DOW JONES NEWSWIRES
Torchmark Corp.'s (TMK) third-quarter earnings jumped 59% on
year-earlier investment losses, but premiums fell.
The life insurer cut its 2009 earnings target to $5.90 to $5.95
a share from $5.93 to $6.08. It also forecast $6.05 to $6.25 a
share for next year, in line with the $6.21 average estimate of
analysts surveyed by Thomson Reuters.
Life insurers have seen their capital levels, earnings and
liquidity hurt by the markets as stocks fell amid the
recession.
The company posted income of $100.8 million, or $1.22 a share,
up from $63.2 million, or 72 cents a share, a year earlier.
Operating income, which excludes investment gains and losses and
other items, fell to $1.49 from $1.51. expected $1.49.
Insurance-premium revenue fell 2.6% to $664.5 million, with
life-insurance revenue, a part of that figure, rising 2%. Insurance
underwriting income slipped 1.8% to $117.3 million.
Last week, the company boosted its quarterly dividend 7.1% to 15
cents.
Shares closed at $42.72 and haven't traded after hours.
-By Kerry Grace Benn, Dow Jones Newswires; 212-416-2353;
kerry.benn@dowjones.com