Sector: Financials|Industry: Insurance - Life|Market Cap: $9.33B|Employees: 4K
Globe Life Inc., through its subsidiaries, provides various life and supplemental health insurance products, and annuities to lower middle- and middle-income families in the United States. The company operates in four segments: Life Insurance, Supplemental Health Insurance, Annuities, and Investments. It offers whole, term, and other life insurance products; Medicare supplement and supplemental health insurance products, such as accident, cancer, critical illness, heart, and intensive care plans; and single-premium and flexible-premium deferred annuities. The company sells its products through its direct to consumer division, exclusive agencies, and independent agents. The company was formerly known as Torchmark Corporation and changed its name to Globe Life Inc. in August 2019. Globe Life Inc. was founded in 1900 and is headquartered in McKinney, Texas.
Total revenue increased to $1,455.4 million, up from $1,384.1 million in the same quarter of the previous year. This growth was primarily driven by an increase in total premium revenue from $1,119.3 million to $1,172.6 million.
Net income increased to $302.9 million, up from $257.1 million in the same quarter of the previous year. Diluted net income per common share increased from $2.68 to $3.44.
Total benefits and expenses increased to $1,078.4 million, up from $1,065.3 million in the same quarter of the previous year. This increase was primarily driven by higher life and health policyholder benefits.