Torchmark Corporation (TMK) Q2 2010 Earnings Call Transcript July 29, 2010 12:00 pm ET Executives Mark McAndrew – Chairman and CEO Gary Coleman – EVP and CFO Analysts Bob Glasspiegel – Langen McAlenney Randy Binner – FBR Capital Markets Paul Sarran – Macquarie Jimmy Bhullar – JPMorgan Edward Spehar – Banc of America/Merrill Lynch Jeff Schuman – KBW Steven Schwartz – Raymond James and Associates Eric Berg – Barclays Capital John Nadel – Sterne Agee Thomas Gallagher – Credit Suisse Colin Devine – Citi PresentationOperator
Good day, everyone, and welcome to the Torchmark Corporation second quarter 2010 earnings release conference call. Please note that this call is being recorded and also being simultaneously webcast. At this time, I will turn the call over to the Chairman and Chief Executive Officer, Mr. Mark McAndrew. Please go ahead. Mark McAndrew Thank you. Good day, 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 2009 10-K and any subsequent Forms 10-Q on file with the SEC. Net operating income for the second quarter was $131 million or $1.58 per share, a per share increase of 3% from a year ago. Net income was $126 million or $1.53 per share, an 11% increase. Excluding FAS 115, our return on equity was 13.7% and our book value per share was $46.81, a 12% increase from a year ago. On a GAAP reported basis, with fixed maturities carried at market value, book value was $48.16 per share.