HIGHLIGHTS:
Net income as an ROE(1) was 21.9% for the nine months ended September 30, 2025. Net operating income as an ROE(1) excluding accumulated other comprehensive income (AOCI) was 16.6% for the same period.
Net income per share(1) and net operating income per share(1) increased 38% over the year-ago quarter.
At the American Income Life and Liberty National Divisions, life premiums increased 5% over the year-ago quarter.
At the Family Heritage Division, health net sales increased 13% and health premiums increased 10% over the year-ago quarter. Additionally, the average producing agent count increased 9% over the year-ago quarter.
At the Direct to Consumer Division, life net sales increased 13% over the year-ago quarter.
Life underwriting margin(1) increased 24% and health underwriting margin(1) increased 25% over the year-ago quarter.
840,242 shares of Globe Life Inc. common stock at a total cost of $113 million were repurchased during the quarter.
(1)
Includes a $134.3 million remeasurement gain ($130.9 and $3.4 of gains related to Life and Health, respectively) before tax due to the updating of assumptions in the third quarter of 2025, as compared to a $46.3 million remeasurement gain ($56.8 gains and $10.5 loss related to Life and Health, respectively) before tax due to the updating of assumptions in the year-ago quarter. These amounts, along with the 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 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 September 30, 2025 and 2024:
Operating Summary
Per Share
Three Months Ended
September 30,
Three Months Ended
September 30,
2025
2024
%
Chg.
2025
2024
%
Chg.
Insurance underwriting income(2)
$ 6.13
$ 4.40
39
$ 503,135
$ 387,444
30
Excess investment income(2)
0.45
0.45
—
36,883
39,503
(7)
Interest on debt
(0.44)
(0.36)
22
(36,134)
(31,388)
15
Parent company expense
(0.05)
(0.04)
(4,105)
(3,210)
Income tax expense
(1.16)
(0.87)
33
(95,242)
(76,887)
24
Stock compensation benefit (expense), net of tax
(0.13)
(0.09)
(10,317)
(7,603)
Net operating income
4.81
3.49
38
394,220
307,859
28
Reconciling items, net of tax:
Realized gain (loss)
(0.05)
(0.02)
(3,939)
(1,732)
Non-operating expenses
—
(0.01)
(393)
(503)
Legal proceedings
(0.02)
(0.03)
(2,045)
(2,630)
Net income(3)
$ 4.73
$ 3.44
$ 387,843
$ 302,994
Weighted average diluted shares outstanding
82,015
88,087
(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 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.
Nine Months Ended
September 30,
2025
2024
Net income
$ 895,155
$ 815,566
Net operating income
924,652
843,175
Net income as an ROE(1)
21.9 %
22.4 %
Net operating income as an ROE (excluding AOCI)(1)
16.6 %
15.3 %
September 30,
2025
2024
Shareholders' equity
$ 5,689,088
$ 4,638,625
Impact of adjustment to exclude AOCI
1,972,891
2,484,743
Shareholders' equity, excluding AOCI
$ 7,661,979
$ 7,123,368
Book value per share
$ 69.52
$ 54.65
Impact of adjustment to exclude AOCI
24.11
29.27
Book value per share, excluding AOCI
$ 93.63
$ 83.92
(1)
Calculated using average shareholders' equity for the measurement period.
GLOBE LIFE INC.
Earnings Release—Q3 2025
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
INSURANCE OPERATIONS:
Life insurance accounted for 82% of the Company's insurance underwriting margin for the quarter and 69% of total premium revenue.
Health insurance accounted for 18% of the Company's insurance underwriting margin for the quarter and 31% of total premium revenue.
Net sales of life insurance increased 2% for the quarter, and net health sales increased 21%.
The following table summarizes Globe Life's premium revenue by product type for the three months ended September 30, 2025 and 2024:
Insurance Premium Revenue
Quarter Ended
September 30, 2025
September 30, 2024
%
Chg.
Life insurance
$ 844,483
$ 818,638
3
Health insurance
386,524
353,955
9
Total
$ 1,231,007
$ 1,172,593
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 September 30, 2025 and 2024:
Insurance Underwriting Income
Quarter Ended
September 30, 2025
% of
Premium
September 30, 2024
% of
Premium
%
Chg.
Insurance underwriting margins:
Life
$ 481,608
57
$ 387,183
47
24
Health
108,374
28
86,963
25
