Globe Life

From Wikipedia, the free encyclopedia
  (Redirected from Torchmark Corp)
Jump to navigation Jump to search
Globe Life Inc.
Formerly
Torchmark Corporation
(1980–2019)
Public
Traded as
IndustryLife insurance
Founded1900 in Birmingham, Alabama, U.S.
HeadquartersMcKinney, Texas, U.S.
Key people
Gary Coleman and Larry Hutchison (CEO)
RevenueIncrease US$4.304 billion (2018)[1]
Increase US$706.97 million (2018)[2]
Decrease US$701.47 million (2018)[3]
Total assetsIncrease US$22.557 billion (2018)[4]
Total equityIncrease US$4.989 billion (2018)[5]
Number of employees
3,102[6] (2019)
Websiteglobelifeinsurance.com

Globe Life is a financial services holding company listed on the New York Stock Exchange (GL) which operates through its wholly owned subsidiaries providing life insurance, annuity, and supplemental health insurance products. The company is based in McKinney, Texas.

History[edit]

The original core of Globe Life, 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.[7]

In 1980, Liberty National acquired Globe Life And Accident Insurance Company and formed the holding company, Torchmark Corporation.[8]

In 1981, TMK acquired United Investors Life Insurance Company (UIL), United American Insurance Company, and Waddell and Reed Financial.[9]

In 1994, TMK acquired American Income Life Insurance Company;[8]

In 1998, TMK spun off Waddell and Reed Financial, a mutual fund subsidiary.[10]

In 2006, TMK began moving its headquarters from Birmingham, AL to McKinney, TX.[7]

In 2010, TMK sold United Investors Life Insurance Company (UIL) to Protective Life Corporation.[11]

In 2012, TMK acquired Family Heritage Life Insurance Company of America (FHL).[12]

On February 5, 2014, Torchmark's subsidiary Globe Life purchased the naming rights of Globe Life Park in Arlington, formerly Rangers Ballpark in Arlington, the home of Major League Baseball's Texas Rangers Baseball Club located in Arlington, TX.[13]

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.[14] 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.[15]

On August 8, 2019, Torchmark Corporation was renamed to Globe Life and its ticker symbol changed from "TMK" to "GL".[16]

Subsidiaries[edit]

See also[edit]

References[edit]

  1. ^ "Torchmark Corporation Revenue & Earnings Per Share (EPS)". Nasdaq. Retrieved 7 August 2019.
  2. ^ "Torchmark Corporation 2018 Annual Report" (PDF). p. 2. Retrieved 7 August 2019.
  3. ^ "Torchmark Corporation 2018 Annual Report" (PDF). p. 2. Retrieved 7 August 2019.
  4. ^ "Torchmark Corporation 2018 Annual Report" (PDF). p. 15. Retrieved 7 August 2019.
  5. ^ "Torchmark Corporation 2018 Annual Report" (PDF). p. 15. Retrieved 7 August 2019.
  6. ^ "Torchmark". Fortune. Retrieved 2019-01-22.
  7. ^ a b "Torchmark Moves Headquarters to McKinney". Retrieved 29 June 2015.
  8. ^ a b Best's Insurance Reports Life/Health United States & Canada 2008 Edition Volume I
  9. ^ "History of Waddell and Reed". Retrieved 29 June 2015.
  10. ^ "TMK Spins off Waddell and Reed". Retrieved 29 June 2015.
  11. ^ "TMK Subsidiary Sells United Investors Life Insurance Company". Retrieved 29 June 2015.
  12. ^ "TMK Buys Family Heritage". Retrieved 29 June 2015.
  13. ^ "ESPN-Rangers Sell Stadium Naming Rights". Retrieved 29 June 2015.
  14. ^ "Spinoff company sues for racketeering".
  15. ^ See Waddell & Reed Financial, Inc. v. Torchmark Corp., et al, 337 F.Supp. 2d 1243 (D. Kan. 2004)(Civ.A. No. 01-2372-KHV in the United States District Court for the District of Kansas).
  16. ^ Allison Bell (26 July 2019). "Torchmark to Change Its Name to Globe Life". ThinkAdvisor. Retrieved 29 July 2019.

External links[edit]