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April 19, 2019 at 01:37 PM
Torchmark Corp. thrilled investors earlier this week by generating solid profits, and some profit growth, from writing and selling life and health products aimed at middle-income Americans.
(Related: What 4 Carriers Are Saying About Agents and Agent Comp)
The McKinney, Texas-based company reported $185 million in net income for the first quarter on $1.1 billion in revenue, up from $174 million in net income on $1.1 billion in revenue for the first quarter of 2018.
The company has three divisions with producing exclusive agents: Liberty National, American Income and Family Heritage Life.
The total number of exclusive producing agents increased 2%, to about 10,000.
One possible headwind for the company could be the rise of a Medicare for All system.
But Larry Hutchison, the company’s chief executive officer, told securities analysts Thursday, during a conference call, that the impact of such a shift would depend on the details.
“It could be an opportunity if we have Medicare for All and we have a Medicare system where co-pays and deductibles are covered by a Medicare-type insurance,” Hutchison said during the call.
