Globe Life(GL) - 2024 Q4 - Annual Results

Financial Performance - Net income for Q4 2024 was $3.01 per diluted common share, up from $2.88 in Q4 2023, representing a 4.5% increase [2] - Net operating income for Q4 2024 was $3.14 per diluted common share, compared to $2.80 in Q4 2023, reflecting a 12.1% increase [2] - For the full year 2024, net income increased by 18.5% to $11.94 per diluted common share from $10.07 in 2023 [3] - Net operating income for the year ended December 31, 2024, was $12.37 per diluted common share, an increase of 16.8% from $10.65 in 2023 [3] - Net income for Q4 2024 was $255,196,000, a decrease of 7.2% from $274,802,000 in Q4 2023 [59] - Basic net income per common share was $3.04, compared to $2.92 in the prior year, reflecting a growth of 4.1% [59] Revenue Growth - Total revenue for Q4 2024 was $822,962,000, representing a 4% increase from $794,815,000 in Q4 2023 [27] - Total revenue for Q4 2024 was $1,466,277,000, an increase of 3.6% from $1,415,691,000 in Q4 2023 [59] - For the year ended December 31, 2024, total revenue was $5,778,069,000, a 6.1% increase from $5,447,533,000 in 2023 [59] Sales and Premiums - Life net sales at the American Income Life Division increased by 22% year-over-year, while life premiums rose by 7% [6] - Health net sales at the Family Heritage Division increased by 6%, with premiums up by 8% compared to the previous year [6] - Life net sales increased by 11% to $144,929,000 in Q4 2024, compared to $130,418,000 in Q4 2023 [27] - Health premium revenue rose by 7% to $358,308,000 in Q4 2024, compared to $335,857,000 in Q4 2023 [29] - Life premium revenue reached $822,962,000, up 3.5% from $794,815,000 year-over-year [59] - Health premium revenue increased to $358,308,000, a rise of 6.7% compared to $335,857,000 in the same quarter last year [59] Investment Income - Net investment income grew by 4% compared to the year-ago quarter [6] - The net investment income for Q4 2024 was $282,453,000, a 4% increase from $271,609,000 in Q4 2023 [36] - The company reported net investment income of $282,453,000, up 4.3% from $271,609,000 year-over-year [59] - Excess investment income increased by 7% to $38,325,000 in Q4 2024, from $35,824,000 in Q4 2023 [36] Agent Performance - The average producing agent count increased by 7% at the American Income Life Division and by 11% at both the Liberty National and Family Heritage Divisions [6] - The average producing agent count for American Income increased by 7% to 11,926 in Q4 2024, compared to 11,131 in Q4 2023 [31] Underwriting and Expenses - Insurance underwriting income for Q4 2024 was $337,984,000, a 3% increase from $327,825,000 in Q4 2023 [23] - The ratio of administrative expenses to premium was 7.7% for Q4 2024, compared to 6.8% for the same quarter last year [23] - Total policyholder benefits amounted to $738,772,000, an increase of 2.6% from $719,770,000 in Q4 2023 [59] - Interest expense rose to $35,679,000, an increase of 39.0% from $25,676,000 in Q4 2023 [59] Share Repurchase and Future Projections - Globe Life repurchased 337,821 shares at a total cost of $36 million during Q4 2024, with an average share price of $105.37 [49] - The company projects net operating income between $13.45 to $14.05 per diluted common share for the year ending December 31, 2025 [51] Investment Portfolio - Fixed maturities at fair value amounted to $17,155,012,000, representing 88% of the total investment portfolio as of December 31, 2024 [40] Remeasurement Gains - The company experienced a total remeasurement gain of $19.1 million for Q4 2024, compared to a gain of $12.9 million in Q4 2023 [59]