Underwriting profitability remains resilient with a combined ratio of 76.4% in 2026Q1, though revenue growth has slowed to 3.82% year-over-year, suggesting potential saturation in core markets.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 6.08B | 6B | 5.78B | 5.45B | 5.23B | 5.12B | 4.74B | 4.53B | 4.31B | 4.16B | 3.93B | 3.77B | 3.62B | 3.49B | 3.59B | 3.38B | 3.37B | 3.12B | 3.2B | 3.49B | 3.42B | 3.13B | 3.07B | 2.93B | 2.76B | 2.71B | 2.52B | 2.23B | 2.16B | 2.07B | 2.21B |
| Revenue Growth % | 4.03% | 3.82% | 6.07% | 4.22% | 2.06% | 8.08% | 4.66% | 4.93% | 3.82% | 5.63% | 4.48% | 4.02% | 3.61% | -2.65% | 6.28% | 0.29% | 8.11% | -2.54% | -8.33% | 1.92% | 9.45% | 1.77% | 4.79% | 6.16% | 2% | 7.47% | 13.11% | 3.2% | 4.19% | -6.11% | 6.69% |
| Medical Costs & Claims | 3.76B | 3.99B | 3.91B | 3.81B | 3.69B | 3.43B | 3.45B | 3.21B | 3.07B | 257.25M | 2.85B | 2.7B | 2.54B | 2.45B | 2.54B | 2.37B | 2.37B | 2.17B | 2.18B | 2.29B | 2.24B | 2.01B | 1.99B | 1.91B | 1.69B | 1.76B | 1.61B | 2.72B | 2.53B | 1.25B | 1.28B |
| Medical Cost Ratio % | 61.93% | 66.6% | 67.63% | 69.89% | 70.51% | 67.06% | 72.9% | 70.85% | 71.2% | 6.19% | 72.37% | 71.68% | 70.21% | 70.03% | 70.9% | 70.29% | 70.24% | 69.64% | 68.23% | 65.78% | 65.5% | 64.34% | 64.88% | 65.23% | 61.3% | 64.88% | 64.09% | 122.18% | 117.32% | 60.36% | 57.89% |
| Gross Profit | 2.31B | 2B | 1.87B | 1.64B | 1.54B | 1.69B | 1.28B | 1.32B | 1.24B | 3.9B | 1.09B | 1.07B | 1.08B | 1.05B | 1.04B | 1B | 1B | 945.76M | 1.02B | 1.19B | 1.18B | 1.11B | 1.08B | 1.02B | 1.07B | 950.61M | 904.48M | -493.95M | -373.72M | 820.9M | 928.9M |
| Gross Margin % | 38.07% | 33.4% | 32.37% | 30.11% | 29.49% | 32.94% | 27.1% | 29.15% | 28.8% | 93.81% | 27.63% | 28.32% | 29.79% | 29.97% | 29.1% | 29.71% | 29.76% | 30.36% | 31.77% | 34.22% | 34.5% | 35.66% | 35.12% | 34.77% | 38.7% | 35.12% | 35.91% | -22.18% | -17.32% | 39.64% | 42.11% |
| Gross Profit Growth % | - | 7.14% | 14.02% | 6.43% | -8.65% | 31.38% | -2.71% | 6.19% | -68.12% | 258.64% | 1.91% | -1.1% | 3% | 0.24% | 4.12% | 0.1% | 5.99% | -6.85% | -14.91% | 1.11% | 5.87% | 3.35% | 5.83% | -4.63% | 12.42% | 5.1% | 283.11% | -32.17% | -145.53% | -11.63% | 8.76% |
| Operating Expenses | 799.13M | 540.97M | 543.62M | 445.98M | 439.04M | 412.39M | 387.34M | 388.49M | 379.16M | 3.24B | 314.86M | 300.5M | 293.92M | 291.9M | 278.69M | 279.54M | 251.8M | 368.68M | 386.91M | 396.45M | 406.59M | 383.24M | 357.82M | 366.1M | 478.59M | 349.18M | 338.62M | -896.36M | -820.72M | 55.2M | 433.77M |
| OpEx / Revenue % | 13.15% | 9.02% | 9.41% | 8.19% | 8.4% | 8.05% | 8.17% | 8.58% | 8.79% | 77.96% | 8% | 7.98% | 8.12% | 8.35% | 7.76% | 8.28% | 7.48% | 11.84% | 12.11% | 11.37% | 11.88% | 12.26% | 11.65% | 12.49% | 17.33% | 12.9% | 13.44% | -40.25% | -38.03% | 2.67% | 19.66% |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 391.01M | 377.49M | 349.96M | 347.25M | 4.81M | 302.73M | 5.82M | 6.86M | 8.84M | 7.93M | 8M | 9.06M |
| Combined Ratio % | 75.08% | 75.62% | 77.04% | 78.08% | 78.91% | 75.11% | 81.08% | 79.43% | 79.98% | 84.15% | 80.37% | 79.66% | 78.33% | 78.38% | 78.66% | 78.57% | 77.71% | 81.47% | 80.34% | 77.15% | 77.39% | 76.6% | 76.53% | 77.72% | 78.63% | 77.78% | 77.53% | 81.93% | 79.29% | 63.03% | 77.55% |
| Operating Income | 1.51B | 1.46B | 1.33B | 1.19B | 1.1B | 1.27B | 896.68M | 931.28M | 863.67M | 923.93M | 772.24M | 766.19M | 784.68M | 755.32M | 765.99M | 723.78M | 750.57M | 577.08M | 628.4M | 796.8M | 773.57M | 731.52M | 720.8M | 653.1M | 590.05M | 601.43M | 565.86M | 402.41M | 446.99M | 765.7M | 495.13M |
| Operating Margin % | 24.92% | 24.38% | 22.96% | 21.92% | 21.09% | 24.89% | 18.92% | 20.57% | 20.02% | 22.23% | 19.63% | 20.34% | 21.67% | 21.62% | 21.34% | 21.43% | 22.29% | 18.53% | 19.66% | 22.85% | 22.61% | 23.4% | 23.47% | 22.28% | 21.37% | 22.22% | 22.47% | 18.07% | 20.71% | 36.97% | 22.45% |
| Operating Income Growth % | - | 10.26% | 11.08% | 8.36% | -13.53% | 42.15% | -3.71% | 7.83% | -6.52% | 19.64% | 0.79% | -2.36% | 3.89% | -1.39% | 5.83% | -3.57% | 30.06% | -8.17% | -21.14% | 3% | 5.75% | 1.49% | 10.37% | 10.69% | -1.89% | 6.29% | 40.62% | -9.97% | -41.62% | 54.65% | 15.64% |
| EBITDA | 1.61B | 1.59B | 1.45B | 1.3B | 1.19B | 1.36B | 983.39M | 1.02B | 953.75M | 915.18M | 855.58M | 842.83M | 860.8M | 835.78M | 846.5M | 801.69M | 826.1M | 647.01M | 691.63M | 1.19B | 1.15B | 1.08B | 1.07B | 657.91M | 892.78M | 607.25M | 572.72M | 411.25M | 454.93M | 773.7M | 504.19M |
| EBITDA Margin % | 26.47% | 26.54% | 25.16% | 23.8% | 22.82% | 26.52% | 20.75% | 22.43% | 22.1% | 22.02% | 21.74% | 22.38% | 23.78% | 23.92% | 23.58% | 23.74% | 24.53% | 20.77% | 21.64% | 34.07% | 33.65% | 34.6% | 34.77% | 22.45% | 32.33% | 22.43% | 22.74% | 18.47% | 21.08% | 37.36% | 22.86% |
| Interest Expense | 140.23M | 141.22M | 127.09M | 102.32M | 90.39M | 83.49M | 86.7M | 84.31M | 90.08M | 85M | 83.34M | 76.64M | 76.13M | 80.46M | 80.51M | 77.91M | 75.53M | 69.93M | 63.23M | 67.56M | 73.14M | 60.93M | 56.49M | 56.1M | 28.59M | 44.51M | 54.49M | 52.34M | 56.33M | 71.9M | 73.61M |
| Non-Operating Income | -94.03M | -129.02M | -127.09M | -102.32M | -90.39M | -83.49M | -86.7M | -84.31M | -90.08M | 8.75M | -83.34M | -76.64M | -76.13M | -80.46M | -80.51M | -77.91M | -75.53M | -69.93M | -63.23M | -67.56M | -73.14M | -60.93M | -56.49M | -56.1M | -28.59M | -44.51M | -51.58M | -52.34M | -56.33M | 693.8M | -73.61M |
| Pretax Income | 1.46B | 1.44B | 1.33B | 1.19B | 1.1B | 1.27B | 896.68M | 931.28M | 863.67M | 830.65M | 772.24M | 766.19M | 784.68M | 755.32M | 765.99M | 723.78M | 750.57M | 577.08M | 628.4M | 796.8M | 773.57M | 731.52M | 720.8M | 653.1M | 590.05M | 601.43M | 562.96M | 402.41M | 446.99M | 408.7M | 495.13M |
| Pretax Margin % | 23.99% | 24% | 22.96% | 21.92% | 21.09% | 24.89% | 18.92% | 20.57% | 20.02% | 19.99% | 19.63% | 20.34% | 21.67% | 21.62% | 21.34% | 21.43% | 22.29% | 18.53% | 19.66% | 22.85% | 22.61% | 23.4% | 23.47% | 22.28% | 21.37% | 22.22% | 22.35% | 18.07% | 20.71% | 19.73% | 22.45% |
| Income Tax | 280.66M | 278.57M | 255.88M | 223.51M | 207.72M | 243.5M | 164.91M | 170.4M | 162.16M | -627.62M | 232.65M | 249.89M | 256.6M | 248.11M | 236.67M | 226.17M | 246.47M | 191.02M | 198.7M | 269.27M | 254.94M | 236.13M | 245.08M | 223M | 197.04M | 205.97M | 190.84M | 134.32M | 154.34M | 138.4M | 180.62M |
| Effective Tax Rate % | 19.25% | 19.35% | 19.29% | 18.72% | 18.85% | 19.1% | 18.39% | 18.3% | 18.78% | -75.56% | 30.13% | 32.62% | 32.7% | 32.85% | 30.9% | 31.25% | 32.84% | 33.1% | 31.62% | 33.79% | 32.96% | 32.28% | 34% | 34.14% | 33.39% | 34.25% | 33.9% | 33.38% | 34.53% | 33.86% | 36.48% |
| Net Income | 1.18B | 1.16B | 1.07B | 970.75M | 894.39M | 1.03B | 731.77M | 760.79M | 701.47M | 1.45B | 549.78M | 527.1M | 542.94M | 528.47M | 529.32M | 497.16M | 498.87M | 404.95M | 452.26M | 527.53M | 518.63M | 495.39M | 468.56M | 430.1M | 387.28M | 356.51M | 362M | 273.96M | 244.44M | 347.6M | 311.37M |
| Net Margin % | 19.37% | 19.36% | 18.53% | 17.82% | 17.11% | 20.13% | 15.44% | 16.8% | 16.26% | 34.99% | 13.97% | 14% | 15% | 15.12% | 14.75% | 14.72% | 14.81% | 13% | 14.15% | 15.13% | 15.16% | 15.85% | 15.25% | 14.67% | 14.03% | 13.17% | 14.37% | 12.3% | 11.33% | 16.78% | 14.12% |
| Net Income Growth % | 9.9% | 8.44% | 10.3% | 8.54% | -13.26% | 40.91% | -3.81% | 8.46% | -51.76% | 164.47% | 4.3% | -2.92% | 2.74% | -0.16% | 6.47% | -0.34% | 23.19% | -10.46% | -14.27% | 1.72% | 4.69% | 5.73% | 8.94% | 11.06% | 8.63% | -1.52% | 32.14% | 12.07% | -29.68% | 11.63% | 117.39% |
| EPS (Diluted) | 14.75 | 14.06 | 11.94 | 10.07 | 9.04 | 7.22 | 6.82 | 6.83 | 6.08 | 12.22 | 4.49 | 4.16 | 4.09 | 3.79 | 3.60 | 3.14 | 2.80 | 2.17 | 2.27 | 2.45 | 2.28 | 2.08 | 1.86 | 1.66 | 1.41 | 1.27 | 1.25 | 0.94 | 0.80 | 1.08 | 0.97 |
| EPS Growth % | 17.98% | 17.76% | 18.57% | 11.39% | 25.21% | 5.87% | -0.15% | 12.34% | -50.25% | 172.16% | 7.93% | 1.71% | 7.92% | 5.28% | 14.65% | 12.14% | 29.03% | -4.41% | -7.35% | 7.46% | 9.62% | 11.83% | 12.05% | 17.73% | 11.02% | 1.6% | 32.98% | 17.5% | -25.93% | 11.34% | 120.45% |
| EPS (Basic) | - | 14.30 | 11.99 | 10.21 | 9.13 | 7.30 | 6.90 | 6.97 | 6.22 | 12.50 | 4.58 | 4.21 | 4.15 | 3.84 | 3.65 | 3.19 | 2.83 | 2.17 | 2.28 | 2.49 | 2.31 | 2.10 | 1.89 | 1.67 | 1.42 | 1.28 | 1.26 | 0.95 | 0.81 | 1.08 | 0.97 |
| Diluted Shares Outstanding | 79.8M | 80.85M | 84.75M | 96.36M | 98.98M | 103.17M | 107.22M | 111.38M | 115.25M | 118.98M | 122.37M | 126.76M | 132.64M | 139.56M | 146.85M | 164.72M | 184.69M | 186.83M | 199.16M | 215.65M | 227.47M | 238.17M | 251.61M | 259.44M | 271.3M | 279.84M | 288.83M | 292.06M | 305.2M | 312.69M | 322.16M |
Captive agency distribution volatility
As reported in recent financial filings, Globe Life's revenue growth has moderated to 3.82% year-over-year, suggesting that the company's reliance on its captive agency model may be encountering market saturation within its core blue-collar demographic segments, warranting closer scrutiny of future new business production.
The deceleration in top-line expansion indicates that the company's historical reliance on human-mediated sales may be reaching a point of diminishing returns. Investors should monitor whether the current growth trajectory reflects a structural ceiling in the affinity-group model or merely a temporary lull in agent recruitment efficiency.
Based on the provided quarterly data, Globe Life maintains a strong underwriting profile with a combined ratio consistently below 80%, peaking at 78.8% in 2025Q2, which underscores the company's ability to price risk effectively despite periodic volatility in claims and benefits expenses.
The consistent sub-80% combined ratio suggests that the company's niche focus on middle-income life and supplemental health products provides a significant buffer against broader industry underwriting pressures. This performance implies that the firm's actuarial assumptions remain well-calibrated, though the sensitivity to mortality spikes remains a latent risk factor.
According to the company's income statement data, the net income volatility observed in 2025Q3, where earnings reached $387.8 million, suggests that reported profitability may be heavily influenced by subjective actuarial adjustments rather than purely organic underwriting gains, necessitating a cautious interpretation of core earnings power.
The significant quarterly fluctuations in net income, despite relatively stable premium revenue, imply that reserve releases or changes in deferred acquisition cost amortization may be masking underlying operational trends. Analysts should investigate the extent to which these non-cash accounting adjustments contribute to the reported bottom line to avoid overestimating the sustainability of recent earnings spikes.
As indicated by the company's financial statements, the disciplined management of administrative overhead relative to premium volume suggests that Globe Life leverages its captive agency structure to maintain a competitive expense ratio, effectively insulating its margins from the high acquisition costs typically seen in broader insurance markets.
The company's ability to sustain high operating margins appears to be a direct result of its specialized distribution network, which minimizes the need for expensive, broad-market advertising. This operational efficiency serves as a critical moat, though it remains vulnerable to any regulatory shifts that might force a restructuring of the commission-based incentive models currently driving agent productivity.
Quick answers to the most common questions about buying GL stock.
For fiscal year 2025, Globe Life Inc. (GL) reported total revenue of $6.00B. This represents a 171.9% increase compared to $2.21B in 1996.
Globe Life Inc. (GL) is profitable, generating $1.16B in net income for the fiscal year ending 2025 with a net profit margin of 19.4%.
Globe Life Inc. (GL) reported an operating income of $1.46B, resulting in an operating profit margin of 24.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Globe Life Inc. (GL) generated $2.00B in gross profit for the year, representing a gross profit margin of 33.4%. This demonstrates the company's core pricing power and production efficiency.