Exhibit 11

                 CITIZENS CORPORATION AND SUBSIDIARIES
                                   
            STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
                                   
             For the Periods Ended June 30, 1998 and 1997
                 (in millions, except per share data)
                                 
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<S>                             <C>       <C>         <C>       <C>
                                  (Unaudited)            (Unaudited)
                                 Quarter Ended        Six Months Ended
                                    June 30,              June 30,
                                 1998      1997        1998      1997           
                                ------    ------      ------    ------
                                                                        
Primary:                                                                
                                                                        
  Average shares outstanding      35.3      35.3        35.3      35.3
                                                                        
  Net effect of dilutive                                                
   stock options based on the            
   treasury stock method using
   average market price             -         -           -         -
                                ------    ------      ------    ------                                       
                       TOTALS     35.3      35.3        35.3      35.3
                                ======    ======      ======    ======                         
  Net income available to       $ 10.6    $ 16.6      $ 35.0    $ 45.0
   shareholders                 ======    ======      ======    ======
                                                                        
  Per share amount              $ 0.30    $ 0.47      $ 0.99    $ 1.27
                                                                        
                                                                        
                                                                        
Fully diluted:                                                          
                                                                        
  Average shares outstanding      35.3      35.3         35.3      35.3
                                                                        
  Net effect of dilutive                                                
   stock options based on the       -         -            -         -
   treasury stock method using
   average market price
                                ------    ------       ------    ------                                        
                       TOTALS     35.3      35.3         35.3      35.3
                                ======    ======       ======    ======                                        
  Net income available to       $ 10.6    $ 16.6       $ 35.0    $ 45.0
   shareholders                 ======    ======       ======    ======
                                                                        
  Per share amount              $ 0.30    $ 0.47       $ 0.99    $ 1.27
                         


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