Balance Sheet Globe Life Inc.

Equities

GL

US37959E1029

Life & Health Insurance

Market Closed - Nyse Other stock markets 21:00:02 20/09/2024 BST			5-day change	1st Jan Change
106.26 ^USD	-0.92%		+2.37%	-12.70%

09-03	Jefferies Adjusts Globe Life Price Target to $95 From $90, Maintains Hold Rating	MT
08-19	Powell's Hint Hunt

2bb84b0d6fcf158730.cQY6F0vkLnDqxmeyJO0kBSyHyn8hJgc3AebPoCyAO9I.GEVVf3isagG-n1LjQZ90Rk7GrSASZ0RCUZaJ-FrLA5geYQ9HLrJFBaGkCA

Published financial data: GLOBE LIFE INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Premiums and Annuity Revenues	3.6B	3.81B	4.1B	4.3B	4.46B
Total Interest And Dividend Income	910M	927M	952M	987M	1.06B
Gain (Loss) on Sale of Investments, Total (Rev)	20.62M	-4.37M	59.32M	-76.55M	-65.68M
Other Revenues, Total	1.32M	1.32M	1.22M	1.25M	308K
Total Revenues	4.53B	4.74B	5.11B	5.21B	5.45B
Policy Benefits	2.36B	2.57B	2.86B	2.87B	2.86B
Policy Acquisition / Underwriting Costs, Total	850M	881M	935M	999M	920M
Selling General & Admin Expenses, Total	9.5M	9.8M	10M	9.4M	19.2M
Stock-Based Compensation (IS)	44.84M	35.89M	30.27M	35.65M	30.74M
Other Operating Expenses	242M	252M	274M	306M	316M
Total Operating Expenses	3.5B	3.75B	4.11B	4.22B	4.15B
Operating Income	1.02B	987M	1B	999M	1.3B
Interest Expense, Total	-84.31M	-86.7M	-83.49M	-90.4M	-102M
EBT, Excl. Unusual Items	940M	900M	921M	909M	1.2B
Legal Settlements	-8.36M	-3.28M	-8.14M	-2.5M	-900K
EBT, Incl. Unusual Items	931M	897M	912M	906M	1.19B
Income Tax Expense	170M	165M	167M	167M	224M
Earnings From Continuing Operations	761M	732M	745M	740M	971M
Earnings Of Discontinued Operations	-92K	-	-	-	-
Net Income to Company	761M	732M	745M	740M	971M
Net Income - (IS)	761M	732M	745M	740M	971M
Net Income to Common Incl Extra Items	761M	732M	745M	740M	971M
Net Income to Common Excl. Extra Items	761M	732M	745M	740M	971M
Per Share Items
Net EPS - Basic	6.97	6.9	7.3	7.55	10.21
Basic EPS - Continuing Operations	6.97	6.9	7.3	7.55	10.21
Basic Weighted Average Shares Outstanding	109M	106M	102M	97.93M	95.1M
Net EPS - Diluted	6.83	6.82	7.22	7.47	10.07
Diluted EPS - Continuing Operations	6.83	6.82	7.22	7.47	10.07
Diluted Weighted Average Shares Outstanding	111M	107M	103M	98.98M	96.36M
Normalized Basic EPS	5.38	5.3	5.64	5.8	7.85
Normalized Diluted EPS	5.27	5.25	5.58	5.74	7.75
Dividend Per Share	0.69	0.75	0.79	0.83	0.9
Payout Ratio	9.75	10.69	10.74	10.89	8.66
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	1.04B	1B	1.02B	1.02B	1.32B
EBITA	1.02B	987M	1B	999M	1.3B
EBIT	1.02B	987M	1B	999M	1.3B
EBITDAR	1.04B	1.01B	1.03B	1.02B	1.32B
Total Revenues (As Reported)	4.53B	4.74B	5.11B	5.21B	5.45B
Effective Tax Rate - (Ratio)	18.3	18.39	18.35	18.38	18.72
Current Domestic Taxes	-	-	-	-	-
Total Current Taxes	135M	130M	145M	138M	146M
Deferred Domestic Taxes	-	-	-	-	-
Total Deferred Taxes	35.45M	35.26M	22.71M	28.36M	77.63M
Normalized Net Income	587M	562M	575M	568M	747M
Interest on Long-Term Debt	73.11M	77.35M	78.18M	80.48M	80.32M
Non-Cash Pension Expense	4.2M	9.36M	10.11M	2.42M	-6.34M
Supplemental Operating Expense Items
Advertising Expense	9.5M	9.8M	10M	9.4M	19.2M
Selling and Marketing Expenses	9.5M	9.8M	10M	9.4M	19.2M
Net Rental Expense, Total	3.83M	4.67M	4.67M	4.24M	3.52M
Imputed Operating Lease Interest Expense	1.55M	1.81M	1.58M	1.49M	1.32M
Imputed Operating Lease Depreciation	2.28M	2.87M	3.09M	2.74M	2.2M
Stock-Based Comp., Other (Total)	44.84M	35.89M	30.27M	35.65M	30.74M
Total Stock-Based Compensation	44.84M	35.89M	30.27M	35.65M	30.74M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Investment In Debt Securities	18.91B	21.21B	21.31B	16.5B	17.87B
Investment In Equity and Preferred Securities, Total	392M	691M	544M	652M	651M
Real Estate Owned	-	-	-	-	-
Mortgage Loans	138M	161M	566M	613M	691M
Policy Loans	575M	584M	590M	615M	657M
Total Other Investments	41.09M	109M	80.96M	140M	122M
Total investments	20.05B	22.76B	23.09B	18.52B	19.99B
Cash And Equivalents	75.93M	94.85M	92.16M	92.56M	103M
Other Receivables - (Insurance Template)	687M	723M	739M	744M	901M
Deferred Policy Acquisition Costs - (BS)	4.34B	4.6B	4.91B	5.25B	6.01B
Gross Property Plant And Equipment	298M	350M	378M	406M	455M
Accumulated Depreciation	-137M	-164M	-173M	-194M	-215M
Net Property Plant And Equipment	161M	186M	205M	212M	240M
Goodwill	442M	442M	482M	482M	482M
Other Current Assets, Total	-	-	-	-	-
Other Long-Term Assets, Total	217M	247M	250M	233M	325M
Total Assets	25.98B	29.05B	29.77B	25.54B	28.05B
Liabilities
Insurance And Annuity Liabilities	14.6B	15.34B	16.13B	16.85B	19.56B
Unpaid Claims	365M	400M	413M	430M	515M
Unearned Premiums	63.71M	61.73M	65.47M	60.74M	255M
Current Portion of Long-Term Debt	9.38M	-	150M	166M	170M
Current Portion of Leases	5.37M	5.31M	-	-	-
Short-Term Borrowings	289M	255M	330M	284M	317M
Long-Term Debt	941M	1.25B	1.11B	1.19B	1.33B
Long-Term Leases	7.4M	15.71M	-	-	-
Trust Preferred Securities (BS)	408M	414M	441M	441M	441M
Current Income Taxes Payable	1.48B	1.83B	1.77B	686M	495M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	-	-	-	-	-
Deferred Tax Liability Non-Current	-	-	-	-	-
Other Non Current Liabilities	512M	695M	722M	542M	488M
Total Liabilities	18.68B	20.28B	21.13B	20.64B	23.56B
Common Stock, Total	117M	113M	109M	105M	102M
Additional Paid In Capital	532M	527M	521M	530M	532M
Retained Earnings	5.55B	5.87B	6.18B	6.47B	7.48B
Treasury Stock	-751M	-773M	-847M	-790M	-854M
Comprehensive Income and Other	1.84B	3.03B	2.68B	-1.42B	-2.77B
Total Common Equity	7.29B	8.77B	8.64B	4.9B	4.49B
Total Equity	7.29B	8.77B	8.64B	4.9B	4.49B
Total Liabilities And Equity	25.98B	29.05B	29.77B	25.54B	28.05B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	108M	103M	99.34M	96.5M	93.71M
ECS Total Common Shares Outstanding	108M	104M	99.57M	96.74M	93.79M
Book Value / Share	67.72	84.5	86.8	50.61	47.84
Tangible Book Value	6.85B	8.33B	8.16B	4.41B	4.01B
Tangible Book Value Per Share	63.62	80.25	81.96	45.63	42.7
Total Debt	1.66B	1.94B	2.03B	2.08B	2.25B
Net Debt	1.58B	1.85B	1.93B	1.98B	2.15B
Debt Equivalent of Unfunded Proj. Benefit Obligation	196M	234M	181M	62.79M	56.79M
Debt Equivalent Oper. Leases	30.65M	37.39M	37.39M	33.91M	28.15M
Equity Method Investments, Total	206M	306M	328M	315M	267M
Account Code - Inventory Valuation	3	3	3	3	-
Full Time Employees	3.2K	3.26K	3.22K	3.54K	3.64K

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	761M	732M	745M	740M	971M
Depreciation, Depletion & Amortization	16M	17M	20M	21M	21M
Total Depreciation, Depletion & Amortization	16M	17M	20M	21M	21M
(Gain) Loss on Sale of Investments - (CF)	-20.62M	4.37M	-59.32M	76.55M	65.68M
Amort. Of Deferred Policy Acq. Costs - (CF)	552M	576M	604M	624M	380M
Change In Income Taxes	68.59M	88.16M	71.92M	50.72M	101M
Change in insurance Reserves / Liabilities	677M	833M	873M	865M	840M
Change in Other Net Operating Assets (Collected)	-	-	-	-	-
Net Cash From Discontinued Operations	17.3M	-	-	-	-
Other Operating Activities	-707M	-773M	-817M	-955M	-896M
Cash from Operations	1.36B	1.48B	1.44B	1.42B	1.48B
Capital Expenditure	-42.2M	-41.76M	-38.24M	-27.93M	-49.55M
Sale of Property, Plant, and Equipment	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-742M	-1.12B	-813M	-890M	-720M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-25.43M	-8.89M	-5.26M	-25.23M	-157M
Other Investing Activities, Total	32K	-7.05M	-56.7M	-	-
Cash from Investing	-809M	-1.18B	-913M	-943M	-926M
Short Term Debt Issued, Total	-	-	74.97M	-	32.96M
Long-Term Debt Issued, Total	-	700M	325M	250M	170M
Total Debt Issued	-	700M	400M	250M	203M
Short Term Debt Repaid, Total	-11.61M	-34.44M	-	-46.29M	-
Long-Term Debt Repaid, Total	-6.88M	-387M	-300M	-150M	-166M
Total Debt Repaid	-18.48M	-421M	-300M	-196M	-166M
Issuance of Common Stock	83.16M	48.09M	69.83M	107M	114M
Repurchase of Common Stock	-460M	-444M	-541M	-455M	-511M
Common Dividends Paid	-74.19M	-78.19M	-80.04M	-80.55M	-84.12M
Common & Preferred Stock Dividends Paid	-74.19M	-78.19M	-80.04M	-80.55M	-84.12M
Annuity Payments	-121M	-72.93M	-64.24M	-113M	-96.94M
Other Financing Activities, Total	-	-5.84M	-7.69M	-5.27M	-757K
Cash from Financing	-591M	-274M	-524M	-492M	-541M
Foreign Exchange Rate Adjustments	-9.15M	-1.73M	-3.39M	13.67M	-4.19M
Net Change in Cash	-45.09M	18.91M	-2.68M	396K	10.6M
Supplemental Items
Cash Interest Paid	81.72M	83.52M	83.07M	88.81M	99.54M
Cash Income Tax Paid (Refund)	102M	76.7M	96.22M	115M	121M
Net Debt Issued / Repaid	-18.48M	279M	99.97M	54.2M	37.35M
Levered Free Cash Flow	2.66B	1.43B	1.16B	104M	1.18B
Unlevered Free Cash Flow	2.72B	1.49B	1.21B	160M	1.24B
Change In Net Working Capital	-1.51B	-283M	28.47M	1.12B	-47.23M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	2.61	2.24	2.13	2.26	3
Return on Total Capital	7.98	6.27	5.87	7.08	12.68
Return On Equity %	11.97	9.11	8.56	10.93	23.01
Return on Common Equity	11.97	9.11	8.56	10.93	23.01
Margin Analysis
Gross Profit Margin %	29.16	27.11	25.78	25.9	30.54
SG&A Margin	0.21	0.21	0.2	0.18	0.35
EBITDA Margin %	22.97	21.18	20.03	19.56	24.2
EBITA Margin %	22.62	20.82	19.64	19.16	23.82
EBIT Margin %	22.62	20.82	19.64	19.16	23.82
Income From Continuing Operations Margin %	16.81	15.44	14.57	14.18	17.82
Net Income Margin %	16.8	15.44	14.57	14.18	17.82
Net Avail. For Common Margin %	16.81	15.44	14.57	14.18	17.82
Normalized Net Income Margin	12.97	11.87	11.25	10.89	13.71
Levered Free Cash Flow Margin	58.84	30.24	22.74	1.99	21.59
Unlevered Free Cash Flow Margin	60	31.38	23.76	3.08	22.76
Asset Turnover
Asset Turnover	0.18	0.17	0.17	0.19	0.2
Fixed Assets Turnover	30.59	27.31	26.15	25.01	24.1
Short Term Liquidity
Current Ratio	0.36	0.36	0.33	0.58	0.62
Quick Ratio	0.25	0.26	0.24	0.43	0.47
Operating Cash Flow to Current Liabilities	0.62	0.58	0.53	0.87	0.85
Average Days Payable Outstanding	40.76	40.53	39.07	39.81	49.4
Long Term Solvency
Total Debt/Equity	22.76	22.16	23.44	42.42	50.23
Total Debt / Total Capital	18.54	18.14	18.99	29.79	33.43
LT Debt/Equity	18.6	19.19	17.89	33.25	39.39
Long-Term Debt / Total Capital	15.15	15.71	14.5	23.35	26.22
Total Liabilities / Total Assets	71.92	69.8	70.97	80.83	84.01
EBIT / Interest Expense	12.15	11.38	12.03	11.05	12.68
EBITDA / Interest Expense	12.38	11.63	12.27	11.29	12.89
(EBITDA - Capex) / Interest Expense	11.88	11.15	11.81	10.98	12.4
Total Debt / EBITDA	1.59	1.93	1.98	2.04	1.71
Net Debt / EBITDA	1.52	1.83	1.89	1.95	1.63
Total Debt / (EBITDA - Capex)	1.66	2.01	2.06	2.09	1.78
Net Debt / (EBITDA - Capex)	1.58	1.91	1.96	2	1.69
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	5.2	4.65	7.91	2	4.22
Gross Profit, 1 Yr. Growth %	7.06	-2.73	2.61	2.49	6.93
EBITDA, 1 Yr. Growth %	7.57	-3.49	2.03	-0.37	8.43
EBITA, 1 Yr. Growth %	7.36	-3.64	1.76	-0.48	8.58
EBIT, 1 Yr. Growth %