Highlights

  • Third quarter 2026 net income was USD 4.62 per diluted share, versus USD 4.73; net operating income was USD 4.84.
  • Total premium revenue grew 7% from the year-ago quarter, and the company repurchased 1.1 million shares for USD 185 million.
  • Management estimates 2026 net operating EPS of USD 15.35 to USD 15.65 and 2027 of USD 16.10 to USD 17.10.
  • Book value per share was USD 85.35, and book value per share excluding AOCI, a non-GAAP measure, was USD 103.62.

Globe Life Inc. (NYSE: GL) shares closed at USD 154.79 on October 23, 2026, down 8.09%. The insurer reported third quarter 2026 results on October 21 and held its earnings call on October 22, where management gave updated 2026 guidance and its first 2027 guidance.

Globe Life is a Delaware corporation incorporated in 1979 and based in McKinney, Texas. It writes basic protection life insurance and supplemental health insurance through the American Income Life, Liberty National, Family Heritage and United American divisions, along with a direct-to-consumer channel. Its fiscal year ends December 31.

Third Quarter 2026 Results

Globe Life reported net income of USD 361.1 million, or USD 4.62 per diluted share, for the three months ended September 30, 2026, compared with USD 387.8 million, or USD 4.73. Net operating income, a non-GAAP measure, was USD 378.8 million, or USD 4.84 per diluted share, against USD 394.2 million, or USD 4.81.

Total premium was USD 1,311.4 million, up from USD 1,231.0 million. Health premium was USD 446.9 million against USD 386.5 million. Net investment income was USD 295.9 million. Insurance underwriting income was USD 481.8 million against USD 503.1 million, and weighted average diluted shares were 78.2 million against 82.0 million.

The company updates reserve assumptions each third quarter. The current quarter included a before-tax remeasurement gain from assumption updates of USD 120.5 million, compared with USD 134.3 million a year earlier. Legal proceedings reduced net income per share by USD 0.09.

Divisions and Sales

The company said American Income Life life premium increased 4% and life underwriting margin, a non-GAAP measure, increased 3%. At Liberty National, life net sales rose 7% and the average producing agent count rose 9%. At Family Heritage, health underwriting margin increased 12% and health net sales increased 5%.

On the call, management cited a USD 7 million delay in claims processing from the Centers for Medicare and Medicaid Services and a USD 16 million underwriting loss at the Evry startup unit as factors in the health results. It reported Evry net health sales of USD 48 million and a 12% decline in direct-to-consumer life net sales to USD 24 million.

Capital and Returns

For the nine months, net income was USD 919.4 million against USD 895.2 million, and net income as a return on equity was 19.7% against 21.9%. Net operating income excluding AOCI as a return on equity was 15.9%. The company repurchased 1.1 million shares at an average USD 175.61 in the quarter and now expects to spend USD 725 million to USD 775 million on repurchases in 2026, against prior guidance of USD 670 million to USD 700 million.

Management said it received reciprocal jurisdiction approval, which allows new reinsurance cessions from American Income Life to its Bermuda subsidiary Globe Life Re. New fixed maturity acquisitions were USD 832.5 million at an average effective yield of 6.4%.

2026 and 2027 Guidance

For 2026, management estimates net operating earnings per diluted share of USD 15.35 to USD 15.65. It described this as a decrease from prior guidance that reflects third quarter results and revised fourth quarter margin estimates for United American. It expects full-year total premium revenue growth of about 6.5% and life underwriting margin of 44% to 45% of premium.

For 2027, management estimates net operating EPS of USD 16.10 to USD 17.10, or an increase of 7% at the midpoint, and total premium revenue growth of 6% to 8%. It anticipates parent excess cash flow of about USD 850 million to USD 950 million in 2027. These are company expectations.