GLOBE LIFE INC. REPORTS FOURTH QUARTER 2025 RESULTS

Rhea-AI Summary

Globe Life (NYSE: GL) reported Q4 2025 net income of $3.29 per diluted share and net operating income of $3.39 per diluted share, up versus Q4 2024. For full-year 2025, net income was $14.07 and net operating income was $14.52 per diluted share, both up ~8% year-over-year. ROE was 20.9% and book value per share excluding AOCI was $96.16. The company repurchased 1.3 million shares in the quarter and reported strong life and health net sales growth across divisions.

Positive

• Net income per share +18% from $11.94 to $14.07 for year ended Dec 31, 2025
• Net operating income per share +17% to $14.52 for year ended Dec 31, 2025
• Insurance underwriting income per share +21% year-to-date to $18.82
• Health net sales +71% in Q4 2025 to $125.8 million
• Book value per share excluding AOCI increased to $96.16

Negative

• Weighted average diluted shares outstanding declined from 89,661 to 82,525, reflecting buybacks and share count changes
• Excess investment income declined 8% year-to-date and 16% in the quarter
• Interest on debt increased to (1.71) per share year-to-date, a 20% rise

Key Figures

Q4 2025 EPS (GAAP): $3.29 per diluted share Q4 2025 EPS (operating): $3.39 per diluted share 2025 EPS (GAAP): $14.07 per diluted share +5 more

8 metrics

Q4 2025 EPS (GAAP) $3.29 per diluted share Quarter ended December 31, 2025 vs $3.01 year-ago

Q4 2025 EPS (operating) $3.39 per diluted share Quarter ended December 31, 2025 vs $3.14 year-ago

2025 EPS (GAAP) $14.07 per diluted share Year ended December 31, 2025 vs $11.94 year-ago

2025 EPS (operating) $14.52 per diluted share Year ended December 31, 2025 vs $12.37; above prior guidance midpoint

Net income ROE 20.9% Twelve months ended December 31, 2025

Operating ROE ex-AOCI 16.0% Twelve months ended December 31, 2025

Q4 underwriting income $359,738 thousand Insurance underwriting income vs $337,984 thousand in Q4 2024

Shares repurchased 1.3 million shares Globe Life common stock repurchased during Q4 2025

Market Reality Check

Price: $144.82 Vol: Volume 444,585 is below t...

normal vol

$144.82 Last Close

Volume Volume 444,585 is below the 20-day average of 507,808, suggesting a muted initial reaction to the earnings release. normal

Technical Shares at 143.65 are trading above the 200-day MA of 132.43 and sit 2.83% below the 52-week high of 147.83.

Peers on Argus

GL’s move of 0.15% contrasts with mixed peers: AFL and UNM are modestly positive...

GL’s move of 0.15% contrasts with mixed peers: AFL and UNM are modestly positive while LNC, MET, and PRU show declines, indicating this earnings release is more company-specific than part of a uniform life insurance sector move.

Common Catalyst Earnings season in life insurance, with at least one peer (AFL) also reporting quarterly results.

Previous Earnings Reports

5 past events · Latest: Oct 22 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Oct 22	Q3 2025 earnings	Positive	-0.3%	Strong Q3 EPS and underwriting income growth with higher premiums.
Jul 23	Q2 2025 earnings	Positive	+5.4%	Double‑digit EPS growth and robust underwriting margins across divisions.
Apr 30	Q1 2025 earnings	Positive	-4.6%	EPS and operating income above expectations with premium growth and buybacks.
Feb 05	Q4 2024 earnings	Positive	-2.5%	Strong 2024 EPS, higher net sales, and margin improvement with guidance.
Oct 23	Q3 2024 earnings	Positive	-1.3%	Significant EPS and underwriting margin growth plus large share repurchases.

Pattern Detected

Across recent earnings, GL has often delivered positive fundamentals but seen limited or negative next-day price moves, indicating a tendency for post-earnings divergence.

Recent Company History

Over the last five earnings releases from Feb 2024 through Oct 2025, Globe Life has repeatedly reported higher net income and net operating income per share, along with solid underwriting margins and steady premium growth across divisions. Despite this, four of the five same‑day or next‑day stock reactions were negative, with only Q2 2025 showing a meaningful gain. Today’s Q4 2025 report continues the pattern of earnings growth, fitting into a multi‑quarter trajectory of expanding profitability and active share repurchases.

Historical Comparison

earnings

-0.7 %

Average Historical Move

Historical Analysis

In the past five earnings releases, GL’s average next‑day move was -0.66%, showing that strong results have often met with subdued or negative price reactions.

Typical Pattern

From Q4 2024 through Q3 2025, Globe Life has reported steadily rising EPS and net operating income with expanding underwriting margins and recurring buybacks, and the new Q4 2025 release extends this multi‑quarter earnings growth trend.

Market Pulse Summary

This announcement details robust Q4 2025 and full‑year performance, with quarterly operating EPS of ...

Analysis

This announcement details robust Q4 2025 and full‑year performance, with quarterly operating EPS of $3.39, full‑year operating EPS of $14.52, and net income ROE of 20.9%. Insurance underwriting income and both life and health net sales increased, while 1.3 million shares were repurchased. Historically, earnings reports have shown consistent growth but mixed short‑term price reactions. Investors may focus on sustained ROE, division‑level premium and sales trends, and continued underwriting profitability when evaluating these results.

Key Terms

net operating income, aoci, gaap, roe, +1 more

5 terms

net operating income financial

"Net operating income for the quarter was $3.39 per diluted common share..."

Net operating income is the profit a business makes from its core operations after subtracting the costs directly related to running those operations, but before accounting for taxes, interest, or other expenses. It shows how efficiently a company is generating income from its main activities. Investors use this figure to assess the company's operational performance and profitability.

aoci financial

"Net operating income as an ROE excluding accumulated other comprehensive income (AOCI)..."

Accumulated Other Comprehensive Income (AOCI) is a section of owners’ equity that records certain unrealized gains and losses that aren’t shown in the company’s regular profit and loss statement—things like currency translation shifts, changes in the value of certain investments, or pension plan adjustments. Think of it as a separate holding jar for value swings the company hasn’t cashed in yet; investors watch it because large or volatile balances can change reported net worth and signal future earnings or balance-sheet risk when those items are realized.

gaap financial

"GAAP is defined as accounting principles generally accepted in the United States of America."

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

roe financial

"Net income as an ROE was 20.9% for the twelve months ended December 31, 2025."

Return on equity (ROE) measures how much profit a company generates from the money shareholders have invested, like checking how effectively a chef turns ingredients into meals. Investors use it to compare how well companies turn investor funds into earnings—higher ROE usually means management is using capital more efficiently, while a low ROE can signal weaker profitability or poor use of equity.

insurance underwriting income financial

"Insurance underwriting income (2) | $ 4.45 | | $ 3.99..."

Income from an insurer’s core business of writing policies, calculated as the premiums collected minus the claims paid and the direct costs of providing coverage. Think of it like a shop’s profit from selling goods before counting returns or outside income: it shows whether the company is charging enough and managing risk well, so investors use it to judge the health and sustainability of an insurer’s primary operations.

AI-generated analysis. Not financial advice.

MCKINNEY, Texas, Feb. 4, 2026 /PRNewswire/ -- Globe Life Inc. (NYSE: GL) reported today that for the quarter ended December 31, 2025, net income was $3.29 per diluted common share, compared with $3.01 per diluted common share for the year-ago quarter. Net operating income for the quarter was $3.39 per diluted common share, compared with $3.14 per diluted common share for the year-ago quarter.

Net income for the year ended December 31, 2025 was $14.07 per diluted common share, compared with $11.94 per diluted common share for the year-ago period. Net operating income for the year ended December 31, 2025 was $14.52 per diluted common share compared with $12.37 per diluted common share for the year-ago period, and above the midpoint of our previous guidance.

HIGHLIGHTS:

• Net income as an ROE was 20.9% for the twelve months ended December 31, 2025. Net operating income as an ROE excluding accumulated other comprehensive income (AOCI) was 16.0% for the same period.
• For the full year, net income and net operating income both increased 8%.
• At the American Income Life Division, life net sales increased 10% and life premium increased 6% over the year-ago quarter.
• At the Liberty National Division, life net sales increased 6% and life premiums increased 4%. The average producing agent count increased 6% over the year-ago quarter.
• At the Family Heritage Division, health net sales increased 15% and premiums increased 10% over the year-ago quarter. Additionally, the average producing agent count increased 8% over the year-ago quarter.
• At the Direct to Consumer Division, life net sales increased 24% over the year-ago quarter.
• At the United American Division, health net sales increased from $30 million to approximately $77 million over the year-ago quarter.
• 1.3 million shares of Globe Life Inc. common stock were repurchased during the quarter.

Note: As used in the earnings release, "Globe Life," the "Company," "we," "our," and "us" refer to Globe Life Inc., a Delaware corporation incorporated in 1979, its subsidiaries and affiliates.

GLOBE LIFE INC.
Earnings Release—Q4 2025
(Dollar amounts in thousands, except share and per share data)
(Unaudited)

RESULTS OF OPERATIONS

Net operating income, a non-GAAP⁽¹⁾ financial measure, has been used consistently by Globe Life's management for many years to evaluate the operating performance of the Company, and is a measure commonly used in the life insurance industry. It differs from net income primarily because it excludes certain non-operating items such as realized investment gains and losses and certain significant and unusual items included in net income. Management believes an analysis of net operating income is important in understanding the profitability and operating trends of the Company's business. Net income is the most directly comparable GAAP measure.

The following table represents Globe Life's operating summary for the three months ended December 31, 2025 and 2024:

Operating Summary
	Per Share
	Three Months Ended December 31,						Three Months Ended December 31,
	2025		2024		% Chg.		2025		2024		% Chg.
Insurance underwriting income(2)	$           4.45		$           3.99		12		$     359,738		$     337,984		6
Excess investment income(2)	0.38		0.45		(16)		30,812		38,325		(20)
Interest on debt	(0.44)		(0.42)		5		(35,210)		(35,679)		(1)
Parent company expense	(0.04)		(0.04)				(3,472)		(3,234)
Income tax expense	(0.83)		(0.72)		15		(67,246)		(61,150)		10
Stock compensation benefit (expense), net of tax	(0.13)		(0.12)				(10,887)		(10,437)
Net operating income	3.39		3.14		8		273,735		265,809		3
Reconciling items, net of tax:
Realized gain (loss)	(0.04)		0.02				(3,406)		1,890
Non-operating expenses	(0.02)		—				(1,332)		(13)
Legal proceedings	(0.04)		(0.15)				(2,914)		(12,490)
Net income(3)	$           3.29		$           3.01				$     266,083		$     255,196
Weighted average diluted shares outstanding	80,802		84,749

(1)	GAAP is defined as accounting principles generally accepted in the United States of America.
(2)	Definitions included within this document.
(3)	A GAAP-basis condensed consolidated statement of operations is included in the appendix of this report.
Note: Tables in this earnings release may not sum due to rounding.

GLOBE LIFE INC.
Earnings Release—Q4 2025
(Dollar amounts in thousands, except share and per share data)
(Unaudited)

The following table represents Globe Life's operating summary for the year ended December 31, 2025 and 2024:

Operating Summary
	Per Share
	Year Ended December 31,						Year Ended December 31,
	2025		2024		% Chg.		2025		2024		% Chg.
Insurance underwriting income(1)	$           18.82		$           15.51		21		$   1,553,364		$   1,390,226		12
Excess investment income(1)	1.68		1.83		(8)		138,393		164,404		(16)
Interest on debt	(1.71)		(1.42)		20		(141,221)		(127,092)		11
Parent company expense	(0.17)		(0.14)				(14,182)		(12,400)
Income tax expense	(3.58)		(3.05)		17		(295,441)		(273,121)		8
Stock compensation benefit (expense), net of tax	(0.52)		(0.37)				(42,526)		(33,033)
Net operating income	14.52		12.37		17		1,198,387		1,108,984		8
Reconciling items, net of tax:
Realized gain (loss)—investments	(0.27)		(0.21)				(21,952)		(19,108)
Non-operating expenses	(0.02)		(0.02)				(1,725)		(2,070)
Legal proceedings	(0.16)		(0.19)				(13,472)		(17,044)
Net income(2)	$           14.07		$           11.94				$   1,161,238		$   1,070,762
Weighted average diluted shares outstanding	82,525		89,661

(1)	Definitions included within this document.
(2)	A GAAP-basis condensed consolidated statement of operations is included in the appendix of this report.

GLOBE LIFE INC.
Earnings Release—Q4 2025
(Dollar amounts in thousands, except share and per share data)
(Unaudited)

MANAGEMENT VS. GAAP MEASURES

Shareholders' equity, excluding AOCI, and book value per share, excluding AOCI, are non-GAAP measures that are utilized by management to view the business without the effect of changes in AOCI, which are primarily attributable to fluctuation in interest rates. Management views the business in this manner because it creates more meaningful and easily identifiable trends, as we exclude fluctuations resulting from changes in interest rates. Shareholders' equity and book value per share are the most directly comparable GAAP measures. 

	Year Ended December 31,
	2025		2024
Net income	$     1,161,238		$     1,070,762
Net operating income	1,198,387		1,108,984
Net income as an ROE(1)	20.9 %		21.7 %
Net operating income as an ROE (excluding AOCI)(1)	16.0 %		15.1 %
	December 31,
	2025		2024
Shareholders' equity	$     5,974,579		$     5,305,520
Impact of adjustment to exclude AOCI	1,771,444		2,029,720
Shareholders' equity, excluding AOCI	$     7,746,023		$     7,335,240
Book value per share	$            74.17		$            62.50
Impact of adjustment to exclude AOCI	21.99		23.90
Book value per share, excluding AOCI	$            96.16		$            86.40

(1)	Calculated using average shareholders' equity for the measurement period.

GLOBE LIFE INC.
Earnings Release—Q4 2025
(Dollar amounts in thousands, except share and per share data)
(Unaudited)

INSURANCE OPERATIONS: 

Life insurance accounted for 78% of the Company's insurance underwriting margin for the quarter and 68% of total premium revenue. 

Health insurance accounted for 22% of the Company's insurance underwriting margin for the quarter and 32% of total premium revenue.

Net sales of life insurance increased 11% for the quarter, and net health sales increased 71%. 

The following table summarizes Globe Life's premium revenue by product type for the three months ended December 31, 2025 and 2024:

Insurance Premium Revenue
	Quarter Ended
	December 31, 2025		December 31, 2024		% Chg.
Life insurance	$           849,580		$           822,962		3
Health insurance	392,336		358,308		9
Total	$        1,241,916		$        1,181,270		5

INSURANCE UNDERWRITING INCOME

Insurance underwriting margin is management's measure of profitability of the Company's life and health segments' underwriting performance, and consists of premiums less policy obligations (excluding interest on policy liabilities), commissions and other acquisition expenses. Insurance underwriting income is the sum of the insurance underwriting margins of the life and health segments, plus annuity and other income, less administrative expenses. It excludes the investment segment, interest on debt, Parent Company expense, stock compensation expense and income taxes. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of underwriting results by distribution channel. Insurance underwriting income, a non-GAAP measure, is a component of net operating income, which is reconciled to net income in the Results of Operations section above.

The following table summarizes Globe Life's insurance underwriting income by segment for the three months ended December 31, 2025 and 2024:

Insurance Underwriting Income
	Quarter Ended
	December 31, 2025		% of Premium		December 31, 2024		% of Premium		% Chg.
Insurance underwriting margins:
Life	$           350,415		41		$           336,080		41		4
Health	98,976		25		91,202		25		9
	449,391				427,282				5
Annuity and other income	2,579				2,060
Administrative expenses	(92,232)				(91,358)
Insurance underwriting income	$           359,738				$           337,984				6
Per share	$                  4.45				$                  3.99				12

The ratio of administrative expenses to premium was 7.4%, compared with 7.7% for the year-ago quarter. 

GLOBE LIFE INC.
Earnings Release—Q4 2025
(Dollar amounts in thousands, except share and per share data)
(Unaudited)

LIFE INSURANCE RESULTS BY DISTRIBUTION CHANNEL 

Our distribution channels consist of the following exclusive divisions: American Income Life Division (American Income), Liberty National Division (Liberty National), Family Heritage Division (Family Heritage), Direct to Consumer Division (Direct to Consumer); and an independent agency, United American Division (United American).

Total premium, underwriting margins, first-year collected premium and net sales by all distribution channels are shown at https://investors.globelifeinsurance.com at "Financial Reports and Other Financial Information."

Life Underwriting Margin
	Quarter Ended
	December 31,
	2025				2024
	Amount		% of Premium		Amount		% of Premium		% Chg.
American Income	$       208,263		46		$       198,970		46		5
Direct to Consumer	73,710		30		71,236		29		3
Liberty National	35,835		36		33,650		36		6
Other	32,607		65		32,224		64		1
Total	$       350,415		41		$       336,080		41		4

 

Life Premium
	Quarter Ended
	December 31,
	2025		2024		% Chg.
American Income	$       456,765		$       432,792		6
Direct to Consumer	244,355		245,218		—
Liberty National	98,459		94,462		4
Other	50,001		50,490		(1)
Total	$       849,580		$       822,962		3

 

Life Net Sales(1)
	Quarter Ended
	December 31,
	2025		2024		% Chg.
American Income	$       102,379		$         93,343		10
Direct to Consumer	28,580		23,059		24
Liberty National	27,872		26,316		6
Other	2,320		2,211		5
Total	$       161,151		$       144,929		11

(1)

Net sales is calculated as annualized premium issued, net of cancellations in the first thirty days after issue, except in the case of Direct to Consumer, where net sales is annualized premium issued at the time the first full premium is paid after any introductory offer period (typically 1 month) has expired. Management considers net sales to be a better indicator of the rate of premium growth than annualized premium issued since annualized premium issued is before cancellations, as cancellations do not contribute to premium income.

GLOBE LIFE INC.
Earnings Release—Q4 2025
(Dollar amounts in thousands, except share and per share data)
(Unaudited)

HEALTH INSURANCE RESULTS BY DISTRIBUTION CHANNEL

Health Underwriting Margin
	Quarter Ended
	December 31,
	2025				2024
	Amount		% of Premium		Amount		% of Premium		% Chg.
United American	$            7,895		5		$            5,464		4		44
Family Heritage	44,157		36		39,997		36		10
Liberty National	27,229		57		26,852		56		1
American Income	18,795		60		18,788		61		—
Direct to Consumer	900		5		101		1		791
Total	$         98,976		25		$         91,202		25		9

 

Health Premium
	Quarter Ended
	December 31,
	2025		2024		% Chg.
United American	$       173,197		$       151,399		14
Family Heritage	121,213		110,589		10
Liberty National	47,645		47,769		—
American Income	31,141		30,628		2
Direct to Consumer	19,140		17,923		7
Total	$       392,336		$       358,308		9

 

Health Net Sales(1)
	Quarter Ended
	December 31,
	2025		2024		% Chg.
United American	$         76,810		$         30,116		155
Family Heritage	30,871		26,761		15
Liberty National	8,879		8,910		—
American Income	4,695		5,151		(9)
Direct to Consumer	4,530		2,698		68
Total	$       125,785		$         73,636		71

(1)

Net sales is calculated as annualized premium issued, net of cancellations in the first thirty days after issue, except in the case of Direct to Consumer, where net sales is annualized premium issued at the time the first full premium is paid after any introductory offer period (typically 1 month) has expired. Management considers net sales to be a better indicator of the rate of premium growth than annualized premium issued since annualized premium issued is before cancellations, as cancellations do not contribute to premium income.

GLOBE LIFE INC.
Earnings Release—Q4 2025
(Dollar amounts in thousands, except share and per share data)
(Unaudited)

PRODUCING EXCLUSIVE AGENT COUNT RESULTS BY DISTRIBUTION CHANNEL 

	Quarterly Average Producing Agent Count(1)
	Quarter Ended						Quarter Ended
	December 31,						September 30,
	2025		2024		% Chg.		2025
American Income	11,699		11,926		(2)		12,230
Liberty National	3,965		3,743		6		3,847
Family Heritage	1,640		1,512		8		1,553

(1)	The quarterly average producing agent count is based on the actual count at the beginning and end of each week during the period.

INVESTMENTS

Management uses excess investment income as the measure to evaluate the performance of the investment segment. It is defined as net investment income less the required interest attributable to policy liabilities. We also view excess investment income per diluted common share as an important and useful measure to evaluate performance of the investment segment, since it takes into consideration our stock repurchase program. 

The following table summarizes Globe Life's investment income, excess investment income, and excess investment income per diluted common share.

Excess Investment Income
	Quarter Ended
	December 31,
	2025		2024		% Chg.
Net investment income	$       281,402		$       282,453		—
Interest on policy liabilities(1)	(250,590)		(244,128)		3
Excess investment income	$         30,812		$         38,325		(20)
Per share	$              0.38		$             0.45		(16)

(1)	Interest on policy liabilities, at original discount rates, is a component of total policyholder benefits, a GAAP measure.

Net investment income was relatively flat and average invested assets increased 1%. Required interest on policy liabilities and average policy liabilities both increased approximately 3%.

GLOBE LIFE INC.
Earnings Release—Q4 2025
(Dollar amounts in thousands, except share and per share data)
(Unaudited)

The composition of the investment portfolio at book value at December 31, 2025 is as follows:

Investment Portfolio
	As of
	December 31, 2025
	Amount		% of Total
Fixed maturities at fair value(1)	$      17,589,342		86
Mortgage loans	428,517		2
Policy loans	741,375		4
Other long-term investments(2)	1,396,064		7
Short-term investments	314,711		2
Total	$      20,470,009

(1)	As of December 31, 2025, fixed maturities at amortized cost were $18.8 billion, net of $3.3 million of allowance for credit losses.
(2)	Includes $1.11 billion of investments accounted for under the fair value option which have a cost of $1.10 billion as of December 31, 2025.

Fixed maturities at amortized cost, net of allowance for credit losses, by asset class as of December 31, 2025 are as follows:

Fixed Maturity Portfolio by Sector
	As of
	December 31, 2025
	Investment Grade		Below Investment Grade		Total Amortized Cost, net
Corporate bonds	$    14,375,201		$         487,881		$    14,863,082
Municipals	3,383,472		1,961		3,385,433
Government, agencies, and GSEs(1)	456,618		—		456,618
Other asset-backed securities	80,544		31,490		112,034
Total	$    18,295,835		$         521,332		$    18,817,167

(1)	Government-Sponsored Enterprises

Below are fixed maturities available for sale by amortized cost, allowance for credit losses, and fair value at December 31, 2025 and the corresponding amounts of net unrealized gains and losses recognized in accumulated other comprehensive income (loss).

As of	Amortized Cost		Allowance for Credit Losses		Net Unrealized Gains (Losses)		Fair  Value
December 31, 2025	$                 18,820,464		$              (3,297)		$      (1,227,825)		$      17,589,342

At amortized cost, net of allowance for credit losses, and at fair value, 97% of fixed maturities were rated "investment grade." The fixed maturity portfolio earned an annual taxable equivalent effective yield of 5.29% during the fourth quarter of 2025, compared with 5.27% in the year-ago quarter.

Globe Life is not a party to any credit default swaps and does not participate in securities lending.

GLOBE LIFE INC.
Earnings Release—Q4 2025
(Dollar amounts in thousands, except share and per share data)
(Unaudited)

Comparable information for acquisitions of fixed maturity and other investments is as follows:

Fixed Maturity Acquisitions
	Quarter Ended
	December 31,
	2025		2024
Amount	$      130,708		$      377,772
Average annual effective yield	6.2 %		5.8 %
Average rating	A-		A-
Average life (in years) to:
Next call	23.1		28.1
Maturity	26.8		34.8

 

Other Investment Acquisitions
	Quarter Ended
	December 31,
	2025		2024
Limited partnerships	$         123,573		$            12,365
Mortgage loans	21,245		39,850
Common stock	601		2,081
Company owned life insurance	35,000		—
Total	$         180,419		$            54,296

SHARE REPURCHASE:

During the quarter, the Company repurchased 1.3 million shares of Globe Life Inc. common stock at a total cost of $170 million and an average share price of $134.44.

For the year ended December 31, 2025, the Company repurchased 5.4 million shares of Globe Life Inc. common stock at a total cost of $685 million and an average share price of $126.41.

LIQUIDITY/CAPITAL:

Globe Life's operations consist primarily of writing basic protection life and supplemental health insurance policies which generate strong and stable cash flows. These cash flows are not impacted by volatile equity markets. Liquidity at the Parent Company is sufficient to meet additional capital needs of the insurance companies.

EARNINGS GUIDANCE FOR THE YEAR ENDED DECEMBER 31, 2026:

Globe Life projects net operating income between $14.95 to $15.65 per diluted common share for the year ending December 31, 2026, an increase from the previous guidance.

NON-GAAP MEASURES:

In this news release, Globe Life includes non-GAAP measures to enhance investors' understanding of management's view of the business. The non-GAAP measures are not a substitute for GAAP, but rather a supplement to increase transparency by providing broader perspective. Globe Life's definitions of non-GAAP measures may differ from other companies' definitions. More detailed financial information, including various GAAP and non-GAAP measurements, is located at https://investors.globelifeinsurance.com  on the Investors page under "Financial Reports and Other Financial Information."

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. Whether or not actual results differ materially from forward-looking statements may depend on numerous foreseeable and unforeseeable events or developments, which may be national in scope, related to the insurance industry generally, or applicable to the Company specifically. Such events or developments could include, but are not necessarily limited to:

1) Economic and other conditions, including the impact of inflation, immigration, geopolitical events, escalating tariff and non-tariff trade measures imposed by the U.S. and other countries, and other governmental actions on the U.S. economy and/or U.S. consumer confidence, leading to unexpected changes in lapse rates and/or sales of our policies, as well as levels of mortality, morbidity, and utilization of health care services that differ from Globe Life's assumptions;

2) Regulatory developments, including changes in accounting standards or governmental regulations (particularly those impacting taxes and changes to the Federal Medicare program that would affect Medicare Supplement);

3) Market trends in the senior-aged health care industry that provide alternatives to traditional Medicare (such as Health Maintenance Organizations and other managed care or private plans) and that could affect the sales of traditional Medicare Supplement insurance;

4) Interest rate changes that affect product sales, financing costs, and/or investment yields;

5) General economic, industry sector or individual debt issuers' financial conditions (including developments and volatility arising from geopolitical events, particularly in certain industries that may compromise part of our investment portfolio) that may affect the current market value of securities we own, or that may impair an issuer's ability to make principal and/or interest payments due on those securities;

6) Changes in the competitiveness of the Company's products and pricing;

7) Litigation results;

8) Levels of administrative and operational efficiencies that differ from our assumptions (including any reduction in efficiencies resulting from increased costs arising from the impact of higher than anticipated inflation);

9) The ability to obtain timely and appropriate premium rate increases for health insurance policies from our regulators;

10) The ability of our subsidiaries to pay dividends to the Parent Company and to receive required regulatory approvals on such amounts;

11) The customer response to new products and marketing initiatives;

12) Reported amounts in the consolidated financial statements which are based on management estimates and judgments which may differ from the actual amounts ultimately realized;

13) Compromise by a malicious actor or other event that causes a loss of secure data from, or inaccessibility to, our computer and other information technology systems;

14) The Company's ability to attract and retain agents;

15) The severity, magnitude, and impact of natural or man-made catastrophic events, including but not limited to pandemics, tornadoes, hurricanes, earthquakes, war and terrorism, on our operations and personnel, commercial activity and demand for our products; and

16) Globe Life's ability to access the commercial paper and debt markets, particularly if such markets become unpredictable or unstable for a certain period;

Readers are also directed to consider other risks and uncertainties described in other documents on file with the Securities and Exchange Commission, including those described in the "Risk Factors" section of our most recent Annual Report on Form 10-K. Globe Life specifically disclaims any obligation to update or revise any forward-looking statement because of new information, future developments or otherwise.

EARNINGS RELEASE CONFERENCE CALL WEBCAST:

Globe Life will provide a live audio webcast of its fourth quarter 2025 earnings release conference call with financial analysts at 11:00 am (Eastern) tomorrow, February 5, 2026. Access to the live webcast and replay will be available at https://investors.globelifeinsurance.com on the Calls and Meetings page, at the Conference Calls on the Web icon. Immediately following this press release, supplemental financial reports will be available before the conference call on the Investors page menu of the Globe Life website at "Financial Reports." 

APPENDIX
GLOBE LIFE INC.
GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	Three Months Ended December 31,				Year Ended December 31,
	2025		2024		2025		2024
Revenue:
Life premium	$         849,580		$         822,962		$     3,363,470		$     3,261,347
Health premium	392,336		358,308		1,526,750		1,404,925
Total premium	1,241,916		1,181,270		4,890,220		4,666,272
Net investment income	281,402		282,453		1,130,198		1,135,631
Realized gains (losses)	(4,312)		2,392		(27,788)		(24,188)
Other income	615		162		1,688		354
Total revenue	1,519,621		1,466,277		5,994,318		5,778,069
Benefits and expenses:
Life policyholder benefits(1)	514,307		507,812		1,924,929		2,000,977
Health policyholder benefits(2)	239,348		221,901		931,141		851,577
Other policyholder benefits	7,254		9,059		28,224		41,889
Total policyholder benefits	760,909		738,772		2,884,294		2,894,443
Amortization of deferred acquisition costs	116,770		104,298		447,760		410,001
Commissions, premium taxes, and non-deferred acquisition costs	163,472		153,148		642,700		600,753
Other operating expense	113,767		121,947		442,368		419,143
Interest expense	35,210		35,679		141,221		127,092
Total benefits and expenses	1,190,128		1,153,844		4,558,343		4,451,432
Income before income taxes	329,493		312,433		1,435,975		1,326,637
Income tax benefit (expense)	(63,410)		(57,237)		(274,737)		(255,875)
Net income	$         266,083		$         255,196		$     1,161,238		$     1,070,762
Basic net income per common share	$                3.35		$                3.04		$             14.27		$             11.99
Diluted net income per common share	$                3.29		$                3.01		$             14.07		$             11.94

(1)	Net of total remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments, resulting in a gain of $17.5 million for the three months ended December 31, 2025, and a total remeasurement gain of $19.1 million for the same period in 2024. Net of total remeasurement  gain of $192.2 million for the year ended December 31, 2025, and a total remeasurement gain of $107.0 million for the same period in 2024.
(2)	Net of a total remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments, resulting in a gain of $6.9 million for the three months ended December 31, 2025, and a total remeasurement loss of $0.1 million for the same period in 2024. Net of a total remeasurement gain of $20.1 million for the year ended December 31, 2025, and a total remeasurement loss of $3.2 million for the same period in 2024.

 

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SOURCE Globe Life Inc.

FAQ

What were Globe Life (GL) Q4 2025 earnings per share and net operating income per share?

Globe Life reported Q4 2025 net income of $3.29 per diluted share and net operating income of $3.39 per diluted share. According to the company, both metrics rose versus Q4 2024, with net operating income up about 8% year-over-year.

How did Globe Life (GL) perform for the full year 2025 on an EPS basis?

For the year ended Dec 31, 2025, Globe Life reported net income of $14.07 and net operating income of $14.52 per diluted share. According to the company, both measures increased approximately 8% versus the prior year.

What were Globe Life (GL) Q4 2025 net sales trends by division?

Life net sales rose 11% in Q4 2025 with Direct to Consumer +24% and American Income +10%. Health net sales increased 71% driven by United American and Family Heritage. According to the company, most divisions showed meaningful net sales growth.

Did Globe Life (GL) repurchase shares in Q4 2025 and how many?

Yes. Globe Life repurchased 1.3 million shares of common stock during Q4 2025. According to the company, the repurchases contributed to a lower weighted average diluted share count year-to-date.

What were key balance sheet or return metrics reported by Globe Life (GL) for 2025?

Globe Life reported net income ROE of 20.9% and net operating income ROE excluding AOCI of 16.0% for 2025. According to the company, shareholders' equity excluding AOCI rose to $7.746 billion and book value per share excluding AOCI was $96.16.