Torchmark

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Torchmark Corporation
Type Public
Traded as NYSETMK
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
  • Increase US$ 3,771.938 million (2013) [1]
  • Increase US$ 3,589.516 million (2012) [1]
Operating income
  • Increase US$ 788.804 million (2013) [1]
  • Increase US$ 753.592 million (2012) [1]
Net income
  • Decrease US$ 528.472 million (2013) [1]
  • Increase US$ 529.324 million (2012) [1]
Total assets
  • Decrease US$ 18,191.744 million (2013) [2]
  • Increase US$ 18,776.91 million (2012) [1]
Total equity
  • Decrease US$ 3,776.342 million (2013) [2]
  • Increase US$ 4,361.786 million (2012) [1]
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]

In August 2001, a mutual fund company filed a civil racketeering suit against Thorchmark 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.[5]

Subsidiaries[edit]

History[edit]

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.[6]

In 1981, Torchmark acquired United Investors Life Insurance Company (UIL) and 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).[6]

In 2010, Torchmark sold United Investors Life Insurance Company (UIL) to Protective Life Corporation.[7]

In 2012, Torchmark acquired Family Heritage Life Insurance Company of America (FHL).[8]

Presidents and CEOs[edit]

Former presidents and CEOs

  • Frank P. Samford, Junior
President 1967–1982 CEO 1967–1985
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 dedicated service to Torchmark. McAndrew continued to serve in an executive capacity as Chairman through June 1, 2013.

The Torchmark 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.

Also effective June 1, 2012, Frank Svoboda, Vice President and Director of Tax for Torchmark, was appointed Executive Vice President and Chief Financial Officer, and Robert Brian Mitchell, Senior Vice President and General Counsel of each of Torchmark's insurance subsidiaries, was appointed Executive Vice President and General Counsel.

References[edit]

  1. ^ a b c d e f g h "TORCHMARK CORP 2013 Annual Report Form (10-K)" (XBRL). United States Securities and Exchange Commission. February 28, 2014. 
  2. ^ a b "TORCHMARK CORP 2014 Q1 Quarterly Report Form (10-Q)" (XBRL). United States Securities and Exchange Commission. May 9, 2014. 
  3. ^ http://finance.yahoo.com/q/pr?s=TMK
  4. ^ Best's Insurance Reports Life/Health United States & Canada 2008 Edition Volume II.
  5. ^ "Spinoff company sues for racketeering". 
  6. ^ a b Best's Insurance Reports Life/Health United States & Canada 2008 Edition Volume I
  7. ^ http://www.prnewswire.com/news-releases/torchmark-subsidiary-to-sell-united-investors-life-insurance-company-102851389.html
  8. ^ http://finance.yahoo.com/news/torchmark-buy-family-heritage-204940934.html