UNITED LIFE & ANNUITY INSURANCE COMPANY
UNITED LIFE & ANNUITY SEPARATE ACCOUNT ONE
Supplement Dated March 16, 1999
Prospectus Dated May 1, 1998
On February 21, 1999 PennCorp Financial Group, Inc. ("PennCorp") entered
into a definitive agreement with ING America Insurance Holdings Inc. ("ING") to
sell United Life & Annuity Insurance Company ("ULA"), United Variable Services,
Inc. ("UVS") and certain related companies and assets to ING. PennCorp is the
ultimate parent of ULA, the issuer of variable annuity contracts. UVS is the
underwriter of said contracts. ING's ultimate parent is ING Group, headquartered
in the Netherlands. ING Group is one of the largest financial services
organizations in the world. Consummation of the acquisition, which is subject to
a number of conditions, including customary regulatory approvals, is anticipated
to occur during the second quarter of 1999.
