Globe Life Inc. (GL) Q1 2023 Earnings Call Transcript

Globe Life Inc. (NYSE:GL) Q1 2023 Earnings Conference Call May 4, 2023 11:00 AM ET

Company Participants

Stephen Mota - Senior Director, Customer Relations

Frank Svoboda - Co-Chief Executive Officer

Matt Darden - Co-Chief Executive Officer

Tom Kalmbach - Chief Financial Officer

Conference Call Participants

Jimmy Bhullar - JPMorgan

Wes Carmichael - Wells Fargo

John Barnidge - Piper Sandler

Erik Bass - Autonomous Research

Ryan Krueger - KBW

Andrew Kligerman - Credit Suisse

Wilma Burdis - Raymond James

Operator

Hello and welcome to Globe Life's First [ph] Quarter 2022 Earnings Call. My name is Melissa and I will be your coordinator for today's event. Please note this conference is being recorded. And for the duration of the call your lines will be listen-only. [Operator Instructions]

I will now hand the call over to your host Stephen Mota, Senior Director of Customer Relations to begin today's conference. Thank you. Stephen you may begin.

Stephen Mota

Thank you. Good morning everyone. Joining the call today are Frank Svoboda and Matt Darden, our Co-Chief Executive Officer; Tom Kalmbach, our Chief Financial Officer; Mike Majors, our Chief Strategy Officer; and Brian Mitchell, our General Counsel.

Some of our comments or answers to your questions may contain forward-looking statements that are provided for general guidance purposes only. Accordingly, please refer to our earnings release and 2022 10-K on file with the SEC. Some of our comments may also contain non-GAAP measures. Please see our earnings release and website for discussion of these terms and reconciliations to GAAP measures.

I will now turn the call over to Frank.

Frank Svoboda

Thank you, Stephen and good morning everyone. I would note here that our reported results for the first quarter of 2023 and 2022 reflects the adoption on January 1st, 2023 of the new LDTI accounting guidance.

First, I want to thank the many members of our accounting, actuarial, investment, and technology teams for getting us ready to adopt this new accounting guidance this quarter. It was a substantial project and they did a fantastic job. Tom will discuss the new guidance in more detail in his comments.

In the first quarter, net income was $224 million or $2.28 per share compared to $237 million or $2.37 per share a year ago. Net operating income for the quarter was $248 million or $2.53 per share, an increase of 4% from a year ago.