GLOBE LIFE INC.
For the period ended Jun 30, 2026. Filed Aug 5, 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.
Jun 30, 2026 · Filed Aug 5, 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 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 SegmentLifeHealthCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0000320335-26-000216
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsOther Long-Term InvestmentsLifeHealthThe 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 204 previous paragraphs and 206 current paragraphs.
123 unchanged; 74 reworded; 7 added; 6 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 (7)
Current report
•On a diluted basis, net income per common share increased 16% from $6.07 to $7.04 and net operating income per common share increased from $6.34 to $7.04, an 11% increase as of June 30, 2026 and 2025, respectively.
Current report
•Net income totaled $558 million during the six months ended June 30, 2026, compared with $507 million, in the same period in 2025, an increase of 10%.
Current report
•Net operating income was $558 million for the six months ended June 30, 2026, compared with $530 million for the same period in 2025, an increase of 5%.
Current report
Net policy obligations decreased to 35% of premium for the six months ended June 30, 2026 reflecting improved mortality results when compared with 37% of premium in the year-ago period.
Current report
DTC net sales declined 4% to $54 million for the six months ended June 30, 2026, compared to the year-ago period. The Division is navigating a transition driven by the growing use of Artificial Intelligence ("AI") in consumer search behavior, which has reduced paid search volume from internet marketing. DTC is actively adapting a digital content strategy to remain visible and accessible within AI-driven environments.
Current report
This Division includes units that sell Medicare Supplement insurance to individuals through independent general agents and group retiree medical as well as other health insurance through brokers. The past acquisition of Evry Health supports additional incremental growth of our group health products. Due to the infancy of this business, we may experience volatility related to operating results as the business scales. The majority of the premium revenue in the United American Division comes from Medicare Supplement. Underwriting margin as a percent of premium for the Division was 4% for the six months ended June 30, 2026, unchanged for the same period in 2025.
Current report
(1)The $150 million 4.80% Senior Notes, previously held by two insurance subsidiaries, were sold and issued to a third party at a discount of $4.2 million during the quarter ended June 30, 2026.
Removed paragraphs (6)
Previous report
•Net income totaled $271 million during the three months ended March 31, 2026, compared with $255 million in the same period in 2025.
Previous 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.
Previous report
Cancellations are not included in lapses.
Previous 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.
Previous report
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 report
(1)An additional $150 million par value and book value is held by insurance subsidiaries that eliminates in consolidation.
Reworded paragraphs (74)
Previous 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%.
Current wording
•Net income as a return on equity (ROE) for the six months ended June 30, 2026 was 18.4% and net operating income as an ROE, excluding accumulated other comprehensive income(1), was 14.3%.
Previous 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.
Current wording
•Total premium increased 6% over the same period in the prior year. Life premium increased 3% for the period from $1.67 billion in 2025 to $1.71 billion in 2026. Health premium increased 14% to $854 million from $748 million over the prior-year period.
Previous 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.
Current wording
•Total net sales increased 10% over the same period in the prior year from $439 million in 2025 to $484 million in 2026. Average producing agent count increased by 9% at both Liberty National and Family Heritage Divisions. However, total average producing agent count across all of the exclusive agencies decreased over the prior year primarily related to a decrease in the American Income Division.
Previous 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.
Current wording
•Book value per share increased 18% over the same period in the prior year from $66.07 to $78.18. Book value per share, excluding accumulated other comprehensive income(1), increased 11% over the prior year from $90.26 in 2025 to $100.04 in 2026.
Previous 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.
Current wording
•For the six months ended June 30, 2026, the Company repurchased 2.6 million shares of Globe Life Inc. common stock at a total cost of $378 million for an average share price of $146.99.
Previous wording
The following graphs represent net income and net operating income(1) for the three month periods ended March 31, 2026 and 2025.
Current wording
The following graphs represent net income and net operating income(1) for the six month periods ended June 30, 2026 and 2025.
Previous wording
(1)As shown in the charts above, 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. It has been used consistently by Globe Life's management for many years to evaluate the operating performance of the Company. It differs from net income primarily because it excludes certain non-operating items such as realized gains and losses and certain significant and unusual items included in net income. Net income is the most directly comparable GAAP measure.
Current wording
(1)As shown in the charts above, 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. It has been used consistently by Globe Life's management for many years to evaluate the operating performance of the Company. Net operating income differs from net income primarily because it excludes certain non-operating items such as realized gains and losses and certain significant and unusual items included in net income. Net income is the most directly comparable GAAP measure.
Previous 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.
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 six months ended June 30, 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 $(21.53) and $(23.42) per share for the three months ended March 31, 2026 and 2025, 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 $(21.86) and $(24.19) per share for the six months ended June 30, 2026 and 2025, respectively.
Previous 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.
Current wording
•On a diluted basis, net income per common share for the six months ended June 30, 2026 increased 16% from $6.07 to $7.04.
Previous 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.
Current wording
•On a diluted basis, net operating income per common share for the six months ended June 30, 2026 increased from $6.34 to $7.04, an 11% increase.
Previous 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.
Current wording
The Company's core operations remain strong, including sales and premium growth, and we continue 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 $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.
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 $31 million compared with the prior period, driven by premium growth and lower policy obligations as a percent of premium. Excess investment income increased $4 million compared with the prior period, primarily due to higher yields on fixed maturities, commercial mortgage loans 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 the positive impact of higher premium rates on individual Medicare Supplement policies as a result of approved rate increases.
Previous 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.
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 six months ended June 30, 2026.
Previous 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.
Current wording
Total premium income rose 6% for the six months ended June 30, 2026 to $2.6 billion. Total net sales increased 10% to $484 million when compared with 2025. Total first-year collected premium (defined in the following section) increased 19% to $408 million for 2026, compared to $343 million in 2025.
Previous 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.
Current wording
Life insurance premium income increased 3% to $1.71 billion compared to $1.67 billion in the prior-year period. Life net sales increased 1% to $307 million for the six months ended June 30, 2026 as compared to the year-ago period. First-year collected life premium increased 2% to $234 million. Life underwriting margin, as a percent of premium, was flat at 41% for 2026. Underwriting margin increased to $708 million in 2026, compared to $677 million in 2025.
Previous 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.
Current wording
Health insurance premium income increased 14% to $854 million compared to $748 million in the prior-year period. Health net sales rose 30% to $177 million for the six months ended June 30, 2026. First-year collected health premium rose 54% to $174 million. Health underwriting margin, as a percent of premium, was 23% for 2026, a 1% decrease from 2025 as a result of increased group claims experience. Health underwriting margin increased to $194 million for the six months ended June 30, 2026, compared to $183 million in 2025.
Previous 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.
Current wording
Excess investment income, the measure of profitability of our investment segment, increased 6% during the six months ended June 30, 2026 to $75 million from $71 million in 2025. Excess investment income per common share, reflecting the impact of our share repurchase program, increased 11% to $0.94 from $0.85 when compared with the same period in 2025.
Previous 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.
Current wording
Insurance administrative expenses increased 7% 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 7.2% as a percent of premium for 2026, unchanged from 2025.
Previous 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.
Current wording
For the six months ended June 30, 2026, the Company repurchased 2.6 million shares of Globe Life Inc. common stock at a total cost of $378 million for an average share price of $146.99.
Previous wording
•Net sales is calculated as annualized premium issued, net of cancellations in the first 30 days after issue, except in the case of Direct to Consumer, where net sales is annualized premium issued at the time the first full premium is paid after any introductory offer period (typically one month) has expired. Management considers net sales to be a better indicator of the rate of premium growth than annualized premium issued since annualized premium issued is before cancellations, as cancellations do not contribute to premium income.
Current wording
•Net sales is calculated as annualized premium issued, net of cancellations in the first 30 days after issue, except in the case of Direct to Consumer, where net sales is annualized premium issued at the time the first full premium is paid after any introductory offer period (typically one month) has expired. Management considers net sales to be a better indicator of incremental premium growth than annualized premium issued since net sales are after cancellations, as cancellations do not contribute to premium income.
Previous wording
•First-year collected premium is defined as the premium collected during the reporting period for all policies in their first policy year. First-year collected premium takes lapses into account in the first year when lapses are more likely to occur, and thus is a useful indicator of how much new premium is expected to be added to premium income in the future. First-year collected premiums are lower than net sales over the prior 12 months because premiums are not collected on lapsed policies after the date of lapse.
Current wording
•First-year collected premium is defined as the premium collected during the reporting period for all policies in their first policy year. First-year collected premium takes lapses into account in the first year when lapses are more likely to occur, and thus is a useful indicator of how much new premium is expected to be added to premium income in the future. First-year collected premiums are lower than net sales over the prior 12 months because premiums are not collected on lapsed policies after the date of lapse. In addition, cancellations are not considered as lapses related to net sales and first-year collected premiums.
Previous wording
(1) Includes a gain of $14 million related to the recapture of reinsurance for three months ended March 31, 2025.
Current wording
(1) Includes a gain of $14 million related to the recapture of reinsurance for six months ended June 30, 2025.
Previous 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.
Current wording
Annualized life premium in force was $3.46 billion at June 30, 2026, an increase of 2% over $3.38 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 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.
Current wording
The American Income Life Division is an exclusive agency that markets to members of affinity groups, including labor unions, 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 June 30, 2026 total life premium. For the six months ended June 30, 2026, life premium was $926 million, an increase of 5% when compared with the year-ago period. For the six months ended June 30, 2026, the average monthly life premium issued per policy was $63 as compared to $59 for the same period in the prior year. Net sales were $196 million for the six months ended June 30, 2026, up from $195 million in the year-ago period. The underwriting margin, as a percent of premium, was 46% for the six months ended June 30, 2026 and 45% for the same period in the prior year.
Previous wording
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 wording
The average producing agent count decreased 5% over the year-ago period driven by lower retention of new agents. However, we have seen incremental agent count growth from first quarter to the second quarter in 2026. 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 provide an opportunity for improved sales productivity among veteran agents as their primary focus is on sales activities.
Previous 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.
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 attractive for new recruits as well as a driver of retention in our agency force.
Previous wording
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 wording
Beyond direct sales, DTC continues to deliver significant value through agency support with lead generation expected to exceed one million this year. Improved conversion rates on leads shared with our agencies have contributed to margin improvement. Despite the decline in net sales, DTC’s underwriting margin grew to $149.5 million, or 31% of premium, for the six months ended June 30, 2026, compared to $133.2 million, or 27% of premium, for the same period in 2025 driven by favorable mortality in the current period. For the six months ended June 30, 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.
Previous 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.
Current wording
The Liberty National Division is an exclusive agency serving middle-income households and worksite customers by providing 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 10% from the year ago period to $72 million and premium increased 4% to $200 million. The underwriting margin as a percent of premium increased for the six months ended June 30, 2026, to 36%, compared to 34% in the year-ago period, as the Division experienced favorable mortality. For the six months ended June 30, 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 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.
Current wording
Below is the average producing agent count for the six months ended June 30, 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 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.
Current wording
The Other agency distribution channels primarily include non-exclusive independent agencies selling primarily life insurance. The Other distribution channels contributed $100 million of life premium income, or 6% of Globe Life's total life premium income in the six months ended June 30, 2026, and contributed 2% of net sales for the period.
Previous 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.
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 $194 million compared to $183 million in the prior year.
Previous 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.
Current wording
Net policy obligations amounted to 56% of premium for the six months ended June 30, 2026 compared to 55% in the year-ago period. The increase in policy obligations is driven by the growth of the United American Division in relation to total health premium, as the United American Division products tend to have higher policy obligations as a percent of premium compared to other limited-benefit health products within our other divisions.
Previous 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.
Current wording
Premiums from Medicare Supplement products totaled $400 million, or 47%, of the total health premiums for the six months ended June 30, 2026, compared to $331 million, or 44%, in the same period in the prior year. Premium increases are driven primarily from increased sales and approved premium rate increases on our Medicare Supplement business. Premiums primarily related to limited-benefit supplemental health products comprise $454 million, or 53%, of the total health premiums for the six months ended June 30, 2026, compared with $417 million, or 56%, in the same period in the prior year.
Previous 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.
Current wording
Annualized health premium in force was $1.80 billion at June 30, 2026, an increase of 16% over $1.54 billion a year earlier.
Previous 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.
Current wording
Health net sales related to limited-benefit supplemental health products and other health products comprise $122 million, or 69%, of the total health net sales for the six months ended June 30, 2026, compared with $101 million, or 74%, in the same period in the prior year. Medicare Supplement sales make up the remaining $55 million, or 31%, for 2026, compared to $35 million, or 26%, in the same period in the prior year.
Previous 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.
Current wording
First-year collected premium related to limited-benefit supplemental health products and other health products is $113 million, or 65%, of total first-year collected premium for the six months ended June 30, 2026, compared with $77 million, or 69%, in the same period in the prior year. First-year collected premium from Medicare Supplement policies make up the remaining $61 million, or 35%, for the six months ended June 30, 2026, compared to $35 million, or 31%, in the same period in the prior year.
Previous 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.
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 68% from the same period in the prior year. Medicare Supplement sales growth remained strong for the quarter ended June 30, 2026, supported by demographic expansion within the eligible population, a notable migration of Medicare beneficiaries from Medicare Advantage to Medicare Supplement plans, and rate increases that took effect during the quarter.
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 36% for the three months ended March 31, 2026 and 35% 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 six months ended June 30, 2026 and 35% for the same period in the prior year.
Previous 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.
Current wording
The Division experienced a 13% increase 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.
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Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
While our core investments are fixed maturities, the Company also invests in commercial mortgage loans and limited partnerships with debt-like characteristics that diversify risk and enhance risk-adjusted, capital-adjusted returns on the portfolio. The earned yield on the Company's commercial mortgage loans for the six months ended June 30, 2026 was 7.20% compared with 5.62% in the prior-year period. The higher earned yield on commercial mortgage loans is due to a lower number of non-accrual loans in the first six months compared to the prior-year period. The earned yield on limited partnership investments for the six months ended June 30, 2026 was 8.06%, compared with 7.60% in the comparable prior-year period. See additional information in Note 4—Investments.
Current report — wording carried from elsewhere
If a company’s RBC ratio approaches two times the RBC amount, the company must file a plan with the NAIC for improving its capital levels (this level is commonly referred to as “Company Action Level” RBC). Companies typically hold a multiple of the Company Action Level RBC depending on their particular business needs and risk profile.
Rearranged previous paragraphs (1)
Previous report — wording carried 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.