Globe Life Q3 EPS $4.62; 2026 Guidance Cut on Evry and CMS Claims, 2027 Outlook Set
GL sits 33% above its 52-week low of $127.845.
Summary
Globe Life earned $4.62 per share in Q3 versus $4.73 a year ago and trimmed 2026 guidance to $15.35-$15.65 on Evry losses and a CMS claims-processing delay, while setting a 2027 outlook of $16.10-$17.10 and raising the 2026 buyback to $725-$775 million.
Key Events · Earnings and Guidance · GL
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Q3 EPS $4.62, Operating $4.84
Net income of $361.1M ($4.62 per diluted share) versus $387.8M ($4.73) a year ago; net operating income $378.8M ($4.84) versus $394.2M ($4.81). Total premium grew 7% to $1.31B.
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2026 Guidance Cut to $15.35-$15.65
Reduced on two United American items: high-severity claims at Evry and a CMS claims-processing delay that produced about $7M of excess prior-period Medicare Supplement claims. United American posted a $6.4M health underwriting loss versus a $16.1M gain a year ago.
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2027 Outlook Set at $16.10-$17.10
First guidance for 2027 implies 7.1% growth at the midpoint over the revised 2026 range.
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Buyback Raised to $725M-$775M
2026 repurchase guidance lifted from $670M-$700M. Q3 repurchases were 1.1M shares for $185M at an average $175.61, above today's $169.62 price.
Analysis · GL · Finance
The shortfall is concentrated in the United American health unit: an Evry underwriting loss of roughly $16 million plus about $7 million of excess prior-period Medicare Supplement claims from a CMS processing delay drove that segment to a $6.4 million underwriting loss. Net income of $4.62 per diluted share fell from $4.73 a year ago, and net operating income of $4.84 barely grew from $4.81. Management cut full-year 2026 guidance to $15.35-$15.65 and framed both items as non-core rather than a change in the underlying business, while setting a first 2027 outlook of $16.10-$17.10 per share, about 7.1% growth at the midpoint. Against that, the core franchise still grew: total premium rose 7%, health premium 16%, and book value per share climbed 23% to $85.35. The buyback was raised to $725-$775 million for 2026 from $670-$700 million, and 1.1 million shares were repurchased for $185 million at an average $175.61 — above today's $169.62 price, so repurchases made earlier in the quarter now sit underwater. For holders, the key question is whether the Evry drag is contained; the 2027 midpoint implies management expects it to be.
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At the time of this filing, GL was trading at $169.62 on NYSE in the Finance sector, with a market capitalization of approximately $13B. The 52-week trading range was $127.85 to $191.55. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.