GLOBE LIFE INC. REPORTS SECOND QUARTER 2025 RESULTS
Globe Life Inc. (NYSE: GL) reported strong Q2 2025 financial results, with net income of $3.05 per diluted share, up from $2.83 in Q2 2024. Net operating income reached $3.27 per diluted share, a 10% increase from $2.97 in the year-ago quarter.
Key performance metrics include an 18.8% net income ROE for H1 2025, 5% life premium growth at American Income Life and Liberty National Divisions, and a 20% increase in health net sales at Family Heritage Division. The company's underwriting performance was strong, with life underwriting margin growing 6% to $340 million. During Q2, Globe Life repurchased 1.9 million shares for $226 million.
Insurance operations showed solid growth with life insurance accounting for 78% of underwriting margin and 69% of total premium revenue. Total premium revenue increased 4% to $1.22 billion, while insurance underwriting income grew 4% to $354 million.
Globe Life Inc. (NYSE: GL) ha riportato risultati finanziari solidi nel secondo trimestre del 2025, con un utile netto di 3,05 dollari per azione diluita, in aumento rispetto ai 2,83 dollari del secondo trimestre 2024. L'utile operativo netto ha raggiunto 3,27 dollari per azione diluita, segnando un incremento del 10% rispetto ai 2,97 dollari dello stesso periodo dell'anno precedente.
I principali indicatori di performance includono un ROE sull'utile netto del 18,8% per il primo semestre 2025, una crescita del 5% dei premi vita nelle divisioni American Income Life e Liberty National, e un aumento del 20% delle vendite nette nel settore salute della divisione Family Heritage. Le performance di sottoscrizione sono state solide, con un margine di sottoscrizione vita cresciuto del 6% a 340 milioni di dollari. Nel secondo trimestre, Globe Life ha riacquistato 1,9 milioni di azioni per 226 milioni di dollari.
Le operazioni assicurative hanno mostrato una crescita stabile, con l'assicurazione vita che rappresenta il 78% del margine di sottoscrizione e il 69% del totale dei ricavi da premi. Il ricavo totale da premi è aumentato del 4% raggiungendo 1,22 miliardi di dollari, mentre il reddito da sottoscrizione assicurativa è cresciuto del 4% a 354 milioni di dollari.
Globe Life Inc. (NYSE: GL) reportó sólidos resultados financieros en el segundo trimestre de 2025, con un ingreso neto de 3,05 dólares por acción diluida, aumentando desde 2,83 dólares en el segundo trimestre de 2024. El ingreso operativo neto alcanzó 3,27 dólares por acción diluida, un aumento del 10% respecto a los 2,97 dólares del mismo trimestre del año anterior.
Las métricas clave de desempeño incluyen un ROE de ingreso neto del 18,8% para el primer semestre de 2025, un crecimiento del 5% en primas de vida en las divisiones American Income Life y Liberty National, y un aumento del 20% en ventas netas de salud en la división Family Heritage. El desempeño de suscripción fue sólido, con un margen de suscripción de vida que creció un 6% hasta 340 millones de dólares. Durante el segundo trimestre, Globe Life recompró 1,9 millones de acciones por 226 millones de dólares.
Las operaciones de seguros mostraron un crecimiento sólido, con el seguro de vida representando el 78% del margen de suscripción y el 69% del total de ingresos por primas. Los ingresos totales por primas aumentaron un 4% hasta 1,22 mil millones de dólares, mientras que los ingresos por suscripción de seguros crecieron un 4% hasta 354 millones de dólares.
글로브 라이프 주식회사 (NYSE: GL)는 2025년 2분기 강력한 재무 실적을 보고했으며, 희석 주당 순이익이 3.05달러로 2024년 2분기의 2.83달러에서 증가했습니다. 순영업이익은 희석 주당 3.27달러에 달해 전년 동기 2.97달러 대비 10% 상승했습니다.
주요 성과 지표로는 2025년 상반기 순이익 자기자본이익률(ROE) 18.8%, American Income Life 및 Liberty National 부문의 생명보험료 5% 성장, Family Heritage 부문의 건강보험 순매출 20% 증가가 포함됩니다. 회사의 인수 실적도 견고하여 생명보험 인수 마진이 6% 증가한 3억 4,000만 달러를 기록했습니다. 2분기 동안 글로브 라이프는 190만 주를 2억 2,600만 달러에 재매입했습니다.
보험 사업은 견고한 성장을 보였으며, 생명보험이 인수 마진의 78%와 총 보험료 수입의 69%를 차지했습니다. 총 보험료 수입은 4% 증가한 12억 2천만 달러를 기록했고, 보험 인수 수익은 4% 증가한 3억 5,400만 달러에 달했습니다.
Globe Life Inc. (NYSE : GL) a annoncé de solides résultats financiers pour le deuxième trimestre 2025, avec un bénéfice net de 3,05 dollars par action diluée, en hausse par rapport à 2,83 dollars au deuxième trimestre 2024. Le résultat opérationnel net a atteint 3,27 dollars par action diluée, soit une augmentation de 10 % par rapport à 2,97 dollars au même trimestre de l'année précédente.
Les indicateurs clés de performance incluent un ROE sur bénéfice net de 18,8 % pour le premier semestre 2025, une croissance de 5 % des primes vie dans les divisions American Income Life et Liberty National, ainsi qu'une augmentation de 20 % des ventes nettes dans la division santé Family Heritage. La performance en souscription a été solide, avec une marge de souscription vie en hausse de 6 % à 340 millions de dollars. Au cours du deuxième trimestre, Globe Life a racheté 1,9 million d’actions pour 226 millions de dollars.
Les opérations d’assurance ont affiché une croissance solide, l’assurance vie représentant 78 % de la marge de souscription et 69 % du total des revenus de primes. Le revenu total des primes a augmenté de 4 % pour atteindre 1,22 milliard de dollars, tandis que le résultat de la souscription assurance a progressé de 4 % pour atteindre 354 millions de dollars.
Globe Life Inc. (NYSE: GL) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit einem Nettoeinkommen von 3,05 USD je verwässerter Aktie, gegenüber 2,83 USD im zweiten Quartal 2024. Das operative Nettoergebnis erreichte 3,27 USD je verwässerter Aktie, eine Steigerung von 10 % gegenüber 2,97 USD im Vorjahresquartal.
Wichtige Leistungskennzahlen umfassen eine Eigenkapitalrendite (ROE) des Nettogewinns von 18,8 % für das erste Halbjahr 2025, ein 5%iges Wachstum der Lebensversicherungsprämien bei den American Income Life- und Liberty National-Divisionen sowie einen 20%igen Anstieg der Nettoumsätze im Gesundheitsbereich bei der Family Heritage-Division. Die Underwriting-Performance war stark, mit einer 6%igen Steigerung der Lebensversicherungs-Marge auf 340 Millionen USD. Im zweiten Quartal kaufte Globe Life 1,9 Millionen Aktien für 226 Millionen USD zurück.
Die Versicherungsgeschäfte zeigten ein solides Wachstum, wobei Lebensversicherungen 78 % der Underwriting-Marge und 69 % der gesamten Prämieneinnahmen ausmachten. Die gesamten Prämieneinnahmen stiegen um 4 % auf 1,22 Milliarden USD, während das Underwriting-Ergebnis um 4 % auf 354 Millionen USD zunahm.
- Net operating income per share increased 10% to $3.27
- Life underwriting margin grew 6% to $340 million
- Total premium revenue increased 4% to $1.22 billion
- Health net sales grew 19% and life net sales increased 1%
- Strong ROE of 18.8% for H1 2025
- Significant share repurchase of 1.9 million shares at $226 million
- Excess investment income decreased 19% to $34.8 million
- Health underwriting margin declined 2% to $98 million
- Net investment income declined 1% year-over-year
- Administrative expense ratio increased to 7.1% from 7.0%
Insights
Globe Life reported strong Q2 2025 results with 10% growth in operating EPS, solid insurance underwriting growth, and continued share repurchases.
Globe Life delivered a robust 10% increase in net operating income per share to
The life insurance segment, which generates
Premium growth remained solid with total insurance premium increasing
The company continued its significant share repurchase program, buying back 1.9 million shares at a cost of
Excess investment income decreased
Globe Life's return metrics remain strong, with net income as ROE at
HIGHLIGHTS:
- Net income as an ROE was
18.8% for the six months ended June 30, 2025. Net operating income as an ROE excluding accumulated other comprehensive income (AOCI) was14.4% for the same period. - Net income per share increased
8% and net operating income per share increased10% over the year-ago quarter. - At the American Income Life and Liberty National Divisions, life premiums increased
5% over the year-ago quarter. - At the Family Heritage Division, health net sales increased
20% and health premiums increased9% over the year-ago quarter. Additionally, the average producing agent count increased10% over the year-ago quarter. - At the Direct to Consumer Division, life net sales increased
2% over the year-ago quarter and24% over the first quarter of 2025. Life underwriting margin grew8% over the year-ago quarter to$69 million - Life underwriting margin increased
6% over the year-ago quarter. - 1.9 million shares of Globe Life Inc. common stock at a total cost of
$226 million
Note: As used in the earnings release, "Globe Life," the "Company," "we," "our," and "us" refer to Globe Life Inc., a
GLOBE LIFE INC. | |||||||||||
Earnings Release—Q2 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 June 30, 2025 and 2024: | |||||||||||
Operating Summary | |||||||||||
Per Share | |||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||
2025 | 2024 | % Chg. | 2025 | 2024 | % Chg. | ||||||
Insurance underwriting income(2) | $ 4.28 | $ 3.72 | 15 | $ 354,176 | $ 340,437 | 4 | |||||
Excess investment income(2) | 0.42 | 0.47 | (11) | 34,828 | 42,791 | (19) | |||||
Interest on debt | (0.42) | (0.34) | 24 | (34,885) | (31,404) | 11 | |||||
Parent company expense | (0.04) | (0.03) | (3,555) | (3,130) | |||||||
Income tax expense | (0.82) | (0.75) | 9 | (68,062) | (68,857) | (1) | |||||
Stock compensation benefit (expense), net of tax | (0.14) | (0.09) | (11,407) | (8,620) | |||||||
Net operating income | 3.27 | 2.97 | 10 | 271,095 | 271,217 | — | |||||
Reconciling items, net of tax: | |||||||||||
Realized gain (loss) | (0.18) | (0.11) | (14,674) | (9,945) | |||||||
Non-operating expenses | — | (0.01) | — | (993) | |||||||
Legal proceedings | (0.04) | (0.02) | (3,672) | (1,924) | |||||||
Net income(3) | $ 3.05 | $ 2.83 | $ 252,749 | $ 258,355 | |||||||
Weighted average diluted shares outstanding | 82,793 | 91,441 | |||||||||
(1) | GAAP is defined as accounting principles generally accepted in |
(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—Q2 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. | |||
Six Months Ended June 30, | |||
2025 | 2024 | ||
Net income | $ 507,312 | $ 512,572 | |
Net operating income | 530,432 | 535,316 | |
Net income as an ROE(1) | 18.8 % | 20.8 % | |
Net operating income as an ROE (excluding AOCI)(1) | 14.4 % | 14.5 % | |
June 30, | |||
2025 | 2024 | ||
Shareholders' equity | $ 5,419,030 | $ 5,227,754 | |
Impact of adjustment to exclude AOCI | 1,983,868 | 2,189,620 | |
Shareholders' equity, excluding AOCI | $ 7,402,898 | $ 7,417,374 | |
Book value per share | $ 66.07 | $ 58.06 | |
Impact of adjustment to exclude AOCI | 24.19 | 24.32 | |
Book value per share, excluding AOCI | $ 90.26 | $ 82.38 | |
(1) | Calculated using average shareholders' equity for the measurement period. |
GLOBE LIFE INC. | |||||
Earnings Release—Q2 2025 | |||||
(Dollar amounts in thousands, except share and per share data) | |||||
(Unaudited) | |||||
INSURANCE OPERATIONS: | |||||
Life insurance accounted for | |||||
Health insurance accounted for | |||||
Net sales of life insurance increased | |||||
The following table summarizes Globe Life's premium revenue by product type for the three months ended June 30, 2025 and 2024: | |||||
Insurance Premium Revenue | |||||
Quarter Ended | |||||
June 30, 2025 | June 30, 2024 | % Chg. | |||
Life insurance | $ 839,544 | $ 815,482 | 3 | ||
Health insurance | 378,099 | 351,643 | 8 | ||
Total | $ 1,217,643 | $ 1,167,125 | 4 | ||
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 June 30, 2025 and 2024:
Insurance Underwriting Income | |||||||||
Quarter Ended | |||||||||
June 30, 2025 | % of Premium | June 30, 2024 | % of Premium | % Chg. | |||||
Insurance underwriting margins: | |||||||||
Life | $ 340,074 | 41 | $ 320,323 | 39 | 6 | ||||
Health | 98,057 | 26 | 100,488 | 29 | (2) | ||||
438,131 | 420,811 | 4 | |||||||
Annuity and other income | 2,092 | 1,822 | |||||||
Administrative expenses | (86,047) | (82,196) | |||||||
Insurance underwriting income | $ 354,176 | $ 340,437 | 4 | ||||||
Per share | $ 4.28 | $ 3.72 | 15 | ||||||
The ratio of administrative expenses to premium was
GLOBE LIFE INC. | |||||||||
Earnings Release—Q2 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 | |||||||||
June 30, | |||||||||
2025 | 2024 | ||||||||
Amount | % of | Amount | % of | % | |||||
American Income | $ 204,533 | 46 | $ 192,662 | 45 | 6 | ||||
Direct to Consumer | 68,959 | 28 | 63,848 | 26 | 8 | ||||
Liberty National | 33,446 | 34 | 31,072 | 34 | 8 | ||||
Other | 33,136 | 66 | 32,741 | 64 | 1 | ||||
Total | $ 340,074 | 41 | $ 320,323 | 39 | 6 | ||||
Life Premium | |||||
Quarter Ended | |||||
June 30, | |||||
2025 | 2024 | % Chg. | |||
American Income | $ 445,511 | $ 423,534 | 5 | ||
Direct to Consumer | 246,223 | 248,839 | (1) | ||
Liberty National | 97,263 | 92,197 | 5 | ||
Other | 50,547 | 50,912 | (1) | ||
Total | $ 839,544 | $ 815,482 | 3 | ||
Life Net Sales(1) | |||||
Quarter Ended | |||||
June 30, | |||||
2025 | 2024 | % Chg. | |||
American Income | $ 96,227 | $ 94,668 | 2 | ||
Direct to Consumer | 31,096 | 30,614 | 2 | ||
Liberty National | 24,615 | 25,889 | (5) | ||
Other | 2,947 | 2,332 | 26 | ||
Total | $ 154,885 | $ 153,503 | 1 | ||
(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 excludes cancellations, and cancellations do not contribute to premium income. |
GLOBE LIFE INC. | |||||||||
Earnings Release—Q2 2025 | |||||||||
(Dollar amounts in thousands, except share and per share data) | |||||||||
(Unaudited) | |||||||||
HEALTH INSURANCE RESULTS BY DISTRIBUTION CHANNEL | |||||||||
Health Underwriting Margin | |||||||||
Quarter Ended | |||||||||
June 30, | |||||||||
2025 | 2024 | ||||||||
Amount | % of | Amount | % of | % | |||||
United American | $ 12,402 | 8 | $ 16,571 | 11 | (25) | ||||
Family Heritage | 40,927 | 35 | 36,611 | 35 | 12 | ||||
Liberty National | 24,372 | 51 | 26,400 | 55 | (8) | ||||
American Income | 19,325 | 62 | 19,092 | 62 | 1 | ||||
Direct to Consumer | 1,031 | 5 | 1,814 | 10 | (43) | ||||
Total | $ 98,057 | 26 | $ 100,488 | 29 | (2) | ||||
Health Premium | |||||
Quarter Ended | |||||
June 30, | |||||
2025 | 2024 | % Chg. | |||
United American | $ 163,978 | $ 149,230 | 10 | ||
Family Heritage | 115,856 | 105,855 | 9 | ||
Liberty National | 47,631 | 47,705 | — | ||
American Income | 31,422 | 30,721 | 2 | ||
Direct to Consumer | 19,212 | 18,132 | 6 | ||
Total | $ 378,099 | $ 351,643 | 8 | ||
Health Net Sales(1) | |||||
Quarter Ended | |||||
June 30, | |||||
2025 | 2024 | % Chg. | |||
United American | $ 25,454 | $ 18,228 | 40 | ||
Family Heritage | 29,561 | 24,570 | 20 | ||
Liberty National | 8,182 | 8,356 | (2) | ||
American Income | 4,749 | 5,792 | (18) | ||
Direct to Consumer | 786 | 839 | (6) | ||
Total | $ 68,732 | $ 57,785 | 19 | ||
(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 excludes cancellations, and cancellations do not contribute to premium income. |
GLOBE LIFE INC. | |||||||
Earnings Release—Q2 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 | ||||||
June 30, | March 31, | ||||||
2025 | 2024 | % | 2025 | ||||
American Income | 12,241 | 11,869 | 3 | 11,510 | |||
Liberty National | 3,882 | 3,700 | 5 | 3,688 | |||
Family Heritage | 1,498 | 1,361 | 10 | 1,417 | |||
(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 | |||||
June 30, | |||||
2025 | 2024 | % Chg. | |||
Net investment income | $ 282,169 | $ 285,636 | (1) | ||
Interest on policy liabilities(1) | (247,341) | (242,845) | 2 | ||
Excess investment income | $ 34,828 | $ 42,791 | (19) | ||
Per share | $ 0.42 | $ 0.47 | (11) | ||
(1) | Interest on policy liabilities, at original discount rates, is a component of total policyholder benefits, a GAAP measure. |
Net investment income declined
GLOBE LIFE INC. | |||
Earnings Release—Q2 2025 | |||
(Dollar amounts in thousands, except share and per share data) | |||
(Unaudited) | |||
The composition of the investment portfolio at book value at June 30, 2025 is as follows: | |||
Investment Portfolio | |||
As of | |||
June 30, 2025 | |||
Amount | % of Total | ||
Fixed maturities at fair value(1) | $ 17,365,354 | 87 | |
Mortgage loans | 455,767 | 2 | |
Policy loans | 718,621 | 4 | |
Other long-term investments(2) | 1,268,624 | 6 | |
Short-term investments | 116,724 | 1 | |
Total | $ 19,925,090 | ||
(1) | As of June 30, 2025, fixed maturities at amortized cost were |
(2) | Includes |
Fixed maturities at amortized cost, net of allowance for credit losses, by asset class as of June 30, 2025 are as follows:
Fixed Maturity Portfolio by Sector | |||||
As of | |||||
June 30, 2025 | |||||
Investment | Below | Total | |||
Corporate bonds | $ 14,628,153 | $ 491,174 | $ 15,119,327 | ||
Municipals | 3,303,151 | — | 3,303,151 | ||
Government, agencies, and GSEs(1) | 450,798 | — | 450,798 | ||
Collateralized debt obligations | — | — | — | ||
Other asset-backed securities | 64,518 | 11,648 | 76,166 | ||
Total | $ 18,446,620 | $ 502,822 | $ 18,949,442 | ||
(1) | Government-Sponsored Enterprises |
Below are fixed maturities available for sale by amortized cost, allowance for credit losses, and fair value at June 30, 2025 and the corresponding amounts of net unrealized gains and losses recognized in accumulated other comprehensive income (loss).
As of |
Amortized Cost | Allowance for | Net Unrealized | Fair Value | |||
June 30, 2025 | $ 18,959,797 | $ (10,355) | $ (1,584,088) | $ 17,365,354 |
At amortized cost, net of allowance for credit losses, and at fair value,
Globe Life is not a party to any credit default swaps and does not participate in securities lending.
GLOBE LIFE INC. | |||
Earnings Release—Q2 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 | |||
June 30, | |||
2025 | 2024 | ||
Amount | $ 263,252 | $ 240,669 | |
Average annual effective yield | 6.4 % | 6.2 % | |
Average rating | A | A- | |
Average life (in years) to: | |||
Next call | 31.2 | 32.2 | |
Maturity | 33.8 | 34.8 | |
Other Investment Acquisitions | |||
Quarter Ended | |||
June 30, | |||
2025 | 2024 | ||
Limited partnerships | $ 36,985 | $ 81,725 | |
Mortgage loans | 31,215 | 33,761 | |
Common stock | 1,342 | 2,044 | |
Other invested assets | — | 1,500 | |
Total | $ 69,542 | $ 119,030 | |
SHARE REPURCHASE:
During the quarter, the Company repurchased 1.9 million shares of Globe Life Inc. common stock at a total cost of
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 ENDING DECEMBER 31, 2025:
Globe Life projects net operating income between
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
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 customer response to new products and marketing initiatives;
11) Reported amounts in the consolidated financial statements which are based on management estimates and judgments which may differ from the actual amounts ultimately realized;
12) 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;
13) The impact of any reputational damage on the Company including the impact on the Company's ability to attract and retain agents;
14) 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
15) 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 second quarter 2025 earnings release conference call with financial analysts at 11:00 pm (Eastern) tomorrow, July 24, 2025. 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 June 30, | Six Months Ended June 30, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Revenue: | |||||||
Life premium | $ 839,544 | $ 815,482 | $ 1,669,407 | $ 1,619,747 | |||
Health premium | 378,099 | 351,643 | 747,890 | 692,662 | |||
Other premium | — | — | — | — | |||
Total premium | 1,217,643 | 1,167,125 | 2,417,297 | 2,312,409 | |||
Net investment income | 282,169 | 285,636 | 562,783 | 568,214 | |||
Realized gains (losses) | (18,574) | (12,589) | (18,489) | (24,388) | |||
Other income | 49 | 74 | 118 | 150 | |||
Total revenue | 1,481,287 | 1,440,246 | 2,961,709 | 2,856,385 | |||
Benefits and expenses: | |||||||
Life policyholder benefits(1) | 519,355 | 518,792 | 1,029,111 | 1,038,663 | |||
Health policyholder benefits(2) | 229,924 | 205,423 | 463,853 | 407,750 | |||
Other policyholder benefits | 6,719 | 11,479 | 13,799 | 21,074 | |||
Total policyholder benefits | 755,998 | 735,694 | 1,506,763 | 1,467,487 | |||
Amortization of deferred acquisition costs | 111,401 | 101,915 | 216,916 | 201,393 | |||
Commissions, premium taxes, and non-deferred acquisition costs | 157,411 | 149,802 | 321,734 | 297,912 | |||
Other operating expense | 108,293 | 99,108 | 217,039 | 192,322 | |||
Interest expense | 34,885 | 31,404 | 69,877 | 60,025 | |||
Total benefits and expenses | 1,167,988 | 1,117,923 | 2,332,329 | 2,219,139 | |||
Income before income taxes | 313,299 | 322,323 | 629,380 | 637,246 | |||
Income tax benefit (expense) | (60,550) | (63,968) | (122,068) | (124,674) | |||
Net income | $ 252,749 | $ 258,355 | $ 507,312 | $ 512,572 | |||
Basic net income per common share | $ 3.09 | $ 2.83 | $ 6.13 | $ 5.53 | |||
Diluted net income per common share | $ 3.05 | $ 2.83 | $ 6.07 | $ 5.51 | |||
(1) | Net of total remeasurement gain of |
(2) | Net of a total remeasurement gain of |
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SOURCE Globe Life Inc.
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