UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 8-K

                                 Current Report
                                   Pursuant to
                             Section 13 or 15(d) of
                       The Securities Exchange Act of 1934


       Date of Report (Date of Earliest Event Reported): December 4, 2003


                         ALLMERICA FINANCIAL CORPORATION
                         -------------------------------
             (Exact name of Registrant as specified in its charter)


            Delaware                 1-13754                    04-3263626
    (State or other jurisdic-   (Commission File Number)     (I.R.S. Employer
     tion of incorporation)                                 Identification No.)



               440 Lincoln Street, Worcester, Massachusetts 01653
                    (Address of principal executive offices)
                                   (Zip Code)

                                 (508) 855-1000
               (Registrant's telephone number, including area code)



Item 7.  Financial Statements and Exhibits.

(a.)     Not applicable.

(b.)     Not applicable.

(c.)     Exhibits.

The following exhibits are furnished herewith.

Exhibit 99.1   Press  Release,  dated    December  4,  2003,   announcing    the
               implementation  of a guaranteed  minimum  death  benefit  hedging
               program for the Company's  in-force variable annuity policies and
               announcing the approval for a $25 million  dividend from its lead
               life insurance subsidiary, Allmerica Financial Life Insurance and
               Annuity Company.




Item 9.  Regulation FD Disclosure.


     On December 4, 2003, Allmerica Financial Corporation issued a press release
announcing the  implementation  of a hedging  program for its in-force  variable
annuity  policies with guaranteed  minimum death benefit  features.  The Company
also announced that its lead life insurance subsidiary, Allmerica Financial Life
Insurance  and  Annuity  Company,  will pay a  dividend  of $25  million  to the
Company. The press release is furnished as Exhibit 99.1 hereto.







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SIGNATURES


Pursuant to the  requirements  of the  Securities  and Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                                 Allmerica Financial Corporation
                                                 -------------------------------
                                                 Registrant


                                                 By: /s/ Edward J. Parry III
                                                 ---------------------------
                                                 Edward J. Parry, III
                                                 Chief Financial Officer,
                                                 Executive Vice President and
                                                 Principal Accounting Officer







Date: December 4, 2003



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Exhibit Index

Exhibit 99.1   Press  Release,  dated    December  4,  2003,   announcing    the
               implementation  of a guaranteed  minimum  death  benefit  hedging
               program for the Company's  in-force variable annuity policies and
               announcing the approval for a $25 million  dividend from its lead
               life insurance subsidiary, Allmerica Financial Life Insurance and
               Annuity Company.


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