American Income Life Victims @Ailvictims
A Place For Victims of AIL Insurance: Connect with Legal Counsel, Follow Court Cases, Catch Up on News, & Learn from Others Who Are Speaking Up. Ailvictims.com Joined May 2023-
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THE BACKGROUND Globe Life’s American Income Life (AIL) division is the predominant performance driver in terms of group captive agent headcount, life insurance net sales, group net sales, underwriting margin contributions, and sexual harassment claims. $GL 3/
Globe Life $GL #StocksInNews
$GL toxic work environment 🤣🤣🤣 @FuzzyPandaShort @FuzzyPandaPA @viceroyresearch instagram.com/reel/C4tQXChRh…
Employees vs. Agents Viceroy believes that there is significant risk that AIL will have to re-classify its agents as employees. We note that the risk of having to onboard agents as employees is known to AIL. We believe the risk that AIL reclassifies agents as employees carries…
We note that the reason these cases dominate court record searches is due to state and federal legislation barring enforcement of mandatory arbitration clauses for claims involving sexual misconduct. We believe there are substantially more complaints against AIL in mandatory…
Ballooning Agent Receivables Balance Globe Life has a ballooning “other receivables” line item on its balance sheet totaling $630m, primarily consisting of commissions advanced to agents. $GL 48/
Globe Life’s short-term solvency is therefore intimately dependent on AIL’s ability to accrue new sales and collect first year premiums and generate a profit within its subsidiary division. We believe any deviation from the status quo will result in immediate short-term liquidity…
Cash: Problematic Structural Liquidity Globe Life is very dependent on consistent cash flows from operations in the form of dividends from subsidiaries, are restricted in the amount of dividends they can pay to parent companies. 46/
AIL agents are effectively forced to sign up to a union: OPEIU Local 277. While AIL hiring materials do not explicitly require membership, former agents state that AIL agents “automatically become OPEIU Local 277”. We note that forced union membership is illegal. $GL 45/
The DOL published its “Final Rule” effective March 11, 2024, for evaluating who is an employee and who is an independent contractor. We have compared the facts of the agents’ relationship with AIL and Globe Life with the examples provided by the DOL in their ruling. $GL 44/
The vast majority of AIL’s agents are making below minimum federal wage. Agents generate on average net ALP of $30k per year. These figures are flattering, as they do not account for the fact that AIL’s top sales agents significantly outperform this average. Most agents are…
Mayfield v. American Income Life Abeni Mayfield lodged a complaint with the Pennsylvania Human Relations Commission and EEOC against Arias Agencies. Mayfield states that she was subject to a barrage of racist and sexist comments which were accepted behavior at Arias Agencies,…
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3K Followers 417 Following Our mission at Family First Life, is to make the families we protect and the families of our agents our number one priority. Follow on IG @familyfirstlifeGlobe Life $GL #StocksInNews
Shareholder lawsuit filed April 30 vs Globe Life $GL. storage.courtlistener.com/recap/gov.usco… @BusinessInsider's 14 months of $GL coverage is available here businessinsider.com/author/susan-a…
Realized Losses on Investments Despite intention to hold investments to maturity, Globe Life has sold an increasing value of its investment portfolio over the last 5 years. Ironically, Globe Life appears to suggest that 2023 loss realizations were driven by investments in…
NFO & Associate Risk AIL has NFOs which can create significant volatility in GL’s books. We believe that GL’s self-inflicted persona non-grata status will create significant risk associated various NFO options, including cash surrenders. $GL 56/
If Globe Life were to correctly classify its agent receivables as non-admitted assets it would not only put a stop to subsidiary dividends to the parent company but be forced to enter a capital level improvement plan with the NAIC. $GL 55/
RBC Ratios Risk-Based Capital (RBC) is a threshold-risk based capital level for insurance companies. We believe agent receivables at the group level are ~103% of GL’s RBC value. Agent receivables at the aggregate insurance subsidiary level (excl. $125mm hiding in Bermuda) are…
The reclassification of roughly $500m of assets as unadmitted would have dire consequences on the ability of Globe Life subsidiaries companies to pay dividends to the holding company, and a devastating effect on shareholder dividends and the share buyback program – regardless of…
Viceroy’s view is that Globe Life's security over these agent receivables is questionable, akin to an IOU scribbled drunkenly on a bar napkin. Viceroy challenges their classification as an admitted asset and doubt their liquidity and the security they provide. $GL 52/
$125m of these receivables have been sold by AIL to a captive GL Bermudan offshore reinsurer: TMK Re, Ltd (TMK). When Globe Life’s underwriting subsidiaries cede policies to reinsurers other than each other, they use reinsurance from Globe Life’s offshore captive reinsurer, TMK.…
Cash: Problematic Structural Liquidity Globe Life is very dependent on consistent cash flows from operations in the form of dividends from subsidiaries, are restricted in the amount of dividends they can pay to parent companies. 46/
Globe Life’s short-term solvency is therefore intimately dependent on AIL’s ability to accrue new sales and collect first year premiums and generate a profit within its subsidiary division. We believe any deviation from the status quo will result in immediate short-term liquidity…
Ballooning Agent Receivables Balance Globe Life has a ballooning “other receivables” line item on its balance sheet totaling $630m, primarily consisting of commissions advanced to agents. $GL 48/
AIL claims that these balances are repaid to the company over “generally one year”. This appears to be complete fiction, as the outstanding agent loans per agent exceed the average annual premium written by agents. $GL 49/
AIL agents are effectively forced to sign up to a union: OPEIU Local 277. While AIL hiring materials do not explicitly require membership, former agents state that AIL agents “automatically become OPEIU Local 277”. We note that forced union membership is illegal. $GL 45/
The DOL published its “Final Rule” effective March 11, 2024, for evaluating who is an employee and who is an independent contractor. We have compared the facts of the agents’ relationship with AIL and Globe Life with the examples provided by the DOL in their ruling. $GL 44/
Globe Life and AIL classify its agents as independent 1099 contractors despite having full control over their activities and enforcing non-competition clauses. The reason for this is threefold: to offload operating expenses onto the agents, skirt labor laws, and distance…
The vast majority of AIL’s agents are making below minimum federal wage. Agents generate on average net ALP of $30k per year. These figures are flattering, as they do not account for the fact that AIL’s top sales agents significantly outperform this average. Most agents are…
Employees vs. Agents Viceroy believes that there is significant risk that AIL will have to re-classify its agents as employees. We note that the risk of having to onboard agents as employees is known to AIL. We believe the risk that AIL reclassifies agents as employees carries…
Margin Analysis AIL not only constitutes a majority of Globe Life’s Premium-In-Force and Net Sales, its derived revenues are also overrepresented in operating margins. Negative impacts on AIL’s sales and Premium-In-Force will be exaggerated in Globe Life’s bottom line. $GL 40/
We can reframe AIL’s high churn by contrasting its contribution to Premium-In-Force against its contribution to Net Sales. AIL contributes substantially more to net sales than it does to recurring PIF income. $GL 39/
Despite ~$320m of annualized net premium sales in 2022 and 2023, AIL’s Premium-In-Force only increased by $80m-$100m. Churn as a percentage of net sales, was 74% in 2023, and 67% in 2022. Significant quantities of this churn appear to be derived from 13-month retentions in the…