GLOBE LIFE INC.
For the period ended Mar 31, 2026. Filed May 7, 2026.
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.
Mar 31, 2026 · Filed May 7, 2026
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 2025-09-30; filed 2025-11-05.
0000320335-25-000064
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsAnalysis of Profitability by SegmentLifeHealthCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0000320335-26-000169
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 208 previous paragraphs and 204 current paragraphs.
110 unchanged; 83 reworded; 9 added; 14 removed; 1 previous and 2 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 (9)
Current report
•Net income totaled $271 million during the three months ended March 31, 2026, compared with $255 million in the same period in 2025.
Current report
•Net operating income was $274 million for the three months ended March 31, 2026, compared with $259 million for the same period in 2025.
Current report
The average producing agent count decreased 4% over the year-ago period driven by lower retention of new agents. While long term sales growth in this Division, and our other exclusive agencies is generally tied to expansion of the agency force, short-term declines in agent count provides an opportunity for improved sales productivity among veteran agents as they focus additional time on sales activities.
Current report
DTC's long-term growth has been driven by consistent innovation and strong brand awareness. The Division also plays a valuable supporting role for our agency business, generating brand impressions, consumer inquiries and sales leads that convert into sales across our exclusive agency channels. Recent technology investments have meaningfully enhanced the underwriting process, improving the conversion of customer inquiries into sales, while new initiatives are continuously introduced to increase response rates, improve issue rates, and deliver a seamless customer experience.
Current report
The juvenile insurance market remains an important channel, though growth has slowed over recent quarters. It continues to serve as a valuable gateway for reaching the parents and grandparents of existing juvenile policyholders. These parents and grandparents have shown a higher likelihood of responding to direct-to-consumer life insurance offers compared to the general adult population, making future outreach to them a lower-cost opportunity to drive both adult and juvenile insurance sales.
Current report
DTC net sales increased 8% to $27 million for the three months ended March 31, 2026, compared to the year-ago period. This increase is the result of new underwriting tools and improved conversion of customer inquiries into sales, without incurring incremental underwriting risk. The Division has remained focused on improving profitability and underwriting margin improvement. DTC’s underwriting margin grew to $73.6 million or 30% of premium, for the three months ended March 31, 2026, compared to $64.2 million, or 26% of premium for the same period in 2025.
Current report
For the three months ended March 31, 2026, the average monthly life premium issued for DTC adults increased to $19 as compared to $17 for the same period in the prior year.
Current report
The Company increased commercial paper borrowings by $153 million since year end. The increase is related to the timing of dividends from subsidiaries to the Parent Company relative to cash needs.
Current report
In addition, our Bermuda-based insurance subsidiaries are subject to regulation in Bermuda and the BMA has capital requirements and solvency standards including limitations on dividends or distributions to shareholders. Our Bermuda subsidiaries' level of capitalization exceeded the required minimum solvency margins for the year ended 2025.
Removed paragraphs (14)
Previous report
•Net income totaled $895 million during the nine months ended September 30, 2025, compared with $816 million in the same period in 2024.
Previous report
•Net operating income was $925 million for the nine months ended September 30, 2025, compared with $843 million for the same period in 2024.
Previous report
During the third quarter of 2025, the Company performed its annual assumptions review and updated both its life and health assumptions of lapses, mortality, and morbidity resulting in a $134.3 million net remeasurement gain as compared to a $46.3 million net remeasurement gain in the year-ago quarter. Excluding the impact of assumption changes, the Company's results for actual variances from expected experience for both life and health produced a $24.0 million net remeasurement gain and a $14.7 million net remeasurement gain for the three months ended September 30, 2025 and 2024, respectively. During nine months ended September 30, 2025 and 2024, the Company's results for actual variances from expected experience for both life and health produced a $53.6 million net remeasurement gain and a $38.4 million net remeasurement gain, respectively.
Previous report
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 report
The average producing agent count increased 3% over the year-ago period. The increase in average producing agent count was driven by an increase in new agent recruiting along with continued improvement in new agent retention. Sales growth in this Division, as well as within our other exclusive agencies, is generally dependent on growth in the size of the agency force.
Previous report
DTC net sales were flat at $83 million for the nine months ended September 30, 2025, compared to the year-ago period. We have seen net sales trending up the last two quarters and noted a 13% increase for the three months ended September 30, 2025 compared to the prior year three months ended. We have been focused on improving profitability and improving underwriting margin in this division. DTC’s underwriting margin was $246.9 million and 34% as a percent of premium for the nine months ended September 30, 2025 compared to $210.7 million and 28% as a percent of premium for the same period in 2024. For the nine months ended September 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 report
Net policy obligations amounted to 53% of premium for the nine months ended September 30, 2025 compared to 52% in the year ago period.
Previous report
•UA General Agency, which primarily sells individual Medicare Supplement insurance through independent agents;
Previous report
•Special Markets, which markets retiree health insurance to employer and union groups through brokers; and
Previous report
•Globe Life Group Benefits, which offers group worksite supplemental health insurance through brokers.
Previous 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”).
Previous 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 $1.85 billion, subject to certain adjustments.
Previous report
The Company reduced commercial paper borrowings by $88 million since year end. The Company was able to issue commercial paper as needed under this facility during the nine months ended September 30, 2025 and 2024.
Reworded paragraphs (83)
Previous wording
•Net income as a return on equity (ROE) for the nine months ended September 30, 2025 was 21.9% and net operating income as an ROE, excluding accumulated other comprehensive income(1) was 16.6%.
Current wording
•Net income as a return on equity (ROE) for the three months ended March 31, 2026 was 17.9% and net operating income as an ROE, excluding accumulated other comprehensive income(1), was 14.0%.
Previous wording
•Total premium increased 5% over the same period in the prior year. Life premium increased 3% for the period from $2.4 billion in 2024 to $2.5 billion in 2025. Health premium increased 8% to $1.1 billion over the prior-year period of $1.0 billion.
Current wording
•Total premium increased 6% over the same period in the prior year. Life premium increased 3% for the period from $830 million in 2025 to $853 million in 2026. Health premium increased 13% to $417 million from $370 million over the prior-year period.
Previous wording
•Total net sales increased 6% over the same period in the prior year from $622 million in 2024 to $661 million in 2025. The average producing agent count across all of the exclusive agencies increased 4% over the prior year.
Current wording
•Total net sales increased 22% over the same period in the prior year from $216 million in 2025 to $264 million in 2026. The average producing agent count across all of the exclusive agencies remained flat over the prior year.
Previous wording
•Book value per share increased 27% over the same period in the prior year from $54.65 to $69.52. Book value per share, excluding accumulated other comprehensive income(1), increased 12% over the prior year from $83.92 in 2024 to $93.63 in 2025.
Current wording
•Book value per share increased 19% over the same period in the prior year from $64.50 to $77.03. Book value per share, excluding accumulated other comprehensive income(1), increased 12% over the prior year from $87.92 in 2025 to $98.56 in 2026.
Previous wording
•For the nine months ended September 30, 2025, the Company repurchased 4.2 million shares of Globe Life Inc. common stock at a total cost of $515 million for an average share price of $123.97.
Current wording
•For the three months ended March 31, 2026, the Company repurchased 1.4 million shares of Globe Life Inc. common stock at a total cost of $203 million for an average share price of $141.24.
Previous wording
The following graphs represent net income and net operating income for the nine month periods ended September 30, 2025 and 2024.
Current wording
The following graphs represent net income and net operating income(1) for the three month periods ended March 31, 2026 and 2025.
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 $(2.0) billion and $(2.5) billion for the nine months ended September 30, 2025 and 2024, respectively.
Current wording
Net operating income as an ROE, excluding 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 $(1.7) billion and $(2.0) billion for the three months ended March 31, 2026 and 2025, 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 $(24.11) and $(29.27) for the nine months ended September 30, 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 $(21.53) and $(23.42) per share for the three months ended March 31, 2026 and 2025, respectively.
Previous wording
•On a diluted per common share basis, net income per common share for the nine months ended September 30, 2025 increased 21% from $8.93 to $10.77.
Current wording
•On a diluted per common share basis, net income per common share for the three months ended March 31, 2026 increased 13% from $3.01 to $3.39.
Previous wording
•On a diluted per common share basis, net operating income per common share for the nine months ended September 30, 2025 increased from $9.23 to $11.13, a 21% increase.
Current wording
•On a diluted per common share basis, net operating income per common share for the three months ended March 31, 2026 increased from $3.07 to $3.43, a 12% increase.
Previous 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.
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 is 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
Overall, the Company continues to see positive signs in its core operations, including sales and premium growth, and continues to achieve an operating ROE (excluding accumulated other comprehensive income) generally in the mid-teens.
Current wording
The Company continues to see positive signs in its core operations, including sales and premium growth, and continues to achieve an operating ROE (excluding accumulated other comprehensive income) generally in the mid-teens.
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 $142 million compared with the prior period, driven by premium growth in addition to remeasurement gains from the updating of assumptions, including updates to mortality, morbidity, and lapse assumptions. The updates to mortality were the most significant as life segment claims continued to improve adding credibility to the favorable trend. Excess investment income declined $18 million compared with the prior period, asassets grew slightly less than liabilities primarily due to the impact of reinsurance transactions, as well as higher dividend distributions from the insurance companies to the Parent. In addition, we had lower earned yields on commercial mortgage loans, limited partnerships and short term investments The health segment experienced favorable underwriting margin as a result of higher premiums.
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 $12 million compared with the prior period, driven by premium growth and lower policy obligations as a percent of premium. Excess investment income increased $1 million compared with the prior period, as net investment income increased slightly primarily due to higher yields on fixed maturities and other long-term investments. The health segment experienced favorable underwriting margin as a result of higher premiums from strong growth in Medicare Supplement sales in addition to higher rates on individual Medicare Supplement policies.
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 nine months ended September 30, 2025.
Current wording
In 2026, the largest contributor of total underwriting margin was the life insurance segment and the primary distribution channel was 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, 2026.
Previous wording
Total premium income rose 5% for the nine months ended September 30, 2025 to $3.6 billion. Total net sales increased 6% to $661 million, when compared with 2024. Total first-year collected premium (defined in the following section) increased 3% to $520 million for 2025, compared to $507 million in 2024.
Current wording
Total premium income rose 6% for the three months ended March 31, 2026 to $1.3 billion. Total net sales increased 22% to $264 million when compared with 2025. Total first-year collected premium (defined in the following section) increased 16% to $196 million for 2026, compared to $169 million in 2025.
Previous wording
Life insurance premium income increased 3% to $2.51 billion over the prior-year total of $2.44 billion. Life net sales increased by $454 million for the first nine months of 2025 as compared to the year ago period. First-year collected life premium increased 1% to $347 million. Life underwriting margin, as a percent of premium, increased to 46% for 2025 from 42% in 2024. Underwriting margin increased to $1.2 billion in 2025, compared to $1.0 billion in 2024.
Current wording
Life insurance premium income increased 3% to $853 million over the prior-year total of $830 million. Life net sales increased 6% to $157 million for the first three months of 2026 as compared to the year-ago period. First-year collected life premium increased 2% to $116 million. Life underwriting margin, as a percent of premium, was flat at 41% for 2026. Underwriting margin increased to $349 million in 2026, compared to $337 million in 2025.
Previous wording
Health insurance premium income increased 8% to $1.1 billion over the prior-year total of $1.0 billion. Health net sales rose 21% to $207 million for the first nine months of 2025. First-year collected health premium rose 5% to $173 million. Health underwriting margin, as a percent of premium, was 26% for 2025 down from 27% in 2024. Health underwriting margin increased to $291 million for the first nine months of 2025, compared to $281 million in 2024.
Current wording
Health insurance premium income increased 13% to $417 million over the prior-year total of $370 million. Health net sales rose 58% to $106 million for the first three months of 2026. First-year collected health premium rose 46% to $80 million. Health underwriting margin, as a percent of premium, was 23% for 2026 unchanged from 2025. Health underwriting margin increased to $95 million for the first three months of 2026, compared to $85 million in 2025.
Previous wording
Excess investment income, the measure of profitability of our investment segment, declined 15% during the first nine months of 2025 to $108 million from $126 million in 2024. Excess investment income per common share, reflecting the impact of our share repurchase program, declined 7% to $1.29 from $1.38 when compared with the same period in 2024.
Current wording
Excess investment income, the measure of profitability of our investment segment, increased 2% during the first three months of 2026 to $37 million from $36 million in 2025. Excess investment income per common share, reflecting the impact of our share repurchase program, increased 10% to $0.46 from $0.42 when compared with the same period in 2025.
Previous wording
Insurance administrative expenses increased 5% primarily due to higher employee costs, which include salaries and other costs in addition to higher information technology expenses in 2025 when compared with the prior-year period. These expenses were 7.2% as a percent of premium for 2025 unchanged from 2024.
Current wording
Insurance administrative expenses increased 8% primarily due to higher employee costs, which include salaries and other costs in addition to higher information technology expenses in 2026 when compared with the prior-year period. These expenses were 7.4% as a percent of premium for 2026, compared with 7.3% for 2025.
Previous wording
For the nine months ended September 30, 2025, the Company repurchased 4.2 million shares of Globe Life Inc. common stock at a total cost of $515 million for an average share price of $123.97.
Current wording
For the three months ended March 31, 2026, the Company repurchased 1.4 million shares of Globe Life Inc. common stock at a total cost of $203 million for an average share price of $141.24.
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 income attributable to the investment segment.
Current wording
Life insurance is the Company's predominant segment. During 2026, life premium represented 67% 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
(1) Includes a gain of $14 million related to the recapture of reinsurance for nine months ended September 30, 2025 as disclosed in Note 1 - Significant Accounting Policies.
Current wording
(1) Includes a gain of $14 million related to the recapture of reinsurance for three months ended March 31, 2025.
Previous wording
Annualized life premium in force was $3.40 billion at September 30, 2025, an increase of 3% over $3.29 billion a year earlier.
Current wording
Annualized life premium in force was $3.44 billion at March 31, 2026, an increase of 3% over $3.34 billion a year earlier.
Previous wording
The American Income Life Division is an exclusive agency that 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 September 30, 2025 total life premium. For the nine months ended September 30, 2025, the average monthly life premium issued per policy was $59 as compared to $56 for the same period in the prior year. Net sales were $291 million for the nine months ended September 30, 2025, up from $289 million in the year-ago period. The underwriting margin, as a percent of premium, was 50% for the nine months ended September 30, 2025 and 47% for the same period in the prior year.
Current wording
The American Income Life Division is an exclusive agency that markets to members of labor unions and other affinity groups and continues to diversify its lead sources by 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 54% of the Company's March 31, 2026 total life premium. For the three months ended March 31, 2026, life premium was $459 million an increase of 5% when compared with the year ago period. For the three months ended March 31, 2026, the average monthly life premium issued per policy was $62 as compared to $59 for the same period in the prior year. Net sales were $101 million for the three months ended March 31, 2026, up from $99 million in the year-ago period. The underwriting margin, as a percent of premium, was 46% for the three months ended March 31, 2026 and 45% for the same period in the prior year.
Previous wording
American Income Life continues to focus on growing and strengthening the agency force, specifically through emphasis on agency middle-management growth and additional agency openings. In addition to offering financial incentives and training opportunities, the Division has made considerable investments in information technology, including a customer relationship management (CRM) tool for the agency force. This tool is designed to provide dashboards and drive productivity in lead distribution, conservation of business, and new agent recruiting. Additionally, this Division has invested in and successfully implemented technology that allows the agency force to engage in virtual recruiting, training, and sales activity. The agents have shifted to primarily a virtual experience with the customers and have generated a vast majority of sales through virtual presentations. We find this flexibility to be enticing for new recruits as well as a driver of retention in our agency force.
Current wording
American Income Life continues to focus on growing and strengthening the agency force, with particular emphasis on strengthening agency middle-management growth. The Division has made considerable investments in both financial incentives and agent training, as well as in information technology. A customer relationship management (CRM) tool equips agents with intuitive dashboards to drive productivity across lead distribution, business conservation, and new agent recruiting. The Division also continues to enhance technology enabling the agency force to recruit, sell and train virtually. This has benefited our agents as a vast majority of sales are now generated through virtual presentations. We find this flexibility to be enticing for new recruits as well as a driver of retention in our agency force.
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. We have implemented new technology to enhance our underwriting process, this has improved the conversion of customer inquiries into sales. 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.
Current wording
The Direct to Consumer Division ("DTC") markets adult and juvenile life insurance across multiple channels including direct mail, insert media, and digital marketing using an integrated omnichannel approach where each channel supports and amplifies the others. Digital channels, including internet sales and inbound phone calls, continue to outpace direct mail in activity and growth.
Previous wording
The Liberty National Division is an exclusive agency that markets individual life insurance to middle-income household and worksite customers. Recent investments in new sales technologies as well as recent growth in agency middle management within the Division are expected to support increased sales. Underwriting margin rose 27% from the year ago period to $136 million and premium increased 5% to $292 million. The underwriting margin as a percent of premium increased for the nine months ended September 30, 2025, to 46% compared to 38% in year-ago period. For the nine months ended September 30, 2025, the average monthly life premium per policy issued rose slightly compared to the prior year to $44 from $43.
Current wording
The Liberty National Division is an exclusive agency serving middle-income households and worksite customers with individual life insurance products. Recent investments in new sales technologies, combined with growth in agency middle management, are expected to drive continued sales momentum. Underwriting margin rose 11% from the year ago period to $35 million and premium increased 4% to $100 million. The underwriting margin as a percent of premium increased for the three months ended March 31, 2026, to 35%, compared to 33% in year-ago period. For the three months ended March 31, 2026, the average monthly life premium per policy issued increased compared to the prior year to $48 from $44.
Previous wording
Below is the average producing agent count for the nine months ended September 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.
Current wording
Below is the average producing agent count for the three months ended March 31, 2026 and 2025 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 Liberty National Division's average producing agent count increased when compared with the prior-year comparable period. This Division continues to execute a long-term plan to grow through expansion from small-town markets in the Southeast to more densely populated areas with larger pools of potential agent recruits and customers. Expansion of this Division’s presence in larger geographic cities, with less penetrated areas will help create long-term sustainable agency growth. Additionally, the Division continues to help improve the ability of agents to develop new worksite business. A CRM platform and enhanced analytical capabilities have helped the agents develop additional worksite marketing opportunities and improve the productivity of agents selling in the individual life market. As the Division gains momentum in its sales and recruiting initiatives, advances in technology and use of the CRM platform, it anticipates continued growth in recruiting activity, average producing agent count, and net sales.
Current wording
The Liberty National Division's average producing agent count increased when compared with the prior-year comparable period. This Division continues to execute a long-term plan to grow through expansion from small-town markets in the Southeast to more densely populated areas with larger pools of potential agent recruits and customers. Expansion of this Division’s presence in larger geographic cities with less penetrated areas will help create long-term sustainable agency growth. The Division is also focused on expanding worksite business development capabilities among its agents. A CRM platform and enhanced analytical tools have strengthened worksite marketing efforts and improved productivity across the individual life market. As Liberty National continues to build momentum through technology adoption and recruiting initiatives, it anticipates sustained growth in recruiting activity, average producing agent count, and net sales.
Previous wording
The Other agency distribution channels primarily include non-exclusive independent agencies selling primarily life insurance. The Other distribution channels contributed $151 million of life premium income, or 6% of Globe Life's total life premium income in the nine months ended September 30, 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 $50 million of life premium income, or 6% of Globe Life's total life premium income in the three months ended March 31, 2026, and contributed 2% of net sales for the period. Life underwriting margin for Other agency distribution increased in the first quarter of 2025 due to the recapture of an unaffiliated reinsurance treaty, this non-recurring transaction led to an elevated underwriting margin as of March 31, 2025.
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 increased to $291 million compared to $281 million in the prior year. While the Company continues to emphasize life insurance sales relative to health, due to life’s 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 33% of our total premium in 2026, while the health underwriting margin accounted for 21% of total underwriting margin. Health underwriting margin increased to $95 million compared to $85 million in the prior year. The Company continues to value the life insurance segment due to life’s long-term profitability and its greater contribution to excess investment income, and the health segment, as it 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 31% of premium for the nine months ended September 30, 2025 compared to 36% in the year-ago period.
Current wording
Net policy obligations amounted to 56% of premium for the three months ended March 31, 2026 compared to 55% in the year ago period.
Previous wording
Premiums related to limited-benefit supplemental health products comprise $632 million, or 56%, of the total health premiums for the nine months ended September 30, 2025, compared with $586 million, or 56%, in the same period in the prior year. Premium from Medicare Supplement products comprises the remaining $502 million, or 44%, for the nine months ended September 30, 2025, compared to $461 million, or 44%, in the same period in the prior year.
Current wording
Premiums from Medicare Supplement products totaled $191 million, or 46%, for the three months ended March 31, 2026, compared to $162 million, or 44%, in the same period in the prior year. Premiums primarily related to limited-benefit supplemental health products comprise $226 million, or 54%, of the total health premiums for the three months ended March 31, 2026, compared with $208 million, or 56%, in the same period in the prior year.
Previous wording
Annualized health premium in force was $1.58 billion at September 30, 2025, an increase of 8% over $1.45 billion a year earlier.
Current wording
Annualized health premium in force was $1.72 billion at March 31, 2026, an increase of 14% over $1.51 billion a year earlier.
Previous wording
Health net sales related to limited-benefit supplemental health products comprise $155 million, or 75%, of the total health net sales for the nine months ended September 30, 2025, compared with $130 million, or 76%, in the same period in the prior year. Medicare Supplement sales make up the remaining $52 million, or 25%, for 2025 compared to $41 million, or 24%, in the same period in the prior year.
Current wording
Health net sales related to limited-benefit supplemental health products and other health products comprise $76 million, or 72%, of the total health net sales for the three months ended March 31, 2026, compared with $48 million, or 72%, in the same period in the prior year. Medicare Supplement sales make up the remaining $30 million, or 28%, for 2026, compared to $19 million, or 28%, in the same period in the prior year.
Previous wording
First-year collected premium related to limited-benefit supplemental health products is $118.3 million, or 69%, of total first-year collected premium for the nine months ended September 30, 2025 compared with $118.6 million, or 72%, in the same period in the prior year. First-year collected premium from Medicare Supplement policies make up the remaining $54.4 million, or 31%, for the nine months ended September 30, 2025 compared to $46.1 million, or 28%, in the same period in the prior year.
Current wording
First-year collected premium related to limited-benefit supplemental health products and other health products is $52 million, or 65%, of total first-year collected premium for the three months ended March 31, 2026, compared with $38 million, or 69%, in the same period in the prior year. First-year collected premium from Medicare Supplement policies make up the remaining $28 million, or 35%, for the three months ended March 31, 2026, compared to $17 million, or 31%, 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 55% from the same period in the prior year.
Current wording
The United American Division consists of non-exclusive independent general agents and brokers who may also sell for other companies. The United American Division was Globe Life's largest health division in terms of health premium income, with net sales up 122% 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 6% for the nine months ended September 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 the new premium rates generally become effective in the following year.
Current wording
This Division includes units that sell Medicare Supplement insurance to individuals through independent general agents and group retiree medical and other health insurance through brokers. The majority of the premium revenue comes from Medicare Supplement which has seen increased demand primarily due to the changes in the Medicare Advantage market. Underwriting margin as a percent of premium for the Division was 3% for the three months ended March 31, 2026 and 1% for the same period in 2025. The increase in underwriting margin as a percent of premium when compared to prior year is primarily attributableto premium from Medicare Supplement rate increases which were effective in 2025. We adjust premium rates periodically based upon an annual review of utilization and claim cost trends and submit proposed revisions for approval to the insurance department regulators. Approved premium rates generally become effective in the following year. For the United American Division, additional rate increases will be effective in the second quarter of 2026 from our annual rate review and approval process that are expected to improve margins over the remainder of the year.
Previous wording
The Family Heritage Division is an exclusive agency that primarily markets individual 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 38% for the nine months ended September 30, 2025 and 34% for the same period in the prior year.
Current wording
The Family Heritage Division is an exclusive agency that primarily markets individual 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 36% for the three months ended March 31, 2026 and 35% for the same period in the prior year.
Previous wording
The Division experienced a 13% rise in health net sales as compared with the same nine-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.
Current wording
The Division experienced a 22% increase in health net sales as compared with the same three 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.
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Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Below is the average producing agent count for the three months ended March 31, 2026 and 2025 for the Family Heritage Division. The average producing agent count is based on the actual count at the beginning and end of each week during the year.
Current report — wording carried from elsewhere
While a majority of invested assets are revalued, accounting rules do not permit interest-bearing insurance policy liabilities to be valued at fair value in a consistent manner as that of assets, with changes in value applied directly to shareholders’ equity. Due to the size of our policy liabilities in relation to our shareholders’ equity, an inconsistency exists in measurement, which may have a material impact on the reported value of shareholders’ equity.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
As of September 30, 2025, we had available $554 million of additional borrowing capacity under this facility, compared to $458 million a year earlier. As of September 30, 2025, the Parent Company was in full compliance with all covenants related to the aforementioned debt.