MCKINNEY, Texas, Feb. 4, 2026 /PRNewswire/ -- Globe Life Inc. (NYSE: GL) reported today that for the quarter ended December 31, 2025, net income was $3.29 per diluted common share, compared with $3.01 per diluted common share for the year-ago quarter. Net operating income for the quarter was $3.39 per diluted common share, compared with $3.14 per diluted common share for the year-ago quarter.
Net income for the year ended December 31, 2025 was $14.07 per diluted common share, compared with $11.94 per diluted common share for the year-ago period. Net operating income for the year ended December 31, 2025 was $14.52 per diluted common share compared with $12.37 per diluted common share for the year-ago period, and above the midpoint of our previous guidance.
HIGHLIGHTS:
- Net income as an ROE was 20.9% for the twelve months ended December 31, 2025. Net operating income as an ROE excluding accumulated other comprehensive income (AOCI) was 16.0% for the same period.
- For the full year, net income and net operating income both increased 8%.
- At the American Income Life Division, life net sales increased 10% and life premium increased 6% over the year-ago quarter.
- At the Liberty National Division, life net sales increased 6% and life premiums increased 4%. The average producing agent count increased 6% over the year-ago quarter.
- At the Family Heritage Division, health net sales increased 15% and premiums increased 10% over the year-ago quarter. Additionally, the average producing agent count increased 8% over the year-ago quarter.
- At the Direct to Consumer Division, life net sales increased 24% over the year-ago quarter.
- At the United American Division, health net sales increased from $30 million to approximately $77 million over the year-ago quarter.
- 1.3 million shares of Globe Life Inc. common stock were repurchased during the quarter.
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--Q4 2025
(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 December 31, 2025 and 2024:
Operating Summary
Per Share
Three Months Ended Three Months Ended
December 31, December 31,
2025 2024 % 2025 2024 %
Chg. Chg.
Insurance underwriting income(2) $4.45 $3.99 12 $359,738 $337,984 6
Excess investment income(2) 0.38 0.45 (16) 30,812 38,325 (20)
Interest on debt (0.44) (0.42) 5 (35,210) (35,679) (1)
Parent company expense (0.04) (0.04) (3,472) (3,234)
Income tax expense (0.83) (0.72) 15 (67,246) (61,150) 10
Stock compensation benefit (expense), net of tax (0.13) (0.12) (10,887) (10,437)
Net operating income 3.39 3.14 8 273,735 265,809 3
Reconciling items, net of tax:
Realized gain (loss) (0.04) 0.02 (3,406) 1,890
Non-operating expenses (0.02) (1,332) (13)
Legal proceedings (0.04) (0.15) (2,914) (12,490)
Net income(3) $3.29 $3.01 $266,083 $255,196
Weighted average diluted shares outstanding 80,802 84,749
(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--Q4 2025
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
The following table represents Globe Life's operating summary for the year ended December 31, 2025 and 2024:
Operating Summary
Per Share
Year Ended December 31, Year Ended December 31,
2025 2024 % 2025 2024 %
Chg. Chg.
Insurance underwriting income(1) $18.82 $15.51 21 $1,553,364 $1,390,226 12
Excess investment income(1) 1.68 1.83 (8) 138,393 164,404 (16)
Interest on debt (1.71) (1.42) 20 (141,221) (127,092) 11
Parent company expense (0.17) (0.14) (14,182) (12,400)
Income tax expense (3.58) (3.05) 17 (295,441) (273,121) 8
Stock compensation benefit (expense), net of tax (0.52) (0.37) (42,526) (33,033)
Net operating income 14.52 12.37 17 1,198,387 1,108,984 8
Reconciling items, net of tax:
Realized gain (loss)-investments (0.27) (0.21) (21,952) (19,108)
Non-operating expenses (0.02) (0.02) (1,725) (2,070)
Legal proceedings (0.16) (0.19) (13,472) (17,044)
Net income(2) $14.07 $11.94 $1,161,238 $1,070,762
Weighted average diluted shares outstanding 82,525 89,661
(1)
Definitions included within this document.
(2) A GAAP-basis condensed consolidated statement of operations is included in the
appendix of this report.
GLOBE LIFE INC.
Earnings Release--Q4 2025
(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.
Year Ended
December 31,
2025 2024
Net income $1,161,238 $1,070,762
Net operating income 1,198,387 1,108,984
Net income as an ROE(1) 20.9 % 21.7 %
Net operating income as an ROE (excluding AOCI)(1) 16.0 % 15.1 %
December 31,
2025 2024
Shareholders' equity $5,974,579 $5,305,520
Impact of adjustment to exclude AOCI 1,771,444 2,029,720
Shareholders' equity, excluding AOCI $7,746,023 $7,335,240
Book value per share $74.17 $62.50
Impact of adjustment to exclude AOCI 21.99 23.90
Book value per share, excluding AOCI $96.16 $86.40
(1) Calculated using average shareholders' equity for the
measurement period.
GLOBE LIFE INC.
Earnings Release--Q4 2025
(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 68% of total premium revenue.
Health insurance accounted for 22% of the Company's insurance underwriting margin for the quarter and 32% of total premium revenue.
Net sales of life insurance increased 11% for the quarter, and net health sales increased 71%.
The following table summarizes Globe Life's premium revenue by product type for the three months ended December 31, 2025 and 2024:
Insurance Premium Revenue
Quarter Ended
December 31, December 31, %
2025 2024
Chg.
Life insurance $849,580 $822,962 3
Health insurance 392,336 358,308 9
Total $1,241,916 $1,181,270 5
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 December 31, 2025 and 2024:
Insurance Underwriting Income
Quarter Ended
December 31, % of December 31, % of %
2025 2024
Premium Premium Chg.
Insurance underwriting margins:
Life $350,415 41 $336,080 41 4
Health 98,976 25 91,202 25 9
449,391 427,282 5
Annuity and other income 2,579 2,060
Administrative expenses (92,232) (91,358)
Insurance underwriting income $359,738 $337,984 6
Per share $4.45 $3.99 12
The ratio of administrative expenses to premium was 7.4%, compared with 7.7% for the year-ago quarter.
GLOBE LIFE INC.
Earnings Release--Q4 2025
(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
December 31,
2025 2024
Amount % of Amount % of % Chg.
Premium Premium
American Income $208,263 46 $198,970 46 5
Direct to Consumer 73,710 30 71,236 29 3
Liberty National 35,835 36 33,650 36 6
Other 32,607 65 32,224 64 1
Total $350,415 41 $336,080 41 4
Life Premium
Quarter Ended
December 31,
2025 2024 %
Chg.
American Income $456,765 $432,792 6
Direct to Consumer 244,355 245,218
Liberty National 98,459 94,462 4
Other 50,001 50,490 (1)
Total $849,580 $822,962 3
Life Net Sales(1)
Quarter Ended
December 31,
2025 2024 %
Chg.
American Income $102,379 $93,343 10
Direct to Consumer 28,580 23,059 24
Liberty National 27,872 26,316 6
Other 2,320 2,211 5
Total $161,151 $144,929 11
(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 the rate 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--Q4 2025
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
HEALTH INSURANCE RESULTS BY DISTRIBUTION CHANNEL
Health Underwriting Margin
Quarter Ended
December 31,
2025 2024
Amount % of Amount % of % Chg.
Premium Premium
United American $7,895 5 $5,464 4 44
Family Heritage 44,157 36 39,997 36 10
Liberty National 27,229 57 26,852 56 1
American Income 18,795 60 18,788 61
Direct to Consumer 900 5 101 1 791
Total $98,976 25 $91,202 25 9
Health Premium
Quarter Ended
December 31,
2025 2024 %
Chg.
United American $173,197 $151,399 14
Family Heritage 121,213 110,589 10
Liberty National 47,645 47,769
American Income 31,141 30,628 2
Direct to Consumer 19,140 17,923 7
Total $392,336 $358,308 9
Health Net Sales(1)
Quarter Ended
December 31,
2025 2024 %
Chg.
United American $76,810 $30,116 155
Family Heritage 30,871 26,761 15
Liberty National 8,879 8,910
American Income 4,695 5,151 (9)
Direct to Consumer 4,530 2,698 68
Total $125,785 $73,636 71
(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 the rate 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--Q4 2025
(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
December 31, September 30,
2025 2024 % 2025
Chg.
American
Income 11,699 11,926 (2) 12,230
Liberty
National 3,965 3,743 6 3,847
Family
Heritage 1,640 1,512 8 1,553
(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
December 31,
2025 2024 %
Chg.
Net investment income $281,402 $282,453
Interest on policy
liabilities(1) (250,590) (244,128) 3
Excess investment income $30,812 $38,325 (20)
Per share $0.38 $0.45 (16)
(1) Interest on policy liabilities, at original discount rates, is a component of total
policyholder benefits, a GAAP measure.
Net investment income was relatively flat and average invested assets increased 1%. Required interest on policy liabilities and average policy liabilities both increased approximately 3%.
GLOBE LIFE INC.
Earnings Release--Q4 2025
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
The composition of the investment portfolio at book value at December 31, 2025 is as follows:
Investment Portfolio
As of
December 31, 2025
Amount % of Total
Fixed maturities at fair value(1) $17,589,342 86
Mortgage loans 428,517 2
Policy loans 741,375 4
Other long-term investments(2) 1,396,064 7
Short-term investments 314,711 2
Total $20,470,009
(1) As of December 31, 2025, fixed maturities at amortized cost were $18.8 billion, net of $3.3 million of
allowance for credit losses.
(2) Includes $1.11 billion of investments accounted for under the fair value option which have a cost of $1.10
billion as of December 31, 2025.
Fixed maturities at amortized cost, net of allowance for credit losses, by asset class as of December 31, 2025 are as follows:
Fixed Maturity Portfolio by Sector
As of
December 31, 2025
Investment Below Total
Grade Investment Amortized
Grade Cost, net
Corporate bonds $14,375,201 $487,881 $14,863,082
Municipals 3,383,472 1,961 3,385,433
Government, agencies, and GSEs(1) 456,618 456,618
Other asset-backed securities 80,544 31,490 112,034
Total $18,295,835 $521,332 $18,817,167
(1) Government-Sponsored
Enterprises
Below are fixed maturities available for sale by amortized cost, allowance for credit losses, and fair value at December 31, 2025 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
Cost (Losses) Value
December 31,
2025 $18,820,464 $(3,297) $(1,227,825) $17,589,342
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 5.29% during the fourth quarter of 2025, compared with 5.27% 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--Q4 2025
(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
December 31,
2025 2024
Amount $130,708 $377,772
Average annual effective yield 6.2 % 5.8 %
Average rating
A-
A-
Average life (in years) to:
Next call 23.1 28.1
Maturity 26.8 34.8
Other Investment Acquisitions
Quarter Ended
December 31,
2025 2024
Limited partnerships $123,573 $12,365
Mortgage loans 21,245 39,850
Common stock 601 2,081
Company owned life insurance 35,000
Total $180,419 $54,296
SHARE REPURCHASE:
During the quarter, the Company repurchased 1.3 million shares of Globe Life Inc. common stock at a total cost of $170 million and an average share price of $134.44.
For the year ended December 31, 2025, the Company repurchased 5.4 million shares of Globe Life Inc. common stock at a total cost of $685 million and an average share price of $126.41.
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 ENDED DECEMBER 31, 2026:
Globe Life projects net operating income between $14.95 to $15.65 per diluted common share for the year ending December 31, 2026, an increase from the previous guidance.
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) Interest rate changes that affect product sales, financing costs, and/or investment yields;
5) 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;
6) Changes in the competitiveness of the Company's products and pricing;
7) Litigation results;
8) 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);
9) The ability to obtain timely and appropriate premium rate increases for health insurance policies from our regulators;
10) The ability of our subsidiaries to pay dividends to the Parent Company and to receive required regulatory approvals on such amounts;
11) The customer response to new products and marketing initiatives;
12) Reported amounts in the consolidated financial statements which are based on management estimates and judgments which may differ from the actual amounts ultimately realized;
13) 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;
14) The Company's ability to attract and retain agents;
15) 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
16) 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 fourth quarter 2025 earnings release conference call with financial analysts at 11:00 am (Eastern) tomorrow, February 5, 2026. Access to the live webcast and replay will be available at https://investors.globelifeinsurance.comon 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 Year Ended
December 31, December 31,
2025 2024 2025 2024
Revenue:
Life premium $849,580 $822,962 $3,363,470 $3,261,347
Health premium 392,336 358,308 1,526,750 1,404,925
Total premium 1,241,916 1,181,270 4,890,220 4,666,272
Net investment income 281,402 282,453 1,130,198 1,135,631
Realized gains (losses) (4,312) 2,392 (27,788) (24,188)
Other income 615 162 1,688 354
Total revenue 1,519,621 1,466,277 5,994,318 5,778,069
Benefits and expenses:
Life policyholder benefits(1) 514,307 507,812 1,924,929 2,000,977
Health policyholder benefits(2) 239,348 221,901 931,141 851,577
Other policyholder benefits 7,254 9,059 28,224 41,889
Total policyholder benefits 760,909 738,772 2,884,294 2,894,443
Amortization of deferred acquisition costs 116,770 104,298 447,760 410,001
Commissions, premium taxes, and non-deferred acquisition costs 163,472 153,148 642,700 600,753
Other operating expense 113,767 121,947 442,368 419,143
Interest expense 35,210 35,679 141,221 127,092
Total benefits and expenses 1,190,128 1,153,844 4,558,343 4,451,432
Income before income taxes 329,493 312,433 1,435,975 1,326,637
Income tax benefit (expense) (63,410) (57,237) (274,737) (255,875)
Net income $266,083 $255,196 $1,161,238 $1,070,762
Basic net income per common share $3.35 $3.04 $14.27 $11.99
Diluted net income per common share $3.29 $3.01 $14.07 $11.94
(1) Net of total remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments,
resulting in a gain of $17.5 million for the three months ended December 31, 2025, and a total remeasurement gain of $19.1 million for
the same period in 2024. Net of total remeasurement gain of $192.2 million for the year ended December 31, 2025, and a total
remeasurement gain of $107.0 million for the same period in 2024.
(2) Net of a total remeasurement, including both the impact of assumption changes and the effect of actual to expected experience
adjustments, resulting in a gain of $6.9 million for the three months ended December 31, 2025, and a total remeasurement loss of $0.1
million for the same period in 2024. Net of a total remeasurement gain of $20.1 million for the year ended December 31, 2025, and a
total remeasurement loss of $3.2 million for the same period in 2024.
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SOURCE Globe Life Inc.
Mike Majors, Executive Vice President - Chief Strategy Officer, 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