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TORCHMARK CORP

CIK:0000320335|SEC Filings

Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Revenue:

Revenue

$ 1,297,622

$ 1,217,643

$ 2,567,735

$ 2,417,297

Net investment income

293,820

282,169

583,644

562,783

Realized gains (losses)

7,138

(18,574)

5,660

(18,489)

Other income

1,150

2,310

118

Total revenue

1,599,730

1,481,287

3,159,349

2,961,709

Benefits and expenses:

Total policyholder benefits

798,251

755,998

1,587,835

1,506,763

Amortization of deferred acquisition costs

120,537

111,401

238,819

216,916

Commissions, premium taxes, and non-deferred acquisition costs

173,754

157,411

343,640

321,734

Other operating expense

116,251

108,293

229,986

217,039

Interest expense

36,050

34,885

70,050

69,877

Total benefits and expenses

1,244,843

1,167,988

2,470,330

2,332,329

Income before income taxes

354,887

313,299

689,019

629,380

Income tax benefit (expense)

(67,140)

(60,550)

(130,746)

(122,068)

Net income

$ 287,747

$ 252,749

$ 558,273

$ 507,312

Basic net income per common share (in dollars per share)

$ 3.71

$ 3.09

$ 7.16

$ 6.13

Diluted net income per common share (in dollars per share)

$ 3.65

$ 3.05

$ 7.04

$ 6.07

Life Insurance

Revenue:

Revenue

$ 860,767

$ 839,544

$ 1,713,972

$ 1,669,407

Benefits and expenses:

Total policyholder benefits

^[1]

513,959

519,355

1,032,809

1,029,111

Health Insurance

Revenue:

Revenue

436,855

378,099

853,763

747,890

Benefits and expenses:

Total policyholder benefits

^[2]

277,012

229,924

540,746

463,853

Other

Benefits and expenses:

Total policyholder benefits

$ 7,280

$ 6,719

$ 14,280

$ 13,799

[1]	Net of total remeasurement gain of $23.5 million before tax for the three months ended June 30, 2026 and a total remeasurement gain of $16.7 million before tax for the same period in 2025. Net of total remeasurement gain of $42.4 million before tax for the six months ended June 30, 2026 and a total remeasurement gain of $25.3 million before tax for the same period in 2025.
[2]	Net of total remeasurement gain of $1.3 million before tax for the three months ended June 30, 2026 and a total remeasurement gain of $3.9 million before tax for the same period in 2025. Net of total remeasurement gain of $7.3 million before tax for the six months ended June 30, 2026 and a total remeasurement gain of $4.3 million before tax for the same period in 2025.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Statement of Cash Flows [Abstract]
Cash provided from (used for) operating activities	$ 735,000	$ 739,813
Investments sold or matured:
Fixed maturities available for sale—sold	75,713	272,067
Fixed maturities available for sale—matured or other redemptions	242,641	132,253
Mortgage loans	36,430	3,437
Other long-term investments	98,959	25,939
Total investments sold or matured	453,743	433,696
Acquisition of investments:
Fixed maturities—available for sale	(812,686)	(511,297)
Mortgage loans	(83,698)	(66,686)
Other long-term investments	(153,345)	(53,799)
Total investments acquired	(1,049,729)	(631,782)
Net (increase) decrease in policy loans	(17,301)	(18,952)
Net (increase) decrease in short-term investments	116,384	(31,689)
Additions to property and equipment	(41,406)	(24,687)
Investments in low-income housing interests	(14,823)	(30,569)
Cash provided from (used for) investing activities	(553,132)	(303,983)
Cash provided from (used for) financing activities:
Issuance of common stock	108,981	93,391
Cash dividends paid to shareholders	(47,052)	(42,524)
Proceeds from issuance of debt	350,000	0
Payment for debt issuance costs	(7,042)	0
Net borrowing from Federal Home Loan Bank (FHLB)	0	70,000
Net borrowing (repayment) of commercial paper	(93,103)	26,983
Proceeds from commercial paper with original maturities greater than 90 days	187,522	361,118
Repayment of commercial paper with original maturities greater than 90 days	(121,122)	(408,962)
Acquisition of treasury stock	(515,187)	(514,855)
Net receipts (payments) from deposit-type products	59,287	59,600
Cash provided from (used for) financing activities	(77,716)	(355,249)
Effect of foreign exchange rate changes on cash	8,198	(6,784)
Net increase (decrease) in cash	112,350	73,797
Cash at beginning of year	144,704	165,325
Cash at end of period	$ 257,054	$ 239,122

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Investments:
Fixed maturities—available for sale, at fair value (amortized cost: 2026—$19,307,295; 2025—$18,820,464, allowance for credit losses: 2026— $3,297; 2025— $3,297)	$ 17,940,189	$ 17,589,342
Mortgage loans	425,513	428,517
Policy loans	758,676	741,375
Other long-term investments (includes: 2026—$1,097,834; 2025—$1,109,719 under the fair value option)	1,466,858	1,396,064
Short-term investments	198,327	314,711
Total investments	20,789,563	20,470,009
Cash	257,054	144,704
Accrued investment income	281,470	272,818
Other receivables	818,819	768,592
Deferred acquisition costs	7,230,169	6,999,136
Goodwill	490,446	490,446
Other assets	1,694,998	1,667,987
Total assets	31,562,519	30,813,692
Liabilities:
Future policy benefits at current discount rates: (at original discount rates: 2026—$18,454,909; 2025—$18,129,506)	19,286,395	19,169,687
Unearned and advance premium	282,270	270,663
Policy claims and other benefits payable	544,548	540,832
Other policyholders' funds	577,940	532,047
Total policy liabilities	20,691,153	20,513,229
Current and deferred income taxes	887,075	859,628
Short-term debt	277,953	304,656
Long-term debt (estimated fair value: 2026—$2,504,936; 2025—$2,225,320)	2,665,296	2,320,793
Other liabilities	885,227	840,807
Total liabilities	25,406,704	24,839,113
Commitments and Contingencies (Note 5)
Shareholders' equity:
Preferred stock, par value $1 per share—5,000,000 shares authorized; outstanding: 0 in 2026 and 2025	0	0
Common stock, par value $1 per share—320,000,000 shares authorized; outstanding: (2026—92,218,183 issued; 2025—92,218,183 issued)	92,218	92,218
Additional paid-in-capital	536,347	536,363
Accumulated other comprehensive income (loss)	(1,721,729)	(1,771,444)
Retained earnings	9,037,395	8,546,807
Treasury stock, at cost: (2026—15,164,175 shares; 2025—13,125,082 shares)	(1,788,416)	(1,429,365)
Total shareholders' equity	6,155,815	5,974,579
Total liabilities and shareholders' equity	$ 31,562,519	$ 30,813,692