Torchmark Subsidiary United Investors Receives Revised Opinion Upon Rehearing 
           By Alabama Supreme Court in Case Against Waddell & Reed 
 
    BIRMINGHAM, Ala., July 8 -- Torchmark Corporation (NYSE: TMK) announced 
today that the Alabama Supreme Court issued an opinion on Thursday, July 3, 
2003, withdrawing its prior opinion issued April 18, 2003.  The original opinion 
had reversed a $50 million trial court jury verdict rendered in favor of 
Torchmark subsidiary, United Investors Life Insurance Company (United) and 
against Waddell & Reed Financial, Inc. along with four of its subsidiaries 
(Waddell & Reed).  The Supreme Court's new opinion was issued in response to 
United's Petition for Rehearing.  The Supreme Court revised its original ruling 
by affirming the trial court jury's verdict in favor of United and against 
Waddell & Reed on Waddell & Reed's claims for unjust enrichment, breach of 
contract and fraud and by affirming a separate ruling by the trial judge 
declaring that there was no contract as alleged by Waddell & Reed.  The Supreme 
Court left intact its earlier decision to reverse and render the trial court 
jury's verdict in favor of United on its claims of tortious interference and 
fraud related to a campaign by Waddell & Reed to replace United's existing 
variable annuity policies with those of another carrier and to reverse and 
remand United's other claims for conversion, breach of contract, fraud and 
concealment back to the trial court for a new trial.   
    The effect of the revised opinion is that Waddell & Reed will not be able 
to argue as it did previously that its actions in withholding over $10 million 
of funds belonging to United were justified by the existence of a valid and 
binding contract.  The revised opinion settles in United's favor that there 
was no contract, and disposes of Waddell & Reed's claims of fraud and unjust 
enrichment against United.  As a result, United will be able to present its 
claims for damages of over $10 million relating to the conversion of funds by 
Waddell & Reed and for punitive damages of up to three times that amount under 
Alabama law without regard to any offsetting claims of Waddell & Reed. 
    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-                             07/08/2003 
    /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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