TORCHMARK CORPORATION: Torchmark Closes on Purchase of Family Heritage Life
Torchmark Announces Closing of Purchase of Family Heritage Life Insurance
Company of America
MCKINNEY, Texas, Nov. 5, 2012 -- Torchmark Corporation (NYSE:TMK ) is pleased
to announce that it closed the previously announced purchase of Family Heritage
Life Insurance Company of America (Family Heritage), a privately-held
supplemental health insurance provider, on November 1, 2012 for approximately
$232 million, subject to final post-closing adjustments. This transaction is
expected to be immediately accretive to net operating earnings per share with
minimal impact, if any, on Torchmark's free cash flow available for stock
repurchases or the RBC ratios of the insurance subsidiaries.
"We look forward to working with the Family Heritage team to ensure a seamless
transition," said Torchmark co-CEO's Gary Coleman and Larry Hutchison. "We have
complete confidence in the Family Heritage management, agents and employees."
Wells Fargo acted as financial advisor to Torchmark, while Locke Lord LLP
served as legal advisor.
Torchmark Corporation is a holding company specializing in life and
supplemental health insurance for "middle income" Americans marketed through
multiple distribution channels including direct response, and exclusive and
independent agencies. Torchmark has several nationally recognized insurance
subsidiaries. Globe Life And Accident is a direct-response provider of life
insurance known for its administrative efficiencies. American Income Life
provides individual life insurance to working families. Liberty National Life
is one of the oldest traditional life insurers in the Southeast. United
American is a consumer-oriented provider of supplemental life and health
Caution Regarding Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of
the federal securities laws. These prospective statements reflect management's
current expectations, but are not guarantees of future performance.
Accordingly, please refer to Torchmark's cautionary statement regarding
forward-looking statements, and the business environment in which the Company
operates, contained in the Company's Form 10-K for the year ended December 31,
2011, and any subsequent Forms 10-Q on file with the Securities and Exchange
Commission and on the Company's website at http://www.torchmarkcorp.com on the
Investor Relations page. Torchmark specifically disclaims any obligation to
update or revise any forward-looking statement because of new information,
future developments or otherwise.
SOURCE Torchmark Corporation
CONTACT: Mike Majors, Vice President, Investor Relations, Phone:
+1-972-569-3627, FAX: +1-972-569-3282, email@example.com
-0- Nov/05/2012 07:18 GMT
Press spacebar to pause and continue. Press esc to stop.