Globe Life reports solid quarter of sales, Bermuda reinsurer ramps up

Globe Life carved out a niche serving the middle market with smaller policies, a strategy reliant on agent recruitment.

The McKinney, Texas-based insurer reported a solid fourth quarter and full-year 2025 and met with Wall Street analysts Thursday. For the year, Globe Life reported profit of $1.16 billion, while revenues checked in at $6.02 billion.

“While growth in our agent count has historically been subject to frequent short-term fluctuations, we continually see significant long-term growth,” said Co-CEO J. Matthew Darden. “Over the last 10 years, our agent count has nearly doubled, and I am confident we can continue to see strong long-term growth due to the enormous pool of potential agent recruits and the opportunity that we provide.”

Globe Life sells various life and supplemental health insurance products, including term and whole life insurance. Key offerings include final expense, accidental death, mortgage protection, cancer, critical illness, and hospital intensive care insurance.

As he does every quarter, Darden provided an update on Globe Life’s five distribution divisions: American Income Life, Liberty National, Family Heritage, United American and Direct-to-Consumer.

At the American Income Life Division, life net sales increased 10% and life premium increased 6% over the year-ago quarter.

At the Liberty National Division, life net sales increased 6% and life premiums increased 4%. The average producing agent count increased 6% over the year-ago quarter.

At the Family Heritage Division, health net sales increased 15% and premiums increased 10% over the year-ago quarter. Additionally, the average producing agent count increased 8% over the year-ago quarter.

At the Direct-to-Consumer Division, life net sales increased 24% over the year-ago quarter.

At the United American Division, health net sales increased from $30 million to approximately $77 million over the year-ago quarter.

Darden projected strong growth in health sales during 2026, with double-digit growth expected at Liberty National and Family Heritage.

In Other News

Bermuda reinsurer. Globe Life Re is a Bermuda-based, Class C licensed reinsurer established in late 2025 to centralize risk management for Globe Life's insurance affiliates. The entity aims to improve capital efficiency, increase free cash flow, and over time, cede approximately one-quarter of total statutory life reserves to the subsidiary.

Tom Kalmbach, chief financial officer, said Globe Life Re is “well on the path” to fulfilling the requirements to be recognized as a reciprocal jurisdiction.

“During the course of 2026, we do intend, and this is consistent with our business plan as well, which was approved by Bermuda, we do intend to reinsure some new business, as well as incrementally a little bit more in-force business in 2026,” he added. “So, we'll grow the amount of business that's reinsured in Bermuda over the next three to five years.”

Quarterly Snapshot

• Life insurance accounted for 78% of the company's insurance underwriting margin for the quarter and 68% of total premium revenue.
• Health insurance accounted for 22% of the company's insurance underwriting margin for the quarter and 32% of total premium revenue.
• Net sales of life insurance increased 11% for the quarter, and net health sales increased 71%.

Management Perspective

“Studies indicate that over 50% of Americans are under insured. As such, we have a significant sustainable growth opportunity without having to compete for market share with other insurance companies.”

– Co-CEO Frank Svoboda

By The Numbers

• Total Revenue: $1.52 billion ($1.47 billion in Q4 2024)
• Net Income: $266 million ($255.2 million in Q4 2024)
• Earnings Per Share: $3.29 ($3.01 in Q4 2024)
• Share Repurchases: $170 million in Q4 2025
• Dividend Declared: $0.2700 quarterly dividend per share
• Stock Price Movement: Shares rose more than 2% to $148.11 as of Thursday afternoon.

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InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected]. Follow him on Twitter @INNJohnH.