GLOBE LIFE INC
For the period ended Sep 30, 2024. Filed Nov 6, 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.
Sep 30, 2024 · Filed Nov 6, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Operations
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenue: | ||||
| Life premium | $818,638 | $788,099 | $2,438,385 | $2,342,429 |
| Health premium | 353,955 | 331,236 | 1,046,617 | 982,916 |
| Other premium | — | — | — | — |
| Total premium | 1,172,593 | 1,119,335 | 3,485,002 | 3,325,345 |
| Net investment income | 284,964 | 266,926 | 853,178 | 785,275 |
| Realized gains (losses) | (2,192) | (2,193) | (26,580) | (78,963) |
| Other income | 42 | 50 | 192 | 185 |
| Total revenue | 1,455,407 | 1,384,118 | 4,311,792 | 4,031,842 |
| Benefits and expenses: | ||||
| Life policyholder benefits(1) | 454,502 | 515,676 | 1,493,165 | 1,536,317 |
| Health policyholder benefits(2) | 221,926 | 193,790 | 629,676 | 580,676 |
| Other policyholder benefits | 11,756 | 9,578 | 32,830 | 27,488 |
| Total policyholder benefits | 688,184 | 719,044 | 2,155,671 | 2,144,481 |
| Amortization of deferred acquisition costs | 104,310 | 95,757 | 305,703 | 282,159 |
| Commissions, premium taxes, and non-deferred acquisition costs | 149,693 | 138,677 | 447,605 | 414,933 |
| Other operating expense | 104,874 | 85,870 | 297,196 | 256,074 |
| Interest expense | 31,388 | 25,955 | 91,413 | 76,640 |
| Total benefits and expenses | 1,078,449 | 1,065,303 | 3,297,588 | 3,174,287 |
| Income before income taxes | 376,958 | 318,815 | 1,014,204 | 857,555 |
| Income tax benefit (expense) | (73,964) | (61,732) | (198,638) | (161,602) |
| Net income | $302,994 | $257,083 | $815,566 | $695,953 |
| Basic net income per common share | $3.45 | $2.72 | $8.96 | $7.29 |
| Diluted net income per common share | $3.44 | $2.68 | $8.93 | $7.20 |
(1)Net of total remeasurement including both the impact of assumption changes and the effect of actual to expected experience adjustments, resulting in a gain of $70.6 million for the three months ended September 30, 2024, and a total remeasurement gain of $11.3 million for the same period in 2023. Net of a total remeasurement gain of $87.8 million for the nine months ended September 30, 2024, and a total remeasurement gain of $16.5 million for the same period in 2023.
(2)Net of total remeasurement including both the impact of assumption changes and the effect of actual to expected experience adjustments, resulting in a loss of $9.6 million for the three months ended September 30, 2024 and a total remeasurement gain of $7.8 million for the same period in 2023. Net of a total remeasurement loss of $3.1 million for the nine months ended September 30, 2024, and a total remeasurement gain of $8.3 million for the same period in 2023.
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