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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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|
4Q |
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3Q |
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2Q |
|
1Q |
|
4Q |
| 12/00
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12/99
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2000
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2000
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2000
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2000
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|
1999
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UNDERWRITING
INCOME |
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| $271,747 |
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$264,405 |
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Life |
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$70,152 |
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$68,517 |
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$66,659 |
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$66,419 |
|
$64,818 |
| 161,116 |
|
144,632 |
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Health |
40,811 |
|
40,216 |
|
39,504 |
|
40,585 |
|
37,984 |
| 29,875 |
|
25,695 |
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Annuity |
8,449 |
|
7,525 |
|
7,764 |
|
6,137 |
|
7,304 |
| 462,738 |
|
434,732 |
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119,412 |
|
116,258 |
|
113,927 |
|
113,141 |
|
110,106 |
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| 4,650 |
|
3,348 |
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Other
Income |
1,006 |
|
1,166 |
|
1,231 |
|
1,247 |
|
723 |
| -111,817 |
|
-104,903 |
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Admin.
Expenses |
-29,265 |
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-27,628 |
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-27,669 |
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-27,255 |
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-25,982 |
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| 355,571 |
|
333,177 |
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Underwriting
Income |
91,153 |
|
89,796 |
|
87,489 |
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87,133 |
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84,847 |
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EXCESS
INVESTMENT INCOME |
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| 481,081 |
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458,824 |
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Net
Investment Income |
121,245 |
|
120,045 |
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119,985 |
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119,806 |
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116,443 |
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Required
Interest: |
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| -183,786 |
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-177,006 |
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Net
Policy Liabilities |
-46,324 |
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-46,438 |
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-45,777 |
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-45,247 |
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-45,292 |
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Financing
Costs: |
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| -54,487 |
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-52,341 |
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Interest on Debt |
-13,156 |
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-13,352 |
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-14,169 |
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-13,810 |
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-13,688 |
| -15,822 |
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-14,090 |
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MIPS Dividend |
-4,111 |
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-4,123 |
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-3,913 |
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-3,675 |
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-3,519 |
| |
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| 226,986 |
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215,387 |
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Total
Excess |
57,654 |
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56,132 |
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56,126 |
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57,074 |
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53,944 |
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Investment Income |
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OTHER |
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| -9,369 |
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-10,166 |
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Parent
Companies |
-2,314 |
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-2,317 |
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-2,338 |
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-2,400 |
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-2,411 |
| -8,655 |
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-11,487 |
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Tax
Equivalent Adj. |
-1,430 |
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-1,972 |
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-2,558 |
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-2,695 |
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-2,798 |
| -18,024 |
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-21,653 |
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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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-5,209 |
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| 564,533 |
|
526,911 |
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Pre-Tax
Operating |
145,063 |
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141,639 |
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138,719 |
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139,112 |
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133,582 |
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Income |
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| -187,166 |
|
-173,669 |
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Income
Tax |
-48,357 |
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-46,795 |
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-46,010 |
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-46,004 |
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-43,675 |
| -12,075 |
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-12,075 |
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Goodwill |
-3,020 |
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-3,018 |
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-3,019 |
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-3,018 |
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-3,020 |
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Net
Operating Income, |
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| $365,292 |
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$341,167 |
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Excl.
Nonrecurring Chg. |
$93,686 |
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$91,826 |
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$89,690 |
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$90,090 |
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$86,887 |
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| $2.85 |
|
$2.55 |
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EPS
on a Diluted Basis |
$0.74 |
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$0.72 |
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$0.70 |
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$0.69 |
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$0.66 |
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Nonrecurring
Charge, |
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| 0 |
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-13,423 |
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Net
of Tax |
0 |
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0 |
|
0 |
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0 |
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-13,423 |
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| $365,292 |
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$327,744 |
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Net
Operating Income |
$93,686 |
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$91,826 |
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$89,690 |
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$90,090 |
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$73,464 |
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| $2.85 |
|
$2.45 |
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EPS
on a Diluted Basis |
$0.74 |
|
$0.72 |
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$0.70 |
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$0.69 |
|
$0.56 |
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| 128,353 |
|
133,986 |
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Average
Diluted Shares |
126,976 |
|
127,524 |
|
128,260 |
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130,823 |
|
132,317 |
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Outstanding |
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| |
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| -$3,459 |
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-$72,131 |
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Capital
Losses & DAC |
-$1,765 |
|
$5,910 |
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-$6,396 |
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-$1,208 |
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-$4,500 |
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Adjustment,
Net of Tax |
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| 0 |
|
3,317 |
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Gain
on Sale of Airplane, |
0 |
|
0 |
|
0 |
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0 |
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0 |
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Net of
Tax |
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|
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| 202 |
|
0 |
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Gain
on Redemption of |
202 |
|
0 |
|
0 |
|
0 |
|
0 |
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Debt, 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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