Globe Life Inc. (NYSE:GL) Q2 2024 Earnings Conference Call July 25, 2024 11:00 AM ET
Company Participants
Stephen Mota - Senior Director-Investor Relations
Frank Svoboda - Co-Chief Executive Officer
Matt Darden - Co-Chief Executive Officer
Thomas Kalmbach - Chief Financial Officer
Mike Majors - Chief Strategy Officer
Brian Mitchell - General Counsel.
Conference Call Participants
Jimmy Bhullar - JPMorgan
Wesley Carmichael - Autonomous Research
John Barnidge - Piper Sandler
Suneet Kamath - Jefferies
Elyse Greenspan - Wells Fargo
Ryan Krueger - KBW
Wilma Burdis - Raymond James
Thomas Gallagher - Evercore
Operator
(Abrupt Start) Globe Life Second Quarter 2024 Earnings Release Conference Call. [Operator Instructions]. And now I'd like to hand the call over to Stephen Mota. Please go ahead.
Stephen Mota
Thank you. Good morning, everyone. Joining the call today are Frank Svoboda and Matt Darden, our Co-Chief Executive Officers; 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, 2023 10-K and any subsequent Forms 10-Q on file with the SEC. Some of our comments may also contain non-GAAP measures. Please see our earnings release and website for a 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. In the second quarter, net income was $258 million or $2.83 per share compared to $215 million or $2.24 per share a year ago. Net operating income for the quarter was $271 million or $2.97 per share, an increase of 14% from a year ago.
On a GAAP reported basis, return on equity through June 30 is 20.8% and book value per share is $58.06. Excluding accumulated other comprehensive income or AOCI, return on equity is 14.5% and book value per share as of June 30 is $82.38, up 14% from a year ago.
Before we continue, we would like to address and advance the status of the independent review conducted by the Audit Committee of Globe Life's Board of Directors regarding allegations levied against the company by short sellers.
On June 22, 2024, Globe Life filed an 8-K addressing this matter. As noted in the 8-K, the Audit Committee of our Board of Directors conducted an independent investigation of allegations contained in various short seller reports. The Audit Committee was assisted in its review by the law firm, WilmerHale, and the forensic accounting firm, FTI Consulting. The scope of the independent review included all allegations that raise specific questions about the accuracy and integrity of the company's financial statements and disclosures. It also included the company's process for preventing, identifying and responding to misconduct.