WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912577
<NAME> Federated Insurance Series
<SERIES>
<NUMBER> 04
<NAME> Federated High Income Bond Fund II - Primary Shares
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Dec-31-2000
<PERIOD-END> Jun-30-2000
<INVESTMENTS-AT-COST> 264,873,411
<INVESTMENTS-AT-VALUE> 230,879,723
<RECEIVABLES> 4,592,611
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,263
<TOTAL-ASSETS> 235,473,597
<PAYABLE-FOR-SECURITIES> 1,289,143
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22,659
<TOTAL-LIABILITIES> 1,311,802
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 261,561,569
<SHARES-COMMON-STOCK> 25,686,521
<SHARES-COMMON-PRIOR> 23,338,453
<ACCUMULATED-NII-CURRENT> 11,757,350
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5,163,436)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (33,993,688)
<NET-ASSETS> 234,161,542
<DIVIDEND-INCOME> 433,008
<INTEREST-INCOME> 12,154,858
<OTHER-INCOME> 0
<EXPENSES-NET> (877,630)
<NET-INVESTMENT-INCOME> 11,710,236
<REALIZED-GAINS-CURRENT> (3,292,122)
<APPREC-INCREASE-CURRENT> (13,032,531)
<NET-CHANGE-FROM-OPS> (4,614,417)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (20,675,669)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,807,988
<NUMBER-OF-SHARES-REDEEMED> (6,719,555)
<SHARES-REINVESTED> 2,259,635
<NET-CHANGE-IN-ASSETS> (42,926,671)
<ACCUMULATED-NII-PRIOR> 20,722,783
<ACCUMULATED-GAINS-PRIOR> (1,871,314)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 679,241
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 877,630
<AVERAGE-NET-ASSETS> 227,664,931
<PER-SHARE-NAV-BEGIN> 10.240
<PER-SHARE-NII> 0.500
<PER-SHARE-GAIN-APPREC> (0.690)
<PER-SHARE-DIVIDEND> (0.930)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.120
<EXPENSE-RATIO> 0.78
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
