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Torchmark Corporation Reports Fourth Quarter 2017 Results

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MCKINNEY, Texas, Feb. 7, 2018 /PRNewswire/ — Torchmark Corporation (NYSE: TMK) reported today that for the quarter ended December 31, 2017, net income was $8.71 per diluted common share(1), compared with $1.12 per diluted common share for the year-ago quarter. Net operating income from continuing operations for the quarter was $1.24 per diluted common share, compared with $1.15 per diluted common share for the year-ago quarter.

Net income for the year ended December 31, 2017 was $12.22 per diluted common share(1), compared with $4.49 per diluted common share for the year-ago period. Net operating income from continuing operations for the year ended December 31, 2017 was $4.82 per diluted common share compared with $4.49 per diluted common share for the prior year.

HIGHLIGHTS:

Net income for the year as a ROE was 28.2%(1). Net operating income for the year as a ROE excluding net unrealized gains on fixed maturities was 14.3%(1). Life underwriting margins increased over the year-ago quarter by 12%. Life premiums increased over the year-ago quarter by 9% at American Income and health premiums increased by 8% at Family Heritage. Net life sales increased over the year-ago quarter by 19% at Liberty National and 7% at American Income. Net health sales increased over the year-ago quarter by 14%. Average agent counts increased over the year-ago quarter by 19% at Liberty National and 8% at Family Heritage. Approximately 950,000 shares of common stock were repurchased during the quarter and 4.1 million shares were repurchased during the year.

(1) On December 22, 2017, the Tax Cuts and Jobs Act (Tax Legislation) was signed into law which significantly revises corporate income tax rates from 35% to 21%, among other modifications. As a result, the Company made a one-time adjustment to estimate the impact related to the Tax Legislation. The estimated impact is treated as a non-operating event and thus excluded from net operating income from continuing operations.

Net income per share for the quarter and net income per share for the year calculated prior to the tax reform adjustment would have been $1.30 and $4.88, respectively. Excluding the tax reform adjustment, net income for the year as a ROE and net operating income for the year as a ROE, excluding net unrealized gains on fixed maturities, would have been 11.7% and 14.4%, respectively.

FINANCIAL SUMMARY
Quarter End
(Dollar amounts in millions, except per share data)
(unaudited)

Net operating income, a non-GAAP(1) financial measure, has been

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