Torchmark Corp. says it will be changing its name Aug. 8.
The McKinney, Texas-based life insurance issuer and distributor will become Globe Life Inc.
The company will also change its stock symbol, to GL, from TMK.
Torchmark shares trade under the New York Stock Exchange.
The company said in the change announcement that the new name is part of a brand-alignment strategy.
Today, the list of entities owned by Torchmark includes American Income Life Insurance Company, Globe Life and Accident Insurance Company, Family Heritage Life Insurance Company of America, Liberty National Life Insurance Company, and United American Insurance Company.
Torchmark’s insurance-issuing entities will continue to exist as legal entities, but Torchmark hopes that having the entities move toward using the Globe Life name will increase potential customers’ and agents’ awareness of the company, Torchmark said.
Torchmark also announced that Globe Life will be the official life insurance of the Dallas Cowboys football team.
Torchmark said the deal with the Cowboys includes advertising and corporate events at the Cowboys’ stadium, AT&T Stadium in Arlington, Texas, and at the Dallas Cowboys’ headquarters and training facility in Frisco, Texas.
Globe Life already has the naming rights for the Texas Rangers baseball team’s stadium, Globe Life Park.
Larry Hutchison’s Comments
Larry Hutchison, Torchmark’s co-chief executive officer, talked about the name change and relationship with the Cowboys Thursday, during a conference call with securities analysts that was streamed live on the web.
Hutchison said during the call that Torchmark has already been investing in efforts to promote the Globe Life name.
“These investments have increased Globe’s name recognition and improved sales in Texas and the surrounding states,” Hutchison said. ”We expect this initiative to evolve over a number of years and create a strong unified brand. As we go forward, we will maintain our usual disciplined approach to expense management, to ensure branding has a positive effect on recruiting, sales, and underwriting income.”
Hutchison said the individual insurance subsidiaries will continue to keep their cultures and market niches, even after they begin using the Globe Life name.
— Read Torchmark Announces Move To Texas, on ThinkAdvisor.