Farmers Insurance announces sale of Ohio State Life and investors Guaranty Life insurance companies

Farmers Insurance announces sale of Ohio State Life and investors Guaranty Life insurance companies

LOS ANGELES–(BUSINESS WIRE)–Jan. 24, 1997–Farmers Group Inc. Friday announced an agreement, subject to regulatory approval, to sell its Columbus-based Ohio State Life and Investors Guaranty Life insurance companies to Great Southern Life Insurance Co., a wholly owned subsidiary of Americo Life Inc.

Ohio State Life and Investors Guaranty Life market a variety of life insurance products and services throughout the United States and overseas, doing business through independent managing general agents and independent marketing organizations, and at the end of 1995 had a combined 231,000 policies in force.

Americo Life Inc. is a life insurance holding company. Following this acquisition, Americo will have approximately 1 million policies in force and more than $3.3 billion in assets under management.

Farmers said its sale of Ohio State Life and Investors Guaranty Life is part of its strategic plan to focus on growth of its Farmers New World Life Insurance Co., whose products and services are marketed by Farmers Insurance agents directly to the more than 8 million Farmers property and casualty insurance customers. At the end of 1995, Farmers New World Life had more than 1 million policies in force.

Farmers Group, an insurance management and holding company with headquarters in Los Angeles, manages the nation’s third-largest auto and home insurers and a major commercial lines insurer.

CONTACT: Jeffrey C. Beyer, 213/930-4149

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