Printer Friendly

TORCHMARK CORPORATION REPORTS THIRD QUARTER EARNINGS

 TORCHMARK CORPORATION REPORTS THIRD QUARTER EARNINGS
 BIRMINGHAM, Ala., Oct. 15 /PRNewswire/ -- Torchmark Corporation (NYSE: TMK) reported today that net income per share for the first nine months of 1992 was $2.67, up 15.1 percent from $2.32 for the first nine months of 1991.
 Net income was $198.6 million for the nine months compared to $183.1 million in the prior-year period. Included in net income were after-tax realized gains of $1.4 million or $.02 per share compared to $1.9 million or $.02 per share in the first nine months of 1991.
 For the third quarter of 1992, net income per share increased 16.3 percent to $.93 from $.80 per share in the prior-year period. Net income for the quarter was $68.1 million compared to $62.7 million in the third quarter of 1991. Net income included negligible after-tax realized gains in the third quarter of 1992 compared to $.02 in the prior-year period. R.K. Richey, chairman, noted that this was the seventh consecutive quarter of increased earnings per share and keeps the company on target to extend its record to 41 consecutive years of increases in both earnings and dividends per share.
 Pre-tax insurance operating profits for the nine month period increased $21.2 million over the first nine months of 1991 largely as a result of the continued improvement in policy persistency. Pre-tax income from non-insurance operations increased $9.4 million due to increased mutual fund sales and increased assets under management at Waddell and Reed and to increased earnings at the company's Torch Energy subsidiary.
 Total revenue increased 7.4 percent to $1.53 billion for the first nine months, up from $1.43 billion in the prior-year period. Individual life premium increased 4.1 percent to $416 million while individual health premium grew 3 percent to $597 million. Net investment income for the first nine months was $287 million, up 5.1 percent. Financial services revenue grew 20.4 percent to $101 million, and energy operations revenue was up 32.6 percent to $50.4 million.
 Sales of Medicare supplement insurance increased 39.6 percent to $115 million of annualized premium. The increase in Medicare supplement sales was offset by a decrease in other health sales where certain policies with poor experience have been withdrawn from the market. Annualized health premium in force grew 3.1 percent to $830 million, and individual life premium in force grew 3.9 percent to $583 million. Life insurance in force increased to $57.6 billion. Assets under management at Waddell and Reed totaled $11.1 billion at the end of the third quarter, up 13.2 percent over the September 30, 1991 balance.
 Torchmark's assets at the end of the third quarter were $6.59 billion. Shareholders' equity was $1.05 billion. Annualized return on common equity was 26.7 percent for the first nine months.
 -0- 10/15/92
 /CONTACT: William T. Graves, 205-325-4251, or Lee Bartlett, 205-325-4204, both of Torchmark Corporation/
 (TMK) CO: Torchmark Corporation ST: Alabama IN: INS SU: ERN


BR-EA -- AT012 -- 0569 10/15/92 15:41 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 15, 1992
Words:521
Previous Article:THE RITZ-CARLTON HOTEL COMPANY WINS COVETED MALCOLM BALDRIGE NATIONAL QUALITY AWARD; FIRST HOTEL COMPANY TO RECEIVE HONOR
Next Article:TRINITY INDUSTRIES REPORTS RESULTS
Topics:


Related Articles
TORCHMARK REPORTS 1991 EARNINGS
TORCHMARK CORPORATION REPORTS FIRST QUARTER EARNINGS
Torchmark Corporation Reports 17 Percent Increase In Third Quarter Earnings and Sale of Energy Segment
Torchmark Corporation Reports First Quarter 1997 Operating Earnings Increase of 17%
Torchmark Corporation Reports Second Quarter 1998 Insurance Net Operating Income Increase of 14%
Torchmark Corporation Reports Third Quarter 1998 Insurance Net Operating Income Increase of 8%.
Torchmark Corporation Invites You to Join Its Third Quarter Conference Call On The Web.
Torchmark Corporation Invites You to Join Its Third Quarter Conference Call On The Web.
Torchmark Corporation Reports 11% Increase in Second Quarter 2001 Earnings Per Share From Operations.
Torchmark Reports 10% Increase in Third Quarter 2001 Earnings Per Share From Operations.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters