Torchmark Corporation (TMK) has reported an 1.50 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $135 million, or $1.12 a share in the quarter, compared with $133 million, or $1.07 a share for the same period last year.
Revenue during the quarter grew 4.39 percent to $975 million from $934 million in the previous year period. Net premium earned for the quarter increased 4.23 percent or $32 million to $788 million.
Total expenses move up
Benefits, losses and expenses for the quarter were at $799 million, or 101.40 percent of premium earned from $758 million or 100.26 percent of premium earned in the last year period. Operating profit was unchanged at $176 million for the quarter, compared with the previous year period.
For financial year 2017, the company forecasts diluted earnings per share to be in the range of $4.57 to $4.77.
Life insurance division has clocked in a premium of $550 million on net basis during the quarter, up 5.57 percent or $29 million. Meanwhile, accident and health insurance division has received premium of $238 million on net basis during the quarter, up 1.28 percent or $3 million from year-ago period.
Net investment income was at $205 million for the quarter, up 5.67 percent or $11 million from year-ago period. The company has booked a loss on investments of $18 million in the quarter compared with a loss of $17 million for the previous year period.
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