Torchmark (TMK Quote), the life and supplemental health insurance group, announced its third-quarter results Thursday evening, revealing net income of $63.2 million, down 53% from the same quarter a year ago but in line with preannounced results.
The company's report makes apparent that Torchmark is one of many insurers -- which, despite avoidance of the excessive risk-taking of larger rivals like AIG (AIG Quote) -- have been significantly affected by the woes on Wall Street, woes that trickle down to shareholders and policyholders.
Despite a modest 2% increase in operating income, Torchmark wrote down $93 million on investments and debt it held with Lehman Brothers in Washington Mutual (WM Quote) and Fannie Mae (FNM Quote), recording a net loss on investments of $71.4 million. ...
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