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

life underwriting margin was 22%, down from 24%.

LNL Agency was Torchmark's leading contributor to health underwriting margin ($17 million), on health premium of $106 million. Health underwriting margin as a percentage of premium was 16%, down from 17%.

Sales data and agent counts are still presented separately for the LNL and UA Branch Office Agencies. LNL Agency producing agents grew to 3,563, up 27% from a year ago, and up 6% during the quarter. Net life sales for the LNL Agency were $13 million, up 27%. UA Branch Office Agency producing agents fell to 1,567, down 41% from a year ago and down 5% during the quarter. Net health sales for UA Branch Office Agency were $6 million, down 74%.

UA Independent Agency was Torchmark's second leading contributor to health underwriting margin ($15 million), on health premium of $88 million. Health underwriting margin as a percentage of premium was 17%, up from 16%. Net health sales were $7 million, down 26%.

Medicare Part D Prescription Drug Plan is distributed by Direct Response and the UA agencies. First quarter premium revenue was $46 million compared with $47 million in the year-ago quarter. Underwriting margin for the first quarter 2009 was $5 million, same as the year-ago quarter.

For GAAP reporting, Medicare Part D premiums are recognized evenly throughout the year when they become due, and benefit costs are recognized when the costs are incurred. Due to the design of the product, premiums are evenly distributed throughout the year, but benefit costs are much higher earlier in the year. As a result, under GAAP, benefit costs can exceed premiums in the first part of the year but be less than premiums during the remainder of the year. For net operating income purposes, Torchmark defers excess benefits incurred in earlier interim periods to later periods in order to more closely match the
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SOURCE Torchmark Corporation
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