Globe Life (GL) issued the following statement refuting the allegations raised in a report published today by Viceroy Research: “Following the rapid onset of the pandemic, American Income Life (AIL) and its independent agency owners began transitioning to a virtual business model, which in turn led many agency owners to realign their real estate portfolios. By enabling our agents to work virtually, providing work flexibility and eliminating overhead costs to better build their own businesses, AIL’s agent count increased from over 8,000 agents in March of 2020 to over 12,000 in November of 2024. This virtual business model has helped enable the Globe Life family of companies to issue more life insurance policies and protect more policyholders than any other life insurance company in the country, with more than 17 million policies in force. Once again, an opportunistic short seller has presented a false picture of AIL’s presence across the country. To be clear, every single business named in the report is still in operation. We verified that the report listing of disconnected phone numbers is inaccurate and misleading. These independent agency offices operate from various virtual and physical locations, allowing agents to service customers across the country more efficiently. The short seller’s misrepresentation of our strategy is yet another dishonest and cynical effort to harm the Company’s reputation, manufacture a drop in the stock price, and reap a short-term profit at the expense of our people, our investors, and the millions of individuals and families we protect.”
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Read More on GL:
- Globe Life Introduces Executive Severance Plan
- Globe Life board approved authorization to repurchase up to $1.8B of stock
- Globe Life price target raised to $132 from $115 at Evercore ISI
- Globe Life price target raised to $105 from $90 at Truist
- Globe Life price target raised to $130 from $118 at Piper Sandler
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