Exhibit 11

                 CITIZENS CORPORATION AND SUBSIDIARIES
                                   
            STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
                                   
             For the Periods Ended September 1997 and 1996
                 (in millions, except per share data)
                                   
<TABLE>
<S>                                                      <C>        <C>          <C>        <C>
                                                            (Unaudited)             (Unaudited)
                                                           Quarter Ended         Nine Months Ended
                                                            September 30,           September 30,
                                                        -------------------     -------------------
                                                         1997       1996         1997       1996
                                                        -------------------     -------------------
Primary:                                                                                           
                                                                                                   
  Average shares outstanding                                35.3       35.3         35.3       35.5
                                                                                                   
  Net effect of dilutive stock options based on the                                                
  treasury stock method using average market price             -          -            -          -
                                                        -------------------     -------------------
                                                                                                   
                                               TOTALS       35.3       35.3         35.3       35.5
                                                        ===================     ===================
                                                                                                   
  Net income available to shareholders                  $   17.3   $   27.1     $   62.3   $   61.7
                                                        ===================     ===================
                                                                                                   
  Per share amount                                      $   0.50   $   0.77     $   1.77   $   1.74
                                                        ===================     ===================
                                                                                                   
                                                                                                   
                                                                                                   
Fully diluted:                                                                                     
                                                                                                   
  Average shares outstanding                                35.3       35.3         35.3       35.5
                                                                                                   
  Net effect of dilutive stock options based on the                                                
  treasury stock method using the higher of period-                                                
  end or average market price                                  -          -            -          -
  
                                                        -------------------     -------------------
                                               TOTALS       35.3       35.3         35.3       35.5
                                                        ===================     ===================
  
  Net income available to shareholders                  $   17.3   $   27.1     $   62.3   $   61.7
                                                        ===================     ===================
                                                                                                   
  Per share amount                                      $   0.50   $   0.77     $   1.77   $   1.74
                                                        ===================     ===================
                                                        
</TABLE>