Globe Life (GL) 10-K risk factor changes: FY2023 vs FY2022

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

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

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

Our investment portfolio consists predominately of fixed [removed: maturity and short-term] [added: income] investments, where we are exposed to the risk that individual issuers will not have the ability to make required interest or principal payments.

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

[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.

Additionally, dividends paid by insurance subsidiaries are restricted based on [removed: regulations by their states of domicile.]

Such market conditions could limit our ability to replace maturing debt obligations in a timely [removed: manner] [added: manner,] or at [removed: all] [added: all,] and/or access the capital necessary to grow our [removed: business.][added: business and maintain required capital levels and credit ratings.]

In the [removed: unlikely] event that current sources of liquidity do not satisfy our needs, we may have to seek additional financing or raise capital.

Variations in actual-to-expected rates of mortality, morbidity and [removed: persistency] [added: policyholder behavior] could materially negatively affect our results of operations and financial condition.

The reserve [removed: computations] [added: assumptions] involve the exercise of significant judgment with respect to levels [added: or trends] of mortality, morbidity, [removed: persistency,] [added: lapses,] and [removed: investment yields, as well as the][added: discount rates.]

[removed: Even though our actuaries continually test actual-to-expected results,] [added: Further,] actual results may differ significantly from the levels assumed, which could result in increased policy obligations and expenses and thus negatively affect our profit margins and income.

As a result, [removed: our] Medicare Supplement business is characterized by lower profit margins than life insurance and requires strict administrative discipline and economies of scale for success.

Accordingly, the inability [removed: 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 condition, and results of operations.

However, our insurance operations could be exposed to the risk of catastrophic mortality or morbidity caused by events such as a [removed: pandemic,] [added: pandemic or other public health issues,] hurricane, earthquake, or man-made catastrophes, including acts of terrorism or war, which may produce significant claims in larger areas, especially those that are heavily populated.

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 [added: our producing agents or our] employees performing operational tasks and supporting computer-based data processing, or [added: impair or] destroy [removed: the] [added: our] capability to transmit, store, and retrieve valuable data.

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

Regulatory agencies have broad administrative power over numerous aspects of our business, including premium rates [added: for our life, Medicare Supplement] and other [added: supplement health products, as well as other] terms and conditions included in the insurance policies offered by our insurance subsidiaries, marketing practices, advertising, agent licensing, policy forms, capital adequacy, solvency, reserves and permitted investments.

(Refer to *[Note 1—Significant Accounting [removed: Policies](#i32954996b9b7416bb51214ee33043dc6_40)*] [added: Policies](#i978255a8c505469ca00e0a1c1e3bcb15_40)*] under the caption *[Accounting Pronouncements Yet to be [removed: Adopted](#i32954996b9b7416bb51214ee33043dc6_61)*)][added: Adopted](#i978255a8c505469ca00e0a1c1e3bcb15_64)*)]

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

[removed: Various state laws address the use and disclosure of personally identifiable information to the extent they] [added: We] are [removed: more restrictive than those contained in] [added: subject to] the privacy and security provisions [removed: in the] [added: of] federal [removed: Gramm-Leach-Bliley] [added: laws including, but not limited to, the Gramm-Leach-Biley] Act of 1999 (GLBA), the Health Information Technology for Economic and Clinical Health Act (HITECH), and [removed: in] the Health Insurance Portability and Accountability Act of 1996 (HIPAA).

HIPAA [removed: also] [added: additionally] requires that we impose privacy and security requirements on our business [removed: associates (as that term is defined in the HIPAA regulations).][added: associates.]

Noncompliance with [removed: any privacy] [added: these] laws, whether by us or by one of our business associates, could have a material adverse effect on our business, [removed: reputation] [added: reputation,] and results of operations and could result in material fines and penalties, various forms of damages, consent orders regarding our privacy and security practices, adverse actions against our licenses to do business, and injunctive relief.

The failure to maintain effective and efficient information systems at the Company could [removed: compromise data security, thereby] adversely [removed: affecting] [added: affect] our financial condition and results of operations.

We gather and maintain data for the purpose of conducting marketing, actuarial analysis, [removed: sales] [added: sales,] and policy administration functions.

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

Any [removed: breach of] [added: incident affecting] 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, legal, or other expenses.

Our ability to modernize [added: and maintain] our information technology systems and infrastructure requires us to commit [removed: to] significant [removed: resources,] [added: resources and] effective [removed: planning,] [added: planning] and execution.

[removed: In addition, due to] [added: As a result of more frequent and sophisticated cyberattacks and] the highly regulated nature of the insurance industry, we must continually implement new, and maintain existing, technology or adapt existing technology to [added: protect against security and privacy incidents and to] meet compliance requirements of new and proposed regulations.

[removed: Should] [added: In addition, should] we be unable to implement [removed: these innovations] [added: or maintain our technology] effectively, efficiently, or in a timely manner, it could result in poor customer experience, poor agent experience, additional expenses, reputational harm, legal and regulatory [removed: actions] [added: actions,] and other adverse consequences.

We may fail to meet expectations relating to [removed: environmental, social,] [added: corporate responsibility] and [removed: governance] [added: sustainability] standards and practices.

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

Certain of our regulators have proposed or adopted, or may propose or adopt, [removed: ESG] [added: certain corporate responsibility and sustainability] rules or standards that would apply to our business.

Our practices may be judged by [removed: ESG] [added: these] standards that are continually evolving and not always clear.

Prevailing [removed: ESG] [added: corporate responsibility and sustainability] standards and expectations may also reflect contrasting or conflicting values or agendas.

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

The following is a summary of the material risks and uncertainties that could adversely affect our business, financial condition and results of operations.

Future changes in rules, regulations or interpretations of existing rules and regulations could require us to reclassify all or a portion of our agents as employees and the impact could significantly increase our operating costs and negatively impact our insurance business.

The use of third-party vendors to support the Company's operations makes the Company susceptible to the operational risk of those third parties, which could lower revenues, increase costs, reduce profits, disrupt business, or damage the Company’s reputation.

The Company utilizes third-party vendors to provide certain business support services and functions, which exposes the Company to risks outside the control of the Company that may lead to business disruptions.

The reliance on these third-party vendors creates a number of business risks, such as the risk that the Company may not maintain service quality, control or effective management of the outsourced business operations and that the Company cannot control the information systems, facilities or networks of such third-party vendors.

Additionally, the Company is at risk of being unable to meet legal, regulatory, financial or customer obligations if the information systems, facilities or networks of a third-party vendor are disrupted, damaged or fail, whether due to physical disruptions, such as fire, natural disaster, pandemic or power outage, or due to cybersecurity incidents, ransomware or other impacts to vendors, including labor strikes, political unrest and terrorist attacks.

The Company may be adversely affected by a third-party vendor who operates in a poorly controlled manner or fails to deliver contracted services, which could lower revenues, increase costs, reduce profits, disrupt business, or damage the Company’s reputation.

GL 2023 FORM 10-K

GL 2023 FORM 10-K

regulations by their states of domicile.

We are subject to liquidity risks associated with sourcing a concentration of our funding from the Federal Home Loan Bank (“FHLB”).

We use institutional funding agreements originating from FHLB, which from time to time serve as a significant source of our liquidity.

Additionally, we use agreements with the FHLB to meet near-term liquidity needs.

If the FHLB were to change its definition of eligible collateral, we could be required to post additional amounts of collateral in the form of cash or other assets.

Additionally, if our creditworthiness falls below the FHLB’s requirements or if legislative or other political actions cause changes to the FHLB’s mandate or to the eligibility of life insurance companies to be members of the FHLB system, we could be required to find other sources to replace this funding, which may prove difficult and increase our liquidity risk.

Changes in assumptions could materially impact our financial condition and results of operations.

GL 2023 FORM 10-K

In addition, government, business and consumer reactions to public health events could result in material negative impacts to our business and operations.

We are exposed to model risk, which is the risk of financial loss or reputational damage or adverse regulatory impacts caused by model errors or limitations, incorrect implementation of models, or misuse of or overreliance upon models.

Models are utilized by our businesses and corporate areas primarily to project future cash flows associated with pricing products, calculating reserves and valuing assets, as well as in evaluating risk and determining capital requirements, among other uses.

These models may not operate properly and may rely on assumptions and projections that are inherently uncertain.

As our businesses continue to grow and evolve, the number and complexity of models we utilize expands, increasing our exposure to error in the design, implementation or use of models, including the associated input data and assumptions.

GL 2023 FORM 10-K

Various state laws also address the use and disclosure of personally identifiable information, to the extent they are more restrictive than these and other federal laws.

Further, approximately half of the states have adopted a form of the National Association of Insurance Commissioners’ data security model law, which imposes security requirements.

GL 2023 FORM 10-K

Our decisions or priorities are made with the considerations of all stakeholders.

GL 2023 FORM 10-K

The insurance industry is a regulated industry, populated by many public and private companies.

We operate in the industry's life and health insurance sectors, each of which has its own set of risks.

The impact of COVID-19 and related risks could materially affect our results of operations, financial position and/or liquidity.

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

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.

The COVID-19 pandemic subjects the Company to various potential risks that could adversely affect the Company in different ways, including but not limited to the following:

- Reduced sales resulting from potential limitations in the virtual sales and agent recruiting process or reductions in the willingness or ability of consumers to purchase our products;

- Reduced cash flows from lower premiums, higher surrenders and greater than anticipated claim payments;

- Disruptions, delays, and increased costs and risks related to employees working remotely, having limited or no access to our facilities, and experiencing reductions or interruptions of critical or essential services;

- Ratings downgrades, increased bankruptcies and credit spread widening in industries in which we invest in our investment portfolio.

GL 2022 FORM 10-K

timing of premium and benefit payments.

The supplemental health insurance market is subject to substantial regulatory scrutiny.

Regulatory changes could impact our Medicare Supplement and other supplemental health business.

The nature and timing of any such changes cannot be predicted and could have a material adverse effect on our supplemental health insurance business.

More frequent and sophisticated cyberattacks and more impactful regulatory oversight models could result in additional costs to protect against security breaches.

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

The following discussion should be read in conjunction with Globe Life's *[Consolidated Financial [removed: Statements](#i32954996b9b7416bb51214ee33043dc6_16)*] [added: Statements](#i978255a8c505469ca00e0a1c1e3bcb15_16)*] and [removed: *[Notes](#i32954996b9b7416bb51214ee33043dc6_37)*] [added: *[Notes](#i978255a8c505469ca00e0a1c1e3bcb15_37)*] thereto appearing elsewhere in this report.

[removed: The] [added: Unless impacted by the adoption noted above, the] following management discussion will only include comparison to prior year.

For discussion regarding activity from [removed: 2020,] [added: 2021 for the items not impacted by the new standard,] 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 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 [removed: corporate debt and] liquidity. Our measure of profitability for the investment segment is excess investment income, as seen below: | | |

| | | | | | | Net investment income (Required interest on [removed: net] policy liabilities) [removed: (Financing costs)] Excess investment income | | |

[removed: Long-Duration Targeted Improvements.] As discussed in [removed: further detail within] *[Note 1—Significant Accounting [removed: Policies](#i32954996b9b7416bb51214ee33043dc6_55),*] [added: Policies](#i978255a8c505469ca00e0a1c1e3bcb15_67),*] the Company [removed: will adopt] [added: adopted] ASU 2018-12, *Financial Services–Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts [removed: (LDTI)*, effective] [added: (LDTI)*] on January 1, 2023.

- Net income as a return on equity (ROE) for the year ended December 31, [removed: 2022] [added: 2023] was [removed: 12.3%] [added: 23.2%] and net operating income as an ROE, excluding [removed: net unrealized gains or losses on the fixed maturity portfolio(1)] [added: accumulated other comprehensive income(1)] was [removed: 13.4%.][added: 14.7%.]

- Total premium increased [removed: 5%] [added: 3%] over the [added: same period in the] prior year.

Life premium increased 4% for the period from [removed: $2.9] [added: $3.03] billion in [removed: 2021] [added: 2022] to [removed: $3.0] [added: $3.14] billion in [removed: 2022.][added: 2023.]

- Net investment income increased [removed: 4%] [added: 7%] over the same period in the prior year.

- Total net sales increased [removed: 2%] [added: 6%] over the same period in the prior year from [removed: $706] [added: $722] million in [removed: 2021] [added: 2022] to [removed: $722] [added: $768] million in [removed: 2022.][added: 2023.]

- Book value per share [removed: declined 42% below] [added: increased 18% over] the same period in the prior year from [removed: $85.97] [added: $40.05] to [removed: $49.65.][added: $47.10.]

- For the year ended December 31, [removed: 2022,] [added: 2023,] the Company repurchased [removed: 3.3] [added: 3.4] million shares of Globe Life Inc. common stock at a total cost of [removed: $335] [added: $380] million for an average share price of [removed: $100.90.][added: $112.84.]

The following graphs represent net income and net operating income for the three years ended December 31, [removed: 2022.][added: 2023.]

[removed:  ][added:  ]

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

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

The impact of the adjustment to exclude [removed: net unrealized gains or losses on fixed maturities, net of tax] [added: AOCI] is [removed: $(1.4)] [added: $(2.77)] billion and [removed: $2.8] [added: $(2.79)] billion for the year ended December 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] respectively.

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

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

The impact of the adjustment to exclude [removed: net unrealized gains or losses on fixed maturities] [added: AOCI] is [removed: $(14.36)] [added: $(29.11)] and [removed: $27.47] [added: $(28.30)] for the year ended December 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] respectively.

Refer to *[Analysis of Profitability by [removed: Segment](#i32954996b9b7416bb51214ee33043dc6_358)*] [added: Segment](#i978255a8c505469ca00e0a1c1e3bcb15_442)*] for non-GAAP reconciliation to GAAP.

Summary of Operations. Net income [removed: declined 1%] [added: increased 9%] to [removed: $740] [added: $971] million in [removed: 2022,] [added: 2023,] compared with [removed: $745] [added: $894] million in [removed: 2021.][added: 2022.]

[removed: Net] [added: In 2022, net] operating income [added: decreased 3%] from [removed: operations increased 14% to $806 million in 2022, compared with $707] [added: $994] million in 2021.

[removed: On] [added: In 2022, net income per common share, on] a diluted per common share basis, [removed: net operating income per common share] increased [added: 1%] from [removed: $6.86 to $8.15, a 19% increase.][added: $9.63.]

[removed: Net] [added: Additionally, net] income [added: in 2023, 2022 and 2021] was [removed: also impacted] [added: affected] by certain significant and unusual non-operating [removed: items in 2021 and 2022.][added: items.]

The Company continues to see positive signs in its core operations, including strong [removed: sales,] [added: sales and premium growth,] favorable persistency, and a strong ROE, excluding [removed: net unrealized gains or losses on the fixed maturity portfolio.][added: accumulated other comprehensive income.]

| | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2022] [added: 2023] Change | | | | | | % | | | | | | [removed: 2021] [added: 2022] Change | | | | | | % | | |

| Other income | | | [removed: 1,246] [added: 308] | | | | | | [removed: 1,216] [added: 1,246] | | | | | | [removed: 1,325] [added: 1,216] | | | | | | [removed: 30] [added: (938)] | | | | | | [removed: 2] [added: (75)] | | | | | | [removed: (109)] [added: 30] | | | | | | [removed: (8)] [added: 2] | | |

| Administrative expense | | | [removed: (299,341)] [added: (301,161)] | | | | | | [removed: (271,631)] [added: (299,341)] | | | | | | [removed: (250,947)] [added: (271,631)] | | | | | | [removed: (27,710)] [added: (1,820)] | | | | | | [removed: 10] [added: 1] | | | | | | [removed: (20,684)] [added: (27,710)] | | | | | | [removed: 8] [added: 10] | | |

| Realized gain (loss)—investments | | | [removed: (60,473)] [added: (51,884)] | | | | | | [removed: 54,220] [added: (60,473)] | | | | | | [removed: (1,915)] [added: 54,220] | | | | | | [removed: (114,693)] [added: 8,589] | | | | | | | | | | | | [removed: 56,135] [added: (114,693)] | | | | | | | | |

| Realized loss—redemption of debt | | | — | | | | | | [removed: (7,358)] [added: —] | | | | | | [removed: (501)] [added: (7,358)] | | | | | | [removed: 7,358] [added: —] | | | | | | | | | | | | [removed: (6,857)] [added: 7,358] | | | | | | | | |

| Administrative settlements | | | — | | | | | | [removed: (1,047)] [added: —] | | | | | | [removed: —] [added: (1,047)] | | | | | | [removed: 1,047] [added: —] | | | | | | | | | | | | [removed: (1,047)] [added: 1,047] | | | | | | | | |

| Non-operating expenses | | | [removed: (4,196)] [added: (3,294)] | | | | | | [removed: (1,923)] [added: (4,196)] | | | | | | [removed: (816)] [added: (1,923)] | | | | | | [removed: (2,273)] [added: 902] | | | | | | | | | | | | [removed: (1,107)] [added: (2,273)] | | | | | | | | |

| Legal proceedings | | | [removed: (1,972)] [added: (711)] | | | | | | [removed: (6,430)] [added: (1,972)] | | | | | | [removed: (2,587)] [added: (6,430)] | | | | | | [removed: 4,458] [added: 1,261] | | | | | | | | | | | | [removed: (3,843)] [added: 4,458] | | | | | | | | |

In [removed: 2022,] [added: 2023,] the largest contributor of total underwriting margin was the life insurance segment and the primary distribution channel was the American Income Life Division.

The following charts represent the breakdown of total underwriting margin by operating segment and distribution channel for the year ended December 31, [removed: 2022.][added: 2023.]

[removed: ][added: ]

The results included herein reflect the adoption of ASU 2018-12, *Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts.* Globe Life Inc. implemented the standard on January 1, 2023 using the modified retrospective transition method at adoption.

As a result of this election, the prior year figures have been retrospectively adjusted as of January 1, 2021 with significant impacts to shareholders' equity, net income, underwriting margins, and net operating income.

While the impacts of the new accounting guidance are significant, we do not consider it a fundamental change to the overall business.

Additional information on the effects of the adoption has been included in *[Note 1—Significant Accounting Policies](#i978255a8c505469ca00e0a1c1e3bcb15_58)*.

GL 2023 FORM 10-K

Current Highlights.

The average producing agent count across all of the exclusive agencies increased 13% over the prior year.

Book value per share, excluding accumulated other comprehensive income(1), increased 11% over the prior year from $68.35 in 2022 to $76.21 in 2023.

GL 2023 FORM 10-K

In 2022, net income decreased 13% from $1.03 billion in 2021.

On a diluted per common share basis, net income per common share for 2023 increased from $9.04 to $10.07.

In 2022, net income per common share, on a diluted per common share basis, decreased to $9.04 from $9.99.

Net operating income increased 7% to $1.03 billion in 2023, compared with $961 million in 2022.

On a diluted per common share basis, net operating income per common share for 2023 increased from $9.71 to $10.65, an increase of 10%.

The liability for future policy benefits is determined each reporting period based on the net level premium method.

Net level premiums reflect a recomputed net premium ratio using actual experience since the issue date, and expected future experience based on future cash-flow assumptions.

See *[Note 6—Policy Liabilities](#i978255a8c505469ca00e0a1c1e3bcb15_187)* for additional information.

The policy liability is accrued as premium revenue is recognized and adjusted for differences between actual and expected experience in the form of remeasurement gains and losses during the period.

GL 2023 FORM 10-K

| Life insurance underwriting margin | | | $ | 1,192,972 | | | | | $ | 1,129,525 | | | | | $ | 1,161,638 | | | | | $ | 63,447 | | | | | 6 | | | | | | $ | (32,113) | | | | | (3) | | |

| Health insurance underwriting margin | | | 377,937 | | | | | | 377,137 | | | | | | 352,478 | | | | | | 800 | | | | | | — | | | | | | 24,659 | | | | | | 7 | | |

| Annuity underwriting margin | | | 8,492 | | | | | | 10,511 | | | | | | 9,826 | | | | | | (2,019) | | | | | | (19) | | | | | | 685 | | | | | | 7 | | |

| Excess investment income | | | 130,382 | | | | | | 104,589 | | | | | | 96,974 | | | | | | 25,793 | | | | | | 25 | | | | | | 7,615 | | | | | | 8 | | |

| Corporate and other | | | (143,918) | | | | | | (137,201) | | | | | | (123,311) | | | | | | (6,717) | | | | | | 5 | | | | | | (13,890) | | | | | | 11 | | |

| Pre-tax total | | | 1,265,012 | | | | | | 1,186,466 | | | | | | 1,227,190 | | | | | | 78,546 | | | | | | 7 | | | | | | (40,724) | | | | | | (3) | | |

| Applicable taxes | | | (238,368) | | | | | | (225,439) | | | | | | (233,538) | | | | | | (12,929) | | | | | | 6 | | | | | | 8,099 | | | | | | (3) | | |

| Net operating income | | | 1,026,644 | | | | | | 961,027 | | | | | | 993,652 | | | | | | 65,617 | | | | | | 7 | | | | | | (32,625) | | | | | | (3) | | |

| Net income | | | $ | 970,755 | | | | | $ | 894,386 | | | | | $ | 1,031,114 | | | | | $ | 76,369 | | | | | 9 | | | | | | $ | (136,728) | | | | | (13) | | |

The results for each of the years presented above are impacted, as previously noted, by the reserve development and assumption changes in the third quarter of 2023, 2022, and 2021.

In 2023, the life insurance segment underwriting margin increased $63 million compared with 2022, primarily a result of increased premiums, favorable policy obligations as a percent of premium, and a lower remeasurement loss in 2023 resulting from the assumption updates.

In 2022, the life insurance segment underwriting margin decreased $32 million when compared with 2021, which was a result of a higher remeasurement loss resulting from assumption updates in 2022 than in 2021, offset by increased premiums.

GL 2023 FORM 10-K

Underwriting margin increased to $1.19 billion in 2023, compared to $1.13 billion for the same period in 2022.

Health underwriting margin, as a percent of premium, was 29% in 2023 and 2022.

GL 2023 FORM 10-K

GL 2023 FORM 10-K

| Premium and policy charges | | | $ | 3,137,244 | | | | | 100 | | | | | | $ | 3,027,824 | | | | | 100 | | | | | | $ | 2,893,930 | | | | | 100 | | |

| Policy obligations | | | 2,050,789 | | | | | | 65 | | | | | | 2,035,693 | | | | | | 67 | | | | | | 1,897,194 | | | | | | 66 | | |

| Required interest on reserves | | | (772,701) | | | | | | (24) | | | | | | (735,688) | | | | | | (24) | | | | | | (710,301) | | | | | | (25) | | |

| Net policy obligations | | | 1,278,088 | | | | | | 41 | | | | | | 1,300,005 | | | | | | 43 | | | | | | 1,186,893 | | | | | | 41 | | |

GL 2022 FORM 10-K

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.

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.

Although non-GAAP measures, the review of underwriting margin and excess investment income will remain an important part of the Company’s measurement of performance.

Inflation Reduction Act. The Inflation Reduction Act (the Act) was enacted on August 16, 2022, and included a new corporate alternative minimum tax (CAMT).

Information required by this item is found under the heading [removed: *[Market] [added: *Market] Risk [removed: Sensitivity](#i32954996b9b7416bb51214ee33043dc6_508)*] [added: Sensitivity*] in [removed: *[Item](#i32954996b9b7416bb51214ee33043dc6_337)* [](#i32954996b9b7416bb51214ee33043dc6_337)*[7](#i32954996b9b7416bb51214ee33043dc6_337)*] [added: *[Item](#i978255a8c505469ca00e0a1c1e3bcb15_412)* [](#i978255a8c505469ca00e0a1c1e3bcb15_412)*[7](#i978255a8c505469ca00e0a1c1e3bcb15_412)*] of this report.

Additional information concerning industry segments may be found in *[Management’s Discussion and [removed: Analysis](#i32954996b9b7416bb51214ee33043dc6_337)*] [added: Analysis](#i978255a8c505469ca00e0a1c1e3bcb15_412)*] and in *[Note [removed: 14—Business Segments](#i32954996b9b7416bb51214ee33043dc6_295)*] [added: 15—Business Segments](#i978255a8c505469ca00e0a1c1e3bcb15_367)*] within the *[Notes to the Consolidated Financial [removed: Statements](#i32954996b9b7416bb51214ee33043dc6_37).*][added: Statements](#i978255a8c505469ca00e0a1c1e3bcb15_37).*]

| [removed: ] [added: ] | | | | | | Direct to Consumer Division | | | | | | Globe Life And Accident Insurance Company McKinney, Texas | | | | | | Individual life and supplemental health [added: limited-benefit] 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 [added: limited-benefit] insurance marketed to working families. | | | | | | [removed: 9,444] [added: 10,579] 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 [added: limited-benefit] insurance distributed through in-home and worksite channels. | | | | | | [removed: 2,775] [added: 3,229] 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: 1,210] [added: 1,334] average producing agents in the U.S. | | |

| [removed: ] [added: ] | | | | | | United American Division | | | | | | United American Insurance Company McKinney, Texas | | | | | | [added: Supplemental health] Medicare [removed: Supplement] coverage to [removed: Medicare] beneficiaries and, to a lesser extent, supplemental limited-benefit [removed: health] coverage to people under age 65. | | | | | | [removed: 3,327] [added: 3,223] independent producing agents in the U.S. | | |

These methods are described in greater detail within the primary marketing distribution channel chart as [removed: seen] [added: shown] above.

The following table presents annualized premium in force for the three years ended December 31, [removed: 2022] [added: 2023] by distribution method:

| | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | |

| Direct to Consumer | | | $ | [removed: 936,507] [added: 933,057] | | | | | $ | [removed: 929,197] [added: 936,507] | | | | | $ | [removed: 881,012] [added: 929,197] | |

| American Income | | | [removed: 1,553,003] [added: 1,654,197] | | | | | | [removed: 1,458,408] [added: 1,553,003] | | | | | | [removed: 1,325,293] [added: 1,458,408] | | |

| Liberty National | | | [removed: 360,963] [added: 390,693] | | | | | | [removed: 341,332] [added: 360,963] | | | | | | [removed: 318,545] [added: 341,332] | | |

| United American | | | [removed: 7,609] [added: 6,958] | | | | | | [removed: 8,426] [added: 7,609] | | | | | | [removed: 9,314] [added: 8,426] | | |

| Other | | | [removed: 203,438] [added: 200,840] | | | | | | [removed: 205,822] [added: 203,438] | | | | | | [removed: 205,785] [added: 205,822] | | |

| | | | $ | [removed: 3,061,520] [added: 3,185,745] | | | | | $ | [removed: 2,943,185] [added: 3,061,520] | | | | | $ | [removed: 2,739,949] [added: 2,943,185] | |

(1)See definition of annualized premium in force under *[Results of [removed: Operations](#i32954996b9b7416bb51214ee33043dc6_343)*] [added: Operations](#i978255a8c505469ca00e0a1c1e3bcb15_415)*] *[in Management's Discussion & [removed: Analysis](#i32954996b9b7416bb51214ee33043dc6_337).*][added: Analysis](#i978255a8c505469ca00e0a1c1e3bcb15_412).*]

| | | | [removed: 2022] [added: 2023] | | | | | | | | | | | | [removed: 2021] [added: 2022] | | | | | | | | | | | | [removed: 2020] [added: 2021] | | | | | | | | |

| Traditional | | | $ | [removed: 2,106,878] [added: 2,213,816] | | | | | 69 | | | | | | $ | [removed: 2,011,349] [added: 2,106,878] | | | | | [removed: 68] [added: 69] | | | | | | $ | [removed: 1,857,106] [added: 2,011,349] | | | | | 68 | | |

| Interest-sensitive | | | [removed: 31,838] [added: 29,929] | | | | | | 1 | | | | | | [removed: 33,912] [added: 31,838] | | | | | | 1 | | | | | | [removed: 36,297] [added: 33,912] | | | | | | 1 | | |

| Term | | | [removed: 756,471] [added: 753,261] | | | | | | [removed: 25] [added: 24] | | | | | | [removed: 750,005] [added: 756,471] | | | | | | [removed: 26] [added: 25] | | | | | | [removed: 716,698] [added: 750,005] | | | | | | 26 | | |

| Other | | | [removed: 166,333] [added: 188,739] | | | | | | [removed: 5] [added: 6] | | | | | | [removed: 147,919] [added: 166,333] | | | | | | 5 | | | | | | [removed: 129,848] [added: 147,919] | | | | | | 5 | | |

| | | | $ | [removed: 3,061,520] [added: 3,185,745] | | | | | 100 | | | | | | $ | [removed: 2,943,185] [added: 3,061,520] | | | | | 100 | | | | | | $ | [removed: 2,739,949] [added: 2,943,185] | | | | | 100 | | |

| Traditional | | | [removed: 9,011,227] [added: 9,050,091] | | | | | | $ | [removed: 15.7] [added: 16.0] | | | | | [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] | |

| Interest-sensitive | | | [removed: 183,887] [added: 176,339] | | | | | | 20.4 | | | | | | [removed: 191,536] [added: 183,887] | | | | | | 20.4 | | | | | | [removed: 199,975] [added: 191,536] | | | | | | [removed: 20.3] [added: 20.4] | | |

| Term | | | [removed: 4,720,870] [added: 4,680,364] | | | | | | [removed: 15.3] [added: 15.1] | | | | | | [removed: 4,731,044] [added: 4,720,870] | | | | | | 15.3 | | | | | | [removed: 4,526,172] [added: 4,731,044] | | | | | | [removed: 15.1] [added: 15.3] | | |

| Other | | | [removed: 453,515] [added: 479,664] | | | | | | [removed: 16.1] [added: 17.3] | | | | | | [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: 14,369,499] [added: 14,386,458] | | | | | | $ | [removed: 15.6] [added: 15.8] | | | | | [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] | |

The following table presents Globe Life's health insurance annualized premium in force for the three years ended December 31, [removed: 2022] [added: 2023] by distribution channel.

| Direct to Consumer | | | $ | [removed: 72,161] [added: 70,249] | | | | | $ | [removed: 74,627] [added: 72,161] | | | | | $ | [removed: 77,522] [added: 74,627] | |

| Liberty National | | | [removed: 196,336] [added: 200,160] | | | | | | [removed: 196,783] [added: 196,336] | | | | | | [removed: 196,534] [added: 196,783] | | |

| American Income | | | [removed: 113,087] [added: 116,962] | | | | | | [removed: 111,102] [added: 113,087] | | | | | | [removed: 104,701] [added: 111,102] | | |

| Family Heritage | | | [removed: 387,897] [added: 418,693] | | | | | | [removed: 363,226] [added: 387,897] | | | | | | [removed: 338,309] [added: 363,226] | | |

| United American | | | [removed: 558,373] [added: 579,237] | | | | | | [removed: 540,340] [added: 558,373] | | | | | | [removed: 476,296] [added: 540,340] | | |

| | | | $ | [removed: 1,327,854] [added: 1,385,301] | | | | | $ | [removed: 1,286,078] [added: 1,327,854] | | | | | $ | [removed: 1,193,362] [added: 1,286,078] | |

Globe Life offers Medicare Supplement and limited-benefit supplemental health insurance products that include [removed: primarily] [added: accident, cancer,] critical [removed: illness] [added: illness, heart,] and [removed: accident plans.][added: intensive care products.]

The following table presents supplemental health annualized premium in force information for the three years ended December 31, [removed: 2022] [added: 2023] by product category.

| Limited-benefit plans | | | $ | [removed: 735,858] [added: 782,424] | | | | | [removed: 55] [added: 56] | | | | | | $ | [removed: 700,767] [added: 735,858] | | | | | [removed: 54] [added: 55] | | | | | | $ | [removed: 617,759] [added: 700,767] | | | | | [removed: 52] [added: 54] | | |

| Medicare Supplement | | | [removed: 591,996] [added: 602,877] | | | | | | [removed: 45] [added: 44] | | | | | | [removed: 585,311] [added: 591,996] | | | | | | [removed: 46] [added: 45] | | | | | | [removed: 575,603] [added: 585,311] | | | | | | [removed: 48] [added: 46] | | |

| | | | $ | [removed: 1,327,854] [added: 1,385,301] | | | | | 100 | | | | | | $ | [removed: 1,286,078] [added: 1,327,854] | | | | | 100 | | | | | | $ | [removed: 1,193,362] [added: 1,286,078] | | | | | 100 | | |

Annuities in each of the three years ended December 31, [removed: 2022,] [added: 2023,] comprised less than 1% of premium.

GL 2023 FORM 10-K

GL 2023 FORM 10-K

| | | | 2023 | | | | | | | | | | | | 2022 | | | | | | | | | | | | 2021 | | | | | | | | |

GL 2023 FORM 10-K

| | | | 2023 | | | | | | 2022 | | | | | | 2021 | | |

| | | | 2023 | | | | | | | | | | | | 2022 | | | | | | | | | | | | 2021 | | | | | | | | |

GL 2023 FORM 10-K

GL 2023 FORM 10-K

GL 2023 FORM 10-K

| 2023 | | | | | | | | | | | | | | | | | | | | | | | |

GL 2023 FORM 10-K

GL 2023 FORM 10-K

GL 2022 FORM 10-K

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

In response to the COVID-19 pandemic, our crisis management and incident response teams guided the Company through an expedited, yet smooth, transition towards working remotely.

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).

Discussion regarding litigation and unclaimed property audits is provided in *[Note [removed: 6—Commitments] [added: 5—Commitments] and [removed: Contingencies](#i32954996b9b7416bb51214ee33043dc6_133)*.][added: Contingencies](#i978255a8c505469ca00e0a1c1e3bcb15_166)*.]

For the fiscal year ended December 31, [removed: 2022][added: 2023]

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

As of June 30, [removed: 2022,] [added: 2023,] the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was [removed: $9.3] [added: $10.4] billion based on the closing sale price as reported on the New York Stock Exchange.

Indicate the number of shares outstanding of each of the [removed: issuer’s] [added: registrant’s] classes of common stock, as of the latest practicable date.

| Class | | | | | | Outstanding as of January 31, [removed: 2023] [added: 2024] | | |

| Common Stock, $1.00 par value per share | | | | | | [removed: 96,497,627] [added: 93,707,838] shares | | |

| Proxy Statement for the Annual Meeting of Stockholders to be held on April [removed: 27, 2023] [added: 25, 2024] (Proxy Statement) | | | | | | Part III | | |

| | | | Item 1A. | | | [Risk [removed: Factors](#i32954996b9b7416bb51214ee33043dc6_634)] [added: Factors](#i978255a8c505469ca00e0a1c1e3bcb15_712)] | | | [removed: [9](#i32954996b9b7416bb51214ee33043dc6_634)] [added: [9](#i978255a8c505469ca00e0a1c1e3bcb15_712)] | | |

| | | | Item 1B. | | | [Unresolved Staff [removed: Comments](#i32954996b9b7416bb51214ee33043dc6_733)] [added: Comments](#i978255a8c505469ca00e0a1c1e3bcb15_817)] | | | [removed: [16](#i32954996b9b7416bb51214ee33043dc6_733)] [added: [15](#i978255a8c505469ca00e0a1c1e3bcb15_817)] | | |

| | | | Item 3. | | | [Legal [removed: Proceedings](#i32954996b9b7416bb51214ee33043dc6_628)] [added: Proceedings](#i978255a8c505469ca00e0a1c1e3bcb15_706)] | | | [removed: [16](#i32954996b9b7416bb51214ee33043dc6_628)] [added: [17](#i978255a8c505469ca00e0a1c1e3bcb15_706)] | | |

| | | | Item 4. | | | [Mine Safety [removed: Disclosures](#i32954996b9b7416bb51214ee33043dc6_739)] [added: Disclosures](#i978255a8c505469ca00e0a1c1e3bcb15_826)] | | | [removed: [16](#i32954996b9b7416bb51214ee33043dc6_739)] [added: [17](#i978255a8c505469ca00e0a1c1e3bcb15_826)] | | |

| | | | Item 5. | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i32954996b9b7416bb51214ee33043dc6_742)] [added: Securities](#i978255a8c505469ca00e0a1c1e3bcb15_829)] | | | [removed: [17](#i32954996b9b7416bb51214ee33043dc6_742)] [added: [18](#i978255a8c505469ca00e0a1c1e3bcb15_829)] | | |

| | | | Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i32954996b9b7416bb51214ee33043dc6_337)] [added: Operations](#i978255a8c505469ca00e0a1c1e3bcb15_412)] | | | [removed: [20](#i32954996b9b7416bb51214ee33043dc6_337)] [added: [21](#i978255a8c505469ca00e0a1c1e3bcb15_412)] | | |

| | | | Item 7A. | | | [Quantitative and Qualitative Disclosures about Market [removed: Risk](#i32954996b9b7416bb51214ee33043dc6_595)] [added: Risk](#i978255a8c505469ca00e0a1c1e3bcb15_673)] | | | [removed: [56](#i32954996b9b7416bb51214ee33043dc6_595)] [added: [53](#i978255a8c505469ca00e0a1c1e3bcb15_673)] | | |

| | | | Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i32954996b9b7416bb51214ee33043dc6_757)] [added: Data](#i978255a8c505469ca00e0a1c1e3bcb15_847)] | | | [removed: [56](#i32954996b9b7416bb51214ee33043dc6_757)] [added: [53](#i978255a8c505469ca00e0a1c1e3bcb15_847)] | | |

| | | | | | | [Consolidated Balance [removed: Sheets](#i32954996b9b7416bb51214ee33043dc6_19)] [added: Sheets](#i978255a8c505469ca00e0a1c1e3bcb15_19)] | | | [removed: [59](#i32954996b9b7416bb51214ee33043dc6_19)] [added: [57](#i978255a8c505469ca00e0a1c1e3bcb15_19)] | | |

| | | | | | | [Consolidated Statements of [removed: Operations](#i32954996b9b7416bb51214ee33043dc6_769)] [added: Operations](#i978255a8c505469ca00e0a1c1e3bcb15_859)] | | | [removed: [60](#i32954996b9b7416bb51214ee33043dc6_769)] [added: [58](#i978255a8c505469ca00e0a1c1e3bcb15_859)] | | |

| | | | | | | [Consolidated Statements of Comprehensive [removed: Income](#i32954996b9b7416bb51214ee33043dc6_772)] [added: Income](#i978255a8c505469ca00e0a1c1e3bcb15_862)] | | | [removed: [61](#i32954996b9b7416bb51214ee33043dc6_772)] [added: [59](#i978255a8c505469ca00e0a1c1e3bcb15_862)] | | |

| | | | | | | [Consolidated Statements of Shareholders' [removed: Equity](#i32954996b9b7416bb51214ee33043dc6_775)] [added: Equity](#i978255a8c505469ca00e0a1c1e3bcb15_865)] | | | [removed: [62](#i32954996b9b7416bb51214ee33043dc6_775)] [added: [60](#i978255a8c505469ca00e0a1c1e3bcb15_865)] | | |

| | | | | | | [Consolidated Statements of Cash [removed: Flows](#i32954996b9b7416bb51214ee33043dc6_778)] [added: Flows](#i978255a8c505469ca00e0a1c1e3bcb15_868)] | | | [removed: [63](#i32954996b9b7416bb51214ee33043dc6_778)] [added: [61](#i978255a8c505469ca00e0a1c1e3bcb15_868)] | | |

| | | | | | | [Notes to Consolidated Financial [removed: Statements](#i32954996b9b7416bb51214ee33043dc6_37)] [added: Statements](#i978255a8c505469ca00e0a1c1e3bcb15_37)] | | | [removed: [64](#i32954996b9b7416bb51214ee33043dc6_37)] [added: [62](#i978255a8c505469ca00e0a1c1e3bcb15_37)] | | |

| | | | | | | [Note 1—Significant Accounting [removed: Policies](#i32954996b9b7416bb51214ee33043dc6_40)] [added: Policies](#i978255a8c505469ca00e0a1c1e3bcb15_40)] | | | [removed: [64](#i32954996b9b7416bb51214ee33043dc6_40)] [added: [62](#i978255a8c505469ca00e0a1c1e3bcb15_40)] | | |

| | | | | | | [Note 2—Statutory [removed: Accounting](#i32954996b9b7416bb51214ee33043dc6_64)] [added: Accounting](#i978255a8c505469ca00e0a1c1e3bcb15_88)] | | | [removed: [76](#i32954996b9b7416bb51214ee33043dc6_64)] [added: [77](#i978255a8c505469ca00e0a1c1e3bcb15_88)] | | |

| | | | | | | [Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive [removed: Income](#i32954996b9b7416bb51214ee33043dc6_67)] [added: Income](#i978255a8c505469ca00e0a1c1e3bcb15_91)] | | | [removed: [77](#i32954996b9b7416bb51214ee33043dc6_67)] [added: [78](#i978255a8c505469ca00e0a1c1e3bcb15_91)] | | |

| | | | | | | [Note [removed: 4—Investments](#i32954996b9b7416bb51214ee33043dc6_82)] [added: 4—Investments](#i978255a8c505469ca00e0a1c1e3bcb15_106)] | | | [removed: [79](#i32954996b9b7416bb51214ee33043dc6_82)] [added: [80](#i978255a8c505469ca00e0a1c1e3bcb15_106)] | | |

| | | | | | | [Note [removed: 5—Deferred] [added: 7—Deferred] Acquisition [removed: Costs](#i32954996b9b7416bb51214ee33043dc6_130)] [added: Costs](#i978255a8c505469ca00e0a1c1e3bcb15_217)] | | | [removed: [93](#i32954996b9b7416bb51214ee33043dc6_130)] [added: [111](#i978255a8c505469ca00e0a1c1e3bcb15_217)] | | |

| | | | | | | [Note [removed: 6—Commitments] [added: 5—Commitments] and [removed: Contingencies](#i32954996b9b7416bb51214ee33043dc6_133)] [added: Contingencies](#i978255a8c505469ca00e0a1c1e3bcb15_166)] | | | [removed: [94](#i32954996b9b7416bb51214ee33043dc6_133)] [added: [93](#i978255a8c505469ca00e0a1c1e3bcb15_166)] | | |

| | | | | | | [Note [removed: 7—Liability] [added: 8—Liability] for Unpaid [removed: Claims](#i32954996b9b7416bb51214ee33043dc6_154)] [added: Claims](#i978255a8c505469ca00e0a1c1e3bcb15_226)] | | | [removed: [97](#i32954996b9b7416bb51214ee33043dc6_154)] [added: [114](#i978255a8c505469ca00e0a1c1e3bcb15_226)] | | |

| | | | | | | [Note [removed: 10—Supplemental] [added: 11—Supplemental] Disclosures of Cash Flow [removed: Information](#i32954996b9b7416bb51214ee33043dc6_241)] [added: Information](#i978255a8c505469ca00e0a1c1e3bcb15_313)] | | | [removed: [106](#i32954996b9b7416bb51214ee33043dc6_241)] [added: [124](#i978255a8c505469ca00e0a1c1e3bcb15_313)] | | |

| | | | | | | [Note [removed: 13—Stock-Based Compensation](#i32954996b9b7416bb51214ee33043dc6_280)] [added: 14—Stock-Based Compensation](#i978255a8c505469ca00e0a1c1e3bcb15_352)] | | | [removed: [110](#i32954996b9b7416bb51214ee33043dc6_280)] [added: [128](#i978255a8c505469ca00e0a1c1e3bcb15_352)] | | |

| | | | Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i32954996b9b7416bb51214ee33043dc6_664)] [added: Disclosure](#i978255a8c505469ca00e0a1c1e3bcb15_745)] | | | [removed: [122](#i32954996b9b7416bb51214ee33043dc6_664)] [added: [141](#i978255a8c505469ca00e0a1c1e3bcb15_745)] | | |

| | | | Item 9A. | | | [Controls and [removed: Procedures](#i32954996b9b7416bb51214ee33043dc6_604)] [added: Procedures](#i978255a8c505469ca00e0a1c1e3bcb15_682)] | | | [removed: [122](#i32954996b9b7416bb51214ee33043dc6_604)] [added: [141](#i978255a8c505469ca00e0a1c1e3bcb15_682)] | | |

| | | | Item 9B. | | | [Other [removed: Information](#i32954996b9b7416bb51214ee33043dc6_781)] [added: Information](#i978255a8c505469ca00e0a1c1e3bcb15_844)] | | | [removed: [125](#i32954996b9b7416bb51214ee33043dc6_781)] [added: [144](#i978255a8c505469ca00e0a1c1e3bcb15_844)] | | |

| | | | Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i32954996b9b7416bb51214ee33043dc6_784)] [added: Inspections](#i978255a8c505469ca00e0a1c1e3bcb15_874)] | | | [removed: [125](#i32954996b9b7416bb51214ee33043dc6_784)] [added: [144](#i978255a8c505469ca00e0a1c1e3bcb15_874)] | | |

| | | | Item 10. | | | [Directors, Executive Officers, and Corporate [removed: Governance](#i32954996b9b7416bb51214ee33043dc6_787)] [added: Governance](#i978255a8c505469ca00e0a1c1e3bcb15_877)] | | | [removed: [125](#i32954996b9b7416bb51214ee33043dc6_787)] [added: [144](#i978255a8c505469ca00e0a1c1e3bcb15_877)] | | |

| | | | Item 11. | | | [Executive [removed: Compensation](#i32954996b9b7416bb51214ee33043dc6_790)] [added: Compensation](#i978255a8c505469ca00e0a1c1e3bcb15_880)] | | | [removed: [125](#i32954996b9b7416bb51214ee33043dc6_790)] [added: [144](#i978255a8c505469ca00e0a1c1e3bcb15_880)] | | |

| | | | Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i32954996b9b7416bb51214ee33043dc6_793)] [added: Matters](#i978255a8c505469ca00e0a1c1e3bcb15_883)] | | | [removed: [125](#i32954996b9b7416bb51214ee33043dc6_793)] [added: [144](#i978255a8c505469ca00e0a1c1e3bcb15_883)] | | |

| | | | Item 13. | | | [Certain Relationships and Related Transactions and Director [removed: Independence](#i32954996b9b7416bb51214ee33043dc6_796)] [added: Independence](#i978255a8c505469ca00e0a1c1e3bcb15_886)] | | | [removed: [126](#i32954996b9b7416bb51214ee33043dc6_796)] [added: [145](#i978255a8c505469ca00e0a1c1e3bcb15_886)] | | |

| | | | Item 14. | | | [Principal Accountant Fees and [removed: Services](#i32954996b9b7416bb51214ee33043dc6_799)] [added: Services](#i978255a8c505469ca00e0a1c1e3bcb15_889)] | | | [removed: [126](#i32954996b9b7416bb51214ee33043dc6_799)] [added: [145](#i978255a8c505469ca00e0a1c1e3bcb15_889)] | | |

| | | | Item 15. | | | [Exhibits and Financial Statement [removed: Schedules](#i32954996b9b7416bb51214ee33043dc6_805)] [added: Schedules](#i978255a8c505469ca00e0a1c1e3bcb15_895)] | | | [removed: [126](#i32954996b9b7416bb51214ee33043dc6_805)] [added: [145](#i978255a8c505469ca00e0a1c1e3bcb15_895)] | | |

GL 2023 FORM 10-K

GL 2023 FORM 10-K

| [PART I.](#i978255a8c505469ca00e0a1c1e3bcb15_760) | | | | | | | | | | | |

| | | | Item 1. | | | [Business](#i978255a8c505469ca00e0a1c1e3bcb15_760) | | | [1](#i978255a8c505469ca00e0a1c1e3bcb15_760) | | |

| | | | Item 1C. | | | [Cybersecurity](#i978255a8c505469ca00e0a1c1e3bcb15_820) | | | [15](#i978255a8c505469ca00e0a1c1e3bcb15_820) | | |

| | | | Item 2. | | | [Properties](#i978255a8c505469ca00e0a1c1e3bcb15_823) | | | [16](#i978255a8c505469ca00e0a1c1e3bcb15_823) | | |

| [PART II.](#i978255a8c505469ca00e0a1c1e3bcb15_829) | | | | | | | | | | | |

| | | | Item 6. | | | [\[Reserved\]](#i978255a8c505469ca00e0a1c1e3bcb15_841) | | | [19](#i978255a8c505469ca00e0a1c1e3bcb15_841) | | |

| | | | | | | [Cautionary Statements](#i978255a8c505469ca00e0a1c1e3bcb15_406) | | | [20](#i978255a8c505469ca00e0a1c1e3bcb15_406) | | |

| | | | | | | [Note 6—Policy Liabilities](#i978255a8c505469ca00e0a1c1e3bcb15_187) | | | [96](#i978255a8c505469ca00e0a1c1e3bcb15_187) | | |

| | | | | | | [Note 9—Income Taxes](#i978255a8c505469ca00e0a1c1e3bcb15_244) | | | [115](#i978255a8c505469ca00e0a1c1e3bcb15_244) | | |

| | | | | | | [Note 10—Postretirement Benefits](#i978255a8c505469ca00e0a1c1e3bcb15_265) | | | [117](#i978255a8c505469ca00e0a1c1e3bcb15_265) | | |

| | | | | | | [Note 12—Debt](#i978255a8c505469ca00e0a1c1e3bcb15_316) | | | [125](#i978255a8c505469ca00e0a1c1e3bcb15_316) | | |

| | | | | | | [Note 13—Shareholders' Equity](#i978255a8c505469ca00e0a1c1e3bcb15_337) | | | [127](#i978255a8c505469ca00e0a1c1e3bcb15_337) | | |

| | | | | | | [Note 15—Business Segments](#i978255a8c505469ca00e0a1c1e3bcb15_367) | | | [133](#i978255a8c505469ca00e0a1c1e3bcb15_367) | | |

| | | | | | | [Note 16—Selected Quarterly Data (Unaudited)](#i978255a8c505469ca00e0a1c1e3bcb15_403) | | | [140](#i978255a8c505469ca00e0a1c1e3bcb15_403) | | |

| [PART III.](#i978255a8c505469ca00e0a1c1e3bcb15_877) | | | | | | | | | | | |

| [PART IV.](#i978255a8c505469ca00e0a1c1e3bcb15_892) | | | | | | | | | | | |

| | | | | | | [Signatures](#i978255a8c505469ca00e0a1c1e3bcb15_910) | | | [155](#i978255a8c505469ca00e0a1c1e3bcb15_910) | | |

GL 2023 FORM 10-K

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) | | | | | | | | | | | |

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

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

| | | | | | | [Note 8—Income Taxes](#i32954996b9b7416bb51214ee33043dc6_172) | | | [98](#i32954996b9b7416bb51214ee33043dc6_172) | | |

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

As of December 31, [removed: 2022,] [added: 2023,] Globe Life had no unresolved SEC staff comments.

Risk Management and Strategy

We have implemented a comprehensive Enterprise Risk Management (“ERM”) process to identify, assess and manage risks related to our overall organization, including material risks from cybersecurity threats.

Our ERM process takes a holistic view of our specific risks and our strategy to anticipate and manage possible risks.

Our Executive Vice President, General Counsel and Chief Risk Officer (“CRO”) oversees our ERM program and execution of our risk strategy, including as it relates to cyber risk.

The Chief Information Security Officer ("CISO"), who reports to the CRO, leads our cyber risk management and strategy and the Information Security Department.

Our cyber risk management and information security strategy includes elements to identify threats, assess risks, implement protective controls, detect attempts from threat actors to compromise the confidentiality, integrity, and availability of information and information systems, respond to those events and ultimately recover from incidents.

We use a threat-based approach to identify and assess cyber risks.

This approach includes membership in threat intelligence organizations such as the FS-ISAC (Financial Services Information Sharing and Analysis Center) to identify standard and emerging cyber-threats to financial services organizations and specifically to insurance companies.

We also monitor for threats through vendor alerts, manufacturer bulletins, and government advisories.

Identified threats are analyzed using a recognized risk assessment model to consistently assess the likelihood and impact of these threats.

We then map these threats to a well-established industry model called MITRE ATT&CK to identify areas of vulnerability.

This analysis produces a likelihood score that is used in conjunction with an impact analysis to calculate the preliminary level of risk.

The impact analysis includes factors such as disruption to business operations, employee and customer data, legal issues, reputational harm, and regulatory compliance.

Based on the preliminary level of risk, we also analyze compensating controls and other factors to arrive at a residual risk level.

If appropriate, additional mitigations may be planned based on this risk level.

We manage identified cyber risks by designing and implementing information security policies and controls addressing a wide range of current cyber threats.

These policies and associated standards are designed to comply with current applicable legal and regulatory requirements and align with recognized frameworks for cybersecurity risk management.

We review and update these policies and controls regularly in order to confirm ongoing alignment with the constantly changing threat landscape and evolving compliance requirements.

We assess the effectiveness of our policies and controls internally as well as through the engagement of third parties to conduct regular reviews, penetration tests, and vulnerability scans of information systems and applications.

Results from these assessments help inform updates to risk assessments, changes to security controls and processes, and updates to policies and standards as appropriate.

We employ a variety of measures to detect, prevent, and reduce the frequency and severity of cybersecurity incidents, which may include, but are not limited to, the use of encryption, intrusion prevention, endpoint security, password protection, multi-factor authentication, internal phishing testing and security awareness training, and vulnerability scanning and penetration testing.

In addition, we have implemented a third-party risk management program to assess our vendors’ ability to adequately protect information, which includes requiring agreements with our vendors that address cybersecurity.

We periodically review and assess certain third parties’ adherence to these agreements and review for information security (including cybersecurity) incidents experienced by our third-party vendors.

Due to the type and volume of information that we collect and store to provide insurance coverage to prospective and current policyholders, we are an attractive target for cyber threat actors seeking financial gain.

Our failure to maintain the safety of our policyholder’s information could have a material adverse effect on our reputation, financial condition and results of operations.

To date, we have not experienced a cybersecurity incident that resulted in a material adverse effect on our business strategy, results of operations, or financial condition; however, there can be no guarantee that we will not experience such an incident in the future.

Although we maintain cybersecurity insurance, the costs and expenses related to cybersecurity incidents may not be fully insured.

We describe whether

GL 2023 FORM 10-K

and how risks from identified cybersecurity threats, including as a result of previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition under *[Item](#i978255a8c505469ca00e0a1c1e3bcb15_712) [1A.

Risk Factors](#i978255a8c505469ca00e0a1c1e3bcb15_712)*, General Risk Factors, "The failure to maintain effective and efficient information systems at the Company could adversely affect our financial condition and results of operations."

Governance

Our Board of Directors considers information security to be an enterprise-wide risk management issue and oversees material cybersecurity risks through the Audit Committee.

The Audit Committee is designated with the responsibility to monitor and periodically report to the full Board regarding management’s risk management and information security processes.

The ERM Committee and the Operational Risk Committee (“ORC”) are the senior management-level entities designated with the responsibility to oversee the execution of our risk strategy, including as it relates to cyber risk.

These Committees are composed of an enterprise-wide representative group of the Company’s Executive and Senior Vice Presidents, as well as other essential directors and personnel.

The ERM Committee is chaired by our CRO, and the ORC is chaired by our Chief Security Officer (“CSO”).

The Chief Information Officer (“CIO”) and CISO serve on both Committees.

Our CRO has over a decade of experience managing risks at the Company, including risks from cybersecurity threats.

Our current CIO has over 15 years of experience managing risks, including risks from cybersecurity threats.

GL 2023 FORM 10-K

GL 2023 FORM 10-K

GL 2022 FORM 10-K

There were [removed: 2,030] [added: 1,924] shareholders of record on December 31, [removed: 2022,] [added: 2023,] excluding shareholder accounts held in nominee form.

[removed: ][added: ]

*$100 invested on [removed: 12/31/2017] [added: 12/31/2018] in stock or index, including reinvestment of dividends.

Purchases of Certain Equity Securities by the Issuer and [removed: Others] [added: affiliated purchasers] for the Fourth Quarter [removed: 2022][added: 2023]

GL 2023 FORM 10-K

| October 1-31, 2023 | | | | | | 235,678 | | | | | | $ | 109.75 | | | | | 235,678 | | | | | | — | | |

| November 1-30, 2023 | | | | | | 437,158 | | | | | | 118.25 | | | | | | 437,158 | | | | | | — | | |

| December 1-31, 2023 | | | | | | 541,892 | | | | | | 122.96 | | | | | | 541,892 | | | | | | — | | |

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 | | | | | | — | | |

On August 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.

The program has no defined expiration date or maximum number of shares to be purchased.

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

1.Economic and other conditions, including the impact of inflation, geopolitical [removed: events] [added: events,] and the [removed: COVID-19] [added: recent] pandemic 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;

5.General economic, industry sector or individual debt issuers’ financial conditions (including developments and volatility arising from geopolitical [removed: events and the COVID-19 pandemic,] [added: events,] 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 [removed: operating during] the [removed: COVID-19 pandemic and the] impact of higher than anticipated inflation);

12.Compromise by a malicious actor or other event that causes a loss of [removed: secure] data from, or inaccessibility to, our computer and other information technology systems;

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 [removed: activity] [added: activity, level of claims,] and demand for our products; and

GL 2023 FORM 10-K

GL 2023 FORM 10-K

GL 2022 FORM 10-K

| [Report of Independent Registered Public Accounting [removed: Firm](#i32954996b9b7416bb51214ee33043dc6_763)] [added: Firm](#i978255a8c505469ca00e0a1c1e3bcb15_853)] (PCAOB No. 34) | | | [removed: [57](#i32954996b9b7416bb51214ee33043dc6_763)] [added: [54](#i978255a8c505469ca00e0a1c1e3bcb15_853)] | | |

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

| [Consolidated Balance Sheets at December [removed: 31,](#i32954996b9b7416bb51214ee33043dc6_19) 2022[, and](#i32954996b9b7416bb51214ee33043dc6_19) 2021] [added: 31,](#i978255a8c505469ca00e0a1c1e3bcb15_19) 2023[, and](#i978255a8c505469ca00e0a1c1e3bcb15_19) 2022] | | | [removed: [59](#i32954996b9b7416bb51214ee33043dc6_19)] [added: [57](#i978255a8c505469ca00e0a1c1e3bcb15_19)] | | |

| [Consolidated Statements of Operations for each of the three years in the period ended December [removed: 31](#i32954996b9b7416bb51214ee33043dc6_769)[,](#i32954996b9b7416bb51214ee33043dc6_769) 2022] [added: 31](#i978255a8c505469ca00e0a1c1e3bcb15_859)[,](#i978255a8c505469ca00e0a1c1e3bcb15_859) 2023] | | | [removed: [60](#i32954996b9b7416bb51214ee33043dc6_769)] [added: [58](#i978255a8c505469ca00e0a1c1e3bcb15_859)] | | |

| [Consolidated [removed: Stateme](#i32954996b9b7416bb51214ee33043dc6_772)[nts] [added: Stateme](#i978255a8c505469ca00e0a1c1e3bcb15_862)[nts] of Comprehensive Income (Loss) for each of the three years in the period ended December [removed: 31,](#i32954996b9b7416bb51214ee33043dc6_772) 2022] [added: 31,](#i978255a8c505469ca00e0a1c1e3bcb15_862) 2023] | | | [removed: [61](#i32954996b9b7416bb51214ee33043dc6_772)] [added: [59](#i978255a8c505469ca00e0a1c1e3bcb15_862)] | | |

| [Consolidated Statements of Shareholders’ Equity for each of the three years in the period ended December [removed: 31,](#i32954996b9b7416bb51214ee33043dc6_775) [](#i32954996b9b7416bb51214ee33043dc6_775)2022] [added: 31,](#i978255a8c505469ca00e0a1c1e3bcb15_865) [](#i978255a8c505469ca00e0a1c1e3bcb15_865)2023] | | | [removed: [62](#i32954996b9b7416bb51214ee33043dc6_775)] [added: [60](#i978255a8c505469ca00e0a1c1e3bcb15_865)] | | |

| [Consolidated Statements of Cash Flows for each of the three years in the period ended December [removed: 31,](#i32954996b9b7416bb51214ee33043dc6_778) [](#i32954996b9b7416bb51214ee33043dc6_778)2022] [added: 31,](#i978255a8c505469ca00e0a1c1e3bcb15_868) [](#i978255a8c505469ca00e0a1c1e3bcb15_868)2023] | | | [removed: [63](#i32954996b9b7416bb51214ee33043dc6_778)] [added: [61](#i978255a8c505469ca00e0a1c1e3bcb15_868)] | | |

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

We have audited the accompanying consolidated balance sheets of Globe Life Inc. and subsidiaries (the "Company") as of December 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] 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: 2022,] [added: 2023,] 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: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2022,] [added: 2023,] 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: 2022,] [added: 2023,] 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: 22, 2023,] [added: 28, 2024,] expressed an unqualified opinion on the Company’s internal control over financial reporting.

Future Policy Benefits [added: at Current Discount Rates] and Amortization of Deferred Acquisition [removed: Costs —] [added: Costs —] Certain Underlying Assumptions [removed: -] [added: for Certain Products –] Refer to [removed: Note 1] [added: Notes 1, 6 and 7] to the Financial Statements

The [removed: most significant] assumptions [added: used to amortize acquisition costs] include mortality, morbidity, and [removed: persistency.][added: lapses.]

Given the inherent uncertainty [added: and extent] of [removed: these significant] [added: specialized skill required in assessing the mortality, morbidity and lapse] assumptions, auditing the development of [removed: such] [added: these] assumptions [added: for certain products] involved especially subjective judgment.

Our audit procedures related to management’s judgments regarding the [added: mortality, morbidity, and lapse] assumptions used in the development of future policy benefits and the amortization of deferred acquisition costs [added: for certain insurance products,] included the following, among others:

- We tested the underlying data used in the development of [removed: the] [added: these] assumptions as well as in the [removed: determination] [added: valuation] of [removed: the liability for] future policy benefits and the amortization of deferred acquisition [removed: costs.][added: costs for certain insurance products.]

- With the assistance of our actuarial specialists, we evaluated [removed: management’s judgments regarding] the [added: reasonableness of the valuation models and] assumptions used [removed: in] [added: to estimate] the [removed: development of] [added: liability for] future policy benefits and [removed: the] amortization of deferred acquisition costs.

| | | | [added: | | | 2023 | | | | | |] 2022 | | | | | | 2021 | | |

| Fixed maturities—available for sale, at fair value (amortized cost: [removed: 2022—$18,301,692; 2021—$17,805,309,] [added: 2023—$18,924,914; 2022—$18,301,692,] allowance for credit losses: [added: 2023— $7,115;] 2022— [removed: $0; 2021— $387)] [added: $0)] | | | $ | [removed: 16,503,365] [added: 17,870,206] | | | | | $ | [removed: 21,305,287] [added: 16,503,365] | |

| Policy loans | | | [removed: 614,866] [added: 657,020] | | | | | | [removed: 589,634] [added: 614,866] | | |

| Other long-term investments (includes: [removed: 2022—$768,689; 2021—$640,263] [added: 2023—$795,583; 2022—$768,689] under the fair value option) | | | [removed: 976,016] [added: 835,878] | | | | | | [removed: 793,925] [added: 794,711] | | |

| Short-term investments | | | [removed: 114,121] [added: 81,740] | | | | | | [removed: 69,145] [added: 114,121] | | |

| Total investments | | | [removed: 18,208,368] [added: 19,724,043] | | | | | | [removed: 22,757,991] [added: 18,208,368] | | |

| Cash [added: at beginning of year] | | | 92,559 | | | | | | 92,163 | | | [added: | | | 94,847 | | |]

| Accrued investment income | | | [removed: 259,581] [added: 270,396] | | | | | | [removed: 251,307] [added: 259,581] | | |

| Other receivables | | | [added: | | | $ |] 484,887 | | | | | [added: $] | [removed: 487,443] [added: 104,284] | | | [added: | | $ | 589,171 | | | | | | | | | | | | | | | | | | | |]

| Deferred acquisition costs | | | [added: | | |] 5,249,907 | | | | | | [removed: 4,914,728] [added: 285,790] | | | [added: | | | 5,535,697 | | | | | | | | | | | | | | | | | | | | |]

| Future policy benefits | | | [removed: $] | [added: | |] 16,721,846 | | | | | [removed: $] | [removed: 16,034,727] [added: 1,375,495] | | [added: | | | | 18,097,341 | | | | | | | | | | | | | | | | | | | | |]

| Unearned and advance premium | | | [added: | | |] 60,742 | | | | | | [removed: 65,472] [added: 192,618] | | | [added: | | | 253,360 | | | | | | | | | | | | | | | | | | | | |]

| Policy claims and other benefits payable | | | [added: | | |] 430,027 | | | | | | [removed: 412,940] [added: 79,329] | | | [added: | | | 509,356 | | | | | | | | | | | | | | | | | | | | |]

| Other policyholders' funds | | | [removed: 123,362] [added: 236,958] | | | | | | [removed: 98,935] [added: 123,236] | | |

| Current and deferred income taxes | | | [added: | | |] 686,172 | | | | | | [removed: 1,765,021] [added: (251,523)] | | | [added: | | | 434,649 | | | | | | | | | | | | | | | | | | | | |]

| Short-term debt | | | [removed: 449,103] [added: 486,113] | | | | | | [removed: 479,644] [added: 449,103] | | |

| Long-term debt (estimated fair value: [removed: 2022—$1,440,277; 2021—$1,667,009)] [added: 2023—$1,491,229; 2022—$1,440,277)] | | | [removed: 1,627,952] [added: 1,629,559] | | | | | | [removed: 1,546,494] [added: 1,627,952] | | |

| Commitments and Contingencies (Note [removed: 6)] [added: 5)] | | | | | | | | | | | |

| Preferred stock, par value $1 per share—5,000,000 shares authorized; outstanding: 0 in [removed: 2022] [added: 2023] and [removed: 2021] [added: 2022] | | | — | | | | | | — | | |

| Common stock, par value $1 per share—320,000,000 shares authorized; outstanding: [removed: (2022—105,218,183] [added: (2023—102,218,183] issued; [removed: 2021—109,218,183] [added: 2022—105,218,183] issued) | | | [removed: 105,218] [added: 102,218] | | | | | | [removed: 109,218] [added: 105,218] | | |

| Additional paid-in-capital | | | [removed: 529,661] [added: 532,474] | | | | | | [removed: 520,564] [added: 529,661] | | |

| Accumulated other comprehensive income (loss) | | | [added: | | |] (1,415,714) | | | | | | [removed: 2,677,583] [added: (1,374,599)] | | | [added: | | | (2,790,313) | | | | | | | | | | | | | | | | | | | | |]

| Retained earnings | | | [added: | | |] 6,466,220 | | | | | | [removed: 6,182,100] [added: 428,315] | | | [added: | | | 6,894,535 | | | | | | | | | | | | | | | | | | | | |]

| [Consolidated Financial Statements:](#i978255a8c505469ca00e0a1c1e3bcb15_856) | | | | | |

| [Notes to Consolidated Financial Statements](#i978255a8c505469ca00e0a1c1e3bcb15_37) | | | [62](#i978255a8c505469ca00e0a1c1e3bcb15_37) | | |

GL 2023 FORM 10-K

Change in Accounting Principle

As discussed in Note 1 to the financial statements, the Company changed its method of accounting, measurement, and disclosure of long-duration contracts effective January 1, 2023, using the modified retrospective method applied as of the transition date of January 1, 2021, due to adoption of ASU 2018-12, *Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts* (“ASU 2018-12”).

The adoption is also communicated as a critical audit matter below.

GL 2023 FORM 10-K

Adoption of Accounting Pronouncements - Targeted Improvements to the Accounting for Long-Duration Contracts - Refer to Note 1 to the Financial Statements (also see Change in Accounting Principle explanatory paragraph above)

The Company adopted ASU 2018-12 on January 1, 2023 using the modified retrospective application as of the transition date of January 1, 2021.

We identified the adoption of ASU 2018-12 as a critical audit matter because of the need to involve actuarial specialists to evaluate assumptions and valuation models, the extent of audit effort required, and the inherent complexity involved in the selection and application of new accounting policies.

Our audit procedures related to the adoption of ASU 2018-12 included the following, among others:

- We tested the effectiveness of controls over the application of new accounting policies and disclosure of the impact of adoption discussed in Note 1 to the financial statements, including controls over the valuation models and assumptions used to estimate the liability for future policy benefits and amortization of deferred acquisition costs.

- We evaluated the appropriateness of the Company’s selection and application of accounting policies in connection with the adoption of the ASU 2018-12.

The Company estimates the liability for future policy benefits based on the net level premium method, which requires a calculation of the present value of estimated future policyholder benefits and the related claim adjustment expenses, less the present value of estimated future net premiums to be collected from policyholders.

The Company estimates the amortization of deferred acquisition costs on a constant-level basis over the expected term of the grouped contracts.

The Company regularly reviews these assumptions, which are updated as necessary in the third quarter of every year, or more frequently if suggested by experience.

The mortality, morbidity, and lapse assumptions are determined based upon Company experience and industry data.

GL 2023 FORM 10-K

- We tested the effectiveness of controls over the development of these assumptions used in the valuation of future policy benefits and the amortization of deferred acquisition costs for certain insurance products, including the effectiveness of the controls over the underlying data.

- With the assistance of our actuarial specialists, we:

◦evaluated management’s methods, calculations and judgments regarding the development of these assumptions used in the valuation of future policy benefits and the amortization of deferred acquisition costs for certain insurance products.

◦evaluated on a sample basis, through independent calculation of future policy benefits and amortization of deferred acquisition costs, the mathematical accuracy of management’s calculations, the appropriateness of valuation models, and whether these assumptions were properly applied.

February 28, 2024

GL 2023 FORM 10-K

| Mortgage loans | | | 279,199 | | | | | | 181,305 | | |

| Cash | | | 103,156 | | | | | | 92,559 | | |

| Other receivables | | | 630,223 | | | | | | 589,171 | | |

| Deferred acquisition costs | | | 6,009,477 | | | | | | 5,535,697 | | |

| Other assets | | | 832,413 | | | | | | 819,630 | | |

| Total assets | | | $ | 28,051,499 | | | | | $ | 25,986,797 | |

| Future policy benefits at current discount rates: (at original rates: 2023—$16,984,615; 2022—$16,355,726) | | | $ | 19,460,353 | | | | | $ | 18,097,341 | |

| Unearned and advance premium | | | 254,567 | | | | | | 253,360 | | |

| Policy claims and other benefits payable | | | 514,875 | | | | | | 509,356 | | |

| Total policy liabilities | | | 20,466,753 | | | | | | 18,983,293 | | |

| Current and deferred income taxes | | | 494,639 | | | | | | 434,649 | | |

| Other liabilities | | | 487,632 | | | | | | 542,223 | | |

| Total liabilities | | | 23,564,696 | | | | | | 22,037,220 | | |

| Accumulated other comprehensive income (loss) | | | (2,772,419) | | | | | | (2,790,313) | | |

| Retained earnings | | | 7,478,813 | | | | | | 6,894,535 | | |

| Total shareholders' equity | | | 4,486,803 | | | | | | 3,949,577 | | |

GL 2022 FORM 10-K

Investments in Fixed Maturities Classified as Available for Sale — Significant Unobservable Inputs - Refer to Notes 1 and 4 to the Financial Statements

Investments in fixed maturities classified as available for sale are reported at fair value in the financial statements.

The investments without readily determinable market values are valued using significant unobservable inputs such as credit ratings and discount rates.

The balance of investments without readily determinable market values was $528 million as of December 31, 2022.

These inputs involve considerable judgment by management.

We identified investments in fixed maturities classified as available for sale without readily determinable market values as a critical audit matter because of the unobservable inputs used by management to estimate fair value.

Auditing these inputs required especially subjective judgment and required the involvement of our fair value specialists to fully evaluate them.

Our audit procedures related to the unobservable inputs used by management to estimate the fair value of investments in fixed maturities classified as available for sale included the following, among others:

- We tested the effectiveness of controls over investments in fixed maturities classified as available for sale, including management’s controls over the determination of unobservable inputs and fair value.

- We tested the accuracy and completeness of underlying data used in the determination of the fair value (e.g., investments owned at the balance sheet date and relevant security attributes).

- With the assistance of our fair value specialists, we developed independent estimates of fair value for a selection of securities and compared our estimates to management’s estimates.

The Company’s management sets assumptions in (1) recording a liability for policy benefit payments that will be made in the future (future policy benefits) and (2) determining amortization of deferred acquisition costs.

Assumptions are determined based upon published studies and analysis of Company specific experience, adjusted for changes in exposure and other relevant factors.

- We tested the effectiveness of controls over the assumption development process and the valuation of future policy benefits.

- We evaluated management’s selected actuarial assumptions, including testing the accuracy and completeness of the supporting experience studies.

- We evaluated whether the assumptions used were consistent with evidence obtained in other areas of the audit.

February 22, 2023

| Other assets | | | 760,066 | | | | | | 782,625 | | |

| Total assets | | | $ | 25,537,159 | | | | | $ | 29,768,048 | |

| Total policy liabilities | | | 17,335,977 | | | | | | 16,612,074 | | |

| Other liabilities | | | 542,094 | | | | | | 722,009 | | |

| Total liabilities | | | 20,641,298 | | | | | | 21,125,242 | | |

| Total shareholders' equity | | | 4,895,861 | | | | | | 8,642,806 | | |

| Total liabilities and shareholders' equity | | | $ | 25,537,159 | | | | | $ | 29,768,048 | |

| Total premium | | | | | | 4,302,709 | | | | | | 4,099,887 | | | | | | 3,813,905 | | |

| Total revenue | | | | | | 5,214,906 | | | | | | 5,112,869 | | | | | | 4,737,921 | | |

| Total policyholder benefits | | | | | | 2,865,456 | | | | | | 2,859,616 | | | | | | 2,572,884 | | |

| Total benefits and expenses | | | | | | 4,308,595 | | | | | | 4,200,479 | | | | | | 3,841,237 | | |

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

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

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

| Unrealized gains (losses) on other investments | | | — | | | | | | — | | | | | | (18,306) | | |

| Total unrealized investment gains (losses) | | | (5,298,692) | | | | | | (519,345) | | | | | | 1,510,033 | | |

| Unrealized gains (losses) attributable to deferred acquisition costs | | | 9,707 | | | | | | 1,628 | | | | | | 1,533 | | |

| Unrealized gains (losses) attributable to deferred acquisition costs, net of tax | | | 7,668 | | | | | | 1,286 | | | | | | 1,212 | | |

| Less applicable tax (expense) benefit | | | (27,889) | | | | | | (16,281) | | | | | | 5,573 | | |

| Other comprehensive income (loss) | | | (4,093,297) | | | | | | (351,661) | | | | | | 1,184,414 | | |

| Comprehensive income (loss) | | | $ | (3,353,593) | | | | | $ | 393,298 | | | | | $ | 1,916,187 | |

| Balance at December 31, 2019 | | | $ | — | | | | | $ | 117,218 | | | | | $ | 531,554 | | | | | $ | 1,844,830 | | | | | $ | 5,551,329 | | | | | $ | (750,624) | | | | | $ | 7,294,307 | |

*Evaluation of Disclosure Controls and Procedures*: Globe [removed: Life,] [added: Life Inc.,] under the direction of the [added: 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 [added: 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: 2022,] [added: 2023,] an evaluation was performed under the supervision and with the participation of Globe Life management, including the [added: 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 [added: 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: 2022,] [added: 2023,] the [added: Co-Chairmen and] Chief Executive [removed: Officers,] [added: 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*: [removed: As of] [added: During] the period ended December 31, [removed: 2022,] [added: 2023] there have not been any changes [removed: in] [added: to] Globe Life Inc.'s internal control over financial [removed: reporting] [added: reporting,] or in other factors that could significantly affect [removed: this] [added: the internal] control over financial reporting subsequent to the date of their [removed: evaluation] [added: 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: 2022.][added: 2023.]

| J. Matthew Darden [removed: Co-Chief] [added: Co-Chairman and Chief] Executive Officer | | | | | |

| Frank M. Svoboda [removed: Co-Chief] [added: Co-Chairman and Chief] Executive Officer | | | | | |

We have audited the internal control over financial reporting of Globe Life Inc. and subsidiaries (the “Company”) as of December 31, [removed: 2022,] [added: 2023,] 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: 2022,] [added: 2023,] 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: 2022] [added: 2023] of the Company and our report dated February [removed: 22, 2023,] [added: 28, 2024,] expressed an unqualified opinion on those financial statements and financial statement [removed: schedules.][added: schedules and included an explanatory paragraph regarding the Company’s adoption of a new accounting standard.]

GL 2023 FORM 10-K

February 28, 2024

GL 2023 FORM 10-K

February 28, 2024

GL 2023 FORM 10-K

GL 2022 FORM 10-K

February 22, 2023

(b) Trading arrangements

During the three months ended December 31, 2023, none of our directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a Non-Rule 10b5-1 trading arrangement, as each term is defined under Item 408(a) of Regulation S-K.

There were no items required.

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,” "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: 27, 2023] [added: 25, 2024] (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 ANALYSIS,” “COMPENSATION COMMITTEE REPORT,” “SUMMARY COMPENSATION TABLE,” [removed: “2022] [added: “2023] GRANTS OF PLAN-BASED AWARDS,” “OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END [removed: 2022,”] [added: 2023,”] “OPTION EXERCISES AND STOCK VESTED DURING FISCAL YEAR ENDED DECEMBER 31, [removed: 2022,”] [added: 2023,”] “PENSION BENEFITS AT DECEMBER 31, [removed: 2022,”] [added: 2023,”] “POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE-IN-CONTROL,” "PAY VERSUS PERFORMANCE," "CEO PAY RATIO," [removed: “2022] [added: “2023] DIRECTOR 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: 2022][added: 2023]

| Equity compensation plans approved by security holders | | | | | | 5,940,320 | | | | | | $ | 96.19 | | | | | 2,331,316 | | |

| Total | | | | | | 5,940,320 | | | | | | $ | 96.19 | | | | | 2,331,316 | | |

GL 2023 FORM 10-K

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

| 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

| [Report of Independent Registered Public Accounting [removed: Firm](#i32954996b9b7416bb51214ee33043dc6_763)] [added: Firm](#i978255a8c505469ca00e0a1c1e3bcb15_853)] | | | [removed: [57](#i32954996b9b7416bb51214ee33043dc6_763)] [added: [54](#i978255a8c505469ca00e0a1c1e3bcb15_853)] | | |

| [Consolidated Balance Sheets [removed: at](#i32954996b9b7416bb51214ee33043dc6_19)] [added: at](#i978255a8c505469ca00e0a1c1e3bcb15_19)] [December 31, [removed: 2022](#i32954996b9b7416bb51214ee33043dc6_19) [and](#i32954996b9b7416bb51214ee33043dc6_19) [2021](#i32954996b9b7416bb51214ee33043dc6_19)] [added: 2023](#i978255a8c505469ca00e0a1c1e3bcb15_19) [and](#i978255a8c505469ca00e0a1c1e3bcb15_19) [2022](#i978255a8c505469ca00e0a1c1e3bcb15_19)] | | | [removed: [59](#i32954996b9b7416bb51214ee33043dc6_19)] [added: [57](#i978255a8c505469ca00e0a1c1e3bcb15_19)] | | |

| [Consolidated Statements of Operations for each of the three years in the period [removed: ended](#i32954996b9b7416bb51214ee33043dc6_769)] [added: ended](#i978255a8c505469ca00e0a1c1e3bcb15_859)] [December 31, [removed: 2022](#i32954996b9b7416bb51214ee33043dc6_769)] [added: 2023](#i978255a8c505469ca00e0a1c1e3bcb15_859)] | | | [removed: [60](#i32954996b9b7416bb51214ee33043dc6_769)] [added: [58](#i978255a8c505469ca00e0a1c1e3bcb15_859)] | | |

| [Consolidated Statements of Comprehensive Income for each of the three years in the period [removed: ended](#i32954996b9b7416bb51214ee33043dc6_772)] [added: ended](#i978255a8c505469ca00e0a1c1e3bcb15_862)] [December 31, [removed: 2022](#i32954996b9b7416bb51214ee33043dc6_772)] [added: 2023](#i978255a8c505469ca00e0a1c1e3bcb15_862)] | | | [removed: [61](#i32954996b9b7416bb51214ee33043dc6_772)] [added: [59](#i978255a8c505469ca00e0a1c1e3bcb15_862)] | | |

| [Consolidated Statements of Shareholders’ Equity for each of the three years in the period [removed: ended](#i32954996b9b7416bb51214ee33043dc6_775)] [added: ended](#i978255a8c505469ca00e0a1c1e3bcb15_865)] [December 31, [removed: 2022](#i32954996b9b7416bb51214ee33043dc6_775)] [added: 2023](#i978255a8c505469ca00e0a1c1e3bcb15_865)] | | | [removed: [62](#i32954996b9b7416bb51214ee33043dc6_775)] [added: [60](#i978255a8c505469ca00e0a1c1e3bcb15_865)] | | |

| [Consolidated Statements of Cash Flows for each of the three years in the period [removed: ended](#i32954996b9b7416bb51214ee33043dc6_778)] [added: ended](#i978255a8c505469ca00e0a1c1e3bcb15_868)] [December 31, [removed: 2022](#i32954996b9b7416bb51214ee33043dc6_778)] [added: 2023](#i978255a8c505469ca00e0a1c1e3bcb15_868)] | | | [removed: [63](#i32954996b9b7416bb51214ee33043dc6_778)] [added: [61](#i978255a8c505469ca00e0a1c1e3bcb15_868)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i32954996b9b7416bb51214ee33043dc6_37)] [added: Statements](#i978255a8c505469ca00e0a1c1e3bcb15_37)] | | | [removed: [64](#i32954996b9b7416bb51214ee33043dc6_37)] [added: [62](#i978255a8c505469ca00e0a1c1e3bcb15_37)] | | |

| Schedules Supporting Financial Statements for each of the three years in the period ended December 31, [removed: 2022:] [added: 2023:] | | | | | |

| [II. Condensed Financial Information of Registrant (Parent [removed: Company)](#i32954996b9b7416bb51214ee33043dc6_814)] [added: Company)](#i978255a8c505469ca00e0a1c1e3bcb15_904)] | | | [removed: [132](#i32954996b9b7416bb51214ee33043dc6_814)] [added: [150](#i978255a8c505469ca00e0a1c1e3bcb15_904)] | | |

| Exhibit No. | | | | | | Description | | | | | | Form | | | | | | Filing Date | | | | | | [removed: Related Exhibit] | | | | | | [removed: Page of this Report] | | |

| 3.1 | | | | | | [Restated Certificate of Incorporation of Globe Life Inc.](http://www.sec.gov/Archives/edgar/data/320335/000032033519000033/a32restatedcertificateof.htm) | | | | | | 8-K | | | | | | August 8, 2019 | | | | | | [removed: 3.2] | | | | | | | | |

| [removed: 3.2] [added: 3.3] | | | | | | [Amended and Restated By-Laws of Globe Life Inc., as amended [removed: February 24, 2021](http://www.sec.gov/Archives/edgar/data/320335/000032033521000008/glby-laws2x24x21_8kversi.htm)] [added: August 10, 2023](https://www.sec.gov/Archives/edgar/data/320335/000032033523000046/globelifeincamendedandre.htm)] | | | | | | 8-K | | | | | | [removed: February 25, 2021] [added: August 15, 2023] | | | | | | [removed: 3.2] | | | | | | | | |

| [removed: 4.1] [added: 4.4] | | | | | | [removed: [Trust Indenture] [added: [Senior Indenture,] dated as of [removed: February 1, 1987] [added: September 24, 2018,] between Torchmark Corporation and [removed: Morgan Guaranty Trust Company of New York,] [added: Regions Bank,] as [removed: Trustee](http://www.sec.gov/Archives/edgar/data/320335/000032033518000006/tmk201710-kexhibit41.htm)] [added: Trustee](http://www.sec.gov/Archives/edgar/data/320335/000032033518000037/exhibit41torchmarkbaseinde.htm)] | | | | | | [removed: 10-K] [added: S-3] | | | | | | [removed: February 27,] [added: September 24,] 2018 | | | | | | [removed: 4.1] | | | | | | | | |

| 4.2 | | | | | | [removed: [Fourth] [added: [Third] Supplemental Indenture dated as of [removed: September 24, 2012] [added: November 17, 2017] between Torchmark Corporation and [removed: The Bank of New York Mellon Trust Company, N. A.,] [added: Regions Bank,] as Trustee, supplementing the [added: Junior Subordinated] Indenture dated [removed: February 1, 1987](http://www.sec.gov/Archives/edgar/data/320335/000119312512401321/d414974dex42.htm)] [added: as of November 2, 2001](http://www.sec.gov/Archives/edgar/data/320335/000032033517000048/a3rdsupplementalindenture1.htm)] | | | | | | 8-K | | | | | | [removed: September 24, 2012] [added: November 17, 2017] | | | | | | [removed: 4.2] | | | | | | | | |

| [removed: 4.3] [added: 4.1] | | | | | | [Junior Subordinated Indenture, dated November 2, 2001, between Torchmark Corporation and The Bank of New York defining the rights of the 7 3/4% Junior Subordinated Debentures](http://www.sec.gov/Archives/edgar/data/320335/000093176301501911/dex43.txt) | | | | | | 8-K | | | | | | November 2, 2001 | | | | | | [removed: 4.3] | | | | | | | | |

| [removed: 4.4] [added: 4.3] | | | | | | [removed: [Third] [added: [Fourth] Supplemental Indenture dated as of [removed: November 17, 2017] [added: June 14, 2021] between [removed: Torchmark Corporation] [added: Globe Life Inc.] and Regions Bank, as Trustee, supplementing the Junior Subordinated Indenture dated as of November 2, [removed: 2001](http://www.sec.gov/Archives/edgar/data/320335/000032033517000048/a3rdsupplementalindenture1.htm)] [added: 2001](http://www.sec.gov/Archives/edgar/data/320335/000119312521190034/d185215dex42.htm)] | | | | | | 8-K | | | | | | [removed: November 17, 2017] [added: June 14, 2021] | | | | | | [removed: 4.4] | | | | | | | | |

| [removed: 4.5] [added: 4.6] | | | | | | [removed: [Fourth] [added: [Second] Supplemental [removed: Indenture] [added: Indenture,] dated as of [removed: June 14, 2021] [added: August 21, 2020,] between Globe Life Inc. and Regions Bank, as [removed: Trustee, supplementing the Junior Subordinated Indenture dated as of November 2, 2001](http://www.sec.gov/Archives/edgar/data/320335/000119312521190034/d185215dex42.htm)] [added: Trustee](http://www.sec.gov/Archives/edgar/data/0000320335/000032033520000044/exhibit42secondsupplemen.htm)] | | | | | | 8-K | | | | | | [removed: June 14, 2021] [added: August 21, 2020] | | | | | | [removed: 4.2] | | | | | | | | |

| [removed: 4.6] [added: 4.5] | | | | | | [removed: [Senior] [added: [First Supplemental] Indenture, dated as of September [removed: 24,] [added: 27,] 2018, between Torchmark Corporation and Regions Bank, as [removed: Trustee](http://www.sec.gov/Archives/edgar/data/320335/000032033518000037/exhibit41torchmarkbaseinde.htm)] [added: Trustee](http://www.sec.gov/Archives/edgar/data/320335/000032033518000041/exhibit42firstsupplemental.htm)] | | | | | | [removed: S-3] [added: 8-K] | | | | | | September [removed: 24,] [added: 27,] 2018 | | | | | | [removed: 4.1] | | | | | | | | |

| 4.7 | | | | | | [removed: [First] [added: [Third] Supplemental Indenture, dated as of [removed: September 27, 2018,] [added: May 19, 2022,] between [removed: Torchmark Corporation] [added: Globe Life Inc.] and Regions Bank, as [removed: Trustee](http://www.sec.gov/Archives/edgar/data/320335/000032033518000041/exhibit42firstsupplemental.htm)] [added: Trustee](https://www.sec.gov/Archives/edgar/data/320335/000119312522154612/d350057dex42.htm)] | | | | | | 8-K | | | | | | [removed: September 27, 2018] [added: May 19, 2022] | | | | | | [removed: 4.2] | | | | | | | | |

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

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

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

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

| 10.5 | | | | | | [Amendment No. 2 to the Torchmark Corporation Supplemental Executive Retirement Plan*](http://www.sec.gov/Archives/edgar/data/320335/000119312508043419/dex1054.htm) | | | | | | 10-K | | | | | | February 29, 2008 | | | | | | [removed: 10.54] | | | | | | | | |

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

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

| 10.8 | | | | | | [Amendment Five to the Torchmark Corporation Supplemental Executive Retirement Plan*](http://www.sec.gov/Archives/edgar/data/320335/000032033515000007/exhibit101.htm) | | | | | | 8-K | | | | | | May 5, 2015 | | | | | | [removed: 10.1] | | | | | | | | |

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

| 10.10 | | | | | | [Amendment Seven to the Torchmark Corporation Supplemental Executive Retirement Plan*](http://www.sec.gov/Archives/edgar/data/0000320335/000032033520000055/aex102serpamendmentsev.htm) | | | | | | 10-Q | | | | | | November 5, 2020 | | | | | | [removed: 10.2] | | | | | | | | |

| 10.11 | | | | | | [Torchmark Corporation Non-Employee Director Compensation Plan, as amended and restated*](http://www.sec.gov/Archives/edgar/data/320335/000119312508094937/dex101.htm) | | | | | | 8-K | | | | | | April 29, 2008 | | | | | | [removed: 10.1] | | | | | | | | |

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

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

| 10.14 | | | | | | [Amendment No.1 to Receivables Purchase Agreement dated as of December 31, 2008 among AILIC Receivables Corporation, American Income Life Insurance Company, and TMK Re, Ltd.](http://www.sec.gov/Archives/edgar/data/320335/000119312514076801/d622095dex1058.htm) | | | | | | 10-K | | | | | | February 28, 2014 | | | | | | [removed: 10.58] | | | | | | | | |

| 10.15 | | | | | | [Amendment No.2 to Receivables Purchase Agreement dated as of December 31, 2008 among AILIC Receivables Corporation, American Income Life Insurance Company, and TMK Re, Ltd.](http://www.sec.gov/Archives/edgar/data/320335/000032033519000006/tmk201810-kexhibit1017.htm) | | | | | | 10-K | | | | | | March 1, 2019 | | | | | | [removed: 10.17] | | | | | | | | |

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

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

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

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

| 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 | | | | | | [removed: 10.75] | | | | | | | | |

| 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 | | | | | | [removed: 10.76] | | | | | | | | |

| [IV. Reinsurance (Consolidated)](#i978255a8c505469ca00e0a1c1e3bcb15_907) | | | [154](#i978255a8c505469ca00e0a1c1e3bcb15_907) | | |

GL 2023 FORM 10-K

| 3.2 | | | | | | [C](https://www.sec.gov/Archives/edgar/data/320335/000032033523000025/certificateofamendmentof.htm)[ertificate of Amendment of Certificate of Incorporat](https://www.sec.gov/Archives/edgar/data/320335/000032033523000025/certificateofamendmentof.htm)[ion of Globe Life In](https://www.sec.gov/Archives/edgar/data/320335/000032033523000025/certificateofamendmentof.htm)[c.](https://www.sec.gov/Archives/edgar/data/320335/000032033523000025/certificateofamendmentof.htm) | | | | | | 8-K | | | | | | May 2, 2023 | | | | | | | | | | | | | | |

GL 2023 FORM 10-K

| Exhibit No. | | | | | | Description | | | | | | Form | | | | | | Filing Date | | | | | | | | | | | | | | |

| 10.27 | | | | | | [Second](https://www.sec.gov/Archives/edgar/data/320335/000032033523000030/secondamendmenttoglobeli.htm) [Amendment to Globe Life Inc. 20](https://www.sec.gov/Archives/edgar/data/320335/000032033523000030/secondamendmenttoglobeli.htm)[18 Incentive Plan*](https://www.sec.gov/Archives/edgar/data/320335/000032033523000030/secondamendmenttoglobeli.htm) | | | | | | 10-Q | | | | | | May 9, 2023 | | | | | | | | | | | | | | |

GL 2023 FORM 10-K

| Exhibit No. | | | | | | Description | | | | | | Form | | | | | | Filing Date | | | | | | | | | | | | | | |

| 10.42 | | | | | | [Globe Life Inc. Management Incentive Plan (Effective as of January 1, 2024)*](https://www.sec.gov/Archives/edgar/data/320335/000032033523000056/globelifeincmanagementin.htm) | | | | | | 8-K | | | | | | November 9, 2023 | | | | | | | | | | | | | | |

| 10.52 | | | | | | [D](https://www.sec.gov/Archives/edgar/data/320335/000032033523000022/bofa-globelifex2023terml.htm)[e](https://www.sec.gov/Archives/edgar/data/320335/000032033523000022/bofa-globelifex2023terml.htm)[layed Draw Term Loan Agreement dated as of April 14, 2023 among Bank of America, N.A.](https://www.sec.gov/Archives/edgar/data/320335/000032033523000022/bofa-globelifex2023terml.htm)[, as Administrative Agent, the Lenders party thereto, and Globe Life Inc.](https://www.sec.gov/Archives/edgar/data/320335/000032033523000022/bofa-globelifex2023terml.htm) | | | | | | 8-K | | | | | | April 18, 2023 | | | | | | | | | | | | | | |

| 10.53 | | | | | | [F](https://www.sec.gov/Archives/edgar/data/320335/000032033524000006/gli202310-kexhibit1053xq4.htm)[orm of Seven Year Stock Option under Globe Life Inc. 2018 Incentive Plan](https://www.sec.gov/Archives/edgar/data/320335/000032033524000006/gli202310-kexhibit1053xq4.htm) [(2024)](https://www.sec.gov/Archives/edgar/data/320335/000032033524000006/gli202310-kexhibit1053xq4.htm)[*](https://www.sec.gov/Archives/edgar/data/320335/000032033524000006/gli202310-kexhibit1053xq4.htm) | | | | | | 10-K | | | | | | February 28, 2024 | | | | | | | | | | | | | | |

| 10.55 | | | | | | [Form of Seven Year Stock Option under Globe Life Inc. 2018 Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions](https://www.sec.gov/Archives/edgar/data/320335/000032033524000006/gli202310-kexhibit1055xq4.htm) [(Spe](https://www.sec.gov/Archives/edgar/data/320335/000032033524000006/gli202310-kexhibit1055xq4.htm)[cial)](https://www.sec.gov/Archives/edgar/data/320335/000032033524000006/gli202310-kexhibit1055xq4.htm) [](https://www.sec.gov/Archives/edgar/data/320335/000032033524000006/gli202310-kexhibit1055xq4.htm)[(2024)](https://www.sec.gov/Archives/edgar/data/320335/000032033524000006/gli202310-kexhibit1055xq4.htm)[*](https://www.sec.gov/Archives/edgar/data/320335/000032033524000006/gli202310-kexhibit1055xq4.htm) | | | | | | 10-K | | | | | | February 28, 2024 | | | | | | | | | | | | | | |

| 10.58 | | | | | | [F](https://www.sec.gov/Archives/edgar/data/320335/000032033524000006/gli202310-kexhibit1058xq4.htm)[orm of Performance Share Award Certificate under Globe Life Inc. 2018 Incentive Plan](https://www.sec.gov/Archives/edgar/data/320335/000032033524000006/gli202310-kexhibit1058xq4.htm) [(2024)](https://www.sec.gov/Archives/edgar/data/320335/000032033524000006/gli202310-kexhibit1058xq4.htm)[*](https://www.sec.gov/Archives/edgar/data/320335/000032033524000006/gli202310-kexhibit1058xq4.htm) | | | | | | 10-K | | | | | | February 28, 2024 | | | | | | | | | | | | | | |

GL 2023 FORM 10-K

| Exhibit No. | | | | | | Description | | | | | | Form | | | | | | Filing Date | | | | | | | | | | | | | | |

| 21 | | | | | | [Subsidiaries of the Registrant](https://www.sec.gov/Archives/edgar/data/320335/000032033524000006/a10-kexhibit21q42023.htm) | | | | | | 10-K | | | | | | February 28, 2024 | | | | | | | | | | | | | | |

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

| 97 | | | | | | [G](https://www.sec.gov/Archives/edgar/data/320335/000032033524000006/a10-kexhibit97q42023.htm)[lobe Life Inc. Clawback Pol](https://www.sec.gov/Archives/edgar/data/320335/000032033524000006/a10-kexhibit97q42023.htm)[icy](https://www.sec.gov/Archives/edgar/data/320335/000032033524000006/a10-kexhibit97q42023.htm) | | | | | | 10-K | | | | | | February 28, 2024 | | | | | | | | | | | | | | |

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GL 2023 FORM 10-K

| | | | 2023 | | | | | | 2022 | | |

| Cash | | | 1,003 | | | | | | 58 | | |

| Investment in affiliates | | | 6,539,183 | | | | | | 5,940,586 | | |

| Total assets | | | $ | 6,884,436 | | | | | $ | 6,305,854 | |

| Accumulated other comprehensive income | | | (2,772,419) | | | | | | (2,790,313) | | |

| Retained earnings | | | 7,478,813 | | | | | | 6,894,535 | | |

| Total shareholders’ equity | | | 4,486,803 | | | | | | 3,949,577 | | |

| Total liabilities and shareholders’ equity | | | $ | 6,884,436 | | | | | $ | 6,305,854 | |

Prior period amounts have been adjusted for the adoption of ASU 2018-12 on January 1, 2023.

GL 2023 FORM 10-K

| Equity in earnings of affiliates, net of tax | | | 1,024,323 | | | | | | 962,985 | | | | | | 1,074,923 | | |

| Net income | | | 970,755 | | | | | | 894,386 | | | | | | 1,031,114 | | |

| Attributable to affiliates | | | 16,781 | | | | | | 1,369,659 | | | | | | 501,854 | | |

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

GL 2022 FORM 10-K

| 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 | | | | | | | | |

| 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 | | | | | | | | |

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

*Exhibit 21.

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

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

| Name Under Which Company Does Business | | | | | | State of Incorporation | | | | | | Distribution Channel (Division) | | |

| Globe Life And Accident Insurance Company | | | | | | Nebraska | | | | | | Direct to Consumer | | |

| American Income Life Insurance Company | | | | | | Indiana | | | | | | American Income Life Division | | |

| Liberty National Life Insurance Company | | | | | | Nebraska | | | | | | Liberty National Division | | |

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

While United American Insurance Company (Nebraska) does not qualify as a significant subsidiary in accordance with Regulation S-X, management views this subsidiary as significant to our operations.

All other exhibits required by Regulation S-K are listed as to location in the “Index of documents filed as a part of this report” in this report.

Exhibits not referred to have been omitted as inapplicable or not required.

| Cash | | | 58 | | | | | | 20,228 | | |

| Investment in affiliates | | | 6,886,870 | | | | | | 10,618,826 | | |

| Total assets | | | $ | 7,252,138 | | | | | $ | 11,059,793 | |

| Accumulated other comprehensive income | | | (1,415,714) | | | | | | 2,677,583 | | |

| Retained earnings | | | 6,466,220 | | | | | | 6,182,100 | | |

| Total shareholders’ equity | | | 4,895,861 | | | | | | 8,642,806 | | |

| Total liabilities and shareholders’ equity | | | $ | 7,252,138 | | | | | $ | 11,059,793 | |

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| Equity in earnings of affiliates, net of tax | | | 808,303 | | | | | | 788,768 | | | | | | 760,329 | | |

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

| Attributable to affiliates | | | (4,168,373) | | | | | | (410,564) | | | | | | 1,205,891 | | |

| Comprehensive income (loss) | | | $ | (3,353,593) | | | | | $ | 393,298 | | | | | $ | 1,916,187 | |

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

| Equity in earnings of affiliates | | | (808,303) | | | | | | (788,768) | | | | | | (760,329) | | |

| 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 | | |

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

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

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

| Life insurance in force | | | $ | 203,894,460 | | | | | $ | 669,063 | | | | | $ | 2,551,770 | | | | | $ | 205,777,167 | | | | | 1.2 | | |

| Life insurance | | | $ | 2,642,555 | | | | | $ | 4,241 | | | | | $ | 19,775 | | | | | $ | 2,658,089 | | | | | 0.7 | | |

| Health insurance | | | 1,144,470 | | | | | | 3,373 | | | | | | — | | | | | | 1,141,097 | | | | | | — | | |

| Total premium | | | $ | 3,787,025 | | | | | $ | 7,614 | | | | | $ | 19,775 | | | | | $ | 3,799,186 | | | | | 0.5 | | |