Globe Life Q3 2022 Earnings Report
Key Takeaways
Globe Life Inc. reported a net income of $1.90 per diluted common share for the quarter ended September 30, 2022, compared to $1.84 per diluted common share for the year-ago quarter. Net operating income for the quarter was $2.15 per diluted common share, compared with $1.78 per diluted common share for the year-ago quarter.
Life premiums increased 6% at the American Income Life Division and 5% at the Liberty National Division over the year-ago quarter.
Total health premiums increased over the year-ago quarter by 7%.
Total health net sales increased 10% over the year-ago quarter.
563,574 shares of Globe Life Inc. common stock were repurchased during the quarter.
Globe Life
Globe Life
Globe Life Revenue by Segment
Forward Guidance
Globe Life projects that net operating income per share will be in the range of $8.00 to $8.20 for the year ending December 31, 2022. For the year ending December 31, 2023, we estimate that net operating income per share, computed under current accounting guidance, will be in the range of $9.00 to $9.70. In addition, we estimate that the adoption of the new accounting guidance relating to long-duration life insurance contracts effective January 1, 2023 will provide an additional net increase in net operating income in the range of $105 million to $130 million, net of tax, primarily as a result of lower amortization of deferred acquisition costs.
Revenue & Expenses
Visualization of income flow from segment revenue to net income