GLOBE LIFE INC.
For the period ended Sep 30, 2026. Filed Nov 4, 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.
Sep 30, 2026 · Filed Nov 4, 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 2026-06-30; filed 2026-08-05.
0000320335-26-000216
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsOther Long-Term InvestmentsLifeHealthCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-04.
0000320335-26-000231
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 206 previous paragraphs and 207 current paragraphs.
128 unchanged; 76 reworded; 3 added; 2 removed; 0 previous and 0 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 (3)
Current report
During the third quarter of 2026, the Company performed its annual assumptions review and updated both its life and health assumptions of lapses, mortality, and morbidity resulting in a $120.5 million net remeasurement gain as compared to a $134.3 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 $75.1 million net remeasurement gain and a $53.6 million net remeasurement gain for the nine months ended September 30, 2026 and 2025, respectively.
Current 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 (the "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.
Current report
Underwriting margin as a percent of premium for the Division was 2% for the nine months ended September 30, 2026, down from 6% for the same period in 2025. The decrease in margin is driven by increased claim utilization and medical cost trends related to Medicare Supplement in addition to a high number of high-severity claims at Evry Health ("Evry"), the Division's developing group major medical business. Evry claims drove an underwriting loss of $26 million for the nine months ended September 30, 2026. Evry was acquired for a number of strategic reasons, including its technology-driven approach to building a better health insurance platform, providing the opportunity to apply learnings from Evry's technology platform toward enhancing Globe Life's broader customer experience and service offerings as well as help deepen broker relationships. Because Evry's premium volume is still relatively small, severe claims experience can disproportionately affect results. We are working to improve underwriting results related to Evry through pricing adjustments, underwriting discipline, and selective growth. As Evry Health scales its group health products business, we may experience continued volatility related to the operating results.
Removed paragraphs (2)
Previous 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.
Previous 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.
Reworded paragraphs (76)
Previous wording
•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 wording
•On a diluted basis, net income per common share increased 8% from $10.77 to $11.64 and net operating income per common share increased from $11.13 to $11.86, a 7% increase over the prior year period.
Previous 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%.
Current wording
•Net income as a return on equity (ROE) for the nine months ended September 30, 2026 was 19.7% and net operating income as an ROE, excluding accumulated other comprehensive income(1), was 15.9%.
Previous 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.
Current wording
•Total premium increased 6% over the same period in the prior year. Life premium increased 3% for the period from $2.5 billion in 2025 to $2.6 billion in 2026. Health premium increased 15% to $1.3 billion from $1.1 billion over the prior-year period.
Previous 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.
Current wording
•Total net sales increased 10% over the same period in the prior year from $661 million in 2025 to $727 million in 2026. Average producing agent count increased by 9% at Liberty National Division and 6% at Family Heritage Division.
Previous 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.
Current wording
•Book value per share increased 23% over the same period in the prior year from $69.52 to $85.35. Book value per share, excluding accumulated other comprehensive income(1), increased 11% over the prior year from $93.63 in 2025 to $103.62 in 2026.
Previous 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.
Current wording
•For the nine months ended September 30, 2026, the Company repurchased 3.6 million shares of Globe Life Inc. common stock at a total cost of $564 million for an average share price of $155.30.
Previous wording
The following graphs represent net income and net operating income(1) for the six month periods ended June 30, 2026 and 2025.
Current wording
The following graphs represent net income and net operating income(1) for the nine month periods ended September 30, 2026 and 2025.
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 six months ended June 30, 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 $(1.4) billion and $(2.0) billion for the nine months ended September 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 $(21.86) and $(24.19) per share for the six months ended June 30, 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 $(18.27) and $(24.11) per share for the nine months ended September 30, 2026 and 2025, respectively.
Previous wording
•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 wording
•Net income totaled $919 million during the nine months ended September 30, 2026, compared with $895 million, in the same period in 2025, an increase of 3%.
Previous 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.
Current wording
•On a diluted basis, net income per common share for the nine months ended September 30, 2026 increased 8% from $10.77 to $11.64.
Previous wording
•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 wording
•Net operating income was $937 million for the nine months ended September 30, 2026, compared with $925 million for the same period in 2025, an increase of 1%.
Previous 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.
Current wording
•On a diluted basis, net operating income per common share for the nine months ended September 30, 2026 increased from $11.13 to $11.86, a 7% 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 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.
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 which 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
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.
Current wording
Overall, 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 $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.
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 $8 million compared with the prior period, driven by premium growth and improved underlying mortality offsetting a smaller gain from third quarter assumption updates. The life underwriting margin increase was lower than the prior year period due to remeasurement gains from assumption changes of 96 million for the nine months ended September 30, 2026 compared to 131 million for the same period in 2025. The health segment experienced favorable underwriting margin as a result of gains related to the third quarter assumption update, margin growth in limited benefit supplemental product lines and growth in Medicare Supplement earned premium driven by rate increases and strong sales. Excess investment income increased $5 million compared with the prior period, primarily due to higher yields on fixed maturities, commercial mortgage loans and other long-term investments.
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 six months ended June 30, 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 nine months ended September 30, 2026.
Previous 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.
Current wording
Total premium income rose 6% for the nine months ended September 30, 2026 to $3.9 billion. Total net sales increased 10% to $727 million when compared with 2025. Total first-year collected premium (defined in the following section) increased 15% to $595 million for 2026, compared to $520 million in 2025.
Previous 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.
Current wording
Life insurance premium income increased 3% to $2.58 billion compared to $2.51 billion in the prior-year period. Life net sales increased 1% to $456 million for the nine months ended September 30, 2026 as compared to the year-ago period. First-year collected life premium increased 1% to $351 million. Life underwriting margin, as a percent of premium, declined by 1% for 2026 given the lower remeasurement gains from life assumption updates in 2026 compared to 2025. Underwriting margin increased slightly to $1.17 billion in 2026, compared to $1.16 billion in 2025.
Previous 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.
Current wording
Health insurance premium income increased 15% to $1.30 billion compared to $1.13 billion in the prior-year period. Health net sales rose 31% to $271 million for the nine months ended September 30, 2026. First-year collected health premium rose 41% to $244 million. Health underwriting margin, as a percent of premium, was 24% for 2026, a 2% decrease from 2025 as a result of increased group claims experience and faster growth in lower margin products. Health underwriting margin increased to $309 million for the nine months ended September 30, 2026, compared to $291 million in 2025.
Previous 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.
Current wording
Excess investment income, the measure of profitability of our investment segment, increased 5% during the nine months ended September 30, 2026 to $113 million from $108 million in 2025. Excess investment income per common share, reflecting the impact of our share repurchase program, increased 11% to $1.43 from $1.29 when compared with the same period in 2025.
Previous 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.
Current wording
For the nine months ended September 30, 2026, the Company repurchased 3.6 million shares of Globe Life Inc. common stock at a total cost of $564 million for an average share price of $155.30.
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. In addition, cancellations are not considered as lapses related to net sales and first-year collected premiums.
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 or included in net sales and first-year collected premiums.
Previous 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.
Current wording
Life insurance is the Company's predominant segment. During 2026, life premium represented 66% 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 six months ended June 30, 2025.
Current wording
(1) Includes a gain of $14 million related to the recapture of reinsurance for nine months ended September 30, 2025.
Previous 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.
Current wording
Annualized life premium in force was $3.48 billion at September 30, 2026, an increase of 2% over $3.40 billion a year earlier.
Previous 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.
Current wording
The American Income 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 September 30, 2026 total life premium. For the nine months ended September 30, 2026, life premium was $1.4 billion, an increase of 5% when compared with the year-ago period. For the nine months ended September 30, 2026, the average monthly life premium issued per policy was $64 as compared to $59 for the same period in the prior year. Net sales were $293 million for the nine months ended September 30, 2026, up from $291 million in the year-ago period. The underwriting margin, as a percent of premium, was 50% for the nine months ended September 30, 2026 unchanged from the same period in the prior year.
Previous 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.
Current wording
The average producing agent count decreased 6% 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, declines in agent count provide an opportunity for improved sales productivity among veteran agents as they are more productive than less experienced agents. We have made adjustments to agency middle management compensation to encourage increased new agent recruitment and retention.
Previous 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.
Current 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.
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 attractive for new recruits as well as a driver of retention in our agency force.
Current wording
American Income 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 generated through virtual presentations. We find this flexibility to be attractive for new recruits as well as a driver of efficiency in our agency force.
Previous wording
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 wording
DTC net sales declined 7% to $78 million for the nine months ended September 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. During this quarter ended September 30, 2026, we noted improvement in our inquiry rates supported by several initiatives including AI-enabled advertising. The Division continues to adapt its digital content strategy and positioning to be verified, visible, and easily interpreted by AI assistants.
Previous 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.
Current wording
Beyond direct sales, the Division continues to deliver significant value through agency support with lead generation expected to reach 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 $263 million, or 36% of premium, for the nine months ended September 30, 2026, compared to $247 million, or 34% of premium, for the same period in 2025 driven by favorable mortality in the current period. For the nine months ended September 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 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.
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 declined 9% from the year ago period to $123 million and premium increased 4% to $302 million. The underwriting margin as a percent of premium declined for the nine months ended September 30, 2026, to 41%, compared to 46% in the year-ago period, as third quarter assumption gains were significantly higher in the prior year period. For the nine months ended September 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 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.
Current wording
Below is the average producing agent count for the nine months ended September 30, 2026 and 2025 for the 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. 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.
Current wording
The 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 $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.
Current wording
The Other agency distribution channels primarily include non-exclusive independent agencies selling primarily life insurance. The Other distribution channels contributed $149 million of life premium income, or 6% of Globe Life's total life premium income in the nine months ended September 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 $194 million compared to $183 million in the prior year.
Current wording
Health premium accounted for 34% of our total premium in 2026, while the health underwriting margin accounted for 21% of total underwriting margin. Health underwriting margin increased to $309 million compared to $291 million in the prior year.
Previous 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.
Current wording
Net policy obligations amounted to 56% of premium for the nine months ended September 30, 2026 compared to 53% 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 $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.
Current wording
Premiums from Medicare Supplement products totaled $615 million, or 47%, of the total health premiums for the nine months ended September 30, 2026, compared to $502 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 $686 million, or 53%, of the total health premiums for the nine months ended September 30, 2026, compared with $632 million, or 56%, in the same period in the prior year.
Previous 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.
Current wording
Annualized health premium in force was $1.84 billion at September 30, 2026, an increase of 17% over $1.58 billion a year earlier.
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