Torchmark 1st Q Income Up 10 Percent

October 21, 2004

Torchmark Corporation (NYSE: TMK) of Birmingham, Ala. reports that for the quarter ended September 30, 2004, net income was $1.12 per share ($124 million) compared with $.94 per share ($108 million) for the year-ago quarter. Net operating income for the quarter
ended September 30, 2004, was $1.08 per share ($120 million), a 10 percent per share increase compared with $.98 per share ($112 million) for the year-ago quarter. A reconciliation between net income and net operating income is shown in its financial summary.

Comparing the third quarter 2004 with third quarter 2003:

* First year premium was $101 million, up 9 percent, predictive of future premium growth.

* Life first year premium grew 5 percent to $59 million with Direct Response and Military distribution channels continuing double-digit growth.

* Life total premium of $350 million grew 6 percent with double-digit growth at 3 of the 4 major life channels.

* Life Underwriting Margin increased 9 percent to $89 million.

* Health first year premium grew 14% to $42 million as a result of non-Medicare’s 32 percent increase to $29 million. Medicare supplement first year premium declined 12 percent to $13 million. Total health premium of $260 million grew 2 percent.

* Excess Investment Income of $84 million grew 5 percent, or 9 percent on a per share basis.

* The tax equivalent yield earned on the fixed maturities portfolio (94 percent of invested assets at amortized cost) was 7.2 percent. The annual effective yield earned on the $250 million of fixed investments acquired during the quarter was 6.6 percent.

* During the quarter Torchmark continued its ongoing share repurchase program by acquiring 1.6 million shares at a cost of $81 million.

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