GLOBE LIFE INC. REPORTS FOURTH QUARTER 2023 RESULTS
MCKINNEY, Texas, Feb. 7, 2024 /PRNewswire/ — Globe Life Inc. (NYSE: GL) reported today that for the quarter ended December 31, 2023, net income was $2.88 per diluted common share, compared with $2.46 per diluted common share for the year-ago quarter. Net operating income for the quarter was $2.80 per diluted common share, compared with $2.55 per diluted common share for the year-ago quarter.
Net income for the year ended December 31, 2023 was $10.07 per diluted common share, compared with $9.04 per diluted common share for the year-ago period. Net operating income for the year ended December 31, 2023 was $10.65 per diluted common share compared with $9.71 per diluted common share for the year-ago period.
The results included herein reflect the adoption of ASU 2018-12, Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI). Globe Life Inc. implemented the standard on January 1, 2023 using the modified retrospective transition method at adoption. As a result of this election, the prior year figures have been restated as of January 1, 2021 with impacts to Shareholders’ Equity, underwriting margins and net income.
HIGHLIGHTS:
Net income as an ROE was 23.2% for the twelve months ended December 31, 2023. Net operating income as an ROE excluding accumulated other comprehensive income (AOCI) was 14.7% for the same period.
Net income increased 13% and net operating income increased 6% over the year-ago quarter. For the full year, net income was $971 million and net operating income surpassed $1.0 billion for the first time in company history.
At the American Income Life Division, life net sales increased 9% and life premium increased 7% over the year-ago quarter. Additionally, the average producing agent count increased 20% over the year-ago quarter.
At the Liberty National Division, life net sales and health net sales increased over the year-ago quarter by 12% and 9%, respectively. Additionally, life premiums increased 8% and the average producing agent count increased 15% over the year-ago quarter.
At the Family Heritage Division, health net sales increased 12% and premiums increased 8% over the year-ago quarter.
Net investment income grew 6% over the year-ago quarter.
660,170 shares of Globe Life Inc. common stock were repurchased during the quarter.
Note: As used in the earnings release, “Globe Life,” the “Company,” “we,” “our,” and “us” refer to Globe Life Inc., a Delaware corporation incorporated in 1979, its subsidiaries and affiliates.
GLOBE LIFE INC.
Earnings Release—Q4 2023
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
RESULTS OF OPERATIONS
Net operating income, a non-GAAP(1) financial measure, has been used consistently by Globe Life’s management for many years to evaluate
the operating performance of the Company, and is a measure commonly used in the life insurance industry. It differs from net income primarily
because it excludes certain non-operating items such as realized investment gains and losses and certain significant and unusual items included
in net income. Management believes an analysis of net operating income is important in understanding the profitability and operating trends of the
Company’s business. Net income is the most directly comparable GAAP measure.
The following table represents Globe Life’s operating summary for the three months ended December 31, 2023 and 2022:
Operating Summary
Per Share
Three Months Ended
December 31,
Three Months Ended
December 31,
2023
2022
%
Chg.
2023
2022
%
Chg.
Insurance underwriting income(2)
$ 3.43
$ 3.18
8
$ 327,825
$ 314,131
4
Excess investment income(2)
0.38
0.31
23
35,824
30,716
17
Interest on debt
(0.27)
(0.25)
8
(25,676)
(24,658)
4
Parent company expense
(0.03)
(0.03)
(2,612)
(3,067)
Income tax expense
(0.68)
(0.63)
8
(64,993)
(61,744)
5
Stock compensation benefit (expense), net of tax
(0.03)
(0.04)
(2,955)
(4,057)
Net operating income
2.80
2.55
10
267,413
251,321
6
Reconciling items, net of tax:
Realized gain (loss)—investments
0.11
(0.08)
10,496
(7,665)
Non-operating expenses
(0.03)
—
(2,396)
(460)
Legal proceedings
(0.01)
(0.01)
(711)
(853)
Net income(3)
$ 2.88
$ 2.46
$ 274,802
$ 242,343
Weighted average diluted shares outstanding
95,464
98,640
(1) GAAP is defined as accounting principles generally accepted in the United States of America.
(2) Definitions included within this document.
(3) A GAAP-basis condensed consolidated statement of operations is included in the appendix of this report.
Note: Tables in this earnings release may not sum due to rounding.
GLOBE LIFE INC.
Earnings Release—Q4 2023
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
The following table represents Globe Life’s operating summary for the year ended December 31, 2023 and 2022:
Operating Summary
Per Share
Year Ended December 31,
Year Ended December 31,
2023
2022
%
Chg.
2023
2022
%
Chg.
Insurance underwriting income
$ 13.27
$ 12.32
8
$ 1,278,548
$ 1,219,078
5
Excess investment income
1.35
1.06
27
130,382
104,589
25
Interest on debt
(1.06)
(0.91)
16
(102,316)
(90,395)
13
Parent company expense
(0.11)
(0.11)
(10,866)
(11,156)
Income tax expense
(2.59)
(2.41)
7
(249,546)
(238,177)
5
Stock compensation benefit (expense), net of tax
(0.20)
(0.23)
(19,558)
(22,912)
Net operating income
10.65
9.71
10
1,026,644
961,027
7
Reconciling items, net of tax:
Realized gain (loss)—investments
(0.54)
(0.61)
(51,884)
(60,473)
Non-operating expenses
(0.03)
(0.04)
(3,294)
(4,196)
Legal proceedings
(0.01)
(0.02)
(711)
(1,972)
Net income
$ 10.07
$ 9.04
$ 970,755
$ 894,386
Weighted average diluted shares outstanding
96,364
98,985
GLOBE LIFE INC.
Earnings Release—Q4 2023
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
MANAGEMENT VS. GAAP MEASURES
Shareholders’ equity, excluding AOCI, and book value per share, excluding AOCI, are non-GAAP measures that are utilized by management to view
the business without the effect of changes in AOCI, which are primarily attributable to fluctuation in interest rates. Management views the business in
this manner because it creates more meaningful and easily identifiable trends, as we exclude fluctuations resulting from changes in interest rates.
Shareholders’ equity and book value per share are the most directly comparable GAAP measures.
Year Ended
December 31,
2023
2022
Net income
$ 970,755
$ 894,386
Net operating income
1,026,644
961,027
Net income as an ROE(1)
23.2 %
29.2 %
Net operating income as an ROE (excluding AOCI)(1)
14.7 %
14.8 %
December 31,
2023
2022
Shareholders’ equity
$ 4,486,803
$ 3,949,577
Impact of adjustment to exclude AOCI
2,772,419
2,790,313
Shareholders’ equity, excluding AOCI
$ 7,259,222
$ 6,739,890
Book value per share
$ 47.10
$ 40.05
Impact of adjustment to exclude AOCI
29.11
28.30
Book value per share, excluding AOCI
$ 76.21
$ 68.35
(1) Calculated using average shareholders’ equity for the measurement period.
INSURANCE OPERATIONS:
Life insurance accounted for 75% of the Company’s insurance underwriting margin for the quarter and 70% of total premium revenue.
Health insurance accounted for 24% of the Company’s insurance underwriting margin for the quarter and 30% of total premium revenue.
Net sales of life insurance increased 3% for the quarter, and net health sales increased 21%.
The following table summarizes Globe Life’s premium revenue by product type for the three months ended December 31, 2023 and 2022:
GLOBE LIFE INC.
Earnings Release—Q4 2023
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
Insurance Premium Revenue
Quarter Ended
December 31,
2023
December 31,
2022
%
Chg.
Life insurance
$ 794,815
$ 762,929
4
Health insurance
335,857
326,020
3
Annuity
—
—
Total
$ 1,130,672
$ 1,088,949
4
INSURANCE UNDERWRITING INCOME
Insurance underwriting margin is management’s measure of profitability of the Company’s life, health, and annuity segments’ underwriting performance,
and consists of premiums less policy obligations (excluding interest on policy liabilities), commissions and other acquisition expenses. Insurance
underwriting income is the sum of the insurance underwriting margins of the life, health, and annuity segments, plus other income, less administrative
expenses. It excludes the investment segment, interest on debt, Parent Company expense, stock compensation expense and income taxes.
Management believes this information helps provide a better understanding of the business and a more meaningful analysis of underwriting results by
distribution channel. Insurance underwriting income, a non-GAAP measure, is a component of net operating income, which is reconciled to net income
in the Results of Operations section above.
The following table summarizes Globe Life’s insurance underwriting income by segment for the three months ended December 31, 2023 and 2022:
Insurance Underwriting Income
Quarter Ended
December 31,
2023
% of
Premium
December 31,
2022
% of
Premium
%
Chg.
Insurance underwriting margins:
Life
$ 305,480
38
$ 292,922
38
4
Health
97,486
29
96,224
30
1
Annuity
1,946
2,629
404,912
391,775
3
Other income
123
384
Administrative expenses
(77,210)
(78,028)
(1)
Insurance underwriting income
$ 327,825
$ 314,131
4
Per share
$ 3.43
$ 3.18
8
The ratio of administrative expenses to premium was 6.8%, compared with 7.2% for the year-ago quarter.
GLOBE LIFE INC.
Earnings Release—Q4 2023
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
LIFE INSURANCE RESULTS BY DISTRIBUTION CHANNEL
Our distribution channels consist of the following exclusive agencies: American Income Life Division (American Income), Liberty National Division
(Liberty National) and Family Heritage Division (Family Heritage); an independent agency, United American Division (United American); and our
Direct to Consumer Division (Direct to Consumer).
Total premium, underwriting margins, first-year collected premium and net sales by all distribution channels are shown at
https://investors.globelifeinsurance.com at “Financial Reports and Other Financial Information.”
Life Underwriting Margin
Quarter Ended
December 31,
2023
2022
Amount
% of
Premium
Amount
% of
Premium
%
Chg.
American Income
$ 183,176
45
$ 174,755
46
5
Direct to Consumer
59,241
24
60,344
24
(2)
Liberty National
31,144
35
26,768
32
16
Other
31,919
62
31,055
59
3
Total
$ 305,480
38
$ 292,922
38
4
Life Premium
Quarter Ended
December 31,
2023
2022
%
Chg.
American Income
$ 406,356
$ 380,922
7
Direct to Consumer
247,274
246,471
—
Liberty National
89,700
83,320
8
Other
51,485
52,216
(1)
Total
$ 794,815
$ 762,929
4
Life Net Sales(1)
Quarter Ended
December 31,
2023
2022
%
Chg.
American Income
$ 76,323
$ 69,796
9
Direct to Consumer
25,861
30,676
(16)
Liberty National
26,046
23,252
12
Other
2,188
2,568
(15)
Total
$ 130,418
$ 126,292
3
(1)
Net sales is calculated as annualized premium issued, net of cancellations in the first thirty days after issue, except in the case of Direct to Consumer,
where net sales is annualized premium issued at the time the first full premium is paid after any introductory offer period has expired. Management
considers net sales to be a better indicator of the rate of premium growth than annualized premium issued.
GLOBE LIFE INC.
Earnings Release—Q4 2023
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
HEALTH INSURANCE RESULTS BY DISTRIBUTION CHANNEL
Health Underwriting Margin
Quarter Ended
December 31,
2023
2022
Amount
% of
Premium
Amount
% of
Premium
%
Chg.
United American
$ 14,180
10
$ 16,908
12
(16)
Family Heritage
35,633
35
31,921
34
12
Liberty National
27,157
57
27,024
58
—
American Income
19,080
62
18,360
62
4
Direct to Consumer
1,436
8
2,011
11
(29)
Total
$ 97,486
29
$ 96,224
30
1
Health Premium
Quarter Ended
December 31,
2023
2022
%
Chg.
United American
$ 138,586
$ 137,908
—
Family Heritage
102,180
94,391
8
Liberty National
47,416
46,678
2
American Income
30,676
29,423
4
Direct to Consumer
16,999
17,620
(4)
Total
$ 335,857
$ 326,020
3
Health Net Sales(1)
Quarter Ended
December 31,
2023
2022
%
Chg.
United American
$ 28,155
$ 20,110
40
Family Heritage
25,228
22,432
12
Liberty National
9,349
8,612
9
American Income
4,235
3,921
8
Direct to Consumer
2,220
2,188
1
Total
$ 69,187
$ 57,263
21
(1)
Net sales is calculated as annualized premium issued, net of cancellations in the first thirty
days after issue, except in the case of Direct to Consumer, where net sales is annualized
premium issued at the time the first full premium is paid after any introductory offer period
has expired. Management considers net sales to be a better indicator of the rate of premium
growth than annualized premium issued.
GLOBE LIFE INC.
Earnings Release—Q4 2023
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
PRODUCING EXCLUSIVE AGENT COUNT RESULTS BY DISTRIBUTION CHANNEL
Quarterly Average
Producing Agent Count(1)
Quarter Ended
Quarter Ended
December 31,
September 30,
2023
2022
%
Chg.
2023
American Income
11,131
9,243
20
10,983
Liberty National
3,387
2,946
15
3,339
Family Heritage
1,368
1,334
3
1,323
(1)
The quarterly average producing agent count is based on the actual count at the beginning
and end of each week during the period.
INVESTMENTS
Management uses excess investment income as the measure to evaluate the performance of the investment segment. It is defined as net
investment income less the required interest attributable to policy liabilities. We also view excess investment income per diluted common
share as an important and useful measure to evaluate performance of the investment segment, since it takes into consideration our stock
repurchase program.
The following table summarizes Globe Life’s investment income, excess investment income, and excess investment income per diluted
common share.
Excess Investment Income
Quarter Ended
December 31,
2023
2022
%
Chg.
Net investment income
$ 271,609
$ 255,483
6
Interest on policy liabilities(1)
(235,785)
(224,767)
5
Excess investment income
$ 35,824
$ 30,716
17
Per share
$ 0.38
$ 0.31
23
(1)
Interest on policy liabilities is a component of total policyholder benefits, a GAAP measure. The amounts presented for 2022 have
been retrospectively adjusted to exclude the interest on deferred acquisition costs due to the LDTI standard and the interest on debt.
Net investment income increased 6.3%, and average invested assets increased 3.7%. Required interest on policy liabilities increased 4.9%, and average policy liabilities increased 4.5%.
GLOBE LIFE INC.
Earnings Release—Q4 2023
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
The composition of the investment portfolio at book value at December 31, 2023 is as follows:
Investment Portfolio
As of
December 31, 2023
Amount
% of Total
Fixed maturities at fair value(1)
$ 17,870,206
91
Mortgage loans
279,199
1
Policy loans
657,020
3
Other long-term investments(2)
835,878
4
Short-term investments
81,740
—
Total
$ 19,724,043
(1)
As of December 31, 2023, fixed maturities at amortized cost were $18.9 billion, net of $7.1
million of allowance for credit losses.
(2)
Includes $796 million of investments accounted for under the fair value option which have
a cost of $763 million as of December 31, 2023.
Fixed maturities at amortized cost, net of allowance for credit losses, by asset class as of December 31, 2023 are as follows:
Fixed Maturity Portfolio by Sector
As of
December 31, 2023
Investment
Grade
Below
Investment
Grade
Total
Amortized
Cost, net
Corporate bonds
$ 14,574,424
$ 480,705
$ 15,055,129
Municipals
3,296,305
—
3,296,305
Government, agencies and GSEs
442,903
—
442,903
Collateralized debt obligations
—
37,110
37,110
Other asset-backed securities
74,656
11,696
86,352
Total
$ 18,388,288
$ 529,511
$ 18,917,799
Below are fixed maturities available for sale by amortized cost, allowance for credit losses, and fair value at December 31, 2023 and the corresponding amounts of net unrealized gains and losses recognized in accumulated other comprehensive income (loss).
As of
Amortized
Cost
Allowance for
Credit Losses
Net Unrealized
Gains
(Losses)
Fair
Value
December 31, 2023
$ 18,924,914
$ (7,115)
$ (1,047,593)
$ 17,870,206
At amortized cost, net of allowance for credit losses, 97% of fixed maturities (97% at fair value) were rated “investment grade.” The fixed maturity portfolio earned an annual taxable equivalent effective yield of 5.23% during the fourth quarter of 2023, compared with 5.18% in the year-ago quarter.
Globe Life is not a party to any credit default swaps and does not participate in securities lending.
GLOBE LIFE INC.
Earnings Release—Q4 2023
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
Comparable information for acquisitions of fixed maturity investments is as follows:
Fixed Maturity Acquisitions
Quarter Ended
December 31,
2023
2022
Amount
$ 443,385
$ 238,845
Average annual effective yield
6.6 %
6.1 %
Average rating
BBB+
A
Average life (in years) to:
Next call
20.3
16.5
Maturity
23.2
20.9
SHARE REPURCHASE:
During the quarter, the Company repurchased 660,170 shares of Globe Life Inc. common stock at a total cost of $77 million and an average share price of $117.02.
For the year ended December 31, 2023, the Company repurchased 3.4 million shares of Globe Life Inc. common stock at a total cost of $380 million and an average share price of $112.84.
LIQUIDITY/CAPITAL:
Globe Life’s operations consist primarily of writing basic protection life and supplemental health insurance policies which generate strong and stable cash flows. These cash flows are not impacted by volatile equity markets. Liquidity at the Parent Company is sufficient to meet additional capital needs of the insurance companies.
EARNINGS GUIDANCE FOR THE YEAR ENDING DECEMBER 31, 2024:
Globe Life projects net operating income between $11.30 to $11.80 per diluted common share for the year ending December 31, 2024.
NON-GAAP MEASURES:
In this news release, Globe Life includes non-GAAP measures to enhance investors’ understanding of management’s view of the business. The non-GAAP measures are not a substitute for GAAP, but rather a supplement to increase transparency by providing broader perspective. Globe Life’s definitions of non-GAAP measures may differ from other companies’ definitions. More detailed financial information, including various GAAP and non-GAAP measurements, is located at https://investors.globelifeinsurance.com on the Investors page under “Financial Reports and Other Financial Information.”
CAUTION REGARDING FORWARD-LOOKING STATEMENTS:
This press release may contain forward-looking statements within the meaning of the federal securities laws. These prospective statements reflect management’s current expectations, but are not guarantees of future performance. Whether or not actual results differ materially from forward-looking statements may depend on numerous foreseeable and unforeseeable events or developments, which may be national in scope, related to the insurance industry generally, or applicable to the Company specifically. Such events or developments could include, but are not necessarily limited to:
1) Economic and other conditions, including the continued impact of inflation, geopolitical events, and the recent pandemic on the U.S. economy, leading to unexpected changes in lapse rates and/or sales of our policies, as well as levels of mortality, morbidity, and utilization of health care services that differ from Globe Life’s assumptions;
2) Regulatory developments, including changes in accounting standards or governmental regulations (particularly those impacting taxes and changes to the Federal Medicare program that would affect Medicare Supplement);
3) Market trends in the senior-aged health care industry that provide alternatives to traditional Medicare (such as Health Maintenance Organizations and other managed care or private plans) and that could affect the sales of traditional Medicare Supplement insurance;
4) Interest rate changes that affect product sales, financing costs, and/or investment portfolio yield;
5) General economic, industry sector or individual debt issuers’ financial conditions (including developments and volatility arising from geopolitical events, particularly in certain industries that may compromise part of our investment portfolio) that may affect the current market value of securities we own, or that may impair an issuer’s ability to make principal and/or interest payments due on those securities;
6) Changes in the competitiveness of the Company’s products and pricing;
7) Litigation results;
8) Levels of administrative and operational efficiencies that differ from our assumptions (including any reduction in efficiencies resulting from increased costs arising from the impact of higher than anticipated inflation);
9) The ability to obtain timely and appropriate premium rate increases for health insurance policies from our regulators;
10) The customer response to new products and marketing initiatives;
11) Reported amounts in the consolidated financial statements which are based on management estimates and judgments which may differ from the actual amounts ultimately realized;
12) Compromise by a malicious actor or other event that causes a loss of secure data from, or inaccessibility to, our computer and other information technology systems;
13) The severity, magnitude, and impact of natural or man-made catastrophic events, including but not limited to pandemics, tornadoes, hurricanes, earthquakes, war and terrorism, on our operations and personnel, commercial activity and demand for our products; and
14) Globe Life’s ability to access the commercial paper and debt markets, particularly if such markets become unpredictable or unstable for a certain period.
Readers are also directed to consider other risks and uncertainties described in other documents on file with the Securities and Exchange Commission. Globe Life specifically disclaims any obligation to update or revise any forward-looking statement because of new information, future developments or otherwise.
EARNINGS RELEASE CONFERENCE CALL WEBCAST:
Globe Life will provide a live audio webcast of its fourth quarter 2023 earnings release conference call with financial analysts at 11:00 am (Eastern) tomorrow, February 8, 2024. Access to the live webcast and replay will be available at https://investors.globelifeinsurance.com on the Calls and Meetings page, at the Conference Calls on the Web icon. Immediately following this press release, supplemental financial reports will be available before the conference call on the Investors page menu of the Globe Life website at “Financial Reports.”
APPENDIX
GLOBE LIFE INC.
GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
December 31,
Year Ended
December 31,
2023
2022(3)
2023
2022(3)
Revenue:
Life premium
$ 794,815
$ 762,929
$ 3,137,244
$ 3,027,824
Health premium
335,857
326,020
1,318,773
1,282,417
Other premium
—
—
—
1
Total premium
1,130,672
1,088,949
4,456,017
4,310,242
Net investment income
271,609
255,483
1,056,884
991,800
Realized gains (losses)
13,287
(9,703)
(65,676)
(76,548)
Other income
123
384
308
1,246
Total revenue
1,415,691
1,335,113
5,447,533
5,226,740
Benefits and expenses:
Life policyholder benefits(1)
514,472
501,967
2,050,789
2,035,693
Health policyholder benefits(2)
195,686
191,364
776,362
752,866
Other policyholder benefits
9,612
8,947
37,100
36,875
Total policyholder benefits
719,770
702,278
2,864,251
2,825,434
Amortization of deferred acquisition costs
97,541
90,131
379,700
348,824
Commissions, premium taxes, and non-deferred acquisition costs
144,234
129,532
559,167
506,022
Other operating expense
91,759
91,804
347,833
353,954
Interest expense
25,676
24,658
102,316
90,395
Total benefits and expenses
1,078,980
1,038,403
4,253,267
4,124,629
Income before income taxes
336,711
296,710
1,194,266
1,102,111
Income tax benefit (expense)
(61,909)
(54,367)
(223,511)
(207,725)
Net income
$ 274,802
$ 242,343
$ 970,755
$ 894,386
Basic net income per common share
$ 2.92
$ 2.50
$ 10.21
$ 9.13
Diluted net income per common share
$ 2.88
$ 2.46
$ 10.07
$ 9.04
(1)
Net of remeasurement gain of $12.9 million for the three months ended December 31, 2023, and a remeasurement gain of $1.9 million for the
same period in 2022. Net of remeasurement gain of $29.4 million for the year ended December 31, 2023, and a remeasurement loss of $47.4
million for the same period in 2022.
(2)
Net of remeasurement gain of $3.5 million for the three months ended December 31, 2023, and a remeasurement gain of $1.8 million for the
same period in 2022. Net of remeasurement gain of $11.8 million for the year ended December 31, 2023, and a remeasurement gain of $15.6
million for the same period in 2022.
(3)
The amounts presented for 2022 have been retrospectively restated due to the adoption of ASU 2018-12.
View original content to download multimedia:https://www.prnewswire.com/news-releases/globe-life-inc-reports-fourth-quarter-2023-results-302056597.html
SOURCE Globe Life Inc.
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Lumen Appoints Chad Ho as Executive Vice President and Chief Legal Officer
Ho to Succeed Veteran Executive Stacey Goff DENVER, May 6, 2024 /PRNewswire/ — Lumen Technol
