Globe Life Tightens FY22 Outlook; Co-CEOs To Step Down

(RTTNews) - While reporting its results for the third quarter, Globe Life Inc. (GL) tightened its full year 2022 outlook.

Globe Life now projects net operating income per share in the range of $8.00 to $8.20 for the year ending December 31, 2022. Previously, the company expected net operating income per share in the range of $7.90 to $8.30 for the year ending December 31, 2022. Analysts polled by Thomson Reuters currently estimate earnings of $8.03 per share for the year.

For the year ending December 31, 2023, the company estimates net operating income per share, to be in the range of $9.00 to $9.70. Analysts currently estimate earnings of $9.40 per share.

Separately, Globe Life announced Co-Chairmen and Co-Chief Executive Officers Gary Coleman and Larry Hutchison will step down as Co-Chief Executive Officers, effective December 31, 2022. They will continue to serve in an executive capacity as Co-Chairmen of the Board of Directors on and after such date.

The company's board has appointed Matthew Darden, currently Globe Life's Senior Executive Vice President and Chief Strategy Officer, and Frank Svoboda, currently Globe Life's Senior Executive Vice President and Chief Financial Officer, as Co-Chief Executive Officers, effective January 1, 2023.