Date: Thursday, 18-Dec-97 09:52:18 GMT Server: TRINET/NCSA/1.3R.2 MIME-version: 1.0 Content-type: text/html Last-modified: Tuesday, 25-Nov-97 19:10:27 GMT Content-length: 29880 Jefferson-Pilot Press Releases
Jefferson-Pilot Press Release


For Immediate Release by
Jefferson-Pilot Corporation
P.O. Box 21008
Greensboro, NC 27420
Contact: Michael J. Burney
910/691-3313

November 18, 1997

AMERICAN COUNCIL OF LIFE INSURANCE NAMES NEW CHAIRMAN

(GREENSBORO - November 18, 1997) -- David A. Stonecipher, FSA, president and chief executive officer of Jefferson-Pilot Corporation and Jefferson-Pilot Life Insurance Comapny, was elected chairman of the American Council of Life Insurance (ACLI) during the association's annual meeting held in Washington, DC on November 18.

Mr. Stonecipher succeeds Thomas C. Sutton, chairman and chief executive officer of Pacific Life Insurance Company. Mr. Sutton will now fill the post of immediaiate past chairman on the ACLI Board of Directors.

A native of Cleveland, Tenn., Mr. Stonecipher has been with Jefferson-Pilot since September 1992. He became president and chief executive officer of both Jefferson-Pilot Corporation and Jefferson-Pilot Life Insurance Company on March 1, 1993. Mr. Stonecipher started his insurance career in 1964 as an actuarial trainee with the Life Insurance Company of Georgia in Atlanta following a stint in the U.S. Army. He was promoted to vice president and actuary in 1975, president and chief operating officer in 1989, and finally chief executive officer in 1991. In 1990, he was elected president of Southland Life Insurance Company, and in 1991 was elected president and a member of the board of Georgia US Corporation, the parent of Life of Georgia and Southland Life.

Mr. Stonecipher is a graduate of Vanderbilt University and Georgia State University, and was designated a Fellow of the Society of Actuaries (FSA) in 1970.


For Immediate Release by
Jefferson-Pilot Corporation
P.O. Box 21008
Greensboro, NC 27420
Contact: Michael J. Burney
910/691-3313

November 13, 1997

Mlekush Elected Chair of LIMRA Board

(GREENSBORO - November 13, 1997) -- Kenneth C. Mlekush, CLU, ChFC, LLIF, executive vice president -- individual, Jefferson-Pilot Life Insurance Company, was elected chair of the Board of Directors of LIMRA International at the Association's Annual Meeting held recently at the Wyndham Anatole Hotel in Dallas, Texas. LIMRA International was established in 1916 and is the premier financial services research organization in the world. It offers quality consultation, training, publications, and meetings to support and enhance the marketing function of its member companies worldwide.

Mlekush succeeds Samuel J. Foti, president and chief operating officer of The Mutual Life of New York, and will serve a one-year-term as head of the 25-person board.

Mlekush has a long and varied career in the life insurance marketing field including serving as president and chief operating officer of Southland Life. He joined Jefferson-Pilot in 1993 as executive vice president -- individual and senior vice president of the Jefferson-Pilot Corporation.


For Immediate Release by
Jefferson-Pilot Corporation
P.O. Box 21008
Greensboro, NC 27420
Contact: John T. Still, III
910/691-3382

October 29, 1997

JEFFERSON-PILOT REPORTS RECORD THIRD QUARTER RESULTS WITH OPERATING EARNINGS PER SHARE UP 17.8 PERCENT

(GREENSBORO - October 29, 1997) -- Jefferson- Pilot Corporation reported today that its earnings per share before realized investment gains for the third quarter of 1997 increased 17.8 percent to a record level of $1.06 from $0.90 in the third quarter of 1996. Total earnings per share including realized investment gains reached $1.12 for the quarter, up 7.7 percent from $1.04 a year earlier.

For the first nine months of 1997, Jefferson-Pilot’s earnings per share from operations increased 15.2 percent to $3.10 from $2.69 in the same period of 1996, while total earnings per share including realized investment gains were up 34.5 percent to $4.09 from $3.04. Realized investment gains were unusually large in the first half of 1997 due to sales of appreciated securities to finance the May 1997 acquisition of Chubb Life.

With strong individual life insurance profit gains, Jefferson-Pilot’s earnings available to common stockholders before realized investment gains increased 17.9 percent in the third quarter and 14.6 percent year to date. Individual life insurance profits increased 62.5 percent to $60,185,000 from $37,039,000 in the quarter and gained 38.4 percent to $154,346,000 from $111,513,000 for the nine months. The Chubb Life operations have been adding earnings since completion of the acquisition effective May 1, 1997 and made a significant contribution to Jefferson-Pilot’s third quarter individual life insurance results.

Earnings from annuity and investment products, while lower for the quarter at $16,036,000 versus $17,964,000 a year earlier, increased 11.9 percent year to date to $53,540,000 from $47,863,000.

Group insurance earnings declined in the quarter to $2,065,000 from $5,516,000, and totaled $12,363,000 for the nine months, compared to $20,659,000 in the 1996 period. Group life insurance profitability was satisfactory in the quarter, but group medical insurance lines reflected adverse market conditions.

Jefferson-Pilot Communications Company recorded quarterly earnings of $5,682,000, down slightly from very strong profits of $5,791,000 a year earlier. Year to date, Communications’ earnings totaled $18,187,000 compared to $20,777,000 in the same period of 1996. The 1996 period included tax refunds and related interest amounts, without which year-to-date earnings would have been approximately flat. The Communications Company’s broadcast cash flow was up 6 percent for the quarter and almost 14 percent year to date.

Jefferson- Pilot Chief Executive Officer David A. Stonecipher stated in reviewing the third quarter and year-to-date results that “Our acquisition of Chubb Life already can be judged a tremendous success. These operations, as we expected, have bolstered our presence and profitability in the individual life insurance business substantially, and we are very pleased with the contributions of Chubb’s people and operations. Overall, this was a good quarter, although we continue to have work to do to bring our group insurance business back to satisfactory profit levels.”



Jefferson-Pilot Corporation Third Quarter and
Nine-Month Results
Three Months Ended Sept. 30, 1997 Sept. 30, 1996
Income per share applicable to common stockholders, before gain from sales of investments $1.06 $0.90
Gain from sales of investments, net of income taxes$0.06$0.14
Net income per share applicable to common stockholders $1.12 $1.04
Income available to common stockholders, before gain from sales of investments $75,109,000 $63,727,000
Gain from sales of investments, net of income taxes 4,130,000 10,347,000
Net income available to common stockholders $79,239,000 $74,074,000
Average number of shares outstanding 70,850,275 71,078,766
Nine Months Ended Sept. 30, 1997 Sept. 30, 1996
Income per share applicable to common stockholders, before gain from sales of investments $3.10 $2.69
Gain from sales of investments, net of income taxes$0.99$0.35
Net income per share applicable to common stockholders $4.09 $3.04
Income available to common stockholders, before gain from sales of investments $219,173,000 $191,295,000
Gain from sales of investments, net of income taxes 70,491,000 25,258,000
Net income available to common stockholders $289,664,000 $216,553,000
Average number of shares outstanding 70,797,684 71,183,473

July 29, 1997

JEFFERSON-PILOT REPORTS 15.2 PERCENT INCREASE IN SECOND QUARTER OPERATING EARNINGS

(GREENSBORO, NC - July 29, 1997) - Jefferson-Pilot Corporation reported today that its second-quarter earnings before realized investment gains increased 15.2 percent to $1.06 per share from $0.92 in the second quarter of 1996. For the first six months of 1997, earnings before realized gains increased 14.0 percent to $2.04 from $1.79 for the first half of 1996. During the first and second quarters of 1997, Jefferson-Pilot sold appreciated investments to finance the acquisition of Chubb Life, resulting in unusually large realized investment gains. Including such investment gains, total second-quarter earnings per share increased 41.2 percent to $1.44 from $1.02 a year ago, and total six-month earnings increased 48.5 percent to $2.97 per share from $2.00 per share.

Jefferson-Pilot's earnings available to common stockholders before realized investment gains increased 14.8 percent for the second quarter and 12.9 percent for the six months. This strong performance was led by individual life insurance operations, with a 37.3 percent profit advance to $52,354,000 from $38,143,000 for the quarter, and a gain of 24.3 percent year to date to $94,167,000 from $75,774,000. Chubb Life operations, acquired effective May 1, 1997, began to contribute to Jefferson-Pilot's earnings in the second quarter.

Earnings from Jefferson-Pilot's annuity and investment products business also posted a substantial increase of 19.5 percent to $18,344,000 from $15,356,000 for the quarter, with first-half earnings up 30.4 percent to $37,290,000 from $28,599,000.

Group insurance results, continuing to reflect difficult industry conditions in the medical insurance business, declined to $4,673,000 for the quarter from $8,456,000, and, for the six months, amounted to $10,510,000 versus $15,143,000 a year earlier. Notwithstanding weakness in accident and health insurance lines, group life insurance earnings were up for both the quarter and first half.

Jefferson-Pilot Communications Company earned $5,581,000 in the quarter, down slightly from $5,811,000 a year ago. First-half 1997 communications profits totaled $12,505,000, compared to $14,986,000 in the same period of 1996. The 1996 results included tax refunds and related interest, which, if excluded, makes six-month results approximately level year to year.

Commenting on the second quarter, Jefferson-Pilot Chief Executive David Stonecipher noted that "Jefferson-Pilot's core life insurance and annuity operations continued to perform very well in the second quarter. In addition, we achieved an important milestone with the completion of the Chubb Life acquisition, which has considerably raised our profile and strengthened our market presence. We believe that Jefferson-Pilot remains solidly on track as an emerging leader in the life insurance industry."
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Jefferson-Pilot Corporation, a holding company, is one of the nation's largest shareholder-owned life insurance companies. Jefferson-Pilot's present life insurance and annuity companies, principally Jefferson-Pilot Life, Alexander Hamilton Life, and Chubb Life, together offer full lines of individual and group life and health insurance and annuity products. Jefferson-Pilot Communications Company owns and operates three network television stations and 17 radio stations, and products and syndicates sports programming.


May 14, 1997

JEFFERSON-PILOT COMPLETES PURCHASE OF CHUBB LIFE

(Greensboro, North Carolina, May 13.1997)Jefferson-Pilot Corporation announced today that it has completed the acquisition of Chubb Life Insurance Company of America and its subsidiaries from The Chubb Corporation. The purchase price was $875 million which was paid by a $100 million dividend from Chubb Life to The Chubb Corporation and $775 million in cash from Jefferson-Pilot Corporation.

David A Stonecipher Chief Executive Officer of Jefferson-Pilot stated, "The combination of our two companies has created a new national force in the life insurance industry. We offer an attractive opportunity for agents across the country backed with the peace of mind that comes with dealing with one of the most highly rated and financially sound life insurance organizations in the business. We are excited about the people and operations of Chubb life and the strength they add to our operations. We are also grateful to the management at The Chubb Corporation the their assistance in bringing this acquisition to a timely close."

The Chubb Life companies offer a broad range of individual life insurance products, and are leading providers of variable universal life and term products. The Chubb Life companies distribute their products through an independent network that includes more than 1,300 general agents and 9,000 agents.

In addition, Chubb Securities, a full service NASH registered broker dealer offers securities and support services to equity-oriented insurance professionals and financial planners. Chubb Securities has approximately 1,200 registered representatives, all of whom are agents or general agents of the Chubb Life companies.

The Chubb Life companies have total assets of nearly $5 billion. Following the acquisition, the combined companies will have more than 25,000 sales representatives, almost two million customers, end more than $160 billion of life insurance in force.


Terry Stone named President of Jefferson-Pilot Communications
April 29, 1997

JEFFERSON-PILOT REPORTS 12.6 PERCENT INCREASE IN EARNINGS PER SHARE FROM OPERATIONS AND 57.1 PERCENT GAIN IN TOTAL EARNINGS PER SHARE

(GREENSBORO, N.C. - April 29, 1997) - Jefferson-Pilot Corporation announced today that operating earnings per share for the first quarter of 1997 increased 12.6 percent to $0.98 from $0.87 for the first period of 1996. Boosted by higher realized investment gains, total earnings per share for the quarter rose 57.1 percent to $1.54 from $0.98.

Jefferson-Pilot's earnings from operations before realized investment gains and preferred dividend payments increased 16.7 percent for the quarter to $73,591,000 from $63,080,000, with strong performance evident in the core individual life insurance and annuity lines. Individual life insurance earnings increased 12.2 percent to $41,819,000 for the quarter from $37,275,000 a year earlier, while annuity and investment product earnings were up 39.3 percent to $18,946,000 from $13,599,000. Group insurance profits were lower at $5,838,000 versus $6,687,000 in the first quarter last year as a result of continuing margin pressure in accident and health lines. Jefferson-Pilot Communications Company earned $6,924,000 in the first quarter compared to $9,175,000 a year ago. The 1996 quarter included an after-tax contribution of $2,505,000 from tax refunds and related interest; excluding such income, communications' earnings increased 3.8 percent. Jefferson-Pilot Communications' broadcast cash flow was up 17.2 percent for the quarter. Jefferson-Pilot Chief Executive Officer David Stonecipher commented, "Our performance was strong overall for the first quarter, and we are particularly pleased with the good earnings progress in our core life insurance and annuity businesses. In addition, we remain on track to complete our acquisition of Chubb Life in the second quarter and look forward to the substantial benefits that we expect from the acquisition."


March 31, 1997
Contact: Elaine Clark, CO-OPPORTUNITIES (707) 864-2667 or
Sherry Cordonnier, BauMac Communications (916)758-8315
Web site address: www.jpcoop.com

Jefferson-Pilot CO-OPPORTUNITIES Launches New Business Development System

Suisun, CA - Jefferson-Pilot CO-OPPORTUNITIES, the leading co-op and promotional sales development service for the broadcast, cable and print industries, officially announced the release of MarketPro! Creative Ad Sales and Revenue Systems. The only product of its kind, MarketPro! combines software, consulting and research into a comprehensive system that allows sales personnel to target, plan, implement and track the results of their sales efforts. Most importantly, MarketPro! users can expect annual sales increases of 15 percent or more.

In addition to its user-friendly database with approximately 10,000 local and national co-op plans, MarketPro! provides hundreds of revenue-generating promotional ideas, along with pertinent information such as peak sales times for a variety of industries and in-depth business profiles. The system's information and databases are updated on a monthly basis via floppy disks, faxing services and newsletters.

"There's no other service available that combines co-op planning information, business profiles, consulting and account management all in one service," explained Elaine Clark, Director of Marketing and Operations for Jefferson-Pilot CO-OPPORTUNITIES. "Essentially, MarketPro! gives you everything you need to target the account, plan the promotion, close the sale, run the ad, collect the reimbursement funds and track the results."

The entire MarketPro! package is a modular system that includes software, training, research, unlimited consultation, a monthly newsletter with updated information, monthly database updates on disk, a co-op accrual search service and a monthly faxing service for short-term, manufacturer-sponsored co-op promotions. For smaller media organizations that do not require the entire package, the MarketPro! Programs can be obtained separately. The MarketPro! Software runs in Windows and can operate in both single-user and network environments.


FEBRUARY 24, 1997

JEFFERSON-PILOT TO ACQUIRE LIFE INSURANCE
OPERATIONS OF THE CHUBB CORPORATION



(Greensboro, North Carolina, February 24, 1997) Jefferson-Pilot Corporation announced today that it has signed a definitive agreement to acquire the life insurance operations of The Chubb Corporation. The agreement calls for a purchase price of $875 million, with a closing expected as soon as regulatory approvals are obtained. Jefferson-Pilot expects to finance the purchase primarily through internally available resources.

Chubb Life Insurance Company of America and its subsidiaries offer a broad range of individual life insurance products and are leading providers of variable universal life products. The Chubb Life Companies distribute their products through an independent network that includes more than 1,300 general agents and 9,000 agents.

In addition, Chubb Securities, a full-service NASD registered broker dealer, offers securities support and services to equity-oriented insurance professionals and financial planners. Chubb Securities has approximately 1,200 registered representatives, all of which are agents or general agents of the Chubb Life Companies. The Chubb Life Companies have total assets of nearly $5 billion. Following the acquisition, the combined companies will have more than 25,000 sales representatives, almost two million customers, and more than $160 billion of life insurance in force.

Jefferson-Pilot President and Chief Executive Officer, David A. Stonecipher, stated that this acquisition is the next step in Jefferson-Pilot's continuing efforts toward market leadership. "Our Vision Statement states that we will grow faster than our competitors and strive to be one of the largest providers in each of our target product and geographic segments," Stonecipher said. "With the purchase of Chubb Life, our combined companies will rank in the top 15 of life insurance companies nationwide based on total life premium income. Annual life sales will be approximately $200 million, ranking us in the top ten life insurance companies in the United States for life sales. Within the universal life product category, which has been our main life thrust, recent LIMRA statistics would place us among the top three companies in the U.S. Chubb Life's variable life product offerings and distribution system will substantially broaden our ability to market products throughout the nation. We look forward to welcoming them to the Jefferson-Pilot family."

Jefferson-Pilot Corporation, a holding company, is one of the nation's largest shareholder-owned life insurance organizations. Jefferson-Pilot's present life insurance and annuity companies, principally Jefferson-Pilot Life and Alexander Hamilton Life, together offer full lines of individual and group life and health insurance and annuity products. Jefferson-Pilot Communications Company owns and operates three network affiliated television stations, 17 radio stations and a sports production company.




February 11, 1997

Jefferson-Pilot Operating Earnings Per Share Increase 17.3 Percent for 1996

GREENSBORO, N.C., Feb. 6/PRNewswire/ -- Jefferson-Pilot Corporation (NYSE: JP) reported today that 1996 earnings per share before realized gains from sales of investments increased 17.3 percent to a record $3.66 from $3.12 in 1995. Realized investment gains totaled $0.43 per share for 1996 versus $0.69 for 1995, bringing total 1996 earnings per share to $4.09, up 7.3 percent from the 1995 total earnings of $3.81. Realized gains for 1995 included gains of $0.23 per share arising from the sale of discontinued operations. Excluding such gains, total earnings per share increased by 14.2 percent in 1996. Operating income for 1996 reached a record $290,529,000 up 14.2 percent from $254,456,000 in 1995. Net income available to common shareholders increased 6.4 percent to $290,529,000 in 1996 from $272,997,000 in 1995. For the fourth quarter of 1996, Jefferson-Pilot earned $0.97 per share before realized investment gains, compared to very strong earnings of $1.00 per share in the final quarter of 1995. Total fourth-quarter earnings including investment gains reached $1.05 per share versus $1.21 a year earlier.

Jefferson-Pilot benefited substantially in 1996 from the earnings contribution of Alexander Hamilton Life, acquired effective for the fourth quarter of 1995. In addition, the Kentucky Central Life business also acquired in1995, produced very satisfactory results. Each of the company's business units experienced excellent earnings growth in 1996 with the exception of the group accident and health insurance line, which continued to be subject to significant competitive pressure. Steps are being taken to stabilize and improve group insurance operating results going forward.

Sales growth in Jefferson-Pilot's core individual life insurance business continued to be exceptionally strong, with annualized premiums sales increasing almost 56 percent for 1996. This gain resulted from both internal growth and the additional capability provided by Alexander Hamilton Life.

"Jefferson-Pilot's strong overall results were consistent with our growth strategies for our major businesses," observed Chief Executive Officer David Stonecipher. "Our excellent individual life and annuity performance was particularly gratifying, and was accompanied by very strong growth in our Communications business. Our strategy of simultaneously building internally and growing through acquisition is positioning Jefferson-Pilot as an industry leader."

Jefferson-Pilot Corporation, a holding company, is one of the nation's largest shareholder-owned life insurance organizations. Jefferson-Pilot's principal life insurance and annuity companies, Jefferson-Pilot Life and Alexander Hamilton Life, together offer full lines of individual and group life and health insurance and annuity products. Jefferson-Pilot Communications Company owns and operates three network television stations and 17 radio stations, and produces and syndicates sports programming.

Jefferson-Pilot Corporation Fourth Quarter and
Year 1996 Results
Three Months Ended Dec. 31, 1996 Dec. 31, 1995
Income per share applicable to common shareholders, before gain from sales of investments $0.97 $1.00
Gain from sales of investments, net of income taxes$0.08$0.21
Net income per share applicable to common shareholders $1.05 $1.21

Jefferson-Pilot Communications Home Page




Jefferson-Pilot Corporate Information




Jefferson-Pilot Communications, a wholly-owned subsidiary of Jefferson-Pilot Corporation, (NYSE:JP) is headquartered in Greensboro, North Carolina, and owns and operates television stations in Charlotte, NC (WBTV), Richmond, VA (WWBT), and Charleston, SC (WCSC), and radio stations in Atlanta (WQXI-AM/WSTR-FM), Charlotte (WBT AM/FM, WWSN-FM), Denver (KYGO AM/FM and KWMX-FM and KKFN-AM), Miami (WAXY-AM/WLYF-FM/WMXJ-FM), and San Diego (KSON AM/FM). The company's Jefferson-Pilot Sports division, located in Charlotte, produces and distributes Southeast Conference football and basketball games, Atlantic Coast Conference football and basketball games and other sports events.

Jefferson-Pilot Communications Home Page


Jefferson-Pilot Corporate Information

Jefferson-Pilot Corporation, a holding company is one of the nation's largest shareholder-owned life insurance companies. Jefferson-Pilot's present life insurance and annuity companies, principally Jefferson-Pilot Life, Alexander Hamilton Life, and Chubb Life, together offer full lines of individual and group life and health insurance and annuity products. Jefferson-Pilot Communications Company owns and operates three network television stations and 17 radio stations, and produces and syndicates sports programming.