NU Online News Service, Feb. 10, 2004, 12:10 p.m. EST – Juvenile life insurance and limited-benefit health insurance sold well at Torchmark Corp., Birmingham, Ala., during the fourth quarter of 2003.[@@]
The company is reporting $112 million in net income for the latest quarter on $747.5 million in revenue, up from $105.2 million in net income on $704.9 million in revenue for the fourth quarter of 2002.
A high lapse rate for many products and losses on a closed block of cancer policies held profits down, but the company’s direct response marketing unit generated particularly strong sales. Its health sales increased 158% during the quarter, to $1.1 million, and its life sales increased 47%, to $46.7 million.