Jennifer A. Haworth
GLOBE LIFEAbout Jennifer A. Haworth
Jennifer A. Haworth is Executive Vice President and Chief Marketing Officer of Globe Life Inc., age 51, serving as EVP & CMO since January 2020 and previously Divisional SVP, Marketing at subsidiary Globe Life And Accident Insurance Company from September 2019 . For context on performance linkage, Globe Life’s 2024 operating EPS rose to $12.37, net operating income exceeded $1.0B (+8% YoY), life premium grew to $3.26B (+4% YoY), and total premium increased 5%; say‑on‑pay support was 92% in 2024 . Pay-versus-performance data show 2024 TSR at $111 (from a $100 base at 12/31/2019) versus peer group TSR at $172; operating EPS was $12.37 and net income $1,070,762 thousand in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Globe Life Inc. | EVP & Chief Marketing Officer | Jan 2020–present | Not disclosed |
| Globe Life And Accident Insurance Company (subsidiary) | Divisional SVP, Marketing | Sep 2019–Jan 2020 | Not disclosed |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Not disclosed | — | — | No external directorships or committee roles disclosed in proxy |
| North Texas Food Bank (community partnership) | Company spokesperson quote (EVP & CMO) | Oct 2025 | Public statement on Globe Life’s sponsorship; not a board role |
Fixed Compensation
- Individual base salary, target bonus %, and actual bonus paid for Haworth are not disclosed (she is an executive officer but not a Named Executive Officer in the proxy’s compensation tables) .
Performance Compensation
Company’s 2024 Management Incentive Plan (MIP) framework (applies to Co‑CEOs and NEOs; EVPs are generally within executive incentive programs):
| Metric | Weighting | Threshold | Target | Maximum | Actual 2024 | Payout Level |
|---|---|---|---|---|---|---|
| Operating EPS ($) | 50% | 10.90 | 11.40 | 11.70 | 11.96 | 150.0% |
| Total Premium ($MM) | 30% | 4,550 | 4,680 | 4,810 | 4,666 | 93.2% |
| First‑Year Collected Premium ($MM) | 20% | 495 | 545 | 595 | 576.2 | 128.5% |
| Corporate Performance Factor | — | — | — | — | — | 128.6% |
Three‑year performance share vesting (grants made in 2022; performance period 1/1/2022–12/31/2024):
| Metric | Weighting | Threshold | Target | Maximum | Actual | Performance Multiplier |
|---|---|---|---|---|---|---|
| Cumulative EPS ($) | 40% | 24.76 | 28.10 | 30.25 | 29.08 | 123% |
| Underwriting Income ($MM) | 30% | 2,469.00 | 2,820.00 | 3,077.00 | 2,725.50 | 87% |
| Net Operating Income ROE (%) | 30% | 11.50% | 13.60% | 15.10% | 13.86% | 109% |
| Payout Factor | — | — | — | — | — | 107.7% |
Long‑term equity program features relevant to executives:
- Stock options: 7‑year term; vest 50% on 2nd anniversary and 50% on 3rd anniversary; granted at market price; annual grant timing in February post 10‑K .
- Performance shares (PSUs): 3‑year cliff, with equal weighting to book value per share growth (incl. dividends) and average NOI ROE; sample 2024–2026 targets: BV/share $107 at target and NOI ROE 13.7% at target .
- RSUs: 3‑year cliff; prorated vesting at retirement after age 60; two‑year non‑compete, non‑solicit, and confidentiality provisions post‑separation apply to RSUs .
Equity Ownership & Alignment
| Policy/Item | Details |
|---|---|
| Stock ownership guidelines | CEO: 6x salary; EVP: 3x salary; Non‑management director: 5x cash retainer . |
| Retention until compliance | Until minimum ownership is attained, may not sell outright shares and must retain at least 50% of “profit shares” from option exercises/PSU earnouts/RSU vesting . |
| Compliance status disclosure | As of 12/31/2024, directors and NEOs had met guidelines or were within the seven‑year accumulation period (no individual disclosure for Haworth) . |
| Hedging/pledging | Prohibited for Section 16 officers and directors (e.g., collars, swaps, exchange funds; pledging/hypothecation prohibited) . |
| Clawback | Applicable to current/former executive officers upon accounting restatement due to material non‑compliance with financial reporting requirements . |
Note: The proxy’s beneficial ownership table covers directors/NEOs only; Haworth’s personal shareholdings and pledged shares are not disclosed .
Employment Terms
| Topic | Company Practice / Terms |
|---|---|
| Employment contracts | Historically none for NEOs; executives serve at the pleasure of the Board (no individual employment agreement disclosed for Haworth) . |
| Executive Severance Plan | Adopted Nov 2024; provides severance benefits to eligible participants (including NEOs). In Nov 2025, SERP amendment coordinated treatment for severance & change‑of‑control (CoC) scenarios . |
| SERP amendment (Nov 2025) | Early retirement reduction factors revised (e.g., age 60 = 90%; age 64 = 98%); qualifying terminations during CoC protection period deemed vested/eligible under SERP with age/vesting assumptions at ≥55; no extra credited service . |
| Equity treatment on CoC (2018 Plan) | If awards not assumed/equitably substituted: options fully exercisable; PSUs pay 100% target pro‑rata; RSUs vest. If assumed: double trigger—termination without cause or for good reason within two years (three years for RSUs) post‑CoC accelerates options, PSUs at 100% target pro‑rata, and RSUs vest . |
| RSU post‑separation restrictions | Two‑year non‑compete and non‑solicit provisions tied to RSUs . |
| Tax gross‑ups | None on benefits or for 280G excise tax liability on CoC . |
| Clawback | Robust clawback policy for restatements; applies to executives . |
Company Pay vs Performance (context for incentive design)
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| TSR ($100 initial at 12/31/2019) | $91 | $91 | $118 | $120 | $111 |
| Peer Group TSR ($100 initial) | $91 | $124 | $137 | $143 | $172 |
| Net Income ($000s) | 731,773 | 1,031,114 | 894,386 | 970,755 | 1,070,762 |
| Operating EPS ($) | 6.88 | 9.63 | 9.71 | 10.65 | 12.37 |
Compensation Committee & Peer Benchmarking (context)
- Compensation Committee retains independent consultant (Pay Governance) and weights long‑term incentives heavily; no repricing; no single‑trigger CoC vesting; robust stock ownership and clawback policies .
- Peer group changes for 2025 emphasize product alignment/profitability: removals (AFG, CNA, Erie, FNF, FAF, W.R. Berkley) and additions (Principal, Equitable, Voya, Brighthouse, Jackson, F&G Annuities & Life) .
- 2024 say‑on‑pay approval: 92%; five‑year average ~90% .
Investment Implications
- Alignment: EVP ownership guideline at 3x salary with mandatory retention of profit shares until compliance, combined with prohibitions on hedging/pledging and a robust clawback, supports long‑term alignment and reduces near‑term selling pressure risks .
- Incentives & execution: Corporate MIP metrics tied to Operating EPS, total premium, and first‑year collected premiums—plus PSUs linked to book value per share growth and NOI ROE—focus management on profitable growth and capital discipline; 2024 corporate factor at 128.6% and 2022‑2024 PSU payout at 107.7% indicate execution above target on most measures .
- Retention & CoC: The 2024 Executive Severance Plan and 2025 SERP amendment improve certainty of benefits in qualifying terminations and during CoC protection periods, likely mitigating retention risk among senior executives, including EVPs .
- Disclosure limits: Haworth’s individual cash compensation, award sizes, and beneficial ownership are not disclosed (non‑NEO), constraining precision in personal pay‑for‑performance and “skin‑in‑the‑game” assessment; monitoring future proxies and any Form 4 filings remains key for trading signals and alignment updates .