Model Update - Modest Adjustment to 2026E EPS

Research evidence excerpt

Model Update - Modest Adjustment to 2026E EPS

C O M PA N Y N O T E

J u n e 1 1 , 2 0 2 6

Globe Life, Inc. (GL) Overweight

CONCLUSION PRICE: US$162.52

We updated our earnings model to account for company EPS guidance for 2026E of TARGET: US$175.00

$15.40-$15.90. We incrementally improved underwriting margins throughout and net Our $175 PT is based on a multiple of ~10x our

investment income. Our new model aligns more closely with the 2026E diluted EPS forward (2027E) earnings estimate of $16.70.

midpoint of $15.65, based on management's guidance.

Paul Newsome, CFA, CPCU

Managing Director, Piper Sandler & Co.

• We are raising our 2026 EPS estimates, while 2027E remain unchanged. We are 312 281-3445, paul.newsome@psc.com

modestly increasing our full-year 2026 estimate to $15.63 from $15.50 reflecting our Cam Bianchi

model refinements improving underwriting margin and net investment income. Our full- Research Analyst, Piper Sandler & Co.

year 2027 estimate of $16.70 remains unchanged. 612 456-9841, cam.bianchi@psc.com

Changes Previous Current

• We remain Overweight on Globe Life: GL is another defensive pick since, most of its Rating — Overweight

products are more underwriting profit focused than investment focused. It is less affected Price Tgt — US$175.00

by any negative credit cycles. In the meantime, its distribution continues to grow, and it FY26E EPS US$15.50 US$15.63

looks quite capable of delivering solid EPS growth at a historically lower P/E multiple. FY27E EPS — US$16.70

Market Cap. (mil) US$12,837.5RISKS TO ACHIEVEMENT OF PT & RECOMMENDATION Book Value/Share US$77.03Risks include the economy, interest rates and mortality & morbidity.

Tang. Book/Share $86.36

COMPANY DESCRIPTION Price/Book 211%