Torchmark Group sees net income improve

Torchmark Corporation reported on Thursday that for the quarter ended 31 December, net income was $1.12 per diluted common share, compared with $1.07 per diluted common share for the same quarter in the previous year.

The New York and London-listed company said net operating income from continuing operations for the quarter was $1.15 per diluted common share, compared with $1.05 a year earlier.

Net income for the year to 31 December was $4.49 per diluted common share, compared with $4.16 , while net operating income from continuing operations for the year was $4.49 per diluted common share compared with $4.13.

Net income and net operating income for 2016 reflected the impact of new accounting guidance implemented on a prospective basis at the beginning of 2016, the board reported.

Net income as a return on equity was 12.0%, the board said, while net operating income as a return on equity excluding net unrealized gains on fixed maturities was 14.6%.

American Income life premiums increased 11% year-on-year in Q4, while at Liberty National, net life sales increased 15%.

Net health sales increased 8% at Family Heritage over the same quarter in Q4.

“Average agent counts increased over the year-ago quarter by 16% at Liberty National and 8% at Family Heritage,” the Torchmark board confirmed in a statement.

“One million shares of common stock were repurchased during the quarter and 5.2 million shares were repurchased during the year,” it added.