Globe Life Announces New Share Repurchase Authorization

Rhea-AI Summary

Globe Life (NYSE:GL) announced a new $1.8 billion share repurchase authorization, replacing the previous $1.3 billion authorization from April 2024. The company has repurchased approximately $10 billion of common stock since 1986. Management emphasized their business model's reliability in generating free cash flow regardless of economic conditions and reaffirmed their commitment to returning excess capital to shareholders through consistent buybacks using parent company excess cash flows, unless more beneficial uses for shareholders emerge.

Positive

• New $1.8 billion share repurchase authorization, up from previous $1.3 billion
• Consistent track record of share repurchases totaling $10 billion since 1986
• Strong free cash flow generation regardless of macroeconomic conditions

Negative

• None.

News Market Reaction

+0.50%

1 alert

+0.50% News Effect

On the day this news was published, GL gained 0.50%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

MCKINNEY, Texas, Nov. 18, 2024 /PRNewswire/ -- Globe Life Inc. (NYSE:GL) announced that its Board of Directors has approved an authorization to repurchase up to $1.8 billion of common stock under the Company's existing stock repurchase program. This authorization has no set time period and replaces the previous authorization of $1.3 billion announced on April 29, 2024. 

"We are pleased to announce this new authorization, which demonstrates the Board's well-founded confidence in our business model. Our insurance operations have always been a dependable source of free cash for the parent company, regardless of macroeconomic conditions. Since the onset of our share repurchase program in 1986, we have repurchased approximately $10 billion of common stock," said Matt Darden, Co-Chief Executive Officer. 

Frank Svoboda, Co-Chief Executive Officer added, "We will continue to conduct the buyback program in the same manner as we have historically, utilizing our parent company excess cash flows to repurchase shares over the course of each year absent a more beneficial use of the funds for our shareholders. We remain committed to returning excess capital to shareholders to maximize shareholder value."

Globe Life Inc. is a holding company specializing in life and supplemental health insurance for the middle-income market distributed through multiple channels, including direct to consumer and exclusive and independent agencies.

View original content to download multimedia:https://www.prnewswire.com/news-releases/globe-life-announces-new-share-repurchase-authorization-302307982.html

SOURCE Globe Life Inc.

FAQ

What is Globe Life's new share repurchase authorization amount?

Globe Life (GL) announced a new share repurchase authorization of up to $1.8 billion, replacing the previous $1.3 billion authorization from April 2024.

How much has Globe Life (GL) spent on share repurchases since 1986?

Globe Life has repurchased approximately $10 billion of common stock since the onset of their share repurchase program in 1986.

When did Globe Life (GL) announce their new share buyback program?

Globe Life announced their new $1.8 billion share repurchase authorization on November 18, 2024.

What was Globe Life's previous share repurchase authorization amount?

Globe Life's previous share repurchase authorization was $1.3 billion, announced on April 29, 2024.