COTTON STATES LIFE INSURANCE COMPANY
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SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 8 — K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report   August 17, 2004

COTTON STATES LIFE INSURANCE COMPANY

(Exact name of registrant as specified in its charter)
         
GEORGIA   002-39729   58-0830929
  		 
  		 
 
(State or other jurisdiction of
incorporation or organization) 		  (Commission
File Number) 		  (I.R.S. Employer
Identification No.)
     
244 PERIMETER CENTER PARKWAY, N.E., ATLANTA, GEORGIA   30346
  		 
 
(Address of principal executive offices)   (Zip code)
     
Registrant’s telephone number, including area code   (404) 39l-8600

 

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SIGNATURES
Exhibit Index
PRESS RELEASE DATED, AUGUST 16, 2004

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ITEM 7.  Financial Statements, Proforma Financial Information and Exhibits

     (c) Exhibits

     99.1 Press Release issued August 16, 2004.

ITEM 9.  Regulation FD Disclosure

     The information contained in this Item 9 is being furnished to the Securities and Exchange Commission (the “Commission”) pursuant to Item 12 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

     On August 16, 2004, Cotton States Life Insurance Company (the “Company”) issued a press release containing information about the Company’s financial condition or results of operations for the three month and six month periods ended June 30, 2004. A copy of the press release is attached hereto as Exhibit 99.1.

 

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SIGNATURES

     Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

August 17, 2004

     
    COTTON STATES LIFE INSURANCE COMPANY
     
    BY: /s/ J. Ridley Howard
J. Ridley Howard, Chairman
President and Chief Executive Officer
     
    BY: /s/ William J. Barlow
Vice President of Finance and Assistant Treasurer

 

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Exhibit Index

     
Number
   Descriptions
99.1
  Press Release issued August 16, 2004

 

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COTTON STATES LIFE INSURANCE COMPANY
Unaudited Consolidated Condensed Statements of Earnings
Three Months and Six Months ending June 30, 2004 and 2003

                                 
    Three months ended   Six months ended
    June 30,
   June 30,
    2004
   2003
   2004
   2003
Revenue:
                                
Premiums
   $ 9,485,362       8,824,057       18,394,225       17,023,006  
Investment income
     2,236,020       2,136,131       4,463,188       4,456,668  
Realized investment gains
     131,767       843,452       264,268       1,235,899  
Brokerage commissions
     960,947       1,119,656       1,962,093       2,197,625  
 
    
 		      
 		      
 		      
 		  
Total revenue
     12,814,096       12,923,296       25,083,774       24,913,198  
 
    
 		      
 		      
 		      
 		  
Benefits and expenses:
                                
Benefits and claims
     5,686,439       5,483,542       12,146,665       10,292,718  
Interest credited
     1,556,391       1,465,818       3,051,690       2,968,432  
Amortization of policy acquisition costs
     482,007       1,281,489       1,857,197       2,307,691  
Operating expenses
     2,238,399       2,391,136       4,617,596       4,774,556  
 
    
 		      
 		      
 		      
 		  
Total benefits and expense
     9,963,236       10,621,985       21,673,148       20,343,397  
 
    
 		      
 		      
 		      
 		  
Income before income tax expense
     2,850,860       2,301,311       3,410,626       4,569,801  
Income tax expense
     930,718       730,459       1,114,758       1,437,213  
 
    
 		      
 		      
 		      
 		  
Net income
   $ 1,920,142       1,570,852       2,295,868       3,132,588  
 
    
 		      
 		      
 		      
 		  
Basic income per share of common stock
   $ 0.30       0.25       0.36       0.50  
 
    
 		      
 		      
 		      
 		  
Diluted income per share of common stock
   $ 0.29       0.23       0.35       0.47  
 
    
 		      
 		      
 		      
 		  
Weighted average number of shares
used in computing income per share
                                
 
Basic
     6,322,737       6,323,363       6,322,737       6,324,328  
 
    
 		      
 		      
 		      
 		  
Diluted
     6,648,233       6,614,624       6,648,270       6,615,016