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) NOVEMBER 11, 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 financial position and earnings
information as of and for the periods ended September 30, 1996.
See the attached Condensed Consolidated Balance Sheet and
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) 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: November 12, 1996 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
(In thousands)
<CAPTION>
September 30, September 30,
1996 1995
-------------- -------------
<S> <C> <C>
ASSETS
Cash and short-term investments $ 529,363 $ 855,350
Bonds, notes and redeemable preferred stocks:
Available for sale, at fair value 12,582,024 6,584,488
Held for investment, at amortized cost -- 718,283
Mortgage loans 1,652,257 1,543,285
Common stocks, at fair value 81,385 39,906
Partnerships 1,071,857 774,417
Other invested assets 282,898 293,230
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Total investments 16,199,784 10,808,959
Variable annuity assets 6,380,458 5,263,006
Deferred acquisition costs 782,300 526,415
Other assets 364,279 245,787
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TOTAL ASSETS $ 23,726,821 $ 16,844,167
============== ==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Reserves for fixed annuity contracts $ 9,654,674 $ 4,862,250
Reserves for guaranteed investment contracts 4,169,028 3,607,192
Trust deposits 436,048 426,595
Variable annuity liabilities 6,380,458 5,263,006
Long-term notes and debentures 573,335 524,835
Payable to brokers for purchases of securities 42,518 473,728
Other payables, accrued liabilities and
deferred income taxes 572,571 420,852
Preferred securities of grantor trusts 237,631 52,631
Shareholders' equity 1,660,558 1,213,078
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 23,726,821 $ 16,844,167
============== ==============
</TABLE>
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<TABLE>
EXHIBIT 20(b)
SUNAMERICA INC.
CONSOLIDATED INCOME STATEMENT
(In thousands, except per-share amounts)
<CAPTION>
Quarters ended September 30, Years ended September 30,
---------------------------- -------------------------
1996 1995 1996 1995
-------------- ----------- ----------- ----------
<S> <C> <C> <C> <C>
Investment income $ 365,216 $ 254,917 $ 1,254,288 $ 905,802
-------------- ----------- ----------- ----------
Interest expense on:
Fixed annuity contracts (125,693) (68,446) (410,269) (258,730)
Guaranteed investment
contracts (66,245) (61,564) (252,027) (213,340)
Trust deposits (2,383) (2,618) (9,968) (10,519)
Senior indebtedness (15,921) (14,954) (69,033) (55,985)
-------------- ----------- ----------- -----------
Total interest expense (210,242) (147,582) (741,297) (538,574)
-------------- ----------- ----------- -----------
Dividends paid on preferred
securities of grantor trusts (5,171) (1,309) (20,235) (1,673)
-------------- ----------- ----------- -----------
NET INVESTMENT INCOME 149,803 106,026 492,756 365,555
-------------- ----------- ----------- -----------
NET REALIZED INVESTMENT LOSSES (15,500) (8,462) (30,314) (33,012)
-------------- ----------- ----------- -----------
Fee income:
Variable annuity fees 27,849 23,116 104,661 84,583
Net retained commissions 13,506 10,189 49,824 33,715
Asset management fees 6,178 6,536 25,413 26,935
Loan servicing fees 6,027 5,885 23,846 19,792
Trust fees 4,126 3,810 16,684 15,394
-------------- ----------- ----------- ------------
TOTAL FEE INCOME 57,686 49,536 220,428 180,419
-------------- ----------- ----------- ------------
Other income and expenses:
Surrender charges 7,040 2,716 22,086 11,885
General and administrative
expenses (64,069) (47,958) (212,701) (166,540)
Amortization of deferred
acquisition costs (33,014) (23,498) (108,176) (86,107)
Other, net 597 1,593 7,948 7,406
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TOTAL OTHER INCOME AND EXPENSES (89,446) (67,147) (290,843) (233,356)
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PRETAX INCOME 102,543 79,953 392,027 279,606
Income tax expense (30,800) (26,500) (117,600) (85,400)
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NET INCOME $ 71,743 $ 53,453 $ 274,427 $ 194,206
============= =========== =========== ============
EARNINGS PER SHARE $ 0.51 $ 0.40 $ 1.95 $ 1.42
============= =========== =========== ============
NET EARNINGS APPLICABLE TO
COMMON STOCK (used in the
computation of earnings
per share) $ 68,860 $ 50,570 $ 262,895 $ 179,223
============= =========== =========== ============
AVERAGE SHARES OUTSTANDING 134,772 126,297 134,587 126,228
============= =========== =========== ============
</TABLE>
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