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.
Life insurance accounted for 78% of insurance underwriting margin for the quarter and 66% of total premium revenue, while health insurance accounted for 22% of underwriting margin and 34% of premium revenue - a split worth keeping in view across the divisional results that follow, since it shows how much of Globe Life's overall performance still rests on the life side even as health, and United American in particular, delivered the quarter's standout growth.
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 - a decline the company did not attribute to a specific cause in its disclosures, leaving the drivers behind that division's softer sales an open question relative to the strength reported elsewhere.
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.
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.
