10-Q: Quarterly report [Sections 13 or 15(d)]

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

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FORM 10-Q

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the period ended June 30, 1997

OR

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


Commission file number 33-37587


PRUCO LIFE INSURANCE COMPANY
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(Exact name of Registrant as specified in its charter)


ARIZONA 22-1944557
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(State or other jurisdiction, (IRS Employer
incorporation or organization) Identification No.)


213 WASHINGTON STREET, NEWARK, NEW JERSEY 07102
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(Address of principal executive offices) (Zip Code)


(201) 802-3780
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(Registrant's Telephone Number, including area code)


Securities registered pursuant to Section 12(b) of the Act: NONE

Securities registered pursuant to Section 12(g) of the Act: NONE


Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
YES X NO
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State the aggregate market value of the voting stock held by non-affiliates
of the registrant: NONE

Indicate the number of shares outstanding of each of the registrant's
classes of common stock, as of June 30, 1997. Common stock, par value of
$10 per share: 250,000 shares outstanding.

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PRUCO LIFE INSURANCE COMPANY

INDEX TO FINANCIAL STATEMENTS
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INDEX

PAGE NO.
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COVER PAGE 1

INDEX 2


PART I -- FINANCIAL STATEMENTS
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ITEM 1. PRUCO LIFE INSURANCE COMPANY

CONSOLIDATED FINANCIAL STATEMENTS:

STATEMENTS OF FINANCIAL POSITION -- JUNE 30, 1997 (UNAUDITED)
AND DECEMBER 31, 1996 3

STATEMENTS OF OPERATIONS (UNAUDITED) -- THREE AND SIX MONTHS
ENDED JUNE 30, 1997 AND 1996 4

STATEMENTS OF CHANGES IN EQUITY -- SIX MONTHS ENDED
JUNE 30, 1997 (UNAUDITED) AND DECEMBER 31, 1996 5

STATEMENTS OF CASH FLOWS (UNAUDITED) -- SIX MONTHS ENDED
JUNE 30, 1997 AND 1996 6

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 7


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS 8


PART II -- OTHER INFORMATION
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ITEM 1. LEGAL PROCEEDINGS 9

ITEM 2. CHANGE IN SECURITIES 9

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 9

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS 9

ITEM 5. OTHER INFORMATION 9

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K 9

SIGNATURE PAGE 11


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PRUCO LIFE INSURANCE COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
JUNE 30, 1997 (UNAUDITED) AND DECEMBER 31, 1996


JUNE 30, DECEMBER 31,
1997 1996
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(000's)
ASSETS
Fixed maturities
Held to maturity $ 341,798 $ 405,731
Available for sale 2,324,663 2,236,817
Equity securities 4,111 3,748
Mortgage loans 42,755 46,915
Policy loans 667,832 639,782
Other long term investments 2,089 4,528
Short term investments 244,640 169,830
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Total invested assets 3,627,888 3,507,351
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Cash 63,019 73,766
Deferred policy acquisition costs 646,918 633,159
Premiums due 8,928 9,084
Accrued investment income 64,569 62,110
Receivable from affiliates 14,659 1,901
Federal income tax receivable -- 7,191
Reinsurance recoverable on unpaid losses 27,014 27,014
Other assets 65,876 20,000
Separate Account assets 6,446,678 5,336,851
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TOTAL ASSETS $10,965,549 $9,678,427
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LIABILITIES AND STOCKHOLDER'S EQUITY
LIABILITIES
Future policy benefits and other
policyholders' liabilities $ 583,076 $ 557,351
Policyholders' account balances 2,172,827 2,188,862
Deferred federal income tax payable 159,152 148,960
Federal income tax payable 11,544 --
Payable to affiliate 72,854 51,729
Other liabilities 120,623 55,090
Separate Account liabilities 6,411,412 5,277,454
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TOTAL LIABILITIES 9,531,488 8,279,446
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CONTINGENCIES

STOCKHOLDER'S EQUITY
Common Stock, $10 par value;
1,000,000 shares, authorized;
250,000 shares, issued and outstanding at
June 30, 1997 and December 31, 1996 2,500 2,500
Paid-in-capital 439,582 439,582
Net unrealized investment (losses) gains (1,635) 12,402
Retained earnings 993,614 944,497
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TOTAL STOCKHOLDER'S EQUITY 1,434,061 1,398,981
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TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $10,965,549 $9,678,427
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SEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS


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