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Torchmark trims full-year profit guidance
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McKINNEY, Texas - Life and health insurance company Torchmark Inc. on Thursday reduced its full-year profit guidance after reporting its third-quarter profit fell sharply due to investment losses.
The parent of American Income Life Insurance, Liberty National Life Insurance and other companies now expects to earn $5.85 to $5.89 per share for the year, down from its prior outlook of $5.90 to $5.96 per share.
Analysts polled by Thomson Reuters, on average, expect profit of $5.90 per share.
Torchmark shares closed Wednesday's session down $1.97, or 5.3 percent, at $35.10.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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