GLOBE LIFE INC. REPORTS SECOND QUARTER 2026 RESULTS

Rhea-AI Summary

Globe Life (NYSE: GL) reported Q2 2026 net income of $3.65 per diluted share versus $3.05 a year earlier, and net operating income of $3.61 versus $3.27. The company raised full‑year 2026 EPS guidance to $15.55–$15.95, up $0.10 at the midpoint.

Total premium revenue rose 7%, with life premiums up 3% and health premiums up 16%. Insurance underwriting income increased 5% to $370.3 million, while excess investment income grew 10%. Book value per share reached $78.18 (up 18%), or $100.04 excluding AOCI (up 11%). Globe Life repurchased 1.1 million shares for $175 million in the quarter.

Positive

• Net income per share $3.65, up 20% year over year
• Net operating income per share $3.61, up 10% year over year
• 2026 EPS guidance raised to $15.55–$15.95, $0.10 higher at midpoint
• Total premium revenue up 7%; health premiums up 16% year over year
• Book value per share $78.18, up 18%; $100.04 excluding AOCI, up 11%
• Share repurchases of 1.1 million shares for $175 million in Q2 2026

Negative

• Total life net sales declined 3% year over year in Q2 2026
• Direct to Consumer life net sales down 15% year over year
• Total health underwriting margin ratio fell from 26% to 23% of premium
• United American health underwriting margin decreased 12% year over year
• American Income average producing agent count declined 7% versus prior year quarter

News Explained

At June 30, Globe Life’s fixed maturities were $17,940,189 thousand at fair value versus $19.3 billion amortized cost, with a $1,363,809 thousand AOCI unrealized loss.

Globe Life has reported its second-quarter results; the structural read is that its headline operating measures are non-GAAP, while GAAP net income remains the closest comparison.

Net operating income excludes certain non-operating items, including realized investment gains and losses and certain significant or unusual items. Insurance underwriting income excludes investment results, interest on debt, parent-company expense, stock compensation expense and income taxes.

At June 30, 2026, fixed maturities were $17,940,189 thousand at fair value versus $19.3 billion at amortized cost.

The same date's table reports net unrealized losses of $1,363,809 thousand in accumulated other comprehensive income.

Market Context

Across five tag-specific earnings events, the platform recorded an average move of 0.83%. That bench...

Analysis

Across five tag-specific earnings events, the platform recorded an average move of 0.83%. That benchmark frames this earnings report; recent insider activity was net selling, while short positioning was low, leaving execution and guidance as watchpoints.

Key Figures

Net income per share: $3.65 per diluted common share Net operating income per share: $3.61 per diluted common share Full-year earnings guidance: $15.55 to $15.95 +5 more

8 metrics

Net income per share $3.65 per diluted common share Q2 2026 vs. $3.05 year-ago quarter

Net operating income per share $3.61 per diluted common share Q2 2026 vs. $3.27 year-ago quarter

Full-year earnings guidance $15.55 to $15.95 2026 guidance; midpoint increased by $0.10

Net income ROE 18.4% Six months ended June 30, 2026

Book value per share $78.18 June 30, 2026; increased 18% year over year

Total premium revenue $1,297,622 thousand Quarter ended June 30, 2026; increased 7% year over year

Shares repurchased 1.1 million shares Q2 2026; total cost of $175 million

Net income per share growth 20% Q2 2026 versus year-ago quarter

Previous Earnings Reports

5 past events · Latest: Apr 22 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 22	Q1 earnings	Positive	+1.8%	Q1 results raised 2026 EPS guidance and reported higher book value and repurchases.
Feb 04	Q4 earnings	Positive	+1.5%	Q4 results showed higher quarterly and full-year per-share earnings with continued repurchases.
Oct 22	Q3 earnings	Positive	+0.1%	Q3 results reported strong year-over-year earnings and underwriting income growth.
Jul 23	Q2 earnings	Positive	+5.4%	Q2 results reported higher earnings, premium revenue, underwriting income, and share repurchases.
Apr 30	Q1 earnings	Positive	-4.6%	Q1 results included higher earnings and guidance but preceded a negative reaction.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Four of five tag-specific earnings events had positive 24-hour reactions, while one diverged with a -4.56% reaction.

Key Terms

non-gaap, aoci, roe, underwriting margin

4 terms

non-gaap financial

"Net operating income, a non-GAAP financial measure, has been used consistently"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

aoci financial

"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.

roe financial

"Net income as an ROE was 18.4%"

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.

View in glossary

underwriting margin financial

"life underwriting margin increased 4% over the year-ago quarter"

Underwriting margin is the percentage of premiums an insurer keeps after paying claims and covering the direct costs of underwriting and administering policies. It measures the profitability of the insurer’s core insurance operations, excluding investment returns, similar to a store’s gross margin that shows how much money remains from sales to cover other costs. Investors use it to judge pricing, risk selection and the sustainability of the insurance business.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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MCKINNEY, Texas, July 22, 2026 /PRNewswire/ -- Globe Life Inc. (NYSE: GL) reported today that for the quarter ended June 30, 2026, net income was $3.65 per diluted common share, compared with $3.05 per diluted common share for the year-ago quarter. Net operating income was $3.61 per diluted common share, compared with $3.27 per diluted common share for the year-ago quarter. The Company also increased full-year 2026 earnings guidance to a range of $15.55 to $15.95, an increase of $0.10 at the midpoint.

HIGHLIGHTS:

• Net income per share increased 20% and net operating income per share increased 10% over the year-ago quarter. Globe Life has produced double-digit growth in net operating income per share in eight of the last nine quarters.                
• Net income as an ROE was 18.4% for the six months ended June 30, 2026. Book value per share was $78.18, an increase of 18% over the year-ago quarter.
• Net operating income as an ROE excluding accumulated other comprehensive income (AOCI) was 14.3% for the six months ended June 30, 2026. Book value per share excluding AOCI was $100.04, an increase of 11% over the year-ago quarter.
• Total premium revenue grew 7% over the year-ago quarter. 
• At the American Income Life Division, life premium increased 5% and life underwriting margin increased 4% over the year-ago quarter.
• At the Liberty National Division, life underwriting margin increased 10% and life net sales increased 6% over the year-ago quarter. Additionally, the average producing agent count increased 8% over the year-ago quarter.
• At the Family Heritage Division, health underwriting margin increased 10%, health premium increased 9%, and health net sales increased 4% over the year-ago quarter. Additionally, the average producing agent count increased 7% over the year-ago quarter. 
• At the Direct to Consumer Division, life underwriting margin increased 10% over the year-ago quarter. 
• At the United American Division, health premium increased 29% and health net sales increased 10% over the year-ago quarter.  
• 1.1 million shares of Globe Life Inc. common stock were repurchased during the quarter at a total cost of $175 million.

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—Q2 2026
(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, 2026 and 2025:

Operating Summary
	Per Share
	Three Months Ended June 30,						Three Months Ended June 30,
	2026		2025		% Chg.		2026		2025		% Chg.
Insurance underwriting income(2)	$       4.69		$       4.28		10		$   370,289		$   354,176		5
Excess investment income(2)	0.49		0.42		17		38,315		34,828		10
Interest on debt	(0.46)		(0.42)		10		(36,050)		(34,885)		3
Parent company expense	(0.06)		(0.04)				(4,569)		(3,555)
Income tax expense	(0.89)		(0.82)		9		(70,202)		(68,062)		3
Stock compensation benefit (expense), net of tax	(0.17)		(0.14)				(13,098)		(11,407)
Net operating income	3.61		3.27		10		284,685		271,095		5
Reconciling items, net of tax:
Realized gain (loss)	0.07		(0.18)				5,639		(14,674)
Legal proceedings	(0.03)		(0.04)				(2,577)		(3,672)
Net income(3)	$       3.65		$       3.05				$   287,747		$   252,749
Weighted average diluted shares outstanding	78,909		82,793

(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—Q2 2026
(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,
	2026		2025
Net income	$     558,273		$     507,312
Net operating income	558,205		530,432
Net income as an ROE(1)	18.4 %		18.8 %
Net operating income as an ROE (excluding AOCI)(1)	14.3 %		14.4 %
	June 30,
	2026		2025
Shareholders' equity	$   6,155,815		$   5,419,030
Impact of adjustment to exclude AOCI	1,721,729		1,983,868
Shareholders' equity, excluding AOCI	$   7,877,544		$   7,402,898
Book value per share	$        78.18		$        66.07
Impact of adjustment to exclude AOCI	21.86		24.19
Book value per share, excluding AOCI	$      100.04		$        90.26

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

GLOBE LIFE INC.
Earnings Release—Q2 2026
(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 66% of total premium revenue. 

Health insurance accounted for 22% of the Company's insurance underwriting margin for the quarter and 34% of total premium revenue.

The following table summarizes Globe Life's premium revenue by product type for the three months ended June 30, 2026 and 2025:

Insurance Premium Revenue
	Quarter Ended
	June 30, 2026		June 30, 2025		% Chg.
Life insurance	$       860,767		$       839,544		3
Health insurance	436,855		378,099		16
Total	$     1,297,622		$     1,217,643		7

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, 2026 and 2025:

Insurance Underwriting Income
	Quarter Ended
	June 30, 2026		% of Premium		June 30, 2025		% of Premium		% Chg.
Insurance underwriting margins:
Life	$       359,350		42		$       340,074		41		6
Health	99,285		23		98,057		26		1
	458,635				438,131				5
Annuity and other income	3,100				2,092
Administrative expenses	(91,446)				(86,047)
Insurance underwriting income	$       370,289				$       354,176				5
Per share	$             4.69				$             4.28				10

The ratio of administrative expenses to premium was 7.0%, compared with 7.1% for the year-ago quarter. 

GLOBE LIFE INC.
Earnings Release—Q2 2026
(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,
	2026				2025
	Amount		% of Premium		Amount		% of Premium		% Chg.
American Income	$    213,604		46		$    204,533		46		4
Direct to Consumer	75,876		31		68,959		28		10
Liberty National	36,652		36		33,446		34		10
Other	33,218		67		33,136		66		—
Total	$    359,350		42		$    340,074		41		6

 

Life Premium
	Quarter Ended
	June 30,
	2026		2025		% Chg.
American Income	$    466,334		$    445,511		5
Direct to Consumer	244,220		246,223		(1)
Liberty National	100,516		97,263		3
Other	49,697		50,547		(2)
Total	$    860,767		$    839,544		3
Life Net Sales(1)
	Quarter Ended
	June 30,
	2026		2025		% Chg.
American Income	$      94,733		$      96,227		(2)
Direct to Consumer	26,578		31,096		(15)
Liberty National	26,131		24,615		6
Other	2,165		2,947
Total	$    149,607		$    154,885		(3)

(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 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—Q2 2026
(Dollar amounts in thousands, except share and per share data)
(Unaudited)

HEALTH INSURANCE RESULTS BY DISTRIBUTION CHANNEL

Health Underwriting Margin
	Quarter Ended
	June 30,
	2026				2025
	Amount		% of Premium		Amount		% of Premium		% Chg.
United American	$      10,914		5		$      12,402		8		(12)
Family Heritage	45,087		36		40,927		35		10
Liberty National	23,145		49		24,372		51		(5)
American Income	18,221		59		19,325		62		(6)
Direct to Consumer	1,918		9		1,031		5
Total	$      99,285		23		$      98,057		26		1

     

Health Premium
	Quarter Ended
	June 30,
	2026		2025		% Chg.
United American	$    211,416		$    163,978		29
Family Heritage	126,273		115,856		9
Liberty National	47,403		47,631		—
American Income	30,805		31,422		(2)
Direct to Consumer	20,958		19,212		9
Total	$    436,855		$    378,099		16
Health Net Sales(1)
	Quarter Ended
	June 30,
	2026		2025		% Chg.
United American	$      27,894		$      25,454		10
Family Heritage	30,725		29,561		4
Liberty National	6,991		8,182		(15)
American Income	4,093		4,749		(14)
Direct to Consumer	696		786		(11)
Total	$      70,399		$      68,732		2

(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 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—Q2 2026
(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,
	2026		2025		% Chg.		2026
American Income	11,391		12,241		(7)		11,064
Liberty National	4,194		3,882		8		4,031
Family Heritage	1,608		1,498		7		1,561

(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,
	2026		2025		% Chg.
Net investment income	$    293,820		$    282,169		4
Required interest on policy liabilities(1)	(255,505)		(247,341)		3
Excess investment income	$      38,315		$      34,828		10
Per share	$          0.49		$          0.42		17

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

Net investment income increased 4% and average invested assets increased 2%. Required interest on policy liabilities increased 3% and average policy liabilities increased 4%.

GLOBE LIFE INC.
Earnings Release—Q2 2026
(Dollar amounts in thousands, except share and per share data)
(Unaudited)

The composition of the investment portfolio at book value at June 30, 2026 is as follows:

Investment Portfolio
	As of
	June 30, 2026
	Amount		% of Total
Fixed maturities at fair value(1)	$   17,940,189		86
Mortgage loans	425,513		2
Policy loans	758,676		4
Other long-term investments(2)	1,466,858		7
Short-term investments	198,327		1
Total	$   20,789,563

(1)	As of June 30, 2026, fixed maturities at amortized cost were $19.3 billion, net of $3.3 million of allowance for credit losses.
(2)	Includes $1.10 billion of investments accounted for under the fair value option which have a cost of $1.08 billion as of June 30, 2026.

Fixed maturities at amortized cost, net of allowance for credit losses, by asset class as of June 30, 2026 are as follows:

Fixed Maturity Portfolio by Sector
	As of
	June 30, 2026
	Investment Grade		Below Investment Grade		Total Amortized Cost, net
Corporate bonds	$  14,797,965		$      470,927		$  15,268,892
Municipals	3,423,079		1,959		3,425,038
Government, agencies, and GSEs(1)	464,427		—		464,427
Other asset-backed securities	102,711		42,930		145,641
Total	$  18,788,182		$      515,816		$  19,303,998

(1)	Government-Sponsored Enterprises

Below are fixed maturities available for sale by amortized cost, allowance for credit losses, and fair value at June 30, 2026 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
June 30, 2026	$          19,307,295		$         (3,297)		$    (1,363,809)		$    17,940,189

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 5.30% during the second quarter of 2026, compared with 5.29% 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—Q2 2026
(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,
	2026		2025
Amount	$    399,143		$    263,252
Average annual effective yield	6.3 %		6.4 %
Average rating	A		A
Average life (in years) to:
Next call	32.0		31.2
Maturity	36.1		33.8
Other Investment Acquisitions
	Quarter Ended
	June 30,
	2026		2025
Limited partnerships	$       63,728		$       36,985
Mortgage loans	25,179		31,215
Common stock	2,340		1,342
Company owned life insurance	—		—
Total	$       91,247		$       69,542

SHARE REPURCHASES:

During the quarter, the Company repurchased 1.1 million shares of Globe Life Inc. common stock at a total cost of $175 million and an average share price of $154.28.

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.

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) Ratings changes with respect to our financial strength and credit ratings and potential adverse impacts to liquidity;

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

6) 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;

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

8) Litigation results and regulatory actions;

9) 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);

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

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

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

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

14) 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;

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

16) 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

17) 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 2026 earnings release conference call with financial analysts at 11:00 am (Eastern) tomorrow, July 23, 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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenue:
Life premium	$      860,767		$      839,544		$   1,713,972		$   1,669,407
Health premium	436,855		378,099		853,763		747,890
Total premium	1,297,622		1,217,643		2,567,735		2,417,297
Net investment income	293,820		282,169		583,644		562,783
Realized gains (losses)	7,138		(18,574)		5,660		(18,489)
Other income	1,150		49		2,310		118
Total revenue	1,599,730		1,481,287		3,159,349		2,961,709
Benefits and expenses:
Life policyholder benefits(1)	513,959		519,355		1,032,809		1,029,111
Health policyholder benefits(2)	277,012		229,924		540,746		463,853
Other policyholder benefits	7,280		6,719		14,280		13,799
Total policyholder benefits	798,251		755,998		1,587,835		1,506,763
Amortization of deferred acquisition costs	120,537		111,401		238,819		216,916
Commissions, premium taxes, and non-deferred acquisition costs	173,754		157,411		343,640		321,734
Other operating expense	116,251		108,293		229,986		217,039
Interest expense	36,050		34,885		70,050		69,877
Total benefits and expenses	1,244,843		1,167,988		2,470,330		2,332,329
Income before income taxes	354,887		313,299		689,019		629,380
Income tax benefit (expense)	(67,140)		(60,550)		(130,746)		(122,068)
Net income	$      287,747		$      252,749		$     558,273		$     507,312
Basic net income per common share	$            3.71		$          3.09		$          7.16		$          6.13
Diluted net income per common share	$            3.65		$          3.05		$          7.04		$          6.07

(1)	Net of total remeasurement gain of $23.5 million before tax for the three months ended June 30, 2026 and a total remeasurement gain of $16.7 million before tax for the same period in 2025. Net of total remeasurement  gain of $42.4 million for the six months ended June 30, 2026, and a total remeasurement gain of $25.3 million for the same period in 2025.
(2)	Net of total remeasurement gain of $1.3 million before tax for the three months ended June 30, 2026 and a total remeasurement gain of $3.9 million before tax for the same period in 2025. Net of a total remeasurement gain of $7.3 million for the six months ended June 30, 2026, and a total remeasurement gain of $4.3 million for the same period in 2025.

 

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SOURCE Globe Life Inc.

FAQ

How did Globe Life (NYSE: GL) perform financially in Q2 2026?

Globe Life reported Q2 2026 net income of $3.65 per diluted share and net operating income of $3.61 per share. According to Globe Life, both metrics increased year over year, with net income per share up 20% and net operating income per share up 10%.

Did Globe Life (GL) raise its full-year 2026 earnings guidance?

Yes, Globe Life raised its 2026 earnings guidance to $15.55–$15.95 per diluted share. According to Globe Life, this represents an increase of $0.10 at the midpoint compared with prior guidance, reflecting higher expected net operating income for the full year 2026.

What were Globe Life’s premium growth rates in Q2 2026 (NYSE: GL)?

In Q2 2026, Globe Life’s total premium revenue grew 7% year over year to $1.30 billion. According to Globe Life, life insurance premiums increased 3% to $860.8 million, while health insurance premiums rose 16% to $436.9 million for the quarter ended June 30, 2026.

How did Globe Life’s book value per share change in Q2 2026?

Globe Life’s book value per share rose to $78.18, up 18% from a year earlier. According to Globe Life, book value per share excluding AOCI reached $100.04, an 11% year-over-year increase, reflecting growth in shareholders’ equity and the impact of retained earnings.

How much stock did Globe Life (GL) repurchase in Q2 2026?

Globe Life repurchased 1.1 million shares of its common stock for a total cost of $175 million in Q2 2026. According to Globe Life, these buybacks reduce the weighted average diluted shares outstanding and can enhance earnings per share for remaining shareholders.

What drove Globe Life’s insurance underwriting income in Q2 2026?

Globe Life’s insurance underwriting income increased 5% to $370.3 million in Q2 2026. According to Globe Life, life insurance generated $359.4 million of underwriting margin and health insurance contributed $99.3 million, partly offset by $91.4 million of administrative expenses for the quarter.

How did Globe Life’s investment segment perform in Q2 2026?

Globe Life’s excess investment income rose 10% to $38.3 million, or $0.49 per diluted share, in Q2 2026. According to Globe Life, net investment income increased 4%, while required interest on policy liabilities increased 3%, supporting higher excess investment income per share.