Full Transcript: Globe Life Q2 2026 Earnings Call

Globe Life (NYSE: GL ) held its second-quarter earnings conference call on Thursday. Below is the complete transcript from the call. This transcript is brought to you APIs. For real-time access to our entire catalog, please visit for a consultation.

Access the full call at Summary Globe Life Inc. reported a 20% increase in net income per share and a 10% increase in net operating income per share for Q2 2026, maintaining strong financial performance across various economic conditions. Insurance operations saw a 7% growth in total premium revenue, with life and health premiums increasing by 3% and 16%, respectively. The company expects continued premium growth for the full year.

Administrative expenses increased by 6%, but Globe Life plans to leverage AI to improve efficiency and reduce these costs over time. Agent count at American Income Life showed sequential growth, and further improvements are expected due to compensation adjustments aimed at boosting recruitment and retention. Health margins were slightly lower due to various factors, but overall growth remains strong, particularly in the Medicare supplement business. Investment operations reported a 4% increase in net investment income, with a focus on investing in fixed maturities and long-term debt-like investments.

The company repurchased $175 million in shares during the quarter and anticipates a total of $670 to $700 million in share repurchases for the year. Progress on the Bermuda subsidiary continues, with an expectation of capital benefits emerging over the next few years. 5% growth in net operating earnings per share, with normalized EPS growth projected between 9% and 10%. Full Transcript Jim, Operator Hello and welcome to Globe Life Inc.

Second Quarter Earnings Release Conference Call. My name is Jim and I will be your coordinator for today's event. Please note today's conference is being recorded, and during our presentation all participants will remain in a muted, listen-only mode to prevent any background noise. After today's prepared remarks, we will conduct a question and answer session, and instructions on how to participate will be shared at that time.

It is now my pleasure to hand over to your host, Stephen Mota, Vice President of Investor Relations, to begin today's conference. Thank you. Stephen Mota, Vice President of Investor Relations Thank you. Good morning everyone.

Joining the call today are Frank Svoboda and Matt Thornton, our Co-Chief Executive Officers, Tom Kalmbach, our Chief Financial Officer, Mike Majors, our Chief Strategy Officer, and Brian Mitchell, our General Counsel. Some of our comments or answers to your questions may contain forward-looking statements. They are provided for general guidance purposes only. Accordingly, please refer to our earnings release, 2025 10-K, and any subsequent Forms 10-Q on file with the SEC.

Some of our comments may also contain non-GAAP measures. Please see our earnings release and website for discussion of these terms and reconciliations to GAAP measures. I will now turn the call over to Frank. Frank Svoboda, Co-Chief Executive Officer Thank you, Stephen, and good morning everyone.

05 per share a year ago. 27 per share a year ago. We are pleased to see continued strong results in our operations. As we have said many times over the years, our business model is resilient and able to generate earnings growth regardless of the economic environment, as clearly demonstrated by Globe Life, having produced double-digit net operating income per share growth in eight of the last nine quarters on a GAAP reported basis.

18. 04, up 11% from a year ago. Now, in our insurance operations, total premium revenue in the second quarter grew 7% over the year-ago quarter. 5 to 7%.

Life premium revenue for the second quarter increased 3% from the year-ago quarter to $861 million. Life underwriting margin was $359 million, up 6% from a year ago. 5 and 3%. As a percent of premium, life underwriting margin was 42%, up from 41% in the year-ago quarter.

While we anticipate life underwriting margin to be between 43 and 45% for the full year 2026, we do expect it to be over 50% in the third quarter due to the anticipated impact of assumption updates and between 41 to 42% for the fourth quarter. Tom will discuss this more in his comments. In health insurance, premium revenue grew 16% to $437 million and health underwriting margin was up 1% to $99 million. For the year, we expect health premium revenue to grow in the range of 14 to 16%.

This is due to premium rate increases on our Medicare supplement business as well as strong sales in both our United American and Family Heritage divisions. As a percent of premium, health underwriting margin was approximately 23% in the second quarter, down from 26% in the year-ago quarter. For the full year we anticipate health underwriting margins to be between 23 and 27%. Administrative expenses were $91 million for the quarter, an increase of approximately 6% over the second quarter of 2025.

As a percent of premium, administrative expenses were 7%. 3% of premiums, consistent with 2025. As we mentioned last quarter, over the long term we anticipate that expanded implementation of AI applications across the company will help lower this ratio. We