Torchmark

Torchmark Corporation

Type	Public
Traded as	NYSE: TMK S&P 500 Component
Industry	Life insurance
Founded	1900 in Birmingham, Alabama
Headquarters	McKinney, Texas
Key people	Mark S. McAndrew, Chairman Gary Coleman and Larry Hutchison, Co-CEOs
Revenue	US$ 3,771.938 million (2013) [1] US$ 3,589.516 million (2012) [1]
Operating income	US$ 788.804 million (2013) [1] US$ 753.592 million (2012) [1]
Net income	US$ 528.472 million (2013) [1] US$ 529.324 million (2012) [1]
Total assets	US$ 18,191.744 million (2013) [2] US$ 18,776.91 million (2012) [1]
Total equity	US$ 3,776.342 million (2013) [2] US$ 4,361.786 million (2012) [1]
Number of employees	2,360[3]
Website	http://www.torchmarkcorp.com

Torchmark Corporation, 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. Torchmark Corporation markets insurance products using multiple distribution channels, which include direct response, exclusive Agency, and independent systems. The company maintains a large operation in Birmingham, Alabama.^[4]

Subsidiaries

• Liberty National Life Insurance Company, McKinney, Texas
• Globe Life And Accident Insurance Company, Oklahoma City, Oklahoma
• United American Insurance Company, McKinney, Texas
• First United American Life Insurance Company, Syracuse, New York
• American Income Life Insurance Company, Waco, Texas
• Family Heritage Life Insurance Company of America, Cleveland, Ohio

History

The original core of Torchmark, Liberty National Life Insurance Company, was founded in 1900 as the Heralds of Liberty, a fraternal benefit society. Liberty National 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.^[5] In 1981, the firm acquired United Investors Life Insurance Company (UIL) and United American Insurance Company; in 1994, it acquired American Income Life Insurance Company;^[5] in 1994, American Income Life Insurance Company;

In 2010 , it sold United Investors Life Insurance Company (UIL) to Protective Life Corporation.^[6] In 2012, it acquired Family Heritage Life Insurance Company of America (FHL).^[7]

In 1992, Torchmark was added to the S&P 500 Index of the largest publicly traded companies in the United States.

In 2014, Torchmark's subsidiary purchased the naming rights of the Ballpark in Arlington, TX. (Globe Life Ball Park) ^[8]

In August 2001, a mutual fund company filed a civil racketeering suit against Torchmark Corp., which accused Torchmark Corp. and its former chief executive of scheming to continue control over Waddell & Reed Financial Inc. after Torchmark spun it off in 1998.^[9] However, in a series of orders dated February 20, 2003, August 20, 2004, and September 28, 2004, the United States District Court for the Northern District of Kansas later granted summary judgment against plaintiff Waddell & Reed and in favor of Torchmark and the other defendants named in the action.^[10]

Presidents and CEOs

Former presidents and CEOs

• Frank P. Samford, Junior, President 1967–1982 CEO 1967–1985
• Ronald K. Richey, President 1982–1986 CEO 1984–1998
• C.B Hudson , President 1998–2000 CEO and Chairman 1998–2005
• Mark S. McAndrew, President 2005–2012

Current chairman and CEOs

Torchmark Chairman and CEO, Mark S. McAndrew, stepped down on June 1, 2012, as CEO, after 32 years of service; he continued to serve in an executive capacity as Chairman through June 1, 2013. The Board of Directors appointed Gary L. Coleman, Torchmark's Executive Vice President and Chief Financial Officer, and Larry M. Hutchison, Torchmark's Executive Vice President and General Counsel, as Co-CEOs effective June 1, 2012.

References