GL · Q2 2026 Earnings

Cautious

Globe Life

Reported July 22, 2026

30-second summary

Globe Life printed $3.61 non-GAAP EPS (+10% YoY) on $1.60B total revenue (+8% YoY); total premium revenue grew 7% YoY to $1.30B. Management raised the FY2026 EPS range for the third consecutive quarter — this time by $0.10 at the midpoint to $15.55–$15.95. Health premium grew 16% led by United American +29%, but American Income producing agent count came in at 11,391, -7% YoY, extending the operational drag that management's compensation adjustments were meant to address.

Headline numbers

EPS

Q2 FY2026

$3.61

-2.2% vs est.

Revenue

Q2 FY2026

$1.60B

+7.0% YoY

+0.6% vs est.

Key financials

Q2 FY2026

Metric	Q2 FY2026	Q2 FY2025	YoY	Q1 FY2026	QoQ
Revenue	$1.60B	$1.48B	+8.1%	$1.56B	+2.6%
EPS	$3.61	$3.27	+10.4%	$3.43	+5.2%

Guidance

Full-year FY2026 EPS guidance raised by $0.10 at midpoint to $15.55–$15.95, though Q2 EPS missed consensus while revenue slightly beat.

Guidance is issued for the full year only, refreshed each quarter. Prior and new below are the same FY updated this quarter.

Actuals vs prior guidance

Metric	Period	Prior guide	Actual	Δ	Result
Revenue	Q2 FY2026	—	$1.60B	+0.6% above estimate	Beat
EPS (Non-GAAP)	Q2 FY2026	—	$3.61	-2.2% below estimate of $3.69	Missed

Changes to prior guidance

Metric	Period	Prior guide	New guide	Δ	Result
EPS (Non-GAAP)	FY2026	$15.40 - $15.90	$15.55 - $15.95	+$0.10 at midpoint	Raised

Segment performance

Q2 FY2026

Segment	Q2 FY2026	Q2 FY2025	YoY
Life Insurance	$0.861B	—	+3.0%
Health Insurance	$0.437B	—	+16.0%
American Income Life Division	$0.497B	—	+5.0%
Liberty National Division	$0.148B	—	+2.5%
Family Heritage Division	$0.126B	—	+9.0%
Direct to Consumer Division	$0.265B	—	—
United American Division	$0.211B	—	+29.0%

Capital & returns

Q2 FY2026

Segment	Q2 FY2026	Q2 FY2025	YoY
Book Value per Share (excluding AOCI)	$100.04	—	—
Share Repurchases	1.1 million shares at $175 million	—	—

Other KPIs

Q2 FY2026

Segment	Q2 FY2026	Q2 FY2025	YoY
Net Operating Income per Share	$3.61	$3.27	—
Life Insurance Underwriting Margin	$359.4 million	—	—
Health Insurance Underwriting Margin	$99.3 million	—	—
Net Operating Income as ROE (excluding AOCI)	14.3%	—	—
Average Producing Agent Count - American Income	11,391	—	—
Average Producing Agent Count - Liberty National	4,194	—	—

Management tone

No earnings-call transcript was available for this quarter; tone analysis is deferred until transcript commentary is published.

Answers to last quarter's watch list

Does life premium accelerate above the new 3–3.5% guide? Life premium grew +3% YoY in Q2, at the bottom of the 3–3.5% guide band. The FY2026 life premium guide holds mathematically but has no cushion; a Q3 print at or below 3% would put the band at risk. Status: Continue monitoring

DTC life premium finally turns positive YoY. No — DTC life premium was -1% YoY in Q2 ($244.2M vs. $246.2M). The channel inflection management telegraphed remains pending. Status: Continue monitoring

American Income agent count print in Q2 FY2026. American Income average producing agent count was 11,391, -7% YoY. Sequentially, the Q2 average rose from 11,064 in Q1 2026, but the YoY comp is still meaningfully negative. This is the "worse than flat" scenario the prior watch list flagged as calling the FY2026 life premium guide into question. Status: Resolved negatively

Normalized life UW margin sustains at or above 41.5%. Life UW margin dollars grew +6% YoY to $359.4M; reported life UW margin was 42% of premium (up from 41% a year ago) — at the low end of the 42–45% FY band management framed. Status: Continue monitoring

Bermuda reciprocal-jurisdiction filing progress in Q2 FY2026. The press release does not disclose the reciprocal-jurisdiction filing status. Without transcript commentary, no signal on whether the mid-2026 timeline is intact. Status: Continue monitoring

United American Q2 margin lands at ~10% as guided. UA health UW margin was 5% of premium in Q2 ($10.9M on $211.4M), below the ~10% Q2–Q4 framing. Health margin overall was $99.3M on $436.9M health premium, or 23% of premium — at the floor of the reaffirmed FY 23–27% band. Margin dollar growth of only +1% against premium growth of +16% is the more concerning signal; something is compressing the health margin. Status: Resolved negatively

Third consecutive FY2026 EPS midpoint raise in Q2 FY2026. Yes — midpoint raised $0.10 to $15.75 (range $15.55–$15.95). The Q2 EPS itself grew 10% YoY, and a raise did occur, but the $0.10 magnitude is modest. Status: Resolved positively on the fact of a raise.

What to watch into next quarter

American Income agent count trajectory in Q3. The -7% YoY Q2 print is the highest-conviction operational watch item. A Q3 print flat-to-better than -7% would signal the interventions are beginning to bite; a further deterioration puts the FY2026 3–3.5% life premium guide at real risk and forces a mid-year cut.

Health UW margin recovers off the 23% Q2 print. Q2 landed at the floor of the reaffirmed 23–27% band, with UA specifically at just 5% of premium. The FY math requires Q3+Q4 to run materially higher; a Q3 health margin below 24% would force a band cut and undermine the reason the health premium upper bound sits at 17%.

Q3 assumption-update magnitude. Management's normalized ~41% life UW margin framing (excluding Q3 assumption updates) and the Q3 life margin guide of 49–54% imply a meaningful Q3 step-up. The size of the Q3 remeasurement gain will validate whether the mortality tailwind is now fully in the run-rate or whether a fourth EPS raise is likely.

DTC life premium prints positive YoY. Q2 was -1%; the channel has yet to inflect. If Q3 doesn't turn positive, the marketing reinvestment thesis has clearly stalled at a lower-than-hoped equilibrium.

Bermuda reciprocal-jurisdiction approval cadence. Mid-2026 was the management-provided window. Q3 is the quarter in which either an approval confirmation or a slippage acknowledgement should land.

FY2026 EPS guide behavior at Q3. After a $0.10 Q2 raise, a hold or a smaller raise at Q3 would confirm the guide has caught up to underlying earnings power. A materially larger raise would signal management is uncovering fresh, non-mortality earnings drivers.

Sources

Globe Life Q2 FY2026 earnings release — https://www.sec.gov/Archives/edgar/data/320335/000032033526000203/q2fy2026earningsrelease.htm

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