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Torchmark Reports Higher 1st Quarter Net Income

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NU Online News Service, April 18, 2:36 p.m. – Torchmark Corp., Birmingham, Ala., is reporting $98 million in net income for the first quarter on $700 million in revenue, compared with $96 million in net income on $668 million in revenue for the first quarter of 2001.

Torchmark sells life insurance, Medicare supplement insurance and other products aimed at middle-income Americans.

Sales by Torchmark’s biggest unit, its direct response life insurance unit, fell 5%, to $29 million, but the unit’s revenue increased 12%, to $78 million.

Sales by the second biggest unit, Liberty National Life, increased 4%, to $14 million, while revenue increased 1%, to $75 million.