Globe Life (GL) Q4 2025 earnings summary

Executive summary

• Fourth quarter net income was $266 million ($3.29 per share), up from $255 million ($3.01 per share) year-over-year; net operating income was $274 million ($3.39 per share), up from $3.14.

• Full-year 2025 net operating income reached $14.52 per share, slightly above guidance midpoint, and net income was $14.07 per share, both up 8% year-over-year.

• Return on equity (ROE) through December 31 was 20.9% GAAP, or 16% excluding AOCI; book value per share rose 11% to $96.16.

Financial highlights

• Total premium revenue in Q4 grew 5% year-over-year; life premium revenue up 3% to $850 million.

• Life underwriting margin increased 4% to $350 million; health premium revenue up 9% to $392 million.

• Health underwriting margin rose 9% to $99 million.

• Insurance underwriting income for Q4 2025 was $359.7 million, up 6% year-over-year; per share, $4.45 vs. $3.99.

• Net investment income was $281 million, flat year-over-year; excess investment income declined by $8 million.

Outlook and guidance

• 2026 net operating earnings per diluted share expected at $14.95–$15.65, a 5% increase at midpoint.

• Total premium revenue projected to grow 7%–8% in 2026; life premiums up 4%–4.5%, health premiums up 14%–16%.

• Health premium growth driven by Medicare Supplement sales and rate increases.

• Underwriting margins for 2026 expected at 41.5%–44.5% (life) and 23%–27% (health).

• Share repurchases to remain primary use of excess cash flow after dividends.