Insurer Torchmark Corp. posts lower 1Q profit (AP)
Wed, 22 Apr 2009 21:02:14 Etc/GM
The company, whose subsidiaries include American Income Life Insurance Co., First United American Life Insurance Co., and Liberty National Life Insurance Co., said net income slipped to $76.7 million, or 91 cents a share in the three months ended March 31.
That compares with net income of $118.2 million, or $1.29 a share, in the same quarter last year.
The latest results include a charge of 49 cents a share for invested assets that lost value.
Net operating income, which excludes one-time gains and charges, came to $1.49 a share, a 4 percent increase from the prior-year period.
Revenue slipped 3 percent to $685.1 million.
Analysts surveyed by Thomson Reuters, on average, expected profit of $1.48 a share on revenue of $864.4 million. Analyst estimates typically include one-time items.
The insurer said health insurance sales, excluding Medicare Part D, plunged 51 percent during the quarter, while net life insurance sales rose 11 percent.
Torchmark updated its full-year profit guidance, projecting its net operating income per share will range between $6 to $6.15, assuming the company does not repurchase any more shares this year.
Shares slipped 41 cents to $30 in aftermarket trading following the release of the earnings. In the regular session, the stock fell $1.41, or 4.4 percent, to $30.41.
source: http://biz.yahoo.com/ap/090422/us_earns_torchmark.html?.v=1