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Previous: JACOBS ENGINEERING GROUP INC /DE/, SC 13G/A, 1996-01-29 |
Next: KEYSTONE CUSTODIAN FUND SERIES K-2, 497, 1996-01-29 |
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) January 24, 1996
SUNAMERICA INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
MARYLAND 1-4618 86-0176061
(STATE OR OTHER JURISDICTION (COMMISSION FILE NUMBER) (IRS EMPLOYER
OF INCORPORATION) 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
<PAGE>
Item 5. Other Events
-------------
The Registrant has released financial position and earnings
information as of and for the three months ended December 31, 1995.
See the attached Condensed Consolidated Balance Sheet and
Consolidated Income Statement.
Item 7. Financial Statements, Pro Forma Financial Information and
---------------------------------------------------------
Exhibits
---------
(c) Exhibits
Exhibit 20(a) Condensed Consolidated Balance Sheet
Exhibit 20(b) 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: January 26, 1996 By: /s/ Scott L. Robinson
-----------------------------
Scott L. Robinson
Senior Vice President
and Controller
<PAGE>
<TABLE>
EXHIBIT 20(a)
SUNAMERICA INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands - unaudited)
<CAPTION>
December 31, September 30,
1995 1995
-------------- -------------
<S> <C> <C>
ASSETS
Cash and short-term investments $ 657,210 $ 855,350
Bonds, notes and redeemable preferred stocks:
Available for sale, at fair value 8,210,874 6,584,488
Held for investment, at amortized cost -- 718,283
Mortgage loans 1,575,390 1,543,285
Common stocks, at fair value 36,619 39,906
Partnerships 794,279 774,417
Real estate 103,418 105,637
Other invested assets 209,318 187,593
-------------- --------------
Total investments 11,587,108 10,808,959
Variable annuity assets 5,454,132 5,263,006
Deferred acquisition costs 532,941 526,415
Other assets 270,172 245,787
-------------- --------------
TOTAL ASSETS $ 17,844,353 $ 16,844,167
============== ==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Reserves for fixed annuity contracts $ 5,486,957 $ 4,862,250
Reserves for guaranteed investment contracts 3,683,168 3,607,192
Trust deposits 427,788 426,595
Variable annuity liabilities 5,454,132 5,263,006
Senior indebtedness 539,835 524,835
Payable to brokers for purchases of securities -- 473,728
Other payables and accrued liabilities 289,048 274,005
Deferred income taxes 159,792 146,847
Preferred securities of grantor trusts 237,631 52,631
Shareholders' equity 1,566,002 1,213,078
-------------- --------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 17,844,353 $ 16,844,167
============== ==============
</TABLE>
<PAGE>
<TABLE>
EXHIBIT 20(b)
SUNAMERICA INC.
CONSOLIDATED INCOME STATEMENT
(In thousands, except per share amounts)
(Unaudited)
<CAPTION>
Three months ended December 31,
--------------------------------------
1995 1994
------------- -------------
<S> <C> <C>
Investment income $ 253,990 $ 202,167
------------- -------------
Interest expense on:
Fixed annuity contracts (68,096) (59,878)
Guaranteed investment contracts (61,424) (47,255)
Trust deposits (2,571) (2,670)
Senior indebtedness (15,052) (14,255)
------------- -------------
Total interest expense (147,143) (124,058)
------------- -------------
Dividends paid on preferred securities of grantor trusts (4,721) --
------------- -------------
NET INVESTMENT INCOME 102,126 78,109
------------- -------------
NET REALIZED INVESTMENT GAINS (LOSSES) 1,404 (7,231)
------------- -------------
Fee income:
Variable annuity fees 24,416 20,453
Net retained commissions 8,865 6,620
Asset management fees 6,503 7,025
Loan servicing fees 5,570 1,978
Trust fees 4,195 3,750
------------- -------------
TOTAL FEE INCOME 49,549 39,826
------------- -------------
Other income and expenses:
Surrender charges 2,588 2,744
General and administrative expenses (44,098) (33,108)
Amortization of deferred acquisition
costs (19,002) (18,674)
Other, net 19 1,868
------------- -------------
TOTAL OTHER INCOME AND EXPENSES (60,493) (47,170)
------------- -------------
PRETAX INCOME 92,586 63,534
Income tax expense (27,800) (18,400)
------------- -------------
NET INCOME $ 64,786 $ 45,134
============= =============
EARNINGS PER SHARE $ 0.94 $ 0.65
============= =============
NET EARNINGS APPLICABLE TO COMMON STOCK
(used in the computation of earnings per share) $ 61,903 $ 40,995
============= =============
AVERAGE SHARES OUTSTANDING 65,746 62,776
============= =============
</TABLE>
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