Torchmark Corporation (
Q4 2011 Earnings Call
February 7, 2012 11:00 a.m. ET
Mark McAndrew - Chairman and Chief Executive Officer
Gary Coleman - Executive Vice President and Chief Financial Officer
Larry Hutchison - Executive Vice President and General Counsel
Mike Majors - Vice President of Investor Relations
Jimmy Bhullar - JPMorgan
Randy Binner - FBR Capital Markets
Sarah DeWitt - Barclays Capital
Paul Sarran - Evercore Partners
Jeffrey Schuman - Keefe, Bruyette & Woods
Christopher Giovanni - Goldman Sachs
Steven Schwartz - Raymond James
John Nadel - Sterne Agee
Robert Glasspiegel - Langen McAlenney
Mark Hughes - SunTrust Robinson Humphrey
Good day and welcome to Torchmark Corporation’s Fourth Quarter 2011 Earnings Release Conference Call. Today’s call is being recorded. For opening remarks and introductions, I would like to turn the call over to Mark McAndrew, Chairman and CEO of Torchmark Corporation. Please go ahead, sir.
Thank you. Good morning, everyone. Joining me this morning is Gary Coleman, our Chief Financial Officer; Larry Hutchison, our General Counsel; and Mike Majors, Vice President of Investor Relations. Some of our comments or answers to your questions may contain forward-looking statements that are provided for general guidance purposes only. Accordingly, please refer to our 2010 10-K and any subsequent Forms 10-Q on file with the SEC.
Net operating income for the fourth quarter was $128 million or $1.25 per share. A per share increase of 12% from a year ago. Net income for the fourth quarter was $126 million or $1.23 per share, a 4% decline on a per share basis. For the full year, operating income per share grew 10% to $4.68 while net income per share increased 12% to $4.72. Excluding FAS 115, on return on equity 14.2% for the quarter and our book value per share was $35.59, a 9% increase from a year ago.