Michael C. Majors
GLOBE LIFEAbout Michael C. Majors
Michael C. Majors, age 62, is Executive Vice President, Policy Acquisition and Chief Strategy Officer at Globe Life Inc. (since Jan. 2023) and President of subsidiary United American Insurance Company (since Mar. 2015), previously serving as EVP–Administration and Investor Relations (2018–2022) . Company performance underwriting his incentives was strong in 2024: Operating EPS +16% YoY to $11.96, book value per share ex-AOCI +13%, net operating income ROE ex-AOCI up, and total premium +5% (life premium +4%) . He appears as a named executive on earnings calls and investor communications in 2025, underscoring his strategic role and information flow to investors .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Globe Life Inc. | EVP, Policy Acquisition and Chief Strategy Officer | Jan 2023–present | Oversees corporate strategy and policy acquisition across channels |
| United American Insurance Company (GL subsidiary) | President | Mar 2015–present | Leads Medicare Supplement and health lines; segment commentary tied to UA in earnings calls |
| Globe Life Inc. | EVP – Administration and Investor Relations | Jul 2018–Dec 2022 | Senior leadership across administration and IR |
External Roles
No external board/service roles disclosed for Majors in the proxy; skip if not disclosed .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Base Salary ($) | $465,000 | $495,000 | $515,000 | $535,000 |
| Target Bonus (% of Salary) | — | — | 65% | — |
| Actual Bonus Paid (MIP, $) | $234,000 | $380,000 | $470,000 | — |
| Actual MIP as % of Target | — | — | 140.4% | — |
| Corporate Performance Factor | — | — | 128.6% | — |
Performance Compensation
Annual Incentive (MIP) – 2024 Design and Outcomes
| Metric | Weight | Target | Actual | Metric Payout (%) | Notes |
|---|---|---|---|---|---|
| Operating EPS | 50% | $11.40 | $11.96 | 150.0% | Company-wide metric |
| Total Premium | 30% | $4,680m | $4,666m | 93.2% | Company-wide metric |
| First-year Collected Premium | 20% | $545m | $576.2m | 128.5% | Company-wide metric |
| Corporate Performance Factor | — | — | — | 128.6% | Applied to all NEOs |
Equity Awards – 2024 Grants (Majors)
| Instrument | Grant Date | Quantity | Strike/Terms | Vesting | Expiration | Grant Date FV ($) |
|---|---|---|---|---|---|---|
| Stock Options | 02/28/2024 | 24,700 | $128.40 | 50% on 2nd and 3rd anniversaries; 7-year term | 02/28/2031 | $834,613 |
| Performance Shares (PSUs) | 02/28/2024 | 5,200 target; 10,400 max | BVPS ex-AOCI growth + average NOI ROE (50/50) | 3-year cliff (2024–2026) | Post-certification in 2027 | $667,680 |
| RSUs | 02/28/2024 | 1,280 | — | 3-year cliff (time-based) | 02/28/2027 | $164,352 |
PSU Performance Schedules
| PSU Cohort | Metric | Weight | Threshold | Target | Maximum | Actual | Multiplier |
|---|---|---|---|---|---|---|---|
| 2022–2024 PSU | Cumulative EPS | 40% | $24.76 | $28.10 | $30.25 | $29.08 | 123% |
| 2022–2024 PSU | Underwriting Income ($mm) | 30% | $2,469 | $2,820 | $3,077 | $2,725.5 | 87% |
| 2022–2024 PSU | Net Operating Income ROE | 30% | 11.50% | 13.60% | 15.10% | 13.86% | 109% |
| 2022–2024 PSU | Total Payout Factor | — | — | — | — | — | 107.7% |
| 2024–2026 PSU | Metric | Weight | Threshold | Target | Maximum |
|---|---|---|---|---|---|
| Book Value per Diluted Share (incl. accumulated dividends) | 50% | $101.00 | $107.00 | $112.00 | |
| Average NOI ROE | 50% | 11.70% | 13.70% | 15.50% |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (Jan 31, 2025) | 164,351 shares; <1% of common outstanding |
| Presently Exercisable Options Included | 123,200 shares via options currently exercisable |
| Outstanding Options (Unexercisable) | 24,700 (02/28/24, $128.40, exp. 02/28/31); 24,400 (02/22/23, $120.49, exp. 02/22/30); 18,500 (02/23/22, $103.23, exp. 02/23/29) |
| Outstanding Options (Exercisable) | 37,000 (02/24/21, $98.32, exp. 02/24/28); 37,000 (02/26/20, $100.74, exp. 02/26/27) |
| Unvested RSUs (12/31/24) | 1,280 units; market value $142,746 at $111.52/share |
| Unearned PSUs (12/31/24) | 10,400 units projected at max; value $1,159,808 at $111.52/share |
| Stock Ownership Guidelines | EVP minimum 3x annual salary; 7-year compliance window |
| Guideline Compliance | As of Dec. 31, 2024, all directors and NEOs met requirements or were within accumulation period |
| Hedging/Pledging Policy | Hedging and pledging of company stock prohibited for officers/directors |
| Section 16 Filings | Company believes all insiders filed timely for FY2024 |
Employment Terms
- Employment agreements: NEOs do not have employment contracts; compensation governed by plans and committee oversight .
- Executive Severance Plan: Adopted Nov. 2024; NEOs did not participate prior to 2025; proxy’s termination/CIC tables reflect pre-plan terms as of 12/31/24 .
- RSU non-compete/non-solicit/confidentiality: Two-year provisions apply upon separation; RSUs fully vest on death/disability and prorate at retirement after age 60 (one-third per year) .
- Change-in-control: No single-trigger vesting; awards subject to vesting upon a qualifying change in control; estimated Majors values at $111.52/share (12/31/24): Stock options $1,193,990; unissued PSUs $1,940,448; RSUs $286,607 .
- SERP (Supplemental Executive Retirement Plan): Eligible based on age/service; projected annual benefit for Majors as of 12/31/24: $282,874 .
- Death Benefit Only Plan: Beneficiary receives 2x base salary up to $500,000 while active; applies to NEOs .
- Retirement Life Insurance Agreement: Upon retirement at age ≥65, policy issued; Majors would have $495,000 coverage based on hypothetical retirement 12/31/24 .
- Clawback: Policy applies to current/former executive officers for accounting restatements due to material non-compliance; equity subject to minimum vesting and clawback .
Compensation Structure Analysis
| Component ($) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary | 465,000 | 495,000 | 515,000 |
| Stock Awards (RSUs/PSUs FV) | 722,610 | 781,980 | 832,032 |
| Option Awards (FV) | 815,480 | 786,900 | 834,613 |
| Non-Equity Incentive (MIP) | 234,000 | 380,000 | 470,000 |
| Change in Pension Value | — | — | 615,160 |
| All Other Compensation | 15,090 | 16,199 | 17,111 |
| Total | 2,252,180 | 3,209,220 | 3,283,916 |
- Design emphasizes long-term, equity-linked pay aligned with shareholder returns; no tax gross-ups; no option repricing; max annual incentive payout capped at 150% of target .
- 2024 Say-on-Pay approval was 92%, with a five-year average of 90%, indicating strong shareholder support for pay structure .
Performance & Track Record
- Health segment commentary noted United American’s underwriting margin at the high end of expectations in Q2 2025 due to slight utilization reduction, contextualizing segment execution during his tenure as United American President .
- Majors is a named participant on earnings calls and is listed as a contact on earnings releases (IR interface), suggesting direct involvement in investor communications .
Investment Implications
- Alignment: Heavy mix of stock options and PSUs with three-year performance periods and seven-year option terms ties realized pay to BVPS growth, NOI ROE, and share price appreciation; clawback and ownership guidelines strengthen alignment .
- Retention/pressure: Upcoming vest dates (options 50% on 02/28/2026 and 02/28/2027; RSUs 02/28/2027; 2024–2026 PSUs certification in 2027) may create event-driven liquidity needs; mitigated by ownership guidelines requiring retention of at least 50% of “profit shares” until guideline compliance .
- Change-in-control economics: Material equity acceleration potential (as of 12/31/24 values above), but policy prohibits single-trigger vesting and tax gross-ups, reducing windfall risk; the newly adopted Executive Severance Plan adds baseline protection beginning 2025 (details not provided in the proxy) .
- Pay-for-performance: 2024 MIP paid above target (140.4%) on strong Operating EPS and first-year premium growth, consistent with long-term value creation objectives that drive TSR over time .