Added to YB: 2024-04-12
Pitch date: 2024-04-11
GL [bearish]
Globe Life Inc.
-136.6%
current return
Author Info
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Company Info
Globe Life Inc., through its subsidiaries, provides various life and supplemental health insurance products, and annuities to lower middle- and middle-income families in the United States.
Market Cap
$10.2B
Pitch Price
$58.94
Price Target
N/A
Dividend
0.79%
EV/EBITDA
8.97
P/E
10.20
EV/Sales
2.29
Sector
Insurance
Category
special_situation
Globe Life (GL): Executives Disregarded Wide-Ranging 'Insurance Fraud' While They Received Millions in Undisclosed Kick-Back Scheme
GL: Shorts allege extensive insurance fraud at American Income Life (AIL), GL's biggest sub (39% of premiums, 50% of profits). Accuse mgmt of ignoring forged policies, illegal sales practices, kickbacks. Say 60% of AIL's new biz from fraudulent agencies. Claim toxic culture of assault, drugs. Believe execs complicit, facing prison. See write-downs coming to clean up 'Ponzi scheme' on books. Lapse rates & accounting also questioned.
Read full article (5 min)