Globe Life Inc. reported broad-based underwriting gains across its life and health divisions in Q2 2026, with total premium revenue rising 7% over the year-ago quarter to $1.3 billion. Net income was $3.65 per diluted share, up from $3.05 year-on-year. Net operating income was $3.61 per diluted share, compared with $3.27 in the prior-year period.
At the American Income Life Division, life premium grew 5% over the year-ago quarter and life underwriting margin increased 4%. The Direct to Consumer Division posted a 10% gain in life underwriting margin, though life net sales fell 15% year-over-year.
At the Liberty National Division, life underwriting margin rose 10% and life net sales grew 6% over the year-ago quarter. The average producing agent count at that division increased 8% year-over-year.
LIMRA projected individual life insurance new annualized premium to grow 2% to 6% in 2026. The trade association cited rising unemployment and economic uncertainty as headwinds for middle-market consumers shopping for term life coverage.
The Family Heritage Division reported a 10% gain in health underwriting margin, a 9% rise in health premium, and 4% growth in health net sales. Its average producing agent count increased 7% over the year-ago quarter.
At the United American Division, health premium surged 29% over the year-ago quarter to $211.4 million, up from $164 million a year earlier. Health net sales grew 10%.
Globe Life has previously attributed United American's momentum to disruption in the Medicare Advantage market, with beneficiaries moving into Medicare Supplement plans. Plan G policy rates rose 12% to more than 26% in early 2026 state filings, per actuarial firm Telos Actuarial.
Life insurance accounted for 78% of insurance underwriting margin for the quarter and 66% of total premium revenue. Health insurance accounted for 22% of underwriting margin and 34% of premium revenue. Total insurance underwriting income reached $370.3 million, up 5% from $354.2 million in the same period in 2025.
Net income as a return on equity was 18.4% for the six months ended June 30. Net operating income per diluted share has grown at a double-digit rate in eight of the last nine quarters. Globe Life raised full-year 2026 earnings guidance to $15.55 to $15.95 per diluted share, an increase of $0.10 at the midpoint.
The McKinney, Texas-based insurer repurchased 1.1 million shares during the quarter at a total cost of $175 million and an average price of $154.28. Book value per share was $78.18, up 18% over the year-ago quarter.
Globe Life is led by co-chairmen and co-CEOs J. Matthew Darden and Frank M. Svoboda. Net investment income for the quarter increased 4% to $293.8 million. Excess investment income came to $38.3 million, up 10% from $34.8 million in the prior-year period.
