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

2009 2008 Change Net investment income $169.0 $166.8 1 Required interest: Interest credited on net policy liabilities (73.2) (67.3) 9 Interest on debt (15.6) (16.1) (3) Total required interest (88.8) (83.4) 6 Excess investment income $80.2 $83.4 (4) Per share $0.96 $0.91 5

In the current year quarter, net investment income increased 1% while average invested assets increased 3%. The lower percentage increase in income occurred because more cash was held in the first quarter of 2009 than in the year-ago quarter and the yield on short-term investments was less than 1% compared to 3% in the year-ago quarter. Interest credited on net policy liabilities increased 9% along with a 6% increase in the related liabilities. Interest on debt declined 3% due to a lower average rate on short-term debt.

Investment Portfolio

The composition of the investment portfolio at March 31, 2009 is as follows:

                                                       Invested Assets
                                                     (dollars in millions)
                                                      $        % of Total

    Fixed maturities (at amortized cost)           $9,569           93%
    Equities                                           17          ---
    Mortgage loans                                     17          ---
    Investment real estate                              2          ---
    Policy loans                                      364            4%
    Other long-term investments                        40          ---
    Short-term investments                            292            3%


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SOURCE Torchmark Corporation
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