TORCHMARK CORPORATION Operating Summary (Unaudited) (In thousands, except per share amounts)
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1 Operating Summary (Unaudited) (In thousands, except per share amounts) 12 Months Ended 4Q 3Q 2Q 1Q 4Q 12/08 12/ UNDERWRITING INCOME Life: $1,616,804 $1,569,964 Premium $401,250 $406,114 $406,492 $402,948 $393, , ,254 Net Policy Obligations -158, , , , , , ,672 Commissions and Acquisition Expenses -130, , , , , , ,038 Underwriting Margin 112, , , , ,426 Health: 951,304 1,029,539 Premium 224, , , , , , ,093 Net Policy Obligations -138, , , , , , ,360 Commissions and Acquisition Expenses -44,989-45,966-47,723-50,478-49, , ,086 Underwriting Margin 41,907 41,862 43,677 45,504 45,951 21,761 24,168 Health - Part D Underwriting Margin 4,978 6,446 5,438 4,899 6,671-6,423 9,337 Annuity Underwriting Margin -8, ,125 1, , ,629 Total Underwriting Margin 150, , , , ,629 4,154 4,313 Other Income 1,127 1,157 1, , , ,552 Admin. Expenses -43,032-38,289-38,189-39,773-38, , ,390 Underwriting Income 108, , , , ,798 EXCESS INVESTMENT INCOME 671, ,562 Net Investment Income 167, , , , , , ,500 Required Interest on Net Policy Liabilities -73,520-70,354-68,947-67,304-66,212-62,965-67,300 Interest on Debt -16,666-15,441-14,752-16,106-16, , ,762 Total Excess Investment Income 77,480 83,173 84,061 83,427 80,038-10,455-9,815 Parent Company Expenses -4,477-1,626-2,693-1,659-3, , ,337 Pre-Tax Operating Income 181, , , , , , ,955 Income Tax -61,013-66,973-65,824-68,488-67,959 $520,322 $527,382 Net Operating Income Before Stock Compensation Expense $120,193 $134,065 $132,607 $133,457 $133,440-7,035-5,269 Stock Compensation Expense, Net of Tax -1,636-1,771-2,006-1,622-1,240 $513,287 $522,113 Net Operating Income $118,557 $132,294 $130,601 $131,835 $132,200 $5.80 $5.45 Per Share $1.40 $1.51 $1.44 $1.43 $ ,516 95,846 Average Diluted Shares Outstanding 84,987 87,811 90,698 91,877 93,543 Reconciling items, net of tax: $181 $2,768 Gain on Sale of Agency Buildings $0 $35 $134 $12 $181-69,878 1,777 Capital Gain (Loss) - Investments 11,046-71,394-5,004-4,526-3, Part D Adjustment 7,572 3,172-2,118-8,626 3,260 10,823 1,149 Tax Settlements , Net Proceeds (Cost) from Legal Settlements -82-1, ,384 0 Loss on Company Occupied Property ,384 0 $452,259 $527,535 Net Income $137,209 $63,151 $133,726 $118,173 $132,345 8
2 Insurance Operations (Unaudited) (In thousands) LIFE HEALTH HEALTH - PART D ANNUITY 4Q 2008 % 4Q 2007 % 4Q 2008 % 4Q 2007 % 4Q 2008 % 4Q 2007 % 4Q Q 2007 LNL Exclusive Agency Premium $71,293 $72,330 $33,471 $34,445 Net Policy Obligations 28, , , , Comm. & Acq. Exp. 24, , , , Underwriting Margin 18, , , , UA Independent Premium 7,548 8,464 85,264 93,460 Net Policy Obligations 3, , , , Comm. & Acq. Exp. 3, , , , Underwriting Margin , , UA Branch Office Agency Premium 4,021 4,046 77,095 95,955 Net Policy Obligations 1, , , , Comm. & Acq. Exp. 1, , , , Underwriting Margin 1, , , Direct Response Premium 125, ,210 11,089 10,484 Net Policy Obligations 57, , , , Comm. & Acq. Exp. 36, , Underwriting Margin 31, , , , American Income Agency Premium 118, ,651 18,035 18,205 Net Policy Obligations 37, , , , Comm. & Acq. Exp. 41, , , , Underwriting Margin 40, , , , Military Premium 49,871 50,636 Net Policy Obligations 18, , Comm. & Acq. Exp. 16, , Underwriting Margin 14, , Part D Premium $42,956 $52,219 Net Policy Obligations 34, , Net Amortization of DAC 1, ,197 2 Fees to PBM 2, ,333 6 Underwriting Margin 4, , Other Distribution Premium 23,673 24,149 $3,041 $5,150 Net Policy Obligations 11, , , Comm. & Acq. Exp. 6, , ,000 4,149 Underwriting Margin 6, , ,827 1,581 Totals: Premium $401,250 $393,486 $224,954 $252,549 $42,956 $52,219 $3,041 $5,150 Net Policy Obligations 158, , , , , , , Comm. & Acq. Exp. 130, , , , , , ,000 4,149 Underwriting Margin $112, $108, $41, $45, $4, $6, $8,827 $1,581 TOTAL UNDERWRITING MARGINS, ALL LINES $150,108 $162,629 Other Income 1,127 1,069 Administrative & Other Expenses -43,032-38,900 INSURANCE UNDERWRITING INCOME $108,203 $124,798 9
3 Insurance Operations (Unaudited) (In thousands) LIFE HEALTH HEALTH - PART D ANNUITY YTD 12/08 % YTD 12/07 % YTD 12/08 % YTD 12/07 % YTD 12/08 % YTD 12/07 % YTD 12/08 YTD 12/07 LNL Exclusive Agency Premium $287,312 $293,936 $135,389 $141,166 Net Policy Obligations 127, , , , Comm. & Acq. Exp. 90, , , , Underwriting Margin 69, , , , UA Independent Premium 31,855 35, , ,410 Net Policy Obligations 14, , , , Comm. & Acq. Exp. 15, , , , Underwriting Margin 2, , , , UA Branch Office Agency Premium 16,950 15, , ,954 Net Policy Obligations 6, , , , Comm. & Acq. Exp. 6, , , , Underwriting Margin 3, , , , Direct Response Premium 511, ,176 45,123 42,338 Net Policy Obligations 238, , , , Comm. & Acq. Exp. 151, , , ,040 7 Underwriting Margin 121, , , , American Income Agency Premium 473, ,164 73,423 70,671 Net Policy Obligations 151, , , , Comm. & Acq. Exp. 167, , , , Underwriting Margin 155, , , , Military Premium 201, ,293 Net Policy Obligations 79, , Comm. & Acq. Exp. 66, , Underwriting Margin 54, , Part D Premium $175,633 $214,589 Net Policy Obligations 138, , Net Amortization of DAC 4, ,256 2 Fees to PBM 11, ,891 6 Underwriting Margin 21, , Other Distribution Premium 94,503 96,994 $14,393 $20,470 Net Policy Obligations 43, , ,355-3,617 Comm. & Acq. Exp. 25, , ,461 14,750 Underwriting Margin 25, , ,423 9,337 Totals: Premium $1,616,804 $1,569,964 $951,304 $1,029,539 $175,633 $214,589 $14,393 $20,470 Net Policy Obligations 662, , , , , , ,355-3,617 Comm. & Acq. Exp. 522, , , , , , ,461 14,750 Underwriting Margin $431, $417, $172, $184, $21, $24, $6,423 $9,337 TOTAL UNDERWRITING MARGINS, ALL LINES $620,063 $634,629 Other Income 4,154 4,313 Administrative & Other Expenses -159, ,552 INSURANCE UNDERWRITING INCOME $464,934 $484,390 10
4 Net Sales and First Year Collected Premium (Unaudited) (In thousands) NET SALES ** YTD YTD % Incr 4th Qtr. 4th Qtr. % Incr 12/08 12/07 (Decr) (Decr) LIFE Direct Response $123,076 $114,232 8 $31,310 $28,921 8 American Income Agency 108,353 92, ,228 24, LNL Exclusive Agency 48,540 36, ,331 10, Military 7,101 9, ,503 1, UA Independent UA Branch Office Agency 6,244 4, ,098 1, Other Distribution 4,477 6, ,350 1,242 9 Total Life 298, , ,969 68, HEALTH Direct Response 5,823 5, ,280 1, American Income Agency 11,848 11, ,925 2,951-1 LNL Exclusive Agency 12,183 9, ,642 2, UA Independent 37,601 50, ,710 16, UA Branch Office Agency 71, , ,797 35, Total Health 139, , ,354 59, Part D 28,292 24,514 * 15 16,213 8, TOTAL NET SALES $465,758 $528, $123,536 $135,766-9 ** Net sales is defined as annualized premium issued, net of cancellations in the first 30 days after issue, except at Direct Response where net sales is annualized premium issued at the time the first full premium is paid after any introductory offer period has expired. FIRST YEAR COLLECTED PREMIUM YTD YTD % Incr 4th Qtr. 4th Qtr. % Incr 12/08 12/07 (Decr) (Decr) LIFE Direct Response $80,075 $76,043 5 $19,275 $18,868 2 American Income Agency 82,063 73, ,129 18, LNL Exclusive Agency 29,571 28, ,762 6, Military 7,908 10, ,745 2, UA Independent UA Branch Office Agency 3,728 1, Other Distribution 4,422 5, ,054 1, Total Life 208, , ,822 48,817 6 HEALTH Direct Response 4,539 4, ,162 1,175-1 American Income Agency 12,316 12, ,060 3,095-1 LNL Exclusive Agency 8,450 8, ,363 1, UA Independent 35,855 40, ,510 9, UA Branch Office Agency 77, , ,538 29, Total Health 138, , ,633 45, Part D 16,655 53, ,000 5, TOTAL FIRST YEAR COLLECTED PREMIUM $363,474 $442, $83,455 $99, * Corrected in April
5 CONSOLIDATED BALANCE SHEET (UNAUDITED) (Amounts in thousands) At December 31, Assets Investments: Fixed maturities available for sale * $7,817,186 $9,226,045 Equity securities available for sale 16,346 21,295 Mortgage loans 17,215 18,580 Real estate 2,388 8,411 Policy loans 360, ,349 Other long-term investments 52,681 42,299 Short-term investments 130, ,220 Total investments 8,397,201 9,772,199 Cash 46,400 20,098 Accrued investment income 176, ,783 Other receivables 151,684 96,750 Deferred acquisition costs 3,339,880 3,097,554 Value of insurance purchased 55,331 61,497 Property and equipment 50,153 48,804 Goodwill 423, ,519 Other assets 130, ,029 Separate account assets 758,023 1,423,195 Total assets $13,529,050 $15,241,428 Liabilities and Shareholders' Equity Liabilities: Future policy benefits $8,475,020 $7,958,983 Unearned and advance premium 85,190 86,714 Policy claims and other benefits payable 236, ,462 Other policy liabilities 89,709 89,958 Deferred and accrued income taxes 419, ,008 Short-term debt 403, ,058 Long-term debt 622, ,723 Other liabilities 216, ,700 Separate account liabilities 758,023 1,423,195 Total liabilities 11,306,143 11,916,801 Shareholders' equity: Preferred stock 0 0 Common stock 85,875 94,875 Additional paid-in-capital 446, ,228 Unrealized investment gains (losses), net of tax -1,170,417-80,938 Retained earnings 2,928,950 3,003,152 Treasury stock, at cost -67, ,690 Total shareholders' equity 2,222,907 3,324,627 Total liabilities and shareholders' equity $13,529,050 $15,241,428 Diluted Basis: Shares outstanding 84,708 93,383 Book value per common share $26.24 $35.60 Book value per common share excluding FAS 115 $39.17 $36.26 * Amortized cost of fixed maturities $9,609,856 $9,329,149 12
6 Invested Assets (Millions of $) December 31, 2008 Investment Portfolio at 12/31/08 Amort. % of Cost Total Industry Fixed maturities $9,610 94% 78% Equities 17 0% 3% Mortgage loans 17 0% 10% Investment real estate 2 0% 1% Policy loans 360 4% 4% Other long-term investments 53 1% 3% Short-term investments 131 1% 1% Total $10, % Fixed Maturities at 12/31/08 Net % of Summary Unreal. Total Amort. Market Gain Average Amort. Cost Value (Loss) Rating Cost Investment Grade $8,897 $7,356 -$1,542 A- 93% Below Investment Grade B+ 7% Total $9,610 $7,817 -$1,793 BBB+ By Type Corporates $7,463 $6,275 -$1,188 BBB+ 78% Redeemable preferred stock: U.S. 1, BBB+ 14% Foreign BBB+ 1% Municipals AA 3% Government-sponsored enterprises AAA 2% Government & Agencies AA+ 0% Residential mortgage-backed securities AAA 0% Commercial mortgage-backed securities AAA 0% CDO's A- 1% Other asset-backed securities A- 0% Total $9,610 $7,817 -$1,793 BBB+ 13
7 Invested Assets (Millions of $) December 31, 2008 Net % of Unreal. Total Amort. Market Gain Average Amort. By Sector Cost Value (Loss) Rating Cost Financial - Life/Health/PC Insurance $1,764 $1,270 -$494 BBB+ 18% Financial - Bank 1,659 1, A 17% Financial - Financial Guarantor A- 1% Financial - Mortgage Insurer BB- 1% Financial - Insurance Brokers BBB- 1% Financial - Other A- 3% Utilities 1,105 1, BBB+ 11% Energy BBB 8% Consumer, Non-cyclical BBB+ 7% Consumer, Cyclical BBB 5% Communications BBB- 6% Basic Materials BBB 6% Transportation BBB 3% Other Industrials BBB+ 6% ABS - CDO A- 1% MBS AAA 0% Government AA+ 5% Total $9,610 $7,817 -$1,793 BBB+ By Sector by Rating: Amortized Cost AAA AA A BBB BIG Total Financial - Life/Health/PC Insurance $22 $777 $913 $51 $1,764 Financial - Bank , ,659 Financial - Financial Guarantor Financial - Mortgage Insurer Financial - Insurance Brokers Financial - Other Utilities ,105 Energy Consumer, Non-cyclical Consumer, Cyclical Communications Basic Materials Transportation Other Industrials ABS - CDO MBS Government Total - $ $492 $443 $3,366 $4,597 $712 $9,610 - % of Total 5% 5% 35% 48% 7% 100% 14
8 Fixed Maturity Acquisitions (Millions of $) December 31, 2008 Fixed Maturity Acquisitions: 4Q'08 4Q'07 Amount $157 $348 Yield 7.8% 7.1% Ratings A A- Average Life To: First Call Maturity
TORCHMARK CORPORATION Operating Summary (Unaudited) (In thousands, except per share amounts)
Operating Summary (Unaudited) (In thousands, except per share amounts) 12 Months Ended 4Q 3Q 2Q 1Q 4Q 12/09 12/08 2009 2009 2009 2009 2008 UNDERWRITING INCOME Life: $1,659,770 $1,616,804 Premium $417,586
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TORCHMARK CORPORATION Operating Summary (Unaudited) (In thousands, except per share amounts)
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