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Torchmark Reports Higher 1st Quarter Net Income

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NU Online News Service, April 22, 2003, 3:43 p.m. EDT – Torchmark Corp., Birmingham, Ala., is reporting $101 million in net income for the first quarter on $712 million in revenue, compared with $98 million in net income on $690 million in revenue for the first quarter of 2002.

Torchmark sells life insurance and supplemental health insurance.

Net underwriting income increased 9% at the life operations, to $79 million, but it fell 3% at the health operations, to $43 million.

Torchmark notes that it will be raising the cost of its Medicare supplement insurance less than 10% this year. The increase will be Torchmark’s first single-digit Medicare supplement insurance rate increase since 1996, the company says.