Globe Life Inc. (NASDAQ: (GL) stock gained by 1.03% at the last close whereas the GL stock price declines by 2.52% in the pre-market trading session. Globe Life is a New York Stock Exchange-listed financial services holding company that offers life insurance, annuities, and additional health insurance through its fully owned subsidiaries. The company’s headquarters are in McKinney, Texas.
GL stock’ Financial Update
Globe Life Inc. announced its financial outcomes for the third quarter of 2021, which are stated below:
- Total income generated for the third quarter of 2021 was $1.84 per diluted common share whereas it was $1.76 per diluted common share in the third quarter of 2020.
- The net operating income calculated at the end of third quarter 2021 was $1.78 per diluted common share whereas for the previous year’s third quarter t was $1.75 per diluted common share.
Business Updates during Covid-19
COVID life claims were $82 million for the nine months ending September 30, 2021, with roughly $33 million in the third quarter. The effect of the Delta variation, which led to substantially higher infection rates and mortality totals, drove up COVID claims in the third quarter considerably more than expected. COVID fatalities in the United States reached 95,000 in the third quarter, according to the Centers for Disease Control and Prevention. COVID fatalities were centered in regions and younger age groups where the Company has more risk exposure than in previous times, as compared to previous periods. As a result, COVID life claims climbed to roughly $3.5 million per 10,000 U.S. deaths in the third quarter, up from an average of approximately $2 million per 10,000 U.S. deaths in previous periods.
Moreover,
Based on an anticipated 75,000 to 125,000 COVID fatalities in the fourth quarter in the United States, they estimate COVID life claims will be between $110 million and $125 million for the entire year. COVID fatalities are expected to remain high until 2022, with the projected effect included in their advice.
