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TORCHMARK
CORPORATION
Operating Summary (Unaudited)
(In thousands, except per share amounts)
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| 12
Months Ended |
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|
3Q |
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2Q |
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1Q |
|
4Q |
|
3Q |
| 9/00
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9/99
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2000
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2000
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2000
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1999
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|
1999
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UNDERWRITING
INCOME |
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| $201,595 |
|
$199,587 |
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Life |
$68,517 |
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$66,659 |
|
$66,419 |
|
$64,818 |
|
$65,842 |
| 120,305 |
|
106,648 |
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Health |
40,216 |
|
39,504 |
|
40,585 |
|
37,984 |
|
36,207 |
| 21,426
|
|
18,391
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Annuity |
7,525
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|
7,764
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|
6,137
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|
7,304
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7,001
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| 343,326
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|
324,626
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|
116,258 |
|
113,927 |
|
113,141 |
|
110,106 |
|
109,050 |
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| 3,644 |
|
2,625 |
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Other
Income |
1,166 |
|
1,231 |
|
1,247 |
|
723 |
|
823 |
| -82,552 |
|
-78,921 |
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Admin.
Expenses |
-27,628 |
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-27,669 |
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-27,255 |
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-25,982 |
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-26,500 |
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| 264,418 |
|
248,330 |
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Underwriting
Income |
89,796 |
|
87,489 |
|
87,133 |
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84,847 |
|
83,373 |
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EXCESS
INVESTMENT INCOME |
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| 359,836 |
|
342,381 |
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Net
Investment Income |
120,045 |
|
119,985 |
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119,806 |
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116,443 |
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114,933 |
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Required
Interest: |
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| -137,462 |
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-131,714 |
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Net
Policy Liabilities |
-46,438 |
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-45,777 |
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-45,247 |
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-45,292 |
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-44,391 |
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Financing
Costs: |
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| -41,331 |
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-38,653 |
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Interest on Debt |
-13,352 |
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-14,169 |
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-13,810 |
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-13,688 |
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-13,327 |
| -11,711 |
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-10,571 |
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MIPS Dividend |
-4,123 |
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-3,913 |
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-3,675 |
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-3,519 |
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-3,626 |
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169,332
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161,443 |
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Total
Excess Investment |
56,132 |
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56,126 |
|
57,074 |
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53,944 |
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53,589 |
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Income |
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OTHER |
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| -7,055 |
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-7,755 |
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Parent
Companies |
-2,317 |
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-2,338 |
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-2,400 |
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-2,411 |
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-2,579 |
| -7,225 |
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-8,689 |
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Tax
Equivalent Adj. |
-1,972 |
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-2,558 |
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-2,695 |
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-2,798 |
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-3,175 |
| -14,280 |
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-16,444 |
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-4,289 |
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-4,896 |
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-5,095 |
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-5,209 |
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-5,754 |
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| 419,470 |
|
393,329 |
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Pre-Tax
Operating Income |
141,639 |
|
138,719 |
|
139,112 |
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133,582 |
|
131,208 |
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| -138,809 |
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-129,994 |
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Income
Tax |
-46,795 |
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-46,010 |
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-46,004 |
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-43,675 |
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-43,094 |
| -9,055 |
|
-9,055 |
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Goodwill |
-3,018 |
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-3,019 |
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-3,018 |
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-3,020 |
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-3,018 |
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Net
Operating Income, |
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| $271,606 |
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$254,280 |
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Excl.
Nonrecurring Chg. |
$91,826 |
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$89,690 |
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$90,090 |
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$86,887 |
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$85,096 |
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| $2.11 |
|
$1.89 |
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EPS
on a Diluted Basis |
$0.72 |
|
$0.70 |
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$0.69 |
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$0.66 |
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$0.64 |
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| 0 |
|
0 |
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Nonrecurring
Charge, Net of Tax |
0 |
|
0 |
|
0 |
|
-13,423 |
|
0 |
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| $271,606 |
|
$254,280 |
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Net
Operating Income |
$91,826 |
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$89,690 |
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$90,090 |
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$73,464 |
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$85,096 |
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| $2.11 |
|
$1.89 |
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EPS
on a Diluted Basis |
$0.72 |
|
$0.70 |
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$0.69 |
|
$0.56 |
|
$0.64 |
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| 128,871 |
|
134,554 |
|
Average
Diluted Shares |
127,524 |
|
128,260 |
|
130,823 |
|
132,317 |
|
133,273 |
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Outstanding |
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|
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| -$1,694 |
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-$67,631 |
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Capital
Losses & DAC |
$5,910 |
|
-$6,396 |
|
-$1,208 |
|
-$4,500 |
|
-$11,784 |
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Adjustment, Net of Tax |
|
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|
|
|
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|
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| 0 |
|
3,317 |
|
Gain
on Sale of Airplane, |
0 |
|
0 |
|
0 |
|
0 |
|
0 |
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Net of Tax |
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| $0 |
|
$16,086 |
|
Change
in Accounting |
$0 |
|
$0 |
|
$0 |
|
$0 |
|
$0 |
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|
Principle,
Net of Tax |
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