Torchmark Corporation Announces Alabama Supreme Court Opinion in United 
                      Investors Life vs. Waddell & Reed 
 
    BIRMINGHAM, Ala., April 22 -- Torchmark Corporation (NYSE: TMK) announced 
today that the Alabama Supreme Court reversed in part and remanded in part the 
$50 million verdict rendered by an Alabama jury in favor of Torchmark subsidiary 
United Investors Life Insurance Company against Waddell & Reed last year.  The 
case involved claims by United that Waddell & Reed improperly engaged in a 
concerted campaign to replace United's existing block of variable annuity 
policies with policies issued by another insurance company and Waddell & Reed 
wrongfully converted over $10,000,000 belonging to United.  In a 51 page 
opinion, the court found that conversion, breach of contract and one claim of 
fraud and suppression were properly submitted to the jury; however, it held that 
two claims, tortious interference with contractual relations and fraud in 
connection with a promise by Waddell & Reed not to replace United's existing 
variable annuity contracts should not have been submitted to the jury.  Under 
Alabama law, the finding by the court that two claims should not have been 
submitted to the jury necessitates a remand to the trial court on the remaining 
claims. 
    UILIC may file a petition for rehearing with the Supreme Court and plans 
to pursue in the trial court its claims for concealment, breach of contract, 
fraud and suppression, with claims for actual damages over $10 million and for 
punitive damages of up to three times that amount under Alabama law.  The 
earlier verdict of $50 million did not include an award of punitive damages. 
    Torchmark Corporation is a financial services 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 
    -0-                             04/22/2003 
    /CONTACT:  Joyce Lane, Vice President, Investor Relations of Torchmark 
Corporation, +1-972-569-3627, or fax, +1-972-569-3696, or  
jlane@torchmarkcorp.com / 
    /Company News On-Call:  http://www.prnewswire.com/comp/885425.html / 
    /Web site:  http://www.torchmarkcorp.com / 
    (TMK) 

 
 





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