Globe Life (GL) 10-K risk factor changes: FY2021 vs FY2020

Recruiting, development, and retention of producing agents are critical to support sales growth in [removed: this market] [added: our agency operations] because our insurance sales are primarily made to individuals, and the face amounts of the life insurance policies sold are typically lower than those of policies sold in higher-income markets.

If we do not provide [removed: compensation that is competitive with other] [added: an attractive] career [removed: opportunities] [added: opportunity with competitive compensation] and that motivates producing agents to increase sales of our products, our growth could be impeded.

Our life insurance products are sold in [removed: selected] niche markets.

We have several life distribution channels that focus on distinct market niches, [removed: two] [added: three] of which are labor [removed: unions] [added: unions, affinity groups,] and sales via Direct to Consumer solicitations.

Employee or agent [added: malfeasance or] errors in the handling of our information systems may [removed: inadvertently] result in unauthorized access to customer or proprietary information, or an inability to use our information systems to efficiently support business operations.

More frequent and sophisticated [removed: cyber-attacks] [added: cyberattacks] and more impactful regulatory oversight models could result in additional costs to protect against security breaches.

- Reduced cash flows from [added: lower premiums,] higher surrenders and [removed: claim payments or] greater than anticipated [removed: losses from higher policyholder claims;][added: claim payments;]

Declines in interest rates expose insurance companies to the risk that they will fail to earn the level of interest on investments assumed in pricing products and in setting discount rates used to calculate net policy liabilities, which [added: could have a negative impact on income.]

Other sources of liquidity include a variety of short-term and long-term instruments, including our credit facility, commercial paper, long-term debt, [added: Federal Home Loan Bank,(FHLB)] intercompany financing and reinsurance.

[removed: The reserve computations involve the exercise of] significant judgment with respect to [added: investment yields,] levels of mortality, [removed: morbidity and] [added: morbidity,] persistency, [added: and investment yields,] as well as the timing of premium and benefit payments.

Damage to the [added: 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 could damage our [added: brand or] reputation and adversely impact our agent recruiting efforts, the ability to market our products and the persistency of in-force policies.

The Company could be subjected to adverse publicity [removed: as a result] [added: in the event] of a significant security breach.

Our business is subject to the risk of the occurrence of catastrophic [removed: events.][added: events that could adversely affect our financial condition or operations.]

Claims resulting from natural or man-made catastrophic events could cause substantial volatility [added: in our financial results for any fiscal quarter or year and could materially reduce our profitability or harm our financial condition.]

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 [added: fines.]

Future accounting standards that we are required to adopt could change the current accounting treatment that we apply to our consolidated financial [removed: statements and such changes could have a material adverse effect on our business, financial condition and results of operations.][added: statements.]

(Refer to *[Note 1— Significant Accounting [removed: Policies](#ib33a0e21cf0040999a83ed03df1e084c_46)*] [added: Policies](#ic55317410763413da1d4be4008f977bd_37)*] under the caption *[Accounting Pronouncements Yet to be [removed: Adopted](#ib33a0e21cf0040999a83ed03df1e084c_70)*)][added: Adopted](#ic55317410763413da1d4be4008f977bd_58)*)]

Various state laws address the use and disclosure of personally identifiable information to the extent they are more restrictive than those contained in the privacy and security provisions in the federal Gramm-Leach-Bliley Act of 1999 (GLBA), the Health Information Technology for [removed: Economic and Clinical Health Act (HITECH), and in the Health Insurance Portability and Accountability Act of 1996 (HIPAA).]

Our future success depends, in substantial part, on our ability to recruit, hire, motivate, develop and retain highly-skilled insurance personnel.

Doing so may be difficult due to many factors, including but not limited to, fluctuations in economic and industry conditions and the effectiveness of our compensation programs and competition among other employers.

For the year ended December 31, 2021, we recorded approximately $140 million of COVID-19 life claims.

This amount includes certain estimates, utilizing accepted actuarial practices, of what management expects the ultimate settlement and claims administration will cost for claims that have occurred by the end of the year, whether known or unknown.

Given the great uncertainties associated with COVID-19 and its impact and the limited information

GL 2021 FORM 10-K

upon which our current assumptions and assessments have been made, our reserves and the underlying estimated level of claim losses and costs arising from COVID-19 may materially change.

GL 2021 FORM 10-K

The reserve computations involve the exercise of

GL 2021 FORM 10-K

Our life and health insurance products are particularly exposed to risks of catastrophic mortality, such as a pandemic or other events that result in a large number of deaths.

In addition, the occurrence of such an event in a concentrated geographic area could have a severe disruptive effect on our workforce and business operations.

The likelihood and severity of such events cannot be predicted and are difficult to estimate.

In such an event, the impact to our operations could have a material adverse impact on our ability to conduct business and on our results of operations and financial condition, particularly if those problems affect employees performing operations tasks and supporting computer-based data processing, or destroy the capability to transmit, store, and retrieve valuable data.

In addition, in the event that a significant number of our management were unavailable following a disaster, our strategic plan could be negatively impacted.

GL 2021 FORM 10-K

Our business is subject to the risk of direct or indirect effects of climate change.

Climate change may increase the frequency and severity of weather-related natural disasters and pandemics, which may adversely impact our mortality and morbidity rates and disrupt our business operations.

In addition, climate change and climate change regulation may affect the prospects of companies and other entities whose securities we hold, or our willingness to continue to hold their securities.

Climate change may also influence investor sentiment with respect to the Company and investments in our portfolio.

We cannot predict how legal, regulatory and social responses to concerns around climate change may impact our business.

These changes including underlying assumptions, projections, estimates or judgments/interpretations by management, could have a material adverse effect on our business, financial condition and results of operations.

GL 2021 FORM 10-K

Economic and Clinical Health Act (HITECH), and in the Health Insurance Portability and Accountability Act of 1996 (HIPAA).

General Risk Factors

The failure to effectively maintain and modernize our information technology systems and infrastructure could adversely affect our business.

Our ability to modernize our information technology systems and infrastructure requires us to commit to significant resources, effective planning, and execution.

In addition, due to the highly regulated nature of the insurance industry, we must continually implement new technology or adapt existing technology to meet compliance requirements of new and proposed regulations.

Should we be unable to implement these innovations effectively, efficiently, or in a timely manner, it could result in poor customer experience, additional expenses, reputational harm, legal, and regulatory actions and other adverse consequences.

This could also result in the inability to effectively support business operations.

GL 2021 FORM 10-K

We may fail to meet expectations relating to environmental, social, and governance standards and practices.

Certain existing or potential investors, customers and regulators evaluate our business or other practices according to a variety of environmental, social and governance (“ESG”) standards and expectations.

Certain of our regulators have proposed or adopted, or may propose or adopt, ESG rules or standards that would apply to our business.

Our practices may be judged by ESG standards that are continually evolving and not always clear.

Prevailing ESG standards and expectations may also reflect contrasting or conflicting values or agendas.

We may fail to meet our commitments or targets, and our policies and processes to evaluate and manage ESG standards in coordination with other business priorities may not prove completely effective or satisfy investors, customers, regulators, or others.

For example, as we consider the recommendations of SASB, TCFD, and develop our own ESG materiality assessment, we may continue to expand our disclosures in these areas.

Our failure to report accurately or achieve progress on our metrics on a timely basis, or at all, could adversely affect our reputation, business, financial performance and growth.

We may face adverse regulatory, investor, customer, media, or public scrutiny leading to business, reputational, or legal challenges.

GL 2020 FORM 10-K

[Table of](#ib33a0e21cf0040999a83ed03df1e084c_10) [Contents](#ib33a0e21cf0040999a83ed03df1e084c_10)

could have a negative impact on income.

in our financial results for any fiscal quarter or year and could materially reduce our profitability or harm our financial condition.

The following discussion should be read in conjunction with Globe Life's *[Consolidated Financial [removed: Statements](#ib33a0e21cf0040999a83ed03df1e084c_754)*] [added: Statements](#ic55317410763413da1d4be4008f977bd_742)*] and [removed: *[Notes](#ib33a0e21cf0040999a83ed03df1e084c_43)*] [added: *[Notes](#ic55317410763413da1d4be4008f977bd_34)*] thereto appearing elsewhere in this report.

| [removed: ] [added: ] | | | | | | 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. | | |

| [removed: ] [added: ] | | | | | | 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: | | |

| [removed: ] [added: ] | | | | | | Investment Segment. The investment segment involves the management of our capital resources, including investments and the management of corporate debt and liquidity. Our measure of profitability for the investment segment is excess investment income, as seen below: | | |

Current Highlights, comparing [removed: year to date 2020] [added: year-to-date 2021] with [removed: 2019.][added: 2020.]

- Net income as a return on equity (ROE) for the year ended December 31, [removed: 2020] [added: 2021] was [removed: 9.5%] [added: 8.8%] and net operating income as an ROE, excluding net unrealized gains on the fixed maturity portfolio(1) was [removed: 13.5%.][added: 12.3%.]

- Total premium increased [removed: 6%] [added: 7%] over the [removed: same period in the] prior year.

Life premium increased [removed: 6%] [added: 8%] for the period from [removed: $2.5] [added: $2.7] billion in [removed: 2019] [added: 2020] to [removed: $2.7] [added: $2.9] billion in [removed: 2020.][added: 2021.]

Life underwriting margin declined [removed: 4%] [added: 8%] from [removed: $703] [added: $675] million in [removed: 2019] [added: 2020] to [removed: $675] [added: $624] million in [removed: 2020.][added: 2021.]

- Net investment income increased [removed: 2%] [added: 3%] over the same period in the prior year.

Excess investment income declined [removed: 5%] [added: 2%] below the prior year.

- Total net sales increased 7% over the same period in the prior year from [removed: $621] [added: $662] million to [removed: $662] [added: $706] million.

- Book value per share increased [removed: 26%] [added: 3%] over the same period in the prior year from [removed: $66.02] [added: $83.19] to [removed: $83.19.][added: $85.97.]

Book value per share, excluding net unrealized gains on the fixed maturity portfolio(1), increased 10% over the prior year from [removed: $48.26] [added: $53.12] to [removed: $53.12.][added: $58.50.]

[removed: - The Company estimates $67 million of incurred life claims as a result of the novel coronavirus (COVID-19) for] [added: COVID-19. For] the year ended December 31, [removed: 2020.][added: 2021, the Company incurred $140 million of COVID-19 net life claims.]

- For the year ended December 31, [removed: 2020,] [added: 2021,] the Company repurchased [removed: 4.5] [added: 4.8] million shares of Globe Life Inc. common stock at a total cost of [removed: $380] [added: $455] million [removed: and] [added: for] an average share price of [removed: $85.24.][added: $95.11.]

The following graphs represent net income and net operating income [removed: from continuing operations] for the three years ended December 31, [removed: 2020.][added: 2021.]

[removed: ][added:  ]

[removed: (1)Net] [added: (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.

The impact of the adjustment to exclude net unrealized gains on fixed [removed: maturities] [added: maturities, net of tax] is [removed: $3.2] [added: $2.8] billion and [removed: $2.0] [added: $3.2] billion for [removed: 2020] [added: the year ended December 31, 2021] and [removed: 2019,] [added: 2020,] respectively.

Management utilizes this measure to view the book value of the business without the effect of net unrealized gains, which are primarily attributable to fluctuation in interest rates on the [removed: available for sale] [added: available-for-sale] portfolio.

The impact of the adjustment to exclude net unrealized gains on fixed maturities is [removed: $30.07] [added: $27.47] and [removed: $17.76] [added: $30.07] for [removed: 2020] [added: year ended December 31, 2021] and [removed: 2019,] [added: 2020,] respectively.

Refer to *[Analysis of Profitability by [removed: Segment](#ib33a0e21cf0040999a83ed03df1e084c_367)*] [added: Segment](#ic55317410763413da1d4be4008f977bd_352)*] for non-GAAP reconciliation to GAAP.

The projected [removed: additional] life claims are dependent on this estimate and many other variables, including, but not limited to, [removed: the effect of efforts to reopen the economy,] [added: projected U.S. deaths from COVID-19,] the timing and availability of effective treatments for the disease, [added: vaccination rates,] and [added: effectiveness of vaccines, impact from potential variants, and] the [removed: actual] ages and [removed: states] [added: geographic areas] in which infections and deaths occur.

Summary of Operations. Net income [removed: declined 4%] [added: increased 2%] to [removed: $732] [added: $745] million in [removed: 2020,] [added: 2021,] compared with [removed: $761] [added: $732] million in [removed: 2019.][added: 2020.]

This [removed: decrease] [added: increase] was primarily related to [added: an increase in realized gains offset by higher] COVID-19 life claims. On a diluted per common share basis, net income per common share for [removed: 2020 decreased slightly] [added: 2021 increased] from [removed: $6.83] [added: $6.82] to [removed: $6.82.][added: $7.22.]

Included in net income were after-tax realized [removed: losses] [added: gains] of [removed: $2] [added: $47] million in [removed: 2020,] [added: 2021,] compared with realized after-tax [removed: gains] [added: losses] of [removed: $16] [added: $2] million for [removed: 2019.][added: 2020.]

Realized gains and losses are presented more fully under the caption *[Realized Gains and [removed: Losses](#ib33a0e21cf0040999a83ed03df1e084c_484)*] [added: Losses](#ic55317410763413da1d4be4008f977bd_466)*] in this report.

Net operating income from continuing operations declined [removed: 2%] [added: 4%] to [removed: $738] [added: $707] million in [removed: 2020,] [added: 2021,] compared with [removed: $752] [added: $738] million in [removed: 2019.][added: 2020.]

On a diluted per common share basis, net operating income per common share [removed: increased 2%] [added: decreased slightly] from [removed: $6.75] [added: $6.88] to [removed: $6.88.][added: $6.86.]

Additionally, net income was affected by certain significant and unusual non-operating items in [removed: 2019] [added: 2020] and [removed: 2020.][added: 2021.]

Globe Life's operations on a segment-by-segment basis are discussed in depth [removed: under the appropriate captions following in this report.][added: below.]

[removed: (Dollar amounts] [added: | | | | (Amounts] in [removed: thousands)][added: Thousands) | | | | | | | | | | | | | | | | | | | | |]

| | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | | | | | [removed: 2020] [added: 2021] Change | | | | | | % | | | | | | [removed: 2019] [added: 2020] Change | | | | | | % | | |

| Life insurance underwriting margin | | | $ | [removed: 674,946] [added: 623,675] | | | | | $ | [removed: 703,464] [added: 674,946] | | | | | $ | [removed: 652,301] [added: 703,464] | | | | | $ | [removed: (28,518)] [added: (51,271)] | | | | | [removed: (4)] [added: (8)] | | | | | | $ | [removed: 51,163] [added: (28,518)] | | | | | [removed: 8] [added: (4)] | | |

| Health insurance underwriting margin | | | [removed: 272,369] [added: 304,302] | | | | | | [removed: 243,638] [added: 272,369] | | | | | | [removed: 236,053] [added: 243,638] | | | | | | [removed: 28,731] [added: 31,933] | | | | | | 12 | | | | | | [removed: 7,585] [added: 28,731] | | | | | | [removed: 3] [added: 12] | | |

| Annuity underwriting margin | | | [removed: 9,029] [added: 8,704] | | | | | | [removed: 9,458] [added: 9,029] | | | | | | [removed: 10,376] [added: 9,458] | | | | | | [removed: (429)] [added: (325)] | | | | | | [removed: (5)] [added: (4)] | | | | | | [removed: (918)] [added: (429)] | | | | | | [removed: (9)] [added: (5)] | | |

| Excess investment income | | | [removed: 244,424] [added: 238,528] | | | | | | [removed: 257,605] [added: 244,424] | | | | | | [removed: 245,094] [added: 257,605] | | | | | | [removed: (13,181)] [added: (5,896)] | | | | | | [removed: (5)] [added: (2)] | | | | | | [removed: 12,511] [added: (13,181)] | | | | | | [removed: 5] [added: (5)] | | |

| Other income | | | [removed: 1,325] [added: 1,216] | | | | | | [removed: 1,318] [added: 1,325] | | | | | | [removed: 1,236] [added: 1,318] | | | | | | [removed: 7] [added: (109)] | | | | | | [removed: 1] [added: (8)] | | | | | | [removed: 82] [added: 7] | | | | | | [removed: 7] [added: 1] | | |

| Administrative expense | | | [removed: (250,947)] [added: (271,631)] | | | | | | [removed: (240,321)] [added: (250,947)] | | | | | | [removed: (223,941)] [added: (240,321)] | | | | | | [removed: (10,626)] [added: (20,684)] | | | | | | [removed: 4] [added: 8] | | | | | | [removed: (16,380)] [added: (10,626)] | | | | | | [removed: 7] [added: 4] | | |

The following management discussion will only include comparison to prior year.

For discussion regarding activity from 2019, please refer to the prior filed Form 10-Ks at www.sec.gov.

GL 2021 FORM 10-K

- The Company incurred $140 million of COVID-19 net life claims (net of reserves released upon death) for the year ended December 31, 2021 compared with $67 million during the same period last year.

GL 2021 FORM 10-K

Despite headwinds with COVID-19, the Company continues to see positive signs in its core operations, including strong sales, favorable persistency and a strong ROE, excluding net unrealized gains on the fixed maturity portfolio.

Per the Centers for Disease Control and Prevention (CDC), there were approximately 460 thousand U.S. COVID-19 deaths in 2021.

In the second half of the year, the COVID-19 deaths were concentrated in geographies and younger age groups where the Company has greater risk exposure.

The Company’s level of COVID-19 net life claims, on average for the year, was approximately $3 million per 10,000 U.S. deaths.

Going forward, we anticipate that COVID-19 deaths will continue at elevated levels throughout 2022, with an impact of approximately $50 million at the mid-point of our guidance based on incurred claims in the range of $3 million to $4 million per 10,000 U.S. deaths.

GL 2021 FORM 10-K

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.

GL 2021 FORM 10-K

GL 2021 FORM 10-K

GL 2021 FORM 10-K

GL 2021 FORM 10-K

GL 2021 FORM 10-K

The increase in net life sales is due to increased productivity and well as an increase in agent count.

Premium increased 12% primarily due to improved persistency and higher sales.

This division incurred $36 million in COVID-19 net life claims, representing approximately 3% of premium, for the year ended December 31, 2021, compared with $18 million in COVID-19 net life claims during the prior year.

| | | | 2021 | | | | | | 2020 | | | | | | 2019 | | | | | | 2021 Change | | | | | | % | | | | | | 2020 Change | | | | | | % | | |

This tool is designed to drive productivity in lead distribution, conservation of business, manager dashboards and new agent recruiting.

Over the past year and through the pandemic, the agents have shifted to primarily a virtual experience with the customers and have generated a vast majority of its 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.

This had been steadily increasing prior to COVID-19, but the pandemic accelerated this activity due in part to the awareness of needing life insurance from the effects of COVID-19.

GL 2021 FORM 10-K

DTC net sales decreased 10% to $149 million for the year ended December 31, 2021 compared with $165 million in the prior year, primarily due to the record high net life sales in the prior year at the onset of the pandemic.

We expect continued strong sales in 2022 due to the heightened awareness as to the benefits of life insurance.

DTC incurred $69 million of COVID-19 net life claims, representing approximately 7% of premium, in 2021 compared with $35 million in 2020.

This division incurred $28 million of COVID-19 net life claims, representing approximately 9% of premium, for the year ended December 31, 2021 compared with $12 million in 2020.

With the division's ability to return to face-to-face customer interaction and the option of virtual sales, total net life sales increased for the full year 2021.

However, due to higher policy obligations as result of COVID-19, underwriting margin as a percent of premium was lower for the full year 2021 as compared with 2020.

As the division continues to gain momentum in its sales and recruiting initiatives and advances its technology and CRM platform, the agency should see an increase in recruiting of new agents and an increase in the average producing agent count.

| | | | 2021 | | | | | | 2020 | | | | | | 2019 | | | | | | 2021 Change | | | | | | % | | | | | | 2020 Change | | | | | | % | | |

Health premium accounted for 29% of our total premium in 2021, while the health underwriting margin accounted for 32% of total underwriting margin.

Health underwriting margin increased 12% to $304 million primarily due to lower policy obligations.

GL 2021 FORM 10-K

GL 2020 FORM 10-K

GLOBE LIFE INC.

Management's Discussion & Analysis

COVID-19. With respect to the impact of COVID-19 on our underwriting results for the full year 2020, we estimate $67 million of COVID-19 life claims were incurred.

At the midpoint of our 2021 guidance, we are now projecting approximately $52 million of additional life claims will be incurred in 2021, based on an estimate of approximately 270,000 U.S. deaths.

This estimate of U.S. deaths is based on various third-party models.

| Tax reform adjustment | | | — | | | | | | — | | | | | | 798 | | | | | | — | | | | | | | | | | | | (798) | | | | | | | | |

A discussion of each of Globe Life's segments follows.

A significant factor in the performance of our various segments has been the impact of COVID-19.

In response to this crisis, our crisis management and incident response teams successfully guided the Company into a smooth transition of working remotely.

We quickly transitioned those employees whose jobs did not require them to be in the office, averaging approximately 80-85% of the Company's total workforce, to working remotely.

The Company has continued to operate effectively while taking steps to help ensure the health and safety of our employees through adherence to the CDC and local government work guidelines.

With over 13 thousand exclusive agents in the field, the Company was presented with a challenge to move from face-to-face sales presentations in customers' homes and businesses to a virtual sales process.

Despite its challenges, the Company's agencies also had to move from in-person recruiting and training of new agents to virtual processes.

The Company's exclusive agency divisions were able to quickly pivot and continue to write new business and hire new agents due in part to new and updated information technology systems put in place over the last several years.

Through the year ended December 31, 2020, the Company has seen a 28% increase in agent count at American Income and a 14% increase at Family Heritage compared with the prior year comparable period.

Our Direct to Consumer Division continues to experience record high demand for its products through its internet and inbound phone call channels with a 31% increase in overall net life sales for year ended December 31, 2020 compared with the prior year comparable period.

The Company believes that times of crisis highlight the need for basic life protection and this has proven true with this pandemic.

- Net sales is annualized premium issued (gross premium that would be received during the policies' first year in force and assuming that none of the policies lapsed or terminated), net of cancellations in the first thirty days after issue, except in the case of our Direct to Consumer Division.

While it is difficult to predict sales activity in this uncertain environment, the Company is expecting net life and health sales to increase 7% for the full year 2021.

Due to the strength of the Company's policies in force, we expect our total life and health premiums to grow around 6% for the full year 2021.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

We anticipate this tool will help enhance agent productivity and agent retention.

In 2021, we are anticipating additional COVID-19 life claims at the DTC division.

As the division gains momentum in the virtual sales environment, the agency will benefit from the abundant recruiting opportunities currently available for new agents.

Sales were hindered in the first half of the year due to difficulties in agents transitioning to a virtual work environment after the onset of the COVID-19 lockdown, as well as mandatory shut-downs of non-essential small businesses which hindered the ability of the division’s agents to prospect at the worksite.

In the second half of the year, sales improved in the worksite market as businesses were able to reopen.

Year-to-date health premium accounted for 30% of our total premium in 2020, while the health underwriting margin accounted for 28% of total underwriting margin, reflective of the lower underwriting margin as a percent of premium for health compared with life insurance.

The United American Independent Agency represents 80% of all Medicare Supplement premium and 94% of Medicare Supplement net sales.

Underwriting margin as a percent of premium was 15%, up from 14% for the prior year primarily due to lower non-deferred commissions and amortization of deferred acquisition costs as a percentage of premium in 2020 compared with 2019.

The increase was primarily attributable to improved persistency and lower acquisition expenses as a percent of premium compared with the prior year.

A focused effort across the division for increased recruiting activity along with a targeted incentive program throughout 2020 helped drive the 19% average producing agent count growth as noted below.

Net health sales increased 8% compared with the prior year.

While it was initially a challenge at this division to add virtual sales to their in-person sales model during the lock-down, we are encouraged by the ability of this division to adapt and to adopt supplementary ways of doing business in this challenging environment, demonstrated by the strong recovery in sales during the second half of the year.

Health net sales for 2020 decreased by $2 million or 7% from 2019 primarily due our inability to prospect to businesses deemed non-essential that were closed during the early stages of the pandemic.

However, in 2020 excess investment income declined primarily due to the low interest rate environment.

For 2021, we currently anticipate the average new money yield on our fixed maturity acquisitions to be approximately 20 basis points lower than the rate applicable to our 2020 acquisitions.

| 2018 | | | | | | | | | | | | | | | | | |

| Life and Health | | | $ | 493,557 | | | | | $ | 8,535,842 | | | | | 5.8 | | % |

Information required by this item is found under the heading *[Market Risk [removed: Sensitivity](#ib33a0e21cf0040999a83ed03df1e084c_514)*] [added: Sensitivity](#ic55317410763413da1d4be4008f977bd_496)*] in [removed: *[Item](#ib33a0e21cf0040999a83ed03df1e084c_349)* [](#ib33a0e21cf0040999a83ed03df1e084c_349)*[7](#ib33a0e21cf0040999a83ed03df1e084c_349)*] [added: *[Item](#ic55317410763413da1d4be4008f977bd_331)* [](#ic55317410763413da1d4be4008f977bd_331)*[7](#ic55317410763413da1d4be4008f977bd_331)*] of this report.

[removed: GL 2020 FORM 10-K][added: | 2020 | | | | | | | | | | | | | | | | | | | | | | | |]

Additional information concerning industry segments may be found in *[Management’s Discussion and [removed: Analysis](#ib33a0e21cf0040999a83ed03df1e084c_349)*] [added: Analysis](#ic55317410763413da1d4be4008f977bd_331)*] and in *Note 14—Business Segments* within the *[Notes to the Consolidated Financial [removed: Statements](#ib33a0e21cf0040999a83ed03df1e084c_43).*][added: Statements](#ic55317410763413da1d4be4008f977bd_34).*]

The following table presents annualized premium in force for the three years ended December 31, [removed: 2020] [added: 2021] by distribution method:

| | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | |

| Direct to Consumer | | | $ | [removed: 881,012] [added: 929,197] | | | | | $ | [removed: 831,739] [added: 881,012] | | | | | $ | [removed: 812,780] [added: 831,739] | |

| American Income | | | [removed: 1,325,293] [added: 1,458,408] | | | | | | [removed: 1,220,483] [added: 1,325,293] | | | | | | [removed: 1,129,384] [added: 1,220,483] | | |

| Liberty National | | | [removed: 318,545] [added: 341,332] | | | | | | [removed: 309,792] [added: 318,545] | | | | | | [removed: 300,846] [added: 309,792] | | |

| United American | | | [removed: 9,314] [added: 8,426] | | | | | | [removed: 10,211] [added: 9,314] | | | | | | [removed: 11,094] [added: 10,211] | | |

| Other | | | [removed: 205,785] [added: 205,822] | | | | | | [removed: 209,403] [added: 205,785] | | | | | | [removed: 210,624] [added: 209,403] | | |

| | | | $ | [removed: 2,739,949] [added: 2,943,185] | | | | | $ | [removed: 2,581,628] [added: 2,739,949] | | | | | $ | [removed: 2,464,728] [added: 2,581,628] | |

(1)See definition of annualized premium in force under *[Results of [removed: Operations](#ib33a0e21cf0040999a83ed03df1e084c_352)*] [added: Operations](#ic55317410763413da1d4be4008f977bd_334)*] *[in Management's Discussion & [removed: Analysis](#ib33a0e21cf0040999a83ed03df1e084c_349).*][added: Analysis](#ic55317410763413da1d4be4008f977bd_331).*]

| | | | [removed: 2020] [added: 2021] | | | | | | | | | | | | [removed: 2019] [added: 2020] | | | | | | | | | | | | [removed: 2018] [added: 2019] | | | | | | | | |

| Traditional | | | $ | [removed: 1,857,106] [added: 2,011,349] | | | | | 68 | | | | | | $ | [removed: 1,737,794] [added: 1,857,106] | | | | | [removed: 67] [added: 68] | | | | | | $ | [removed: 1,643,122] [added: 1,737,794] | | | | | 67 | | |

| Interest-sensitive | | | [removed: 36,297] [added: 33,912] | | | | | | 1 | | | | | | [removed: 38,691] [added: 36,297] | | | | | | [removed: 2] [added: 1] | | | | | | [removed: 41,414] [added: 38,691] | | | | | | 2 | | |

| Term | | | [removed: 716,698] [added: 750,005] | | | | | | 26 | | | | | | [removed: 683,869] [added: 716,698] | | | | | | 26 | | | | | | [removed: 671,840] [added: 683,869] | | | | | | [removed: 27] [added: 26] | | |

| Other | | | [removed: 129,848] [added: 147,919] | | | | | | 5 | | | | | | [removed: 121,274] [added: 129,848] | | | | | | 5 | | | | | | [removed: 108,352] [added: 121,274] | | | | | | [removed: 4] [added: 5] | | |

| | | | $ | [removed: 2,739,949] [added: 2,943,185] | | | | | 100 | | | | | | $ | [removed: 2,581,628] [added: 2,739,949] | | | | | 100 | | | | | | $ | [removed: 2,464,728] [added: 2,581,628] | | | | | 100 | | |

| Traditional | | | [removed: 8,717,785] [added: 8,963,774] | | | | | | $ | [removed: 14.7] [added: 15.3] | | | | | [removed: 8,477,406] [added: 8,717,785] | | | | | | $ | [removed: 14.2] [added: 14.7] | | | | | [removed: 8,112,745] [added: 8,477,406] | | | | | | $ | [removed: 13.9] [added: 14.2] | |

| Interest-sensitive | | | [removed: 199,975] [added: 191,536] | | | | | | [removed: 20.3] [added: 20.4] | | | | | | [removed: 208,822] [added: 199,975] | | | | | | 20.3 | | | | | | [removed: 209,948] [added: 208,822] | | | | | | [removed: 20.6] [added: 20.3] | | |

| Term | | | [removed: 4,526,172] [added: 4,731,044] | | | | | | [removed: 15.1] [added: 15.3] | | | | | | [removed: 4,313,709] [added: 4,526,172] | | | | | | [removed: 14.8] [added: 15.1] | | | | | | [removed: 4,459,850] [added: 4,313,709] | | | | | | [removed: 14.9] [added: 14.8] | | |

| Other | | | [removed: 408,859] [added: 432,372] | | | | | | [removed: 14.3] [added: 15.3] | | | | | | [removed: 399,365] [added: 408,859] | | | | | | [removed: 13.7] [added: 14.3] | | | | | | [removed: 376,632] [added: 399,365] | | | | | | [removed: 12.9] [added: 13.7] | | |

| | | | [removed: 13,852,791] [added: 14,318,726] | | | | | | $ | [removed: 14.9] [added: 15.3] | | | | | [removed: 13,399,302] [added: 13,852,791] | | | | | | $ | [removed: 14.5] [added: 14.9] | | | | | [removed: 13,159,175] [added: 13,399,302] | | | | | | $ | [removed: 14.3] [added: 14.5] | |

The following table presents Globe Life's health insurance annualized premium in force for the three years ended December 31, [removed: 2020] [added: 2021] by distribution channel.

| Direct to Consumer | | | $ | [removed: 77,522] [added: 74,627] | | | | | $ | [removed: 78,229] [added: 77,522] | | | | | $ | [removed: 79,325] [added: 78,229] | |

| Liberty National | | | [removed: 196,534] [added: 196,783] | | | | | | [removed: 197,163] [added: 196,534] | | | | | | [removed: 201,294] [added: 197,163] | | |

| American Income | | | [removed: 104,701] [added: 111,102] | | | | | | [removed: 96,447] [added: 104,701] | | | | | | [removed: 88,237] [added: 96,447] | | |

| Family Heritage | | | [removed: 338,309] [added: 363,226] | | | | | | [removed: 312,479] [added: 338,309] | | | | | | [removed: 290,186] [added: 312,479] | | |

| United American | | | [removed: 476,296] [added: 540,340] | | | | | | [removed: 454,720] [added: 476,296] | | | | | | [removed: 414,656] [added: 454,720] | | |

| | | | $ | [removed: 1,193,362] [added: 1,286,078] | | | | | $ | [removed: 1,139,038] [added: 1,193,362] | | | | | $ | [removed: 1,073,698] [added: 1,139,038] | |

The following table presents supplemental health annualized premium in force information for the three years ended December 31, [removed: 2020] [added: 2021] by product category.

| Limited-benefit plans | | | [removed: 617,759] [added: $] | [added: 700,767] | | | | | [removed: 52] [added: 54] | | | | | | [removed: 581,056] [added: $] | [added: 617,759] | | | | | [removed: 51] [added: 52] | | | | | | [removed: 549,283] [added: $] | [added: 581,056] | | | | | 51 | | |

| Medicare Supplement | | | [removed: $] [added: 585,311] | [removed: 575,603] | | | | | [removed: 48] [added: 46] | | | | | | [removed: $] [added: 575,603] | [removed: 557,982] | | | | | [removed: 49] [added: 48] | | | | | | [removed: $] [added: 557,982] | [removed: 524,415] | | | | | 49 | | |

| | | | $ | [removed: 1,193,362] [added: 1,286,078] | | | | | 100 | | | | | | $ | [removed: 1,139,038] [added: 1,193,362] | | | | | 100 | | | | | | $ | [removed: 1,073,698] [added: 1,139,038] | | | | | 100 | | |

Annuities in each of the three years ended December 31, [removed: 2020] [added: 2021,] comprised less than 1% of premium.

These assumptions are based on Company experience and projected investment [removed: earnings.][added: earnings rates.]

Each subsidiary uses information obtained from the application and, in some cases, telephone interviews with applicants, including, but not limited to inspection reports, pharmacy data, [added: motor vehicle records, responses to both medical and not medical questions,] doctors’ statements and/or medical examinations to determine whether a policy should be issued in accordance with the application, with a different rating, with a rider, with reduced coverage, or rejected.

These reserves, with [removed: premiums to be received in the] future [added: premiums] and the [added: associated] interest [removed: thereon] compounded [removed: annually] at assumed rates, must be sufficient to cover policy and contract obligations as they mature.

The assumptions used in the calculation of Globe Life's reserves are reported in *[Note 1—Significant Accounting [removed: Policies](#ib33a0e21cf0040999a83ed03df1e084c_46).*] [added: Policies](#ic55317410763413da1d4be4008f977bd_37).*] Reserves for annuity products and certain life products consist of the policyholders’ account values and are increased by policyholder deposits and interest credited and are decreased by policy charges and benefit payments.

Globe Life has historically participated in very limited third-party reinsurance [removed: contracts] as a result of the low face amounts of the policies sold by the Company.

See *[Schedule [removed: IV](#ib33a0e21cf0040999a83ed03df1e084c_802)*] [added: IV](#ic55317410763413da1d4be4008f977bd_793)*] *and* *[Note 6—Commitments and [removed: Contingencies](#ib33a0e21cf0040999a83ed03df1e084c_148)*] [added: Contingencies](#ic55317410763413da1d4be4008f977bd_130)*] for more information.

GL 2021 FORM 10-K

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | Primary Distribution Method | | | | | | Underwriting Company | | | | | | Products and Target Markets | | | | | | Distribution | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

|  | | | | | | Direct to Consumer Division | | | | | | Globe Life And Accident Insurance Company McKinney, Texas | | | | | | Individual life and supplemental health insurance including juvenile and senior life coverage and Medicare Supplement to lower middle-income to middle-income Americans. | | | | | | Nationwide distribution through direct to consumer channels: including direct mail, electronic media, and insert media. | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

|  | | | | | | American Income Life Division | | | | | | American Income Life Insurance Company Waco, Texas | | | | | | Individual life and supplemental health insurance marketed to working families. | | | | | | 9,415 producing agents in the U.S., Canada, and New Zealand. | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

|  | | | | | | Liberty National Division | | | | | | Liberty National Life Insurance Company McKinney, Texas | | | | | | Life and supplemental health insurance distributed through in-home and worksite channels. | | | | | | 2,804 producing agents in the U.S. | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

|  | | | | | | Family Heritage Division | | | | | | Family Heritage Life Insurance Company of America Cleveland, Ohio | | | | | | Supplemental limited-benefit health insurance to lower middle-income to middle-income families. | | | | | | 1,157 producing agents in the U.S. | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

|  | | | | | | United American Division | | | | | | United American Insurance Company McKinney, Texas | | | | | | Medicare Supplement coverage to Medicare beneficiaries and, to a lesser extent, supplemental limited-benefit health coverage to people under age 65. | | | | | | 3,716 independent producing agents in the U.S. | | |

GL 2021 FORM 10-K

| | | | 2021 | | | | | | | | | | | | 2020 | | | | | | | | | | | | 2019 | | | | | | | | |

GL 2021 FORM 10-K

| | | | 2021 | | | | | | 2020 | | | | | | 2019 | | |

| | | | 2021 | | | | | | | | | | | | 2020 | | | | | | | | | | | | 2019 | | | | | | | | |

GL 2021 FORM 10-K

GL 2021 FORM 10-K

Environmental, Social, and Governance (ESG)

Globe Life’s sustainable business practices are a driver of the success and longevity that our Company has experienced since its origin.

We plan to advance our sustainable business practices by further developing the Company's ESG strategy and disclosures and intend to align with the Sustainability Accounting Standards Board (SASB) standards and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations.

Environmental responsibility and sustainability are key components of our overall corporate responsibility efforts.

We strive to reduce our impact on the environment by implementing numerous green building initiatives at our corporate facilities, placing a company-wide emphasis on recycling and reducing waste generally, and focusing on efforts to reduce the use of paper and water.

With respect to social matters, our focus continues to be on supporting a culture that is inclusive and attractive for all of our employees and independent sales agents.

We are committed to maintaining a diverse workforce that reflects the communities in which we work.

In addition, to enable the Company to appropriately respond to ESG-related challenges and opportunities, the Company has in place an ESG Committee, and the Board and its committees regularly engage with senior management on relevant ESG-related issues.

In 2021, our employee headcount decreased by 1% due to normal attrition.

The Company engages over 13,000 independently-contracted insurance agents.

Refer to Management's Discussion & Analysis for exclusive agent counts.

GL 2021 FORM 10-K

| 2021 | | | | | | | | | | | | | | | | | | | | | | | |

| Black or African American | | | 21 | | | | | | Male | | | 34 | | | | | | Gen X (1965-1977) | | | 31 | | |

| Asian | | | 9 | | | | | | | | | | | | | | | Gen Z (1996-2012) | | | 8 | | |

Effective August 8, 2019, Torchmark Corporation changed its corporate name to Globe Life Inc. The New York Stock Exchange (NYSE) ticker was changed to "GL" on August 9, 2019.

The name change is part of a brand alignment strategy which will enhance the Company's ability to build name recognition with potential customers and agent recruits through the use of a single brand.

The underwriting companies owned by Globe Life Inc. (the Parent Company) will continue to exist as legal entities, but over a period of time will go to market under the Globe Life name to leverage branding initiatives implemented at Globe Life And Accident Insurance Company in recent years.

[Table of](#ib33a0e21cf0040999a83ed03df1e084c_10) [Contents](#ib33a0e21cf0040999a83ed03df1e084c_10)


Guaranty Assessments—State guaranty laws provide for assessments from insurance companies to be placed into a fund which is used, in the event of failure or insolvency of an insurance company, to fulfill the obligations of that company to its policyholders.

The amount which a company is assessed is based on its proportional share of the premium in each state.

A significant portion of assessments are recoverable as offsets against state premium taxes.

The Company engages over 13 thousand exclusive producing insurance agents, most of whom are classified as independent contractors.

In 2020, we increased our employee headcount by 2% and grew our exclusive agency force by 21%.

| White | | | 53 | | % | | | | Female | | | 67 | | % | | | | Traditionalists (1925-1945) | | | — | | % |

| Hispanic or Latino | | | 11 | | | | | | | | | | | | | | | Gen X (1965-1977) | | | 31 | | |

We also strive *To Make Tomorrow Bette*r by supporting the communities in which we live and work through financial and service-based contributions to organizations that address health-related issues and those that serve youth, families and seniors.

We efficiently transitioned approximately 80-85% of the Company's total workforce, excluding agents, to working remotely.

Discussion regarding litigation and unclaimed property audits is provided in *[Note [removed: 6—Commitments and Contingencie](#ib33a0e21cf0040999a83ed03df1e084c_148)s*.][added: 6—Commitments](#ic55317410763413da1d4be4008f977bd_130) [](#ic55317410763413da1d4be4008f977bd_130)[and Contingencies](#ic55317410763413da1d4be4008f977bd_130)*.]

For the fiscal year ended December 31, [removed: 2020][added: 2021]

As of June 30, [removed: 2020,] [added: 2021,] the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was [removed: $7.7] [added: $9.5] billion based on the closing sale price as reported on the New York Stock Exchange.

| Class | | | | | | Outstanding [removed: at] [added: as of] February [removed: 18, 2021] [added: 16, 2022] | | |

| Common Stock, $1.00 par value per share | | | | | | [removed: 103,283,402] [added: 99,338,401] shares | | |

| Proxy Statement for the Annual Meeting of Stockholders to be held on April [removed: 29, 2021] [added: 28, 2022] (Proxy Statement) | | | | | | Part III | | |

| | | | Item 1. | | | [removed: [Business](#ib33a0e21cf0040999a83ed03df1e084c_13)] [added: [Business](#ic55317410763413da1d4be4008f977bd_661)] | | | [removed: [1](#ib33a0e21cf0040999a83ed03df1e084c_13)] [added: [1](#ic55317410763413da1d4be4008f977bd_661)] | | |

| | | | Item 1A. | | | [Risk [removed: Factors](#ib33a0e21cf0040999a83ed03df1e084c_682)] [added: Factors](#ic55317410763413da1d4be4008f977bd_622)] | | | [removed: [8](#ib33a0e21cf0040999a83ed03df1e084c_682)] [added: [9](#ic55317410763413da1d4be4008f977bd_622)] | | |

| | | | Item 1B. | | | [Unresolved Staff [removed: Comments](#ib33a0e21cf0040999a83ed03df1e084c_670)] [added: Comments](#ic55317410763413da1d4be4008f977bd_712)] | | | [removed: [13](#ib33a0e21cf0040999a83ed03df1e084c_670)] [added: [16](#ic55317410763413da1d4be4008f977bd_712)] | | |

| | | | Item 3. | | | [Legal [removed: Proceedings](#ib33a0e21cf0040999a83ed03df1e084c_679)] [added: Proceedings](#ic55317410763413da1d4be4008f977bd_619)] | | | [removed: [13](#ib33a0e21cf0040999a83ed03df1e084c_679)] [added: [16](#ic55317410763413da1d4be4008f977bd_619)] | | |

| | | | Item 4. | | | [Mine Safety [removed: Disclosures](#ib33a0e21cf0040999a83ed03df1e084c_730)] [added: Disclosures](#ic55317410763413da1d4be4008f977bd_718)] | | | [removed: [13](#ib33a0e21cf0040999a83ed03df1e084c_730)] [added: [16](#ic55317410763413da1d4be4008f977bd_718)] | | |

| | | | Item 5. | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#ib33a0e21cf0040999a83ed03df1e084c_733)] [added: Securities](#ic55317410763413da1d4be4008f977bd_721)] | | | [removed: [14](#ib33a0e21cf0040999a83ed03df1e084c_733)] [added: [17](#ic55317410763413da1d4be4008f977bd_721)] | | |

| | | | Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#ib33a0e21cf0040999a83ed03df1e084c_349)] [added: Operations](#ic55317410763413da1d4be4008f977bd_331)] | | | [removed: [17](#ib33a0e21cf0040999a83ed03df1e084c_349)] [added: [20](#ic55317410763413da1d4be4008f977bd_331)] | | |

| | | | Item 7A. | | | [Quantitative and Qualitative Disclosures about Market [removed: Risk](#ib33a0e21cf0040999a83ed03df1e084c_592)] [added: Risk](#ic55317410763413da1d4be4008f977bd_583)] | | | [removed: [51](#ib33a0e21cf0040999a83ed03df1e084c_592)] [added: [53](#ic55317410763413da1d4be4008f977bd_583)] | | |

| | | | Item 8. | | | [Financial Statements and Supplementary [removed: Data](#ib33a0e21cf0040999a83ed03df1e084c_748)] [added: Data](#ic55317410763413da1d4be4008f977bd_736)] | | | [removed: [51](#ib33a0e21cf0040999a83ed03df1e084c_748)] [added: [53](#ic55317410763413da1d4be4008f977bd_736)] | | |

| | | | | | | [Consolidated Balance [removed: Sheets](#ib33a0e21cf0040999a83ed03df1e084c_25)] [added: Sheets](#ic55317410763413da1d4be4008f977bd_16)] | | | [removed: [54](#ib33a0e21cf0040999a83ed03df1e084c_25)] [added: [56](#ic55317410763413da1d4be4008f977bd_16)] | | |

| | | | | | | [Consolidated Statements of [removed: Operations](#ib33a0e21cf0040999a83ed03df1e084c_757)] [added: Operations](#ic55317410763413da1d4be4008f977bd_745)] | | | [removed: [55](#ib33a0e21cf0040999a83ed03df1e084c_757)] [added: [57](#ic55317410763413da1d4be4008f977bd_745)] | | |

| | | | | | | [Consolidated Statements of Comprehensive [removed: Income](#ib33a0e21cf0040999a83ed03df1e084c_760)] [added: Income](#ic55317410763413da1d4be4008f977bd_748)] | | | [removed: [56](#ib33a0e21cf0040999a83ed03df1e084c_760)] [added: [58](#ic55317410763413da1d4be4008f977bd_748)] | | |

| | | | | | | [Consolidated Statements of Shareholders' [removed: Equity](#ib33a0e21cf0040999a83ed03df1e084c_763)] [added: Equity](#ic55317410763413da1d4be4008f977bd_751)] | | | [removed: [57](#ib33a0e21cf0040999a83ed03df1e084c_763)] [added: [59](#ic55317410763413da1d4be4008f977bd_751)] | | |

| | | | | | | [Consolidated Statements of Cash [removed: Flows](#ib33a0e21cf0040999a83ed03df1e084c_766)] [added: Flows](#ic55317410763413da1d4be4008f977bd_754)] | | | [removed: [58](#ib33a0e21cf0040999a83ed03df1e084c_766)] [added: [60](#ic55317410763413da1d4be4008f977bd_754)] | | |

| | | | | | | [Notes to Consolidated Financial [removed: Statements](#ib33a0e21cf0040999a83ed03df1e084c_43)] [added: Statements](#ic55317410763413da1d4be4008f977bd_34)] | | | [removed: [59](#ib33a0e21cf0040999a83ed03df1e084c_43)] [added: [61](#ic55317410763413da1d4be4008f977bd_34)] | | |

| | | | | | | [Note 1—Significant Accounting [removed: Policies](#ib33a0e21cf0040999a83ed03df1e084c_46)] [added: Policies](#ic55317410763413da1d4be4008f977bd_37)] | | | [removed: [59](#ib33a0e21cf0040999a83ed03df1e084c_46)] [added: [61](#ic55317410763413da1d4be4008f977bd_37)] | | |

| | | | | | | [Note 2—Statutory [removed: Accounting](#ib33a0e21cf0040999a83ed03df1e084c_73)] [added: Accounting](#ic55317410763413da1d4be4008f977bd_61)] | | | [removed: [71](#ib33a0e21cf0040999a83ed03df1e084c_73)] [added: [73](#ic55317410763413da1d4be4008f977bd_61)] | | |

| | | | | | | [Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive [removed: Income](#ib33a0e21cf0040999a83ed03df1e084c_76)] [added: Income](#ic55317410763413da1d4be4008f977bd_64)] | | | [removed: [72](#ib33a0e21cf0040999a83ed03df1e084c_76)] [added: [74](#ic55317410763413da1d4be4008f977bd_64)] | | |

| | | | | | | [Note [removed: 4—Investments](#ib33a0e21cf0040999a83ed03df1e084c_91)] [added: 4—Investments](#ic55317410763413da1d4be4008f977bd_79)] | | | [removed: [73](#ib33a0e21cf0040999a83ed03df1e084c_91)] [added: [76](#ic55317410763413da1d4be4008f977bd_79)] | | |

| | | | | | | [Note 5—Deferred Acquisition [removed: Costs](#ib33a0e21cf0040999a83ed03df1e084c_145)] [added: Costs](#ic55317410763413da1d4be4008f977bd_127)] | | | [removed: [86](#ib33a0e21cf0040999a83ed03df1e084c_145)] [added: [90](#ic55317410763413da1d4be4008f977bd_127)] | | |

| | | | | | | [Note 6—Commitments and [removed: Contingencies](#ib33a0e21cf0040999a83ed03df1e084c_148)] [added: Contingencies](#ic55317410763413da1d4be4008f977bd_130)] | | | [removed: [87](#ib33a0e21cf0040999a83ed03df1e084c_148)] [added: [91](#ic55317410763413da1d4be4008f977bd_130)] | | |

| | | | | | | [Note 7—Liability for Unpaid [removed: Claims](#ib33a0e21cf0040999a83ed03df1e084c_169)] [added: Claims](#ic55317410763413da1d4be4008f977bd_151)] | | | [removed: [91](#ib33a0e21cf0040999a83ed03df1e084c_169)] [added: [94](#ic55317410763413da1d4be4008f977bd_151)] | | |

| | | | | | | [Note 8—Income [removed: Taxes](#ib33a0e21cf0040999a83ed03df1e084c_184)] [added: Taxes](#ic55317410763413da1d4be4008f977bd_166)] | | | [removed: [92](#ib33a0e21cf0040999a83ed03df1e084c_184)] [added: [95](#ic55317410763413da1d4be4008f977bd_166)] | | |

| | | | | | | [Note 9—Postretirement [removed: Benefits](#ib33a0e21cf0040999a83ed03df1e084c_205)] [added: Benefits](#ic55317410763413da1d4be4008f977bd_187)] | | | [removed: [94](#ib33a0e21cf0040999a83ed03df1e084c_205)] [added: [97](#ic55317410763413da1d4be4008f977bd_187)] | | |

| | | | | | | [Note 10—Supplemental Disclosures of Cash Flow [removed: Information](#ib33a0e21cf0040999a83ed03df1e084c_310)] [added: Information](#ic55317410763413da1d4be4008f977bd_235)] | | | [removed: [100](#ib33a0e21cf0040999a83ed03df1e084c_310)] [added: [103](#ic55317410763413da1d4be4008f977bd_235)] | | |

| | | | | | | [Note 13—Stock-Based [removed: Compensation](#ib33a0e21cf0040999a83ed03df1e084c_328)] [added: Compensation](#ic55317410763413da1d4be4008f977bd_274)] | | | [removed: [104](#ib33a0e21cf0040999a83ed03df1e084c_328)] [added: [107](#ic55317410763413da1d4be4008f977bd_274)] | | |

| | | | Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#ib33a0e21cf0040999a83ed03df1e084c_769)] [added: Disclosure](#ic55317410763413da1d4be4008f977bd_592)] | | | [removed: [117](#ib33a0e21cf0040999a83ed03df1e084c_769)] [added: [119](#ic55317410763413da1d4be4008f977bd_592)] | | |

| | | | Item 9A. | | | [Controls and [removed: Procedures](#ib33a0e21cf0040999a83ed03df1e084c_649)] [added: Procedures](#ic55317410763413da1d4be4008f977bd_595)] | | | [removed: [117](#ib33a0e21cf0040999a83ed03df1e084c_649)] [added: [119](#ic55317410763413da1d4be4008f977bd_595)] | | |

| | | | Item 9B. | | | [Other [removed: Information](#ib33a0e21cf0040999a83ed03df1e084c_772)] [added: Information](#ic55317410763413da1d4be4008f977bd_760)] | | | [removed: [120](#ib33a0e21cf0040999a83ed03df1e084c_772)] [added: [122](#ic55317410763413da1d4be4008f977bd_760)] | | |

| | | | Item 10. | | | [Directors, Executive Officers, and Corporate [removed: Governance](#ib33a0e21cf0040999a83ed03df1e084c_775)] [added: Governance](#ic55317410763413da1d4be4008f977bd_763)] | | | [removed: [120](#ib33a0e21cf0040999a83ed03df1e084c_775)] [added: [122](#ic55317410763413da1d4be4008f977bd_763)] | | |

| | | | Item 11. | | | [Executive [removed: Compensation](#ib33a0e21cf0040999a83ed03df1e084c_778)] [added: Compensation](#ic55317410763413da1d4be4008f977bd_766)] | | | [removed: [120](#ib33a0e21cf0040999a83ed03df1e084c_778)] [added: [122](#ic55317410763413da1d4be4008f977bd_766)] | | |

| | | | Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#ib33a0e21cf0040999a83ed03df1e084c_781)] [added: Matters](#ic55317410763413da1d4be4008f977bd_769)] | | | [removed: [120](#ib33a0e21cf0040999a83ed03df1e084c_781)] [added: [122](#ic55317410763413da1d4be4008f977bd_769)] | | |

| | | | Item 13. | | | [Certain Relationships and Related Transactions and Director [removed: Independence](#ib33a0e21cf0040999a83ed03df1e084c_784)] [added: Independence](#ic55317410763413da1d4be4008f977bd_772)] | | | [removed: [121](#ib33a0e21cf0040999a83ed03df1e084c_784)] [added: [123](#ic55317410763413da1d4be4008f977bd_772)] | | |

| | | | Item 14. | | | [Principal Accountant Fees and [removed: Services](#ib33a0e21cf0040999a83ed03df1e084c_787)] [added: Services](#ic55317410763413da1d4be4008f977bd_775)] | | | [removed: [121](#ib33a0e21cf0040999a83ed03df1e084c_787)] [added: [123](#ic55317410763413da1d4be4008f977bd_775)] | | |

| | | | Item 15. | | | [Exhibits and Financial Statement [removed: Schedules](#ib33a0e21cf0040999a83ed03df1e084c_790)] [added: Schedules](#ic55317410763413da1d4be4008f977bd_781)] | | | [removed: [121](#ib33a0e21cf0040999a83ed03df1e084c_790)] [added: [123](#ic55317410763413da1d4be4008f977bd_781)] | | |

| 4.250% Junior Subordinated Debentures | | | GL PRD | | | New York Stock Exchange | | |

GL 2021 FORM 10-K

GL 2021 FORM 10-K

| [PART I.](#ic55317410763413da1d4be4008f977bd_661) | | | | | | | | | | | |

| | | | Item 2. | | | [Properties](#ic55317410763413da1d4be4008f977bd_715) | | | [16](#ic55317410763413da1d4be4008f977bd_715) | | |

| [PART II.](#ic55317410763413da1d4be4008f977bd_721) | | | | | | | | | | | |

| | | | Item 6. | | | \[Reserved\] | | | | | |

| | | | | | | [Cautionary Statements](#ic55317410763413da1d4be4008f977bd_328) | | | [19](#ic55317410763413da1d4be4008f977bd_328) | | |

| | | | | | | [Note 11—Debt](#ic55317410763413da1d4be4008f977bd_238) | | | [104](#ic55317410763413da1d4be4008f977bd_238) | | |

| | | | | | | [Note 12—Shareholders' Equity](#ic55317410763413da1d4be4008f977bd_259) | | | [106](#ic55317410763413da1d4be4008f977bd_259) | | |

| | | | | | | [Note 14—Business Segments](#ic55317410763413da1d4be4008f977bd_289) | | | [112](#ic55317410763413da1d4be4008f977bd_289) | | |

| | | | Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#ic55317410763413da1d4be4008f977bd_8240) | | | [122](#ic55317410763413da1d4be4008f977bd_8240) | | |

| [PART III.](#ic55317410763413da1d4be4008f977bd_763) | | | | | | | | | | | |

| [PART IV.](#ic55317410763413da1d4be4008f977bd_778) | | | | | | | | | | | |

| | | | | | | [Signatures](#ic55317410763413da1d4be4008f977bd_796) | | | [134](#ic55317410763413da1d4be4008f977bd_796) | | |

GL 2021 FORM 10-K

| [PART I.](#ib33a0e21cf0040999a83ed03df1e084c_13) | | | | | | | | | | | |

| | | | Item 2. | | | [Properties](#ib33a0e21cf0040999a83ed03df1e084c_673) | | | [13](#ib33a0e21cf0040999a83ed03df1e084c_673) | | |

| [PART II.](#ib33a0e21cf0040999a83ed03df1e084c_733) | | | | | | | | | | | |

| | | | Item 6. | | | [Selected Financial Data](#ib33a0e21cf0040999a83ed03df1e084c_745) | | | [15](#ib33a0e21cf0040999a83ed03df1e084c_745) | | |

| | | | | | | [Cautionary Statements](#ib33a0e21cf0040999a83ed03df1e084c_346) | | | [16](#ib33a0e21cf0040999a83ed03df1e084c_346) | | |

| | | | | | | [Note 11—Debt](#ib33a0e21cf0040999a83ed03df1e084c_253) | | | [101](#ib33a0e21cf0040999a83ed03df1e084c_253) | | |

| | | | | | | [Note 12—Shareholders' Equity](#ib33a0e21cf0040999a83ed03df1e084c_313) | | | [103](#ib33a0e21cf0040999a83ed03df1e084c_313) | | |

| | | | | | | [Note 14—Business Segments](#ib33a0e21cf0040999a83ed03df1e084c_274) | | | [109](#ib33a0e21cf0040999a83ed03df1e084c_274) | | |

| | | | | | | [Note 15—Selected Quarterly Data](#ib33a0e21cf0040999a83ed03df1e084c_343) | | | [116](#ib33a0e21cf0040999a83ed03df1e084c_343) | | |

| [PART III.](#ib33a0e21cf0040999a83ed03df1e084c_775) | | | | | | | | | | | |

| [PART IV.](#ib33a0e21cf0040999a83ed03df1e084c_8562) | | | | | | | | | | | |

[Table of](#ib33a0e21cf0040999a83ed03df1e084c_10) [Contents](#ib33a0e21cf0040999a83ed03df1e084c_10)

As of December 31, [removed: 2020,] [added: 2021,] Globe Life had no unresolved SEC staff comments.

GL 2021 FORM 10-K

GL 2020 FORM 10-K

[Table of](#ib33a0e21cf0040999a83ed03df1e084c_10) [Contents](#ib33a0e21cf0040999a83ed03df1e084c_10)

There were [removed: 2,252] [added: 2,125] shareholders of record on December 31, [removed: 2020,] [added: 2021,] excluding shareholder accounts held in nominee form.

The line graph shown below compares Globe Life's cumulative total return on its common stock with the cumulative total returns of the Standard [removed: and] [added: &] Poor’s 500 Stock Index (S&P 500) and the Standard [removed: and] [added: &] Poor’s Life & Health Insurance Index (S&P Life & Health Insurance).

[removed: ][added: ]

*$100 invested on [removed: 12/31/2015] [added: 12/31/2016] in stock or index, including reinvestment of dividends.

Copyright© [removed: 2021] [added: 2022] Standard & Poor's, a division of S&P Global.

Purchases of Certain Equity Securities by the Issuer and Others for the Fourth Quarter [removed: 2020][added: 2021]

| Period | | | | | | [removed: (a) Total] [added: Total] Number of Shares Purchased | | | | | | [removed: (b) Average] [added: Average] Price Paid Per Share | | | | | | [removed: (c) Total] [added: Total] Number of Shares Purchased as Part of Publicly Announced Plans or Programs | | | | | | [removed: (d) Maximum] [added: Maximum] Number of Shares (or Approximate Dollar Amount) that May Yet Be Purchased Under the Plans or Programs | | |

On August [removed: 5, 2020,] [added: 4, 2021,] Globe Life's Board reaffirmed its continued authorization of the Company’s stock repurchase program in amounts and with timing that management, in consultation with the Board, determined to be in the best interest of the Company.

GL 2021 FORM 10-K

| | | | | | | (a) | | | | | | (b) | | | | | | (c) | | | | | | (d) | | |

| October 1-31, 2021 | | | | | | 265,733 | | | | | | $ | 91.68 | | | | | 265,733 | | | | | | — | | |

| November 1-30, 2021 | | | | | | 751,875 | | | | | | 91.60 | | | | | | 751,875 | | | | | | — | | |

| December 1-31, 2021 | | | | | | 609,074 | | | | | | 90.00 | | | | | | 609,074 | | | | | | — | | |

| October 1-31, 2020 | | | | | | 553,989 | | | | | | $ | 81.51 | | | | | 553,989 | | | | | | — | | |

| November 1-30, 2020 | | | | | | 449,389 | | | | | | 91.07 | | | | | | 449,389 | | | | | | — | | |

| December 1-31, 2020 | | | | | | 650,021 | | | | | | 94.05 | | | | | | 650,021 | | | | | | — | | |

GL 2020 FORM 10-K

[Table of](#ib33a0e21cf0040999a83ed03df1e084c_10) [Contents](#ib33a0e21cf0040999a83ed03df1e084c_10)

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 COVID-19 [removed: outbreak] [added: pandemic and associated direct and indirect effects] on our business operations, financial results and financial condition.

GL 2021 FORM 10-K

GL 2021 FORM 10-K

The following information should be read in conjunction with Globe Life's *[Consolidated Financial Statements](#ib33a0e21cf0040999a83ed03df1e084c_754)* and related notes reported elsewhere in this Form 10-K:

(Dollar amounts in thousands except per share and percentage data)

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | Year ended December 31, | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | 2020 | | | | | | 2019 | | | | | | 2018 | | | | | | 2017 | | | | | | 2016 | | |

| Life | | | $ | 2,672,804 | | | | | $ | 2,517,784 | | | | | $ | 2,406,555 | | | | | $ | 2,306,547 | | | | | $ | 2,189,333 | |

| Health | | | 1,141,097 | | | | | | 1,077,346 | | | | | | 1,015,339 | | | | | | 976,373 | | | | | | 947,663 | | |

| Other | | | 4 | | | | | | 4 | | | | | | 12 | | | | | | 15 | | | | | | 38 | | |

| Total premium | | | 3,813,905 | | | | | | 3,595,134 | | | | | | 3,421,906 | | | | | | 3,282,935 | | | | | | 3,137,034 | | |

| Net investment income | | | 927,062 | | | | | | 910,459 | | | | | | 882,512 | | | | | | 847,885 | | | | | | 806,903 | | |

| Realized gains (losses) | | | (4,371) | | | | | | 20,621 | | | | | | (1,804) | | | | | | 23,611 | | | | | | (10,683) | | |

| Total revenue | | | 4,737,921 | | | | | | 4,527,532 | | | | | | 4,303,751 | | | | | | 4,155,573 | | | | | | 3,934,629 | | |

| Income from continuing operations, net of tax | | | 731,773 | | | | | | 760,882 | | | | | | 701,510 | | | | | | 1,458,263 | | | | | | 539,590 | | |

| Income from discontinued operations, net of tax | | | — | | | | | | (92) | | | | | | (44) | | | | | | (3,769) | | | | | | 10,189 | | |

| Net income | | | 731,773 | | | | | | 760,790 | | | | | | 701,466 | | | | | | 1,454,494 | | | | | | 549,779 | | |

| Basic net income (loss) per common share: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Continuing operations | | | 6.90 | | | | | | 6.97 | | | | | | 6.22 | | | | | | 12.53 | | | | | | 4.50 | | |

| Discontinued operations | | | — | | | | | | — | | | | | | — | | | | | | (0.03) | | | | | | 0.08 | | |

| Net income | | | 6.90 | | | | | | 6.97 | | | | | | 6.22 | | | | | | 12.50 | | | | | | 4.58 | | |

| Diluted net income (loss) per common share: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Continuing operations | | | 6.82 | | | | | | 6.83 | | | | | | 6.09 | | | | | | 12.26 | | | | | | 4.41 | | |

| Discontinued operations | | | — | | | | | | — | | | | | | — | | | | | | (0.04) | | | | | | 0.08 | | |

| Net income | | | 6.82 | | | | | | 6.83 | | | | | | 6.09 | | | | | | 12.22 | | | | | | 4.49 | | |

| Cash dividends paid | | | 0.74 | | | | | | 0.68 | | | | | | 0.63 | | | | | | 0.59 | | | | | | 0.56 | | |

| Basic weighted average shares outstanding | | | 106,075 | | | | | | 109,214 | | | | | | 112,873 | | | | | | 116,343 | | | | | | 120,001 | | |

| Diluted weighted average shares outstanding | | | 107,225 | | | | | | 111,381 | | | | | | 115,249 | | | | | | 118,983 | | | | | | 122,368 | | |

| | | | As of December 31, | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Cash and invested assets | | | $ | 22,547,498 | | | | | $ | 19,923,204 | | | | | $ | 17,239,570 | | | | | $ | 17,853,047 | | | | | $ | 15,955,891 | |

| Total assets | | | 29,046,731 | | | | | | 25,977,460 | | | | | | 23,095,722 | | | | | | 23,474,985 | | | | | | 21,436,087 | | |

| Short-term debt | | | 254,918 | | | | | | 298,738 | | | | | | 307,848 | | | | | | 328,067 | | | | | | 264,475 | | |

| Long-term debt | | | 1,667,886 | | | | | | 1,348,988 | | | | | | 1,357,185 | | | | | | 1,132,201 | | | | | | 1,133,165 | | |

| Shareholders' equity | | | 8,771,092 | | | | | | 7,294,307 | | | | | | 5,415,177 | | | | | | 6,231,421 | | | | | | 4,566,861 | | |

| Per diluted common share | | | 83.19 | | | | | | 66.02 | | | | | | 48.11 | | | | | | 52.95 | | | | | | 37.76 | | |

| Effect of fixed maturity revaluation on diluted equity per common share(1) | | | 30.07 | | | | | | 17.76 | | | | | | 3.79 | | | | | | 13.18 | | | | | | 5.63 | | |

| Annualized premium in force: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Life | | | 2,739,949 | | | | | | 2,581,628 | | | | | | 2,464,728 | | | | | | 2,373,099 | | | | | | 2,262,736 | | |

| Health | | | 1,193,362 | | | | | | 1,139,038 | | | | | | 1,073,698 | | | | | | 1,018,020 | | | | | | 998,634 | | |

| Total | | | 3,933,311 | | | | | | 3,720,666 | | | | | | 3,538,426 | | | | | | 3,391,119 | | | | | | 3,261,370 | | |

| Basic shares outstanding | | | 103,797 | | | | | | 107,720 | | | | | | 110,693 | | | | | | 114,593 | | | | | | 118,031 | | |

| [Report of Independent Registered Public Accounting [removed: Firm](#ib33a0e21cf0040999a83ed03df1e084c_751)] [added: Firm](#ic55317410763413da1d4be4008f977bd_739) (PCAOB No. 34)] | | | [removed: [52](#ib33a0e21cf0040999a83ed03df1e084c_751)] [added: [54](#ic55317410763413da1d4be4008f977bd_739)] | | |

| [Consolidated Financial [removed: Statements:](#ib33a0e21cf0040999a83ed03df1e084c_22)] [added: Statements:](#ic55317410763413da1d4be4008f977bd_742)] | | | | | |

| [Consolidated Balance Sheets at December [removed: 31,](#ib33a0e21cf0040999a83ed03df1e084c_25) 2020[, and](#ib33a0e21cf0040999a83ed03df1e084c_25) 2019] [added: 31,](#ic55317410763413da1d4be4008f977bd_16) 2021[, and](#ic55317410763413da1d4be4008f977bd_16) 2020] | | | [removed: [54](#ib33a0e21cf0040999a83ed03df1e084c_25)] [added: [56](#ic55317410763413da1d4be4008f977bd_16)] | | |

| [Consolidated Statements of Operations for each of the three years in the period ended December [removed: 31](#ib33a0e21cf0040999a83ed03df1e084c_757)[,](#ib33a0e21cf0040999a83ed03df1e084c_757) 2020] [added: 31](#ic55317410763413da1d4be4008f977bd_745)[,](#ic55317410763413da1d4be4008f977bd_745) 2021] | | | [removed: [55](#ib33a0e21cf0040999a83ed03df1e084c_757)] [added: [57](#ic55317410763413da1d4be4008f977bd_745)] | | |

| [Consolidated [removed: Stateme](#ib33a0e21cf0040999a83ed03df1e084c_760)[nts] [added: Stateme](#ic55317410763413da1d4be4008f977bd_748)[nts] of Comprehensive Income (Loss) for each of the three years in the period ended December [removed: 31,](#ib33a0e21cf0040999a83ed03df1e084c_760) 2020] [added: 31,](#ic55317410763413da1d4be4008f977bd_748) 2021] | | | [removed: [56](#ib33a0e21cf0040999a83ed03df1e084c_760)] [added: [58](#ic55317410763413da1d4be4008f977bd_748)] | | |

| [Consolidated Statements of Shareholders’ Equity for each of the three years in the period ended December [removed: 31,](#ib33a0e21cf0040999a83ed03df1e084c_763) [](#ib33a0e21cf0040999a83ed03df1e084c_763)2020] [added: 31,](#ic55317410763413da1d4be4008f977bd_751) [](#ic55317410763413da1d4be4008f977bd_751)2021] | | | [removed: [57](#ib33a0e21cf0040999a83ed03df1e084c_763)] [added: [59](#ic55317410763413da1d4be4008f977bd_751)] | | |

| [Consolidated Statements of Cash Flows for each of the three years in the period ended December [removed: 31,](#ib33a0e21cf0040999a83ed03df1e084c_766) [](#ib33a0e21cf0040999a83ed03df1e084c_766)2020] [added: 31,](#ic55317410763413da1d4be4008f977bd_754) [](#ic55317410763413da1d4be4008f977bd_754)2021] | | | [removed: [58](#ib33a0e21cf0040999a83ed03df1e084c_766)] [added: [60](#ic55317410763413da1d4be4008f977bd_754)] | | |

| [Notes to Consolidated Financial [removed: Statements](#ib33a0e21cf0040999a83ed03df1e084c_43)] [added: Statements](#ic55317410763413da1d4be4008f977bd_34)] | | | [removed: [59](#ib33a0e21cf0040999a83ed03df1e084c_43)] [added: [61](#ic55317410763413da1d4be4008f977bd_34)] | | |

We have audited the accompanying consolidated balance sheets of Globe Life Inc. and subsidiaries (the [removed: “Company”)] [added: "Company")] as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] the related consolidated statements of operations, comprehensive income (loss), shareholders’ equity, and cash flows, for each of the three years in the period ended December 31, [removed: 2020,] [added: 2021,] and the related notes and the schedules listed in the Index at Item 15 (collectively referred to as the [removed: “financial statements”).][added: "financial statements").]

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2020,] [added: 2021,] in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the [removed: Company’s] [added: Company's] internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February [removed: 25, 2021,] [added: 23, 2022,] expressed an unqualified opinion on the Company’s internal control over financial reporting.

The balance of investments without readily determinable market values was [removed: $799] [added: $705] million as of December 31, [removed: 2020.][added: 2021.]

[removed: (Dollar] [added: (Dollar] amounts in thousands, except per share [removed: data)][added: data)]

| | | | [added: | | | 2021 | | | | | |] 2020 | | | | | | 2019 | | |

| Fixed maturities—available for sale, at fair value (amortized cost: [removed: 2020—$17,197,145; 2019—$16,415,776,] [added: 2021—$17,805,309; 2020—$17,197,145,] allowance for credit losses: [added: 2021— $387;] 2020— [removed: $3,346; 2019— $0)] [added: $3,346)] | | | $ | [removed: 21,213,509] [added: 21,305,287] | | | | | $ | [removed: 18,907,147] [added: 21,213,509] | |

| Policy loans | | | [removed: 584,379] [added: 589,634] | | | | | | [removed: 575,492] [added: 584,379] | | |

| Other long-term investments (includes: [removed: 2020—$385,038; 2019—$185,851] [added: 2021—$640,263; 2020—$385,038] under the fair value option) | | | [removed: 546,981] [added: 793,925] | | | | | | [removed: 326,347] [added: 546,981] | | |

| Short-term investments | | | [removed: 107,782] [added: 69,145] | | | | | | [removed: 38,285] [added: 107,782] | | |

| Total investments | | | [removed: 22,452,651] [added: 22,757,991] | | | | | | [removed: 19,847,271] [added: 22,452,651] | | |

| Cash | | | [removed: 94,847] [added: 92,163] | | | | | | [removed: 75,933] [added: 94,847] | | |

| Accrued investment income | | | [removed: 248,991] [added: 251,307] | | | | | | [removed: 245,129] [added: 248,991] | | |

| Other receivables | | | [removed: 474,180] [added: 487,443] | | | | | | [removed: 441,662] [added: 474,180] | | |

| Deferred acquisition costs | | | [removed: 4,595,444] [added: 4,914,728] | | | | | | [removed: 4,341,941] [added: 4,595,444] | | |

| Goodwill | | | [removed: 441,591] [added: 481,791] | | | | | | 441,591 | | |

| Other assets | | | [removed: 739,027] [added: 782,625] | | | | | | [removed: 583,933] [added: 739,027] | | |

| Total assets | | | $ | [removed: 29,046,731] [added: 29,768,048] | | | | | $ | [removed: 25,977,460] [added: 29,046,731] | |

| Future policy benefits | | | $ | [removed: 15,243,536] [added: 16,034,727] | | | | | $ | [removed: 14,508,134] [added: 15,243,536] | |

| Unearned and advance premium | | | [removed: 61,728] [added: 65,472] | | | | | | [removed: 63,709] [added: 61,728] | | |

| Policy claims and other benefits payable | | | [removed: 399,507] [added: 412,940] | | | | | | [removed: 365,402] [added: 399,507] | | |

| Other policyholders' funds | | | [removed: 97,968] [added: 98,935] | | | | | | [removed: 96,282] [added: 97,968] | | |

| Total policy liabilities | | | [removed: 15,802,739] [added: 16,612,074] | | | | | | [removed: 15,033,527] [added: 15,802,739] | | |

| Current and deferred income taxes | | | [removed: 1,833,723] [added: 1,765,021] | | | | | | [removed: 1,476,832] [added: 1,833,723] | | |

| Short-term debt | | | [removed: 254,918] [added: 479,644] | | | | | | [removed: 298,738] [added: 254,918] | | |

| Long-term debt (estimated fair value: [removed: 2020—$1,871,754; 2019—$1,473,364)] [added: 2021—$1,667,009; 2020—$1,871,754)] | | | [removed: 1,667,886] [added: 1,546,494] | | | | | | [removed: 1,348,988] [added: 1,667,886] | | |

| Other liabilities | | | [removed: 716,373] [added: 722,009] | | | | | | [removed: 525,068] [added: 716,373] | | |

| Total liabilities | | | [removed: 20,275,639] [added: 21,125,242] | | | | | | [removed: 18,683,153] [added: 20,275,639] | | |

| Preferred stock, par value $1 per share—5,000,000 shares authorized; outstanding: 0 in [removed: 2020] [added: 2021] and [removed: 2019] [added: 2020] | | | — | | | | | | — | | |

| Common stock, par value $1 per share—320,000,000 shares authorized; outstanding: [removed: (2020—113,218,183] [added: (2021—109,218,183] issued; [removed: 2019— 117,218,183] [added: 2020—113,218,183] issued) | | | [removed: 113,218] [added: 109,218] | | | | | | [removed: 117,218] [added: 113,218] | | |

| Additional paid-in-capital | | | [removed: 527,435] [added: 520,564] | | | | | | [removed: 531,554] [added: 527,435] | | |

| Accumulated other comprehensive income (loss) | | | [removed: 3,029,244] [added: 2,677,583] | | | | | | [removed: 1,844,830] [added: 3,029,244] | | |

GL 2021 FORM 10-K

GL 2021 FORM 10-K

February 23, 2022

GL 2021 FORM 10-K

GL 2021 FORM 10-K

GL 2021 FORM 10-K

GL 2021 FORM 10-K

| Balance at January 1, 2021 | | | — | | | | | | 113,218 | | | | | | 527,435 | | | | | | 3,029,244 | | | | | | 5,874,109 | | | | | | (772,914) | | | | | | 8,771,092 | | |

| Comprehensive income (loss) | | | — | | | | | | — | | | | | | — | | | | | | (351,661) | | | | | | 744,959 | | | | | | — | | | | | | 393,298 | | |

| Stock-based compensation | | | — | | | | | | — | | | | | | 12,103 | | | | | | — | | | | | | — | | | | | | 18,169 | | | | | | 30,272 | | |

| Exercise of stock options | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (29,398) | | | | | | 99,224 | | | | | | 69,826 | | |

| Balance at December 31, 2021 | | | $ | — | | | | | $ | 109,218 | | | | | $ | 520,564 | | | | | $ | 2,677,583 | | | | | $ | 6,182,100 | | | | | $ | (846,659) | | | | | $ | 8,642,806 | |

GL 2021 FORM 10-K

| Net income | | | $ | 744,959 | | | | | $ | 731,773 | | | | | $ | 760,790 | |

GL 2021 FORM 10-K

*Use of Estimates*: The preparation of 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.

*Acquisition:* On August 1, 2021, the Company acquired Beazley Benefits, an operating unit of Beazley Insurance Company, Inc. for $59.2 million.

This business will enhance our ability to reach the worksite market.

In conjunction with this agreement, the Company also executed a 100% coinsurance agreement assuming the remaining inforce business produced by the unit.

The acquisition was accounted for under the purchase method of accounting as required by GAAP.

This guidance requires that the total purchase price be allocated to the assets acquired and liabilities assumed based on their fair values at the acquisition date.

The goodwill related to the purchase is due to expected synergies as a result of combining operations with other factors.

The results of operations since the acquisition date have been consolidated.

The cash flows associated with the purchase are recorded in the *[Consolidate](#ic55317410763413da1d4be4008f977bd_754)[d Stat](#ic55317410763413da1d4be4008f977bd_754)[ement of Cash](#ic55317410763413da1d4be4008f977bd_754) [F](#ic55317410763413da1d4be4008f977bd_754)[lows](#ic55317410763413da1d4be4008f977bd_754)* in "Other investing activities."

GL 2021 FORM 10-K

| | | | | | | Fair Value as of | | |

| | | | | | | August 1, 2021 | | |

| Trade name | | | | | | $ | 300 | |

| Value of Customer Relationships Acquired | | | | | | 5,200 | | |

| Value of Distribution Acquired | | | | | | 11,000 | | |

| Goodwill | | | | | | 40,200 | | |

| | | | | | | 56,700 | | |

| Ceding commission | | | | | | 2,500 | | |

| Total purchase price | | | | | | $ | 59,200 | |

In accordance with the applicable guidance, the Company is finalizing the estimation of the fair value of the acquired assets and may do so up to one year.

If any changes are deemed necessary to the preliminary estimates and possibly goodwill, the Company will make an opening balance sheet adjustment.

GL 2021 FORM 10-K

Operating results provided by the partnerships can be on a lag up to 3 months; however, the Company makes adjustments for any material transactions occurring within the lag period.

GL 2021 FORM 10-K

GL 2021 FORM 10-K

GL 2020 FORM 10-K

[Table of](#ib33a0e21cf0040999a83ed03df1e084c_10) [Contents](#ib33a0e21cf0040999a83ed03df1e084c_10)

February 25, 2021

| | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Balance at December 31, 2017 | | | $ | — | | | | | $ | 124,218 | | | | | $ | 508,476 | | | | | $ | 1,424,274 | | | | | $ | 4,806,208 | | | | | $ | (631,755) | | | | | $ | 6,231,421 | |

| Balance at January 1, 2018 | | | — | | | | | | 124,218 | | | | | | 508,476 | | | | | | 1,424,274 | | | | | | 4,811,104 | | | | | | (631,755) | | | | | | 6,236,317 | | |

| Comprehensive income (loss) | | | — | | | | | | — | | | | | | — | | | | | | (1,104,799) | | | | | | 701,466 | | | | | | — | | | | | | (403,333) | | |

| Stock-based compensation | | | — | | | | | | — | | | | | | 28,836 | | | | | | — | | | | | | (1,803) | | | | | | 12,759 | | | | | | 39,792 | | |

| Exercise of stock options | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (24,811) | | | | | | 60,902 | | | | | | 36,091 | | |

(1)Adoption of Accounting Standard Update (ASU) 2016-13, *Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,* on January 1, 2020.

Globe Life accounts for its variable interest entities (VIEs) under accounting guidance which clarifies the definition of a variable interest and the instructions for consolidating VIEs.

Investments in limited partnerships consist of low-income housing tax credits and investment funds.

Low-income housing tax credits are discussed further below.

Operating results provided by the partnerships can be on a lag up to 3 months.

*Current Expected Credit Loss Reserve (CECL adoption)*: On January 1, 2020, the Company adopted ASU 2016-13, replacing the GAAP "incurred loss" model with a new methodology referred to as current expected credit losses (CECL).

The previous methodology delayed recognition of credit losses until it was probable that a loss had incurred, ultimately resulting in fewer instances of losses being recorded in earnings.

The new CECL methodology

is forward looking—encompassing relevant information about historical experience, current conditions, as well as reasonable and supportable forecasts that affect the collectability of a reported amount.

The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables.

Upon adoption, the standard affected the Company's commercial mortgage loans ("Other long-term investments") and agent debit balances ("Other receivables").

The Company adopted the standard using the modified retrospective method.

The Company recorded a cumulative effect adjustment, net of tax, of $454 thousand to retained earnings, consisting of $265 thousand and $189 thousand for commercial mortgage loans and agent debit balances, respectively.

Refer to the table below for pre-tax amounts and *[Note 4—Investments](#ib33a0e21cf0040999a83ed03df1e084c_91)* for additional details.

| | | | | | | As reported on December 31, 2019 | | | | | | Pre-tax impact of adoption | | | | | | As reported on January 1, 2020 | | |

| Commercial mortgage loans | | | | | | $ | 137,692 | | | | | $ | (335) | | | | | $ | 137,357 | |

| Agent debit balances | | | | | | 423,877 | | | | | | (240) | | | | | | 423,637 | | |

In addition, the standard made changes to the accounting for available-for-sale debt securities through the removal of "other-than-temporary-impairment" (OTTI) write downs and replaced them with an allowance for credit losses.

The new methodology will allow the Company to record reversals of credit losses in situations where the estimate of credit losses declines through current period net income ("Realized gains (losses)").

The Company adopted the standard using the prospective transition approach for available-for-sale fixed maturities for which OTTI had been recognized prior to January 1, 2020.

As a result, the amortized cost basis and the effective interest rate remain unchanged after the adoption of ASU 2016-13.

Amortized cost will now be reflected as "amortized cost, net of allowance for credit losses" or "amortized cost, net." The Company has not elected the fair value option for any financial assets recorded at amortized cost that would be in scope of this standard.

Based on factors considered by management, aside from the cumulative effect adjustment upon adoption described above, there were no additional credit losses recorded during the year ended December 31, 2020.

capitalized during the application development stage.

| ASU No. 2016-13/2019-04/2019-05, *Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,* with clarification guidance issued in April 2019. | | | | | | This standard ("CECL") provides financial statement users with more decision-useful information about the expected credit losses on financial instruments that are recorded at amortized cost. Additionally, it changes the loss impairment methodology for available-for-sale fixed maturities by the use of an allowance rather than a direct write down. | | | | | | This standard became effective on January 1, 2020. | | | | | | The Company's available-for-sale fixed maturities and other financing receivables (commercial mortgage loans and agent debit balances) were concluded to be the relevant financial assets within the scope of the standard. See Note 1 for information on the adoption and revised accounting policies. | | |

| ASU No. 2018-14, *Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20), Changes to the Disclosure Requirements for Defined Benefit Plans* | | | | | | The standard removes disclosures that are no longer considered cost beneficial, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant to defined benefit plans. | | | | | | This standard became effective on December 31, 2020, and was applied retrospectively. | | | | | | The adoption of this standard did not have a material impact on the consolidated financial statements. See updated disclosures in Note 9. | | |

| ASU No. 2020-04, Reference Rate Reform (Topic 848): *Facilitation of the Effects of Reference Rate Reform on Financial Reporting* | | | | | | This standard was issued primarily to provide optional expedients for simplifying the accounting for contract modifications to existing agreements, which is expected to arise from the market's transition from LIBOR to the secured overnight financing rate (SOFR) as a result of reference rate reform. | | | | | | This standard became effective upon issuance, or March 12, 2020, and will remain effective until December 31, 2022. | | | | | | The Company has limited assets and liabilities that utilize LIBOR as a benchmark rate. We will continue to monitor the progress towards the establishment of a new floating rate; however, we do not expect a material impact at this time. | | |

| Balance at January 1, 2018 | | | $ | 1,569,289 | | | | | $ | (8,547) | | | | | $ | 16,302 | | | | | $ | (152,770) | | | | | $ | 1,424,274 | |

| Other comprehensive income (loss) before reclassifications, net of tax | | | (1,132,202) | | | | | | 4,384 | | | | | | (9,807) | | | | | | 22,290 | | | | | | (1,115,335) | | |

As of the end of the fiscal year completed December 31, [removed: 2020,] [added: 2021,] 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 as of December 31, [removed: 2020,] [added: 2021,] the Co-Chairmen and Chief Executive Officers, and the Executive Vice President and Chief Financial Officer have concluded that Globe Life's internal control over financial reporting is effective as of the date of this Form 10-K.

*Changes in Internal Control over Financial Reporting*: As of the period ended December 31, [removed: 2020,] [added: 2021,] there have not been any changes in Globe Life Inc.'s internal control over financial reporting or in other factors that could significantly affect this 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.

Management evaluated the Company’s internal control over financial reporting, and based on its assessment, determined that the Company’s internal control over financial reporting was effective as of December 31, [removed: 2020.][added: 2021.]

We have audited the internal control over financial reporting of Globe Life Inc. and subsidiaries (the “Company”) as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements and financial statement schedules as of and for the year ended December 31, [removed: 2020] [added: 2021] of the Company and our report dated February [removed: 25, 2021,] [added: 23, 2022,] expressed an unqualified opinion on those financial statements and financial statement schedules.

GL 2021 FORM 10-K

February 23, 2022

GL 2021 FORM 10-K

February 23, 2022

GL 2021 FORM 10-K

GL 2020 FORM 10-K

[Table of](#ib33a0e21cf0040999a83ed03df1e084c_10) [Contents](#ib33a0e21cf0040999a83ed03df1e084c_10)

February 25, 2021

PART III

Not Applicable.

PART III

Information required by this item is incorporated by reference from the sections entitled “PROPOSAL NUMBER 1 - Election of Directors,” “Director Nominee Profiles,” "Director [removed: Nominees] [added: Nominee] Skills [removed: Matrix,"] [added: and Qualifications,"] “Executive Officers,” “AUDIT COMMITTEE REPORT,” “Governance Guidelines and Codes of Ethics,” “Qualifications of Directors,” “Procedures for Director Nominations by Shareholders,” and “DELINQUENT SECTION 16(a) REPORTS” in the Proxy Statement for the Annual Meeting of Shareholders to be held April [removed: 29, 2021] [added: 28, 2022] (the Proxy Statement), which is to be filed with the Securities and Exchange Commission (SEC).

Information required by this item is incorporated by reference from the sections entitled [removed: “COMPENSATION] [added: “EXECUTIVE COMPENSATION - COMPENSATION] DISCUSSION AND ANALYSIS”, “COMPENSATION COMMITTEE REPORT”, “SUMMARY COMPENSATION TABLE”, "CEO PAY RATIO", [removed: “2020] [added: “2021] GRANTS OF PLAN-BASED AWARDS”, “OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END [removed: 2020”,] [added: 2021”,] “OPTION EXERCISES AND STOCK VESTED DURING FISCAL YEAR ENDED DECEMBER 31, [removed: 2020”,] [added: 2021”,] “PENSION BENEFITS AT DECEMBER 31, [removed: 2020”,] [added: 2021”,] “POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE-IN-CONTROL”, [removed: “2020] [added: “2021] DIRECTOR COMPENSATION”, and “PAYMENTS TO DIRECTORS” in the Proxy Statement, which is to be filed with the SEC.

[removed: 1.Equity] [added: Equity] Compensation Plan Information as of December 31, [removed: 2020][added: 2021]

| Plan Category | | | | | | Number of securities to be issued upon exercise of outstanding options, warrants, and [removed: rights (a)] [added: rights] | | | | | | Weighted-average exercise price of outstanding options, warrants, and [removed: rights (b)] [added: rights] | | | | | | Number of securities remaining available for future issuance under equity compensation plans (excluding securities in column (a)) [removed: (c)] | | |

[removed: 2.Security] [added: Security] ownership of certain beneficial owners:

[removed: 3.Security] [added: Security] ownership of management:

[removed: 4.Changes] [added: Changes] in control:

1.

| | | | | | | (a) | | | | | | (b) | | | | | | (c) | | |

| Equity compensation plans approved by security holders | | | | | | 7,197,662 | | | | | | $ | 85.11 | | | | | 4,727,088 | | |

| Total | | | | | | 7,197,662 | | | | | | $ | 85.11 | | | | | 4,727,088 | | |

2.

3.

4.

GL 2021 FORM 10-K

| Equity compensation plans approved by security holders | | | | | | 7,111,231 | | | | | | $ | 78.28 | | | | | 5,984,418 | | |

| Total | | | | | | 7,111,231 | | | | | | $ | 78.28 | | | | | 5,984,418 | | |

GL 2020 FORM 10-K

[Table of](#ib33a0e21cf0040999a83ed03df1e084c_10) [Contents](#ib33a0e21cf0040999a83ed03df1e084c_10)

| [Report of Independent Registered Public Accounting [removed: Firm](#ib33a0e21cf0040999a83ed03df1e084c_751)] [added: Firm](#ic55317410763413da1d4be4008f977bd_739)] | | | [removed: [52](#ib33a0e21cf0040999a83ed03df1e084c_751)] [added: [54](#ic55317410763413da1d4be4008f977bd_739)] | | |

| [Consolidated Balance Sheets [removed: at](#ib33a0e21cf0040999a83ed03df1e084c_25)] [added: at](#ic55317410763413da1d4be4008f977bd_16)] [December 31, [removed: 2020](#ib33a0e21cf0040999a83ed03df1e084c_25) [and](#ib33a0e21cf0040999a83ed03df1e084c_25) [2019](#ib33a0e21cf0040999a83ed03df1e084c_25)] [added: 2021](#ic55317410763413da1d4be4008f977bd_16) [and](#ic55317410763413da1d4be4008f977bd_16) [2020](#ic55317410763413da1d4be4008f977bd_16)] | | | [removed: [54](#ib33a0e21cf0040999a83ed03df1e084c_25)] [added: [56](#ic55317410763413da1d4be4008f977bd_16)] | | |

| [Consolidated Statements of Operations for each of the three years in the period [removed: ended](#ib33a0e21cf0040999a83ed03df1e084c_757)] [added: ended](#ic55317410763413da1d4be4008f977bd_745)] [December 31, [removed: 2020](#ib33a0e21cf0040999a83ed03df1e084c_757)] [added: 2021](#ic55317410763413da1d4be4008f977bd_745)] | | | [removed: [55](#ib33a0e21cf0040999a83ed03df1e084c_757)] [added: [57](#ic55317410763413da1d4be4008f977bd_745)] | | |

| [Consolidated Statements of Comprehensive Income for each of the three years in the period [removed: ended](#ib33a0e21cf0040999a83ed03df1e084c_760)] [added: ended](#ic55317410763413da1d4be4008f977bd_748)] [December 31, [removed: 2020](#ib33a0e21cf0040999a83ed03df1e084c_760)] [added: 2021](#ic55317410763413da1d4be4008f977bd_748)] | | | [removed: [56](#ib33a0e21cf0040999a83ed03df1e084c_760)] [added: [58](#ic55317410763413da1d4be4008f977bd_748)] | | |

| [Consolidated Statements of Shareholders’ Equity for each of the three years in the period [removed: ended](#ib33a0e21cf0040999a83ed03df1e084c_763)] [added: ended](#ic55317410763413da1d4be4008f977bd_751)] [December 31, [removed: 2020](#ib33a0e21cf0040999a83ed03df1e084c_763)] [added: 2021](#ic55317410763413da1d4be4008f977bd_751)] | | | [removed: [57](#ib33a0e21cf0040999a83ed03df1e084c_763)] [added: [59](#ic55317410763413da1d4be4008f977bd_751)] | | |

| [Consolidated Statements of Cash Flows for each of the three years in the period [removed: ended](#ib33a0e21cf0040999a83ed03df1e084c_766)] [added: ended](#ic55317410763413da1d4be4008f977bd_754)] [December 31, [removed: 2020](#ib33a0e21cf0040999a83ed03df1e084c_766)] [added: 2021](#ic55317410763413da1d4be4008f977bd_754)] | | | [removed: [58](#ib33a0e21cf0040999a83ed03df1e084c_766)] [added: [60](#ic55317410763413da1d4be4008f977bd_754)] | | |

| [Notes to Consolidated Financial [removed: Statements](#ib33a0e21cf0040999a83ed03df1e084c_43)] [added: Statements](#ic55317410763413da1d4be4008f977bd_34)] | | | [removed: [59](#ib33a0e21cf0040999a83ed03df1e084c_43)] [added: [61](#ic55317410763413da1d4be4008f977bd_34)] | | |

| Schedules Supporting Financial Statements for each of the three years in the period ended December 31, [removed: 2020:] [added: 2021:] | | | | | |

| [II. Condensed Financial Information of Registrant (Parent [removed: Company)](#ib33a0e21cf0040999a83ed03df1e084c_799)] [added: Company)](#ic55317410763413da1d4be4008f977bd_790)] | | | [removed: [127](#ib33a0e21cf0040999a83ed03df1e084c_799)] [added: [129](#ic55317410763413da1d4be4008f977bd_790)] | | |

| [removed: 4.4] [added: 4.6] | | | | | | [removed: [Second] [added: [Fourth] Supplemental Indenture dated as of [removed: April 5, 2016] [added: June 14, 2021] between [removed: Torchmark Corporation] [added: Globe Life Inc.] and [removed: The Bank of New York Mellon Trust Company of New York, N.A.,] [added: Regions Bank,] as Trustee, supplementing the Junior Subordinated Indenture dated as of November 2, [removed: 2001](http://www.sec.gov/Archives/edgar/data/320335/000032033516000068/exhibit43452016.htm)] [added: 2001](http://www.sec.gov/Archives/edgar/data/320335/000119312521190034/d185215dex42.htm)] | | | | | | 8-K | | | | | | [removed: April 5, 2016] [added: June 14, 2021] | | | | | | [removed: 4.3] [added: 4.2] | | | | | | | | |

| [removed: 4.6] [added: 4.7] | | | | | | [Senior Indenture, dated as of September 24, 2018, between Torchmark Corporation and Regions Bank, as Trustee](http://www.sec.gov/Archives/edgar/data/320335/000032033518000037/exhibit41torchmarkbaseinde.htm) | | | | | | S-3 | | | | | | September 24, 2018 | | | | | | 4.1 | | | | | | | | |

| [removed: 4.7] [added: 4.8] | | | | | | [First Supplemental Indenture, dated as of September 27, 2018, between Torchmark Corporation and Regions Bank, as Trustee](http://www.sec.gov/Archives/edgar/data/320335/000032033518000041/exhibit42firstsupplemental.htm) | | | | | | 8-K | | | | | | September 27, 2018 | | | | | | 4.2 | | | | | | | | |

| [removed: 4.8] [added: 4.9] | | | | | | [Second Supplemental Indenture, dated as of August 21, 2020, between Globe Life Inc. and Regions Bank, as [removed: Trustee](http://www.sec.gov/Archives/edgar/data/0000320335/000032033520000044/gl-20200821.htm)] [added: Trustee](http://www.sec.gov/Archives/edgar/data/0000320335/000032033520000044/exhibit42secondsupplemen.htm)] | | | | | | 8-K | | | | | | August 21, 2020 | | | | | | 4.2 | | | | | | | | |

| [removed: 10.1] [added: 10.11] | | | | | | [Torchmark Corporation [removed: Restated Deferred] [added: Non-Employee Director] Compensation [removed: Plan for Directors, Advisory Directors, Directors Emeritus and Officers,] [added: Plan,] as [removed: amended*](http://www.sec.gov/Archives/edgar/data/320335/000032033518000006/tmk201710-kexhibit101.htm)] [added: amended and restated*](http://www.sec.gov/Archives/edgar/data/320335/000119312508094937/dex101.htm)] | | | | | | [removed: 10-K] [added: 8-K] | | | | | | [removed: February 27, 2018] [added: April 29, 2008] | | | | | | 10.1 | | | | | | | | |

| [removed: 10.2] [added: 10.5] | | | | | | [Amendment [removed: One] [added: No. 2] to the Torchmark Corporation [removed: Restated Deferred Compensation Plan for Directors, Advisory Directors, Directors Emeritus and Officers*](http://www.sec.gov/Archives/edgar/data/320335/000119312509040782/dex1054.htm)] [added: Supplemental Executive Retirement Plan*](http://www.sec.gov/Archives/edgar/data/320335/000119312508043419/dex1054.htm)] | | | | | | 10-K | | | | | | February [removed: 27, 2009] [added: 29, 2008] | | | | | | 10.54 | | | | | | | | |

| [removed: 10.3] [added: 10.6] | | | | | | [Amendment [removed: Two] [added: Three] to the Torchmark Corporation [removed: Restated Deferred Compensation Plan*](http://www.sec.gov/Archives/edgar/data/320335/000119312509040782/dex1055.htm)] [added: Supplemental Executive Retirement Plan*](http://www.sec.gov/Archives/edgar/data/320335/000119312509040782/dex1053.htm)] | | | | | | 10-K | | | | | | February 27, 2009 | | | | | | [removed: 10.55] [added: 10.53] | | | | | | | | |

| [removed: 10.4] [added: 10.1] | | | | | | [Form of Retirement Life Insurance Benefit Agreement ($1,995,000 face amount limit)*](http://www.sec.gov/Archives/edgar/data/320335/000093176302000748/dex10z.txt) | | | | | | 10-K | | | | | | March 22, 2002 | | | | | | 10.Z | | | | | | | | |

| [removed: 10.5] [added: 10.2] | | | | | | [Form of Retirement Life Insurance Benefit Agreement ($495,000 face amount limit)*](http://www.sec.gov/Archives/edgar/data/320335/000093176302000748/dex10aa.txt) | | | | | | 10-K | | | | | | March 22, 2002 | | | | | | 10.AA | | | | | | | | |

| [removed: 10.6] [added: 10.3] | | | | | | [Torchmark Corporation Supplemental Executive Retirement Plan*](http://www.sec.gov/Archives/edgar/data/320335/000119312507012883/dex101.htm) | | | | | | 8-K | | | | | | January 25, 2007 | | | | | | 10.1 | | | | | | | | |

| [removed: 10.7] [added: 10.4] | | | | | | [Amendment No. 1 to the Torchmark Corporation Supplemental Executive Retirement Plan*](http://www.sec.gov/Archives/edgar/data/320335/000119312508043419/dex1053.htm) | | | | | | 10-K | | | | | | February 29, 2008 | | | | | | 10.53 | | | | | | | | |

| 10.8 | | | | | | [Amendment [removed: No. 2] [added: Five] to the Torchmark Corporation Supplemental Executive Retirement [removed: Plan*](http://www.sec.gov/Archives/edgar/data/320335/000119312508043419/dex1054.htm)] [added: Plan*](http://www.sec.gov/Archives/edgar/data/320335/000032033515000007/exhibit101.htm)] | | | | | | [removed: 10-K] [added: 8-K] | | | | | | [removed: February 29, 2008] [added: May 5, 2015] | | | | | | [removed: 10.54] [added: 10.1] | | | | | | | | |

| 10.9 | | | | | | [Amendment [removed: Three] [added: Six] to the Torchmark Corporation Supplemental Executive Retirement [removed: Plan*](http://www.sec.gov/Archives/edgar/data/320335/000119312509040782/dex1053.htm)] [added: Plan*](http://www.sec.gov/Archives/edgar/data/320335/000032033519000006/tmk201810-kexhibit1011.htm)] | | | | | | 10-K | | | | | | [removed: February 27, 2009] [added: March 1, 2019] | | | | | | [removed: 10.53] [added: 10.11] | | | | | | | | |

| [removed: 10.10] [added: 10.7] | | | | | | [Amendment Four to the [removed: Torchmar](http://www.sec.gov/Archives/edgar/data/0000320335/000032033520000008/gli201910-kexhibit1010.htm)k [Amendment Four to the] Torchmark Corporation Supplemental Executive Retirement Plan](http://www.sec.gov/Archives/edgar/data/0000320335/000032033520000008/gli201910-kexhibit1010.htm)* | | | | | | 10-K | | | | | | February 27, 2020 | | | | | | 10.10 | | | | | | | | |

| [removed: 10.11] [added: 10.10] | | | | | | [Amendment [removed: Five] [added: Seven] to the Torchmark Corporation Supplemental Executive Retirement [removed: Plan*](http://www.sec.gov/Archives/edgar/data/320335/000032033515000007/exhibit101.htm)] [added: Plan*](http://www.sec.gov/Archives/edgar/data/0000320335/000032033520000055/aex102serpamendmentsev.htm)] | | | | | | [removed: 8-K] [added: 10-Q] | | | | | | [removed: May] [added: November] 5, [removed: 2015] [added: 2020] | | | | | | [removed: 10.1] [added: 10.2] | | | | | | | | |

| [removed: 10.14] [added: 10.25] | | | | | | [Torchmark Corporation [added: Amended 2011] Non-Employee Director Compensation Plan, [removed: as amended and restated*](http://www.sec.gov/Archives/edgar/data/320335/000119312508094937/dex101.htm)] [added: effective January, 2017](http://www.sec.gov/Archives/edgar/data/320335/000032033517000010/tmk201610-kexhibit1055.htm)*] | | | | | | [removed: 8-K] [added: 10-K] | | | | | | [removed: April 29, 2008] [added: February 27, 2017] | | | | | | [removed: 10.1] [added: 10.55] | | | | | | | | |

| [removed: 10.15] [added: 10.12] | | | | | | [Form of Restricted Stock Unit Award Notice under Torchmark Corporation Non-Employee Director Compensation Plan*](http://www.sec.gov/Archives/edgar/data/320335/000119312508043419/dex1058.htm) | | | | | | 10-K | | | | | | February 29, 2008 | | | | | | 10.58 | | | | | | | | |

| [removed: 10.16] [added: 10.13] | | | | | | [Receivables Purchase Agreement dated as of December 31, 2008 among AILIC Receivables Corporation, American Income Life Insurance Company and TMK Re, Ltd.](http://www.sec.gov/Archives/edgar/data/320335/000119312509001571/dex101.htm) | | | | | | 8-K | | | | | | January 6, 2009 | | | | | | 10.1 | | | | | | | | |

| [removed: 10.17] [added: 10.14] | | | | | | [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.](http://www.sec.gov/Archives/edgar/data/320335/000119312514076801/d622095dex1058.htm) | | | | | | 10-K | | | | | | February 28, 2014 | | | | | | 10.58 | | | | | | | | |

| [removed: 10.18] [added: 10.15] | | | | | | [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.](http://www.sec.gov/Archives/edgar/data/320335/000032033519000006/tmk201810-kexhibit1017.htm) | | | | | | 10-K | | | | | | March 1, 2019 | | | | | | 10.17 | | | | | | | | |

| [removed: 10.19] [added: 10.16] | | | | | | [Torchmark Corporation 2011 Incentive Plan*](http://www.sec.gov/Archives/edgar/data/320335/000119312511125948/dex101.htm) | | | | | | 8-K | | | | | | May 4, 2011 | | | | | | 10.1 | | | | | | | | |

| [removed: 10.20] [added: 10.17] | | | | | | [First Amendment to Torchmark Corporation 2011 Incentive Plan*](http://www.sec.gov/Archives/edgar/data/320335/000119312514167194/d717090dex101.htm) | | | | | | 8-K | | | | | | April 29, 2014 | | | | | | 10.1 | | | | | | | | |

| [removed: 10.21] [added: 10.18] | | | | | | [Form of Ten year Stock Option under Torchmark Corporation 2011 Incentive Plan*](http://www.sec.gov/Archives/edgar/data/320335/000119312511125948/dex104.htm) | | | | | | 8-K | | | | | | May 4, 2011 | | | | | | 10.4 | | | | | | | | |

| [removed: 10.22] [added: 10.19] | | | | | | [Form of Seven year Stock Option under Torchmark Corporation 2011 Incentive Plan*](http://www.sec.gov/Archives/edgar/data/320335/000119312511125948/dex105.htm) | | | | | | 8-K | | | | | | May 4, 2011 | | | | | | 10.5 | | | | | | | | |

| [removed: 10.23] [added: 10.20] | | | | | | [Form of Performance Share Award under Torchmark Corporation 2011 Incentive Plan*](http://www.sec.gov/Archives/edgar/data/320335/000119312512081079/d306940dex101.htm) | | | | | | 8-K | | | | | | February 27, 2012 | | | | | | 10.1 | | | | | | | | |

| [removed: 10.24] [added: 10.21] | | | | | | [Form of Seven Year Stock Option Grant Agreement under Torchmark Corporation 2011 Incentive Plan, as amended with Non-Compete, Non-Solicit and Confidentiality Provisions*](http://www.sec.gov/Archives/edgar/data/320335/000032033517000010/tmk201610-kexhibit1075.htm) | | | | | | 10-K | | | | | | February 27, 2017 | | | | | | 10.75 | | | | | | | | |

| [removed: 10.25] [added: 10.22] | | | | | | [Form of Ten Year Stock Option Grant Agreement under Torchmark Corporation 2011 Incentive Plan, as amended with Non-Compete, Non-Solicit and Confidentiality Provisions*](http://www.sec.gov/Archives/edgar/data/320335/000032033517000010/tmk201610-kexhibit1076.htm) | | | | | | 10-K | | | | | | February 27, 2017 | | | | | | 10.76 | | | | | | | | |

| [removed: 10.26] [added: 10.23] | | | | | | [Form of Performance Share Award Certificate under Torchmark Corporation 2011 Incentive Plan, as amended with Non-Compete, Non-Solicit and Confidentiality Provisions*](http://www.sec.gov/Archives/edgar/data/320335/000032033517000010/tmk201610-kexhibit1077.htm) | | | | | | 10-K | | | | | | February 27, 2017 | | | | | | 10.77 | | | | | | | | |

| [removed: 10.27] [added: 10.24] | | | | | | [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*](http://www.sec.gov/Archives/edgar/data/320335/000032033517000010/tmk201610-kexhibit1078.htm) | | | | | | 10-K | | | | | | February 27, 2017 | | | | | | 10.78 | | | | | | | | |

| [removed: 10.28] [added: 10.26] | | | | | | [removed: [Torchmark] [added: [Form of Stock Option under Torchmark] Corporation [removed: Amended] 2011 Non-Employee Director Compensation [removed: Plan, effective January, 2017](http://www.sec.gov/Archives/edgar/data/320335/000032033517000010/tmk201610-kexhibit1055.htm)*] [added: Plan*](http://www.sec.gov/Archives/edgar/data/320335/000119312511049737/dex1057.htm)] | | | | | | 10-K | | | | | | February [removed: 27, 2017] [added: 28, 2011] | | | | | | [removed: 10.55] [added: 10.57] | | | | | | | | |

| [removed: 10.29] [added: 10.27] | | | | | | [Form of [added: Restricted] Stock [removed: Option] [added: Unit Award Notice] under Torchmark Corporation 2011 Non-Employee Director Compensation [removed: Plan*](http://www.sec.gov/Archives/edgar/data/320335/000119312511049737/dex1057.htm)] [added: Plan*](http://www.sec.gov/Archives/edgar/data/320335/000119312511049737/dex1059.htm)] | | | | | | 10-K | | | | | | February 28, 2011 | | | | | | [removed: 10.57] [added: 10.59] | | | | | | | | |

| [IV. Reinsurance (Consolidated)](#ic55317410763413da1d4be4008f977bd_793) | | | [133](#ic55317410763413da1d4be4008f977bd_793) | | |

GL 2021 FORM 10-K

GL 2021 FORM 10-K

| 10.33 | | | | | | [Form of Performance Share Award under Globe Life Inc. 2018 Inventive Plan (2022)*](https://www.sec.gov/Archives/edgar/data/320335/000032033522000006/gli202110-kexhibit1033xq4.htm) | | | | | | 10-K | | | | | | February 23, 2022 | | | | | | 10.33 | | | | | | | | |

GL 2021 FORM 10-K

GL 2021 FORM 10-K

GL 2021 FORM 10-K

| Family Heritage Life Insurance Company of America | | | | | | Ohio | | | | | | Family Heritage Division | | |

GL 2021 FORM 10-K

| | | | 2021 | | | | | | 2020 | | |

GL 2021 FORM 10-K

| Income tax expense | | | 9,682 | | | | | | 7,773 | | | | | | 13,133 | | |

GL 2021 FORM 10-K

| Other long-term investments | | | (2,500) | | | | | | — | | | | | | — | | |

GL 2021 FORM 10-K

| | | | 2021 | | | | | | 2020 | | | | | | 2019 | | |

| | | | 2021 | | | | | | 2020 | | | | | | 2019 | | |

| Contribution of property to subsidiary | | | 5,004 | | | | | | — | | | | | | — | | |

| | | | 2021 | | | | | | 2020 | | | | | | 2019 | | |

GL 2021 FORM 10-K

| Life insurance in force | | | $ | 217,350,660 | | | | | $ | 648,766 | | | | | $ | 2,371,163 | | | | | $ | 219,073,057 | | | | | 1.1 | | |

| Life insurance | | | $ | 2,868,759 | | | | | $ | 4,286 | | | | | $ | 19,502 | | | | | $ | 2,883,975 | | | | | 0.7 | | |

| Health insurance | | | 1,192,567 | | | | | | 3,312 | | | | | | 12,421 | | | | | | 1,201,676 | | | | | | 1.0 | | |

| Total premium | | | $ | 4,061,326 | | | | | $ | 7,598 | | | | | $ | 31,923 | | | | | $ | 4,085,651 | | | | | 0.8 | | |

GL 2021 FORM 10-K

| | | | | | | | | | | | |

| By: | | | /s/ LINDA L. ADDISON * | | | | | | By: | | | /s/ ROBERT W. INGRAM * | | |

| | | | Linda L. Addison | | | | | | | | | Robert W. Ingram | | |

| By: | | | /s/ MARILYN A. ALEXANDER * | | | | | | By: | | | /s/ STEVEN P. JOHNSON * | | |

| | | | Marilyn A. Alexander | | | | | | | | | Steven P. Johnson | | |

| By: | | | /s/ CHERYL D. ALSTON * | | | | | | By: | | | /s/ DARREN M. REBELEZ * | | |

| | | | Cheryl D. Alston | | | | | | | | | Darren M. Rebelez | | |

| By: | | | /s/ MARK A. BLINN * | | | | | | By: | | | /s/ MARY E. THIGPEN * | | |

| | | | Mark A. Blinn | | | | | | | | | Mary E. Thigpen | | |

| | | | Director | | | | | | | | | Director | | |

| By: | | | /s/ JAMES P. BRANNEN * | | | | | | | | | | | |

| | | | James P. Brannen | | | | | | | | | | | |

GL 2021 FORM 10-K

| [IV. Reinsurance (Consolidated)](#ib33a0e21cf0040999a83ed03df1e084c_802) | | | [131](#ib33a0e21cf0040999a83ed03df1e084c_802) | | |

GL 2020 FORM 10-K

[Table of](#ib33a0e21cf0040999a83ed03df1e084c_10) [Contents](#ib33a0e21cf0040999a83ed03df1e084c_10)

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 10.12 | | | | | | [Amendment Six to the Torchmark Corporation Supplemental Executive Retirement Plan*](http://www.sec.gov/Archives/edgar/data/320335/000032033519000006/tmk201810-kexhibit1011.htm) | | | | | | 10-K | | | | | | March 1, 2019 | | | | | | 10.11 | | | | | | | | |

| 10.13 | | | | | | [Amendment Seven to the Torchmark Corporation Supplemental Executive Retirement Plan*](http://www.sec.gov/Archives/edgar/data/0000320335/000032033520000055/aex102serpamendmentsev.htm) | | | | | | 10-Q | | | | | | November 5, 2020 | | | | | | 10.2 | | | | | | | | |

| 10.42 | | | | | | [Form of Ten Year Stock Option under Torchmark Corporation 2018 Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions*](http://www.sec.gov/Archives/edgar/data/320335/000032033518000014/ex1072018formoftenyearstoc.htm) | | | | | | 8-K | | | | | | May 2, 2018 | | | | | | 10.7 | | | | | | | | |

| 10.44 | | | | | | [Form of Restricted Stock Unit Award Notice under Torchmark Corporation 2018 Non-Employee Director Compensation Plan*](http://www.sec.gov/Archives/edgar/data/320335/000032033518000014/ex10102018formofrsu.htm) | | | | | | 8-K | | | | | | May 2, 2018 | | | | | | 10.10 | | | | | | | | |

| 10.47 | | | | | | [Form of Restricted Stock Unit Award Notice under Globe Life Inc. 2018 Non-Employee Director Compensation Plan*](http://www.sec.gov/Archives/edgar/data/320335/000032033520000008/gli201910-kexhibit1046.htm) | | | | | | 10-K | | | | | | February 27, 2020 | | | | | | 10.46 | | | | | | | | |

| 10.50 | | | | | | [Globe Life Inc. Savings and Investment Plan*](http://www.sec.gov/Archives/edgar/data/0000320335/000032033520000008/a1052globelifeincsavings.htm) | | | | | | 10-K | | | | | | February 27, 2020 | | | | | | 10.52 | | | | | | | | |

| 10.52 | | | | | | [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](http://www.sec.gov/Archives/edgar/data/320335/000032033516000080/exhibit101-executedcredita.htm) | | | | | | 8-K | | | | | | May 18, 2016 | | | | | | 10.1 | | | | | | | | |

| 10.53 | | | | | | [First Amendment to Second Amend](http://www.sec.gov/Archives/edgar/data/320335/000032033520000022/termloanamendment.htm)[ed](http://www.sec.gov/Archives/edgar/data/320335/000032033520000022/termloanamendment.htm) [and Restated Credit Agreement](http://www.sec.gov/Archives/edgar/data/320335/000032033520000022/termloanamendment.htm) | | | | | | 8-K | | | | | | April 14, 2020 | | | | | | 10.2 | | | | | | | | |

| 10.54 | | | | | | [Second Amendment to Second Amended and Restated Credit Agreement](http://www.sec.gov/Archives/edgar/data/320335/000032033520000039/a10-qexhibit101glipens.htm) | | | | | | 10-Q | | | | | | May 7, 2020 | | | | | | 10.1 | | | | | | | | |

| 20 | | | | | | Proxy Statement for Annual Meeting of Shareholders to be held April 29, 2021 | | | | | | DEF14-A | | | | | | March 18, 2021 | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | |

| Due to affiliates | | | — | | | | | | 3,532 | | |

| Income taxes | | | 7,773 | | | | | | 13,133 | | | | | | 15,262 | | |

| Investment in subsidiaries | | | — | | | | | | — | | | | | | 11,899 | | |

| Dividend of property to Parent | | | — | | | | | | — | | | | | | 11,889 | | |

| Life insurance in force | | | $ | 185,212,195 | | | | | $ | 688,384 | | | | | $ | 3,019,737 | | | | | $ | 187,543,548 | | | | | 1.6 | | |

| 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 | | |

| By: | | | /s/ CHARLES E. ADAIR * | | | | | | By: | | | /s/ ROBERT W. INGRAM * | | |

| | | | Charles E. Adair | | | | | | | | | Robert W. Ingram | | |

| By: | | | /s/ LINDA L. ADDISON * | | | | | | By: | | | /s/ STEVEN P. JOHNSON * | | |

| | | | Linda L. Addison | | | | | | | | | Steven P. Johnson | | |

| By: | | | /s/ MARILYN A. ALEXANDER * | | | | | | By: | | | /s/ DARREN M. REBELEZ * | | |

| | | | Marilyn A. Alexander | | | | | | | | | Darren M. Rebelez | | |

| By: | | | /s/ CHERYL D. ALSTON * | | | | | | By: | | | /s/ MARY E. THIGPEN * | | |

| | | | Cheryl D. Alston | | | | | | | | | Mary E. Thigpen | | |