Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to ________ Commission File Number: 001-08052 GLOBE LIFE INC. (Exact name of registrant as specified in its charter) 3700 South Stonebr ...

Core Insights - The U.S. Attorney's Office for the Western District of Pennsylvania has closed its investigation into Globe Life Inc. and American Income Life (AIL), indicating no enforcement action will be taken against them [1] Company Overview - Globe Life Inc. is headquartered in McKinney, Texas, and employs over 16,000 insurance agents and 3,600 corporate employees [2] - The company has issued more life insurance policies than any other life insurance company in the U.S., with over 17 million policies in force [2] - Globe Life's subsidiaries include American Income Life Insurance Company, Family Heritage Life Insurance Company of America, Globe Life And Accident Insurance Company, Liberty National Life Insurance Company, and United American Insurance Company [2]

Cleared by an SEC probe and bolstered by a decent quarterly earnings report, the insurer's prospects suddenly look better.Insurance conglomerate Globe Life (GL 2.84%) was a safe bet of a stock on Friday, as investors snapped it up following a bullish analyst move. With that tailwind at its back, Globe Life closed the day nearly 3% higher in price, easily beating the 0.4% increase of the S&P 500 index.CFRA now feels the stock is a buyThat move was made by CFRA analyst Catherine Seifert, who upgraded her Glob ...

Group 1 - Globe Life Inc. received a letter from the SEC notifying that their investigation has concluded without recommending enforcement action against the company [1] - Globe Life is headquartered in McKinney, Texas, and employs over 16,000 insurance agents and 3,600 corporate employees [2] - The company has issued more life insurance policies than any other in the U.S., with over 17 million policies in force [2]

Core Insights - Globe Life Inc. reported a second-quarter 2025 net operating income of $3.27 per share, exceeding the Zacks Consensus Estimate by 0.6% and reflecting a year-over-year increase of 10.1% driven by higher Life insurance underwriting income [1][8] - The company's total premium revenues reached $1.2 billion, marking a 4% increase year over year, primarily due to higher Life and Health insurance premiums [2] - Operating revenues were reported at $1.5 billion, up 3.2% from the previous year, although this figure missed the Zacks Consensus Estimate by 0.4% [2] Financial Performance - Net investment income decreased by 1% year over year to $282.2 million [2] - Excess investment income, a profitability measure, fell 19% year over year to $34.8 million [3] - Total insurance underwriting income increased by 4% year over year to $354.2 million, attributed to higher Life underwriting income [3] Expenses and Benefits - Total benefits and expenses surged 89% year over year to $1.16 billion, driven by increased policyholder benefits and other operating expenses [4] - Administrative expenses rose by 4.7% year over year to $86 million [3] Segment Performance - Life insurance premium revenues increased by 3.1% year over year to $840 million, supported by growth from distribution channels like American Income and Liberty National [5] - Health insurance premium revenues rose by 8% year over year to $378 million, with net health sales increasing by 19% [6] Shareholder Information - As of June 30, 2025, shareholders' equity, excluding AOCI, decreased by 0.2% year over year to $7.4 billion, while book value per share increased by 9.6% to $90.26 [7] - The company repurchased 1.9 million shares worth $226 million during the reported quarter [10] Future Outlook - Globe Life projects net operating income in the range of $14.25 to $14.65 per share for the year ending December 31, 2025 [11]

Financial Data and Key Metrics Changes - In Q2, net income was $253 million or $3.5 per share, compared to $258 million or $2.83 per share a year ago [6] - Net operating income for the quarter was $271 million or $3.27 per share, a 10% increase over the $2.97 per share from a year ago [6] - Return on equity through June 30 is 18.8%, with book value per share at $66.07; excluding AOCI, return on equity is 14.4% and book value per share is $90.26, up 10% from a year ago [6] Business Line Data and Key Metrics Changes - Life insurance premium revenue increased 3% to $840 million, with life underwriting margin up 6% to $340 million [6] - Health insurance premium revenue grew 8% to $378 million, while health underwriting margin decreased 2% to $98 million due to higher obligations [8] - Administrative expenses were $86 million for the quarter, a 5% increase over the previous year, representing 7.1% of premium [9] Market Data and Key Metrics Changes - American Income Life saw life premiums up 5% to $446 million, with a life underwriting margin increase of 6% to $205 million [11] - Liberty National's life premiums were up 5% to $97 million, but net life sales decreased 5% to $25 million due to lower agent productivity [12] - Family Heritage health premiums increased 9% to $116 million, with health underwriting margin up 12% to $41 million [13] Company Strategy and Development Direction - The company expects life premium revenue to grow around 3.5% for the year, with health premium revenue anticipated to grow between 8% to 9% [7][8] - The company is focusing on maintaining and growing its exclusive agency force, which is seen as a core competency [10] - A Bermuda reinsurance affiliate is being established to enhance financial flexibility and support continued sales and premium growth [34][35] Management's Comments on Operating Environment and Future Outlook - Management noted favorable mortality trends contributing to lower life policy obligations than anticipated [38] - The company anticipates a total remeasurement gain in Q3 related to life and health assumption updates to be in the range of $110 million to $160 million [40] - For 2025, net operating earnings per diluted share are estimated to be in the range of $14.25 to $14.65, representing a 17% growth at the midpoint [42] Other Important Information - The company repurchased approximately 1.9 million shares for a total cost of approximately $226 million during the quarter [28] - Liquid assets at the parent company increased from approximately $90 million to $105 million during the quarter [28] - The company plans to maintain a consolidated RBC ratio in the range of 300% to 320% [33] Q&A Session Summary Question: How should we think about the higher earnings guidance translating to statutory earnings and cash flows? - Management indicated that favorable mortality experience translates into additional statutory income, while assumption changes primarily impact GAAP [47] Question: Any thoughts on the timeline towards getting to the $200 million incremental benefits from the Bermuda affiliate? - Management stated it is premature to discuss timing but will provide updates as plans are finalized [50] Question: Given the lower guidance on life insurance sales, what gives confidence for the second half of the year? - Management noted strong agent count growth as a leading indicator for future sales growth, despite some delays in productivity [56] Question: How does the company view the Medicare Supplement market in light of regulatory changes? - Management believes there will always be a strong market for Medicare Supplement policies, despite fluctuations due to Medicare Advantage [60] Question: What is the expected impact of the Bermuda reinsurance on free cash flow? - Management confirmed that the expected benefits from Bermuda would enhance financial flexibility and could lead to increased cash flow for shareholders [72]

Financial Data and Key Metrics Changes - In Q2 2025, net income was $253 million or $3.5 per share, compared to $258 million or $2.83 per share a year ago [5] - Net operating income for the quarter was $271 million or $3.27 per share, a 10% increase over the $2.97 per share from a year ago [5] - Return on equity through June 30 was 18.8%, with book value per share at $66.07; excluding accumulated other comprehensive income, return on equity was 14.4% and book value per share was $90.26, up 10% from a year ago [5] Business Line Data and Key Metrics Changes - Life insurance premium revenue increased 3% year-over-year to $840 million, with life underwriting margin up 6% to $340 million [5][6] - Health insurance premium revenue grew 8% to $378 million, while health underwriting margin decreased 2% to $98 million due to higher obligations [6] - Administrative expenses were $86 million for the quarter, a 5% increase over the previous year, representing 7.1% of premium [7] Market Data and Key Metrics Changes - American Income Life saw life premiums up 5% to $446 million, with net life sales up 2% to $96 million [9] - Liberty National's life premiums increased 5% to $97 million, but net life sales decreased 5% to $25 million due to lower agent productivity [10] - Family Heritage health premiums increased 9% to $116 million, with net health sales up 20% to $30 million [11] Company Strategy and Development Direction - The company expects life premium revenue to grow around 3.5% for the year, with health premium revenue anticipated to grow between 8% to 9% [6] - The company is focusing on maintaining and growing its exclusive agency force, which is seen as a core competency [8] - A Bermuda reinsurance affiliate is being established to reinsure a portion of new business and in-force life insurance policies, which is expected to enhance financial flexibility [30][31] Management's Comments on Operating Environment and Future Outlook - Management noted favorable mortality trends contributing to lower life policy obligations than anticipated, with a total remeasurement gain expected in Q3 between $110 million to $160 million [35] - The company anticipates continued favorable mortality experience, which will positively impact statutory income [42] - There is confidence in the health segment's performance, with expected improvements in health margins due to premium rate changes [36] Other Important Information - The company repurchased approximately 1.9 million shares for $226 million during the quarter, returning nearly $250 million to shareholders [25][26] - The company plans to maintain a consolidated RBC ratio in the range of 300% to 320%, with a current ratio of 316% [28][29] - The investment portfolio has a net unrealized loss position of approximately $1.6 billion, primarily due to interest rate fluctuations [20] Q&A Session Summary Question: How should we think about the higher earnings guidance translating to statutory earnings and cash flows? - Management indicated that favorable mortality experience translates into additional statutory income, while assumption changes primarily impact GAAP earnings [42] Question: Any thoughts on the timeline towards getting to the $200 million incremental benefits from the Bermuda affiliate? - Management stated it is premature to discuss timing but will provide updates as plans are finalized [44] Question: Given the lower guidance on life insurance sales, what gives confidence for the second half of the year? - Management noted strong agent count growth as a leading indicator for future sales growth, despite some delays in productivity [51] Question: How do you see the Medicare Supplement sales evolving with regulatory changes? - Management believes there will always be a strong market for Medicare Supplement policies, despite fluctuations due to Medicare Advantage [54] Question: Can you discuss the anticipated reserve releases and their impact on future years? - Management expects continued remeasurement gains relative to the new baseline mortality assumption, which could positively impact future earnings [97]

Globe Life (GL) came out with quarterly earnings of $3.27 per share, beating the Zacks Consensus Estimate of $3.25 per share. This compares to earnings of $2.97 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +0.62%. A quarter ago, it was expected that this life and health insurance company would post earnings of $3.24 per share when it actually produced earnings of $3.07, delivering a surprise of -5.25%.Over the last four qua ...

GLOBE LIFE INC. REPORTS Second Quarter 2025 Results McKinney, TX, July 23, 2025—Globe Life Inc. (NYSE: GL) reported today that for the quarter ended June 30, 2025, net income was $3.05 per diluted common share, compared with $2.83 per diluted common share for the year-ago quarter. Net operating income was $3.27 per diluted common share, compared with $2.97 per diluted common share for the year- ago quarter. HIGHLIGHTS: Note: As used in the earnings release, "Globe Life," the "Company," "we," "our," and "us" ...

Core Points - Globe Life Inc. reported a net income of $3.05 per diluted common share for Q2 2025, an increase from $2.83 in the same quarter last year, while net operating income rose to $3.27 per diluted common share from $2.97 [1][6][8] - The company experienced a 10% increase in net operating income per share compared to the previous year, and a 4% increase in total premium revenue [6][10] - Life insurance accounted for 78% of the company's insurance underwriting margin, while health insurance made up 22% [9][10] Financial Performance - For the three months ended June 30, 2025, insurance underwriting income was $354.176 million, a 4% increase from $340.437 million in the same period last year [5][12] - Life premiums increased by 5% year-over-year, while health net sales surged by 20% [6][10] - The company repurchased 1.9 million shares of common stock at a total cost of $226 million during the quarter [33] Investment Performance - Net investment income decreased by 1% to $282.169 million, while excess investment income fell by 19% to $34.828 million [22][23] - The investment portfolio as of June 30, 2025, totaled $19.925 billion, with fixed maturities making up 87% of the total [25][27] - The fixed maturity portfolio earned an annual taxable equivalent effective yield of 5.29% during Q2 2025, compared to 5.26% in the previous year [28] Guidance and Outlook - The company reaffirmed its guidance for net operating income between $14.25 to $14.65 per diluted common share for the year ending December 31, 2025 [35]