GLOBE LIFE INC. (GL)

Price—Loading quote

AI: Fair-priced

Price checkThe shares look reasonably priced, but current growth leaves little room for fresh setbacks.

At the latest available close, $181.00 on August 14, Globe Life traded at about 11.5 times the $15.75 midpoint of management’s 2026 net operating earnings guide. That measure removes selected investment and unusual items. The price was also 1.81 times June book value excluding unrealized interest-rate effects, $100.04 per share. Those are moderate valuations for guided 8.5% per-share earnings growth, but legal and sales-force risks deserve a discount. On balance, the price supports Fair-priced, not a clear bargain or excess.

Big picturePremium growth is steady, while cash generation remains durable rather than rapidly expanding.

From 2020 through 2025, revenue rose 26.5% to $5.99 billion and net income rose 58.7% to $1.16 billion. Operating cash flow stayed near $1.4 billion each year, showing durability but little growth. A simple cash-left-after-capital-spending measure fell from $1.43 billion in 2020 to $1.25 billion in 2025; it was $694 million in 2026’s first half. Insurance premiums renew steadily, reducing economic swings, although claims, health-care use, and agent-led sales still vary. Regulatory capital needs mean not all reported cash can be distributed.

Business strengthA strong bond portfolio and buybacks offset meaningful debt and interest-rate exposure.

At June 2026, Globe Life reported $31.56 billion of assets, $25.41 billion of liabilities, and $6.16 billion of equity. Debt was $2.94 billion against $257 million of cash, but 97% of its $19.30 billion fixed-maturity bond portfolio was investment grade, meaning issuers were judged relatively likely to repay. The portfolio still carried a $1.36 billion unrealized loss from market-rate changes. From 2020 through 2025, $3.83 billion of buybacks cut reported year-end shares 18.6%; $53 million of 2025 stock pay did not reverse that reduction. Dividends totaled $86 million in 2025.

What could change the storyHealth profits, agent retention, and legal outcomes will decide whether today’s assumptions hold.

Second-quarter health premiums grew 16%, but health underwriting profit rose only 1% as the profit share of premiums fell to 23% from 26%. American Income’s agent count declined 7% and its life sales fell 2%; renewed agent growth and recovering health profitability form the strongest upside case. The main downside is continued weakness plus unresolved litigation. Globe Life’s 2025 filing said an employment agency had classified certain American Income agents as employees, though that finding was not binding. At $181, the valuation assumes guidance is broadly achieved and legal costs remain contained.

$181.00 price considered

AI: News

Mixed quarter triggers selloffEarnings grew, but a small forecast miss and weaker health profitability disappointed investors.

On July 22, Globe Life reported second-quarter net operating earnings of $3.61 per share, up 10% but $0.06 below the reported analyst consensus. Revenue of $1.60 billion slightly exceeded expectations, while health premiums grew 16% and health underwriting profit only 1%. On July 23, the shares closed 7.0% lower at $171.08, versus $184.00 previously. Contemporaneous reporting attributed the selloff mainly to the earnings miss and health profitability; broader trading may also have influenced the move.

Large buyback authorizationThe board approved substantial repurchase capacity, signaling confidence but not guaranteeing purchases.

On August 10, the board announced authorization to repurchase up to $2.5 billion of shares from August 15, replacing earlier authorizations. The ceiling equaled roughly 18% of the company’s recent market value, so completed purchases could materially raise each remaining share’s ownership claim. However, an authorization is permission, not a commitment, and actual purchases depend on excess capital and market conditions. The stock closed 0.3% lower that day; timing alone does not establish that the announcement caused the move.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$5.99B	$5.78B	$5.45B	$5.23B	$5.11B	$4.74B	$4.53B	$4.30B	$4.16B	$3.93B	$3.77B	$3.62B	$3.49B	$3.59B	$3.38B	$3.37B	$3.12B	$3.20B	$3.49B
Gross profit	—	—	$1.26B	$1.18B	$1.22B	$901.1M	$910.7M	$865.5M	$807.0M	$782.9M	$775.0M	$761.1M	$747.3M	$728.2M	$697.9M	$713.2M	$706.6M	—	—
Operating income	—	—	$1.27B	$1.19B	$1.23B	$905.4M	$920.1M	$870.6M	$821.2M	$787.3M	$776.4M	$771.6M	$756.1M	$753.6M	$732.0M	$722.4M	$706.9M	—	—
Net income	$1.16B	$1.07B	$970.8M	$894.4M	$1.03B	$731.8M	$760.8M	$701.5M	$1.45B	$549.8M	$527.1M	$542.9M	$528.5M	$529.3M	$497.2M	$498.9M	$405.0M	$452.3M	$527.5M
Basic EPSper diluted share	$14.27	$11.99	$10.21	$9.13	$10.10	$6.90	$6.97	$6.22	$12.50	$4.58	$4.21	$4.15	$3.84	$3.65	$4.59	$4.09	$3.25	$5.14	$5.59
Diluted EPSper diluted share	$14.07	$11.94	$10.07	$9.04	$9.99	$6.82	$6.83	$6.09	$12.22	$4.49	$4.16	$4.09	$3.79	$3.60	$4.53	$4.05	$3.25	$5.11	$5.50

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$424.1K disclosed value

Sells (SEC code S)126$104.53M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 30, 2026Form 4	Skarjune Dolores LEVP and Chief Admin. Officer	SellCommon Stock	1.9K	$179.18	$331.5K	13.7K
Jun 25, 2026Form 4	Alston CherylDirector	SellCommon Stock	2.6K	$180.57	$463.0K	16.6K
Jun 25, 2026Form 4	Alston CherylDirector	SellCommon Stock	1.9K	$180.13	$348.4K	19.2K
Jun 25, 2026Form 4	Alston CherylDirector	SellCommon Stock	1.0K	$178.71	$180.5K	21.1K
Jun 25, 2026Form 4	Alston CherylDirector	SellCommon Stock	2.8K	$177.56	$488.3K	22.1K

Review ownership filings at SEC.gov ↗

GLOBE LIFE INC. (GL)

Financial charts

Financial statements

Insider buys & sells