| Type | Public (NYSE: TMK) S&P 500 Component |
|---|---|
| Industry | Life insurance |
| Founded | 1900 in Birmingham, Alabama |
| Headquarters | McKinney, Texas |
| Key people | Mark S. McAndrew, Chairman and CEO |
| Net income | $500 million (as of 12/31/09) |
| Employees | 2,360[1] |
| Website | http://www.torchmarkcorp.com |
Torchmark Corporation (NYSE: TMK), founded in 1900 in Birmingham, Alabama and based in McKinney, Texas, is a financial services holding company listed on the New York Stock Exchange which operates through its wholly owned subsidiaries providing life insurance, annuity, and supplemental health insurance products. The Company markets these insurance products using multiple distribution channels, which include direct response, exclusive Agency, and independent systems. The company maintains a large operation in McKinney, Texas.[2]
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The original core of Torchmark, Liberty National Life Insurance Company, was founded in 1900 as the Heralds of Liberty, a fraternal benefit society. The Company was headquartered in Birmingham, Alabama until 2006 when it moved to McKinney, Texas.
In 1980, Liberty National acquired Globe Life And Accident Insurance Company and formed the holding company, Torchmark Corporation.[3]
In 1981, Torchmark acquired United Investors Life Insurance Company (UIL).
In 1981, Torchmark acquired United American Insurance Company (UA).
In 1992, Torchmark was added to the S&P 500 Index of the largest publicly traded companies in the United States.
In 1994, Torchmark acquired American Income Life Insurance Company (AIL).[3]
In 2010, Torchmark sold United Investors Life Insurance Company (UIL) to Protective Life Corporation.[4]
Former Presidents and CEOs
Current Chairman and CEO
Mark S. McAndrew is the current chairman and CEO of Torchmark. He has been the chairman since February 2006 and CEO since August 2005. Mr. McAndrew has been employed within the Company for more than 30 years in a number of positions and areas with a focus on internal auditing, direct response marketing, and sales and corporate administration. He has served in a variety of senior executive positions at all of the Company's subsidiaries, including President and Chief Executive Officer of Globe, United American, and American Income.[5]