GLOBE LIFE INC. REPORTS THIRD QUARTER 2026 RESULTS

Premium revenue grew 7%, but insurance underwriting income fell 4% as life underwriting margins declined.

Rhea-AI Summary

Globe Life (NYSE: GL) reported third-quarter 2026 net income of $4.62 per diluted share, down from the year-ago quarter. Net income totaled $361.107 million versus $387.843 million, while non-GAAP net operating income per diluted share rose to $4.84 from $4.81 despite a 4% decline in total net operating income.

Premium revenue increased 7% to $1.311409 billion. Health net sales rose 32%, while life net sales fell 1%. Insurance underwriting income declined 4%, with life underwriting margin down 5% and health underwriting margin up 7%. United American recorded a health underwriting loss of $6.371 million.

Globe Life repurchased 1.1 million shares for $185 million. Book value per share increased 23% to $85.35. For the nine months ended September 30, net income rose to $919.380 million from $895.155 million, while return on equity fell to 19.7% from 21.9%.

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Positive

• Moderate pointThird-quarter premium revenue increased 7% to $1.311409 billion year over year.
• Moderate pointQuarterly repurchases returned $185 million to shareholders through purchases of 1.1 million shares. 1.4% of market cap
• Moderate pointBook value per share increased 23% to $85.35 from the year-ago quarter.
• Moderate pointBook value per share excluding accumulated other comprehensive income increased 11% to $103.62 year over year.
• Moderate pointThird-quarter health net sales increased 32% to $94.111 million year over year.

17 minor points

• Minor pointThird-quarter non-GAAP operating earnings per diluted share rose 1% to $4.84 from $4.81 a year earlier.
• Minor pointNine-month net income increased to $919.380 million from $895.155 million a year earlier.
• Minor pointNine-month non-GAAP net operating income increased to $937.043 million from $924.652 million a year earlier.
• Minor pointThird-quarter excess investment income increased 3% to $37.945 million year over year.
• Minor pointThird-quarter parent company expense declined to $2.875 million from $4.105 million a year earlier.
• Minor pointAmerican Income third-quarter life premium increased 4% year over year.
• Minor pointAmerican Income third-quarter life underwriting margin increased 3% year over year.
• Minor pointLiberty National third-quarter life premium increased 4% year over year.
• Minor pointLiberty National third-quarter life net sales increased 7% year over year.
• Minor pointLiberty National average producing agent count increased 9% to 4,187 from the year-ago quarter.
• Minor pointFamily Heritage average producing agent count increased 1% to 1,565 from the year-ago quarter.
• Minor pointUnited American third-quarter health premium increased 29% year over year.
• Minor pointFamily Heritage third-quarter health premium increased 8% year over year.
• Minor pointDirect to Consumer third-quarter health premium increased 9% year over year.
• Minor pointFamily Heritage third-quarter health underwriting margin increased 12% year over year.
• Minor pointLiberty National third-quarter health underwriting margin increased 2% year over year.
• Minor pointAmerican Income third-quarter health underwriting margin increased 155% year over year, primarily reflecting assumption-update fluctuations.

Negative

• Moderate pointThird-quarter net income declined to $361.107 million from $387.843 million; diluted earnings fell to $4.62 from $4.73.
• Moderate pointThird-quarter non-GAAP net operating income declined 4% to $378.838 million year over year.
• Moderate pointThird-quarter insurance underwriting income declined 4% to $481.832 million year over year.
• Moderate pointNine-month return on equity declined to 19.7% from 21.9% a year earlier.
• Moderate pointUnited American third-quarter health underwriting swung to a $6.371 million loss from a $16.098 million margin.

16 minor points

• Minor pointThird-quarter life net sales declined 1% to $149.092 million year over year.
• Minor pointThird-quarter debt interest expense increased 5% to $37.814 million year over year.
• Minor pointThird-quarter administrative expenses increased to $95.157 million from $89.767 million a year earlier.
• Minor pointThird-quarter after-tax realized losses widened to $9.964 million from $3.939 million a year earlier.
• Minor pointNine-month operating return on equity excluding accumulated other comprehensive income declined to 15.9% from 16.6%.
• Minor pointLiberty National third-quarter life underwriting margin fell 27%; excluding assumption updates, margin improved to 36.3% from 35.9%.
• Minor pointOther channels' third-quarter life underwriting margin fell 30%; excluding assumption updates, margin declined to 59.6% from 65.3%.
• Minor pointDirect to Consumer third-quarter life underwriting margin declined 1% year over year.
• Minor pointDirect to Consumer third-quarter life premium declined 1% year over year.
• Minor pointOther channels' third-quarter life premium declined 2% year over year.
• Minor pointAmerican Income average producing agent count declined 7% to 11,331 from the year-ago quarter.
• Minor pointLiberty National third-quarter health premium declined 2% year over year.
• Minor pointAmerican Income third-quarter health premium declined 1% year over year.
• Minor pointLiberty National third-quarter health net sales declined 13% year over year.
• Minor pointAmerican Income third-quarter health net sales declined 16% year over year.
• Minor pointDirect to Consumer third-quarter health net sales declined 31% year over year.

News Explained

The quarter’s reported results include a $120.5 million pretax gain from annual reserve-assumption updates, versus $134.3 million a year earlier.

Globe Life reported third-quarter 2026 results; at September 30, 2026, book value per share was $85.35, up 23% year over year, while the measure excluding AOCI was $103.62, up 11%, so growth was lower on that basis.

The company says its book-value measure excluding accumulated other comprehensive income (AOCI) removes changes in AOCI, which are primarily attributable to interest-rate fluctuations.

The release says the annual third-quarter reserve-assumption update contributed a pretax remeasurement gain of $120.5 million, compared with $134.3 million in the year-ago quarter; these gains are included in remeasurement gain or loss.

Key Figures

Net income per diluted share: $4.62 vs. $4.73 Net operating income per diluted share: $4.84 vs. $4.81 Book value per share: $85.35, up 23% +3 more

Net income per diluted share

$4.62 vs. $4.73

Q3 2026 vs. year-ago quarter

Net operating income per diluted share

$4.84 vs. $4.81

Q3 2026 vs. year-ago quarter

Book value per share

$85.35, up 23%

Compared with year-ago quarter

Book value per share excluding AOCI

$103.62, up 11%

Compared with year-ago quarter

Total premium revenue

Up 7%

Compared with year-ago quarter

Common stock repurchased

1.1 million shares; $185 million total cost

During the quarter

Previous Earnings Reports

1 past event · Latest: Oct 22

Same Type 1 event

1. Oct 22

   Q3 earnings

   24h Move

   +0.1%

   Reported Q3 2025 diluted EPS and operating income both rose 38% year over year.

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

Key Terms

non-gaap, aoci, roe

3 terms

non-gaap financial

"Net operating income, a non-GAAP financial measure"

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"

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

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MCKINNEY, Texas, Oct. 21, 2026 /PRNewswire/ -- Globe Life Inc. (NYSE: GL) reported today that for the quarter ended September 30, 2026, net income was $4.62 per diluted common share, compared with $4.73 per diluted common share for the year-ago quarter. Net operating income was $4.84 per diluted common share, compared with $4.81 per diluted common share for the year-ago quarter.

HIGHLIGHTS:

• Net income as an ROE⁽¹⁾ was 19.7% for the nine months ended September 30, 2026. Book value per share was $85.35, an increase of 23% over the year-ago quarter. 
• Net operating income as an ROE⁽¹⁾ excluding accumulated other comprehensive income (AOCI) was 15.9% for the nine months ended September 30, 2026. Book value per share excluding AOCI was $103.62, 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 4% and life underwriting margin⁽¹⁾ increased 3% over the year-ago quarter.
• At the Liberty National Division, life net sales increased 7% and life premium increased 4% over the year-ago quarter. Additionally, the average producing agent count increased 9% over the year-ago quarter.
• At the Family Heritage Division, health underwriting margin⁽¹⁾ increased 12%, health premium increased 8%, and health net sales increased 5% 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 $185 million.

(1)

The Company updates reserve assumptions in the third quarter each year. The results include the impact of this assumption update as a before tax remeasurement gain or loss. The current period includes a remeasurement gain due to assumption updates of $120.5 million ($96.4 million and $24.1 million gain related to Life and Health respectively) as compared assumption related remeasurement gains of $134.3 million ($130.9 and $3.4 million gains related to Life and Health respectively) in the year ago quarter. These amounts, along with experience related adjustments, are included within the remeasurement gain or loss in the Condensed Consolidated Statement of Operations.

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—Q3 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 September 30, 2026 and 2025:

Operating Summary
	Per Share
	Three Months Ended September 30,						Three Months Ended September 30,
	2026		2025		% Chg.		2026		2025		% Chg.
Insurance underwriting income(2)	$       6.16		$       6.13		—		$   481,832		$   503,135		(4)
Excess investment income(2)	0.49		0.45		9		37,945		36,883		3
Interest on debt	(0.48)		(0.44)		9		(37,814)		(36,134)		5
Parent company expense	(0.04)		(0.05)				(2,875)		(4,105)
Income tax expense	(1.16)		(1.16)		—		(90,474)		(95,242)		(5)
Stock compensation benefit (expense), net of tax	(0.12)		(0.13)				(9,776)		(10,317)
Net operating income	4.84		4.81		1		378,838		394,220		(4)
Reconciling items, net of tax:
Realized gain (loss)	(0.13)		(0.05)				(9,964)		(3,939)
Non-operating expenses	(0.01)		—				(939)		(393)
Legal proceedings	(0.09)		(0.02)				(6,828)		(2,045)
Net income(3)	$       4.62		$       4.73				$   361,107		$   387,843
Weighted average diluted shares outstanding	78,225		82,015

(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—Q3 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. 

	Nine Months Ended September 30,
	2026		2025
Net income	$     919,380		$     895,155
Net operating income	937,043		924,652
Net income as an ROE(1)	19.7 %		21.9 %
Net operating income as an ROE (excluding AOCI)(1)	15.9 %		16.6 %
	September 30,
	2026		2025
Shareholders' equity	$   6,618,484		$   5,689,088
Impact of adjustment to exclude AOCI	1,416,943		1,972,891
Shareholders' equity, excluding AOCI	$   8,035,427		$   7,661,979
Book value per share	$        85.35		$        69.52
Impact of adjustment to exclude AOCI	18.27		24.11
Book value per share, excluding AOCI	$      103.62		$        93.63

(1)	Calculated using average shareholders' equity for the measurement period. Refer to Note (1), page 1, regarding the impact of the annual reserve assumption update on net income and net operating income.

GLOBE LIFE INC.
Earnings Release—Q3 2026
(Dollar amounts in thousands, except share and per share data)
(Unaudited)

INSURANCE OPERATIONS: 

Life insurance accounted for 80% of the Company's insurance underwriting margin for the quarter and 66% of total premium revenue. 

Health insurance accounted for 20% 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 September 30, 2026 and 2025:

Insurance Premium Revenue
	Quarter Ended
	September 30, 2026		September 30, 2025		% Chg.
Life insurance	$       864,552		$       844,483		2
Health insurance	446,857		386,524		16
Total	$     1,311,409		$     1,231,007		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 September 30, 2026 and 2025:

Insurance Underwriting Income
	Quarter Ended
	September 30, 2026		% of Premium		September 30, 2025		% of Premium		% Chg.
Insurance underwriting margins:
Life	$       458,168		53		$       481,608		57		(5)
Health	115,637		26		108,374		28		7
	573,805				589,982				(3)
Annuity and other income	3,184				2,920
Administrative expenses	(95,157)				(89,767)
Insurance underwriting income	$       481,832				$       503,135				(4)
Per share	$           6.16				$           6.13				—

The ratio of administrative expenses to premium was 7.3%, same as the year-ago quarter. 

GLOBE LIFE INC.
Earnings Release—Q3 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
	September 30,
	2026				2025
	Amount		% of Premium		Amount		% of Premium		% Chg.
American Income	$    268,457		57		$    261,123		58		3
Direct to Consumer	113,064		47		113,744		46		(1)
Liberty National	50,999		50	(1)	70,290		72	(1)	(27)
Other	25,648		52	(2)	36,451		73	(2)	(30)
Total	$    458,168		53		$    481,608		57		(5)

(1)	The decrease was due primarily to fluctuations in assumption updates. The margin excluding the impact of assumption updates for the third quarter of 2026 was 36.3%, compared to 35.9% in the year-ago quarter.
(2)	The decrease was due primarily to fluctuations in assumption updates. The margin excluding the impact of assumption updates for the third quarter of 2026 was 59.6%, compared to 65.3% in the year-ago quarter.

 

Life Premium
	Quarter Ended
	September 30,
	2026		2025		% Chg.
American Income	$    470,362		$    451,214		4
Direct to Consumer	243,083		244,828		(1)
Liberty National	102,000		98,190		4
Other	49,107		50,251		(2)
Total	$    864,552		$    844,483		2
Life Net Sales(1)
	Quarter Ended
	September 30,
	2026		2025		% Chg.
American Income	$      96,611		$      96,520		—
Direct to Consumer	24,023		27,176		(12)
Liberty National	25,978		24,296		7
Other	2,480		2,546		(3)
Total	$    149,092		$    150,538		(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 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—Q3 2026
(Dollar amounts in thousands, except share and per share data)
(Unaudited)

HEALTH INSURANCE RESULTS BY DISTRIBUTION CHANNEL

Health Underwriting Margin
	Quarter Ended
	September 30,
	2026				2025
	Amount		% of Premium		Amount		% of Premium		% Chg.
United American	$      (6,371)		(3)	(1)	$      16,098		9	(1)
Family Heritage	56,754		44		50,609		43		12
Liberty National	25,391		55		24,816		52		2
American Income	37,850		120	(2)	14,839		47	(2)	155
Direct to Consumer	2,013		10		2,012		10		—
Total	$    115,637		26		$    108,374		28		7

(1)	The underwriting loss was due primarily to an underwriting loss at Evry of approximately $16 million and a claims processing delay at the Centers for Medicare and Medicaid Services which resulted in approximately $7 million of excess prior period Medicare Supplement claims during the third quarter.
(2)	The increase in underwriting margin as a percentage of premium was due primarily to fluctuations in assumption updates. The margin excluding the impact of assumption updates for the third quarter of 2026 was 65.4%, compared to 59.7% in the year-ago quarter.

 

Health Premium
	Quarter Ended
	September 30,
	2026		2025		% Chg.
United American	$    219,340		$    169,735		29
Family Heritage	128,625		118,640		8
Liberty National	46,557		47,270		(2)
American Income	31,491		31,693		(1)
Direct to Consumer	20,844		19,186		9
Total	$    446,857		$    386,524		16
Health Net Sales(1)
	Quarter Ended
	September 30,
	2026		2025		% Chg.
United American	$      47,687		$      24,504		95
Family Heritage	34,645		33,063		5
Liberty National	7,374		8,482		(13)
American Income	3,888		4,623		(16)
Direct to Consumer	517		745		(31)
Total	$      94,111		$      71,417		32

(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—Q3 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
	September 30,						June 30,
	2026		2025		% Chg.		2026
American Income	11,331		12,230		(7)		11,391
Liberty National	4,187		3,847		9		4,194
Family Heritage	1,565		1,553		1		1,608

(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
	September 30,
	2026		2025		% Chg.
Net investment income	$    295,895		$    286,013		3
Required interest on policy liabilities(1)	(257,950)		(249,130)		4
Excess investment income	$      37,945		$      36,883		3
Per share	$         0.49		$        0.45		9

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

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

GLOBE LIFE INC.
Earnings Release—Q3 2026
(Dollar amounts in thousands, except share and per share data)
(Unaudited)

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

Investment Portfolio
	As of
	September 30, 2026
	Amount		% of Total
Fixed maturities at fair value(1)	$   16,873,879		86
Mortgage loans	459,302		2
Policy loans	771,652		4
Other long-term investments(2)	1,433,301		7
Short-term investments	95,244		1
Total	$   19,633,378

(1)	As of September 30, 2026, fixed maturities at amortized cost were $19.6 billion, net of $3.3 million of allowance for credit losses.
(2)	Includes $1.06 billion of investments accounted for under the fair value option which have a cost of $1.05 billion as of September 30, 2026.

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

Fixed Maturity Portfolio by Sector
	As of
	September 30, 2026
	Investment Grade		Below Investment Grade		Total Amortized Cost, net
Corporate bonds	$  14,884,822		$      518,004		$  15,402,826
Municipals	3,476,434		1,958		3,478,392
Government, agencies, and GSEs(1)	466,313		—		466,313
Other asset-backed securities	160,911		52,649		213,560
Total	$  18,988,480		$      572,611		$  19,561,091

(1)	Government-Sponsored Enterprises

Below are fixed maturities available for sale by amortized cost, allowance for credit losses, and fair value at September 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
September 30, 2026	$          19,564,388		$         (3,297)		$    (2,687,212)		$    16,873,879

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 5.33% during the third quarter of 2026, compared with 5.26% 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—Q3 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
	September 30,
	2026		2025
Amount	$    832,540		$    279,333
Average annual effective yield	6.4 %		6.3 %
Average rating	A		A+
Average life (in years) to:
Next call	32.5		21.8
Maturity	34.9		29.3
Other Investment Acquisitions
	Quarter Ended
	September 30,
	2026		2025
Limited partnerships	$       23,069		$       34,143
Mortgage loans	70,172		51,886
Common stock	970		751
Total	$       94,211		$       86,780

SHARE REPURCHASES:

During the quarter, the Company repurchased 1.1 million shares of Globe Life Inc. common stock at a total cost of $185 million and an average share price of $175.61. The Company expects to spend $725 million to $775 million to repurchase common stock for the full year 2026, compared to the previous guidance of $670 million to $700 million.

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, 2026 and 2027:

The Company adjusted full-year 2026 earnings guidance to a range of $15.35 to $15.65 due to two items impacting the results at our United American General Agency division, rather than a fundamental change in our underlying core business: high-severity claims at Evry, a developing group health business still growing and scaling to a size that will enable stable results, and a claims processing delay at the Centers for Medicare and Medicaid Services which resulted in excess Medicare Supplement claims during the third quarter. For the year ending December 31, 2027, we estimate that net operating income per share will be in the range of $16.10 to $17.10, an increase of 7.1% at the midpoint.

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 third quarter 2026 earnings release conference call with financial analysts at 11:00 am (Eastern) tomorrow, October 22, 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 September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Revenue:
Life premium	$      864,552		$      844,483		$   2,578,524		$   2,513,890
Health premium	446,857		386,524		1,300,620		1,134,414
Total premium	1,311,409		1,231,007		3,879,144		3,648,304
Net investment income	295,895		286,013		879,539		848,796
Realized gains (losses)	(12,612)		(4,987)		(6,952)		(23,476)
Other income	1,245		955		3,555		1,073
Total revenue	1,595,937		1,512,988		4,755,286		4,474,697
Benefits and expenses:
Life policyholder benefits(1)	414,701		381,511		1,447,510		1,410,622
Health policyholder benefits(2)	272,129		227,940		812,875		691,793
Other policyholder benefits	7,268		7,171		21,548		20,970
Total policyholder benefits	694,098		616,622		2,281,933		2,123,385
Amortization of deferred acquisition costs	124,654		114,074		363,473		330,990
Commissions, premium taxes, and non-deferred acquisition costs	174,863		157,494		518,503		479,228
Other operating expense	123,274		111,562		353,260		328,601
Interest expense	37,814		36,134		107,864		106,011
Total benefits and expenses	1,154,703		1,035,886		3,625,033		3,368,215
Income before income taxes	441,234		477,102		1,130,253		1,106,482
Income tax benefit (expense)	(80,127)		(89,259)		(210,873)		(211,327)
Net income	$      361,107		$      387,843		$     919,380		$     895,155
Basic net income per common share	$          4.71		$          4.81		$        11.86		$        10.91
Diluted net income per common share	$          4.62		$          4.73		$        11.64		$        10.77

(1)	Net of total remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments,  gain of $116.7 million before tax for the three months ended September 30, 2026 and a total remeasurement gain of $149.5 million before tax for the same period in 2025. Net of total remeasurement  gain of $159.1 million for the nine months ended September 30, 2026, and a total remeasurement gain of $174.7 million for the same period in 2025.
(2)	Net of total remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments,  gain of $29.1 million before tax for the three months ended September 30, 2026 and a total remeasurement gain of $8.8 million before tax for the same period in 2025. Net of a total remeasurement gain of $36.5 million for the nine months ended September 30, 2026, and a total remeasurement gain of $13.2 million for the same period in 2025.

 

 

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SOURCE Globe Life Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Globe Life's third-quarter 2026 earnings per share?

Globe Life reported $4.62 in net income per diluted common share, compared with $4.73 in the year-ago quarter. Non-GAAP net operating income per diluted common share was $4.84, compared with $4.81.

Why did Globe Life's United American division report a third-quarter 2026 health underwriting loss?

Globe Life attributed the loss primarily to an approximately $16 million underwriting loss at Evry and a Centers for Medicare and Medicaid Services claims-processing delay. That delay resulted in approximately $7 million of excess prior-period Medicare Supplement claims during the third quarter.

How did reserve assumption updates affect Globe Life's third-quarter 2026 results?

Annual reserve assumption updates produced a $120.5 million before-tax remeasurement gain, compared with $134.3 million in the year-ago quarter. The current-quarter gain comprised $96.4 million related to life insurance and $24.1 million related to health insurance.

How does Globe Life calculate insurance net sales?

Globe Life generally calculates net sales as annualized premium issued, net of cancellations in the first thirty days after issue. For Direct to Consumer, net sales use annualized premium issued when the first full premium is paid after any introductory offer period, typically 1 month, has expired.