EX-99.1 2 q3fy2024earningsrelease.htm EX-99.1 Document

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globe life inc. 公司報告
2024年第三季度業績報告


2024年10月23日,德克薩斯州麥金尼市─globe life inc(NYSE:GL)今日報告,截至2024年9月30日的季度,凈利潤為每股$3.44,較去年同期的每股$2.68增加。該季度的凈營業收入每股$3.49,較去年同期的每股$2.71增加。

重點:
l
以roe計算的凈利潤(1) 截至2024年9月30日的九個月中,凈營運收入的ROE為22.4%。(1) 在同一時期,排除累積其他綜合收益(AOCI),ROE為15.3%。
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凈利潤(1) 較去年同期增加了18%,凈營運收入增加了19%。
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在美國收入生命部門,人壽淨銷售額和人壽保費分別比去年同期增加了19%和7%。此外,平均生產代理人數較去年同期增加了10%。
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在自由國民部門,平均生產代理人數較去年同期增加了14%,人壽保費增加了6%。
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在家庭傳承部門,健康淨銷售額同比增長16%,健康保費同比增長8%。此外,平均生產代理人數較去年同期增長8%。
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總核保利潤(1) 相比去年同期,增長了19%。
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凈投資收入相比去年同期增長7%。
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在本季度,以總成本580,000,000美元回購了580萬股globe life inc普通股。



(1) 基於2024年第三季度對假設解鎖所產生的4630萬美元再計量收益,相較於去年同期因假設解鎖而產生的320萬美元再計量收益。這些金額連同與經驗相關的調整,都包含在綜合損益計算表的再計量收益或損失中。







註:在此收益公告中,“globe life”、“公司”、“我們”、“我們的”和“我們”指的是成立於1979年的特拉華州公司globe life inc.及其子公司和附屬公司。
1
GL 第三季 2024年度財報公佈

globe life inc
第三季度2024年盈利发布
(金額以千為單位,股票和每股數據除外)
(未經查核)

營運結果

凈營業收入是一種非GAAP財務指標,Globe Life的管理層多年來一直使用它來評估公司的營運表現,並且是人壽保險業中常用的一種指標。它與凈利潤的區別在於主要排除了一些非營業性項目,例如實現投資收益和虧損等,還有包括在凈利潤中的某些重大和不尋常的項目。管理層認為,分析凈營業收入對於理解公司業務的盈利能力和營運趨勢非常重要。而凈利潤是最直接可比的GAAP財務指標。(1) 凈利潤是由於排除了特定的非營業項目,如實現的投資收益和虧損以及凈利潤中包含的某些重大和不尋常的項目,所以與凈營利不同。Globe Life的管理層多年來一直使用它來評估公司的營運表現,並且是人壽保險業中常用的一種指標。而管理階層認為,分析凈營業收入有助於了解公司業務的盈利能力和營運趨勢。

以下表格顯示globe life於2024年和2023年9月30日結束的三個月的營運摘要:
經營概要
每股盈餘
結束於三個月的期間
九月三十日,
結束於三個月的期間
九月三十日,
20242023%
改變
20242023%
改變
保險核保收入(2)
$4.40 $3.38 30$387,444 $324,330 19
超額投資收入(2)
0.45 0.35 2939,503 33,918 16
債務利息(0.36)(0.27)33(31,388)(25,955)21
母公司費用
(0.04)(0.03)(3,210)(2,581)
所得稅支出(0.87)(0.67)30(76,887)(63,903)20
股票優惠解套費用,經稅後調整後之淨額(0.09)(0.06)(7,603)(6,096)
營業淨收益 3.49 2.71 29307,859 259,713 19
調解項目,經稅後調整後之淨額:
投資實現溢利(虧損)(0.02)(0.02)(1,732)(1,732)
非營業費用(0.01)(0.01)(503)(898)
法律成本及訴訟
(0.03)— (2,630)— 
凈利潤(3)
$3.44 $2.68 $302,994 $257,083 
加權平均稀釋每股持股量 88,087 95,818 
(1)GAAP被定義為普遍被美國接受的會計原則。
(2)本文件內含的定義。
(3)本報告附錄中包含了按照GAAP基礎編制的簡明綜合營運報告。


註:由於四捨五入,本盈利發布中的表格數字可能不會完全相加。

2
GL 2024年第三季度盈利公告

globe life inc
第三季度2024年盈利发布
(金額以千為單位,股票和每股數據除外)
(未經查核)
管理層對照GAAP措施

除AOCI以外的股東權益和每股淨值,除AOCI外,是管理層用來查看業務的非GAAP指標,無需考慮AOCI變化的影響,這主要歸因於利率期貨的波動。管理層以這種方式查看業務,因為這樣可以創造出更有意義和更容易辨認的趨勢,從而排除因利率期貨變化而產生的波動。股東權益和每股淨值是最直接可比的GAAP指標。
九個月結束了
九月三十日,
20242023
凈利潤
$815,566 $695,953 
營業淨額
843,175 759,231 
以roe計算的凈利潤(1)
22.4 %22.6 %
以roe計算的淨營業收入 (除了AOCI)(1)
15.3 %14.7 %
九月三十日,
20242023
股東權益$4,638,625 $4,623,131 
調整以排除AOCI影響2,484,743 2,458,974 
股東權益,不包括AOCI$7,123,368 $7,082,105 
每股凈值$54.65 $48.51 
調整以排除AOCI影響29.27 25.80 
每股帳面價值,不包括AOCI$83.92 $74.31 
(1)使用測量期間的平均股東權益進行計算。

保險業務:

人壽保險佔該公司本季度保險承保利潤的81%,以及總保費收入的70%。

健康保險佔公司本季度保險承保利潤的18%,以及總保險費收入的30%。

人壽保險的淨銷售額本季度增加了10%,而健康保險的淨銷售額則增加了8%。

以下表格总结了globe life的保费收入,按产品类型划分,截至2024年9月30日和2023年的三个月:
保險費收入
季度結束
2024年9月30日2023年9月30日%
改變
人壽保險$818,638 $788,099 4
健康保險353,955 331,236 7
年金— — 
總計$1,172,593 $1,119,335 5

3
GL 第三季 2024年度財報公佈

globe life inc
第三季度2024年盈利发布
(金額以千為單位,股票和每股數據除外)
(未經查核)
保險核保收入

保險承保利潤是公司生命、健康和年金業務承保業績的管理衡量指標,包括保費減去保單義務(不包括保單負債利息)、佣金和其他取得成本。保險承保收入是生命、健康和年金業務承保利潤的總和,再加上其他收入,減去行政費用。該指標不包括投資部門、債務利息、母公司費用、股份報酬費用和所得稅。管理層相信這些信息有助於更好地理解業務,並通過分銷渠道對承保結果進行更有意義的分析。保險承保收入是一項非依據公認會計原則(GAAP)的指標,是凈營運收入的一個組成部分,該收入在上述營運結果部分與凈利潤調節。

The following table summarizes Globe Life's insurance underwriting income by segment for the three months ended September 30, 2024 and 2023:
Insurance Underwriting Income
Quarter Ended
September 30, 2024% of
Premium
September 30, 2023% of
Premium
%
Chg.
Insurance underwriting margins:
Life$387,183 47$300,088 3829
Health86,963 2596,700 29(10)
Annuity1,721 2,077 
475,867 398,865 19
Other income42 50 
Administrative expenses(88,465)(74,585)
Insurance underwriting income$387,444 $324,330 19
Per share$4.40 $3.38 30

The ratio of administrative expenses to premium was 7.5%, compared with 6.7% for the year-ago quarter.

4
GL Q3 2024 Earnings Release

GLOBE LIFE INC.
Earnings Release—Q3 2024
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
LIFE INSURANCE RESULTS BY DISTRIBUTION CHANNEL

Our distribution channels consist of the following exclusive agencies: American Income Life Division (American Income), Liberty National Division (Liberty National) and Family Heritage Division (Family Heritage); an independent agency, United American Division (United American); and our Direct to Consumer Division (Direct to Consumer).

Total premium, underwriting margins, first-year collected premium and net sales by all distribution channels are shown at https://investors.globelifeinsurance.com at "Financial Reports and Other Financial Information."
Life Underwriting Margin
Quarter Ended
September 30,
20242023
Amount% of PremiumAmount% of Premium% Chg.
American Income $221,246 52 $181,098 45 22
Direct to Consumer 88,279 36 63,058 25 40
Liberty National 44,701 48 27,426 31 63
Other 32,957 65 28,506 55 16
Total$387,183 47 $300,088 38 29
Life Premium
Quarter Ended
September 30,
20242023%
Chg.
American Income $427,839 $400,214 7
Direct to Consumer 246,425 247,858 (1)
Liberty National 93,625 88,199 6
Other 50,749 51,828 (2)
Total$818,638 $788,099 4
Life Net Sales(1)
Quarter Ended
September 30,
20242023%
Chg.
American Income $96,739 $81,066 19
Direct to Consumer 24,074 26,497 (9)
Liberty National 24,352 24,165 1
Other 2,259 2,469 (9)
Total$147,424 $134,197 10
(1)Net sales is calculated as annualized premium issued, net of cancellations in the first thirty days after issue, except in the case of Direct to Consumer, where net sales is annualized premium issued at the time the first full premium is paid after any introductory offer period (typically 1 month) has expired. Management considers net sales to be a better indicator of the rate of premium growth than annualized premium issued since annualized premium issued excludes cancellations, and cancellations do not contribute to premium income.

5
GL Q3 2024 Earnings Release

GLOBE LIFE INC.
Earnings Release—Q3 2024
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
HEALTH INSURANCE RESULTS BY DISTRIBUTION CHANNEL
Health Underwriting Margin
Quarter Ended
September 30,
20242023
Amount% of PremiumAmount% of Premium% Chg.
United American $14,023 $15,473 11 (9)
Family Heritage 34,032 32 35,605 36 (4)
Liberty National 26,109 55 25,082 54 4
American Income 10,840 35 19,033 62 (43)
Direct to Consumer1,959 11 1,507 30
Total$86,963 25 $96,700 29 (10)
Health Premium
Quarter Ended
September 30,
20242023%
Chg.
United American $149,510 $137,077 9
Family Heritage 107,819 99,828 8
Liberty National 47,277 46,643 1
American Income 31,277 30,535 2
Direct to Consumer 18,072 17,153 5
Total$353,955 $331,236 7
Health Net Sales(1)
Quarter Ended
September 30,
20242023%
Chg.
United American $15,529 $15,740 (1)
Family Heritage 29,326 25,312 16
Liberty National 8,122 8,652 (6)
American Income 5,566 4,673 19
Direct to Consumer 663 516 28
Total$59,206 $54,893 8
(1)Net sales is calculated as annualized premium issued, net of cancellations in the first thirty days after issue, except in the case of Direct to Consumer, where net sales is annualized premium issued at the time the first full premium is paid after any introductory offer period (typically 1 month) has expired. Management considers net sales to be a better indicator of the rate of premium growth than annualized premium issued since annualized premium issued excludes cancellations, and cancellations do not contribute to premium income.

6
GL Q3 2024 Earnings Release

GLOBE LIFE INC.
Earnings Release—Q3 2024
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
PRODUCING EXCLUSIVE AGENT COUNT RESULTS BY DISTRIBUTION CHANNEL

Quarterly Average
Producing Agent Count(1)
Quarter EndedQuarter Ended
September 30,June 30,
20242023% Chg.2024
American Income12,031 10,983 10 11,869 
Liberty National 3,794 3,339 14 3,700 
Family Heritage 1,429 1,323 1,361 

(1) The quarterly average producing agent count is based on the actual count at the beginning and end of each week during the period.


INVESTMENTS

Management uses excess investment income as the measure to evaluate the performance of the investment segment. It is defined as net investment income less the required interest attributable to policy liabilities. We also view excess investment income per diluted common share as an important and useful measure to evaluate performance of the investment segment, since it takes into consideration our stock repurchase program.

The following table summarizes Globe Life's investment income, excess investment income, and excess investment income per diluted common share.
Excess Investment Income
Quarter Ended
September 30,
20242023%
Chg.
Net investment income$284,964 $266,926 7
Interest on policy liabilities(1)
(245,461)(233,008)5
Excess investment income$39,503 $33,918 16
Per share$0.45 $0.35 29
(1)Interest on policy liabilities, at original discount rates, is a component of total policyholder benefits, a GAAP measure.

Net investment income increased 7% and average invested assets increased 5%. Required interest on policy liabilities increased 5% and average policy liabilities increased 5%.

7
GL Q3 2024 Earnings Release

GLOBE LIFE INC.
Earnings Release—Q3 2024
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
The composition of the investment portfolio at book value at September 30, 2024 is as follows:
Investment Portfolio
As of
September 30, 2024
Amount% of Total
Fixed maturities at fair value(1)
$18,334,570 88 
Mortgage loans
381,315 
Policy loans691,072 
Other long-term investments(2)
1,221,888 
Short-term investments100,501 — 
Total$20,729,346 
(1) As of September 30, 2024, fixed maturities at amortized cost were $19.1 billion, net of $7.1 million of allowance for credit losses.
(2) Includes $979 million of investments accounted for under the fair value option which have a cost of $967 million as of September 30, 2024.

Fixed maturities at amortized cost, net of allowance for credit losses, by asset class as of September 30, 2024 are as follows:
Fixed Maturity Portfolio by Sector
As of
September 30, 2024
Investment GradeBelow Investment GradeTotal Amortized Cost, net
Corporate bonds$14,752,056 $511,426 $15,263,482 
Municipals3,253,819 — 3,253,819 
Government, agencies, and GSEs(1)
439,763 — 439,763 
Collateralized debt obligations— 36,685 36,685 
Other asset-backed securities75,821 7,752 83,573 
Total$18,521,459 $555,863 $19,077,322 
(1) Government-Sponsored Enterprises

Below are fixed maturities available for sale by amortized cost, allowance for credit losses, and fair value at September 30, 2024 and the corresponding amounts of net unrealized gains and losses recognized in accumulated other comprehensive income (loss).
As of
Amortized
Cost
Allowance for Credit LossesNet Unrealized Gains (Losses)Fair
 Value
September 30, 2024
$19,084,454 $(7,132)$(742,752)$18,334,570 

At amortized cost, net of allowance for credit losses, 97% of fixed maturities (97% at fair value) were rated “investment grade.” The fixed maturity portfolio earned an annual taxable equivalent effective yield of 5.25% during the third quarter of 2024, compared with 5.19% in the year-ago quarter.

Globe Life is not a party to any credit default swaps and does not participate in securities lending.


8
GL Q3 2024 Earnings Release

GLOBE LIFE INC.
Earnings Release—Q3 2024
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
Comparable information for acquisitions of fixed maturity and other investments is as follows:
Fixed Maturity Acquisitions
Quarter Ended
September 30,
20242023
Amount$81,569 $426,867 
Average annual effective yield6.2 %6.1 %
Average ratingA-A+
Average life (in years) to:
Next call18.3 16.6 
Maturity30.1 26.6 

Other Investment Acquisitions
Quarter Ended
September 30,
20242023
Limited partnerships
$77,225 $70,008 
Mortgage loans
42,500 29,559 
Common stock
3,775 7,453 
Company owned life insurance
200,000 — 
Total$323,500 $107,020 

SHARE REPURCHASE:

During the quarter, the Company repurchased 5.8 million shares of Globe Life Inc. common stock at a total cost of $580 million and an average share price of $100.34.

LIQUIDITY/CAPITAL:

Globe Life's operations consist primarily of writing basic protection life and supplemental health insurance policies which generate strong and stable cash flows. These cash flows are not impacted by volatile equity markets. Liquidity at the Parent Company is sufficient to meet additional capital needs of the insurance companies.

EARNINGS GUIDANCE FOR THE YEAR ENDING DECEMBER 31, 2024 and 2025:

Globe Life projects net operating income between $12.20 to $12.40 per diluted common share for the year ending December 31, 2024. For the year ending December 31, 2025, we estimate that net operating income per share will be in the range of $13.20 to $13.90.

NON-GAAP MEASURES:

In this news release, Globe Life includes non-GAAP measures to enhance investors' understanding of management's view of the business. The non-GAAP measures are not a substitute for GAAP, but rather a supplement to increase transparency by providing broader perspective. Globe Life's definitions of non-GAAP measures may differ from other companies' definitions. More detailed financial information, including various GAAP and non-GAAP measurements, is located at https://investors.globelifeinsurance.com on the Investors page under “Financial Reports and Other Financial Information."


9
GL Q3 2024 Earnings Release


CAUTION REGARDING FORWARD-LOOKING STATEMENTS:
This press release may contain forward-looking statements within the meaning of the federal securities laws. These prospective statements reflect management’s current expectations, but are not guarantees of future performance. Whether or not actual results differ materially from forward-looking statements may depend on numerous foreseeable and unforeseeable events or developments, which may be national in scope, related to the insurance industry generally, or applicable to the Company specifically. Such events or developments could include, but are not necessarily limited to:

1) Economic and other conditions, including the continued impact of inflation, geopolitical events, and the recent pandemic on the U.S. economy, leading to unexpected changes in lapse rates and/or sales of our policies, as well as levels of mortality, morbidity, and utilization of health care services that differ from Globe Life's assumptions;
2) Regulatory developments, including changes in accounting standards or governmental regulations (particularly those impacting taxes and changes to the Federal Medicare program that would affect Medicare Supplement);
3) Market trends in the senior-aged health care industry that provide alternatives to traditional Medicare (such as Health Maintenance Organizations and other managed care or private plans) and that could affect the sales of traditional Medicare Supplement insurance;
4) Interest rate changes that affect product sales, financing costs, and/or investment yields;
5) General economic, industry sector or individual debt issuers’ financial conditions (including developments and volatility arising from geopolitical events, particularly in certain industries that may compromise part of our investment portfolio) that may affect the current market value of securities we own, or that may impair an issuer’s ability to make principal and/or interest payments due on those securities;
6) Changes in the competitiveness of the Company's products and pricing;
7) Litigation results;
8) Levels of administrative and operational efficiencies that differ from our assumptions (including any reduction in efficiencies resulting from increased costs arising from the impact of higher than anticipated inflation);
9) The ability to obtain timely and appropriate premium rate increases for health insurance policies from our regulators;
10) The customer response to new products and marketing initiatives;
11) Reported amounts in the consolidated financial statements which are based on management estimates and judgments which may differ from the actual amounts ultimately realized;
12) Compromise by a malicious actor or other event that causes a loss of secure data from, or inaccessibility to, our computer and other information technology systems;
13) The impact of any reputational damage on the Company including the impact on the Company's ability to attract and retain agents;

14) The severity, magnitude, and impact of natural or man-made catastrophic events, including but not limited to pandemics, tornadoes, hurricanes, earthquakes, war and terrorism, on our operations and personnel, commercial activity and demand for our products; and
15) Globe Life’s ability to access the commercial paper and debt markets, particularly if such markets become unpredictable or unstable for a certain period.
Readers are also directed to consider other risks and uncertainties described in other documents on file with the Securities and Exchange Commission. Globe Life specifically disclaims any obligation to update or revise any forward-looking statement because of new information, future developments or otherwise.

10
GL Q3 2024 Earnings Release


EARNINGS RELEASE CONFERENCE CALL WEBCAST:

Globe Life will provide a live audio webcast of its third quarter 2024 earnings release conference call with financial analysts at 11:00 am (Eastern) tomorrow, October 24, 2024. Access to the live webcast and replay will be available at https://investors.globelifeinsurance.com on the Calls and Meetings page, at the Conference Calls on the Web icon. Immediately following this press release, supplemental financial reports will be available before the conference call on the Investors page menu of the Globe Life website at “Financial Reports.”
For additional information contact:
Mike Majors, Executive Vice President - Policy Acquisition and Chief Strategy Officer
Globe Life Inc.
3700 South Stonebridge Drive
P. O. Box 8080
McKinney, Texas 75070-8080
Phone: 972-569-3627 or email: investors@globe.life
Website: https://investors.globelifeinsurance.com

11
GL Q3 2024 Earnings Release

GLOBE LIFE INC.
Earnings Release—Q3 2024
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
APPENDIX

GLOBE LIFE INC.
GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2024202320242023
Revenue:
Life premium$818,638 $788,099 $2,438,385 $2,342,429 
Health premium353,955 331,236 1,046,617 982,916 
Other premium— — — — 
Total premium1,172,593 1,119,335 3,485,002 3,325,345 
Net investment income284,964 266,926 853,178 785,275 
Realized gains (losses)(2,192)(2,193)(26,580)(78,963)
Other income42 50 192 185 
Total revenue1,455,407 1,384,118 4,311,792 4,031,842 
Benefits and expenses:
Life policyholder benefits(1)
454,502 515,676 1,493,165 1,536,317 
Health policyholder benefits(2)
221,926 193,790 629,676 580,676 
Other policyholder benefits11,756 9,578 32,830 27,488 
Total policyholder benefits688,184 719,044 2,155,671 2,144,481 
Amortization of deferred acquisition costs104,310 95,757 305,703 282,159 
Commissions, premium taxes, and non-deferred acquisition costs149,693 138,677 447,605 414,933 
Other operating expense104,874 85,870 297,196 256,074 
Interest expense31,388 25,955 91,413 76,640 
Total benefits and expenses1,078,449 1,065,303 3,297,588 3,174,287 
Income before income taxes376,958 318,815 1,014,204 857,555 
Income tax benefit (expense)(73,964)(61,732)(198,638)(161,602)
Net income$302,994 $257,083 $815,566 $695,953 
Basic net income per common share$3.45 $2.72 $8.96 $7.29 
Diluted net income per common share$3.44 $2.68 $8.93 $7.20 
(1)Net of total remeasurement including both the impact of assumption changes and the effect of actual to expected experience adjustments, resulting in a gain of $70.6 million for the three months ended September 30, 2024, and a total remeasurement gain of $11.3 million for the same period in 2023. Net of a total remeasurement gain of $87.8 million for the nine months ended September 30, 2024, and a total remeasurement gain of $16.5 million for the same period in 2023.
(2)Net of a total remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments, resulting in a loss of $9.6 million for the three months ended September 30, 2024, and a total remeasurement gain of $7.8 million for the same period in 2023. Net of a total remeasurement loss of $3.1 million for the nine months ended September 30, 2024, and a total remeasurement gain of $8.3 million for the same period in 2023.
12
GL Q3 2024 Earnings Release