First Take 2Q26 Earnings: Solid Results, More Work on Health Segment

研报英文原文证据摘录

First Take 2Q26 Earnings: Solid Results, More Work on Health Segment

Update

July 22, 2026 10:16 PM GMT

Morgan Stanley & Co. LLCMGlobe Life Inc | North America Bob Jian Huang

Equity Analyst

First Take 2Q26 Earnings: Solid Bob.Huang@morganstanley.comJie Cheng +1 212 761-6136

Research Associate

Jie.Cheng1@morganstanley.com +1 212 761-3878

Results, More Work on Health

Globe Life Inc (GL.N, GL UN)

Insurance - Life/Annuity | United States of AmericaSegment

Stock Rating Overweight

Industry View Attractive

Price target $208.00

AlphaSignals Earnings Reaction Shr price, close (Jul 22, 2026) $184.00

Mkt cap, curr (mm) $14,517

Unchanged Modest shortfall Modest revision higher 52-Week Range $186.71-120.16

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Solid results broadly, focusing on Health: Globe Life delivered solid overall results,

supported by continued strength in the Life Segment. Life business has remained

consistent over the past several years, supported by disciplined underwriting and

steady growth, while ongoing buybacks also supported EPS. These results gave

management room to raise full-year guidance, implying an incremental earnings

could accelerate in the back half of the year. Health Segment was a bit more

challenged in our view. This could be due to pressure in the United American book,

resulting in benefit ratio being worse than expected. That said, we view the Health

headwind as manageable for now, particularly with guidance holding steady despite

the miss. Overall, we remain constructive on the fundamentals and reiterate our

Overweight rating.

What We Liked

• Guidance: Raised 2026 EPS guidance by $0.10 or 1% at midpoint to $15.55-