GLOBE LIFE INC
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
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Consolidated Statements of Operations
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Revenue: | |||
| Life premium | $3,137,244 | $3,027,824 | $2,893,930 |
| Health premium | 1,318,773 | 1,282,417 | 1,200,882 |
| Other premium | — | 1 | 1 |
| Total premium | 4,456,017 | 4,310,242 | 4,094,813 |
| Net investment income | 1,056,884 | 991,800 | 956,690 |
| Realized gains (losses) | (65,676) | (76,548) | 59,319 |
| Other income | 308 | 1,246 | 1,216 |
| Total revenue | 5,447,533 | 5,226,740 | 5,112,038 |
| Benefits and expenses: | |||
| Life policyholder benefits(1) | 2,050,789 | 2,035,693 | 1,898,519 |
| Health policyholder benefits(2) | 776,362 | 752,866 | 721,309 |
| Other policyholder benefits | 37,100 | 36,875 | 39,218 |
| Total policyholder benefits | 2,864,251 | 2,825,434 | 2,659,046 |
| Amortization of deferred acquisition costs | 379,700 | 348,824 | 317,616 |
| Commissions, premium taxes, and non-deferred acquisition costs | 559,167 | 506,022 | 455,250 |
| Other operating expense | 347,833 | 353,954 | 322,029 |
| Interest expense | 102,316 | 90,395 | 83,486 |
| Total benefits and expenses | 4,253,267 | 4,124,629 | 3,837,427 |
| Income before income taxes | 1,194,266 | 1,102,111 | 1,274,611 |
| Income tax benefit (expense) | (223,511) | (207,725) | (243,497) |
| Net income | $970,755 | $894,386 | $1,031,114 |
| Basic net income per common share | $10.21 | $9.13 | $10.10 |
| Diluted net income per common share | $10.07 | $9.04 | $9.99 |
(1)Net of the total remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments, resulting in gains (losses) of $29.4 million, $(47.4) million and $(11.1) million for the year ended December 31, 2023, 2022 and 2021, respectively.
(2)Net of the total remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments, resulting in gains (losses) of $11.8 million, $15.6 million and $(1.2) million for the year ended December 31, 2023, 2022 and 2021, respectively.
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