Globe Life Announces New Share Repurchase Authorization

News provided by

Nov 18, 2024, 07:00 ET

MCKINNEY, Texas, Nov. 18, 2024 /PRNewswire/ -- Globe Life Inc. (NYSE:GL) announced that its Board of Directors has approved an authorization to repurchase up to $1.8 billion of common stock under the Company's existing stock repurchase program. This authorization has no set time period and replaces the previous authorization of $1.3 billion announced on April 29, 2024.

"We are pleased to announce this new authorization, which demonstrates the Board's well-founded confidence in our business model. Our insurance operations have always been a dependable source of free cash for the parent company, regardless of macroeconomic conditions. Since the onset of our share repurchase program in 1986, we have repurchased approximately $10 billion of common stock," said Matt Darden, Co-Chief Executive Officer.

Frank Svoboda, Co-Chief Executive Officer added, "We will continue to conduct the buyback program in the same manner as we have historically, utilizing our parent company excess cash flows to repurchase shares over the course of each year absent a more beneficial use of the funds for our shareholders. We remain committed to returning excess capital to shareholders to maximize shareholder value."

Globe Life Inc. is a holding company specializing in life and supplemental health insurance for the middle-income market distributed through multiple channels, including direct to consumer and exclusive and independent agencies.

SOURCE Globe Life Inc.