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Torchmark Corporation Reports First Quarter 2009 Results
Date:4/22/2009

ive market or when price inputs indicate a non-orderly transaction. This requires management to estimate how much a particular security in a distressed market would be sold for in an orderly transaction as of the date of the financial statements under then-current conditions.

FSP FAS 115-2 and FAS 124-2 addresses recognition and financial statement presentation of other-than-temporary impairments. This statement provides guidance for allocation of charges for other-than-temporary impairments between earnings and other comprehensive income. The statement also revises subsequent accounting for other-than-temporary impairments and expands required disclosure.

FSP FAS 107-1 and APB 28-1 amends previous guidance to require interim disclosures regarding fair value of all financial instruments, whether or not recognized on the balance sheet.

Torchmark recognized a $52 million other-than-temporary impairment for the quarter ended March 31, 2009, of which $46 million was recorded in earnings ($41 million after tax) and $6 million ($4 million after tax) was recorded in other comprehensive income in accordance with the new pronouncements described above.

The after-tax charge to earnings for other-than-temporary impairments would have been $5 million higher if determined under the previous accounting guidance. Also, the fair value of the fixed maturity portfolio at March 31, 2009 would have been $27 million less under the previous guidance.

PRIOR YEAR TAX SETTLEMENT

Tax benefits of $3 million (net of tax) were recognized as a result of resolution of IRS examinations for tax years 2005 through 2007.

SHARE REPURCHASE - during the quarter ended March 31, 2009:

Torchmark's ongoing share repurchase program resulted in the repurchase during the quarter of 2.1 million shares of Torchmark Corporation common stock at a to
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SOURCE Torchmark Corporation
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