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TORCHMARK CORPORATION REPORTS THIRD QUARTER EARNINGS

 BIRMINGHAM, Ala., Oct. 19 /PRNewswire/ -- Torchmark Corporation (NYSE: TMK) reported that 1993 nine-month net income per share, before the 1 percent increase in the federal income tax rate, was $3.07, up 15 percent from $2.67 in the same period last year.
 The 1 percent tax rate increase produced a charge to third-quarter earnings of $12.3 million, or $.17 per share, which consisted of an increased tax on year-to-date operations of $.04 per share and a one- time adjustment to the deferred income tax liability of $.13 per share. The resulting net income for the nine-month period was $216 million, or $2.90 per share, both up 9 percent over comparable amounts in 1992. Included in net income per share for both the 1993 and 1992 nine-month periods were realized investment gains of $.02.
 Net income per share for the third quarter, before the increase in the tax rate, was $1.03, up 11 percent from $.93 in the same period last year. After the higher tax rate charge of $12.3 million, net income was $64.4 million, down 5 percent from $68.1 million in the year-ago period, and net income per share was $.86, down 8 percent. Realized investment gains per share were negligible in both quarters.
 R.K. Richey, chairman, said that the profit margins of the insurance and mutual fund operations continued to improve. Pre-tax insurance operating income increased 16 percent to $220 million and pre-tax mutual fund operating income grew 11 percent to $52.5 million. However, the growth in total earnings was negatively impacted by the decrease in the yield rate on invested assets.
 Total revenue for the nine-month period was $1.6 billion, up 4 percent from $1.5 billion in the same period last year. Individual life and individual health premiums increased to $416 million and $604 million, respectively. Financial services revenue grew to $102 million, net investment income increased to $292 million, and energy operations revenue rose to $65 million.
 Assets under management in the company's mutual fund operation were $13.8 billion, up 22 percent from $11.4 billion a year ago. Life insurance in force at the end of the quarter was $60.7 billion, up 5 percent from a year ago.
 Torchmark's assets at Sept. 30 were $7.57 billion. Shareholders' equity was $1.28 billion or $16.71 per common share. Annualized return on common equity before the $9.18 million one-time adjustment to the deferred income tax liability, was 25.7 percent for the nine-month period.
 -0- 10/19/93
 /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-BR -- AT019 -- 4206 10/19/93 16:55 EDT
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Publication:PR Newswire
Date:Oct 19, 1993
Words:458
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