MCKINNEY, Texas, April 17,
2019 /PRNewswire/ -- Torchmark Corporation (NYSE: TMK)
reported today that for the quarter ended March 31, 2019, net
income was $1.65 per diluted
common share, compared with $1.49 per
diluted common share for the year-ago quarter. Net operating income
for the quarter was $1.64 per diluted
common share, compared with $1.47 per
diluted common share for the year-ago quarter.
HIGHLIGHTS:
- Net income as an ROE was 12.9%. Net operating income as an ROE
excluding net unrealized gains on fixed maturities was
14.7%.
- Life underwriting margin at Globe Life Direct Response
increased over the year-ago quarter by 11% and American Income
Exclusive Agency and Liberty National Exclusive Agency both
increased over the year-ago quarter by 10%.
- 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 life sales at Liberty National Exclusive Agency increased
over the year-ago quarter by 8% and net health sales at Liberty
National Exclusive Agency increased over the year-ago quarter by
12%.
- 1.1 million shares of common stock were repurchased during the
quarter.
FINANCIAL SUMMARY
Quarter
End
(Dollar amounts in millions, except per share data)
(Unaudited)
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.
|
Per Share
Quarter Ended
|
|
|
|
Quarter
Ended
|
|
|
|
March
31,
|
|
|
|
March
31,
|
|
|
|
2019
|
|
|
2018
|
|
%
Chg.
|
|
|
2019
|
|
|
2018
|
|
%
Chg.
|
|
|
Insurance
underwriting income(2)
|
$
|
1.56
|
|
|
|
$
|
1.37
|
|
|
14
|
|
|
$
|
174.8
|
|
|
|
$
|
160.3
|
|
|
9
|
|
|
Excess investment
income(2)
|
0.58
|
|
|
|
0.53
|
|
|
9
|
|
|
65.6
|
|
|
|
61.9
|
|
|
6
|
|
|
Parent company
expense
|
(0.02)
|
|
|
|
(0.02)
|
|
|
|
|
(2.6)
|
|
|
|
(2.3)
|
|
|
|
|
Income tax
|
(0.41)
|
|
|
|
(0.37)
|
|
|
11
|
|
|
(46.6)
|
|
|
|
(42.8)
|
|
|
9
|
|
|
Stock compensation
benefit (expense), net of tax
|
(0.06)
|
|
|
|
(0.04)
|
|
|
|
|
(6.4)
|
|
|
|
(5.0)
|
|
|
|
|
Net operating
income
|
1.64
|
|
|
|
1.47
|
|
|
12
|
|
|
184.7
|
|
|
|
172.2
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to
net income (GAAP):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciling items,
net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized Gain
(Loss)—Investments
|
0.01
|
|
|
|
0.01
|
|
|
|
|
1.1
|
|
|
|
1.5
|
|
|
|
|
Part D
adjustments—discontinued operations
|
—
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
(0.1)
|
|
|
|
|
Administrative
settlements
|
—
|
|
|
|
—
|
|
|
|
|
(0.4)
|
|
|
|
—
|
|
|
|
|
Net
income(3)
|
$
|
1.65
|
|
|
|
$
|
1.49
|
|
|
|
|
$
|
185.3
|
|
|
|
$
|
173.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares outstanding
(in thousands)
|
112,329
|
|
|
|
116,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
news release may not sum due to rounding.
|
FINANCIAL SUMMARY,
(continued)
Management vs. GAAP Measures
(Dollar
amounts in millions, except per share data)
(Unaudited)
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.
|
March
31,
|
|
2019
|
|
2018
|
|
Net income as an
ROE(1)
|
12.9
|
%
|
|
11.5
|
%
|
|
Net operating income
as an ROE (excluding net unrealized gains on fixed
maturities)
|
14.7
|
%
|
|
14.6
|
%
|
|
|
|
|
|
Shareholders'
equity
|
$
|
6,043
|
|
|
$
|
5,820
|
|
|
Impact of adjustment
to exclude net unrealized gains on fixed maturities
|
(969)
|
|
|
(1,067)
|
|
|
Shareholders' equity,
excluding net unrealized gains on fixed maturities
|
$
|
5,074
|
|
|
$
|
4,753
|
|
|
|
|
|
|
Book value per
share
|
$
|
54.13
|
|
|
$
|
50.13
|
|
|
Impact of adjustment
to exclude net unrealized gains on fixed maturities
|
(8.68)
|
|
|
(9.19)
|
|
|
Book value per share,
excluding net unrealized gains on fixed maturities
|
$
|
45.45
|
|
|
$
|
40.94
|
|
|
|
|
|
|
|
|
|
|
(1) Calculated using
average shareholders' equity for the measurement period.
|
CONTINUING INSURANCE OPERATIONS—comparing
Q1 2019 with Q1 2018:
Life insurance accounted for 73% of the Company's insurance
underwriting margin for the quarter and 70% of total premium
revenue.
Health insurance accounted for 26% of Torchmark's insurance
underwriting margin for the quarter and 30% of total premium
revenue.
Net sales of life insurance increased 4%, while net health sales
increased 2%.
|
INSURANCE PREMIUM
REVENUE
(Dollar amounts in millions)
(Unaudited)
|
|
|
Quarter
Ended
|
|
March 31,
2019
|
|
March 31,
2018
|
|
%
Chg.
|
|
Life
insurance
|
$
|
624.3
|
|
|
$
|
598.3
|
|
|
4
|
|
Health
insurance
|
266.7
|
|
|
251.8
|
|
|
6
|
|
Total
|
$
|
891.0
|
|
|
$
|
850.1
|
|
|
5
|
INSURANCE UNDERWRITING INCOME
(Dollar
amounts in millions, except per share data)
(Unaudited)
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
Financial Summary section above.
|
Quarter
Ended
|
|
March 31,
2019
|
|
%
of
Premium
|
|
|
March 31,
2018
|
|
%
of
Premium
|
|
%
Chg.
|
|
Insurance
underwriting margins:
|
|
|
|
|
|
|
|
|
|
|
|
Life
|
$
|
169.8
|
|
|
27
|
|
|
$
|
154.8
|
|
|
26
|
|
10
|
|
Health
|
61.5
|
|
|
23
|
|
|
58.0
|
|
|
23
|
|
6
|
|
Annuity
|
2.4
|
|
|
|
|
|
2.6
|
|
|
|
|
|
|
233.8
|
|
|
|
|
|
215.5
|
|
|
|
|
9
|
|
Other
income
|
0.2
|
|
|
|
|
|
0.3
|
|
|
|
|
|
|
Administrative
expenses
|
(59.2)
|
|
|
|
|
|
(55.5)
|
|
|
|
|
7
|
|
Insurance
underwriting income
|
$
|
174.8
|
|
|
|
|
|
$
|
160.3
|
|
|
|
|
9
|
|
Per share
|
$
|
1.56
|
|
|
|
|
|
$
|
1.37
|
|
|
|
|
14
|
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
(Dollar amounts in millions)
(Unaudited)
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
|
|
March
31,
|
|
2019
|
|
2018
|
|
|
|
Amount
|
|
% of
Premium
|
|
Amount
|
|
% of
Premium
|
|
%
Chg.
|
|
|
American Income
Exclusive Agency
|
$
|
93.3
|
|
|
33
|
|
|
$
|
84.9
|
|
|
32
|
|
|
10
|
|
|
Globe Life Direct
Response
|
37.4
|
|
|
17
|
|
|
33.5
|
|
|
16
|
|
|
11
|
|
|
Liberty National
Exclusive Agency
|
18.0
|
|
|
25
|
|
|
16.4
|
|
|
24
|
|
|
10
|
|
|
Other
|
21.2
|
|
|
39
|
|
|
20.0
|
|
|
37
|
|
|
6
|
|
|
Total
|
$
|
169.8
|
|
|
27
|
|
|
$
|
154.8
|
|
|
26
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life
Premium
|
|
|
Quarter
Ended
|
|
|
|
March
31,
|
|
|
|
2019
|
|
2018
|
|
%
Chg.
|
|
|
American Income
Exclusive Agency
|
$
|
281.8
|
|
|
$
|
262.5
|
|
|
7
|
|
|
Globe Life Direct
Response
|
217.6
|
|
|
211.8
|
|
|
3
|
|
|
Liberty National
Exclusive Agency
|
70.7
|
|
|
69.6
|
|
|
2
|
|
|
Other
|
54.2
|
|
|
54.4
|
|
|
—
|
|
|
Total
|
$
|
624.3
|
|
|
$
|
598.3
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Life Net
Sales(1)
|
|
Quarter
Ended
|
|
|
|
March
31,
|
|
|
|
2019
|
|
2018
|
|
%
Chg.
|
|
|
American Income
Exclusive Agency
|
$
|
57.6
|
|
|
$
|
55.1
|
|
|
4
|
|
|
Globe Life Direct
Response
|
32.4
|
|
|
32.2
|
|
|
1
|
|
|
Liberty National
Exclusive Agency
|
12.3
|
|
|
11.4
|
|
|
8
|
|
|
Other
|
3.1
|
|
|
2.7
|
|
|
16
|
|
|
Total
|
$
|
105.3
|
|
|
$
|
101.3
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net Sales (health
and life), a statistical performance measure, is calculated as the
annualized premium issued, net of cancellations in the first 30
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.
|
|
Health Insurance
Results by Distribution Channel
(Dollar amounts in
millions)
(Unaudited)
|
|
|
Health
Underwriting Margin
|
|
Quarter
Ended
|
|
March
31,
|
|
2019
|
|
2018
|
|
|
|
Amount
|
|
% of
Premium
|
|
Amount
|
|
% of
Premium
|
|
%
Chg.
|
|
|
Family Heritage
Exclusive Agency
|
$
|
17.7
|
|
|
25
|
|
|
$
|
15.5
|
|
|
23
|
|
|
14
|
|
|
United American
Independent Agency
|
15.9
|
|
|
15
|
|
|
15.4
|
|
|
16
|
|
|
3
|
|
|
American Income
Exclusive Agency
|
12.8
|
|
|
53
|
|
|
11.8
|
|
|
52
|
|
|
8
|
|
|
Liberty National
Exclusive Agency
|
12.0
|
|
|
25
|
|
|
12.0
|
|
|
24
|
|
|
—
|
|
|
Direct
Response
|
3.2
|
|
|
16
|
|
|
3.2
|
|
|
17
|
|
|
(1)
|
|
|
Total
|
$
|
61.5
|
|
|
23
|
|
|
$
|
58.0
|
|
|
23
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health
Premium
|
|
Quarter
Ended
|
|
|
|
March
31,
|
|
|
|
2019
|
|
2018
|
|
%
Chg.
|
|
|
Family Heritage
Exclusive Agency
|
$
|
71.3
|
|
|
$
|
66.2
|
|
|
8
|
|
|
United American
Independent Agency
|
102.9
|
|
|
94.3
|
|
|
9
|
|
|
American Income
Exclusive Agency
|
24.1
|
|
|
22.7
|
|
|
6
|
|
|
Liberty National
Exclusive Agency
|
48.2
|
|
|
49.2
|
|
|
(2)
|
|
|
Direct
Response
|
20.3
|
|
|
19.4
|
|
|
4
|
|
|
Total
|
$
|
266.7
|
|
|
$
|
251.8
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Net
Sales(1)
|
|
Quarter
Ended
|
|
|
|
March
31,
|
|
|
|
2019
|
|
2018
|
|
%
Chg.
|
|
|
Family Heritage
Exclusive Agency
|
$
|
13.0
|
|
|
$
|
13.5
|
|
|
(3)
|
|
|
United American
Independent Agency
|
14.9
|
|
|
14.2
|
|
|
5
|
|
|
American Income
Exclusive Agency
|
3.9
|
|
|
3.4
|
|
|
15
|
|
|
Liberty National
Exclusive Agency
|
5.6
|
|
|
5.0
|
|
|
12
|
|
|
Direct
Response
|
1.1
|
|
|
1.6
|
|
|
(27)
|
|
|
Total
|
$
|
38.5
|
|
|
$
|
37.6
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net Sales (health
and life), a statistical performance measure, is calculated as the
annualized premium issued, net of cancellations in the first 30
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.
|
|
Agent Producing
Count
(Unaudited)
|
|
|
Average Producing
Agent Count
|
|
End of Quarter
Agent Count
|
|
Quarter
Ended
|
|
|
|
Quarter
Ended
|
|
|
|
March
31,
|
|
|
|
Dec.
31,
|
|
|
|
March
31,
|
|
|
|
Dec.
31,
|
|
|
|
2019
|
|
2018
|
|
%
Chg.
|
|
2018
|
|
%
Chg.
|
|
2019
|
|
2018
|
|
%
Chg.
|
|
2018
|
|
%
Chg.
|
|
|
American Income
Exclusive Agency
|
6,865
|
|
|
6,780
|
|
|
1
|
|
|
6,936
|
|
|
(1)
|
|
|
7,233
|
|
|
6,947
|
|
|
4
|
|
|
6,894
|
|
|
5
|
|
|
Liberty National
Exclusive Agency
|
2,179
|
|
|
2,087
|
|
|
4
|
|
|
2,172
|
|
|
—
|
|
|
2,297
|
|
|
2,224
|
|
|
3
|
|
|
2,159
|
|
|
6
|
|
|
Family Heritage
Exclusive Agency
|
1,002
|
|
|
988
|
|
|
1
|
|
|
1,129
|
|
|
(11)
|
|
|
1,020
|
|
|
1,026
|
|
|
(1)
|
|
|
1,097
|
|
|
(7)
|
|
INVESTMENTS
EXCESS INVESTMENT INCOME
(Dollar
amounts in millions, except per share data)
(Unaudited)
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.
|
Quarter
Ended
|
|
March
31,
|
|
2019
|
|
2018
|
|
%
Chg.
|
|
Net investment
income
|
$
|
226.7
|
|
|
$
|
218.1
|
|
|
4
|
|
Required
interest:
|
|
|
|
|
|
|
Interest on net
policy liabilities(1)
|
(139.8)
|
|
|
(134.5)
|
|
|
4
|
|
Interest on
debt
|
(21.3)
|
|
|
(21.6)
|
|
|
(2)
|
|
Total required
interest
|
(161.1)
|
|
|
(156.1)
|
|
|
3
|
|
Excess investment
income
|
$
|
65.6
|
|
|
$
|
61.9
|
|
|
6
|
|
Per share
|
$
|
0.58
|
|
|
$
|
0.53
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
(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.
Investment Portfolio
The composition of the investment portfolio at book value at
March 31, 2019 is as follows:
|
$
|
|
% of
Total
|
|
Fixed maturities at
fair value(1)
|
$
|
17,224
|
|
|
95
|
%
|
|
Policy
loans
|
555
|
|
|
3
|
|
|
Other long-term
investments(2)
|
232
|
|
|
1
|
|
|
Short-term
investments
|
126
|
|
|
1
|
|
|
Total
|
$
|
18,137
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
(1) Fixed maturities
at amortized cost as of March 31, 2019 were $16.0
billion.
|
|
(2) Includes
investments accounted for under the fair value option at amortized
cost of $113 million (fair value of $119 million) as of
March 31, 2019.
|
Fixed maturities at amortized cost by asset class as of
March 31, 2019 are as follows:
|
Investment
Grade
|
|
Below
Investment
Grade
|
|
Total
|
|
Corporate
bonds
|
$
|
13,349
|
|
|
$
|
599
|
|
|
$
|
13,948
|
|
|
Municipals
|
1,426
|
|
|
—
|
|
|
1,426
|
|
|
Government-sponsored
enterprises
|
328
|
|
|
—
|
|
|
328
|
|
|
Government and
agencies
|
82
|
|
|
—
|
|
|
82
|
|
|
Collateralized debt
obligations
|
—
|
|
|
57
|
|
|
57
|
|
|
Residential
mortgage-backed securities
|
1
|
|
|
—
|
|
|
1
|
|
|
Other asset-backed
securities
|
131
|
|
|
14
|
|
|
146
|
|
|
Total
|
$
|
15,317
|
|
|
$
|
671
|
|
|
$
|
15,988
|
|
The market value of Torchmark's fixed maturity portfolio was
$17.2 billion compared with amortized
cost of $16.0 billion. Net unrealized
gains were comprised of gross unrealized gains of $1.4 billion and gross unrealized losses of
$205 million.
Torchmark is not a party to any derivatives contracts, including
credit default swaps, and does not participate in securities
lending.
At amortized cost and market value, 96% of fixed maturities were
rated "investment grade." The fixed maturity portfolio earned an
annual effective yield of 5.53% during the first quarter of 2019,
compared to 5.58% in the year-ago quarter.
Acquisitions of fixed maturity investments during the quarter
totaled $451 million at cost.
Comparable information for acquisitions of fixed maturity
investments is as follows:
|
Fixed Maturity
Acquisitions
|
|
Quarter
Ended
|
|
March
31,
|
|
2019
|
|
2018
|
|
Average annual
effective yield
|
4.9%
|
|
4.5%
|
|
Average
rating
|
A+
|
|
A
|
|
Average life (in
years) to:
|
|
|
|
|
Next call
|
19.5
|
|
14.8
|
|
Maturity
|
28.2
|
|
23.4
|
SHARE REPURCHASE:
During the quarter, the Company repurchased 1.1 million shares
of Torchmark Corporation common stock at a total cost of
$89 million for an average share
price of $81.32.
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.
Torchmark's intent is to manage the consolidated Company Action
Level Risk Based Capital (RBC) ratio of its subsidiaries to a range
of 300% to 320%. At the end of 2018, the RBC ratio was 326%. At
326%, the Company has $129 million
more capital than would be required for an RBC ratio of 300%.
EARNINGS GUIDANCE FOR THE YEAR ENDING DECEMBER 31, 2019:
Torchmark projects that net operating income per share will be
in the range of $6.61 to $6.75 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 first quarter
2019 earnings release conference call with financial analysts at
11:00 am (Eastern) tomorrow,
April 18, 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
(Unaudited)
(Dollar amounts in millions, except per share data)
|
|
|
Three Months
Ended
March 31,
|
|
2019
|
|
2018
|
|
Revenue:
|
|
|
|
|
Life
premium
|
$
|
624
|
|
|
$
|
598
|
|
|
Health
premium
|
267
|
|
|
252
|
|
|
Total
premium
|
891
|
|
|
850
|
|
|
Net investment
income
|
227
|
|
|
218
|
|
|
Realized gains
(losses)
|
1
|
|
|
2
|
|
|
Other
income
|
—
|
|
|
—
|
|
|
Total
revenue
|
1,119
|
|
|
1,070
|
|
|
|
|
|
|
Benefits and
expenses:
|
|
|
|
|
Life policyholder
benefits
|
410
|
|
|
401
|
|
|
Health policyholder
benefits
|
170
|
|
|
161
|
|
|
Other policyholder
benefits
|
8
|
|
|
9
|
|
|
Total policyholder
benefits
|
588
|
|
|
570
|
|
|
Amortization of
deferred acquisition costs
|
136
|
|
|
130
|
|
|
Commissions, premium
taxes, and non-deferred acquisition costs
|
73
|
|
|
70
|
|
|
Other operating
expense
|
73
|
|
|
67
|
|
|
Interest
expense
|
21
|
|
|
22
|
|
|
Total benefits and
expenses
|
891
|
|
|
858
|
|
|
|
|
|
|
Income before income
taxes
|
228
|
|
|
213
|
|
|
Income tax benefit
(expense)
|
(43)
|
|
|
(39)
|
|
|
Income from
continuing operations
|
185
|
|
|
174
|
|
|
Income (loss) from
discontinued operations, net of tax
|
—
|
|
|
—
|
|
|
Net
income
|
$
|
185
|
|
|
$
|
174
|
|
|
|
|
|
|
Basic net income
per common share
|
$
|
1.68
|
|
|
$
|
1.52
|
|
|
|
|
|
|
Diluted net income
per common share
|
$
|
1.65
|
|
|
$
|
1.49
|
|
View original
content:http://www.prnewswire.com/news-releases/torchmark-corporation-reports-first-quarter-2019-results-300834130.html
SOURCE Torchmark Corporation
