Globe Life Inc.

Welcome to the Globe Life first quarter 2025 earnings release conference call. My name is Alan and I'll be your coordinator for today's event. Please note this call is being recorded and for the duration, your lines will be on listen only. However, you will have the opportunity to ask questions at the end. This can be done by pressing star one on your telephone keypad. If you require assistance at any time, please press star zero and you'll be connected to an operator. I will now hand you over to your host, Stephen Mota, Senior Director of Investor Relations, to begin today's conference. Thank you.

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. Accordingly, please refer to our earnings release in 2024 10-K on file with the SEC. Some of our comments may also contain on gap measures. Please see our earnings release and website for discussion of these terms and reconciliations to gap measures. I will now turn the call over to Frank.

Thank you, Stephen, and good morning, everyone. In the first quarter, net income was $255 million, or $3.01 per share, compared to $254 million or $2.67 per share, a year ago. Net operating income for the quarter was $259 million, or $3.07 per share, an increase of 10% from a year ago and slightly higher than our internal projections. On a GAAP-reported basis, return on equity through March 31st is 19%, and book value per share is $64.50. Excluding Accumulated Comprehensive Income, or AOCI, Return on equity is 14.1%, and book value per share as of March 31st is $87.92, up 11% from a year ago. In our life insurance operations, premium revenue for the first quarter increased 3% from the year-ago quarter to $830 million. Life underwriting margin was $337 million, up 9% from a year ago, driven by premium growth and lower overall policy obligations. For the year, we expect life premium revenue to grow around 4%. As a percent of premium, we anticipate life underwriting margin to be between 42% and 44%. In health insurance, premium revenue grew 8% to $370 million, while health underwriting margin was down 10% to $85 million due primarily to higher claim costs at United American resulting from higher utilization. For the year, we expect health premium revenue to grow in the range of 7.5% to 8.5% and anticipate health underwriting margin as a percent of premium to be between 24% and 26%. Administrative expenses were $88 million for the quarter. The increase over the year-ago quarter is primarily due to higher information technology, employee, and legal costs. For the year, we expect administrative expenses to be approximately 7.4% of premium. I will now turn the call over to Matt for his comments on the first quarter marketing operations.