Globe Life Inc.

Hello, and welcome to Globe Life, Inc. first quarter earnings release call. My name is Morgan, and I will be your coordinator for today's event. Please note, this call is being recorded. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. I will now hand you over to your host, Stephen Moda, Vice President 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 Kombach, 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 2025 10K on file with the SEC. Some of our comments may also contain non-GAAP measures. Please see our earnings release and website discussion of these terms and reconciliations to GAAP measures. I will now turn the call over to Frank.

Thank you, Stephen, and good morning, everyone. In the first quarter, net income was $271 million, or $3.39 per share. compared to $255 million, or $3.01 per share, a year ago. Net operating income for the quarter was $274 million, or $3.43 per share, an increase of 12% over the $3.07 per share from a year ago. We are very pleased with the results of our operations this quarter. Despite the challenges faced by working class Americans in the current economic environment, Gold Life has now produced double-digit growth in net operating income per share in seven of the last eight quarters, and the one quarter that didn't have double-digit growth was close at 8%. On a GAAP-reported basis, return on equity through March 31st is 17.9%, and book value per share is $77.03. Excluding accumulated other comprehensive incomes, or AOCI, return on equity is 14%, and the book value per share as of March 31st is $98.56, up 12% from a year ago.