PR Newswire
MCKINNEY, Texas, Feb. 1, 2017
MCKINNEY, Texas, Feb. 1, 2017 /PRNewswire/ -- Torchmark Corporation (NYSE: TMK) reported today that for the quarter ended December 31, 2016, net income was $1.12 per diluted common share, compared with $1.07 per diluted common share for the year-ago quarter. Net operating income from continuing operations for the quarter was $1.15 per diluted common share, compared with $1.05 per diluted common share for the year-ago quarter.
Net income for the year ended December 31, 2016 was $4.49 per diluted common share, compared with $4.16 per diluted common share for the year-ago period. Net operating income from continuing operations for the year ended December 31, 2016 was $4.49 per diluted common share compared with $4.13 per diluted common share for the prior year.
Net income and net operating income for 2016 reflect the impact of new accounting guidance implemented on a prospective basis at the beginning of 2016.
HIGHLIGHTS:
FINANCIAL SUMMARY
Quarter End
(Dollar amounts in millions, except per share data)
(unaudited)
Net operating income, a non-GAAP financial measure, has been used consistently by Torchmark's management for many years to evaluate the operating performance of the Company, and is a measure commonly used in the life insurance industry. It differs from net income primarily because it excludes certain non-operating items such as realized investment gains and losses and certain nonrecurring items included in net income. Management believes an analysis of net operating income is important in understanding the profitability and operating trends of the Company's business. Net income is the most directly comparable GAAP measure.
| Per Share | | | | Quarter Ended | | | ||||||||||||||
| December 31, | | | | December 31, | | | ||||||||||||||
| 2016 | | | 2015 | | % | | 2016 | | | 2015 | | % | ||||||||
Insurance underwriting income(1) | $ | 1.23 | | | | $ | 1.20 | | | 3 | | $ | 148.7 | | | | $ | 149.4 | | | — |
Excess investment income(1) | 0.48 | | | | 0.43 | | | 12 | | 58.0 | | | | 53.8 | | | 8 | ||||
Parent company expense | (0.02) | | | | (0.02) | | | | | (2.2) | | | | (2.3) | | | | ||||
Income tax | (0.55) | | | | (0.53) | | | 4 | | (67.0) | | | | (65.5) | | | 2 | ||||
Stock option expense, net of tax(2) | 0.02 | | | | (0.04) | | | | | 2.0 | | | | (4.4) | | | | ||||
Net operating income from continuing operations(3) | $ | 1.15 | | | | $ | 1.05 | | | 10 | | $ | 139.5 | | | | $ | 130.9 | | | 6 |
Net operating income from discontinued operations | 0.01 | | | | — | | | | | 0.8 | | | | 0.2 | | | | ||||
Net operating income from all operations | $ | 1.16 | | | | $ | 1.05 | | | | | $ | 140.3 | | | | $ | 131.1 | | | |
| | | | | | | | | | | | | | ||||||||
Reconciliation to net income (GAAP): | | | | | | | | | | | | | | ||||||||
Reconciling items, net of tax: | | | | | | | | | | | | | | ||||||||
Realized gains (losses) on investments—continuing operations | (0.10) | | | | (0.09) | | | | | (12.0) | | | | (10.8) | | | | ||||
Part D adjustments—discontinued operations(4) | 0.07 | | | | 0.11 | | | | | 9.1 | | | | 13.6 | | | | ||||
Net gain from Sale of Part D—discontinued operations | 0.01 | | | | — | | | | | 0.8 | | | | — | | | | ||||
Administrative settlements | (0.02) | | | | (0.01) | | | | | (2.5) | | | | (0.9) Werbung Mehr Nachrichten zur Torchmark Aktie kostenlos abonnieren
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