United American Insurance Company
| Company type | Public |
|---|---|
| Industry | Financial services |
| Predecessor | Liberty National Life Insurance Company |
| Founded | 1900 |
| Headquarters | McKinney , United States |
Area served | United States |
| Products | Life insurance, annuities, supplemental health insurance |
| Website | globelife |
Globe Life Inc. (GL) is an American financial services holding company publicly listed on the New York Stock Exchange. It operates through various subsidiaries offering life insurance, annuities, and supplemental health insurance solutions. The company’s main office is located in McKinney, Texas.
History
The roots of Globe Life date back to 1900 with the establishment of Liberty National Life Insurance Company, which began as the Heralds of Liberty, a fraternal benefit organization originally based in Birmingham, Alabama, before relocating its headquarters to McKinney, Texas in 2006.
In 1980, Liberty National purchased Globe Life And Accident Insurance Company and created the holding entity Torchmark Corporation. Following this, the company expanded by acquiring United Investors Life Insurance Company (UIL), United American Insurance Company, and Waddell and Reed Financial in 1981, and later American Income Life Insurance Company in 1994. Waddell and Reed Financial was spun off from Torchmark in 1998.
The corporate headquarters were shifted from Birmingham to McKinney starting in 2006. In 2010, UIL was divested to Protective Life Corporation. Growth continued with the acquisition of Family Heritage Life Insurance Company of America in 2012, which was rebranded as Globe Life Family Heritage Division in 2019.
In 2014, Globe Life obtained the naming rights for Globe Life Park in Arlington, home stadium of Major League Baseball’s Texas Rangers; these naming rights were extended to Globe Life Field through the year 2048.
A legal dispute arose in 2001 involving a civil racketeering lawsuit concerning control over Waddell & Reed Financial after its spin-off. The judiciary ultimately ruled in favor of Torchmark.
On August 8, 2019, Torchmark Corporation underwent a name change to become Globe Life Inc., along with a ticker symbol update from "TMK" to "GL".
On April 11, 2024, Globe Life’s stock value fell by more than 53% following allegations of insurance fraud made by short seller Fuzzy Panda Research; the company refuted these accusations. After completing an internal review by July 2024, share prices rebounded to levels seen before the incident by August. Nevertheless, on December 4, 2024, fresh short-seller allegations regarding office shutdowns and staff reductions triggered another decline in stock value. Globe Life responded by clarifying that it was shifting towards a virtual operational model following the Covid pandemic.
Subsidiaries
- 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 Family Heritage Life Insurance Company of America)