MCKINNEY, Texas, July 24,
2019 /PRNewswire/ -- Torchmark Corporation (NYSE: TMK) reported
today that for the quarter ended June 30,
2019, net income was $1.67 per
diluted common share, compared with $1.59 per diluted common share for the year-ago
quarter. Net operating income for the quarter was $1.67 per diluted common share, compared with
$1.51 per diluted common share for
the year-ago quarter.
Torchmark also announced today that its corporate name will be
changed to Globe Life Inc. effective August
8, 2019. The NYSE ticker will be changed to GL on
August 9, 2019. The name change is
part of a brand alignment strategy which will enhance the Company's
ability to build name recognition with potential customers and
agent recruits through use of a single brand. The underwriting
companies owned by the Parent Company will continue to exist as
legal entities, but over a period of time will go to market under
the Globe Life name to leverage branding initiatives implemented at
Globe Life And Accident Insurance Company in recent years.
HIGHLIGHTS:
- Net income as an ROE was 12.3%. Net operating income as an ROE
excluding net unrealized gains on fixed maturities was 14.6%.
- Life underwriting margin at American Income Exclusive Agency
and Globe Life Direct Response both increased over the year-ago
quarter by 9%.
- Health underwriting margin at Family Heritage Exclusive Agency
increased over the year-ago quarter by 14%.
- Life premiums increased over the year-ago quarter by 7% at
American Income Exclusive Agency and health premiums increased over
the year-ago quarter by 8% at Family Heritage Exclusive
Agency.
- Net health sales increased over the year-ago quarter by
14%.
- 979,215 shares of common stock were repurchased during the
quarter.
RESULTS OF OPERATIONS
Net operating income, a non-GAAP(1) financial
measure, has been used consistently by Torchmark's management for
many years to evaluate the operating performance of the Company,
and is a measure commonly used in the life insurance industry. It
differs from net income primarily because it excludes certain
non-operating items such as realized investment gains and losses
and certain significant and unusual items included in net income.
Management believes an analysis of net operating income is
important in understanding the profitability and operating trends
of the Company's business. Net income is the most directly
comparable GAAP measure.
The following table represents Torchmark's operating summary for
the three months ended June 30, 2019
and 2018:
|
Operating
Summary
|
|
Per
Share
|
|
|
|
|
|
|
|
Three Months
Ended
June 30,
|
|
|
|
Three Months
Ended
June 30,
|
|
|
|
2019
|
|
2018
|
|
%
Chg.
|
|
2019
|
|
2018
|
|
%
Chg.
|
|
Insurance
underwriting income(2)
|
$
|
1.60
|
|
|
$
|
1.46
|
|
|
10
|
|
$
|
178,556
|
|
|
$
|
168,446
|
|
|
6
|
|
Excess investment
income(2)
|
0.58
|
|
|
0.52
|
|
|
12
|
|
64,678
|
|
|
59,949
|
|
|
8
|
|
Parent company
expense
|
(0.03)
|
|
|
(0.02)
|
|
|
|
|
(2,872)
|
|
|
(2,847)
|
|
|
|
|
Income tax
|
(0.42)
|
|
|
(0.38)
|
|
|
11
|
|
(47,114)
|
|
|
(44,251)
|
|
|
6
|
|
Stock compensation
benefit (expense), net of tax
|
(0.06)
|
|
|
(0.05)
|
|
|
|
|
(6,366)
|
|
|
(6,237)
|
|
|
|
|
Net operating
income
|
1.67
|
|
|
1.51
|
|
|
11
|
|
186,882
|
|
|
175,060
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciling items,
net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized Gain
(Loss)—Investments
|
0.04
|
|
|
0.08
|
|
|
|
|
4,072
|
|
|
9,333
|
|
|
|
|
Part D
adjustments—Discontinued operations
|
—
|
|
|
—
|
|
|
|
|
(43)
|
|
|
32
|
|
|
|
|
Legal
proceedings
|
(0.04)
|
|
|
—
|
|
|
|
|
(4,345)
|
|
|
—
|
|
|
|
|
Net
income(3)
|
$
|
1.67
|
|
|
$
|
1.59
|
|
|
|
|
$
|
186,566
|
|
|
$
|
184,425
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares outstanding
|
111,586
|
|
|
115,651
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
GAAP is defined as
accounting principles generally accepted in the United States of
America.
|
|
(2)
|
Definitions included
within this document.
|
|
(3)
|
A GAAP-basis
consolidated statement of operations is included in the appendix of
this report.
|
|
|
|
Note: Tables in this
earnings release may not sum due to rounding.
|
MANAGEMENT VS. GAAP MEASURES
Shareholders' equity, excluding net unrealized gains on fixed
maturities, and book value per share, excluding net unrealized
gains on fixed maturities, are non-GAAP measures that are utilized
by management to view the business without the effect of unrealized
gains or losses which are primarily attributable to fluctuation in
interest rates associated with the available-for-sale portfolio.
Management views the business in this manner because the Company
has the ability and generally, the intent, to hold investments to
maturity and meaningful trends can more easily be identified
without the fluctuations. Shareholders' equity and book value per
share are the most directly comparable GAAP measures.
|
June
30,
|
|
2019
|
|
2018
|
|
Net income as a
ROE(1)
|
12.3
|
%
|
|
12.2
|
%
|
|
Net operating income
as a ROE (excluding net unrealized gains on fixed
maturities)
|
14.6
|
%
|
|
14.6
|
%
|
|
|
|
|
|
Shareholders'
equity
|
$
|
6,700,398
|
|
|
$
|
5,571,609
|
|
|
Impact of adjustment
to exclude net unrealized gains on fixed maturities
|
(1,533,945)
|
|
|
(731,707)
|
|
|
Shareholders' equity,
excluding net unrealized gains on fixed maturities
|
$
|
5,166,453
|
|
|
$
|
4,839,902
|
|
|
|
|
|
|
Book value per
share
|
$
|
60.22
|
|
|
$
|
48.44
|
|
|
Impact of adjustment
to exclude net unrealized gains on fixed maturities
|
(13.79)
|
|
|
(6.36)
|
|
|
Book value per share,
excluding net unrealized gains on fixed maturities
|
$
|
46.43
|
|
|
$
|
42.08
|
|
|
|
|
(1)
|
Calculated using
average shareholders' equity for the measurement period.
|
INSURANCE OPERATIONS—comparing
Q2 2019 with Q2 2018:
Life insurance accounted for 74% of the Company's insurance
underwriting margin for the quarter and 70% of total premium
revenue.
Health insurance accounted for 25% of Torchmark's insurance
underwriting margin for the quarter and 30% of total premium
revenue.
Net sales of life insurance increased 1%, while net health sales
increased 14%.
The following table summarizes Torchmark's premium revenue by
product type for the three months ended June
30, 2019 and 2018:
|
Insurance Premium
Revenue
|
|
Quarter
Ended
|
|
June 30,
2019
|
|
June 30,
2018
|
|
%
Chg.
|
|
Life
insurance
|
$
|
631,201
|
|
|
$
|
602,534
|
|
|
5
|
|
Health
insurance
|
266,282
|
|
|
251,440
|
|
|
6
|
|
Annuity
|
1
|
|
|
5
|
|
|
|
|
Total
|
$
|
897,484
|
|
|
$
|
853,979
|
|
|
5
|
INSURANCE UNDERWRITING INCOME
Insurance underwriting margin is management's measure of
profitability of its life, health, and annuity segments'
underwriting performance, and consists of premiums less policy
obligations, commissions and other acquisition expenses. Insurance
underwriting income is the sum of the insurance underwriting
margins of the life, health, and annuity segments, plus other
income, less insurance administrative expenses. It excludes the
investment segment, Parent Company expense and income taxes.
Management believes this information helps provide a better
understanding of the business and a more meaningful analysis of
underwriting results by distribution channel. Insurance
underwriting income, a non-GAAP measure, is a component of net
operating income, which is reconciled to net income in the Results
of Operations section above.
The following table summarizes Torchmark's insurance
underwriting income by segment for the three months ended
June 30, 2019 and 2018:
|
Insurance
Underwriting Income
|
|
Quarter
Ended
|
|
June 30,
2019
|
|
% of
Premium
|
|
June 30,
2018
|
|
% of
Premium
|
|
%
Chg.
|
|
Insurance
underwriting margins:
|
|
|
|
|
|
|
|
|
|
|
Life
|
$
|
175,050
|
|
|
28
|
|
$
|
161,177
|
|
|
27
|
|
9
|
|
Health
|
60,159
|
|
|
23
|
|
59,538
|
|
|
24
|
|
1
|
|
Annuity
|
2,365
|
|
|
|
|
2,566
|
|
|
|
|
|
|
237,574
|
|
|
|
|
223,281
|
|
|
|
|
6
|
|
Other
income
|
398
|
|
|
|
|
441
|
|
|
|
|
|
|
Administrative
expenses
|
(59,416)
|
|
|
|
|
(55,276)
|
|
|
|
|
7
|
|
Insurance
underwriting income
|
$
|
178,556
|
|
|
|
|
$
|
168,446
|
|
|
|
|
6
|
|
Per
share
|
$
|
1.60
|
|
|
|
|
$
|
1.46
|
|
|
|
|
10
|
Administrative Expenses were $59
million, up 7% from the year-ago quarter. The ratio of
administrative expenses to premium was in line with expectations at
6.6%, compared with 6.5% for the year-ago quarter.
LIFE INSURANCE RESULTS BY DISTRIBUTION
CHANNEL
Total premium, underwriting margins, first-year collected
premium and net sales by all distribution channels are shown at
www.torchmarkcorp.com on the Investors page at "Financial
Reports."
|
Life Underwriting
Margin
|
|
Quarter
Ended
|
|
June
30,
|
|
2019
|
|
2018
|
|
|
|
Amount
|
|
% of
Premium
|
|
Amount
|
|
% of
Premium
|
|
%
Chg.
|
|
American Income
Exclusive Agency
|
97,006
|
|
|
34
|
|
|
88,616
|
|
|
33
|
|
|
9
|
|
Globe Life Direct
Response
|
39,042
|
|
|
18
|
|
|
35,735
|
|
|
17
|
|
|
9
|
|
Liberty National
Exclusive Agency
|
18,136
|
|
|
25
|
|
|
17,045
|
|
|
25
|
|
|
6
|
|
Other
Agencies
|
20,866
|
|
|
39
|
|
|
19,781
|
|
|
36
|
|
|
5
|
|
Total
|
$
|
175,050
|
|
|
28
|
|
|
$
|
161,177
|
|
|
27
|
|
|
9
|
|
Life
Premium
|
|
Quarter
Ended
|
|
|
|
June
30,
|
|
|
|
2019
|
|
2018
|
|
%
Chg.
|
|
American Income
Exclusive Agency
|
$
|
288,334
|
|
|
$
|
269,658
|
|
|
7
|
|
Globe Life Direct
Response
|
217,278
|
|
|
209,021
|
|
|
4
|
|
Liberty National
Exclusive Agency
|
71,478
|
|
|
69,456
|
|
|
3
|
|
Other
Agencies
|
54,111
|
|
|
54,399
|
|
|
(1)
|
|
Total
|
$
|
631,201
|
|
|
$
|
602,534
|
|
|
5
|
|
Life Net
Sales(1)
|
|
Quarter
Ended
|
|
|
|
June
30,
|
|
|
|
2019
|
|
2018
|
|
%
Chg.
|
|
American Income
Exclusive Agency
|
$
|
61,048
|
|
|
$
|
59,670
|
|
|
2
|
|
Globe Life Direct
Response
|
34,456
|
|
|
35,040
|
|
|
(2)
|
|
Liberty National
Exclusive Agency
|
13,428
|
|
|
12,869
|
|
|
4
|
|
Other
Agencies
|
3,207
|
|
|
3,678
|
|
|
(13)
|
|
Total
|
$
|
112,139
|
|
|
$
|
111,257
|
|
|
1
|
|
|
|
(1)
|
Net sales is
annualized premium issued (gross premium that would be received
during the policies' first year in force and assuming that none of
the policies lapsed or terminated), net of cancellations in the
first thirty days after issue, except in the case of Globe Life
Direct Response where net sales is annualized premium issued at the
time the first full premium is paid after any introductory offer
period has expired. We believe that net sales is a better indicator
of the rate of premium growth than annualized premium
issued.
|
HEALTH INSURANCE RESULTS BY DISTRIBUTION
CHANNEL
|
Health
Underwriting Margin
|
|
Quarter
Ended
|
|
June
30,
|
|
2019
|
|
2018
|
|
|
|
Amount
|
|
% of
Premium
|
|
Amount
|
|
% of
Premium
|
|
%
Chg.
|
|
United American
Independent Agency
|
$
|
14,390
|
|
|
14
|
|
|
$
|
15,578
|
|
|
17
|
|
|
(8)
|
|
Family Heritage
Exclusive Agency
|
17,901
|
|
|
25
|
|
|
15,771
|
|
|
23
|
|
|
14
|
|
Liberty National
Exclusive Agency
|
11,837
|
|
|
25
|
|
|
12,371
|
|
|
26
|
|
|
(4)
|
|
American Income
Exclusive Agency
|
13,040
|
|
|
53
|
|
|
12,682
|
|
|
54
|
|
|
3
|
|
Direct
Response
|
2,991
|
|
|
16
|
|
|
3,136
|
|
|
17
|
|
|
(5)
|
|
Total
|
$
|
60,159
|
|
|
23
|
|
|
$
|
59,538
|
|
|
24
|
|
|
1
|
|
Health
Premium
|
|
Quarter
Ended
|
|
|
|
June
30,
|
|
|
|
2019
|
|
2018
|
|
%
Chg.
|
|
United American
Independent Agency
|
$
|
102,254
|
|
|
$
|
93,555
|
|
|
9
|
|
Family Heritage
Exclusive Agency
|
73,037
|
|
|
67,635
|
|
|
8
|
|
Liberty National
Exclusive Agency
|
47,292
|
|
|
47,879
|
|
|
(1)
|
|
American Income
Exclusive Agency
|
24,450
|
|
|
23,372
|
|
|
5
|
|
Direct
Response
|
19,249
|
|
|
18,999
|
|
|
1
|
|
Total
|
$
|
266,282
|
|
|
$
|
251,440
|
|
|
6
|
|
Health Net
Sales(1)
|
|
Quarter
Ended
|
|
|
|
June
30,
|
|
|
|
2019
|
|
2018
|
|
%
Chg.
|
|
United American
Independent Agency
|
$
|
16,587
|
|
|
$
|
13,410
|
|
|
24
|
|
Family Heritage
Exclusive Agency
|
16,898
|
|
|
15,537
|
|
|
9
|
|
Liberty National
Exclusive Agency
|
5,864
|
|
|
5,277
|
|
|
11
|
|
American Income
Exclusive Agency
|
4,299
|
|
|
3,700
|
|
|
16
|
|
Direct
Response
|
582
|
|
|
986
|
|
|
(41)
|
|
Total
|
$
|
44,230
|
|
|
$
|
38,910
|
|
|
14
|
|
|
|
(1)
|
Net sales is
annualized premium issued (gross premium that would be received
during the policies' first year in force and assuming that none of
the policies lapsed or terminated), net of cancellations in the
first thirty days after issue, except in the case of Globe Life
Direct Response where net sales is annualized premium issued at the
time the first full premium is paid after any introductory offer
period has expired. We believe that net sales is a better indicator
of the rate of premium growth than annualized premium
issued.
|
PRODUCING EXCLUSIVE AGENT COUNT RESULTS BY
DISTRIBUTION CHANNEL
|
Quarterly
Average
Producing Agent
Count(1)
|
|
End of
Quarter
Agent
Count
|
|
June
30,
|
|
|
|
March 31,
|
|
|
|
June
30,
|
|
|
|
March 31,
|
|
|
|
2019
|
|
2018
|
|
%
Chg.
|
|
2019
|
|
%
Chg.
|
|
2019
|
|
2018
|
|
%
Chg.
|
|
2019
|
|
%
Chg.
|
|
American Income
Exclusive Agency
|
7,364
|
|
|
7,064
|
|
|
4
|
|
|
6,865
|
|
|
7
|
|
|
7,477
|
|
|
7,143
|
|
|
5
|
|
|
7,233
|
|
|
3
|
|
|
Liberty National
Exclusive Agency
|
2,290
|
|
|
2,185
|
|
|
5
|
|
|
2,179
|
|
|
5
|
|
|
2,390
|
|
|
2,198
|
|
|
9
|
|
|
2,297
|
|
|
4
|
|
|
Family Heritage
Exclusive Agency
|
1,081
|
|
|
1,052
|
|
|
3
|
|
|
1,002
|
|
|
8
|
|
|
1,089
|
|
|
1,090
|
|
|
—
|
|
|
1,020
|
|
|
7
|
|
|
|
|
(1)
|
The quarterly average
producing agent count is based on the actual count at the end of
each week during the period.
|
INVESTMENTS
Management uses excess investment income as the measure to
evaluate the performance of the investment segment. It is defined
as net investment income less both the required interest
attributable to net policy liabilities and the interest on debt. We
also view excess investment income per diluted common share as an
important and useful measure to evaluate performance of the
investment segment, as it takes into consideration our stock
repurchase program.
The following table summarizes Torchmark's investment income,
excess investment income, and excess investment income per diluted
common share.
|
Excess Investment
Income
|
|
Quarter
Ended
|
|
June
30,
|
|
2019
|
|
2018
|
|
%
Chg.
|
|
Net investment
income
|
$
|
227,425
|
|
|
$
|
218,568
|
|
|
4
|
|
Required
interest:
|
|
|
|
|
|
|
Interest on net
policy liabilities(1)
|
(141,315)
|
|
|
(136,208)
|
|
|
4
|
|
Interest on
debt
|
(21,432)
|
|
|
(22,411)
|
|
|
(4)
|
|
Total required
interest
|
(162,747)
|
|
|
(158,619)
|
|
|
3
|
|
Excess investment
income
|
$
|
64,678
|
|
|
$
|
59,949
|
|
|
8
|
|
Per share
|
$
|
0.58
|
|
|
$
|
0.52
|
|
|
12
|
|
|
|
(1)
|
Interest on net
policy liabilities is a component of total policyholder benefits, a
GAAP measure.
|
Net investment income increased 4%, while average invested
assets increased 5%. Required interest on net policy liabilities
increased 4%, while average net policy liabilities increased 3%.
The weighted average discount rate for the net policy liabilities
was 5.6% and in line with the year-ago quarter.
The composition of the investment portfolio at book value at
June 30, 2019 is as follows:
|
Investment
Portfolio
|
|
As
of
|
|
June 30,
2019
|
|
Amount
|
|
% of
Total
|
|
Fixed maturities at
fair value(1)
|
$
|
17,934,274
|
|
|
95
|
%
|
|
Policy
loans
|
560,469
|
|
|
3
|
|
|
Other long-term
investments(2)
|
289,147
|
|
|
2
|
|
|
Short-term
investments
|
74,116
|
|
|
—
|
|
|
Total
|
$
|
18,858,006
|
|
|
100
|
%
|
|
|
|
(1)
|
Fixed maturities at
amortized cost as of June 30, 2019 were $16.0 billion.
|
|
(2)
|
Includes $165 million
of investments accounted for under the fair value option which have
an amortized cost of $157 million as of June 30, 2019.
|
Fixed maturities at amortized cost by asset class as of
June 30, 2019 are as follows:
|
Fixed Maturity
Portfolio by Sector
|
|
As
of
|
|
June 30,
2019
|
|
Investment
Grade
|
|
Below
Investment
Grade
|
|
Total
|
|
Corporate
bonds
|
$
|
13,430,284
|
|
|
$
|
573,556
|
|
|
$
|
14,003,840
|
|
|
Municipal
|
1,364,901
|
|
|
444
|
|
|
1,365,345
|
|
|
Government-sponsored
enterprises
|
330,339
|
|
|
—
|
|
|
330,339
|
|
|
Government and
agencies
|
81,755
|
|
|
—
|
|
|
81,755
|
|
|
Collateralized debt
obligations
|
—
|
|
|
57,172
|
|
|
57,172
|
|
|
Other asset-backed
securities
|
131,421
|
|
|
14,400
|
|
|
145,821
|
|
|
Total
|
$
|
15,338,700
|
|
|
$
|
645,572
|
|
|
$
|
15,984,272
|
|
The market value of Torchmark's fixed maturity portfolio was
$17.9 billion compared with amortized
cost of $16.0 billion. Net unrealized
gains were comprised of gross unrealized gains of $2.1 billion and gross unrealized losses of
$109 million.
Torchmark is not a party to any derivatives contracts, including
credit default swaps, and does not participate in securities
lending.
At amortized cost, 96% of fixed maturities (97% at market value)
were rated "investment grade." The fixed maturity portfolio earned
an annual effective yield of 5.50% during the second quarter of
2019, compared with 5.57% in the year-ago quarter.
Comparable information for acquisitions of fixed maturity
investments is as follows:
|
Fixed Maturity
Acquisitions
|
|
Quarter
Ended
|
|
June
30,
|
|
2019
|
|
2018
|
|
Amount
|
$
|
252,742
|
|
|
$
|
181,688
|
|
|
Average annual
effective yield
|
5.0
|
%
|
|
5.2
|
%
|
|
Average
rating
|
A-
|
|
|
BBB+
|
|
|
Average life (in
years) to:
|
|
|
|
|
Next call
|
23.7
|
|
|
16.0
|
|
|
Maturity
|
29.2
|
|
|
18.4
|
|
SHARE REPURCHASE:
During the quarter, the Company repurchased 979,215 shares of
Torchmark Corporation common stock at a total cost of $85 million for an average share price of
$87.18.
LIQUIDITY/CAPITAL:
Torchmark's operations consist primarily of writing basic
protection life and supplemental health insurance policies which
generate strong and stable cash flows. Capital at the insurance
companies is sufficient to support operations.
EARNINGS GUIDANCE FOR THE YEAR ENDING DECEMBER 31, 2019:
Torchmark projects that net operating income per share will be
in the range of $6.67 to $6.77 for the year ending December 31, 2019.
NON-GAAP MEASURES:
In this news release, Torchmark includes non-GAAP measures to
enhance investors' understanding of management's view of the
business. The non-GAAP measures are not a substitute for GAAP, but
rather a supplement to increase transparency by providing broader
perspective. Torchmark's definitions of non-GAAP measures may
differ from other companies' definitions. More detailed financial
information including various GAAP and non-GAAP measurements are
located at www.torchmarkcorp.com on the Investors page under
"Financial Reports."
CAUTION REGARDING FORWARD-LOOKING STATEMENTS:
This press release may contain forward-looking statements within
the meaning of the federal securities laws. These prospective
statements reflect management's current expectations, but are not
guarantees of future performance. Accordingly, please refer
to Torchmark's cautionary statement regarding forward-looking
statements, and the business environment in which the Company
operates, contained in the Company's Form 10-K for the year ended
December 31, 2018, and any subsequent
Forms 10-Q on file with the Securities and Exchange Commission and
on the Company's website at www.torchmarkcorp.com on the Investors
page. Torchmark specifically disclaims any obligation to update or
revise any forward-looking statement because of new information,
future developments or otherwise.
EARNINGS RELEASE CONFERENCE CALL WEBCAST:
Torchmark will provide a live audio webcast of its second
quarter 2019 earnings release conference call with financial
analysts at 11:00 am (Eastern)
tomorrow, July 25, 2019. Access to the live webcast and replay
will be available at www.torchmarkcorp.com on the Investors/Calls
and Meetings page, at the Conference Calls on the Web icon.
Immediately following this press release, supplemental financial
reports will be available before the conference call on the
Investors page menu of the Torchmark website at "Financial
Reports."
|
APPENDIX
|
|
|
TORCHMARK
CORPORATION
|
|
GAAP CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Revenue:
|
|
|
|
|
|
|
|
|
Life
premium
|
$
|
631,201
|
|
|
$
|
602,534
|
|
|
$
|
1,255,490
|
|
|
$
|
1,200,837
|
|
|
Health
premium
|
266,282
|
|
|
251,440
|
|
|
532,966
|
|
|
503,238
|
|
|
Other
premium
|
1
|
|
|
5
|
|
|
1
|
|
|
10
|
|
|
Total
premium
|
897,484
|
|
|
853,979
|
|
|
1,788,457
|
|
|
1,704,085
|
|
|
Net investment
income
|
227,425
|
|
|
218,568
|
|
|
454,098
|
|
|
436,652
|
|
|
Realized gains
(losses)
|
5,154
|
|
|
11,813
|
|
|
6,483
|
|
|
13,764
|
|
|
Other
income
|
398
|
|
|
416
|
|
|
639
|
|
|
711
|
|
|
Total
revenue
|
1,130,461
|
|
|
1,084,776
|
|
|
2,249,677
|
|
|
2,155,212
|
|
|
|
|
|
|
|
|
|
|
Benefits and
expenses:
|
|
|
|
|
|
|
|
|
Life policyholder
benefits
|
410,961
|
|
|
399,334
|
|
|
820,653
|
|
|
799,915
|
|
|
Health policyholder
benefits
|
170,511
|
|
|
160,461
|
|
|
340,528
|
|
|
321,080
|
|
|
Other policyholder
benefits
|
7,890
|
|
|
8,582
|
|
|
15,938
|
|
|
17,271
|
|
|
Total policyholder
benefits
|
589,362
|
|
|
568,377
|
|
|
1,177,119
|
|
|
1,138,266
|
|
|
Amortization of
deferred acquisition costs
|
138,165
|
|
|
129,077
|
|
|
273,987
|
|
|
258,697
|
|
|
Commissions, premium
taxes, and non-deferred acquisition costs
|
73,698
|
|
|
69,427
|
|
|
147,163
|
|
|
139,066
|
|
|
Other operating
expense
|
79,044
|
|
|
68,620
|
|
|
151,837
|
|
|
135,444
|
|
|
Interest
expense
|
21,432
|
|
|
22,411
|
|
|
42,710
|
|
|
44,033
|
|
|
Total benefits and
expenses
|
901,701
|
|
|
857,912
|
|
|
1,792,816
|
|
|
1,715,506
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
228,760
|
|
|
226,864
|
|
|
456,861
|
|
|
439,706
|
|
|
Income tax benefit
(expense)
|
(42,151)
|
|
|
(42,471)
|
|
|
(84,858)
|
|
|
(81,602)
|
|
|
Income from
continuing operations
|
186,609
|
|
|
184,393
|
|
|
372,003
|
|
|
358,104
|
|
|
|
|
|
|
|
|
|
|
Discontinued
operations:
|
|
|
|
|
|
|
|
|
Income (loss) from
discontinued operations, net of tax
|
(43)
|
|
|
32
|
|
|
(92)
|
|
|
(79)
|
|
|
Net
income
|
$
|
186,566
|
|
|
$
|
184,425
|
|
|
$
|
371,911
|
|
|
$
|
358,025
|
|
|
|
|
|
|
|
|
|
|
Total basic net
income per common share
|
$
|
1.70
|
|
|
$
|
1.63
|
|
|
$
|
3.38
|
|
|
$
|
3.15
|
|
|
|
|
|
|
|
|
|
|
Total diluted net
income per common share
|
$
|
1.67
|
|
|
$
|
1.59
|
|
|
$
|
3.32
|
|
|
$
|
3.08
|
|
View original
content:http://www.prnewswire.com/news-releases/torchmark-corporation-reports-second-quarter-2019-results-300890564.html
SOURCE Torchmark Corporation