HIGHLIGHTS:
Net income as an ROE was 17.9% for the three months ended March 31, 2026. Book value per share was $77.03, an increase of 19% over the year-ago quarter.
Net operating income as an ROE excluding accumulated other comprehensive income (AOCI) was 14.0% for the three months ended March 31, 2026. Book value per share excluding AOCI was $98.56, an increase of 12% over the year-ago quarter.
Net income per share increased 13% and net operating income per share increased 12% over the year-ago quarter.
Life net sales grew at each division, resulting in a 6% increase in total life net sales over the year-ago quarter.
At the American Income Life Division, life underwriting margin increased 7%, life premium increased 5%, and life net sales increased 3% over the year-ago quarter.
At the Liberty National Division, life net sales increased 13% and life underwriting margin increased 11% over the year-ago quarter. Additionally, the average producing agent count increased 9% over the year-ago quarter.
At the Family Heritage Division, health net sales increased 22%, health underwriting margin increased 11%, and health premium increased 10% over the year-ago quarter. Additionally, the average producing agent count increased 10% over the year-ago quarter.
At the Direct to Consumer Division, life underwriting margin increased 15% and life net sales increased 8% over the year-ago quarter.
At the United American Division, health net sales increased from $28 million to approximately $62 million and health underwriting margin increased from approximately $2 million to $5 million over the year-ago quarter. Health premium increased 22% over the year-ago quarter.
1.4 million shares of Globe Life Inc. common stock were repurchased during the quarter at a total cost of $203 million.
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—Q1 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 March 31, 2026 and 2025:
Operating Summary
Per Share
Three Months Ended
March 31,
Three Months Ended
March 31,
2026
2025
%
Chg.
2026
2025
%
Chg.
Insurance underwriting income(2)
$ 4.42
$ 3.98
11
$ 352,405
$ 336,315
5
Excess investment income(2)
0.46
0.42
10
36,654
35,870
2
Interest on debt
(0.43)
(0.41)
5
(34,000)
(34,992)
(3)
Parent company expense
(0.04)
(0.04)
(3,533)
(3,050)
Income tax expense
(0.85)
(0.77)
10
(67,703)
(64,891)
4
Stock compensation benefit (expense), net of tax
(0.13)
(0.12)
(10,303)
(9,915)
Net operating income
3.43
3.07
12
273,520
259,337
5
Reconciling items, net of tax:
Realized gain (loss)
(0.01)
—
(1,167)
67
Non-operating expenses
—
—
(72)
—
Legal proceedings
(0.02)
(0.06)
(1,755)
(4,841)
Net income(3)
$ 3.39
$ 3.01
$ 270,526
$ 254,563
Weighted average diluted shares outstanding
79,741
84,480
(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—Q1 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.
Three Months Ended
March 31,
2026
2025
Net income
$ 270,526
$ 254,563
Net operating income
273,520
259,337
Net income as an ROE(1)
17.9 %
19.0 %
Net operating income as an ROE (excluding AOCI)(1)
14.0 %
14.1 %
March 31,
2026
2025
Shareholders' equity
$ 6,084,596
$ 5,425,416
Impact of adjustment to exclude AOCI
1,700,791
1,970,873
Shareholders' equity, excluding AOCI
$ 7,785,387
$ 7,396,289
Book value per share
$ 77.03
$ 64.50
Impact of adjustment to exclude AOCI
21.53
23.42
Book value per share, excluding AOCI
$ 98.56
$ 87.92
(1)
Calculated using average shareholders' equity for the measurement period.
GLOBE LIFE INC.Earnings Release—Q1 2026(Dollar amounts in thousands, except share and per share data)(Unaudited)
INSURANCE OPERATIONS:
Life insurance accounted for 79% of the Company's insurance underwriting margin for the quarter and 67% of total premium revenue.
Health insurance accounted for 21% of the Company's insurance underwriting margin for the quarter and 33% of total premium revenue.
Net sales of life insurance increased 6% for the quarter, and net health sales increased 58%.
The following table summarizes Globe Life's premium revenue by product type for the three months ended March 31, 2026 and 2025:
Insurance Premium Revenue
Quarter Ended
March 31, 2026
March 31, 2025
%
Chg.
Life insurance
$ 853,205
$ 829,863
3
Health insurance
416,908
369,791
13
Total
$ 1,270,113
$ 1,199,654
6
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 March 31, 2026 and 2025:
Insurance Underwriting Income
Quarter Ended
March 31, 2026
% of
Premium
March 31, 2025
