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TORCHMARK CORPORATION REPORTS EARNINGS

 BIRMINGHAM, Ala., July 19 /PRNewswire/ -- Torchmark Corporation (NYSE: TMK) reported today that net income per share was $2.04 for the six-month period ending June 30, up 17 percent from $1.74 in the same period in 1992.
 Net income was $152 million, up from $130 million in the prior-year period. Included in net income were after-tax realized gains of $981,000, or $.01 per share, compared to $1.2 million, or $.01 per share, in the first half of 1992.
 For the second quarter of 1993, net income was $78.2 million, or $1.05 per share, up from $66.4 million, or $.90 per share in the prior- year period. The effect of realized gains was negligible in both periods.
 In discussing the company's performance, R.K. Richey, chairman, noted that insurance operating income for the first half of 1993 continued to perform well, reaching $144 million, a 14 percent increase over 1992's comparable amount of $126 million. He also noted that Medicare supplement sales were up 6 percent with Medicare supplement annualized premium in force reaching $600 million, up from $559 million at June 30, 1992. Sales of Medicare supplement coverage in the second quarter were $36 million of annualized premium, down from $40.9 million in the same period in 1992. Richey stated that Medicare supplement sales for Torchmark and other writers of Medicare supplement coverage have been adversely affected by the many conflicting statements made by the Clinton Administration regarding their proposed changes in the nation's health care system.
 Total revenue increased 5 percent to $1.07 billion for the first six months, up from $1.02 billion in the prior-year period. Individual life premium increased to $277 million while individual health premium grew to $407 million. Net investment income for the six-month period was $198 million. Financial services revenue was $68.8 million, and energy operations revenue increased to $45.5 million.
 Assets under management in the mutual fund and related institutional accounts totaled $13.1 billion at the end of the second quarter, up 17 percent over the prior-year quarter-end balance. Insurance in force grew to $60.3 billion.
 Torchmark's assets at June 30 were $7.23 billion. Shareholders' equity was $1.23 billion or $16.11 per common share. Annualized return on common equity was 26.4 percent for the six-month period.
 -0- 7/19/93
 /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-RA -- AT019 -- 3246 07/19/93 16:50 EDT
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Publication:PR Newswire
Date:Jul 19, 1993
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