Torchmark 2Q profit rises 5 percent

By Associated Press
July 23, 2008 | Comments (0)

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Insurer Torchmark Corp. said Wednesday its second-quarter profit rose 5 percent but fell a few cents short of Wall Street's expectations as revenue from health insurance sank.

Earnings for the three months ended June 30 increased to $133.7 million, or $1.47 per share, from $127.1 million, or $1.32 per share in the same period last year.

Operating income, which excludes realized investment gains and losses and one-time items, rose 1 percent to $130.6 million, or $1.44 per share.

Analysts surveyed by Thomson Financial forecast higher earnings of $1.47 per share.

Revenue fell 2 percent to $860.5 million from $876.6 million in the year-ago quarter. Analysts were looking for stronger sales of $879.6 million.

The company said sales of life insurance increased 13 percent, but health insurance revenue dropped 41 percent excluding Medicare Part D.

Torchmark affirmed previous full-year guidance for operating income of $5.90 to $5.96 per share.

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