Globe Life Inc (GL) Reports Q3 2023 Earnings
Net income per diluted common share for Q3 2023 was $2.68, a significant increase from $1.94 in the year-ago quarter.
Net operating income for the quarter was $2.71 per diluted common share, compared with $2.19 per diluted common share for the year-ago quarter.
Net income increased 35% and net operating income increased 21% over the year-ago quarter.
753,614 shares of Globe Life Inc. common stock were repurchased during the quarter.
On October 25, 2023, Globe Life Inc (NYSE:GL) reported its third-quarter earnings for the year 2023. The company reported a net income of $2.68 per diluted common share, a significant increase from $1.94 per diluted common share in the same quarter of the previous year. The net operating income for the quarter was $2.71 per diluted common share, compared to $2.19 per diluted common share in the year-ago quarter.
Financial Highlights
The company's financial performance was robust, with net income increasing by 35% and net operating income increasing by 21% over the year-ago quarter. The American Income Division reported a 6% increase in both life net sales and premiums over the year-ago quarter. The Liberty National Division saw life net sales and health net sales increase by 31% and 19%, respectively, over the year-ago quarter. The Family Heritage Division reported a 15% increase in health net sales and an 8% increase in premiums over the year-ago quarter.
Income Statement Summary
The company's insurance underwriting income for the quarter was $3.38 per share, a 20% increase from $2.82 in the year-ago quarter. Excess investment income was $0.35 per share, a significant increase from $0.24 in the year-ago quarter. The company's net operating income was $2.71 per share, a 24% increase from $2.19 in the year-ago quarter.
Balance Sheet and Cash Flow Statement Summary
During the quarter, Globe Life Inc repurchased 753,614 shares of its common stock. The company's shareholders' equity as of September 30, 2023, was $4,623,131, a significant increase from $3,609,969 in the same period of the previous year. The company's net investment income grew by 8% over the year-ago quarter.
Company's Performance Analysis
The company's strong performance in the third quarter of 2023 can be attributed to the growth in net income and net operating income, as well as the increase in life and health net sales across its divisions. The company's robust financial position is further evidenced by its share repurchase during the quarter.
Other Pertinent Details
Globe Life Inc projects net operating income between $10.49 to $10.65 per diluted common share for the year ending December 31, 2023. For the year ending December 31, 2024, the company estimates that net operating income per share will be in the range of $11.00 to $11.60.
Explore the complete 8-K earnings release (here) from Globe Life Inc for further details.
This article first appeared on GuruFocus.
