Globe Life (GL)
Market Price (11/13/2026): $160.31 | Market Cap: $12.1 BilInvestor Relations Sector: Financials | Industry: Life & Health Insurance
Globe Life (GL)
Market Price (11/13/2026): $160.31Market Cap: $12.1 BilSector: FinancialsIndustry: Life & Health Insurance
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.1%, FCF Yield is 11% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21% Stock buyback supportStock Buyback 3Y Total is 2.8 Bil Low stock price volatilityVol 12M is 21% Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, Fintech & Digital Payments, and AI in Financial Services. Themes include Geriatric Care, Show more. | Weak multi-year price returns3Y Excs Rtn is -31% | Short seller reportFuzzy Panda Research report on 4/11/2024. Key risksGL key risks include [1] a Department of Justice probe and class action lawsuits over allegations of widespread fraud at its AIL subsidiary, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.1%, FCF Yield is 11% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21% |
| Stock buyback supportStock Buyback 3Y Total is 2.8 Bil |
| Low stock price volatilityVol 12M is 21% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, Fintech & Digital Payments, and AI in Financial Services. Themes include Geriatric Care, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -31% |
| Short seller reportFuzzy Panda Research report on 4/11/2024. |
| Key risksGL key risks include [1] a Department of Justice probe and class action lawsuits over allegations of widespread fraud at its AIL subsidiary, Show more. |
Qualitative Assessment
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Oct 23: down 8.1% in one day (S&P 500 down 0.5%)
The stock declined significantly following reports that Globe Life's Q3 2026 earnings missed estimates due to weak underwriting income and rising expenses. These factors offset higher premiums and investment income in the quarter.
Down 16.6% from its Aug 6 high to Oct 23, up 3.4% since (S&P 500 down 1.1%)
This decline largely lacked company news, with the market showing only a minor decrease. Its largest drops on August 19 and September 8 had no reported headlines, while October 23 related to Q3 earnings.
Oct 22: down 0.7% the day after its Oct 21 earnings report (S&P 500 down 1.2%)
The stock saw a minor dip as Q3 earnings missed estimates for both EPS and revenue. This negative news was largely offset by a broader market downturn that drove an uptick in defensive stocks.
Oct 23: down 8.1% in one day (S&P 500 down 0.5%)
The stock declined significantly following reports that Globe Life's Q3 2026 earnings missed estimates due to weak underwriting income and rising expenses. These factors offset higher premiums and investment income in the quarter.
Down 16.6% from its Aug 6 high to Oct 23, up 3.4% since (S&P 500 down 1.1%)
This decline largely lacked company news, with the market showing only a minor decrease. Its largest drops on August 19 and September 8 had no reported headlines, while October 23 related to Q3 earnings.
Oct 22: down 0.7% the day after its Oct 21 earnings report (S&P 500 down 1.2%)
The stock saw a minor dip as Q3 earnings missed estimates for both EPS and revenue. This negative news was largely offset by a broader market downturn that drove an uptick in defensive stocks.
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Stock Movement Drivers
Fundamental Drivers
The -12.0% change in GL stock from 7/31/2026 to 11/12/2026 was primarily driven by a -14.7% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11122026 | Change |
|---|---|---|---|
| Stock Price ($) | 181.89 | 160.11 | -12.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,074 | 6,275 | 3.3% |
| Net Income Margin (%) | 19.4% | 18.9% | -2.5% |
| P/E Multiple | 12.1 | 10.3 | -14.7% |
| Shares Outstanding (Mil) | 79 | 77 | 2.5% |
| Cumulative Contribution | -12.0% |
Market Drivers
7/31/2026 to 11/12/2026| Return | Correlation | |
|---|---|---|
| GL | -12.0% | |
| Market (SPY) | 1.4% | 26.6% |
| Sector (XLF) | 2.2% | 52.5% |
Fundamental Drivers
The 4.2% change in GL stock from 4/30/2026 to 11/12/2026 was primarily driven by a 4.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 11122026 | Change |
|---|---|---|---|
| Stock Price ($) | 153.71 | 160.11 | 4.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,994 | 6,275 | 4.7% |
| Net Income Margin (%) | 19.4% | 18.9% | -2.5% |
| P/E Multiple | 10.5 | 10.3 | -1.6% |
| Shares Outstanding (Mil) | 79 | 77 | 3.7% |
| Cumulative Contribution | 4.2% |
Market Drivers
4/30/2026 to 11/12/2026| Return | Correlation | |
|---|---|---|
| GL | 4.2% | |
| Market (SPY) | 5.6% | 15.2% |
| Sector (XLF) | 12.1% | 48.8% |
Fundamental Drivers
The 22.7% change in GL stock from 10/31/2025 to 11/12/2026 was primarily driven by a 7.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 10312025 | 11122026 | Change |
|---|---|---|---|
| Stock Price ($) | 130.45 | 160.11 | 22.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,883 | 6,275 | 6.7% |
| Net Income Margin (%) | 18.1% | 18.9% | 4.3% |
| P/E Multiple | 10.0 | 10.3 | 3.2% |
| Shares Outstanding (Mil) | 82 | 77 | 7.0% |
| Cumulative Contribution | 22.7% |
Market Drivers
10/31/2025 to 11/12/2026| Return | Correlation | |
|---|---|---|
| GL | 22.7% | |
| Market (SPY) | 11.9% | 22.9% |
| Sector (XLF) | 12.5% | 50.3% |
Fundamental Drivers
The 41.2% change in GL stock from 10/31/2023 to 11/12/2026 was primarily driven by a 24.5% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 10312023 | 11122026 | Change |
|---|---|---|---|
| Stock Price ($) | 113.40 | 160.11 | 41.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,052 | 6,275 | 24.2% |
| Net Income Margin (%) | 17.3% | 18.9% | 9.5% |
| P/E Multiple | 12.4 | 10.3 | -16.6% |
| Shares Outstanding (Mil) | 95 | 77 | 24.5% |
| Cumulative Contribution | 41.2% |
Market Drivers
10/31/2023 to 11/12/2026| Return | Correlation | |
|---|---|---|
| GL | 41.2% | |
| Market (SPY) | 87.3% | 19.6% |
| Sector (XLF) | 87.8% | 33.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GL Return | -0% | 30% | 2% | -8% | 26% | 15% | 77% |
| Peers Return | 22% | 8% | 20% | 38% | 16% | 14% | 186% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 103% |
Monthly Win Rates [3] | |||||||
| GL Win Rate | 58% | 50% | 50% | 67% | 67% | 55% | |
| Peers Win Rate | 68% | 47% | 60% | 63% | 63% | 55% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| GL Max Drawdown | -20% | -17% | -16% | -62% | -15% | -17% | |
| Peers Max Drawdown | -19% | -32% | -24% | -14% | -18% | -19% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AFL, CNO, UNM, PRI, LNC. See GL Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/12/2026 (YTD)
How Low Can It Go
| Event | GL | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -15.8% | -6.7% |
| % Gain to Breakeven | 18.7% | 7.1% |
| Time to Breakeven | 183 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -47.4% | -33.7% |
| % Gain to Breakeven | 90.1% | 50.9% |
| Time to Breakeven | 934 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -18.9% | -19.2% |
| % Gain to Breakeven | 23.3% | 23.8% |
| Time to Breakeven | 109 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -22.2% | -12.2% |
| % Gain to Breakeven | 28.5% | 13.9% |
| Time to Breakeven | 133 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -20.9% | -17.9% |
| % Gain to Breakeven | 26.5% | 21.8% |
| Time to Breakeven | 91 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -12.7% | -15.4% |
| % Gain to Breakeven | 14.5% | 18.2% |
| Time to Breakeven | 140 days | 125 days |
In The Past
Globe Life's stock fell -8.5% during the 2025 US Tariff Shock. Such a loss loss requires a 9.2% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | GL | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -47.4% | -33.7% |
| % Gain to Breakeven | 90.1% | 50.9% |
| Time to Breakeven | 934 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -22.2% | -12.2% |
| % Gain to Breakeven | 28.5% | 13.9% |
| Time to Breakeven | 133 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -20.9% | -17.9% |
| % Gain to Breakeven | 26.5% | 21.8% |
| Time to Breakeven | 91 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -72.2% | -53.4% |
| % Gain to Breakeven | 259.5% | 114.4% |
| Time to Breakeven | 636 days | 1085 days |
In The Past
Globe Life's stock fell -8.5% during the 2025 US Tariff Shock. Such a loss loss requires a 9.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Globe Life (GL)
Globe Life Inc. (GL) is an insurance holding company that provides a range of financial protection products, primarily targeting lower middle to middle income households in the United States. Its core business revolves around underwriting and distributing various life insurance policies, supplemental health insurance plans, and annuities.
The company's product portfolio is segmented into Life Insurance, Supplemental Health Insurance, and Annuities. Within life insurance, Globe Life offers traditional options such as whole life and term life policies. Its supplemental health insurance includes Medicare supplement, critical illness, and accident plans designed to provide additional financial support. Additionally, Globe Life provides single-premium and flexible-premium deferred annuities, serving as long-term savings and retirement planning vehicles for its customer base.
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Here are a few analogies for Globe Life (GL):
- Like State Farm or Farmers Insurance, but specializing in life and supplemental health policies for middle-income American families.
- A New York Life or Prudential, focused on providing accessible life and health insurance for the average American household.
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- Life Insurance: Provides financial protection to beneficiaries upon the policyholder's death, including whole life, term life, and other life insurance products.
- Supplemental Health Insurance: Offers additional coverage for specific health-related events, such as Medicare supplement, critical illness, and accident plans.
- Annuities: Financial contracts designed to provide a steady income stream, typically during retirement, through single-premium and flexible-premium deferred options.
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Globe Life Inc. (GL) Major Customers
Globe Life Inc. primarily sells its life and supplemental health insurance products, and annuities directly to individuals and households.
Customer Categories
- Lower-middle income households
- Middle-income households
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J. Matthew Darden Co-Chairman and Chief Executive Officer
Mr. Darden was appointed Co-Chairman and Chief Executive Officer of Globe Life Inc. effective January 1, 2023. He joined Globe Life in 2014 and previously served as the Chief Strategy Officer since 2017 and President of American Income Life since 2018. He has 28 years of experience in the insurance industry, encompassing marketing, sales, administration, finance, accounting, information technology, business combinations, and capital market transactions. Prior to joining Globe Life, he was a Partner with Deloitte & Touche LLP for 16 years. Mr. Darden holds Bachelor of Business Administration and Master of Business Administration degrees from Baylor University and is a Certified Public Accountant.
Frank M. Svoboda Co-Chairman and Chief Executive Officer
Mr. Svoboda was appointed Co-Chairman and Chief Executive Officer of Globe Life Inc. effective January 1, 2023. He joined Globe Life in 2003 and served as Chief Financial Officer from 2012 to 2022 and President of Globe Life And Accident Insurance Company since 2018. He has over 35 years of experience in the insurance industry, with expertise in finance, accounting, tax, mergers and acquisitions, and capital market transactions, including 19 years in public accounting. Before his tenure at Globe Life, he was a Partner with KPMG in its Dallas office. Mr. Svoboda also previously served as President of American Income Life Insurance Co. He earned Bachelor of Science degrees in Accounting and Finance from Nebraska Wesleyan University.
Thomas P. Kalmbach Executive Vice President and Chief Financial Officer
Mr. Kalmbach was appointed Executive Vice President and Chief Financial Officer of Globe Life Inc., effective January 1, 2023. He served as Globe Life’s Chief Actuary since 2019. Before joining Globe Life, Mr. Kalmbach held various actuarial and financial positions with other insurance companies, including a role as Chief Financial Officer with Liberty Life Insurance of Boston. He holds a Bachelor of Science degree from the University of Massachusetts.
Robert E. Hensley Executive Vice President and Chief Investment Officer
Mr. Hensley serves as the Executive Vice President and Chief Investment Officer for Globe Life Inc. In this role, he is responsible for managing the company's significant investment portfolio that supports its insurance liabilities.
Michael C. Majors Executive Vice President and Chief Strategy Officer
Mr. Majors holds the position of Executive Vice President and Chief Strategy Officer at Globe Life Inc. He is responsible for the company's market positioning and initiatives for future growth. He also serves as Executive Vice President, Policy Acquisition.
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Key Risks to Globe Life (GL)
Globe Life Inc. (GL) faces several key risks that could significantly impact its business operations and financial performance. These risks primarily stem from regulatory challenges, operational vulnerabilities within its distribution channels, and exposure to market and credit risks in its investment portfolio.
The most significant risk to Globe Life involves extensive regulatory scrutiny, fraud allegations, and ongoing legal proceedings. The company has been subject to a Department of Justice (DOJ) inquiry, securities fraud complaints, and class-action lawsuits. These stem from allegations of widespread insurance fraud within its subsidiaries, including practices such as adding unauthorized policies to customer accounts and underwriting policies for deceased or fictitious individuals. Such allegations have led to a substantial drop in Globe Life's stock price and caused reputational damage. Furthermore, misconduct by independent sales agents could result in additional legal claims and regulatory sanctions.
Secondly, operational risks related to its distribution channels and agent management present a notable challenge. Globe Life's growth relies heavily on the development and maintenance of its distribution channels, as well as the successful recruitment and retention of skilled insurance personnel. The company has also faced a high rate of consumer complaints, indicating potential issues with sales practices or policy administration. The risk of misclassifying independent contractors could also lead to legal and financial repercussions.
Finally, Globe Life is exposed to inherent financial and strategic risks related to its investment portfolio and interest rate fluctuations. Its investment portfolio is subject to market and credit risks, where potential downgrades or defaults of securities could adversely affect net investment income and capital ratios. Changes in interest rates also pose a significant risk, as they can impact investment income, liquidity, and influence policyholder behavior, potentially leading to increased policyholder surrenders requiring asset liquidation.
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The rapid growth of digital-first insurtech companies offering streamlined, direct-to-consumer life and supplemental health insurance products. These platforms leverage simplified underwriting, often eliminating traditional medical exams for certain coverages, and provide faster, more convenient online purchasing experiences, potentially attracting Globe Life's target lower-middle to middle-income demographic and eroding market share from traditional agent-based distribution models.AI Analysis | Feedback
The addressable markets for Globe Life's main products and services in the United States are substantial. The company operates within the life insurance, supplemental health insurance (including Medicare supplement, critical illness, and accident plans), and annuities sectors.
Life Insurance Market (U.S.)
- The U.S. life insurance market size was estimated at $1.93 trillion in 2024 and is predicted to be worth around $4.74 trillion by 2034, growing at a CAGR of 9.40% from 2025 to 2034.
- Another estimate indicates the U.S. life insurance market was valued at $765.38 billion in 2023 and is projected to reach $1,476.31 billion by 2032, growing at a CAGR of 7.1% from 2024 to 2032.
Supplemental Health Insurance Market (U.S.)
- The overall U.S. supplemental health market size was recorded at $40.8 billion in 2025, and is projected to reach nearly $70.62 billion by 2035, with a compound annual growth rate (CAGR) of 5.64% throughout the forecast timeline.
- The individual supplemental health insurance market produced $9.05 billion in premium at year-end 2023.
Medicare Supplement Insurance (U.S.)
- The U.S. Medicare supplement health insurance market size was valued at $26.97 billion in 2022 and was estimated at $27.90 billion in 2023. It is expected to reach $39.26 billion by 2030, expanding at a CAGR of 5.0% from 2023 to 2030.
- Another source reported the U.S. Medicare supplement health insurance market size at $30.55 billion in 2025 and projected it to reach approximately $50.33 billion by 2035.
- Total earned premiums in the Medicare Supplement market in 2024 totaled $39.1 billion.
Critical Illness Insurance (U.S.)
- The U.S. Critical Illness Insurance Market size was valued at $90.15 billion in 2025 and is projected to reach $173.54 billion by 2033, growing at a CAGR of 8.59% during 2026-2033.
- Another estimate places the U.S. Critical Illness Insurance Market size at $54.45 billion in 2024, projected to reach $111.83 billion by 2035, growing at a CAGR of 6.76% from 2025 to 2035.
Accident Insurance (U.S.)
- The U.S. accident insurance market size was valued at $23.94 billion in 2024 and is expected to reach $33.46 billion by 2032, growing at a CAGR of 4.33% over the forecast period of 2025-2032.
- In-force premium for accident insurance products in the U.S. was $1.7 billion in 2022.
Annuities Market (U.S.)
- Total U.S. annuity sales increased to $461.3 billion in 2025, marking a fourth consecutive record year.
- The U.S. life insurance and annuities market combined was $819 billion in 2024, and it is expected to reach $1,100.2 billion by 2032.
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1. Growth in Agent Count and Productivity: Globe Life anticipates continued revenue growth driven by an increase in its producing agent count and enhanced agent productivity. For instance, the American Income Life division saw a 20% increase in average producing agent count in Q4 2023, which is expected to fuel sales growth in 2024.
2. Strong Health Premium Revenue Growth: The company projects significant expansion in its health insurance segment. Globe Life expects health premium revenue to grow between 7% and 8% in 2024, with even higher projections of 14% to 16% growth for 2026. This is partly due to strong demand for health-related products, particularly Medicare Supplement plans.
3. Consistent Life Premium Revenue Growth: Globe Life expects steady growth in life insurance premium revenue. Projections indicate a 4.5% to 5% increase in life premium revenue for 2024, and 4% to 4.5% for 2026, largely attributed to strong performance in its American Income and Liberty National divisions.
4. Increased Net Investment Income: The company benefits from its investment portfolio, with net investment income growing by 6% in Q4 2023. Management anticipates the blended earned yield on its fixed maturity portfolio to rise to approximately 5.4% to 5.5% in 2026 as higher-yielding new investments replace older, lower-yielding securities, contributing to overall revenue.
5. Enhanced Marketing and Technology-Driven Lead Generation: Globe Life is leveraging enhanced marketing efforts and investments in technology to improve lead generation and sales productivity. These initiatives are expected to contribute to overall premium growth across its insurance segments.
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Share Repurchases
- Globe Life repurchased 5.4 million shares for $685 million in 2025.
- For the nine months ended September 30, 2024, the company repurchased 9.7 million shares at a total cost of $910 million.
- In November 2024, the board authorized share repurchases of up to $1.8 billion under the existing stock repurchase program, replacing a $1.3 billion authorization from April 2024.
Share Issuance
- Globe Life's shares outstanding declined by 9.88% year-over-year to 0.081 billion for the quarter ending December 31, 2025.
- Shares outstanding decreased by 7.96% in 2025 from 2024, and by 6.96% in 2024 from 2023.
Outbound Investments
- In 2025, Globe Life formed Globe Life Re Ltd., a Bermuda Class C insurer, to provide reinsurance support for its affiliate entities and reinsured $1.2 billion of reserves to Bermuda.
- For 2026, the company plans to invest approximately $900 million to $1.1 billion in fixed maturities and $300 million to $400 million in non-fixed maturities (commercial mortgage loans and limited partnership investments).
- Globe Life's net investment income benefits from higher interest rates on new investments, with approximately 88% of its invested assets being fixed maturities as of December 31, 2024.
Peer Outperformance in Life & Health Insurance
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| GL | Globe Life | 6.9% | 10.3x | 20.5% | 40.6% | 76.8% | — |
| CNO | CNO Financial | 5.0% | 12.7x | 40.1% | 150.0% | 156.7% | +80pp |
| AXS | Axis Capital | 7.9% | 7.8x | 8.3% | 111.0% | 133.4% | +57pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 32.7% | 70.1% | 120.1% | SPNT 197% · RGA 170% · RNR 135% |
| Diversified Banks | 12 | 29.4% | 142.4% | 90.8% | CM 145% · JPM 133% · RY 128% |
| Multi-Sector Holdings | 4 | 17.4% | 64.3% | 87.4% | BRK-B 106% · VOYA 69% · JEF 31% |
| Investment Banking & Brokerage | 13 | -6.1% | 93.4% | 86.8% | IBKR 355% · SNEX 172% · GS 155% |
| Life & Health Insurance ← | 20 | 10.5% | 53.3% | 80.5% | JXN 431% · UNM 245% · FG 214% |
| Property & Casualty Insurance | 42 | 13.9% | 74.2% | 68.1% | TRV 182% · PGR 174% · ACGL 173% |
| Multi-line Insurance | 9 | 8.1% | 72.8% | 60.5% | AIZ 118% · L 99% · GNW 94% |
| Regional Banks | 266 | 29.7% | 90.4% | 46.1% | CBC 275% · FCNCA 182% · NIC 142% |
| Insurance Brokers | 15 | 0.6% | 8.2% | 18.1% | LIFE 284% · ARX 89% · WTW 52% |
| Financial Exchanges & Data | 15 | 17.0% | 33.5% | 13.5% | CBOE 201% · VIRT 152% · CME 73% |
| Asset Management & Custody Banks | 85 | -8.2% | 18.2% | 8.1% | VCTR 271% · WT 239% · AAMI 213% |
| Diversified Financial Services | 4 | -9.8% | 16.5% | 7.0% | FRHC 126% · EQH 82% |
| Consumer Finance | 30 | -2.8% | 75.5% | 0.3% | ENVA 289% · FCFS 145% · ECPG 86% |
| Commercial & Residential Mortgage Finance | 14 | -45.6% | 13.0% | -3.7% | FNMA 338% · FMCC 287% · ACT 161% |
| Specialized Finance | 3 | 13.2% | 27.4% | -22.3% | HASI -22% · CACC -25% |
| Transaction & Payment Processing Services | 17 | 15.4% | 9.7% | -29.6% | V 106% · CPAY 89% · MA 85% |
| Mortgage REITs | 34 | -24.5% | -11.9% | -42.1% | RITM 32% · DX 9% · AGNC 4% |
| Diversified Capital Markets | 20 | -45.7% | -25.5% | -67.3% | LPLA 81% · TW 40% · RIOT -60% |
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 103.13 |
| Mkt Cap | 10.6 |
| Rev LTM | 9,337 |
| Op Inc LTM | - |
| FCF LTM | 1,134 |
| FCF 3Y Avg | 1,013 |
| CFO LTM | 1,196 |
| CFO 3Y Avg | 1,099 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.0% |
| Rev Chg 3Y Avg | 6.0% |
| Rev Chg Q | -1.6% |
| QoQ Delta Rev Chg LTM | -0.4% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 15.9% |
| CFO/Rev 3Y Avg | 15.3% |
| FCF/Rev LTM | 15.9% |
| FCF/Rev 3Y Avg | 15.3% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Life | 3,363 | 3,261 | 3,137 | 3,028 | 2,894 |
| Health | 1,527 | 1,405 | 1,319 | 1,282 | 1,201 |
| Investments | 1,130 | 1,136 | 1,057 | 992 | 957 |
| Other income | 2 | 0 | 0 | 1 | 1 |
| Realized gains (losses) | -28 | -24 | -66 | 0 | 0 |
| Annuity | 0 | 0 | |||
| Total | 5,994 | 5,778 | 5,448 | 5,303 | 5,053 |
| $ Mil | 2005 | 2004 | 2003 |
|---|---|---|---|
| Life | 382 | 352 | 283 |
| Investment | 324 | 330 | 256 |
| Health | 177 | 175 | 173 |
| Annuity | 13 | 14 | 26 |
| Other | -146 | 2 | -115 |
| Total | 749 | 873 | 623 |
| $ Mil | 2015 | 2011 | 2009 |
|---|---|---|---|
| Investment | 774 | 707 | 675 |
| Adjustments | -14 | 0 | |
| Total | 774 | 693 | 675 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Investments | 20,888 | 20,007 | 20,098 | 18,561 | 23,101 |
| Life | 6,457 | 6,010 | 5,581 | 5,154 | 4,546 |
| Annuity and other corporate | 2,437 | 2,085 | |||
| Health | 1,032 | 974 | 907 | 859 | 848 |
| Annuity | 3 | 5 | 2 | ||
| Other income | 1,463 | 1,409 | 1,270 | ||
| Total | 30,814 | 29,076 | 28,051 | 25,987 | 29,768 |
Price Behavior
| Market Price | $160.11 | |
| Market Cap ($ Bil) | 12.3 | |
| First Trading Date | 12/30/1987 | |
| Distance from 52W High | -13.8% | |
| 50 Days | 200 Days | |
| DMA Price | $165.84 | $160.20 |
| DMA Trend | down | up |
| Distance from DMA | -3.5% | -0.1% |
| 3M | 1YR | |
| Volatility | 24.0% | 21.3% |
| Downside Capture | 62.63 | 22.18 |
| Upside Capture | 11.98 | 43.55 |
| Correlation (S&P 500) | 26.4% | 23.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.46 | 0.36 | 0.34 | 0.17 | 0.33 | 0.53 |
| Up Beta | -0.30 | -0.32 | 0.28 | 0.21 | 0.52 | 0.72 |
| Down Beta | 0.05 | 0.02 | 0.19 | -0.40 | 0.10 | 0.64 |
| Up Capture | 39% | 31% | 6% | 34% | 33% | 11% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 14 | 21 | 29 | 69 | 136 | 423 |
| Down Capture | 91% | 91% | 89% | 36% | 30% | 52% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 8 | 22 | 35 | 57 | 114 | 327 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GL | |
|---|---|---|---|---|
| GL | 22.1% | 21.3% | 0.83 | - |
| Sector ETF (XLF) | 10.8% | 15.3% | 0.45 | 50.2% |
| Equity (SPY) | 11.8% | 13.7% | 0.55 | 23.6% |
| Gold (GLD) | -6.6% | 28.9% | -0.24 | 3.6% |
| Commodities (DBC) | 32.8% | 21.3% | 1.22 | -29.3% |
| Real Estate (VNQ) | 9.8% | 14.2% | 0.41 | 32.7% |
| Bitcoin (BTCUSD) | -28.5% | 43.4% | -0.66 | 4.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GL | |
|---|---|---|---|---|
| GL | 12.5% | 35.7% | 0.45 | - |
| Sector ETF (XLF) | 9.6% | 18.4% | 0.38 | 43.6% |
| Equity (SPY) | 11.6% | 17.3% | 0.50 | 29.8% |
| Gold (GLD) | 16.2% | 19.2% | 0.68 | -3.2% |
| Commodities (DBC) | 8.2% | 19.6% | 0.30 | 2.4% |
| Real Estate (VNQ) | 1.4% | 18.9% | -0.04 | 27.0% |
| Bitcoin (BTCUSD) | 3.7% | 51.5% | 0.25 | 8.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GL | |
|---|---|---|---|---|
| GL | 10.6% | 32.4% | 0.41 | - |
| Sector ETF (XLF) | 13.6% | 22.1% | 0.55 | 64.8% |
| Equity (SPY) | 15.5% | 18.0% | 0.73 | 51.6% |
| Gold (GLD) | 11.1% | 16.6% | 0.54 | -2.7% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 15.8% |
| Real Estate (VNQ) | 6.2% | 20.7% | 0.25 | 46.0% |
| Bitcoin (BTCUSD) | 58.4% | 66.3% | 0.98 | 10.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 10/30/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/21/2026 | -0.7% | -6.6% | |
| 7/22/2026 | -7.0% | -2.3% | -7.3% |
| 4/22/2026 | 1.8% | 0.9% | 3.5% |
| 2/4/2026 | 1.5% | -0.6% | -1.8% |
| 10/22/2025 | 0.1% | -2.9% | -3.9% |
| 7/23/2025 | 5.4% | 13.0% | 11.9% |
| 4/30/2025 | -4.6% | -1.9% | -1.2% |
| 2/5/2025 | -2.5% | -1.3% | 2.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 10 | 13 |
| # Negative | 15 | 15 | 11 |
| Median Positive | 1.6% | 2.2% | 2.6% |
| Median Negative | -2.1% | -2.3% | -2.2% |
| Max Positive | 14.1% | 17.6% | 25.5% |
| Max Negative | -7.0% | -7.7% | -10.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/21/2026 | -0.7% | -6.6% | |
| 7/22/2026 | -7.0% | -2.3% | -7.3% |
| 4/22/2026 | 1.8% | 0.9% | 3.5% |
| 2/4/2026 | 1.5% | -0.6% | -1.8% |
| 10/22/2025 | 0.1% | -2.9% | -3.9% |
| 7/23/2025 | 5.4% | 13.0% | 11.9% |
| 4/30/2025 | -4.6% | -1.9% | -1.2% |
| 2/5/2025 | -2.5% | -1.3% | 2.0% |
| 10/23/2024 | -1.3% | -3.5% | -1.7% |
| 7/24/2024 | 0.9% | 5.1% | 12.1% |
| 4/22/2024 | 14.1% | 17.6% | 25.5% |
| 2/7/2024 | 2.0% | 2.4% | 0.9% |
| 10/25/2023 | 1.3% | 3.9% | 8.3% |
| 7/26/2023 | -2.5% | -0.5% | -2.2% |
| 5/3/2023 | -0.3% | 1.5% | 0.8% |
| 2/1/2023 | -2.9% | 1.3% | 0.3% |
| 10/26/2022 | -2.1% | -1.8% | 2.6% |
| 7/27/2022 | -1.8% | -2.3% | -0.1% |
| 4/20/2022 | 0.5% | -4.6% | -10.9% |
| 2/2/2022 | -1.5% | 2.1% | -6.6% |
| 10/20/2021 | -5.2% | -7.7% | -5.4% |
| 7/21/2021 | -1.0% | -0.8% | 1.1% |
| 4/21/2021 | -3.1% | -2.9% | -0.6% |
| 2/2/2021 | -1.9% | 0.2% | 2.1% |
| 10/21/2020 | 2.8% | -6.3% | 11.0% |
| SUMMARY STATS | |||
| # Positive | 10 | 10 | 13 |
| # Negative | 15 | 15 | 11 |
| Median Positive | 1.6% | 2.2% | 2.6% |
| Median Negative | -2.1% | -2.3% | -2.2% |
| Max Positive | 14.1% | 17.6% | 25.5% |
| Max Negative | -7.0% | -7.7% | -10.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/04/2026 | 10-Q |
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/04/2026 | 10-Q |
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
Recent Forward Guidance
Updated 10/22/2026Latest: Q3 2026 Earnings Reported 10/21/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Operating Income Per Share | Reported | 15.35 | 15.5 | 15.65 | -1.6% | Lowered | Guidance: 15.75 for 2026 | |
| 2026 Share Repurchases | Reported | 725.00 Mil | 750.00 Mil | 775.00 Mil | ||||
| 2027 Net Operating Income Per Share | Reported | 16.1 | 16.6 | 17.1 | 5.4% | Higher New | Guidance: 15.75 for 2026 | |
| 2027 Net Operating Income Per Share Growth | Reported | 7.1% | ||||||
Prior: Q2 2026 Earnings Reported 7/22/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 EPS | Reported | 15.55 | 15.75 | 15.95 | 0.6% | Raised | Guidance: 15.65 for 2026 | |
Q1 2026 Earnings Reported 4/22/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 EPS | Reported | 15.4 | 15.65 | 15.9 | 2.3% | Raised | Guidance: 15.3 for 2026 | |
Q4 2025 Earnings Reported 2/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Operating Income per diluted common share | Reported | 14.95 | 15.3 | 15.65 | Raised | Guidance: 14.95 for 2026 | ||
Insider Activity
Updated 11/13/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Zorn, Rebecca E | EVP & Chief Talent Officer | Direct | Sell | 11132026 | 161.53 | 1,000 | 161,530 | 2,874,767 | Form |
| 2 | Majors, Michael Clay | EVP - Chief Strategy Officer | Direct | Sell | 10262026 | 154.48 | 14,377 | 2,220,900 | 6,046,410 | Form |
| 3 | Hensley, Robert Edward | EVP & Chief Investment Officer | Direct | Sell | 9232026 | 170.07 | 10,000 | 1,700,701 | 2,106,146 | Form |
| 4 | Mitchell, Robert Brian | EVP, General Counsel and CRO | Direct | Sell | 8102026 | 183.34 | 23,000 | 4,216,848 | 1,463,215 | Form |
| 5 | Darden, James Matthew | Co-Chairman & CEO | Direct | Sell | 8032026 | 182.43 | 50,000 | 9,121,638 | 10,663,461 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Zorn, Rebecca E | EVP & Chief Talent Officer | Direct | Sell | 11132026 | 161.53 | 1,000 | 161,530 | 2,874,767 | Form |
| 2 | Majors, Michael Clay | EVP - Chief Strategy Officer | Direct | Sell | 10262026 | 154.48 | 14,377 | 2,220,900 | 6,046,410 | Form |
| 3 | Hensley, Robert Edward | EVP & Chief Investment Officer | Direct | Sell | 9232026 | 170.07 | 10,000 | 1,700,701 | 2,106,146 | Form |
| 4 | Mitchell, Robert Brian | EVP, General Counsel and CRO | Direct | Sell | 8102026 | 183.34 | 23,000 | 4,216,848 | 1,463,215 | Form |
| 5 | Darden, James Matthew | Co-Chairman & CEO | Direct | Sell | 8032026 | 182.43 | 50,000 | 9,121,638 | 10,663,461 | Form |
| 6 | Kalmbach, Thomas Peter | EVP & CFO | Direct | Sell | 7292026 | 178.58 | 25,650 | 4,580,564 | 9,030,368 | Form |
| 7 | Skarjune, Dolores L | EVP and Chief Admin. Officer | Direct | Sell | 6302026 | 179.18 | 1,850 | 331,483 | 2,454,181 | Form |
| 8 | Alston, Cheryl | Direct | Sell | 6262026 | 179.24 | 8,258 | 1,480,134 | 2,979,095 | Form | |
| 9 | Zorn, Rebecca E | EVP & Chief Talent Officer | Direct | Sell | 6222026 | 170.10 | 2,000 | 340,193 | 3,027,228 | Form |
| 10 | Skarjune, Dolores L | EVP and Chief Admin. Officer | Direct | Sell | 6162026 | 166.18 | 4,175 | 693,794 | 2,276,099 | Form |
| 11 | Svoboda, Frank M | Co-Chairman & CEO | Direct | Sell | 6152026 | 166.68 | 10,000 | 1,666,836 | 9,004,325 | Form |
| 12 | Svoboda, Frank M | Co-Chairman & CEO | Direct | Sell | 6152026 | 164.88 | 10,000 | 1,648,810 | 8,906,947 | Form |
| 13 | Mitchell, Robert Brian | EVP, General Counsel and CRO | Mitchell Family Trust | Sell | 5292026 | 155.56 | 600 | 93,334 | 6,940,831 | Form |
| 14 | Kalmbach, Thomas Peter | EVP & CFO | Direct | Sell | 5262026 | 156.59 | 7,936 | 1,242,709 | 7,907,193 | Form |
| 15 | Svoboda, Frank M | Co-Chairman & CEO | Direct | Sell | 5262026 | 156.68 | 20,000 | 3,133,588 | 8,463,893 | Form |
| 16 | Kalmbach, Thomas Peter | EVP & CFO | Direct | Sell | 5202026 | 156.61 | 11,903 | 1,864,186 | 7,585,122 | Form |
| 17 | Kalmbach, Thomas Peter | EVP & CFO | Direct | Sell | 5122026 | 153.65 | 15,637 | 2,402,642 | 6,965,726 | Form |
| 18 | Kalmbach, Thomas Peter | EVP & CFO | Direct | Sell | 5122026 | 152.02 | 11,790 | 1,792,365 | 6,228,690 | Form |
| 19 | Svoboda, Frank M | Co-Chairman & CEO | Direct | Sell | 5062026 | 153.60 | 12,854 | 1,974,422 | 8,297,744 | Form |
| 20 | Darden, James Matthew | Co-Chairman & CEO | Direct | Sell | 5062026 | 153.85 | 22,019 | 3,387,537 | 8,992,528 | Form |
| 21 | Svoboda, Frank M | Co-Chairman & CEO | Direct | Sell | 5062026 | 153.48 | 2,146 | 329,373 | 8,291,174 | Form |
| 22 | Svoboda, Frank M | Co-Chairman & CEO | Direct | Sell | 5042026 | 153.75 | 10,000 | 1,537,477 | 8,305,524 | Form |
| 23 | Majors, Michael Clay | EVP - Chief Strategy Officer | Direct | Sell | 4272026 | 153.81 | 34,000 | 5,229,628 | 8,231,811 | Form |
| 24 | Henrie, Michael Shane | SVP & Chief Accounting Officer | Direct | Sell | 4272026 | 154.60 | 3,591 | 555,168 | 533,228 | Form |
| 25 | Zorn, Rebecca E | EVP & Chief Talent Officer | Direct | Sell | 3312026 | 136.61 | 8,800 | 1,202,189 | 2,431,305 | Form |
| 26 | Darden, James Matthew | Co-Chairman & CEO | Direct | Sell | 3042026 | 145.10 | 18,318 | 2,657,995 | 7,413,809 | Form |
| 27 | Hensley, Robert Edward | EVP & Chief Investment Officer | Direct | Sell | 3022026 | 145.04 | 2,569 | 372,620 | 1,796,234 | Form |
| 28 | Haworth, Jennifer Allison | EVP & Chief Marketing Officer | Direct | Sell | 3022026 | 145.29 | 10,500 | 1,525,495 | 3,166,450 | Form |
| 29 | Darden, James Matthew | Co-Chairman & CEO | Direct | Sell | 2272026 | 144.34 | 9,527 | 1,375,110 | 7,774,122 | Form |
| 30 | Hensley, Robert Edward | EVP & Chief Investment Officer | Direct | Sell | 2272026 | 142.59 | 712 | 101,524 | 1,223,421 | Form |
| 31 | Svoboda, Frank M | Co-Chairman & CEO | Direct | Sell | 2182026 | 144.78 | 12,500 | 1,809,702 | 5,192,832 | Form |
| 32 | Haworth, Jennifer Allison | EVP & Chief Marketing Officer | Direct | Sell | 2132026 | 143.14 | 10,000 | 1,431,355 | 2,501,866 | Form |
| 33 | Majors, Michael Clay | EVP - Chief Strategy Officer | Direct | Sell | 2092026 | 146.89 | 30,000 | 4,406,824 | 6,913,719 | Form |
| 34 | Svoboda, Frank M | Co-Chairman & CEO | Direct | Sell | 12172025 | 140.43 | 9,379 | 1,317,072 | 5,036,864 | Form |
| 35 | Henrie, Michael Shane | SVP & Chief Accounting Officer | Direct | Sell | 12152025 | 139.10 | 3,065 | 426,341 | 422,863 | Form |
Investor Activity (13F)
Updated Nov 13, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
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