<ARTICLE> 7
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEET AND CONSOLIDATED STATEMENTS OF OPERATIONS OF PICO
HOLDINGS, INC. AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               DEC-31-1996
<DEBT-HELD-FOR-SALE>                           156,866
<DEBT-CARRYING-VALUE>                                0
<DEBT-MARKET-VALUE>                                  0
<EQUITIES>                                     107,582
<MORTGAGE>                                           0
<REAL-ESTATE>                                    1,546
<TOTAL-INVEST>                                 286,842
<CASH>                                          64,581
<RECOVER-REINSURE>                               7,551
<DEFERRED-ACQUISITION>                           7,822
<TOTAL-ASSETS>                                 490,425
<POLICY-LOSSES>                                297,540
<UNEARNED-PREMIUMS>                             35,297
<POLICY-OTHER>                                       0
<POLICY-HOLDER-FUNDS>                                0
<NOTES-PAYABLE>                                      0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                            32
<OTHER-SE>                                     110,171
<TOTAL-LIABILITY-AND-EQUITY>                   480,425
<PREMIUMS>                                      40,232
<INVESTMENT-INCOME>                             11,483
<INVESTMENT-GAINS>                              30,950
<OTHER-INCOME>                                   3,104
<BENEFITS>                                      23,735
<UNDERWRITING-AMORTIZATION>                      2,208
<UNDERWRITING-OTHER>                            18,603
<INCOME-PRETAX>                                 96,966
<INCOME-TAX>                                    13,859
<INCOME-CONTINUING>                             24,320
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    24,320
<EPS-PRIMARY>                                     0.80
<EPS-DILUTED>                                     0.80
<RESERVE-OPEN>                                       0
<PROVISION-CURRENT>                                  0
<PROVISION-PRIOR>                                    0
<PAYMENTS-CURRENT>                                   0
<PAYMENTS-PRIOR>                                     0
<RESERVE-CLOSE>                                      0
<CUMULATIVE-DEFICIENCY>                              0