MCKINNEY, Texas, Oct. 31 /PRNewswire-FirstCall/ -- Torchmark Corporation announced that its Board of Directors has declared a quarterly dividend of $.14 per share on all of the outstanding common stock of the Company held of record as of the close of business of the Company's transfer agent on January 2, 2009. The dividend will be paid on January 30, 2009.
Also, Torchmark's Board reaffirmed its continued authorization of the Company's stock repurchase program in amounts and timing that Company management, in consultation with the Board, determines to be in the best interest of the Company. Torchmark has repurchased its common stock every year since 1986 except for 1995, the year following the acquisition of American Income Life. Since 1986 the Company has repurchased 159.2 million shares for a total cost of $3,965 billion.
This press release may contain forward-looking statements within the meaning of the federal securities laws. These prospective statements reflect management's current expectations, but are not guarantees of future performance. Accordingly, please refer to Torchmark's cautionary statement regarding forward-looking statements, and the business environment in which the Company operates, contained in the Company's Form 10-K for the year ended December 31, 2007, and any subsequent Forms 10-Q on file with the Securities and Exchange Commission and on the Company's website at http://www.torchmarkcorp.com/ on the Investor Relations page. Torchmark specifically disclaims any obligation to update or revise any forward-looking statement because of new information, future developments or otherwise.
Torchmark Corporation is a holding company specializing in life and supplemental health insurance for "middle income" Americans marketed through multiple distribution channels including direct response, and exclusive and independent agencies. Torchmark has several nationally recognized insurance subsidiaries. Globe Life And Accident is a direct-response provider of life insurance known for its administrative efficiencies. American Income Life provides individual life insurance to labor union members. Liberty National Life, one of the oldest traditional life insurers in the Southeast, is the largest life insurer in its home state of Alabama. United American is a consumer-oriented provider of supplemental health insurance.
