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TORCHMARK
CORPORATION
Operating Summary (Unaudited)
(In thousands, except per share amounts)
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| 6
Months Ended |
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|
2Q |
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1Q |
|
4Q |
|
3Q |
|
2Q |
| 6/01
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6/00
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|
2001
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|
2001
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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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| $139,839 |
|
$133,078 |
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Life |
|
$69,884 |
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$69,995 |
|
$70,152 |
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$68,517 |
|
$66,659 |
| 89,897 |
|
80,089 |
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Health |
44,790 |
|
45,107 |
|
40,811 |
|
40,216 |
|
39,504 |
| 13,194 |
|
13,901 |
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|
Annuity |
6,789 |
|
6,405 |
|
8,449 |
|
7,525 |
|
7,764 |
| 242,930 |
|
227,068 |
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|
121,463 |
|
121,467 |
|
119,412 |
|
116,258 |
|
113,927 |
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| 2,300 |
|
2,478 |
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Other
Income |
1,125 |
|
1,175 |
|
1,006 |
|
1,166 |
|
1,231 |
| -59,466 |
|
-54,924 |
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Admin.
Expenses |
-29,486 |
|
-29,980 |
|
-29,265 |
|
-27,628 |
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-27,669 |
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| 185,764 |
|
174,622 |
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Underwriting
Income |
93,102 |
|
92,662 |
|
91,153 |
|
89,796 |
|
87,489 |
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EXCESS
INVESTMENT INCOME |
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| 245,930 |
|
239,791 |
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Net
Investment Income |
123,979 |
|
121,951 |
|
121,245 |
|
120,045 |
|
119,985 |
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Required
Interest: |
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| -93,672 |
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-91,024 |
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Net
Policy Liabilities |
-47,048 |
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-46,624 |
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-46,324 |
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-46,438 |
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-45,777 |
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Financing
Costs: |
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| -24,327 |
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-27,979 |
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Interest on Debt |
-11,760 |
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-12,567 |
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-13,156 |
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-13,352 |
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-14,169 |
| -5,911 |
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-7,588 |
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MIPS Dividend |
-2,248 |
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-3,663 |
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-4,111 |
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-4,123 |
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-3,913 |
| |
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| 122,020 |
|
113,200 |
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Total
Excess |
62,923 |
|
59,097 |
|
57,654 |
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56,132 |
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56,126 |
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Investment Income |
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OTHER |
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| -5,108 |
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-4,738 |
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Parent
Companies |
-2,702 |
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-2,406 |
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-2,314 |
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-2,317 |
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-2,338 |
| -2,379 |
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-5,253 |
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Tax
Equivalent Adj. |
-1,115 |
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-1,264 |
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-1,430 |
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-1,972 |
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-2,558 |
| -7,487 |
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-9,991 |
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|
-3,817 |
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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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| 300,297 |
|
277,831 |
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Pre-Tax
Operating |
152,208 |
|
148,089 |
|
145,063 |
|
141,639 |
|
138,719 |
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Income |
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| -100,760 |
|
-92,014 |
|
Income
Tax |
-51,138 |
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-49,622 |
|
-48,357 |
|
-46,795 |
|
-46,010 |
| -6,037 |
|
-6,037 |
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Goodwill |
-3,019 |
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-3,018 |
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-3,020 |
|
-3,018 |
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-3,019 |
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| $193,500 |
|
$179,780 |
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Net
Operating Income |
$98,051 |
|
$95,449 |
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$93,686 |
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$91,826 |
|
$89,690 |
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| $1.53 |
|
$1.39 |
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EPS
on a Diluted Basis |
$0.78 |
|
$0.75 |
|
$0.74 |
|
$0.72 |
|
$0.70 |
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| 126,445 |
|
129,545 |
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Average
Diluted Shares |
126,131 |
|
126,772 |
|
126,976 |
|
127,524 |
|
128,260 |
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Outstanding |
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| |
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| $7,041 |
|
-$7,604 |
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Capital
Gains (Loss) & |
$2,787 |
|
$4,254 |
|
-$1,765 |
|
$5,910 |
|
-$6,396 |
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DAC Adjustment,
Net of Tax |
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|
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| -1,105 |
|
0 |
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Gain
(Loss)
on |
-1,080 |
|
-25 |
|
202 |
|
0 |
|
0 |
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Redemption of
Debt,
Net
of Tax |
|
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|
|
|
|
|
|
-26,584 |
|
0 |
|
Change
in Accounting |
-26,584 |
|
0 |
|
0 |
|
0 |
|
0 |
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|
Principle,
Net of Tax |
|
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