Globe Life Reports Solid Earnings for Q1 2024
Globe Life Inc. (NYSE: ) reported today that for the quarter ended , net income was per diluted common share, compared with per diluted common share for the year-ago quarter. Net operating income for the quarter was per diluted common share, compared with per diluted common share for the year-ago quarter.
Key Financial Highlights
* Life insurance accounted for 76% of the Company’s insurance underwriting margin for the quarter and 70% of total premium revenue.
* Health insurance accounted for 23% of the Company’s insurance underwriting margin for the quarter and 30% of total premium revenue.
* Net sales of life insurance increased 7% for the quarter, and net health sales increased 9%.
* The ratio of administrative expenses to premium was 7.0%, compared with 6.7% for the year-ago quarter.
* Net investment income increased 10% and average invested assets increased 5%.
* Required interest on policy liabilities and average policy liabilities both increased 5%.
Business Outlook
Globe Life projects net operating income between to per diluted common share for the year ending , 2024.
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.
Earnings Webcast
Globe Life will provide a live audio webcast of its first quarter 2024 earnings release conference call with financial analysts at (Eastern) tomorrow, April 23, 2024. Access to the live webcast and replay will be available at on the Calls and Meetings page, at the Conference Calls on the Web icon.
Supplemental Financial Reports
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.”
