| Globe Life (NYSE: GL) has been a steady performer in the insurance industry for decades, but recent events have put this stalwart under the microscope. A quick glance at the stock's price chart should give you an idea of what I mean. Following a disparaging report against the company's sales practices earlier this year, shares tumbled sharply, and they are still in the process of rebounding from their multi-year lows. But despite the negative press, I think the stock deserves a serious look. Let's run it through The Value Meter. First, let's look at Globe Life's enterprise value-to-net asset value (EV/NAV) ratio, which gives us a sense of how the market is valuing the company's assets relative to its peers'. Globe Life's EV/NAV sits at 2.04, a significant discount to the market average of 6.56 for companies with positive net assets. That's not a bad discount. But is it truly a bargain? The company's ability to generate cash is crucial to answering that question, and Globe Life shows some strength in that regard. Over the past four quarters, Globe Life's free cash flow averaged 7.45% of its net assets. While this is slightly below the peer average of 8.04%, it's not far off. More importantly, the company has churned out positive free cash flow in each of the last four quarters. That's the kind of consistency value investors crave. Globe Life's first quarter results were quite solid. Net income rose 13.7% to over $254.2 million, up from $223.6 million a year ago. And net operating income hit $264.1 million, a 6.5% year-over-year increase. The company also reported that the underwriting margin for its life insurance operations, which account for about 70% of its premium revenue, grew 6% year over year to $309 million in the first quarter. Underwriting margin for its health insurance segment, which makes up the other 30% of premium revenue, increased 3% to $93.8 million. These numbers demonstrate Globe Life's ability to profitably grow its core business. But it's not all rosy... The company is facing some headwinds that threaten to undo everything we've mentioned so far. | 
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