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

(Mark one)

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

For the fiscal year ended December 31, 2021

[ ☐ ] 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, TX						75070
(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 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

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 ¨

GL 2021 FORM 10-K

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 filer	x	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 checkmark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. x

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, 2021, the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was $9.5 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.


Class						Outstanding as of February 16, 2022
Common Stock, $1.00 par value per share						99,338,401 shares

DOCUMENTS INCORPORATED BY REFERENCE


Document						Parts Into Which Incorporated
Proxy Statement for the Annual Meeting of Stockholders to be held on April 28, 2022 (Proxy Statement)						Part III

GL 2021 FORM 10-K

Globe Life Inc.

Table of Contents


			Page
PART I.
	Item 1.	Business	1
	Item 1A.	Risk Factors	9
	Item 1B.	Unresolved Staff Comments	16
	Item 2.	Properties	16
	Item 3.	Legal Proceedings	16
	Item 4.	Mine Safety Disclosures	16
PART II.
	Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	17
	Item 6.	[Reserved]
		Cautionary Statements	19
	Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
	Item 7A.	Quantitative and Qualitative Disclosures about Market Risk	53
	Item 8.	Financial Statements and Supplementary Data	53
		Consolidated Balance Sheets	56
		Consolidated Statements of Operations	57
		Consolidated Statements of Comprehensive Income	58
		Consolidated Statements of Shareholders' Equity	59
		Consolidated Statements of Cash Flows	60
		Notes to Consolidated Financial Statements	61
		Note 1—Significant Accounting Policies	61
		Note 2—Statutory Accounting	73
		Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive Income	74
		Note 4—Investments	76
		Note 5—Deferred Acquisition Costs	90
		Note 6—Commitments and Contingencies	91
		Note 7—Liability for Unpaid Claims	94
		Note 8—Income Taxes	95
		Note 9—Postretirement Benefits	97
		Note 10—Supplemental Disclosures of Cash Flow Information	103
		Note 11—Debt	104
		Note 12—Shareholders' Equity	106
		Note 13—Stock-Based Compensation	107
		Note 14—Business Segments	112
	Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	119
	Item 9A.	Controls and Procedures	119
	Item 9B.	Other Information	122
	Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	122
PART III.
	Item 10.	Directors, Executive Officers, and Corporate Governance	122
	Item 11.	Executive Compensation	122
	Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	122
	Item 13.	Certain Relationships and Related Transactions and Director Independence	123
	Item 14.	Principal Accountant Fees and Services	123
PART IV.
	Item 15.	Exhibits and Financial Statement Schedules	123
		Signatures	134

GL 2021 FORM 10-K

Part I

Next: Item 1. Business