Torchmark Corporation Insurance Investor Conference February 24, 2009

$ Torchmark Corporation Net Operating Income Per Share 10-Year Compound Annual Growth Rate – 9.3%

Torchmark Corporation Underwriting 3

Underwriting Income 2008 Underwriting Income 2008 Torchmark Corporation ($ in millions) American Income Direct Response Liberty National Military UA Independent UA Branch Other Total $474$12838% % % % 3210% 1731% 95206% $1,617$340100% $73$2319% 4533% % 000% % % 000% $951$118100% $547$15133% % % % % % 95204% $2,568$458100% Life U/W Share of Premium Inc. U/W Inc. Health U/W Share of Premium Inc. U/W Inc. Total Life and Health U/W Share of Premium Inc. U/W Inc. Underwriting Income is premium and other operating income less policy obligations, commission and other acquisition and administrative expenses. 4

Net Life Sales (8%) (5%) 1% 12% 13% Net Sales Change from Year-Ago Quarter Torchmark Corporation $ Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 ($ in millions) 5

Torchmark Corporation Investments 6

Investment Portfolio at 12/31/08 Fixed Maturities Equities Mortgage Loans Investment Real Estate Policy Loans Other Long-Term Investments Short-Term Investments TOTAL $9, $10,190 94% 0% 4% 1% 100% 78% 3% 10% 1% 4% 3% 1% 100% Amortized Cost % of TotalIndustry Torchmark Corporation ($ in millions) 7

Torchmark Corporation Fixed Maturities by Type 12/31/08 Fixed Maturities by Type 12/31/08 Corporates$7,463$(1,188)BBB+78% Redeemable Preferred Stock: U.S.1,334(384)BBB+14% Foreign 115(52) BBB+1% Municipals261(44) AA3% Government-Sponsored Enterprises202(8) AAA2% Government & Agencies232 AA+ 0% Residential Mortgage-Backed Securities232 AAA0% Commercial Mortgage-Backed Securities170 AAA0% CDO’s131(117) A-1% Other Asset-Backed Securities 41 (4) A- 0% TOTAL$9,610$(1,793)BBB+100% Amortized Cost Net Unreal. Gain (Loss) Average Rating % of Total Amortized Cost ($ in millions) 8

Torchmark Corporation Net Unrealized Losses Fixed Maturities Net Unrealized Losses Fixed Maturities ($ in millions) Net Unrealized Losses: 12/31/08 $1,793 06/30/08670 Increase in Unrealized Losses* $1,123 *% of Increase in Unrealized Losses From Fixed Maturities With: No Change in Rating74% One Notch Downgrade18% 9

Torchmark Corporation Fixed Maturities by Sector 12/31/08 Fixed Maturities by Sector 12/31/08 Financial – Life/Health/PC Insurance$1,764$(494)BBB+18% Financial – Bank 1,659(328) A17% Financial – Other 508(185)BBB+5% Utilities 1,105 (60)BBB+11% Transportation & Other Industrials831(82)BBB+9% Energy793(96) BBB8% Consumer – Non-cyclical644(54)BBB+7% Consumer – Cyclical471(117) BBB5% Communications600(103) BBB-6% Basic Materials578(107) BBB6% Other657(167) AA7% TOTAL$9,610$(1,793)BBB+100% Amort. Cost Net Unreal. Loss Average Rating % of Total Amort. Cost ($ in millions) 10

Torchmark Corporation Investment Grade: AAA$492($9)5% AA442(27)5% A3,366(511)35% BBB 4,597 (995) 48%25% 8,897(1,542)92.6%94% Below Investment Grade: BB470(150)5%3% B131(50)1%2% Less Than B 112 (51) 1%1% 713(251)7.4%6% TOTAL$9,610($1,793)100%100% Amortized Cost Net Unreal. Loss % of Amortized Cost to Total TMK Industry } Fixed Maturities by Rating ($ in millions) 69% 11

Torchmark Corporation Capitalization and Liquidity 12

Torchmark Corporation Capitalization 12/31/08 Capitalization 12/31/08 Insurance Company Risk Based Capital Capital$1,281 Required Capital$389 Company Action Level RBC329% Corporate Debt to Capital Commercial Paper$3047.0% Senior Debentures & Notes % Trust Preferred % Total Debt$1, % Equity, Excluding FAS 115 3,318 Total Capitalization$4,344 ($ in millions) 13

Torchmark Corporation Insurance Companies Net Cash Flow Cash From Operations Insurance Underwriting$485 Excess Investment Income608 Income Taxes and Parent Expenses(180) Net Cash From Operations$931$940 - $960 Investment Maturities 587 Net Cash Flow$1,518 $1,540 - $1,560 ($ in millions) E $ (171)

Torchmark Corporation Parent Company Free Cash Flow ($ in millions) Insurance Companies: Net Cash Flow$1,518 Less Cash Retained1,081 Cash Dividended to TMK$437 Torchmark Parent Company Dividends Received From Insurance Companies$437 Less Cash Outflow: Interest Expense62 Dividends to Shareholders49 Other, Net(17) Net Outflow$94 Free Cash Flow $343 $320 - $ E 15

Torchmark Corporation 2009 Debt Maturities ($ in millions) Cash Needed for 2009 Debt Maturities: Commercial Paper $305 Senior Notes Due 8/09 99 $404 Sources of 2009 Debt Repayment > Preference is to Refinance > Sources of Cash if Refinancing Terms Aren’t Favorable 2009 Free Cash Flow$325 Loans From Subsidiaries390 Issuance of Preferred Shares to Subs335 Draw Down Bank Line 400 Other Sources 400 $1,850 16

Torchmark Corporation Long-Term Debt Maturities Maturity Schedule ’09 ’11 ’13 ’15 ’17 ’19 ’21 ’23 ’25 ’27 ’29 ’31 ’33 ’35 ’37 > $ $250 $99 $94 $166 $120 ($ in millions) 17

Torchmark Corporation Share Repurchases 18

2009* $29.45 $55.86 $65.39 $57.47 $53.15 $51.39 $38.17 $37.82 $37.25 $23.22 $32.50 $ ,638 6,150 5,575 5,647 5,221 5,902 4,817 4,265 5,806 5,398 3, – Share Repurchases Torchmark Corporation No. of Shares (in 000’s) Average Price PE Ratio Year *Information based on transactions thru 2/17/09 and management’s guidance for 2009 operating income per share. 19

Torchmark Corporation Summary Core Operations Steady earnings per share growth Straightforward protection coverage – minimal exposure to variable annuities Double-digit growth in life sales Strong growth in agent recruiting at Liberty National and American Income Stable persistency in life business Investments Primarily investment grade fixed maturities Little exposure to equities, mortgages, real estate No direct exposure to subprime or Alt A mortgages No credit default swaps or other derivatives Ratio of invested assets to equity is 3X versus peer average of 7X Capitalization and Liquidity Well capitalized Strong and consistent free cash flow More than sufficient liquidity to retire debt Share Repurchase Program Still the best use of free cash flow along with possible retirement of debt Program will be continued prudently 20

This presentation 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 period ended December 31, 2007, and subsequent Forms 10-Q, on file with the Securities and Exchange Commission, and on the Company’s web site 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. This presentation contains certain financial measures that differ from the comparable GAAP measures. Reconciliations between the non-GAAP measures and the comparable GAAP measures may be found on the Company’s web site at on the Investor Relations page under SEC filings (form 10-K for 2007) and subsequent quarterly earnings press releases. Torchmark Corporation 21

Torchmark Corporation