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                                                                    EXHIBIT 21.1

                     UNITED COMPANIES FINANCIAL CORPORATION
                              LIST OF SUBSIDIARIES

                                DECEMBER 31, 1995

<TABLE>
<CAPTION>
                                                                                                        State of
Name                                                                                                  Incorporation
<S>                                                                                                         <C>
United Companies Life Insurance Company.....................................................................Louisiana
United Variable Services, Inc. (3)..........................................................................Louisiana
United Companies Lending Corporation........................................................................Louisiana
Pelican Mortgage Company, Inc. (1)...........................................................................Delaware
Adobe, Inc. (2)................................................................................................Nevada
UCFC Acceptance Corporation (1).............................................................................Louisiana
United Companies Mortgage of Tennessee, Inc. (1)............................................................Tennessee
United Companies Second Mortgage Corporation of Minnesota(1)................................................Minnesota
United Companies Credit Life Insurance of Nevada, Inc.(1)......................................................Nevada
UNICOR MORTGAGE(R), Inc. ...................................................................................Louisiana
UNICOR Second Mortgage, Inc. of Minnesota(4)................................................................Minnesota
GINGER MAE(R), Inc..........................................................................................Louisiana
GINGER MAE Second Mortgage, Inc. of Minnesota(5)............................................................Minnesota
Southern Mortgage Acquisition, Inc..........................................................................Louisiana
Foster Mortgage Corporation.................................................................................Louisiana
United Communications Corporation of Louisiana, Inc.........................................................Louisiana
United Companies Management Company, Inc....................................................................Louisiana
United Companies Realty and Development Company, Inc........................................................Louisiana
United General Title Insurance Company......................................................................Louisiana
United Plan Insurance Agency, Inc...........................................................................Louisiana
United Companies Lending Group, Inc.........................................................................Louisiana
United Companies Funding, Inc...............................................................................Louisiana
United Credit Card, Inc.....................................................................................Louisiana
</TABLE>

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(1) Wholly owned by United Companies Lending Corporation 

(2) Wholly owned by Pelican Mortgage Company, Inc. 

(3) Wholly owned by United Companies Life Insurance Company 

(4) Wholly owned by UNICOR MORTGAGE(R), Inc.

(5) Wholly owned by GINGER MAE(R), Inc.



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