pressreleaseq32019.jpg

GLOBE LIFE INC. REPORTS
Third Quarter 2019 Results

McKinney, TX, October 23, 2019—Globe Life Inc. (NYSE: GL) reported today that for the quarter ended
September 30, 2019
, net income was $1.82 per diluted common share, compared with $1.55 per diluted common share for the year-ago quarter. Net operating income for the quarter was $1.73 per diluted common share, compared with $1.59 per diluted common share for the year-ago quarter.


HIGHLIGHTS:
l
 
Net income as an ROE was 12.0%. Net operating income as an ROE excluding net unrealized gains on fixed maturities was 14.7%.
 
 
 
l
 
Life underwriting margin at Liberty National Exclusive Agency and American Income Exclusive Agency increased over the year-ago quarter by 12% and 9%, respectively.
 
 
 
l
 
Health underwriting margin at Family Heritage Exclusive Agency increased over the year-ago quarter by 12%.
 
 
 
l
 
Life premiums increased over the year-ago quarter by 7% at American Income Exclusive Agency and health premiums increased over the year-ago quarter by 7% at both Family Heritage Exclusive Agency and American Income Exclusive Agency.
 
 
 
l
 
Life net sales at Liberty National Exclusive Agency and American Income Exclusive Agency increased over the year-ago quarter by 12% and 9%, respectively.
 
 
 
l
 
932,946 shares of common stock were repurchased during the quarter.













1
GL Q3 FY 2019 Earnings Release

GLOBE LIFE INC.
Earnings Release—Q3 2019
(Dollar amounts in thousands, except share and per share data)
(Unaudited)


RESULTS OF OPERATIONS
Net operating income, a non-GAAP(1) financial measure, has been used consistently by Globe Life’s management for many years to evaluate the operating performance of the Company, and is a measure commonly used in the life insurance industry. It differs from net income primarily because it excludes certain non-operating items such as realized investment gains and losses and certain significant and unusual items included in net income. Management believes an analysis of net operating income is important in understanding the profitability and operating trends of the Company’s business. Net income is the most directly comparable GAAP measure.
The following table represents Globe Life's operating summary for the three months ended September 30, 2019 and 2018:
Operating Summary
 
Per Share
 
 
 
 
 
 
 
Three Months Ended
September 30,
 
 
 
Three Months Ended
September 30,
 
 
 
2019
 
2018
 
%
Chg.
 
2019
 
2018
 
%
Chg.
Insurance underwriting income(2)
$
1.66

 
$
1.53

 
8
 
$
184,619

 
$
176,017

 
5
Excess investment income(2)
0.58

 
0.54

 
7
 
64,773

 
61,528

 
5
Parent company expense
(0.02
)
 
(0.02
)
 
 
 
(2,472
)
 
(2,667
)
 
 
Income tax
(0.44
)
 
(0.40
)
 
10
 
(48,305
)
 
(46,531
)
 
4
Stock compensation benefit (expense), net of tax
(0.06
)
 
(0.05
)
 
 
 
(6,232
)
 
(5,625
)
 
 
Net operating income
1.73

 
1.59

 
9
 
192,383

 
182,722

 
5
 
 
 
 
 
 
 
 
 
 
 
 
Reconciling items, net of tax:
 
 
 
 
 
 
 
 
 
 
 
Realized Gain (Loss)—Investments
0.09

 
0.01

 
 
 
9,435

 
815

 
 
Part D adjustments—Discontinued operations

 

 
 
 

 
24

 
 
Administrative settlements

 
(0.03
)
 
 
 

 
(3,590
)
 
 
Non-operating fees

 
(0.01
)
 
 
 

 
(1,247
)
 
 
Net income(3)
$
1.82

 
$
1.55

 
 
 
$
201,818

 
$
178,724

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average diluted shares outstanding
110,914

 
114,974

 
 
 
 
 
 
 
 
(1)
GAAP is defined as accounting principles generally accepted in the United States of America.
(2)
Definitions included within this document.
(3)
A GAAP-basis consolidated statement of operations is included in the appendix of this report.


Note: Tables in this earnings release may not sum due to rounding.







2
GL Q3 FY 2019 Earnings Release

GLOBE LIFE INC.
Earnings Release—Q3 2019
(Dollar amounts in thousands, except share and per share data)
(Unaudited)


MANAGEMENT VS. GAAP MEASURES

Shareholders' equity, excluding net unrealized gains on fixed maturities, and book value per share, excluding net unrealized gains on fixed maturities, are non-GAAP measures that are utilized by management to view the business without the effect of unrealized gains or losses which are primarily attributable to fluctuation in interest rates associated with the available-for-sale portfolio. Management views the business in this manner because the Company has the ability and generally, the intent, to hold investments to maturity and meaningful trends can more easily be identified without the fluctuations. Shareholders' equity and book value per share are the most directly comparable GAAP measures.
 
September 30,
 
2019
 
2018
Net income as an ROE(1)
12.0
%
 
12.4
%
Net operating income as an ROE (excluding net unrealized gains on fixed maturities)
14.7
%
 
14.7
%
 
 
 
 
Shareholders' equity
$
7,312,531

 
$
5,538,905

Impact of adjustment to exclude net unrealized gains on fixed maturities
(2,038,243
)
 
(601,946
)
Shareholders' equity, excluding net unrealized gains on fixed maturities
$
5,274,288

 
$
4,936,959

 
 
 
 
Book value per share
$
65.96

 
$
48.35

Impact of adjustment to exclude net unrealized gains on fixed maturities
(18.38
)
 
(5.25
)
Book value per share, excluding net unrealized gains on fixed maturities
$
47.58

 
$
43.10

(1) Calculated using average shareholders' equity for the measurement period.

INSURANCE OPERATIONS—comparing Q3 2019 with Q3 2018:

Life insurance accounted for 74% of the Company’s insurance underwriting margin for the quarter and 70% of total premium revenue.
    
Health insurance accounted for 25% of the Company's insurance underwriting margin for the quarter and 30% of total premium revenue.

Net sales of life insurance increased 6%, while net health sales increased 16%.

The following table summarizes Globe Life's premium revenue by product type for the three months ended September 30, 2019 and 2018:

Insurance Premium Revenue
 
Quarter Ended
 
September 30, 2019
 
September 30, 2018
 
%
Chg.
Life insurance
$
630,824

 
$
605,547

 
4
Health insurance
269,166

 
255,201

 
5
Annuity
3

 
2

 

Total
$
899,993

 
$
860,750

 
5

3
GL Q3 FY 2019 Earnings Release

GLOBE LIFE INC.
Earnings Release—Q3 2019
(Dollar amounts in thousands, except share and per share data)
(Unaudited)


INSURANCE UNDERWRITING INCOME
Insurance underwriting margin is management’s measure of profitability of the Company's life, health, and annuity segments’ underwriting performance, and consists of premiums less policy obligations, commissions and other acquisition expenses. Insurance underwriting income is the sum of the insurance underwriting margins of the life, health, and annuity segments, plus other income, less insurance administrative expenses. It excludes the investment segment, Parent Company expense and income taxes. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of underwriting results by distribution channel. Insurance underwriting income, a non-GAAP measure, is a component of net operating income, which is reconciled to net income in the Results of Operations section above.
The following table summarizes Globe Life's insurance underwriting income by segment for the three months ended September 30, 2019 and 2018:
Insurance Underwriting Income
 
Quarter Ended
 
September 30, 2019
 
% of
Premium
 
September 30, 2018
 
% of
Premium
 
%
Chg.
Insurance underwriting margins:
 
 
 
 
 
 
 
 
 
Life
$
181,459

 
29
 
$
168,596

 
28
 
8
Health
60,941

 
23
 
60,253

 
24
 
1
Annuity
2,351

 
 
 
2,564

 
 
 
 
 
244,751

 
 
 
231,413

 
 
 
6
Other income
438

 
 
 
416

 
 
 
 
Administrative expenses
(60,570
)
 
 
 
(55,812
)
 
 
 
9
Insurance underwriting income
$
184,619

 
 
 
$
176,017

 
 
 
5
Per share
$
1.66

 
 
 
$
1.53

 
 
 
8

Administrative Expenses were $61 million, up 8.5% from the year-ago quarter. The ratio of administrative expenses to premium was 6.7%, compared with 6.5% for the year-ago quarter.


4
GL Q3 FY 2019 Earnings Release

GLOBE LIFE INC.
Earnings Release—Q3 2019
(Dollar amounts in thousands, except share and per share data)
(Unaudited)


LIFE INSURANCE RESULTS BY DISTRIBUTION CHANNEL

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,
 
 
 
2019
 
2018
 
 
 
Amount
 
% of Premium
 
Amount
 
% of Premium
 
% Chg.
American Income Exclusive Agency
100,496

 
34
 
92,524

 
34
 
9
Direct Response
41,207

 
19
 
39,382

 
19
 
5
Liberty National Exclusive Agency
18,572

 
26
 
16,579

 
24
 
12
Other Agencies
21,184

 
39
 
20,111

 
37
 
5
Total
$
181,459

 
29
 
$
168,596

 
28
 
8

Life Premium
 
Quarter Ended
 
 
 
September 30,
 
 
 
2019
 
2018
 
%
Chg.
American Income Exclusive Agency
$
293,149

 
$
273,184

 
7
Direct Response
211,693

 
207,693

 
2
Liberty National Exclusive Agency
71,812

 
70,207

 
2
Other Agencies
54,170

 
54,463

 
(1)
Total
$
630,824

 
$
605,547

 
4

Life Net Sales(1)
 
Quarter Ended
 
 
 
September 30,
 
 
 
2019
 
2018
 
%
Chg.
American Income Exclusive Agency
$
59,692

 
$
54,671

 
9
Direct Response
29,517

 
29,755

 
(1)
Liberty National Exclusive Agency
13,413

 
11,959

 
12
Other Agencies
2,975

 
3,565

 
(17)
Total
$
105,597

 
$
99,950

 
6
(1)
Net sales is annualized premium issued (gross premium that would be received during the policies' first year in force and assuming that none of the policies lapsed or terminated), net of cancellations in the first thirty days after issue, except in the case of Direct Response where net sales is annualized premium issued at the time the first full premium is paid after any introductory offer period has expired. We believe that net sales is a better indicator of the rate of premium growth than annualized premium issued.


5
GL Q3 FY 2019 Earnings Release

GLOBE LIFE INC.
Earnings Release—Q3 2019
(Dollar amounts in thousands, except share and per share data)
(Unaudited)


HEALTH INSURANCE RESULTS BY DISTRIBUTION CHANNEL

Health Underwriting Margin
 
Quarter Ended
 
 
 
September 30,
 
 
 
2019
 
2018
 
 
 
Amount
 
% of Premium
 
Amount
 
% of Premium
 
% Chg.
United American Independent Agency
$
14,187

 
14
 
$
15,818

 
17
 
(10)
Family Heritage Exclusive Agency
18,801

 
25
 
16,823

 
24
 
12
Liberty National Exclusive Agency
11,376

 
24
 
11,767

 
25
 
(3)
American Income Exclusive Agency
13,715

 
54
 
12,750

 
54
 
8
Direct Response
2,862

 
15
 
3,095

 
16
 
(8)
Total
$
60,941

 
23
 
$
60,253

 
24
 
1

Health Premium
 
Quarter Ended
 
 
 
September 30,
 
 
 
2019
 
2018
 
%
Chg.
United American Independent Agency
$
103,112

 
$
95,849

 
8
Family Heritage Exclusive Agency
74,168

 
69,061

 
7
Liberty National Exclusive Agency
47,439

 
47,561

 
American Income Exclusive Agency
25,312

 
23,677

 
7
Direct Response
19,135

 
19,053

 
Total
$
269,166

 
$
255,201

 
5

Health Net Sales(1)
 
Quarter Ended
 
 
 
September 30,
 
 
 
2019
 
2018
 
%
Chg.
United American Independent Agency
$
15,795

 
$
12,622

 
25
Family Heritage Exclusive Agency
17,525

 
16,026

 
9
Liberty National Exclusive Agency
5,903

 
5,452

 
8
American Income Exclusive Agency
4,910

 
3,611

 
36
Direct Response
546

 
878

 
(38)
Total
$
44,679

 
$
38,589

 
16
(1)
Net sales is annualized premium issued (gross premium that would be received during the policies' first year in force and assuming that none of the policies lapsed or terminated), net of cancellations in the first thirty days after issue, except in the case of Direct Response where net sales is annualized premium issued at the time the first full premium is paid after any introductory offer period has expired. We believe that net sales is a better indicator of the rate of premium growth than annualized premium issued.

6
GL Q3 FY 2019 Earnings Release

GLOBE LIFE INC.
Earnings Release—Q3 2019
(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)
 
End of Quarter
 Agent Count
 
Quarter Ended
 
 
 
Quarter Ended
 
 
 
 
 
 
 
September 30,
 
 
 
June 30,
 
September 30,
 
 
 
June 30,
 
2019
 
2018
 
% Chg.
 
2019
 
2019
 
2018
 
% Chg.
 
2019
American Income Exclusive Agency
7,578

 
7,105

 
7
 
7,364

 
7,700

 
7,066

 
9
 
7,477

Liberty National Exclusive Agency
2,398

 
2,180

 
10
 
2,290

 
2,421

 
2,221

 
9
 
2,390

Family Heritage Exclusive Agency
1,135

 
1,086

 
5
 
1,081

 
1,236

 
1,143

 
8
 
1,089


(1) The quarterly average producing agent count is based on the actual count at the 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 both the required interest attributable to net policy liabilities and the interest on debt. 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,
 
2019
 
2018
 
%
Chg.
Net investment income
$
228,905

 
$
221,627

 
3
Required interest:
 
 
 
 
 
Interest on net policy liabilities(1)
(143,038
)
 
(137,666
)
 
4
Interest on debt
(21,094
)
 
(22,433
)
 
(6)
Total required interest
(164,132
)
 
(160,099
)
 
3
Excess investment income
$
64,773

 
$
61,528

 
5
Per share
$
0.58

 
$
0.54

 
7
(1)
Interest on net policy liabilities is a component of total policyholder benefits, a GAAP measure.

Net investment income increased 3%, while average invested assets increased 6%. Required interest on net policy liabilities increased 4%, while average net policy liabilities increased 3%. The weighted average discount rate for the net policy liabilities was 5.7% and was in line with the year-ago quarter.


7
GL Q3 FY 2019 Earnings Release

GLOBE LIFE INC.
Earnings Release—Q3 2019
(Dollar amounts in thousands, except share and per share data)
(Unaudited)


The composition of the investment portfolio at book value at September 30, 2019 is as follows:
Investment Portfolio
 
As of
 
September 30, 2019
 
Amount
 
% of Total
Fixed maturities at fair value(1)
$
18,797,674

 
95
%
Policy loans
568,892

 
3

Other long-term investments(2)
315,535

 
2

Short-term investments
77,556

 

Total
$
19,759,657

 
100
%
(1) Fixed maturities at amortized cost as of September 30, 2019 were $16.2 billion.
(2) Includes $184 million of investments accounted for under the fair value option which have an amortized cost of $176 million as of September 30, 2019.

Fixed maturities at amortized cost by asset class as of September 30, 2019 are as follows:
Fixed Maturity Portfolio by Sector
 
As of
 
September 30, 2019
 
Investment Grade
 
Below Investment Grade
 
Total
Corporate bonds
$
13,578,602

 
$
552,147

 
$
14,130,749

Municipal
1,459,986

 

 
1,459,986

Government-sponsored enterprises
329,610

 

 
329,610

Government and agencies
87,516

 

 
87,516

Collateralized debt obligations

 
56,815

 
56,815

Other asset-backed securities
130,722

 
14,325

 
145,047

Total
$
15,586,436

 
$
623,287

 
$
16,209,723


The market value of Globe Life’s fixed maturity portfolio was $18.8 billion compared with amortized cost of $16.2 billion. Net unrealized gains were comprised of gross unrealized gains of $2.7 billion and gross unrealized losses of $95 million.

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

At amortized cost, 96% of fixed maturities (97% at market value) were rated “investment grade.” The fixed maturity portfolio earned an annual effective yield of 5.47% during the third quarter of 2019, compared with 5.56% in the year-ago quarter.


8
GL Q3 FY 2019 Earnings Release

GLOBE LIFE INC.
Earnings Release—Q3 2019
(Dollar amounts in thousands, except share and per share data)
(Unaudited)


Comparable information for acquisitions of fixed maturity investments is as follows:
Fixed Maturity Acquisitions
 
Quarter Ended
 
September 30,
 
2019
 
2018
Amount
$
408,869

 
$
206,088

Average annual effective yield
4.1
%
 
5.1
%
Average rating
A

 
BBB+

Average life (in years) to:
 
 
 
Next call
18.6

 
20.4

Maturity
28.6

 
26.0


SHARE REPURCHASE:

During the quarter, the Company repurchased 932,946 shares of Globe Life Inc. common stock at a total cost of $83 million for an average share price of $89.26.

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. Capital at the insurance companies is sufficient to support operations.

EARNINGS GUIDANCE FOR THE YEAR ENDING DECEMBER 31, 2019 AND 2020:

Globe Life projects that net operating income per share will be in the range of $6.71 to $6.77 for the year ending December 31, 2019 and from $7.00 to $7.30 for the year ending December 31, 2020.

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 are located at https://investors.globelifeinsurance.com on the Investors page under “Financial Reports and Other Financial Information."

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. Accordingly, please refer to Globe Life’s cautionary statement regarding forward-looking statements, and the business environment in which the Company operates, contained in the Company’s Form 10-K for the year ended December 31, 2018, and any subsequent Forms 10-Q on file with the Securities and Exchange Commission and on the Company’s website at https://investors.globelifeinsurance.com. Globe Life specifically disclaims any obligation to update or revise any forward-looking statement because of new information, future developments or otherwise.


9
GL Q3 FY 2019 Earnings Release

GLOBE LIFE INC.
Earnings Release—Q3 2019
(Dollar amounts in thousands, except share and per share data)
(Unaudited)


EARNINGS RELEASE CONFERENCE CALL WEBCAST:

Globe Life will provide a live audio webcast of its third quarter 2019 earnings release conference call with financial analysts at 11:00 am (Eastern) tomorrow, October 24, 2019. 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 - Administration and Investor Relations
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

10
GL Q3 FY 2019 Earnings Release

GLOBE LIFE INC.
Earnings Release—Q3 2019
(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,
 
2019
 
2018
 
2019
 
2018
Revenue:
 
 
 
 
 
 
 
Life premium
$
630,824

 
$
605,547

 
$
1,886,314

 
$
1,806,384

Health premium
269,166

 
255,201

 
802,132

 
758,439

Other premium
3

 
2

 
4

 
12

Total premium
899,993

 
860,750

 
2,688,450

 
2,564,835

Net investment income
228,905

 
221,627

 
683,003

 
658,279

Realized gains (losses)
11,943

 
1,032

 
18,426

 
14,796

Other income
438

 
393

 
1,077

 
1,104

Total revenue
1,141,279

 
1,083,802

 
3,390,956

 
3,239,014

 
 
 
 
 
 
 
 
Benefits and expenses:
 
 
 
 
 
 
 
Life policyholder benefits
406,963

 
396,701

 
1,227,616

 
1,196,616

Health policyholder benefits
170,875

 
162,574

 
511,403

 
483,654

Other policyholder benefits
7,854

 
8,581

 
23,792

 
25,852

Total policyholder benefits
585,692

 
567,856

 
1,762,811

 
1,706,122

Amortization of deferred acquisition costs
138,449

 
129,492

 
412,436

 
388,189

Commissions, premium taxes, and non-deferred acquisition costs
74,139

 
69,632

 
221,302

 
208,698

Other operating expense
74,575

 
74,059

 
226,412

 
209,503

Interest expense
21,094

 
22,433

 
63,804

 
66,466

Total benefits and expenses
893,949

 
863,472

 
2,686,765

 
2,578,978

 
 
 
 
 
 
 
 
Income before income taxes
247,330

 
220,330

 
704,191

 
660,036

Income tax benefit (expense)
(45,512
)
 
(41,630
)
 
(130,370
)
 
(123,232
)
Income from continuing operations
201,818

 
178,700

 
573,821

 
536,804

 
 
 
 
 
 
 
 
Discontinued operations:
 
 
 
 
 
 
 
Income (loss) from discontinued operations, net of tax

 
24

 
(92
)
 
(55
)
Net income
$
201,818

 
$
178,724

 
$
573,729

 
$
536,749

 
 
 
 
 
 
 
 
Total basic net income per common share
$
1.85

 
$
1.59

 
$
5.24

 
$
4.73

 
 
 
 
 
 
 
 
Total diluted net income per common share
$
1.82

 
$
1.55

 
$
5.14

 
$
4.64



11
GL Q3 FY 2019 Earnings Release

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