Globe Life Inc.

the Globe Live second quarter 2024 earnings release conference call. Throughout today's recorded presentation, all participants will be in a listen-only mode. Later, we will conduct a question-and-answer session. You may register for questions by pressing star 1 on your telephone keypad. And now, I'd like to hand the call over to Stephen Mota. Please go ahead.

Thank you. Good morning, everyone. Joining the call today are Frank Sabota and Matt Darden, our co-chief executive officers, Tom Kambach, 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. Importantly, 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 discussion of these terms and reconciliations to GAAP measures. I'll now turn the call over to Frank.

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 a 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 30th 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 30th is $82.38, up 14% from a year ago. Before we continue, We would like to address in advance the status of the independent review conducted by the Audit Committee of GlobeLife's Board of Directors regarding allegations levied against the company by short sellers. On June 22, 2024, GlobeLife filed an 8 addressing this matter. As noted in the 8 , 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 GlomerHale and the forensic accounting firm FTI Consulting. The scope of the independent review included all allegations that raised 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. As stated, the Audit Committee has completed its review and determined that the allegations of financial misconduct were not supported. Additionally, the independent review did not identify any matters requiring adjustments to the company's previously issued financial statements or related disclosures in its filings with the Securities and Exchange Commission. We believe the allegations were false and misleading and were designed to drive down globalized stock price in an effort for the short sellers to profit at the expense of our long-term shareholders. The company stands by its financial results and disclosures, which remain accurate and do not require any adjustment. In addition, the audit committee reviewed and confirmed that the company has policies and procedures in place designed to safeguard the quality of the work experience. Compliance with our code of conduct both internally and in connection with our third-party relationships, is and will continue to be a key focus area for management.