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$TMK 1Q15 10-Q: As of March 31, 2015, total assets were $20.7Bil vs. $19.1Bil as of March 31, 2014. Liabilities were $15.8Bil vs. $14.9Bil as of March 31, 2014. Long-term debt was $992.46MM vs. $991.18MM as of March 31, 2014. At March 31, 2015, combined value of the insurance policies & investments in Rabbi Trust were $75MM vs. $74MM at 2014-end.
For FY17, $TMK projects net operating income from continuing operations per share to be in the range of $4.63 to $4.77. During 1Q17, the company repurchased 1.1MM shares of its common stock at a total cost of $82MM for an average share price of $76.18.
Health insurer $TMK reported higher 1Q17 earnings, helped by higher revenue and net operating income. Net income for the quarter rose 7.66% to $133.5MM, or $1.11 per share from $124MM, or $1.01 per share a year ago. Total revenue rose 4.7% to $1,024MM. Net operating income from continuing operations rose 6.48% YoY to $1.15.
Health insurer $TMK 4Q16 net income rose to $135MM, or $1.12 per share, compared to $133MM, or $1.07 per share during 4Q15. Total revenues rose to $975MM from $934MM. Net operating income from continuing operations increased to $1.15 per share from $1.05 per share during 4Q15.
$TMK narrowed its 2016 net operating income from continuing operations per share outlook to range of $4.43-4.49 from prior estimate of $4.40-4.50. The company projects 2017 net operating income from continuing operations of $4.55-4.85 per share.
Health insurance firm $TMK reported a rise in 3Q16 earnings driven by higher premium and a rise in net investment income. Net income rose to $152MM or $1.25 per share from $145MM or $1.15 per share last year. Total revenue grew to $990MM from $947MM. Net operating income from all operations per share increased to $1.18 from $1.08.
$TMK anticipates that the sale of its Medicare Part D business will generate approx. $20-25MM of additional capital to be available for 2016, plus an additional $55-60MM of additional capital that will be available in 2017. The company anticipates that certain investments that were downgraded by the NAIC in 1H16 will be upgraded by the end of 2017.
$TMK said it expects free cash flow in 2016 to be around $320MM. With $174MM spent on share repurchases thus far, the company expects to have around $146MM available for the remainder of 2016 from its free cash flow, plus other assets available at the parent.
$TMK said in 2Q16 Part D had a negative impact on excess investment income of approx. $2.5MM compared to negative impact of $2.3MM in the year ago quarter. For the full year 2016, the company expects excess investment income to grow by about 1-2%. On a per share basis, $TMK expects to see an increase of about 5-6%.
$TMK said on the health side, 2Q16 premium revenue grew 2% to $237MM, and health underwriting margin was also up 2% to $53MM. The company expects full year 2016 health underwriting margin to grow 1-2% from 2015. Health sales increased 6% to $33MM and individual health sales grew 8% to $30MM in 2Q16.
$TMK said in its life insurance operations, 2Q16 premium revenue grew 5% to $549MM, while life underwriting margin grew 3% to $144MM from a year ago. The company expects full year 2016 life underwriting margin to increase 1-2% over 2015. Net life sales were $110MM, up 2% from the year ago quarter.