Globe Life Inc. (NYSE:GL) Q3 2024 Earnings Conference Call October 24, 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
Andrew Kligerman - TD Cowen
Elyse Greenspan - Wells Fargo
Wilma Burdis - Raymond James
Suneet Kamath - Jefferies
Thomas Gallagher - Evercore
Ryan Krueger - KBW
Operator
Welcome to the Globe Life Third Quarter 2024 Earnings Release Conference Call. My name is Allen, and I will be your coordinator for today's event. Please note, this call is being recorded. [Operator Instructions] I will now hand you over to your host, Stephen Mota, to begin today's conference. Thank you.
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 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 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 third quarter, net income was $303 million or $3.44 per share compared to $257 million or $2.68 per share a year ago. Net operating income for the quarter was $308 million or $3.49 per share, an increase of 29% from a year ago.
On a GAAP reported basis, return on equity through September 30 is 22.4%, and book value per share is $54.65. Excluding accumulated other comprehensive income, or AOCI, return on equity is 15.3%, and book value per share as of the 30th is $83.92, up 13% from a year ago.
In our life insurance operations, premium revenue for the third quarter increased 4% from the year ago quarter to $819 million. Life underwriting margin was $387 million, up 29% from a year ago. With the increase in life underwriting margin due primarily to a re-measurement gain [indiscernible] unlocking of assumptions. Tom will have more in his comments on this re-measurement gain.