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Globe Life (NYSE: GL) lifts 2026 outlook on stronger Q2 earnings

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Globe Life Inc. reported diluted net income of $3.65 per share for the quarter ended June 30, 2026, up from $3.05 a year earlier, and net operating income of $3.61 per share versus $3.27.

Total premium revenue rose 7% to $1,297,622 thousand, while insurance underwriting income per share increased to $4.69 from $4.28 and excess investment income per share grew to $0.49 from $0.42. Management highlighted double-digit net operating income per share growth in eight of the last nine quarters.

For the six months, net income return on equity was 18.4%. Book value per share was $78.18, and $100.04 excluding accumulated other comprehensive income, up 18% and 11% respectively over the prior-year quarter. The company repurchased 1.1 million shares for $175 million and raised its full-year 2026 diluted EPS guidance to $15.55–$15.95.

Positive

  • EPS growth and guidance raise: Diluted net income per share increased to $3.65 (up 20% year over year), net operating EPS grew 10%, and full-year 2026 earnings guidance was raised to a range of $15.55–$15.95 per diluted share.
  • Profitability and capital returns: Net income return on equity reached 18.4% for the first half of 2026, book value per share excluding AOCI rose 11% year over year to $100.04, and 1.1 million shares were repurchased for $175 million.

Negative

  • None.

Filing Explained

At June 30, fixed maturities were valued at $17,940,189 thousand, against $19,307,295 thousand amortized cost and $1,363,809 thousand net unrealized losses.

The filing reports Globe Life's completed second-quarter results and gives a June 30 investment snapshot: fixed maturities had fair value of $17,940,189 thousand versus $19,307,295 thousand amortized cost, with $1,363,809 thousand of net unrealized losses.

The release defines insurance underwriting income as underwriting margins plus annuity and other income, less administrative expenses, excluding investment income, debt interest, parent expense, stock compensation, and taxes; it defines excess investment income as net investment income less required interest attributable to policy liabilities. Both are identified as non-GAAP measures rather than substitutes for GAAP.

The investment portfolio totaled $20,789,563 thousand at June 30, with fixed maturities representing 86% of the portfolio.

The filing states that 97% of fixed maturities were investment grade at amortized cost, net of the allowance for credit losses, and at fair value.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Diluted net income per share $3.65 per share Quarter ended June 30, 2026, vs $3.05 a year earlier
Net operating income per share $3.61 per share Quarter ended June 30, 2026, vs $3.27 a year earlier
Total premium revenue $1,297,622 thousand Quarter ended June 30, 2026, up 7% from $1,217,643 thousand
Net income ROE 18.4% Return on equity for the six months ended June 30, 2026
Book value per share $78.18 As of June 30, 2026, up 18% over the prior-year quarter
Book value per share excluding AOCI $100.04 As of June 30, 2026, up 11% over the prior-year quarter
Share repurchases 1.1 million shares; $175 million Common shares repurchased in Q2 2026 at an average price of $154.28
Full-year 2026 EPS guidance $15.55–$15.95 per diluted share Raised range, an increase of $0.10 at the midpoint
Insurance underwriting income financial
"Insurance underwriting income is the sum of the insurance underwriting margins"
Income from an insurer’s core business of writing policies, calculated as the premiums collected minus the claims paid and the direct costs of providing coverage. Think of it like a shop’s profit from selling goods before counting returns or outside income: it shows whether the company is charging enough and managing risk well, so investors use it to judge the health and sustainability of an insurer’s primary operations.
Excess investment income financial
"Management uses excess investment income as the measure to evaluate the performance"
Accumulated other comprehensive income (AOCI) financial
"Net operating income as an ROE excluding accumulated other comprehensive income (AOCI)"
Accumulated other comprehensive income (AOCI) is a section of a company's equity that records certain gains and losses that are excluded from net income, such as currency translation shifts, unrealized gains or losses on some investments, and retirement-plan adjustments. Investors care because AOCI reveals changes in a company’s financial position that don’t show up on the profit-and-loss line but can alter the value of equity over time—like a side account that captures market swings before they hit your main balance.
Net sales financial
"(1)Net sales is calculated as annualized premium issued, net of cancellations"
Net sales is the total money a company earns from selling its goods or services after subtracting returns, discounts, and allowances — like a store counting the cash it actually keeps after refunds and coupons. Investors use net sales to gauge true customer demand and the real size of a business’s revenue stream, since it forms the basis for profit margins, growth trends, and comparisons between companies.
Remeasurement gain financial
"Net of total remeasurement gain of $23.5 million before tax for the three months ended"
Diluted net income per share $3.65 up 20% from $3.05 a year earlier
Net operating income per share $3.61 up 10% from $3.27 a year earlier
Total premium revenue $1,297,622 thousand up 7% from $1,217,643 thousand a year earlier
Guidance

Full-year 2026 earnings guidance raised to $15.55–$15.95 per diluted share, an increase of $0.10 at the midpoint.

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FAQ

What were Globe Life (GL) Q2 2026 earnings per share?
Globe Life reported diluted net income of $3.65 per share for Q2 2026, up from $3.05 a year earlier. Net operating income was $3.61 per diluted share, compared with $3.27 in the prior-year quarter, reflecting double-digit growth in operating earnings per share.

How did Globe Life (GL) change its full-year 2026 EPS guidance?
Globe Life raised its full-year 2026 diluted EPS guidance to a range of $15.55–$15.95. This represents an increase of $0.10 at the midpoint compared with the prior range, reflecting stronger expected profitability based on current operating trends.

How did Globe Life (GL) premium revenue perform in Q2 2026?
Total premium revenue for Q2 2026 was $1,297,622 thousand, a 7% increase over the year-ago quarter. Life premium reached $860,767 thousand and health premium $436,855 thousand, with health premium growing 16% year over year, driven largely by the United American and Family Heritage divisions.

What were Globe Life (GL) ROE and book value metrics in mid-2026?
For the six months ended June 30, 2026, net income return on equity was 18.4%. Book value per share was $78.18, up 18% year over year, and book value per share excluding AOCI was $100.04, an 11% year-over-year increase, indicating continued capital growth.

How many Globe Life (GL) shares were repurchased in Q2 2026 and at what cost?
Globe Life repurchased 1.1 million shares of its common stock during Q2 2026 at a total cost of $175 million. The average share repurchase price was $154.28, representing a continued return of capital to shareholders through buybacks.

How did Globe Life (GL) insurance underwriting and investment income trend in Q2 2026?
Insurance underwriting income per share rose to $4.69 from $4.28, a 10% increase, and excess investment income per share increased to $0.49 from $0.42. Net investment income grew 4%, while excess investment income in dollars rose 10% to $38,315 thousand.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 22, 2026
GLOBE LIFE INC.
(Exact name of registrant as specified in its charter)
Delaware 001-0805263-0780404
(State or other jurisdiction
of incorporation)
 
(Commission
File No.)
(I.R.S. Employer
ID No.)
7677 Henneman Way, McKinney, Texas 75070
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (972) 569-4000

(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a.-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 par value per shareGL
New York Stock Exchange
Common Stock, $1.00 par value per shareGLNYSE Texas, Inc.
4.250% Junior Subordinated DebenturesGL PRDNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐



Item 2.02    Results of Operations and Financial Condition.
On July 22, 2026, Globe Life Inc. issued a press release announcing its second quarter 2026 financial results. A copy of the press release is incorporated herein by reference and is provided as Exhibit 99.1.
In accordance with General Instruction B.2 of Form 8-K, the information included or incorporated in this report (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be set forth by specific reference in such filing.
Item 9.01    Financial Statement and Exhibits.
(a)Financial statements of businesses or funds acquired.
Not applicable.
(b)Pro forma financial information.
Not applicable.
(c)Shell company transactions.
Not applicable
(d)Exhibits.
(99.1) Globe Life Inc. Q2 FY 2026 Press Release dated July 22, 2026
(104) Cover Page Interactive Data File (embedded within the Inline XBRL document)





SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
Date: July 22, 2026
 GLOBE LIFE INC.
 /s/ Christopher T. Moore
 Christopher T. Moore

Corporate Senior Vice President,
Associate Counsel and Corporate Secretary



globelifeheader.gif

GLOBE LIFE INC. REPORTS
Second Quarter 2026 Results


McKinney, TX, July 22, 2026—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:
lNet 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.
l
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.
l
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.
lTotal premium revenue grew 7% over the year-ago quarter.
l
At the American Income Life Division, life premium increased 5% and life underwriting margin increased 4% over the year-ago quarter.
l
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.
l
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.
lAt the Direct to Consumer Division, life underwriting margin increased 10% over the year-ago quarter.
lAt the United American Division, health premium increased 29% and health net sales increased 10% over the year-ago quarter.
l1.1 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.

1
GL Q2 2026 Earnings Release
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,
20262025%
Chg.		20262025%
Chg.
Insurance underwriting income(2)
$4.69 $4.28 10$370,289 $354,176 5
Excess investment income(2)
0.49 0.42 1738,315 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 10284,685 271,095 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.

2
GL Q2 2026 Earnings Release
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,
20262025
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,
20262025
Shareholders' equity$6,155,815 $5,419,030 
Impact of adjustment to exclude AOCI1,721,729 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 AOCI21.86 24.19 
Book value per share, excluding AOCI$100.04 $90.26 
(1) Calculated using average shareholders' equity for the measurement period.

3
GL Q2 2026 Earnings Release
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, 2026June 30, 2025%
Chg.
Life insurance$860,767 $839,544 3
Health insurance436,855 378,099 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$340,074 416
Health99,285 2398,057 261
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.

4
GL Q2 2026 Earnings Release
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,
20262025
Amount% of PremiumAmount% 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,
20262025%
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,
20262025%
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.

5
GL Q2 2026 Earnings Release
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,
20262025
Amount% of PremiumAmount% 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 Consumer1,918 9 1,031 5 
Total$99,285 23 $98,057 26 1
Health Premium
Quarter Ended
June 30,
20262025%
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,
20262025%
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.

6
GL Q2 2026 Earnings Release
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 EndedQuarter Ended
June 30,March 31,
20262025% Chg.2026
American Income11,391 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,
20262025%
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%.

7
GL Q2 2026 Earnings Release
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 loans758,676 4 
Other long-term investments(2)
1,466,858 7 
Short-term investments198,327 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 GradeBelow Investment GradeTotal Amortized Cost, net
Corporate bonds$14,797,965 $470,927 $15,268,892 
Municipals3,423,079 1,959 3,425,038 
Government, agencies, and GSEs(1)
464,427 — 464,427 
Other asset-backed securities102,711 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 LossesNet 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.


8
GL Q2 2026 Earnings Release
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,
20262025
Amount$399,143 $263,252 
Average annual effective yield6.3%6.4%
Average ratingAA
Average life (in years) to:
Next call32.0 31.2 
Maturity36.1 33.8 

Other Investment Acquisitions
Quarter Ended
June 30,
20262025
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."
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GL Q2 2026 Earnings Release

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.
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GL Q2 2026 Earnings Release

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.”
For additional information contact:
Stephen Mota, Vice President - Investor Relations
Globe Life Inc.
7677 Henneman Way
P.O. Box 8080
McKinney, Texas 75070-8080
Phone: 972-569-3627 or email: investors@globe.life
Website: https://investors.globelifeinsurance.com

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

GLOBE LIFE INC.
GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
June 30,		Six Months Ended
June 30,
 2026202520262025
Revenue:
Life premium$860,767 $839,544 $1,713,972 $1,669,407 
Health premium436,855 378,099 853,763 747,890 
Total premium1,297,622 1,217,643 2,567,735 2,417,297 
Net investment income293,820 282,169 583,644 562,783 
Realized gains (losses)7,138 (18,574)5,660 (18,489)
Other income1,150 49 2,310 118 
Total revenue1,599,730 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 benefits7,280 6,719 14,280 13,799 
Total policyholder benefits798,251 755,998 1,587,835 1,506,763 
Amortization of deferred acquisition costs120,537 111,401 238,819 216,916 
Commissions, premium taxes, and non-deferred acquisition costs173,754 157,411 343,640 321,734 
Other operating expense116,251 108,293 229,986 217,039 
Interest expense36,050 34,885 70,050 69,877 
Total benefits and expenses1,244,843 1,167,988 2,470,330 2,332,329 
Income before income taxes354,887 313,299 689,019 629,380 
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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GL Q2 2026 Earnings Release

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