Globe Life Inc 8-K, filed Oct 21, 2026
Globe Life Inc. (GL)
8-K
2026-10-21
For: 2026-10-21
View Original
Added on
October 22, 2026
About this 8-K
Globe Life Inc filed this 8-K on October 21, 2026.
Globe Life Inc. reported Q3 2026 net income of $4.62 and net operating income of $4.84 per diluted common share. It adjusted full-year 2026 earnings guidance to $15.35 to $15.65 and expects $725 million to $775 million of 2026 share repurchases. AI summary
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 21, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File No.) | (I.R.S. Employer ID No.) | ||||||||||||
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (972 ) 569-4000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a.-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| NYSE Texas, Inc. | ||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):
| Emerging growth company | ||||||||||||||||||||
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ | |||||||||||||||||||
Item 2.02 Results of Operations and Financial Condition.
On October 21, 2026, Globe Life Inc. issued a press release announcing its third quarter 2026 financial results. A copy of the press release is incorporated herein by reference and is provided as Exhibit 99.1.
In accordance with General Instruction B.2 of Form 8-K, the information included or incorporated in this report (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be set forth by specific reference in such filing.
Item 9.01 Financial Statement and Exhibits.
(a)Financial statements of businesses or funds acquired.
Not applicable.
(b)Pro forma financial information.
Not applicable.
(c)Shell company transactions.
Not applicable
(d)Exhibits.
(104) Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: October 21, 2026 | GLOBE LIFE INC. | |||||||||||||
| /s/ Christopher T. Moore | ||||||||||||||
| Christopher T. Moore Corporate Senior Vice President, Associate Counsel and Corporate Secretary | ||||||||||||||
GLOBE LIFE INC. REPORTS
Third Quarter 2026 Results
McKinney, TX, October 21, 2026—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:
| l | 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. | |||||||||||||
| l | 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. | |||||||||||||
| l | Total premium revenue grew 7% over the year-ago quarter. | |||||||||||||
| l | At the American Income Life Division, life premium increased 4% and life underwriting margin(1) increased 3% over the year-ago quarter. | |||||||||||||
| l | 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. | |||||||||||||
| l | 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. | |||||||||||||
| l | 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.
1
GL Q3 2026 Earnings Release
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 September 30, | Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Chg. | 2026 | 2025 | % 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.
2
GL Q3 2026 Earnings Release
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.
3
GL Q3 2026 Earnings Release
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, 2026 | September 30, 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, 2026 | % of Premium | September 30, 2025 | % of 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.
4
GL Q3 2026 Earnings Release
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.
5
GL Q3 2026 Earnings Release
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 Premium | Amount | % of Premium | % Chg. | |||||||||||||||||||||||||
| 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.
6
GL Q3 2026 Earnings Release
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%.
7
GL Q3 2026 Earnings Release
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 Grade | Below Investment Grade | Total Amortized 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 Cost | Allowance for Credit Losses | Net Unrealized Gains (Losses) | Fair 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.
8
GL Q3 2026 Earnings Release
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."
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GL Q3 2026 Earnings Release
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.
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GL Q3 2026 Earnings Release
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.”
| For additional information contact: | 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 | |||||||
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GL Q3 2026 Earnings Release
GLOBE LIFE INC.
Earnings Release—Q3 2026
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
APPENDIX
GLOBE LIFE INC.
GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Three Months Ended September 30, | Nine Months Ended 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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GL Q3 2026 Earnings Release