Globe Life Q1 net op income $1.70/share, up 11% YoY; cuts FY2022 guidance on COVID claims

GLOBE LIFE INC.

2022-Q1 EPS reported $1.64 revenue$1,308,356,000

Net operating income $1.70/diluted share, up 11% YoY; net income $1.64/diluted share, down 4% YoY.
Life premiums $754.6M (+7% YoY), health premiums $317.0M (+8% YoY); total premium revenue $1,071.6M (+7%).
COVID life claims $46M in Q1; full-year 2022 guidance midpoint expects $71M, based on 200k-300k US COVID deaths.
FY2022 net operating income per share guidance lowered to $7.85-$8.25 from prior projection due to higher COVID claims.
Repurchased 880,061 shares at avg $100.70 for $89M during Q1; agent counts declined in most divisions.

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