850) (102,598)
------------- ----------- ------------ ------------
PRETAX INCOME 97,441 66,754 190,027 130,288
Income tax expense (29,200) (19,400) (57,000) (37,800)
------------- ----------- ------------ ------------
NET INCOME $ 68,241 $ 47,354 $ 133,027 $ 92,488
============= =========== ============ ============
EARNINGS PER SHARE $ 0.96 $ 0.68 $ 1.90 $ 1.34
============= =========== ============ ===========
NET EARNINGS APPLICABLE TO
COMMON STOCK (used in the
computation of earnings
per share) $ 65,358 $ 43,180 $ 127,261 $ 84,175
============= =========== ============ ===========
AVERAGE SHARES OUTSTANDING 67,964 63,101 66,855 62,938
============= =========== ============ ===========
</TABLE>
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