MCKINNEY, Texas, Oct. 21, 2026 /PRNewswire/ -- Globe Life Inc. (NYSE: GL) reported today that for the quarter ended September 30, 2026, net income was $4.62 per diluted common share, compared with $4.73 per diluted common share for the year-ago quarter. Net operating income was $4.84 per diluted common share, compared with $4.81 per diluted common share for the year-ago quarter.
HIGHLIGHTS:
- Net income as an ROE(1) was 19.7% for the nine months ended September 30, 2026. Book value per share was $85.35, an increase of 23% over the year-ago quarter.
- Net operating income as an ROE(1) excluding accumulated other comprehensive income (AOCI) was 15.9% for the nine months ended September 30, 2026. Book value per share excluding AOCI was $103.62, 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 4% and life underwriting margin(1) increased 3% over the year-ago quarter.
- At the Liberty National Division, life net sales increased 7% and life premium increased 4% over the year-ago quarter. Additionally, the average producing agent count increased 9% over the year-ago quarter.
- At the Family Heritage Division, health underwriting margin(1) increased 12%, health premium increased 8%, and health net sales increased 5% 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 $185 million.
(1) The Company updates reserve assumptions in the third quarter each year. The results include the impact of this assumption update as a before tax remeasurement gain or loss. The current period includes a remeasurement gain due to
assumption updates of $120.5 million ($96.4 million and $24.1 million gain related to Life and Health respectively) as compared assumption related remeasurement gains of $134.3 million ($130.9 and $3.4 million gains related to
Life and Health respectively) in the year ago quarter. These amounts, along with experience related adjustments, are included within the remeasurement gain or loss in the Condensed Consolidated Statement of Operations.
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--Q3 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 September 30, 2026 and 2025:
Operating Summary
Per Share
Three Months Ended Three Months Ended
September 30, September 30,
2026 2025 % 2026 2025 %
Chg. Chg.
Insurance underwriting income(2) $6.16 $6.13 $481,832 $503,135 (4)
Excess investment income(2) 0.49 0.45 9 37,945 36,883 3
Interest on debt (0.48) (0.44) 9 (37,814) (36,134) 5
Parent company expense (0.04) (0.05) (2,875) (4,105)
Income tax expense (1.16) (1.16) (90,474) (95,242) (5)
Stock compensation benefit (expense), net of tax (0.12) (0.13) (9,776) (10,317)
Net operating income 4.84 4.81 1 378,838 394,220 (4)
Reconciling items, net of tax:
Realized gain (loss) (0.13) (0.05) (9,964) (3,939)
Non-operating expenses (0.01) (939) (393)
Legal proceedings (0.09) (0.02) (6,828) (2,045)
Net income
(3) $4.62 $4.73 $361,107 $387,843
Weighted average diluted shares outstanding 78,225 82,015
(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--Q3 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.
Nine Months Ended
September 30,
2026 2025
Net income $919,380 $895,155
Net operating income 937,043 924,652
Net income as an ROE(1) 19.7 % 21.9 %
Net operating income as an ROE (excluding AOCI)(1) 15.9 % 16.6 %
September 30,
2026 2025
Shareholders' equity $6,618,484 $5,689,088
Impact of adjustment to exclude AOCI 1,416,943 1,972,891
Shareholders' equity, excluding AOCI $8,035,427 $7,661,979
Book value per share $85.35 $69.52
Impact of adjustment to exclude AOCI 18.27 24.11
Book value per share, excluding AOCI $103.62 $93.63
(1) Calculated using average shareholders' equity for the measurement period. Refer to Note (1), page 1, regarding the impact of the annual reserve assumption update
on net income and net operating income.
GLOBE LIFE INC.
Earnings Release--Q3 2026
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
INSURANCE OPERATIONS:
Life insurance accounted for 80% of the Company's insurance underwriting margin for the quarter and 66% of total premium revenue.
Health insurance accounted for 20% 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 September 30, 2026 and 2025:
Insurance Premium Revenue
Quarter Ended
September 30, September 30,
2026 2025 %
Chg.
Life insurance $864,552 $844,483 2
Health insurance 446,857 386,524 16
Total $1,311,409 $1,231,007 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 September 30, 2026 and 2025:
Insurance Underwriting Income
Quarter Ended
September 30, % of September 30,
2026 2025 % of %
Premium Premium Chg.
Insurance underwriting margins:
Life $458,168 53 $481,608 57 (5)
Health 115,637 26 108,374 28 7
573,805 589,982 (3)
Annuity and other income 3,184 2,920
Administrative expenses (95,157) (89,767)
Insurance underwriting income $481,832 $503,135 (4)
Per share $6.16 $6.13
The ratio of administrative expenses to premium was 7.3%, same as the year-ago quarter.
GLOBE LIFE INC.
Earnings Release--Q3 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
September 30,
2026 2025
Amount % of Premium Amount % of Premium % Chg.
American Income $268,457 57 $261,123 58 3
Direct to Consumer 113,064 47 113,744 46 (1)
Liberty National 50,999 50 (1) 70,290 72 (1) (27)
Other 25,648 52 (2) 36,451 73 (2) (30)
Total $458,168 53 $481,608 57 (5)
(1) The decrease was due primarily to fluctuations in assumption updates. The margin excluding the impact of assumption updates for the third quarter of 2026 was 36.3%,
compared to 35.9% in the year-ago quarter.
(2) The decrease was due primarily to fluctuations in assumption updates. The margin excluding the impact of assumption updates for the third quarter of 2026 was 59.6%,
compared to 65.3%
in the year-ago quarter.
Life Premium
Quarter Ended
September 30,
2026 2025 %
Chg.
American Income $470,362 $451,214 4
Direct to Consumer 243,083 244,828 (1)
Liberty National 102,000 98,190 4
Other 49,107 50,251 (2)
Total $864,552 $844,483 2
Life Net Sales
(1)
Quarter Ended
September 30,
2026 2025 %
Chg.
American Income $96,611 $96,520
Direct to Consumer 24,023 27,176 (12)
Liberty National 25,978 24,296 7
Other 2,480 2,546 (3)
Total $149,092 $150,538 (1)
(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.
GLOBE LIFE INC.
Earnings Release--Q3 2026
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
HEALTH INSURANCE RESULTS BY DISTRIBUTION CHANNEL
Health Underwriting Margin
Quarter Ended
September 30,
2026 2025
Amount % of Amount % of % Chg.
Premium Premium
United American $(6,371) (3) (1) $16,098 9 (1)
Family Heritage 56,754 44 50,609 43 12
Liberty National 25,391 55 24,816 52 2
American Income 37,850 120 (2) 14,839 47 (2) 155
Direct to Consumer 2,013 10 2,012 10
Total $115,637 26 $108,374 28 7
(1) The underwriting loss was due primarily to an underwriting loss at Evry of approximately $16 million and a claims processing delay at the Centers for Medicare and Medicaid Services which resulted in approximately $7 million of
excess prior period Medicare Supplement claims during the third quarter.
(2) The increase in underwriting margin as a percentage of premium was due primarily to fluctuations in assumption updates. The margin excluding the impact of assumption updates for the third quarter of 2026 was 65.4%, compared to
59.7% in the year-ago quarter.
Health Premium
Quarter Ended
September 30,
2026 2025 %
Chg.
United American $219,340 $169,735 29
Family Heritage 128,625 118,640 8
Liberty National 46,557 47,270 (2)
American Income 31,491 31,693 (1)
Direct to Consumer 20,844 19,186 9
Total $446,857 $386,524 16
Health Net Sales
(1)
Quarter Ended
September 30,
2026 2025 %
Chg.
United American $47,687 $24,504 95
Family Heritage 34,645 33,063 5
Liberty National 7,374 8,482 (13)
American Income 3,888 4,623 (16)
Direct to Consumer 517 745 (31)
Total $94,111 $71,417 32
(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.
GLOBE LIFE INC.
Earnings Release--Q3 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 Ended Quarter Ended
September 30, June 30,
2026 2025 % Chg. 2026
American Income 11,331 12,230 (7) 11,391
Liberty
National 4,187 3,847 9 4,194
Family Heritage 1,565 1,553 1 1,608
(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
September 30,
2026 2025 %
Chg.
Net investment income $295,895 $286,013 3
Required interest on policy liabilities(1) (257,950) (249,130) 4
Excess investment income $37,945 $36,883 3
Per share $0.49 $0.45 9
(1) Interest on policy liabilities, at original discount rates, is a component of total
policyholder benefits, a GAAP measure.
Net investment income and average invested assets both increased 3%. Required interest on policy liabilities and average policy liabilities both increased 4%.
GLOBE LIFE INC.
Earnings Release--Q3 2026
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
The composition of the investment portfolio at book value at September 30, 2026 is as follows:
Investment Portfolio
As of
September 30, 2026
Amount % of
Total
Fixed maturities at fair value(1) $16,873,879 86
Mortgage loans 459,302 2
Policy loans 771,652 4
Other long-term investments(2) 1,433,301 7
Short-term investments 95,244 1
Total $19,633,378
(1) As of September 30, 2026, fixed maturities at amortized cost were $19.6 billion, net of $3.3 million of
allowance for credit losses.
(2) Includes $1.06 billion of investments accounted for under the fair value option which have a cost of $1.05
billion as of September 30, 2026.
Fixed maturities at amortized cost, net of allowance for credit losses, by asset class as of September 30, 2026 are as follows:
Fixed Maturity Portfolio by Sector
As of
September 30, 2026
Investment Below Total
Grade Investment Amortized
Grade Cost, net
Corporate bonds $14,884,822 $518,004 $15,402,826
Municipals 3,476,434 1,958 3,478,392
Government, agencies, and GSEs(1) 466,313 466,313
Other asset-backed securities 160,911 52,649 213,560
Total $18,988,480 $572,611 $19,561,091
(1) Government-Sponsored
Enterprises
Below are fixed maturities available for sale by amortized cost, allowance for credit losses, and fair value at September 30, 2026 and the corresponding amounts of net unrealized gains and losses recognized in accumulated other comprehensive income (loss).
As of Amortized Allowance for Net Unrealized Fair
Credit Losses Gains (Losses)
Cost Value
September 30,
2026 $19,564,388 $(3,297) $(2,687,212) $16,873,879
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 5.33% during the third quarter of 2026, compared with 5.26% in the year-ago quarter.
Globe Life is not a party to any credit default swaps and does not participate in securities lending.
GLOBE LIFE INC.
Earnings Release--Q3 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
September 30,
2026 2025
Amount $832,540 $279,333
Average annual effective yield 6.4 % 6.3 %
Average rating
A A+
Average life (in years) to:
Next call 32.5 21.8
Maturity 34.9 29.3
Other Investment Acquisitions
Quarter Ended
September 30,
2026 2025
Limited partnerships $23,069 $34,143
Mortgage loans 70,172 51,886
Common stock 970 751
Total $94,211 $86,780
SHARE REPURCHASES:
During the quarter, the Company repurchased 1.1 million shares of Globe Life Inc. common stock at a total cost of $185 million and an average share price of $175.61. The Company expects to spend $725 million to $775 million to repurchase common stock for the full year 2026, compared to the previous guidance of $670 million to $700 million.
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.
EARNINGS GUIDANCE FOR THE YEAR ENDING DECEMBER 31, 2026 and 2027:
The Company adjusted full-year 2026 earnings guidance to a range of $15.35 to $15.65 due to two items impacting the results at our United American General Agency division, rather than a fundamental change in our underlying core business: high-severity claims at Evry, a developing group health business still growing and scaling to a size that will enable stable results, and a claims processing delay at the Centers for Medicare and Medicaid Services which resulted in excess Medicare Supplement claims during the third quarter. For the year ending December 31, 2027, we estimate that net operating income per share will be in the range of $16.10 to $17.10, an increase of 7.1% at the midpoint.
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."
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.
EARNINGS RELEASE CONFERENCE CALL WEBCAST:
Globe Life will provide a live audio webcast of its third quarter 2026 earnings release conference call with financial analysts at 11:00 am (Eastern) tomorrow, October 22, 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."
APPENDIX
GLOBE LIFE INC.
GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended Nine Months Ended
September 30, September 30,
2026 2025 2026 2025
Revenue:
Life premium $864,552 $844,483 $2,578,524 $2,513,890
Health premium 446,857 386,524 1,300,620 1,134,414
Total premium 1,311,409 1,231,007 3,879,144 3,648,304
Net investment income 295,895 286,013 879,539 848,796
Realized gains (losses) (12,612) (4,987) (6,952) (23,476)
Other income 1,245 955 3,555 1,073
Total revenue 1,595,937 1,512,988 4,755,286 4,474,697
Benefits and expenses:
Life policyholder benefits(1) 414,701 381,511 1,447,510 1,410,622
Health policyholder benefits(2) 272,129 227,940 812,875 691,793
Other policyholder benefits 7,268 7,171 21,548 20,970
Total policyholder benefits 694,098 616,622 2,281,933 2,123,385
Amortization of deferred acquisition costs 124,654 114,074 363,473 330,990
Commissions, premium taxes, and non-deferred acquisition costs 174,863 157,494 518,503 479,228
Other operating expense 123,274 111,562 353,260 328,601
Interest expense 37,814 36,134 107,864 106,011
Total benefits and expenses 1,154,703 1,035,886 3,625,033 3,368,215
Income before income taxes 441,234 477,102 1,130,253 1,106,482
Income tax benefit (expense) (80,127) (89,259) (210,873) (211,327)
Net income $361,107 $387,843 $919,380 $895,155
Basic net income per common share $4.71 $4.81 $11.86 $10.91
Diluted net income per common share $4.62 $4.73 $11.64 $10.77
(1) Net of total remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments, gain of $116.7 million before tax for the three months ended September 30, 2026 and a total
remeasurement gain of $149.5 million before tax for the same period in 2025. Net of total remeasurement gain of $159.1 million for the nine months ended September 30, 2026, and a total remeasurement gain of $174.7 million for the
same period in 2025.
(2) Net of total remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments, gain of $29.1 million before tax for the three months ended September 30, 2026 and a total
remeasurement gain of $8.8 million before tax for the same period in 2025. Net of a total remeasurement gain of $36.5 million for the nine months ended September 30, 2026, and a total remeasurement gain of $13.2 million for the
same period in 2025.
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SOURCE Globe Life Inc.
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