<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-K/A
AMENDMENT NO. 1
X Annual report pursuant to Section 13 or 15(d) of the Securities Exchange
- ----- Act of 1934 for the fiscal year ended December 31, 1997
Transition report pursuant to Section 13 or 15(d) of the Securities
- ----- Exchange Act of 1934
Commission file number 1-11848
REINSURANCE GROUP OF AMERICA, INCORPORATED
(Exact name of registrant as specified in its charter)
MISSOURI 43-1627032
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
660 MASON RIDGE CENTER DRIVE, ST. LOUIS, MISSOURI 63141
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (314) 453-7300
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
<TABLE>
<CAPTION>
Name of each exchange
Title of each class on which registered
------------------- -------------------
<S> <C>
Common Stock, par value $0.01 New York Stock Exchange
Preferred Stock Purchase Rights New York Stock Exchange
</TABLE>
SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:
None
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
--- ---
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to
the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [X]
The aggregate market value of the voting stock held by non-affiliates of the
registrant, based upon the closing sale price of the Common Stock on March 1,
1998, as reported on the New York Stock Exchange was approximately
$460,325,743.
As of March 1, 1998, Registrant had outstanding 25,225,480 shares of Common
Stock.
DOCUMENTS INCORPORATED BY REFERENCE
Certain portions of the Annual Report to Shareholders for the year ended
December 31,1997 ("the Annual Report") are incorporated by reference in Part
I of this Form 10-K. Certain portions of the Definitive Proxy Statement in
connection with the 1998 Annual Meeting of Shareholders ("the Proxy
Statement") which will be filed with the Securities and Exchange Commission
not later than 120 days after the Registrant's fiscal year ended December 31,
1997, are incorporated by reference in Part III of this Form 10-K.
<PAGE> 2
PART IV
Item 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES,
AND REPORTS ON FORM 8-K
3. Exhibits
See the Index to Exhibits on page 3.
2
<PAGE> 3
<TABLE>
INDEX TO EXHIBITS
<CAPTION>
Source
Exhibit (See footnotes
Number Description that follow)
------ ----------- --------------
<C> <S> <C>
2.1 Reinsurance Agreement dated as of December 31, 1992 <F2>
between General American Life Insurance Company
("General American") and General American Life
Reinsurance Company of Canada ("RGA Canada")
2.2 Retrocession Agreement dated as of <F2>
July 1, 1990 between General American and
The National Reinsurance Company of Canada,
as amended between RGA Canada and General American
on December 31, 1992
2.3 Reinsurance Agreement dated as of <F2>
January 1, 1993 between RGA Reinsurance
Company ("RGA Reinsurance", formerly "Saint Louis
Reinsurance Company") and General American
3.1 Restated Articles of Incorporation of Reinsurance <F1>
Group of America, Incorporated ("RGA")
3.2 Bylaws of RGA <F1>
3.3 Certificate of Designations for Series A Junior <F5>
Participating Preferred Stock (included as Exhibit A
to Exhibit 4.2)
4.1 Form of Specimen Certificate for Common Stock of RGA <F2>
4.2 Rights Agreement dated as of May 4, 1993, between RGA <F5>
and Chase Mellon Shareholder Services, L.L.C., as Rights
Agent
10.1 Marketing Agreement dated as of January 1, 1993 <F3>
between RGA Reinsurance and General American
10.2 Tax Allocation Agreement dated October 30, 1992 <F2>
between RGA Reinsurance and General American
10.3 Tax Allocation Agreement dated as of January 15, 1993 <F2>
among RGA, RGA Reinsurance, and General American
10.4 Tax Sharing Agreement dated as of January 15, 1993 <F2>
among RGA, RGA Reinsurance, and General American
10.5 Administrative Services Agreement dated as of <F3>
January 1, 1993 between RGA and General American
10.6 Administrative Services Agreement dated as of <F3>
January 1, 1993 between RGA Reinsurance
and General American
3
<PAGE> 4
Source
Exhibit (See footnotes
Number Description that follow)
------ ----------- --------------
10.7 Management Agreement dated as of January 1, 1993 <F2><F*>
between RGA Canada and General American
10.8 Investment Advisory Agreement dated as of <F3>
January 1, 1993 between RGA and Conning Asset
Management Company, formerly General American
Investment Management Company ("CAM")
10.9 Investment Advisory Agreement dated as of <F3>
January 1, 1993 between RGA Reinsurance
and CAM
10.10 Lease Agreement dated as of May 17, 1993 between <F4>
RGA and General American and Assignment to RGA
Reinsurance
10.11 Standard Form of General American Automatic <F2>
Agreement
10.12 Standard Form of General American Facultative Agreement <F2>
10.13 Standard Form of General American Automatic and <F2>
Facultative YRT Agreement
10.14 Shareholders' Agreement dated as of November 24, 1992 <F3><F*>
among General American, Fairfield Holding,
Adrian N. Baker II, Richard H. Chomeau, and
Anthony J. Sutcliffe, as amended with RGA and
RGA Reinsurance
10.15 Shareholders' Agreement dated as of March 20, 1992 <F3><F*>
among General American, RGA International, Ltd., formerly
G.A. Canadian Holdings, Ltd., Penta-Life Group Inc.,
Claude M. Genest, Brendan Galligan, Graham Watson,
Societe FSA 50 Inc., Aenigma Holdings Limited, Andre
St-Amour, and Andre Primeau, as amended with RGA
10.16 Registration Rights Agreement dated as of April 15, 1993 <F2>
between RGA and General American
10.17 RGA Reinsurance Management Incentive Plan as amended <F6><F*>
and restated effective November 1, 1996
10.18 RGA Reinsurance Management Deferred <F2><F*>
Compensation Plan (ended January 1, 1995)
10.19 RGA Reinsurance Executive Deferred <F2><F*>
Compensation Plan (ended January 1, 1995)
4
<PAGE> 5
Source
Exhibit (See footnotes
Number Description that follow)
------ ----------- --------------
10.20 RGA Reinsurance Executive Supplemental <F2><F*>
Retirement Plan (ended January 1, 1995)
10.21 RGA Reinsurance Augmented Benefit Plan <F2><F*>
(ended January 1, 1995)
10.22 RGA Flexible Stock Plan as amended and restated
effective November 1, 1996 <F6><F*>
10.23 Form of Directors' Indemnification Agreement <F2>
10.24 RGA Executive Performance Share Plan as amended
and restated effective November 1, 1996 <F6><F*>
10.25 RGA Flexible Stock Plan for Directors <F7><F*>
10.26 Employment Agreement dated April 6, 1992 between RGA
Canada and Andre St-Amour <F*>
13.1 Portions of Annual Report to Shareholders for 1997 <F+>
Incorporated by Reference in the Form 10-K
21.1 Subsidiaries of RGA <F+>
23.1 Consent of KPMG Peat Marwick LLP <F+>
24.1 Powers of Attorney for Messrs. Eason, Edison, Peck <F+>
Greenbaum, Rubenstein, Stiritz, and Trusheim
27.1 Restated Financial Data Schedule for the year
ending December 31, 1997 --
27.2 Restated Financial Data Schedule for the year
ending December 31, 1996 --
27.3 Restated Financial Data Schedule for the year
ending December 31, 1995 --
27.4 Restated Financial Data Schedule for the nine months ending
September 30, 1997 --
27.5 Restated Financial Data Schedule for the six months ending
June 30, 1997 --
27.6 Restated Financial Data Schedule for the three months ending
March 31, 1997 --
27.7 Restated Financial Data Schedule for the nine months ending
September 30, 1996 --
27.8 Restated Financial Data Schedule for the six months ending
June 30, 1996 --
5
<PAGE> 6
27.9 Restated Financial Data Schedule for the three months ending
March 31, 1996 --
<FN>
<F1> Documents incorporated by reference to Registration Statement on Form S-1
(No. 33-58960) filed on 2 March 1993 at the corresponding exhibit.
<F2> Documents incorporated by reference to Amendment No. 1 to Registration
Statement on Form S-1 (No. 33-58960), filed on 14 April 1993 at the corresponding
exhibit.
<F3> Documents incorporated by reference to Amendment No. 2 to Registration
Statement on Form S-1 (No. 33-58960), filed on 29 April 1993 at the corresponding
exhibit.
<F4> Documents incorporated by reference to Form 10-K for fiscal year ended
December 31, 1993 filed 29 March 1994 at the corresponding exhibit.
<F5> Documents incorporated by reference to Amendment No. 1 to Form 10-Q for the
quarter ended March 31, 1997 (No. 1-11848) filed on 21 May 1997 at the
corresponding exhibit.
<F6> Documents incorporated by reference to Form 10-K for the year ended December 31,
1996 (No. 1-11848) filed on 24 March 1997 at the corresponding exhibit.
<F7> Documents incorporated by reference to Registration Statement on Form S-8 (No.
333-27167) filed on 15 May 1997 at the corresponding exhibit.
<F*> Represents a management contract or compensatory plan or arrangement
required to be filed as an exhibit to this form pursuant to Item 14c of
this Part IV.
<F+> Previously filed.
</TABLE>
6
<PAGE> 7
SIGNATURES
----------
Pursuant to the requirements of Section 13 or 15 (d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
Reinsurance Group of America, Incorporated
By: /s/ Jack B. Lay 4/8/98
---------------------------------
Jack B. Lay
Executive Vice President & Chief Financial Officer
(Principal Financial and Accounting Officer)
7
<TABLE> <S> <C>
<ARTICLE> 7
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINANCIAL STATEMENTS OF THE REGISTRANT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLAR
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<DEBT-HELD-FOR-SALE> 2,528,290
<DEBT-CARRYING-VALUE> 0
<DEBT-MARKET-VALUE> 0
<EQUITIES> 11,757
<MORTGAGE> 165,452
<REAL-ESTATE> 0
<TOTAL-INVEST> 3,634,001
<CASH> 37,395
<RECOVER-REINSURE> 316,156
<DEFERRED-ACQUISITION> 289,842
<TOTAL-ASSETS> 4,673,550
<POLICY-LOSSES> 3,213,811
<UNEARNED-PREMIUMS> 0
<POLICY-OTHER> 344,848
<POLICY-HOLDER-FUNDS> 0
<NOTES-PAYABLE> 106,830
0
0
<COMMON> 261
<OTHER-SE> 499,060
<TOTAL-LIABILITY-AND-EQUITY> 4,673,550
835,460
<INVESTMENT-INCOME> 188,333
<INVESTMENT-GAINS> 334
<OTHER-INCOME> 47,388
<BENEFITS> 658,062
<UNDERWRITING-AMORTIZATION> 76,989
<UNDERWRITING-OTHER> 99,493
<INCOME-PRETAX> 84,071
<INCOME-TAX> 28,750
<INCOME-CONTINUING> 55,321
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 54,619
<EPS-PRIMARY> 2.15<F1><F2>
<EPS-DILUTED> 2.13<F2>
<RESERVE-OPEN> 0
<PROVISION-CURRENT> 0
<PROVISION-PRIOR> 0
<PAYMENTS-CURRENT> 0
<PAYMENTS-PRIOR> 0
<RESERVE-CLOSE> 0
<CUMULATIVE-DEFICIENCY> 0
<FN>
<F1> Item consists of basic earnings per share
<F2> Item adjusted for three-for-two stock split on August 29, 1997
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 7
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINANCIAL STATEMENTS OF THE REGISTRANT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLAR
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<EXCHANGE-RATE> 1
<DEBT-HELD-FOR-SALE> 1,517,264
<DEBT-CARRYING-VALUE> 0
<DEBT-MARKET-VALUE> 0
<EQUITIES> 5,997
<MORTGAGE> 98,262
<REAL-ESTATE> 0
<TOTAL-INVEST> 2,272,048
<CASH> 13,145
<RECOVER-REINSURE> 59,618
<DEFERRED-ACQUISITION> 233,565
<TOTAL-ASSETS> 2,893,654
<POLICY-LOSSES> 1,862,284
<UNEARNED-PREMIUMS> 0
<POLICY-OTHER> 206,284
<POLICY-HOLDER-FUNDS> 0
<NOTES-PAYABLE> 106,493
0
0
<COMMON> 174
<OTHER-SE> 425,384
<TOTAL-LIABILITY-AND-EQUITY> 2,893,654
674,885
<INVESTMENT-INCOME> 136,828
<INVESTMENT-GAINS> 930
<OTHER-INCOME> 17,386
<BENEFITS> 560,445
<UNDERWRITING-AMORTIZATION> 51,987
<UNDERWRITING-OTHER> 84,522
<INCOME-PRETAX> 87,061
<INCOME-TAX> 31,687
<INCOME-CONTINUING> 55,374
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 55,072
<EPS-PRIMARY> 2.18<F1><F2>
<EPS-DILUTED> 2.17<F2>
<RESERVE-OPEN> 0
<PROVISION-CURRENT> 0
<PROVISION-PRIOR> 0
<PAYMENTS-CURRENT> 0
<PAYMENTS-PRIOR> 0
<RESERVE-CLOSE> 0
<CUMULATIVE-DEFICIENCY> 0
<FN>
<F1> Item consists of basic earnings per share
<F2> Item adjusted for three-for-two stock split on August 29, 1997
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 7
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINANCIAL STATEMENTS OF THE REGISTRANT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLAR
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<EXCHANGE-RATE> 1
<DEBT-HELD-FOR-SALE> 872,804
<DEBT-CARRYING-VALUE> 0
<DEBT-MARKET-VALUE> 0
<EQUITIES> 3,112
<MORTGAGE> 14,653
<REAL-ESTATE> 0
<TOTAL-INVEST> 1,405,513
<CASH> 18,258
<RECOVER-REINSURE> 64,076
<DEFERRED-ACQUISITION> 186,813
<TOTAL-ASSETS> 1,989,934
<POLICY-LOSSES> 1,200,609
<UNEARNED-PREMIUMS> 0
<POLICY-OTHER> 207,673
<POLICY-HOLDER-FUNDS> 0
<NOTES-PAYABLE> 0
0
0
<COMMON> 174
<OTHER-SE> 376,755
<TOTAL-LIABILITY-AND-EQUITY> 1,989,934
569,990
<INVESTMENT-INCOME> 90,117
<INVESTMENT-GAINS> 31
<OTHER-INCOME> 7,994
<BENEFITS> 463,867
<UNDERWRITING-AMORTIZATION> 41,333
<UNDERWRITING-OTHER> 56,739
<INCOME-PRETAX> 74,619
<INCOME-TAX> 27,148
<INCOME-CONTINUING> 47,471
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 47,291
<EPS-PRIMARY> 1.87<F1><F2>
<EPS-DILUTED> 1.87<F2>
<RESERVE-OPEN> 0
<PROVISION-CURRENT> 0
<PROVISION-PRIOR> 0
<PAYMENTS-CURRENT> 0
<PAYMENTS-PRIOR> 0
<RESERVE-CLOSE> 0
<CUMULATIVE-DEFICIENCY> 0
<FN>
<F1> Item consists of basic earnings per share
<F2> Item adjusted for three-for-two stock split on August 29, 1997
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 7
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF THE REGISTRANT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLAR
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<EXCHANGE-RATE> 1
<DEBT-HELD-FOR-SALE> 2,166,331
<DEBT-CARRYING-VALUE> 0
<DEBT-MARKET-VALUE> 0
<EQUITIES> 11,757
<MORTGAGE> 151,501
<REAL-ESTATE> 0
<TOTAL-INVEST> 2,991,829
<CASH> 18,429
<RECOVER-REINSURE> 52,292
<DEFERRED-ACQUISITION> 275,412
<TOTAL-ASSETS> 3,756,412
<POLICY-LOSSES> 2,530,824
<UNEARNED-PREMIUMS> 0
<POLICY-OTHER> 252,014
<POLICY-HOLDER-FUNDS> 0
<NOTES-PAYABLE> 107,715
0
0
<COMMON> 261
<OTHER-SE> 470,973
<TOTAL-LIABILITY-AND-EQUITY> 3,756,412
604,850
<INVESTMENT-INCOME> 134,376
<INVESTMENT-GAINS> 566
<OTHER-INCOME> 13,929
<BENEFITS> 528,403
<UNDERWRITING-AMORTIZATION> 45,808
<UNDERWRITING-OTHER> 88,900
<INCOME-PRETAX> 49,231
<INCOME-TAX> 16,553
<INCOME-CONTINUING> 32,678
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 32,295
<EPS-PRIMARY> 1.27<F1><F2>
<EPS-DILUTED> 1.26<F2>
<RESERVE-OPEN> 0
<PROVISION-CURRENT> 0
<PROVISION-PRIOR> 0
<PAYMENTS-CURRENT> 0
<PAYMENTS-PRIOR> 0
<RESERVE-CLOSE> 0
<CUMULATIVE-DEFICIENCY> 0
<FN>
<F1> Item consists of basic earnings per share
<F2> Item adjusted for three-for-two stock split on August 29, 1997
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 7
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF THE REGISTRANT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLAR
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<EXCHANGE-RATE> 1
<DEBT-HELD-FOR-SALE> 1,815,933
<DEBT-CARRYING-VALUE> 0
<DEBT-MARKET-VALUE> 0
<EQUITIES> 6,992
<MORTGAGE> 112,994
<REAL-ESTATE> 0
<TOTAL-INVEST> 2,586,619
<CASH> 11,891
<RECOVER-REINSURE> 82,221
<DEFERRED-ACQUISITION> 259,719
<TOTAL-ASSETS> 3,361,082
<POLICY-LOSSES> 2,195,537
<UNEARNED-PREMIUMS> 0
<POLICY-OTHER> 253,308
<POLICY-HOLDER-FUNDS> 0
<NOTES-PAYABLE> 106,145
0
0
<COMMON> 261
<OTHER-SE> 439,934
<TOTAL-LIABILITY-AND-EQUITY> 3,361,082
406,940
<INVESTMENT-INCOME> 87,844
<INVESTMENT-GAINS> 919
<OTHER-INCOME> 8,991
<BENEFITS> 362,865
<UNDERWRITING-AMORTIZATION> 29,597
<UNDERWRITING-OTHER> 58,671
<INCOME-PRETAX> 26,928
<INCOME-TAX> 8,756
<INCOME-CONTINUING> 18,172
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 17,923
<EPS-PRIMARY> 0.70<F1><F2>
<EPS-DILUTED> 0.70<F2>
<RESERVE-OPEN> 0
<PROVISION-CURRENT> 0
<PROVISION-PRIOR> 0
<PAYMENTS-CURRENT> 0
<PAYMENTS-PRIOR> 0
<RESERVE-CLOSE> 0
<CUMULATIVE-DEFICIENCY> 0
<FN>
<F1> Item consists of basic earnings per share
<F2> Item adjusted for three-for-two stock split on August 29, 1997
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 7
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF THE REGISTRANT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLAR
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<EXCHANGE-RATE> 1
<DEBT-HELD-FOR-SALE> 1,708,304
<DEBT-CARRYING-VALUE> 0
<DEBT-MARKET-VALUE> 0
<EQUITIES> 6,992
<MORTGAGE> 99,359
<REAL-ESTATE> 0
<TOTAL-INVEST> 2,471,165
<CASH> 11,666
<RECOVER-REINSURE> 71,798
<DEFERRED-ACQUISITION> 245,438
<TOTAL-ASSETS> 3,148,016
<POLICY-LOSSES> 2,064,324
<UNEARNED-PREMIUMS> 0
<POLICY-OTHER> 249,841
<POLICY-HOLDER-FUNDS> 0
<NOTES-PAYABLE> 106,377
0
0
<COMMON> 174
<OTHER-SE> 407,538
<TOTAL-LIABILITY-AND-EQUITY> 3,148,016
205,372
<INVESTMENT-INCOME> 41,849
<INVESTMENT-GAINS> 387
<OTHER-INCOME> 4,155
<BENEFITS> 195,882
<UNDERWRITING-AMORTIZATION> 14,370
<UNDERWRITING-OTHER> 26,097
<INCOME-PRETAX> 2,947
<INCOME-TAX> (1)
<INCOME-CONTINUING> 2,948
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,828
<EPS-PRIMARY> 0.11<F1><F2>
<EPS-DILUTED> 0.11<F2>
<RESERVE-OPEN> 0
<PROVISION-CURRENT> 0
<PROVISION-PRIOR> 0
<PAYMENTS-CURRENT> 0
<PAYMENTS-PRIOR> 0
<RESERVE-CLOSE> 0
<CUMULATIVE-DEFICIENCY> 0
<FN>
<F1> Item consists of basic earnings per share
<F2> Item adjusted for three-for-two stock split on August 29, 1997
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 7
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF THE REGISTRANT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLAR
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<EXCHANGE-RATE> 1
<DEBT-HELD-FOR-SALE> 1,491,176
<DEBT-CARRYING-VALUE> 0
<DEBT-MARKET-VALUE> 0
<EQUITIES> 0
<MORTGAGE> 41,655
<REAL-ESTATE> 0
<TOTAL-INVEST> 2,080,209
<CASH> 14,436
<RECOVER-REINSURE> 58,033
<DEFERRED-ACQUISITION> 516,899
<TOTAL-ASSETS> 2,714,756
<POLICY-LOSSES> 1,726,543
<UNEARNED-PREMIUMS> 0
<POLICY-OTHER> 212,078
<POLICY-HOLDER-FUNDS> 0
<NOTES-PAYABLE> 106,442
0
0
<COMMON> 174
<OTHER-SE> 386,477
<TOTAL-LIABILITY-AND-EQUITY> 2,714,756
482,599
<INVESTMENT-INCOME> 96,798
<INVESTMENT-GAINS> 1,922
<OTHER-INCOME> 12,632
<BENEFITS> 407,594
<UNDERWRITING-AMORTIZATION> 36,334
<UNDERWRITING-OTHER> 57,345
<INCOME-PRETAX> 59,315
<INCOME-TAX> 21,840
<INCOME-CONTINUING> 37,475
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 36,613
<EPS-PRIMARY> 1.45<F1><F2>
<EPS-DILUTED> 1.44<F2>
<RESERVE-OPEN> 0
<PROVISION-CURRENT> 0
<PROVISION-PRIOR> 0
<PAYMENTS-CURRENT> 0
<PAYMENTS-PRIOR> 0
<RESERVE-CLOSE> 0
<CUMULATIVE-DEFICIENCY> 0
<FN>
<F1> Item consists of basic earnings per share
<F2> Item adjusted for three-for-two stock split on August 29, 1997
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 7
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF THE REGISTRANT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLAR
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<EXCHANGE-RATE> 1
<DEBT-HELD-FOR-SALE> 1,361,925
<DEBT-CARRYING-VALUE> 0
<DEBT-MARKET-VALUE> 0
<EQUITIES> 0
<MORTGAGE> 0
<REAL-ESTATE> 0
<TOTAL-INVEST> 1,617,644
<CASH> 14,692
<RECOVER-REINSURE> 69,522
<DEFERRED-ACQUISITION> 203,335
<TOTAL-ASSETS> 2,498,485
<POLICY-LOSSES> 1,571,687
<UNEARNED-PREMIUMS> 0
<POLICY-OTHER> 208,749
<POLICY-HOLDER-FUNDS> 0
<NOTES-PAYABLE> 104,496
0
0
<COMMON> 174
<OTHER-SE> 372,388
<TOTAL-LIABILITY-AND-EQUITY> 2,498,485
331,315
<INVESTMENT-INCOME> 60,925
<INVESTMENT-GAINS> 1,795
<OTHER-INCOME> 7,878
<BENEFITS> 281,252
<UNDERWRITING-AMORTIZATION> 23,409
<UNDERWRITING-OTHER> 37,637
<INCOME-PRETAX> 38,636
<INCOME-TAX> 14,247
<INCOME-CONTINUING> 24,389
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 23,996
<EPS-PRIMARY> 0.95<F1><F2>
<EPS-DILUTED> 0.94<F2>
<RESERVE-OPEN> 0
<PROVISION-CURRENT> 0
<PROVISION-PRIOR> 0
<PAYMENTS-CURRENT> 0
<PAYMENTS-PRIOR> 0
<RESERVE-CLOSE> 0
<CUMULATIVE-DEFICIENCY> 0
<FN>
<F1> Item consists of basic earnings per share
<F2> Item adjusted for three-for-two stock split on August 29, 1997
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 7
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF THE REGISTRANT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLAR
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<EXCHANGE-RATE> 1
<DEBT-HELD-FOR-SALE> 1,162,269
<DEBT-CARRYING-VALUE> 0
<DEBT-MARKET-VALUE> 0
<EQUITIES> 0
<MORTGAGE> 0
<REAL-ESTATE> 0
<TOTAL-INVEST> 1,796,748
<CASH> 14,927
<RECOVER-REINSURE> 74,211
<DEFERRED-ACQUISITION> 193,734
<TOTAL-ASSETS> 2,352,176
<POLICY-LOSSES> 1,429,908
<UNEARNED-PREMIUMS> 0
<POLICY-OTHER> 222,507
<POLICY-HOLDER-FUNDS> 0
<NOTES-PAYABLE> 104,349
0
0
<COMMON> 174
<OTHER-SE> 366,832
<TOTAL-LIABILITY-AND-EQUITY> 2,352,176
167,892
<INVESTMENT-INCOME> 27,875
<INVESTMENT-GAINS> 562
<OTHER-INCOME> 4,093
<BENEFITS> 143,685
<UNDERWRITING-AMORTIZATION> 11,416
<UNDERWRITING-OTHER> 19,009
<INCOME-PRETAX> 17,028
<INCOME-TAX> 6,249
<INCOME-CONTINUING> 10,779
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 10,536
<EPS-PRIMARY> 0.42<F1><F2>
<EPS-DILUTED> 0.42<F2>
<RESERVE-OPEN> 0
<PROVISION-CURRENT> 0
<PROVISION-PRIOR> 0
<PAYMENTS-CURRENT> 0
<PAYMENTS-PRIOR> 0
<RESERVE-CLOSE> 0
<CUMULATIVE-DEFICIENCY> 0
<FN>
<F1> Item consists of basic earnings per share
<F2> Item adjusted for three-for-two stock split on August 29, 1997
</TABLE>
