Torchmark Declares a 22% Increase in Dividend and Reaffirms Stock Repurchase 
                                   Program 
 
    BIRMINGHAM, Ala., July 25 -- 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. 
 
    CAUTION REGARDING FORWARD-LOOKING STATEMENTS: 
    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 
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 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 
    -0-                             07/25/2003 
    /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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