Globe Life (GL) investor relations material

Executive summary

• Net income for Q2 was $288 million ($3.65 per share), up 20% year-over-year; net operating income was $285 million ($3.61 per share), up 10% year-over-year.

• Double-digit net operating income per share growth achieved in eight of the last nine quarters.

• Book value per share (excluding AOCI) rose 11% to $100.04 as of June 30.

• Full-year 2026 earnings guidance raised to $15.55–$15.95 per share, up $0.10 at midpoint.

Financial highlights

• Total premium revenue increased 7% year-over-year in Q2 to $1.30 billion; full-year premium revenue growth expected at 6.5%-7%.

• Life premium revenue increased 3% to $861 million; life underwriting margin up 6% to $359 million.

• Health premium revenue grew 16% to $437 million; health underwriting margin up 1% to $99 million.

• Net investment income was $294 million, up 4% year-over-year; excess investment income per share up 17%.

• Administrative expenses rose 6% to $91 million, representing 7% of premium; administrative expense ratio improved to 7.0% from 7.1% year-over-year.

Outlook and guidance

• Full-year net operating EPS guidance raised to $15.55-$15.95, representing 8.5% growth at midpoint.

• Life premium revenue expected to grow 2.5%-3% for the year; health premium revenue expected to grow 14%-16%.

• Life underwriting margin projected at 43%-45% for 2026, with Q3 margin over 50% due to assumption updates.

• Health underwriting margin expected between 23%-27% for the year.

• Normalized EPS growth (excluding assumption updates) estimated at 9%-10%; three-year CAGR of normalized EPS projected at 11%.

• The facility enhances liquidity and financial flexibility, supporting general corporate purposes and ongoing operations.