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]

Core Insights - Globe Life (GL) reported quarterly earnings of $3.27 per share, exceeding the Zacks Consensus Estimate of $3.25 per share, and showing an increase from $2.97 per share a year ago, resulting in an earnings surprise of +0.62% [1] - The company posted revenues of $1.5 billion for the quarter ended June 2025, which was 0.42% below the Zacks Consensus Estimate, but an increase from $1.45 billion year-over-year [2] - Globe Life shares have increased approximately 10.1% year-to-date, outperforming the S&P 500's gain of 7.3% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $3.74, with expected revenues of $1.52 billion, and for the current fiscal year, the EPS estimate is $13.59 on revenues of $6.05 billion [7] - The estimate revisions trend for Globe Life was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - The Insurance - Accident and Health industry is currently ranked in the top 38% of over 250 Zacks industries, suggesting that stocks in the top 50% tend to outperform those in the bottom 50% by more than 2 to 1 [8] - Another company in the same industry, Unum (UNM), is expected to report quarterly earnings of $2.23 per share, reflecting a year-over-year increase of +3.2%, with revenues anticipated to be $3.32 billion, up 2.4% from the previous year [9][10]

Globe Life Inc. Second Quarter 2025 Earnings Report [Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) Globe Life Inc. achieved robust financial growth in Q2 2025, with increased diluted net income and operating income per share, strong life and health insurance performance, and active share repurchases [Q2 2025 Financial Performance Overview](index=1&type=section&id=Q2%202025%20Financial%20Performance%20Overview) This section provides a concise overview of Globe Life Inc.'s key financial metrics for the second quarter of 2025 | Metric | Q2 2025 | Q2 2024 | Y-o-Y Change | | :--------------------------------- | :------ | :------ | :----------- | | Diluted Net Income Per Share | $3.05 | $2.83 | +7.8% | | Diluted Net Operating Income Per Share | $3.27 | $2.97 | +10.1% | [Key Operational Highlights](index=1&type=section&id=Key%20Operational%20Highlights) This section highlights significant operational achievements and financial performance indicators for Globe Life Inc. during the quarter - For the six months ended June 30, 2025, Return on Equity (ROE) for net income was **18.8%**, and net operating income ROE (excluding AOCI) was **14.4%**[5](index=5&type=chunk) - Life insurance premiums for American Income Life and Liberty National divisions increased by **5%** year-over-year[5](index=5&type=chunk) - Family Heritage division saw **20%** growth in health insurance net sales, **9%** in health insurance premiums, and **10%** in average producing exclusive agents[5](index=5&type=chunk) - Direct to Consumer life insurance net sales increased **2%** year-over-year and **24%** sequentially; life underwriting income grew **8%** to **$69 million**[5](index=5&type=chunk) - Life underwriting income increased by **6%** year-over-year[5](index=5&type=chunk) - **1.9 million** shares of common stock were repurchased during the quarter at a total cost of **$226 million**[5](index=5&type=chunk) [Results of Operations](index=3&type=section&id=Results%20of%20Operations) This section details Globe Life Inc.'s Q2 2025 operating results, distinguishing between GAAP and non-GAAP financial metrics to highlight core business performance and trends [Operating Summary (Non-GAAP)](index=3&type=section&id=Operating%20Summary%20%28Non-GAAP%29) This section presents Globe Life's non-GAAP operating summary, focusing on key metrics used by management to assess core operational performance - Net operating income is a non-GAAP financial measure used by Globe Life management to assess operational performance, primarily excluding realized investment gains/losses and certain significant non-recurring items[7](index=7&type=chunk) Q2 2025 Operating Summary (Non-GAAP) | Metric | Q2 2025 (Per Share) | Q2 2024 (Per Share) | Y-o-Y Change (Per Share) | Q2 2025 (Thousands of USD) | Q2 2024 (Thousands of USD) | Y-o-Y Change (Thousands of USD) | | :------------------------------------- | :------------------ | :------------------ | :----------------------- | :------------------------- | :------------------------- | :------------------------------ | | Insurance Underwriting Income | $4.28 | $3.72 | 15% | $354,176 | $340,437 | 4% | | Excess Investment Income | $0.42 | $0.47 | (11)% | $34,828 | $42,791 | (19)% | | Debt Interest | ($0.42) | ($0.34) | 24% | ($34,885) | ($31,404) | 11% | | Parent Company Expenses | ($0.04) | ($0.03) | - | ($3,555) | ($3,130) | - | | Income Tax Expense | ($0.82) | ($0.75) | 9% | ($68,062) | ($68,857) | (1)% | | Equity-Based Compensation (Expense), After-Tax | ($0.14) | ($0.09) | - | ($11,407) | ($8,620) | - | | **Net Operating Income** | **$3.27** | **$2.97** | **10%** | **$271,095** | **$271,217** | **—** | | Realized Gains (Losses), After-Tax | ($0.18) | ($0.11) | - | ($14,674) | ($9,945) | - | | Non-Operating Expenses | — | ($0.01) | - | — | ($993) | - | | Legal Litigation | ($0.04) | ($0.02) | - | ($3,672) | ($1,924) | - | | **Net Income** | **$3.05** | **$2.83** | - | **$252,749** | **$258,355** | - | | Weighted Average Diluted Shares | 82,793 | 91,441 | - | - | - | - | [Management vs. GAAP Measures](index=4&type=section&id=Management%20vs.%20GAAP%20Measures) This section clarifies the distinction between management's non-GAAP metrics and GAAP measures, particularly regarding shareholder equity and book value - Management uses shareholder equity and book value per share, excluding Accumulated Other Comprehensive Income (AOCI), as non-GAAP metrics to better identify business trends by removing interest rate fluctuation impacts[11](index=11&type=chunk) Key Financial Metrics for H1 2025 | Metric | June 30, 2025 | June 30, 2024 | | :----------------------------------- | :------------ | :------------ | | Net Income | $507,312 | $512,572 | | Net Operating Income | $530,432 | $535,316 | | Net Income Return on Equity (ROE) | 18.8% | 20.8% | | Net Operating Income ROE (Excluding AOCI) | 14.4% | 14.5% | Shareholder Equity and Book Value Per Share (Excluding AOCI) | Metric | June 30, 2025 | June 30, 2024 | | :-------------------------------- | :------------ | :------------ | | Shareholder Equity | $5,419,030 | $5,227,754 | | Impact of AOCI Adjustment Excluded | $1,983,868 | $2,189,620 | | Shareholder Equity (Excluding AOCI) | $7,402,898 | $7,417,374 | | Book Value Per Share | $66.07 | $58.06 | | Impact of AOCI Adjustment Excluded | $24.19 | $24.32 | | Book Value Per Share (Excluding AOCI) | $90.26 | $82.38 | [Insurance Operations Performance](index=5&type=section&id=Insurance%20Operations%20Performance) Globe Life's insurance operations performed well in Q2 2025, with growth in both life and health premiums and net sales, driven by strong contributions from life insurance and significant health insurance net sales growth [Overall Insurance Underwriting](index=5&type=section&id=Overall%20Insurance%20Underwriting) This section provides an overview of Globe Life's total insurance underwriting performance, detailing contributions from life and health segments - Life insurance accounted for **78%** of the company's underwriting income and **69%** of total premium revenue this quarter, while health insurance contributed **22%** and **31%** respectively[15](index=15&type=chunk) - Life insurance net sales increased by **1%** and health insurance net sales by **19%** this quarter[16](index=16&type=chunk) Insurance Premium Revenue (Thousands of USD) | Product Type | June 30, 2025 | June 30, 2024 | Y-o-Y Change | | :----------- | :------------ | :------------ | :----------- | | Life Insurance | $839,544 | $815,482 | 3% | | Health Insurance | $378,099 | $351,643 | 8% | | **Total** | **$1,217,643**| **$1,167,125**| **4%** | Insurance Underwriting Income (Thousands of USD) | Metric | June 30, 2025 | 2025 Premium % | June 30, 2024 | 2024 Premium % | Y-o-Y Change | | :----------------------------- | :------------ | :------------- | :------------ | :------------- | :----------- | | Life Underwriting Income | $340,074 | 41% | $320,323 | 39% | 6% | | Health Underwriting Income | $98,057 | 26% | $100,488 | 29% | (2)% | | **Total Underwriting Income** | **$438,131** | - | **$420,811** | - | **4%** | | Annuity and Other Income | $2,092 | - | $1,822 | - | - | | Administrative Expenses | ($86,047) | - | ($82,196) | - | - | | **Insurance Underwriting Income** | **$354,176** | - | **$340,437** | - | **4%** | | Per Share | $4.28 | - | $3.72 | - | 15% | | Administrative Expense to Premium Ratio | 7.1% | - | 7.0% | - | - | [Life Insurance Results by Distribution Channel](index=6&type=section&id=Life%20Insurance%20Results%20by%20Distribution%20Channel) This section details Globe Life's life insurance performance, broken down by various distribution channels, including premiums, net sales, and underwriting income - The company's life insurance distribution channels include American Income Life, Liberty National, Family Heritage, Direct to Consumer, and independent agency United American[23](index=23&type=chunk) Life Insurance Premiums (Thousands of USD) | Channel | June 30, 2025 | June 30, 2024 | Y-o-Y Change | | :----------------- | :------------ | :------------ | :----------- | | American Income | $445,511 | $423,534 | 5% | | Direct to Consumer | $246,223 | $248,839 | (1)% | | Liberty National | $97,263 | $92,197 | 5% | | Other | $50,547 | $50,912 | (1)% | | **Total** | **$839,544** | **$815,482** | **3%** | Life Insurance Net Sales (Thousands of USD) | Channel | June 30, 2025 | June 30, 2024 | Y-o-Y Change | | :----------------- | :------------ | :------------ | :----------- | | American Income | $96,227 | $94,668 | 2% | | Direct to Consumer | $31,096 | $30,614 | 2% | | Liberty National | $24,615 | $25,889 | (5)% | | Other | $2,947 | $2,332 | 26% | | **Total** | **$154,885** | **$153,503** | **1%** | Life Underwriting Income (Thousands of USD) | Channel | 2025 Amount | 2025 Premium % | 2024 Amount | 2024 Premium % | Y-o-Y Change | | :----------------- | :---------- | :------------- | :---------- | :------------- | :----------- | | American Income | $204,533 | 46% | $192,662 | 45% | 6% | | Direct to Consumer | $68,959 | 28% | $63,848 | 26% | 8% | | Liberty National | $33,446 | 34% | $31,072 | 34% | 8% | | Other | $33,136 | 66% | $32,741 | 64% | 1% | | **Total** | **$340,074**| **41%** | **$320,323**| **39%** | **6%** | [Health Insurance Results by Distribution Channel](index=7&type=section&id=Health%20Insurance%20Results%20by%20Distribution%20Channel) This section presents Globe Life's health insurance performance, categorized by distribution channel, including underwriting income, premiums, and net sales Health Underwriting Income (Thousands of USD) | Channel | 2025 Amount | 2025 Premium % | 2024 Amount | 2024 Premium % | Y-o-Y Change | | :----------------- | :---------- | :------------- | :---------- | :------------- | :----------- | | United American | $12,402 | 8% | $16,571 | 11% | (25)% | | Family Heritage | $40,927 | 35% | $36,611 | 35% | 12% | | Liberty National | $24,372 | 51% | $26,400 | 55% | (8)% | | American Income | $19,325 | 62% | $19,092 | 62% | 1% | | Direct to Consumer | $1,031 | 5% | $1,814 | 10% | (43)% | | **Total** | **$98,057** | **26%** | **$100,488**| **29%** | **(2)%** | Health Insurance Premiums (Thousands of USD) | Channel | June 30, 2025 | June 30, 2024 | Y-o-Y Change | | :----------------- | :------------ | :------------ | :----------- | | United American | $163,978 | $149,230 | 10% | | Family Heritage | $115,856 | $105,855 | 9% | | Liberty National | $47,631 | $47,705 | — | | American Income | $31,422 | $30,721 | 2% | | Direct to Consumer | $19,212 | $18,132 | 6% | | **Total** | **$378,099** | **$351,643** | **8%** | Health Insurance Net Sales (Thousands of USD) | Channel | June 30, 2025 | June 30, 2024 | Y-o-Y Change | | :----------------- | :------------ | :------------ | :----------- | | United American | $25,454 | $18,228 | 40% | | Family Heritage | $29,561 | $24,570 | 20% | | Liberty National | $8,182 | $8,356 | (2)% | | American Income | $4,749 | $5,792 | (18)% | | Direct to Consumer | $786 | $839 | (6)% | | **Total** | **$68,732** | **$57,785** | **19%** | [Producing Exclusive Agent Count](index=8&type=section&id=Producing%20Exclusive%20Agent%20Count) This section provides the average quarterly count of producing exclusive agents across Globe Life's key distribution channels Quarterly Average Producing Exclusive Agent Count | Channel | June 30, 2025 | June 30, 2024 | Y-o-Y Change | March 31, 2025 | | :----------------- | :------------ | :------------ | :----------- | :------------- | | American Income | 12,241 | 11,869 | 3% | 11,510 | | Liberty National | 3,882 | 3,700 | 5% | 3,688 | | Family Heritage | 1,498 | 1,361 | 10% | 1,417 | [Investment Performance and Portfolio](index=8&type=section&id=Investment%20Performance%20and%20Portfolio) Globe Life's investment division experienced a decline in excess investment income in Q2 2025, yet maintained a robust, predominantly investment-grade fixed-income portfolio with an improved effective yield [Excess Investment Income](index=8&type=section&id=Excess%20Investment%20Income) This section analyzes Globe Life's excess investment income, a key metric for evaluating the investment division's performance - Management uses excess investment income, defined as net investment income less accrued interest on policy liabilities, to evaluate the investment division's performance[32](index=32&type=chunk) Excess Investment Income (Thousands of USD) | Metric | June 30, 2025 | June 30, 2024 | Y-o-Y Change | | :------------------------- | :------------ | :------------ | :----------- | | Net Investment Income | $282,169 | $285,636 | (1)% | | Interest on Policy Liabilities | ($247,341) | ($242,845) | 2% | | **Excess Investment Income** | **$34,828** | **$42,791** | **(19)%** | | Excess Investment Income Per Share | $0.42 | $0.47 | (11)% | - Net investment income decreased by **1%**, while average invested assets remained largely flat; accrued interest on policy liabilities and average policy liabilities both increased by **2%**[36](index=36&type=chunk) [Investment Portfolio Composition](index=9&type=section&id=Investment%20Portfolio%20Composition) This section details the composition of Globe Life's investment portfolio, highlighting the dominance of fixed-income securities and their credit quality Investment Portfolio Book Value as of June 30, 2025 | Investment Type | Amount (Thousands of USD) | Percentage of Total | | :------------------------------- | :------------------------ | :------------------ | | Fixed Maturity Securities at Fair Value | $17,365,354 | 87% | | Mortgage Loans | $455,767 | 2% | | Policy Loans | $718,621 | 4% | | Other Long-Term Investments | $1,268,624 | 6% | | Short-Term Investments | $116,724 | 1% | | **Total** | **$19,925,090** | - | Fixed Maturity Securities Portfolio by Asset Class as of June 30, 2025 (Amortized Cost, Net of Credit Loss Allowance) | Asset Class | Investment Grade (Thousands of USD) | Below Investment Grade (Thousands of USD) | Total Amortized Cost, Net (Thousands of USD) | | :------------------------------- | :---------------------------------- | :---------------------------------------- | :------------------------------------------- | | Corporate Bonds | $14,628,153 | $491,174 | $15,119,327 | | Municipal Bonds | $3,303,151 | — | $3,303,151 | | Government, Agency, and GSEs | $450,798 | — | $450,798 | | Collateralized Debt Obligations | — | — | — | | Other Asset-Backed Securities | $64,518 | $11,648 | $76,166 | | **Total** | **$18,446,620** | **$502,822** | **$18,949,442** | - **97%** of fixed maturity securities were rated "investment grade" based on amortized cost (net of credit loss allowance) and fair value[41](index=41&type=chunk) - The annualized tax-equivalent effective yield for the fixed maturity securities portfolio was **5.29%** in Q2 2025, up from **5.26%** in the prior year period[41](index=41&type=chunk) [Investment Acquisitions](index=10&type=section&id=Investment%20Acquisitions) This section outlines Globe Life's investment acquisition activities, detailing fixed-income and other investment purchases during the period Fixed Maturity Acquisitions | Metric | June 30, 2025 | June 30, 2024 | | :-------------------------- | :------------ | :------------ | | Amount (Thousands of USD) | $263,252 | $240,669 | | Average Annual Effective Yield | 6.4% | 6.2% | | Average Rating | A | A | | Average Life (to next call) | 31.2 | 32.2 | | Average Life (to maturity) | 33.8 | 34.8 | Other Investment Acquisitions (Thousands of USD) | Investment Type | June 30, 2025 | June 30, 2024 | | :------------------- | :------------ | :------------ | | Limited Partnerships | $36,985 | $81,725 | | Mortgage Loans | $31,215 | $33,761 | | Common Stock | $1,342 | $2,044 | | Other Invested Assets | — | $1,500 | | **Total** | **$69,542** | **$119,030** | [Capital Management and Outlook](index=10&type=section&id=Capital%20Management%20and%20Outlook) Globe Life Inc. actively managed capital in Q2 2025 through share repurchases, maintaining strong liquidity and capital positions, and reaffirmed its full-year 2025 net operating income guidance [Share Repurchase Program](index=10&type=section&id=Share%20Repurchase%20Program) This section details Globe Life's share repurchase activities during the quarter, aimed at enhancing shareholder value - The company repurchased **1.9 million** shares of Globe Life Inc. common stock at a total cost of **$226 million**, with an average price of **$121.13** per share this quarter[48](index=48&type=chunk) [Liquidity and Capital Position](index=10&type=section&id=Liquidity%20and%20Capital%20Position) This section assesses Globe Life's liquidity and capital strength, emphasizing the stable cash flow generated by its core insurance operations - Globe Life's operations, primarily basic protection life and supplemental health insurance policies, generate strong and stable cash flows unaffected by stock market fluctuations[49](index=49&type=chunk) - The parent company maintains ample liquidity to meet additional capital requirements of its insurance subsidiaries[49](index=49&type=chunk) [Earnings Guidance for FY2025](index=10&type=section&id=Earnings%20Guidance%20for%20FY2025) This section provides Globe Life's reaffirmed earnings guidance for diluted net operating income per share for the full fiscal year 2025 - Globe Life anticipates diluted net operating income per share for the year ending December 31, 2025, to be between **$14.25** and **$14.65**, reaffirming previous guidance[50](index=50&type=chunk) [Additional Information](index=10&type=section&id=Additional%20Information) This section provides disclosures on non-GAAP financial measures, cautions regarding forward-looking statements and associated risks, and details for the upcoming earnings conference call webcast [Non-GAAP Measures Disclosure](index=10&type=section&id=Non-GAAP%20Measures%20Disclosure) This section clarifies the use of non-GAAP financial measures in Globe Life's press release, emphasizing their supplementary role to GAAP - Globe Life includes non-GAAP measures in its press release to enhance investor understanding of management's business perspective, serving as supplementary information rather than GAAP alternatives to increase transparency[51](index=51&type=chunk) [Caution Regarding Forward-Looking Statements](index=11&type=section&id=Caution%20Regarding%20Forward-Looking%20Statements) This section provides a cautionary statement regarding forward-looking information, outlining various factors that could cause actual results to differ materially - This press release may contain forward-looking statements as defined by federal securities laws, reflecting management's current expectations but not guaranteeing future performance[52](index=52&type=chunk) - Actual results could differ materially from forward-looking statements due to various foreseeable and unforeseeable events or developments, including economic conditions, regulatory changes, market trends, interest rate fluctuations, litigation outcomes, cybersecurity risks, and natural disasters[52](index=52&type=chunk) - The company expressly disclaims any obligation to update or revise any forward-looking statements due to new information, future developments, or otherwise[53](index=53&type=chunk) [Earnings Release Conference Call Webcast](index=12&type=section&id=Earnings%20Release%20Conference%20Call%20Webcast) This section provides details for accessing the live audio webcast of Globe Life's Q2 2025 earnings conference call and its subsequent replay - Globe Life will provide a live audio webcast of its Q2 2025 earnings conference call on July 24, 2025, at 11:00 AM ET[55](index=55&type=chunk) - The webcast and replay will be available on the "Calls and Meetings" page of the company's investor website at https://investors.globelifeinsurance.com[55](index=55&type=chunk) [Appendix: GAAP Condensed Consolidated Statements of Operations](index=13&type=section&id=Appendix%3A%20GAAP%20Condensed%20Consolidated%20Statements%20of%20Operations) This appendix presents Globe Life Inc.'s condensed consolidated GAAP statements of operations for Q2 and H1 2025, detailing key financial data including revenues, benefits, expenses, and net income GAAP Condensed Consolidated Statements of Operations (Thousands of USD) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :----------------------------------------- | :----------- | :----------- | :----------- | :----------- | | **Revenues:** | | | | | | Life insurance premiums | $839,544 | $815,482 | $1,669,407 | $1,619,747 | | Health insurance premiums | $378,099 | $351,643 | $747,890 | $692,662 | | Other premiums | — | — | — | — | | **Total premiums** | **$1,217,643** | **$1,167,125** | **$2,417,297** | **$2,312,409** | | Net investment income | $282,169 | $285,636 | $562,783 | $568,214 | | Realized gains (losses) | ($18,574) | ($12,589) | ($18,489) | ($24,388) | | Other income | $49 | $74 | $118 | $150 | | **Total revenues** | **$1,481,287** | **$1,440,246** | **$2,961,709** | **$2,856,385** | | **Benefits and Expenses:** | | | | | | Life policyholder benefits | $519,355 | $518,792 | $1,029,111 | $1,038,663 | | Health policyholder benefits | $229,924 | $205,423 | $463,853 | $407,750 | | Other policyholder benefits | $6,719 | $11,479 | $13,799 | $21,074 | | **Total policyholder benefits** | **$755,998** | **$735,694** | **$1,506,763** | **$1,467,487** | | Amortization of deferred acquisition costs | $111,401 | $101,915 | $216,916 | $201,393 | | Commissions, premium taxes, and non-deferred acquisition costs | $157,411 | $149,802 | $321,734 | $297,912 | | Other operating expenses | $108,293 | $99,108 | $217,039 | $192,322 | | Interest expense | $34,885 | $31,404 | $69,877 | $60,025 | | **Total benefits and expenses** | **$1,167,988** | **$1,117,923** | **$2,332,329** | **$2,219,139** | | Income before income taxes | $313,299 | $322,323 | $629,380 | $637,246 | | Income tax benefit (expense) | ($60,550) | ($63,968) | ($122,068) | ($124,674) | | **Net income** | **$252,749** | **$258,355** | **$507,312** | **$512,572** | | Basic net income per share | $3.09 | $2.83 | $6.13 | $5.53 | | Diluted net income per share | $3.05 | $2.83 | $6.07 | $5.51 |

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]

Core Insights - Investors in Globe Life Inc. (GL) should monitor stock movements due to significant activity in the options market, particularly the Aug 15, 2025 $95.00 Call which has high implied volatility [1] - Implied volatility indicates market expectations for future stock movement, suggesting potential upcoming events that could lead to significant price changes [2] - Analysts have mixed views on Globe Life, with one increasing earnings estimates while three have decreased them, resulting in a slight drop in the Zacks Consensus Estimate for the current quarter from $3.26 to $3.25 per share [3] Options Market Dynamics - The high implied volatility surrounding Globe Life shares may indicate a developing trading opportunity, as options traders often seek to sell premium on such options to capture decay [4] - Seasoned traders typically hope that the underlying stock does not move as much as initially expected by expiration, which aligns with the current market sentiment for Globe Life [4]

Analysts on Wall Street project that Globe Life (GL) will announce quarterly earnings of $3.25 per share in its forthcoming report, representing an increase of 9.4% year over year. Revenues are projected to reach $1.51 billion, increasing 3.7% from the same quarter last year.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted upward by 0.4% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Ah ...

Phone: at 1-786-697-3501 (passcode: Globe Life Inc.), or Online: under Calls and Meetings at: https://investors.globelifeinsurance.com/ You can also hear a replay of the conference call by using the same link above. MCKINNEY, Texas, July 21, 2025 /PRNewswire/ -- Globe Life Inc. (NYSE: GL) will announce its Second Quarter 2025 financial results after the market closes on Wednesday, July 23, 2025. At that time, a copy of the Company's Second Quarter 2025 earnings press release and any other financial and stat ...

Core Insights - Globe Life Inc. (GL) shares are trading at a discount compared to the Zacks Accident and Health Insurance industry, with a forward price-to-earnings multiple of 8.22X, lower than the industry average of 12.27X, the Finance sector's 16.72X, and the Zacks S&P 500 Composite's 22.52X [1] - Globe Life has a market capitalization of $9.7 billion and an average trading volume of 0.6 million shares over the last three months [1] - The company has shown solid upward momentum, with shares closing at $117.60, above the 200-day simple moving average of $116.79 [3] - Globe Life's shares have surged 41.5% over the past year, outperforming the industry growth of 24.2%, the Finance sector's 18.8%, and the Zacks S&P 500 composite's 10.1% [4][7] - The Zacks Consensus Estimate projects a 9.8% year-over-year increase in earnings per share for 2025, with revenues expected to reach $6.04 billion, reflecting a 4.6% improvement [5] - The average target price for Globe Life shares is $145, suggesting a potential upside of 19.7% from the last closing price [9] Financial Performance - Globe Life's trailing 12-month return on equity is 21.4%, exceeding the industry average of 15.5% [11] - The return on invested capital (ROIC) for the trailing 12 months is 12.7%, better than the industry average of 7.6%, indicating effective fund utilization [12] - Earnings have grown by 13.3% over the past five years, outperforming the industry average of 5.5% [8] Growth Drivers - Globe Life is experiencing revenue growth driven by premium increases in its Life Insurance and Health Insurance segments, as well as net investment income [13] - The American Income and Liberty National divisions are expected to contribute significantly to future top-line growth, with net life and health sales projected to grow in the mid-teens for Liberty National [14] - The company maintains a strong liquidity position and has targeted a consolidated Company Action Level RBC ratio of 300% to 320% for 2025, supporting its financial strength [16] Shareholder Value - Globe Life has consistently increased its dividend over the past eight years, with a compound annual growth rate (CAGR) of 7% [17] - The company's strong capital position allows for enhanced shareholder value through share buybacks and dividend payouts [16] Conclusion - Globe Life's combination of higher life and health sales, improved invested assets, increased productivity, strong liquidity, and effective capital deployment makes it an attractive investment opportunity [18] - The company holds a favorable VGM Score of B, indicating strong value, growth, and momentum compared to peers [18] - Higher return on capital, favorable growth estimates, and attractive valuations are expected to benefit the insurer in the long term [19]

Group 1 - iREIT® offers in-depth research on various investment vehicles including REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, Builders, and Asset Managers, with a tracker that covers over 250 tickers [1] - The investment group iREIT®+HOYA Capital, led by Brad and HOYA Capital, focuses on income-oriented alternatives and has a team of analysts with over 100 years of combined experience [2] - Brad Thomas has extensive experience in real estate investing, having been involved in over $1 billion in commercial real estate transactions and is a published author [3]