GL

Globe Life is a boring-but-durable underwriter of basic life and supplemental health insurance to the lower-middle/middle-income market, a niche it has served for 60+ years with essentially the same products and a self-described distribution and data advantage. The numbers back the moat: revenue has climbed every year from $5.11B (FY21) to $5.99B (FY25), net income from $1.03B to $1.16B, and the MD&A shows the underlying drivers healthy — total premium +5%, health premium +9%, net sales +13%, and average producing agent count +3%. This is steady, real growth, not financial engineering.

Profitability is genuinely strong for an insurer: 19.4% net margin, 19.4% ROE (management cites a 20.9% GAAP ROE including AOCI), and diluted EPS jumped 17.8% to $14.07. Roughly half of that EPS growth is buyback leverage — the company repurchased $881M of stock in FY25 and shrank the share count 6.2%, at an average price ($126.41) well below today's $178.68. Management retiring stock cheaply, growing book value per share 19% to $74.17 (11% ex-AOCI to $96.16), and paying a modest, well-covered dividend ($86M vs $1.4B operating cash flow) is exactly the capital-allocation profile you want. Operating cash flow of $1.40B comfortably funds it all.