Profile: Torchmark Corp (TMK)
16 Sep 2014
Torchmark Corporation, incorporated on November 29, 1979, is an insurance holding company. The Company is financial services holding company whose affiliate Companies market life insurance and supplemental health insurance to middle-income Americans. The Company operates in three segments: life insurance, health insurance, and annuities. Life insurance products include traditional and interest-sensitive whole life insurance, as well as term life insurance. Health products are guaranteed-renewable and include Medicare Supplement, Medicare Part D, cancer, accident, long-term care, and limited-benefit hospital and surgical coverage’s. Annuities include fixed-benefit contracts. The Company’s primary subsidiaries are American Income Life Insurance Company (American Income), Liberty National Life Insurance Company (Liberty), Globe Life And Accident Insurance Company (Globe), United American Insurance Company (United American), and Family Heritage Life Insurance Company of America (Family Heritage).
The Company’s insurance subsidiaries write a variety of nonparticipating ordinary life insurance products. These include traditional and interest sensitive whole-life insurance, term life insurance, and other life insurance. These include traditional and interest sensitive whole-life insurance, term life insurance, and other life insurance. The distribution methods for life insurance products include sales by direct response, exclusive agents and independent agents.
The Company offers supplemental limited-benefit health insurance products that include primarily cancer and accident plans. These policies are designed to supplement health coverage that applicants already own. Medicare Supplements are also offered to enrollees in the traditional fee-for-service Medicare program. Medicare Supplement plans are standardized by federal regulation and are designed to pay deductibles and co-payments not paid by Medicare. The Company also offers Medicare Part D prescription drug insurance.
Annuity products offered include single-premium and flexible-premium deferred annuities. Annuities in each of the three years ending December 31, 2013, consisted less than 1% of premium. A portion of fixed annuity profitability is derived from the spread of investment income exceeding contractual interest requirements, which can result in negative net policy obligations.
3700 SOUTH STONEBRIDGE DRIVE
MCKINNEY TX 75070