Globe Life

{{Infobox company

| name = Globe Life Inc.

| logo = Globe_Life_logo.svg

| logo_size = 180px

| former_name = Torchmark Corporation (1980–2019)

| type = Public

| traded_as = {{ubl|{{NYSE|GL}}|S&P 500 component}}

| founded = {{Start date and age|1900}} in Birmingham, Alabama, U.S.

| hq_location = McKinney, Texas, U.S.

| key_people = {{ubl|Matthew Darden (co-CEO) | Frank M. Svoboda (co-CEO) }}

| industry = Life insurance

| revenue = {{increase}} {{USD|5.78 billion|link=yes}} (2024)

| operating_income = {{increase}} {{USD|1.33 billion}} (2024)

| net_income = {{nowrap|{{increase}} {{USD|1.07 billion}} (2024)}}

| assets = {{increase}} {{USD|29.1 billion}} (2024)

| equity = {{increase}} {{USD|5.31 billion}} (2024)

| num_employees = 3,732 (2024)

| website = {{url|globelifeinsurance.com}}

| footnotes = {{Cite web |title=Globe Life 2024 Annual Report (Form 10-K) |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/320335/000032033525000013/gl-20241231.htm |date=2025-02-26 |access-date=2025-02-27 |publisher=U.S. Securities and Exchange Commission}}

}}

Globe Life Inc. (GL) is an American financial services holding company listed on the New York Stock Exchange which operates through its wholly owned subsidiaries providing life insurance, annuity, and supplemental health insurance products. The company is based in McKinney, Texas.

History

The original core of Globe Life, Liberty National Life Insurance Company was founded in 1900 as the Heralds of Liberty, a fraternal benefit society. The company was headquartered in Birmingham, Alabama, until 2006 when it moved to McKinney, Texas.{{cite web|title=Torchmark Moves Headquarters to McKinney|url=http://www.marketwatch.com/story/torchmark-to-move-headquarters-to-mckinney-texas|access-date=29 June 2015}}

In 1980, Liberty National acquired Globe Life And Accident Insurance Company and formed the holding company, Torchmark Corporation.Best's Insurance Reports Life/Health United States & Canada 2008 Edition Volume I

In 1981, TMK acquired United Investors Life Insurance Company (UIL), United American Insurance Company, and Waddell and Reed Financial.{{cite web|title=History of Waddell and Reed |url=http://www.referenceforbusiness.com/history2/29/Waddell-Reed-Inc.html|access-date=29 June 2015}}

In 1994, TMK acquired American Income Life Insurance Company.

In 1998, TMK spun off Waddell and Reed Financial, a mutual fund subsidiary.{{cite web|title=TMK Spins off Waddell and Reed|url=https://www.nytimes.com/1998/01/03/business/company-news-torchmark-to-spin-off-waddell-reed-mutual-fund-unit.html?ref=topics|access-date=29 June 2015}}

In 2006, TMK began moving its headquarters from Birmingham, AL to McKinney, TX.

In 2010, TMK sold United Investors Life Insurance Company (UIL) to Protective Life Corporation.{{cite web|title=TMK Subsidiary Sells United Investors Life Insurance Company|url=http://www.prnewswire.com/news-releases/torchmark-subsidiary-to-sell-united-investors-life-insurance-company-102851389.html|access-date=29 June 2015}}

In 2012, TMK acquired Family Heritage Life Insurance Company of America (FHL).{{cite web|title=TMK Buys Family Heritage|url=https://finance.yahoo.com/news/torchmark-buy-family-heritage-204940934.html|access-date=29 June 2015}} It was renamed Globe Life Family Heritage Division in 2019.{{Cite web|url=https://www.globelifefamilyheritage.com/About/History#tl2019|title=Globe Life Family Heritage Division {{!}} History|website=www.globelifefamilyheritage.com|access-date=2019-12-19}}

On February 5, 2014, Torchmark's subsidiary Globe Life purchased the naming rights of Globe Life Park in Arlington, formerly Rangers Ballpark in Arlington, the home of Major League Baseball's Texas Rangers Baseball Club located in Arlington, TX.{{cite web|title=ESPN-Rangers Sell Stadium Naming Rights|url=https://www.espn.com/dallas/mlb/story/_/id/10407792/texas-rangers-sell-stadium-naming-rights-globe-life|access-date=29 June 2015}} The naming rights were eventually transferred to Globe Life Field, the Rangers' new home park, alongside extending the naming rights through 2048.{{Cite web|last=Reichard|first=Kevin|date=2017-08-24|title=Globe Life Retains Rangers Ballpark Naming Rights|url=https://ballparkdigest.com/2017/08/24/globe-life-retains-rangers-ballpark-naming-rights/|access-date=2022-01-14|website=Ballpark Digest|language=en-US}}

In August 2001, a mutual fund company filed a civil racketeering suit against Torchmark Corp., which accused Torchmark Corp. and its former chief executive of scheming to continue control over Waddell & Reed Financial Inc. after Torchmark spun it off in 1998.{{cite web|url=http://cjonline.com/stories/080201/bus_torchmark.shtml|title=Spinoff company sues for racketeering|access-date=2013-10-24|archive-url=https://web.archive.org/web/20131105032121/http://cjonline.com/stories/080201/bus_torchmark.shtml|archive-date=2013-11-05|url-status=dead}} However, in a series of orders dated February 20, 2003, August 20, 2004, and September 28, 2004, the United States District Court for the Northern District of Kansas later granted summary judgment against plaintiff Waddell & Reed and in favor of Torchmark and the other defendants named in the action.See Waddell & Reed Financial, Inc. v. Torchmark Corp., et al, 337 F.Supp. 2d 1243 (D. Kan. 2004)(Civ.A. No. 01-2372-KHV in the United States District Court for the District of Kansas).

On August 8, 2019, Torchmark Corporation was renamed to Globe Life and its ticker symbol changed from "TMK" to "GL".{{cite web|title=Torchmark to Change Its Name to Globe Life|url=https://www.thinkadvisor.com/2019/07/26/torchmark-to-change-its-name-to-globe-life/|publisher=ThinkAdvisor|author=Allison Bell|date=26 July 2019|access-date=29 July 2019}}

On April 11, 2024, Globe Life's share price experienced its biggest single-day decline, falling by 53.14% from $104.93 to $49.17.{{cite web|title=Nasdaq: Globe Life, Inc. Common Stock |url=https://www.nasdaq.com/market-activity/stocks/gl |publisher=Nasdaq|date=11 April 2024|access-date=11 April 2024|archive-url=https://web.archive.org/web/20240412061244/https://www.nasdaq.com/market-activity/stocks/gl|archive-date=2024-04-12|url-status=live}} This came after Fuzzy Panda Research, which had taken a short position on the company, alleged that Globe Life committed numerous instances of insurance fraud, allegations which Globe Life rejected.{{cite web|title=Globe Life shares dive after Fuzzy Panda takes short position|url=https://www.reuters.com/markets/us/globe-life-shares-plummet-after-fuzzy-panda-discloses-short-position-2024-04-11/|publisher=Reuters |author= Manya Saini and Niket Nishant|date=12 April 2024|access-date=12 April 2024}} The company completed a review of the allegations in July, and by August 29th, 2024, the share price had regained its value and closed at $104.98.{{cite web|title=Globe Life Inc. (GL)|url=https://finance.yahoo.com/quote/GL/history/|publisher=Yahoo Finance|date=29 August 2024|accessdate=29 August 2024}}{{Cite web|url=https://www.bnnbloomberg.ca/business/2024/12/04/globe-life-shares-sink-on-short-sellers-empty-office-claims/|title=Globe Life Shares Sink on Short Seller ‘Empty Office’ Claims|first=Alexandre|last=Rajbhandari|date=December 4, 2024|website=BNN Bloomberg}} On December 4, 2024, short seller Fuzzy Panda issued new claims that Globe Life had shuttered offices, suggesting a shrinking workforce, causing its stock to fall again. The company disputed the claims, issuing a statement that since the Covid pandemic, they were transitioning to a virtual business model.