Globe Life (GL) Q2 2025 earnings summary

Executive summary

• Net income for Q2 was $253M ($3.05/share), slightly down from $258M a year ago, 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 insurance premium revenue grew 3% to $840M; life underwriting margin up 6% to $340M, driven by premium growth and lower policy obligations.

• Agent count grew 6% sequentially, with strong recruiting and onboarding trends supporting future growth.

Financial highlights

• Book value per share (excluding AOCI) as of June 30 was $90.26, up 10% year-over-year.

• Return on equity (GAAP) through June 30 was 18.8%; excluding AOCI, 14.4%.

• Net investment income for Q2 was $282M, down 1% year-over-year; excess investment income fell by $8M to $35M.

• Fixed maturity portfolio yield was 5.29% for Q2, up 3 bps from last year; 97% of fixed maturities rated investment grade.

• Administrative expenses rose 5% to $86M, representing 7.1% of premium.

Outlook and guidance

• Net operating earnings per diluted share for 2025 guided to $14.25-$14.65, up 17% at midpoint; 10% growth excluding remeasurement gains.

• Life premium revenue expected to grow ~3.5% for the year; life underwriting margin as a percent of premium guided to 43%-45%.

• Health premium revenue projected to grow 8%-9% for the year; health underwriting margin as a percent of premium expected at 25%-27%.

• Administrative expenses for the year expected to increase 4% and be about 7.3% of premium.

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