UPDATE 1-Torchmark Q2 operating earnings lag Wall Street

miércoles 23 de julio de 2008 22:54 CEST
 

(Recasts; adds details on results and share price)

July 23 (Reuters) - Life and health insurer Torchmark Corp (TMK.N: Cotización) reported lower-than-expected quarterly operating earnings as insurance premium revenue fell.

The McKinney, Texas-based company posted net income of $133.7 million, or $1.47 a share, compared with $127.1 million, or $1.32 a share, a year earlier.

Net operating income rose to $130.6 million, or $1.44 a share, from $129.1 million, or $1.34 a share, in the year-ago quarter. Analysts on average expected earnings of $1.47 per share, excluding special items, according to Reuters Estimates.

Insurance premium revenue fell to $697.2 million from $711.7 million.

The company reaffirmed its full-year guidance of net operating income in the range of $5.90 to $5.96 per share, while analysts on average expect $5.92 per share.

Shares of the company closed up 59 cents at $60.92 Wednesday on the New York Stock Exchange. (Reporting by Amiteshwar Singh in Bangalore; Editing by Pratish Narayanan)