Globe Life Inc. (GL) Earnings Call Transcript & Summary

Good morning. It's 10:00 a.m. and time to begin the meeting. My name is Matt Darden.

And my name is Frank Svoboda. We are the Co-Chairman of the Board, and we would like to welcome you to Globe Life Inc.'s 23rd Annual Shareholders Meeting. Thank you for joining us today. We decided to host a virtual meeting this year to help facilitate attendance and participation by company shareholders. As is our custom, we will answer questions at the end of the meeting that were submitted in accordance with our Shareholders' Rights Policy. Throughout the meeting, if any shareholder wishes to submit any comment on issues reasonably related to management of the company, you may do so via the designated field on the web portal. Out of consideration for others, please limit yourself to one comment. At our discretion, we may not read each such comment, but we'll post any unread pertinent comments on the Investor Relations section of the company's website following the meeting.

On behalf of Globe Life, we'd like to acknowledge the members of our Board of Directors joining us today. But before we do so, we'd like to recognize Jane Buchan, who is retiring from the Board today with over 18 years of Board service. We are grateful for Jane's many valuable contributions to the Board over the years and her steadfast dedication to the long-term success of Globe Life. We wish her the best.

Along with Matt and me, we would like to recognize the members of the Board of Directors joining us on the webcast this morning, including Linda Addison, Marilyn Alexander, Cheryl Alston, Jim Brannen, Jane Buchan, Alice Cho, Steve Johnson, David Rodriguez and Mimi Thigpen. This meeting will be conducted in accordance with accordance with Global Life Inc.'s Shareholders' Rights Policy and the Robert's Rules of Order. We will now call upon Secretary Chris Moore to present proof that the meeting has duly commenced.

Chairman Darden and Chairman Svoboda, this meeting is held pursuant to a printed notice that was mailed on March 18, 2024, to each shareholder of record of the company at the close of business on March 1, 2024. A list of the shareholders entitled to vote at this meeting has been available at the principal executive office of the company, as required by Delaware law, and any shareholder who wishes to examine the list may do so during the meeting via an active link available on the web portal. All of the documents concerning the call and notice of this meeting will be filed in the official records of the company at the conclusion of the meeting. The count of shares immediately preceding commencement of this meeting indicated that approximately 89.43% of the outstanding common stock of the company is represented today either in person or by proxy.

Thank you, Chris. I declare that a quorum is present and the meeting is open for business. The minutes of last year's meeting are available. If anyone would like a copy, please contact Chris at the company's principal executive office address. As stated in the proxy statement, we have 3 proposals subject to shareholder vote. The first proposal is for the election of directors to serve on the Board for a term of 1 year. I now will call upon Chris to nominate the directors.

Chairman Darden and Chairman of Svoboda, I hereby nominate for election as directors of the company: Linda L. Addison, Marilyn A. Alexander, Cheryl D. Alston, Mark A. Blinn, James P. Brannen, Alice S. Cho, J. Matthew Darden, Steven P. Johnson, David A. Rodriguez, Frank M. Svoboda and Mary E. Thigpen to serve for terms expiring on the date of the Annual Meeting of Shareholders of the company in 2025 with all to serve until their respective successors are duly elected and qualified.

Is there a second?

Second.

We have a second, the nominations are declared closed.

Next is the proposal for ratification of independent auditor for the fiscal year 2024. Deloitte & Touche has served as the company's independent auditor for fiscal years 1999 through 2023. The Audit Committee has appointed Deloitte & Touche as the company's independent auditor for the year 2024 and recommends that shareholders approve this appointment. Joining us today from the firm are partners Matt Thomson and Kristen Garner. I will call upon Chris to make a formal motion.

Chairman Darden and Chairman of Svoboda, I move for the ratification and approval of the appointment of Deloitte & Touche LLP as the independent auditor of the company and its subsidiaries for the year 2024.

Is there a second?

Second. The third proposal relates to an advisory and nonbinding vote on the 2023 compensation of the company's named executive officers as set out in the company's proxy statement for the 2024 Annual Meeting of Shareholders. I will now call upon Chris to make the formal motion.

Chairman Darden and Chairman Svoboda, I move for the adoption of the following resolution, resolved that the company's shareholders hereby approved on an advisory basis, the compensation of the named executive officers as disclosed in the company's proxy statement for the 2024 Annual Meeting of Shareholders, pursuant to the executive compensation disclosure rules of the Securities and Exchange Commission, which disclosure includes the compensation discussion and analysis, the compensation tables and related compensation disclosures.

Is there a second?

Second. If there are any shareholders who have not yet voted and wish to vote at this time, they may do so by clicking on the voting link in the e-mail receipt for admittance to this meeting and following the instructions on the voting website. Shareholders who have sent in proxies or voted via the telephone or Internet do not need to take any further action. We will now pause briefly to allow any shareholder, who has not yet finished voting time to do so. Now that everyone has had the opportunity to vote, I declare the voting closed, and ask Nancy Petersen, the representative of our stock transfer agent, EQ, to give us a tally.

Chairman Darden and Chairman Svoboda, the ballots have been counted, and more than a majority of the voting stock of the company represented in person or by proxy at this meeting has been voted for the election of each of the director nominees and for the ratification of the appointment of Deloitte & Touche LLP as the independent auditor for the company for the year 2024. On a nonbinding advisory basis, a majority of the voting stock of the company represented in person or by proxy at this meeting has been voted to approve the 2023 compensation of the company's named executive officers in the proxy statement.

Thank you. You have heard the results of the balloting. The company will be filing a Form 8-K with the Securities and Exchange Commission following the meeting to report the final voting results. Now it is time for the question and comment period, and I will recognize Chris Moore.

Chairman Darden and Chairman Svoboda, this year, we received no questions from shareholders submitted in advance in writing in accordance with the Shareholders' Rights Policy. At this time, I would ask Mike Majors, the company's Executive Vice President, Policy Acquisition and Chief Strategy Officer and the moderator for purposes of this meeting, if there are any comments submitted via the web portal to be read at this time.

There are no pertinent comments to be read at this time. As a reminder, I think shareholders have questions or comments related to the management of the company, you're always free to contact directly, read the Investor Relations section of our company's website. and that is investors.globlifeinsurance.com.

Thank you, Mike. If there is no other business this morning, I will entertain a motion for adjournment. So moved, second?

Second.

Thank you. That concludes the meeting, and thank you for participating, and have a good day.