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Fitch Ratings has affirmed the Insurer Financial Strength (IFS) ratings of Globe Life Inc.'s (Globe Life) operating subsidiaries, which include Globe Life & Accident Insurance Co., American Income Life Insurance Co., United American Insurance Co. and Liberty National Life Insurance Co. at 'A+'. Fitch has also affirmed Globe Life's Long-Term Issuer Default Rating (IDR) at 'A-'. The Rating Outlook remains Positive.
The rating affirmation reflects Globe Life's very strong and stable operating profitability, conservative operating strategy, strong capital position, consistent debt servicing capability and above-average reserve margins. The Positive Outlook reflects consistently strong capital metrics and profitability levels that exceed similarly rated peers and rating expectations, which Fitch expects to persist.
Key Rating DriversVery Strong Operating Performance: Globe Life has a solid record of strong, consistent operating profitability. Return metrics improved through 1H24, primarily due to higher investment income, with a Fitch-calculated ROE of 14.6%. Higher interest rates remain a tailwind, but macroeconomic volatility could constrain earnings growth. However, Fitch expects Globe Life to continue to generate above-average returns given its product profile and predictable earnings streams. Fitch also believes that any material fines as a result of regulatory investigations or inquiries are unlikely.
Conservative Operating Strategy: Globe Life's strategic focus is on the sale of life and supplemental health insurance products to the middle-income market through controlled distribution, allowing the company to generate strong and consistent earnings. Fitch views the risk profile of Globe Life's products as below average relative to peers, reflecting the lack of complexity and market risk in its liabilities.
Strong Capital Position: Globe Life scored at the low end of 'Very Strong' in 2023, consistent with 2022's Prism score. The company's YE 2023 RBC ratio of 314% was within management's target range of 300%-320%, which is lower than peers but reflective of its lower risk product profile. Uniquely, Globe Life's operating subsidiaries hold investments in the holding company's preferred stock and debt, which represented about 26% of its total adjusted capital (TAC) as of 1H24. This level of affiliated investment is viewed as high, and negatively affects Fitch's view of the quality of capital. However, Fitch views the Prism capital model output as appropriately accounting for this unique risk.
Increased Financial Leverage: Globe Life's current financial leverage ratio of 27%, as estimated by Fitch, increased from YE 2023 due to the company's $450 million issuance of senior notes in August 2024. Financial leverage is elevated relative to rating expectations and historical levels. However, Fitch expects financial leverage to return to historical norms around 25% over the rating horizon.
Overweight Corporate Bonds: Globe Life's risky asset ratio of 51% is below average compared with the industry, reflecting its underweight positions in structured securities, commercial mortgage loans and private equities. Exposure to corporate bonds is above average, comprising about 67% of invested assets as of YE 2023. The portfolio is vulnerable to rating migration in a credit market downturn given Globe Life's above-average exposure to NAIC 2 bonds.
Robust Reserve Margins: Reserve margins are significant due to Globe Life's conservative product portfolio. Cash flow testing results demonstrate stability and materially positive margins across the "New York Seven" deterministic interest rate scenarios.
RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/DowngradeReturn to Stable Outlook
--Failure to continue meeting the upgrade sensitivities;
--A material fine, adverse business performance or reputational impact resulting from any regulatory investigation or inquiry.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade--Sustained improvement in Fitch's assessment of capitalization, as defined by maintenance of a Prism model output of at least at the high end of 'Strong', together with the maintenance of strong statutory reserving methodologies;
--Financial leverage metrics consistently below 25% with a total financing and commitments ratio below 0.40x;
--Continued growth across core markets, while maintaining GAAP-based ROE metrics consistently in excess of 13% and fixed-charge coverage in excess of 10.0x.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria. ESG ConsiderationsThe highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.
Globe Life And Accident Insurance Company; Long Term Insurer Financial Strength; Affirmed; A+; Rating Outlook Positive Liberty National Life Insurance Company; Long Term Insurer Financial Strength; Affirmed; A+; Rating Outlook Positive American Income Life Insurance Company; Long Term Insurer Financial Strength; Affirmed; A+; Rating Outlook Positive United American Insurance Company; Long Term Insurer Financial Strength; Affirmed; A+; Rating Outlook Positive Globe Life Inc.; Long Term Issuer Default Rating; Affirmed; A-; Rating Outlook Positive ; Short Term Issuer Default Rating; Affirmed; F2 ----senior unsecured; Long Term Rating; Affirmed; BBB+ ----junior subordinated; Long Term Rating; Affirmed; BBB- ----senior unsecured; Short Term Rating; Affirmed; F2 Contacts: Primary Rating Analyst Zachary Shutts, Associate Director +1 312 368 2098 zachary.shutts@fitchratings.com Fitch Ratings, Inc. One North Wacker Drive Chicago, IL 60606 Secondary Rating Analyst Jamie Tucker, CFA, CPA Senior Director +1 212 612 7856 jamie.tucker@fitchratings.com Committee Chairperson Gerald Glombicki, CPA, ARM Senior Director +1 312 606 2354 gerry.glombicki@fitchratings.com MEDIA RELATIONS: Sandro Scenga, New York, Tel: +1 212 908 0278, Email: sandro.scenga@thefitchgroup.com Additional information is available on www.fitchratings.comApplicable Model Numbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s). Prism U.S. Life Insurance Capital Model, v1.3.4-2023 (1)ADDITIONAL DISCLOSURESDodd-Frank Rating Information Disclosure FormSolicitation StatusAdditional Disclosures For Unsolicited Credit RatingsEndorsement StatusEndorsement Policy ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTPS://WWW.FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, THE FOLLOWING HTTPS://WWW.FITCHRATINGS.COM/RATING-DEFINITIONS-DOCUMENT DETAILS FITCH'S RATING DEFINITIONS FOR EACH RATING SCALE AND RATING CATEGORIES, INCLUDING DEFINITIONS RELATING TO DEFAULT. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. DIRECTORS AND SHAREHOLDERS RELEVANT INTERESTS ARE AVAILABLE AT HTTPS://WWW.FITCHRATINGS.COM/SITE/REGULATORY. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE OR ANCILLARY SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF PERMISSIBLE SERVICE(S) FOR WHICH THE LEAD ANALYST IS BASED IN AN ESMA- OR FCA-REGISTERED FITCH RATINGS COMPANY (OR BRANCH OF SUCH A COMPANY) OR ANCILLARY SERVICE(S) CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH RATINGS WEBSITE. Copyright © 2022 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch’s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch’s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided “as is” without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Fitch Ratings, Inc. is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (the “NRSRO”). While certain of the NRSRO’s credit rating subsidiaries are listed on Item 3 of Form NRSRO and as such are authorized to issue credit ratings on behalf of the NRSRO (see https://www.fitchratings.com/site/regulatory), other credit rating subsidiaries are not listed on Form NRSRO (the “non-NRSROs”) and therefore credit ratings issued by those subsidiaries are not issued on behalf of the NRSRO. However, non-NRSRO personnel may participate in determining credit ratings issued by or on behalf of the NRSRO.Globe Life Inc. GL shares have lost 16.7% in the year-to-date period against the industry’s 3.8% growth. It has also underperformed the Finance sector’s 12% return and the Zacks S&P 500 composite’s 15% growth in the said time frame.
Year-to-Date Price Performance
GL has been grappling with higher expenses over the past few years. Higher total policyholder benefits, amortization of deferred acquisition costs, commissions, premium taxes and non-deferred acquisition costs, other operating expenses and interest expenses resulted in escalating expenses.
Globe Life has been incurring high administrative expenses over the years. For 2024, GL expects administrative expenses to be approximately 7% of premiums, higher than the 2023 level.
Closing at $101.34 in the last trading session, the stock stands 23% below its 52-week high of $132.
Globe Life’s long-term debt has been increasing over the last few years with debt-to-capital ratio deteriorating. As of June 30, 2024, total debt increased 11% year over year. A high debt level has been inducing higher interest expenses, which also increased in the second quarter of 2024. The company must service its debt uninterruptedly, or else creditworthiness could be dented.
GL Trading Above 50-Day Moving Average
GL closed at $101.34 on Wednesday, above the 50-day simple moving average (SMA) of $93.43, representing an uptrend. SMA is a widely used technical analysis tool to predict future price trends by analyzing historical price data.
GL’s Growth Projection
The Zacks Consensus Estimate for Globe Life’s 2024 earnings per share indicates a year-over-year increase of 12%. The consensus estimate for revenues is pegged at $5.82 billion, implying a year-over-year improvement of 5.5%.
The consensus estimate for 2025 earnings per share and revenues indicates an increase of 10.6% and 4.7%, respectively, from the corresponding 2024 estimates.
Earnings of GL grew 12.4% in the last five years, better than the industry average of 5.5%.
Positive Analyst Sentiment Instills Confidence in GL
One of the six analysts covering the stock has raised estimates for 2024 while two analysts have raised estimates for 2025 over the past 30 days. The consensus estimate for 2024 and 2025 earnings indicates an improvement of 0.08% and 0.8%, respectively.
GL’s Return on Capital
GL’s trailing 12-month return on equity is 21.9%, ahead of the industry average of 20.9%. Return on equity, a profitability measure, reflects how effectively a company is utilizing its shareholders.
Also, the return on invested capital (ROIC) in the trailing 12 months was 13.3%, better than the industry average of 4.6%. Its ROIC has been increasing over the last few quarters amid capital investment made over the same time frame. This reflects the company’s efficiency in utilizing funds to generate income.
Key Drivers of Globe Life
Globe Life has been witnessing a positive trend in revenues, driven by premium growth in its Life Insurance and Health Insurance segments and net investment income.
The strong performance of the American Income and Liberty National divisions should drive the top line in the future. Liberty National is likely to continue to benefit from improved productivity and agent count. GL’s expansion initiatives to capture heavily populated and less penetrated areas should drive growth in the future. Net life sales, as well as net health sales, are expected to grow in the mid-teens for Liberty National.
Moreover, net investment income continues to be another important driver of the company’s top-line growth and has been exhibiting improvement over the last few years. The metric is likely to keep growing, riding on improved invested assets and higher interest rates on new investments.
The company has maintained a strong liquidity position with sufficient cash-generation capabilities. Its operations comprise writing basic protection life and supplemental health insurance policies, which generate strong and stable cash flows. For 2024, Globe Life has targeted a consolidated Company Action Level RBC ratio of 300-320%.
A strong capital position enables Globe Life to enhance its shareholder value via share buybacks and dividend payouts. The insurer has continuously been increasing its dividend over the past eight years (2016-2023) at a CAGR of 6.79%.
GL Shares Are Affordable
Globe Life is trading at a discount compared with the industry average. It presents a compelling investment opportunity with its attractive forward 12-month price-to-book ratio of 7.91X, lower than the industry average of 13.54X. Also, it has a Value Score of A.
Shares of other players from the same space, such as Guild Holdings Company GHLD, Marex Group PLC MRX and PRA Group, Inc. PRAA, are also trading at a discount to the industry average.
Conclusion
While Globe Life witnesses higher expenses, its higher life and health sales, improved invested assets, increased productivity and agent count, strong liquidity position and effective capital deployment could pave the way for recovery and sustained growth. GL should benefit from Higher return on capital, favorable growth estimates and the affordability of the stock. It is, therefore, wise to hold on to this Zacks Rank #3 (Hold) stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
Designed to provide broad exposure to the Financials - Broad segment of the equity market, the Invesco S&P 500 Equal Weight Financials ETF (RSPF) is a passively managed exchange traded fund launched on 11/01/2006.
Passively managed ETFs are becoming increasingly popular with institutional as well as retail investors due to their low cost, transparency, flexibility and tax efficiency. They are excellent vehicles for long term investors.
Sector ETFs are also funds of convenience, offering many ways to gain low risk and diversified exposure to a broad group of companies in particular sectors. Financials - Broad is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 2, placing it in top 13%.
Index Details
The fund is sponsored by Invesco. It has amassed assets over $271.83 million, making it one of the average sized ETFs attempting to match the performance of the Financials - Broad segment of the equity market. RSPF seeks to match the performance of the S&P 500 EQUAL WEIGHT FINANCIALS INDEX before fees and expenses.
The S&P 500 Equal Weight Financials Index equally weights stocks in the financial sector of the S&P 500 Index.
Costs
Expense ratios are an important factor in the return of an ETF and in the long term, cheaper funds can significantly outperform their more expensive counterparts, other things remaining the same.
Annual operating expenses for this ETF are 0.40%, making it on par with most peer products in the space.
It has a 12-month trailing dividend yield of 1.41%.
Sector Exposure and Top Holdings
ETFs offer a diversified exposure and thus minimize single stock risk but it is still important to delve into a fund's holdings before investing. Most ETFs are very transparent products and many disclose their holdings on a daily basis.
This ETF has heaviest allocation in the Financials sector--about 100% of the portfolio.
Looking at individual holdings, Cboe Global Markets Inc (CBOE) accounts for about 1.60% of total assets, followed by Truist Financial Corp (TFC) and Globe Life Inc (GL).
The top 10 holdings account for about 15.42% of total assets under management.
Performance and Risk
So far this year, RSPF has gained about 14.40%, and is up about 29.31% in the last one year (as of 09/12/2024). During this past 52-week period, the fund has traded between $48.10 and $68.77.
The ETF has a beta of 1.05 and standard deviation of 13.82% for the trailing three-year period. With about 72 holdings, it effectively diversifies company-specific risk.
Alternatives
Invesco S&P 500 Equal Weight Financials ETF holds a Zacks ETF Rank of 2 (Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, RSPF is a great option for investors seeking exposure to the Financials ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well.
Vanguard Financials ETF (VFH) tracks MSCI US Investable Market Financials 25/50 Index and the Financial Select Sector SPDR ETF (XLF) tracks Financial Select Sector Index. Vanguard Financials ETF has $9.80 billion in assets, Financial Select Sector SPDR ETF has $43.50 billion. VFH has an expense ratio of 0.10% and XLF charges 0.09%.
Bottom Line
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
Zacks Investment Research
Issuer & Securities
Issuer/ Manager TORCHMARK CORPORATION Securities
Name ISIN Stock Code TORCHMARKCUS$125M5.275%N571117 US891027AR59 85GB Stapled Security No
Announcement Details
Announcement Sub Title Globe Life Inc-8-K 2024 Senior Notes Offering Announcement Reference SG240827OTHR3V1G Submitted By (Co./ Ind. Name) Chris Moore Designation Corporate Senior Vice President, Associate Counsel and Corporate Secretary Effective Date and Time of the event 26/08/2024 17:00:00 Description (Please provide a detailed description of the event in the box below) GL-Globe Life Inc 8-K as filed with the U. S. Security Exchange Commission on Aug 26, 2024.- 8-K 2024 Senior Notes Offering.
Attachments For Public Dissemination
Globe Life Inc- 8-K -2024 Senior Notes Offering- 8-26-24.pdf
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