Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

Index of documents filed as a part of this report:

			Page of this report
Financial Statements:
Globe Life Inc. and Subsidiaries:
Report of Independent Registered Public Accounting Firm			49
Consolidated Balance Sheets at December 31, 2019 and 2018			51
Consolidated Statements of Operations for each of the three years in the period ended December 31, 2019			52
Consolidated Statements of Comprehensive Income for each of the three years in the period ended December 31, 2019			53
Consolidated Statements of Shareholders’ Equity for each of the three years in the period ended December 31, 2019			54
Consolidated Statements of Cash Flows for each of the three years in the period ended December 31, 2019			55
Notes to Consolidated Financial Statements			56
Schedules Supporting Financial Statements for each of the three years in the period ended December 31, 2019:
II. Condensed Financial Information of Registrant (Parent Company)			123
IV. Reinsurance (Consolidated)			127
Schedules not referred to have been omitted as inapplicable or not required by Regulation S-X.

GL 2019 FORM 10-K

EXHIBITS

Exhibit No.						Description						Form						Filing Date						Related Exhibit						Page of this Report
3.1						Restated Certificate of Incorporation of Globe Life Inc.						8-K						August 8, 2019						3.2
3.2						Amended and Restated By-Laws of Globe Life Inc., as amended August 8, 2019						8-K						August 8, 2019						3.3
4.1						Trust Indenture dated as of February 1, 1987 between Torchmark Corporation and Morgan Guaranty Trust Company of New York, as Trustee						10-K						February 27, 2018						4.1
4.2						Fourth Supplemental Indenture dated as of September 24, 2012 between Torchmark Corporation and The Bank of New York Mellon Trust Company, N. A., as Trustee, supplementing the Indenture dated February 1, 1987						8-K						September 24, 2012						4.2
4.3						Junior Subordinated Indenture, dated November 2, 2001, between Torchmark Corporation and The Bank of New York defining the rights of the 7 3/4% Junior Subordinated Debentures						8-K						November 2, 2001						4.3
4.4						Second Supplemental Indenture dated as of April 5, 2016 between Torchmark Corporation and The Bank of New York Mellon Trust Company of New York, N.A., as Trustee, supplementing the Junior Subordinated Indenture dated as of November 2, 2001						8-K						April 5, 2016						4.3
4.5						Third Supplemental Indenture dated as of November 17, 2017 between Torchmark Corporation and Regions Bank, as Trustee, supplementing the Junior Subordinated Indenture dated as of November 2, 2001						8-K						November 17, 2017						4.4
4.6						Senior Indenture, dated as of September 24, 2018, between Torchmark Corporation and Regions Bank, as Trustee						S-3						September 24, 2018						4.1
4.7						First Supplemental Indenture, dated as of September 27, 2018, between Torchmark Corporation and Regions Bank, as Trustee						8-K						September 27, 2018						4.2
10.1						Torchmark Corporation Restated Deferred Compensation Plan for Directors, Advisory Directors, Directors Emeritus and Officers, as amended*						10-K						February 27, 2018						10.1
10.2						Amendment One to the Torchmark Corporation Restated Deferred Compensation Plan for Directors, Advisory Directors, Directors Emeritus and Officers*						10-K						February 27, 2009						10.54
10.3						Amendment Two to the Torchmark Corporation Restated Deferred Compensation Plan*						10-K						February 27, 2009						10.55
10.4						Form of Retirement Life Insurance Benefit Agreement ($1,995,000 face amount limit)*						10-K						March 22, 2002						10.Z
10.5						Form of Retirement Life Insurance Benefit Agreement ($495,000 face amount limit)*						10-K						March 22, 2002						10.AA
10.6						Torchmark Corporation Supplemental Executive Retirement Plan*						8-K						January 25, 2007						10.1
10.7						Amendment No. 1 to the Torchmark Corporation Supplemental Executive Retirement Plan*						10-K						February 29, 2008						10.53
10.8						Amendment No. 2 to the Torchmark Corporation Supplemental Executive Retirement Plan*						10-K						February 29, 2008						10.54
10.9						Amendment Three to the Torchmark Corporation Supplemental Executive Retirement Plan*						10-K						February 27, 2009						10.53
10.10						Amendment Four to the Torchmark Corporation Supplemental Executive Retirement Plan*						10-K						February 27, 2020						10.10
10.11						Amendment Five to the Torchmark Corporation Supplemental Executive Retirement Plan*						8-K						May 5, 2015						10.1
10.12						Amendment Six to the Torchmark Corporation Supplemental Executive Retirement Plan*						10-K						March 1, 2019						10.11

GL 2019 FORM 10-K

Exhibit No.						Description						Form						Filing Date						Related Exhibit						Page of this Report
10.13						Torchmark Corporation Non-Employee Director Compensation Plan, as amended and restated*						8-K						April 29, 2008						10.1
10.14						Form of Restricted Stock Unit Award Notice under Torchmark Corporation Non-Employee Director Compensation Plan*						10-K						February 29, 2008						10.58
10.15						Receivables Purchase Agreement dated as of December 31, 2008 among AILIC Receivables Corporation, American Income Life Insurance Company and TMK Re, Ltd.						8-K						January 6, 2009						10.1
10.16						Amendment No.1 to Receivables Purchase Agreement dated as of December 31, 2008 among AILIC Receivables Corporation, American Income Life Insurance Company, and TMK Re, Ltd.						10-K						February 28, 2014						10.58
10.17						Amendment No.2 to Receivables Purchase Agreement dated as of December 31, 2008 among AILIC Receivables Corporation, American Income Life Insurance Company, and TMK Re, Ltd.						10-K						March 1, 2019						10.17
10.18						Torchmark Corporation 2011 Incentive Plan*						8-K						May 4, 2011						10.1
10.19						First Amendment to Torchmark Corporation 2011 Incentive Plan*						8-K						April 29, 2014						10.1
10.20						Form of Ten year Stock Option under Torchmark Corporation 2011 Incentive Plan*						8-K						May 4, 2011						10.4
10.21						Form of Seven year Stock Option under Torchmark Corporation 2011 Incentive Plan*						8-K						May 4, 2011						10.5
10.22						Form of Performance Share Award under Torchmark Corporation 2011 Incentive Plan*						8-K						February 27, 2012						10.1
10.23						Form of Seven Year Stock Option Grant Agreement under Torchmark Corporation 2011 Incentive Plan, as amended with Non-Compete, Non-Solicit and Confidentiality Provisions*						10-K						February 27, 2017						10.75
10.24						Form of Ten Year Stock Option Grant Agreement under Torchmark Corporation 2011 Incentive Plan, as amended with Non-Compete, Non-Solicit and Confidentiality Provisions*						10-K						February 27, 2017						10.76
10.25						Form of Performance Share Award Certificate under Torchmark Corporation 2011 Incentive Plan, as amended with Non-Compete, Non-Solicit and Confidentiality Provisions*						10-K						February 27, 2017						10.77
10.26						Form of Seven Year Stock Option Grant Agreement (Special) under Torchmark Corporation 2011 Incentive Plan, as amended with Non-Compete, Non-Solicit and Confidentiality Provisions*						10-K						February 27, 2017						10.78
10.27						Torchmark Corporation Amended 2011 Non-Employee Director Compensation Plan, effective January, 2017						10-K						February 27, 2017						10.55
10.28						Form of Stock Option under Torchmark Corporation 2011 Non-Employee Director Compensation Plan*						10-K						February 28, 2011						10.57
10.29						Form of Restricted Stock Unit Award Notice under Torchmark Corporation 2011 Non-Employee Director Compensation Plan*						10-K						February 28, 2011						10.59
10.30						Torchmark Corporation 2018 Incentive Plan*						8-K						May 2, 2018						10.1
10.31						First Amendment to Torchmark Corporation 2018 Incentive Plan*						10-K						February 27, 2020						10.31
10.32						Amended Torchmark Corporation 2018 Non-Employee Director Compensation Plan*						10-K						February 27, 2020						10.32
10.33						Form of Performance Share Award under Torchmark Corporation 2018 Incentive Plan*						8-K						May 2, 2018						10.3
10.34						Form of Performance Share Award under Globe Life Inc. 2018 Incentive Plan*						10-K						February 27, 2020						10.34

GL 2019 FORM 10-K

Exhibit No.						Description						Form						Filing Date						Related Exhibit						Page of this Report
10.35						Form of Seven Year Stock Option under Torchmark Corporation 2018 Incentive Plan*						8-K						May 2, 2018						10.4
10.36						Form of Seven Year Stock Option under Globe Life Inc. 2018 Incentive Plan*						10-K						February 27, 2020						10.36
10.37						Form of Seven Year Stock Option under Torchmark Corporation 2018 Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions*						8-K						May 2, 2018						10.5
10.38						Form of Seven Year Stock Option under Globe Life Inc. 2018 Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions*						10-K						February 27, 2020						10.38
10.39						Form of Seven Year Stock Option under Globe Life Inc. 2018 Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions (Special)*						10-K						February 27, 2020						10.39
10.40						Form of Ten Year Stock Option under Torchmark Corporation 2018 Incentive Plan*						8-K						May 2, 2018						10.6
10.41						Form of Ten Year Stock Option under Torchmark Corporation 2018 Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions*						8-K						May 2, 2018						10.7
10.42						Form of Stock Option under Torchmark Corporation 2018 Non-Employee Director Compensation Plan*						8-K						May 2, 2018						10.8
10.43						Form of Restricted Stock Unit Award Notice under Torchmark Corporation 2018 Non-Employee Director Compensation Plan*						8-K						May 2, 2018						10.10
10.44						Form of Stock Option under Globe Life Inc. 2018 Non-Employee Director Compensation Plan*						10-K						February 27, 2020						10.44
10.45						Form of Restricted Stock under Globe Life Inc. 2018 Non-Employee Director Compensation Plan*						10-K						February 27, 2020						10.45
10.46						Form of Restricted Stock Unit Award Notice under Globe Life Inc. 2018 Non-Employee Director Compensation Plan*						10-K						February 27, 2020						10.46
10.47						Torchmark Corporation 2019 Management Incentive Plan (effective as of January 1, 2019)*						8-K						March 4, 2019						10.1
10.48						The Torchmark Corporation Amended and Restated Pension Plan Generally Effective as of January 1, 2014*						10-K						February 26, 2016						10.14
10.49						Torchmark Corporation Pension Plan 2016 Amendment to Limit Eligibility (effective December 31, 2016)*						10-K						February 27, 2017						10.8
10.50						2019 First Amendment to the Torchmark Corporation Pension Plan*						10-K						February 27, 2020						10.50
10.51						Amendment to the Globe Life Inc. Pension Plan*						10-K						February 27, 2020						10.51
10.52						Globe Life Inc. Savings and Investment Plan*						10-K						February 27, 2020						10.52
10.53						Payments to Directors*						10-Q						May 7, 2019						10.51
10.54						Second Amended and Restated Credit Agreement dated as of May 17, 2016 among Torchmark Corporation, as the Borrower, TMK Re, Ltd., as a Loan Party, Wells Fargo Bank, National Association, as Administrative Agent, Swing Line Lender and L/C Administrator and the other lenders party thereto						8-K						May 18, 2016						10.1
20						Proxy Statement for Annual Meeting of Shareholders to be held April 30, 2020**						DEF14-A						March 19, 2020
21						Subsidiaries of the registrant						10-K						February 27, 2020						21						123
23						Consent of Deloitte & Touche LLP						10-K						February 27, 2020						23
24						Powers of attorney						10-K						February 27, 2020						24
31.1						Rule 13a-14(a)/15d-14(a) Certification by Gary L. Coleman						10-K						February 27, 2020						31.1
31.2						Rule 13a-14(a)/15d-14(a) Certification by Larry M. Hutchison						10-K						February 27, 2020						31.2

GL 2019 FORM 10-K

Exhibit No.						Description						Form						Filing Date						Related Exhibit						Page of this Report
31.3						Rule 13a-14(a)/15d-14(a) Certification by Frank M. Svoboda						10-K						February 27, 2020						31.3
32.1						Section 1350 Certification by Gary L. Coleman, Larry M. Hutchison and Frank M. Svoboda						10-K						February 27, 2020						32.1
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.						10-K						February 27, 2020						101.INS
101.SCH						Inline XBRL Taxonomy Extension Schema Document.						10-K						February 27, 2020						101.SCH
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document.						10-K						February 27, 2020						101.CAL
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.						10-K						February 27, 2020						101.LAB
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.						10-K						February 27, 2020						101.PRE
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.						10-K						February 27, 2020						101.DEF
104						Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101).						10-K						February 27, 2020						104

• Compensatory plan or arrangement.

** To be filed with the Securities and Exchange Commission within 120 days after the fiscal year ended December 31, 2019.

Exhibit 21. Subsidiaries of the Registrant: The following table lists subsidiaries of the registrant which meet the definition of “significant subsidiary” according to Regulation S-X:

Name Under Which Company Does Business						State of Incorporation						Distribution Channel (Division)
Globe Life And Accident Insurance Company						Nebraska						Direct to Consumer
American Income Life Insurance Company						Indiana						American Income Life Division
Liberty National Life Insurance Company						Nebraska						Liberty National Division

While United American Insurance Company (Nebraska) and Family Heritage Life Insurance Company of America (Ohio) do not qualify as a significant subsidiaries in accordance with Regulation S-X, management views these subsidiaries as significant to our operations.

All other exhibits required by Regulation S-K are listed as to location in the “Index of documents filed as a part of this report” in this report. Exhibits not referred to have been omitted as inapplicable or not required.

GL 2019 FORM 10-K

GLOBE LIFE INC.

(PARENT COMPANY)

SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT

Condensed Balance Sheets

(Dollar amounts in thousands)

			December 31,
			2019						2018
Assets:
Investments:
Long-term investments			$	28,728					$	29,603
Short-term investments			3,401						21
Total investments			32,129						29,624
Cash			873						760
Investment in affiliates			9,020,073						7,128,588
Due from affiliates			96,129						96,110
Taxes receivable from affiliates			50,302						50,656
Other assets			160,723						152,103
Total assets			$	9,360,229					$	7,457,841
Liabilities:
Short-term debt			$	298,738					$	307,848
Long-term debt			1,498,851						1,507,000
Due to affiliates			3,532						3,002
Other liabilities			264,801						224,814
Total liabilities			2,065,922						2,042,664
Shareholders’ equity:
Preferred stock			351						351
Common stock			117,218						121,218
Additional paid-in capital			882,065						874,925
Accumulated other comprehensive income			1,844,830						319,475
Retained earnings			5,551,329						5,213,468
Treasury stock			(1,101,486)						(1,114,260)
Total shareholders’ equity			7,294,307						5,415,177
Total liabilities and shareholders’ equity			$	9,360,229					$	7,457,841

See Notes to Condensed Financial Statements and accompanying Report of Independent Registered

Public Accounting Firm.

GL 2019 FORM 10-K

GLOBE LIFE INC.

(PARENT COMPANY)

SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued)

Condensed Statement of Operations

(Dollar amounts in thousands)

			Year Ended December 31,
			2019						2018						2017
Net investment income			$	28,869					$	28,077					$	26,130
Realized gains (losses)			—						(11,078)						(2,791)
Total revenue			28,869						16,999						23,339
General operating expenses			68,419						65,762						61,447
Reimbursements from affiliates			(65,928)						(61,620)						(52,776)
Interest expense			89,317						94,159						88,474
Total expenses			91,808						98,301						97,145
Operating income (loss) before income taxes and equity in earnings of affiliates			(62,939)						(81,302)						(73,806)
Income taxes			13,133						15,262						(9,874)
Net operating loss before equity in earnings of affiliates			(49,806)						(66,040)						(83,680)
Equity in earnings of affiliates, net of tax			810,596						767,506						1,538,174
Net income			760,790						701,466						1,454,494
Other comprehensive income (loss):
Attributable to Parent Company			(11,379)						23,805						(8,409)
Attributable to affiliates			1,536,734						(1,128,604)						602,709
Comprehensive income (loss)			$	2,286,145					$	(403,333)					$	2,048,794

See Notes to Condensed Financial Statements and accompanying Report of Independent Registered

Public Accounting Firm.

GL 2019 FORM 10-K

GLOBE LIFE INC.

(PARENT COMPANY)

SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT—(continued)

Condensed Statement of Cash Flows

(Dollar amounts in thousands)

			Year Ended December 31,
			2019						2018						2017
Net income			$	760,790					$	701,466					$	1,454,494
Equity in earnings of affiliates			(810,596)						(767,506)						(1,538,174)
Cash dividends from subsidiaries			479,988						448,142						453,904
Other, net			65,584						64,734						52,957
Cash provided from operations			495,766						446,836						423,181
Cash provided from (used for) investing activities:
Net decrease (increase) in short-term investments			(3,380)						5,603						(5,624)
Investment in subsidiaries			—						(140,000)						(31,000)
Additions to properties			(32)						(19,888)						(7,230)
Loaned money to affiliates			(501,764)						(584,000)						(180,000)
Repayments from affiliates			501,764						584,000						180,000
Cash provided from (used for) investing activities			(3,412)						(154,285)						(43,854)
Cash provided from (used for) financing activities:
Repayment of debt			(6,875)						(327,762)						(126,875)
Proceeds from issuance of debt			—						550,000						125,000
Payment for debt issuance costs			—						(6,969)						(1,661)
Net issuance (repayment) of commercial paper			(11,610)						(22,719)						61,092
Issuance of stock			82,771						36,091						61,215
Acquisitions of treasury stock			(459,569)						(421,749)						(412,989)
Borrowed money from affiliate			277,000						197,690						278,500
Repayments to affiliates			(276,500)						(202,690)						(270,500)
Payment of dividends			(97,458)						(94,691)						(92,101)
Cash provided from (used for) financing activities			(492,241)						(292,799)						(378,319)
Net increase (decrease) in cash			113						(248)						1,008
Cash balance at beginning of period			760						1,008						—
Cash balance at end of period			$	873					$	760					$	1,008

See Notes to Condensed Financial Statements and accompanying Report of Independent Registered

Public Accounting Firm.

GL 2019 FORM 10-K

GLOBE LIFE INC.

(PARENT COMPANY)

SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued)

Notes to Condensed Financial Statements

(Dollar amounts in thousands)

Note A—Dividends from Subsidiaries

Cash dividends paid to Globe Life from the subsidiaries were as follows:

			Year Ended December 31,
			2019						2018						2017
Dividends from subsidiaries			$	479,988					$	448,142					$	453,904

Note B—Supplemental Disclosures of Cash Flow Information

The following table summarizes non-cash transactions, which are not reflected on the Condensed Statements of Cash Flows:

			Year Ended December 31,
			2019						2018						2017
Stock-based compensation not involving cash			$	44,843					$	39,792					$	37,034
Investment in subsidiaries			—						11,899						317,027
Dividend of property to Parent			—						11,889						—

The following table summarizes certain amounts paid (received) during the period:

			Year Ended December 31,
			2019						2018						2017
Interest paid			$	86,868					$	86,982					$	86,606
Income taxes paid (received)			(16,617)						(21,377)						(19,961)

Note C—Preferred Stock

As of December 31, 2019, Globe Life had 351 thousand shares of Cumulative Preferred Stock, Series A, issued and outstanding, of which 280 thousand shares were 6.50% Cumulative Preferred Stock, Series A, and 71 thousand shares were 7.15% Cumulative Preferred Stock, Series A (collectively, the “Series A Preferred Stock”). All issued and outstanding shares of Series A Preferred Stock were held by wholly-owned insurance subsidiaries. In the event of liquidation, the holders of the Series A Preferred Stock at the time outstanding would be entitled to receive a liquidating distribution out of the assets legally available to stockholders in the amount of $1 thousand per share or $351 million in the aggregate, plus any accrued and unpaid dividends, before any distribution is made to holders of Globe Life common stock. Holders of Series A Preferred Stock do not have any voting rights nor have rights to convert such shares into shares of any other class of Globe Life capital stock.

See accompanying Report of Independent Registered Public Accounting Firm.

GL 2019 FORM 10-K

GLOBE LIFE INC.

SCHEDULE IV. REINSURANCE (CONSOLIDATED)

(Dollar Amounts in thousands)

			Gross Amount						Ceded to Other Companies(1)						Assumed from Other Companies						Net Amount						Percentage of Amount Assumed to Net
For the Year Ended December 31, 2019
Life insurance in force			$	191,249,516					$	676,988					$	2,774,388					$	193,346,916					1.4
Premiums(2):
Life insurance			$	2,486,127					$	4,357					$	20,384					$	2,502,154					0.8
Health insurance			1,080,869						3,523						—						1,077,346						—
Total premium			$	3,566,996					$	7,880					$	20,384					$	3,579,500					0.6
For the Year Ended December 31, 2018
Life insurance in force			$	185,212,195					$	688,384					$	3,019,737					$	187,543,548					1.6
Premiums(2):
Life insurance			$	2,373,423					$	4,581					$	21,305					$	2,390,147					0.9
Health insurance			1,019,007						3,668						—						1,015,339						—
Total premium			$	3,392,430					$	8,249					$	21,305					$	3,405,486					0.6
For the Year Ended December 31, 2017
Life insurance in force			$	179,902,605					$	705,152					$	3,211,423					$	182,408,876					1.8
Premiums(2):
Life insurance			$	2,272,038					$	4,437					$	21,912					$	2,289,513					1.0
Health insurance			980,082						3,709						—						976,373						—
Total premium			$	3,252,120					$	8,146					$	21,912					$	3,265,886					0.7

(1)No amounts have been netted against ceded premium.

(2)Excludes policy charges of $15.6 million, $16.4 million, and $17.0 million in each of the years 2019, 2018, and 2017, respectively.

See accompanying Report of Independent Registered Public Accounting Firm.

GL 2019 FORM 10-K

SIGNATURES

Pursuant to the requirements of Section 12 or 15(d) of the Securities 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.
			By:			/s/ GARY L. COLEMAN
						Gary L. Coleman
						Co-Chairman and Chief Executive Officer and Director
			By:			/s/ LARRY M. HUTCHISON
						Larry M. Hutchison
						Co-Chairman and Chief Executive Officer and Director
			By:			/s/ FRANK M. SVOBODA
						Frank M. Svoboda
						Executive Vice President and Chief Financial Officer
			By:			/s/ M. SHANE HENRIE
						M. Shane Henrie
						Corporate Senior Vice President and Chief Accounting Officer

Date: February 26, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:			/s/ CHARLES E. ADAIR *						By:			/s/ ROBERT W. INGRAM *
			Charles E. Adair									Robert W. Ingram
			Director									Director
By:			/s/ LINDA L. ADDISON *						By:			/s/ STEVEN P. JOHNSON *
			Linda L. Addison									Steven P. Johnson
			Director									Director
By:			/s/ MARILYN A. ALEXANDER *						By:			/s/ DARREN M. REBELEZ *
			Marilyn A. Alexander									Darren M. Rebelez
			Director									Director
By:			/s/ CHERYL D. ALSTON *						By:			/s/ MARY E. THIGPEN *
			Cheryl D. Alston									Mary E. Thigpen
			Director									Director
By:			/s/ JANE M. BUCHAN *
			Jane M. Buchan
			Director

Date: February 26, 2020
*By:			/s/ FRANK M. SVOBODA
			Frank M. Svoboda
			Attorney-in-fact

GL 2019 FORM 10-K