Company:Globe Life
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| Formerly | Torchmark Corporation (1980–2019) |
|---|---|
| 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)[1] |
| US$806.34 million (2022)[1] | |
| US$739.704 million (2022)[1] | |
| Total assets | US$25.5 billion (2022)[1] |
| Total equity | US$6.2 billion (2022)[1] |
Number of employees | 3,222[2] (2023) |
| Website | globelifeinsurance |
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
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.[3]
In 1980, Liberty National acquired Globe Life And Accident Insurance Company and formed the holding company, Torchmark Corporation.[4]
In 1981, TMK acquired United Investors Life Insurance Company (UIL), United American Insurance Company, and Waddell and Reed Financial.[5]
In 1994, TMK acquired American Income Life Insurance Company;[4]
In 1998, TMK spun off Waddell and Reed Financial, a mutual fund subsidiary.[6]
In 2006, TMK began moving its headquarters from Birmingham, AL to McKinney, TX.[3]
In 2010, TMK sold United Investors Life Insurance Company (UIL) to Protective Life Corporation.[7]
In 2012, TMK acquired Family Heritage Life Insurance Company of America (FHL).[8] It was renamed Globe Life Family Heritage Division in 2019.[9]
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.[10] The naming rights were eventually transferred to Globe Life Field, the Rangers' new home park, alongside extending the naming rights through 2048.[11]
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.[12] 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.[13]
On August 8, 2019, Torchmark Corporation was renamed to Globe Life and its ticker symbol changed from "TMK" to "GL".[14]
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 known as Family Heritage Life Insurance Company of America)[9]
See also
- List of Texas companies (T)
References
- ↑ 1.0 1.1 1.2 1.3 1.4 "Globe Life 2022 Annual Report". https://investors.globelifeinsurance.com/annual-reports/annual-reports/2022-annual-report-and-form-10-k.
- ↑ "Globe Life (NYSE: GL) Company Information". https://investors.globelifeinsurance.com/about-globe-life.
- ↑ 3.0 3.1 "Torchmark Moves Headquarters to McKinney". http://www.marketwatch.com/story/torchmark-to-move-headquarters-to-mckinney-texas.
- ↑ 4.0 4.1 Best's Insurance Reports Life/Health United States & Canada 2008 Edition Volume I
- ↑ "History of Waddell and Reed". http://www.referenceforbusiness.com/history2/29/Waddell-Reed-Inc.html.
- ↑ "TMK Spins off Waddell and Reed". https://www.nytimes.com/1998/01/03/business/company-news-torchmark-to-spin-off-waddell-reed-mutual-fund-unit.html?ref=topics.
- ↑ "TMK Subsidiary Sells United Investors Life Insurance Company". http://www.prnewswire.com/news-releases/torchmark-subsidiary-to-sell-united-investors-life-insurance-company-102851389.html.
- ↑ "TMK Buys Family Heritage". https://finance.yahoo.com/news/torchmark-buy-family-heritage-204940934.html.
- ↑ 9.0 9.1 "Globe Life Family Heritage Division | History". https://www.globelifefamilyheritage.com/About/History#tl2019.
- ↑ "ESPN-Rangers Sell Stadium Naming Rights". http://espn.go.com/dallas/mlb/story/_/id/10407792/texas-rangers-sell-stadium-naming-rights-globe-life.
- ↑ Reichard, Kevin (2017-08-24). "Globe Life Retains Rangers Ballpark Naming Rights" (in en-US). https://ballparkdigest.com/2017/08/24/globe-life-retains-rangers-ballpark-naming-rights/.
- ↑ "Spinoff company sues for racketeering". http://cjonline.com/stories/080201/bus_torchmark.shtml.
- ↑ 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. https://www.thinkadvisor.com/2019/07/26/torchmark-to-change-its-name-to-globe-life/.
External links
- Business data for Globe Life:
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