Torchmark Corporation (TMK) has reported 8.06 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $134 million, or $1.11 a share in the quarter, compared with $124 million, or $1.01 a share for the same period last year.
Revenue during the quarter grew 4.70 percent to $1,024 million from $978 million in the previous year period. Net premium earned for the quarter increased 5.26 percent or $41 million to $821 million.
Total expenses move upBenefits, losses and expenses for the quarter were at $832 million, or 101.34 percent of premium earned from $782 million or 100.26 percent of premium earned in the last year period. Operating income for the quarter was $192 million, compared with $196 million in the previous year period. For financial year 2017, the company forecasts diluted earnings per share to be in the range of $4.63 to $4.77.
Life insurance division has clocked in a premium of $576 million on net basis during the quarter, up 5.88 percent or $32 million. Meanwhile, accident and health insurance division has received premium of $245 million on net basis during the quarter, up 3.81 percent or $9 million from year-ago period.
Net investment income was at $208 million for the quarter, up 5.58 percent or $11 million from year-ago period. The company has booked a loss on investments of $6 million in the quarter compared with a gain of $0.29 million for the previous year period.
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