April 22 (Reuters) - Globe Life ( GL ) posted a rise in

first-quarter profit on Monday as the insurer benefited from

strong investment returns and underwriting activities.

The insurance industry, known for its resilience to economic

downturns, sustains a stable demand for policies, with both

corporate and government spending on insurance remaining steady.

Total premiums at Globe Life ( GL ) rose to $1.15 billion in the

first quarter from $1.10 billion a year ago.

The surge in the broader equity capital markets on the other

hand has enhanced investment income for insurers, who diversify

a portion of their cash across various asset classes.

Globe Life's ( GL ) net investment income for the quarter increased

about 10% to $282.6 million.

The company's net operating income for the three months

ended March 31 came in at $2.78 per share, compared with $2.53

per share in the prior-year quarter.

Globe Life ( GL ) expects its operating income for the year to be

between $11.50 to $12.00 per share. The insurer further expects

to resume share buybacks once the blackout period related to a

potential acquisition ends for the first quarter.

Earlier this month, Fuzzy Panda Research disclosed a short

position in the company, citing numerous cases of insurance

fraud, leading Globe Life's ( GL ) shares to drop to their lowest in

over a decade.

Globe Life ( GL ) denied the allegations, saying "the short seller

analysis by Fuzzy Panda Research mischaracterizes facts and uses

unsubstantiated claims and conjecture to present an overall

picture of Globe Life ( GL ) that is deliberately false."