News Release

Torchmark Declares a 22% Increase in Dividend and Reaffirms Stock Repurchase Program

July 24, 2003

Torchmark Corporation (NYSE: TMK) announced that the Company's Board of Directors today declared a quarterly dividend of $.11 per share, a $.02 (22%) increase, on all the outstanding common stock of the Company held of record as of the close of business of the Company's transfer agent on October 3, 2003. This dividend will be paid on October 31, 2003.

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. By acquiring the Company's shares, the number of shares outstanding is reduced and each remaining outstanding share's percentage interest in the Company's earnings is increased.

"Using our consistently strong and growing excess cash flow to simultaneously fund both the continuation of the share repurchase program and the increased dividend is an indication of the Company's commitment to our investors," C.B. Hudson, Torchmark's Chairman and CEO, said after the meeting of the Board.

Torchmark has repurchased its common stock every year since 1986 except for 1995, the year following the acquisition of American Income Life. Since 1998 the Company has repurchased 27.5 million shares for a total cost of $915 million and acquired no fewer than 3.4 million shares in any one year.


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, 2002, and Form 10-Q for the quarter ended March 31, 2003, on file with the Securities and Exchange Commission and on the Company's website at 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 an insurance 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. Subsidiary Globe Life And Accident is a nationally recognized direct-response provider of life insurance known for its administrative efficiencies. United American has been a nationally recognized provider of Medicare supplement health insurance since 1966. Liberty National Life, one of the oldest traditional life insurers in the Southeast, is the largest life insurer in its home state of Alabama. American Income Life is nationally recognized for providing supplemental life insurance to labor union members.

SOURCE Torchmark Corporation

CONTACT: Joyce Lane, Vice President, Investor Relations of Torchmark Corporation, +1-972-569-3627, or fax, +1-972-569-3696, or

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