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TORCHMARK CORPORATION REPORTS FIRST QUARTER EARNINGS

 TORCHMARK CORPORATION REPORTS FIRST QUARTER EARNINGS
 BIRMINGHAM, Ala., April 16 /PRNewswire/ -- Torchmark Corporation (NYSE: TMK) reported today that net income per share was $1.26 for the first quarter of 1992, up 13 percent from $1.12 for the first quarter of 1991.
 Net income was $64.0 million for the quarter, up from $59.0 million in the prior-year period. Included in net income for the quarter were after-tax realized gains of $766,000 compared to $133,000 in the first quarter of 1991.
 In discussing the quarter's operations, R.K. Richey, chairman, noted that the company's pre-tax insurance operating profit increased $4.7 million. Non-insurance pre-tax operating income at Waddell and Reed, the company's mutual fund management and distribution subsidiary, also increased $4.7 million, fueled by the improvement in the financial markets. Richey also noted that the decline in interest rates on the company's fixed investment portfolio negatively impacted earnings by approximately $4.2 million pre-tax when compared to the first quarter of 1991.
 Total revenue increased 8 percent to $515 million for the first quarter, up from $477 million in the prior-year period. Individual life premium increased 6 percent to $116 million while individual health premium grew 3 percent to $202 million. Net investment income for the quarter was $93 million, up 4 percent. Financial services revenue grew 30 percent to $34 million, and energy operations revenue was up 43 percent to $21 million.
 Annualized premium in force at the end of the quarter was $1.38 billion, up 3 percent from the first quarter of 1991. Individual life annualized premium grew 4 percent to $569 million while individual health annualized premium was up 2 percent to $809 million. Insurance in force increased to $56.4 billion. Assets under management at Waddell and Reed totaled $10.7 billion at the end of the first quarter, up 21 percent over the prior-year quarter-end balance.
 Torchmark's assets at the end of the first quarter were $6.39 billion. Shareholder's equity was $1.0 billion or $19.42 per common share. During the quarter, Torchmark purchased 1.6 million of its outstanding common shares. Annualized return on common equity was 25.5 percent for the quarter.
 -0- 4/16/92
 /CONTACT: William T. Graves, 205-325-4251, or Lee Bartlett, 205-325-4204, both of Torchmark/
 (TMK) CO: Torchmark Corporation ST: Alabama IN: INS SU: ERN


BN-EA -- AT029 -- 9499 04/16/92 16:40 EDT
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Publication:PR Newswire
Date:Apr 16, 1992
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