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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to ________

Commission File Number: 001-08052

GLOBE LIFE INC.

(Exact name of registrant as specified in its charter)

Delaware						63-0780404
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

3700 South Stonebridge Drive, McKinney, Texas 75070

(Address of principal executive offices) (Zip Code)

(972) 569-4000

(Registrant’s telephone number, including area code)

NONE

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, $1.00 par value per share			GL			New York Stock Exchange
4.250% Junior Subordinated Debentures			GL PRD			New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                                 Yes    ☒   No   ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                                             Yes   ☒   No   ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes   ☐   No   ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class						Outstanding at July 31, 2024
Common Stock, $1.00 Par Value						89,819,840

GL Q2 2024 FORM 10-Q

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Table of Contents

Globe Life Inc.

Table of Contents

									Page
PART I. FINANCIAL INFORMATION
			Item 1.			Condensed Consolidated Financial Statements
						Condensed Consolidated Balance Sheets			1
						Condensed Consolidated Statements of Operations			2
						Condensed Consolidated Statements of Comprehensive Income (Loss)			3
						Condensed Consolidated Statements of Shareholders' Equity			4
						Condensed Consolidated Statements of Cash Flows			5
						Notes to Condensed Consolidated Financial Statements			6
						Note 1—Significant Accounting Policies			6
						Note 2—New Accounting Standards			7
						Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive Income			8
						Note 4—Investments			10
						Note 5—Commitments and Contingencies			20
						Note 6—Policy Liabilities			23
						Note 7—Deferred Acquisition Costs			41
						Note 8—Liability for Unpaid Claims			44
						Note 9—Postretirement Benefits			45
						Note 10—Earnings Per Share			47
						Note 11—Debt			48
						Note 12—Business Segments			49
						Cautionary Statements			56
			Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			57
			Item 3.			Quantitative and Qualitative Disclosures About Market Risk			86
			Item 4.			Controls and Procedures			86
PART II. OTHER INFORMATION
			Item 1.			Legal Proceedings			86
			Item 1A.			Risk Factors			87
			Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			89
			Item 5.			Other Information			89
			Item 6.			Exhibits			90
Signatures									91

As used in this Form 10-Q, “Globe Life,” the “Company,” “we,” “our” and “us” refer to Globe Life Inc., a Delaware corporation incorporated in 1979, its subsidiaries and affiliates.

GL Q2 2024 FORM 10-Q

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Table of Contents

PART I—FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

Globe Life Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(Dollar amounts in thousands, except per share data)

			June 30, 2024						December 31, 2023
Assets:
Investments:
Fixed maturities—available for sale, at fair value (amortized cost: 2024—$19,229,273; 2023—$18,924,914, allowance for credit losses: 2024— $7,132; 2023— $7,115)			$	17,613,008					$	17,870,206
Mortgage loans			343,492						279,199
Policy loans			676,077						657,020
Other long-term investments (includes: 2024—$915,665; 2023—$795,583 under the fair value option)			974,515						835,878
Short-term investments			100,560						81,740
Total investments			19,707,652						19,724,043
Cash			87,914						103,156
Accrued investment income			274,674						270,396
Other receivables			648,065						630,223
Deferred acquisition costs			6,260,294						6,009,477
Goodwill			481,791						481,791
Other assets			838,416						832,413
Total assets			$	28,298,806					$	28,051,499
Liabilities:
Future policy benefits at current discount rates: (at original discount rates: 2024—$17,269,793; 2023—$16,984,615)			$	18,430,672					$	19,460,353
Unearned and advance premium			270,077						254,567
Policy claims and other benefits payable			526,126						514,875
Other policyholders' funds			400,625						236,958
Total policy liabilities			19,627,500						20,466,753
Current and deferred income taxes			684,543						494,639
Short-term debt			654,606						486,113
Long-term debt (estimated fair value: 2024—$1,376,196; 2023—$1,491,229)			1,630,396						1,629,559
Other liabilities			474,007						487,632
Total liabilities			23,071,052						23,564,696
Commitments and Contingencies (Note 5)
Shareholders' equity:
Preferred stock, par value $1 per share—5,000,000 shares authorized; outstanding: 0 in 2024 and 2023			—						—
Common stock, par value $1 per share—320,000,000 shares authorized; outstanding: (2024—102,218,183 issued; 2023—102,218,183 issued)			102,218						102,218
Additional paid-in-capital			534,028						532,474
Accumulated other comprehensive income (loss)			(2,189,620)						(2,772,419)
Retained earnings			7,943,415						7,478,813
Treasury stock, at cost: (2024—12,176,343 shares; 2023—8,426,854 shares)			(1,162,287)						(854,283)
Total shareholders' equity			5,227,754						4,486,803
Total liabilities and shareholders' equity			$	28,298,806					$	28,051,499

See accompanying Notes to Condensed Consolidated Financial Statements.

1

        GL Q2 2024 FORM 10-Q

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Table of Contents

Globe Life Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(Dollar amounts in thousands, except per share data)

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Revenue:
Life premium			$	815,482					$	781,733					$	1,619,747					$	1,554,330
Health premium			351,643						329,187						692,662						651,680
Other premium			—						—						—						—
Total premium			1,167,125						1,110,920						2,312,409						2,206,010
Net investment income			285,636						261,244						568,214						518,349
Realized gains (losses)			(12,589)						(45,843)						(24,388)						(76,770)
Other income			74						85						150						135
Total revenue			1,440,246						1,326,406						2,856,385						2,647,724
Benefits and expenses:
Life policyholder benefits(1)			518,792						512,664						1,038,663						1,020,641
Health policyholder benefits(2)			205,423						195,924						407,750						386,886
Other policyholder benefits			11,479						8,922						21,074						17,910
Total policyholder benefits			735,694						717,510						1,467,487						1,425,437
Amortization of deferred acquisition costs			101,915						94,080						201,393						186,402
Commissions, premium taxes, and non-deferred acquisition costs			149,802						138,459						297,912						276,256
Other operating expense			99,108						86,033						192,322						170,204
Interest expense			31,404						25,818						60,025						50,685
Total benefits and expenses			1,117,923						1,061,900						2,219,139						2,108,984
Income before income taxes			322,323						264,506						637,246						538,740
Income tax benefit (expense)			(63,968)						(49,246)						(124,674)						(99,870)
Net income			$	258,355					$	215,260					$	512,572					$	438,870
Basic net income per common share			$	2.83					$	2.26					$	5.53					$	4.58
Diluted net income per common share			$	2.83					$	2.24					$	5.51					$	4.52

(1) Net of a remeasurement gain of $12.4 million for the three months ended June 30, 2024, and a remeasurement gain of $2.4 million for the same period in 2023. Net of a remeasurement gain of $17.3 million for the six months ended June 30, 2024, and a remeasurement gain of $5.1 million for the same period in 2023.

(2)    Net of remeasurement gain of $3.2 million for the three months ended June 30, 2024 and a remeasurement gain of $2.6 million for the same period in 2023. Net of a remeasurement gain of $6.5 million for the six months ended June 30, 2024, and a remeasurement gain of $532 thousand for the same period in 2023.

See accompanying Notes to Condensed Consolidated Financial Statements.

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Table of Contents

Globe Life Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

(Dollar amounts in thousands)

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Net income			$	258,355					$	215,260					$	512,572					$	438,870
Other comprehensive income (loss):
Investments:
Unrealized gains (losses) on fixed maturities:
Unrealized holding gains (losses) arising during period			(263,012)						(333,329)						(568,028)						135,790
Other reclassification adjustments included in net income			7,400						49,425						4,988						82,015
Foreign exchange adjustment on fixed maturities recorded at fair value			(117)						(10,567)						1,500						(1,000)
Total unrealized investment gains (losses)			(255,729)						(294,471)						(561,540)						216,805
Less applicable tax (expense) benefit			53,701						61,836						117,923						(45,532)
Unrealized gains (losses) on investments, net of tax			(202,028)						(232,635)						(443,617)						171,273
Future Policy Benefits:
Change in discount rate on future policy benefits			606,384						306,211						1,310,980						(414,679)
Less applicable tax (expense) benefit			(127,342)						(64,305)						(275,306)						87,082
Future policy benefit adjustments, net of tax			479,042						241,906						1,035,674						(327,597)
Foreign exchange translation:
Foreign exchange translation adjustments, other than securities			641						10,358						(11,956)						3,842
Less applicable tax (expense) benefit			(135)						(2,176)						2,511						(808)
Foreign exchange translation adjustments, other than securities, net of tax			506						8,182						(9,445)						3,034
Pension:
Pension adjustments			118						(323)						236						(371)
Less applicable tax (expense) benefit			(22)						66						(49)						77
Pension adjustments, net of tax			96						(257)						187						(294)
Other comprehensive income (loss)			277,616						17,196						582,799						(153,584)
Comprehensive income (loss)			$	535,971					$	232,456					$	1,095,371					$	285,286

See accompanying Notes to Condensed Consolidated Financial Statements.

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Table of Contents

Globe Life Inc.

Condensed Consolidated Statements of Shareholders' Equity

(Unaudited)

(Dollar amounts in thousands, except per share data)

			Preferred Stock						Common Stock						Additional Paid-In Capital						Accumulated Other Comprehensive Income (Loss)						Retained Earnings						Treasury Stock						Total Shareholders' Equity
Balance at December 31, 2023			$	—					$	102,218					$	532,474					$	(2,772,419)					$	7,478,813					$	(854,283)					$	4,486,803
Comprehensive income (loss)			—						—						—						305,183						254,217						—						559,400
Common dividends declared ($0.2400 per share)			—						—						—						—						(22,603)						—						(22,603)
Acquisition of treasury stock			—						—						—						—						—						(23,469)						(23,469)
Stock-based compensation			—						—						(5,612)						—						(438)						15,317						9,267
Exercise of stock options			—						—						—						—						(3,334)						33,097						29,763
Balance at March 31, 2024			—						102,218						526,862						(2,467,236)						7,706,655						(829,338)						5,039,161
Comprehensive income (loss)			—						—						—						277,616						258,355						—						535,971
Common dividends declared ($0.2400 per share)			—						—						—						—						(21,595)						—						(21,595)
Acquisition of treasury stock			—						—						—						—						—						(335,873)						(335,873)
Stock-based compensation			—						—						7,166						—						—						2,924						10,090
Exercise of stock options			—						—						—						—						—						—						—
Balance at June 30, 2024			$	—					$	102,218					$	534,028					$	(2,189,620)					$	7,943,415					$	(1,162,287)					$	5,227,754

			Preferred Stock						Common Stock						Additional Paid-In Capital						Accumulated Other Comprehensive Income (Loss)						Retained Earnings						Treasury Stock						Total Shareholders' Equity
Balance at December 31, 2022			$	—					$	105,218					$	529,661					$	(2,790,313)					$	6,894,535					$	(789,524)					$	3,949,577
Comprehensive income (loss)			—						—						—						(170,780)						223,610						—						52,830
Common dividends declared ($0.2250 per share)			—						—						—						—						(21,542)						—						(21,542)
Acquisition of treasury stock			—						—						—						—						—						(179,276)						(179,276)
Stock-based compensation			—						—						(1,022)						—						—						8,700						7,678
Exercise of stock options			—						—						—						—						(4,059)						41,083						37,024
Balance at March 31, 2023			—						105,218						528,639						(2,961,093)						7,092,544						(919,017)						3,846,291
Comprehensive income (loss)			—						—						—						17,196						215,260						—						232,456
Common dividends declared ($0.2250 per share)			—						—						—						—						(21,330)						—						(21,330)
Acquisition of treasury stock			—						—						—						—						—						(89,755)						(89,755)
Stock-based compensation			—						—						7,487						—						—						—						7,487
Exercise of stock options			—						—						—						—						(665)						5,822						5,157
Balance at June 30, 2023			$	—					$	105,218					$	536,126					$	(2,943,897)					$	7,285,809					$	(1,002,950)					$	3,980,306

See accompanying Notes to Condensed Consolidated Financial Statements.

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Table of Contents

Globe Life Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Dollar amounts in thousands)

			Six Months Ended June 30,
			2024						2023
Cash provided from (used for) operating activities			$	724,923					$	804,141
Cash provided from (used for) investing activities:
Investments sold or matured:
Fixed maturities available for sale—sold			510,904						145,824
Fixed maturities available for sale—matured or other redemptions			85,385						138,259
Mortgage loans			26,071						9,913
Other long-term investments			14,125						49,680
Total investments sold or matured			636,485						343,676
Acquisition of investments:
Fixed maturities—available for sale			(923,096)						(623,023)
Mortgage loans			(92,167)						(66,437)
Other long-term investments			(165,322)						(24,749)
Total investments acquired			(1,180,585)						(714,209)
Net (increase) decrease in policy loans			(19,057)						(18,692)
Net (increase) decrease in short-term investments			(18,820)						42,993
Additions to property and equipment			(26,738)						(25,629)
Investments in low-income housing interests			(17,870)						(38,276)
Cash provided from (used for) investing activities			(626,585)						(410,137)
Cash provided from (used for) financing activities:
Issuance of common stock			29,763						42,181
Cash dividends paid to shareholders			(43,681)						(41,569)
Repayment of debt			—						(165,612)
Proceeds from issuance of debt			—						170,000
Payment for debt issuance costs			—						(693)
Net borrowing from FHLB			180,000						—
Net borrowing (repayment) of commercial paper			(114,494)						(25,371)
Proceeds from commercial paper with original maturities greater than 90 days			339,518						—
Repayment of commercial paper with original maturities greater than 90 days			(236,786)						—
Acquisition of treasury stock			(359,342)						(269,031)
Net receipts (payments) from deposit-type products			85,236						(116,437)
Cash provided from (used for) financing activities			(119,786)						(406,532)
Effect of foreign exchange rate changes on cash			6,206						(5,020)
Net increase (decrease) in cash			(15,242)						(17,548)
Cash at beginning of year			103,156						92,559
Cash at end of period			$	87,914					$	75,011

See accompanying Notes to Condensed Consolidated Financial Statements.

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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 June 30, 2024, and the condensed consolidated results of operations, comprehensive income, and cash flows for the periods ended June 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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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 six month periods ended June 30, 2024 and 2023:

			Three Months Ended June 30, 2024
			Available for Sale Assets						Future Policy Benefits												Foreign Exchange						Pension Adjustments						Total
Balance at April 1, 2024			$	(1,069,185)					$	(1,390,759)											$	(5,232)					$	(2,060)					$	(2,467,236)
Other comprehensive income (loss) before reclassifications, net of tax			(207,874)						479,042												506						—						271,674
Reclassifications, net of tax			5,846						—												—						96						5,942
Other comprehensive income (loss)			(202,028)						479,042												506						96						277,616
Balance at June 30, 2024			$	(1,271,213)					$	(911,717)											$	(4,726)					$	(1,964)					$	(2,189,620)

			Three Months Ended June 30, 2023
			Available for Sale Assets						Future Policy Benefits												Foreign Exchange						Pension Adjustments						Total
Balance at April 1, 2023			$	(1,016,764)					$	(1,938,707)											$	(6,829)					$	1,207					$	(2,961,093)
Other comprehensive income (loss) before reclassifications, net of tax			(271,681)						241,906												8,182						—						(21,593)
Reclassifications, net of tax			39,046						—												—						(257)						38,789
Other comprehensive income (loss)			(232,635)						241,906												8,182						(257)						17,196
Balance at June 30, 2023			$	(1,249,399)					$	(1,696,801)											$	1,353					$	950					$	(2,943,897)

			Six Months Ended June 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			(447,558)						1,035,674												(9,445)						—						578,671
Reclassifications, net of tax			3,941						—												—						187						4,128
Other comprehensive income (loss)			(443,617)						1,035,674												(9,445)						187						582,799
Balance at June 30, 2024			$	(1,271,213)					$	(911,717)											$	(4,726)					$	(1,964)					$	(2,189,620)

			Six Months Ended June 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			106,481						(327,597)												3,034						—						(218,082)
Reclassifications, net of tax			64,792						—												—						(294)						64,498
Other comprehensive income (loss)			171,273						(327,597)												3,034						(294)						(153,584)
Balance at June 30, 2023			$	(1,249,399)					$	(1,696,801)											$	1,353					$	950					$	(2,943,897)

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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 six month periods ended June 30, 2024 and 2023.

						Three Months Ended June 30,												Six Months Ended June 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						$	10,217					$	50,347					$	9,989					$	83,471					Realized (gains) losses
Amortization of (discount) premium						(2,817)						(922)						(5,001)						(1,456)						Net investment income
Total before tax						7,400						49,425						4,988						82,015
Tax						(1,554)						(10,379)						(1,047)						(17,223)						Income taxes
Total after-tax						5,846						39,046						3,941						64,792
Pension adjustments:
Amortization of prior service cost						269						269						538						538						Other operating expense
Amortization of actuarial (gain) loss						(151)						(592)						(302)						(909)						Other operating expense
Total before tax						118						(323)						236						(371)
Tax						(22)						66						(49)						77						Income taxes
Total after-tax						96						(257)						187						(294)
Total reclassification (after-tax)						$	5,942					$	38,789					$	4,128					$	64,498

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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 June 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 June 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			$	403,341					$	—					$	3					$	(41,886)					$	361,458					2
States, municipalities, and political subdivisions			3,255,829						—						27,781						(473,356)						2,810,254						16
Foreign governments			40,485						—						—						(10,537)						29,948						—
Corporates, by sector:
Industrials			8,227,970						(7,132)						117,908						(780,811)						7,557,935						43
Financial			5,051,320						—						72,372						(439,205)						4,684,487						26
Utilities			2,133,247						—						40,493						(124,426)						2,049,314						12
Total corporates			15,412,537						(7,132)						230,773						(1,344,442)						14,291,736						81
Collateralized debt obligations			36,945						—						5,779						—						42,724						—
Other asset-backed securities			80,136						—						1						(3,249)						76,888						1
Total fixed maturities			$	19,229,273					$	(7,132)					$	264,337					$	(1,873,470)					$	17,613,008					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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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 $411 million (2% of the total fixed maturity portfolio) and $425 million (2% of the total fixed maturity portfolio) at June 30, 2024 and December 31, 2023, respectively.

A schedule of fixed maturities available for sale by contractual maturity date at June 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 June 30, 2024
			Amortized Cost, net						Fair Value
Fixed maturities available for sale:
Due in one year or less			$	129,415					$	128,402
Due after one year through five years			734,757						738,610
Due after five years through ten years			1,794,742						1,791,972
Due after ten years through twenty years			8,908,777						8,365,383
Due after twenty years			7,537,335						6,468,995
Mortgage-backed and asset-backed securities			117,115						119,646
			$	19,222,141					$	17,613,008

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

			Three Months Ended June 30,																		Six Months Ended June 30,
			2024						2023						% Change						2024						2023						% Change
Fixed maturities available for sale			$	247,215					$	234,187					6						$	493,313					$	466,486					6
Policy loans			13,084						12,234						7						25,900						23,989						8
Mortgage loans			6,909						4,553						52						13,669						8,556						60
Other long-term investments(1)			18,953						12,383						53						38,616						24,123						60
Short-term investments			3,625						1,820												5,313						3,415
			289,786						265,177						9						576,811						526,569						10
Less investment expense			(4,150)						(3,933)						6						(8,597)						(8,220)						5
Net investment income			$	285,636					$	261,244					9						$	568,214					$	518,349					10

(1)For the three months ended June 30, 2024 and 2023, the investment funds, accounted for under the fair value option method, recorded $18.1 million and $12.0 million, respectively, in net investment income. For the six months ended June 30, 2024 and 2023, the investment funds, accounted for under the fair value option method, recorded $37.0 million and $23.3 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 June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Fixed maturities available for sale:
Proceeds from sales(1)			$	483,051					$	130,119					$	510,904					$	145,824
Gross realized gains			3,869						47						4,044						47
Gross realized losses			(13,933)						(10,503)						(13,968)						(10,861)

(1)There were no unsettled sales in the periods ended June 30, 2024 and 2023.

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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 June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Realized investment gains (losses):
Fixed maturities available for sale:
Sales and other(1)			$	(10,113)					$	(10,606)					$	(9,973)					$	(10,963)
Provision for credit losses			(104)						(39,741)						(16)						(72,508)
Fair value option—change in fair value			(3,691)						5,228						(19,094)						7,086
Mortgage loans			(1,280)						(3,579)						(2,154)						(4,859)
Other investments			837						(164)						1,151						(378)
Realized gains (losses) from investments			(14,351)						(48,862)						(30,086)						(81,622)
Other gains (losses)			1,762						3,019						5,698						4,852
Total realized gains (losses)			(12,589)						(45,843)						(24,388)						(76,770)
Applicable tax			2,644						9,627						5,122						16,122
Realized gains (losses), net of tax			$	(9,945)					$	(36,216)					$	(19,266)					$	(60,648)

(1)During the three months ended June 30, 2024 and 2023, the Company recorded $12.0 million and $17.9 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in no realized gains (losses) in either period. During the six months ended June 30, 2024 and 2023, the Company recorded $78.9 million and $17.9 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 June 30, 2024 and December 31, 2023:

			Fair Value Measurement at June 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			$	—					$	361,458					$	—					$	361,458
States, municipalities, and political subdivisions			—						2,810,254						—						2,810,254
Foreign governments			—						29,948						—						29,948
Corporates, by sector:
Industrials			—						7,361,270						196,665						7,557,935
Financial			—						4,554,292						130,195						4,684,487
Utilities			—						1,938,143						111,171						2,049,314
Total corporates			—						13,853,705						438,031						14,291,736
Collateralized debt obligations			—						—						42,724						42,724
Other asset-backed securities			—						76,888						—						76,888
Total fixed maturities			$	—					$	17,132,253					$	480,755					$	17,613,008
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			—						742						(9,905)						(9,163)
Acquisitions			—						—						14,800						14,800
Sales			—						—						—						—
Amortization			—						2,277						(33)						2,244
Other(1)			—						(2,441)						(21,564)						(24,005)
Transfers into Level 3(2)			—						—						—						—
Transfers out of Level 3(2)			—						—						—						—
Balance at June 30, 2024			$	—					$	42,724					$	438,031					$	480,755
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			—						(8,042)						(1,963)						(10,005)
Acquisitions			—						—						—						—
Sales			—						—						—						—
Amortization			—						2,288						3						2,291
Other(1)			—						(2,305)						(14,619)						(16,924)
Transfers into Level 3(2)			—						—						—						—
Transfers out of Level 3(2)			—						—						—						—
Balance at June 30, 2023			$	—					$	42,305					$	461,504					$	503,809
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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Table of Contents

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 June 30, 2024			$	—					$	742					$	(9,905)					$	(9,163)
At June 30, 2023			—						(8,042)						(1,963)						(10,005)

 

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 June 30, 2024			482						1,676						2,158
As of December 31, 2023			151						1,614						1,765

 

Globe Life's entire fixed maturity portfolio consisted of 2,552 issues by 981 different issuers at June 30, 2024 and 2,473 issues by 980 different issuers at December 31, 2023. The increase in the number of securities in an unrealized loss position during the period ended June 30, 2024 is due to the increase in interest rates. The weighted-average quality rating of all unrealized loss positions at amortized cost was A- as of June 30, 2024 and December 31, 2023.

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

Analysis of Gross Unrealized Investment Losses

			At June 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			$	2,304					$	(110)					$	358,980					$	(41,776)					$	361,284					$	(41,886)
States, municipalities, and political subdivisions			518,622						(13,082)						1,786,640						(460,274)						2,305,262						(473,356)
Foreign governments			1,465						(2)						28,483						(10,535)						29,948						(10,537)
Corporates, by sector:
Industrials			930,937						(38,817)						4,175,164						(708,164)						5,106,101						(746,981)
Financial			617,484						(11,013)						2,230,054						(386,505)						2,847,538						(397,518)
Utilities			456,346						(8,729)						718,695						(114,197)						1,175,041						(122,926)
Total corporates			2,004,767						(58,559)						7,123,913						(1,208,866)						9,128,680						(1,267,425)
Collateralized debt obligations			—						—						—						—						—						—
Other asset-backed securities			—						—						70,874						(3,232)						70,874						(3,232)
Total investment grade securities			2,527,158						(71,753)						9,368,890						(1,724,683)						11,896,048						(1,796,436)
Below investment grade securities:
Corporates, by sector:
Industrials			55,327						(953)						142,449						(32,877)						197,776						(33,830)
Financial			8,909						(1,196)						192,106						(40,491)						201,015						(41,687)
Utilities			8,916						(14)						18,892						(1,486)						27,808						(1,500)
Total corporates			73,152						(2,163)						353,447						(74,854)						426,599						(77,017)
Collateralized debt obligations			—						—						—						—						—						—
Other asset-backed securities			—						—						5,972						(17)						5,972						(17)
Total below investment grade securities			73,152						(2,163)						359,419						(74,871)						432,571						(77,034)
Total fixed maturities			$	2,600,310					$	(73,916)					$	9,728,309					$	(1,799,554)					$	12,328,619					$	(1,873,470)

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 June 30,												Six Months Ended June 30,
						2024						2023						2024						2023
Allowance for credit losses beginning balance						$	7,027					$	32,767					$	7,115					$	—
Additions to allowance for which credit losses were not previously recorded						—						38,228						—						72,508
Additions (reductions) to allowance for fixed maturities that previously had an allowance						105						1,513						17						—
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					$	72,508					$	7,132					$	72,508

As of June 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 June 30, 2024 and December 31, 2023 are as follows:

			June 30, 2024												December 31, 2023
			Carrying Value						% of Total						Carrying Value						% of Total
Property type:
Multi-family			$	117,508					34						$	116,299					42
Industrial			95,496						28						57,267						20
Retail			47,853						14						23,925						9
Hospitality			43,651						13						43,897						16
Mixed use			38,317						11						34,749						12
Office			6,493						2						6,734						2
Total recorded investment			349,318						102						282,871						101
Less allowance for credit losses			(5,826)						(2)						(3,672)						(1)
Carrying value, net of allowance for credit losses			$	343,492					100						$	279,199					100

			June 30, 2024												December 31, 2023
			Carrying Value						% of Total						Carrying Value						% of Total
Geographic location:
Texas			$	71,659					21						$	45,111					16
Florida			71,130						21						48,233						17
New Jersey			44,611						13						44,574						16
California			40,210						12						54,721						20
New York			35,815						10						20,284						7
North Carolina			21,614						6						—						—
Other			64,279						19						69,948						25
Total recorded investment			349,318						102						282,871						101
Less allowance for credit losses			(5,826)						(2)						(3,672)						(1)
Carrying value, net of allowance for credit losses			$	343,492					100						$	279,199					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 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.

			June 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%			$	18,392					$	153,759					$	160,495					$	332,646					95
70% to 80%			—						—						—						—						—
81% to 90%			9,637						—						—						9,637						3
Greater than 90%			7,035						—						—						7,035						2
Total			$	35,064					$	153,759					$	160,495					349,318						100
Less allowance for credit losses																					(5,826)
Total, net of allowance for credit losses																					$	343,492

(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 June 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 33 loans in the portfolio. For the six months ended June 30, 2024, the allowance for credit losses increased by $2.2 million to $5.8 million. The provision for credit losses is included in "Realized gains (losses)" in the Condensed Consolidated Statements of Operations.

						Three Months Ended June 30,												Six Months Ended June 30,
						2024						2023						2024						2023
Allowance for credit losses beginning balance						$	4,546					$	3,069					$	3,672					$	1,789
Provision (reversal) for credit losses						1,280						(141)						2,154						1,139
Allowance for credit losses ending balance						$	5,826					$	2,928					$	5,826					$	2,928

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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 $1.2 million and outstanding interest due of $63 thousand, as of June 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 June 30, 2024. There were no delinquent commercial mortgage loans as of December 31, 2023. As of June 30, 2024, the Company had two commercial mortgage loans in non-accrual status with a principal balance of $7.9 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 $30 million as of June 30, 2024.

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

			June 30, 2024						December 31, 2023
Investment funds			$	915,665					$	795,583
Other			58,850						40,295
Total			$	974,515					$	835,878

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

						Fair Value												Unfunded Commitments
Investment Category						June 30, 2024						December 31, 2023						June 30, 2024						Redemption Term/Notice(1)
Commercial mortgage loans						$	512,615					$	411,315					$	434,040					Fully redeemable and non-redeemable with varying terms.
Opportunistic and private credit						186,646						181,410						146,071						Fully redeemable and non-redeemable with varying terms.
Infrastructure						171,518						165,887						16,536						Fully redeemable and non-redeemable with varying terms.
Other						44,886						36,971						50,757						Non-redeemable with varying terms
Total investment funds						$	915,665					$	795,583					$	647,404

(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 $149 million of capital called during the period from existing investment funds. The Company's unfunded commitments were $647 million as of June 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 agreement 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 June 30, 2024 was $115 million.

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

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

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 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 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 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 November 30, 2023, the Company and our subsidiary, American Income Life Insurance Company, 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 Life Insurance Company policies. The Company and American Income Life Insurance Company continue to fully cooperate in

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

responding to the Department of Justice’s requests. The Department of Justice has not asserted any claims or made allegations against the Company and American Income Life Insurance Company, and the Company 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, the Company received an inquiry from the SEC's Fort Worth Regional Office requesting information related to recent short seller reports making allegations about the Company. The Company 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 the Company 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 the Company and six of its current/former senior executives and directors in the United States District Court for the Eastern District of Texas. The case, which is captioned City of Miami Gen. Emp. & Sanitation Emp. Ret. Trust, et al. v. Globe Life Inc., et al., Case No. 4:24-cv-00376, asserts claims under §§ 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of a putative class of purchasers of the Company’s securities from May 8, 2019 through April 10, 2024. The Complaint alleges that certain of the Company’s disclosures about financial performance and certain other public statements during the putative class period were materially false or misleading. On May 16, 2024, the Court entered an order staying proceedings pending the appointment of Lead Plaintiff and Lead Counsel for the putative class of shareholders. The Company plans to vigorously defend against the lawsuit. Pursuant to the Company’s governing documents and indemnification agreements with the named defendants, the Company 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 the Company and the individual defendants. However, the amount of any such loss in that scenario cannot be reasonably estimated at this time. Further, management cannot reasonably estimate whether an outcome on the class action will be resolved in the near term.

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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 6—Policy Liabilities

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 six month periods ended June 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						—						—						—						—						—
Effect of actual variances from expected experience						(69,352)						(128,602)						(15,593)						(6,650)						(220,197)
Adjusted balance at January 1, 2023						4,177,371						5,552,262						1,050,530						442,559						11,222,722
Issuances(1)						376,021						313,748						60,848						14,611						765,228
Interest accrual(2)						96,850						142,473						26,655						11,331						277,309
Net premiums collected(3)						(256,959)						(308,129)						(66,472)						(23,026)						(654,586)
Effect of changes in the foreign exchange rate						5,770						—						—						—						5,770
Ending balance at original discount rates						4,399,053						5,700,354						1,071,561						445,475						11,616,443
Effect of change from original to current discount rates						73,794						288,223						38,456						25,804						426,277
Balance at June 30, 2023						$	4,472,847					$	5,988,577					$	1,110,017					$	471,279					$	12,042,720
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						—						—						—						—						—
Effect of actual variances from expected experience						(113,699)						(122,971)						(17,268)						(7,321)						(261,259)
Adjusted balance at January 1, 2024						4,409,630						5,541,288						1,060,563						436,628						11,448,109
Issuances(1)						412,701						287,040						60,219						12,156						772,116
Interest accrual(2)						109,168						147,351						27,775						11,505						295,799
Net premiums collected(3)						(274,166)						(305,391)						(67,915)						(22,738)						(670,210)
Effect of changes in the foreign exchange rate						(9,222)						—						—						—						(9,222)
Ending balance at original discount rates						4,648,111						5,670,288						1,080,642						437,551						11,836,592
Effect of change from original to current discount rates						(12,208)						140,230						4,591						12,332						144,945
Balance at June 30, 2024						$	4,635,903					$	5,810,518					$	1,085,233					$	449,883					$	11,981,537

(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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        GL Q2 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 April 1, 2023						$	4,467,637					$	6,110,550					$	1,128,083					$	483,056					$	12,189,326
Beginning balance at original discount rates						4,325,957						5,718,900						1,070,775						448,677						11,564,309
Effect of changes in assumptions on future cash flows						—						—						—						—						—
Effect of actual variances from expected experience						(39,371)						(80,616)						(10,004)						(4,764)						(134,755)
Adjusted balance at April 1, 2023						4,286,586						5,638,284						1,060,771						443,913						11,429,554
Issuances(1)						183,466						144,796						30,706						7,370						366,338
Interest accrual(2)						48,952						71,484						13,368						5,661						139,465
Net premiums collected(3)						(129,720)						(154,210)						(33,284)						(11,469)						(328,683)
Effect of changes in the foreign exchange rate						9,769						—						—						—						9,769
Ending balance at original discount rates						4,399,053						5,700,354						1,071,561						445,475						11,616,443
Effect of change from original to current discount rates						73,794						288,223						38,456						25,804						426,277
Balance at June 30, 2023						$	4,472,847					$	5,988,577					$	1,110,017					$	471,279					$	12,042,720
Balance at April 1, 2024						$	4,652,671					$	5,945,259					$	1,102,209					$	464,169					$	12,164,308
Beginning balance at original discount rates						4,596,138						5,698,050						1,073,485						442,392						11,810,065
Effect of changes in assumptions on future cash flows						—						—						—						—						—
Effect of actual variances from expected experience						(65,450)						(86,743)						(6,820)						(5,471)						(164,484)
Adjusted balance at April 1, 2024						4,530,688						5,611,307						1,066,665						436,921						11,645,581
Issuances(1)						200,853						137,809						34,056						6,227						378,945
Interest accrual(2)						55,345						73,931						13,936						5,741						148,953
Net premiums collected(3)						(138,480)						(152,759)						(34,015)						(11,338)						(336,592)
Effect of changes in the foreign exchange rate						(295)						—						—						—						(295)
Ending balance at original discount rates						4,648,111						5,670,288						1,080,642						437,551						11,836,592
Effect of change from original to current discount rates						(12,208)						140,230						4,591						12,332						144,945
Balance at June 30, 2024						$	4,635,903					$	5,810,518					$	1,085,233					$	449,883					$	11,981,537

(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)

						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						—						—						—						—						—
Effect of actual variances from expected experience						(72,388)						(130,006)						(13,119)						(8,367)						(223,880)
Adjusted balance at January 1, 2023						8,337,373						8,347,886						3,259,861						3,395,337						23,340,457
Issuances(1)						376,021						313,749						60,848						14,611						765,229
Interest accrual(2)						220,666						226,661						86,722						101,129						635,178
Benefit payments(3)						(194,971)						(295,399)						(109,650)						(62,586)						(662,606)
Effect of changes in the foreign exchange rate						14,437						—						—						—						14,437
Ending balance at original discount rates						8,753,526						8,592,897						3,297,781						3,448,491						24,092,695
Effect of change from original to current discount rates						914,681						894,336						210,064						661,215						2,680,296
Balance at June 30, 2023						$	9,668,207					$	9,487,233					$	3,507,845					$	4,109,706					$	26,772,991
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						—						—						—						—						—
Effect of actual variances from expected experience						(121,945)						(129,976)						(19,337)						(10,212)						(281,470)
Adjusted balance at January 1, 2024						8,939,888						8,526,776						3,318,915						3,496,647						24,282,226
Issuances(1)						412,703						287,041						60,221						12,156						772,121
Interest accrual(2)						243,096						236,977						89,276						104,571						673,920
Benefit payments(3)						(220,560)						(301,894)						(111,881)						(68,051)						(702,386)
Effect of changes in the foreign exchange rate						(21,601)						—						—						—						(21,601)
Ending balance at original discount rates						9,353,526						8,748,900						3,356,531						3,545,323						25,004,280
Effect of change from original to current discount rates						457,881						540,934						68,237						436,575						1,503,627
Balance at June 30, 2024						$	9,811,407					$	9,289,834					$	3,424,768					$	3,981,898					$	26,507,907

(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 Q2 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 April 1, 2023						$	9,637,463					$	9,624,680					$	3,559,012					$	4,166,527					$	26,987,682
Beginning balance at original discount rates						8,573,734						8,563,604						3,284,594						3,427,535						23,849,467
Effect of changes in assumptions on future cash flows						—						—						—						—						—
Effect of actual variances from expected experience						(40,862)						(81,059)						(6,065)						(5,471)						(133,457)
Adjusted balance at April 1, 2023						8,532,872						8,482,545						3,278,529						3,422,064						23,716,010
Issuances(1)						183,466						144,797						30,706						7,370						366,339
Interest accrual(2)						111,337						113,893						43,466						50,751						319,447
Benefit payments(3)						(98,297)						(148,338)						(54,920)						(31,694)						(333,249)
Effect of changes in the foreign exchange rate						24,148						—						—						—						24,148
Ending balance at original discount rates						8,753,526						8,592,897						3,297,781						3,448,491						24,092,695
Effect of change from original to current discount rates						914,681						894,336						210,064						661,215						2,680,296
Balance at June 30, 2023						$	9,668,207					$	9,487,233					$	3,507,845					$	4,109,706					$	26,772,991

Balance at April 1, 2024						$	9,958,093					$	9,500,215					$	3,499,742					$	4,103,892					$	27,061,942
Beginning balance at original discount rates						9,216,265						8,728,403						3,340,412						3,527,882						24,812,962
Effect of changes in assumptions on future cash flows						—						—						—						—						—
Effect of actual variances from expected experience						(69,724)						(93,532)						(8,889)						(7,345)						(179,490)
Adjusted balance at April 1, 2024						9,146,541						8,634,871						3,331,523						3,520,537						24,633,472
Issuances(1)						200,858						137,810						34,057						6,224						378,949
Interest accrual(2)						122,894						119,052						44,723						52,436						339,105
Benefit payments(3)						(115,802)						(142,833)						(53,772)						(33,874)						(346,281)
Effect of changes in the foreign exchange rate						(965)						—						—						—						(965)
Ending balance at original discount rates						9,353,526						8,748,900						3,356,531						3,545,323						25,004,280
Effect of change from original to current discount rates						457,881						540,934						68,237						436,575						1,503,627
Balance at June 30, 2024						$	9,811,407					$	9,289,834					$	3,424,768					$	3,981,898					$	26,507,907

(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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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 June 30, 2023
						American Income						DTC						Liberty National						Other						Total
Net liability for future policy benefits at original discount rates						$	4,354,473					$	2,892,543					$	2,226,220					$	3,003,016					$	12,476,252
Effect of changes in discount rate assumptions						840,887						606,113						171,608						635,411						2,254,019
Other adjustments(1)						72						4,750						7,639						35						12,496
Net liability for future policy benefits, after other adjustments, at current discount rates						5,195,432						3,503,406						2,405,467						3,638,462						14,742,767
Reinsurance recoverable						(142)						—						(7,581)						(36,472)						(44,195)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates						$	5,195,290					$	3,503,406					$	2,397,886					$	3,601,990					$	14,698,572

(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 June 30, 2024
						American Income						DTC						Liberty National						Other						Total
Net liability for future policy benefits at original discount rates						$	4,705,415					$	3,078,612					$	2,275,889					$	3,107,772					$	13,167,688
Effect of changes in discount rate assumptions						470,089						400,704						63,646						424,243						1,358,682
Other adjustments(1)						194						—						—						34						228
Net liability for future policy benefits, after other adjustments, at current discount rates						5,175,698						3,479,316						2,339,535						3,532,049						14,526,598
Reinsurance recoverable						(170)						—						(7,830)						(35,403)						(43,403)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates						$	5,175,528					$	3,479,316					$	2,331,705					$	3,496,646					$	14,483,195

(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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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 six month periods ended June 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						—						—						—						—						—						—
Effect of actual variances from expected experience						(28,923)						(34,394)						(27,833)						(5,249)						(1,895)						(98,294)
Adjusted balance at January 1, 2023						2,912,338						1,694,825						387,609						187,382						85,856						5,268,010
Issuances(1)						143,716						132,346						28,191						20,787						4,215						329,255
Interest accrual(2)						63,854						32,819						9,666						4,134						2,118						112,591
Net premiums collected(3)						(134,248)						(88,784)						(25,286)						(10,981)						(5,349)						(264,648)
Effect of changes in the foreign exchange rate						—						—						—						387						—						387
Ending balance at original discount rates						2,985,660						1,771,206						400,180						201,709						86,840						5,445,595
Effect of change from original to current discount rates						(1,106)						(110,186)						9,371						135						2,834						(98,952)
Balance at June 30, 2023						$	2,984,554					$	1,661,020					$	409,551					$	201,844					$	89,674					$	5,346,643
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						—						—						—						—						—						—
Effect of actual variances from expected experience						(37,074)						(31,290)						(21,165)						(7,058)						(2,462)						(99,049)
Adjusted balance at January 1, 2024						3,588,729						1,751,883						327,405						194,811						107,418						5,970,246
Issuances(1)						191,794						128,874						29,015						22,124						8,503						380,310
Interest accrual(2)						84,630						36,717						8,347						4,642						2,760						137,096
Net premiums collected(3)						(145,045)						(93,746)						(25,833)						(11,871)						(5,434)						(281,929)
Effect of changes in the foreign exchange rate						—						—						—						(839)						—						(839)
Ending balance at original discount rates						3,720,108						1,823,728						338,934						208,867						113,247						6,204,884
Effect of change from original to current discount rates						(61,617)						(132,931)						(1,193)						(2,978)						1,629						(197,090)
Balance at June 30, 2024						$	3,658,491					$	1,690,797					$	337,741					$	205,889					$	114,876					$	6,007,794

(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 net premiums
						United American						Family Heritage						Liberty National						American Income						DTC						Total
Balance at April 1, 2023						$	2,997,723					$	1,664,414					$	421,447					$	200,666					$	90,243					$	5,374,493
Beginning balance at original discount rates						2,948,641						1,750,468						404,647						197,446						85,966						5,387,168
Effect of changes in assumptions on future cash flows						—						—						—						—						—						—
Effect of actual variances from expected experience						5,210						(15,636)						(11,249)						(3,629)						679						(24,625)
Adjusted balance at April 1, 2023						2,953,851						1,734,832						393,398						193,817						86,645						5,362,543
Issuances(1)						67,875						64,559						14,888						10,575						1,823						159,720
Interest accrual(2)						32,267						16,620						4,776						2,098						1,061						56,822
Net premiums collected(3)						(68,333)						(44,805)						(12,882)						(5,556)						(2,689)						(134,265)
Effect of changes in the foreign exchange rate						—						—						—						775						—						775
Ending balance at original discount rates						2,985,660						1,771,206						400,180						201,709						86,840						5,445,595
Effect of change from original to current discount rates						(1,106)						(110,186)						9,371						135						2,834						(98,952)
Balance at June 30, 2023						$	2,984,554					$	1,661,020					$	409,551					$	201,844					$	89,674					$	5,346,643
Balance at April 1, 2024						$	3,653,395					$	1,694,026					$	345,441					$	203,795					$	113,879					$	6,010,536
Beginning balance at original discount rates						3,661,448						1,801,792						342,165						203,850						110,863						6,120,118
Effect of changes in assumptions on future cash flows						—						—						—						—						—						—
Effect of actual variances from expected experience						3,458						(14,197)						(9,755)						(3,508)						(144)						(24,146)
Adjusted balance at April 1, 2024						3,664,906						1,787,595						332,410						200,342						110,719						6,095,972
Issuances(1)						87,190						64,865						15,457						12,174						3,893						183,579
Interest accrual(2)						42,808						18,614						4,119						2,360						1,392						69,293
Net premiums collected(3)						(74,796)						(47,346)						(13,052)						(6,032)						(2,757)						(143,983)
Effect of changes in the foreign exchange rate						—						—						—						23						—						23
Ending balance at original discount rates						3,720,108						1,823,728						338,934						208,867						113,247						6,204,884
Effect of change from original to current discount rates						(61,617)						(132,931)						(1,193)						(2,978)						1,629						(197,090)
Balance at June 30, 2024						$	3,658,491					$	1,690,797					$	337,741					$	205,889					$	114,876					$	6,007,794

(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						—						—						—						—						—						—
Effect of actual variances from expected experience						(27,940)						(36,292)						(27,018)						(6,018)						(1,830)						(99,098)
Adjusted balance at January 1, 2023						3,052,693						3,300,052						877,847						297,695						83,382						7,611,669
Issuances(1)						143,404						132,346						27,901						20,787						4,208						328,646
Interest accrual(2)						67,592						65,320						23,526						7,389						2,118						165,945
Benefit payments(3)						(146,921)						(61,551)						(48,395)						(11,660)						(6,520)						(275,047)
Effect of changes in the foreign exchange rate						—						—						—						876						—						876
Ending balance at original discount rates						3,116,768						3,436,167						880,879						315,087						83,188						7,832,089
Effect of change from original to current discount rates						(379)						(268,706)						42,269						13,492						2,668						(210,656)
Balance at June 30, 2023						$	3,116,389					$	3,167,461					$	923,148					$	328,579					$	85,856					$	7,621,433
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						—						—						—						—						—						—
Effect of actual variances from expected experience						(36,684)						(35,000)						(21,424)						(8,179)						(2,326)						(103,613)
Adjusted balance at January 1, 2024						3,704,846						3,471,689						795,395						307,252						102,175						8,381,357
Issuances(1)						191,231						128,875						28,604						22,126						8,485						379,321
Interest accrual(2)						87,778						72,179						21,549						7,956						2,760						192,222
Benefit payments(3)						(160,345)						(67,428)						(46,232)						(13,072)						(6,277)						(293,354)
Effect of changes in the foreign exchange rate						—						—						—						(1,556)						—						(1,556)
Ending balance at original discount rates						3,823,510						3,605,315						799,316						322,706						107,143						8,657,990
Effect of change from original to current discount rates						(65,023)						(355,849)						16,462						5,730						1,474						(397,206)
Balance at June 30, 2024						$	3,758,487					$	3,249,466					$	815,778					$	328,436					$	108,617					$	8,260,784

(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 April 1, 2023						$	3,132,462					$	3,174,672					$	949,996					$	326,533					$	87,090					$	7,670,753
Beginning balance at original discount rates						3,079,790						3,387,380						890,019						308,170						83,001						7,748,360
Effect of changes in assumptions on future cash flows						—						—						—						—						—						—
Effect of actual variances from expected experience						3,503						(16,513)						(11,023)						(4,439)						472						(28,000)
Adjusted balance at April 1, 2023						3,083,293						3,370,867						878,996						303,731						83,473						7,720,360
Issuances(1)						67,721						64,559						14,616						10,575						1,820						159,291
Interest accrual(2)						34,112						33,031						11,686						3,721						1,061						83,611
Benefit payments(3)						(68,358)						(32,290)						(24,419)						(4,523)						(3,166)						(132,756)
Effect of changes in the foreign exchange rate						—						—						—						1,583						—						1,583
Ending balance at original discount rates						3,116,768						3,436,167						880,879						315,087						83,188						7,832,089
Effect of change from original to current discount rates						(379)						(268,706)						42,269						13,492						2,668						(210,656)
Balance at June 30, 2023						$	3,116,389					$	3,167,461					$	923,148					$	328,579					$	85,856					$	7,621,433

Balance at April 1, 2024						$	3,756,534					$	3,271,604					$	834,006					$	328,783					$	107,775					$	8,298,702
Beginning balance at original discount rates						3,766,995						3,554,274						804,316						317,365						105,050						8,548,000
Effect of changes in assumptions on future cash flows						—						—						—						—						—						—
Effect of actual variances from expected experience						3,641						(15,951)						(8,603)						(4,177)						(5)						(25,095)
Adjusted balance at April 1, 2024						3,770,636						3,538,323						795,713						313,188						105,045						8,522,905
Issuances(1)						86,801						64,866						15,255						12,177						3,887						182,986
Interest accrual(2)						44,334						36,517						10,716						4,019						1,392						96,978
Benefit payments(3)						(78,261)						(34,391)						(22,368)						(6,670)						(3,181)						(144,871)
Effect of changes in the foreign exchange rate						—						—						—						(8)						—						(8)
Ending balance at original discount rates						3,823,510						3,605,315						799,316						322,706						107,143						8,657,990
Effect of change from original to current discount rates						(65,023)						(355,849)						16,462						5,730						1,474						(397,206)
Balance at June 30, 2024						$	3,758,487					$	3,249,466					$	815,778					$	328,436					$	108,617					$	8,260,784

(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 June 30, 2023
						United American						Family Heritage						Liberty National						American Income						Direct to Consumer						Total
Net liability for future policy benefits at original discount rates						$	131,108					$	1,664,961					$	480,699					$	113,378					$	(3,652)					$	2,386,494
Effect of changes in discount rate assumptions						727						(158,520)						32,898						13,357						(166)						(111,704)
Other adjustments(1)						4,702						69						6,049						605						4,645						16,070
Net liability for future policy benefits, after other adjustments, at current discount rates						136,537						1,506,510						519,646						127,340						827						2,290,860
Reinsurance recoverable						(3,598)						(9,866)						(1,378)						—						—						(14,842)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates						$	132,939					$	1,496,644					$	518,268					$	127,340					$	827					$	2,276,018

(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 June 30, 2024
						United American						Family Heritage						Liberty National						American Income						Direct to Consumer						Total
Net liability for future policy benefits at original discount rates						103,402						1,781,587						460,382						113,839						(6,104)						2,453,106
Effect of changes in discount rate assumptions						(3,406)						(222,918)						17,655						8,708						(155)						(200,116)
Other adjustments(1)						14,032						52						9,169						933						6,952						31,138
Net liability for future policy benefits, after other adjustments, at current discount rates						114,028						1,558,721						487,206						123,480						693						2,284,128
Reinsurance recoverable						(2,905)						(10,470)						(1,114)						—						—						(14,489)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates						$	111,123					$	1,548,251					$	486,092					$	123,480					$	693					$	2,269,639

(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 $60 million of reinsurance recoverable at current discount rates from liabilities to assets ($50 million at original discount rates) as of June 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—During the three months ended June 30, 2024 and 2023, the Company's results for actual variances from expected experience produced a net reserve remeasurement gain of $15.6 million and a net reserve remeasurement gain of $5.0 million, respectively, in the Condensed Consolidated Statements of Operations. During the six months ended June 30, 2024 and 2023, the Company's results for actual variances from expected experience produced a net reserve remeasurement gain of $23.7 million and a net reserve remeasurement gain of $5.6 million, respectively, in the Condensed Consolidated Statements of Operations. The variance of actual experience from expected experience during the first six months of 2024 was primarily due to favorable variances from our assumptions as compared to actual experience in our life insurance segment (a $17.3 million gain), and favorable variances from our assumptions as compared to actual experience in our health insurance segment (a $6.5 million gain). The variance of actual experience from expected experience during the six months ended 2023 was primarily due to favorable variances from our assumptions of life experience as compared to actual experience in our life insurance segment (a $5.1 million gain), and favorable variances from our assumptions of health experience as compared to actual experience in our health insurance segment (a $0.5 million

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Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

gain). There were no changes to the judgments, assumptions, and methods used in measuring the liability for future policy benefits during the six months ended June 30, 2024 and 2023.

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

						At Original Discount Rates												At Current Discount Rates
						As of June 30,												As of June 30,
						2024						2023(2)						2024						2023(2)
Life(1):
American Income						$	4,705,606					$	4,354,545					$	5,175,698					$	5,195,432
Direct to Consumer						3,078,612						2,892,543						3,479,316						3,503,406
Liberty National						2,275,889						2,226,220						2,339,535						2,405,467
Other						3,107,805						3,003,041						3,532,049						3,638,462
Net liability for future policy benefits—long duration life						13,167,912						12,476,349						14,526,598						14,742,767
Health(1):
United American						115,771						134,120						114,028						136,537
Family Heritage						1,781,632						1,665,025						1,558,721						1,506,510
Liberty National						469,145						485,797						487,206						519,646
American Income						114,716						113,981						123,480						127,340
Direct to Consumer						673						798						693						827
Net liability for future policy benefits—long duration health						2,481,937						2,399,721						2,284,128						2,290,860
Deferred profit liability						176,123						172,531						176,123						172,531
Deferred annuity						706,022						853,064						706,022						853,064
Interest sensitive life						728,097						736,920						728,097						736,920
Other						9,702						9,906						9,704						9,909
Total future policy benefits						$	17,269,793					$	16,648,491					$	18,430,672					$	18,806,051

(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 June 30, 2024 and 2023:

						As of June 30,
						2024												2023
						Original discount rate						Current discount rate						Original discount rate						Current discount rate
Life
American Income						5.7		%				5.3		%				5.8		%				5.0		%
Direct to Consumer						6.0		%				5.4		%				6.0		%				5.1		%
Liberty National						5.6		%				5.4		%				5.6		%				5.1		%
Other						6.2		%				5.4		%				6.2		%				5.1		%
Health
United American						5.1		%				5.2		%				5.1		%				4.9		%
Family Heritage						4.2		%				5.3		%				4.3		%				5.1		%
Liberty National						5.8		%				5.4		%				5.8		%				5.1		%
American Income						5.8		%				5.2		%				5.9		%				4.9		%
Direct to Consumer						5.1		%				5.2		%				5.1		%				4.9		%

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

						As of June 30,
						2024												2023
						At original discount rates						At current discount rates						At original discount rates						At current discount rates
Life
American Income						23.03						23.17						22.91						23.45
Direct to Consumer						19.44						20.66						20.12						21.81
Liberty National						15.22						15.40						14.97						15.69
Other						16.10						17.23						16.44						18.19
Health
United American						11.59						10.64						11.37						10.79
Family Heritage						15.16						14.21						14.87						14.41
Liberty National						9.26						9.26						9.34						9.68
American Income						12.35						12.55						12.12						12.73
Direct to Consumer						11.59						10.64						11.37						10.79

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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 six month periods ended June 30, 2024 and 2023:

						Life
						Six Months Ended June 30, 2024												Six Months Ended June 30, 2023
						Gross Premiums						Interest expense						Gross Premiums						Interest expense
American Income						$	836,931					$	133,928					$	781,453					$	123,816
Direct to Consumer						491,235						89,541						490,443						84,062
Liberty National						181,110						61,153						169,570						59,670
Other						101,652						92,151						103,343						88,926
Total						$	1,610,928					$	376,773					$	1,544,809					$	356,474

						Life
						Three Months Ended June 30, 2024												Three Months Ended June 30, 2023
						Gross Premiums						Interest expense						Gross Premiums						Interest expense
American Income						$	423,172					$	67,549					$	394,308					$	62,385
Direct to Consumer						246,041						45,081						245,736						42,348
Liberty National						91,239						30,611						85,498						29,901
Other						50,583						46,233						51,507						44,652
Total						$	811,035					$	189,474					$	777,049					$	179,286

						Health
						Six Months Ended June 30, 2024												Six Months Ended June 30, 2023
						Gross Premiums						Interest expense						Gross Premiums						Interest expense
United American						$	214,850					$	3,041					$	198,679					$	3,604
Family Heritage						209,246						35,204						194,219						32,272
Liberty National						94,952						13,155						93,434						13,801
American Income						58,389						3,314						56,335						3,256
Direct to Consumer						7,390						—						7,097						—
Total						$	584,827					$	54,714					$	549,764					$	52,933

						Health
						Three Months Ended June 30, 2024												Three Months Ended June 30, 2023
						Gross Premiums						Interest expense						Gross Premiums						Interest expense
United American						$	110,753					$	1,474					$	100,847					$	1,782
Family Heritage						105,855						17,773						98,129						16,295
Liberty National						47,518						6,572						46,690						6,881
American Income						29,470						1,659						28,239						1,624
Direct to Consumer						3,733						—						3,555						—
Total						$	297,329					$	27,478					$	277,460					$	26,582

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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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 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 June 30, 2024 and 2023:

						Life
						As of June 30, 2024																		As of June 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						$	25,077,717					$	14,130,383					$	14,177,334					$	23,507,444					$	13,292,363					$	13,604,682
PV of expected future net premiums						8,240,194						4,648,111						4,635,903						7,764,339						4,399,053						4,472,847
PV of expected future policy benefits						31,638,799						9,353,526						9,811,407						29,442,642						8,753,526						9,668,207
DTC
PV of expected future gross premiums						$	17,605,488					$	9,202,366					$	9,418,076					$	17,486,509					$	9,157,664					$	9,599,872
PV of expected future net premiums						10,784,908						5,670,288						5,810,518						10,811,358						5,700,354						5,988,577
PV of expected future policy benefits						25,978,972						8,748,900						9,289,834						25,685,249						8,592,897						9,487,233
Liberty National
PV of expected future gross premiums						$	4,760,222					$	2,777,507					$	2,744,508					$	4,511,931					$	2,630,182					$	2,657,925
PV of expected future net premiums						1,900,361						1,080,642						1,085,233						1,891,335						1,071,561						1,110,017
PV of expected future policy benefits						8,997,194						3,356,531						3,424,768						8,710,626						3,297,781						3,507,845
Other
PV of expected future gross premiums						$	3,671,193					$	1,866,118					$	1,974,726					$	3,773,740					$	1,909,405					$	2,075,784
PV of expected future net premiums						897,326						437,551						449,883						914,258						445,475						471,279
PV of expected future policy benefits						12,433,005						3,545,323						3,981,898						12,398,774						3,448,491						4,109,706
Total
PV of expected future gross premiums						$	51,114,620					$	27,976,374					$	28,314,644					$	49,279,624					$	26,989,614					$	27,938,263
PV of expected future net premiums						21,822,789						11,836,592						11,981,537						21,381,290						11,616,443						12,042,720
PV of expected future policy benefits						79,047,970						25,004,280						26,507,907						76,237,291						24,092,695						26,772,991

As of June 30, 2024, for the life segment using current discount rates, the Company anticipates $28.3 billion of expected future gross premiums and $12.0 billion of expected future net premiums. As of June 30, 2023, using current discount rates, the Company anticipated $27.9 billion of expected future gross premiums and $12.0 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 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 June 30, 2024																		As of June 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						$	8,930,346					$	5,449,708					$	5,359,418					$	6,896,513					$	4,338,871					$	4,335,298
PV of expected future net premiums						6,100,831						3,720,108						3,658,491						4,754,498						2,985,660						2,984,554
PV of expected future policy benefits						6,287,625						3,823,510						3,758,487						4,976,470						3,116,768						3,116,389
Family Heritage
PV of expected future gross premiums						$	6,998,187					$	4,103,577					$	3,823,106					$	6,569,913					$	3,903,618					$	3,684,436
PV of expected future net premiums						3,092,463						1,823,728						1,690,797						2,958,074						1,771,206						1,661,020
PV of expected future policy benefits						6,909,758						3,605,315						3,249,466						6,483,691						3,436,167						3,167,461
Liberty National
PV of expected future gross premiums						$	2,061,622					$	1,307,386					$	1,326,826					$	2,212,104					$	1,382,884					$	1,429,939
PV of expected future net premiums						505,985						338,934						337,741						627,206						400,180						409,551
PV of expected future policy benefits						1,391,768						799,316						815,778						1,561,839						880,879						923,148
American Income
PV of expected future gross premiums						$	1,792,241					$	1,003,909					$	1,021,346					$	1,787,907					$	998,307					$	1,035,471
PV of expected future net premiums						373,186						208,867						205,889						360,163						201,709						201,844
PV of expected future policy benefits						656,571						322,706						328,436						640,722						315,087						328,579
Direct to Consumer
PV of expected future gross premiums						$	242,288					$	151,969					$	154,318					$	174,681					$	114,216					$	118,015
PV of expected future net premiums						180,882						113,247						114,876						133,047						86,840						89,674
PV of expected future policy benefits						168,428						107,143						108,617						125,192						83,188						85,856
Total
PV of expected future gross premiums						$	20,024,684					$	12,016,549					$	11,685,014					$	17,641,118					$	10,737,896					$	10,603,159
PV of expected future net premiums						10,253,347						6,204,884						6,007,794						8,832,988						5,445,595						5,346,643
PV of expected future policy benefits						15,414,150						8,657,990						8,260,784						13,787,914						7,832,089						7,621,433

As of June 30, 2024, for the health segment using current discount rates, the Company anticipates $11.7 billion of expected future gross premiums and $6.0 billion of expected future net premiums. As of June 30, 2023, using current discount rates, the Company anticipated $10.6 billion of expected future gross premiums and $5.3 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 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 June 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						—						358						—						—						371						—
Premiums received						11,110						6,409						168,470						11,664						8,104						68,409
Policy charges						(6,172)						—						—						(6,516)						—						—
Surrenders and withdrawals						(11,476)						(62,562)						(7,351)						(10,622)						(87,271)						(6,324)
Benefit payments						(16,740)						(24,137)						—						(15,495)						(37,412)						—
Interest credited						13,968						12,213						9,104						14,191						14,745						3,339
Other						4,459						702						(6,556)						4,593						209						(785)
Balance at June 30,						$	728,097					$	706,022					$	400,625					$	736,920					$	853,064					$	187,873

						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 April 1,						$	729,721					$	739,019					$	401,269					$	737,900					$	907,797					$	142,686
Issuances						—						160						—						—						169						—
Premiums received						5,486						2,836						1,770						5,634						3,328						46,747
Policy charges						(3,061)						—						—						(3,197)						—						—
Surrenders and withdrawals						(5,167)						(30,999)						(3,834)						(5,238)						(43,738)						(3,021)
Benefit payments						(7,600)						(11,366)						—						(7,651)						(21,628)						—
Interest credited						6,952						5,970						5,583						7,056						7,185						2,101
Other						1,766						402						(4,163)						2,416						(49)						(640)
Balance at June 30,						$	728,097					$	706,022					$	400,625					$	736,920					$	853,064					$	187,873

Weighted-average credit rate						3.87		%				3.35		%				5.69		%				3.88		%				3.30		%				5.18		%
Net amount at risk						$	1,714,347					N/A						N/A						$	1,819,695					N/A						N/A
Cash surrender value						$	680,564					$	706,022					$	400,625					$	675,044					$	853,064					$	187,872

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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 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 June 30, 2024 and 2023:

						At June 30, 2024
Range of guaranteed minimum crediting rates						Interest Sensitive Life						Deferred Annuity						Other Policyholders' Funds
At guaranteed minimum
Less than 3.00%						$	—					$	1,743					$	304,454
3.00%-3.99%						29,238						515,442						3,246
4.00%-4.99%						608,867						187,985						6,539
Greater than 5.00%						89,992						—						36,775
Total						728,097						705,170						351,014
51-150 basis points above
Less than 3.00%						—						—						—
3.00%-3.99%						—						—						—
4.00%-4.99%						—						—						49,611
Greater than 5.00%						—						—						—
Total						—						—						49,611
Greater than 150 basis points above
Less than 3.00%						—						—						—
3.00%-3.99%						—						852						—
4.00%-4.99%						—						—						—
Greater than 5.00%						—						—						—
Total						—						852						—
Grand Total						$	728,097					$	706,022					$	400,625

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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 June 30, 2023
Range of guaranteed minimum crediting rates						Interest Sensitive Life						Deferred Annuity						Other Policyholders' Funds
At guaranteed minimum
Less than 3.00%						$	—					$	2,076					$	88,301
3.00%-3.99%						29,014						647,355						4,025
4.00%-4.99%						618,071						203,633						8,587
Greater than 5.00%						89,835						—						38,594
Total						736,920						853,064						139,507
51-150 basis points above
Less than 3.00%						$	—					$	—					$	—
3.00%-3.99%						—						—						—
4.00%-4.99%						—						—						48,366
Greater than 5.00%						—						—						—
Total						—						—						48,366
Greater than 150 basis points above
Less than 3.00%						$	—					$	—					$	—
3.00%-3.99%						—						—						—
4.00%-4.99%						—						—						—
Greater than 5.00%						—						—						—
Total						—						—						—
Grand Total						$	736,920					$	853,064					$	187,873

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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 7—Deferred Acquisition Costs

The following tables roll forward the deferred policy acquisition costs for the three and six month periods ended June 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						234,172						87,389						50,649						6,767						378,977
Amortization expense						(77,742)						(49,605)						(25,163)						(8,252)						(160,762)
Foreign exchange adjustment						2,759						—						—						—						2,759
Balance at June 30, 2023						$	2,417,480					$	1,714,715					$	636,209					$	296,861					$	5,065,265
Balance at January 1, 2024						$	2,573,370					$	1,737,117					$	666,419					$	294,869					$	5,271,775
Capitalizations						259,856						78,976						58,100						6,280						403,212
Amortization expense						(87,377)						(50,420)						(27,614)						(8,272)						(173,683)
Foreign exchange adjustment						(5,711)						—						—						—						(5,711)
Balance at June 30, 2024						$	2,740,138					$	1,765,673					$	696,905					$	292,877					$	5,495,593

						Life
						American Income						DTC						Liberty National						Other						Total
Balance at April 1, 2023						$	2,332,600					$	1,699,588					$	622,532					$	297,542					$	4,952,262
Capitalizations						118,777						39,979						26,428						3,446						188,630
Amortization expense						(39,443)						(24,852)						(12,751)						(4,127)						(81,173)
Foreign exchange adjustment						5,546						—						—						—						5,546
Balance at June 30, 2023						$	2,417,480					$	1,714,715					$	636,209					$	296,861					$	5,065,265
Balance at April 1, 2024						$	2,652,009					$	1,754,184					$	678,885					$	293,747					$	5,378,825
Capitalizations						132,413						36,851						32,035						3,267						204,566
Amortization expense						(44,401)						(25,362)						(14,015)						(4,137)						(87,915)
Foreign exchange adjustment						117						—						—						—						117
Balance at June 30, 2024						$	2,740,138					$	1,765,673					$	696,905					$	292,877					$	5,495,593

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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						996						30,591						9,734						6,320						—						47,641
Amortization expense						(3,041)						(13,200)						(6,554)						(1,903)						(94)						(24,792)
Foreign exchange adjustment						—						—						—						57						—						57
Balance at June 30, 2023						$	75,349					$	433,999					$	136,276					$	62,285					$	1,760					$	709,669
Balance at January 1, 2024						$	73,489					$	452,843					$	139,941					$	66,783					$	1,679					$	734,735
Capitalizations						1,289						33,932						12,444						7,280						2						54,947
Amortization expense						(2,803)						(14,521)						(7,288)						(2,237)						(73)						(26,922)
Foreign exchange adjustment						—						—						—						(237)						—						(237)
Balance at June 30, 2024						$	71,975					$	472,254					$	145,097					$	71,589					$	1,608					$	762,523

						Health
						United American						Family Heritage						Liberty National						American Income						DTC						Total
Balance at April 1, 2023						$	76,388					$	425,145					$	134,728					$	59,890					$	1,807					$	697,958
Capitalizations						489						15,494						4,852						3,177						—						24,012
Amortization expense						(1,528)						(6,640)						(3,304)						(965)						(47)						(12,484)
Foreign exchange adjustment						—						—						—						183						—						183
Balance at June 30, 2023						$	75,349					$	433,999					$	136,276					$	62,285					$	1,760					$	709,669
Balance at April 1, 2024						$	72,604					$	462,346					$	144,313					$	68,938					$	1,643					$	749,844
Capitalizations						793						17,242						4,465						3,750						1						26,251
Amortization expense						(1,422)						(7,334)						(3,681)						(1,138)						(36)						(13,611)
Foreign exchange adjustment						—						—						—						39						—						39
Balance at June 30, 2024						$	71,975					$	472,254					$	145,097					$	71,589					$	1,608					$	762,523

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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 June 30, 2024:

						June 30,
						2024						2023
Life
American Income						$	2,740,138					$	2,417,480
Direct to Consumer						1,765,673						1,714,715
Liberty National						696,905						636,209
Other						292,877						296,861
Total DAC—Life						5,495,593						5,065,265
Health
United American						71,975						75,349
Family Heritage						472,254						433,999
Liberty National						145,097						136,276
American Income						71,589						62,285
Direct to Consumer						1,608						1,760
Total DAC—Health						762,523						709,669
Annuity						2,178						3,798
Total						$	6,260,294					$	5,778,732

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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:

			June 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			368,295						697,521
Prior years			(3,930)						(4,853)
Total incurred			364,365						692,668
Paid related to:
Current year			225,585						535,971
Prior years			128,535						146,247
Total paid			354,120						682,218
Net balance at end of period			202,897						192,652
Plus reinsurance recoverables			1,668						2,157
Balance at end of period			$	204,565					$	194,809

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

			June 30, 2024						December 31, 2023
Policy claims and other benefits payable:
Life insurance			$	321,561					$	320,066
Health insurance			204,565						194,809
Total			$	526,126					$	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 June 30, 2024 and December 31, 2023.

Pension Assets by Component at June 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)			$	35,996					$	—					$	—					$	35,996					6
Equity exchange traded fund(1)			295,168						—						—						295,168						50
U.S. Government and Agency			—						180,280						—						180,280						30
Other bonds			—						4						—						4						—
Guaranteed annuity contract(2)			—						43,736						—						43,736						7
Short-term investments			8,808						—						—						8,808						2
Other			1,103						—						—						1,103						—
			$	341,075					$	224,020					$	—					565,095						95
Other long-term investments(3)																					26,977						5
Total pension assets																					$	592,072					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 June 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 the company owned life insurance (COLI) at June 30, 2024 and 2023 and investments of the Rabbi Trust at June 30, 2024 and December 31, 2023.

			Six Months Ended June 30,
			2024						2023
Premiums paid for insurance coverage			$	443					$	443
			June 30, 2024						December 31, 2023
Total investments:
COLI			$	56,423					$	55,185
Exchange traded funds			92,857						86,156
			$	149,280					$	141,341

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

			June 30, 2024						December 31, 2023
Pension Plans			$	581,490					$	554,957
SERP			72,579						72,603
Benefit obligation			$	654,069					$	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 six month periods ended June 30, 2024 and 2023.

Components of Net Periodic Benefit Cost

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Service cost—benefits earned during the period			$	6,228					$	5,390					$	12,449					$	10,782
Interest cost on projected benefit obligation			8,308						7,834						16,575						15,668
Expected return on assets			(10,647)						(9,656)						(21,293)						(19,312)
Amortization:
Prior service cost			269						269						538						538
Actuarial (gain) loss			6						(52)						12						(104)
Net periodic benefit cost			$	4,164					$	3,785					$	8,281					$	7,572

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 June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Basic weighted average shares outstanding			91,441,350						95,330,416						92,653,478						95,856,391
Weighted average dilutive options outstanding			—						921,019						333,855						1,228,920
Diluted weighted average shares outstanding			91,441,350						96,251,435						92,987,333						97,085,311
Antidilutive shares			4,958,491						492,970						2,063,624						351,343

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

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

 

Selected Information about Debt Issues

																					As of
																					June 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					$	(3,359)					$	546,641					$	522,121					$	546,283
Senior notes			08/21/2020						08/15/2030						2.150%						400,000						(3,099)						396,901						320,552						396,670
Senior notes(1)			05/19/2022						06/15/2032						4.800%						250,000						(3,928)						246,072						229,785						245,873
Junior subordinated debentures			11/17/2017						11/17/2057						5.275%						125,000						(1,565)						123,435						109,258						123,427
Junior subordinated debentures			06/14/2021						06/15/2061						4.250%						325,000						(7,653)						317,347						194,480						317,306
Total long-term debt																					1,650,000						(19,604)						1,630,396						1,376,196						1,629,559
Term loan(2)			05/11/2023						11/11/2024						6.420%						170,000						(196)						169,804						169,804						169,549
FHLB borrowings																					180,000						—						180,000						180,000						—
Commercial paper																					313,225						(8,423)						304,802						304,802						316,564
Total short-term debt																					663,225						(8,619)						654,606						654,606						486,113
Total debt																					$	2,313,225					$	(28,223)					$	2,285,002					$	2,030,802					$	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 is 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.

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 June 30, 2024, the Company was in full compliance with these covenants.

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

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

Credit Facility—Commercial Paper

(Dollar amounts in thousands)

			At
			June 30, 2024						December 31, 2023						June 30, 2023
Balance of commercial paper at end of period (par value)			$	313,225					$	319,000					$	260,000
Annualized interest rate			6.02		%				5.71		%				5.57		%
Letters of credit outstanding			$	115,000					$	115,000					$	115,000
Remaining amount available under credit line			571,775						316,000						375,000

Credit Facility—Commercial Paper Activity

(Dollar amounts in thousands)

			Six Months Ended June 30,
			2024						2023
Average balance of commercial paper outstanding during period (par value)			$	392,905					$	313,259
Daily-weighted average interest rate (annualized)			5.76		%				5.21		%
Maximum daily amount outstanding during period (par value)			$	633,425					$	477,700
Commercial paper issued during period (par value)			997,492						1,055,000
Commercial paper matured during period (par value)			(1,003,267)						(1,080,000)
Net commercial paper issued (matured) during period (par value)			(5,775)						(25,000)

Federal Home Loan Bank (FHLB): 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 $36.4 million in FHLB common stock as of June 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 June 30, 2024, Globe Life's insurance subsidiaries maximum borrowing capacity under the FHLB facility was approximately $640 million, net of outstanding funding agreements and short-term borrowings, on pledged assets with a fair value of $1.4 billion. As of June 30, 2024, $303 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 $180 million in short-term borrowings from the FHLB as of June 30, 2024, compared to $0 as of December 31, 2023, this amount is recorded in "Short-term debt".

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

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

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. An immaterial amount of annuities sold as companion products are included in the life segment. 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 June 30, 2024
						Life												Health												Annuity												Total
Distribution Channel						Amount						% of Total						Amount						% of Total						Amount						% of Total						Amount						% of Total
American Income						$	423,534					52						$	30,721					9						$	—					—						$	454,255					39
Direct to Consumer						248,839						31						18,132						5						—						—						266,971						23
Liberty National						92,197						11						47,705						14						—						—						139,902						12
United American						1,558						—						149,230						42						—						—						150,788						13
Family Heritage						1,645						—						105,855						30						—						—						107,500						9
Other						47,709						6						—						—						—						—						47,709						4
						$	815,482					100						$	351,643					100						$	—					—						$	1,167,125					100

						Three Months Ended June 30, 2023
						Life												Health												Annuity												Total
Distribution Channel						Amount						% of Total						Amount						% of Total						Amount						% of Total						Amount						% of Total
American Income						$	394,620					51						$	29,527					9						$	—					—						$	424,147					38
Direct to Consumer						248,607						32						17,175						5						—						—						265,782						24
Liberty National						86,634						11						46,903						14						—						—						133,537						12
United American						1,849						—						137,453						42						—						—						139,302						13
Family Heritage						1,513						—						98,129						30						—						—						99,642						9
Other						48,510						6						—						—						—						—						48,510						4
						$	781,733					100						$	329,187					100						$	—					—						$	1,110,920					100

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

						Six Months Ended June 30, 2024
						Life												Health												Annuity												Total
Distribution Channel						Amount						% of Total						Amount						% of Total						Amount						% of Total						Amount						% of Total
American Income						$	837,578					52						$	61,218					9						$	—					—						$	898,796					39
Direct to Consumer						496,879						31						35,998						5						—						—						532,877						23
Liberty National						182,974						11						95,335						14						—						—						278,309						12
United American						3,401						—						290,865						42						—						—						294,266						13
Family Heritage						3,261						—						209,246						30						—						—						212,507						9
Other						95,654						6						—						—						—						—						95,654						4
						$	1,619,747					100						$	692,662					100						$	—					—						$	2,312,409					100

						Six Months Ended June 30, 2023
						Life												Health												Annuity												Total
Distribution Channel						Amount						% of Total						Amount						% of Total						Amount						% of Total						Amount						% of Total
American Income						$	782,132					51						$	59,121					9						$	—					—						$	841,253					38
Direct to Consumer						496,274						32						34,423						5						—						—						530,697						24
Liberty National						171,837						11						93,875						14						—						—						265,712						12
United American						3,731						—						270,060						42						—						—						273,791						12
Family Heritage						2,993						—						194,201						30						—						—						197,194						9
Other						97,363						6						—						—						—						—						97,363						5
						$	1,554,330					100						$	651,680					100						$	—					—						$	2,206,010					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 June 30, 2024
			Life						Health						Annuity						Investment						Corporate & Other						Adjustments									Consolidated
Revenue:
Premium			$	815,482					$	351,643					$	—					$	—					$	—					$	—								$	1,167,125
Net investment income			—						—						—						285,636						—						—									285,636
Other income			—						—						—						—						74						—									74
Total revenue			815,482						351,643						—						285,636						74						—									1,452,835
Expenses:
Policy benefits			518,792						205,423						5,943						5,536						—						—									735,694
Required interest on reserves			(201,815)						(27,410)						(8,084)						237,309						—						—									—
Amortization of acquisition costs			87,915						13,611						389						—						—						—									101,915
Commissions, premium taxes, and non-deferred acquisition costs			90,267						59,531						4						—						—						—									149,802
Insurance administrative expense(1)			—						—						—						—						82,196						916						(2)			83,112
Parent expense			—						—						—						—						3,130						2,776						(2,3)			5,906
Stock-based compensation expense			—						—						—						—						10,090						—									10,090
Interest expense			—						—						—						—						31,404						—									31,404
Total expenses			495,159						251,155						(1,748)						242,845						126,820						3,692									1,117,923
Subtotal			320,323						100,488						1,748						42,791						(126,746)						(3,692)									334,912
Non-operating items			—						—						—						—						—						3,692						(2,3)			3,692
Measure of segment profitability (pretax)			$	320,323					$	100,488					$	1,748					$	42,791					$	(126,746)					$	—								338,604
Realized gains (losses)																																										(12,589)
Legal costs and proceedings																																										(2,435)
Non-operating expenses																																										(1,257)
Income before income taxes per Condensed Consolidated Statements of Operations																																										$	322,323

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

(2)Legal costs and proceedings.

(3)Non-operating expenses.

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

			Three Months Ended June 30, 2023
			Life						Health						Annuity						Investment						Corporate & Other						Adjustments									Consolidated
Revenue:
Premium			$	781,733					$	329,187					$	—					$	—					$	—					$	—								$	1,110,920
Net investment income			—						—						—						261,244						—						—									261,244
Other income			—						—						—						—						85						—									85
Total revenue			781,733						329,187						—						261,244						85						—									1,372,249
Expenses:
Policy obligations			512,664						195,924						7,107						1,815						—						—									717,510
Required interest on reserves			(191,781)						(26,548)						(9,715)						228,044						—						—									—
Amortization of acquisition costs			81,173						12,484						423						—						—						—									94,080
Commissions, premium taxes, and non-deferred acquisition costs			83,547						54,908						4						—						—						—									138,459
Insurance administrative expense(1)			—						—						—						—						75,459						—									75,459
Parent expense			—						—						—						—						3,088															3,088
Stock-based compensation expense			—						—						—						—						7,486						—									7,486
Interest expense			—						—						—						—						25,818						—									25,818
Total expenses			485,603						236,768						(2,181)						229,859						111,851						—									1,061,900
Subtotal			296,130						92,419						2,181						31,385						(111,766)						—									310,349
Non-operating items			—						—						—						—						—						—									—
Measure of segment profitability (pretax)			$	296,130					$	92,419					$	2,181					$	31,385					$	(111,766)					$	—								310,349
Realized gains (losses)																																										(45,843)
Income before income taxes per Condensed Consolidated Statements of Operations																																										$	264,506

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

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

			Six Months Ended June 30, 2024
			Life						Health						Annuity						Investment						Corporate & Other						Adjustments									Consolidated
Revenue:
Premium			$	1,619,747					$	692,662					$	—					$	—					$	—					$	—								$	2,312,409
Net investment income			—						—						—						568,214						—						—									568,214
Other income			—						—						—						—						150						—									150
Total revenue			1,619,747						692,662						—						568,214						150						—									2,880,773
Expenses:
Policy obligations			1,038,663						407,750						12,070						9,004						—						—									1,467,487
Required interest on reserves			(401,522)						(54,583)						(16,529)						472,634						—						—									—
Required interest on DAC			—						—						—						—						—						—									—
Amortization of acquisition costs			173,683						26,922						788						—						—						—									201,393
Commissions, premium taxes, and non-deferred acquisition costs			179,589						118,315						8						—						—						—									297,912
Insurance administrative expense(1)			—						—						—						—						162,607						916						(2)			163,523
Parent expense			—						—						—						—						5,956						3,486						(2,3)			9,442
Stock-based compensation expense			—						—						—						—						19,357						—									19,357
Interest expense			—						—						—						—						60,025						—									60,025
Total expenses			990,413						498,404						(3,663)						481,638						247,945						4,402									2,219,139
Subtotal			629,334						194,258						3,663						86,576						(247,795)						(4,402)									661,634
Non-operating items			—						—						—						—						—						4,402						(2,3)			4,402
Measure of segment profitability (pretax)			$	629,334					$	194,258					$	3,663					$	86,576					$	(247,795)					$	—								666,036
Realized gains (losses)																																										(24,388)
Legal costs and proceedings																																										(2,435)
Non-operating expenses																																										(1,967)
Income before income taxes per Condensed Consolidated Statements of Operations																																										$	637,246

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

(2)Legal costs and proceedings.

(3)Non-operating expenses.

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

			Six Months Ended June 30, 2023
			Life						Health						Annuity						Investment						Corporate & Other						Adjustments									Consolidated
Revenue:
Premium			$	1,554,330					$	651,680					$	—					$	—					$	—					$	—								$	2,206,010
Net investment income			—						—						—						518,349						—						—									518,349
Other income			—						—						—						—						135						—									135
Total revenue			1,554,330						651,680						—						518,349						135						—									2,724,494
Expenses:
Policy obligations			1,020,641						386,886						14,648						3,262						—						—									1,425,437
Required interest on reserves			(381,602)						(52,871)						(19,974)						454,447						—						—									—
Amortization of acquisition costs			160,762						24,792						848						—						—						—									186,402
Commissions, premium taxes, and non-deferred acquisition costs			167,125						109,122						9						—						—						—									276,256
Insurance administrative expense(1)			—						—						—						—						149,366						—									149,366
Parent expense			—						—						—						—						5,673						—									5,673
Stock-based compensation expense			—						—						—						—						15,165						—									15,165
Interest expense			—						—						—						—						50,685						—									50,685
Total expenses			966,926						467,929						(4,469)						457,709						220,889						—									2,108,984
Subtotal			587,404						183,751						4,469						60,640						(220,754)						—									615,510
Non-operating items			—						—						—						—						—						—									—
Measure of segment profitability (pretax)			$	587,404					$	183,751					$	4,469					$	60,640					$	(220,754)					$	—								615,510
Realized gains (losses)																																										(76,770)
Income before income taxes per Condensed Consolidated Statements of Operations																																										$	538,740

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

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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 portfolio yield;

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'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 six months ended June 30, 2024 was 20.8% and net operating income as an ROE, excluding accumulated other comprehensive income(1) was 14.5%.

•Total premium increased 5% over the same period in the prior year. Life premium increased 4% for the period from $1.55 billion in 2023 to $1.62 billion in 2024.

•Net investment income increased 10% over the same period in the prior year.

•Total net sales increased 10% over the same period in the prior year from $379 million in 2023 to $415 million in 2024. The average producing agent count across all of the exclusive agencies increased 13% over the prior year.

•Book value per share increased 40% over the same period in the prior year from $41.44 to $58.06. Book value per share, excluding accumulated other comprehensive income(1), increased 14% over the prior year from $72.09 in 2023 to $82.38 in 2024.

The following graphs represent net income and net operating income for the six month periods ended June 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 $(2.2) billion and $(2.9) billion for the six months ended June 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 $(24.32) and $(30.65) for the six months ended June 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 $513 million during the six months ended June 30, 2024, compared with $439 million in the same period in 2023. On a diluted per common share basis, net income per common share for the six months ended June 30, 2024 increased 22% from $4.52 to $5.51.

Net operating income increased 7% to $535 million for the six months ended June 30, 2024, compared with $500 million for the same period in 2023, primarily due to a 43% increase in excess investment income as well as a 7% increase in life underwriting margin. On a diluted per common share basis, net operating income per common share for the six months ended June 30, 2024 increased from $5.15 to $5.76, a 12% 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.

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.

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GLOBE LIFE INC.

Management's Discussion & Analysis

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 strong ROE, excluding accumulated other comprehensive income.

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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)

			Six Months Ended June 30,
			2024						2023						Change						%
Life insurance underwriting margin			$	629,334					$	587,404					$	41,930					7
Health insurance underwriting margin			194,258						183,751						10,507						6
Annuity underwriting margin			3,663						4,469						(806)						(18)
Excess investment income			86,576						60,640						25,936						43
Other insurance:
Other income			150						135						15						11
Administrative expense			(162,607)						(149,366)						(13,241)						9
Corporate and other			(85,338)						(71,523)						(13,815)						19
Pre-tax total			666,036						615,510						50,526						8
Applicable taxes			(130,720)						(115,992)						(14,728)						13
Net operating income			535,316						499,518						35,798						7
Reconciling items, net of tax:
Realized gains (losses)			(19,266)						(60,648)						41,382
Non-operating expenses			(1,554)						—						(1,554)
Legal costs and proceedings			(1,924)						—						(1,924)
Net income			$	512,572					$	438,870					$	73,702					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 $42 million compared with the prior period, primarily a result of increased premiums and favorable policy obligations as a percent of premium. Excess investment income increased $26 million compared with the prior period, resulting from growth in our invested assets and increased yields due to higher interest rates. The health segment contributed to the growth in income as well, contributing $194 million of underwriting margin in the first six months of 2024 compared with $184 million in the first six 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 six months ended June 30, 2024.

Total premium income rose 5% for the six months ended June 30, 2024 to $2.31 billion. Total net sales increased 10% to $415 million, when compared with 2023. Total first-year collected premium (defined in the following section) increased 12% to $333 million for 2024 compared to $297 million in 2023.

Life insurance premium income increased 4% to $1.62 billion over the prior-year total of $1.55 billion. Life net sales rose 8% to $303 million for the first six months of 2024. First-year collected life premium increased 9% to $227 million. Life underwriting margin, as a percent of premium, increased to 39% for 2024 from 38%. Underwriting margin increased to $629 million in 2024, compared to $587 million for the same period in 2023.

Health insurance premium income increased 6% to $693 million over the prior-year total of $652 million. Health net sales rose 13% to $112 million for the first six months of 2024. First-year collected health premium rose 20% to $107 million. Health underwriting margin, as a percent of premium, was 28% for 2024 and 2023. Health underwriting margin increased 6% to $194 million for the first six months of 2024, compared to the same period in 2023.

Excess investment income, the measure of profitability of our investment segment, increased 43% during the first six months of 2024 to $86.6 million from $60.6 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 50% to $0.93 from $0.62 when compared with the same period in 2023.

Insurance administrative expenses increased 9% in 2024 when compared with the prior-year period. These expenses were 7.0% as a percent of premium during 2024 compared to 6.8% in 2023.

For the six months ended June 30, 2024, the Company repurchased 4.0 million Globe Life Inc. shares at a total cost of $330 million for an average share price of $83.17.

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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 76% 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)

			Six Months Ended June 30,																								Change
			2024												2023
			Amount						% of Premium						Amount						% of Premium						Amount						%
Premium and policy charges			$	1,619,747					100						$	1,554,330					100						$	65,417					4
Policy obligations			1,038,663						64						1,020,641						66						18,022						2
Required interest on reserves			(401,522)						(25)						(381,602)						(25)						(19,920)						5
Net policy obligations			637,141						39						639,039						41						(1,898)						—
Commissions, premium taxes, and non-deferred acquisition expenses			179,589						11						167,125						11						12,464						7
Amortization of acquisition costs			173,683						11						160,762						10						12,921						8
Total expense			990,413						61						966,926						62						23,487						2
Insurance underwriting margin			$	629,334					39						$	587,404					38						$	41,930					7

Net policy obligations amounted to 39% of premium for the six months ended June 30, 2024 compared to 41% in the year ago period.

The table below summarizes life underwriting margin by distribution channel.

 

Life Insurance

Underwriting Margin by Distribution Channel

(Dollar amounts in thousands)

			Six Months Ended June 30,
			2024												2023												Change
			Amount						% of Premium						Amount						% of Premium						Amount						%
American Income			$	379,730					45						$	355,104					45						$	24,626					7
Direct to Consumer			122,433						25						112,594						23						9,839						9
Liberty National			61,785						34						56,076						33						5,709						10
Other			65,386						64						63,630						61						1,756						3
Total			$	629,334					39						$	587,404					38						$	41,930					7

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Globe Life Inc.

Management's Discussion & Analysis

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

Life Insurance

Premium by Distribution Channel

(Dollar amounts in thousands)

			Six Months Ended June 30,																								Change
			2024												2023
			Amount						% of Total						Amount						% of Total						Amount						%
American Income			$	837,578					52						$	782,132					50						$	55,446					7
Direct to Consumer			496,879						31						496,274						32						605						—
Liberty National			182,974						11						171,837						11						11,137						6
Other			102,316						6						104,087						7						(1,771)						(2)
Total			$	1,619,747					100						$	1,554,330					100						$	65,417					4

Annualized life premium in force was $3.27 billion at June 30, 2024, an increase of 4% over $3.14 billion a year earlier.

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)

			Six Months Ended June 30,																								Change
			2024												2023
			Amount						% of Total						Amount						% of Total						Amount						%
American Income			$	191,863					63						$	165,269					59						$	26,594					16
Direct to Consumer			59,177						20						64,096						23						(4,919)						(8)
Liberty National			47,494						16						45,248						16						2,246						5
Other			4,466						1						5,044						2						(578)						(11)
Total			$	303,000					100						$	279,657					100						$	23,343					8

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)

			Six Months Ended June 30,																								Change
			2024												2023
			Amount						% of Total						Amount						% of Total						Amount						%
American Income			$	150,362					66						$	129,907					62						$	20,455					16
Direct to Consumer			35,716						16						40,835						20						(5,119)						(13)
Liberty National			36,764						16						32,423						16						4,341						13
Other			3,947						2						4,381						2						(434)						(10)
Total			$	226,789					100						$	207,546					100						$	19,243					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 June 30, 2024 total life premium. For the six months ended June 30, 2024, the average monthly life premium issued per policy was $57 as compared to $53 for the same period in the prior year. Net sales were $192 million for the six months ended June 30, 2024, up from $165 million in the year-ago period. The underwriting margin, as a percent of premium, was 45% for the six months ended June 30, 2024 and 2023.

Below is the average producing agent count for the six months ended June 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 14% 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 June 30,												Change
			2024						2023						Amount						%
American Income			11,504						10,101						1,403						14

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 $59 million for the six months ended June 30, 2024 compared with $64 million for the same period in the prior year. This decline is due primarily to reductions in 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 25% for the six months ended June 30, 2024 compared with 23% 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 34% for the six months ended June 30, 2024, up from 33% 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 six months of 2024 as compared to same period in 2023. For the six months ended June 30, 2024, the average monthly life premium per policy issued was $43 the same as in the prior year period.

Net sales rose 5% in the six months ended June 30, 2024 over the same period in 2023 due primarily to increased agent count.

Below is the average producing agent count for the six months ended June 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 June 30,												Change
			2024						2023						Amount						%
Liberty National			3,560						3,096						464						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 $102 million of life premium income, or 6% of Globe Life's total life premium income in the six months ended June 30, 2024, and contributed 1% 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 24% of total underwriting margin. Health underwriting margin increased 6% to $194 million compared to $184 million in the prior year. 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.

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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)

			Six Months Ended June 30,																								Change
			2024												2023
			Amount						% of Premium						Amount						% of Premium						Amount						%
Premium			$	692,662					100						$	651,680					100						$	40,982					6
Policy obligations			407,750						59						386,886						59						20,864						5
Required interest on reserves			(54,583)						(8)						(52,871)						(8)						(1,712)						3
Net policy obligations			353,167						51						334,015						51						19,152						6
Commissions, premium taxes, and non-deferred acquisition expenses			118,315						17						109,122						17						9,193						8
Amortization of acquisition costs			26,922						4						24,792						4						2,130						9
Total expense			498,404						72						467,929						72						30,475						7
Insurance underwriting margin			$	194,258					28						$	183,751					28						$	10,507					6

The table below summarizes health underwriting margin by distribution channel.

 

Health Insurance

Underwriting Margin by Distribution Channel

(Dollar amounts in thousands)

			Six Months Ended June 30,
			2024												2023												Change
			Amount						% of Premium						Amount						% of Premium						Amount						%
United American			$	28,477					10						$	27,691					10						$	786					3
Family Heritage			72,449						35						64,453						33						7,996						12
Liberty National			53,072						56						53,078						57						(6)						—
American Income			38,284						63						36,555						62						1,729						5
Direct to Consumer			1,976						5						1,974						6						2						—
Total			$	194,258					28						$	183,751					28						$	10,507					6

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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)

			Six Months Ended June 30,																								Increase (Decrease)
			2024												2023
			Amount						% of Total						Amount						% of Total						Amount						%
United American			$	290,865					42						$	270,060					42						$	20,805					8
Family Heritage			209,246						30						194,201						30						15,045						8
Liberty National			95,335						14						93,875						14						1,460						2
American Income			61,218						9						59,121						9						2,097						4
Direct to Consumer			35,998						5						34,423						5						1,575						5
Total			$	692,662					100						$	651,680					100						$	40,982					6

Premium related to limited-benefit supplemental health products comprise $388 million, or 56%, of the total health premiums for the six months ended June 30, 2024, compared with $366 million, or 56%, in the same period in the prior year. Premium from Medicare Supplement products comprises the remaining $305 million, or 44%, for the six months ended June 30, 2024, compared with $286 million, or 44%, in the same period in the prior year.

Annualized health premium in force was $1.44 billion at June 30, 2024, an increase of 7% over $1.34 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)

			Six Months Ended June 30,																								Increase (Decrease)
			2024												2023
			Amount						% of Total						Amount						% of Total						Amount						%
United American			$	34,651					31						$	28,313					29						$	6,338					22
Family Heritage			49,536						44						45,553						46						3,983						9
Liberty National			15,969						14						15,154						15						815						5
American Income			10,386						9						9,216						9						1,170						13
Direct to Consumer			1,643						2						1,257						1						386						31
Total			$	112,185					100						$	99,493					100						$	12,692					13

Health net sales related to limited-benefit supplemental health products comprise $84 million, or 75%, of the total health net sales for the six months ended June 30, 2024, compared with $77 million, or 78%, in the same period in the prior year. Medicare Supplement sales make up the remaining $28 million, or 25%, for 2024 compared with $22 million, or 22%, 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)

			Six Months Ended June 30,																								Increase (Decrease)
			2024												2023
			Amount						% of Total						Amount						% of Total						Amount						%
United American			$	42,434					40						$	31,585					36						$	10,849					34
Family Heritage			38,666						36						35,030						39						3,636						10
Liberty National			14,102						13						12,414						14						1,688						14
American Income			9,568						9						8,371						9						1,197						14
Direct to Consumer			1,885						2						1,732						2						153						9
Total			$	106,655					100						$	89,132					100						$	17,523					20

 

First-year collected premium related to limited-benefit supplemental health products is $77 million, or 72%, of total first-year collected premium for the six months ended June 30, 2024 compared with $64 million, or 71%, in the same period in the prior year. First-year collected premium from Medicare Supplement policies make up the remaining $30 million, or 28%, for the six months ended June 30, 2024 compared with $25 million, or 29%, 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 22% from the same period in the prior-year period.

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 six months ended June 30, 2024 and 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 35% for the six months ended June 30, 2024 compared with 33% in 2023.

The Division experienced a 9% rise in health net sales as compared with the six-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 flat compared with the same period a year ago; however, 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 June 30,												Change
			2024						2023						Amount						%
Family Heritage			1,328						1,322						6						—

The Liberty National Division represented 14% of all Globe Life health premium income for the six months ended June 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 $95 million for the six months ended June 30, 2024 up from $94 million for the same period in 2023. Liberty National's first-year collected premium rose 14% to $14 million in the six months ended June 30, 2024 compared with $12 million for the same period in 2023. Health net sales for the six months ended June 30, 2024 rose 5% from the comparable period in 2023, a result of the continued impact of the Division's return to face-to-face customer interaction, and the option of virtual sales. For the six months ended June 30, 2024 and 2023, underwriting margin as a percent of premium was 56% and 57%, respectively.

The Other agency distribution channels, while primarily focused on selling life insurance, 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 six months ended June 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) 

 

			Six Months Ended June 30,												Change
			2024						2023						Amount						%
Net investment income			$	568,214					$	518,349					$	49,865					10
Interest on policy liabilities(1)			(481,638)						(457,709)						(23,929)						5
Excess investment income			$	86,576					$	60,640					$	25,936					43
Excess investment income per diluted share			$	0.93					$	0.62					$	0.31					50
Mean invested assets (at amortized cost)			$	21,307,683					$	20,227,250					$	1,080,433					5
Average insurance policy liabilities			17,395,345						16,580,338						815,007						5

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

Excess investment income increased $25.9 million, or 43%, compared with the year-ago period. Excess investment income per diluted common share was $0.93 for the six months ended June 30, 2024, an increase of 50% 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 six months ended June 30, 2024 was $568 million or 10% greater than the year-ago period. Mean invested assets increased 5% during the first six months of 2024 over the same period last year. The effective annual yield rate earned on the fixed maturity portfolio was 5.26% in the first six months of 2024, compared with 5.18% a year earlier. Investment income grew in the current period primarily due to the growth in invested assets and higher interest rates compared to the prior year. 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 six months ended June 30, 2024 was 8.47%. The earned yield on limited partnership investments for the six months ended June 30, 2024 was 8.90%. 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 June 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 $24 million, or 5%, to $482 million, compared 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)

			Six Months Ended June 30,
			2024												2023
			Amount						Per Share						Amount						Per Share
Fixed maturities:
Sales			$	(7,840)					$	(0.09)					$	(8,544)					$	(0.09)
Matured or other redemptions(1)			(39)						—						(117)						—
Provision for credit losses			(13)						—						(57,281)						(0.59)
Fair value option—change in fair value			(15,084)						(0.16)						5,598						0.06
Mortgages			(1,701)						(0.02)						(3,839)						(0.04)
Other investments			910						0.01						(299)						—
Total realized gains (losses)—investments			(23,767)						(0.26)						(64,482)						(0.66)
Other gains (losses)(2)			4,501						0.05						3,834						0.04
Total realized gains (losses)			$	(19,266)					$	(0.21)					$	(60,648)					$	(0.62)

(1)During the six months ended June 30, 2024 and 2023, the Company recorded $78.9 million and $17.9 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)

			Six Months Ended June 30,
			2024						2023
Cost of acquisitions:
Investment-grade corporate securities			$	898,390					$	370,711
Investment-grade municipal securities			6,520						299,280
Other securities			18,186						—
Total fixed maturity acquisitions(1)			$	923,096					$	669,991
Effective annual yield (one year compounded)(2)			5.94		%				5.79		%
Average life (in years, to next call)			30.9						17.4
Average life (in years, to maturity)			33.0						24.6
Average rating			A-						A+

(1)Fixed maturity acquisitions included unsettled trades of $0 in 2024 and $47 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 six 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 six 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. 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

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
			June 30, 2024						December 31, 2023						June 30, 2023
Average annual effective yield(1)			5.24%						5.23%						5.21%
Average life, in years, to:
Next call(2)			15.1						14.6						14.5
Maturity(2)			19.1						18.6						18.3
Effective duration to:
Next call(2,3)			8.9						9.0						8.8
Maturity(2,3)			10.7						10.7						10.4

(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 June 30, 2024 and December 31, 2023.

Fixed Maturities by Sector

June 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			$	106,829		$	—		$	(12,187)		$	94,642					$	2,577,375		$	40,896		$	(197,026)		$	2,421,245					13			14
Banks			65,814			28			(5,491)			60,351						1,165,256			14,924			(74,408)			1,105,772						6			6
Other financial			74,966			—			(24,009)			50,957						1,308,689			16,552			(167,771)			1,157,470						7			7
Total financial			247,609			28			(41,687)			205,950						5,051,320			72,372			(439,205)			4,684,487						26			27
Industrial
Energy			44,615			—			(6,722)			37,893						1,404,385			35,821			(79,043)			1,361,163						7			8
Basic materials			—			—			—			—						1,203,105			22,654			(90,329)			1,135,430						6			6
Consumer, non-cyclical			—			—			—			—						2,146,048			15,732			(235,750)			1,926,030						11			11
Other industrials			5,178			—			(31)			5,147						1,106,191			16,433			(109,505)			1,013,119						6			6
Communications			—			—			—			—						914,943			11,912			(100,132)			826,723						5			5
Transportation			8,403			—			(407)			7,996						564,907			11,095			(36,551)			539,451						3			3
Consumer. cyclical			135,775			67			(25,801)			110,041						520,691			3,093			(68,726)			455,058						3			2
Technology			50,279			—			(869)			49,410						360,568			1,168			(60,775)			300,961						2			2
Total industrial			244,250			67			(33,830)			210,487						8,220,838			117,908			(780,811)			7,557,935						43			43
Utilities			29,309			—			(1,500)			27,809						2,133,247			40,493			(124,426)			2,049,314						11			11
Total corporates			521,168			95			(77,017)			444,246						15,405,405			230,773			(1,344,442)			14,291,736						80			81
States, municipalities, and political divisions:
General obligations			—			—			—			—						890,407			5,758			(158,168)			737,997						5			4
Revenues			—			—			—			—						2,365,422			22,023			(315,188)			2,072,257						12			12
Total states, municipalities, and political divisions			—			—			—			—						3,255,829			27,781			(473,356)			2,810,254						17			16
Other fixed maturities:
Government (U.S. and foreign)			—			—			—			—						443,826			3			(52,423)			391,406						2			2
Collateralized debt obligations			36,945			5,779			—			42,724						36,945			5,779			—			42,724						—			—
Other asset-backed securities			5,989			—			(17)			5,972						80,136			1			(3,249)			76,888						1			1
Total fixed maturities			$	564,102		$	5,874		$	(77,034)		$	492,942					$	19,222,141		$	264,337		$	(1,873,470)		$	17,613,008					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 June 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 June 30, 2024, the total fixed maturity portfolio consisted of 981 issuers.

Fixed maturities had a fair value of $17.6 billion at June 30, 2024, compared with $17.9 billion at December 31, 2023. The net unrealized loss position in the fixed-maturity portfolio increased from $1.0 billion at December 31, 2023 to $1.6 billion at June 30, 2024 due to an increase in market rates during the period.

For more information about our fixed maturity portfolio by component at June 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 June 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 $417 million ($373 million at fair value) for which the ratings were assigned by the third-party managers.

Fixed Maturities by Rating

At June 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			$	966,626					5						$	864,189					5
AA			3,245,603						17						2,754,721						15
A			5,637,834						29						5,305,282						30
BBB+			3,331,389						17						3,123,345						18
BBB			4,410,097						23						4,070,530						23
BBB-			1,066,490						6						1,001,999						6
Total investment grade			18,658,039						97						17,120,066						97						A-
Below investment grade:
BB			504,590						3						427,601						3
B			18,633						—						18,684						—
Below B			40,879						—						46,657						—
Total below investment grade			564,102						3						492,942						3						BB
			$	19,222,141					100						$	17,613,008					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 June 30, 2024, down from 48% at December 31, 2023. While this ratio is high relative to our peers, it is at its lowest level in over 10 years 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 June 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)

			Six Months Ended June 30,
			2024						2023
Balance at beginning of period			$	529,511					$	542,497
Downgrades by rating agencies			29,006						107,061
Upgrades by rating agencies			—						(32,540)
Net Acquisitions (Dispositions)			5,188						(49,992)
Provision for credit losses			(17)						(72,508)
Amortization and other			414						1,890
Balance at end of period			$	564,102					$	496,408

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 downgrades of existing holdings. Below-investment grade bonds at amortized cost, net of allowance for credit

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Globe Life Inc.

Management's Discussion & Analysis

losses, were 8% of our shareholders’ equity excluding accumulated other comprehensive income as of June 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)

			Six Months Ended June 30,																								Increase
			2024												2023												(Decrease)
			Amount						% of Premium						Amount						% of Premium						Amount						%
Insurance administrative expenses:
Salaries			$	62,029					2.7						$	58,961					2.7						$	3,068					5
Other employee costs			18,076						0.8						18,714						0.8						(638)						(3)
Information technology costs			38,868						1.7						32,245						1.5						6,623						21
Legal costs			12,162						0.5						6,716						0.3						5,446						81
Other administrative costs			31,472						1.3						32,730						1.5						(1,258)						(4)
Total insurance administrative expenses			162,607						7.0						149,366						6.8						13,241						9
Parent company expense			5,956												5,673												283
Stock compensation expense			19,357												15,165												4,192
Legal costs and proceedings			2,435												—												2,435
Non-operating expenses			1,967												—												1,967
Total operating expenses, per Condensed Consolidated Statements of Operations			$	192,322											$	170,204											$	22,118					13

Total operating expenses for June 30, 2024 increased in comparison with the prior year primarily due to increases in insurance administrative expenses as well as stock compensation and legal expenses. Insurance administrative expenses increased $13.2 million primarily due to higher information technology costs, legal costs and salaries. Insurance administrative expenses as a percent of premium were 7.0% for the six months ended June 30, 2024 compared to 6.8% 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. On April 25, 2024, the Board of Directors authorized the repurchase of up to $1.3 billion for the two-year period ended December 31, 2025 under the Company's existing share repurchase 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 $9.4 billion of excess cash flow at the Parent Company 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 six month periods ended June 30, 2024 and 2023.

Analysis of Share Repurchases

(Amounts in thousands, except per share data) 

			Six Months Ended June 30,
			2024																		2023
			Shares						Amount						Average Price						Shares						Amount						Average Price
Purchases with:
Excess cash flow at the Parent Company(1)			3,964						$	329,737					$	83.17					1,955						$	218,807					$	111.94
Option exercise proceeds			300						26,404						88.09						419						48,255						115.17
Total			4,264						$	356,141					$	83.52					2,374						$	267,062					$	112.51

(1)Excludes excise tax on the repurchase of treasury stock of $3.2 million and $2.0 million for the six months ended June 30, 2024 and 2023, respectively.

The amount of share repurchases during the quarter were higher as we accelerated repurchases given favorable market conditions. 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.

			Six Months Ended June 30,												Twelve Months Ended December 31,
			2024						2023						Projected 2024						2023
Liquidity Sources:
Dividends from Subsidiaries			$	358,255					$	300,574					$490,000—510,000						$	459,535
Excess Cash Flows(1)			327,283						280,169						440,000—460,000						416,081

(1)Excess cash flows are reported gross of shareholder dividends. For the six months ended June 30, 2024 and 2023, shareholder dividends were $44 million and $42 million, respectively. For the twelve months ended December 31, 2024, we project approximately $88 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 June 30, 2024, we had available $572 million of additional borrowing capacity under this facility, compared to $375 million a year earlier. As of June 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
			June 30, 2024						December 31, 2023						June 30, 2023
Balance of commercial paper at end of period (par value)			$	313,225					$	319,000					$	260,000
Annualized interest rate			6.02		%				5.71		%				5.57		%
Letters of credit outstanding			$	115,000					$	115,000					$	115,000
Remaining amount available under credit line			571,775						316,000						375,000

Credit Facility—Commercial Paper Activity

(Dollar amounts in thousands)

			Six Months Ended June 30,
			2024						2023
Average balance of commercial paper outstanding during period (par value)			$	392,905					$	313,259
Daily-weighted average interest rate (annualized)			5.76		%				5.21		%
Maximum daily amount outstanding during period (par value)			$	633,425					$	477,700

The Company reduced the commercial paper borrowings by $6 million since year-end. The Company was able to issue commercial paper as needed under this facility during the six months ended June 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 $725 million in the first six months of 2024, compared with $804 million 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 $636 million during the first six 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 six months ended June 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 $188 million at June 30, 2024, compared with $185 million at December 31, 2023. In addition to these liquid assets, $17.6 billion (fair value at June 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.

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.

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GLOBE LIFE INC.

Management's Discussion & Analysis

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

Selected Information about Debt Issues

As of June 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					$	546,641					$	522,121
Senior notes			08/21/2020						08/15/2030						2.150%						semiannual						400,000						396,901						320,552
Senior notes(1)			05/19/2022						06/15/2032						4.800%						semiannual						250,000						246,072						229,785
Junior subordinated debentures			11/17/2017						11/17/2057						5.275%						semiannual						125,000						123,435						109,258
Junior subordinated debentures			06/14/2021						06/15/2061						4.250%						quarterly						325,000						317,347						194,480
Total long-term debt																											1,650,000						1,630,396						1,376,196
Term loan(2)			05/11/2023						11/11/2024						6.420%						quarterly						170,000						169,804						169,804
FHLB borrowings																											180,000						180,000						180,000
Commercial paper																											313,225						304,802						304,802
Total short-term debt																											663,225						654,606						654,606
Total debt																											$	2,313,225					$	2,285,002					$	2,030,802

(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.

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)

			Six Months Ended June 30,												Increase (Decrease)
			2024						2023						Amount						%
Interest on funded debt			$	33,853					$	38,822					$	(4,969)					(13)
Interest on term loans			5,956						1,564						4,392						281
Interest on short-term debt			20,203						10,286						9,917						96
Other			13						13						—						—
Financing costs			$	60,025					$	50,685					$	9,340					18

During the first six months of 2024, financing costs increased 18% 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 June 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

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GLOBE LIFE INC.

Management's Discussion & Analysis

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. For 2023, our consolidated Company Action Level RBC ratio was 314%. 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 $5.2 billion at June 30, 2024. This compares with $4.5 billion at December 31, 2023 and $4.0 billion at June 30, 2023. During the six months since December 31, 2023, shareholders’ equity increased as a result of net income of $513 million during the first six months of 2024, but was offset by share repurchases of $330 million and an additional $26 million in share repurchases to offset the dilution from stock option exercises. Additionally, the balance of AOCI increased $583 million primarily due to increased interest rates and discount rates over the period.

On May 6, 2024, the Parent Company announced that it had declared a quarterly dividend of $0.24 per share. This dividend was paid on August 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 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 six months ended June 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 June 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 June 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 we recently received 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.

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 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.

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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 the Company or investigations by regulators related to or prompted by such allegations.

In April 2024, we were the target of several short sellers who 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.

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 Second 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
April 1-30, 2024						1,845,837						$	77.85					1,845,837						—
May 1-31, 2024						2,227,926						84.79						2,227,926						—
June 1-30, 2024						—						—						—						—

Item 5. Other Information

(c) Trading arrangements

During the six months ended June 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
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: August 7, 2024									/s/ J. Matthew Darden
									J. Matthew Darden
									Co-Chairman and Chief Executive Officer
Date: August 7, 2024									/s/ Frank M. Svoboda
									Frank M. Svoboda
									Co-Chairman and Chief Executive Officer
Date: August 7, 2024									/s/ Thomas P. Kalmbach
									Thomas P. Kalmbach
									Executive Vice President and Chief Financial Officer

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