MCKINNEY, Texas, April 22, 2024 /PRNewswire/ -- Globe Life Inc. (NYSE: GL) reported today that for the quarter ended March 31, 2024, net income was $2.67 per diluted common share, compared with $2.28 per diluted common share for the year-ago quarter. Net operating income for the quarter was $2.78 per diluted common share, compared with $2.53 per diluted common share for the year-ago quarter. HIGHLIGHTS: Net income as an ROE was 21.3% for the three months ended March 31, 2024. Net operating income as an ROE excluding accumulated other comprehensive income (AOCI) was 14.3% for the same period. Net income increased 14% and net operating income increased 6% over the year-ago quarter. At the American Income Life Division, life net sales and premiums increased over the year-ago quarter by 17% and 7%, respectively. Additionally, the average producing agent count increased 15% over the year-ago quarter. At the Liberty National Division, the average producing agent count increased 14% over the year-ago quarter and life premiums increased 7%. At the Family Heritage Division, health net sales increased 11% and premiums increased 8% over the year-ago quarter. Total underwriting margin increased 5% over the year-ago quarter. Net investment income grew 10% over the year-ago quarter. Note: As used in the earnings release, "Globe Life," the "Company," "we," "our," and "us" refer to Globe Life Inc., a Delaware corporation incorporated in 1979, its subsidiaries and affiliates. GLOBE LIFE INC. Earnings Release—Q1 2024 (Dollar amounts in thousands, except share and per share data) (Unaudited) RESULTS OF OPERATIONS Net operating income, a non-GAAP(1) financial measure, has been used consistently by Globe Life's management for many years to evaluate the operating performance of the Company, and is a measure commonly used in the life insurance industry. It differs from net income primarily because it excludes certain non-operating items such as realized investment gains and losses and certain significant and unusual items included in net income. Management believes an analysis of net operating income is important in understanding the profitability and operating trends of the Company's business. Net income is the most directly comparable GAAP measure. The following table represents Globe Life's operating summary for the three months ended March 31, 2024 and 2023: Operating Summary Per Share Three Months Ended March 31, Three Months Ended March 31, 2024 2023 % Chg. 2024 2023 % Chg. Insurance underwriting income(2) $           3.41 $           3.18 7 $     324,361 $     311,037 4 Excess investment income(2) 0.46 0.30 53 43,785 29,255 50 Interest on debt (0.30) (0.25) 20 (28,621) (24,867) 15 Parent company expense (0.03) (0.03) (2,826) (2,585) Income tax expense (0.70) (0.61) 15 (66,227) (59,849) 11 Stock compensation benefit (expense), net of tax (0.07) (0.05) (6,373) (4,949) Net operating income 2.78 2.53 10 264,099 248,042 6 Reconciling items, net of tax: Realized gain (loss)—investments (0.10) (0.25) (9,321) (24,432) Non-operating expenses (0.01) — (561) — Net income(3) $           2.67 $           2.28 $     254,217 $     223,610 Weighted average diluted shares outstanding 95,115 97,911 (1) GAAP is defined as accounting principles generally accepted in the United States of America. (2) Definitions included within this document. (3) A GAAP-basis condensed consolidated statement of operations is included in the appendix of this report. Note: Tables in this earnings release may not sum due to rounding.   GLOBE LIFE INC. Earnings Release—Q1 2024 (Dollar amounts in thousands, except share and per share data) (Unaudited) MANAGEMENT VS. GAAP MEASURES Shareholders' equity, excluding AOCI, and book value per share, excluding AOCI, are non-GAAP measures that are utilized by management to view the business without the effect of changes in AOCI, which are primarily attributable to fluctuation in interest rates. Management views the business in this manner because it creates more meaningful and easily identifiable trends, as we exclude fluctuations resulting from changes in interest rates. Shareholders' equity and book value per share are the most directly comparable GAAP measures.  Three Months Ended March 31, 2024 2023 Net income $        254,217 $        223,610 Net operating income 264,099 248,042 Net income as an ROE(1) 21.3 % 22.9 % Net operating income as an ROE (excluding AOCI)(1) 14.3 % 14.6 % March 31, 2024 2023 Shareholders' equity $     5,039,161 $     3,846,291 Impact of adjustment to exclude AOCI 2,467,236 2,961,093 Shareholders' equity, excluding AOCI $     7,506,397 $     6,807,384 Book value per share $            53.03 $            39.74 Impact of adjustment to exclude AOCI 25.97 30.60 Book value per share, excluding AOCI $            79.00 $            70.34 (1) Calculated using average shareholders' equity for the measurement period.  INSURANCE OPERATIONS:  Life insurance accounted for 76% of the Company's insurance underwriting margin for the quarter and 70% of total premium revenue.  Health insurance accounted for 23% of the Company's insurance underwriting margin for the quarter and 30% of total premium revenue. Net sales of life insurance increased 7% for the quarter, and net health sales increased 9%.  The following table summarizes Globe Life's premium revenue by product type for the three months ended March 31, 2024 and 2023: GLOBE LIFE INC. Earnings Release—Q1 2024 (Dollar amounts in thousands, except share and per share data) (Unaudited) Insurance Premium Revenue Quarter Ended March 31, 2024 March 31, 2023 % Chg. Life insurance $           804,265 $           772,597 4 Health insurance 341,019 322,493 6 Annuity — — Total $        1,145,284 $        1,095,090 5   INSURANCE UNDERWRITING INCOME Insurance underwriting margin is management's measure of profitability of the Company's life, health, and annuity segments' underwriting performance, and consists of premiums less policy obligations (excluding interest on policy liabilities), commissions and other acquisition expenses. Insurance underwriting income is the sum of the insurance underwriting margins of the life, health, and annuity segments, plus other income, less administrative expenses. It excludes the investment segment, interest on debt, Parent Company expense, stock compensation expense and income taxes. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of underwriting results by distribution channel. Insurance underwriting income, a non-GAAP measure, is a component of net operating income, which is reconciled to net income in the Results of Operations section above. The following table summarizes Globe Life's insurance underwriting income by segment for the three months ended March 31, 2024 and 2023: Insurance Underwriting Income Quarter Ended March 31, 2024 % of Premium