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TORCHMARK
CORPORATION
Operating Summary (Unaudited)
(In thousands, except per share amounts)
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| 3
Months Ended |
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1Q |
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4Q |
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3Q |
|
2Q |
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1Q |
| 03/01
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03/00
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2001
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2000
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2000
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2000
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|
2000
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UNDERWRITING
INCOME |
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| $69,955 |
|
$66,419 |
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Life |
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$69,995 |
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$70,152 |
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$68,517 |
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$66,659 |
|
$66,419 |
| 45,107 |
|
40,585 |
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Health |
45,107 |
|
40,811 |
|
40,216 |
|
39,504 |
|
40,585 |
| 6,405 |
|
6,137 |
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Annuity |
6,405 |
|
8,449 |
|
7,525 |
|
7,764 |
|
6,137 |
| 121,467 |
|
113,141 |
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121,467 |
|
119,412 |
|
116,258 |
|
113,927 |
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113,141 |
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| 1,175 |
|
1,247 |
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Other
Income |
1,175 |
|
1,006 |
|
1,166 |
|
1,231 |
|
1,247 |
| -29,980 |
|
-27,255 |
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Admin.
Expenses |
-29,980 |
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-29,265 |
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-27,628 |
|
-27,669 |
|
-27,255 |
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| 92,662 |
|
87,133 |
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Underwriting
Income |
92,662 |
|
91,153 |
|
89,796 |
|
87,489 |
|
87,133 |
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EXCESS
INVESTMENT INCOME |
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| 121,951 |
|
119,806 |
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Net
Investment Income |
121,951 |
|
121,245 |
|
120,045 |
|
119,985 |
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119,806 |
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Required
Interest: |
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| -46,624 |
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-45,247 |
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Net
Policy Liabilities |
-46,624 |
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-46,324 |
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-46,438 |
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-45,777 |
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-45,247 |
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Financing
Costs: |
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| -12,567 |
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-13,810 |
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Interest on Debt |
-12,567 |
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-13,156 |
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-13,352 |
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-14,169 |
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-13,810 |
| -3,663 |
|
-3,675 |
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MIPS Dividend |
-3,663 |
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-4,111 |
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-4,123 |
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-3,913 |
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-3,675 |
| |
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| 59,097 |
|
57,074 |
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Total
Excess |
59,097 |
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57,654 |
|
56,132 |
|
56,126 |
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57,074 |
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Investment Income |
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OTHER |
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| -2,406 |
|
-2,400 |
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Parent
Companies |
-2,406 |
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-2,314 |
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-2,317 |
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-2,338 |
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-2,400 |
| -1,264 |
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-2,695 |
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Tax
Equivalent Adj. |
-1,264 |
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-1,430 |
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-1,972 |
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-2,558 |
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-2,695 |
| -3,670 |
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-5,095 |
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-3,670 |
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-3,744 |
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-4,289 |
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-4,896 |
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-5,095 |
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| 148,089 |
|
139,112 |
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Pre-Tax
Operating |
148,089 |
|
145,063 |
|
141,639 |
|
138,719 |
|
139,112 |
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Income |
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| -49,622 |
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-46,004 |
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Income
Tax |
-49,622 |
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-48,357 |
|
-46,795 |
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-46,010 |
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-46,004 |
| -3,018 |
|
-3,018 |
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Goodwill |
-3,018 |
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-3,020 |
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-3,018 |
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-3,019 |
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-3,018 |
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| $95,449 |
|
$90,090 |
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Net
Operating Income |
$95,449 |
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$93,686 |
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$91,826 |
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$89,690 |
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$90,090 |
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| $0.75 |
|
$0.69 |
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EPS
on a Diluted Basis |
$0.75 |
|
$0.74 |
|
$0.72 |
|
$0.70 |
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$0.69 |
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| 126,772 |
|
130,823 |
|
Average
Diluted Shares |
126,772 |
|
126,976 |
|
127,524 |
|
128,260 |
|
130,823 |
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Outstanding |
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| |
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| $4,254 |
|
-$1,208 |
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Capital
Gains/(Losses) & |
$4,254 |
|
-$1,765 |
|
$5,910 |
|
-$6,396 |
|
-$1,208 |
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DAC Adjustment,
Net of Tax |
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| -25 |
|
0 |
|
Gain/(Loss)
on Redemption |
-25 |
|
202 |
|
0 |
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0 |
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0 |
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|
of
Debt, Net
of Tax |
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