Beyond Then Ninety Minutes

GLOBE LIFE INC. REPORTS THIRD QUARTER 2022 RESULTS

Globe Life Inc. (NYSE: GL) reported that for the quarter ended September 30, 2022, net income was $1.90 per diluted common share, compared with $1.84 per diluted common share for the year-ago quarter. Net operating income for the quarter was $2.15 per diluted common share, compared with $1.78 per diluted common share for the year-ago quarter.

HIGHLIGHTS:

COVID-19 Update: COVID life claims expense for the quarter ended September 30, 2022 was not significant, compared to $33 million in the quarter ended September 30, 2021. Year to date through September 30, we incurred $44 million of COVID life claims as compared to $82 million for the same period last year. For the full year, we expect to incur approximately $51 million of COVID life claims at the midpoint of our guidance, based on a range of $1.9 million to $2.1 million of COVID life claims per 10,000 U.S. deaths and total U.S. COVID deaths of 240,000 to 260,000. For 2023, at the midpoint of our guidance, we anticipate total COVID life claims of approximately $20 million based on estimated total U.S. deaths of approximately 105,000.

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