Globe Life Inc. reported a net income of $1.07 billion for the fiscal year ending December 31, 2024, reflecting a 10% increase from $970 million in 2023. The company's diluted earnings per share rose to $11.94, up from $10.07 in the previous year. Total premium revenue increased by 5% to $4.67 billion, driven by a 4% rise in life premium, which reached $3.26 billion, and a 7% increase in health premium to $1.40 billion. The net operating income also saw an 8% increase, totaling $1.11 billion, attributed to a 26% rise in excess investment income and a 13% increase in life underwriting margin.
In comparison to the previous fiscal year, Globe Life's total net sales increased by 9%, reaching $840 million, with the average producing agent count across all exclusive agencies rising by 11%. The company repurchased 10.1 million shares of its common stock at a total cost of $946 million, averaging $93.76 per share. The book value per share increased by 33% to $62.50, indicating a strong financial position. The company’s total assets grew to $29.08 billion, up from $28.05 billion in 2023, while total liabilities increased slightly to $23.77 billion.
Strategically, Globe Life entered into a coinsurance agreement in the fourth quarter of 2024, ceding a majority of its annuity business to a third-party insurer, which is expected to streamline operations and enhance capital efficiency. The company continues to focus on its core life and health insurance segments, which are primarily marketed through various distribution channels, including American Income Life and Direct to Consumer divisions. The health insurance segment, while contributing significantly to revenue, saw a slight decline in underwriting margin due to increased claims utilization.
Operationally, Globe Life's insurance subsidiaries reported a total policyholder benefit liability of $19.72 billion, with future policy benefits at current discount rates amounting to $18.46 billion. The company’s investment portfolio remains robust, with net investment income increasing by 7% to $1.14 billion, supported by higher yields on new investments. The company maintains a strong liquidity position, with cash and short-term investments totaling $165.3 million at year-end.
Looking ahead, Globe Life anticipates continued growth in premium income and net sales, driven by favorable mortality trends and an expanding agency force. The company is committed to maintaining its targeted capital levels and plans to utilize excess cash flows for share repurchases and potential acquisitions, reinforcing its strategic focus on enhancing shareholder value.
About GLOBE LIFE INC.
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