Globe Life (GL) Q1 2026 earnings summary

Executive summary

• Net income for Q1 was $271 million ($3.39 per share), up from $255 million ($3.01 per share) year-over-year; net operating income per share increased 12% to $3.43.

• Full-year 2026 earnings guidance raised to $15.40–$15.90 per share, up $0.35 at midpoint.

• Book value per share increased 19% to $77.03; excluding AOCI, book value per share rose 12% to $98.56.

• Return on equity (ROE) through March 31 was 17.9% GAAP, and 14% excluding AOCI.

Financial highlights

• Total premium revenue grew 6% year-over-year in Q1 to $1.27 billion; life premium up 3%, health premium up 13%.

• Net investment income was $290 million, up 3% year-over-year.

• Insurance underwriting income rose 5% to $352.4 million.

• Administrative expenses rose 8% to $94 million (7.4% of premium); expected to be 7.3% for the year.

• Life underwriting margin up 3% to $349 million (41% margin); health underwriting margin up 12% to $95 million (23% margin).

Outlook and guidance

• Full-year net operating earnings per diluted share projected at $15.40–$15.90, 8% growth at midpoint.

• Life premium revenue expected to grow 3–3.5% for the year; health premium revenue to grow 14–17%.

• Health underwriting margins anticipated at 23–27% for the year.

• Share repurchases for 2026 increased to $560–610 million; dividend payments to total ~$90 million, reflecting a 22% dividend increase.

• Normalized EPS growth (excluding assumption updates) projected at 11% for 2026; three-year CAGR of 11.5%.