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October 28, 2019 at 03:05 AM
Globe Life Inc. — the company formerly known as Torchmark Corp. — says it increased the number of agents selling its products in the third quarter by changing agent pay.
Executives from the McKinney, Texas-based life insurer and insurance distributor talked about the company’s agent force Thursday, during a conference call the company held to go over its earnings with securities analysts.
(Related: Producer Recruiting Slump Nips Aflac’s U.S. Sales)
Globe Life writes and sells life insurance and supplemental health products to middle-income consumers.
The company is reporting $202 million in net income for the third quarter on $1.1 billion in revenue, up from $179 million in net income on $1.1 billion in revenue for the third quarter of 2018.
Executives from Aflac Inc. reported last week that Aflac’s average weekly producer count has dropped, partly because the strong economy makes finding people willing to a take commission-based sales jobs difficult.
Here’s what happened to the number of exclusive agents in three Globe Life distribution channels:
- American Income Exclusive Agency: Increased 7%, to 7,578.
- Liberty National Exclusive Agency: Increased 10%, to 2,398.
- Family Heritage Exclusive Agency: Increased 5%, to 1,135.
“Sales growth was primarily driven by agent count growth,” said Larry Hutchison, Globe Life’s co-chief executive officer.
