NYSE: GL · Life & Health Insurance
Globe Life
Globe Life is a McKinney, Texas insurance holding company that sells basic protection life insurance and supplemental health insurance to lower-middle and middle-income households through exclusive agencies (American Income, Liberty National, Family Heritage), an independent agency (United American, mainly Medicare Supplement) and its Direct to Consumer channel. 2025 revenue was $5,994 million — life premium $3,363 million, health premium $1,527 million and net investment income $1,130 million — and net income $1,161 million ($14.07 per share). The life segment is its largest earnings contributor and American Income its main distribution channel. A securities class action filed in 2024 after short-seller reports is pending, with class certification briefing due by October 30, 2026.
Last updated
Analysis last edited: October 25, 2026 · Financial data fetched: October 25, 2026 02:54 (SEC EDGAR) · Source 10-K filed: February 25, 2026
Built on10-K FY2025 · filed 2026-02-2510-Q (quarter ended 2026-09-30) · filed 2026-11-04Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 4.8%
- Net marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 19.4%
- Return on equityROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- 20.6%
- Equity ratioEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 19.4%
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.20x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 12.3x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.65
Higher than 25% of 44 financial companies
Average yearly growth over the years shown
Higher than 51% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 80% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 64% of 45 financial companies
Equity ÷ total assets
Higher than 41% of 44 financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$158.51close on 2026-11-04
Market cap$14.62B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 12.3x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.4x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- —
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.7%
At FY2025 year-end: 9.9x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 2.2x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 9.7%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$1.51B → $1.6B (vs. a year earlier)↑ +5.5%$1.51B → $1.6B (vs. a year earlier)
- Net income$388M → $361M (vs. a year earlier)↓ −6.9%$388M → $361M (vs. a year earlier)
- Diluted EPS$4.73 → $4.62 (vs. a year earlier)↓ −2.3%$4.73 → $4.62 (vs. a year earlier)
- Cash$257M → $258M (vs. previous quarter-end)→ +0.3%$257M → $258M (vs. previous quarter-end)
- Long-term debt$2.67B → $2.67B (vs. previous quarter-end)→ +0.1%$2.67B → $2.67B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 21, 2026.
Management outlook • Issued
Expects to spend $725M–$775M on share repurchases in 2026. Source sentence
The Company expects to spend $725 million to $775 million to repurchase common stock for the full year 2026, compared to the previous guidance of $670 million to $700 million.
Key changes
Premium revenue up 7%. Source sentence
l Total premium revenue grew 7% over the year-ago quarter.
Book value per share $85.35, up 23%. Source sentence
Book value per share was $85.35, an increase of 23% over the year-ago quarter.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- GLOBE LIFE INC.
- Headquarters
- MCKINNEY, TX
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: GL
- Industry
- Life & Health Insurance
- CIK
- 320335
Workforce (as of FY2025 year-end)
Employees
3,695
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 35–38 days after quarter end (Feb 4, 2026; Feb 5, 2025; Feb 7, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 21–38 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 21, 2026 (+21 days) | Nov 4, 2026 10-Q (+35 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 22, 2026 (+22 days) | Aug 5, 2026 10-Q (+36 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 22, 2026 (+22 days) | May 7, 2026 10-Q (+37 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 4, 2026 (+35 days) | Feb 25, 2026 10-K (+56 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 22, 2025 (+22 days) | Nov 5, 2025 10-Q (+36 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 23, 2025 (+23 days) | Aug 6, 2025 10-Q (+37 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 30, 2025 (+30 days) | May 7, 2025 10-Q (+37 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 5, 2025 (+36 days) | Feb 26, 2025 10-K (+57 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 23, 2024 (+23 days) | Nov 6, 2024 10-Q (+37 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 24, 2024 (+24 days) | Aug 7, 2024 10-Q (+38 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 22, 2024 (+22 days) | May 8, 2024 10-Q (+38 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 7, 2024 (+38 days) | Feb 28, 2024 10-K (+59 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Life insurance
Life policies via exclusive agents
American Income (annualized premium in force $1,869M) and Liberty National ($428M).
Life insurance
Direct to Consumer life
Policies sold directly (annualized premium in force $924M).
Supplemental health insurance
Limited-benefit health
Cancer, accident, critical illness and other supplemental coverage (Family Heritage, Liberty National, American Income).
Supplemental health insurance
Medicare Supplement
Sold by United American through independent agents (annualized premium in force $750M).
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
The 10-K gives no market share or rank.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-06-30)
07
Recent strategic focusSite analysis
Recent developments.
2025 results
Revenue $5,994M (+4%); net income $1,161M (+8%); EPS $14.07.
Source: Form 10-K (FY2025)
First half 2026
Revenue $3,159M versus $2,962M; net income $558M versus $507M.
Source: Form 10-Q (quarter ended 2026-06-30)
Credit facility
Entered a third amended and restated credit agreement with Wells Fargo as agent in June 2026.
Source: Form 8-K (2026-06-29) — Item 1.01 third amended and restated credit agreement
Capex ÷ D&A (FY2025)
4.75x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$142M ÷ $30M = 4.75x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Where the money goes, over time
Unit: $M. Capex went from $42M in FY2020 to $142M in FY2025
- Capex
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Total revenue (FY2025)
$5.99B
As reported in the 10-K
Revenue CAGR (5 years)
+4.8%
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($5,994M ÷ $4,738M) ^ (1÷5) − 1 = 4.8%
termsCAGR · ^ (exponent) · Revenue (net sales)
ROE (FY2025)
20.6%▲favorable
6-year average: 20.5%
As reported in the 10-K
- ―
Revenue grew +4.8% a year over 5 years (modest growth)
From $4.74B in FY2020 to $5.99B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 20.5% over 6 years (latest: 20.6%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Life insurance
- Supplemental health and Medicare Supplement insurance
- Investment of policy reserves
06 · what it draws on
Key resources
- 3,695 employees
- Exclusive agents (e.g. 11,920 average producing agents at American Income)
- Cash and invested assets of $21.0B (June 30, 2026 10-Q)
02 · why customers buy
Value propositions
- Basic life and supplemental health insurance for lower-middle to middle-income families and seniors.
04 · how it keeps them
Customer relationships
- Long-duration policies that keep paying premiums for many years.
03 · how it reaches them
Channels
- Exclusive agency forces (American Income, Family Heritage, Liberty National) and direct-to-consumer marketing.
01 · who it serves
Customer segments
- Working and middle-income families
- Union and association members (American Income)
- Seniors (Medicare Supplement)
09 · where money goes
Cost structure
FY2025, share of revenue ($5.99B)
- Interest expense2.4%
- Operating expenses (as reported)76.0%
Depreciation & amortization (inside the costs above): $30M. Capital spending: $142M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Life premium $3,363M (2025)
- Health premium $1,527M
- Net investment income $1,130M
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Writes nonparticipating life policies and limited-benefit supplemental health and Medicare Supplement policies, then invests the premiums mainly in fixed maturities; it competes partly through lower acquisition and administrative costs.
01 what it draws on
Inputs & resources
- 3,695 employees
- Exclusive agents (e.g. 11,920 average producing agents at American Income)
- Cash and invested assets of $21.0B (June 30, 2026 10-Q)
02 what it does
Activities
- Life insurance
- Supplemental health and Medicare Supplement insurance
- Investment of policy reserves
03 who it serves
Customers
- Working and middle-income families
- Union and association members (American Income)
- Seniors (Medicare Supplement)
04 how money comes in
How it earns
- Life premium $3,363M (2025)
- Health premium $1,527M
- Net investment income $1,130M
How the business makes money
- Life underwriting margin $1,509M and health $390M in 2025.
- Since 1986 it has spent $11.0B on buybacks.
- Co-CEO leadership structure.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Globe Life’s premium rates, including Medicare Supplement, are overseen by regulators.
Regulated prices & reimbursement
Regulated premium rates
Regulators have broad power over premium rates for life, Medicare Supplement and supplemental health products.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Approvals & licenses
Bermuda capital rules
Bermuda subsidiaries face BMA capital and solvency standards.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025 premium)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Life insurance
3,363.5 (69%)Supplemental health insurance
1,526.8 (31%)
Source: Form 10-K (FY2025) Premium by insurance segment; the third segment, investments, earned net investment income of $1,130M. Total revenue $5,994M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Individual policyholders, mainly lower-middle to middle-income families and seniors.
Named by the company
No customer is material.
Suppliers
Exclusive and independent agents.
Named by the company
No supplier is named as material.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K says Globe Life competes with other life and health carriers on service, price, product design and sales, but names none.
Competitors named in the 10-K
The 10-K names no specific competitor.
Peer group the company chose
Compensation peer group (15 companies), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Adopted in 2024 with more emphasis on product alignment and profitability; reaffirmed in Q3 2025.
- Aflacsite ↗
- Equitable Holdingssite ↗
- Primericasite ↗
- Assurantsite ↗
- F&G Annuities & Lifesite ↗
- Principal Financial Groupsite ↗
- Brighthouse Financialsite ↗
- Jackson Financialsite ↗
- Reinsurance Group of Americasite ↗
- Cincinnati Financialsite ↗
- Lincoln Nationalsite ↗
- Unum Groupsite ↗
- CNO Financial Groupsite ↗
- Old Republic Internationalsite ↗
- Voya Financialsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Total revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 4,738 | 5,112 | 5,227 | 5,448 | 5,778 | 5,994 |
| Operating income | 905 | 1,227 | 1,186 | 1,265 | — | — |
| Pretax income | 897 | 1,275 | 1,102 | 1,194 | 1,327 | 1,436 |
| Net income (attributable) | 732 | 1,031 | 894 | 971 | 1,071 | 1,161 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 7.9% | 2.2% | 4.2% | 6.1% | 3.7% |
| Operating margincalcoperating income ÷ revenue × 100 | 19.1% | 24.0% | 22.7% | 23.2% | — | — |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 15.4% | 20.2% | 17.1% | 17.8% | 18.5% | 19.4% |
| Balance sheet ($M) | ||||||
| Total assets | 29,047 | 29,768 | 25,987 | 28,051 | 29,076 | 30,814 |
| Total equity | 8,771 | 2,004 | 3,950 | 4,487 | 5,306 | 5,975 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 1,923 | 2,176 | 2,243 | 2,116 | 2,740 | 2,625 |
| Equity ratio | 30.2% | 6.7% | 15.2% | 16.0% | 18.2% | 19.4% |
| ROE | 8.3% | 19.1% | 30.0% | 23.0% | 21.9% | 20.6% |
| Cash flow ($M) | ||||||
| Operating CF | 1,476 | 1,438 | 1,422 | 1,482 | 1,402 | 1,396 |
| Investing CF | -1,182 | -913 | -943 | -926 | -642 | -644 |
| Financing CF | -274 | -524 | -492 | -541 | -716 | -768 |
| Free cash flowcalccash flow from operations − capital expenditures | 1,435 | 1,399 | 1,394 | 1,433 | 1,331 | 1,254 |
| Cash and equivalents | 95 | 92 | 93 | 103 | 165 | 145 |
| Per share & other | ||||||
| EPS ($) | 6.82 | 9.99 | 9.04 | 10.07 | 11.94 | 14.07 |
| BVPS ($) | 77.47 | 18.35 | 37.54 | 43.89 | 54.57 | 64.79 |
| Dividend per share ($) | 0.75 | 0.79 | 0.83 | 0.90 | 0.96 | 1.08 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 11.0% | 7.9% | 9.2% | 8.9% | 8.0% | 7.7% |
| P/E (x) | 13.9 | 9.4 | 13.3 | 12.1 | 9.3 | 9.9 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 13.6 | 9.9 | 12.3 | 11.2 | — | — |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.23 | 5.11 | 3.21 | 2.77 | 2.04 | 2.16 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $1.6B+5.5% | $361M-6.9% | $4.62 |
| 2026-06-30 | $1.6B+8.0% | $288M+13.8% | $3.65 |
| 2026-03-31 | $1.56B+5.3% | $271M+6.3% | $3.39 |
| 2025-12-31 † | $1.52B+3.6% | $266M+4.3% | — |
| 2025-09-30 | $1.51B | $388M | $4.73 |
| 2025-06-30 | $1.48B | $253M | $3.05 |
| 2025-03-31 | $1.48B | $255M | $3.01 |
| 2024-12-31 † | $1.47B | $255M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
14
Measures that fit this businessFrom SEC data
ROIC and free cash flow don’t suit an insurer, so these are the usual yardsticks instead.
- Company Action Level RBC ratio
- 316%
Consolidated, 2025
As stated by the company: Form 10-K (FY2025)
| Measure | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Return on equityNet income ÷ stockholders’ equity. | 8.3% | 19.1% | 30.0% | 23.0% | 21.9% | 20.6% |
| Premiums earned growthChange from the prior year. | — | 7.4% | 5.3% | 3.4% | 4.7% | 4.8% |
| Claims and benefits ÷ premiums earnedNot a combined ratio: underwriting expenses are excluded, and life insurers’ benefits run higher by design. | 67.5% | 64.9% | 65.6% | 64.3% | 62.0% | 59.0% |
| Equity ÷ total assetsThe accounting cushion. Regulatory capital ratios are listed separately above when the filing states them. | 30.2% | 6.7% | 15.2% | 16.0% | 18.2% | 19.4% |
Computed from SEC XBRL figures. A dash means the company doesn’t tag that figure or the result fell outside a plausible range. Tagging differs between filers, so check the filing before comparing two companies closely.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Banks, insurers, and similar financial companies aren’t compared this way, since deposits/policies are the business itself and debt can’t be cleanly separated from operating capital.
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not applied to banks, insurers, and similar financial companies: their operating cash flow includes deposits or premiums held for customers, so it isn’t free cash flow available to investors.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
Financial companies’ operating cash flow behaves differently from an operating company’s, so this analysis doesn’t apply.
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 84.7%
- Directors & officers (shares)
- 2.1%
- Everyone else (est.)
- 13.2%
- Directors & officers (voting power)
- 2.1%
- Institutional-ownership rank
- 267 of 416
- Beta (adjusted)
- 0.65
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 64% of covered companies have more
above 1 = swings more than the market
- 65.1M shares reported by 700 13F filers ÷ 76.8M shares outstanding on 2026-07-31. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-19 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-31)
19
Strengths & weaknessesSite analysis
Strengths
1. Growing underwriting margin
Life underwriting margin rose 12% to $1,509M in 2025.
Evidence: Form 10-K (FY2025)
2. Low-cost model
The 10-K says Globe Life competes partly by operating at lower acquisition and administrative expense levels than peers.
Evidence: Form 10-K (FY2025)
3. Shareholder returns
Shares outstanding fell from 113M (2020) to 92M (2025) through buybacks.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Agent dependence
Sales depend on recruiting and retaining exclusive agents.
Evidence: Form 10-K (FY2025)
2. Litigation overhang
A securities class action and derivative suits tied to 2024 short-seller reports remain pending.
Evidence: Form 10-Q (quarter ended 2026-06-30) — Note on Commitments and Contingencies (Litigation)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
9.9x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
0.77%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
8%
Dividends per share ÷ diluted EPS
1. Steady EPS growth
EPS rose from $6.82 (2020) to $14.07 (2025).
- What has to hold
- Underwriting margins hold.
- The other side
- Litigation and agent trends.
Evidence: Form 10-K (FY2025)
2. Buybacks
Share count down about 19% since 2020.
- What has to hold
- Excess cash flow continues.
- The other side
- Subsidiary dividends projected lower in 2026.
Evidence: Form 10-K (FY2025)
Insurer: operating income and ROIC are not meaningful. Book value per share includes accumulated other comprehensive income, which swings with interest rates (2021–2022).
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
For an insurer or bank, debt-coverage ratios like these don’t describe its ability to absorb losses — that depends on its capital, reserves, and investment portfolio, which are covered in part 3 below.
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Net income | -13.3% in FY2022 ($1.03B → $894M) | Yes, by FY2024 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Recurring premiums
Most revenue is recurring premium on in-force policies ($4,890M of total premium in 2025).
Source: Form 10-K (FY2025)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Globe Life faces a securities class action (City of Miami v. Globe Life) and related derivative suits that followed 2024 short-seller reports; the loss, if any, cannot be estimated. Other suits are ordinary for the insurance industry.
2 open matters (1 flagged as major)
City of Miami v. Globe Life (securities class action)
PendingClass actionMajorLead plaintiffs v. Globe Life and executives
Filed April 30, 2024 in the Eastern District of Texas on behalf of purchasers from May 8, 2019 to April 10, 2024, alleging misleading disclosures about financial performance. Lead plaintiffs moved for class certification on May 15, 2026.
- Next step
- Class certification fully briefed by October 30, 2026.
Source: Form 10-Q (quarter ended 2026-06-30) — Note on Commitments and Contingencies (Litigation)
Shareholder derivative suits
PendingLawsuitShareholders v. directors and officers (Globe Life nominal defendant)
Consolidated derivative action (In re Globe Life Inc. Stockholder Derivative Litigation) and further suits filed in November 2025 allege breaches of fiduciary duty tied to the same short-seller allegations.
Source: Form 10-Q (quarter ended 2026-06-30) — Note on Commitments and Contingencies (Litigation)
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-Q (quarter ended 2026-06-30) — Note on Commitments and Contingencies (Litigation), reviewed 2026-10-25. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Labor & workforce
Agent recruiting
- Company disclosure (summarized from the 10-K)
- Growth depends on the size and productivity of exclusive agent forces.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 2FX & interest rates
Interest rates and investments
- Company disclosure (summarized from the 10-K)
- Earnings depend on net investment income from a largely fixed-maturity portfolio.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Law & regulation
Insurance regulation and litigation
- Company disclosure (summarized from the 10-K)
- State insurance regulation, sales-practice claims and the securities class action.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Demand & macro
Policyholder benefits
- Company disclosure (summarized from the 10-K)
- Mortality and health claim experience affect underwriting margins.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (4)
Our investment portfolio contains certain alternative investments that may be illiquid and volatile, which could negatively affect our investment income and liquidity.
Over the past several years, we have increased our investment in alternative investments, such as limited partnerships. Read more
These and other similar investments may have different, more significant risk characteristics than investments in fixed maturity securities, may be more volatile and may be illiquid due to restrictions on sales, transfers and redemption terms, all of which could negatively affect our investment income and overall portfolio liquidity.
These alternative investments may not meet regulatory admissibility requirements or may result in increased regulatory capital charges to the insurance subsidiaries that hold these investments, which could limit those subsidiaries’ ability to pay dividends and negatively impact our liquidity.
Under an intercompany reinsurance agreement initiated in 2025, we have ceded approximately $1.2 billion of our life statutory reserves from Liberty National Life Insurance Company, Globe Life And Accident Insurance Company, and American Income Life Insurance Company to GL Re, as of December 31, 2025. Future regulatory changes made by the BMA or other events may impact the capital efficiency of the reinsurance structure and could require the holding company to contribute additional capital to GL Re or our U.S. insurance subsidiaries to recapture ceded business.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 25, 2026 ↗ with the 10-K filed Feb 26, 2025 ↗.
25
What to watch going forwardSite analysis
- Agent counts at American Income and Liberty National.
- Life underwriting margin.
- Securities class action (class certification briefing due October 30, 2026).
- Buybacks.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: October 25, 2026 · Financial data fetched: October 25, 2026 02:54 (SEC EDGAR) · Source 10-K filed: February 25, 2026
Built on10-K FY2025 · filed 2026-02-25Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Globe Life’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.