Globe Life lowered its 2026 per-share earnings outlook after claims at its United American health business weighed on third-quarter results, even as premium revenue continued to grow.
The insurer reported $1.31 billion in third-quarter premium revenue, up 7% from a year earlier. Net income fell to $361.1 million, or $4.62 per diluted common share, from $387.8 million, or $4.73 per diluted common share.
Net operating income, a non-GAAP measure, was $4.84 per diluted share, compared with $4.81 a year earlier. The different measures showed a decline in reported net income and per-share earnings alongside a slight increase in operating income per share. Globe Life disclosed the results in an earnings release attached to a Form 8-K filed with the Securities and Exchange Commission on Oct. 21.
The company reduced its 2026 per-share guidance to $15.35 to $15.65 from a previous range of $15.55 to $15.95. Its United American General Agency division recorded a $6.4 million underwriting loss.
Globe Life attributed the division’s shortfall mainly to an approximately $16 million underwriting loss at Evry and about $7 million in prior-period Medicare Supplement claims recorded during the quarter after a Centers for Medicare and Medicaid Services processing delay. The company described Evry as a developing group health business that is still scaling. It said the guidance adjustment did not reflect a fundamental change in its core business.
Globe Life repurchased 1.1 million shares for $185 million during the quarter. It also raised its full-year share repurchase outlook to $725 million to $775 million, up from $670 million to $700 million.
The company scheduled a conference call with financial analysts for 11 a.m. ET Thursday, Oct. 22.
