Globe Life
 | |
| Formerly | Torchmark Corporation (1980–2019) |
|---|---|
| Company type | Public |
| Industry | Life insurance |
| Founded | 1900 in Birmingham, Alabama, U.S. |
| Headquarters | McKinney, Texas, U.S. |
Key people | Matthew Darden (CEO) and Frank M. Svoboda (CEO) |
| Revenue |  US$5.2 billion (2022) |
| US$806.34 million (2022) | |
| US$739.704 million (2022) | |
| Total assets | US$25.5 billion (2022) |
| Total equity | US$6.2 billion (2022) |
Number of employees | 3,636 (December 2023) |
| Website | globelifeinsurance |
| Footnotes / references [1] | |
Globe Life (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
[edit]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.[2]
In 1980, Liberty National acquired Globe Life And Accident Insurance Company and formed the holding company, Torchmark Corporation.[3]
In 1981, TMK acquired United Investors Life Insurance Company (UIL), United American Insurance Company, and Waddell and Reed Financial.[4]
In 1994, TMK acquired American Income Life Insurance Company.[3]
In 1998, TMK spun off Waddell and Reed Financial, a mutual fund subsidiary.[5]
In 2006, TMK began moving its headquarters from Birmingham, AL to McKinney, TX.[2]
In 2010, TMK sold United Investors Life Insurance Company (UIL) to Protective Life Corporation.[6]
In 2012, TMK acquired Family Heritage Life Insurance Company of America (FHL).[7] It was renamed Globe Life Family Heritage Division in 2019.[8]
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.[9] The naming rights were eventually transferred to Globe Life Field, the Rangers' new home park, alongside extending the naming rights through 2048.[10]
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.[11] 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.[12]
On August 8, 2019, Torchmark Corporation was renamed to Globe Life and its ticker symbol changed from "TMK" to "GL".[13]
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.[14] 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.[15] 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.[16][17] 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.[17]
Subsidiaries
[edit]- Globe Life Liberty National Division, McKinney, Texas
- Globe Life And Accident Insurance Company, Oklahoma City, Oklahoma
- United American Insurance Company, McKinney, Texas
- American Income Life Insurance Company, Waco, Texas
- Globe Life Family Heritage Division (previously known as Family Heritage Life Insurance Company of America)[8]
See also
[edit]References
[edit]- ^ "Globe Life 2022 Annual Report". Globe Life. Retrieved 2023-11-15.
- ^ a b "Torchmark Moves Headquarters to McKinney". Retrieved 29 June 2015.
- ^ a b Best's Insurance Reports Life/Health United States & Canada 2008 Edition Volume I
- ^ "History of Waddell and Reed". Retrieved 29 June 2015.
- ^ "TMK Spins off Waddell and Reed". Retrieved 29 June 2015.
- ^ "TMK Subsidiary Sells United Investors Life Insurance Company". Retrieved 29 June 2015.
- ^ "TMK Buys Family Heritage". Retrieved 29 June 2015.
- ^ a b "Globe Life Family Heritage Division | History". www.globelifefamilyheritage.com. Retrieved 2019-12-19.
- ^ "ESPN-Rangers Sell Stadium Naming Rights". Retrieved 29 June 2015.
- ^ Reichard, Kevin (2017-08-24). "Globe Life Retains Rangers Ballpark Naming Rights". Ballpark Digest. Retrieved 2022-01-14.
- ^ "Spinoff company sues for racketeering". Archived from the original on 2013-11-05. Retrieved 2013-10-24.
- ^ 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).
- ^ Allison Bell (26 July 2019). "Torchmark to Change Its Name to Globe Life". ThinkAdvisor. Retrieved 29 July 2019.
- ^ "Nasdaq: Globe Life, Inc. Common Stock". Nasdaq. 11 April 2024. Archived from the original on 2024-04-12. Retrieved 11 April 2024.
- ^ Manya Saini and Niket Nishant (12 April 2024). "Globe Life shares dive after Fuzzy Panda takes short position". Reuters. Retrieved 12 April 2024.
- ^ "Globe Life Inc. (GL)". Yahoo Finance. 29 August 2024. Retrieved 29 August 2024.
- ^ a b Rajbhandari, Alexandre (December 4, 2024). "Globe Life Shares Sink on Short Seller 'Empty Office' Claims". BNN Bloomberg.
External links
[edit]- Official website
- Business data for Globe Life Inc.: