(Reuters) -Life and supplemental health insurance company Globe Life reported a rise in second-quarter profit on Wednesday, driven by stronger underwriting performance. Despite economic uncertainty, demand for life insurance has remained strong as consumers focus on protecting their finances amid rising living expenses. Additionally, technological advancements and digital distribution channels have made access to insurance […]
Health
Globe Life’s second-quarter profit rises on strong underwriting
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(Reuters) -Life and supplemental health insurance company Globe Life reported a rise in second-quarter profit on Wednesday, driven by stronger underwriting performance.
Despite economic uncertainty, demand for life insurance has remained strong as consumers focus on protecting their finances amid rising living expenses.
Additionally, technological advancements and digital distribution channels have made access to insurance policies easier for younger demographics, supporting sustained growth in the sector.
The McKinney, Texas-based company’s life underwriting margin increased 6% over the year-ago quarter.
Insurance underwriting income grew 15% in the second quarter ended June 30, reaching $4.28 per share. Net investment income, however, decreased 1%, compared to the same period last year.
Insurers, including Globe Life, typically invest a portion of their capital across various asset classes, such as fixed-income securities and equities, generating returns that tend to align with broader market trends.
Diluted net income per share for the quarter rose to $3.05, up from $2.83 per share a year earlier.
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Mohammed Safi Shamsi)