Globe Life Inc. (GL) 10-Year Financial Performance & Capital Metrics

GL • • Insurance & Managed Care

Financial ServicesLife InsuranceDiversified Life & Health InsurersUS Diversified Insurers

AboutGlobe Life Inc., through its subsidiaries, provides various life and supplemental health insurance products, and annuities to lower middle to middle income households in the United States. The company operates through four segments: Life Insurance, Supplemental Health Insurance, Annuities, and Investments. It offers whole life, term life, and other life insurance products; Medicare supplement and supplemental health insurance, such as critical illness and accident plans; and single-premium and flexible-premium deferred annuities. The company was formerly known as Torchmark Corporation and changed its name to Globe Life Inc. in August 2019. Globe Life Inc. was incorporated in 1979 and is headquartered in McKinney, Texas.Show more

Revenue $5.78B +6.1%
Combined Ratio 77.04% -1.3%
Net Income $1.07B +10.3%
Return on Equity 21.87% -5.0%
Medical Cost Ratio 67.63% -3.2%
Operating Margin 22.96% +4.7%
Net Margin 18.53% +4.0%
ROA 3.75% +4.3%
Equity / Assets 18.25% +14.1%
Book Value per Share 62.60 +34.5%
Tangible BV/Share 56.82 +36.7%
Debt/Equity 0.52 +9.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Profitable underwriting: 77.0% combined ratio
✓Strong Piotroski F-Score: 8/9
✓22 consecutive years of dividend growth
✓Good 3Y average ROE of 19.7%
✓Share count reduced 12.1% through buybacks
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.79%

5Y5%

3Y4.1%

TTM3.73%

Profit (Net Income) CAGR

10Y7.03%

5Y7.07%

3Y1.27%

TTM5.5%

EPS CAGR

10Y11.31%

5Y11.82%

3Y18.26%

TTM17.38%

ROCE

10Y Avg8.06%

5Y Avg4.21%

3Y Avg4.48%

Latest4.81%

Peer Comparison

US Diversified Insurers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GLGlobe Life Inc.	11.3B	141.93	11.89	6.07%	19.36%	20.22%	11.78%	0.52
CNOCNO Financial Group, Inc.	4.02B	42.20	11.28	7.21%	6.64%	11.29%	15.6%	1.81
AFLAflac Incorporated	56.58B	107.96	11.21	1.52%	23.21%	14.53%	4.78%	0.29
LNCLincoln National Corporation	7.83B	41.21	2.24	53.61%	11.43%	20.18%		0.77

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	3.77B	3.93B	4.16B	4.31B	4.53B	4.74B	5.12B	5.23B	5.45B	5.78B
Revenue Growth %	0.04%	0.04%	0.06%	0.04%	0.05%	0.05%	0.08%	0.02%	0.04%	0.06%
Medical Costs & Claims+	2.7B	2.85B	257.25M	3.07B	3.21B	3.45B	3.43B	3.69B	3.81B	3.91B
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	1.07B	1.09B	3.9B	1.24B	1.32B	1.28B	1.69B	1.54B	1.64B	1.87B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0.01%	0.02%	2.59%	-0.68%	0.06%	-0.03%	0.31%	-0.09%	0.06%	0.14%
Operating Expenses+	300.5M	314.86M	3.24B	379.16M	388.49M	387.34M	412.39M	439.04M	445.98M	543.62M
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	0	0	0	0	0	0	0	0	0	0
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	766.19M	772.24M	923.93M	863.67M	931.28M	896.68M	1.27B	1.1B	1.19B	1.33B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.02%	0.01%	0.2%	-0.07%	0.08%	-0.04%	0.42%	-0.14%	0.08%	0.11%
EBITDA+	842.83M	855.58M	915.18M	953.75M	1.02B	983.39M	1.36B	1.19B	1.3B	1.45B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	76.64M	83.34M	85M	90.08M	84.31M	86.7M	83.49M	90.39M	102.32M	127.09M
Non-Operating Income	-76.64M	-83.34M	8.75M	-90.08M	-84.31M	-86.7M	-83.49M	-90.39M	-102.32M	-127.09M
Pretax Income+	766.19M	772.24M	830.65M	863.67M	931.28M	896.68M	1.27B	1.1B	1.19B	1.33B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	249.89M	232.65M	-627.62M	162.16M	170.4M	164.91M	243.5M	207.72M	223.51M	255.88M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	527.1M	549.78M	1.45B	701.47M	760.79M	731.77M	1.03B	894.39M	970.75M	1.07B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.03%	0.04%	1.64%	-0.52%	0.08%	-0.04%	0.41%	-0.13%	0.09%	0.1%
EPS (Diluted)+	4.16	4.49	12.22	6.08	6.83	6.82	7.22	7.47	10.07	11.94
EPS Growth %	0.02%	0.08%	1.72%	-0.5%	0.12%	-0%	0.06%	0.03%	0.35%	0.19%
EPS (Basic)	4.21	4.58	12.50	6.22	6.97	6.90	7.30	7.55	10.21	11.99
Diluted Shares Outstanding	126.76M	122.37M	118.98M	115.25M	111.38M	107.22M	103.17M	98.98M	96.36M	84.75M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	19.85B	21.44B	23.47B	23.1B	25.98B	29.05B	29.77B	25.99B	28.05B	29.08B
Asset Growth %	-0.02%	0.08%	0.1%	-0.02%	0.12%	0.12%	0.02%	-0.13%	0.08%	0.04%
Total Investment Assets+	27.63B	15.88B	17.73B	17.12B	19.85B	22.45B	22.76B	18.21B	1.1B	19.57B
Long-Term Investments	13.81B	15.32B	17.1B	16.36B	18.95B	21.32B	21.37B	16.62B	1.1B	19.49B
Short-Term Investments	13.81B	15.32B	17.1B	16.36B	18.95B	21.32B	21.37B	16.62B	0	85.03M
Total Current Assets+	14.41B	15.96B	17.85B	17.24B	0	0	0	0	733.38M	942.27M
Cash & Equivalents	61.38M	76.16M	118.56M	121.03M	75.93M	94.85M	92.16M	92.56M	103.16M	165.32M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	186.35M	177.37M	246.31M	342.17M	-19.46B	-21.89B	-21.95B	-17.3B	0	0
Goodwill & Intangibles+	441.59M	4.22B	4.4B	4.58B	441.59M	441.59M	481.79M	481.79M	481.79M	490.45M
Goodwill	441.59M	441.59M	441.59M	441.59M	441.59M	441.59M	481.79M	481.79M	481.79M	490.45M
Intangible Assets	0	3.78B	3.96B	4.14B	0	0	0	0	0	0
PP&E (Net)	83M	97M	108M	135M	161M	186M	205M	212M	240M	0
Other Assets	-10.34B	-12.12B	-13.34B	-12.13B	-19.55B	-21.95B	-22.06B	-17.31B	23.94B	-18.76B
Total Liabilities	15.8B	16.87B	17.24B	17.68B	18.68B	20.28B	21.13B	22.04B	23.56B	23.77B
Total Debt+	1.23B	1.4B	1.46B	1.67B	1.65B	1.92B	2.03B	2.08B	2.12B	2.74B
Net Debt	1.17B	1.32B	1.34B	1.54B	1.57B	1.83B	1.93B	1.98B	2.01B	2.57B
Long-Term Debt	743.73M	1.13B	1.13B	1.36B	1.35B	1.67B	1.55B	1.63B	1.63B	2.32B
Short-Term Debt	490.13M	264.48M	328.07M	307.85M	298.74M	254.92M	479.64M	449.1M	486.11M	415.4M
Total Current Liabilities+	15.05B	15.74B	16.11B	16.32B	0	0	0	0	1.5B	415.4M
Accounts Payable	0	0	0	0	365.4M	399.51M	412.94M	509.36M	514.88M	532.83M
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	-1.94B	-2.01B	-1.64B	-1.36B	-2.14B	-2.49B	-2.66B	-1.39B	0	-1.26B
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Liabilities	12.84B	15.74B	14.14B	16.32B	-1.35B	-1.67B	-1.55B	-1.63B	20.44B	19.3B
Total Equity+	4.06B	4.57B	6.23B	5.42B	7.29B	8.77B	8.64B	3.95B	4.49B	5.31B
Equity Growth %	-0.14%	0.13%	0.36%	-0.13%	0.35%	0.2%	-0.01%	-0.54%	0.14%	0.18%
Shareholders Equity	4.06B	4.57B	6.23B	5.42B	7.29B	8.77B	8.64B	3.95B	4.49B	5.31B
Minority Interest	0	0	0	0	0	0	0	0	0	0
Retained Earnings	3.61B	3.89B	4.81B	5.21B	5.55B	5.87B	6.18B	6.89B	7.48B	8B
Common Stock	130.22M	127.22M	124.22M	121.22M	117.22M	113.22M	109.22M	105.22M	102.22M	97.22M
Accumulated OCI	231.95M	577.57M	1.42B	319.48M	1.84B	3.03B	2.68B	-2.79B	-2.77B	-2.03B
Return on Equity (ROE)	0.12%	0.13%	0.27%	0.12%	0.12%	0.09%	0.12%	0.14%	0.23%	0.22%
Return on Assets (ROA)	0.03%	0.03%	0.06%	0.03%	0.03%	0.03%	0.04%	0.03%	0.04%	0.04%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.30x	0.31x	0.23x	0.31x	0.23x	0.22x	0.23x	0.53x	0.47x	0.52x
Book Value per Share	31.99	37.32	52.37	46.99	65.49	81.80	83.77	39.90	46.56	62.60
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.12B	1.4B	1.43B	1.28B	1.36B	1.48B	1.44B	1.42B	1.48B	1.4B
Operating CF Growth %	0.3%	0.25%	0.02%	-0.11%	0.07%	0.08%	-0.03%	-0.01%	0.04%	-0.05%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	516.29M	539.59M	1.46B	701.51M	760.88M	731.77M	744.96M	894.39M	970.75M	1.07B
Depreciation & Amortization	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	-159.6M	168.53M	-816.33M	-110.46M	-136.67M	-154.69M	-289.81M	-311.74M	-303.35M	-401.43M
Working Capital Changes	763.35M	690.59M	787.12M	686.59M	739.66M	899.35M	982.53M	839.54M	815.01M	733.1M
Cash from Investing+	-633.35M	-1.06B	-926.82M	-896.22M	-809.31M	-1.18B	-913.37M	-943.01M	-926.15M	-641.52M
Capital Expenditures	-36.96M	-25.16M	-20.29M	-45.09M	-42.2M	-41.76M	-38.24M	-27.93M	-49.55M	-71.05M
Acquisitions	0	90K	0	0	0	0	0	0	0	0
Purchase of Investments	-1.2B	-1.62B	-1.47B	-1.29B	-1.73B	-1.64B	-1.32B	-1.85B	-1.96B	-2.09B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	0	0	18K	1.99M	32K	-7.05M	-56.7M	0	0	96K
Cash from Financing+	-525.71M	-319.79M	-453.98M	-391.52M	-590.51M	-274.06M	-523.6M	-492.45M	-541.49M	-715.84M
Dividends Paid	-66.9M	-66.93M	-68.83M	-71.42M	-74.19M	-78.19M	-80.04M	-80.55M	-84.12M	-85.48M
Share Repurchases	-418.53M	-404.78M	-412.99M	-421.75M	-459.57M	-443.87M	-541.43M	-454.64M	-511.1M	-1B
Stock Issued	35.96M	61.33M	61.22M	36.09M	83.16M	48.09M	69.83M	106.59M	114.08M	51.79M
Debt Issuance (Net)	1000K	1000K	1000K	1000K	-1000K	1000K	1000K	1000K	1000K	1000K
Other Financing	-78.22M	-71.99M	-90.93M	-126.99M	-121.43M	-72.93M	-64.24M	-112.79M	-96.94M	-301.61M
Net Change in Cash+	-4.64M	14.78M	42.4M	2.46M	-45.09M	18.91M	-2.68M	396K	10.6M	62.17M
Exchange Rate Effect	1000K	-1000K	-1000K	1000K	-1000K	-1000K	-1000K	1000K	-1000K	1000K
Cash at Beginning	66.02M	61.38M	76.16M	118.56M	121.03M	75.93M	94.85M	92.16M	92.56M	103.16M
Cash at End	61.38M	76.16M	118.56M	121.03M	75.93M	94.85M	92.16M	92.56M	103.16M	165.32M
Free Cash Flow+	1.08B	1.37B	1.41B	1.23B	1.32B	1.43B	1.4B	1.39B	1.43B	1.33B
FCF Growth %	0.28%	0.27%	0.03%	-0.13%	0.07%	0.09%	-0.02%	-0%	0.03%	-0.07%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	8.54	11.22	11.84	10.69	11.87	13.38	13.56	14.09	14.87	15.71

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	79.66%	80.37%	84.15%	79.98%	79.43%	81.08%	75.11%	78.91%	78.08%	77.04%
Medical Cost Ratio	71.68%	72.37%	6.19%	71.2%	70.85%	72.9%	67.06%	70.51%	69.89%	67.63%
Return on Equity (ROE)	12.04%	12.75%	26.93%	12.05%	11.97%	9.11%	11.84%	14.21%	23.01%	21.87%
Return on Assets (ROA)	2.63%	2.66%	6.48%	3.01%	3.1%	2.66%	3.51%	3.21%	3.59%	3.75%
Equity / Assets	20.43%	21.3%	26.54%	23.45%	28.08%	30.2%	29.03%	15.2%	15.99%	18.25%
Book Value / Share	31.99	37.32	52.37	46.99	65.49	81.8	83.77	39.9	46.56	62.6
Debt / Equity	0.30x	0.31x	0.23x	0.31x	0.23x	0.22x	0.23x	0.53x	0.47x	0.52x
Revenue Growth	4.02%	4.48%	5.63%	3.82%	4.93%	4.66%	8.08%	2.06%	4.22%	6.07%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Life	2.07B	2.19B	2.31B	2.41B	2.52B	2.67B	2.9B	3.02B	3.14B	3.26B
Life Growth	-	5.61%	5.35%	4.34%	4.62%	6.16%	8.43%	4.32%	3.77%	3.96%
Health	925.52M	947.66M	976.37M	1.02B	1.08B	1.14B	1.2B	1.28B	1.32B	1.4B
Health Growth	-	2.39%	3.03%	3.99%	6.11%	5.92%	5.31%	6.47%	3.08%	6.53%
Annuity	135K	38K	15K	12K	4K	4K	1K	1K	-	-
Annuity Growth	-	-71.85%	-60.53%	-20.00%	-66.67%	0.00%	-75.00%	0.00%	-	-
Investment	773.95M	806.9M	847.88M	882.51M	910.46M	927.06M	952.45M	987.5M	-	-
Investment Growth	-	4.26%	5.08%	4.08%	3.17%	1.82%	2.74%	3.68%	-	-
Corporate and Other	-	-	1.27M	1.24M	-	-	-	-	-	-
Corporate and Other Growth	-	-	-	-2.68%	-	-	-	-	-	-
Others	2.38M	1.53M	-	-	-	-	-	-	-	-
Others Growth	-	-35.52%	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Globe Life Inc. (GL) has a price-to-earnings (P/E) ratio of 11.9x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Globe Life Inc. (GL) grew revenue by 6.1% over the past year. This is steady growth.

Yes, Globe Life Inc. (GL) is profitable, generating $1.15B in net income for fiscal year 2024 (18.5% net margin).

Dividend & Returns

Yes, Globe Life Inc. (GL) pays a dividend with a yield of 0.71%. This makes it attractive for income-focused investors.

Globe Life Inc. (GL) has a return on equity (ROE) of 21.9%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

Globe Life Inc. (GL) has a combined ratio of 77.0%. A ratio below 100% indicates underwriting profitability.

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