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 23, 1997
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 three months ended December 31, 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 caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SUNAMERICA INC.
Date: January 27, 1997 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 - unaudited)
<CAPTION>
December 31, September 30,
1996 1996
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<S> <C> <C>
ASSETS
Cash and short-term investments $ 852,124 $ 529,363
Bonds, notes and redeemable preferred stocks
available for sale, at fair value 13,776,872 12,582,024
Mortgage loans 1,706,191 1,652,257
Common stocks, at fair value 104,012 81,385
Partnerships 1,173,094 1,071,857
Other invested assets 326,393 282,898
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Total investments 17,938,686 16,199,784
Variable annuity assets 6,869,800 6,380,458
Deferred acquisition costs 785,167 782,300
Other assets 394,367 364,279
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TOTAL ASSETS $ 25,988,020 $ 23,726,821
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LIABILITIES AND SHAREHOLDERS' EQUITY:
Liabilities:
Reserves for fixed annuity contracts $ 9,811,904 $ 9,654,674
Reserves for guaranteed investment contracts 4,590,888 4,169,028
Variable annuity liabilities 6,869,800 6,380,458
Long-term notes and debentures 1,004,585 573,335
Trust deposits 461,823 436,048
Payable to brokers for purchases of securities 178,979 42,518
Other payables, accrued liabilities and
deferred income taxes 819,290 572,571
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Total liabilities 23,737,269 21,828,632
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Preferred securities of subsidiary grantor trusts 547,631 237,631
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Shareholders' equity:
Preferred Stock 335,869 384,549
Nontransferable Class B Stock 10,848 10,848
Common Stock 109,062 108,604
Additional paid-in capital 259,001 304,295
Retained earnings 932,231 869,215
Net unrealized gains (losses) on debt and
equity securities available for sale 56,109 (16,953)
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Total shareholders' equity 1,703,120 1,660,558
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 25,988,020 $ 23,726,821
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</TABLE>
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<TABLE>
EXHIBIT 20(b)
SUNAMERICA INC.
CONSOLIDATED INCOME STATEMENT
(In thousands, except per share-amounts)
(Unaudited)
<CAPTION>
Three months ended December 31,
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1996 1995
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<S> <C> <C>
Investment income $ 370,545 $ 253,990
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Interest expense on:
Fixed annuity contracts (128,895) (68,096)
Guaranteed investment contracts (67,179) (61,424)
Trust deposits (2,422) (2,571)
Senior indebtedness (19,791) (15,052)
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Total interest expense (218,287) (147,143)
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Dividends paid on preferred
securities of grantor trusts (8,589) (4,721)
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NET INVESTMENT INCOME 143,669 102,126
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NET REALIZED INVESTMENT GAINS (LOSSES) (9,304) 1,404
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Fee income:
Variable annuity fees 30,898 24,416
Net retained commissions 13,322 9,161
Asset management fees 6,418 6,503
Loan servicing fees 5,769 5,570
Trust fees 4,455 4,195
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TOTAL FEE INCOME 60,862 49,845
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Other income and expenses:
Surrender charges 6,635 2,588
General and administrative expenses (59,052) (44,098)
Amortization of deferred acquisition
costs (30,410) (21,071)
Other, net 2,368 1,792
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TOTAL OTHER INCOME AND EXPENSES (80,459) (60,789)
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PRETAX INCOME 114,768 92,586
Income tax expense (34,400) (27,800)
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NET INCOME $ 80,368 $ 64,786
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EARNINGS PER SHARE $ 0.58 $ 0.47
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NET EARNINGS APPLICABLE TO COMMON STOCK
(used in the computation of earnings
per share) $ 78,309 $ 61,903
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AVERAGE SHARES OUTSTANDING 134,937 131,492
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