Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

The following information should be read in conjunction with Torchmark’s Consolidated Financial Statements and related notes reported elsewhere in this Form 10-K:

(Dollar amounts in thousands except per share and percentage data)



Year ended December 31,	2018			2017			2016			2015			2014
Premium revenue:
Life	$	2,406,555		$	2,306,547		$	2,189,333		$	2,073,065		$	1,966,300
Health	1,015,339			976,373			947,663			925,520			869,440
Other	12			15			38			135			400
Total premium	3,421,906			3,282,935			3,137,034			2,998,720			2,836,140
Net investment income	882,512			847,885			806,903			773,951			758,286
Realized gains (losses)	(1,804		)	23,611			(10,683		)	(8,791		)	23,548
Total revenue	4,303,751			4,155,573			3,934,629			3,766,065			3,620,095
Income from continuing operations, net of tax	701,510			1,458,263			539,590			516,293			528,074
Income from discontinued operations, net of tax	(44		)	(3,769		)	10,189			10,807			14,865
Net income(1)	701,466			1,454,494			549,779			527,100			542,939
Per common share:
Basic earnings:
Income from continuing operations	6.22			12.53			4.50			4.13			4.04
Income from discontinued operations	—			(0.03		)	0.08			0.08			0.11
Net income(1)	6.22			12.50			4.58			4.21			4.15
Diluted earnings:
Income from continuing operations	6.09			12.26			4.41			4.07			3.98
Income from discontinued operations	—			(0.04		)	0.08			0.09			0.11
Net income(1)	6.09			12.22			4.49			4.16			4.09
Cash dividends declared	0.64			0.60			0.56			0.54			0.51
Cash dividends paid	0.63			0.59			0.56			0.53			0.49
Basic weighted average shares outstanding	112,873			116,343			120,001			125,095			130,722
Diluted weighted average shares outstanding	115,249			118,983			122,368			126,757			132,640

As of December 31,	2018			2017			2016			2015			2014
Cash and invested assets	$	17,239,570		$	17,853,047		$	15,955,891		$	14,405,073		$	15,058,996
Total assets	23,095,722			23,474,985			21,436,087			19,853,213			20,272,259
Short-term debt	307,848			328,067			264,475			490,129			238,398
Long-term debt	1,357,185			1,132,201			1,133,165			743,733			992,130
Shareholders' equity(1)	5,415,177			6,231,421			4,566,861			4,055,552			4,697,466
Per diluted common share(1)	48.11			52.95			37.76			32.71			36.19
Effect of fixed maturity revaluation on diluted equity per common share(2)	3.79			13.18			5.63			2.62			8.28
Annualized premium in force:
Life	2,464,728			2,373,099			2,262,736			2,150,498			2,044,545
Health	1,073,698			1,018,020			998,634			973,042			947,323
Total	3,538,426			3,391,119			3,261,370			3,123,540			2,991,868
Basic shares outstanding	110,693			114,593			118,031			122,370			127,930
Diluted shares outstanding	112,561			117,696			120,958			123,996			129,812

Note: Certain figures have been revised to reflect the adoption of new accounting guidance and discontinued operations.


(1)	See discussion of tax legislation impact in 2017 in the Results of Operations.


(2)	See discussion under the caption Capital Resources in Management’s Discussion and Analysis in this report concerning the effect this rule has on Torchmark’s equity.

TMK 2018 FORM 10-K

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