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 Three Months Ended
June 30, 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
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