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: September 30, 1998 Commission File No. 1-11632
(Date of earliest event reported)
AMERICAN ANNUITY GROUP, INC.
Incorporated under the laws of Delaware IRS Employer
Identification No. 06-1356481
250 East Fifth Street
Cincinnati, Ohio 45202
Phone: (513) 333-5300
Former name or former address, if changed since last report - not applicable
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AMERICAN ANNUITY GROUP, INC.
FORM 8 - K
Item 2. Acquisition or Disposition of Assets
Please see the News Release attached hereto as Exhibit 99
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Not Applicable.
(b) Proforma financial information will be furnished in the Company's
Quarterly Report on Form 10-Q to be filed on or before November 16,
1998.
(c) Exhibit (99) - Additional Exhibit.
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.
AMERICAN ANNUITY GROUP, INC.
BY: /s/ Mark F. Muething
Mark F. Muething
Senior Vice President, General
Counsel and Secretary
October 15, 1998
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Exhibit 99
[AMERICAN ANNUITY GROUP, INC. NEWS RELEASE]
AMERICAN ANNUITY GROUP
ANNOUNCES SALE OF FUNERAL SERVICES DIVISION
CINCINNATI, OH, September 30, 1998 - American Annuity Group,
Inc. (NYSE: AAG) today announced that it has completed the
previously announced sale of its funeral services division to
Service Corporation International ("SCI") for approximately $164
million in cash. The funeral services division provides life
insurance and annuities to fund pre-arranged funerals, as well as
administrative services for pre-arranged funeral trusts. Service
Corporation International is the country's largest manager of
funeral homes and generated more than half of the premiums
written by the division in 1997.
The proceeds from this sale will be used to provide capital to
existing insurance operations, make strategic acquisitions
(including the previously announced acquisition of Old Republic
Life Insurance Company of New York) and invest in other
opportunities. A portion of the proceeds may also be utilized to
repurchase AAG common stock. The net gain on this transaction is
expected to be in excess of $0.34 per share.
AAG markets retirement products (traditional fixed, equity-
indexed and variable annuities) through its wholly-owned
subsidiaries, Great American Life Insurance Company ("GALIC"),
Annuity Investors Life Insurance Company and Retirement Resource
Group, Inc. Through Loyal American Life Insurance Company,
Great American Life Assurance Company of Puerto Rico and GALIC's
life division, AAG markets various forms of life and supplemental
health insurance.
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