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TORCHMARK CORPORATION REPORTS FIRST QUARTER EARNINGS

 BIRMINGHAM, Ala., April 20 /PRNewswire/ -- Torchmark Corporation (NYSE: TMK) reported today that net income per share was $.99 for the first quarter of 1993, up 18 percent from $.84 for the first quarter of 1992.
 Net income was $73.5 million for the quarter, up from $64.0 million in the prior-year period. Included in net income for the quarter were after-tax realized gains of $706,000 compared to $766,000 in the first quarter of 1992.
 In discussing the quarter's operations, R.K. Richey, chairman, noted that there were three non-recurring items affecting the quarter's reported income. The company adopted Financial Accounting Standard No. 106, Employers' Accounting for Postretirement Benefits other than Pensions, which resulted in a one-time after-tax charge of $7.1 million. The company also adopted Financial Accounting Standard No. 109, Accounting for Income Taxes, which resulted in a one-time addition to after-tax earnings of $29.5 million. In addition, the company reported an after-tax charge to earnings of $22.8 million for certain non- operating expense reserves relating to self-insurance for director's and officer's liability, guaranty fund assessments, and litigation expenses. The net effect of these items was an after-tax charge to earnings of $326,000.
 Total revenue increased 3.3 percent to $525 million for the first quarter, up from $509 million in the prior-year period. Individual life premium increased to $137 million while individual health premium grew to $205 million. Net investment income for the quarter was $96.6 million. Financial services revenue was $34 million, and energy operations revenue increased to $21.4 million.
 Annualized premium in force at the end of the quarter was $1.43 billion, up 3.8 percent from the first quarter of 1992. Individual life annualized premium grew 4.3 percent to $594 million while individual health annualized premium was up 3.5 percent to $838 million. Insurance in force increased to $59.2 billion. Assets under management at Waddell and Reed totaled $12.6 billion at the end of the first quarter, up 15.3 percent over the prior-year quarter-end balance.
 Torchmark's assets at the end of the first quarter were $6.9 billion. Shareholder's equity was $1.2 billion or $15.34 per common share. Annualized return on common equity was 26.7 percent for the quarter.
 -0- 4/20/93
 /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-BR -- AT013 -- 8213 04/20/93 14:54 EDT
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Publication:PR Newswire
Date:Apr 20, 1993
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