GLOBE LIFE INC.
For the period ended Jun 30, 2025. Filed Aug 6, 2025.
View on SEC.govAbout this filing
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, 2025 · Filed Aug 6, 2025
GL$157.18-1.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-07.
0000320335-25-000032
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsAnalysis of Profitability by SegmentLifeHealthCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0000320335-25-000046
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsAnalysis of Profitability by SegmentLifeHealthThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 200 previous paragraphs and 205 current paragraphs.
127 unchanged; 70 reworded; 7 added; 2 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 31 previous and 31 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
Summary of Operations.
Current report
•Net income totaled $507 million during the six months ended June 30, 2025, compared with $513 million in the same period in 2024.
Current report
•Net operating income was $530 million for the six months ended June 30, 2025, compared with $535 million for the same period in 2024.
Current report
On July 1, 2025, we entered into a 30-year facility agreement (“Facility Agreement”) with a Delaware Trust (the “Trust”) formed by us in connection with the sale by the trust of $500 million pre-capitalized trust securities redeemable May 15, 2055 in a Rule 144A private placement. The Trust invested the proceeds from the sale of its securities in a portfolio of principal and interest strips of U.S. Treasury securities (the “Strips”).
Current report
The Facility Agreement provides us with the right to sell at any time to the Trust up to $500 million of our 6.580% Senior Notes due 2055 (the “6.580% Senior Notes”) in exchange for a corresponding amount of the Strips held by the Trust (the “Issuance Right”). We agreed to pay a semi-annual facility fee of 1.789% per annum on the unexercised portion of the Issuance
Current report
The Issuance Right will be exercised automatically in full upon (i) our failure to pay the facility fee or to purchase any Strips required to be purchased under the Facility, if the failure to pay is not cured within 30 days, or (ii) certain bankruptcy events involving the Company. We are also required to exercise the Issuance Right in full if our consolidated stockholders’ equity (excluding AOCI) falls below $1.55 billion, subject to certain adjustments.
Current report
The Company can redeem the 6.580% Senior Notes at any time, in whole or in part, at a price equal to the greater of par or a make-whole redemption price. At June 30, 2025, the Company had no senior note issuances under the Facility Agreement.
Removed paragraphs (2)
Previous report
•Net investment income declined 1% compared with the same period in the prior year.
Previous report
Net sales rose 4% in the three months ended March 31, 2025 over the same period in 2024 due primarily to increased agent count.
Reworded paragraphs (70)
Previous wording
•Net income as a return on equity (ROE) for the three months ended March 31, 2025 was 19.0% and net operating income as an ROE, excluding accumulated other comprehensive income(1) was 14.1%.
Current wording
•Net income as a return on equity (ROE) for the six months ended June 30, 2025 was 18.8% and net operating income as an ROE, excluding accumulated other comprehensive income(1) was 14.4%.
Previous wording
•Total premium increased 5% over the same period in the prior year. Life premium increased 3% for the period from $804 million in 2024 to $830 million in 2025.
Current wording
•Total premium increased 5% over the same period in the prior year. Life premium increased 3% for the period from $1.62 billion in 2024 to $1.67 billion in 2025.
Previous wording
•Total net sales increased 6% over the same period in the prior year from $204 million in 2024 to $216 million in 2025. The average producing agent count across all of the exclusive agencies increased 5% over the prior year.
Current wording
•Total net sales increased 6% over the same period in the prior year from $415 million in 2024 to $439 million in 2025. The average producing agent count across all of the exclusive agencies increased 4% over the prior year.
Previous wording
•Book value per share increased 22% over the same period in the prior year from $53.03 to $64.50. Book value per share, excluding accumulated other comprehensive income(1), increased 11% over the prior year from $79.00 in 2024 to $87.92 in 2025.
Current wording
•Book value per share increased 14% over the same period in the prior year from $58.06 to $66.07. Book value per share, excluding accumulated other comprehensive income(1), increased 10% over the prior year from $82.38 in 2024 to $90.26 in 2025.
Previous wording
•For the three months ended March 31, 2025, the Company repurchased 1.5 million shares of Globe Life Inc. common stock at a total cost of $177 million for an average share price of $121.70.
Current wording
•For the six months ended June 30, 2025, the Company repurchased 3.3 million shares of Globe Life Inc. common stock at a total cost of $403 million for an average share price of $121.38.
Previous wording
The following graphs represent net income and net operating income for the three months ended March 31, 2025.
Current wording
The following graphs represent net income and net operating income for the six month periods ended June 30, 2025 and 2024.
Previous wording
Net operating income as an ROE, excluding accumulated other comprehensive income (AOCI), is considered a non-GAAP measure. Management utilizes this measure to view the business without the effect of changes in AOCI, which are primarily attributable to fluctuation in interest rates. The impact of the adjustment to exclude AOCI is $(1.97) billion and $(2.47) billion for the three months ended March 31, 2025 and 2024, respectively.
Current wording
Net operating income as an ROE, excluding accumulated other comprehensive income ("AOCI"), is considered a non-GAAP measure. Management utilizes this measure to view the business without the effect of changes in AOCI, which are primarily attributable to fluctuation in interest rates. The impact of the adjustment to exclude AOCI is $(2.0) billion and $(2.2) billion for the six months ended June 30, 2025 and 2024, respectively.
Previous wording
Book value per share, excluding AOCI, is also considered a non-GAAP measure. Management utilizes this measure to view the book value of the business without the effect of changes in AOCI, which are primarily attributable to fluctuation in interest rates. The impact of the adjustment to exclude AOCI is $(23.42) and $(25.97) for the three months ended March 31, 2025 and 2024, respectively.
Current wording
Book value per share, excluding AOCI, is also considered a non-GAAP measure. Management utilizes this measure to view the book value of the business without the effect of changes in AOCI, which are primarily attributable to fluctuation in interest rates. The impact of the adjustment to exclude AOCI is $(24.19) and $(24.32) for the six months ended June 30, 2025 and 2024, respectively.
Previous wording
Summary of Operations. Net income increased slightly to $255 million during the three months ended March 31, 2025, compared with $254 million in the same period in 2024. On a diluted per common share basis, net income per common share for the three months ended March 31, 2025 increased 13% from $2.67 to $3.01.
Current wording
•On a diluted per common share basis, net income per common share for the six months ended June 30, 2025 increased 10% from $5.51 to $6.07.
Previous wording
Net operating income declined 2% to $259 million for the three months ended March 31, 2025, compared with $264 million for the same period in 2024, due to an 18% decrease in excess investment income offset by a 9% increase in life underwriting margin. On a diluted per common share basis, net operating income per common share for the three months ended March 31, 2025 increased from $2.78 to $3.07, an 10% increase. Net operating income is primarily comprised of insurance underwriting margin plus excess investment income and annuity and other income, offset by operating expenses, after tax and, as such, is considered a non-GAAP measure. Net income is the most directly comparable GAAP measure. We do not consider realized gains and losses to be a component of our core insurance operations or operating segments. Additionally, net income was affected by certain non-operating items. We do not view these items as components of core operating results because they are not indicative of past performance or future prospects of the insurance operations. We remove items such as these that relate to prior periods or are non-operating items when evaluating the results of current operations, and therefore exclude such items from our segment analysis for current periods.
Current wording
Net operating income is primarily comprised of insurance underwriting margin plus excess investment income and annuity and other income, offset by operating expenses, after tax and, as such, is considered a non-GAAP measure. Net income is the most directly comparable GAAP measure. We do not consider realized gains and losses to be a component of our core insurance operations or operating segments. Additionally, net income was affected by certain non-operating items. We do not view these items as components of core operating results because they are not indicative of past performance or future prospects of the insurance operations. We remove items such as these that relate to prior periods or are non-operating items when evaluating the results of current operations, and therefore exclude such items from our segment analysis for current periods.
Previous wording
As previously noted, a component of insurance underwriting margin is policy obligations, which includes for each reporting period the change in the liability for future policy benefits (LFPB). The LFPB is determined each reporting period based on the net level premium method. Net level premiums reflect a recomputed net premium ratio using actual experience since the issue date, and expected future experience based on future cash-flow assumptions. See Note 6—Policy Liabilities for additional information. The Company's results for actual variances from expected experience for both life and health produced a $9.0 million net remeasurement gain and a $8.1 million net remeasurement gain for the three months ended March 31, 2025 and 2024, respectively.
Current wording
As previously noted, a component of insurance underwriting margin is policy obligations, which includes for each reporting period the change in the liability for future policy benefits ("LFPB"). The LFPB is determined each reporting period based on the net level premium method. Net level premiums reflect a recomputed net premium ratio using actual experience since the issue date, and expected future experience based on future cash-flow assumptions See Note 6—Policy Liabilities for additional information.
Previous wording
The life insurance segment is our primary segment and is the largest contributor to earnings in each period presented. The life insurance segment underwriting margin increased $28 million compared with the prior period, primarily a result of increased premiums and favorable policy obligations as a percent of premium. Excess investment income declined $8 million compared with the prior period, partly due to lower earned yields on commercial mortgage loans and limited partnerships. The health segment experienced higher policy obligations anddeclined $9 million inthe first three months of 2025 with $85 million of underwriting margin compared with $94 million in the first three months of 2024.
Current wording
The life insurance segment is our primary segment and is the largest contributor to earnings in each period presented. The life insurance segment underwriting margin increased $48 million compared with the prior period, primarily a result of increased premiums and favorable policy obligations as a percent of premium. Excess investment income declined $16 million compared with the prior period, partly due to lower earned yields on commercial mortgage loans, limited partnerships and short term investments. The health segment experienced higher policy obligations anddeclined $11 million inthe first six months of 2025 with $183 million of underwriting margin compared with $194 million in the first six months of 2024.
Previous wording
In 2025, the largest contributor of total underwriting margin was the life insurance segment and the primary distribution channel was the American Income Life Division (American Income). The following charts represent the breakdown of total underwriting margin by operating segment and distribution channel for the three months ended March 31, 2025.
Current wording
In 2025, the largest contributor of total underwriting margin was the life insurance segment and the primary distribution channel was the American Income Life Division (American Income). The following charts represent the breakdown of total underwriting margin by operating segment and distribution channel for the six months ended June 30, 2025.
Previous wording
Total premium income rose 5% for the three months ended March 31, 2025 to $1.2 billion. Total net sales increased 6% to $216 million, when compared with 2024. Total first-year collected premium (defined in the following section) increased 5% to $169 million for 2025, compared to $161 million in 2024.
Current wording
Total premium income rose 5% for the six months ended June 30, 2025 to $2.4 billion. Total net sales increased 6% to $439 million, when compared with 2024. Total first-year collected premium (defined in the following section) increased 3% to $343 million for 2025, compared to $333 million in 2024.
Previous wording
Life insurance premium income increased 3% to $830 million over the prior-year total of $804 million. Life net sales fell 1% to $148 million for the first three months of 2025. First-year collected life premium increased 3% to $114 million. Life underwriting margin, as a percent of premium, increased to 41% for 2025 from 38% in 2024. Underwriting margin increased to $337 million in 2025, compared to $309 million in 2024.
Current wording
Life insurance premium income increased 3% to $1.67 billion over the prior-year total of $1.62 billion. Life net sales were relatively flat at $303 million for the first six months of 2025 as compared to the year ago period. First-year collected life premium increased 2% to $231 million. Life underwriting margin, as a percent of premium, increased to 41% for 2025 from 39% in 2024. Underwriting margin increased to $677 million in 2025, compared to $629 million in 2024.
Previous wording
Health insurance premium income increased 8% to $370 million over the prior-year total of $341 million. Health net sales rose 24% to $67 million for the first three months of 2025. First-year collected health premium rose 8% to $55 million. Health underwriting margin, as a percent of premium, was 23% for 2025 and 27% for 2024. Health underwriting margin declined to $85 million for the first three months of 2025, compared to $94 million in 2024.
Current wording
Health insurance premium income increased 8% to $748 million over the prior-year total of $693 million. Health net sales rose 21% to $136 million for the first six months of 2025. First-year collected health premium rose 6% to $113 million. Health underwriting margin, as a percent of premium, was 24% for 2025 and 28% for 2024. Health underwriting margin declined to $183 million for the first six months of 2025, compared to $194 million in 2024.
Previous wording
Excess investment income, the measure of profitability of our investment segment, declined 18% during the first three months of 2025 to $35.9 million from $43.8 million in 2024. Excess investment income per common share, reflecting the impact of our share repurchase program, declined 9% to $0.42 from $0.46 when compared with the same period in 2024.
Current wording
Excess investment income, the measure of profitability of our investment segment, declined 18% during the first six months of 2025 to $71 million from $87 million in 2024. Excess investment income per common share, reflecting the impact of our share repurchase program, declined 9% to $0.85 from $0.93 when compared with the same period in 2024.
Previous wording
Insurance administrative expenses increased 9% in 2025 when compared with the prior-year period. These expenses were 7.3% as a percent of premium during 2025 compared to 7.0% in 2024.
Current wording
Insurance administrative expenses increased 7% in 2025 when compared with the prior-year period. These expenses were 7.2% as a percent of premium during 2025 compared to 7.0% in 2024.
Previous wording
For the three months ended March 31, 2025, the Company repurchased 1.5 million shares of Globe Life Inc. common stock at a total cost of $177 million for an average share price of $121.70.
Current wording
For the six months ended June 30, 2025, the Company repurchased 3.3 million shares of Globe Life Inc. common stock at a total cost of $403 million for an average share price of $121.38.
Previous wording
Life insurance is the Company's predominant segment. During 2025, life premium represented 69% of total premium and life underwriting margin represented 80% of the total underwriting margin. Additionally, investments supporting the reserves for life products produce the majority of excess investment income attributable to the investment segment.
Current wording
Life insurance is the Company's predominant segment. During 2025, life premium represented 69% of total premium and life underwriting margin represented 79% of the total underwriting margin. Additionally, investments supporting the reserves for life products produce the majority of income attributable to the investment segment.
Previous wording
Net policy obligations amounted to 36% of premium for the three months ended March 31, 2025 compared to 40% in the year-ago period.
Current wording
Net policy obligations amounted to 37% of premium for the six months ended June 30, 2025 compared to 39% in the year-ago period.
Previous wording
(1) Includes gain of $14 million related to the recapture of policies as disclosed in Note 1 - Significant Accounting Policies.
Current wording
(1) Includes a gain of $14 million related to the recapture of reinsurance for six months ended June 30, 2025 as disclosed in Note 1 - Significant Accounting Policies.
Previous wording
Annualized life premium in force was $3.34 billion at March 31, 2025, an increase of 4% over $3.23 billion a year earlier.
Current wording
Annualized life premium in force was $3.38 billion at June 30, 2025, an increase of 4% over $3.27 billion a year earlier.
Previous wording
The American Income Life Division markets to members of labor unions and other affinity groups and continues to diversify its lead sources, utilizing internally generated leads, third-party internet vendor leads and referrals to facilitate sustainable growth. This Division is Globe Life's largest contributor of life premium of any distribution channel at 53% of the Company's March 31, 2025 total life premium. For the three months ended March 31, 2025, the average monthly life premium issued per policy was $59 as compared to $58 for the same period in the prior year. Net sales were $99 million for the three months ended March 31, 2025, up from $97 million in the year-ago period. The underwriting margin, as a percent of premium, was 45% for the three months ended March 31, 2025 and 2024.
Current wording
The American Income Life Division markets to members of labor unions and other affinity groups and continues to diversify its lead sources, utilizing internally generated leads, third-party internet vendor leads and referrals to facilitate sustainable growth. This Division is Globe Life's largest contributor of life premium of any distribution channel at 53% of the Company's June 30, 2025 total life premium. For the six months ended June 30, 2025, the average monthly life premium issued per policy was $59 as compared to $57 for the same period in the prior year. Net sales were $195 million for the six months ended June 30, 2025, up from $192 million in the year-ago period. The underwriting margin, as a percent of premium, was 45% for the six months ended June 30, 2025 and 2024.
Previous wording
Below is the average producing agent count as of the indicated periods for the American Income Division. The average producing agent count is based on the actual count at the beginning and end of each week during the year.
Current wording
Below is the average producing agent count as of the indicated periods for the American Income Life Division. The average producing agent count is based on the actual count at the beginning and end of each week during the year.
Previous wording
The Direct to Consumer Division (DTC) markets adult and juvenile life insurance through a variety of channels, including direct mail, insert media, and digital marketing. The different media channels support and complement one another in the Division's efforts to provide consumer outreach. All three channels work as part of an omnichannel approach. Sales from the internet and inbound phone calls continue to outpace the activity from direct mail. DTC's long-term growth has been fueled by consistent innovation and brand awareness. Additionally, the DTC Division provides valuable support to our agency business through brand impressions and inquiries that lead to sales in our exclusive agency channels. New initiatives are continuously introduced to help increase response rates, issue rates, and create a seamless customer experience. The juvenile insurance market is an important source of sales as well as a vehicle to reach the parents and grandparents of existing juvenile policyholders, who are more likely to respond favorably to a DTC solicitation for life coverage on themselves in comparison to the general adult population. Additionally, future offerings to juvenile policyholders and their parents and grandparents are sources of lower acquisition-cost life insurance sales in the future.
Current wording
The Direct to Consumer Division (DTC) markets adult and juvenile life insurance through a variety of channels, including direct mail, insert media, and digital marketing. The different media channels support and complement one another in the Division's efforts to provide consumer outreach. All three channels work as part of an omnichannel approach. Sales from the internet and inbound phone calls continue to outpace the activity from direct mail. DTC's long-term growth has been fueled by consistent innovation and brand awareness. Additionally, the DTC Division provides valuable support to our agency business through brand impressions and inquiries that lead to sales in our exclusive agency channels. New initiatives are continuously introduced to help increase response rates, issue rates, and create a seamless customer experience. The juvenile insurance market is an important source of sales as well as a vehicle to reach the parents and grandparents of existing juvenile insureds, who are more likely to respond favorably to a direct to consumer solicitation for life coverage on themselves in comparison to the general adult population. Additionally, future offerings to parents and grandparents for adult and juvenile insurance are sources of lower acquisition-cost life insurance sales in the future.
Previous wording
DTC net sales declined 12% to $25 million for the three months ended March 31, 2025 compared to $29 million for the same period in the prior year. This decline is due primarily to the management of direct mail and print insert marketing activity resulting from the impact of inflation on postage, paper and online advertising costs. While total sales have declined, the focus has been on improving profitability and improving underwriting margin. DTC’s underwriting margin was $64.2 million and 26% as a percent of premium for the three months ended March 31, 2025 compared to $58.6 million and 24% as a percent of premium for the same period in 2024.
Current wording
DTC net sales declined 5% to $56 million for the six months ended June 30, 2025, compared to $59 million for the same period in the prior year. This decline is due primarily to an intentional reduction of direct mail and print insert marketing activity because of the impact of inflation on postage, paper and online advertising costs. We reported higher net sales in the second quarter of 2025, which were up 24% from the first quarter of the year, resulting from our initiatives noted above. While total year to date sales have declined compared to the prior year, the focus has been on improving profitability and improving underwriting margin. DTC’s underwriting margin was $133.2 million and 27% as a percent of premium for the six months ended June 30, 2025 compared to $122.4 million and 25% as a percent of premium for the same period in 2024. For the six months ended June 30, 2025, the average monthly life premium issued for DTC adults was $17 as compared to $15 for the same period in the prior year.
Previous wording
The Liberty National Division markets individual life insurance to middle-income household and worksite customers. Recent investments in new sales technologies as well as recent growth in middle management within the Division are expected to support increased sales. The underwriting margin as a percent of premium was 33% for the three months ended March 31, 2025, down from 34% during the same period a year ago. The decrease isprimarily attributable toincreased non deferred acquisition and amortization expenses in the first three months of 2025 as compared to the same period in 2024. For the three months ended March 31, 2025, the average monthly life premium per policy issued was $44, the same as the prior-year period.
Current wording
The Liberty National Division markets individual life insurance to middle-income household and worksite customers. Recent investments in new sales technologies as well as recent growth in middle management within the Division are expected to support increased sales. Underwriting margin and premium were up 6% from the year ago period at $65 million and $193 million respectively. The underwriting margin as a percent of premium was flat for the six months ended June 30, 2025, at 34% compared to the year-ago period. For the six months ended June 30, 2025, the average monthly life premium per policy issued rose slightly compared to the prior year to $44 from $43.
Previous wording
Below is the average producing agent count for the three months ended March 31, 2025 and 2024 for the Liberty National Division. The average producing agent count is based on the actual count at the beginning and end of each week during the year.
Current wording
Below is the average producing agent count for the six months ended June 30, 2025 and 2024 for the Liberty National Division. The average producing agent count is based on the actual count at the beginning and end of each week during the year.
Previous wording
The Other agency distribution channels primarily include non-exclusive independent agencies selling primarily life insurance. The other distribution channels contributed $50 million of life premium income, or 6% of Globe Life's total life premium income in the three months ended March 31, 2025, and contributed 2% of net sales for the period.
Current wording
The Other agency distribution channels primarily include non-exclusive independent agencies selling primarily life insurance. The Other distribution channels contributed $101 million of life premium income, or 6% of Globe Life's total life premium income in the six months ended June 30, 2025, and contributed 2% of net sales for the period.
Previous wording
Health premium accounted for 31% of our total premium in 2025, while the health underwriting margin accounted for 20% of total underwriting margin. Health underwriting margin declined to $85 million compared to $94 million in the prior year. While the Company continues to emphasize life insurance sales relative to health, due to life’s superior long-term profitability and its greater contribution to excess investment income, the health business provides a significant contribution to return on equity as it does not require a substantial amount of up-front capital.
Current wording
Health premium accounted for 31% of our total premium in 2025, while the health underwriting margin accounted for 21% of total underwriting margin. Health underwriting margin declined to $183 million compared to $194 million in the prior year. While the Company continues to emphasize life insurance sales relative to health, due to life’s superior long-term profitability and its greater contribution to excess investment income, the health business provides a significant contribution to return on equity as it does not require a substantial amount of up-front capital.
Previous wording
Net policy obligations amounted to 55% of premium for the three months ended March 31, 2025 compared to 52% in the year ago period.
Current wording
Net policy obligations amounted to 55% of premium for the six months ended June 30, 2025 compared to 51% in the year ago period.
Previous wording
Premiums related to limited-benefit supplemental health products comprise $208 million, or 56%, of the total health premiums for the three months ended March 31, 2025, compared with $192 million, or 56%, in the same period in the prior year. Premium from Medicare Supplement products comprises the remaining $162 million, or 44%, for the three months ended March 31, 2025, compared to $149 million, or 44%, in the same period in the prior year.
Current wording
Premiums related to limited-benefit supplemental health products comprise $417 million, or 56%, of the total health premiums for the six months ended June 30, 2025, compared with $388 million, or 56%, in the same period in the prior year. Premium from Medicare Supplement products comprises the remaining $331 million, or 44%, for the six months ended June 30, 2025, compared to $305 million, or 44%, in the same period in the prior year.
Previous wording
Annualized health premium in force was $1.51 billion at March 31, 2025, an increase of 8% over $1.40 billion a year earlier.
Current wording
Annualized health premium in force was $1.54 billion at June 30, 2025, an increase of 7% over $1.44 billion a year earlier.
Previous wording
Health net sales related to limited-benefit supplemental health products comprise $48 million, or 72%, of the total health net sales for the three months ended March 31, 2025, compared with $40 million, or 73%, in the same period in the prior year. Medicare Supplement sales make up the remaining $19 million, or 28%, for 2025 compared to $14 million, or 27%, in the same period in the prior year.
Current wording
Health net sales related to limited-benefit supplemental health products comprise $101 million, or 74%, of the total health net sales for the six months ended June 30, 2025, compared with $84 million, or 75%, in the same period in the prior year. Medicare Supplement sales make up the remaining $35 million, or 26%, for 2025 compared to $28 million, or 25%, in the same period in the prior year.
Previous wording
First-year collected premium related to limited-benefit supplemental health products is $38 million, or 69%, of total first-year collected premium for the three months ended March 31, 2025 compared with $37 million, or 73%, in the same period in the prior year. First-year collected premium from Medicare Supplement policies make up the remaining $17 million, or 31%, for the three months ended March 31, 2025 compared to $14 million, or 27%, in the same period in the prior year.
Current wording
First-year collected premium related to limited-benefit supplemental health products is $77.2 million, or 69%, of total first-year collected premium for the six months ended June 30, 2025 compared with $76.9 million, or 72%, in the same period in the prior year. First-year collected premium from Medicare Supplement policies make up the remaining $35.3 million, or 31%, for the six months ended June 30, 2025 compared to $29.8 million, or 28%, in the same period in the prior year.
Previous wording
The United American Division consists of non-exclusive independent agencies who may also sell for other companies. The United American Division was Globe Life's largest health agency in terms of health premium income, with net sales up 69% from the same period in the prior year.
Current wording
The United American Division consists of non-exclusive independent agencies who may also sell for other companies. The United American Division was Globe Life's largest health agency in terms of health premium income, with net sales up 53% from the same period in the prior year.
Previous wording
The majority of the premium revenue comes from Medicare Supplement. Underwriting margin as a percent of premium for the Division was 1% for the three months ended March 31, 2025 and 8% for the same period in 2024. The decline in underwriting margin as a percent of premium when compared to prior year is primarily attributableto increased claims utilization during the current quarter from Medicare Supplement.
Current wording
The majority of the premium revenue comes from Medicare Supplement. Underwriting margin as a percent of premium for the Division was 4% for the six months ended June 30, 2025 and 10% for the same period in 2024. The decline in underwriting margin as a percent of premium when compared to prior year is primarily attributableto increased claims utilization during the current year from Medicare Supplement. We adjust premium rates based upon an annual review of utilization and claim cost trends and submit revisions for approval to the insurance department regulators, and if approved, the new premium rates generally become effective in the following year.
Previous wording
The Family Heritage Division primarily markets limited-benefit supplemental health insurance in small- to medium- sized businesses. Most of its policies include a return of premium feature, where premium paid is returned less any claims paid to the policyholder at the end of a specified period stated within the insurance policy. Underwriting margin as a percent of premium was 35% for the three months ended March 31, 2025 and 2024.
Current wording
The Family Heritage Division primarily markets limited-benefit supplemental health insurance to small- to medium- sized businesses. Most of its policies include a return of premium feature, where premium paid is returned less any claims paid to the policyholder at the end of a specified period stated within the insurance policy. Underwriting margin as a percent of premium was 35% for the six months ended June 30, 2025 and 2024.
Previous wording
The Division experienced a 7% rise in health net sales as compared with the three-month period a year ago, primarily due to increased agent count. The Division will continue to implement incentive and retention programs to further these increases in the number of producing agents.
Current wording
The Division experienced a 14% rise in health net sales as compared with the same six-month period a year ago, primarily due to increased agent count and increased agent productivity. The Division will continue to implement incentive and retention programs to further these increases in the number of producing agents.
Showing the first 40 of 70 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
•On a diluted per common share basis, net operating income per common share for the six months ended June 30, 2025 increased from $5.76 to $6.34, a 10% increase.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
“Company Action Level” RBC). Companies typically hold a multiple of the Company Action Level RBC depending on their particular business needs and risk profile.