Globe Life (GL) investor relations material

Executive summary

• Net income for Q2 was $253M ($3.50/share), down from $258M, while net operating income per share rose 10% to $3.27.

• Net income for the first half of 2025 was $507M, with diluted EPS up 10% to $6.07 year-over-year.

• Total premium increased 5% year-over-year to $2.4B, with life premium up 3% and health premium up 8%.

• Life premiums grew 5% at American Income Life and Liberty National; Family Heritage health net sales up 20%.

• 3.3M shares repurchased for $403M in the first half of 2025; 1.9M shares for $226M in Q2.

Financial highlights

• Book value per share was $66.07; excluding AOCI, $90.26, up 10% year-over-year.

• Net investment income was $563M for the first half, down 1%; excess investment income declined 18% to $71M.

• Insurance underwriting income rose 4% to $354.2M for the quarter; per share, $4.28 vs. $3.72 last year.

• Fixed maturity portfolio yield was 5.29% in Q2; 97% of fixed maturities rated investment grade.

• Administrative expenses rose 5% to $86M (7.1% of premium); full-year admin expense expected at 7.3% of premium.

Outlook and guidance

• 2025 net operating earnings per diluted share expected at $14.25–$14.65, 17% growth at midpoint; guidance reaffirmed.

• Life premium revenue expected to grow 3.5% for the year; health premium revenue expected to grow 8–9%.

• Share repurchases for 2025 anticipated at $600M–$650M; dividends $80M–$90M.

• Management expects continued positive trends in sales and premium growth, with operating ROE in the mid-teens.

• Guidance raised due to favorable mortality and updated assumption impacts.