McKinney, TX, April 22, 2020—Globe Life Inc. (NYSE: GL) reported today that for the quarter ended March 31, 2020, net income was $1.52 per diluted common share, compared with $1.65 per diluted common share for the year-ago quarter. Net operating income for the quarter was $1.73 per diluted common share, compared with $1.64 per diluted common share for the year-ago quarter.
COVID-19—The Company is closely monitoring the impact of the novel coronavirus (COVID-19) on the Company's business, distribution channels, employees, and policyholders. The Company did not incur material claims or significant disruptions to the business for the three months ended March 31, 2020. However, we do foresee some adverse impact to near-term sales activity, premium, policy benefits, and regulatory capital, although the full extent to which COVID-19 impacts financial results remains uncertain as of the date of this earnings release.
As a Company, we are committed to our employees, agents, customers, vendors, and shareholders in our resolve to maintain a stable and secure business. The Company has continued to operate at nearly full capacity while taking the necessary steps to ensure the health and safety of our employees through adherence to CDC and local government work guidelines. In addition, the Company has converted to virtual sales and recruiting processes to enable our agents to continue their activities. The Company continues to diligently monitor and respond to the coronavirus outbreak and is taking every reasonable measure to make sure customers continue to be served without interruption.
Net income as an ROE was 9.6%. Net operating income as an ROE excluding net unrealized gains on fixed maturities was 14.1%.
Life underwriting margin at the American Income Life Division increased over the year-ago quarter by 7%. Health underwriting margin at the Family Heritage Division increased over the year-ago quarter by 11%.
Life premiums increased over the year-ago quarter by 7% at the American Income Life Division. Health premiums increased over the year-ago quarter by 8% at the Family Heritage Division.
Life net sales at the American Income Life Division increased over the year-ago quarter by 9%.
Total health net sales increased over the year-ago quarter by 9%.
1.6 million shares of Globe Life Inc. common stock were repurchased during the quarter.
Note: As used in the earnings release, "Globe Life," the "Company," "we," "our," and "us" refer to Globe Life Inc., a Delaware corporation incorporated in 1979, its subsidiaries and affiliates.
GL Q1 2020 Earnings Release
The following information was filed by Globe Life Inc. (GL) on Wednesday, April 22, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Globe Life Inc.'s financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed, and by Globe Life Inc..
Ticker: GL CIK: 320335 Form Type: 10-Q Quarterly Report Accession Number: 0000320335-20-000031 Submitted to the SEC: Wed May 06 2020 6:11:47 PM EST Accepted by the SEC: Thu May 07 2020 Period: Tuesday, March 31, 2020 Industry: Life Insurance