Globe Life (GL) Q1 2026 earnings summary

Executive summary

• Net income for Q1 2026 was $271 million ($3.39 per share), up 13% from $255 million ($3.01 per share) year-over-year.

• Net operating income rose 12% to $274 million ($3.43 per share), marking seven of the last eight quarters with double-digit growth.

• Book value per share increased 19% to $77.03; excluding AOCI, book value per share rose 12% to $98.56.

• The company repurchased 1.4 million shares for $203–$205 million during the quarter.

• Return on equity (ROE) through March 31 was 17.9% GAAP, and 14% excluding AOCI.

Financial highlights

• Total premium revenue grew 6% year-over-year in Q1 to $1.27 billion; life premium up 3% to $853 million, health premium up 13% to $417 million.

• Net investment income was $290 million, up 3% year-over-year; effective annual yield on fixed maturities was 5.32%.

• Insurance underwriting income rose 5% to $352.4 million.

• Administrative expenses rose 8% to $94 million (7.4% of premium), up from 7.3% year-over-year.

• Shareholders' equity stood at $6.1 billion at March 31, 2026.

Outlook and guidance

• Full-year 2026 net operating earnings per diluted share projected at $15.40–$15.90, up $0.35 at midpoint, reflecting 8% growth.

• Life premium revenue expected to grow 3–3.5% for the year; health premium revenue to grow 14–17%.

• Health underwriting margins anticipated at 23–27% for the year.

• Share repurchases for 2026 increased to $560–610 million; dividend payments to total ~$90 million, reflecting a 22% dividend increase.

• Normalized EPS growth (excluding assumption updates) projected at 11% for 2026; three-year CAGR of 11.5%.