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Torchmark Reports Higher 4th Quarter Net Income

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NU Online News Service, Feb. 6, 9:50 a.m. – Torchmark Corp., Birmingham, Ala., is reporting $383,433 in net income for the fourth quarter of 2002 on $2.8 billion in revenue, up from $356,513 in net income on $2.7 billion in revenue for the fourth quarter of 2001.

Torchmark sells life insurance and health insurance.

Life insurance: Premium revenue increased 6%, to $318 million, and sales increased 13%, to $83 million. Sales through the company’s military channel and American Income Agency increased more than 20%.

Health insurance: Premium revenue was $251 million, about the same as in the fourth quarter of 2001. Sales fell 8%, to $52 million, because of a decrease in Medicare supplement insurance sales. Torchmark says sales of another health insurance product, limited-benefit health insurance, increased 87%.