GLOBE LIFE INC
For the period ended Jun 30, 2024. Filed Aug 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 7, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Operations
| Three Months EndedJune 30, | Six Months EndedJune 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenue: | ||||
| Life premium | $815,482 | $781,733 | $1,619,747 | $1,554,330 |
| Health premium | 351,643 | 329,187 | 692,662 | 651,680 |
| Other premium | — | — | — | — |
| Total premium | 1,167,125 | 1,110,920 | 2,312,409 | 2,206,010 |
| Net investment income | 285,636 | 261,244 | 568,214 | 518,349 |
| Realized gains (losses) | (12,589) | (45,843) | (24,388) | (76,770) |
| Other income | 74 | 85 | 150 | 135 |
| Total revenue | 1,440,246 | 1,326,406 | 2,856,385 | 2,647,724 |
| Benefits and expenses: | ||||
| Life policyholder benefits(1) | 518,792 | 512,664 | 1,038,663 | 1,020,641 |
| Health policyholder benefits(2) | 205,423 | 195,924 | 407,750 | 386,886 |
| Other policyholder benefits | 11,479 | 8,922 | 21,074 | 17,910 |
| Total policyholder benefits | 735,694 | 717,510 | 1,467,487 | 1,425,437 |
| Amortization of deferred acquisition costs | 101,915 | 94,080 | 201,393 | 186,402 |
| Commissions, premium taxes, and non-deferred acquisition costs | 149,802 | 138,459 | 297,912 | 276,256 |
| Other operating expense | 99,108 | 86,033 | 192,322 | 170,204 |
| Interest expense | 31,404 | 25,818 | 60,025 | 50,685 |
| Total benefits and expenses | 1,117,923 | 1,061,900 | 2,219,139 | 2,108,984 |
| Income before income taxes | 322,323 | 264,506 | 637,246 | 538,740 |
| Income tax benefit (expense) | (63,968) | (49,246) | (124,674) | (99,870) |
| Net income | $258,355 | $215,260 | $512,572 | $438,870 |
| Basic net income per common share | $2.83 | $2.26 | $5.53 | $4.58 |
| Diluted net income per common share | $2.83 | $2.24 | $5.51 | $4.52 |
(1)Net of a remeasurement gain of $12.4 million for the three months ended June 30, 2024, and a remeasurement gain of $2.4 million for the same period in 2023. Net of a remeasurement gain of $17.3 million for the six months ended June 30, 2024, and a remeasurement gain of $5.1 million for the same period in 2023.
(2)Net of remeasurement gain of $3.2 million for the three months ended June 30, 2024 and a remeasurement gain of $2.6 million for the same period in 2023. Net of a remeasurement gain of $6.5 million for the six months ended June 30, 2024, and a remeasurement gain of $532 thousand for the same period in 2023.
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