Printer Friendly

TORCHMARK REPORTS 1991 EARNINGS

 TORCHMARK REPORTS 1991 EARNINGS
 BIRMINGHAM, Ala., Feb. 3 /PRNewswire/ -- Torchmark Corporation


(NYSE: TMK) reported today that 1991 net income per share, excluding realized gains, was $4.65, a 10 percent increase over the $4.23 reported in 1990.
 Realized investment gains were $.05 per share in both 1991 and 1990. Total net income for 1991 was $246 million, up 8 percent from $229 million in 1990.
 For the fourth quarter of 1991, net income per share, excluding realized gains, was $1.20, up from $.92 in 1990. Realized gains for the quarter were $.02 compared to realized losses of $.04 per share in 1990. Total net income was $63.4 million, up 34 percent from $47.2 million in 1990. However, fourth quarter of 1990 earnings included a one-time after-tax charge of $8.1 million, or $.16 per share.
 R.K. Richey, chairman, stated that the company's historic and continued emphasis on underwriting profit margins resulted in a 13 percent increase in the operating income of its core insurance business. At Waddell and Reed, the company's mutual fund management and distribution subsidiary, pre-tax operating income increased 12 percent. However, Torchmark's overall earnings were affected approximately $.13 per share by declining interest rates.
 Total revenue for 1991 was $1.93 billion, up 8 percent from $1.8 billion in the prior year. Individual life premium and policy charges increased 8 percent to $531 million; individual health premium was up 4 percent to $770 million. Financial services revenue was $114 million, up 5 percent. Net investment income also increased 5 percent to $364 million.
 Annualized premium in force at the end of 1991 was $1.36 billion. Total life insurance in force increased to $56.1 billion. Assets under management at Waddell and Reed increased 29 percent to $10.5 billion.
 At the end of 1991, Torchmark's assets totaled $6.16 billion and shareholders equity was $1.08 billion. Equity per common share was $19.67, up 18 percent from $16.70. Return on common equity for 1991 was 25.5 percent.
 -0- 2/3/92
 /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 -- AT007 -- 6371 02/03/92 16:57 EST
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:Feb 3, 1992
Words:375
Previous Article:RALPHS GROCERY CO. ANNOUNCES CONSUMMATION OF PLAN OF REORGANIZATION
Next Article:ALLIED WASTE ACQUIRES W.J. FLYTE CORPORATION
Topics:


Related Articles
TORCHMARK CORPORATION REPORTS THIRD QUARTER EARNINGS
TORCHMARK CORPORATI0N REPORTS 1992 EARNINGS
TORCHMARK CORPORATION REPORTS FIRST QUARTER EARNINGS
TORCHMARK CORPORATION REPORTS SECOND QUARTER EARNINGS
Torchmark Corporation Reports Second Quarter 1998 Insurance Net Operating Income Increase of 14%
Torchmark Corporation Reports 18% Increase in Earnings Per Share From Continuing Operations.
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 Invites You to Join Its Fourth Quarter Conference Call On the Web.
Torchmark Corporation Invites You to Join Its Second Quarter Conference Call On the Web.

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