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UNITED INVESTORS MANAGEMENT REPORTS EARNINGS

 BIRMINGHAM, Ala., July 19 /PRNewswire/ -- United Investors Management Company (NYSE: UTD) reported today that net income per share, excluding realized gains and losses and the effect of the adoption of accounting standards, for the six month period ending June 30 was $1.19, up 29 percent from the $.92 earned in the first half of 1992.
 During the first half of 1993 the company had a $2.2 million after- tax gain from the required adoption of new accounting standards and a $46,000 after-tax realized loss, compared to a $1.1 million after-tax realized gain in the year-ago period. Total net income for the six month period was $48.3 million, up from $36.2 million in the same period in 1992.
 Net income per share, excluding realized gains, for the second quarter of 1993 was $.63, vs. $.47 for the same period a year ago. Realized gains per share for the second quarter of 1993 were $.01 compared to $.02 in the same period last year. Total net income for the quarter was $24.6 million, up 31 percent from $18.8 million in the second quarter of 1992.
 R.K. Richey, chairman, stated that revenue for the six month period was $185 million, up 14 percent over 1992's comparable amount of $162 million. Premium income increased 9 percent to $33.1 million; net investment income rose 21 percent to $36.9 million; energy operations revenue increased 49 percent to $45.5 million; and financial services revenue rose 1 percent to $69.2 million. The slower growth in financial services revenue resulted from the increased sales of deferred load funds and variable annuities where revenue is recognized over a period of years. Total investment product sales increased 6 percent from $583 million to $619 million. Net investment income includes a pre-tax gain of $6.7 million from the sale of the company's investment in Nuevo Energy Company. Energy operations revenue includes a pre-tax gain of $2.0 million from the sale of energy operating properties. During the first half of 1992 there were no comparable sales of oil and gas investments or operating properties.
 Mutual fund and related assets under management at June 30 were $13.1 billion, up 17 percent from a year ago. Deposit collections during the first half of the year, which are not reported as revenue, increased 60 percent to $105 million. Total deposit account values at the end of the second quarter were $741 million, up 43 percent from the same time last year. Life insurance in force was $14.8 billion, up 4 percent from a year ago.
 Total assets at June 30 were $1.65 billion. Shareholders' equity was $570 million, or $14.69 per share. The annualized return on equity for the year-to-date period was 17.4 percent.
 In connection with the proposed merger with a subsidiary of Torchmark Corporation (NYSE: TMK), Torchmark recently announced its acquisition of 287,700 shares of the company's stock in the open market. The proposed merger is expected to be completed near the end of September.
 -0- 7/19/93
 /CONTACT: William T. Graves, 205-325-4251, or Lee Bartlett, 205-325-4204, both of United Investors Management/
 (UTD TMK)


CO: United Investors Management Company; Torchmark Corporation ST: Alabama IN: INS SU: ERN

RA-BN -- AT020 -- 3254 07/19/93 16:59 EDT
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Date:Jul 19, 1993
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