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目錄

美國

證券交易委員會

華盛頓特區20549

表格 10-Q

(做一個標記)

☒ 依照第13條或第15(d)條定期報告 1934年證券交易所法案

截至2024年6月30日季度結束 2024年9月30日

或

☐ 根據1934年證券交易所法案第13或15(d)條進行的過渡報告

過渡期從_____到______

委員會檔案編號： 001-08052

全球生活股份有限公司

（依憑章程所載的完整登記名稱）

特拉華州						63-0780404
(成立地或組織其他管轄區)						（聯邦稅號）

3700 South Stonebridge Drive, 麥金尼, 德克薩斯州 75070

(主要行政辦公室的地址)（郵政編碼）

(972) 569-4000

(註冊人電話號碼，包括區號)

無

(如與上次報告不同，列明前名稱、前地址及前財政年度)

根據1973年證券交易法第12(b)條規定註冊的證券：

每種類別的名稱			交易標的（s）			每個註冊交易所的名稱
普通股，每股面值1.00美元			GL			紐約證券交易所
4.250%初級次順位債券			GL PRD			紐約證券交易所

請以核取方塊表示，登記人（1）在過去12個月內已依照1934年證券交易法第13或15(d) 條的規定提交所有要求提交的報告（或對於要求提交這些報告的較短期間，登記人已要求提交該等報告），以及（2）已受到過去90天的提交要求。是    ☒ 否 ☐

標示勾選框，指示在過去12個月內（或者要求提交此類文件的更短期間內）登記者是否已按照Regulation S-t第405條規定提交每個交互式數據文件。是   ☒否 ☐

請以勾選標記表示是否登記者是大型加速遞交者、加速遞交者、非加速遞交者、較小的報表公司或新興成長公司。參閱《交易所法》第120億2條中對「大型加速遞交者」、「加速遞交者」、「較小的報表公司」和「新興成長公司」的定義。

大型加速歸檔人

☒

加速檔案提交者

☐

非加速歸檔人

☐

較小報告公司

☐

新興成長型企業

☐

如果該企業為新興成長型企業，請在是否選擇不使用證交法第13(a)條所提供之符合任何新的或修訂財務會計標準的延長過渡期的方格中打勾。

☐

請勾選表示申報人是否為外殼公司（依據《交易所法》第120億2條定義）。 是 ☐ 否 ☒

請表示於最近可行日期，每種發行人普通股的流通股數。

Class A普通股						於2024年10月31日的未償餘額
普通股，面值$1.00						83,945,064

GL 2024年第三季度Form 10-Q

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目錄

環球人壽股份有限公司

目錄

									頁面
第I部分. 基本報表
			项目1。			縮短合併財務報表
						縮短的合併財務報表			1
						損益綜合表簡明合併報表			2
						綜合損益簡明合併財務報表			3
						簡明合併股東權益陳述			4
						簡明合併現金流量量表			6
						基本報表註記			7
						附註1—重大會計政策			7
						附註2—新會計準則			8
						附註3—有關其他累積綜合收益變動的補充資訊			9
						附註4—投資事項			11
						附註5—承諾和潛在負債			21
						附註6—政策負債			23
						附註7—递延取得成本			43
						請參閱注釋 8—未付賠款負債			46
						請參閱注釋 9—退休福利			47
						請參閱注釋 10—每股收益			49
						附註11—債務			50
						附註12—業務部門			52
						附註13—後續事項			57
						警示事項			58
			项目2。			管理層對財務狀況和業績的討論與分析			59
			项目3。			市場風險的定量和定性披露。			90
			项目4。			內部控制及程序			90
第I部分I其他資訊
			项目1。			法律訴訟			90
			项目1A。			風險因素			91
			项目2。			股票權益的未註冊銷售和資金用途			94
			项目5。			其他信息			94
			第6項。			展品			95
簽名									96

根據本10-Q表格的用語，「globe life」、「公司」、「我們」及「我們的」指的是成立於1979年的特拉華州公司 Globe Life Inc. 及其附屬公司和聯屬公司。

GL 2024年第三季度Form 10-Q

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目錄

第一部分-財務資訊

第1項。基本報表簡明合併財務報表

全球人壽保險股份有限公司

縮短的合併財務報表

(未經審計)

(以千元計算的金額，每股數據除外)

			九月三十日， 2024						2023年12月31日
資產：
投資：
固定期限-可供出售，以公允價值衡量（攤銷成本：2024—$19,084,454; 2023—$18,924,914，信用損失准備金：2024— $7,132; 2023— $7,115)			$	18,334,570					$	17,870,206
抵押貸款			381,315						279,199
保險貸款			691,072						657,020
其他長期投資（包括：2024—$979,397; 2023—$795,583 根據公允價值選擇的			1,221,888						835,878
短期投資			100,501						81,740
總投資			20,729,346						19,724,043
現金			134,549						103,156
應計投資收入			284,952						270,396
其他應收款項			651,871						630,223
推迟的获得成本			6,386,682						6,009,477
商譽			490,446						481,791
其他資產			878,974						832,413
資產總額			$	29,556,820					$	28,051,499
負債：
在當前折扣率下未來政策利益：（在原始折扣率下：2024—$17,402,917; 2023—$16,984,615)			$	19,814,913					$	19,460,353
未贏得的和預收的保費			264,644						254,567
保單索賠和其他應付利益			530,399						514,875
其他保戶的所有基金类型			469,288						236,958
保單負債總額			21,079,244						20,466,753
當前和递延所得税			619,970						494,639
短期債務			437,418						486,113
長期負債（估計公允價值：2024年—$2,202,644; 2023—$1,491,229)			2,323,676						1,629,559
其他負債			457,887						487,632
總負債			24,918,195						23,564,696
承諾和附帶條件（附註5）
股東權益:
優先股，面額 $1 每股—5,000,000 授權股份數：；流通股份： 0 於2024年和2023年			—						—
普通股，面額 $1 每股—320,000,000 授權股份數：；流通股份：（2024—102,218,183 已發行股份：2023—102,218,183 已發行股份: )			102,218						102,218
資本公積金額外			543,255						532,474
其他綜合損益（損失）累積額			(2,484,743)						(2,772,419)
保留收益			8,225,030						7,478,813
儲備股，以成本計量：（2024年—17,942,902 分享；2023年—8,426,854 ）股份			(1,747,135)						(854,283)
股東權益總額			4,638,625						4,486,803
總負債及股東權益			$	29,556,820					$	28,051,499

請參閱附表中的基本報表附註。

1

GL 2024年第三季度10-Q表格

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目錄

全球人壽保險股份有限公司

綜合損益表

(未經審計)

(以千元為單位，除每股數據外的金額)

			結束於三個月的期間 九月三十日，												九個月結束了 九月三十日，
			2024						2023						2024						2023
營業收入:
人壽保險費			$	818,638					$	788,099					$	2,438,385					$	2,342,429
健康保險費			353,955						331,236						1,046,617						982,916
其他保險費			—						—						—						—
總保費			1,172,593						1,119,335						3,485,002						3,325,345
淨投資收益			284,964						266,926						853,178						785,275
實現利得(損失)			(2,192)						(2,193)						(26,580)						(78,963)
其他收益			42						50						192						185
營業總收入			1,455,407						1,384,118						4,311,792						4,031,842
利益及費用：
人壽保單持有人保障金額(1)			454,502						515,676						1,493,165						1,536,317
醫療保單持有人保障金額(2)			221,926						193,790						629,676						580,676
其他保戶福利			11,756						9,578						32,830						27,488
保戶福利總額			688,184						719,044						2,155,671						2,144,481
延後收購成本攤銷			104,310						95,757						305,703						282,159
佣金、保費稅項和非遞延獲取成本			149,693						138,677						447,605						414,933
其他營業費用			104,874						85,870						297,196						256,074
利息費用			31,388						25,955						91,413						76,640
所有利益和费用			1,078,449						1,065,303						3,297,588						3,174,287
稅前收入			376,958						318,815						1,014,204						857,555
所得稅效益（費用）			(73,964)						(61,732)						(198,638)						(161,602)
凈利潤			$	302,994					$	257,083					$	815,566					$	695,953
基本每股普通股凈利潤			$	3.45					$	2.72					$	8.96					$	7.29
稀釋每股普通股凈利潤			$	3.44					$	2.68					$	8.93					$	7.20

(1) 總重估金額扣除假設更改的影響和實際至預期經驗調整的影響後獲得$的收益70.6 2024年9月30日三個月結束時達到$的獲利，以及2023年同期的總重估獲利$11.3 2024年9月30日九個月結束時達到$的總重估獲利，以及2023年同期的總重估獲利$87.8淨總重估獲利達$之九個月結束於2024年9月30日，同期為2023年$16.5淨總重估獲利達$之九個月結束於2024年9月30日，同期為2023年$

(2)    扣除包括假設更改影響和實際與預期經驗調整影響在內的總重新計量後，造成2024年9月30日結束的三個月淨損失為$9.6百萬，且總重新計量獲利為$7.8百萬，同期為2023年相同時期的總重新計量淨損失為$3.1百萬，2024年9月30日結束的九個月總重新計量獲利為$8.3百萬，同期為2023年相同時期的總重新計量獲利為$

見附帶的基本報表附註。

2

GL 2024年第三季度10-Q表格

---

目錄

全球人壽保險股份有限公司

綜合損益簡明合併財務報表

(未經審計)

(以千元計價)

			結束於三個月的期間 九月三十日，												九個月結束了 九月三十日，
			2024						2023						2024						2023
凈利潤			$	302,994					$	257,083					$	815,566					$	695,953
其他綜合損益：
投資：
投資低息證券的未實現收益（損失）：
期間內發生的未實現持有收益（損失）			869,743						(1,068,091)						301,715						(932,301)
凈利潤中包括的其他重新分類調整			(2,408)						851						2,580						82,866
記錄在公平價值上的固定到期投資的匯率期貨調整			(954)						1,603						546						603
總未實現投資收益（損失）			866,381						(1,065,637)						304,841						(848,832)
減去適用的稅收（費用）效益			(181,941)						223,782						(64,018)						178,250
投資的未實現收益（損失），稅後			684,440						(841,855)						240,823						(670,582)
未來保單利益：
未來保單利益的折現率變動			(1,247,366)						1,687,310						63,614						1,272,631
減少適用稅（費用）利益			261,946						(354,334)						(13,360)						(267,252)
未來政策效益調整，淨值			(985,420)						1,332,976						50,254						1,005,379
匯率期貨轉換：
匯率期貨轉換調整，除證券外			7,296						(7,881)						(4,660)						(4,039)
減少適用稅（費用）利益			(1,532)						1,655						979						847
匯率期貨轉換調整，除證券外，凈利潤			5,764						(6,226)						(3,681)						(3,192)
養老金：
養老金調整			118						35						354						(336)
較少適用稅項（費用）益			(25)						(7)						(74)						70
退休金調整，稅後			93						28						280						(266)
其他全面收益（損失）			(295,123)						484,923						287,676						331,339
綜合收益（損失）			$	7,871					$	742,006					$	1,103,242					$	1,027,292

見附帶的基本報表附註。

3

GL 2024年第三季度10-Q表格

---

目錄

全球人壽保險股份有限公司

簡明合併股東權益陳述

(未經查核)

(以千元計算的金額，每股數據除外)

			優先股						普通股						資本公積金						累計其他綜合收益（損失）						保留收益						庫藏股						股東權益總額
2023年12月31日餘額			$	—					$	102,218					$	532,474					$	(2,772,419)					$	7,478,813					$	(854,283)					$	4,486,803
綜合收益（損失）			—						—						—						305,183						254,217						—						559,400
普通股息宣布 ($0.2400 元）			—						—						—						—						(22,603)						—						(22,603)
回購庫藏股份			—						—						—						—						—						(23,469)						(23,469)
股份報酬			—						—						(5,612)						—						(438)						15,317						9,267
行使股票期權			—						—						—						—						(3,334)						33,097						29,763
2024年3月31日結存			—						102,218						526,862						(2,467,236)						7,706,655						(829,338)						5,039,161
綜合收益（損失）			—						—						—						277,616						258,355						—						535,971
宣佈普通股分紅派息 ($0.2400 元）			—						—						—						—						(21,595)						—						(21,595)
收購庫藏股			—						—						—						—						—						(335,873)						(335,873)
股份報酬			—						—						7,166						—						—						2,924						10,090
行使股票期權			—						—						—						—						—						—						—
截至2024年6月30日的結餘			—						102,218						534,028						(2,189,620)						7,943,415						(1,162,287)						5,227,754
綜合收益（損失）			—						—						—						(295,123)						302,994						—						7,871
宣佈普通股分紅派息 ($0.2400 元）			—						—						—						—						(20,215)						—						(20,215)
收購庫藏股			—						—						—						—						—						(591,106)						(591,106)
股份報酬			—						—						9,227						—						—						6						9,233
行使股票期權			—						—						—						—						(1,164)						6,252						5,088
2024年9月30日結餘			$	—					$	102,218					$	543,255					$	(2,484,743)					$	8,225,030					$	(1,747,135)					$	4,638,625

請參閱附註的基本財務報表。

4

GL 2024年第三季度10-Q表格

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目錄

Globe Life 公司;

壓縮綜合股東權益報表（續）

(未經審計)

(金額以千爲單位，每股數據以美元計)

			優先股						普通股						資本公積金						累計其他綜合收益（損失）						未分配利潤						庫存股						股東權益合計
2022年12月31日結存餘額			$	—					$	105,218					$	529,661					$	(2,790,313)					$	6,894,535					$	(789,524)					$	3,949,577
綜合收益（損失）			—						—						—						(170,780)						223,610						—						52,830
普通的分紅派息已宣佈 ($0.2250每股)			—						—						—						—						(21,542)						—						(21,542)
回購公司股份			—						—						—						—						—						(179,276)						(179,276)
基於股票的報酬			—						—						(1,022)						—						—						8,700						7,678
行使股票期權			—						—						—						—						(4,059)						41,083						37,024
2023年3月31日餘額			—						105,218						528,639						(2,961,093)						7,092,544						(919,017)						3,846,291
綜合收益（損失）			—						—						—						17,196						215,260						—						232,456
宣佈普通股分紅 ($0.2250每股)			—						—						—						—						(21,330)						—						(21,330)
回購公司股份			—						—						—						—						—						(89,755)						(89,755)
基於股票的報酬			—						—						7,487						—						—						—						7,487
行使股票期權			—						—						—						—						(665)						5,822						5,157
6,749.7			—						105,218						536,126						(2,943,897)						7,285,809						(1,002,950)						3,980,306
綜合收益（損失）			—						—						—						484,923						257,083						—						742,006
宣佈普通股分紅 ($0.2250每股)			—						—						—						—						(21,181)						—						(21,181)
回購公司股份			—						—						—						—						—						(96,898)						(96,898)
基於股票的報酬			—						—						7,567						—						—						—						7,567
行使股票期權			—						—						—						—						(1,818)						13,149						11,331
2023年9月30日餘額			$	—					$	105,218					$	543,693					$	(2,458,974)					$	7,519,893					$	(1,086,699)					$	4,623,131

See accompanying Notes to Condensed Consolidated Financial Statements.

5

        GL Q3 2024 FORM 10-Q

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Table of Contents

Globe Life Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

（以千美元爲單位）

			九個月結束 9月30日,
			2024						2023
經營活動提供的現金（用於）			$	1,065,513					$	1,091,028
投資活動提供的現金（用於）：
出售或到期的投資：
可供出售的固定到期證券—出售			674,125						192,007
可供出售的固定到期證券—到期或其他贖回			161,275						212,936
抵押貸款			29,433						32,164
其他長期投資開多			29,995						100,999
已售出或到期的投資總額			894,828						538,106
投資收購:
固定到期時間—可供出售			(1,000,665)						(1,076,699)
抵押貸款			(134,667)						(95,995)
其他長期投資開多			(445,776)						(103,098)
收購的投資總額			(1,581,108)						(1,275,792)
政策貸款的淨（增加）減少			(34,052)						(29,687)
短期投資淨增減			(18,761)						30,187
固定資產的增加			(56,047)						(36,449)
其他投資活動			96						—
投資於低收入住房利益			(27,840)						(54,337)
投資活動提供的現金（用於）			(822,884)						(827,972)
融資活動提供的現金（用於）：
普通股發行			34,851						61,079
派給股東的現金股利			(65,292)						(62,945)
償還債務			—						(165,612)
發行債務所得款項			530,000						170,000
債務發行成本支付			(7,138)						(757)
從聯邦住房貸款銀行（FHLB）進行淨借款			17,000						198,000
商業票據的淨借款（償還）			31,443						(34,066)
來自原始到期日超過90天的商業票據的資金			387,247						—
償還原始到期日超過90天的商業票據			(314,836)						—
回購公司股份			(950,448)						(365,929)
存款類型產品的淨收付款			122,291						(69,526)
用於融資活動的現金提供			(214,882)						(269,756)
9. 關聯方餘額與交易			3,646						(313)
現金淨增加（減少）			31,393						(7,013)
年初現金餘額			103,156						92,559
期末現金餘額			$	134,549					$	85,546

See accompanying Notes to Condensed Consolidated Financial Statements.

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        GL Q3 2024 FORM 10-Q

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 1—Significant Accounting Policies

Business: (Globe Life), (the Company), refers to Globe Life Inc., an insurance holding company incorporated in Delaware in 1979, and Globe Life Inc. subsidiaries and affiliates. Globe Life Inc.'s direct or indirect primary subsidiaries are Globe Life And Accident Insurance Company, American Income Life Insurance Company, Liberty National Life Insurance Company, Family Heritage Life Insurance Company of America, and United American Insurance Company. The underwriting companies are owned by their ultimate corporate parent, Globe Life Inc. (Parent Company).

Globe Life provides a variety of life and supplemental health insurance products and annuities to a broad base of customers. The Company is organized into four reportable segments: life insurance, supplemental health insurance, annuities, and investments.

Globe Life markets its insurance products through a number of distribution channels, each of which sells the products of one or more of Globe Life's insurance segments. Our distribution channels consist of the following exclusive agencies: American Income Life Division (American Income), Liberty National Division (Liberty National) and Family Heritage Division (Family Heritage); an independent agency, United American Division (United American); and our Direct to Consumer Division (DTC).

Basis of Presentation: The accompanying condensed consolidated financial statements of Globe Life have been prepared in accordance with the instructions to Form 10-Q. Therefore, they do not include all of the disclosures required by accounting principles generally accepted in the United States of America (GAAP) for annual financial statements. However, in the opinion of management, these statements include all adjustments, consisting of normal recurring adjustments, which are necessary for a fair presentation of the condensed consolidated financial position at September 30, 2024, and the condensed consolidated results of operations, comprehensive income, and cash flows for the periods ended September 30, 2024 and 2023. The interim period condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements that are included in the Form 10-K filed with the Securities Exchange Commission (SEC) on February 28, 2024.

Use of Estimates: The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. See further documentation in the significant accounting policies or the accompanying notes.

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 2—New Accounting Standards

Accounting Pronouncements Adopted in the Current Year

Standard

Description

Effective Date

Effect on the Condensed Consolidated Financial Statements

ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions

ASU 2022-03 adds disclosure requirements specific to equity securities subject to contractual sale restrictions. The disclosures clarify the nature of the contractual sale as well as the duration of the restriction and the circumstances that could cause a lapse in the restriction.

This standard is effective for the Company for fiscal years beginning on January 1, 2024 and interim periods within those fiscal years.

The adoption of this standard did not have a material impact on the Condensed Consolidated Financial Statements.

Accounting Pronouncements Yet to be Adopted

Standard

Description

Effective Date

Effect on the Condensed Consolidated Financial Statements

ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

ASU 2023-07 adds disclosure requirements to segment expenses, improving the financial reporting of the entity’s overall performance and assessment of future cash flows. The disclosures will require more detailed information related to the entity’s reportable segments.

This standard is effective for the Company for annual periods beginning on January 1, 2024 and for interim periods beginning on January 1, 2025, and will be implemented on a retrospective basis.

The Company is evaluating the standard, but does not expect the standard will have a material impact on the Condensed Consolidated Financial Statements.

ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

ASU 2023-09 adds disclosure requirements to disaggregated information related to the effective tax rate reconciliation and information on income taxes paid. The disclosures will enhance the assessment of the entity’s operations and related tax risks.

This standard is effective for the Company for annual periods beginning on January 1, 2025, and will be implemented on a prospective basis.

The Company does not expect the standard will have a material impact on the Condensed Consolidated Financial Statements.

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        GL Q3 2024 FORM 10-Q

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive Income

Components of Accumulated Other Comprehensive Income: An analysis of the change in balance by component of Accumulated Other Comprehensive Income is as follows for the three and nine month periods ended September 30, 2024 and 2023:

			Three Months Ended September 30, 2024
			Available for Sale Assets						Future Policy Benefits												Foreign Exchange						Pension Adjustments						Total
Balance at July 1, 2024			$	(1,271,213)					$	(911,717)											$	(4,726)					$	(1,964)					$	(2,189,620)
Other comprehensive income (loss) before reclassifications, net of tax			686,343						(985,420)												5,764						—						(293,313)
Reclassifications, net of tax			(1,903)						—												—						93						(1,810)
Other comprehensive income (loss)			684,440						(985,420)												5,764						93						(295,123)
Balance at September 30, 2024			$	(586,773)					$	(1,897,137)											$	1,038					$	(1,871)					$	(2,484,743)

			Three Months Ended September 30, 2023
			Available for Sale Assets						Future Policy Benefits												Foreign Exchange						Pension Adjustments						Total
Balance at July 1, 2023			$	(1,249,399)					$	(1,696,801)											$	1,353					$	950					$	(2,943,897)
Other comprehensive income (loss) before reclassifications, net of tax			(842,527)						1,332,976												(6,226)						—						484,223
Reclassifications, net of tax			672						—												—						28						700
Other comprehensive income (loss)			(841,855)						1,332,976												(6,226)						28						484,923
Balance at September 30, 2023			$	(2,091,254)					$	(363,825)											$	(4,873)					$	978					$	(2,458,974)

			Nine Months Ended September 30, 2024
			Available for Sale Assets						Future Policy Benefits												Foreign Exchange						Pension Adjustments						Total
Balance at January 1, 2024			$	(827,596)					$	(1,947,391)											$	4,719					$	(2,151)					$	(2,772,419)
Other comprehensive income (loss) before reclassifications, net of tax			238,785						50,254												(3,681)						—						285,358
Reclassifications, net of tax			2,038						—												—						280						2,318
Other comprehensive income (loss)			240,823						50,254												(3,681)						280						287,676
Balance at September 30, 2024			$	(586,773)					$	(1,897,137)											$	1,038					$	(1,871)					$	(2,484,743)

			Nine Months Ended September 30, 2023
			Available for Sale Assets						Future Policy Benefits												Foreign Exchange						Pension Adjustments						Total
Balance at January 1, 2023			$	(1,420,672)					$	(1,369,204)											$	(1,681)					$	1,244					$	(2,790,313)
Other comprehensive income (loss) before reclassifications, net of tax			(736,046)						1,005,379												(3,192)						—						266,141
Reclassifications, net of tax			65,464						—												—						(266)						65,198
Other comprehensive income (loss)			(670,582)						1,005,379												(3,192)						(266)						331,339
Balance at September 30, 2023			$	(2,091,254)					$	(363,825)											$	(4,873)					$	978					$	(2,458,974)

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        GL Q3 2024 FORM 10-Q

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Reclassification Adjustments: Reclassification adjustments out of Accumulated Other Comprehensive Income are presented below for the three and nine month periods ended September 30, 2024 and 2023.

						Three Months Ended September 30,												Nine Months Ended September 30,												Affected line items in the Statements of Operations
Component Line Item						2024						2023						2024						2023
Unrealized investment (gains) losses on available for sale assets:
Realized (gains) losses						$	(257)					$	1,759					$	9,732					$	85,230					Realized (gains) losses
Amortization of (discount) premium						(2,151)						(908)						(7,152)						(2,364)						Net investment income
Total before tax						(2,408)						851						2,580						82,866
Tax						505						(179)						(542)						(17,402)						Income taxes
Total after-tax						(1,903)						672						2,038						65,464
Pension adjustments:
Amortization of prior service cost						265						269						803						807						Other operating expense
Amortization of actuarial (gain) loss						(147)						(234)						(449)						(1,143)						Other operating expense
Total before tax						118						35						354						(336)
Tax						(25)						(7)						(74)						70						Income taxes
Total after-tax						93						28						280						(266)
Total reclassification (after-tax)						$	(1,810)					$	700					$	2,318					$	65,198

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 4—Investments

Portfolio Composition: Summaries of fixed maturities available for sale by amortized cost, fair value, and allowance for credit losses at September 30, 2024 and December 31, 2023, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are as follows. Redeemable preferred stock is included within "Corporates, by sector."

			At September 30, 2024
			Amortized Cost						Allowance for Credit Losses						Gross Unrealized Gains						Gross Unrealized Losses						Fair  Value(1)						% of Total Fixed Maturities(2)
Fixed maturities available for sale:
U.S. Government direct, guaranteed, and government-sponsored enterprises			$	397,969					$	—					$	38					$	(21,026)					$	376,981					2
States, municipalities, and political subdivisions			3,253,819						—						49,409						(424,989)						2,878,239						16
Foreign governments			41,794						—						17						(9,885)						31,926						—
Corporates, by sector:
Industrials			8,115,835						(7,132)						258,165						(508,089)						7,858,779						43
Financial			5,014,169						—						171,762						(299,903)						4,886,028						26
Utilities			2,140,610						—						109,998						(72,371)						2,178,237						12
Total corporates			15,270,614						(7,132)						539,925						(880,363)						14,923,044						81
Collateralized debt obligations			36,685						—						5,798						—						42,483						—
Other asset-backed securities			83,573						—						1						(1,677)						81,897						1
Total fixed maturities			$	19,084,454					$	(7,132)					$	595,188					$	(1,337,940)					$	18,334,570					100

(1)Amount reported in the balance sheet.

(2)At fair value.

			At December 31, 2023
			Amortized Cost						Allowance for Credit Losses						Gross Unrealized Gains						Gross Unrealized Losses						Fair  Value(1)						% of Total Fixed Maturities(2)
Fixed maturities available for sale:
U.S. Government direct, guaranteed, and government-sponsored enterprises			$	398,450					$	—					$	7					$	(32,306)					$	366,151					2
States, municipalities, and political subdivisions			3,296,305						—						47,346						(403,329)						2,940,322						16
Foreign governments			44,453						—						1						(10,348)						34,106						—
Corporates, by sector:
Industrials			8,016,126						(7,115)						213,078						(566,847)						7,655,242						43
Financial			5,028,151						—						112,368						(388,340)						4,752,179						27
Utilities			2,017,967						—						73,925						(94,130)						1,997,762						11
Total corporates			15,062,244						(7,115)						399,371						(1,049,317)						14,405,183						81
Collateralized debt obligations			37,110						—						5,036						—						42,146						—
Other asset-backed securities			86,352						—						3						(4,057)						82,298						1
Total fixed maturities			$	18,924,914					$	(7,115)					$	451,764					$	(1,499,357)					$	17,870,206					100

(1)Amount reported in the balance sheet.

(2)At fair value.

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        GL Q3 2024 FORM 10-Q

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The Company has exposure to real estate investment trusts with an average rating of BBB+, which had a fair value of $429 million (2% of the total fixed maturity portfolio) and $425 million (2% of the total fixed maturity portfolio) at September 30, 2024 and December 31, 2023, respectively.

A schedule of fixed maturities available for sale by contractual maturity date at September 30, 2024, is shown below on an amortized cost basis, net of allowance for credit losses, and on a fair value basis. Actual disposition dates could differ from contractual maturities due to call or prepayment provisions.

			At September 30, 2024
			Amortized Cost, net						Fair Value
Fixed maturities available for sale:
Due in one year or less			$	111,956					$	111,456
Due after one year through five years			748,300						771,458
Due after five years through ten years			1,841,477						1,912,103
Due after ten years through twenty years			8,954,048						8,827,993
Due after twenty years			7,301,254						6,587,150
Mortgage-backed and asset-backed securities			120,287						124,410
			$	19,077,322					$	18,334,570

Analysis of Investment Operations: "Net investment income" for the three and nine month periods ended September 30, 2024 and 2023 is summarized as follows:

			Three Months Ended September 30,																		Nine Months Ended September 30,
			2024						2023						% Change						2024						2023						% Change
Fixed maturities available for sale			$	245,313					$	237,609					3						$	738,626					$	704,095					5
Policy loans			13,296						12,446						7						39,196						36,435						8
Mortgage loans			7,668						5,363						43						21,337						13,919						53
Other long-term investments(1)			19,992						14,630						37						58,608						38,753						51
Short-term investments			3,083						1,396												8,396						4,811
			289,352						271,444						7						866,163						798,013						9
Less investment expense			(4,388)						(4,518)						(3)						(12,985)						(12,738)						2
Net investment income			$	284,964					$	266,926					7						$	853,178					$	785,275					9

(1)For the three months ended September 30, 2024 and 2023, the investment funds, accounted for under the fair value option method, recorded $19.1 million and $14.0 million, respectively, in net investment income. For the nine months ended September 30, 2024 and 2023, the investment funds, accounted for under the fair value option method, recorded $56.1 million and $37.2 million, respectively, in net investment income. Refer to Other Long-Term Investments below for further discussion on the investment funds.

Selected information about sales of fixed maturities available for sale is as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Fixed maturities available for sale:
Proceeds from sales(1)			$	163,221					$	46,210					$	674,125					$	192,034
Gross realized gains			2,042						261						6,086						308
Gross realized losses			(1,856)						(67,018)						(15,824)						(77,879)

(1)As of September 30, 2024 and 2023, the Company had $0 and $27 thousand of unsettled trades, respectively.

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

An analysis of "Realized gains (losses)" is as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Realized investment gains (losses):
Fixed maturities available for sale:
Sales and other(1)			$	257					$	(66,767)					$	(9,716)					$	(77,730)
Provision for credit losses			—						65,008						(16)						(7,500)
Fair value option—change in fair value			(3,683)						868						(22,777)						7,954
Mortgage loans			(1,376)						(59)						(3,530)						(4,918)
Other investments			(16)						880						1,135						502
Realized gains (losses) from investments			(4,818)						(70)						(34,904)						(81,692)
Other gains (losses)			2,626						(2,123)						8,324						2,729
Total realized gains (losses)			(2,192)						(2,193)						(26,580)						(78,963)
Applicable tax			460						461						5,582						16,583
Realized gains (losses), net of tax			$	(1,732)					$	(1,732)					$	(20,998)					$	(62,380)

(1)During the three months ended September 30, 2024 and 2023, the Company recorded $3.4 million and $21.1 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in no realized gains (losses) in either period. During the nine months ended September 30, 2024 and 2023, the Company recorded $82.2 million and $39.0 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in no realized gains (losses) in either period.

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Fair Value Measurements: The following tables represent the fair value of fixed maturities measured on a recurring basis at September 30, 2024 and December 31, 2023:

			Fair Value Measurement at September 30, 2024:
			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total Fair Value
Fixed maturities available for sale
U.S. Government direct, guaranteed, and government-sponsored enterprises			$	—					$	376,981					$	—					$	376,981
States, municipalities, and political subdivisions			—						2,878,239						—						2,878,239
Foreign governments			—						31,926						—						31,926
Corporates, by sector:
Industrials			—						7,659,257						199,522						7,858,779
Financial			—						4,754,596						131,432						4,886,028
Utilities			—						2,063,380						114,857						2,178,237
Total corporates			—						14,477,233						445,811						14,923,044
Collateralized debt obligations			—						—						42,483						42,483
Other asset-backed securities			—						74,021						7,876						81,897
Total fixed maturities			$	—					$	17,838,400					$	496,170					$	18,334,570
Percentage of total			—		%				97		%				3		%				100		%

			Fair Value Measurement at December 31, 2023:
			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total Fair Value
Fixed maturities available for sale
U.S. Government direct, guaranteed, and government-sponsored enterprises			$	—					$	366,151					$	—					$	366,151
States, municipalities, and political subdivisions			—						2,940,322						—						2,940,322
Foreign governments			—						34,106						—						34,106
Corporates, by sector:
Industrials			—						7,440,493						214,749						7,655,242
Financial			—						4,621,160						131,019						4,752,179
Utilities			—						1,888,797						108,965						1,997,762
Total corporates			—						13,950,450						454,733						14,405,183
Collateralized debt obligations			—						—						42,146						42,146
Other asset-backed securities			—						82,298						—						82,298
Total fixed maturities			$	—					$	17,373,327					$	496,879					$	17,870,206
Percentage of total			—		%				97		%				3		%				100		%

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables represent changes in fixed maturities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

			Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
			Asset- backed Securities						Collateralized Debt Obligations						Corporates						Total
Balance at January 1, 2024			$	—					$	42,146					$	454,733					$	496,879
Included in realized gains / losses			—						—						—						—
Included in other comprehensive income			—						762						5,448						6,210
Acquisitions			7,876						—						14,800						22,676
Sales			—						—						—						—
Amortization			—						3,414						(38)						3,376
Other(1)			—						(3,839)						(29,132)						(32,971)
Transfers into Level 3(2)			—						—						—						—
Transfers out of Level 3(2)			—						—						—						—
Balance at September 30, 2024			$	7,876					$	42,483					$	445,811					$	496,170
Percent of total fixed maturities			—		%				—		%				3		%				3		%

(1)Includes capitalized interest, foreign exchange adjustments, and principal repayments. 

(2)Considered to be transferred at the end of the period. Transfers into Level 3 occur when observable inputs are no longer available. Transfers out of Level 3 occur when observable inputs become available.

			Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
			Asset- backed Securities						Collateralized Debt Obligations						Corporates						Total
Balance at January 1, 2023			$	—					$	50,364					$	478,083					$	528,447
Included in realized gains / losses			—						—						—						—
Included in other comprehensive income			—						(8,424)						(15,968)						(24,392)
Acquisitions			—						—						—						—
Sales			—						—						—						—
Amortization			—						3,429						5						3,434
Other(1)			—						(3,684)						(26,669)						(30,353)
Transfers into Level 3(2)			—						—						—						—
Transfers out of Level 3(2)			—						—						—						—
Balance at September 30, 2023			$	—					$	41,685					$	435,451					$	477,136
Percent of total fixed maturities			—		%				—		%				3		%				3		%

(1)Includes capitalized interest, foreign exchange adjustments, and principal repayments. 

(2)Considered to be transferred at the end of the period. Transfers into Level 3 occur when observable inputs are no longer available. Transfers out of Level 3 occur when observable inputs become available.

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following table presents changes in unrealized gains and losses for the period included in accumulated other comprehensive income for assets held at the end of the reporting period for Level 3 classification:

			Changes in Unrealized Gains (Losses) included in Accumulated Other Comprehensive Income for Assets Held at the End of the Period
			Asset- backed Securities						Collateralized Debt Obligations						Corporates						Total
At September 30, 2024			$	—					$	762					$	5,448					$	6,210
At September 30, 2023			—						(8,424)						(15,968)						(24,392)

 

Unrealized Loss Analysis: The following table discloses information about fixed maturities available for sale in an unrealized loss position.

			Less than Twelve Months						Twelve Months or Longer						Total
Number of issues (CUSIPs) held:
As of September 30, 2024			87						1,553						1,640
As of December 31, 2023			151						1,614						1,765

 

Globe Life's entire fixed maturity portfolio consisted of 2,532 issues by 975 different issuers at September 30, 2024 and 2,473 issues by 980 different issuers at December 31, 2023. The weighted-average quality rating of all unrealized loss positions at amortized cost was A- as of September 30, 2024 and December 31, 2023.

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables disclose unrealized investment losses by class and major sector of fixed maturities available for sale at September 30, 2024 and December 31, 2023.

Analysis of Gross Unrealized Investment Losses

			At September 30, 2024
			Less than Twelve Months												Twelve Months or Longer												Total
			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
Fixed maturities available for sale:
Investment grade securities:
U.S. Government direct, guaranteed, and government-sponsored enterprises			$	—					$	—					$	374,361					$	(21,026)					$	374,361					$	(21,026)
States, municipalities, and political subdivisions			201,640						(4,821)						1,636,467						(420,168)						1,838,107						(424,989)
Foreign governments			—						—						28,493						(9,885)						28,493						(9,885)
Corporates, by sector:
Industrials			124,717						(11,134)						4,071,839						(464,628)						4,196,556						(475,762)
Financial			19,176						(303)						2,005,383						(261,465)						2,024,559						(261,768)
Utilities			7,012						(92)						667,192						(71,489)						674,204						(71,581)
Total corporates			150,905						(11,529)						6,744,414						(797,582)						6,895,319						(809,111)
Collateralized debt obligations			—						—						—						—						—						—
Other asset-backed securities			—						—						68,549						(1,607)						68,549						(1,607)
Total investment grade securities			352,545						(16,350)						8,852,284						(1,250,268)						9,204,829						(1,266,618)
Below investment grade securities:
Corporates, by sector:
Industrials			2,670						(169)						143,088						(32,158)						145,758						(32,327)
Financial			4,199						(13)						178,887						(38,122)						183,086						(38,135)
Utilities			—						—						11,945						(790)						11,945						(790)
Total corporates			6,869						(182)						333,920						(71,070)						340,789						(71,252)
Collateralized debt obligations			—						—						—						—						—						—
Other asset-backed securities			—						—						5,432						(70)						5,432						(70)
Total below investment grade securities			6,869						(182)						339,352						(71,140)						346,221						(71,322)
Total fixed maturities			$	359,414					$	(16,532)					$	9,191,636					$	(1,321,408)					$	9,551,050					$	(1,337,940)

Gross unrealized losses may fluctuate quarter over quarter due to factors in the market that affect our holdings, such as changes in interest rates or credit spreads. The Company considers many factors when determining whether an allowance for a credit loss should be recorded. While the Company holds securities that may be in an unrealized loss position from time to time, Globe Life does not generally intend to sell and it is unlikely that the Company will be required to sell the fixed maturities prior to their anticipated recovery or maturity due to the strong cash flows generated by its insurance operations.

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Analysis of Gross Unrealized Investment Losses

			At December 31, 2023
			Less than Twelve Months												Twelve Months or Longer												Total
			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
Fixed maturities available for sale:
Investment grade securities:
U.S. Government direct, guaranteed, and government-sponsored enterprises			$	—					$	—					$	364,006					$	(32,306)					$	364,006					$	(32,306)
States, municipalities, and political subdivisions			252,800						(3,520)						1,610,163						(399,809)						1,862,963						(403,329)
Foreign governments			—						—						32,591						(10,348)						32,591						(10,348)
Corporates, by sector:
Industrials			191,573						(3,881)						4,317,827						(530,011)						4,509,400						(533,892)
Financial			242,099						(6,584)						2,341,424						(339,628)						2,583,523						(346,212)
Utilities			81,194						(648)						686,043						(91,959)						767,237						(92,607)
Total corporates			514,866						(11,113)						7,345,294						(961,598)						7,860,160						(972,711)
Collateralized debt obligations			—						—						—						—						—						—
Other asset-backed securities			—						—						70,956						(3,648)						70,956						(3,648)
Total investment grade securities			767,666						(14,633)						9,423,010						(1,407,709)						10,190,676						(1,422,342)
Below investment grade securities:
Corporates, by sector:
Industrials			10,745						(199)						145,697						(32,756)						156,442						(32,955)
Financial			25,563						(2,602)						151,190						(39,526)						176,753						(42,128)
Utilities			—						—						19,654						(1,523)						19,654						(1,523)
Total corporates			36,308						(2,801)						316,541						(73,805)						352,849						(76,606)
Collateralized debt obligations			—						—						—						—						—						—
Other asset-backed securities			—						—						11,288						(409)						11,288						(409)
Total below investment grade securities			36,308						(2,801)						327,829						(74,214)						364,137						(77,015)
Total fixed maturities			$	803,974					$	(17,434)					$	9,750,839					$	(1,481,923)					$	10,554,813					$	(1,499,357)

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Fixed Maturities, Allowance for Credit Losses: A summary of the activity in the allowance for credit losses is as follows.

						Three Months Ended September 30,												Nine Months Ended September 30,
						2024						2023						2024						2023
Allowance for credit losses beginning balance						$	7,132					$	72,508					$	7,115					$	—
Additions to allowance for which credit losses were not previously recorded						—						—						—						72,508
Additions (reductions) to allowance for fixed maturities that previously had an allowance						—						(65,008)						17						(65,008)
Reduction of allowance for which the Company intends to sell or more likely than not will be required to sell or sold during the period						—						—						—						—
Allowance for credit losses ending balance						$	7,132					$	7,500					$	7,132					$	7,500

As of September 30, 2024 and December 31, 2023, the Company did not have any fixed maturities in non-accrual status.

Mortgage Loans (commercial mortgage loans): Summaries of commercial mortgage loans by property type and geographical location at September 30, 2024 and December 31, 2023 are as follows:

			September 30, 2024												December 31, 2023
			Carrying Value						% of Total						Carrying Value						% of Total
Property type:
Multi-family			$	127,155					33						$	116,299					42
Industrial			102,402						27						57,267						20
Retail			73,252						19						23,925						9
Hospitality			43,435						11						43,897						16
Mixed use			35,886						10						34,749						12
Office			6,387						2						6,734						2
Total recorded investment			388,517						102						282,871						101
Less allowance for credit losses			(7,202)						(2)						(3,672)						(1)
Carrying value, net of allowance for credit losses			$	381,315					100						$	279,199					100

			September 30, 2024												December 31, 2023
			Carrying Value						% of Total						Carrying Value						% of Total
Geographic location:
Texas			$	75,002					20						$	45,111					16
New Jersey			51,454						14						44,574						16
Florida			46,506						12						48,233						17
California			40,715						11						54,721						20
New York			35,865						9						20,284						7
Alabama			35,838						9						11,003						4
Other			103,137						27						58,945						21
Total recorded investment			388,517						102						282,871						101
Less allowance for credit losses			(7,202)						(2)						(3,672)						(1)
Carrying value, net of allowance for credit losses			$	381,315					100						$	279,199					100

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables are reflective of the key factors, debt service coverage ratios, and loan-to-value (LTV) ratios that are utilized by management to monitor the performance of the portfolios. The Company only makes new investments in commercial mortgage loans that have a LTV ratio less than 80%. LTV's that exceed 80% are generally as a result of decreases in the valuation of the underlying property. Generally, a higher LTV ratio and a lower debt service coverage ratio equates to higher risk of loss.

			September 30, 2024
			Recorded Investment
			Debt Service Coverage Ratios(1)
			<1.00x						1.00x—1.20x						>1.20x						Total						% of Gross Total
Loan-to-value ratio(2):
Less than 70%			$	22,841					$	138,034					$	203,226					$	364,101					94
70% to 80%			1,058						—						—						1,058						—
81% to 90%			8,569						—						—						8,569						2
Greater than 90%			14,789						—						—						14,789						4
Total			$	47,257					$	138,034					$	203,226					388,517						100
Less allowance for credit losses																					(7,202)
Total, net of allowance for credit losses																					$	381,315

(1)Annual net operating income divided by annual mortgage debt service (principal and interest).

(2)Loan balance divided by stabilized appraised value at origination, including planned renovations and stabilized occupancy. Updated internal valuations are used when a loan is materially underperforming.

			December 31, 2023
			Recorded Investment
			Debt Service Coverage Ratios(1)
			<1.00x						1.00x—1.20x						>1.20x						Total						% of Gross Total
Loan-to-value ratio(2):
Less than 70%			$	27,091					$	180,761					$	58,364					$	266,216					94
70% to 80%			—						—						—						—						—
81% to 90%			8,468						—						1,153						9,621						3
Greater than 90%			7,034						—						—						7,034						3
Total			$	42,593					$	180,761					$	59,517					282,871						100
Less allowance for credit losses																					(3,672)
Total, net of allowance for credit losses																					$	279,199

(1)Annual net operating income divided by annual mortgage debt service (principal and interest).

(2)Loan balance divided by stabilized appraised value at origination, including planned renovations and stabilized occupancy. Updated internal valuations are used when a loan is materially underperforming.

As of September 30, 2024, the Company evaluated the commercial mortgage loan portfolio on a pool basis to determine the allowance for credit losses. At the end of the period, the Company had 36 loans in the portfolio. For the nine months ended September 30, 2024, the allowance for credit losses increased by $3.5 million to $7.2 million. The provision for credit losses is included in "Realized gains (losses)" in the Condensed Consolidated Statements of Operations.

						Three Months Ended September 30,												Nine Months Ended September 30,
						2024						2023						2024						2023
Allowance for credit losses beginning balance						$	5,826					$	2,928					$	3,672					$	1,789
Provision (reversal) for credit losses						1,376						60						3,530						1,199
Allowance for credit losses ending balance						$	7,202					$	2,988					$	7,202					$	2,988

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

There was one delinquent commercial mortgage loan, with an outstanding par value of $36.0 million and outstanding interest due of $1.9 million, as of September 30, 2024. The underlying collateral for this loan is in the process of being sold and the Company expects to recover all interest and principal due as of September 30, 2024. There were no delinquent commercial mortgage loans as of December 31, 2023. As of September 30, 2024, the Company had three commercial mortgage loans in non-accrual status with a principal balance of $8.8 million. As of December 31, 2023, the Company had no commercial mortgage loans in non-accrual status. The Company's unfunded commitment balance to commercial loan borrowers was $31 million as of September 30, 2024.

Other Long-Term Investments: Other long-term investments consist of the following assets:

			September 30, 2024						December 31, 2023
Investment funds			$	979,397					$	795,583
Company-owned life insurance			200,114						—
Other			42,377						40,295
Total			$	1,221,888					$	835,878

During the current quarter ended September 30, 2024, the Company acquired other investments in company-owned life insurance (COLI) in the amount of $200 million. COLI is reported at cash surrender value.

The following table presents additional information about the Company's investment funds as of September 30, 2024 and December 31, 2023 at fair value:

						Fair Value												Unfunded Commitments
Investment Category						September 30, 2024						December 31, 2023						September 30, 2024						Redemption Term/Notice(1)
Commercial mortgage loans						$	567,425					$	411,315					$	378,892					Fully redeemable and non-redeemable with varying terms.
Opportunistic and private credit						195,957						181,410						166,514						Fully redeemable and non-redeemable with varying terms.
Infrastructure						174,971						165,887						16,318						Fully redeemable and non-redeemable with varying terms.
Other						41,044						36,971						50,757						Non-redeemable with varying terms
Total investment funds						$	979,397					$	795,583					$	612,481

(1) Non-redeemable funds generally have an expected life of 7 to 12 years from fund closing with extension options of 1 to 4 years. Redemptions are paid out throughout the life of the funds at the General Partner's discretion. Redeemable funds can generally be redeemed over 6 to 36 months upon request from limited partners.

The Company had $226 million of capital called during the period from existing investment funds. The Company's unfunded commitments were $612 million as of September 30, 2024.

Note 5—Commitments and Contingencies

Guarantees: The Parent Company has guaranteed letters of credit in connection with its credit facility with a group of banks. The letters of credit were issued by TMK Re, Ltd., a wholly-owned subsidiary, to secure TMK Re, Ltd.’s obligation for claims on certain policies reinsured by TMK Re, Ltd. that were sold by other Globe Life insurance subsidiaries. These letters of credit facilitate TMK Re, Ltd.’s ability to reinsure the business of Globe Life's insurance carriers. The credit facility was amended on March 29, 2024 and now expires in 2029. The maximum amount of letters of credit available is $250 million. The Parent Company would be liable to the extent that TMK Re, Ltd. does not pay the reinsured party. The amount of letters of credit outstanding at September 30, 2024 was $115 million.

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Litigation: Globe Life Inc. and its subsidiaries, in common with the insurance industry in general, are subject to litigation, including: putative class action litigation; alleged breaches of contract; torts, including bad faith and fraud claims based on alleged wrongful or fraudulent acts of agents of the Parent Company's insurance subsidiaries; alleged employment discrimination; alleged worker misclassification; and miscellaneous other causes of action. Based upon information presently available, and in light of legal and other factual defenses available to the Parent Company and its subsidiaries, management does not believe that it is reasonably possible that such litigation will have a material adverse effect on Globe Life's financial condition, future operating results or liquidity; however, assessing the eventual outcome of litigation necessarily involves forward-looking speculation as to judgments to be made by judges, juries and appellate courts in the future. This bespeaks caution, particularly in states with reputations for high punitive damage verdicts.

On July 22, 2022, putative class and collective action litigation was filed against Arias Agencies and American Income Life Insurance Company (“American Income”) (collectively, “Defendants”) in United States District Court for the Western District of Pennsylvania (David Burkes v. Arias Agencies and American Income Life Insurance Company, Case No. 2:22-cv-1054). The complaint alleges that insurance agent trainees should have been classified as employees, and after contracting should have been classified as employees instead of independent contractors. Plaintiff David Burkes is a former Pennsylvania independent sales agent and asserts claims under Pennsylvania law on behalf of a putative class of all individuals who trained to become and/or worked as sales agents for American Income in the three years prior to July 22, 2022 through case conclusion. Burkes makes claims (a) under the Pennsylvania Minimum Wage Act and the Pennsylvania Wage Payment and Collection Law for the alleged failure to pay minimum wage, alleged failure to pay for time spent in training, alleged failure to pay for missed meals and rest breaks, allegedly requiring putative class members to pay for work-related expenses, and allegedly subjecting putative class members to “chargebacks”; (b) for unjust enrichment for allegedly benefiting from the uncompensated labor of putative class members; and (c) for the rescission of putative class members’ agent contracts. Burkes also asserts a collective action on behalf of the same group of individuals for minimum wage, overtime, liquidated damages, and attorney’s fees and costs under the Fair Labor Standards Act for the three years prior to July 22, 2022 through case conclusion, as well as a claim that American Income allegedly did not keep accurate records of hours worked by sales agents. On January 26, 2023, the court entered an order compelling Burkes to arbitrate his claims on an individual basis and staying the case pending completion of arbitration. Burkes’ individual claims, as well as the individual claims of other current and former agents who are members of the putative class, are currently pending in arbitration.

On April 4, 2023, putative class action litigation was filed against National Income Life Insurance Company (“National Income”) in New York Supreme Court by plaintiffs Melissa K. Goppert, Sarah Valente, James O’Neill, Jennifer Abe, and Emily Herendeen (“Plaintiffs”) (Goppert, et al. v. National Income Life Insurance Company, Index No. 153096/2023). Plaintiffs are former National Income independent sales agents who allege they should have been classified as employees and assert claims under New York state law on behalf of a putative class of former independent sales agents and individuals who trained to become independent sale agents since March 2017. Plaintiffs make claims under New York’s Minimum Wage Law (NYLL § 633 and 12 NYCRR § 142-2.1); Overtime Compensation Law (NYLL § 633 and 12 NYCRR § 142-2.2); and “Spread of Hours” Law (12 NYCRR § 142-2.4) for the alleged failure to pay minimum wages and overtime pay, including for time spent in training, and attorney’s fees and costs. National Income filed a motion to compel arbitration of each Plaintiff’s claims on an individual basis, which the Court granted in full on January 11, 2024, and on February 7, 2024, Plaintiffs filed a notice of appeal of the Court’s order.

On September 1, 2023, plaintiff Miné Caglar Cost (“Plaintiff”) filed a complaint against American Income Life Insurance Company (“American Income”) in the Superior Court of the State of California for the County of Los Angeles, asserting a single claim for violation of the Private Attorneys General Act (“PAGA”) (Cost v. American Income Life Insurance Company, et al., Case No. 23SMCV04113). Plaintiff is a former California independent insurance sales agent who alleges one cause of action for civil penalties under PAGA arising out of alleged violations of the wage-and-hour provisions of the California Labor Code stemming from American Income’s alleged misclassification of Plaintiff and other California-based sales agents as independent contractors. American Income filed a motion to compel arbitration on an individual basis and stay the representative component of Plaintiff’s

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

claims, to which Plaintiff stipulated. On December 12, 2023, the Court approved the parties’ stipulation to compel the matter to individual arbitration and stayed the case pending the completion of the individual arbitration.

On November 30, 2023, Globe Life Inc. and its subsidiary, American Income Life Insurance Company (“American Income”), received subpoenas from the U.S. Attorney’s Office for the Western District of Pennsylvania, seeking documents relating to sales practices by certain of our independent sales agents contracted to sell American Income policies. Globe Life Inc. and American Income continue to fully cooperate in responding to the Department of Justice’s requests. The Department of Justice has not asserted any claims or made allegations against Globe Life Inc. and American Income, and Globe Life Inc. currently is not aware that any legal proceedings are contemplated by governmental authorities. While no assurances can be made, at present management does not believe that it is reasonably possible or probable that this matter will result in a material loss.

In April 2024, Globe Life Inc. received an inquiry from the SEC's Fort Worth Regional Office requesting information related to recent short seller reports making allegations about Globe Life Inc. Globe Life Inc. has provided information in response to the SEC’s requests and continues to cooperate fully with the SEC. At this time, the SEC has not asserted any claims against Globe Life Inc. or indicated that it intends to do so. While no assurances can be made, at present management does not believe that it is reasonably possible or probable that this matter will result in a material loss.

On April 30, 2024, a putative securities class action was filed against Globe Life Inc. and six of its current/former executives and directors in the United States District Court for the Eastern District of Texas (City of Miami Gen. Emp. & Sanitation Emp. Ret. Trust, et al. v. Globe Life Inc., et al., Case No. 4:24-cv-00376). On July 24, 2024, the Court appointed Lead Plaintiffs and Lead Counsel for the putative class of shareholders. The Lead Plaintiffs filed a Consolidated Complaint on October 4, 2024 that asserts claims under §§ 10(b), 20(a), and 20(A) of the Securities Exchange Act of 1934 and SEC Rules 10b-5(a), 10b-5(b), and 10b-5(c) promulgated thereunder, on behalf of a putative class of purchasers of Globe Life Inc.'s securities from May 8, 2019 through April 10, 2024. The Consolidated Complaint adds four additional executives as defendants and alleges that certain of Globe Life Inc.'s disclosures about financial performance and certain other public statements during the putative class period were materially false or misleading. Defendants’ response to the Consolidated Complaint is due December 3, 2024. Globe Life Inc. plans to vigorously defend against the lawsuit. Pursuant to Globe Life Inc.'s Restated Certificate of Incorporation and indemnification agreements with the named defendants, Globe Life Inc. has agreed to indemnify those defendants for all expenses and losses related to the litigation, subject to the terms of those indemnification agreements. The outcome of litigation of this type is inherently uncertain, and there is always the possibility that a Court rules in a manner that is adverse to the interests of Globe Life Inc. and the individual defendants. However, the amount of any such loss in that outcome cannot be reasonably estimated at this time. Further, management cannot reasonably estimate whether an outcome on the putative class action will be resolved in the near term.

On September 26, 2024, Globe Life Inc. and its subsidiary, American Income Life Insurance Company (“American Income”), were notified by the Equal Employment Opportunity Commission (“EEOC”) that the EEOC conducted an investigation of charges filed against Globe Life Inc. and/or American Income by five former sales agents and one current sales agent. The EEOC asserts that there is reasonable cause to believe the six complainants were employees, not independent contractors, of Globe Life Inc. and/or American Income and were discriminated against on the basis of sex, and that one complainant was also discriminated against on the basis of race. In addition, the EEOC asserts that there is reasonable cause to believe that a class of female workers were employees, not independent contractors, and were subject to unlawful conduct which also constitutes a pattern-or-practice of discrimination. The EEOC’s investigative findings are not binding on Globe Life Inc. The EEOC’s procedures provide for a conciliation process that has recently concluded without achieving a resolution. The EEOC may elect to file a lawsuit in federal court on behalf of the workers based on the alleged statutory violations. The EEOC has not filed any legal proceedings at this time. In the event the EEOC elects to pursue any claims in court, Globe Life Inc. intends to defend against any such lawsuit vigorously. The outcome of litigation of this type would be inherently uncertain and cannot be reasonably estimated or determined at this time. There is always the possibility that a Court rules in a manner that is adverse to the interests of Globe Life Inc.

Note 6—Policy Liabilities

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The liability for future policy benefits is determined based on the net level premium method, which requires the liability be calculated as the present value of estimated future policyholder benefits and the related termination expenses, less the present value of estimated future net premiums to be collected from policyholders. The following tables summarize balances and changes in the net liability for future policy benefits, before reinsurance, for traditional life long-duration contracts for the three and nine month periods ended September 30, 2024 and 2023:

						Life
						Present value of expected future net premiums
						American Income						DTC						Liberty National						Other						Total
Balance at January 1, 2023						$	4,273,156					$	5,910,224					$	1,094,407					$	470,741					$	11,748,528
Beginning balance at original discount rates						4,246,723						5,680,864						1,066,123						449,209						11,442,919
Effect of changes in assumptions on future cash flows						14,265						36,170						5,178						8,419						64,032
Effect of actual variances from expected experience						(103,922)						(219,723)						(26,533)						(13,882)						(364,060)
Adjusted balance at January 1, 2023						4,157,066						5,497,311						1,044,768						443,746						11,142,891
Issuances(1)						557,844						450,361						92,894						21,756						1,122,855
Interest accrual(2)						147,968						214,988						40,362						17,071						420,389
Net premiums collected(3)						(388,288)						(461,367)						(100,093)						(34,542)						(984,290)
Effect of changes in the foreign exchange rate						(631)						—						—						—						(631)
Ending balance at original discount rates						4,473,959						5,701,293						1,077,931						448,031						11,701,214
Effect of change from original to current discount rates						(155,254)						(31,118)						(18,702)						(1,499)						(206,573)
Balance at September 30, 2023						$	4,318,705					$	5,670,175					$	1,059,229					$	446,532					$	11,494,641
Balance at January 1, 2024						$	4,681,888					$	6,052,651					$	1,129,716					$	478,052					$	12,342,307
Beginning balance at original discount rates						4,523,329						5,664,259						1,077,831						443,949						11,709,368
Effect of changes in assumptions on future cash flows						(82,348)						(28,366)						(29,292)						(982)						(140,988)
Effect of actual variances from expected experience						(173,180)						(226,062)						(29,381)						(9,292)						(437,915)
Adjusted balance at January 1, 2024						4,267,801						5,409,831						1,019,158						433,675						11,130,465
Issuances(1)						616,527						398,034						90,517						18,126						1,123,204
Interest accrual(2)						164,917						220,485						41,610						17,213						444,225
Net premiums collected(3)						(412,717)						(455,625)						(101,687)						(33,960)						(1,003,989)
Effect of changes in the foreign exchange rate						(4,101)						—						—						—						(4,101)
Ending balance at original discount rates						4,632,427						5,572,725						1,049,598						435,054						11,689,804
Effect of change from original to current discount rates						204,567						421,888						54,498						35,513						716,466
Balance at September 30, 2024						$	4,836,994					$	5,994,613					$	1,104,096					$	470,567					$	12,406,270

(1)Issuances represent the present value, using the original discount rate, of the expected net premiums related to new policies issued during each respective period.

(2)The interest accrual is the interest earned on the beginning present value of the expected net premiums, as well as the interest on actual net premiums earned during the period, using the original interest rate.

(3)Net premiums collected represent the product of the current period net premium ratio and the gross premiums collected during the period on the in-force business.

24

        GL Q3 2024 FORM 10-Q

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

						Life
						Present value of expected future net premiums
						American Income						DTC						Liberty National						Other						Total
Balance at July 1, 2023						$	4,472,847					$	5,988,577					$	1,110,017					$	471,279					$	12,042,720
Beginning balance at original discount rates						4,399,053						5,700,354						1,071,561						445,475						11,616,443
Effect of changes in assumptions on future cash flows						14,265						36,170						5,178						8,419						64,032
Effect of actual variances from expected experience						(34,571)						(91,120)						(10,938)						(7,232)						(143,861)
Adjusted balance at July 1, 2023						4,378,747						5,645,404						1,065,801						446,662						11,536,614
Issuances(1)						181,823						136,611						32,045						7,143						357,622
Interest accrual(2)						51,119						72,515						13,707						5,741						143,082
Net premiums collected(3)						(131,329)						(153,237)						(33,622)						(11,515)						(329,703)
Effect of changes in the foreign exchange rate						(6,401)						—						—						—						(6,401)
Ending balance at original discount rates						4,473,959						5,701,293						1,077,931						448,031						11,701,214
Effect of change from original to current discount rates						(155,254)						(31,118)						(18,702)						(1,499)						(206,573)
Balance at September 30, 2023						$	4,318,705					$	5,670,175					$	1,059,229					$	446,532					$	11,494,641
Balance at July 1, 2024						$	4,635,903					$	5,810,518					$	1,085,233					$	449,883					$	11,981,537
Beginning balance at original discount rates						4,648,111						5,670,288						1,080,642						437,551						11,836,592
Effect of changes in assumptions on future cash flows						(82,348)						(28,366)						(29,292)						(982)						(140,988)
Effect of actual variances from expected experience						(59,483)						(103,089)						(12,113)						(1,970)						(176,655)
Adjusted balance at July 1, 2024						4,506,280						5,538,833						1,039,237						434,599						11,518,949
Issuances(1)						203,828						110,993						30,298						5,969						351,088
Interest accrual(2)						55,750						73,134						13,836						5,709						148,429
Net premiums collected(3)						(138,552)						(150,235)						(33,773)						(11,223)						(333,783)
Effect of changes in the foreign exchange rate						5,121						—						—						—						5,121
Ending balance at original discount rates						4,632,427						5,572,725						1,049,598						435,054						11,689,804
Effect of change from original to current discount rates						204,567						421,888						54,498						35,513						716,466
Balance at September 30, 2024						$	4,836,994					$	5,994,613					$	1,104,096					$	470,567					$	12,406,270

(1)Issuances represent the present value, using the original discount rate, of the expected net premiums related to new policies issued during each respective period.

(2)The interest accrual is the interest earned on the beginning present value of the expected net premiums, as well as the interest on actual net premiums earned during the period, using the original interest rate.

(3)Net premiums collected represent the product of the current period net premium ratio and the gross premiums collected during the period on the in-force business.

25

        GL Q3 2024 FORM 10-Q

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

						Life
						Present value of expected future policy benefits
						American Income						DTC						Liberty National						Other						Total
Balance at January 1, 2023						$	9,119,104					$	9,225,451					$	3,429,256					$	3,976,150					$	25,749,961
Beginning balance at original discount rates						8,409,761						8,477,892						3,272,980						3,403,704						23,564,337
Effect of changes in assumptions on future cash flows						13,344						34,407						6,156						11,661						65,568
Effect of actual variances from expected experience						(109,386)						(227,639)						(27,482)						(17,962)						(382,469)
Adjusted balance at January 1, 2023						8,313,719						8,284,660						3,251,654						3,397,403						23,247,436
Issuances(1)						557,844						450,362						92,894						21,756						1,122,856
Interest accrual(2)						335,349						342,208						130,712						152,378						960,647
Benefit payments(3)						(296,133)						(432,393)						(153,294)						(86,008)						(967,828)
Effect of changes in the foreign exchange rate						(819)						—						—						—						(819)
Ending balance at original discount rates						8,909,960						8,644,837						3,321,966						3,485,529						24,362,292
Effect of change from original to current discount rates						80,477						228,607						(46,234)						282,118						544,968
Balance at September 30, 2023						$	8,990,437					$	8,873,444					$	3,275,732					$	3,767,647					$	24,907,260
Balance at January 1, 2024						$	10,163,627					$	9,714,516					$	3,605,392					$	4,239,623					$	27,723,158
Beginning balance at original discount rates						9,061,833						8,656,752						3,338,252						3,506,859						24,563,696
Effect of changes in assumptions on future cash flows						(104,498)						(50,106)						(41,836)						(2,027)						(198,467)
Effect of actual variances from expected experience						(187,711)						(241,231)						(34,722)						(12,841)						(476,505)
Adjusted balance at January 1, 2024						8,769,624						8,365,415						3,261,694						3,491,991						23,888,724
Issuances(1)						611,802						398,032						90,518						18,127						1,118,479
Interest accrual(2)						367,403						355,850						134,020						157,318						1,014,591
Benefit payments(3)						(326,318)						(439,992)						(159,219)						(103,998)						(1,029,527)
Effect of changes in the foreign exchange rate						(8,768)						—						—						—						(8,768)
Ending balance at original discount rates						9,413,743						8,679,305						3,327,013						3,563,438						24,983,499
Effect of change from original to current discount rates						1,091,042						1,082,717						275,358						717,751						3,166,868
Balance at September 30, 2024						$	10,504,785					$	9,762,022					$	3,602,371					$	4,281,189					$	28,150,367

(1)Issuances represent the present value, using the original discount rate, of the expected future policy benefits related to new policies issued during each respective period.

(2)The interest accrual is the interest earned on the beginning present value of the expected future policy benefits, as well as the interest on actual benefits and expenses paid during the period, using the original interest rate.

(3)Benefit payments represent the release of the present value, using the original discount rate, of the actual future policy benefits incurred during the period due to death, surrender, and maturity benefit payments based on the revised expected assumptions.

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        GL Q3 2024 FORM 10-Q

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

						Life
						Present value of expected future policy benefits
						American Income						DTC						Liberty National						Other						Total
Balance at July 1, 2023						$	9,668,207					$	9,487,233					$	3,507,845					$	4,109,706					$	26,772,991
Beginning balance at original discount rates						8,753,526						8,592,897						3,297,781						3,448,491						24,092,695
Effect of changes in assumptions on future cash flows						13,344						34,407						6,156						11,661						65,568
Effect of actual variances from expected experience						(36,998)						(97,632)						(14,364)						(9,595)						(158,589)
Adjusted balance at July 1, 2023						8,729,872						8,529,672						3,289,573						3,450,557						23,999,674
Issuances(1)						181,822						136,612						32,046						7,145						357,625
Interest accrual(2)						114,683						115,547						43,991						51,249						325,470
Benefit payments(3)						(101,161)						(136,994)						(43,644)						(23,422)						(305,221)
Effect of changes in the foreign exchange rate						(15,256)						—						—						—						(15,256)
Ending balance at original discount rates						8,909,960						8,644,837						3,321,966						3,485,529						24,362,292
Effect of change from original to current discount rates						80,477						228,607						(46,234)						282,118						544,968
Balance at September 30, 2023						$	8,990,437					$	8,873,444					$	3,275,732					$	3,767,647					$	24,907,260

Balance at July 1, 2024						$	9,811,407					$	9,289,834					$	3,424,768					$	3,981,898					$	26,507,907
Beginning balance at original discount rates						9,353,526						8,748,900						3,356,531						3,545,323						25,004,280
Effect of changes in assumptions on future cash flows						(104,498)						(50,106)						(41,836)						(2,027)						(198,467)
Effect of actual variances from expected experience						(65,766)						(111,255)						(15,385)						(2,629)						(195,035)
Adjusted balance at July 1, 2024						9,183,262						8,587,539						3,299,310						3,540,667						24,610,778
Issuances(1)						199,097						110,991						30,298						5,970						346,356
Interest accrual(2)						124,308						118,873						44,743						52,747						340,671
Benefit payments(3)						(105,757)						(138,098)						(47,338)						(35,946)						(327,139)
Effect of changes in the foreign exchange rate						12,833						—						—						—						12,833
Ending balance at original discount rates						9,413,743						8,679,305						3,327,013						3,563,438						24,983,499
Effect of change from original to current discount rates						1,091,042						1,082,717						275,358						717,751						3,166,868
Balance at September 30, 2024						$	10,504,785					$	9,762,022					$	3,602,371					$	4,281,189					$	28,150,367

(1)Issuances represent the present value, using the original discount rate, of the expected future policy benefits related to new policies issued during each respective period.

(2)The interest accrual is the interest earned on the beginning present value of the expected future policy benefits, as well as the interest on actual benefits and expenses paid during the period, using the original interest rate.

(3)Benefit payments represent the release of the present value, using the original discount rate, of the actual future policy benefits incurred during the period due to death, surrender, and maturity benefit payments based on the revised expected assumptions.

27

        GL Q3 2024 FORM 10-Q

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

						Life(2)
						Net liability for future policy benefits as of September 30, 2023
						American Income						DTC						Liberty National						Other						Total
Net liability for future policy benefits at original discount rates						$	4,436,001					$	2,943,544					$	2,244,035					$	3,037,498					$	12,661,078
Effect of changes in discount rate assumptions						235,731						259,725						(27,532)						283,617						751,541
Other adjustments(1)						508						3,982						6,272						466						11,228
Net liability for future policy benefits, after other adjustments, at current discount rates						4,672,240						3,207,251						2,222,775						3,321,581						13,423,847
Reinsurance recoverable						(141)						—						(7,661)						(32,947)						(40,749)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates						$	4,672,099					$	3,207,251					$	2,215,114					$	3,288,634					$	13,383,098

(1)Other adjustments include the Company's effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

(2)Includes the immaterial error correction noted below.

						Life
						Net liability for future policy benefits as of September 30, 2024
						American Income						DTC						Liberty National						Other						Total
Net liability for future policy benefits at original discount rates						$	4,781,316					$	3,106,580					$	2,277,415					$	3,128,384					$	13,293,695
Effect of changes in discount rate assumptions						886,475						660,829						220,860						682,238						2,450,402
Other adjustments(1)						150						—						—						37						187
Net liability for future policy benefits, after other adjustments, at current discount rates						5,667,941						3,767,409						2,498,275						3,810,659						15,744,284
Reinsurance recoverable						(170)						—						(7,885)						(38,506)						(46,561)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates						$	5,667,771					$	3,767,409					$	2,490,390					$	3,772,153					$	15,697,723

(1)Other adjustments include the Company's effects of flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

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        GL Q3 2024 FORM 10-Q

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables summarize balances and changes in the net liability for future policy benefits for long-duration health contracts for the three and nine month periods ended September 30, 2024 and 2023:

						Health
						Present value of expected future net premiums
						United American						Family Heritage						Liberty National						American Income						DTC						Total
Balance at January 1, 2023						$	2,908,501					$	1,594,992					$	423,490					$	190,296					$	90,143					$	5,207,422
Beginning balance at original discount rates						2,941,261						1,729,219						415,442						192,631						87,751						5,366,304
Effect of changes in assumptions on future cash flows						466,883						(30,255)						(56,964)						(6,061)						16,553						390,156
Effect of actual variances from expected experience						(6,240)						(50,052)						(30,526)						(7,643)						(1,666)						(96,127)
Adjusted balance at January 1, 2023						3,401,904						1,648,912						327,952						178,927						102,638						5,660,333
Issuances(1)						226,363						202,561						43,373						30,667						6,532						509,496
Interest accrual(2)						99,390						50,091						14,047						6,304						3,278						173,110
Net premiums collected(3)						(202,669)						(134,009)						(38,322)						(16,611)						(8,028)						(399,639)
Effect of changes in the foreign exchange rate						—						—						—						(165)						—						(165)
Ending balance at original discount rates						3,524,988						1,767,555						347,050						199,122						104,420						5,943,135
Effect of change from original to current discount rates						(183,608)						(192,981)						(8,372)						(9,976)						(1,254)						(396,191)
Balance at September 30, 2023						$	3,341,380					$	1,574,574					$	338,678					$	189,146					$	103,166					$	5,546,944
Balance at January 1, 2024						$	3,697,771					$	1,711,741					$	358,472					$	206,381					$	115,363					$	6,089,728
Beginning balance at original discount rates						3,625,803						1,783,173						348,570						201,869						109,880						6,069,295
Effect of changes in assumptions on future cash flows						9,892						(8,117)						(3,463)						12,207						4,449						14,968
Effect of actual variances from expected experience						(18,894)						(43,359)						(26,123)						(11,168)						(1,818)						(101,362)
Adjusted balance at January 1, 2024						3,616,801						1,731,697						318,984						202,908						112,511						5,982,901
Issuances(1)						287,072						200,220						43,367						34,121						12,325						577,105
Interest accrual(2)						128,533						55,733						12,450						7,135						4,221						208,072
Net premiums collected(3)						(220,380)						(141,735)						(39,223)						(18,171)						(8,338)						(427,847)
Effect of changes in the foreign exchange rate						—						—						—						(377)						—						(377)
Ending balance at original discount rates						3,812,026						1,845,915						335,578						225,616						120,719						6,339,854
Effect of change from original to current discount rates						130,218						(44,372)						11,529						8,173						7,153						112,701
Balance at September 30, 2024						$	3,942,244					$	1,801,543					$	347,107					$	233,789					$	127,872					$	6,452,555

(1)Issuances represent the present value, using the original discount rate, of the expected net premiums related to new policies issued during each respective period.

(2)The interest accrual is the interest earned on the beginning present value of the expected net premiums, as well as the interest on actual net premiums earned during the period, using the original interest rate.

(3)Net premiums collected represent the product of the current period net premium ratio and the gross premiums collected during the period on the in-force business.

29

        GL Q3 2024 FORM 10-Q

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

						Health
						Present value of expected future net premiums
						United American						Family Heritage						Liberty National						American Income						DTC						Total
Balance at July 1, 2023						$	2,984,554					$	1,661,020					$	409,551					$	201,844					$	89,674					$	5,346,643
Beginning balance at original discount rates						2,985,660						1,771,206						400,180						201,709						86,840						5,445,595
Effect of changes in assumptions on future cash flows						466,883						(30,255)						(56,964)						(6,061)						16,553						390,156
Effect of actual variances from expected experience						22,683						(15,658)						(2,692)						(2,394)						229						2,168
Adjusted balance at July 1, 2023						3,475,226						1,725,293						340,524						193,254						103,622						5,837,919
Issuances(1)						82,647						70,216						15,183						9,880						2,317						180,243
Interest accrual(2)						35,536						17,272						4,380						2,170						1,160						60,518
Net premiums collected(3)						(68,421)						(45,226)						(13,037)						(5,630)						(2,679)						(134,993)
Effect of changes in the foreign exchange rate						—						—						—						(552)						—						(552)
Ending balance at original discount rates						3,524,988						1,767,555						347,050						199,122						104,420						5,943,135
Effect of change from original to current discount rates						(183,608)						(192,981)						(8,372)						(9,976)						(1,254)						(396,191)
Balance at September 30, 2023						$	3,341,380					$	1,574,574					$	338,678					$	189,146					$	103,166					$	5,546,944
Balance at July 1, 2024						$	3,658,491					$	1,690,797					$	337,741					$	205,889					$	114,876					$	6,007,794
Beginning balance at original discount rates						3,720,108						1,823,728						338,934						208,867						113,247						6,204,884
Effect of changes in assumptions on future cash flows						9,892						(8,117)						(3,463)						12,207						4,449						14,968
Effect of actual variances from expected experience						18,179						(12,068)						(4,959)						(4,110)						644						(2,314)
Adjusted balance at July 1, 2024						3,748,179						1,803,543						330,512						216,964						118,340						6,217,538
Issuances(1)						95,279						71,345						14,352						11,997						3,823						196,796
Interest accrual(2)						43,903						19,016						4,104						2,493						1,460						70,976
Net premiums collected(3)						(75,335)						(47,989)						(13,390)						(6,300)						(2,904)						(145,918)
Effect of changes in the foreign exchange rate						—						—						—						462						—						462
Ending balance at original discount rates						3,812,026						1,845,915						335,578						225,616						120,719						6,339,854
Effect of change from original to current discount rates						130,218						(44,372)						11,529						8,173						7,153						112,701
Balance at September 30, 2024						$	3,942,244					$	1,801,543					$	347,107					$	233,789					$	127,872					$	6,452,555

(1)Issuances represent the present value, using the original discount rate, of the expected net premiums related to new policies issued during each respective period.

(2)The interest accrual is the interest earned on the beginning present value of the expected net premiums, as well as the interest on actual net premiums earned during the period, using the original interest rate.

(3)Net premiums collected represent the product of the current period net premium ratio and the gross premiums collected during the period on the in-force business.

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

						Health
						Present value of expected future policy benefits
						United American						Family Heritage						Liberty National						American Income						DTC						Total
Balance at January 1, 2023						$	3,046,829					$	3,005,664					$	941,574					$	312,750					$	87,532					$	7,394,349
Beginning balance at original discount rates						3,080,633						3,336,344						904,865						303,713						85,212						7,710,767
Effect of changes in assumptions on future cash flows						464,652						(32,428)						(60,437)						(6,407)						15,930						381,310
Effect of actual variances from expected experience						(5,530)						(53,292)						(29,581)						(8,680)						(1,925)						(99,008)
Adjusted balance at January 1, 2023						3,539,755						3,250,624						814,847						288,626						99,217						7,993,069
Issuances(1)						225,915						202,561						42,863						30,667						6,518						508,524
Interest accrual(2)						104,932						99,344						34,699						11,199						3,278						253,452
Benefit payments(3)						(221,753)						(92,973)						(73,614)						(18,633)						(9,502)						(416,475)
Effect of changes in the foreign exchange rate						—						—						—						(217)						—						(217)
Ending balance at original discount rates						3,648,849						3,459,556						818,795						311,642						99,511						8,338,353
Effect of change from original to current discount rates						(191,041)						(498,312)						(4,792)						(5,601)						(1,111)						(700,857)
Balance at September 30, 2023						$	3,457,808					$	2,961,244					$	814,003					$	306,041					$	98,400					$	7,637,496
Balance at January 1, 2024						$	3,814,328					$	3,315,880					$	865,808					$	335,504					$	109,482					$	8,441,002
Beginning balance at original discount rates						3,741,530						3,506,689						816,819						315,431						104,501						8,484,970
Effect of changes in assumptions on future cash flows						10,680						(5,054)						(2,775)						20,293						7,733						30,877
Effect of actual variances from expected experience						(15,162)						(48,407)						(26,421)						(12,611)						(1,509)						(104,110)
Adjusted balance at January 1, 2024						3,737,048						3,453,228						787,623						323,113						110,725						8,411,737
Issuances(1)						286,358						200,219						42,780						34,123						12,296						575,776
Interest accrual(2)						133,143						109,479						32,202						12,145						4,220						291,189
Benefit payments(3)						(248,769)						(103,070)						(69,649)						(19,574)						(9,655)						(450,717)
Effect of changes in the foreign exchange rate						—						—						—						(646)						—						(646)
Ending balance at original discount rates						3,907,780						3,659,856						792,956						349,161						117,586						8,827,339
Effect of change from original to current discount rates						131,531						(144,821)						52,819						24,383						6,871						70,783
Balance at September 30, 2024						$	4,039,311					$	3,515,035					$	845,775					$	373,544					$	124,457					$	8,898,122

(1)Issuances represent the present value, using the original discount rate, of the expected future policy benefits related to new policies issued during each respective period.

(2)The interest accrual is the interest earned on the beginning present value of the expected future policy benefits, as well as the interest on actual benefits and expenses paid during the period, using the original interest rate.

(3)Benefit payments represent the release of the present value, using the original discount rate, of the actual future policy benefits incurred during the period based on the revised expected assumptions.

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

						Health
						Present value of expected future policy benefits
						United American						Family Heritage						Liberty National						American Income						DTC						Total
Balance at July 1, 2023						$	3,116,389					$	3,167,461					$	923,148					$	328,579					$	85,856					$	7,621,433
Beginning balance at original discount rates						3,116,768						3,436,167						880,879						315,087						83,188						7,832,089
Effect of changes in assumptions on future cash flows						464,652						(32,428)						(60,437)						(6,407)						15,930						381,310
Effect of actual variances from expected experience						22,410						(17,000)						(2,563)						(2,662)						(95)						90
Adjusted balance at July 1, 2023						3,603,830						3,386,739						817,879						306,018						99,023						8,213,489
Issuances(1)						82,511						70,215						14,963						9,880						2,310						179,879
Interest accrual(2)						37,340						34,024						11,173						3,810						1,160						87,507
Benefit payments(3)						(74,832)						(31,422)						(25,220)						(6,973)						(2,982)						(141,429)
Effect of changes in the foreign exchange rate						—						—						—						(1,093)						—						(1,093)
Ending balance at original discount rates						3,648,849						3,459,556						818,795						311,642						99,511						8,338,353
Effect of change from original to current discount rates						(191,041)						(498,312)						(4,792)						(5,601)						(1,111)						(700,857)
Balance at September 30, 2023						$	3,457,808					$	2,961,244					$	814,003					$	306,041					$	98,400					$	7,637,496

Balance at July 1, 2024						$	3,758,487					$	3,249,466					$	815,778					$	328,436					$	108,617					$	8,260,784
Beginning balance at original discount rates						3,823,510						3,605,315						799,316						322,706						107,143						8,657,990
Effect of changes in assumptions on future cash flows						10,680						(5,054)						(2,775)						20,293						7,733						30,877
Effect of actual variances from expected experience						21,522						(13,407)						(4,998)						(4,432)						817						(498)
Adjusted balance at July 1, 2024						3,855,712						3,586,854						791,543						338,567						115,693						8,688,369
Issuances(1)						95,126						71,345						14,177						11,997						3,811						196,456
Interest accrual(2)						45,365						37,299						10,653						4,189						1,460						98,966
Benefit payments(3)						(88,423)						(35,642)						(23,417)						(6,502)						(3,378)						(157,362)
Effect of changes in the foreign exchange rate						—						—						—						910						—						910
Ending balance at original discount rates						3,907,780						3,659,856						792,956						349,161						117,586						8,827,339
Effect of change from original to current discount rates						131,531						(144,821)						52,819						24,383						6,871						70,783
Balance at September 30, 2024						$	4,039,311					$	3,515,035					$	845,775					$	373,544					$	124,457					$	8,898,122

(1)Issuances represent the present value, using the original discount rate, of the expected future policy benefits related to new policies issued during each respective period.

(2)The interest accrual is the interest earned on the beginning present value of the expected future policy benefits, as well as the interest on actual benefits and expenses paid during the period, using the original interest rate.

(3)Benefit payments represent the release of the present value, using the original discount rate, of the actual future policy benefits incurred during the based on the revised expected assumptions.

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

						Health(2)
						Net liability for future policy benefits as of September 30, 2023
						United American						Family Heritage						Liberty National						American Income						Direct to Consumer						Total
Net liability for future policy benefits at original discount rates						$	123,861					$	1,692,001					$	471,745					$	112,520					$	(4,909)					$	2,395,218
Effect of changes in discount rate assumptions						(7,433)						(305,331)						3,580						4,375						143						(304,666)
Other adjustments(1)						7,729						4,347						8,379						993						5,530						26,978
Net liability for future policy benefits, after other adjustments, at current discount rates						124,157						1,391,017						483,704						117,888						764						2,117,530
Reinsurance recoverable						(3,355)						(9,064)						(1,336)						—						—						(13,755)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates						$	120,802					$	1,381,953					$	482,368					$	117,888					$	764					$	2,103,775

(1)Other adjustments include the effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

(2)Includes the immaterial error correction noted below.

						Health
						Net liability for future policy benefits as of September 30, 2024
						United American						Family Heritage						Liberty National						American Income						Direct to Consumer						Total
Net liability for future policy benefits at original discount rates						95,754						1,813,941						457,378						123,545						(3,133)						2,487,485
Effect of changes in discount rate assumptions						1,313						(100,449)						41,290						16,210						(282)						(41,918)
Other adjustments(1)						17,014						38						9,964						926						4,326						32,268
Net liability for future policy benefits, after other adjustments, at current discount rates						114,081						1,713,530						508,632						140,681						911						2,477,835
Reinsurance recoverable						(2,868)						(11,613)						(1,096)						—						—						(15,577)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates						$	111,213					$	1,701,917					$	507,536					$	140,681					$	911					$	2,462,258

(1)Other adjustments include the effects of flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

Immaterial Correction of Previously Issued Financial Statements—The Company previously presented reinsurance recoverable on a net basis as a component of future policy benefits. In the fourth quarter of 2023, the Company corrected its presentation of reinsurance recoverable to a gross basis as a component of other assets, which resulted in the reclassification of $55 million of reinsurance recoverable at current discount rates from liabilities to assets ($50 million at original discount rates) as of September 30, 2023, with no change to equity, and the related tables in the footnote have been adjusted to reflect such changes.

Remeasurement Gain or Loss—In accordance with the accounting guidance, the Company reviews, and updates as necessary, its assumptions utilized in the calculation of the liability for future benefits annually in the third quarter and recalculates the net premium ratio. The revised net premium ratio is used to update the liability for future policy benefits as of the beginning of the current reporting period, and is compared to the liability using the prior cash flow assumptions. The difference is recorded as a component of the remeasurement gain or loss for the current period, along with the effect of the difference between actual and expected experience for the period. The total remeasurement gain or loss is included in the Condensed Consolidated Statements of Operations.

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables include the total remeasurement gain or loss, bifurcated between the gain or loss due to differences between actual and expected experience and the amount due to assumption updates, for the three and nine month periods ended September 30, 2024 and 2023:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Life Remeasurement Gain (Loss)—Experience:
American Income			$	4,771					$	2,388					$	12,619					$	5,276
Direct to Consumer			6,913						6,293						13,640						7,594
Liberty National			1,537						2,578						2,187						2,115
Other			508						2,082						2,533						3,487
Total Life Remeasurement Gain (Loss)—Experience			13,729						13,341						30,979						18,472
Life Remeasurement Gain (Loss)—Assumption Updates:
American Income			21,974						308						21,974						308
Direct to Consumer			21,744						1,763						21,744						1,763
Liberty National			12,224						(1,248)						12,224						(1,248)
Other			904						(2,836)						904						(2,836)
Total Life Remeasurement Gain (Loss)—Assumption Updates			56,846						(2,013)						56,846						(2,013)
Total Life Remeasurement Gain (Loss)			70,575						11,328						87,825						16,459
Health Remeasurement Gain (Loss)—Experience:
United American			(2,100)						239						(1,423)						(651)
Family Heritage			1,420						1,212						4,972						3,009
Liberty National			874						634						2,015						(284)
American Income			729						457						1,769						1,025
Direct to Consumer			28						35						74						10
Total Health Remeasurement Gain (Loss)—Experience			951						2,577						7,407						3,109
Health Remeasurement Gain (Loss)—Assumption Updates:
United American			1,205						762						1,205						762
Family Heritage			(3,063)						2,173						(3,063)						2,173
Liberty National			(234)						2,171						(234)						2,171
American Income			(8,036)						119						(8,036)						119
Direct to Consumer			(373)						8						(373)						8
Health Remeasurement Gain (Loss)—Assumption Updates			(10,501)						5,233						(10,501)						5,233
Total Health Remeasurement Gain (Loss)			$	(9,550)					$	7,810					$	(3,094)					$	8,342

The Company performs an annual review of its assumptions during the third quarter. This review process resulted in favorable changes to its mortality and lapse assumptions on life and unfavorable changes to morbidity assumptions on health. Generally, in our life segment mortality assumptions were decreased across most channels in line with recent experience consistent with decreasing levels of excess deaths. Also, for the life segment lapse rate assumptions were slightly increased across all channels. For the health segment, morbidity assumptions were increased, causing higher future policy benefit reserves. The assumption review process of the life and health segments resulted in a $46.3 million net remeasurement gain as compared to a $3.2 million net remeasurement gain in the year-ago quarter.

Excluding the impact of assumption changes, the Company's results for actual variances from expected experience for both life and health produced a $14.7 million net remeasurement gain and a $15.9 million net remeasurement gain for the three months ended September 30, 2024 and 2023, respectively. During the nine months ended September 30, 2024 and 2023, the Company's results for actual variances from expected experience for both life and health produced a $38.4 million net remeasurement gain and a $21.6 million net remeasurement gain, respectively.

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following table reconciles the liability for future policy benefits to the Condensed Consolidated Balance Sheets as of September 30, 2024 and 2023:

						At Original Discount Rates												At Current Discount Rates
						As of September 30,												As of September 30,
						2024						2023(2)						2024						2023(2)
Life(1):
American Income						$	4,781,464					$	4,436,042					$	5,667,941					$	4,672,240
Direct to Consumer						3,106,582						2,943,544						3,767,409						3,207,251
Liberty National						2,277,415						2,244,035						2,498,275						2,222,775
Other						3,128,419						3,037,595						3,810,659						3,321,581
Net liability for future policy benefits—long duration life						13,293,880						12,661,216						15,744,284						13,423,847
Health(1):
United American						110,384						129,410						114,081						124,157
Family Heritage						1,813,971						1,692,080						1,713,530						1,391,017
Liberty National						466,474						479,394						508,632						483,704
American Income						124,534						113,340						140,681						117,888
Direct to Consumer						877						752						911						764
Net liability for future policy benefits—long duration health						2,516,240						2,414,976						2,477,835						2,117,530
Deferred profit liability						177,108						173,520						177,108						173,520
Deferred annuity						680,849						813,276						680,849						813,276
Interest sensitive life						725,857						735,025						725,857						735,025
Other						8,983						9,901						8,980						9,904
Total future policy benefits						$	17,402,917					$	16,807,914					$	19,814,913					$	17,273,102

(1)Balances are presented net of the effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

(2)Includes the immaterial error correction for reinsurance as noted above.

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables provide the weighted-average original and current discount rates for the liability for future policy benefits and the additional insurance liabilities as of September 30, 2024 and 2023:

						As of September 30,
						2024												2023
						Original discount rate						Current discount rate						Original discount rate						Current discount rate
Life
American Income						5.7		%				5.0		%				5.7		%				5.6		%
Direct to Consumer						6.0		%				5.0		%				6.0		%				5.6		%
Liberty National						5.6		%				5.0		%				5.6		%				5.7		%
Other						6.2		%				5.0		%				6.2		%				5.7		%
Health
United American						5.1		%				4.8		%				5.2		%				5.5		%
Family Heritage						4.2		%				4.9		%				4.3		%				5.7		%
Liberty National						5.8		%				4.8		%				5.8		%				5.7		%
American Income						5.8		%				4.8		%				5.9		%				5.6		%
Direct to Consumer						5.1		%				4.8		%				5.2		%				5.5		%

The following table provides the weighted-average durations of the liability for future policy benefits and the additional insurance liabilities as of September 30, 2024 and 2023:

						As of September 30,
						2024												2023
						At original discount rates						At current discount rates						At original discount rates						At current discount rates
Life
American Income						22.81						23.03						23.08						23.29
Direct to Consumer						19.42						20.81						19.73						21.00
Liberty National						15.31						15.80						15.12						15.20
Other						16.07						17.48						16.34						17.42
Health
United American						11.73						10.93						11.40						10.34
Family Heritage						15.34						14.60						14.90						13.81
Liberty National						9.26						9.48						9.11						8.97
American Income						12.50						12.89						12.14						12.20
Direct to Consumer						11.73						10.93						11.40						10.34

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables summarize the amount of gross premiums and interest related to long duration life and health contracts that are recognized in the Condensed Consolidated Statements of Operations for the three and nine month periods ended September 30, 2024 and 2023:

						Life
						Nine Months Ended September 30, 2024												Nine Months Ended September 30, 2023
						Gross Premiums						Interest expense						Gross Premiums						Interest expense
American Income						$	1,264,474					$	202,486					$	1,181,247					$	187,381
Direct to Consumer						734,860						135,249						735,374						127,040
Liberty National						273,746						91,890						256,641						89,765
Other						152,065						138,724						154,836						133,991
Total						$	2,425,145					$	568,349					$	2,328,098					$	538,177

						Life
						Three Months Ended September 30, 2024												Three Months Ended September 30, 2023
						Gross Premiums						Interest expense						Gross Premiums						Interest expense
American Income						$	427,543					$	68,558					$	399,794					$	63,565
Direct to Consumer						243,625						45,708						244,931						42,978
Liberty National						92,636						30,737						87,071						30,095
Other						50,413						46,573						51,493						45,065
Total						$	814,217					$	191,576					$	783,289					$	181,703

						Health
						Nine Months Ended September 30, 2024												Nine Months Ended September 30, 2023
						Gross Premiums						Interest expense						Gross Premiums						Interest expense
United American						$	325,415					$	4,449					$	298,964					$	5,345
Family Heritage						317,065						53,357						294,047						48,904
Liberty National						142,051						19,679						139,875						20,567
American Income						88,017						5,010						84,863						4,896
Direct to Consumer						11,196						—						10,680						—
Total						$	883,744					$	82,495					$	828,429					$	79,712

						Health
						Three Months Ended September 30, 2024												Three Months Ended September 30, 2023
						Gross Premiums						Interest expense						Gross Premiums						Interest expense
United American						$	110,565					$	1,408					$	100,285					$	1,741
Family Heritage						107,819						18,150						99,828						16,632
Liberty National						47,099						6,524						46,441						6,766
American Income						29,628						1,696						28,528						1,640
Direct to Consumer						3,806						—						3,583						—
Total						$	298,917					$	27,778					$	278,665					$	26,779

Gross premiums are included within life and health premium on the Condensed Consolidated Statements of Operations, while the related interest expense is included in life and health policyholder benefits.

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables provide the undiscounted and discounted expected future net premiums, expected future gross premiums, and expected future policy benefits, at both original and current discount rates, for life and health contracts as of September 30, 2024 and 2023:

						Life
						As of September 30, 2024																		As of September 30, 2023
						Not discounted						At original discount rates						At current discount rates						Not discounted						At original discount rates						At current discount rates
American Income
PV of expected future gross premiums						$	25,300,910					$	14,305,914					$	15,028,140					$	23,974,963					$	13,530,015					$	13,147,003
PV of expected future net premiums						8,185,825						4,632,427						4,836,994						7,912,903						4,473,959						4,318,705
PV of expected future policy benefits						31,554,905						9,413,743						10,504,785						30,182,319						8,909,960						8,990,437
DTC
PV of expected future gross premiums						$	17,506,090					$	9,144,676					$	9,825,694					$	17,575,618					$	9,182,146					$	9,112,202
PV of expected future net premiums						10,614,237						5,572,725						5,994,613						10,850,664						5,701,293						5,670,175
PV of expected future policy benefits						25,907,169						8,679,305						9,762,022						25,711,499						8,644,837						8,873,444
Liberty National
PV of expected future gross premiums						$	4,797,146					$	2,792,129					$	2,886,943					$	4,601,176					$	2,681,034					$	2,577,877
PV of expected future net premiums						1,855,536						1,049,598						1,104,096						1,901,039						1,077,931						1,059,229
PV of expected future policy benefits						9,028,196						3,327,013						3,602,371						8,852,345						3,321,966						3,275,732
Other
PV of expected future gross premiums						$	3,657,885					$	1,857,769					$	2,063,274					$	3,753,093					$	1,901,531					$	1,953,533
PV of expected future net premiums						894,843						435,054						470,567						919,200						448,031						446,532
PV of expected future policy benefits						12,471,336						3,563,438						4,281,189						12,427,646						3,485,529						3,767,647
Total
PV of expected future gross premiums						$	51,262,031					$	28,100,488					$	29,804,051					$	49,904,850					$	27,294,726					$	26,790,615
PV of expected future net premiums						21,550,441						11,689,804						12,406,270						21,583,806						11,701,214						11,494,641
PV of expected future policy benefits						78,961,606						24,983,499						28,150,367						77,173,809						24,362,292						24,907,260

As of September 30, 2024, for the life segment using current discount rates, the Company anticipates $29.8 billion of expected future gross premiums and $12.4 billion of expected future net premiums. As of September 30, 2023, using current discount rates, the Company anticipated $26.8 billion of expected future gross premiums and $11.5 billion in expected future net premiums. For each respective period, only expected future net premiums are included in the determination of the liability for future policy benefits on the balance sheet, while the difference between the expected future gross premiums and the expected future net premiums of $17.4 billion and $15.3 billion for September 30, 2024 and 2023, respectively, is not.

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

						Health
						As of September 30, 2024																		As of September 30, 2023
						Not discounted						At original discount rates						At current discount rates						Not discounted						At original discount rates						At current discount rates
United American
PV of expected future gross premiums						$	9,068,701					$	5,556,347					$	5,742,668					$	8,442,713					$	5,141,771					$	4,871,878
PV of expected future net premiums						6,229,763						3,812,026						3,942,244						5,799,017						3,524,988						3,341,380
PV of expected future policy benefits						6,390,307						3,907,780						4,039,311						5,998,770						3,648,849						3,457,808
Family Heritage
PV of expected future gross premiums						$	7,107,124					$	4,155,037					$	4,074,915					$	6,637,472					$	3,932,327					$	3,523,258
PV of expected future net premiums						3,139,624						1,845,915						1,801,543						2,962,973						1,767,555						1,574,574
PV of expected future policy benefits						7,043,880						3,659,856						3,515,035						6,549,339						3,459,556						2,961,244
Liberty National
PV of expected future gross premiums						$	2,037,319					$	1,297,318					$	1,370,521					$	2,084,428					$	1,321,438					$	1,308,898
PV of expected future net premiums						495,616						335,578						347,107						515,612						347,050						338,678
PV of expected future policy benefits						1,375,759						792,956						845,775						1,414,512						818,795						814,003
American Income
PV of expected future gross premiums						$	1,781,677					$	999,161					$	1,063,740					$	1,755,682					$	984,122					$	969,090
PV of expected future net premiums						400,683						225,616						233,789						354,120						199,122						189,146
PV of expected future policy benefits						710,352						349,161						373,544						632,349						311,642						306,041
Direct to Consumer
PV of expected future gross premiums						$	232,805					$	147,193					$	156,142					$	224,522					$	141,374					$	139,748
PV of expected future net premiums						191,566						120,719						127,872						166,099						104,420						103,166
PV of expected future policy benefits						187,260						117,586						124,457						154,931						99,511						98,400
Total
PV of expected future gross premiums						$	20,227,626					$	12,155,056					$	12,407,986					$	19,144,817					$	11,521,032					$	10,812,872
PV of expected future net premiums						10,457,252						6,339,854						6,452,555						9,797,821						5,943,135						5,546,944
PV of expected future policy benefits						15,707,558						8,827,339						8,898,122						14,749,901						8,338,353						7,637,496

As of September 30, 2024, for the health segment using current discount rates, the Company anticipates $12.4 billion of expected future gross premiums and $6.5 billion of expected future net premiums. As of September 30, 2023, using current discount rates, the Company anticipated $10.8 billion of expected future gross premiums and $5.5 billion in expected future net premiums. For each respective period, only expected future net premiums are included in the determination of the liability for future policy benefits on the balance sheet, while the difference between the expected future gross premiums and the expected future net premiums of $5.9 billion and $5.3 billion for September 30, 2024 and 2023, respectively, is not.

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following table summarizes the balances of, and changes in, policyholders’ account balances as of September 30, 2024 and 2023:

						Policyholders' Account Balances
						2024																		2023
						Interest Sensitive Life						Deferred Annuity						Other Policy-holders' Funds						Interest Sensitive Life						Deferred Annuity						Other Policy-holders' Funds
Balance at January 1,						$	732,948					$	773,039					$	236,958					$	739,105					$	954,318					$	123,234
Issuances						—						495						—						—						602						—
Premiums received						16,187						8,857						239,114						17,062						10,543						100,113
Policy charges						(9,253)						—						—						(9,729)						—						—
Surrenders and withdrawals						(17,326)						(84,893)						(10,615)						(16,204)						(125,176)						(9,106)
Benefit payments						(23,357)						(34,159)						—						(22,753)						(48,459)						—
Interest credited						20,890						17,990						15,210						21,274						21,608						6,164
Other						5,768						(480)						(11,379)						6,270						(161)						(2,195)
Balance at September 30,						$	725,857					$	680,849					$	469,288					$	735,025					$	813,275					$	218,210

						Policyholders' Account Balances
						2024																		2023
						Interest Sensitive Life						Deferred Annuity						Other Policy-holders' Funds						Interest Sensitive Life						Deferred Annuity						Other Policy-holders' Funds
Balance at July 1,						$	728,097					$	706,022					$	400,625					$	736,920					$	853,064					$	187,873
Issuances						—						137						—						—						231						—
Premiums received						5,077						2,448						70,644						5,398						2,439						31,704
Policy charges						(3,081)						—						—						(3,213)						—						—
Surrenders and withdrawals						(5,850)						(22,331)						(3,264)						(5,582)						(37,905)						(2,782)
Benefit payments						(6,617)						(10,022)						—						(7,258)						(11,047)						—
Interest credited						6,922						5,777						6,106						7,083						6,863						2,825
Other						1,309						(1,182)						(4,823)						1,677						(370)						(1,410)
Balance at September 30,						$	725,857					$	680,849					$	469,288					$	735,025					$	813,275					$	218,210

Weighted-average credit rate						3.86		%				3.37		%				5.73		%				3.91		%				3.34		%				5.68		%
Net amount at risk						$	1,687,182					N/A						N/A						$	1,793,787					N/A						N/A
Cash surrender value						$	678,556					$	680,849					$	469,288					$	673,814					$	813,276					$	218,210

The following tables present the policyholders' account balances by range of guaranteed minimum crediting rates and the related range of difference, if any, in basis points between rates being credited to policy holders and the respective guaranteed minimums as of September 30, 2024 and 2023:

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

						At September 30, 2024
Range of guaranteed minimum crediting rates						Interest Sensitive Life						Deferred Annuity						Other Policyholders' Funds
At guaranteed minimum
Less than 3.00%						$	—					$	1,866					$	373,729
3.00%-3.99%						29,170						494,585						3,046
4.00%-4.99%						606,425						184,398						6,548
Greater than 5.00%						90,262						—						36,541
Total						725,857						680,849						419,864
1-50 basis points above
Less than 3.00%						—						—						—
3.00%-3.99%						—						—						—
4.00%-4.99%						—						—						1,678
Greater than 5.00%						—						—						—
Total						—						—						1,678
51-150 basis points above
Less than 3.00%						—						—						—
3.00%-3.99%						—						—						—
4.00%-4.99%						—						—						47,746
Greater than 5.00%						—						—						—
Total						—						—						47,746
Grand Total						$	725,857					$	680,849					$	469,288

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

						At September 30, 2023
Range of guaranteed minimum crediting rates						Interest Sensitive Life						Deferred Annuity						Other Policyholders' Funds
At guaranteed minimum
Less than 3.00%						$	—					$	2,011					$	118,565
3.00%-3.99%						29,018						610,785						4,002
4.00%-4.99%						615,835						199,724						6,851
Greater than 5.00%						90,172						755						38,788
Total						735,025						813,275						168,206
1-50 basis points above
Less than 3.00%						—						—						—
3.00%-3.99%						—						—						—
4.00%-4.99%						—						—						—
Greater than 5.00%						—						—						—
Total						—						—						—
51-150 basis points above
Less than 3.00%						—						—						—
3.00%-3.99%						—						—						—
4.00%-4.99%						—						—						50,004
Greater than 5.00%						—						—						—
Total						—						—						50,004
Grand Total						$	735,025					$	813,275					$	218,210

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 7—Deferred Acquisition Costs

The following tables roll forward the deferred policy acquisition costs for the three and nine month periods ended September 30, 2024 and 2023:

						Life
						American Income						DTC						Liberty National						Other						Total
Balance at January 1, 2023						$	2,258,291					$	1,676,931					$	610,723					$	298,346					$	4,844,291
Capitalizations						351,933						123,774						78,599						9,970						564,276
Amortization expense						(118,207)						(74,496)						(38,192)						(12,390)						(243,285)
Foreign exchange adjustment						(1,297)						—						—						—						(1,297)
Balance at September 30, 2023						$	2,490,720					$	1,726,209					$	651,130					$	295,926					$	5,163,985
Balance at January 1, 2024						$	2,573,370					$	1,737,117					$	666,419					$	294,869					$	5,271,775
Capitalizations						391,707						112,198						88,355						9,304						601,564
Amortization expense						(133,410)						(75,898)						(42,041)						(12,404)						(263,753)
Foreign exchange adjustment						(1,857)						—						—						—						(1,857)
Balance at September 30, 2024						$	2,829,810					$	1,773,417					$	712,733					$	291,769					$	5,607,729

						Life
						American Income						DTC						Liberty National						Other						Total
Balance at July 1, 2023						$	2,417,480					$	1,714,715					$	636,209					$	296,861					$	5,065,265
Capitalizations						117,761						36,385						27,950						3,203						185,299
Amortization expense						(40,465)						(24,891)						(13,029)						(4,138)						(82,523)
Foreign exchange adjustment						(4,056)						—						—						—						(4,056)
Balance at September 30, 2023						$	2,490,720					$	1,726,209					$	651,130					$	295,926					$	5,163,985
Balance at July 1, 2024						$	2,740,138					$	1,765,673					$	696,905					$	292,877					$	5,495,593
Capitalizations						131,851						33,222						30,255						3,024						198,352
Amortization expense						(46,033)						(25,478)						(14,427)						(4,132)						(90,070)
Foreign exchange adjustment						3,854						—						—						—						3,854
Balance at September 30, 2024						$	2,829,810					$	1,773,417					$	712,733					$	291,769					$	5,607,729

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

						Health
						United American						Family Heritage						Liberty National						American Income						DTC						Total
Balance at January 1, 2023						$	77,394					$	416,608					$	133,096					$	57,811					$	1,854					$	686,763
Capitalizations						1,491						46,977						14,854						9,579						—						72,901
Amortization expense						(4,504)						(20,071)						(9,977)						(2,919)						(137)						(37,608)
Foreign exchange adjustment						—						—						—						(125)						—						(125)
Balance at September 30, 2023						$	74,381					$	443,514					$	137,973					$	64,346					$	1,717					$	721,931
Balance at January 1, 2024						$	73,489					$	452,843					$	139,941					$	66,783					$	1,679					$	734,735
Capitalizations						2,069						52,055						18,033						11,097						2						83,256
Amortization expense						(4,197)						(22,038)						(11,003)						(3,426)						(110)						(40,774)
Foreign exchange adjustment						—						—						—						(55)						—						(55)
Balance at September 30, 2024						$	71,361					$	482,860					$	146,971					$	74,399					$	1,571					$	777,162

						Health
						United American						Family Heritage						Liberty National						American Income						DTC						Total
Balance at July 1, 2023						$	75,349					$	433,999					$	136,276					$	62,285					$	1,760					$	709,669
Capitalizations						495						16,386						5,120						3,259						—						25,260
Amortization expense						(1,463)						(6,871)						(3,423)						(1,016)						(43)						(12,816)
Foreign exchange adjustment						—						—						—						(182)						—						(182)
Balance at September 30, 2023						$	74,381					$	443,514					$	137,973					$	64,346					$	1,717					$	721,931
Balance at July 1, 2024						$	71,975					$	472,254					$	145,097					$	71,589					$	1,608					$	762,523
Capitalizations						780						18,123						5,589						3,817						—						28,309
Amortization expense						(1,394)						(7,517)						(3,715)						(1,189)						(37)						(13,852)
Foreign exchange adjustment						—						—						—						182						—						182
Balance at September 30, 2024						$	71,361					$	482,860					$	146,971					$	74,399					$	1,571					$	777,162

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following table presents a reconciliation of deferred policy acquisition costs to the Condensed Consolidated Balance Sheets as of September 30, 2024:

						September 30,
						2024						2023
Life
American Income						$	2,829,810					$	2,490,720
Direct to Consumer						1,773,417						1,726,209
Liberty National						712,733						651,130
Other						291,769						295,926
Total DAC—Life						5,607,729						5,163,985
Health
United American						71,361						74,381
Family Heritage						482,860						443,514
Liberty National						146,971						137,973
American Income						74,399						64,346
Direct to Consumer						1,571						1,717
Total DAC—Health						777,162						721,931
Annuity						1,791						3,377
Total						$	6,386,682					$	5,889,293

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 8—Liability for Unpaid Claims

Activity in the liability for unpaid health claims is summarized as follows:

			September 30, 2024						December 31, 2023
Balance at beginning of period			$	194,809					$	184,286
Less reinsurance recoverables			(2,157)						(2,084)
Net balance at beginning of period			192,652						182,202
Incurred related to:
Current year			560,548						697,521
Prior years			(7,914)						(4,853)
Total incurred			552,634						692,668
Paid related to:
Current year			399,412						535,971
Prior years			142,020						146,247
Total paid			541,432						682,218
Net balance at end of period			203,854						192,652
Plus reinsurance recoverables			1,623						2,157
Balance at end of period			$	205,477					$	194,809

Below is the reconciliation of the liability of "Policy claims and other benefits payable" in the Condensed Consolidated Balance Sheets.

			September 30, 2024						December 31, 2023
Policy claims and other benefits payable:
Life insurance			$	324,922					$	320,066
Health insurance			205,477						194,809
Total			$	530,399					$	514,875

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 9—Postretirement Benefits

Globe Life has qualified noncontributory defined benefit pension plans (Pension Plans) and contributory savings plans that cover substantially all employees. There is also a nonqualified noncontributory supplemental executive retirement plan (SERP) that covers a limited number of officers. The tables included herein will focus on the Pension Plans and SERP.

Pension Assets: The following table presents the assets of the Company's Pension Plans at September 30, 2024 and December 31, 2023.

Pension Assets by Component at September 30, 2024

			Fair Value Determined by:
			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total Amount						% of Total
Exchange traded fund(4)			$	38,544					$	—					$	—					$	38,544					6
Equity exchange traded fund(1)			318,809						—						—						318,809						49
U.S. Government and Agency			—						204,990						—						204,990						32
Other bonds			—						4						—						4						—
Guaranteed annuity contract(2)			—						43,881						—						43,881						7
Short-term investments			5,122						—						—						5,122						1
Other			1,858						—						—						1,858						—
			$	364,333					$	248,875					$	—					613,208						95
Other long-term investments(3)																					30,356						5
Total pension assets																					$	643,564					100

(1)A fund including marketable securities that mirror the S&P 500 index.

(2)Representing a guaranteed annuity contract issued by Globe Life Inc.'s subsidiary, American Income Life Insurance Company, to fund the obligations of the American Income Life Insurance Company Collective Bargaining Agreement Employees Pension Plan.

(3)Includes non-redeemable investment funds that report the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value (NAV) per share, or its equivalent, as a practical expedient for fair value. As of September 30, 2024, the Globe Life Inc. Pension Plan owned less than 1% of two long-term investment funds.

(4)A fund including U.S. dollar-denominated investment-grade securities issued by industrial, utility, and financial companies with maturities greater than 10 years.

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Pension Assets by Component at December 31, 2023

			Fair Value Determined by:
			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total Amount						% of Total
Exchange traded fund(4)			$	18,715					$	—					$	—					$	18,715					3
Equity exchange traded fund(1)			315,886						—						—						315,886						55
U.S. Government and Agency			—						167,450						—						167,450						30
Other bonds			—						5						—						5						—
Guaranteed annuity contract(2)			—						43,428						—						43,428						8
Short-term investments			6,506						—						—						6,506						1
Other			463						—						—						463						—
			$	341,570					$	210,883					$	—					552,453						97
Other long-term investments(3)																					18,314						3
Total pension assets																					$	570,767					100

(1)A fund including marketable securities that mirror the S&P 500 index.

(2)Representing a guaranteed annuity contract issued by Globe Life Inc.'s subsidiary, American Income Life Insurance Company, to fund the obligations of the American Income Life Insurance Company Collective Bargaining Agreement Employees Pension Plan.

(3)Includes non-redeemable investment funds that report the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value (NAV) per share, or its equivalent, as a practical expedient for fair value. As of December 31, 2023, the Globe Life Inc. Pension Plan owned less than 1% of two long-term investment funds.

(4)A fund including U.S. dollar-denominated investment-grade securities issued by industrial, utility, and financial companies with maturities greater than 10 years.

SERP: The following tables include premiums paid for COLI at September 30, 2024 and 2023 and investments of the Rabbi Trust at September 30, 2024 and December 31, 2023.

			Nine Months Ended September 30,
			2024						2023
Premiums paid for insurance coverage			$	443					$	443
			September 30, 2024						December 31, 2023
Total investments:
COLI			$	56,757					$	55,185
Exchange traded funds			97,132						86,156
			$	153,889					$	141,341

Pension Plans and SERP Liabilities: The following table presents liabilities for the defined benefit pension plans and SERP at September 30, 2024 and December 31, 2023.

			September 30, 2024						December 31, 2023
Pension Plans			$	615,595					$	554,957
SERP			72,654						72,603
Benefit obligation			$	688,249					$	627,560

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Net Periodic Benefit Cost: The following table presents the net periodic benefit costs for the defined benefit pension plans and SERP by expense components for the three and nine month periods ended September 30, 2024 and 2023.

Components of Net Periodic Benefit Cost

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Service cost—benefits earned during the period			$	6,224					$	5,392					$	18,673					$	16,174
Interest cost on projected benefit obligation			8,287						7,834						24,862						23,502
Expected return on assets			(10,645)						(9,656)						(31,938)						(28,968)
Amortization:
Prior service cost			265						269						803						807
Actuarial (gain) loss			6						(48)						18						(152)
Net periodic benefit cost			$	4,137					$	3,791					$	12,418					$	11,363

Note 10—Earnings Per Share

Earnings per Share: A reconciliation of basic and diluted weighted-average shares outstanding used in the computation of basic and diluted earnings per share is as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Basic weighted average shares outstanding			87,874,488						94,636,867						91,048,853						95,445,416
Weighted average dilutive options outstanding			212,553						1,180,770						273,666						1,211,974
Diluted weighted average shares outstanding			88,087,041						95,817,637						91,322,519						96,657,390
Antidilutive shares			4,234,326						492,970						3,090,848						399,071

Antidilutive shares are excluded from the calculation of diluted earnings per share. All antidilutive shares noted above result from outstanding out of the money employee and Director stock options.

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 11—Debt

On August 23, 2024, Globe Life completed the issuance of $450 million principal amount of 5.85% Senior notes due September 15, 2034. Total proceeds received by the Parent from the issuance, net of the underwriters’ discount, were $445 million. The proceeds were used for general corporate purposes, which included open market purchases of shares of its common stock under its share repurchase program. On August 15, 2024, Globe Life amended its term loan agreement increasing the principal amount from $170 million to $250 million, an increase of $80 million. The amendment extends the maturity date from November 11, 2024 to August 15, 2027.

The following table presents information about the terms and outstanding balances of Globe Life's debt.

 

Selected Information about Debt Issues

																					As of
																					September 30, 2024																								December 31, 2023
Instrument			Issue Date						Maturity Date						Coupon Rate						Par Value						Unamortized Discount & Issuance Costs						Book Value						Fair Value						Book Value
Senior notes			09/27/2018						09/15/2028						4.550%						$	550,000					$	(3,180)					$	546,820					$	550,088					$	546,283
Senior notes			08/21/2020						08/15/2030						2.150%						400,000						(2,983)						397,017						344,796						396,670
Senior notes(1)			05/19/2022						06/15/2032						4.800%						250,000						(3,828)						246,172						248,443						245,873
Senior notes			08/23/2024						09/15/2034						5.850%						450,000						(5,188)						444,812						464,881						—
Junior subordinated debentures			11/17/2017						11/17/2057						5.275%						125,000						(1,561)						123,439						109,657						123,427
Junior subordinated debentures			06/14/2021						06/15/2061						4.250%						325,000						(7,633)						317,367						236,730						317,306
Term loan(2)			05/11/2023						08/15/2027						6.593%						250,000						(1,951)						248,049						248,049						—
Total long-term debt																					2,350,000						(26,324)						2,323,676						2,202,644						1,629,559
Term loan(2)																					—						—						—						—						169,549
FHLB borrowings																					17,000						—						17,000						17,000						—
Commercial paper																					426,908						(6,490)						420,418						420,418						316,564
Total short-term debt																					443,908						(6,490)						437,418						437,418						486,113
Total debt																					$	2,793,908					$	(32,814)					$	2,761,094					$	2,640,062					$	2,115,672

(1)An additional $150 million par value and book value is held by insurance subsidiaries that eliminates in consolidation.

(2)Interest calculated quarterly using Secured Overnight Financing Rate (SOFR) plus 135 basis points.

The commercial paper has the highest priority of all unsecured debt, followed by senior notes then junior subordinated debentures. The senior notes are callable under a make-whole provision, and the junior subordinated debentures are subject to an optional redemption five years from issuance. Interest on the 4.25% junior subordinated debentures and the term loan are payable quarterly while all other long-term debt is payable semi-annually.

Credit facility: On March 29, 2024, Globe Life amended the credit agreement dated September 30, 2021, which provides for a $1 billion revolving credit facility that may be increased to $1.25 billion. The amended credit facility matures March 29, 2029 and may be extended up to two one-year periods upon the Company's request. Pursuant to this agreement, the participating lenders have agreed to make revolving loans to Globe Life and to issue secured or unsecured letters of credit. The Company has not drawn on any of the credit to date.

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The facility is further designated as a back-up credit line for a commercial paper program under which the Company may either borrow from the credit line or issue commercial paper at any time, with total commercial paper outstanding not to exceed the facility maximum of $1 billion, less any letters of credit issued. Interest is charged at variable rates. In accordance with the agreement, Globe Life is subject to certain covenants regarding capitalization. As of September 30, 2024, the Company was in full compliance with these covenants.

The following tables present certain information about our commercial paper borrowings.

Credit Facility—Commercial Paper

			As of
			September 30, 2024						December 31, 2023						September 30, 2023
Balance of commercial paper at end of period (par value)			$	426,908					$	319,000					$	251,000
Annualized interest rate			5.56		%				5.71		%				5.65		%
Letters of credit outstanding			$	115,000					$	115,000					$	115,000
Remaining amount available under credit line			458,092						316,000						384,000

Credit Facility—Commercial Paper Activity

			Nine Months Ended September 30,
			2024						2023
Average balance of commercial paper outstanding during period (par value)			$	375,851					$	296,816
Daily-weighted average interest rate (annualized)			5.80		%				5.33		%
Maximum daily amount outstanding during period (par value)			$	633,425					$	477,700
Commercial paper issued during period (par value)			1,482,556						1,480,000
Commercial paper matured during period (par value)			(1,374,648)						(1,514,000)
Net commercial paper issued (matured) during period (par value)			107,908						(34,000)

Federal Home Loan Bank: FHLB membership provides certain of our insurance subsidiaries with access to various low-cost collateralized borrowings and funding agreements. The membership requires ownership of FHLB common stock, as well as the purchase of activity-based common stock equal to approximately 4.1% of outstanding borrowings.

Globe Life owned $32.4 million in FHLB common stock as of September 30, 2024 and $22.3 million as of December 31, 2023. The FHLB stock is restricted for the duration of the membership and recorded at cost (par) as required by applicable guidance. The FHLB stock is included in "Other long-term investments" in the Condensed Consolidated Balance Sheets. Borrowings with the FHLB are subject to the availability of pledged assets at the insurance subsidiaries of Globe Life. As of September 30, 2024, Globe Life's insurance subsidiaries maximum borrowing capacity under the FHLB facility was approximately $781 million, net of outstanding funding agreements and short-term borrowings, on pledged assets with a fair value of $1.4 billion. As of September 30, 2024, $372 million in funding agreements were outstanding with the FHLB, compared to $138 million as of December 31, 2023. This amount is included in "Other policyholders' funds" in the Condensed Consolidated Balance Sheets. In addition, the Company had $17 million in short-term borrowings from the FHLB as of September 30, 2024, compared to $0 as of December 31, 2023, this amount is recorded in "Short-term debt".

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 12—Business Segments

Globe Life is organized into four segments: life insurance, supplemental health insurance, annuities, and investments. In addition, other expenses not included in these segments are reported in "Corporate & Other."

Globe Life's reportable insurance segments are based on the insurance product lines it markets and administers: life insurance, supplemental health insurance, and annuities. These major product lines are set out as reportable segments because of the common characteristics of products within these categories, comparability of margins, and the similarity in regulatory environment and management techniques. There is also an investment segment that manages the investment portfolio and cash flow for the insurance segments and the corporate function. The Company's chief operating decision makers evaluate the overall performance of the operations of the Company in accordance with these segments.

Life insurance products marketed by Globe Life include traditional whole life and term life insurance. Health insurance products are generally guaranteed renewable and include Medicare Supplement, cancer, critical illness, accident, and other limited-benefit supplemental hospital and surgical products. Annuities include fixed-benefit contracts.

The following tables present segment premium revenue by each of Globe Life's distribution channels.

						Premium Income by Distribution Channel
						Three Months Ended September 30, 2024
						Life												Health												Annuity												Total
Distribution Channel						Amount						% of Total						Amount						% of Total						Amount						% of Total						Amount						% of Total
American Income						$	427,839					52						$	31,277					9						$	—					—						$	459,116					39
Direct to Consumer						246,425						30						18,072						5						—						—						264,497						23
Liberty National						93,625						12						47,277						13						—						—						140,902						12
United American						1,608						—						149,510						42						—						—						151,118						13
Family Heritage						1,684						—						107,819						31						—						—						109,503						9
Other						47,457						6						—						—						—						—						47,457						4
						$	818,638					100						$	353,955					100						$	—					—						$	1,172,593					100

						Three Months Ended September 30, 2023
						Life												Health												Annuity												Total
Distribution Channel						Amount						% of Total						Amount						% of Total						Amount						% of Total						Amount						% of Total
American Income						$	400,214					51						$	30,535					9						$	—					—						$	430,749					39
Direct to Consumer						247,858						32						17,153						5						—						—						265,011						24
Liberty National						88,199						11						46,643						14						—						—						134,842						12
United American						1,802						—						137,077						42						—						—						138,879						12
Family Heritage						1,561						—						99,828						30						—						—						101,389						9
Other						48,465						6						—						—						—						—						48,465						4
						$	788,099					100						$	331,236					100						$	—					—						$	1,119,335					100

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

						Nine Months Ended September 30, 2024
						Life												Health												Annuity												Total
Distribution Channel						Amount						% of Total						Amount						% of Total						Amount						% of Total						Amount						% of Total
American Income						$	1,265,417					52						$	92,495					9						$	—					—						$	1,357,912					39
Direct to Consumer						743,304						31						54,070						5						—						—						797,374						23
Liberty National						276,599						11						142,612						14						—						—						419,211						12
United American						5,009						—						440,375						42						—						—						445,384						13
Family Heritage						4,945						—						317,065						30						—						—						322,010						9
Other						143,111						6						—						—						—						—						143,111						4
						$	2,438,385					100						$	1,046,617					100						$	—					—						$	3,485,002					100

						Nine Months Ended September 30, 2023
						Life												Health												Annuity												Total
Distribution Channel						Amount						% of Total						Amount						% of Total						Amount						% of Total						Amount						% of Total
American Income						$	1,182,346					50						$	89,656					9						$	—					—						$	1,272,002					38
Direct to Consumer						744,132						32						51,576						5						—						—						795,708						24
Liberty National						260,036						11						140,518						14						—						—						400,554						12
United American						5,533						—						407,137						42						—						—						412,670						13
Family Heritage						4,554						—						294,029						30						—						—						298,583						9
Other						145,828						7						—						—						—						—						145,828						4
						$	2,342,429					100						$	982,916					100						$	—					—						$	3,325,345					100

Due to the nature of the life insurance industry, Globe Life has no individual or group that would be considered a major customer. Substantially all of Globe Life's business is conducted in the United States.

 

The measure of profitability established by the chief operating decision makers for the insurance segments is underwriting margin before other income and administrative expenses, in accordance with the manner in which the segments are managed. It essentially represents gross profit margin on insurance products before insurance administrative expenses and consists primarily of premium less net policy benefits, acquisition expenses, and commissions. Required interest on policy liabilities is reflected as a component of the Investment segment (rather than as a component of underwriting margin in the insurance and annuity segments) in order to match this cost with the investment income earned on the assets supporting the policy liabilities.

 

The measure of profitability for the Investment segment is excess investment income, representing the income earned on the investment portfolio in excess of policy requirements. Other than the required interest on the insurance segments, no other intersegment revenues or expenses are recognized. Expenses directly attributable to corporate operations are included in the “Corporate & Other” category. Stock-based compensation expense is considered a corporate expense by Globe Life management and is included in this category. All other unallocated revenues and expenses on a pretax basis, including insurance administrative expense and interest on debt, are also included in the “Corporate & Other” segment category.

 

Globe Life holds a sizable investment portfolio to support its insurance liabilities, the yield from which is used to offset policy benefit, acquisition, administrative, and tax expenses. This yield or investment income is taken into account when establishing premium rates and profitability expectations for its insurance products. From time to time, investments are sold or called, or experience a credit loss event, each of which are reflected by the Company as realized gain (loss)—investments. These gains or losses generally occur as a result of disposition due to issuer calls, compliance with Company investment policies, or other reasons often beyond management’s control. Unlike investment income, realized gains and losses are incidental to insurance operations, and only overall yields are considered when setting premium rates or insurance product profitability expectations. While these gains and losses

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

are not relevant to segment profitability or core operating results, they can have a material positive or negative result on net income. For these reasons, management removes realized investment gains and losses when it views its segment operations.

Management also removes non-operating items unrelated to the Company's core insurance activities when evaluating those results. Therefore, these items are excluded in its presentation of segment results because accounting guidance requires that operating segment results be presented as management views its business. All of these items are included in “Other operating expense” in the Condensed Consolidated Statements of Operations for the appropriate year. See additional detail below in the tables.

The following tables set forth a reconciliation of Globe Life's revenues and operations by segment to its major income statement line items. See Note 1—Significant Accounting Policies for additional information concerning reconciling items of segment profits to pretax income.

			Three Months Ended September 30, 2024
			Life						Health						Annuity						Investment						Corporate & Other						Adjustments									Consolidated
Revenue:
Premium			$	818,638					$	353,955					$	—					$	—					$	—					$	—								$	1,172,593
Net investment income			—						—						—						284,964						—						—									284,964
Other income			—						—						—						—						42						—									42
Total revenue			818,638						353,955						—						284,964						42						—									1,457,599
Expenses:
Policy benefits			454,502						221,926						5,716						6,040						—						—									688,184
Required interest on reserves			(203,875)						(27,717)						(7,829)						239,421						—						—									—
Amortization of acquisition costs			90,070						13,852						388						—						—						—									104,310
Commissions, premium taxes, and non-deferred acquisition costs			90,758						58,931						4						—						—						—									149,693
Insurance administrative expense(1)			—						—						—						—						88,465						730						(3)			89,195
Parent expense			—						—						—						—						3,210						3,236						(2,3)			6,446
Stock-based compensation expense			—						—						—						—						9,233						—									9,233
Interest expense			—						—						—						—						31,388						—									31,388
Total expenses			431,455						266,992						(1,721)						245,461						132,296						3,966									1,078,449
Subtotal			387,183						86,963						1,721						39,503						(132,254)						(3,966)									379,150
Non-operating items			—						—						—						—						—						3,966						(2,3)			3,966
Measure of segment profitability (pretax)			$	387,183					$	86,963					$	1,721					$	39,503					$	(132,254)					$	—								383,116
Realized gains (losses)																																										(2,192)
Legal costs and proceedings																																										(3,329)
Non-operating expenses																																										(637)
Income before income taxes per Condensed Consolidated Statements of Operations																																										$	376,958

(1)Administrative expense is not allocated to insurance segments.

(2)Non-operating expenses.

(3)Legal costs and proceedings.

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

			Three Months Ended September 30, 2023
			Life						Health						Annuity						Investment						Corporate & Other						Adjustments									Consolidated
Revenue:
Premium			$	788,099					$	331,236					$	—					$	—					$	—					$	—								$	1,119,335
Net investment income			—						—						—						266,926						—						—									266,926
Other income			—						—						—						—						50						—									50
Total revenue			788,099						331,236						—						266,926						50						—									1,386,311
Expenses:
Policy obligations			515,676						193,790						6,854						2,724						—						—									719,044
Required interest on reserves			(194,199)						(26,732)						(9,353)						230,284						—						—									—
Amortization of acquisition costs			82,523						12,816						418						—						—						—									95,757
Commissions, premium taxes, and non-deferred acquisition costs			84,011						54,662						4						—						—						—									138,677
Insurance administrative expense(1)			—						—						—						—						74,585						—									74,585
Parent expense			—						—						—						—						2,581						1,137						(2)			3,718
Stock-based compensation expense			—						—						—						—						7,567						—									7,567
Interest expense			—						—						—						—						25,955						—									25,955
Total expenses			488,011						234,536						(2,077)						233,008						110,688						1,137									1,065,303
Subtotal			300,088						96,700						2,077						33,918						(110,638)						(1,137)									321,008
Non-operating items			—						—						—						—						—						1,137						(2)			1,137
Measure of segment profitability (pretax)			$	300,088					$	96,700					$	2,077					$	33,918					$	(110,638)					$	—								322,145
Realized gains (losses)																																										(2,193)
Non-operating expenses																																										(1,137)
Income before income taxes per Condensed Consolidated Statements of Operations																																										$	318,815

(1)Administrative expense is not allocated to insurance segments.

(2)Non-operating expenses.

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

			Nine Months Ended September 30, 2024
			Life						Health						Annuity						Investment						Corporate & Other						Adjustments									Consolidated
Revenue:
Premium			$	2,438,385					$	1,046,617					$	—					$	—					$	—					$	—								$	3,485,002
Net investment income			—						—						—						853,178						—						—									853,178
Other income			—						—						—						—						192						—									192
Total revenue			2,438,385						1,046,617						—						853,178						192						—									4,338,372
Expenses:
Policy obligations			1,493,165						629,676						17,786						15,044						—						—									2,155,671
Required interest on reserves			(605,397)						(82,300)						(24,358)						712,055						—						—									—
Amortization of acquisition costs			263,753						40,774						1,176						—						—						—									305,703
Commissions, premium taxes, and non-deferred acquisition costs			270,347						177,246						12						—						—						—									447,605
Insurance administrative expense(1)			—						—						—						—						251,072						1,646						(3)			252,718
Parent expense			—						—						—						—						9,166						6,722						(2,3)			15,888
Stock-based compensation expense			—						—						—						—						28,590						—									28,590
Interest expense			—						—						—						—						91,413						—									91,413
Total expenses			1,421,868						765,396						(5,384)						727,099						380,241						8,368									3,297,588
Subtotal			1,016,517						281,221						5,384						126,079						(380,049)						(8,368)									1,040,784
Non-operating items			—						—						—						—						—						8,368						(2,3)			8,368
Measure of segment profitability (pretax)			$	1,016,517					$	281,221					$	5,384					$	126,079					$	(380,049)					$	—								1,049,152
Realized gains (losses)																																										(26,580)
Legal costs and proceedings																																										(5,764)
Non-operating expenses																																										(2,604)
Income before income taxes per Condensed Consolidated Statements of Operations																																										$	1,014,204

(1)Administrative expense is not allocated to insurance segments.

(2)Non-operating expenses.

(3)Legal costs and proceedings.

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

			Nine Months Ended September 30, 2023
			Life						Health						Annuity						Investment						Corporate & Other						Adjustments									Consolidated
Revenue:
Premium			$	2,342,429					$	982,916					$	—					$	—					$	—					$	—								$	3,325,345
Net investment income			—						—						—						785,275						—						—									785,275
Other income			—						—						—						—						185						—									185
Total revenue			2,342,429						982,916						—						785,275						185						—									4,110,805
Expenses:
Policy obligations			1,536,317						580,676						21,502						5,986						—						—									2,144,481
Required interest on reserves			(575,801)						(79,603)						(29,327)						684,731						—						—									—
Amortization of acquisition costs			243,285						37,608						1,266						—						—						—									282,159
Commissions, premium taxes, and non-deferred acquisition costs			251,136						163,784						13						—						—						—									414,933
Insurance administrative expense(1)			—						—						—						—						223,951						—									223,951
Parent expense			—						—						—						—						8,254						1,137						(2)			9,391
Stock-based compensation expense			—						—						—						—						22,732						—									22,732
Interest expense			—						—						—						—						76,640						—									76,640
Total expenses			1,454,937						702,465						(6,546)						690,717						331,577						1,137									3,174,287
Subtotal			887,492						280,451						6,546						94,558						(331,392)						(1,137)									936,518
Non-operating items			—						—						—						—						—						1,137						(2)			1,137
Measure of segment profitability (pretax)			$	887,492					$	280,451					$	6,546					$	94,558					$	(331,392)					$	—								937,655
Realized gains (losses)																																										(78,963)
Non-operating expenses																																										(1,137)
Income before income taxes per Condensed Consolidated Statements of Operations																																										$	857,555

(1)Administrative expense is not allocated to insurance segments.

(2)Non-operating expenses.

Note 13—Subsequent Events

In the fourth quarter of 2024, the Company entered into a coinsurance agreement to cede a majority of its annuity business to a third-party insurer. The annuity reserves ceded totaled approximately $460 million subject to final settlement. The pre-tax ceding commission under the agreement was approximately $50 million and will be recognized into income over the remaining life of the ceded contracts. Under the terms of the agreement, the reinsurer will be required to maintain assets in trust at 105% of reserves. The Company's annuity business comprises less than 1% of revenue and is not core to the Company's business. We anticipate that we will adjust our segment reporting to reflect the remaining annuity business within the Corporate and Other category of our segment reporting.

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CAUTIONARY STATEMENTS

 

We caution readers regarding certain forward-looking statements contained in the foregoing discussion and elsewhere in this document, and in any other statements made by, or on behalf of Globe Life whether or not in future filings with the Securities and Exchange Commission. Any statement that is not a historical fact, or that might otherwise be considered an opinion or projection concerning the Company or its business, whether express or implied, is meant as and should be considered a forward-looking statement. Such statements represent management's opinions concerning future operations, strategies, financial results or other developments. We specifically disclaim any obligation to update or revise any forward-looking statement because of new information, future developments, or otherwise.

 

Forward-looking statements are based upon estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond our control, including uncertainties related to the impact of the recent pandemic and associated direct and indirect effects on our business operations, financial results, and financial condition. If these estimates or assumptions prove to be incorrect, the actual results of Globe Life may differ materially from the forward-looking statements made on the basis of such estimates or assumptions. Whether or not actual results differ materially from forward-looking statements may depend on numerous foreseeable and unforeseeable events or developments, which may be national in scope, related to the insurance industry generally, or applicable to the Company specifically. Such events or developments could include, but are not necessarily limited to:

1.Economic and other conditions, including the continued impact of inflation, geopolitical events, and the recent pandemic on the U.S. economy, leading to unexpected changes in lapse rates and/or sales of our policies, as well as levels of mortality, morbidity, and utilization of health care services that differ from Globe Life's assumptions;

2.Regulatory developments, including changes in accounting standards or governmental regulations (particularly those impacting taxes and changes to the Federal Medicare program that would affect Medicare Supplement);

3.Market trends in the senior-aged health care industry that provide alternatives to traditional Medicare (such as Health Maintenance Organizations and other managed care or private plans) and that could affect the sales of traditional Medicare Supplement insurance;

4.Interest rate changes that affect product sales, financing costs, and/or investment yields;

5.General economic, industry sector or individual debt issuers’ financial conditions (including developments and volatility arising from geopolitical events, particularly in certain industries that may comprise part of our investment portfolio) that may affect the current market value of securities we own, or that may impair an issuer’s ability to make principal and/or interest payments due on those securities;

6.Changes in the competitiveness of the Company's products and pricing;

7.Litigation results or regulatory actions against the Company;

8.Levels of administrative and operational efficiencies that differ from our assumptions (including any reduction in efficiencies resulting from increased costs arising from the impact of higher than anticipated inflation);

9.The ability to obtain timely and appropriate premium rate increases for health insurance policies from our regulators;

10.The customer response to new products and marketing initiatives;

11.Reported amounts in the consolidated financial statements which are based on management estimates and judgments which may differ from the actual amounts ultimately realized;

12.Compromise by a malicious actor or other event that causes a loss of secure data from, or inaccessibility to, our computer and other information technology systems;

13.The impact of reputational damage on the Company including the impact on the Company's ability to attract and retain agents;

14.The severity, magnitude, and impact of natural or man-made catastrophic events, including but not limited to pandemics, tornadoes, hurricanes, earthquakes, war and terrorism, on our operations and personnel, commercial activity, level of claims, and demand for our products; and

15.Globe Life's ability to access the commercial paper and debt markets, particularly if such markets become unpredictable or unstable for a certain period.

Readers are also directed to consider other risks and uncertainties described in other documents on file with the Securities and Exchange Commission.

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GLOBE LIFE INC.

Management's Discussion & Analysis

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

 

The following discussion should be read in conjunction with Globe Life's Condensed Consolidated Financial Statements and Notes thereto appearing elsewhere in this report. The following management discussion will only include comparison to prior year.

"Globe Life" and the "Company" refer to Globe Life Inc. and its subsidiaries and affiliates.

Results of Operations

						How Globe Life Views Its Operations. Globe Life Inc. is the holding company for a group of insurance companies that market primarily individual life and supplemental health insurance to lower middle to middle-income households throughout the United States. We view our operations by segments, which are the insurance product lines of life, supplemental health, and annuities, and the investment segment that supports the product lines. Segments are aligned based on their common characteristics, comparability of the profit margins, and management techniques used to operate each segment.
						Insurance Product Line Segments. The insurance product line segments involve the marketing, underwriting, and administration of policies. Each product line is further segmented by the various distribution channels that market the insurance policies. Each distribution channel operates in a niche market offering insurance products designed for that particular market. Whether analyzing profitability of a segment as a whole, or the individual distribution channels within the segment, the measure of profitability used by management is the underwriting margin, as seen below:
						Premium revenue                                                            (Policy obligations)                                                            (Policy acquisition costs and commissions)                                                             Underwriting margin
						Investment Segment. The investment segment involves the management of our capital resources, including investments and the management of liquidity. Our measure of profitability for the investment segment is excess investment income, as seen below:
						Net investment income (Required interest on policy liabilities)                                                            Excess investment income

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GLOBE LIFE INC.

Management's Discussion & Analysis

Current Highlights.

•Net income as a return on equity (ROE) for the nine months ended September 30, 2024 was 22.4% and net operating income as an ROE, excluding accumulated other comprehensive income(1) was 15.3%.

•Total premium increased 5% over the same period in the prior year. Life premium increased 4% for the period from $2.34 billion in 2023 to $2.44 billion in 2024.

•Net investment income increased 9% over the same period in the prior year.

•Total net sales increased 9% over the same period in the prior year from $568 million in 2023 to $622 million in 2024. The average producing agent count across all of the exclusive agencies increased 12% over the prior year.

•Book value per share increased 13% over the same period in the prior year from $48.51 to $54.65. Book value per share, excluding accumulated other comprehensive income(1), increased 13% over the prior year from $74.31 in 2023 to $83.92 in 2024.

The following graphs represent net income and net operating income for the nine month periods ended September 30, 2024 and 2023.

(1)As shown in the charts above, net operating income is the consolidated total of segment profits after tax and as such is considered a non-GAAP measure. It has been used consistently by Globe Life's management for many years to evaluate the operating performance of the Company. It differs from net income primarily because it excludes certain non-operating items such as realized gains and losses and certain significant and unusual items included in net income. Net income is the most directly comparable GAAP measure.

Net operating income as an ROE, excluding accumulated other comprehensive income (AOCI), is considered a non-GAAP measure. Management utilizes this measure to view the business without the effect of changes in AOCI, which are primarily attributable to fluctuation in interest rates. The impact of the adjustment to exclude AOCI is $(2.48) billion and $(2.46) billion for the nine months ended September 30, 2024 and 2023, respectively.

Book value per share, excluding AOCI, is also considered a non-GAAP measure. Management utilizes this measure to view the book value of the business without the effect of changes in AOCI, which are primarily attributable to fluctuation in interest rates. The impact of the adjustment to exclude AOCI is $(29.27) and $(25.80) for the nine months ended September 30, 2024 and 2023, respectively.

Refer to Analysis of Profitability by Segment for non-GAAP reconciliation to GAAP.

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GLOBE LIFE INC.

Management's Discussion & Analysis

Summary of Operations. Net income increased 17% to $816 million during the nine months ended September 30, 2024, compared with $696 million in the same period in 2023. On a diluted per common share basis, net income per common share for the nine months ended September 30, 2024 increased 24% from $7.20 to $8.93.

Net operating income increased 11% to $843 million for the nine months ended September 30, 2024, compared with $759 million for the same period in 2023, due to a 33% increase in excess investment income as well as a 15% increase in life underwriting margin. On a diluted per common share basis, net operating income per common share for the nine months ended September 30, 2024 increased from $7.85 to $9.23, an 18% increase. Net operating income is the consolidated total of segment profits after tax and as such is considered a non-GAAP measure. Net income is the most directly comparable GAAP measure. We do not consider realized gains and losses to be a component of our core insurance operations or operating segments. Additionally, net income was affected by certain non-operating items. We do not view these items as components of core operating results because they are not indicative of past performance or future prospects of the insurance operations. We remove items such as these that relate to prior periods or are non-operating items when evaluating the results of current operations, and therefore exclude such items from our segment analysis for current periods.

Net operating income is primarily comprised of insurance underwriting margin plus excess investment income, offset by operating expenses. As previously noted, a component of insurance underwriting margin is policy obligations, which includes for each reporting period the change in the liability for future policy benefits (LFPB). The LFPB is determined each reporting period based on the net level premium method. Net level premiums reflect a recomputed net premium ratio using actual experience since the issue date, and expected future experience based on future cash-flow assumptions. See Note 6—Policy Liabilities for additional information. The policy liability is accrued as premium revenue is recognized and adjusted for differences between actual and expected experience in the form of remeasurement gains and losses during the period. If actual mortality, morbidity, and lapse experience equals our expected assumptions used in the development of our liability for future policy benefits, there would be no impact to our financial results. Actual experience can have a material impact on financial results to the extent it significantly deviates from the expected assumptions which are used to develop our estimates of the liability for future policy benefits and amortization of the deferred acquisition cost asset (DAC). For example, deviations in actual versus expected lapses in the early policy years tend to have a larger impact on DAC amortization than LFPB change in reserves. Conversely, deviations in actual versus expected lapses in the later policy years typically have a larger impact on LFPB change in reserves than DAC amortization. This is due to the release of DAC and LFPB where DAC capitalization in earlier years is amortizing over time and the LFPB is increasing over time as the policy stays inforce. Disaggregated rollforwards of our present value of expected future net premiums and our expected future policy benefits are presented within Note 6—Policy Liabilities, which include disclosure of remeasurement gain (loss) for the effect of actual variances from expected experience and the changes in assumptions (mortality, morbidity, and lapses) on future cash flows.

During the third quarter of 2024, the Company performed its annual assumptions review and updated both its life and health assumptions of lapses, mortality, and morbidity resulting in a $46.3 million net remeasurement gain as compared to a $3.2 million net remeasurement gain in the year-ago quarter.

Excluding the impact of assumption changes, the Company's results for actual variances from expected experience for both life and health produced a $14.7 million net remeasurement gain and a $15.9 million net remeasurement gain for the three months ended September 30, 2024 and 2023, respectively. During the nine months ended September 30, 2024 and 2023, the Company's results for actual variances from expected experience for both life and health produced a $38.4 million net remeasurement gain and a $21.6 million net remeasurement gain, respectively.

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GLOBE LIFE INC.

Management's Discussion & Analysis

Excluding our Direct to Consumer Division, we sell our policies primarily through independently contracted agents (“agents”) who earn commissions in accordance with contracts they have with the respective insurance subsidiary of the Company. These contract arrangements with agents cover commission structures and rates, contract periods, credit terms for settlement of agent advance accounts, vesting rights in future renewal commissions upon termination of contracts and responsibility for premium collections. Contract terms with agents vary, but generally commissions are earned over the life of the policy as premiums are paid. Commissions are calculated on a policy-by-policy basis and vary by product type and policy year. Commission rates are higher for the first-year premium when a policy is issued and are generally reduced for policies that remain in effect for renewal periods (e.g., commission rates may reduce in years 2-10 and again in year 11 and after). After a certain period (typically 10 years), commission rates become constant over the remaining life of the policy and are considered level commissions.

Generally, commissions are paid to an agent when due over the life of a policy as premiums are paid. However, some agents may qualify to have their commissions (primarily first-year commissions) paid in advance of when the commissions are earned. To the extent an advance is made, we will generally advance up to 65% of first year commissions. This creates an agent debit balance which is classified within “Other receivables” in the consolidated financial statements. If an agent has an agent debit balance with the Company, commissions earned by that agent are generally first applied to reduce the amounts owed the company. Any excess will be paid to the agent in cash.

Commissions are earned by the agent over the contract period as long as premium is paid by the policyholder and the policy stays in force. As the commissions are earned by the agent and commission expense is incurred by the Company the agent debit balance is reduced. The portion of commission expense incurred related to non-level commissions is deferred and recorded as “Deferred acquisition cost.” The portion of level commission is recognized as an expense within “Commissions, premium taxes, and non-deferred acquisition costs.”

The Company continues to see positive signs in its core operations, including sales and premium growth, and a consistent operating ROE, excluding accumulated other comprehensive income, generally in the mid-teens.

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GLOBE LIFE INC.

Management's Discussion & Analysis

Globe Life's operations on a segment-by-segment basis are discussed in depth below. Net operating income has been used consistently by management for many years to evaluate the operating performance of the Company and is a measure commonly used in the life insurance industry. It differs from GAAP net income primarily because it excludes certain non-operating items such as realized gains and losses and other significant and unusual items included in net income. Management believes an analysis of net operating income is important in understanding the profitability and operating trends of the Company’s business. Net income is the most directly comparable GAAP measure.

Analysis of Profitability by Segment

(Dollar amounts in thousands)

			Nine Months Ended September 30,
			2024						2023						Change						%
Life insurance underwriting margin			$	1,016,517					$	887,492					$	129,025					15
Health insurance underwriting margin			281,221						280,451						770						—
Annuity underwriting margin			5,384						6,546						(1,162)						(18)
Excess investment income			126,079						94,558						31,521						33
Other insurance:
Other income			192						185						7						4
Administrative expense			(251,072)						(223,951)						(27,121)						12
Corporate and other			(129,169)						(107,626)						(21,543)						20
Pre-tax total			1,049,152						937,655						111,497						12
Applicable taxes			(205,977)						(178,424)						(27,553)						15
Net operating income			843,175						759,231						83,944						11
Reconciling items, net of tax:
Realized gains (losses)			(20,998)						(62,380)						41,382
Non-operating expenses			(2,057)						(898)						(1,159)
Legal costs and proceedings			(4,554)						—						(4,554)
Net income			$	815,566					$	695,953					$	119,613					17

The life insurance segment is our primary segment and is the largest contributor to earnings in each period presented. The life insurance segment underwriting margin increased $129 million compared with the prior period, primarily a result of increased premiums and favorable policy obligations as a percent of premium due most notably to a remeasurement gain related to the updating of assumptions in the third quarter. Excess investment income increased $32 million compared with the prior period, resulting from growth in our invested assets and increased yields due to higher interest rates. The health segment increased slightly with $281 million of underwriting margin in the first nine months of 2024 compared with $280 million in the first nine months of 2023.

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GLOBE LIFE INC.

Management's Discussion & Analysis

In 2024, the largest contributor of total underwriting margin was the life insurance segment and the primary distribution channel was the American Income Life Division (American Income). The following charts represent the breakdown of total underwriting margin by operating segment and distribution channel for the nine months ended September 30, 2024.

Total premium income rose 5% for the nine months ended September 30, 2024 to $3.49 billion. Total net sales increased 9% to $622 million, when compared with 2023. Total first-year collected premium (defined in the following section) increased 13% to $507 million for 2024 compared to $449 million in 2023.

Life insurance premium income increased 4% to $2.44 billion over the prior-year total of $2.34 billion. Life net sales rose 9% to $450 million for the first nine months of 2024. First-year collected life premium increased 9% to $342 million. Life underwriting margin, as a percent of premium, increased to 42% for 2024 from 38% in 2023. Underwriting margin increased to $1.02 billion in 2024, compared to $887 million for the same period in 2023.

Health insurance premium income increased 6% to $1.05 billion over the prior-year total of $983 million. Health net sales rose 11% to $171 million for the first nine months of 2024. First-year collected health premium rose 21% to $165 million. Health underwriting margin, as a percent of premium, was 27% for 2024 and 29% for 2023. Health underwriting margin increased slightly to $281 million for the first nine months of 2024, compared to the same period in 2023.

Excess investment income, the measure of profitability of our investment segment, increased 33% during the first nine months of 2024 to $126 million from $95 million in the same period in 2023. Excess investment income per common share, reflecting the impact of our share repurchase program and increased net investment income, increased 41% to $1.38 from $0.98 when compared with the same period in 2023.

Insurance administrative expenses increased 12% in 2024 when compared with the prior-year period. These expenses were 7.2% as a percent of premium during 2024 compared to 6.7% in 2023.

For the nine months ended September 30, 2024, the Company repurchased 9.7 million Globe Life Inc. shares at a total cost of $910 million for an average share price of $93.36.

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GLOBE LIFE INC.

Management's Discussion & Analysis

The discussions of our segments are presented in the manner we view our operations, as described in Note 12—Business Segments.

We use three measures as indicators of premium growth and sales over the near term: “annualized premium in force,” “net sales,” and “first-year collected premium.”

•Annualized premium in force is defined as the premium income that would be received over the following twelve months at any given date on all active policies if those policies remain in force throughout the twelve-month period.

•Net sales is calculated as annualized premium issued, net of cancellations in the first thirty days after issue, except in the case of Direct to Consumer, where net sales is annualized premium issued at the time the first full premium is paid after any introductory offer period (typically 1 month) has expired. Management considers net sales to be a better indicator of the rate of premium growth than annualized premium issued since annualized premium issued excludes cancellations, and cancellations do not contribute to premium income.

•First-year collected premium is defined as the premium collected during the reporting period for all policies in their first policy year. First-year collected premium takes lapses into account in the first year when lapses are more likely to occur, and thus is a useful indicator of how much new premium is expected to be added to premium income in the future. First-year collected premiums are lower than net sales over the prior 12 months because premiums are not collected on lapsed policies after the date of lapse.

Cancellations are not included in lapses.

Approximately 90% of our premiums are collected monthly; however, other premium payment options such as quarterly and annual are offered by the Company and may be elected by the policyholder. The majority of premiums are paid by way of automatic draft or electronic payment from our policyholders and to a lesser extent from other payment methods such as check, credit card, and worksite payroll deduction.

See further discussion of the distribution channels below for Life and Health.

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GLOBE LIFE INC.

Management's Discussion & Analysis

LIFE INSURANCE

Life insurance is the Company's predominant segment. During 2024, life premium represented 70% of total premium and life underwriting margin represented 78% of the total underwriting margin. Additionally, investments supporting the reserves for life products produce the majority of excess investment income attributable to the investment segment.

 

The following table presents the summary of results of life insurance. Further discussion of the results by distribution channel is included below.

Life Insurance

Summary of Results

(Dollar amounts in thousands)

			Nine Months Ended September 30,																								Change
			2024												2023
			Amount						% of Premium						Amount						% of Premium						Amount						%
Premium and policy charges			$	2,438,385					100						$	2,342,429					100						$	95,956					4
Policy obligations			1,493,165						61						1,536,317						66						(43,152)						(3)
Required interest on reserves			(605,397)						(25)						(575,801)						(25)						(29,596)						5
Net policy obligations			887,768						36						960,516						41						(72,748)						(8)
Commissions, premium taxes, and non-deferred acquisition expenses			270,347						11						251,136						11						19,211						8
Amortization of acquisition costs			263,753						11						243,285						10						20,468						8
Total expense			1,421,868						58						1,454,937						62						(33,069)						(2)
Insurance underwriting margin			$	1,016,517					42						$	887,492					38						$	129,025					15

Net policy obligations amounted to 36% of premium for the nine months ended September 30, 2024 compared to 41% in the year-ago period. This improvement was primarily due to the assumptions review of lapses, mortality, and morbidity resulting in a remeasurement gain of $56.8 million compared to a remeasurement loss of $2.0 million for the nine months ended September 30, 2024 and 2023, respectively. Refer to Note 6—Policy Liabilities for further discussion of the Company's annual assumptions review.

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Globe Life Inc.

Management's Discussion & Analysis

The table below summarizes life underwriting margin by distribution channel.

 

Life Insurance

Underwriting Margin by Distribution Channel

(Dollar amounts in thousands)

			Nine Months Ended September 30,
			2024												2023												Change
			Amount						% of Premium						Amount						% of Premium						Amount						%
American Income			$	600,976					47						$	536,202					45						$	64,774					12
Direct to Consumer			210,712						28						175,652						24						35,060						20
Liberty National			106,486						38						83,502						32						22,984						28
Other			98,343						64						92,136						59						6,207						7
Total			$	1,016,517					42						$	887,492					38						$	129,025					15

The following table presents Globe Life's life insurance premium by distribution channel.

Life Insurance

Premium by Distribution Channel

(Dollar amounts in thousands)

			Nine Months Ended September 30,																								Change
			2024												2023
			Amount						% of Total						Amount						% of Total						Amount						%
American Income			$	1,265,417					52						$	1,182,346					50						$	83,071					7
Direct to Consumer			743,304						31						744,132						32						(828)						—
Liberty National			276,599						11						260,036						11						16,563						6
Other			153,065						6						155,915						7						(2,850)						(2)
Total			$	2,438,385					100						$	2,342,429					100						$	95,956					4

Annualized life premium in force was $3.29 billion at September 30, 2024, an increase of 4% over $3.17 billion a year earlier.

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Globe Life Inc.

Management's Discussion & Analysis

An analysis of life net sales, an indicator of new business production, by distribution channel is presented below. 

Life Insurance

Net Sales by Distribution Channel

(Dollar amounts in thousands)

			Nine Months Ended September 30,																								Change
			2024												2023
			Amount						% of Total						Amount						% of Total						Amount						%
American Income			$	288,602					64						$	246,335					59						$	42,267					17
Direct to Consumer			83,251						18						90,593						22						(7,342)						(8)
Liberty National			71,846						16						69,413						17						2,433						4
Other			6,725						2						7,513						2						(788)						(10)
Total			$	450,424					100						$	413,854					100						$	36,570					9

First-year collected life premium by distribution channel is presented in the table below. 

Life Insurance

First-Year Collected Premium by Distribution Channel

(Dollar amounts in thousands)

			Nine Months Ended September 30,																								Change
			2024												2023
			Amount						% of Total						Amount						% of Total						Amount						%
American Income			$	227,817					67						$	197,224					63						$	30,593					16
Direct to Consumer			52,080						15						59,735						19						(7,655)						(13)
Liberty National			56,043						16						49,810						16						6,233						13
Other			5,850						2						6,513						2						(663)						(10)
Total			$	341,790					100						$	313,282					100						$	28,508					9

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Globe Life Inc.

Management's Discussion & Analysis

A discussion of life operations by distribution channel follows.

The American Income Life Division markets to members of labor unions and other affinity groups and continues to diversify its lead sources, utilizing third-party internet vendor leads and obtaining referrals to facilitate sustainable growth. This Division is Globe Life's largest contributor of life premium of any distribution channel at 52% of the Company's September 30, 2024 total life premium. For the nine months ended September 30, 2024, the average monthly life premium issued per policy was $56 as compared to $53 for the same period in the prior year. Net sales were $289 million for the nine months ended September 30, 2024, up from $246 million in the year-ago period. The underwriting margin, as a percent of premium, was 47% for the nine months ended September 30, 2024 up from 45% in the year ago period.

Below is the average producing agent count for the nine months ended September 30, 2024 for the American Income Life Division. The average producing agent count is based on the actual count at the beginning and end of each week during the year. The average producing agent count increased 12% over the year-ago period, and over 65% of the Division's net sales are driven by agents that have been producing for the Division for 6 months or more. The increase in average producing agent count was driven by an increase in new agent recruiting along with continued improvement in new agent retention. Sales growth in this Division, as well as within our other exclusive agencies, is generally dependent on growth in the size of the agency force.

			At September 30,												Change
			2024						2023						Amount						%
American Income			11,680						10,395						1,285						12

American Income Life continues to focus on growing and strengthening the agency force, specifically through emphasis on agency middle-management growth and additional agency office openings. In addition to offering financial incentives and training opportunities, the Division has made considerable investments in information technology, including a customer relationship management (CRM) tool for the agency force. This tool is designed to drive productivity in lead distribution, conservation of business, manager dashboards and new agent recruiting. Additionally, this Division has invested in and successfully implemented technology that allows the agency force to engage in virtual recruiting, training, and sales activity. The agents have shifted to primarily a virtual experience with the customers and have generated a vast majority of sales through virtual presentations. We find this flexibility to be enticing for new recruits as well as a driver of sustainability for our agency force.

The Direct to Consumer Division (DTC) offers adult and juvenile life insurance through a variety of marketing approaches, including direct mailings, insert media, and electronic media. In recent years, production from electronic media, which is comprised of sales through both the internet and inbound phone calls to our call center, continue to be the customer preference when compared to direct mail. The proportion of sales from the internet and inbound phone calls continue to outpace the activity from the direct mailings, but all three channels continue to work in an omnichannel approach. The different media channels support and complement one another in the Division's efforts to reach the consumer. Additionally, this channel provides critical support to our agency business through brand impressions and the generation of sales leads. DTC's long-term growth has been fueled by constant innovation and name recognition. We continually introduce new initiatives in this Division in an attempt to increase response rates and create a seamless customer experience.

The juvenile market is an important source of sales, it is also a vehicle to reach the parents and grandparents of juvenile policyholders, who are more likely to respond favorably to a DTC solicitation for life coverage on themselves in comparison to the general adult population. Also, future offerings to juvenile policyholders and their parents are sources of lower acquisition-cost life insurance sales in the future.

DTC net sales declined 8% to $83 million for the nine months ended September 30, 2024 compared with $91 million for the same period in the prior year. This decline is due primarily to the management of direct mail and mailing insert marketing activity resulting from the impact of inflation on postage, paper and online advertising costs. While total sales have declined, the focus has been on improving profitability and improving the underwriting margin. DTC’s underwriting margin, as a percent of premium, was 28% for the nine months ended September 30, 2024 compared with 24% for the same period in 2023.

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Globe Life Inc.

Management's Discussion & Analysis

The Liberty National Division markets individual life insurance to middle-income household and worksite customers. Recent investments in new sales technologies as well as recent growth in middle management within the agency are expected to help continue this growth. The underwriting margin as a percent of premium was 38% for the nine months ended September 30, 2024, up from 32% during the same period a year ago. The increase is primarily attributable to increased premiums and lower policy obligations as a percent of premium during the first nine months of 2024 as compared to same period in 2023. For the nine months ended September 30, 2024, the average monthly life premium per policy issued was $43 down slightly from the prior year period.

Net sales rose 4% in the nine months ended September 30, 2024 over the same period in 2023 due primarily to increased agent count.

Below is the average producing agent count for the nine months ended September 30, 2024 and 2023 for the Liberty National Division. The average producing agent count is based on the actual count at the beginning and end of each week during the year.

			At September 30,												Change
			2024						2023						Amount						%
Liberty National			3,638						3,177						461						15

The Liberty National Division average producing agent count increased significantly compared with the prior-year comparable period. We continue to execute our long-term plan to grow this agency through expansion from small-town markets in the Southeast to more densely populated areas with larger pools of potential agent recruits and customers. Continued expansion of this agency's presence into more heavily populated, less-penetrated areas will help create long-term agency growth. In addition to the aforementioned geographic expansion, we have also started a campaign of market expansion to increase our agency presence in cities where we currently have offices, but not enough to properly serve the community, region, area and city. These tend to be larger geographic cities which will help create long-term sustainable agency growth. Additionally, the agency continues to help improve the ability of agents to develop new worksite marketing business. Systems that have been put in place, including the addition of a CRM platform and enhanced analytical capabilities, have helped the agents develop additional worksite marketing opportunities as well as improve the productivity of agents selling in the individual life market. As the Division continues to gain momentum in its sales and recruiting initiatives, as well as advances in its technology and CRM platform, the agency anticipates continued growth in recruiting activity and average producing agent count and projects sales growth for the full year.

The Other agency distribution channels primarily include non-exclusive independent agencies selling primarily life insurance. The other distribution channels contributed $153 million of life premium income, or 6% of Globe Life's total life premium income in the nine months ended September 30, 2024, and contributed 2% of net sales for the period.

HEALTH INSURANCE

Health insurance sold by the Company primarily includes Medicare Supplement insurance including Retiree Health Insurance business, accident coverage, and other limited-benefit supplemental health products including accident, cancer, critical illness, heart, and intensive care products.

Health premium accounted for 30% of our total premium in 2024, while the health underwriting margin accounted for 22% of total underwriting margin. Health underwriting margin increased slightly to $281 million compared to $280 million in the prior year. While the Company continues to emphasize life insurance sales relative to health due to life’s superior long-term profitability and its greater contribution to excess investment income, the health business provides a significant contribution to return on equity as it does not require a substantial amount of up-front capital.

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Table of Contents

Globe Life Inc.

Management's Discussion & Analysis

The following table presents underwriting margin data for health insurance.

Health Insurance

Summary of Results

(Dollar amounts in thousands)

			Nine Months Ended September 30,																								Change
			2024												2023
			Amount						% of Premium						Amount						% of Premium						Amount						%
Premium			$	1,046,617					100						$	982,916					100						$	63,701					6
Policy obligations			629,676						60						580,676						59						49,000						8
Required interest on reserves			(82,300)						(8)						(79,603)						(8)						(2,697)						3
Net policy obligations			547,376						52						501,073						51						46,303						9
Commissions, premium taxes, and non-deferred acquisition expenses			177,246						17						163,784						16						13,462						8
Amortization of acquisition costs			40,774						4						37,608						4						3,166						8
Total expense			765,396						73						702,465						71						62,931						9
Insurance underwriting margin			$	281,221					27						$	280,451					29						$	770					—

Net policy obligations amounted to 52% of premium for the nine months ended September 30, 2024 compared to 51% in the year ago period. This increase was primarily due to the assumptions review of lapses and morbidity resulting in a remeasurement loss of $10.5 million compared to a remeasurement gain of $5.2 million for the nine months ended September 30, 2024 and 2023, respectively. Refer to Note 6—Policy Liabilities for further discussion of the Company's annual assumptions review.

The table below summarizes health underwriting margin by distribution channel.

 

Health Insurance

Underwriting Margin by Distribution Channel

(Dollar amounts in thousands)

			Nine Months Ended September 30,
			2024												2023												Change
			Amount						% of Premium						Amount						% of Premium						Amount						%
United American			$	42,500					10						$	43,164					11						$	(664)					(2)
Family Heritage			106,481						34						100,058						34						6,423						6
Liberty National			79,181						56						78,160						56						1,021						1
American Income			49,124						53						55,588						62						(6,464)						(12)
Direct to Consumer			3,935						7						3,481						7						454						13
Total			$	281,221					27						$	280,451					29						$	770					—

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Table of Contents

Globe Life Inc.

Management's Discussion & Analysis

Globe Life markets supplemental health insurance products through a number of distribution channels. The following table is an analysis of our health premium by distribution channel.

Health Insurance

Premium by Distribution Channel

(Dollar amounts in thousands)

			Nine Months Ended September 30,																								Increase (Decrease)
			2024												2023
			Amount						% of Total						Amount						% of Total						Amount						%
United American			$	440,375					42						$	407,137					42						$	33,238					8
Family Heritage			317,065						30						294,029						30						23,036						8
Liberty National			142,612						14						140,518						14						2,094						1
American Income			92,495						9						89,656						9						2,839						3
Direct to Consumer			54,070						5						51,576						5						2,494						5
Total			$	1,046,617					100						$	982,916					100						$	63,701					6

Premium related to limited-benefit supplemental health products comprise $586 million, or 56%, of the total health premiums for the nine months ended September 30, 2024, compared with $553 million, or 56%, in the same period in the prior year. Premium from Medicare Supplement products comprises the remaining $461 million, or 44%, for the nine months ended September 30, 2024, compared with $430 million, or 44%, in the same period in the prior year.

Annualized health premium in force was $1.45 billion at September 30, 2024, an increase of 7% over $1.36 billion a year earlier.

Presented below is a table of health net sales by distribution channel.

 

Health Insurance

Net Sales by Distribution Channel

(Dollar amounts in thousands)

			Nine Months Ended September 30,																								Increase (Decrease)
			2024												2023
			Amount						% of Total						Amount						% of Total						Amount						%
United American			$	50,180					29						$	44,053					29						$	6,127					14
Family Heritage			78,862						46						70,865						46						7,997						11
Liberty National			24,091						14						23,806						15						285						1
American Income			15,952						9						13,889						9						2,063						15
Direct to Consumer			2,306						2						1,773						1						533						30
Total			$	171,391					100						$	154,386					100						$	17,005					11

Health net sales related to limited-benefit supplemental health products comprise $130 million, or 76%, of the total health net sales for the nine months ended September 30, 2024, compared with $121 million, or 79%, in the same period in the prior year. Medicare Supplement sales make up the remaining $41 million, or 24%, for 2024 compared with $33 million, or 21%, in the same period in the prior year.

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Globe Life Inc.

Management's Discussion & Analysis

The following table presents health insurance first-year collected premium by distribution channel.

 Health Insurance

First-Year Collected Premium by Distribution Channel

(Dollar amounts in thousands)

			Nine Months Ended September 30,																								Increase (Decrease)
			2024												2023
			Amount						% of Total						Amount						% of Total						Amount						%
United American			$	66,944					40						$	47,819					35						$	19,125					40
Family Heritage			58,878						36						53,456						39						5,422						10
Liberty National			21,272						13						18,877						14						2,395						13
American Income			14,740						9						12,857						10						1,883						15
Direct to Consumer			2,891						2						2,638						2						253						10
Total			$	164,725					100						$	135,647					100						$	29,078					21

 

First-year collected premium related to limited-benefit supplemental health products is $119 million, or 72%, of total first-year collected premium for the nine months ended September 30, 2024 compared with $98 million, or 72%, in the same period in the prior year. First-year collected premium from Medicare Supplement policies make up the remaining $46 million, or 28%, for the nine months ended September 30, 2024 compared with $38 million, or 28%, in the same period in the prior year.

A discussion of health operations by distribution channel follows.

The United American Division consists of non-exclusive independent agencies who may also sell for other companies. The United American Division was Globe Life's largest health agency in terms of health premium income, with net sales up 14% from the same period in the prior year.

This Division includes three different units:

•UA General Agency, which primarily sells individual Medicare Supplement insurance through independent agents;

•Special Markets, which markets retiree health insurance to employer and union groups through brokers; and

•Globe Life Group Benefits, which offers group worksite supplemental health insurance through brokers.

The majority of the premium revenue comes from Medicare Supplement. Underwriting margin as a percent of premium for the Division was 10% for the nine months ended September 30, 2024 and 11% for the same period in 2023.

The Family Heritage Division primarily markets limited-benefit supplemental health insurance in non-urban areas. Most of its policies include a cash-back feature, such as a return of premium, where any excess of premiums over claims paid is returned to the policyholder at the end of a specified period stated within the insurance policy. Underwriting margin as a percent of premium was 34% for the nine months ended September 30, 2024 and 2023.

The Division experienced a 11% rise in health net sales as compared with the nine-month period a year ago, primarily due to improved agent productivity and training. The Division will continue to implement incentive and retention programs to further these increases in the number of producing agents.

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Globe Life Inc.

Management's Discussion & Analysis

Below is the average producing agent count at the end of the period for the Family Heritage Division. The average producing agent count is based on the actual count at the beginning and end of each week during the year. The average producing agent count was slightly higher than compared with the same period a year ago. The Division has recently increased efforts to grow agent count and middle management. While growth in net sales and earned premium is impacted by agent productivity, growth in the number of average producing agents is what will ultimately be the primary driver of future growth in sales, similar to our other exclusive agencies.

			At September 30,												Change
			2024						2023						Amount						%
Family Heritage			1,362						1,322						40						3

The Liberty National Division represented 14% of all Globe Life health premium income for the nine months ended September 30, 2024. The Liberty National Division markets limited-benefit supplemental health products, consisting primarily of cancer and critical illness insurance. Much of Liberty National's health business is generated through worksite marketing targeting small businesses. Health premium at the Liberty National Division was $143 million for the nine months ended September 30, 2024 up from $141 million for the same period in 2023. Liberty National's first-year collected premium rose 13% to $21 million in the nine months ended September 30, 2024 compared with $19 million for the same period in 2023. Health net sales for the nine months ended September 30, 2024 rose 1% from the comparable period in 2023. For the nine months ended September 30, 2024 and 2023, underwriting margin as a percent of premium was 56%.

While both the American Income Life Division and the Direct to Consumer Division sell life insurance, they also market health products. The American Income Life Division primarily markets accident plans. The Direct to Consumer Division primarily markets Medicare Supplements to employer or union-sponsored groups. On a combined basis, these other channels accounted for 14% of health premium for the nine months ended September 30, 2024 and 2023.

ANNUITIES

Annuities represent an insignificant part of our business. We do not currently market stand-alone fixed or deferred annuity products, favoring instead protection-oriented life and supplemental health insurance products.

INVESTMENTS

We manage our capital resources, including investments and cash flow, through the investment segment. Excess investment income represents the profit margin attributable to investment operations and is the measure that we use to evaluate the performance of the investment segment as described in Note 12—Business Segments. It is defined as net investment income less the required interest attributable to policy liabilities.

Management also views excess investment income per diluted common share as an important and useful measure to evaluate the performance of the investment segment. It is defined as excess investment income divided by the total diluted weighted average shares outstanding, representing the contribution by the investment segment to the consolidated earnings per share of the Company. As excess investment income per diluted common share incorporates all invested assets and insurance liabilities, we view excess investment income per diluted common share as a useful measure to evaluate the investment segment.

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Globe Life Inc.

Management's Discussion & Analysis

Excess Investment Income. The following table summarizes Globe Life's investment income, excess investment income, and excess investment income per diluted common share.

Analysis of Excess Investment Income

(Dollar amounts in thousands, except for per share data) 

 

			Nine Months Ended September 30,												Change
			2024						2023						Amount						%
Net investment income			$	853,178					$	785,275					$	67,903					9
Interest on policy liabilities(1)			(727,099)						(690,717)						(36,382)						5
Excess investment income			$	126,079					$	94,558					$	31,521					33
Excess investment income per diluted share			$	1.38					$	0.98					$	0.40					41
Mean invested assets (at amortized cost)			$	21,359,702					$	20,329,079					$	1,030,623					5
Average insurance policy liabilities			17,501,496						16,677,765						823,731						5

(1)Interest on policy liabilities, at original rates, is a component of total policyholder benefits, a GAAP measure.

Excess investment income increased $31.5 million, or 33%, compared with the year-ago period. Excess investment income per diluted common share was $1.38 for the nine months ended September 30, 2024, an increase of 41% over the prior-year period. Excess investment income per diluted common share generally increases at a faster pace than excess investment income because the number of diluted shares outstanding generally decreases from year to year as a result of our share repurchase program.

Net investment income for the nine months ended September 30, 2024 was $853 million or 9% greater than the year-ago period. Mean invested assets increased 5% during the first nine months of 2024 over the same period last year. Investment income grew in the current period primarily due to the growth in invested assets and higher interest rates compared to the prior year. The effective annual yield rate earned on the fixed maturity portfolio was 5.26% in the first nine months of 2024, compared with 5.18% a year earlier. In addition to fixed maturities, the Company has also invested in commercial mortgage loans and limited partnerships with debt-like characteristics that diversify risk and enhance risk-adjusted, capital-adjusted returns on the portfolio. The earned yield on the Company's commercial mortgage loans for the nine months ended September 30, 2024 was 8.47%. The earned yield on limited partnership investments for the nine months ended September 30, 2024 was 8.64%. See additional information in Note 4—Investments.

Globe Life's net investment income benefits from higher interest rates on new investments. While increasing interest rates have resulted in a net unrealized loss from our available for sale debt securities included in accumulated other comprehensive income (loss) as of September 30, 2024, we are not concerned because we do not generally intend to sell, nor is it likely that we will be required to sell, the fixed maturities prior to their anticipated recovery.

Required interest on insurance policy liabilities reduces excess investment income, as it is the amount of net investment income considered by management necessary to “fund” required interest on insurance policy liabilities. As such, it is reclassified from the insurance segment to the investment segment. As discussed in Note 12—Business Segments, management regards this as a more meaningful analysis of the investment and insurance segments. Required interest is based on the original discount rate assumptions for our insurance policies in force.

The vast majority of our life and health insurance policies are fixed interest rate protection policies, not investment products, and are accounted for under current GAAP accounting guidance for long-duration insurance products which mandate that interest rate assumptions for a particular block of business be “locked in” for the life of that block of business. Each calendar year, we set the original discount rate to be used to calculate the benefit reserve liability for all insurance policies issued that year. The liability reported on the balance sheet is updated in subsequent periods using current discount rates as of the end of the relevant reporting period with a corresponding adjustment to Other Comprehensive Income.

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Globe Life Inc.

Management's Discussion & Analysis

The discount rate used for policies issued in the current year has no impact on the in-force policies issued in prior years as the rates of all prior issue years are also locked in for purposes of recognizing income. As such, the overall original discount rate for the entire in-force block of 5.5% is a weighted average of the discount rates being used from all issue years. Changes in the overall weighted-average discount rate over time are caused by changes in the mix of the reserves on the entire block of in force business. Business issued in the current year has little impact on the overall weighted-average original discount rate due to the size of our in-force business.

In comparison to the year-ago period, required interest on insurance policy liabilities increased $36 million, or 5%, to $727 million, consistent with the 5% growth in average interest-bearing insurance policy liabilities.

Realized Gains and Losses. Our life and health insurance companies collect premium income from policyholders for the eventual payment of policyholder benefits, sometimes paid for many years or even decades in the future. Since benefits are expected to be paid in future periods, premium receipts in excess of current expenses are invested to provide for these obligations. For this reason, we hold a significant investment portfolio as a part of our core insurance operations. This portfolio consists primarily of high-quality fixed maturities containing an adequate yield to provide for the cost of carrying these long-term insurance product obligations. As a result, fixed maturities are generally held for long periods to support these obligations. Expected yields on these investments are taken into account when setting insurance premium rates and product profitability expectations.

Despite our intent to hold fixed maturity investments for a long period of time, investments are occasionally sold, exchanged, called, or experience a credit loss event, resulting in a realized gain or loss. Gains or losses are only secondary to our core insurance operations of providing insurance coverage to policyholders. In a bond exchange offer, bondholders may consent to exchange their existing bonds for another class of debt securities. The Company also has investments in certain limited partnerships, held under the fair value option, with fair value changes recognized in Realized gains (losses) in the Condensed Consolidated Statements of Operations.

Realized gains and losses can be significant in relation to the earnings from core insurance operations, and as a result, can have a material positive or negative impact on net income. The significant fluctuations caused by gains and losses can cause period-to-period trends of net income that are not indicative of historical core operating results or predictive of the future trends of core operations. Accordingly, they have no bearing on core insurance operations or segment results as we view operations. For these reasons, and in line with industry practice, we remove the effects of realized gains and losses when evaluating overall insurance operating results.

The following table summarizes our tax-effected realized gains (losses) by component.

Analysis of Realized Gains (Losses), Net of Tax

(Dollar amounts in thousands, except for per share data)

			Nine Months Ended September 30,
			2024												2023
			Amount						Per Share						Amount						Per Share
Fixed maturities:
Sales			$	(7,693)					$	(0.08)					$	(61,281)					$	(0.64)
Matured or other redemptions(1)			17						—						(125)						—
Provision for credit losses			(13)						—						(5,924)						(0.06)
Fair value option—change in fair value			(17,994)						(0.20)						6,284						0.06
Mortgages			(2,788)						(0.03)						(3,886)						(0.03)
Other investments			897						0.01						396						—
Total realized gains (losses)—investments			(27,574)						(0.30)						(64,536)						(0.67)
Other gains (losses)(2)			6,576						0.07						2,156						0.02
Total realized gains (losses)			$	(20,998)					$	(0.23)					$	(62,380)					$	(0.65)

(1)During the nine months ended September 30, 2024 and 2023, the Company recorded $82.2 million and $39.0 million, respectively, of exchanges of fixed maturity securities (noncash transactions) that resulted in no realized gains (losses), net of tax in either period.

(2)Other realized gains (losses) are primarily a result of changes in the fair value for assets held in rabbi trust.

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Globe Life Inc.

Management's Discussion & Analysis

Investment Acquisitions. Globe Life's investment policy calls for investing primarily in investment grade fixed maturities that meet our quality and yield objectives. We generally invest in securities with longer-term maturities because they more closely match the long-term nature of our life and health policy liabilities. We believe this strategy is appropriate since our expected future cash flows are generally stable and predictable and the likelihood that we will need to sell invested assets to raise cash is low.

The following table summarizes selected information for fixed maturity investments. The effective annual yield shown is based on the acquisition price and call features, if any, of the securities. For non-callable bonds, the yield is calculated to maturity date. For callable bonds acquired at a premium, the yield is calculated to the earliest known call date and call price after acquisition ("first call date"). For all other callable bonds, the yield is calculated to maturity date.

Fixed Maturity Acquisitions Selected Information

(Dollar amounts in thousands)

			Nine Months Ended September 30,
			2024						2023
Cost of acquisitions:
Investment-grade corporate securities			$	972,998					$	547,330
Investment-grade municipal securities			11,231						549,528
Other securities			20,436						—
Total fixed maturity acquisitions(1)			$	1,004,665					$	1,096,858
Effective annual yield (one year compounded)(2)			5.96		%				5.93		%
Average life (in years, to next call)			29.9						17.1
Average life (in years, to maturity)			32.7						25.4
Average rating			A-						A+

(1)Fixed maturity acquisitions included unsettled trades of $4 million in 2024 and $20 million in 2023.

(2)Tax-equivalent basis, where the yield on tax-exempt securities is adjusted to produce a yield equivalent to the pretax yield on taxable securities.

For investments in callable bonds, the actual life of the investment will depend on whether the issuer calls the investment prior to the maturity date. Given our investments in callable bonds, the actual average life of our investments cannot be known at the time of the investment. Absent sales and "make-whole calls," however, the average life will not be less than the average life to next call and will not exceed the average life to maturity. Data for both of these average life measures is provided in the above chart.

Acquisitions in 2023 and 2024 consisted primarily of corporate and municipal bonds with securities spanning a diversified range of issuers, industry sectors, and geographical regions. In the first nine months of 2024, we invested primarily in the industrial, financial, and utility sectors. For the entire portfolio, the taxable equivalent effective yield earned was 5.26%, up approximately 8 basis points from the yield in the first nine months of 2023. The increase in taxable equivalent effective yield was primarily due to new purchases at yields exceeding the yield on dispositions and the average portfolio yield. Our investment in fixed maturity securities was lower this quarter as we also invested in other investment opportunities. For the remainder of 2024, the Company will continue to execute on its existing strategy by seeking to invest in assets that satisfy our quality and other objectives, while maximizing the highest risk-adjusted, capital-adjusted return.

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Globe Life Inc.

Management's Discussion & Analysis

Other Investment Acquisitions
			Nine Months Ended September 30,
			2024						2023
Limited partnerships			$	226,448					$	91,380
Commercial mortgage loans			134,667						91,568
Common stock			17,788						9,598
Convertible notes			2,850						2,650
COLI			200,000						—
Total			$	581,753					$	195,196

During the current quarter ended September 30, 2024, the Company acquired a COLI policy in the amount of $200 million.

Since fixed maturities represent such a significant portion of our investment portfolio, the remainder of the discussion of portfolio composition will focus on fixed maturities. See a breakdown of the Company's Other long-term investments in Note 4—Investments.

Selected information concerning the fixed maturity portfolio is as follows:

Fixed Maturity Portfolio Selected Information

			At
			September 30, 2024						December 31, 2023						September 30, 2023
Average annual effective yield(1)			5.24%						5.23%						5.23%
Average life, in years, to:
Next call(2)			14.9						14.6						14.4
Maturity(2)			19.0						18.6						18.4
Effective duration to:
Next call(2,3)			9.1						9.0						8.4
Maturity(2,3)			10.9						10.7						10.0

(1)Tax-equivalent basis. The yield on tax-exempt securities is adjusted to produce a yield equivalent to the pretax yield on taxable securities.

(2)Globe Life calculates the average life and duration of the fixed maturity portfolio two ways:

(a) based on the next call date which is the next call date for callable bonds and the maturity date for noncallable bonds, and

(b) based on the maturity date of all bonds, whether callable or not.

(3)Effective duration is a measure of the price sensitivity of a fixed-income security to a 1% change in interest rates.

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Globe Life Inc.

Management's Discussion & Analysis

Credit Risk Sensitivity. The following tables summarize certain information about the major corporate sectors and security types held in our fixed maturity portfolio at September 30, 2024 and December 31, 2023.

Fixed Maturities by Sector

September 30, 2024

(Dollar amounts in thousands)

			Below Investment Grade															Total Fixed Maturities															% of Total Fixed Maturities
			Amortized Cost, net			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value						Amortized Cost, net			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value						At Amortized Cost, net			At Fair Value
Corporates:
Financial
Insurance - life, health, P&C			$	106,736		$	1		$	(9,729)		$	97,008					$	2,612,716		$	97,810		$	(135,645)		$	2,574,881					13			14
Banks			65,764			233			(4,356)			61,641						1,097,327			37,832			(40,168)			1,094,991						6			6
Other financial			74,967			1			(24,050)			50,918						1,304,126			36,120			(124,090)			1,216,156						7			7
Total financial			247,467			235			(38,135)			209,567						5,014,169			171,762			(299,903)			4,886,028						26			27
Industrial
Energy			44,596			—			(4,541)			40,055						1,372,980			68,775			(50,359)			1,391,396						7			7
Basic materials			—			—			—			—						1,196,412			52,232			(50,245)			1,198,399						6			7
Consumer, non-cyclical			—			—			—			—						2,132,998			37,854			(145,263)			2,025,589						11			11
Other industrials			—			—			—			—						1,086,012			34,228			(65,589)			1,054,651						6			6
Communications			—			—			—			—						891,588			24,091			(69,391)			846,288						5			5
Transportation			8,403			—			(213)			8,190						566,520			26,984			(20,755)			572,749						3			3
Consumer. cyclical			131,375			695			(27,573)			104,497						504,368			8,552			(59,499)			453,421						3			2
Technology			50,277			737			—			51,014						357,825			5,449			(46,988)			316,286						2			2
Total industrial			234,651			1,432			(32,327)			203,756						8,108,703			258,165			(508,089)			7,858,779						43			43
Utilities			29,308			876			(790)			29,394						2,140,610			109,998			(72,371)			2,178,237						11			11
Total corporates			511,426			2,543			(71,252)			442,717						15,263,482			539,925			(880,363)			14,923,044						80			81
States, municipalities, and political divisions:
General obligations			—			—			—			—						893,380			9,709			(144,841)			758,248						5			4
Revenues			—			—			—			—						2,360,439			39,700			(280,148)			2,119,991						12			12
Total states, municipalities, and political divisions			—			—			—			—						3,253,819			49,409			(424,989)			2,878,239						17			16
Other fixed maturities:
Government (U.S. and foreign)			—			—			—			—						439,763			55			(30,911)			408,907						2			2
Collateralized debt obligations			36,685			5,798			—			42,483						36,685			5,798			—			42,483						—			—
Other asset-backed securities			7,752			—			(70)			7,682						83,573			1			(1,677)			81,897						1			1
Total fixed maturities			$	555,863		$	8,341		$	(71,322)		$	492,882					$	19,077,322		$	595,188		$	(1,337,940)		$	18,334,570					100			100

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Globe Life Inc.

Management's Discussion & Analysis

Fixed Maturities by Sector

December 31, 2023

(Dollar amounts in thousands)

			Below Investment Grade															Total Fixed Maturities															% of Total Fixed Maturities
			Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value						Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value						At Amortized Cost, net			At Fair Value
Corporates:
Financial
Insurance - life, health, P&C			$	107,010		$	—		$	(12,472)		$	94,538					$	2,413,685		$	61,715		$	(163,455)		$	2,311,945					13			13
Banks			36,906			—			(4,401)			32,505						1,327,272			25,019			(71,714)			1,280,577						7			7
Other financial			74,965			—			(25,255)			49,710						1,287,194			25,634			(153,171)			1,159,657						7			7
Total financial			218,881			—			(42,128)			176,753						5,028,151			112,368			(388,340)			4,752,179						27			27
Industrial
Energy			44,652			—			(7,481)			37,171						1,446,480			58,637			(62,324)			1,442,793						8			8
Basic materials			—			—			—			—						1,166,385			39,248			(64,501)			1,141,132						6			6
Consumer, non-cyclical			—			—			—			—						2,096,651			32,071			(160,828)			1,967,894						11			11
Other industrials			5,185			110			—			5,295						1,101,059			32,541			(78,817)			1,054,783						6			6
Communications			—			—			—			—						868,131			21,006			(73,323)			815,814						4			5
Transportation			8,403			—			(415)			7,988						534,468			21,113			(24,649)			530,932						3			3
Consumer. cyclical			136,343			—			(25,059)			111,284						515,169			4,941			(57,735)			462,375						3			3
Technology			32,543			625			—			33,168						280,668			3,521			(44,670)			239,519						1			1
Total industrial			227,126			735			(32,955)			194,906						8,009,011			213,078			(566,847)			7,655,242						42			43
Utilities			34,698			722			(1,523)			33,897						2,017,967			73,925			(94,130)			1,997,762						11			11
Total corporates			480,705			1,457			(76,606)			405,556						15,055,129			399,371			(1,049,317)			14,405,183						80			81
States, municipalities, and political divisions:
General obligations			—			—			—			—						887,013			8,526			(135,003)			760,536						4			4
Revenues			—			—			—			—						2,409,292			38,820			(268,326)			2,179,786						13			12
Total states, municipalities, and political divisions			—			—			—			—						3,296,305			47,346			(403,329)			2,940,322						17			16
Other fixed maturities:
Government (U.S., municipal, and foreign)			—			—			—			—						442,903			8			(42,654)			400,257						2			2
Collateralized debt obligations			37,110			5,036			—			42,146						37,110			5,036			—			42,146						—			—
Other asset-backed securities			11,696			—			(409)			11,287						86,352			3			(4,057)			82,298						1			1
Total fixed maturities			$	529,511		$	6,493		$	(77,015)		$	458,989					$	18,917,799		$	451,764		$	(1,499,357)		$	17,870,206					100			100

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Globe Life Inc.

Management's Discussion & Analysis

Corporate securities, which consist of bonds and redeemable preferred stocks, were the largest component of the fixed maturity portfolio as of September 30, 2024, representing 80% of amortized cost, net, and 81% of fair value. The remainder of the portfolio is invested primarily in securities issued by the U.S. government and U.S. municipalities. The Company holds insignificant amounts in foreign government bonds, collateralized debt obligations, asset-backed securities, and mortgage-backed securities. Corporate securities are diversified over a variety of industry sectors and issuers. At September 30, 2024, the total fixed maturity portfolio consisted of 975 issuers.

Fixed maturities had a fair value of $18.3 billion at September 30, 2024, compared with $17.9 billion at December 31, 2023. The net unrealized loss position in the fixed-maturity portfolio decreased from $1.0 billion at December 31, 2023 to $743 million at September 30, 2024 due to an increase in market rates during the period.

For more information about our fixed maturity portfolio by component at September 30, 2024 and December 31, 2023, including a discussion of allowance for credit losses, an analysis of unrealized investment losses, and a schedule of maturities, see Note 4—Investments.

An analysis of the fixed maturity portfolio by composite quality rating at September 30, 2024 and December 31, 2023, is shown in the following tables. The composite rating for each security, other than private-placement securities managed by third parties, is the average of the security’s available ratings as assigned by Moody’s Investor Service, Standard & Poor’s, Fitch Ratings, and Dominion Bond Rating Service, LTD. The ratings assigned by these four nationally recognized statistical rating organizations are evenly weighted when calculating the average. The composite quality rating is created utilizing a methodology developed by Globe Life using ratings from the various rating agencies noted above. The composite quality rating is not a Standard & Poor's credit rating. Standard & Poor's does not sponsor, endorse, or promote the composite quality rating and shall not be liable for any use of the composite quality rating. Included in the following chart are private placement fixed maturity holdings at amortized cost, net of allowance for credit losses, of $409 million ($377 million at fair value) for which the ratings were assigned by the third-party managers.

Fixed Maturities by Rating

At September 30, 2024

(Dollar amounts in thousands)

			Amortized Cost, net						% of Total						Fair Value						% of Total						Average Composite Quality Rating on Amortized Cost, net
Investment grade:
AAA			$	964,999					5						$	902,425					5
AA			3,259,652						17						2,860,220						16
A			5,614,869						29						5,576,664						30
BBB+			3,301,623						17						3,266,781						18
BBB			4,312,274						23						4,192,772						23
BBB-			1,068,042						6						1,042,826						5
Total investment grade			18,521,459						97						17,841,688						97						A-
Below investment grade:
BB			507,781						3						439,052						3
B			7,517						—						7,432						—
Below B			40,565						—						46,398						—
Total below investment grade			555,863						3						492,882						3						BB-
			$	19,077,322					100						$	18,334,570					100
Weighted average composite quality rating																											A-

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Globe Life Inc.

Management's Discussion & Analysis

Fixed Maturities by Rating

At December 31, 2023

(Dollar amounts in thousands)

			Amortized Cost, net						% of Total						Fair Value						% of Total						Average Composite Quality Rating on Amortized Cost
Investment grade:
AAA			$	952,822					5						$	880,729					5
AA			3,179,618						17						2,789,626						15
A			5,118,085						27						4,976,280						28
BBB+			3,615,102						19						3,495,898						19
BBB			4,278,786						23						4,056,833						23
BBB-			1,243,875						6						1,211,851						7
Total investment grade			18,388,288						97						17,411,217						97						A-
Below investment grade:
BB			450,503						3						376,912						3
B			37,896						—						35,929						—
Below B			41,112						—						46,148						—
Total below investment grade			529,511						3						458,989						3						BB
			$	18,917,799					100						$	17,870,206					100
Weighted average composite quality rating																											A-

The overall quality rating of the portfolio is A-, the same as of year-end 2023. Fixed maturities rated BBB are 46% of the total portfolio at September 30, 2024, down from 48% at December 31, 2023. While this ratio is high relative to our peers, it is at its lowest level since 2007 and we have limited exposure to higher-risk assets such as derivatives, equities, and asset-backed securities. Additionally, the Company does not participate in securities lending and has no off-balance sheet investments as of September 30, 2024. Of our fixed maturity purchases, BBB securities generally provide the Company with the best risk-adjusted, capital-adjusted returns largely due to our ability to hold securities to maturity regardless of fluctuations in interest rates or equity markets.

An analysis of changes in our portfolio of below-investment grade fixed maturities at amortized cost, net of allowance for credit losses is as follows:

Below-Investment Grade Fixed Maturities

(Dollar amounts in thousands)

			Nine Months Ended September 30,
			2024						2023
Balance at beginning of period			$	529,511					$	542,497
Downgrades by rating agencies			35,312						56,217
Upgrades by rating agencies			—						(32,540)
Net Acquisitions (Dispositions)			(12,558)						(68,319)
Provision for credit losses			(17)						(7,500)
Amortization and other			3,615						2,797
Balance at end of period			$	555,863					$	493,152

Our investment policy calls for investing primarily in fixed maturities that are investment grade and meet our quality and yield objectives. Thus, the balance of below-investment grade issues is primarily the result of ratings

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Globe Life Inc.

Management's Discussion & Analysis

downgrades of existing holdings. Below-investment grade bonds at amortized cost, net of allowance for credit losses, were 8% of our shareholders’ equity excluding accumulated other comprehensive income as of September 30, 2024. Globe Life invests long term and as such, one of our key criterion in our investment process is to select issuers that are anticipated to weather multiple financial cycles.

OPERATING EXPENSES

Operating expenses are included in the "Corporate and Other" segment and are classified into two categories: insurance administrative expenses and expenses of the Parent Company. Insurance administrative expenses generally include expenses incurred after a policy has been issued. As these expenses relate to premium for a given period, management measures the expenses as a percentage of premium income. The Company also views stock-based compensation expense as a Parent Company expense. Expenses associated with the issuance of our insurance policies are reflected as acquisition expenses and included in the determination of underwriting margin.

An analysis of operating expenses is shown below.

Operating Expenses Selected Information

(Dollar amounts in thousands)

			Nine Months Ended September 30,																								Increase
			2024												2023												(Decrease)
			Amount						% of Premium						Amount						% of Premium						Amount						%
Insurance administrative expenses:
Salaries			$	95,406					2.7						$	89,068					2.7						$	6,338					7
Other employee costs			28,531						0.8						27,850						0.8						681						2
Information technology costs			59,023						1.7						47,106						1.4						11,917						25
Legal costs			19,771						0.6						10,614						0.3						9,157						86
Other administrative costs			48,341						1.4						49,313						1.5						(972)						(2)
Total insurance administrative expenses			251,072						7.2						223,951						6.7						27,121						12
Parent company expense			9,166												8,254												912
Stock compensation expense			28,590												22,732												5,858
Legal costs and proceedings			5,764												—												5,764
Non-operating expenses			2,604												1,137												1,467
Total operating expenses, per Condensed Consolidated Statements of Operations			$	297,196											$	256,074											$	41,122					16

Total operating expenses for September 30, 2024 increased in comparison with the prior year primarily due to increases in insurance administrative expenses as well as stock compensation and legal costs and proceedings. Insurance administrative expenses increased $27.1 million primarily due to higher information technology costs, legal costs and employee costs, which includes salaries and other. Insurance administrative expenses as a percent of premium were 7.2% for the nine months ended September 30, 2024 compared to 6.7% for the same period in 2023.

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Globe Life Inc.

Management's Discussion & Analysis

SHARE REPURCHASES

Globe Life has an ongoing share repurchase program that began in 1986. The share repurchase program is reviewed with the Board of Directors by management quarterly, and continues indefinitely unless and until the Board of Directors decides to suspend, terminate or modify the program. Management generally determines the amount of repurchases based on the amount of the excess cash flows and other available sources after the payment of dividends to the Parent Company shareholders, general market conditions, and other alternative uses. Since implementing our share repurchase program in 1986, we have used $10.3 billion to repurchase Globe Life Inc. common shares after determining that the repurchases provide a greater risk-adjusted after-tax return than other investment alternatives.

Excess cash flow at the Parent Company is primarily comprised of dividends received from the insurance subsidiaries less interest expense paid on its debt and other limited operating activities. Additionally, when stock options are exercised, proceeds from these exercises and the resulting tax benefit are used to repurchase additional shares on the open market to minimize dilution as a result of the option exercises.

The following chart summarizes share repurchases for the nine month periods ended September 30, 2024 and 2023.

Analysis of Share Repurchases

(Amounts in thousands, except per share data) 

			Nine Months Ended September 30,
			2024																		2023
			Shares						Amount						Average Price						Shares						Amount						Average Price
Purchases with:
Excess cash flow at the Parent Company(1)			9,748						$	910,040					$	93.36					2,708						$	302,849					$	111.82
Option exercise proceeds			348						31,454						90.30						526						60,216						114.58
Total			10,096						$	941,494					$	93.25					3,234						$	363,065					$	112.27

(1)Excludes excise tax on the repurchase of treasury stock of $9.0 million and $2.9 million for the nine months ended September 30, 2024 and 2023, respectively.

The amount of share repurchases in the third quarter were higher as we accelerated repurchases given favorable market conditions and the use of additional capital raised during the quarter. Refer to Note 11—Debt for further details. Throughout the remainder of this discussion, share repurchases will only refer to those made from excess cash flow at the Parent Company.

FINANCIAL CONDITION

 

Liquidity. Liquidity provides Globe Life with the ability to meet on demand the cash commitments required to support our business operations and meet our financial obligations. Our liquidity is primarily derived from multiple sources: positive cash flow from operations, a portfolio of marketable securities, a revolving credit facility, commercial paper, and advances from the Federal Home Loan Bank.

Insurance Subsidiary Liquidity. The operations of our insurance subsidiaries have historically generated substantial cash inflows in excess of immediate cash needs. Cash inflows for the insurance subsidiaries primarily include premium and investment income. In addition to investment income, maturities and scheduled repayments in the investment portfolio are cash inflows. Cash outflows from operations include policy benefit payments, commissions, administrative expenses, and taxes. A portion of the excess cash inflows in the current year will provide for the payment of future policy benefits and are invested primarily in long-term fixed maturities as they better match the long-term nature of these obligations. Excess cash available from the insurance subsidiaries’ operations is generally distributed as a dividend to the Parent Company, subject to regulatory restrictions. The dividends are generally paid in amounts equal to the subsidiaries’ prior year statutory net income excluding realized capital gains. While the leading source of the excess cash is investment income, a significant portion of the excess cash also comes from underwriting income due to our high underwriting margins and effective expense control.

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Globe Life Inc.

Management's Discussion & Analysis

While the insurance subsidiaries annually generate more operating cash inflows than cash outflows, the companies also have the entire available-for-sale fixed maturity investment portfolio available to create additional cash flows if required.

Four of our insurance subsidiaries are members of the FHLB of Dallas. FHLB membership provides the insurance subsidiaries with access to various low-cost collateralized borrowings and funding agreements. While not the only source of liquidity, the FHLB could provide the insurance subsidiaries with an additional source of liquidity, if needed. Refer to Note 11—Debt for further details.

Parent Company Liquidity. An important source of Parent Company liquidity is the dividends from its insurance subsidiaries. These dividends are received throughout the year and are used by the Parent Company to pay dividends on common and preferred stock, interest and principal repayment requirements on Parent Company debt, and operating expenses of the Parent Company.

			Nine Months Ended September 30,												Twelve Months Ended December 31,
			2024						2023						Projected 2024						2023
Liquidity Sources:
Dividends from Subsidiaries			$	451,416					$	411,661					$480,000—$520,000						$	459,535
Excess Cash Flows(1)			412,626						387,879						430,000—470,000						416,081

(1)Excess cash flows are reported gross of shareholder dividends. For the nine months ended September 30, 2024 and 2023, shareholder dividends were $65 million and $63 million, respectively. For the twelve months ended December 31, 2024, we project approximately $86 million in shareholder dividends, compared to the $84 million paid in 2023.

Dividends from subsidiaries and excess cash flows are projected to be higher in 2024 than in 2023 primarily due to lower life obligations and the growth in our underwriting margins in 2023, both of which resulted in higher statutory earnings generated by the affiliates. Additional sources of liquidity for the Parent Company are cash, intercompany receivables, intercompany borrowings, debt markets, term loans, and a revolving credit facility.

Short-Term Borrowings. An additional source of Parent Company liquidity is a credit facility with a group of lenders. The facility was amended on March 29, 2024, resulting in an increased capacity of $250 million. The facility allows for unsecured borrowings and stand-by letters of credit up to $1 billion, which could be increased up to $1.25 billion. While the Parent Company may request the increase, it is not guaranteed. The updated five-year credit agreement will mature on March 29, 2029. Up to $250 million in letters of credit can be issued against the facility. The facility serves as a back-up line of credit for a commercial paper program under which commercial paper may be issued at any time, with total commercial paper outstanding not to exceed the facility maximum, less any letters of credit issued. Interest charged on the commercial paper program resembles variable rate debt due to its short term nature. As of September 30, 2024, we had available $458 million of additional borrowing capacity under this facility, compared to $384 million a year earlier. As of September 30, 2024, the Parent Company was in full compliance with all covenants related to the aforementioned debt.

As a part of the credit facility, Globe Life has stand-by letters of credits. These letters of credit are issued on behalf of our insurance subsidiaries.

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Globe Life Inc.

Management's Discussion & Analysis

The following tables present certain information about our commercial paper borrowings.

Credit Facility—Commercial Paper

(Dollar amounts in thousands)

			At
			September 30, 2024						December 31, 2023						September 30, 2023
Balance of commercial paper at end of period (par value)			$	426,908					$	319,000					$	251,000
Annualized interest rate			5.56		%				5.71		%				5.65		%
Letters of credit outstanding			$	115,000					$	115,000					$	115,000
Remaining amount available under credit line			458,092						316,000						384,000

Credit Facility—Commercial Paper Activity

(Dollar amounts in thousands)

			Nine Months Ended September 30,
			2024						2023
Average balance of commercial paper outstanding during period (par value)			$	375,851					$	296,816
Daily-weighted average interest rate (annualized)			5.80		%				5.33		%
Maximum daily amount outstanding during period (par value)			$	633,425					$	477,700

The Company increased the commercial paper borrowings by $108 million since year-end. The Company was able to issue commercial paper as needed under this facility during the nine months ended September 30, 2024 and 2023.

Globe Life expects to have readily available funds for 2024 and the foreseeable future to conduct its operations and to maintain target capital ratios in the insurance subsidiaries through liquid assets currently available, internally-generated cash flow and the credit facility. In the event that more liquidity is needed, the Parent Company could generate additional funds through multiple sources including, but not limited to, the issuance of debt, an additional short-term credit facility or term loan, and intercompany borrowing.

Consolidated Liquidity. Consolidated net cash inflows from operations were $1.07 billion in the first nine months of 2024, compared with $1.09 billion in the same period of 2023. The decrease is primarily attributable to fluctuations in the settlement of certain amounts included in other liabilities. In addition to cash inflows from operations, our insurance companies received proceeds from dispositions of fixed maturities available for sale, mortgage loans, and other long-term investments in the amount of $895 million during the first nine months of 2024. The Company sold shorter term securities and reinvested in longer term securities, extending duration and taking advantage of higher current interest rates during the nine months ended September 30, 2024. As previously noted under the caption Short-Term Borrowings, the Parent Company has in place a revolving credit facility. The insurance companies have no additional outstanding credit facilities.

Cash and short-term investments were $235 million at September 30, 2024, compared with $185 million at December 31, 2023. In addition to these liquid assets, $18.3 billion (fair value at September 30, 2024) of fixed income securities are available for sale in the event of an unexpected need. Approximately $1.4 billion, at fair value, are pledged for outstanding FHLB advances and reinsurance. Further, approximately 97% of our fixed income securities are publicly traded, freely tradable under SEC Rule 144, or qualified for resale under SEC Rule 144A. While our fixed income securities are classified as available for sale, we have the ability and general intent to hold any securities to recovery or maturity. Our strong cash flows from operations, on-going investment maturities, and available liquidity under our credit facility make any need to sell securities for liquidity highly unlikely.

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Globe Life Inc.

Management's Discussion & Analysis

Capital Resources. The Parent Company's capital structure consists of short-term debt (the commercial paper facility and current maturities of long-term debt), long-term debt, and shareholders’ equity. It does not include short-term FHLB borrowings, which are obligations of the insurance subsidiaries and typically repaid over the course of the year.

Long-Term Borrowings. The outstanding long-term debt at book value was $2.3 billion at September 30, 2024 and $1.6 billion at December 31, 2023.

Selected Information about Debt Issues

As of September 30, 2024

(Dollar amounts in thousands)

Instrument			Issue Date						Maturity Date						Coupon Rate						Interest Payment Dates						Par Value						Book Value						Fair Value
Senior notes			09/27/2018						09/15/2028						4.550%						semiannual						$	550,000					$	546,820					$	550,088
Senior notes			08/21/2020						08/15/2030						2.150%						semiannual						400,000						397,017						344,796
Senior notes(1)			05/19/2022						06/15/2032						4.800%						semiannual						250,000						246,172						248,443
Senior notes			08/23/2024						09/15/2034						5.850%						semiannual						450,000						444,812						464,881
Junior subordinated debentures			11/17/2017						11/17/2057						5.275%						semiannual						125,000						123,439						109,657
Junior subordinated debentures			06/14/2021						06/15/2061						4.250%						quarterly						325,000						317,367						236,730
Term loan(2)			05/11/2023						08/15/2027						6.593%						quarterly						250,000						248,049						248,049
Total long-term debt																											2,350,000						2,323,676						2,202,644
FHLB borrowings																											17,000						17,000						17,000
Commercial paper																											426,908						420,418						420,418
Total short-term debt																											443,908						437,418						437,418
Total debt																											$	2,793,908					$	2,761,094					$	2,640,062

(1)An additional $150 million par value and book value is held by insurance subsidiaries that eliminates in consolidation.

(2)Interest calculated quarterly using Secured Overnight Financing Rate (SOFR) plus 135 basis points. The term loan was amended on August 15, 2024 extending the maturity date from November 11, 2024 to August 15, 2027 and increasing the principal amount from $170 million to $250 million.

On August 23, 2024, Globe Life completed the issuance of $450 million principal amount of 5.85% Senior notes due September 15, 2034. Total proceeds received by the Parent from the issuance, net of the underwriters’ discount, were $445 million. The proceeds were used for general corporate purposes, which included open market purchases of shares of its common stock under its share repurchase program.

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GLOBE LIFE INC.

Management's Discussion & Analysis

Financing costs for the corporate and other segment consist primarily of interest on our various debt instruments. The table below presents the components of financing costs and reconciles interest expense per the Condensed Consolidated Statements of Operations.

Analysis of Financing Costs

(Dollar amounts in thousands)

			Nine Months Ended September 30,												Increase (Decrease)
			2024						2023						Amount						%
Interest on funded debt			$	53,633					$	55,732					$	(2,099)					(4)
Interest on term loans			9,646						4,605						5,041						109
Interest on short-term debt			28,115						16,284						11,831						73
Other			19						19						—						—
Financing costs			$	91,413					$	76,640					$	14,773					19

During the first nine months of 2024, financing costs increased 19% compared with the prior year. The increase in financing costs is primarily due to higher average balances in the current year compared to the prior year. We increased the durations on commercial paper issuances during the quarter ended September 30, 2024 due to market considerations. More information on our debt transactions is disclosed in the Financial Condition section of this report.

Subsidiary Capital: The National Association of Insurance Commissioners (NAIC) has established a risk-based factor approach for determining threshold risk-based capital levels for all insurance companies. This approach was designed to assist the regulatory bodies in identifying companies that may require regulatory attention. A Risk-Based Capital (RBC) ratio is typically determined by dividing adjusted total statutory capital by the amount of risk-based capital determined using the NAIC’s factors. If a company’s RBC ratio approaches two times the RBC amount, the company must file a plan with the NAIC for improving its capital levels (this level is commonly referred to as “Company Action Level” RBC). Companies typically hold a multiple of the Company Action Level RBC depending on their particular business needs and risk profile.

Our goal is to maintain statutory capital within our insurance subsidiaries at levels necessary to support our current ratings. For 2024, Globe Life has targeted a consolidated Company Action Level RBC ratio of 300% to 320%. The Company has concluded that this capital level is more than adequate and sufficient to support its current ratings, given the nature of its business and its risk profile. The Parent Company is committed to maintaining the targeted consolidated RBC ratio at its insurance subsidiaries and has sufficient liquidity available to provide additional capital if necessary.

Shareholders' Equity: Shareholders’ equity was $4.6 billion at September 30, 2024. This compares with $4.5 billion at December 31, 2023 and $4.6 billion at September 30, 2023. During the nine months since December 31, 2023, shareholders’ equity increased as a result of net income of $816 million during the first nine months of 2024, but was offset by share repurchases of $910 million and an additional $31 million in share repurchases to offset the dilution from stock option exercises. Additionally, the balance of AOCI increased $288 million primarily due to increased interest rates and discount rates over the period.

On August 8, 2024, the Parent Company announced that it had declared a quarterly dividend of $0.24 per share. This dividend was paid on November 1, 2024.

We plan to use excess cash available at the Parent Company as efficiently as possible in the future. Possible uses of excess cash flow include, but are not limited to, share repurchases, acquisitions, shareholder dividend payments, investments in securities, or repayment of short-term debt. We will determine the best use of excess cash after ensuring that targeted capital levels are maintained in our insurance subsidiaries. If market conditions are favorable, we currently expect that share repurchases will continue to be a primary use of those funds.

Future policy benefits are computed using current discount rates with the impact of changes in discount rates included in accumulated other comprehensive income. Additionally, the liability for future policy benefits is calculated

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GLOBE LIFE INC.

Management's Discussion & Analysis

using net premiums rather than gross premiums. Given that gross premiums are considerably higher than net premiums for our business, as seen in Note 6—Policy Liabilities, the measurement of the liability is higher than what it would be had it been computed using gross premiums. This is an important consideration when analyzing shareholders' equity.

Globe Life is required under GAAP to revalue its available for sale fixed maturity portfolio to fair market value at the end of each accounting period. These changes, net of their associated impact on income tax, are reflected directly in shareholders’ equity. Fluctuations in interest rates cause undue volatility in the period-to-period presentation of our shareholders’ equity, capital structure, and financial ratios. Due to the long-term nature of our fixed maturity investments and policy liabilities and the strong cash flows consistently generated by our insurance subsidiaries, we have the ability to hold our securities to maturity. As such, we do not expect to incur losses due to fluctuations in market value of fixed maturities caused by market rate changes and temporarily illiquid markets. Accordingly, our management, credit rating agencies, lenders, many industry analysts, and certain other financial statement users prefer to remove the effect of this accounting rule when analyzing our balance sheet, capital structure, and financial ratios.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

There have been no quantitative or qualitative changes with respect to market risk exposure during the nine months ended September 30, 2024.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures: Globe Life Inc., under the direction of the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer, has established disclosure controls and procedures that are designed to ensure that information required to be disclosed by Globe Life in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. The disclosure controls and procedures are also intended to ensure that such information is accumulated and communicated to Globe Life's management, including the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosures.

 

As of the end of the fiscal period completed September 30, 2024, an evaluation was performed under the supervision and with the participation of Globe Life management, including the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer, of the disclosure controls and procedures (as those terms are defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based upon their evaluation, the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer have concluded that disclosure controls and procedures are effective as of the date of this Form 10-Q. In compliance with Section 302 of the Sarbanes Oxley Act of 2002 (18 U.S.C. § 1350), each of these officers executed a Certification included as an exhibit to this Form 10-Q.

Changes in Internal Control over Financial Reporting: During the period ended September 30, 2024, there were no changes to Globe Life Inc.'s internal control over financial reporting or in other factors that could significantly affect the internal control over financial reporting subsequent to the date of their evaluation which have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.

 

Part II—Other Information

Item 1. Legal Proceedings

Discussion regarding litigation and unclaimed property audits is provided in Note 5—Commitments and Contingencies.

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Item 1A. Risk Factors

 

The following is an update to the material risks previously disclosed in the Company's December 31, 2023 Form 10-K. There are no other material changes to the Company's risk factors.

Our businesses are heavily regulated and changes in regulation or regulatory scrutiny may have a material adverse impact on our business, financial condition or results of operation.

Insurance companies, including our insurance subsidiaries, are subject to extensive supervision and regulation in the states in which they conduct business. The primary purpose of this supervision and regulation is the protection of policyholders, not investors. Regulatory agencies have broad administrative power over numerous aspects of our business, including premium rates for our life, Medicare Supplement and other supplement health products, as well as other terms and conditions included in the insurance policies offered by our insurance subsidiaries, marketing practices, advertising, agent licensing, independent agent practices, policy forms, capital adequacy, solvency, reserves and permitted investments.

Regulatory authorities also have the power to conduct investigations, and to bring administrative or judicial proceedings against us, which could result in suspension or revocation of our licenses, cease and desist orders, fines, civil penalties, disgorgement, criminal penalties or other disciplinary action that could have a material adverse impact on our business, financial condition or results of operation. Press coverage and other public statements that allege wrongdoing, even if untrue, can lead to increased regulatory inquiries or investigations including any that may arise in connection with the subpoenas from U.S. Attorney’s Office for the Western District of Pennsylvania seeking documents related to sales practices by certain of our independent sales agents contracted to sell American Income Life Insurance Company policies. Additionally, any violation or alleged violation of law or regulations could result in significant legal costs or in legal proceedings that may result in monetary and legal remedies being imposed against the Company, which could have a material adverse effect on our business, financial condition or results of operations.

The insurance laws, regulations and policies currently affecting our companies may change at any time, possibly having an adverse effect on our business. Should regulatory changes occur, we may be unable to maintain all required licenses and approvals, or fully comply with the wide variety of applicable laws and regulations or the relevant authority’s interpretation of such laws and regulations. If we do not have the requisite licenses and approvals or do not comply with applicable regulatory requirements, the insurance regulatory authorities could preclude or temporarily suspend some or all of our business activities and/or impose substantial fines.

Actual or alleged misclassification of independent contractors at our insurance subsidiaries could result in adverse legal, tax or financial consequences.

A significant portion of our sales agents are independent contractors. Although we believe we have properly classified such individuals, a risk nevertheless exists that a court, the Internal Revenue Service or other authority will take the position that our sales agents are employees. From time-to-time, we are subject to civil litigation, including class and collective action litigation, alleging that we have improperly classified certain of our sales agents as independent contractors. In September 2024, the EEOC notified us that it had determined that all sales agents affiliated with State General Agent Simon Arias were employees, not independent contractors, of Globe Life Inc. and/or AIL. Such determination is not binding but we expect any potential civil action brought by the EEOC would include such an allegation. A future adverse judgment in connection with any such civil litigation described above could result in substantial damages. Future changes in rules, regulations or interpretations of existing rules and regulations, or significant adverse judgments in litigation, could require us to reclassify all or a portion of our agents as employees and the impact could significantly increase our operating costs and negatively impact our insurance business.

The use of third-party vendors, including independent sales agents, to support the Company's operations makes the Company susceptible to the operational risk of those third parties, which could lower revenues, increase costs, reduce profits, disrupt business, or damage the Company’s reputation.

The Company utilizes third-party vendors, including independent sales agents, to provide certain business services and functions, which exposes the Company to risks outside the control of the Company. The reliance on these third-party vendors creates a number of business risks, such as the risk that the Company may not maintain service

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quality, control or effective management of the outsourced business operations and that the Company cannot control the information systems, facilities or networks of such third-party vendors. We employ controls and procedures designed to facilitate service quality of our third party vendors; however, such controls and procedures cannot be 100% effective in all cases. The Company may be adversely affected by a third-party vendor who operates in a poorly controlled manner or fails to deliver contracted services, which could lower revenues, increase costs, reduce profits, disrupt business, or damage the Company’s reputation.

Extensive federal and state laws regulate our business, imposing certain requirements that independent sales agents must follow in dealing with clients. Misconduct of our independent sales agents could result in violations of law by, or claims against, us or our subsidiaries. From time to time, we are subject to private litigation as a result of alleged misconduct by independent agents. We employ controls and procedures designed to prevent and detect agent misconduct; however, such controls and procedures cannot be 100% effective in all cases. Instances of misconduct or non-compliance or violations of laws or regulations by our independent sales agents could result in adverse findings in either examinations or litigation and subject us to sanctions, monetary liabilities, restrictions on or loss of the operation of our business or reputational harm, any of which could have a material adverse effect on our business, financial condition or results of operations.

Additionally, the Company is at risk of being unable to meet legal, regulatory, financial or customer obligations if the information systems, facilities or networks of a third-party vendor are disrupted, damaged or fail, whether due to physical disruptions, such as fire, natural disaster, pandemic or power outage, or due to cybersecurity incidents, ransomware or other impacts to vendors, including labor strikes, political unrest and terrorist attacks.

We have become subject to, and may in the future be subject to, short selling strategies driving down the market price of our common stock.

Short selling is the practice of selling securities that the seller does not own but may have borrowed with the intention of buying identical securities back at a later date. A short seller hopes to profit from a decline in the value of the securities between the sale of the borrowed securities and the purchase of the replacement shares, as the short seller expects to pay less in that purchase than it received in the sale. Because it is in the short seller’s best interests for the price of the securities to decline, some short sellers publish, or arrange for the publication of, opinions or characterizations regarding the relevant issuer, its business prospects and similar matters calculated to or which may create negative market momentum, which may permit them to obtain profits for themselves as a result of selling the stock short. Companies, like us, that are subject to unfavorable allegations, even if untrue, may have to expend a significant amount of resources to investigate such allegations and/or defend themselves, including in connection with securityholder litigation against Globe Life Inc. or investigations by regulators related to or prompted by such allegations.

Since April 2024, we have been and continue to be the target of several short sellers who have published reports making allegations about the Company, which resulted in a significant decline in the price of our common stock. In addition, these reports resulted in significant negative publicity against us, damaged our reputation, and exposed us to securities class action litigation. We have already expended significant resources to defend and repair our reputation. We will continue to defend against any unfounded and unsubstantiated claims about our business, our disclosures and the integrity of our financial statements, which may require us to expend significant resources.

We may be subject to additional short seller reports and activity in the future. The publication of any such commentary regarding us may bring about a temporary, or long term, decline in the market price of our common stock. No assurances can be made that similar declines in the market price of our common stock or negative publicity will not occur in the future, in connection with such commentary by short sellers or otherwise.

Damage to the brand and reputation of Globe Life or its subsidiaries could affect our ability to conduct business.

Negative publicity through traditional media, internet, social media, and other public forums, including short seller reports and allegations of independent agent misconduct could damage our brand or reputation, which could adversely impact our ability to recruit and retain agents, our ability to market our products, and the persistency of in-force policies. A reduction in the number of agents selling our products, or the rate of growth of the number of agents selling our products may have an adverse impact on product sales and profit, and such impact may be material.

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Recent volatility in the trading price of our common stock has and can be expected to result in securities class action litigation.

In April 2024, the trading price of our common stock dropped following the publication of certain short seller reports. As of the date of this Report, one putative securities class action has been filed against Globe Life Inc. and we expect that other putative class action claims may be filed as well. While we intend to defend such actions vigorously, any judgment against us or any future stockholder litigation could have a material adverse effect on our business, financial condition or results of operations.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Purchases of Certain Equity Securities by the Issuer and Others for the Third Quarter of 2024

Period						(a) Total Number of Shares Purchased						(b) Average Price Paid Per Share						(c) Total Number of Shares Purchased as  Part of Publicly Announced Plans or Programs						(d) Maximum Number of Shares (or Approximate Dollar Amount) that May Yet Be Purchased Under the Plans or Programs
July 1-31, 2024						227,500						$	92.62					227,500						—
August 1-31, 2024						3,261,554						97.39						3,261,554						—
September 1-30, 2024						2,343,067						105.26						2,343,067						—

Item 5. Other Information

(c) Trading arrangements

During the nine months ended September 30, 2024, none of our directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a Non-Rule 10b5-1 trading arrangement, as each term is defined under Item 408(a) of Regulation S-K.

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Item 6. Exhibits

 

Exhibit No.						Description
4.1						Fourth Supplemental indenture, dated as of August 23, 2024, between Globe Life Inc. and Regions Bank, as Trustee
10.1						First Amendment to Delayed Draw Term Loan Agreement dated as of August 15, 2024 among Bank of America, N.A., as Administrative Agent, the Lenders party thereto, and Globe Life Inc.
31.1						Rule 13a-14(a)/15d-14(a) Certification by J. Matthew Darden
31.2						Rule 13a-14(a)/15d-14(a) Certification by Frank M. Svoboda
31.3						Rule 13a-14(a)/15d-14(a) Certification by Thomas P. Kalmbach
32.1						Section 1350 Certification by J. Matthew Darden, Frank M. Svoboda, and Thomas P. Kalmbach
101.INS						XBRL Instance Document- the instance document does not appear in the Interactive Data file because the XBRL tags are embedded within the Inline XBRL document.
101.SCH						Inline XBRL Taxonomy Extension Schema Document.
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.
104						Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

									GLOBE LIFE INC.
Date: November 6, 2024									/s/ J. Matthew Darden
									J. Matthew Darden
									Co-Chairman and Chief Executive Officer
Date: November 6, 2024									/s/ Frank M. Svoboda
									Frank M. Svoboda
									Co-Chairman and Chief Executive Officer
Date: November 6, 2024									/s/ Thomas P. Kalmbach
									Thomas P. Kalmbach
									Executive Vice President and Chief Financial Officer

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