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TORCHMARK CORPORATION REPORTS FIRST QUARTER EARNINGS

 BIRMINGHAM, Ala., April 19 /PRNewswire/ -- Torchmark Corporation (NYSE: TMK) reported today that net income per share for the first quarter of 1994 was $1.03, up 4.0% from $.99 in the first quarter last year. Net income was $75.6 million, compared to $73.5 million in the year-ago period. Net income includes $.05 per share, or $3.5 million, of realized investment gains, net of the related amortization of deferred policy acquisition expenses and income taxes, versus $.01 per share, or $706,000, in the same period last year. Removing after-tax realized investment gains and the related amortization expense, net income was $.98 per share this quarter, compared to $.97 a year ago, as restated.
 Pre-tax insurance operating income, adjusted for the sale of Vesta in November 1993, increased 7.2% to $73.4 million. Pre-tax non- insurance operating income increased 38.1% to $26.2 million. After adjusting for the sale of Vesta, net investment income was down 11.7% to $83.8 million due to lower yields on new investments, a decline in energy-related investment income, and a significant increase in the amount of tax-exempt bonds held. On a tax-equivalent basis, net investment income was $90.2 million this quarter, down 7.4% from $97.4 million.
 Total revenue for the quarter was $498.7 million, versus 1993's comparable amount of $498.1 million which excludes Vesta's revenue. Life premium increased 4.8% to $144.0 million, and health premium decreased 2.5% to $200.4 million. Financial services revenue rose 7.5% to $36.5 million, and energy operations revenue decreased 19.2% to $17.3 million.
 Annualized premium life insurance sales increased 9.1%, health insurance sales decreased 34.3%, and collections on investment products grew 16.5%. Annualized premium in force at the end of each of the first quarters of 1994 and 1993 was $1.4 billion. Life annualized premium in force was $621.7 million, up 4.7%. Health annualized premium in force was down 3.0% to $812.6 million. Life insurance in force increased 5.5% to $62.5 billion at the end of the quarter. Mutual fund and related assets under management were $14.3 billion, up 13.4% from $12.6 billion a year ago.
 At March 31, 1994, total assets were $7.6 billion. Shareholders' equity was $1.3 billion or $17.89 per share. For the first quarter, annualized return on equity was 23.7%.
 R.K. Richey, Chairman and CEO, also announced that the Company plans to resume its stock repurchase program and may, from time to time, purchase shares both in the open market and in privately negotiated transactions.
 -0- 4/19/94
 /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

BR-PW -- AT023 -- 7222 04/19/94 17:48 EDT
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Publication:PR Newswire
Date:Apr 19, 1994
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