Globe Life (GL) 10-K risk factor changes: FY2022 vs FY2021

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

[removed: If] [added: In addition, if] we do not provide an attractive career opportunity with competitive compensation [removed: and that motivates] [added: as well as motivation for] producing agents to increase sales of our products, our growth could be impeded.

[removed: In addition, a] [added: A] failure to effectively develop new methods of reaching [removed: consumers and realizing] [added: consumers, realize] cost efficiencies [added: or generate an attractive value proposition] in our Direct to Consumer Division business could result in reduced sales and profits.

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

Deterioration of our relationships with [added: either] organized labor or [added: affinity groups, or] adverse changes in the public’s receptivity to [removed: direct] [added: Direct] to [removed: consumer] [added: Consumer] marketing initiatives could negatively affect our life insurance business.

The effects of the COVID-19 pandemic, and U.S. and international responses, are wide-ranging, costly, [removed: disruptive] and [removed: rapidly changing.][added: disruptive, and has resulted in significant disruptions in economic activity and financial markets.]

[removed: COVID-19 has] [added: Excess deaths from non-COVID causes have] directly and indirectly adversely affected the Company and will likely continue to do so for an uncertain period of time.

Although we believe we have properly classified such individuals, a risk nevertheless exists that a court, the Internal Revenue Service or other authority will take the position that [removed: those] [added: our] sales agents are employees.

Our invested assets are subject to the customary risks of defaults, [removed: downgrades] [added: downgrades,] and changes in market values.

Additionally, as the majority of our investments are long-term fixed maturities that we typically hold until maturity, a significant increase in interest rates [removed: or a market downturn] [added: and/or credit spreads] could cause a material temporary decline in the fair value of our fixed investment portfolio, even with regard to performing assets.

Significant downgrades or defaults of issuers could negatively impact our risk-based capital ratios, leading to potential downgrades of the Company by rating agencies, potential reduction in future dividend capacity from our insurance subsidiaries, and/or higher financing costs at [removed: the Parent Company] [added: Globe Life Inc. (Parent Company)] should additional statutory capital be required.

[removed: As] [added: *As] a holding [removed: company] [added: company*] with no direct operations, our principal asset is the capital stock of our insurance subsidiaries, which periodically declare and distribute dividends on their capital stock.

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

Our insurance subsidiaries are subject to various state statutory and regulatory restrictions applicable to insurance companies that limit the amount of cash dividends, [removed: loans] [added: loans,] and advances that those subsidiaries may pay to us, including laws establishing minimum solvency and liquidity thresholds.

Should interest rates increase in the future, the higher interest expense on any [removed: new] [added: newly] issued debt may reduce net income.

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

A ratings downgrade or other negative action by a rating agency could materially affect our business, financial [removed: condition] [added: condition,] and results of operations.

Since Medicare Supplement policies are coordinated with the federal Medicare program, which [added: commonly] experiences health care inflation every year, annual premium rate increases for the Medicare Supplement policies are typically necessary.

Accordingly, the inability of our insurance subsidiaries to obtain approval of appropriate premium rate increases for supplemental health insurance plans in a timely manner from state insurance regulatory authorities could adversely impact their profitability and thus our business, financial [removed: condition] [added: condition,] and results of operations.

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 [removed: operations] [added: operational] 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, [added: the achievement of] our strategic [removed: plan] [added: objectives] could be negatively impacted.

Insurance companies, including our insurance subsidiaries, are subject to extensive supervision and regulation in the states in which they [removed: do] [added: conduct] business.

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

(Refer to *[Note [removed: 1— Significant] [added: 1—Significant] Accounting [removed: Policies](#ic55317410763413da1d4be4008f977bd_37)*] [added: Policies](#i32954996b9b7416bb51214ee33043dc6_40)*] under the caption *[Accounting Pronouncements Yet to be [removed: Adopted](#ic55317410763413da1d4be4008f977bd_58)*)][added: Adopted](#i32954996b9b7416bb51214ee33043dc6_61)*)]

The collection, maintenance, use, disclosure and disposal of personally identifiable information by our insurance subsidiaries are regulated at the international, [removed: federal] [added: federal,] and state levels.

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

Malicious third-parties, employee or agent errors or disasters affecting our information systems could impair our business operations, regulatory [removed: compliance] [added: compliance,] and financial condition.

Any breach of confidential information systems resulting from the above factors could damage our reputation in the marketplace, deter potential customers from purchasing our products, result in the loss of existing customers, subject us to significant civil and criminal liability, constrain cash flows, or require us to incur significant technical, [removed: legal] [added: legal,] or other expenses.

In addition, due to the highly regulated nature of the insurance industry, we must continually implement [removed: new] [added: new, and maintain existing,] 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, [added: poor agent experience,] additional expenses, reputational harm, [removed: legal,] [added: legal] and regulatory actions and other adverse consequences.

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

[removed: Our failure] [added: Additionally, we could fail] to report accurately or achieve progress on our metrics on a timely basis, or at all, [added: which in-turn] could adversely affect our reputation, business, financial performance and growth.

From time-to-time, we are subject to civil litigation, including class and collective action litigation, alleging that we have improperly classified certain of our sales agents as independent contractors.

Though we believe our sales agents are properly classified as independent contractors, a future adverse judgment in connection with such litigation could result in substantial damages.

GL 2022 FORM 10-K

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timing of premium and benefit payments.

GL 2022 FORM 10-K

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GL 2022 FORM 10-K

The global COVID-19 pandemic has resulted in and is expected to continue to result in significant disruptions in economic activity and financial markets.

Because of the size and breadth of this pandemic and the impact of related government and regulatory actions, all of the direct and indirect consequences of COVID-19 on the Company are not yet known and may not emerge for some time.

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.

The laws and regulations that govern the status and classification of workers are subject to change and differing interpretations, which we cannot predict.

If there is an adverse determination regarding the classification of some or all of the independent contractors at our insurance subsidiaries by a court or governmental agency, we could incur significant costs with respect to payroll tax liabilities, employee benefits, wage payments, fines, judgments and/or legal settlements, any of which could have a material adverse effect on our business, financial condition and results of operations.

In addition, any resulting reclassification could necessitate significant changes in our affected insurance subsidiaries’ business models.

The reserve computations involve the exercise of

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

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

The Company could be subjected to adverse publicity in the event of a significant security breach.

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.

The following discussion should be read in conjunction with Globe Life's *[Consolidated Financial [removed: Statements](#ic55317410763413da1d4be4008f977bd_742)*] [added: Statements](#i32954996b9b7416bb51214ee33043dc6_16)*] and [removed: *[Notes](#ic55317410763413da1d4be4008f977bd_34)*] [added: *[Notes](#i32954996b9b7416bb51214ee33043dc6_37)*] thereto appearing elsewhere in this report.

For discussion regarding activity from [removed: 2019,] [added: 2020,] please refer to the prior filed Form 10-Ks at www.sec.gov.

| [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 [removed: middle income] [added: 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 year-to-date [removed: 2021] [added: 2022] with [removed: 2020.][added: 2021.]

- Net income as a return on equity (ROE) for the year ended December 31, [removed: 2021] [added: 2022] was [removed: 8.8%] [added: 12.3%] and net operating income as an ROE, excluding net unrealized gains [added: or losses] on the fixed maturity portfolio(1) was [removed: 12.3%.][added: 13.4%.]

- Total premium increased [removed: 7%] [added: 5%] over the prior year.

Life premium increased [removed: 8%] [added: 4%] for the period from [removed: $2.7] [added: $2.9] billion in [removed: 2020] [added: 2021] to [removed: $2.9] [added: $3.0] billion in [removed: 2021.][added: 2022.]

Life underwriting margin [removed: declined 8%] [added: increased 23%] from [removed: $675] [added: $624] million in [removed: 2020] [added: 2021] to [removed: $624] [added: $769] million in [removed: 2021.][added: 2022.]

- Net investment income increased [removed: 3%] [added: 4%] over the same period in the prior year.

- Total net sales increased [removed: 7%] [added: 2%] over the same period in the prior year from [removed: $662] [added: $706] million [added: in 2021] to [removed: $706 million.][added: $722 million in 2022.]

- Book value per share [removed: increased 3% over] [added: declined 42% below] the same period in the prior year from [removed: $83.19] [added: $85.97] to [removed: $85.97.][added: $49.65.]

Book value per share, excluding net unrealized gains [added: or losses] on the fixed maturity [removed: portfolio(1),] [added: portfolio(1),] increased [removed: 10%] [added: 9%] over the prior year from [removed: $53.12] [added: $58.50 in 2021] to [removed: $58.50.][added: $64.01 in 2022.]

- The Company incurred [removed: $140] [added: $49] million of COVID-19 net life claims (net of reserves released upon death) for the year ended December 31, [removed: 2021] [added: 2022] compared with [removed: $67] [added: $140] million during the same period last year.

- For the year ended December 31, [removed: 2021,] [added: 2022,] the Company repurchased [removed: 4.8] [added: 3.3] million shares of Globe Life Inc. common stock at a total cost of [removed: $455] [added: $335] million for an average share price of [removed: $95.11.][added: $100.90.]

The following graphs represent net income and net operating income for the three years ended December 31, [removed: 2021.][added: 2022.]

[removed:  ][added:  ]

Net operating income as an ROE, excluding net unrealized gains [added: or losses] on the fixed maturity portfolio, is considered a non-GAAP measure.

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

The impact of the adjustment to exclude net unrealized gains [added: or losses] on fixed maturities, net of tax is [removed: $2.8] [added: $(1.4)] billion and [removed: $3.2] [added: $2.8] billion for the year ended December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] respectively.

Book value per share, excluding net unrealized gains [added: or losses] on the fixed maturity portfolio, is also considered a non-GAAP measure.

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

The impact of the adjustment to exclude net unrealized gains [added: or losses] on fixed maturities is [removed: $27.47] [added: $(14.36)] and [removed: $30.07] [added: $27.47] for [added: the] year ended December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] respectively.

Refer to *[Analysis of Profitability by [removed: Segment](#ic55317410763413da1d4be4008f977bd_352)*] [added: Segment](#i32954996b9b7416bb51214ee33043dc6_358)*] for non-GAAP reconciliation to GAAP.

Summary of Operations. Net income [removed: increased 2%] [added: declined 1%] to [removed: $745] [added: $740] million in [removed: 2021,] [added: 2022,] compared with [removed: $732] [added: $745] million in [removed: 2020.][added: 2021.]

This [removed: increase] [added: decrease] was primarily related to an increase in realized [removed: gains] [added: losses on the fixed maturity portfolio] offset by [removed: higher] [added: lower] COVID-19 life claims. On a diluted per common share basis, net income per common share for [removed: 2021] [added: 2022] increased from [removed: $6.82] [added: $7.22] to [removed: $7.22.][added: $7.47.]

Included in net income were after-tax realized [removed: gains] [added: losses] of [removed: $47] [added: $60] million in [removed: 2021,] [added: 2022,] compared with realized after-tax [removed: losses] [added: gains] of [removed: $2] [added: $47] million for [removed: 2020.][added: 2021.]

Realized gains and losses are presented more fully under the caption *[Realized Gains and [removed: Losses](#ic55317410763413da1d4be4008f977bd_466)*] [added: Losses](#i32954996b9b7416bb51214ee33043dc6_478)*] in this report.

Net operating income from [removed: continuing] operations [removed: declined 4%] [added: increased 14%] to [removed: $707] [added: $806] million in [removed: 2021,] [added: 2022,] compared with [removed: $738] [added: $707] million in [removed: 2020.][added: 2021.]

On a diluted per common share basis, net operating income per common share [removed: decreased slightly] [added: increased] from [removed: $6.88] [added: $6.86] to [removed: $6.86.][added: $8.15, a 19% increase.]

[removed: Additionally, net] [added: Net] income was [removed: affected] [added: also impacted] by certain significant and unusual non-operating items in [removed: 2020] [added: 2021] and [removed: 2021.][added: 2022.]

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

COVID-19. For the year ended December 31, [removed: 2021,] [added: 2022,] the Company incurred [removed: $140] [added: $49] million of COVID-19 net life [removed: claims.][added: claims, compared to $140 million in 2021.]

Per the Centers for Disease Control and Prevention (CDC), there were approximately [removed: 460] [added: 243] thousand U.S. COVID-19 deaths in [added: 2022, down from approximately 460 thousand in] 2021.

The Company’s level of COVID-19 net life claims, on average for the year, was approximately [added: $2 million per 10,000 U.S. deaths, a decrease from] $3 million per 10,000 U.S. [removed: deaths.][added: deaths in 2021.]

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

| | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2021] [added: 2022] Change | | | | | | % | | | | | | [removed: 2020] [added: 2021] Change | | | | | | % | | |

| Life insurance underwriting margin | | | $ | [removed: 623,675] [added: 768,546] | | | | | $ | [removed: 674,946] [added: 623,675] | | | | | $ | [removed: 703,464] [added: 674,946] | | | | | $ | [removed: (51,271)] [added: 144,871] | | | | | [removed: (8)] [added: 23] | | | | | | $ | [removed: (28,518)] [added: (51,271)] | | | | | [removed: (4)] [added: (8)] | | |

| Health insurance underwriting margin | | | [removed: 304,302] [added: 320,712] | | | | | | [removed: 272,369] [added: 304,302] | | | | | | [removed: 243,638] [added: 272,369] | | | | | | [removed: 31,933] [added: 16,410] | | | | | | [removed: 12] [added: 5] | | | | | | [removed: 28,731] [added: 31,933] | | | | | | 12 | | |

GL 2022 FORM 10-K

Long-Duration Targeted Improvements. As discussed in further detail within *[Note 1—Significant Accounting Policies](#i32954996b9b7416bb51214ee33043dc6_55),* the Company will adopt ASU 2018-12, *Financial Services–Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI)*, effective on January 1, 2023.

The Company has selected the modified retrospective transition method upon adoption as of the transition date (the “Transition Date”) of January 1, 2021.

The accounting adoption will have no economic impact on the cash flows of our business nor influence our business model of providing basic protection-oriented products to the underserved and lower middle to middle-income market.

In addition, it will not impact our statutory earnings, statutory capital, nor our capital management philosophies.

The adoption will, however, modify the timing of when profits emerge on our insurance policies and result in the restatement of 2021 and 2022 key figures in the 2023 consolidated financial statements.

We are anticipating GAAP net income and net operating income to increase significantly under the new standard primarily due to a reduction in deferred acquisition cost (DAC) amortization in the near to intermediate term.

Additionally, future policy benefits on our life insurance business for 2021 and 2022, as restated to reflect the new standard, will be adjusted to reflect updated assumptions used to determine the reserves as well as the treatment of adverse claims experience incurred in 2021 and 2022, which gets spread out over future periods from transition, including those relating to COVID-19.

This will result in slightly higher future policy benefits, as a percentage of premium, in future years than what would have been expected under existing guidance.

Finally, we expect some modest decreases to future policy benefits, as a percentage of premium, in our health business on some of our limited benefit plans under the new standard.

With respect to future policy benefits, we anticipate an increase of between $9.5 billion and $11.0 billion on the Transition Date, which will be reflected in other comprehensive income.

This change reflects an unrealized interest rate loss at transition and is a result of several primary factors:

a.Life insurance future policy benefit cash flows tend to be long as death benefits, which are greater than premium amounts, are typically paid to beneficiaries many years after a policy is issued.

This results in a generally longer overall liability duration than the overall asset duration.

b.The new methodology requires the use of current discount rates (upper-medium grade) rather than locked-in discount rates, which are determined when a policy is issued.

Current discount rates are generally lower than the locked-in discount rates used to determine net income.

The required current discount rate is inconsistent with historical practices, the current asset portfolio and current investment strategy.

c.The methodology requires the net premium ratio2 used to determine future policy benefits be based on locked-in rates rather than permitting the redetermination of the net premium ratio using current discount rates.

This restricts the level of gross premiums allowed in the calculation, as well as the level of gross premiums available to offset the impact of current discount rates to the extent these rates are realized in future years.

Because of this requirement, the change in future policy benefits results in a measure of unrealized gain (loss) due to differences in discount rates only.

For Globe Life, discount rates lower than the locked-in discount rate under LDTI have the effect of increasing the level of reserves carried due to the use of net premiums in the calculation as compared to current GAAP, which in the loss recognition test, uses the total gross premium.

Once implemented, future policy benefits will be sensitive to changes in current discount rates for the reasons stated above.

To demonstrate this sensitivity to discount rates, to the extent current discount rates were consistent with rates as of December 31, 2022, we estimate future policy benefits as of the Transition Date would have only increased between $1.5 billion and $2.3 billion.

With respect to shareholders’ equity, as of the end of 2020, reported shareholders’ equity on the Consolidated Balance Sheets was $8.8 billion.

We anticipate a decrease in the range of $7.5 billion to $8.5 billion, net of tax, as a result of the requirement to use current discount rates to remeasure the future policy benefits and record the offset through accumulated other comprehensive income (AOCI) at adoption.

If we hold all else equal as of the Transition Date but use current discount rates as of December 31, 2022, the after-tax decrease in AOCI due solely to the increase in future policy benefits would have been in the range of $1.2 billion

2 The net premium ratio is the ratio between the present value of benefits and the present value of gross premium.

GL 2022 FORM 10-K

to $1.8 billion.

AOCI would also be impacted by fluctuations in the valuation of the fixed maturity bond portfolio in this situation.

Another item impacting shareholders’ equity relates to increases in the liability for future policy benefits on smaller, older blocks of business with a minimum floor or net premium ratios capped at 100%.

For blocks of business that require increases in future policy benefits to minimum levels, or a net premium ratio capped at 100% on the Transition Date, any difference between the future policy benefits calculated using the discount rate immediately before the Transition Date, and the existing carrying value as of the Transition Date is recorded as an adjustment (decrease) to opening retained earnings.

At the Transition Date, we expect an immaterial decrease to opening retained earnings related to these items.

As noted above, we expect GAAP net income and net operating income to increase under the new standard due to a significant decrease in the annual amortization of DAC in the near and intermediate term.

This is a result of changes to the calculation of amortization rate, including use of only deferred costs through the valuation date.

For business with deferrals of renewal commissions, as is the case with our captive agency channels, the expected amortization rate as a percentage of premium will no longer be level, but will increase over the period of time during which commissions are deferred.

The decrease in amortization in the near term will primarily impact our life insurance line of business.

In total, we expect the increase in net income in 2023, largely due to the decrease in amortization, to fall within a range of $105 million and $115 million, net of tax.

Regarding our measure of excess investment income, we expect a significant decrease in the figure as a result of the updated standard.

This is driven by the removal of interest in the computation of DAC.

GL 2021 FORM 10-K

Excess investment income declined 2% below the prior year.

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.

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.

| Part D adjustments—discontinued operations | | | — | | | | | | — | | | | | | (92) | | | | | | — | | | | | | | | | | | | 92 | | | | | | | | |

Underwriting margin declined to $624 million in 2021, 8% below the same period in 2020.

The decline in the life underwriting margin is primarily due to approximately $140 million of COVID-19 net life claims incurred during the year ended 2021 versus $67 million during the same period in 2020.

Health underwriting margins, as a percent of premium, increased to 25% in 2021 compared with 24% in 2020.

Annualized premium in force is an indicator of potential growth in premium revenue.

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.

The division continues to see a significant recruiting opportunity due to the current economic conditions and our ability to recruit virtually and in-person.

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.

The DTC division continued to see high demand of its life insurance products in the current year primarily through its internet and inbound phone channels as a result of the response from COVID-19.

Our continued investments in technology have allowed us to successfully serve the higher demands for our products through the digital self-serve and phone channels.

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

DTC’s underwriting margin, as a percent of premium, was 7% for the year ended December 31, 2021, which was lower than the 14% result in 2020 primarily due to higher COVID-19 net life claims in 2021.

The decrease is primarily attributable to higher than normal policy obligations during 2021 as a result of COVID-19.

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.

Health underwriting margin increased 12% from $272 million in 2020 to $304 million in 2021 primarily due to growth in premiums.

As discussed in *[Note 1—Significant Accounting Policies](#ic55317410763413da1d4be4008f977bd_43)*, the Company acquired Beazley Benefits, now rebranded as Globe Life Benefits, on August 1, 2021.

Globe Life Benefits enhances the Company's presence in the worksite market by offering group supplemental health insurance solutions to employer groups through brokers.

While the acquisition had an immaterial impact on year-to-date results, we are optimistic about Globe Life Benefits' ability to contribute additional health premium and profits in the future.

Operating results for Globe Life Benefits are included as part of United American Division results.

The increase was primarily attributable to favorable claims experience.

Growth in net investment income has been negatively impacted in recent years by the low interest rate environment during which time we have invested new money at yields lower than our average portfolio yield.

In addition, we have reinvested the proceeds from bonds that matured, were called, or were otherwise disposed of at yield rates less than the yield earned on these disposed bonds.

Should the current low interest rate environment continue, the growth of the Company's net investment income will be negatively impacted primarily due to the investment of new money and proceeds from dispositions at rates less than the average portfolio yield rate.

While net investment income would grow, it would continue to grow at rates less than the growth in mean invested assets.

While such a rise in interest rates could adversely affect the fair value of the fixed maturities portfolio, we could withstand an increase in interest rates of approximately 140 to 145 basis points before the net unrealized gains on our fixed maturity portfolio as of December 31, 2021 would be eliminated.

Due to the

| 2019 | | | | | | | | | | | | | | | | | |

| Life and Health | | | $ | 518,623 | | | | | $ | 8,947,308 | | | | | 5.8 | | % |

| Annuity | | | 49,925 | | | | | | 1,120,812 | | | | | | 4.5 | | |

| Total | | | $ | 568,548 | | | | | $ | 10,068,120 | | | | | 5.6 | | |

| Increase in 2019 | | | 3.9 | | % | | | | 3.3 | | % | | | | | | |

These sales are often in response to deterioration in credit quality of the issuer in effort to maximize risk-adjusted, capital-adjusted returns.

We do not engage in trading investments for profit.

Information required by this item is found under the heading *[Market Risk [removed: Sensitivity](#ic55317410763413da1d4be4008f977bd_496)*] [added: Sensitivity](#i32954996b9b7416bb51214ee33043dc6_508)*] in [removed: *[Item](#ic55317410763413da1d4be4008f977bd_331)* [](#ic55317410763413da1d4be4008f977bd_331)*[7](#ic55317410763413da1d4be4008f977bd_331)*] [added: *[Item](#i32954996b9b7416bb51214ee33043dc6_337)* [](#i32954996b9b7416bb51214ee33043dc6_337)*[7](#i32954996b9b7416bb51214ee33043dc6_337)*] of this report.

Additional information concerning industry segments may be found in *[Management’s Discussion and [removed: Analysis](#ic55317410763413da1d4be4008f977bd_331)*] [added: Analysis](#i32954996b9b7416bb51214ee33043dc6_337)*] and in [removed: *Note] [added: *[Note] 14—Business [removed: Segments*] [added: Segments](#i32954996b9b7416bb51214ee33043dc6_295)*] within the *[Notes to the Consolidated Financial [removed: Statements](#ic55317410763413da1d4be4008f977bd_34).*][added: Statements](#i32954996b9b7416bb51214ee33043dc6_37).*]

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

| [removed: ] [added: ] | | | | | | American Income Life Division | | | | | | American Income Life Insurance Company Waco, Texas | | | | | | Individual life and supplemental health insurance marketed to working families. | | | | | | [removed: 9,415] [added: 9,444 average] producing agents in the U.S., Canada, and New Zealand. | | |

| [removed: ] [added: ] | | | | | | Liberty National Division | | | | | | Liberty National Life Insurance Company McKinney, Texas | | | | | | Life and supplemental health insurance distributed through in-home and worksite channels. | | | | | | [removed: 2,804] [added: 2,775 average] producing agents in the U.S. | | |

| [removed: ] [added: ] | | | | | | 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. | | | | | | [removed: 1,157] [added: 1,210 average] producing agents in the U.S. | | |

| [removed: ] [added: ] | | | | | | 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. | | | | | | [removed: 3,716] [added: 3,327] independent producing agents in the U.S. | | |

The following table presents annualized premium in force for the three years ended December 31, [removed: 2021] [added: 2022] by distribution method:

| | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | |

| Direct to Consumer | | | $ | [removed: 929,197] [added: 936,507] | | | | | $ | [removed: 881,012] [added: 929,197] | | | | | $ | [removed: 831,739] [added: 881,012] | |

| American Income | | | [removed: 1,458,408] [added: 1,553,003] | | | | | | [removed: 1,325,293] [added: 1,458,408] | | | | | | [removed: 1,220,483] [added: 1,325,293] | | |

| Liberty National | | | [removed: 341,332] [added: 360,963] | | | | | | [removed: 318,545] [added: 341,332] | | | | | | [removed: 309,792] [added: 318,545] | | |

| United American | | | [removed: 8,426] [added: 7,609] | | | | | | [removed: 9,314] [added: 8,426] | | | | | | [removed: 10,211] [added: 9,314] | | |

| Other | | | [removed: 205,822] [added: 203,438] | | | | | | [removed: 205,785] [added: 205,822] | | | | | | [removed: 209,403] [added: 205,785] | | |

| | | | $ | [removed: 2,943,185] [added: 3,061,520] | | | | | $ | [removed: 2,739,949] [added: 2,943,185] | | | | | $ | [removed: 2,581,628] [added: 2,739,949] | |

(1)See definition of annualized premium in force under *[Results of [removed: Operations](#ic55317410763413da1d4be4008f977bd_334)*] [added: Operations](#i32954996b9b7416bb51214ee33043dc6_343)*] *[in Management's Discussion & [removed: Analysis](#ic55317410763413da1d4be4008f977bd_331).*][added: Analysis](#i32954996b9b7416bb51214ee33043dc6_337).*]

| | | | [removed: 2021] [added: 2022] | | | | | | | | | | | | [removed: 2020] [added: 2021] | | | | | | | | | | | | [removed: 2019] [added: 2020] | | | | | | | | |

| Traditional | | | $ | [removed: 2,011,349] [added: 2,106,878] | | | | | [removed: 68] [added: 69] | | | | | | $ | [removed: 1,857,106] [added: 2,011,349] | | | | | 68 | | | | | | $ | [removed: 1,737,794] [added: 1,857,106] | | | | | [removed: 67] [added: 68] | | |

| Interest-sensitive | | | [removed: 33,912] [added: 31,838] | | | | | | 1 | | | | | | [removed: 36,297] [added: 33,912] | | | | | | 1 | | | | | | [removed: 38,691] [added: 36,297] | | | | | | [removed: 2] [added: 1] | | |

| Term | | | [removed: 750,005] [added: 756,471] | | | | | | [removed: 26] [added: 25] | | | | | | [removed: 716,698] [added: 750,005] | | | | | | 26 | | | | | | [removed: 683,869] [added: 716,698] | | | | | | 26 | | |

| Other | | | [removed: 147,919] [added: 166,333] | | | | | | 5 | | | | | | [removed: 129,848] [added: 147,919] | | | | | | 5 | | | | | | [removed: 121,274] [added: 129,848] | | | | | | 5 | | |

| | | | $ | [removed: 2,943,185] [added: 3,061,520] | | | | | 100 | | | | | | $ | [removed: 2,739,949] [added: 2,943,185] | | | | | 100 | | | | | | $ | [removed: 2,581,628] [added: 2,739,949] | | | | | 100 | | |

| Traditional | | | [removed: 8,963,774] [added: 9,011,227] | | | | | | $ | [removed: 15.3] [added: 15.7] | | | | | [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] | |

| Interest-sensitive | | | [removed: 191,536] [added: 183,887] | | | | | | 20.4 | | | | | | [removed: 199,975] [added: 191,536] | | | | | | [removed: 20.3] [added: 20.4] | | | | | | [removed: 208,822] [added: 199,975] | | | | | | 20.3 | | |

| Term | | | [removed: 4,731,044] [added: 4,720,870] | | | | | | 15.3 | | | | | | [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] | | |

| Other | | | [removed: 432,372] [added: 453,515] | | | | | | [removed: 15.3] [added: 16.1] | | | | | | [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: 14,318,726] [added: 14,369,499] | | | | | | $ | [removed: 15.3] [added: 15.6] | | | | | [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] | |

The following table presents Globe Life's health insurance annualized premium in force for the three years ended December 31, [removed: 2021] [added: 2022] by distribution channel.

| Direct to Consumer | | | $ | [removed: 74,627] [added: 72,161] | | | | | $ | [removed: 77,522] [added: 74,627] | | | | | $ | [removed: 78,229] [added: 77,522] | |

| Liberty National | | | [removed: 196,783] [added: 196,336] | | | | | | [removed: 196,534] [added: 196,783] | | | | | | [removed: 197,163] [added: 196,534] | | |

| American Income | | | [removed: 111,102] [added: 113,087] | | | | | | [removed: 104,701] [added: 111,102] | | | | | | [removed: 96,447] [added: 104,701] | | |

| Family Heritage | | | [removed: 363,226] [added: 387,897] | | | | | | [removed: 338,309] [added: 363,226] | | | | | | [removed: 312,479] [added: 338,309] | | |

| United American | | | [removed: 540,340] [added: 558,373] | | | | | | [removed: 476,296] [added: 540,340] | | | | | | [removed: 454,720] [added: 476,296] | | |

| | | | $ | [removed: 1,286,078] [added: 1,327,854] | | | | | $ | [removed: 1,193,362] [added: 1,286,078] | | | | | $ | [removed: 1,139,038] [added: 1,193,362] | |

The following table presents supplemental health annualized premium in force information for the three years ended December 31, [removed: 2021] [added: 2022] by product category.

| Limited-benefit plans | | | $ | [removed: 700,767] [added: 735,858] | | | | | [removed: 54] [added: 55] | | | | | | $ | [removed: 617,759] [added: 700,767] | | | | | [removed: 52] [added: 54] | | | | | | $ | [removed: 581,056] [added: 617,759] | | | | | [removed: 51] [added: 52] | | |

| Medicare Supplement | | | [removed: 585,311] [added: 591,996] | | | | | | [removed: 46] [added: 45] | | | | | | [removed: 575,603] [added: 585,311] | | | | | | [removed: 48] [added: 46] | | | | | | [removed: 557,982] [added: 575,603] | | | | | | [removed: 49] [added: 48] | | |

| | | | $ | [removed: 1,286,078] [added: 1,327,854] | | | | | 100 | | | | | | $ | [removed: 1,193,362] [added: 1,286,078] | | | | | 100 | | | | | | $ | [removed: 1,139,038] [added: 1,193,362] | | | | | 100 | | |

Annuities in each of the three years ended December 31, [removed: 2021,] [added: 2022,] comprised less than 1% of premium.

The Company does not currently market [added: stand-alone fixed or deferred] annuity products.

The underwriting standards of [removed: each] Globe [removed: Life] [added: Life's] insurance [removed: subsidiary] [added: subsidiaries] are established by management.

GL 2022 FORM 10-K

GL 2022 FORM 10-K

| | | | 2022 | | | | | | | | | | | | 2021 | | | | | | | | | | | | 2020 | | | | | | | | |

GL 2022 FORM 10-K

| | | | 2022 | | | | | | 2021 | | | | | | 2020 | | |

| | | | 2022 | | | | | | | | | | | | 2021 | | | | | | | | | | | | 2020 | | | | | | | | |

GL 2022 FORM 10-K

This information is used 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.

GL 2022 FORM 10-K

The increase in headcount in 2022 was primarily to support the increased growth in recent periods, as well as lower attrition levels than normal.

GL 2022 FORM 10-K

| 2022 | | | | | | | | | | | | | | | | | | | | | | | |

GL 2022 FORM 10-K

In 2022, the Company continued to implement steps that were effective during the pandemic to ensure the health and safety of our employees, including:

- Continuation of business operations, both in a remote and hybrid work environment;

- Maintaining workplace health and safety protocols to allow employees to safely return to Company facilities on a voluntary basis;

- Enhancements to “Resilient@Globe Life,” an intra-company website dedicated to COVID-19 issues, which provides employees with relevant and timely information, and interactive employee guides;

- Extension of our short-term disability benefits to support employees unable to work as a result of contracting or being exposed to COVID-19; and

- Communication with employees on pandemic-related policies and procedures, implementation of emergency business operations (such as social distancing and enhanced cleaning protocols at company facilities), and provision of pandemic health and wellness resources (including seminars regarding mental health).

GL 2022 FORM 10-K

GL 2021 FORM 10-K

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

| 2020 | | | | | | | | | | | | | | | | | | | | | | | |

We efficiently transitioned approximately 80-85% of the Company's total workforce, excluding agents, to working remotely and continued to operate in a mostly remote capacity throughout 2021, allowing individuals to return to our campuses on a limited and voluntary basis.

As we transition out of our pandemic response phase, we will continue to provide our employees flexible workplace options and flexible schedule opportunities, as appropriate by the department and role requirements.

The Company successfully transitioned most sales and recruiting of agents to a virtual experience in 2020.

Agency operations mostly remained a virtual experience during 2021, providing limited occurrences of in-person exposure.

The agency operations will continue to offer both virtual and in-person experiences.

Discussion regarding litigation and unclaimed property audits is provided in *[Note [removed: 6—Commitments](#ic55317410763413da1d4be4008f977bd_130) [](#ic55317410763413da1d4be4008f977bd_130)[and Contingencies](#ic55317410763413da1d4be4008f977bd_130)*.][added: 6—Commitments and Contingencies](#i32954996b9b7416bb51214ee33043dc6_133)*.]

For the fiscal year ended December 31, [removed: 2021][added: 2022]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, [removed: or] a smaller reporting [added: company, or an emerging growth] company.

See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting [removed: company”,] [added: company,”] and "emerging growth company" in Rule 12b-2 of the Exchange Act.:

As of June 30, [removed: 2021,] [added: 2022,] the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was [removed: $9.5] [added: $9.3] billion based on the closing sale price as reported on the New York Stock Exchange.

| Common Stock, $1.00 par value per share | | | | | | [removed: 99,338,401] [added: 96,497,627] shares | | |

| Proxy Statement for the Annual Meeting of Stockholders to be held on April [removed: 28, 2022] [added: 27, 2023] (Proxy Statement) | | | | | | Part III | | |

| | | | Item 1A. | | | [Risk [removed: Factors](#ic55317410763413da1d4be4008f977bd_622)] [added: Factors](#i32954996b9b7416bb51214ee33043dc6_634)] | | | [removed: [9](#ic55317410763413da1d4be4008f977bd_622)] [added: [9](#i32954996b9b7416bb51214ee33043dc6_634)] | | |

| | | | Item 1B. | | | [Unresolved Staff [removed: Comments](#ic55317410763413da1d4be4008f977bd_712)] [added: Comments](#i32954996b9b7416bb51214ee33043dc6_733)] | | | [removed: [16](#ic55317410763413da1d4be4008f977bd_712)] [added: [16](#i32954996b9b7416bb51214ee33043dc6_733)] | | |

| | | | Item 3. | | | [Legal [removed: Proceedings](#ic55317410763413da1d4be4008f977bd_619)] [added: Proceedings](#i32954996b9b7416bb51214ee33043dc6_628)] | | | [removed: [16](#ic55317410763413da1d4be4008f977bd_619)] [added: [16](#i32954996b9b7416bb51214ee33043dc6_628)] | | |

| | | | Item 4. | | | [Mine Safety [removed: Disclosures](#ic55317410763413da1d4be4008f977bd_718)] [added: Disclosures](#i32954996b9b7416bb51214ee33043dc6_739)] | | | [removed: [16](#ic55317410763413da1d4be4008f977bd_718)] [added: [16](#i32954996b9b7416bb51214ee33043dc6_739)] | | |

| | | | Item 5. | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#ic55317410763413da1d4be4008f977bd_721)] [added: Securities](#i32954996b9b7416bb51214ee33043dc6_742)] | | | [removed: [17](#ic55317410763413da1d4be4008f977bd_721)] [added: [17](#i32954996b9b7416bb51214ee33043dc6_742)] | | |

| | | | Item 6. | | | [removed: \[Reserved\]] [added: [\[Reserved\]](#i32954996b9b7416bb51214ee33043dc6_754)] | | | [added: [18](#i32954996b9b7416bb51214ee33043dc6_754)] | | |

| | | | Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#ic55317410763413da1d4be4008f977bd_331)] [added: Operations](#i32954996b9b7416bb51214ee33043dc6_337)] | | | [removed: [20](#ic55317410763413da1d4be4008f977bd_331)] [added: [20](#i32954996b9b7416bb51214ee33043dc6_337)] | | |

| | | | Item 7A. | | | [Quantitative and Qualitative Disclosures about Market [removed: Risk](#ic55317410763413da1d4be4008f977bd_583)] [added: Risk](#i32954996b9b7416bb51214ee33043dc6_595)] | | | [removed: [53](#ic55317410763413da1d4be4008f977bd_583)] [added: [56](#i32954996b9b7416bb51214ee33043dc6_595)] | | |

| | | | Item 8. | | | [Financial Statements and Supplementary [removed: Data](#ic55317410763413da1d4be4008f977bd_736)] [added: Data](#i32954996b9b7416bb51214ee33043dc6_757)] | | | [removed: [53](#ic55317410763413da1d4be4008f977bd_736)] [added: [56](#i32954996b9b7416bb51214ee33043dc6_757)] | | |

| | | | | | | [Consolidated Balance [removed: Sheets](#ic55317410763413da1d4be4008f977bd_16)] [added: Sheets](#i32954996b9b7416bb51214ee33043dc6_19)] | | | [removed: [56](#ic55317410763413da1d4be4008f977bd_16)] [added: [59](#i32954996b9b7416bb51214ee33043dc6_19)] | | |

| | | | | | | [Consolidated Statements of [removed: Operations](#ic55317410763413da1d4be4008f977bd_745)] [added: Operations](#i32954996b9b7416bb51214ee33043dc6_769)] | | | [removed: [57](#ic55317410763413da1d4be4008f977bd_745)] [added: [60](#i32954996b9b7416bb51214ee33043dc6_769)] | | |

| | | | | | | [Consolidated Statements of Comprehensive [removed: Income](#ic55317410763413da1d4be4008f977bd_748)] [added: Income](#i32954996b9b7416bb51214ee33043dc6_772)] | | | [removed: [58](#ic55317410763413da1d4be4008f977bd_748)] [added: [61](#i32954996b9b7416bb51214ee33043dc6_772)] | | |

| | | | | | | [Consolidated Statements of Shareholders' [removed: Equity](#ic55317410763413da1d4be4008f977bd_751)] [added: Equity](#i32954996b9b7416bb51214ee33043dc6_775)] | | | [removed: [59](#ic55317410763413da1d4be4008f977bd_751)] [added: [62](#i32954996b9b7416bb51214ee33043dc6_775)] | | |

| | | | | | | [Consolidated Statements of Cash [removed: Flows](#ic55317410763413da1d4be4008f977bd_754)] [added: Flows](#i32954996b9b7416bb51214ee33043dc6_778)] | | | [removed: [60](#ic55317410763413da1d4be4008f977bd_754)] [added: [63](#i32954996b9b7416bb51214ee33043dc6_778)] | | |

| | | | | | | [Notes to Consolidated Financial [removed: Statements](#ic55317410763413da1d4be4008f977bd_34)] [added: Statements](#i32954996b9b7416bb51214ee33043dc6_37)] | | | [removed: [61](#ic55317410763413da1d4be4008f977bd_34)] [added: [64](#i32954996b9b7416bb51214ee33043dc6_37)] | | |

| | | | | | | [Note 1—Significant Accounting [removed: Policies](#ic55317410763413da1d4be4008f977bd_37)] [added: Policies](#i32954996b9b7416bb51214ee33043dc6_40)] | | | [removed: [61](#ic55317410763413da1d4be4008f977bd_37)] [added: [64](#i32954996b9b7416bb51214ee33043dc6_40)] | | |

| | | | | | | [Note 2—Statutory [removed: Accounting](#ic55317410763413da1d4be4008f977bd_61)] [added: Accounting](#i32954996b9b7416bb51214ee33043dc6_64)] | | | [removed: [73](#ic55317410763413da1d4be4008f977bd_61)] [added: [76](#i32954996b9b7416bb51214ee33043dc6_64)] | | |

| | | | | | | [Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive [removed: Income](#ic55317410763413da1d4be4008f977bd_64)] [added: Income](#i32954996b9b7416bb51214ee33043dc6_67)] | | | [removed: [74](#ic55317410763413da1d4be4008f977bd_64)] [added: [77](#i32954996b9b7416bb51214ee33043dc6_67)] | | |

| | | | | | | [Note [removed: 4—Investments](#ic55317410763413da1d4be4008f977bd_79)] [added: 4—Investments](#i32954996b9b7416bb51214ee33043dc6_82)] | | | [removed: [76](#ic55317410763413da1d4be4008f977bd_79)] [added: [79](#i32954996b9b7416bb51214ee33043dc6_82)] | | |

| | | | | | | [Note 5—Deferred Acquisition [removed: Costs](#ic55317410763413da1d4be4008f977bd_127)] [added: Costs](#i32954996b9b7416bb51214ee33043dc6_130)] | | | [removed: [90](#ic55317410763413da1d4be4008f977bd_127)] [added: [93](#i32954996b9b7416bb51214ee33043dc6_130)] | | |

| | | | | | | [Note 6—Commitments and [removed: Contingencies](#ic55317410763413da1d4be4008f977bd_130)] [added: Contingencies](#i32954996b9b7416bb51214ee33043dc6_133)] | | | [removed: [91](#ic55317410763413da1d4be4008f977bd_130)] [added: [94](#i32954996b9b7416bb51214ee33043dc6_133)] | | |

| | | | | | | [Note 7—Liability for Unpaid [removed: Claims](#ic55317410763413da1d4be4008f977bd_151)] [added: Claims](#i32954996b9b7416bb51214ee33043dc6_154)] | | | [removed: [94](#ic55317410763413da1d4be4008f977bd_151)] [added: [97](#i32954996b9b7416bb51214ee33043dc6_154)] | | |

| | | | | | | [Note 8—Income [removed: Taxes](#ic55317410763413da1d4be4008f977bd_166)] [added: Taxes](#i32954996b9b7416bb51214ee33043dc6_172)] | | | [removed: [95](#ic55317410763413da1d4be4008f977bd_166)] [added: [98](#i32954996b9b7416bb51214ee33043dc6_172)] | | |

| | | | | | | [Note 10—Supplemental Disclosures of Cash Flow [removed: Information](#ic55317410763413da1d4be4008f977bd_235)] [added: Information](#i32954996b9b7416bb51214ee33043dc6_241)] | | | [removed: [103](#ic55317410763413da1d4be4008f977bd_235)] [added: [106](#i32954996b9b7416bb51214ee33043dc6_241)] | | |

| | | | | | | [Note 13—Stock-Based [removed: Compensation](#ic55317410763413da1d4be4008f977bd_274)] [added: Compensation](#i32954996b9b7416bb51214ee33043dc6_280)] | | | [removed: [107](#ic55317410763413da1d4be4008f977bd_274)] [added: [110](#i32954996b9b7416bb51214ee33043dc6_280)] | | |

| | | | Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#ic55317410763413da1d4be4008f977bd_592)] [added: Disclosure](#i32954996b9b7416bb51214ee33043dc6_664)] | | | [removed: [119](#ic55317410763413da1d4be4008f977bd_592)] [added: [122](#i32954996b9b7416bb51214ee33043dc6_664)] | | |

| | | | Item 9A. | | | [Controls and [removed: Procedures](#ic55317410763413da1d4be4008f977bd_595)] [added: Procedures](#i32954996b9b7416bb51214ee33043dc6_604)] | | | [removed: [119](#ic55317410763413da1d4be4008f977bd_595)] [added: [122](#i32954996b9b7416bb51214ee33043dc6_604)] | | |

| | | | Item 9B. | | | [Other [removed: Information](#ic55317410763413da1d4be4008f977bd_760)] [added: Information](#i32954996b9b7416bb51214ee33043dc6_781)] | | | [removed: [122](#ic55317410763413da1d4be4008f977bd_760)] [added: [125](#i32954996b9b7416bb51214ee33043dc6_781)] | | |

| | | | Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#ic55317410763413da1d4be4008f977bd_8240)] [added: Inspections](#i32954996b9b7416bb51214ee33043dc6_784)] | | | [removed: [122](#ic55317410763413da1d4be4008f977bd_8240)] [added: [125](#i32954996b9b7416bb51214ee33043dc6_784)] | | |

| | | | Item 10. | | | [Directors, Executive Officers, and Corporate [removed: Governance](#ic55317410763413da1d4be4008f977bd_763)] [added: Governance](#i32954996b9b7416bb51214ee33043dc6_787)] | | | [removed: [122](#ic55317410763413da1d4be4008f977bd_763)] [added: [125](#i32954996b9b7416bb51214ee33043dc6_787)] | | |

| | | | Item 11. | | | [Executive [removed: Compensation](#ic55317410763413da1d4be4008f977bd_766)] [added: Compensation](#i32954996b9b7416bb51214ee33043dc6_790)] | | | [removed: [122](#ic55317410763413da1d4be4008f977bd_766)] [added: [125](#i32954996b9b7416bb51214ee33043dc6_790)] | | |

| | | | Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#ic55317410763413da1d4be4008f977bd_769)] [added: Matters](#i32954996b9b7416bb51214ee33043dc6_793)] | | | [removed: [122](#ic55317410763413da1d4be4008f977bd_769)] [added: [125](#i32954996b9b7416bb51214ee33043dc6_793)] | | |

| | | | Item 13. | | | [Certain Relationships and Related Transactions and Director [removed: Independence](#ic55317410763413da1d4be4008f977bd_772)] [added: Independence](#i32954996b9b7416bb51214ee33043dc6_796)] | | | [removed: [123](#ic55317410763413da1d4be4008f977bd_772)] [added: [126](#i32954996b9b7416bb51214ee33043dc6_796)] | | |

| | | | Item 14. | | | [Principal Accountant Fees and [removed: Services](#ic55317410763413da1d4be4008f977bd_775)] [added: Services](#i32954996b9b7416bb51214ee33043dc6_799)] | | | [removed: [123](#ic55317410763413da1d4be4008f977bd_775)] [added: [126](#i32954996b9b7416bb51214ee33043dc6_799)] | | |

GL 2022 FORM 10-K

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

Indicate by checkmark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).

| Class | | | | | | Outstanding as of January 31, 2023 | | |

GL 2022 FORM 10-K

| [PART I.](#i32954996b9b7416bb51214ee33043dc6_676) | | | | | | | | | | | |

| | | | Item 1. | | | [Business](#i32954996b9b7416bb51214ee33043dc6_676) | | | [1](#i32954996b9b7416bb51214ee33043dc6_676) | | |

| | | | Item 2. | | | [Properties](#i32954996b9b7416bb51214ee33043dc6_736) | | | [16](#i32954996b9b7416bb51214ee33043dc6_736) | | |

| [PART II.](#i32954996b9b7416bb51214ee33043dc6_742) | | | | | | | | | | | |

| | | | | | | [Cautionary Statements](#i32954996b9b7416bb51214ee33043dc6_334) | | | [19](#i32954996b9b7416bb51214ee33043dc6_334) | | |

| | | | | | | [Note 9—Postretirement Benefits](#i32954996b9b7416bb51214ee33043dc6_193) | | | [100](#i32954996b9b7416bb51214ee33043dc6_193) | | |

| | | | | | | [Note 11—Debt](#i32954996b9b7416bb51214ee33043dc6_244) | | | [107](#i32954996b9b7416bb51214ee33043dc6_244) | | |

| | | | | | | [Note 12—Shareholders' Equity](#i32954996b9b7416bb51214ee33043dc6_265) | | | [109](#i32954996b9b7416bb51214ee33043dc6_265) | | |

| | | | | | | [Note 14—Business Segments](#i32954996b9b7416bb51214ee33043dc6_295) | | | [115](#i32954996b9b7416bb51214ee33043dc6_295) | | |

| [PART III.](#i32954996b9b7416bb51214ee33043dc6_787) | | | | | | | | | | | |

| [PART IV.](#i32954996b9b7416bb51214ee33043dc6_802) | | | | | | | | | | | |

| | | | | | | [Signatures](#i32954996b9b7416bb51214ee33043dc6_820) | | | [137](#i32954996b9b7416bb51214ee33043dc6_820) | | |

GL 2022 FORM 10-K

GL 2021 FORM 10-K

| Class | | | | | | Outstanding as of February 16, 2022 | | |

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

| | | | Item 1. | | | [Business](#ic55317410763413da1d4be4008f977bd_661) | | | [1](#ic55317410763413da1d4be4008f977bd_661) | | |

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

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

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

| | | | | | | [Note 9—Postretirement Benefits](#ic55317410763413da1d4be4008f977bd_187) | | | [97](#ic55317410763413da1d4be4008f977bd_187) | | |

| | | | | | | [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) | | |

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

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

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

As of December 31, [removed: 2021,] [added: 2022,] Globe Life had no unresolved SEC staff comments.

Globe [removed: Life,] [added: Life Inc.,] through its subsidiaries, owns or leases buildings that are used in the normal course of business.

Globe Life [added: Inc.] owns and occupies approximately [removed: 500,000] [added: 480,000] combined square feet in McKinney, Texas (headquarters) and at the Waco, Texas and Oklahoma City, Oklahoma campuses.

GL 2022 FORM 10-K

GL 2021 FORM 10-K

There were [removed: 2,125] [added: 2,030] shareholders of record on December 31, [removed: 2021,] [added: 2022,] 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 & Poor’s 500 Stock Index (S&P 500) and [removed: the Standard & Poor’s] [added: a] Life [removed: & Health] Insurance [removed: Index (S&P Life & Health Insurance).][added: Index.]

Globe Life's stock is included within [removed: both] the S&P 500 [removed: and the S&P Life & Health Insurance] Index.

[removed: ][added: ]

*$100 invested on [removed: 12/31/2016] [added: 12/31/2017] in stock or index, including reinvestment of dividends.

Copyright© [removed: 2022] [added: 2023] Standard & Poor's, a division of S&P Global.

Purchases of Certain Equity Securities by the Issuer and Others for the Fourth Quarter [removed: 2021][added: 2022]

On August [removed: 4, 2021,] [added: 10, 2022,] 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 2022 FORM 10-K

| October 1-31, 2022 | | | | | | 122,082 | | | | | | $ | 110.68 | | | | | 122,082 | | | | | | — | | |

| November 1-30, 2022 | | | | | | 605,700 | | | | | | 113.57 | | | | | | 605,700 | | | | | | — | | |

| December 1-31, 2022 | | | | | | 310,000 | | | | | | 118.98 | | | | | | 310,000 | | | | | | — | | |

GL 2021 FORM 10-K

| 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 | | | | | | — | | |

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

1.Economic and other conditions, including the [added: impact of inflation, geopolitical events and the] COVID-19 pandemic [removed: and its impact] on the U.S. economy, leading to unexpected changes in lapse rates and/or sales of our policies, as well as levels of mortality, morbidity, and utilization of health care services that differ from Globe Life's assumptions;

4.Interest rate changes that affect product [removed: sales] [added: sales, financing costs,] and/or investment portfolio yield;

5.General economic, industry sector or individual debt issuers’ financial conditions (including developments and volatility arising from [added: geopolitical events and] the COVID-19 pandemic, particularly in certain industries that may comprise part of our investment portfolio) that may affect the current market value of securities we own, or that may impair an issuer’s ability to make principal and/or interest payments due on those securities;

8.Levels of administrative and operational efficiencies that differ from our assumptions (including any reduction in efficiencies resulting from increased costs arising from operating during the COVID-19 [removed: pandemic);][added: pandemic and the impact of higher than anticipated inflation);]

14.Our ability to access the commercial paper and debt markets, particularly if such markets become unpredictable or unstable for a certain [removed: period as a result of the COVID-19 pandemic.][added: period.]

GL 2022 FORM 10-K

13.The severity, magnitude, and impact of natural or man-made catastrophic events, including but not limited to pandemics, tornadoes, hurricanes, earthquakes, war and terrorism, on our operations and personnel, commercial activity and demand for our products; and

GL 2022 FORM 10-K

GL 2021 FORM 10-K

13.The severity, magnitude and impact of the COVID-19 pandemic, including effects of the pandemic and the effects of the U.S. and state governments' and other businesses’ response to the pandemic, on our operations and personnel, and on commercial activity and demand for our products; and

| [Report of Independent Registered Public Accounting [removed: Firm](#ic55317410763413da1d4be4008f977bd_739)] [added: Firm](#i32954996b9b7416bb51214ee33043dc6_763)] (PCAOB No. 34) | | | [removed: [54](#ic55317410763413da1d4be4008f977bd_739)] [added: [57](#i32954996b9b7416bb51214ee33043dc6_763)] | | |

| [Consolidated Financial [removed: Statements:](#ic55317410763413da1d4be4008f977bd_742)] [added: Statements:](#i32954996b9b7416bb51214ee33043dc6_766)] | | | | | |

| [Consolidated Balance Sheets at December [removed: 31,](#ic55317410763413da1d4be4008f977bd_16) 2021[, and](#ic55317410763413da1d4be4008f977bd_16) 2020] [added: 31,](#i32954996b9b7416bb51214ee33043dc6_19) 2022[, and](#i32954996b9b7416bb51214ee33043dc6_19) 2021] | | | [removed: [56](#ic55317410763413da1d4be4008f977bd_16)] [added: [59](#i32954996b9b7416bb51214ee33043dc6_19)] | | |

| [Consolidated Statements of Operations for each of the three years in the period ended December [removed: 31](#ic55317410763413da1d4be4008f977bd_745)[,](#ic55317410763413da1d4be4008f977bd_745) 2021] [added: 31](#i32954996b9b7416bb51214ee33043dc6_769)[,](#i32954996b9b7416bb51214ee33043dc6_769) 2022] | | | [removed: [57](#ic55317410763413da1d4be4008f977bd_745)] [added: [60](#i32954996b9b7416bb51214ee33043dc6_769)] | | |

| [Consolidated [removed: Stateme](#ic55317410763413da1d4be4008f977bd_748)[nts] [added: Stateme](#i32954996b9b7416bb51214ee33043dc6_772)[nts] of Comprehensive Income (Loss) for each of the three years in the period ended December [removed: 31,](#ic55317410763413da1d4be4008f977bd_748) 2021] [added: 31,](#i32954996b9b7416bb51214ee33043dc6_772) 2022] | | | [removed: [58](#ic55317410763413da1d4be4008f977bd_748)] [added: [61](#i32954996b9b7416bb51214ee33043dc6_772)] | | |

| [Consolidated Statements of Shareholders’ Equity for each of the three years in the period ended December [removed: 31,](#ic55317410763413da1d4be4008f977bd_751) [](#ic55317410763413da1d4be4008f977bd_751)2021] [added: 31,](#i32954996b9b7416bb51214ee33043dc6_775) [](#i32954996b9b7416bb51214ee33043dc6_775)2022] | | | [removed: [59](#ic55317410763413da1d4be4008f977bd_751)] [added: [62](#i32954996b9b7416bb51214ee33043dc6_775)] | | |

| [Consolidated Statements of Cash Flows for each of the three years in the period ended December [removed: 31,](#ic55317410763413da1d4be4008f977bd_754) [](#ic55317410763413da1d4be4008f977bd_754)2021] [added: 31,](#i32954996b9b7416bb51214ee33043dc6_778) [](#i32954996b9b7416bb51214ee33043dc6_778)2022] | | | [removed: [60](#ic55317410763413da1d4be4008f977bd_754)] [added: [63](#i32954996b9b7416bb51214ee33043dc6_778)] | | |

| [Notes to Consolidated Financial [removed: Statements](#ic55317410763413da1d4be4008f977bd_34)] [added: Statements](#i32954996b9b7416bb51214ee33043dc6_37)] | | | [removed: [61](#ic55317410763413da1d4be4008f977bd_34)] [added: [64](#i32954996b9b7416bb51214ee33043dc6_37)] | | |

We have audited the accompanying consolidated balance sheets of Globe Life Inc. and subsidiaries (the "Company") as of December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] 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: 2021,] [added: 2022,] and the related notes and the schedules listed in the Index at Item 15 (collectively referred to as the "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: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2021,] [added: 2022,] 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 Company's internal control over financial reporting as of December 31, [removed: 2021,] [added: 2022,] 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: 23, 2022,] [added: 22, 2023,] expressed an unqualified opinion on the Company’s internal control over financial reporting.

The balance of investments without readily determinable market values was [removed: $705] [added: $528] million as of December 31, [removed: 2021.][added: 2022.]

| | | | [added: | | | 2022 | | | | | |] 2021 | | | | | | 2020 | | |

| Fixed maturities—available for sale, at fair value (amortized cost: [removed: 2021—$17,805,309; 2020—$17,197,145,] [added: 2022—$18,301,692; 2021—$17,805,309,] allowance for credit losses: [added: 2022— $0;] 2021— [removed: $387; 2020— $3,346)] [added: $387)] | | | $ | [removed: 21,305,287] [added: 16,503,365] | | | | | $ | [removed: 21,213,509] [added: 21,305,287] | |

| Policy loans | | | [removed: 589,634] [added: 614,866] | | | | | | [removed: 584,379] [added: 589,634] | | |

| Other long-term investments (includes: [removed: 2021—$640,263; 2020—$385,038] [added: 2022—$768,689; 2021—$640,263] under the fair value option) | | | [removed: 793,925] [added: 976,016] | | | | | | [removed: 546,981] [added: 793,925] | | |

| Short-term investments | | | [removed: 69,145] [added: 114,121] | | | | | | [removed: 107,782] [added: 69,145] | | |

| Total investments | | | [removed: 22,757,991] [added: 18,208,368] | | | | | | [removed: 22,452,651] [added: 22,757,991] | | |

| Cash | | | [removed: 92,163] [added: 92,559] | | | | | | [removed: 94,847] [added: 92,163] | | |

| Accrued investment income | | | [removed: 251,307] [added: 259,581] | | | | | | [removed: 248,991] [added: 251,307] | | |

| Other receivables | | | [removed: 487,443] [added: 484,887] | | | | | | [removed: 474,180] [added: 487,443] | | |

| Deferred acquisition costs | | | [removed: 4,914,728] [added: 5,249,907] | | | | | | [removed: 4,595,444] [added: 4,914,728] | | |

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

| Other assets | | | [removed: 782,625] [added: 760,066] | | | | | | [removed: 739,027] [added: 782,625] | | |

| Total assets | | | $ | [removed: 29,768,048] [added: 25,537,159] | | | | | $ | [removed: 29,046,731] [added: 29,768,048] | |

| Future policy benefits | | | $ | [removed: 16,034,727] [added: 16,721,846] | | | | | $ | [removed: 15,243,536] [added: 16,034,727] | |

| Unearned and advance premium | | | [removed: 65,472] [added: 60,742] | | | | | | [removed: 61,728] [added: 65,472] | | |

| Policy claims and other benefits payable | | | [removed: 412,940] [added: 430,027] | | | | | | [removed: 399,507] [added: 412,940] | | |

| Other policyholders' funds | | | [removed: 98,935] [added: 123,362] | | | | | | [removed: 97,968] [added: 98,935] | | |

| Total policy liabilities | | | [removed: 16,612,074] [added: 17,335,977] | | | | | | [removed: 15,802,739] [added: 16,612,074] | | |

| Current and deferred income taxes | | | [removed: 1,765,021] [added: 686,172] | | | | | | [removed: 1,833,723] [added: 1,765,021] | | |

| Short-term debt | | | [removed: 479,644] [added: 449,103] | | | | | | [removed: 254,918] [added: 479,644] | | |

| Long-term debt (estimated fair value: [removed: 2021—$1,667,009; 2020—$1,871,754)] [added: 2022—$1,440,277; 2021—$1,667,009)] | | | [removed: 1,546,494] [added: 1,627,952] | | | | | | [removed: 1,667,886] [added: 1,546,494] | | |

| Other liabilities | | | [removed: 722,009] [added: 542,094] | | | | | | [removed: 716,373] [added: 722,009] | | |

| Total liabilities | | | [removed: 21,125,242] [added: 20,641,298] | | | | | | [removed: 20,275,639] [added: 21,125,242] | | |

| Preferred stock, par value $1 per share—5,000,000 shares authorized; outstanding: 0 in [removed: 2021] [added: 2022] and [removed: 2020] [added: 2021] | | | — | | | | | | — | | |

| Common stock, par value $1 per share—320,000,000 shares authorized; outstanding: [removed: (2021—109,218,183] [added: (2022—105,218,183] issued; [removed: 2020—113,218,183] [added: 2021—109,218,183] issued) | | | [removed: 109,218] [added: 105,218] | | | | | | [removed: 113,218] [added: 109,218] | | |

| Additional paid-in-capital | | | [removed: 520,564] [added: 529,661] | | | | | | [removed: 527,435] [added: 520,564] | | |

| Accumulated other comprehensive income (loss) | | | [removed: 2,677,583] [added: (1,415,714)] | | | | | | [removed: 3,029,244] [added: 2,677,583] | | |

| Retained earnings | | | [removed: 6,182,100] [added: 6,466,220] | | | | | | [removed: 5,874,109] [added: 6,182,100] | | |

GL 2022 FORM 10-K

GL 2022 FORM 10-K

February 22, 2023

GL 2022 FORM 10-K

| | | | 2022 | | | | | | 2021 | | |

GL 2022 FORM 10-K

GL 2022 FORM 10-K

GL 2022 FORM 10-K

| Balance at January 1, 2022 | | | — | | | | | | 109,218 | | | | | | 520,564 | | | | | | 2,677,583 | | | | | | 6,182,100 | | | | | | (846,659) | | | | | | 8,642,806 | | |

| Comprehensive income (loss) | | | — | | | | | | — | | | | | | — | | | | | | (4,093,297) | | | | | | 739,704 | | | | | | — | | | | | | (3,353,593) | | |

| Stock-based compensation | | | — | | | | | | — | | | | | | 29,119 | | | | | | — | | | | | | (345) | | | | | | 6,876 | | | | | | 35,650 | | |

| Exercise of stock options | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (29,838) | | | | | | 136,430 | | | | | | 106,592 | | |

| Retirement of treasury stock | | | — | | | | | | (4,000) | | | | | | (20,022) | | | | | | — | | | | | | (344,445) | | | | | | 368,467 | | | | | | — | | |

| Balance at December 31, 2022 | | | $ | — | | | | | $ | 105,218 | | | | | $ | 529,661 | | | | | $ | (1,415,714) | | | | | $ | 6,466,220 | | | | | $ | (789,524) | | | | | $ | 4,895,861 | |

GL 2022 FORM 10-K

| Net income | | | $ | 739,704 | | | | | $ | 744,959 | | | | | $ | 731,773 | |

| Additions to property and equipment | | | (27,929) | | | | | | (38,244) | | | | | | (41,756) | | |

GL 2022 FORM 10-K

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GL 2022 FORM 10-K

GL 2022 FORM 10-K

Private placement fixed maturities are generally not an active market.

GL 2022 FORM 10-K

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GL 2022 FORM 10-K

successful issuance of an insurance contract including sales commissions, policy issue costs, and underwriting costs.

GL 2022 FORM 10-K

utilized for all non-guaranteed and guaranteed investments acquired on or after January 1, 2015.

This estimate is based on

GL 2022 FORM 10-K

GL 2022 FORM 10-K

previous plans.

GL 2022 FORM 10-K

ASU No. 2018-12 / 2019-09 / 2020-11, *Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts,* with clarification guidance issued in November 2019 and 2020.

ASU 2018-12 is a significant change to the accounting and disclosure of long-duration life and health insurance contracts.

The guidance was issued primarily to: 1) improve the timeliness of recognizing changes in the liability for future policy benefits and modify the rate used to discount future cash flows, 2) simplify and improve the accounting for certain market-based options or guarantees associated with deposit (or account balance) contracts, 3) simplify the amortization of deferred acquisition costs, and 4) improve the effectiveness of the required disclosures.

As a result of the issuance of ASU 2020-11 in November 2020, the effective date for this standard was changed to January 1, 2023.

Early adoption is available; however, the Company will not early adopt the standard and has selected the modified retrospective transition method upon adoption as of the transition date (“Transition Date”) of January 1, 2021.

The modified retrospective transition method requires the amended guidance be applied to contracts issued after the beginning of the earliest period presented, or the Transition Date, which will result in the restatement of the 2021 and 2022 consolidated financial statements.

In summary, the Company continues to assess the impact the adoption will have on the consolidated financial statements and has determined it will have a significant impact on the Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Shareholders’ Equity, and the Consolidated Statements of Comprehensive Income (Loss).

GL 2021 FORM 10-K

February 23, 2022

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

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

| Income from continuing operations | | | | | | 744,959 | | | | | | 731,773 | | | | | | 760,882 | | |

| Continuing operations | | | | | | $ | 7.30 | | | | | $ | 6.90 | | | | | $ | 6.97 | |

| Discontinued operations | | | | | | — | | | | | | — | | | | | | — | | |

| Total basic net income per common share | | | | | | $ | 7.30 | | | | | $ | 6.90 | | | | | $ | 6.97 | |

| Continuing operations | | | | | | $ | 7.22 | | | | | $ | 6.82 | | | | | $ | 6.83 | |

| Total diluted net income per common share | | | | | | $ | 7.22 | | | | | $ | 6.82 | | | | | $ | 6.83 | |

| Balance at December 31, 2018 | | | $ | — | | | | | $ | 121,218 | | | | | $ | 524,414 | | | | | $ | 319,475 | | | | | $ | 5,213,468 | | | | | $ | (763,398) | | | | | $ | 5,415,177 | |

| Adoption of ASU 2016-02 | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (392) | | | | | | — | | | | | | (392) | | |

| Balance at January 1, 2019 | | | — | | | | | | 121,218 | | | | | | 524,414 | | | | | | 319,475 | | | | | | 5,213,076 | | | | | | (763,398) | | | | | | 5,414,785 | | |

| Comprehensive income (loss) | | | — | | | | | | — | | | | | | — | | | | | | 1,525,355 | | | | | | 760,790 | | | | | | — | | | | | | 2,286,145 | | |

| Stock-based compensation | | | — | | | | | | — | | | | | | 25,132 | | | | | | — | | | | | | (6,817) | | | | | | 26,528 | | | | | | 44,843 | | |

| Exercise of stock options | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (51,892) | | | | | | 135,055 | | | | | | 83,163 | | |

| Retirement of treasury stock | | | — | | | | | | (4,000) | | | | | | (17,992) | | | | | | — | | | | | | (288,768) | | | | | | 310,760 | | | | | | — | | |

| Loss (income) from discontinued operations, net of income taxes | | | — | | | | | | — | | | | | | 92 | | |

| Net cash provided from (used for) discontinued operations | | | — | | | | | | — | | | | | | 17,299 | | |

| Cash provided from (used for) operating activities | | | 1,437,680 | | | | | | 1,476,434 | | | | | | 1,363,874 | | |

| Additions to properties | | | (38,244) | | | | | | (41,756) | | | | | | (42,203) | | |

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

| | | | | | | | | |

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

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

| Assets Acquired: | | | | | | | | |

| 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.

*Discontinued Operations:* When a component of Globe Life's business is sold or expected to be sold during the ensuing year, the Company considers whether the criteria of ASC 205-20, *Discontinued Operations*, have been met, which includes evaluating if the disposal of a component represents a strategic shift that has, or will have, a major effect on the Company.

If the disposal meets the criteria for discontinued operations, the assets and liabilities are segregated and recorded in the *Consolidated Balance Sheets* as "Assets and Liabilities related to discontinued operations" for all periods presented.

If the carrying amount of the business exceeds its estimated fair value, a loss is recognized.

The results of operations for the discontinued component are reported in "Income from discontinued operations, net of tax" in the *Consolidated Statements of Operations* for current and prior periods.

Discontinued operations are reported commencing in the period in which the business is either disposed of or meets the accounting criteria for discontinued operations, including any gain or loss recognized on the sale or adjustment of the carrying amount to the estimated fair value less cost to sell.

*Evaluation of Disclosure Controls and Procedures*: Globe Life, under the direction of the [removed: Co-Chairmen and] Chief Executive Officers and the Executive Vice President and Chief Financial Officer, has established disclosure controls and procedures that are designed to ensure that information required to be disclosed by Globe Life in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.

The disclosure controls and procedures are also intended to ensure that such information is accumulated and communicated to Globe Life's management, including the [removed: Co-Chairmen and] Chief Executive Officers and the Executive Vice President and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosures.

As of the end of the fiscal year completed December 31, [removed: 2021,] [added: 2022,] an evaluation was performed under the supervision and with the participation of Globe Life management, including the [removed: Co-Chairmen and] Chief Executive Officers and the Executive Vice President and Chief Financial Officer, of the disclosure controls and procedures (as those terms are defined in Rule 13a-15(e) under the Securities Exchange Act of 1934).

Based upon their evaluation, the [removed: Co-Chairmen and] Chief Executive Officers and the Executive Vice President and Chief Financial Officer have concluded that disclosure controls and procedures are effective as of the date of this Form 10-K.

Based upon their evaluation as of December 31, [removed: 2021,] [added: 2022,] the [removed: 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: 2021,] [added: 2022,] 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: 2021.][added: 2022.]

| [removed: Frank M. Svoboda] [added: Thomas P. Kalmbach] Executive Vice President and Chief Financial Officer | | | | | |

We have audited the internal control over financial reporting of Globe Life Inc. and subsidiaries (the “Company”) as of December 31, [removed: 2021,] [added: 2022,] 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: 2021,] [added: 2022,] 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: 2021] [added: 2022] of the Company and our report dated February [removed: 23, 2022,] [added: 22, 2023,] expressed an unqualified opinion on those financial statements and financial statement schedules.

GL 2022 FORM 10-K

| /s/ J. Matthew Darden | | | | | |

| J. Matthew Darden Co-Chief Executive Officer | | | | | |

| Frank M. Svoboda Co-Chief Executive Officer | | | | | |

| /s/ Thomas P. Kalmbach | | | | | |

February 22, 2023

GL 2022 FORM 10-K

February 22, 2023

GL 2022 FORM 10-K

GL 2021 FORM 10-K

| /s/ Gary L. Coleman | | | | | |

| Gary L. Coleman Co-Chairman and Chief Executive Officer | | | | | |

| /s/ Larry M. Hutchison | | | | | |

| Larry M. Hutchison Co-Chairman and Chief Executive Officer | | | | | |

February 23, 2022

Information required by this item is incorporated by reference from the sections entitled “PROPOSAL NUMBER 1 - Election of Directors,” “Director Nominee Profiles,” "Director Nominee Skills and Qualifications," “Executive Officers,” “AUDIT COMMITTEE REPORT,” “Governance Guidelines and Codes of Ethics,” [added: "Committees of the Board of Directors,"] “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: 28, 2022] [added: 27, 2023] (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 “EXECUTIVE COMPENSATION - COMPENSATION DISCUSSION AND [removed: ANALYSIS”,] [added: ANALYSIS,”] “COMPENSATION COMMITTEE [removed: REPORT”,] [added: REPORT,”] “SUMMARY COMPENSATION [removed: TABLE”, "CEO PAY RATIO", “2021] [added: TABLE,” “2022] GRANTS OF PLAN-BASED [removed: AWARDS”,] [added: AWARDS,”] “OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END [removed: 2021”,] [added: 2022,”] “OPTION EXERCISES AND STOCK VESTED DURING FISCAL YEAR ENDED DECEMBER 31, [removed: 2021”,] [added: 2022,”] “PENSION BENEFITS AT DECEMBER 31, [removed: 2021”,] [added: 2022,”] “POTENTIAL PAYMENTS UPON TERMINATION OR [removed: CHANGE-IN-CONTROL”, “2021] [added: CHANGE-IN-CONTROL,” "PAY VERSUS PERFORMANCE," "CEO PAY RATIO," “2022] DIRECTOR [removed: COMPENSATION”,] [added: COMPENSATION,”] and “PAYMENTS TO DIRECTORS” in the Proxy Statement, which is to be filed with the SEC.

Equity Compensation Plan Information as of December 31, [removed: 2021][added: 2022]

| Equity compensation plans approved by security holders | | | | | | 6,962,374 | | | | | | $ | 91.73 | | | | | 3,177,886 | | |

| Total | | | | | | 6,962,374 | | | | | | $ | 91.73 | | | | | 3,177,886 | | |

GL 2022 FORM 10-K

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

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

GL 2021 FORM 10-K

| [Report of Independent Registered Public Accounting [removed: Firm](#ic55317410763413da1d4be4008f977bd_739)] [added: Firm](#i32954996b9b7416bb51214ee33043dc6_763)] | | | [removed: [54](#ic55317410763413da1d4be4008f977bd_739)] [added: [57](#i32954996b9b7416bb51214ee33043dc6_763)] | | |

| [Consolidated Balance Sheets [removed: at](#ic55317410763413da1d4be4008f977bd_16)] [added: at](#i32954996b9b7416bb51214ee33043dc6_19)] [December 31, [removed: 2021](#ic55317410763413da1d4be4008f977bd_16) [and](#ic55317410763413da1d4be4008f977bd_16) [2020](#ic55317410763413da1d4be4008f977bd_16)] [added: 2022](#i32954996b9b7416bb51214ee33043dc6_19) [and](#i32954996b9b7416bb51214ee33043dc6_19) [2021](#i32954996b9b7416bb51214ee33043dc6_19)] | | | [removed: [56](#ic55317410763413da1d4be4008f977bd_16)] [added: [59](#i32954996b9b7416bb51214ee33043dc6_19)] | | |

| [Consolidated Statements of Operations for each of the three years in the period [removed: ended](#ic55317410763413da1d4be4008f977bd_745)] [added: ended](#i32954996b9b7416bb51214ee33043dc6_769)] [December 31, [removed: 2021](#ic55317410763413da1d4be4008f977bd_745)] [added: 2022](#i32954996b9b7416bb51214ee33043dc6_769)] | | | [removed: [57](#ic55317410763413da1d4be4008f977bd_745)] [added: [60](#i32954996b9b7416bb51214ee33043dc6_769)] | | |

| [Consolidated Statements of Comprehensive Income for each of the three years in the period [removed: ended](#ic55317410763413da1d4be4008f977bd_748)] [added: ended](#i32954996b9b7416bb51214ee33043dc6_772)] [December 31, [removed: 2021](#ic55317410763413da1d4be4008f977bd_748)] [added: 2022](#i32954996b9b7416bb51214ee33043dc6_772)] | | | [removed: [58](#ic55317410763413da1d4be4008f977bd_748)] [added: [61](#i32954996b9b7416bb51214ee33043dc6_772)] | | |

| [Consolidated Statements of Shareholders’ Equity for each of the three years in the period [removed: ended](#ic55317410763413da1d4be4008f977bd_751)] [added: ended](#i32954996b9b7416bb51214ee33043dc6_775)] [December 31, [removed: 2021](#ic55317410763413da1d4be4008f977bd_751)] [added: 2022](#i32954996b9b7416bb51214ee33043dc6_775)] | | | [removed: [59](#ic55317410763413da1d4be4008f977bd_751)] [added: [62](#i32954996b9b7416bb51214ee33043dc6_775)] | | |

| [Consolidated Statements of Cash Flows for each of the three years in the period [removed: ended](#ic55317410763413da1d4be4008f977bd_754)] [added: ended](#i32954996b9b7416bb51214ee33043dc6_778)] [December 31, [removed: 2021](#ic55317410763413da1d4be4008f977bd_754)] [added: 2022](#i32954996b9b7416bb51214ee33043dc6_778)] | | | [removed: [60](#ic55317410763413da1d4be4008f977bd_754)] [added: [63](#i32954996b9b7416bb51214ee33043dc6_778)] | | |

| [Notes to Consolidated Financial [removed: Statements](#ic55317410763413da1d4be4008f977bd_34)] [added: Statements](#i32954996b9b7416bb51214ee33043dc6_37)] | | | [removed: [61](#ic55317410763413da1d4be4008f977bd_34)] [added: [64](#i32954996b9b7416bb51214ee33043dc6_37)] | | |

| Schedules Supporting Financial Statements for each of the three years in the period ended December 31, [removed: 2021:] [added: 2022:] | | | | | |

| [II. Condensed Financial Information of Registrant (Parent [removed: Company)](#ic55317410763413da1d4be4008f977bd_790)] [added: Company)](#i32954996b9b7416bb51214ee33043dc6_814)] | | | [removed: [129](#ic55317410763413da1d4be4008f977bd_790)] [added: [132](#i32954996b9b7416bb51214ee33043dc6_814)] | | |

| [removed: 4.5] [added: 4.4] | | | | | | [Third Supplemental Indenture dated as of November 17, 2017 between Torchmark Corporation and Regions Bank, as Trustee, supplementing the Junior Subordinated Indenture dated as of November 2, 2001](http://www.sec.gov/Archives/edgar/data/320335/000032033517000048/a3rdsupplementalindenture1.htm) | | | | | | 8-K | | | | | | November 17, 2017 | | | | | | 4.4 | | | | | | | | |

| [removed: 4.6] [added: 4.5] | | | | | | [Fourth Supplemental Indenture dated as of June 14, 2021 between Globe Life Inc. and Regions Bank, as Trustee, supplementing the Junior Subordinated Indenture dated as of November 2, 2001](http://www.sec.gov/Archives/edgar/data/320335/000119312521190034/d185215dex42.htm) | | | | | | 8-K | | | | | | June 14, 2021 | | | | | | 4.2 | | | | | | | | |

| [removed: 4.7] [added: 4.6] | | | | | | [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: 4.8] [added: 4.7] | | | | | | [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: 4.9] [added: 4.8] | | | | | | [Second Supplemental Indenture, dated as of August 21, 2020, between Globe Life Inc. and Regions Bank, as Trustee](http://www.sec.gov/Archives/edgar/data/0000320335/000032033520000044/exhibit42secondsupplemen.htm) | | | | | | 8-K | | | | | | August 21, 2020 | | | | | | 4.2 | | | | | | | | |

| [removed: 10.20] [added: 10.29] | | | | | | [Form of Performance Share Award under Torchmark Corporation [removed: 2011] [added: 2018] Incentive [removed: Plan*](http://www.sec.gov/Archives/edgar/data/320335/000119312512081079/d306940dex101.htm)] [added: Plan*](http://www.sec.gov/Archives/edgar/data/320335/000032033518000014/ex1032018formofperfshareaw.htm)] | | | | | | 8-K | | | | | | [removed: February 27, 2012] [added: May 2, 2018] | | | | | | [removed: 10.1] [added: 10.3] | | | | | | | | |

| [removed: 10.21] [added: 10.20] | | | | | | [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: 10.22] [added: 10.21] | | | | | | [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: 10.23] [added: 10.22] | | | | | | [Form of [removed: Performance Share Award Certificate] [added: Seven Year Stock Option Grant Agreement (Special)] under Torchmark Corporation 2011 Incentive Plan, as amended with Non-Compete, Non-Solicit and Confidentiality [removed: Provisions*](http://www.sec.gov/Archives/edgar/data/320335/000032033517000010/tmk201610-kexhibit1077.htm)] [added: Provisions*](http://www.sec.gov/Archives/edgar/data/320335/000032033517000010/tmk201610-kexhibit1078.htm)] | | | | | | 10-K | | | | | | February 27, 2017 | | | | | | [removed: 10.77] [added: 10.78] | | | | | | | | |

| [removed: 10.24] [added: 10.34] | | | | | | [Form of Seven Year Stock Option [removed: Grant Agreement (Special)] under Torchmark Corporation [removed: 2011] [added: 2018] Incentive [removed: Plan, as amended] [added: Plan] with Non-Compete, Non-Solicit and Confidentiality [removed: Provisions*](http://www.sec.gov/Archives/edgar/data/320335/000032033517000010/tmk201610-kexhibit1078.htm)] [added: Provisions*](http://www.sec.gov/Archives/edgar/data/320335/000032033518000014/ex1052018formof7yearstock.htm)] | | | | | | [removed: 10-K] [added: 8-K] | | | | | | [removed: February 27, 2017] [added: May 2, 2018] | | | | | | [removed: 10.78] [added: 10.5] | | | | | | | | |

| [removed: 10.25] [added: 10.23] | | | | | | [Torchmark Corporation Amended 2011 Non-Employee Director Compensation Plan, effective January, 2017](http://www.sec.gov/Archives/edgar/data/320335/000032033517000010/tmk201610-kexhibit1055.htm)* | | | | | | 10-K | | | | | | February 27, 2017 | | | | | | 10.55 | | | | | | | | |

| [removed: 10.26] [added: 10.24] | | | | | | [Form of Stock Option under Torchmark Corporation 2011 Non-Employee Director Compensation Plan*](http://www.sec.gov/Archives/edgar/data/320335/000119312511049737/dex1057.htm) | | | | | | 10-K | | | | | | February 28, 2011 | | | | | | 10.57 | | | | | | | | |

| [removed: 10.27] [added: 10.25] | | | | | | [Form of Restricted Stock Unit Award Notice under Torchmark Corporation 2011 Non-Employee Director Compensation Plan*](http://www.sec.gov/Archives/edgar/data/320335/000119312511049737/dex1059.htm) | | | | | | 10-K | | | | | | February 28, 2011 | | | | | | 10.59 | | | | | | | | |

| [removed: 10.28] [added: 10.26] | | | | | | [Torchmark Corporation 2018 Incentive Plan*](http://www.sec.gov/Archives/edgar/data/320335/000032033518000014/ex101tmk2018incentiveplan.htm) | | | | | | 8-K | | | | | | May 2, 2018 | | | | | | 10.1 | | | | | | | | |

| [removed: 10.29] [added: 10.27] | | | | | | [First Amendment to Torchmark Corporation 2018 Incentive Plan*](https://www.sec.gov/Archives/edgar/data/0000320335/000032033520000008/gli201910-kexhibit1031.htm) | | | | | | 10-K | | | | | | February 27, 2020 | | | | | | 10.31 | | | | | | | | |

| [removed: 10.30] [added: 10.28] | | | | | | [Amended Globe Life Inc. Non-Employee Director Compensation Plan*](http://www.sec.gov/Archives/edgar/data/320335/000032033521000050/amendedglobelifeinc2018n.htm) | | | | | | 10-Q | | | | | | November 4, 2021 | | | | | | 10.1 | | | | | | | | |

| [removed: 10.31] [added: 10.37] | | | | | | [Form of [removed: Performance Share Award] [added: Ten Year Stock Option] under Torchmark Corporation 2018 Incentive [removed: Plan*](http://www.sec.gov/Archives/edgar/data/320335/000032033518000014/ex1032018formofperfshareaw.htm)] [added: Plan*](http://www.sec.gov/Archives/edgar/data/320335/000032033518000014/ex1062018formoftenyearopti.htm)] | | | | | | 8-K | | | | | | May 2, 2018 | | | | | | [removed: 10.3] [added: 10.6] | | | | | | | | |

| [removed: 10.32] [added: 10.30] | | | | | | [Form of Performance Share Award under Globe Life Inc. 2018 Incentive Plan*](http://www.sec.gov/Archives/edgar/data/0000320335/000032033520000008/gli201910-kexhibit1034.htm) | | | | | | 10-K | | | | | | February 27, 2020 | | | | | | 10.34 | | | | | | | | |

| [removed: 10.33] [added: 10.32] | | | | | | [Form of Performance Share Award under Globe Life Inc. 2018 [removed: Inventive] [added: In](https://www.sec.gov/Archives/edgar/data/320335/000032033522000006/gli202110-kexhibit1033xq4.htm)[c](https://www.sec.gov/Archives/edgar/data/320335/000032033522000006/gli202110-kexhibit1033xq4.htm)[entive] Plan (2022)*](https://www.sec.gov/Archives/edgar/data/320335/000032033522000006/gli202110-kexhibit1033xq4.htm) | | | | | | 10-K | | | | | | February 23, 2022 | | | | | | 10.33 | | | | | | | | |

| [removed: 10.34] [added: 10.33] | | | | | | [Form of Seven Year Stock Option under Globe Life [removed: Inc. 2018] [added: Inc](http://www.sec.gov/Archives/edgar/data/0000320335/000032033520000008/gli201910-kexhibit1036.htm)[.](http://www.sec.gov/Archives/edgar/data/0000320335/000032033520000008/gli201910-kexhibit1036.htm) [](http://www.sec.gov/Archives/edgar/data/0000320335/000032033520000008/gli201910-kexhibit1036.htm)[2018] Incentive Plan*](http://www.sec.gov/Archives/edgar/data/0000320335/000032033520000008/gli201910-kexhibit1036.htm) | | | | | | 10-K | | | | | | February 27, 2020 | | | | | | 10.36 | | | | | | | | |

| [removed: 10.35] [added: 10.38] | | | | | | [Form of [removed: Seven] [added: Ten] Year Stock Option under Torchmark Corporation 2018 Incentive Plan with Non-Compete, Non-Solicit and Confidentiality [removed: Provisions*](http://www.sec.gov/Archives/edgar/data/320335/000032033518000014/ex1052018formof7yearstock.htm)] [added: Provisions*](http://www.sec.gov/Archives/edgar/data/320335/000032033518000014/ex1072018formoftenyearstoc.htm)] | | | | | | 8-K | | | | | | May 2, 2018 | | | | | | [removed: 10.5] [added: 10.7] | | | | | | | | |

| [removed: 10.36] [added: 10.35] | | | | | | [Form of Seven Year Stock Option under Globe Life Inc. 2018 Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions*](http://www.sec.gov/Archives/edgar/data/0000320335/000032033520000008/gli201910-kexhibit1038.htm) | | | | | | 10-K | | | | | | February 27, 2020 | | | | | | 10.38 | | | | | | | | |

| [removed: 10.37] [added: 10.36] | | | | | | [Form of Seven Year Stock Option under Globe Life [removed: Inc. 2018] [added: Inc.](http://www.sec.gov/Archives/edgar/data/0000320335/000032033520000008/gli201910-kexhibit1039.htm) [2018] Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions (Special)*](http://www.sec.gov/Archives/edgar/data/0000320335/000032033520000008/gli201910-kexhibit1039.htm) | | | | | | 10-K | | | | | | February 27, 2020 | | | | | | 10.39 | | | | | | | | |

| [removed: 10.39] [added: 10.49] | | | | | | [Form of [removed: Ten] [added: Seven] Year Stock Option under [removed: Torchmark Corporation] [added: Globe Life Inc.] 2018 Incentive Plan with Non-Compete, Non-Solicit and Confidentiality [removed: Provisions*](http://www.sec.gov/Archives/edgar/data/320335/000032033518000014/ex1072018formoftenyearstoc.htm)] [added: Provisions (2023)*](https://www.sec.gov/Archives/edgar/data/320335/000032033523000008/gli202210-kexhibit1049xq4.htm)] | | | | | | [removed: 8-K] [added: 10-K] | | | | | | [removed: May 2, 2018] [added: February 23, 2023] | | | | | | [removed: 10.7] [added: 10.49] | | | | | | | | |

| [removed: 10.40] [added: 10.39] | | | | | | [Form of Stock Option under Globe Life Inc. 2018 Non-Employee Director Compensation Plan*](http://www.sec.gov/Archives/edgar/data/0000320335/000032033520000008/gli201910-kexhibit1044.htm) | | | | | | 10-K | | | | | | February 27, 2020 | | | | | | 10.44 | | | | | | | | |

| [removed: 10.41] [added: 10.40] | | | | | | [Form of Restricted Stock under Globe Life Inc. 2018 Non-Employee Director Compensation Plan*](http://www.sec.gov/Archives/edgar/data/320335/000032033520000008/gli201910-kexhibit1045.htm) | | | | | | 10-K | | | | | | February 27, 2020 | | | | | | 10.45 | | | | | | | | |

| [removed: 10.42] [added: 10.41] | | | | | | [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 | | | | | | | | |

| [removed: 10.43] [added: 10.42] | | | | | | [Torchmark Corporation 2019 Management Incentive Plan (effective as of January 1, 2019)*](http://www.sec.gov/Archives/edgar/data/320335/000032033519000008/torchmarkmanagementincenti.htm) | | | | | | 8-K | | | | | | March 4, 2019 | | | | | | 10.1 | | | | | | | | |

| [removed: 10.44] [added: 10.43] | | | | | | [The Globe Life Inc. Amended and Restated Pension Plan Generally Effective as of January 1, 2020*](http://www.sec.gov/Archives/edgar/data/320335/000032033520000055/amendedandrestatedglpens.htm) | | | | | | 10-Q | | | | | | November 5, 2020 | | | | | | 10.1 | | | | | | | | |

| [removed: 10.45] [added: 10.44] | | | | | | [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 | | | | | | | | |

| [removed: 10.47] [added: 10.45] | | | | | | [Amended and Restated Credit Agreement dated as of September 30, 2021 among Bank of America, N.A., the Lenders party thereto, Globe Life Inc. and TMK RE, LTD.](http://www.sec.gov/Archives/edgar/data/320335/000032033521000044/bofa-globelife2021revolv.htm) | | | | | | 8-K | | | | | | October 1, 2021 | | | | | | 10.1 | | | | | | | | |

| [IV. Reinsurance (Consolidated)](#i32954996b9b7416bb51214ee33043dc6_817) | | | [136](#i32954996b9b7416bb51214ee33043dc6_817) | | |

GL 2022 FORM 10-K

| 4.9 | | | | | | [Third Supplemental Indenture, dated as of May 19, 2022, between Globe Life Inc. and Regions Bank, as Trustee](https://www.sec.gov/Archives/edgar/data/320335/000119312522154612/d350057dex42.htm) | | | | | | 8-K | | | | | | May 19, 2022 | | | | | | 4.2 | | | | | | | | |

GL 2022 FORM 10-K

GL 2022 FORM 10-K

| 10.46 | | | | | | [First Amendment to Amended and Re](https://www.sec.gov/Archives/edgar/data/320335/000032033523000008/bofa-globelife2022revolv.htm)[stated](https://www.sec.gov/Archives/edgar/data/320335/000032033523000008/bofa-globelife2022revolv.htm) [Credit Agreement dat](https://www.sec.gov/Archives/edgar/data/320335/000032033523000008/bofa-globelife2022revolv.htm)[ed](https://www.sec.gov/Archives/edgar/data/320335/000032033523000008/bofa-globelife2022revolv.htm) [January 10, 2023 among Bank of America, N.A., the Lenders party thereto, Globe Life Inc. and TMK RE, LTD.](https://www.sec.gov/Archives/edgar/data/320335/000032033523000008/bofa-globelife2022revolv.htm) | | | | | | 10-K | | | | | | February 23, 2023 | | | | | | 10.46 | | | | | | | | |

| 10.47 | | | | | | [Form of Performance Share Award Certificate under Globe Life Inc. 2018 Incentive Plan (2023)*](https://www.sec.gov/Archives/edgar/data/320335/000032033523000008/gli202210-kexhibit1047xq4.htm) | | | | | | 10-K | | | | | | February 23, 2023 | | | | | | 10.47 | | | | | | | | |

| 10.48 | | | | | | [Form of Seven Year Stock Option under Globe Life Inc. 2018 Incentive Plan (2023)*](https://www.sec.gov/Archives/edgar/data/320335/000032033523000008/gli202210-kexhibit1048xq4.htm) | | | | | | 10-K | | | | | | February 23, 2023 | | | | | | 10.48 | | | | | | | | |

| 10.50 | | | | | | [Form of Seven Year Stock Option under Globe Life Inc. 2018 Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions (Special) (2023)*](https://www.sec.gov/Archives/edgar/data/320335/000032033523000008/gli202210-kexhibit1050xq4.htm) | | | | | | 10-K | | | | | | February 23, 2023 | | | | | | 10.50 | | | | | | | | |

| 10.51 | | | | | | [Form of Restricted Stock Unit Award Certificate under Globe Life Inc. 2018 Incentive Plan*](https://www.sec.gov/Archives/edgar/data/320335/000032033523000008/gli202210-kexhibit1051xq4.htm) | | | | | | 10-K | | | | | | February 23, 2023 | | | | | | 10.51 | | | | | | | | |

| 10.52 | | | | | | [Form of Restricted Stock Unit Award Certificate under Globe Life Inc. 2018 Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions*](https://www.sec.gov/Archives/edgar/data/320335/000032033523000008/gli202210-kexhibit1052xq4.htm) | | | | | | 10-K | | | | | | February 23, 2023 | | | | | | 10.52 | | | | | | | | |

| 21 | | | | | | [Subsidiaries of the registrant](#i32954996b9b7416bb51214ee33043dc6_811) | | | | | | 10-K | | | | | | February 23, 2023 | | | | | | 21 | | | | | | [131](#i32954996b9b7416bb51214ee33043dc6_811) | | |

GL 2022 FORM 10-K

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GL 2022 FORM 10-K

GL 2022 FORM 10-K

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GL 2022 FORM 10-K

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GL 2022 FORM 10-K

| Life insurance in force | | | $ | 222,098,389 | | | | | $ | 662,569 | | | | | $ | 2,172,728 | | | | | $ | 223,608,548 | | | | | 1.0 | | |

| Life insurance | | | $ | 2,995,104 | | | | | $ | 4,361 | | | | | $ | 19,009 | | | | | $ | 3,009,752 | | | | | 0.6 | | |

| Health insurance | | | 1,235,493 | | | | | | 3,091 | | | | | | 47,010 | | | | | | 1,279,412 | | | | | | 3.7 | | |

| Total premium | | | $ | 4,230,597 | | | | | $ | 7,452 | | | | | $ | 66,019 | | | | | $ | 4,289,164 | | | | | 1.5 | | |

GL 2022 FORM 10-K

| | | | By: | | | /s/ J. MATTHEW DARDEN | | | | | |

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

GL 2021 FORM 10-K

| 10.38 | | | | | | [Form of Ten Year Stock Option under Torchmark Corporation 2018 Incentive Plan*](http://www.sec.gov/Archives/edgar/data/320335/000032033518000014/ex1062018formoftenyearopti.htm) | | | | | | 8-K | | | | | | May 2, 2018 | | | | | | 10.6 | | | | | | | | |

| 10.46 | | | | | | [Payments to Directors*](http://www.sec.gov/Archives/edgar/data/320335/000032033521000050/paymentstodirectorsnov20.htm) | | | | | | 10-Q | | | | | | November 4, 2021 | | | | | | 10.2 | | | | | | | | |

| 21 | | | | | | [Subsidiaries of the registrant](#ic55317410763413da1d4be4008f977bd_787) | | | | | | 10-K | | | | | | February 23, 2022 | | | | | | 21 | | | | | | [123](#ic55317410763413da1d4be4008f977bd_787) | | |

To be filed with the Securities and Exchange Commission within 120 days after the fiscal year ended December 31, 2021.

| Additions to properties | | | — | | | | | | — | | | | | | (32) | | |

| Life insurance in force | | | $ | 191,249,516 | | | | | $ | 676,988 | | | | | $ | 2,774,388 | | | | | $ | 193,346,916 | | | | | 1.4 | | |

| Life insurance | | | $ | 2,486,127 | | | | | $ | 4,357 | | | | | $ | 20,384 | | | | | $ | 2,502,154 | | | | | 0.8 | | |

| Health insurance | | | 1,080,869 | | | | | | 3,523 | | | | | | — | | | | | | 1,077,346 | | | | | | — | | |

| Total premium | | | $ | 3,566,996 | | | | | $ | 7,880 | | | | | $ | 20,384 | | | | | $ | 3,579,500 | | | | | 0.6 | | |

| By: | | | /s/ CHARLES E. ADAIR * | | | | | | By: | | | /s/ JANE BUCHAN * | | |

| | | | Charles E. Adair | | | | | | | | | Jane M. Buchan | | |

| 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 | | |

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

| *By: | | | /s/ FRANK M. SVOBODA | | | | | |

| | | | Frank M. Svoboda | | | | | |