Q2 2024 Globe Life Inc Earnings Call Transcript
Key Points
- Net income for the second quarter increased to $258 million or $2.83 per share, up from $215 million or $2.24 per share a year ago.
- Net operating income for the quarter was $271 million or $2.97 per share, marking a 14% increase from the previous year.
- Life insurance premium revenue grew by 4% to $815 million, with life underwriting margin up 8% to $320 million.
- Health insurance premiums increased by 7% to $352 million, with health underwriting margin up 9% to $100 million.
- The company repurchased approximately 3.8 million shares for a total cost of over $314 million, taking advantage of favorable market conditions.
- Administrative expenses rose by 9% to $82 million, representing 7% of premium, up from 6.8% a year ago.
- The company is still dealing with ongoing inquiries from the SEC and DOJ, which could potentially impact future operations.
- First-year lapses in various divisions have increased slightly, which could be related to economic conditions or changes in sales practices.
- Legal expenses related to the WilmerHale investigation and short-seller allegations are expected to continue for the rest of the year.
- Net life sales in the direct-to-consumer division were down 3% from the year-ago quarter, primarily due to reduced marketing spend on certain campaigns.
Globe Life second-quarter 2024 earnings release conference call. (Operator instructions) And now I'd like to hand the call over to Stephen Mota. Please go ahead.
Thank you. Good morning, everyone. Joining the call today are Frank Svoboda and Matt Darden our Co-Chief Executive Officers; Tom Kalmbach, our Chief Financial Officer; Mike Majors, our Chief Strategy Officer; and Brian Mitchell, our General Counsel.
Some of our comments or answers to your questions may contain forward-looking statements that are provided for general guidance purposes only. Accordingly, please refer to our earnings release, 2023 10-K and any subsequent Forms 10-Q on file with the SEC.
Some of our comments may also contain non-GAAP measures. Please see our earnings release and website for discussion of these terms and reconciliations to GAAP measures. I will now turn the call over to Frank.
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