Cover and table of contents

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Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

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

For the fiscal year ended December 31, 2019

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)

Delaware63-0780404
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
3700 South Stonebridge Drive, McKinney, TX75070
(Address of principal executive offices)(Zip Code)

972-569-4000

(Registrant’s telephone number, including area code)

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

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 par value per shareGLNew York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes x No ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes ¨ No x

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 x 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 x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting 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 filerxAccelerated 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 x

As of June 30, 2019, the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was $9.6 billion based on the closing sale price as reported on the New York Stock Exchange.

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

ClassOutstanding at February 19, 2020
Common Stock, $1.00 par value per share107,533,326 shares

DOCUMENTS INCORPORATED BY REFERENCE

DocumentParts Into Which Incorporated
Proxy Statement for the Annual Meeting of Stockholders to be held on April 30, 2020 (Proxy Statement)Part III

GLOBE LIFE INC.

Table of Contents

Page
PART I.
Item 1.Business1
Item 1A.Risk Factors7
Item 1B.Unresolved Staff Comments13
Item 2.Properties13
Item 3.Legal Proceedings13
Item 4.Mine Safety Disclosures13
PART II.
Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities14
Item 6.Selected Financial Data15
Cautionary Statements16
Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations17
Item 7A.Quantitative and Qualitative Disclosures about Market Risk48
Item 8.Financial Statements and Supplementary Data48
Consolidated Balance Sheets51
Consolidated Statements of Operations52
Consolidated Statements of Comprehensive Income53
Consolidated Statements of Shareholders' Equity54
Consolidated Statements of Cash Flows55
Notes to Consolidated Financial Statements56
Note 1—Significant Accounting Policies56
Note 2—Statutory Accounting67
Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive Income68
Note 4—Investments70
Note 5—Deferred Acquisition Costs83
Note 6—Commitments and Contingencies84
Note 7—Liability for Unpaid Claims87
Note 8—Income Taxes88
Note 9—Postretirement Benefits90
Note 10—Supplemental Disclosures of Cash Flow Information97
Note 11—Debt98
Note 12—Shareholders' Equity100
Note 13—Stock-Based Compensation101
Note 14—Business Segments106
Note 15—Selected Quarterly Data113
Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure114
Item 9A.Controls and Procedures114
Item 9B.Other Information117
PART III.
Item 10.Directors, Executive Officers, and Corporate Governance117
Item 11.Executive Compensation117
Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters117
Item 13.Certain Relationships and Related Transactions and Director Independence118
Item 14.Principal Accountant Fees and Services118
PART IV.
Item 15.Exhibits and Financial Statement Schedules118

Part I

Next: Item 1. Business