<TABLE> <S> <C>

<PAGE>
 
<ARTICLE> 7
<LEGEND> This schedule contains summary financial information extracted from 
Great Northern Insured Annuity Corporation Form 10-K and is qualified in its 
entirety by reference to such financial statements. 
</LEGEND>
<MULTIPLIER> 1,000,000
       
<S>                             <C>                       <C> 
<PERIOD-TYPE>                   YEAR                      YEAR
<FISCAL-YEAR-END>                         DEC-31-1995               DEC-31-1994 
<PERIOD-START>                            JAN-01-1995               JAN-01-1994
<PERIOD-END>                              DEC-31-1995               DEC-31-1994
<DEBT-HELD-FOR-SALE>                            5,065                    10,281
<DEBT-CARRYING-VALUE>                               0                         0
<DEBT-MARKET-VALUE>                                 0                         0
<EQUITIES>                                          0                         0
<MORTGAGE>                                      1,282                     1,352
<REAL-ESTATE>                                       1                         6
<TOTAL-INVEST>                                  6,544                    11,787
<CASH>                                             30                        88
<RECOVER-REINSURE>                                  0                         0
<DEFERRED-ACQUISITION>                             89                        92
<TOTAL-ASSETS>                                  6,927                    13,100
<POLICY-LOSSES>                                 5,978                    12,207
<UNEARNED-PREMIUMS>                                 0                         0
<POLICY-OTHER>                                    163                       199
<POLICY-HOLDER-FUNDS>                               0                         0
<NOTES-PAYABLE>                                     0                         0
<COMMON>                                            3                         3
<PREFERRED-MANDATORY>                               0                         0
<PREFERRED>                                         0                         0
<OTHER-SE>                                        659                       263
<TOTAL-LIABILITY-AND-EQUITY>                    6,927                    13,100
<PREMIUMS>                                        177                       118
<INVESTMENT-INCOME>                               785                       838
<INVESTMENT-GAINS>                               (14)                         6
<OTHER-INCOME>                                     17                        11
<BENEFITS>                                        137                       161
<UNDERWRITING-AMORTIZATION>                      (43)                      (63)
<UNDERWRITING-OTHER>                                0                         0
<INCOME-PRETAX>                                    62                       108
<INCOME-TAX>                                       25                        45
<INCOME-CONTINUING>                                26                        48
<DISCONTINUED>                                      0                         0
<EXTRAORDINARY>                                     0                         0
<CHANGES>                                           0                         0
<NET-INCOME>                                       26                        26
<EPS-PRIMARY>                                       0                         0
<EPS-DILUTED>                                       0                         0
<RESERVE-OPEN>                                      0                         0
<PROVISION-CURRENT>                                 0                         0
<PROVISION-PRIOR>                                   0                         0 
<PAYMENTS-CURRENT>                                  0                         0
<PAYMENTS-PRIOR>                                    0                         0
<RESERVE-CLOSE>                                     0                         0
<CUMULATIVE-DEFICIENCY>                             0                         0
        

</TABLE>