Globe Life (GL) Research | Aerarium Research

Forward Estimates

EPS Estimates

Current Qtr

$3.68

$3.64$3.75

vs $3.27+12.6%

8 analysts

Next Qtr

$4.68

$4.50$4.80

vs $4.81-2.6%

8 analysts

Current Yr

$15.64

$15.49$15.75

vs $14.52+7.7%

11 analysts

Next Yr

$16.65

$16.45$16.82

vs $15.64+6.5%

10 analysts

Revenue Estimates

Current Qtr

$1.59B

$1.58B$1.60B

vs $1.48B+7.3%

4 analysts

Next Qtr

$1.61B

$1.60B$1.62B

vs $1.51B+6.6%

4 analysts

Current Yr

$6.40B

$6.38B$6.42B

vs $5.99B+6.8%

6 analysts

Next Yr

$6.79B

$6.71B$6.89B

vs $6.40B+6.1%

6 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for GL on EDGAR.

GL filing events and research context
Filed	Item	Context
Feb 25, 2026	business	Globe Life operates as an insurance holding company providing life and supplemental health insurance through five primary subsidiaries. The company utilizes a diversified distribution model comprising direct-to-consumer channels and a large network of exclusive independent agents. Life insurance offerings focus on nonparticipating ordinary life products, with traditional whole life accounting for 71% of the $3.42 billion annualized premium in force as of 2025. Health insurance products, totaling $1.65 billion in annualized premium in force, consist primarily of limited-benefit plans and Medicare Supplement coverage. Globe Life maintains a competitive advantage through lower policy acquisition and administrative expenses relative to peers, allowing for competitive rates and higher underwriting margins. The investment portfolio is predominantly composed of high-quality fixed maturities, representing 86% of invested assets. To manage risk and optimize capital structure, the company employs third-party reinsurance and affiliated Bermuda-based entities, including the recently established Globe Life Re Ltd. Operations are subject to stringent regulation by U.S. state agencies and international authorities in Canada, New Zealand, and Bermuda. Profitability is primarily driven by the accuracy of mortality and morbidity assumptions and the performance of investment income relative to policy reserves.
Feb 25, 2026	mda	Globe Life targets the underserved lower-middle to middle-income U.S. market, reporting 2025 net income of $1.16 billion and net operating income of $1.20 billion. Total premiums increased 5% to $4.9 billion, with life insurance remaining the primary earnings driver. The life segment's underwriting margin rose to 45% ($1.5 billion), bolstered by the American Income Life division and favorable remeasurement gains from assumption updates. Health premiums grew 9% to $1.5 billion, driven by rate increases and a consumer shift from Medicare Advantage to Medicare Supplement plans. Conversely, excess investment income declined 16% to $138 million, reflecting lower yields on short-term investments, commercial mortgage loans, and limited partnerships. Capital allocation focused on shareholder returns, with 5.4 million shares repurchased for $685 million. Financial risks include significant interest rate sensitivity, evidenced by $1.2 billion in unrealized losses on available-for-sale debt securities, although management intends to hold these to maturity. Credit risk is concentrated in BBB-rated securities, which comprise 42% of the fixed-maturity portfolio, though the overall weighted average rating remains A-. Operating expenses rose 5.5% to $442 million, primarily due to higher employee and information technology costs.
Feb 25, 2026	risk_factors	Globe Life operates in the lower-to-middle income life and supplemental health insurance markets, relying on exclusive agencies such as American Income and Liberty National. A primary financial risk is interest rate volatility, which drives significant unrealized losses in the $17.6 billion available-for-sale fixed-maturity portfolio and impacts the valuation of liabilities for future policy benefits. The company faces concentrated credit risk, as BBB-rated securities comprise 42% of its portfolio, increasing vulnerability to downgrades. Profitability is highly sensitive to actuarial assumptions regarding mortality, morbidity, and lapse rates, where small percentage shifts can materially impact net income. In the health segment, growth is currently dependent on a consumer shift from Medicare Advantage to Medicare Supplement plans. Furthermore, the company must manage strict regulatory capital requirements, specifically maintaining a consolidated Risk-Based Capital (RBC) ratio between 300% and 320% and adhering to Bermuda Monetary Authority solvency standards for its offshore reinsurance operations.

Filed

Item

Context

Feb 25, 2026

business

Globe Life operates as an insurance holding company providing life and supplemental health insurance through five primary subsidiaries. The company utilizes a diversified distribution model comprising direct-to-consumer channels and a large network of exclusive independent agents. Life insurance offerings focus on nonparticipating ordinary life products, with traditional whole life accounting for 71% of the $3.42 billion annualized premium in force as of 2025. Health insurance products, totaling $1.65 billion in annualized premium in force, consist primarily of limited-benefit plans and Medicare Supplement coverage. Globe Life maintains a competitive advantage through lower policy acquisition and administrative expenses relative to peers, allowing for competitive rates and higher underwriting margins. The investment portfolio is predominantly composed of high-quality fixed maturities, representing 86% of invested assets. To manage risk and optimize capital structure, the company employs third-party reinsurance and affiliated Bermuda-based entities, including the recently established Globe Life Re Ltd. Operations are subject to stringent regulation by U.S. state agencies and international authorities in Canada, New Zealand, and Bermuda. Profitability is primarily driven by the accuracy of mortality and morbidity assumptions and the performance of investment income relative to policy reserves.

Feb 25, 2026

mda

Globe Life targets the underserved lower-middle to middle-income U.S. market, reporting 2025 net income of $1.16 billion and net operating income of $1.20 billion. Total premiums increased 5% to $4.9 billion, with life insurance remaining the primary earnings driver. The life segment's underwriting margin rose to 45% ($1.5 billion), bolstered by the American Income Life division and favorable remeasurement gains from assumption updates. Health premiums grew 9% to $1.5 billion, driven by rate increases and a consumer shift from Medicare Advantage to Medicare Supplement plans. Conversely, excess investment income declined 16% to $138 million, reflecting lower yields on short-term investments, commercial mortgage loans, and limited partnerships. Capital allocation focused on shareholder returns, with 5.4 million shares repurchased for $685 million. Financial risks include significant interest rate sensitivity, evidenced by $1.2 billion in unrealized losses on available-for-sale debt securities, although management intends to hold these to maturity. Credit risk is concentrated in BBB-rated securities, which comprise 42% of the fixed-maturity portfolio, though the overall weighted average rating remains A-. Operating expenses rose 5.5% to $442 million, primarily due to higher employee and information technology costs.

Feb 25, 2026

risk_factors

Globe Life operates in the lower-to-middle income life and supplemental health insurance markets, relying on exclusive agencies such as American Income and Liberty National. A primary financial risk is interest rate volatility, which drives significant unrealized losses in the $17.6 billion available-for-sale fixed-maturity portfolio and impacts the valuation of liabilities for future policy benefits. The company faces concentrated credit risk, as BBB-rated securities comprise 42% of its portfolio, increasing vulnerability to downgrades. Profitability is highly sensitive to actuarial assumptions regarding mortality, morbidity, and lapse rates, where small percentage shifts can materially impact net income. In the health segment, growth is currently dependent on a consumer shift from Medicare Advantage to Medicare Supplement plans. Furthermore, the company must manage strict regulatory capital requirements, specifically maintaining a consolidated Risk-Based Capital (RBC) ratio between 300% and 320% and adhering to Bermuda Monetary Authority solvency standards for its offshore reinsurance operations.

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