Torchmark 3Q Net Jumps 59%; 2009 Earnings Target Cut

   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; [e-mail]