Torchmark

Torchmark Corporation
Public
Traded as NYSE: TMK
S&P 500 Component
Industry Life insurance
Founded 1900 in Birmingham, Alabama, U.S.
Headquarters McKinney, Texas
Key people
 Mark S. McAndrew, Chairman Gary Coleman and Larry Hutchison, Co-CEOs
Revenue
  • Increase US$ 3,771.938 million (2013) [1]
  • Increase US$ 3,589.516 million (2012) [1]
  • Increase US$ 788.804 million (2013) [1]
  • Increase US$ 753.592 million (2012) [1]
  • Decrease US$ 528.472 million (2013) [1]
  • Increase US$ 529.324 million (2012) [1]
Total assets
  • Decrease US$ 18,191.744 million (2013) [2]
  • Increase US$ 18,776.91 million (2012) [1]
Total equity
  • Decrease US$ 3,776.342 million (2013) [2]
  • Increase US$ 4,361.786 million (2012) [1]
Number of employees
 2,360[3]
Website http://www.torchmarkcorp.com

Torchmark Corporation, founded in 1900 in Birmingham, Alabama and based in McKinney, Texas, is a financial services holding company listed on the New York Stock Exchange which operates through its wholly owned subsidiaries providing life insurance, annuity, and supplemental health insurance products. Torchmark Corporation markets insurance products using multiple distribution channels, which include direct response, exclusive Agency, and independent systems. The company maintains a large operation in Birmingham, Alabama.[4]

Subsidiaries

History

The original core of Torchmark, Liberty National Life Insurance Company, was founded in 1900 as the Heralds of Liberty, a fraternal benefit society. Liberty National was headquartered in Birmingham, Alabama until 2006 when it moved to McKinney, Texas along with the parent company.[5]

In 1980, Liberty National acquired Globe Life And Accident Insurance Company and formed the holding company, Torchmark Corporation.[6]

In 1981, TMK acquired United Investors Life Insurance Company (UIL), United American Insurance Company, and Waddell and Reed Financial.[7]

In 1992, TMK was added to the S&P 500 Index of the largest publicly traded companies in the United States.

In 1994, TMK acquired American Income Life Insurance Company;[6]

In 1998, TMK spun off Waddell and Reed Financial, a mutual fund subsidiary.[8]

In 2006, TMK began moving its headquarters from Birmingham, AL to McKinney, TX.[5]

In 2010, TMK sold United Investors Life Insurance Company (UIL) to Protective Life Corporation.[9]

In 2012, TMK acquired Family Heritage Life Insurance Company of America (FHL).[10]

On February 5, 2014, Torchmark's subsidiary Globe Life purchased the naming rights of Globe Life Park in Arlington, formerly Rangers Ballpark in Arlington, the home of Major League Baseball's Texas Rangers Baseball Club located in Arlington, TX.[11]

In August 2001, a mutual fund company filed a civil racketeering suit against Torchmark Corp., which accused Torchmark Corp. and its former chief executive of scheming to continue control over Waddell & Reed Financial Inc. after Torchmark spun it off in 1998.[12] However, in a series of orders dated February 20, 2003, August 20, 2004, and September 28, 2004, the United States District Court for the Northern District of Kansas later granted summary judgment against plaintiff Waddell & Reed and in favor of Torchmark and the other defendants named in the action.[13]

Presidents and CEOs

Former presidents and CEOs

Current chairman and CEOs Torchmark Chairman and CEO, Mark S. McAndrew, stepped down on June 1, 2012, as CEO, after 32 years of service; he continued to serve in an executive capacity as Chairman through June 1, 2013. The Board of Directors appointed Gary L. Coleman, Torchmark's Executive Vice President and Chief Financial Officer, and Larry M. Hutchison, Torchmark's Executive Vice President and General Counsel, as Co-CEOs effective June 1, 2012.

References

  1. 1 2 3 4 5 6 7 8 "TORCHMARK CORP 2013 Annual Report Form (10-K)" (XBRL). United States Securities and Exchange Commission. February 28, 2014.
  2. 1 2 "TORCHMARK CORP 2014 Q1 Quarterly Report Form (10-Q)" (XBRL). United States Securities and Exchange Commission. May 9, 2014.
  3. ↑ http://finance.yahoo.com/q/pr?s=TMK
  4. ↑ Best's Insurance Reports Life/Health United States & Canada 2008 Edition Volume II.
  5. 1 2 "Torchmark Moves Headquarters to McKinney". Retrieved 29 June 2015.
  6. 1 2 Best's Insurance Reports Life/Health United States & Canada 2008 Edition Volume I
  7. ↑ "History of Waddell and Reed". Retrieved 29 June 2015.
  8. ↑ "TMK Spins off Waddell and Reed". Retrieved 29 June 2015.
  9. ↑ "TMK Subsidiary Sells United Investors Life Insurance Company". Retrieved 29 June 2015.
  10. ↑ "TMK Buys Family Heritage". Retrieved 29 June 2015.
  11. ↑ "ESPN-Rangers Sell Stadium Naming Rights". Retrieved 29 June 2015.
  12. ↑ "Spinoff company sues for racketeering".
  13. ↑ See Waddell & Reed Financial, Inc. v. Torchmark Corp., et al, 337 F.Supp. 2d 1243 (D. Kan. 2004)(Civ.A. No. 01-2372-KHV in the United States District Court for the District of Kansas).
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