Income Statement Globe Life Inc.

Equities

GL

US37959E1029

Life & Health Insurance

Market Closed - Nyse Other stock markets 01:30:02 07/09/2024 am IST			5-day change	1st Jan Change
102.54 ^USD	-1.95%		-2.39%	-15.76%

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

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Published financial data: GLOBE LIFE INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Premiums and Annuity Revenues	359.51Cr	381.39Cr	409.99Cr	430.27Cr	445.6Cr
Total Interest And Dividend Income	91Cr	93Cr	95Cr	99Cr	105.69Cr
Gain (Loss) on Sale of Investments, Total (Rev)	2.06Cr	-43.71L	5.93Cr	-7.65Cr	-6.57Cr
Other Revenues, Total	13.18L	13.25L	12.16L	12.46L	3L
Total Revenues	452.75Cr	473.79Cr	511.29Cr	521.49Cr	544.75Cr
Policy Benefits	235.73Cr	257.29Cr	285.96Cr	286.55Cr	286.43Cr
Policy Acquisition / Underwriting Costs, Total	85Cr	88Cr	94Cr	100Cr	92Cr
Selling General & Admin Expenses, Total	95L	98L	1Cr	94L	1.92Cr
Stock-Based Compensation (IS)	4.48Cr	3.59Cr	3.03Cr	3.56Cr	3.07Cr
Other Operating Expenses	24Cr	25Cr	27Cr	31Cr	32Cr
Total Operating Expenses	350.36Cr	375.13Cr	410.89Cr	421.57Cr	415.01Cr
Operating Income	102.39Cr	99Cr	100.4Cr	100Cr	129.75Cr
Interest Expense, Total	-8.43Cr	-8.67Cr	-8.35Cr	-9.04Cr	-10Cr
EBT, Excl. Unusual Items	94Cr	90Cr	92Cr	91Cr	119.52Cr
Legal Settlements	-83.58L	-32.75L	-81.39L	-24.96L	-9L
EBT, Incl. Unusual Items	93Cr	90Cr	91Cr	91Cr	119.43Cr
Income Tax Expense	17Cr	16Cr	17Cr	17Cr	22Cr
Earnings From Continuing Operations	76Cr	73Cr	74Cr	74Cr	97Cr
Earnings Of Discontinued Operations	-92T	-	-	-	-
Net Income to Company	76Cr	73Cr	74Cr	74Cr	97Cr
Net Income - (IS)	76Cr	73Cr	74Cr	74Cr	97Cr
Net Income to Common Incl Extra Items	76Cr	73Cr	74Cr	74Cr	97Cr
Net Income to Common Excl. Extra Items	76Cr	73Cr	74Cr	74Cr	97Cr
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	11Cr	11Cr	10Cr	9.79Cr	9.51Cr
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	11Cr	11Cr	10Cr	9.9Cr	9.64Cr
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	103.99Cr	100.37Cr	102.4Cr	102.02Cr	131.85Cr
EBITA	102.39Cr	99Cr	100.4Cr	100Cr	129.75Cr
EBIT	102.39Cr	99Cr	100.4Cr	100Cr	129.75Cr
EBITDAR	104.38Cr	100.83Cr	102.87Cr	102.44Cr	132.2Cr
Total Revenues (As Reported)	452.75Cr	473.79Cr	511.29Cr	521.49Cr	544.75Cr
Effective Tax Rate - (Ratio)	18.3	18.39	18.35	18.38	18.72
Current Domestic Taxes	-	-	-	-	-
Total Current Taxes	13Cr	13Cr	14Cr	14Cr	15Cr
Deferred Domestic Taxes	-	-	-	-	-
Total Deferred Taxes	3.54Cr	3.53Cr	2.27Cr	2.84Cr	7.76Cr
Normalized Net Income	59Cr	56Cr	58Cr	57Cr	75Cr
Interest on Long-Term Debt	7.31Cr	7.74Cr	7.82Cr	8.05Cr	8.03Cr
Non-Cash Pension Expense	42.05L	93.65L	1.01Cr	24.16L	-63.43L
Supplemental Operating Expense Items
Advertising Expense	95L	98L	1Cr	94L	1.92Cr
Selling and Marketing Expenses	95L	98L	1Cr	94L	1.92Cr
Net Rental Expense, Total	38.31L	46.74L	46.74L	42.39L	35.19L
Imputed Operating Lease Interest Expense	15.54L	18.05L	15.81L	14.94L	13.23L
Imputed Operating Lease Depreciation	22.77L	28.69L	30.93L	27.45L	21.96L
Stock-Based Comp., Other (Total)	4.48Cr	3.59Cr	3.03Cr	3.56Cr	3.07Cr
Total Stock-Based Compensation	4.48Cr	3.59Cr	3.03Cr	3.56Cr	3.07Cr

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Investment In Debt Securities	1.89TCr	2.12TCr	2.13TCr	1.65TCr	1.79TCr
Investment In Equity and Preferred Securities, Total	39Cr	69Cr	54Cr	65Cr	65Cr
Real Estate Owned	-	-	-	-	-
Mortgage Loans	14Cr	16Cr	57Cr	61Cr	69Cr
Policy Loans	58Cr	58Cr	59Cr	61Cr	66Cr
Total Other Investments	4.11Cr	11Cr	8.1Cr	14Cr	12Cr
Total investments	2.01TCr	2.28TCr	2.31TCr	1.85TCr	2TCr
Cash And Equivalents	7.59Cr	9.48Cr	9.22Cr	9.26Cr	10Cr
Other Receivables - (Insurance Template)	69Cr	72Cr	74Cr	74Cr	90Cr
Deferred Policy Acquisition Costs - (BS)	434.19Cr	459.54Cr	491.47Cr	524.99Cr	600.95Cr
Gross Property Plant And Equipment	30Cr	35Cr	38Cr	41Cr	46Cr
Accumulated Depreciation	-14Cr	-16Cr	-17Cr	-19Cr	-22Cr
Net Property Plant And Equipment	16Cr	19Cr	20Cr	21Cr	24Cr
Goodwill	44Cr	44Cr	48Cr	48Cr	48Cr
Other Current Assets, Total	-	-	-	-	-
Other Long-Term Assets, Total	22Cr	25Cr	25Cr	23Cr	33Cr
Total Assets	2.6TCr	2.9TCr	2.98TCr	2.55TCr	2.81TCr
Liabilities
Insurance And Annuity Liabilities	1.46TCr	1.53TCr	1.61TCr	1.68TCr	1.96TCr
Unpaid Claims	37Cr	40Cr	41Cr	43Cr	51Cr
Unearned Premiums	6.37Cr	6.17Cr	6.55Cr	6.07Cr	25Cr
Current Portion of Long-Term Debt	93.75L	-	15Cr	17Cr	17Cr
Current Portion of Leases	53.67L	53.07L	-	-	-
Short-Term Borrowings	29Cr	25Cr	33Cr	28Cr	32Cr
Long-Term Debt	94Cr	125.39Cr	110.59Cr	118.73Cr	132.68Cr
Long-Term Leases	74.03L	1.57Cr	-	-	-
Trust Preferred Securities (BS)	41Cr	41Cr	44Cr	44Cr	44Cr
Current Income Taxes Payable	147.68Cr	183.37Cr	176.5Cr	69Cr	49Cr
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	-	-	-	-	-
Deferred Tax Liability Non-Current	-	-	-	-	-
Other Non Current Liabilities	51Cr	70Cr	72Cr	54Cr	49Cr
Total Liabilities	1.87TCr	2.03TCr	2.11TCr	2.06TCr	2.36TCr
Common Stock, Total	12Cr	11Cr	11Cr	11Cr	10Cr
Additional Paid In Capital	53Cr	53Cr	52Cr	53Cr	53Cr
Retained Earnings	555.13Cr	587.41Cr	618.21Cr	646.62Cr	747.88Cr
Treasury Stock	-75Cr	-77Cr	-85Cr	-79Cr	-85Cr
Comprehensive Income and Other	184.48Cr	302.92Cr	267.76Cr	-141.57Cr	-277.24Cr
Total Common Equity	729.43Cr	877.11Cr	864.28Cr	489.59Cr	448.68Cr
Total Equity	729.43Cr	877.11Cr	864.28Cr	489.59Cr	448.68Cr
Total Liabilities And Equity	2.6TCr	2.9TCr	2.98TCr	2.55TCr	2.81TCr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	11Cr	10Cr	9.93Cr	9.65Cr	9.37Cr
ECS Total Common Shares Outstanding	11Cr	10Cr	9.96Cr	9.67Cr	9.38Cr
Book Value / Share	67.72	84.5	86.8	50.61	47.84
Tangible Book Value	685.27Cr	832.95Cr	816.1Cr	441.41Cr	400.5Cr
Tangible Book Value Per Share	63.62	80.25	81.96	45.63	42.7
Total Debt	166.05Cr	194.38Cr	202.61Cr	207.71Cr	225.37Cr
Net Debt	158.46Cr	184.9Cr	193.4Cr	198.45Cr	215.05Cr
Debt Equivalent of Unfunded Proj. Benefit Obligation	20Cr	23Cr	18Cr	6.28Cr	5.68Cr
Debt Equivalent Oper. Leases	3.06Cr	3.74Cr	3.74Cr	3.39Cr	2.82Cr
Equity Method Investments, Total	21Cr	31Cr	33Cr	32Cr	27Cr
Account Code - Inventory Valuation	3	3	3	3	-
Full Time Employees	3.2T	3.26T	3.22T	3.54T	3.64T

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	76Cr	73Cr	74Cr	74Cr	97Cr
Depreciation, Depletion & Amortization	1.6Cr	1.7Cr	2Cr	2.1Cr	2.1Cr
Total Depreciation, Depletion & Amortization	1.6Cr	1.7Cr	2Cr	2.1Cr	2.1Cr
(Gain) Loss on Sale of Investments - (CF)	-2.06Cr	43.71L	-5.93Cr	7.65Cr	6.57Cr
Amort. Of Deferred Policy Acq. Costs - (CF)	55Cr	58Cr	60Cr	62Cr	38Cr
Change In Income Taxes	6.86Cr	8.82Cr	7.19Cr	5.07Cr	10Cr
Change in insurance Reserves / Liabilities	68Cr	83Cr	87Cr	86Cr	84Cr
Change in Other Net Operating Assets (Collected)	-	-	-	-	-
Net Cash From Discontinued Operations	1.73Cr	-	-	-	-
Other Operating Activities	-71Cr	-77Cr	-82Cr	-95Cr	-90Cr
Cash from Operations	136.39Cr	147.64Cr	143.77Cr	142.22Cr	148.24Cr
Capital Expenditure	-4.22Cr	-4.18Cr	-3.82Cr	-2.79Cr	-4.96Cr
Sale of Property, Plant, and Equipment	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-74Cr	-112.4Cr	-81Cr	-89Cr	-72Cr
Net (Increase) Decrease in Loans Originated / Sold - Investing	-2.54Cr	-88.87L	-52.55L	-2.52Cr	-16Cr
Other Investing Activities, Total	32T	-70.51L	-5.67Cr	-	-
Cash from Investing	-81Cr	-118.17Cr	-91Cr	-94Cr	-93Cr
Short Term Debt Issued, Total	-	-	7.5Cr	-	3.3Cr
Long-Term Debt Issued, Total	-	70Cr	32Cr	25Cr	17Cr
Total Debt Issued	-	70Cr	40Cr	25Cr	20Cr
Short Term Debt Repaid, Total	-1.16Cr	-3.44Cr	-	-4.63Cr	-
Long-Term Debt Repaid, Total	-68.75L	-39Cr	-30Cr	-15Cr	-17Cr
Total Debt Repaid	-1.85Cr	-42Cr	-30Cr	-20Cr	-17Cr
Issuance of Common Stock	8.32Cr	4.81Cr	6.98Cr	11Cr	11Cr
Repurchase of Common Stock	-46Cr	-44Cr	-54Cr	-45Cr	-51Cr
Common Dividends Paid	-7.42Cr	-7.82Cr	-8Cr	-8.05Cr	-8.41Cr
Common & Preferred Stock Dividends Paid	-7.42Cr	-7.82Cr	-8Cr	-8.05Cr	-8.41Cr
Annuity Payments	-12Cr	-7.29Cr	-6.42Cr	-11Cr	-9.69Cr
Other Financing Activities, Total	-	-58.44L	-76.87L	-52.72L	-8L
Cash from Financing	-59Cr	-27Cr	-52Cr	-49Cr	-54Cr
Foreign Exchange Rate Adjustments	-91.48L	-17.33L	-33.91L	1.37Cr	-41.92L
Net Change in Cash	-4.51Cr	1.89Cr	-26.84L	4L	1.06Cr
Supplemental Items
Cash Interest Paid	8.17Cr	8.35Cr	8.31Cr	8.88Cr	9.95Cr
Cash Income Tax Paid (Refund)	10Cr	7.67Cr	9.62Cr	11Cr	12Cr
Net Debt Issued / Repaid	-1.85Cr	28Cr	10Cr	5.42Cr	3.73Cr
Levered Free Cash Flow	266.4Cr	143.25Cr	116.27Cr	10Cr	117.61Cr
Unlevered Free Cash Flow	271.67Cr	148.67Cr	121.49Cr	16Cr	124Cr
Change In Net Working Capital	-150.64Cr	-28Cr	2.85Cr	111.72Cr	-4.72Cr

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