Globe Life (GL) 10-K risk factor changes: FY2024 vs FY2023

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

A future adverse judgment in connection with [added: any] such [added: civil] litigation [added: described above] could result in substantial damages.

Future changes in rules, regulations or interpretations of existing rules and [removed: regulations] [added: regulations, or significant adverse judgments in litigation,] 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 [removed: vendors] [added: vendors, including independent sales agents,] 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 [removed: vendors] [added: vendors, including independent sales agents,] to provide certain business [removed: support] services and functions, which exposes the Company to risks outside the control of the [removed: Company that may lead to business disruptions.][added: Company.]

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 [added: data,] 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 [added: data,] 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.

[removed: 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.

An increase in interest rates could result in certain policyholders surrendering their life or annuity policies for cash, thereby potentially requiring our insurance subsidiaries to liquidate invested assets if other sources of liquidity are [removed: not available to meet their obligations.]

The principal sources of our insurance subsidiaries’ liquidity are insurance premiums, as well as investment income, maturities, [removed: repayments] [added: repayments,] and other cash flow from our investment portfolio.

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

The availability and cost of additional financing or capital depend on a variety of factors such as market conditions, the general availability of credit or capital, the volume of trading activities, the overall availability of credit to the insurance [removed: industry and] [added: industry,] our credit ratings and credit capacity.

[removed: If our internal sources of liquidity prove to] be insufficient, we may not be able to successfully obtain additional financing on favorable terms or at all.

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

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

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

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

Non-compliance with laws or regulations related to customer and consumer privacy and information security, including a failure to ensure that [removed: our business associates] [added: third parties] with access to sensitive customer and consumer information maintain its confidentiality, could materially adversely affect our reputation and business operations.

HIPAA additionally requires that we impose privacy and security requirements on our [added: third-party] business associates.

Negative publicity through traditional media, internet, social [removed: media] [added: media,] and other public [removed: forums] [added: forums, including short seller reports and allegations of independent agent misconduct] could damage our brand or [removed: reputation and] [added: reputation, which could] adversely impact our [removed: agent recruiting efforts, the] ability to [added: recruit and retain agents, our ability to] market our [removed: products] [added: products,] and the persistency of in-force policies.

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

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

In September 2024, the Equal Employment Opportunity Commission (EEOC) notified us that it had determined that all sales agents affiliated with State General Agent Simon Arias were employees, not independent contractors, of Globe Life Inc. and/or AIL.

Such determination is not binding but we expect any potential civil action brought by the EEOC would include such an allegation.

We employ controls and procedures designed to facilitate service quality of our third party vendors; however, such controls and procedures cannot be 100% effective in all cases.

The Company may be adversely affected by a third-party vendor who

GL 2024 FORM 10-K

[Table of](#i547eaa9ead03449595972dbc9cd7cdf6_883) [Contents](#i547eaa9ead03449595972dbc9cd7cdf6_883)

Extensive federal and state laws regulate our business, imposing certain requirements that independent sales agents must follow in dealing with clients.

Misconduct of our independent sales agents could result in violations of law by, or claims against, us or our subsidiaries.

From time to time, we are subject to private litigation as a result of alleged misconduct by independent agents.

We employ controls and procedures designed to prevent and detect agent misconduct; however, such controls and procedures cannot be 100% effective in all cases.

Instances of misconduct or non-compliance or violations of laws or regulations by our independent sales agents could result in adverse findings in either examinations or litigation and subject us to sanctions, monetary liabilities, restrictions on or loss of the operation of our business or reputational harm, any of which could have a material adverse effect on our business, financial condition or results of operations.

GL 2024 FORM 10-K

[Table of](#i547eaa9ead03449595972dbc9cd7cdf6_883) [Contents](#i547eaa9ead03449595972dbc9cd7cdf6_883)

not available to meet their obligations.

If our internal sources of liquidity prove to

GL 2024 FORM 10-K

[Table of](#i547eaa9ead03449595972dbc9cd7cdf6_883) [Contents](#i547eaa9ead03449595972dbc9cd7cdf6_883)

We have become subject to, and may in the future be subject to, short selling strategies driving down the market price of our common stock.

Short selling is the practice of selling securities that the seller does not own but may have borrowed with the intention of buying identical securities back at a later date.

A short seller hopes to profit from a decline in the value of the securities between the sale of the borrowed securities and the purchase of the replacement shares, as the short seller expects to pay less in that purchase than it received in the sale.

Because it is in the short seller’s best interests for the price of the securities to decline, some short sellers publish, or arrange for the publication of, opinions or characterizations regarding the relevant issuer, its business prospects and similar matters calculated to or which may create negative market momentum, which may permit them to obtain profits for themselves as a result of selling the stock short.

Companies, like us, that are subject to unfavorable allegations, even if untrue, may have to expend a significant amount of resources to investigate such allegations and/or defend themselves, including in connection with securityholder litigation against Globe Life Inc. or investigations by regulators related to or prompted by such allegations.

Since April 2024, we have been and continue to be the target of several short sellers who have published reports making allegations about the Company, which resulted in a significant decline in the price of our common stock.

In addition, these reports resulted in significant negative publicity against us, damaged our reputation, and exposed us to securities class action litigation.

We have already expended significant resources to defend and repair our reputation.

We will continue to defend against any unfounded and unsubstantiated claims about our business, our disclosures, and the integrity of our financial statements, which may require us to expend significant resources.

We may be subject to additional short seller reports and activity in the future.

The publication of any such commentary regarding us may bring about a temporary, or long term, decline in the market price of our common stock.

No assurances can be made that similar declines in the market price of our common stock or negative publicity will not occur in the future, in connection with such commentary by short sellers or otherwise.

GL 2024 FORM 10-K

[Table of](#i547eaa9ead03449595972dbc9cd7cdf6_883) [Contents](#i547eaa9ead03449595972dbc9cd7cdf6_883)

GL 2024 FORM 10-K

[Table of](#i547eaa9ead03449595972dbc9cd7cdf6_883) [Contents](#i547eaa9ead03449595972dbc9cd7cdf6_883)

Recent volatility in the trading price of our common stock has and can be expected to result in securities class action litigation.

In April 2024, the trading price of our common stock dropped following the publication of certain short seller reports.

As of the date of this Report, one putative securities class action has been filed against Globe Life Inc. and we expect that other putative class action claims may be filed as well.

While we intend to defend such actions vigorously, any judgment against us or any future stockholder litigation could have a material adverse effect on our business, financial condition or results of operations.

Our businesses are heavily regulated and changes in regulation or regulatory scrutiny may have a material adverse impact on our business, financial condition or results of operation.

Regulatory authorities also have the power to conduct investigations, and to bring administrative or judicial proceedings against us, which could result in suspension or revocation of our licenses, cease and desist orders, fines, civil penalties, disgorgement, criminal penalties or other disciplinary action that could have a material adverse impact on our business, financial condition or results of operation.

Press coverage and other public statements that allege wrongdoing, even if untrue, can lead to increased regulatory inquiries or investigations including any that may arise in connection with the subpoenas from U.S. Attorney’s Office for the Western District of Pennsylvania seeking documents related to sales practices by certain of our independent sales agents contracted to sell American Income Life Insurance Company policies.

GL 2023 FORM 10-K

regulations by their states of domicile.

Our businesses are heavily regulated and changes in regulation may reduce our profitability and growth.

Also, regulatory authorities have relatively broad discretion to grant, renew or revoke licenses or approvals.

The following discussion should be read in conjunction with Globe Life's *[Consolidated Financial [removed: Statements](#i978255a8c505469ca00e0a1c1e3bcb15_16)*] [added: Statements](#i547eaa9ead03449595972dbc9cd7cdf6_16)*] and [removed: *[Notes](#i978255a8c505469ca00e0a1c1e3bcb15_37)*] [added: *[Notes](#i547eaa9ead03449595972dbc9cd7cdf6_37)*] thereto appearing elsewhere in this report.

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

For discussion regarding activity from [removed: 2021 for the items not impacted by the new standard,] [added: 2022,] 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 [removed: life,] [added: life and] supplemental health, and [removed: annuities, and] the investment segment that supports the product lines. [removed: 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 [removed: segmented] [added: subdivided] 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 liquidity. Our measure of profitability for the investment segment is excess investment income, as seen below: | | |

[removed: GL 2023 FORM 10-K][added: | 2023: | | | | | | | | | | | | | | | | | |]

- Net income as a return on equity (ROE) for the year ended December 31, [removed: 2023] [added: 2024] was [removed: 23.2%] [added: 21.7%] and net operating income as an ROE, excluding accumulated other comprehensive income(1) was [removed: 14.7%.][added: 15.1%.]

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

Life premium increased 4% for the period from [removed: $3.03] [added: $3.14] billion in [removed: 2022] [added: 2023] to [removed: $3.14] [added: $3.26] billion in [removed: 2023.][added: 2024.]

- Total net sales increased [removed: 6%] [added: 9%] over the same period in the prior year from [removed: $722] [added: $768] million in [removed: 2022] [added: 2023] to [removed: $768] [added: $840] million in [removed: 2023.][added: 2024.]

The average producing agent count across all of the exclusive agencies increased [removed: 13%] [added: 11%] over the prior year.

- Book value per share increased [removed: 18%] [added: 33%] over the same period in the prior year from [removed: $40.05] [added: $47.10] to [removed: $47.10.][added: $62.50.]

Book value per share, excluding accumulated other comprehensive income(1), increased [removed: 11%] [added: 13%] over the prior year from [removed: $68.35] [added: $76.21] in [removed: 2022] [added: 2023] to [removed: $76.21] [added: $86.40] in [removed: 2023.][added: 2024.]

- For the year ended December 31, [removed: 2023,] [added: 2024,] the Company repurchased [removed: 3.4] [added: 10.1] million shares of Globe Life Inc. common stock at a total cost of [removed: $380] [added: $946] million for an average share price of [removed: $112.84.][added: $93.76.]

The following graphs represent net income and net operating income for the three years ended December 31, [removed: 2023.][added: 2024.]

[removed:  ][added:  ]

(1)As shown in the charts above, net operating income is [removed: the consolidated total] [added: primarily comprised] of [removed: segment profits] [added: insurance underwriting margin plus excess investment income and annuity and other income, offset by operating expenses] after tax [removed: and] [added: and,] as [removed: such] [added: such,] is considered a non-GAAP measure.

The impact of the adjustment to exclude AOCI is [removed: $(2.77)] [added: $(2.03)] billion and [removed: $(2.79)] [added: $(2.77)] billion for the year ended December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively.

The impact of the adjustment to exclude AOCI is [removed: $(29.11)] [added: $(23.90)] and [removed: $(28.30)] [added: $(29.11)] for the year ended December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively.

Refer to *[Analysis of Profitability by [removed: Segment](#i978255a8c505469ca00e0a1c1e3bcb15_442)*] [added: Segment](#i547eaa9ead03449595972dbc9cd7cdf6_556)*] for non-GAAP reconciliation to GAAP.

[removed: Summary of Operations. Net] [added: In 2023, net] income increased 9% [removed: to $971 million in 2023, compared with] [added: from] $894 million in 2022.

[removed: On] [added: In 2023, net income per common share, on] a diluted per common share basis, [removed: net income per common share for 2023] increased [added: 11%] from $9.04 [removed: to $10.07.][added: in 2022.]

[removed: In 2022, net income per common share, on] [added: On] a diluted per common share basis, [removed: decreased to $9.04] [added: net income per common share for 2024 increased] from [removed: $9.99.][added: $10.07 to $11.94.]

[removed: Net] [added: In 2023, net] operating income increased 7% [removed: to $1.03 billion in 2023, compared with] [added: from] $961 million in 2022.

On a diluted per common share basis, net operating income per common share for [removed: 2023] [added: 2024] increased from [removed: $9.71] [added: $10.65] to [removed: $10.65,] [added: $12.37,] an increase of [removed: 10%.][added: 16%.]

In [removed: 2022,] [added: 2023,] net income per common share, on a diluted per common share basis, increased [removed: 1%] [added: 10%] from [removed: $9.63.][added: $9.71 in 2022.]

Additionally, net income in [added: 2024,] 2023, [removed: 2022] and [removed: 2021] [added: 2022] was affected by certain [removed: significant and unusual] non-operating items.

The [removed: liability for future policy benefits] [added: LFPB] is determined each reporting period based on the net level premium method.

See *[Note 6—Policy [removed: Liabilities](#i978255a8c505469ca00e0a1c1e3bcb15_187)*] [added: Liabilities](#i547eaa9ead03449595972dbc9cd7cdf6_190)*] for additional information.

[removed: The] [added: Overall, the] Company continues to see positive signs in its core operations, including [removed: strong] sales and premium growth, [removed: favorable persistency,] and [removed: a strong ROE, excluding] [added: continues to achieve an operating ROE (excluding] accumulated other comprehensive [removed: income.][added: income) generally in the mid-teens.]

| | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2023] [added: 2024] Change | | | | | | % | | | | | | [removed: 2022] [added: 2023] Change | | | | | | % | | |

| Life insurance underwriting margin | | | $ | [removed: 1,192,972] [added: 1,352,597] | | | | | $ | [removed: 1,129,525] [added: 1,192,972] | | | | | $ | [removed: 1,161,638] [added: 1,129,525] | | | | | $ | [removed: 63,447] [added: 159,625] | | | | | [removed: 6] [added: 13] | | | | | | $ | [removed: (32,113)] [added: 63,447] | | | | | [removed: (3)] [added: 6] | | |

| Health insurance underwriting margin | | | [removed: 377,937] [added: 372,423] | | | | | | [removed: 377,137] [added: 377,937] | | | | | | [removed: 352,478] [added: 377,137] | | | | | | [removed: 800] [added: (5,514)] | | | | | | [removed: —] [added: (1)] | | | | | | [removed: 24,659] [added: 800] | | | | | | [removed: 7] [added: —] | | |

| Excess investment income | | | [removed: 130,382] [added: 164,404] | | | | | | [removed: 104,589] [added: 130,382] | | | | | | [removed: 96,974] [added: 104,589] | | | | | | [removed: 25,793] [added: 34,022] | | | | | | [removed: 25] [added: 26] | | | | | | [removed: 7,615] [added: 25,793] | | | | | | [removed: 8] [added: 25] | | |

| Other [removed: insurance:] | | | [removed: | | | | | | | | | | | | | | | | | | | | | | | |] [added: 32] | | | | | | [added: 33] | | | | | | [added: 39] | | |

| Administrative expense | | | [removed: (301,161)] [added: (342,430)] | | | | | | [removed: (299,341)] [added: (301,161)] | | | | | | [removed: (271,631)] [added: (299,341)] | | | | | | [removed: (1,820)] [added: (41,269)] | | | | | | [removed: 1] [added: 14] | | | | | | [removed: (27,710)] [added: (1,820)] | | | | | | [removed: 10] [added: 1] | | |

| [removed: Corporate and other] [added: Other corporate expense] | | | [removed: (143,918)] [added: (179,610)] | | | | | | [removed: (137,201)] [added: (143,918)] | | | | | | [removed: (123,311)] [added: (137,201)] | | | | | | [removed: (6,717)] [added: (35,692)] | | | | | | [removed: 5] [added: 25] | | | | | | [removed: (13,890)] [added: (6,717)] | | | | | | [removed: 11] [added: 5] | | |

| Pre-tax total | | | [removed: 1,265,012] [added: 1,375,020] | | | | | | [removed: 1,186,466] [added: 1,265,012] | | | | | | [removed: 1,227,190] [added: 1,186,466] | | | | | | [removed: 78,546] [added: 110,008] | | | | | | [removed: 7] [added: 9] | | | | | | [removed: (40,724)] [added: 78,546] | | | | | | [removed: (3)] [added: 7] | | |

| Applicable taxes | | | [removed: (238,368)] [added: (266,036)] | | | | | | [removed: (225,439)] [added: (238,368)] | | | | | | [removed: (233,538)] [added: (225,439)] | | | | | | [removed: (12,929)] [added: (27,668)] | | | | | | [removed: 6] [added: 12] | | | | | | [removed: 8,099] [added: (12,929)] | | | | | | [removed: (3)] [added: 6] | | |

GL 2024 FORM 10-K

GL 2024 FORM 10-K

Summary of Operations. Net income increased 10% to $1.07 billion in 2024, compared with $971 million in 2023.

Net operating income increased 8% to $1.11 billion in 2024, compared with $1.03 billion in 2023, due to a 26% increase in excess investment income as well as a 13% increase in life underwriting margin.

Net operating income is primarily comprised of insurance underwriting margin plus excess investment income and annuity and other income, offset by operating expenses, after tax and, as such, is considered a non-GAAP measure.

As previously noted, a component of insurance underwriting margin is policy obligations, which includes for each reporting period the change in the liability for future policy benefits (LFPB).

If actual mortality, morbidity, and lapse experience equals our expected assumptions used in the development of our liability for future policy benefits, there would be no impact to our financial results.

Actual experience can have a material impact on financial results to the extent it significantly deviates from the expected assumptions which are used to develop our estimates of the liability for future policy benefits and amortization of the deferred acquisition cost asset (DAC).

For example, deviations in actual versus expected lapses in the early policy years tend to have a larger impact on DAC amortization than LFPB change in reserves.

Conversely, deviations in actual versus expected lapses in the later policy years typically have a larger impact on LFPB change in reserves than DAC amortization.

This is due to the release of DAC and LFPB where DAC capitalization in earlier years is amortizing over time and the LFPB is increasing over time as the policy stays inforce.

Disaggregated rollforwards of our present value of expected future net premiums and our expected future policy benefits are presented within *[Note 6—Policy Liabilities](#i547eaa9ead03449595972dbc9cd7cdf6_190)*, which include disclosure of remeasurement gain (loss) for the effect of actual variances from expected experience and the changes in assumptions (mortality, morbidity, and lapses) on future cash flows.

The Company performed an annual review of its assumptions in the third quarter of 2024 that resulted in favorable changes to its mortality and lapse assumptions on life and unfavorable changes to morbidity assumptions on health.

In our life segment mortality assumptions generally decreased across most channels in line with recent experience consistent with decreasing levels of excess deaths.

Lapse rate assumptions in the life segment were slightly increased across all channels.

For the health segment, morbidity assumptions were increased, causing higher future policy benefit reserves.

The assumption review process of the life and health segments resulted in a $46.3 million net remeasurement gain for the period ended December 31, 2024 as compared to a $3.2 million net remeasurement gain for the period ended December 31, 2023 and a $36.5 million net remeasurement loss for the period ended December 31, 2022.

Excluding the impact of assumption changes, the Company's results for actual variances from expected experience for both life and health produced a $57.4 million net remeasurement gain for the period ended December 31, 2024, as compared to a $38.0 million net remeasurement gain for the period ended December 31, 2023 and a $4.6 million net remeasurement gain for the period ended December 31, 2022.

GL 2024 FORM 10-K

| Segment profit or (loss) | | | 1,889,424 | | | | | | 1,701,291 | | | | | | 1,611,251 | | | | | | 188,133 | | | | | | 11 | | | | | | 90,040 | | | | | | 6 | | |

| Annuity and other income | | | 7,636 | | | | | | 8,800 | | | | | | 11,757 | | | | | | (1,164) | | | | | | (13) | | | | | | (2,957) | | | | | | (25) | | |

| Realized gains (losses) | | | (19,108) | | | | | | (51,884) | | | | | | (60,473) | | | | | | 32,776 | | | | | | | | | | | | 8,589 | | | | | | | | |

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

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

In 2024, the life insurance segment underwriting margin increased $160 million compared with 2023.

This was primarily a result of increased premiums and favorable policy obligations as a percent of premium due to a remeasurement gain resulting from the assumption updates in 2024.

In 2023, the life insurance segment underwriting margin increased $63 million when compared with 2022.

Excess investment income increased $34 million in 2024 compared with 2023, resulting from growth in our invested assets and increased yields due to higher interest rates.

In 2023, excess investment income increased $26 million compared with 2022.

In 2024, underwriting margin in the health segment decreased to $372 million due to higher claim utilization, compared with $378 million in 2023 and $377 million in 2022.

GL 2024 FORM 10-K

Underwriting margin increased to $1.35 billion in 2024, compared to $1.19 billion in 2023.

GL 2024 FORM 10-K

First-year collected premiums are lower than net sales over the prior 12 months because premiums are not collected on lapsed policies after the date of lapse.

Cancellations are not included in lapses.

Approximately 90% of our premiums are collected monthly; however, other premium payment options such as quarterly and annual are offered by the Company and may be elected by the policyholder.

The majority of premiums are paid by way of automatic draft or electronic payment from our policyholders and to a lesser extent from other payment methods such as check, credit card, and worksite payroll deduction.

Excluding our Direct to Consumer Division, we sell our policies primarily through independently contracted agents (“agents”) who earn commissions in accordance with contracts they have with the respective insurance subsidiary of the Company.

These contract arrangements with agents cover commission structures and rates, contract periods, credit terms for settlement of agent advance accounts, vesting rights in future renewal commissions upon termination of contracts and responsibility for certain premium collections.

Contract terms with agents vary, but generally commissions are earned over the life of the policy as premiums are paid.

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)*.

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

In 2022, net operating income decreased 3% from $994 million in 2021.

Net operating income is the consolidated total of segment profits after tax and as such is considered a non-GAAP measure.

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

| Other income | | | 308 | | | | | | 1,246 | | | | | | 1,216 | | | | | | (938) | | | | | | (75) | | | | | | 30 | | | | | | 2 | | |

| Realized gain (loss)—investments | | | (51,884) | | | | | | (60,473) | | | | | | 54,220 | | | | | | 8,589 | | | | | | | | | | | | (114,693) | | | | | | | | |

| Realized loss—redemption of debt | | | — | | | | | | — | | | | | | (7,358) | | | | | | — | | | | | | | | | | | | 7,358 | | | | | | | | |

| Administrative settlements | | | — | | | | | | — | | | | | | (1,047) | | | | | | — | | | | | | | | | | | | 1,047 | | | | | | | | |

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 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.

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

| Commissions, premium taxes, and non-deferred acquisition expenses | | | 338,758 | | | | | | 11 | | | | | | 299,453 | | | | | | 10 | | | | | | 274,475 | | | | | | 10 | | |

Life insurance products are marketed through several distribution channels.

The

underwriting margin, as a percent of premium, was 45% for the year ended December 31, 2023, down from 46% in the prior year due to higher acquisition costs.

In recent years, production from electronic media, which is comprised of sales through both the internet and inbound phone calls to our call center, has grown faster than direct mail response as customer preferences have focused marketing activity to internet and mobile technology.

DTC’s underwriting margin, as a percent of premium, was 24% for the year ended December 31, 2023 and 22% for the same period in 2022, and 2% below the 26% underwriting margin percentage for 2021.

The underwriting margin as a percent of premium was 33%, up from 31% for the year ended 2022, but down slightly from 34% for 2021.

The decrease in 2022 from 2021 is due primarily to higher acquisition costs.

With the division's ability to return to face-to-face customer interaction and the option of virtual sales, the Company continues to project total life net sales to increase in 2024 as compared to the prior year.

In addition to the aforementioned geographic expansion, we have also started a campaign of market expansion to increase our agency presence in cities where we currently have offices, but not enough to properly serve the community, region, area and city.

These tend to be larger geographic cities which will help create long-term sustainable agency growth.

The following table presents underwriting margin data for health insurance.

| Commissions, premium taxes, and non-deferred acquisition expenses | | | 220,392 | | | | | | 16 | | | | | | 206,544 | | | | | | 16 | | | | | | 180,748 | | | | | | 15 | | |

Health premium increased 3% in 2023 to $1.32 billion when compared to 2022.

In 2022, health premium rose 7% to $1.28 billion when compared to 2021.

Health underwriting margin increased slightly from $377 million in 2022 to $378 million in 2023 and increased 7% from $352 million in 2021 to $377 million in 2022 primarily due to growth in premiums.

Globe Life markets supplemental health insurance products through a number of distribution channels.

| Average producing agents | | | 1,334 | | | | | | 1,210 | | | | | | 1,213 | | | | | | 124 | | | | | | 10 | | | | | | (3) | | | | | | — | | |

In 2023, health premium income was flat.

Health net sales for 2023 increased by $4 million or 15% from 2022.

The Company's other distribution channels, while primarily focused on selling life insurance, also market health products.

ANNUITIES

Our fixed annuity balances at the end of 2023 and 2022 were $773.0 million and $954.3 million, respectively.

Underwriting margin was $8.5 million for 2023, $10.5 million for 2022, and $9.8 million for 2021.

We do not currently market stand-alone fixed or deferred annuity products, favoring instead protection-oriented life and supplemental health insurance products.

Information required by this item is found under the heading *Market Risk Sensitivity* in [removed: *[Item](#i978255a8c505469ca00e0a1c1e3bcb15_412)* [](#i978255a8c505469ca00e0a1c1e3bcb15_412)*[7](#i978255a8c505469ca00e0a1c1e3bcb15_412)*] [added: *[Item](#i547eaa9ead03449595972dbc9cd7cdf6_526)* [](#i547eaa9ead03449595972dbc9cd7cdf6_526)*[7](#i547eaa9ead03449595972dbc9cd7cdf6_526)*] of this report.

The following table presents Globe Life's business by primary marketing distribution [removed: method.][added: channel.]

Additional information concerning industry segments may be found in *[Management’s Discussion and [removed: Analysis](#i978255a8c505469ca00e0a1c1e3bcb15_412)*] [added: Analysis](#i547eaa9ead03449595972dbc9cd7cdf6_526)*] and in *[Note 15—Business [removed: Segments](#i978255a8c505469ca00e0a1c1e3bcb15_367)*] [added: Segments](#i547eaa9ead03449595972dbc9cd7cdf6_481)*] within the *[Notes to the Consolidated Financial [removed: Statements](#i978255a8c505469ca00e0a1c1e3bcb15_37).*][added: Statements](#i547eaa9ead03449595972dbc9cd7cdf6_37).*]

| [removed: ] [added: ] | | | | | | Direct to Consumer Division | | | | | | Globe Life And Accident Insurance Company McKinney, Texas | | | | | | Individual life and supplemental health 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 limited-benefit insurance marketed to working families. | | | | | | [removed: 10,579] [added: 11,741] 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 limited-benefit insurance distributed through in-home and worksite channels. | | | | | | [removed: 3,229] [added: 3,664] 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: 1,334] [added: 1,399] average producing agents in the U.S. | | |

| [removed: ] [added: ] | | | | | | United American Division | | | | | | United American Insurance Company McKinney, Texas | | | | | | Supplemental health Medicare coverage to beneficiaries and, to a lesser extent, supplemental limited-benefit coverage to people under age 65. | | | | | | [removed: 3,223] [added: 3,355] independent producing agents in the U.S. | | |

[removed: The] [added: Life Insurance—The] distribution channels for life insurance products include direct to consumer, exclusive agents, and independent agents.

The following table presents annualized premium in force for the three years ended December 31, [removed: 2023] [added: 2024] by distribution method:

| | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Direct to Consumer | | | $ | [removed: 933,057] [added: 922,508] | | | | | $ | [removed: 936,507] [added: 933,057] | | | | | $ | [removed: 929,197] [added: 936,507] | |

| American Income | | | [removed: 1,654,197] [added: 1,761,713] | | | | | | [removed: 1,553,003] [added: 1,654,197] | | | | | | [removed: 1,458,408] [added: 1,553,003] | | |

| Liberty National | | | [removed: 390,693] [added: 410,912] | | | | | | [removed: 360,963] [added: 390,693] | | | | | | [removed: 341,332] [added: 360,963] | | |

| United American | | | [removed: 6,958] [added: 6,499] | | | | | | [removed: 7,609] [added: 6,958] | | | | | | [removed: 8,426] [added: 7,609] | | |

| Other | | | [removed: 200,840] [added: 197,629] | | | | | | [removed: 203,438] [added: 200,840] | | | | | | [removed: 205,822] [added: 203,438] | | |

| | | | $ | [removed: 3,185,745] [added: 3,299,261] | | | | | $ | [removed: 3,061,520] [added: 3,185,745] | | | | | $ | [removed: 2,943,185] [added: 3,061,520] | |

(1)See definition of annualized premium in force under *[Results of [removed: Operations](#i978255a8c505469ca00e0a1c1e3bcb15_415)* *[in Management's] [added: Operations](#i547eaa9ead03449595972dbc9cd7cdf6_529)* [i](#i547eaa9ead03449595972dbc9cd7cdf6_526)[n](#i547eaa9ead03449595972dbc9cd7cdf6_526) *[Management's] Discussion & [removed: Analysis](#i978255a8c505469ca00e0a1c1e3bcb15_412).*][added: Analysis](#i547eaa9ead03449595972dbc9cd7cdf6_526).*]

| | | | [removed: 2023] [added: 2024] | | | | | | | | | | | | [removed: 2022] [added: 2023] | | | | | | | | | | | | [removed: 2021] [added: 2022] | | | | | | | | |

| Traditional | | | $ | [removed: 2,213,816] [added: 2,321,947] | | | | | [removed: 69] [added: 70] | | | | | | $ | [removed: 2,106,878] [added: 2,213,816] | | | | | 69 | | | | | | $ | [removed: 2,011,349] [added: 2,106,878] | | | | | [removed: 68] [added: 69] | | |

| Interest-sensitive | | | [removed: 29,929] [added: 28,105] | | | | | | 1 | | | | | | [removed: 31,838] [added: 29,929] | | | | | | 1 | | | | | | [removed: 33,912] [added: 31,838] | | | | | | 1 | | |

| Term | | | [removed: 753,261] [added: 745,231] | | | | | | [removed: 24] [added: 23] | | | | | | [removed: 756,471] [added: 753,261] | | | | | | [removed: 25] [added: 24] | | | | | | [removed: 750,005] [added: 756,471] | | | | | | [removed: 26] [added: 25] | | |

| Other | | | [removed: 188,739] [added: 203,978] | | | | | | 6 | | | | | | [removed: 166,333] [added: 188,739] | | | | | | [removed: 5] [added: 6] | | | | | | [removed: 147,919] [added: 166,333] | | | | | | 5 | | |

| | | | $ | [removed: 3,185,745] [added: 3,299,261] | | | | | 100 | | | | | | $ | [removed: 3,061,520] [added: 3,185,745] | | | | | 100 | | | | | | $ | [removed: 2,943,185] [added: 3,061,520] | | | | | 100 | | |

| Traditional | | | [removed: 9,050,091] [added: 9,092,122] | | | | | | $ | [removed: 16.0] [added: 16.2] | | | | | [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] | |

| Interest-sensitive | | | [removed: 176,339] [added: 169,054] | | | | | | 20.4 | | | | | | [removed: 183,887] [added: 176,339] | | | | | | 20.4 | | | | | | [removed: 191,536] [added: 183,887] | | | | | | 20.4 | | |

| Term | | | [removed: 4,680,364] [added: 4,600,839] | | | | | | [removed: 15.1] [added: 15.2] | | | | | | [removed: 4,720,870] [added: 4,680,364] | | | | | | [removed: 15.3] [added: 15.1] | | | | | | [removed: 4,731,044] [added: 4,720,870] | | | | | | 15.3 | | |

| Other | | | [removed: 479,664] [added: 495,894] | | | | | | [removed: 17.3] [added: 18.1] | | | | | | [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: 14,386,458] [added: 14,357,909] | | | | | | $ | [removed: 15.8] [added: 16.0] | | | | | [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: The] [added: Health Insurance—The] following table presents Globe Life's health insurance annualized premium in force for the three years ended December 31, [removed: 2023] [added: 2024] by distribution channel.

| Direct to Consumer | | | $ | [removed: 70,249] [added: 74,815] | | | | | $ | [removed: 72,161] [added: 70,249] | | | | | $ | [removed: 74,627] [added: 72,161] | |

| Liberty National | | | [removed: 200,160] [added: 201,874] | | | | | | [removed: 196,336] [added: 200,160] | | | | | | [removed: 196,783] [added: 196,336] | | |

| American Income | | | [removed: 116,962] [added: 119,986] | | | | | | [removed: 113,087] [added: 116,962] | | | | | | [removed: 111,102] [added: 113,087] | | |

| Family Heritage | | | [removed: 418,693] [added: 454,725] | | | | | | [removed: 387,897] [added: 418,693] | | | | | | [removed: 363,226] [added: 387,897] | | |

| United American | | | [removed: 579,237] [added: 624,446] | | | | | | [removed: 558,373] [added: 579,237] | | | | | | [removed: 540,340] [added: 558,373] | | |

| | | | $ | [removed: 1,385,301] [added: 1,475,846] | | | | | $ | [removed: 1,327,854] [added: 1,385,301] | | | | | $ | [removed: 1,286,078] [added: 1,327,854] | |

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

The following table presents supplemental health annualized premium in force information for the three years ended December 31, [removed: 2023] [added: 2024] by product category.

| Limited-benefit plans | | | $ | [removed: 782,424] [added: 824,844] | | | | | 56 | | | | | | $ | [removed: 735,858] [added: 782,424] | | | | | [removed: 55] [added: 56] | | | | | | $ | [removed: 700,767] [added: 735,858] | | | | | [removed: 54] [added: 55] | | |

| Medicare Supplement | | | [removed: 602,877] [added: 651,002] | | | | | | 44 | | | | | | [removed: 591,996] [added: 602,877] | | | | | | [removed: 45] [added: 44] | | | | | | [removed: 585,311] [added: 591,996] | | | | | | [removed: 46] [added: 45] | | |

| | | | $ | [removed: 1,385,301] [added: 1,475,846] | | | | | 100 | | | | | | $ | [removed: 1,327,854] [added: 1,385,301] | | | | | 100 | | | | | | $ | [removed: 1,286,078] [added: 1,327,854] | | | | | 100 | | |

GL 2024 FORM 10-K

[Table of](#i547eaa9ead03449595972dbc9cd7cdf6_883) [Contents](#i547eaa9ead03449595972dbc9cd7cdf6_883)

GL 2024 FORM 10-K

[Table of](#i547eaa9ead03449595972dbc9cd7cdf6_883) [Contents](#i547eaa9ead03449595972dbc9cd7cdf6_883)

| | | | 2024 | | | | | | | | | | | | 2023 | | | | | | | | | | | | 2022 | | | | | | | | |

GL 2024 FORM 10-K

[Table of](#i547eaa9ead03449595972dbc9cd7cdf6_883) [Contents](#i547eaa9ead03449595972dbc9cd7cdf6_883)

| | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

| | | | 2024 | | | | | | | | | | | | 2023 | | | | | | | | | | | | 2022 | | | | | | | | |

Generally, the mortality and lapse

GL 2024 FORM 10-K

[Table of](#i547eaa9ead03449595972dbc9cd7cdf6_883) [Contents](#i547eaa9ead03449595972dbc9cd7cdf6_883)

GL 2024 FORM 10-K

[Table of](#i547eaa9ead03449595972dbc9cd7cdf6_883) [Contents](#i547eaa9ead03449595972dbc9cd7cdf6_883)

Sustainable Business Practices

| 2024 | | | | | | | | | | | | | | | | | | | | | | | |

GL 2024 FORM 10-K

[Table of](#i547eaa9ead03449595972dbc9cd7cdf6_883) [Contents](#i547eaa9ead03449595972dbc9cd7cdf6_883)

GL 2024 FORM 10-K

[Table of](#i547eaa9ead03449595972dbc9cd7cdf6_883) [Contents](#i547eaa9ead03449595972dbc9cd7cdf6_883)

GL 2023 FORM 10-K

Life Insurance

Health Insurance

Annuities

Annuity products include single-premium and flexible-premium deferred annuities.

Annuities in each of the three years ended December 31, 2023, comprised less than 1% of premium.

The Company does not currently market stand-alone fixed or deferred annuity products.

Pricing

Underwriting

Reserves

Reinsurance

Investments

Competition

Under the rules of the

Environmental, Social, and Governance (ESG)

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

In furtherance of our commitment to our employees, we offer a comprehensive employee benefits package that includes competitive monetary benefits, retirement

Discussion regarding litigation and unclaimed property audits is provided in *[Note 5—Commitments and [removed: Contingencies](#i978255a8c505469ca00e0a1c1e3bcb15_166)*.][added: Contingencies](#i547eaa9ead03449595972dbc9cd7cdf6_169)*.]

For the fiscal year ended December 31, [removed: 2023][added: 2024]

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the [removed: Exchange] Act).

As of June 30, [removed: 2023,] [added: 2024,] the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was [removed: $10.4] [added: $7.4] billion based on the closing sale price as reported on the New York Stock Exchange.

| Class | | | | | | Outstanding as of January 31, [removed: 2024] [added: 2025] | | |

| Common Stock, $1.00 par value per share | | | | | | [removed: 93,707,838] [added: 83,848,424] shares | | |

| Proxy Statement for the Annual Meeting of Stockholders to be held on April [removed: 25, 2024] [added: 24, 2025] (Proxy Statement) | | | | | | Part III | | |

| | | | Item 1A. | | | [Risk [removed: Factors](#i978255a8c505469ca00e0a1c1e3bcb15_712)] [added: Factors](#i547eaa9ead03449595972dbc9cd7cdf6_835)] | | | [removed: [9](#i978255a8c505469ca00e0a1c1e3bcb15_712)] [added: [8](#i547eaa9ead03449595972dbc9cd7cdf6_835)] | | |

| | | | Item 1B. | | | [Unresolved Staff [removed: Comments](#i978255a8c505469ca00e0a1c1e3bcb15_817)] [added: Comments](#i547eaa9ead03449595972dbc9cd7cdf6_943)] | | | [removed: [15](#i978255a8c505469ca00e0a1c1e3bcb15_817)] [added: [16](#i547eaa9ead03449595972dbc9cd7cdf6_943)] | | |

| | | | Item 1C. | | | [removed: [Cybersecurity](#i978255a8c505469ca00e0a1c1e3bcb15_820)] [added: [Cybersecurity](#i547eaa9ead03449595972dbc9cd7cdf6_946)] | | | [removed: [15](#i978255a8c505469ca00e0a1c1e3bcb15_820)] [added: [16](#i547eaa9ead03449595972dbc9cd7cdf6_946)] | | |

| | | | Item 3. | | | [Legal [removed: Proceedings](#i978255a8c505469ca00e0a1c1e3bcb15_706)] [added: Proceedings](#i547eaa9ead03449595972dbc9cd7cdf6_829)] | | | [removed: [17](#i978255a8c505469ca00e0a1c1e3bcb15_706)] [added: [18](#i547eaa9ead03449595972dbc9cd7cdf6_829)] | | |

| | | | Item 4. | | | [Mine Safety [removed: Disclosures](#i978255a8c505469ca00e0a1c1e3bcb15_826)] [added: Disclosures](#i547eaa9ead03449595972dbc9cd7cdf6_952)] | | | [removed: [17](#i978255a8c505469ca00e0a1c1e3bcb15_826)] [added: [18](#i547eaa9ead03449595972dbc9cd7cdf6_952)] | | |

| | | | Item 5. | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i978255a8c505469ca00e0a1c1e3bcb15_829)] [added: Securities](#i547eaa9ead03449595972dbc9cd7cdf6_955)] | | | [removed: [18](#i978255a8c505469ca00e0a1c1e3bcb15_829)] [added: [19](#i547eaa9ead03449595972dbc9cd7cdf6_955)] | | |

| | | | Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i978255a8c505469ca00e0a1c1e3bcb15_412)] [added: Operations](#i547eaa9ead03449595972dbc9cd7cdf6_526)] | | | [removed: [21](#i978255a8c505469ca00e0a1c1e3bcb15_412)] [added: [21](#i547eaa9ead03449595972dbc9cd7cdf6_526)] | | |

| | | | Item 7A. | | | [Quantitative and Qualitative Disclosures about Market [removed: Risk](#i978255a8c505469ca00e0a1c1e3bcb15_673)] [added: Risk](#i547eaa9ead03449595972dbc9cd7cdf6_796)] | | | [removed: [53](#i978255a8c505469ca00e0a1c1e3bcb15_673)] [added: [54](#i547eaa9ead03449595972dbc9cd7cdf6_796)] | | |

| | | | Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i978255a8c505469ca00e0a1c1e3bcb15_847)] [added: Data](#i547eaa9ead03449595972dbc9cd7cdf6_970)] | | | [removed: [53](#i978255a8c505469ca00e0a1c1e3bcb15_847)] [added: [54](#i547eaa9ead03449595972dbc9cd7cdf6_970)] | | |

| | | | | | | [Consolidated Balance [removed: Sheets](#i978255a8c505469ca00e0a1c1e3bcb15_19)] [added: Sheets](#i547eaa9ead03449595972dbc9cd7cdf6_19)] | | | [removed: [57](#i978255a8c505469ca00e0a1c1e3bcb15_19)] [added: [57](#i547eaa9ead03449595972dbc9cd7cdf6_19)] | | |

| | | | | | | [Consolidated Statements of [removed: Operations](#i978255a8c505469ca00e0a1c1e3bcb15_859)] [added: Operations](#i547eaa9ead03449595972dbc9cd7cdf6_982)] | | | [removed: [58](#i978255a8c505469ca00e0a1c1e3bcb15_859)] [added: [58](#i547eaa9ead03449595972dbc9cd7cdf6_982)] | | |

| | | | | | | [Consolidated Statements of Comprehensive [removed: Income](#i978255a8c505469ca00e0a1c1e3bcb15_862)] [added: Income](#i547eaa9ead03449595972dbc9cd7cdf6_985)] | | | [removed: [59](#i978255a8c505469ca00e0a1c1e3bcb15_862)] [added: [59](#i547eaa9ead03449595972dbc9cd7cdf6_985)] | | |

| | | | | | | [Consolidated Statements of Shareholders' [removed: Equity](#i978255a8c505469ca00e0a1c1e3bcb15_865)] [added: Equity](#i547eaa9ead03449595972dbc9cd7cdf6_988)] | | | [removed: [60](#i978255a8c505469ca00e0a1c1e3bcb15_865)] [added: [60](#i547eaa9ead03449595972dbc9cd7cdf6_988)] | | |

| | | | | | | [Consolidated Statements of Cash [removed: Flows](#i978255a8c505469ca00e0a1c1e3bcb15_868)] [added: Flows](#i547eaa9ead03449595972dbc9cd7cdf6_991)] | | | [removed: [61](#i978255a8c505469ca00e0a1c1e3bcb15_868)] [added: [61](#i547eaa9ead03449595972dbc9cd7cdf6_991)] | | |

| | | | | | | [Notes [removed: to Consolidated] [added: to](#i547eaa9ead03449595972dbc9cd7cdf6_37) [Consolidated] Financial [removed: Statements](#i978255a8c505469ca00e0a1c1e3bcb15_37)] [added: Statements](#i547eaa9ead03449595972dbc9cd7cdf6_37)] | | | [removed: [62](#i978255a8c505469ca00e0a1c1e3bcb15_37)] [added: [62](#i547eaa9ead03449595972dbc9cd7cdf6_37)] | | |

| | | | | | | [Note 1—Significant Accounting [removed: Policies](#i978255a8c505469ca00e0a1c1e3bcb15_40)] [added: Policies](#i547eaa9ead03449595972dbc9cd7cdf6_40)] | | | [removed: [62](#i978255a8c505469ca00e0a1c1e3bcb15_40)] [added: [62](#i547eaa9ead03449595972dbc9cd7cdf6_40)] | | |

| | | | | | | [Note 2—Statutory [removed: Accounting](#i978255a8c505469ca00e0a1c1e3bcb15_88)] [added: Accounting](#i547eaa9ead03449595972dbc9cd7cdf6_88)] | | | [removed: [77](#i978255a8c505469ca00e0a1c1e3bcb15_88)] [added: [73](#i547eaa9ead03449595972dbc9cd7cdf6_88)] | | |

| | | | | | | [Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive [removed: Income](#i978255a8c505469ca00e0a1c1e3bcb15_91)] [added: Income](#i547eaa9ead03449595972dbc9cd7cdf6_91)] | | | [removed: [78](#i978255a8c505469ca00e0a1c1e3bcb15_91)] [added: [75](#i547eaa9ead03449595972dbc9cd7cdf6_91)] | | |

| | | | | | | [Note 5—Commitments and [removed: Contingencies](#i978255a8c505469ca00e0a1c1e3bcb15_166)] [added: Contingencies](#i547eaa9ead03449595972dbc9cd7cdf6_169)] | | | [removed: [93](#i978255a8c505469ca00e0a1c1e3bcb15_166)] [added: [89](#i547eaa9ead03449595972dbc9cd7cdf6_169)] | | |

| | | | | | | [Note 6—Policy [removed: Liabilities](#i978255a8c505469ca00e0a1c1e3bcb15_187)] [added: Liabilities](#i547eaa9ead03449595972dbc9cd7cdf6_190)] | | | [removed: [96](#i978255a8c505469ca00e0a1c1e3bcb15_187)] [added: [93](#i547eaa9ead03449595972dbc9cd7cdf6_190)] | | |

| | | | | | | [Note 7—Deferred Acquisition [removed: Costs](#i978255a8c505469ca00e0a1c1e3bcb15_217)] [added: Costs](#i547eaa9ead03449595972dbc9cd7cdf6_313)] | | | [removed: [111](#i978255a8c505469ca00e0a1c1e3bcb15_217)] [added: [108](#i547eaa9ead03449595972dbc9cd7cdf6_313)] | | |

| | | | | | | [Note 8—Liability for Unpaid [removed: Claims](#i978255a8c505469ca00e0a1c1e3bcb15_226)] [added: Claims](#i547eaa9ead03449595972dbc9cd7cdf6_337)] | | | [removed: [114](#i978255a8c505469ca00e0a1c1e3bcb15_226)] [added: [110](#i547eaa9ead03449595972dbc9cd7cdf6_337)] | | |

| | | | | | | [Note 11—Supplemental Disclosures of Cash Flow [removed: Information](#i978255a8c505469ca00e0a1c1e3bcb15_313)] [added: Information](#i547eaa9ead03449595972dbc9cd7cdf6_427)] | | | [removed: [124](#i978255a8c505469ca00e0a1c1e3bcb15_313)] [added: [119](#i547eaa9ead03449595972dbc9cd7cdf6_427)] | | |

| | | | | | | [Note 14—Stock-Based [removed: Compensation](#i978255a8c505469ca00e0a1c1e3bcb15_352)] [added: Compensation](#i547eaa9ead03449595972dbc9cd7cdf6_466)] | | | [removed: [128](#i978255a8c505469ca00e0a1c1e3bcb15_352)] [added: [124](#i547eaa9ead03449595972dbc9cd7cdf6_466)] | | |

| | | | Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i978255a8c505469ca00e0a1c1e3bcb15_745)] [added: Disclosure](#i547eaa9ead03449595972dbc9cd7cdf6_871)] | | | [removed: [141](#i978255a8c505469ca00e0a1c1e3bcb15_745)] [added: [135](#i547eaa9ead03449595972dbc9cd7cdf6_871)] | | |

| | | | Item 9A. | | | [Controls and [removed: Procedures](#i978255a8c505469ca00e0a1c1e3bcb15_682)] [added: Procedures](#i547eaa9ead03449595972dbc9cd7cdf6_805)] | | | [removed: [141](#i978255a8c505469ca00e0a1c1e3bcb15_682)] [added: [135](#i547eaa9ead03449595972dbc9cd7cdf6_805)] | | |

| | | | Item 9B. | | | [Other [removed: Information](#i978255a8c505469ca00e0a1c1e3bcb15_844)] [added: Information](#i547eaa9ead03449595972dbc9cd7cdf6_994)] | | | [removed: [144](#i978255a8c505469ca00e0a1c1e3bcb15_844)] [added: [138](#i547eaa9ead03449595972dbc9cd7cdf6_994)] | | |

| | | | Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i978255a8c505469ca00e0a1c1e3bcb15_874)] [added: Inspections](#i547eaa9ead03449595972dbc9cd7cdf6_997)] | | | [removed: [144](#i978255a8c505469ca00e0a1c1e3bcb15_874)] [added: [138](#i547eaa9ead03449595972dbc9cd7cdf6_997)] | | |

| | | | Item 10. | | | [Directors, Executive Officers, and Corporate [removed: Governance](#i978255a8c505469ca00e0a1c1e3bcb15_877)] [added: Governance](#i547eaa9ead03449595972dbc9cd7cdf6_1000)] | | | [removed: [144](#i978255a8c505469ca00e0a1c1e3bcb15_877)] [added: [138](#i547eaa9ead03449595972dbc9cd7cdf6_1000)] | | |

| | | | Item 11. | | | [Executive [removed: Compensation](#i978255a8c505469ca00e0a1c1e3bcb15_880)] [added: Compensation](#i547eaa9ead03449595972dbc9cd7cdf6_1003)] | | | [removed: [144](#i978255a8c505469ca00e0a1c1e3bcb15_880)] [added: [138](#i547eaa9ead03449595972dbc9cd7cdf6_1003)] | | |

| | | | Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i978255a8c505469ca00e0a1c1e3bcb15_883)] [added: Matters](#i547eaa9ead03449595972dbc9cd7cdf6_1006)] | | | [removed: [144](#i978255a8c505469ca00e0a1c1e3bcb15_883)] [added: [138](#i547eaa9ead03449595972dbc9cd7cdf6_1006)] | | |

| | | | Item 13. | | | [Certain Relationships and Related Transactions and Director [removed: Independence](#i978255a8c505469ca00e0a1c1e3bcb15_886)] [added: Independence](#i547eaa9ead03449595972dbc9cd7cdf6_1009)] | | | [removed: [145](#i978255a8c505469ca00e0a1c1e3bcb15_886)] [added: [139](#i547eaa9ead03449595972dbc9cd7cdf6_1009)] | | |

| | | | Item 14. | | | [Principal Accountant Fees and [removed: Services](#i978255a8c505469ca00e0a1c1e3bcb15_889)] [added: Services](#i547eaa9ead03449595972dbc9cd7cdf6_1012)] | | | [removed: [145](#i978255a8c505469ca00e0a1c1e3bcb15_889)] [added: [139](#i547eaa9ead03449595972dbc9cd7cdf6_1012)] | | |

GL 2024 FORM 10-K

GL 2024 FORM 10-K

[Table of](#i547eaa9ead03449595972dbc9cd7cdf6_883) [Contents](#i547eaa9ead03449595972dbc9cd7cdf6_883)

| [PART I.](#i547eaa9ead03449595972dbc9cd7cdf6_886) | | | | | | | | | | | |

| | | | Item 1. | | | [Business](#i547eaa9ead03449595972dbc9cd7cdf6_886) | | | [1](#i547eaa9ead03449595972dbc9cd7cdf6_886) | | |

| | | | Item 2. | | | [Properties](#i547eaa9ead03449595972dbc9cd7cdf6_949) | | | [18](#i547eaa9ead03449595972dbc9cd7cdf6_949) | | |

| [PART II.](#i547eaa9ead03449595972dbc9cd7cdf6_955) | | | | | | | | | | | |

| | | | Item 6. | | | [\[Reserved\]](#i547eaa9ead03449595972dbc9cd7cdf6_967) | | | [19](#i547eaa9ead03449595972dbc9cd7cdf6_967) | | |

| | | | | | | [Cautionary Statements](#i547eaa9ead03449595972dbc9cd7cdf6_520) | | | [20](#i547eaa9ead03449595972dbc9cd7cdf6_520) | | |

| | | | | | | [Note 4—Investments](#i547eaa9ead03449595972dbc9cd7cdf6_109) | | | [77](#i547eaa9ead03449595972dbc9cd7cdf6_109) | | |

| | | | | | | [Note 9—Income Taxes](#i547eaa9ead03449595972dbc9cd7cdf6_355) | | | [111](#i547eaa9ead03449595972dbc9cd7cdf6_355) | | |

| | | | | | | [Note 10—Postretirement Benefits](#i547eaa9ead03449595972dbc9cd7cdf6_379) | | | [113](#i547eaa9ead03449595972dbc9cd7cdf6_379) | | |

| | | | | | | [Note 12—Debt](#i547eaa9ead03449595972dbc9cd7cdf6_430) | | | [120](#i547eaa9ead03449595972dbc9cd7cdf6_430) | | |

| | | | | | | [Note 13—Shareholders' Equity](#i547eaa9ead03449595972dbc9cd7cdf6_451) | | | [122](#i547eaa9ead03449595972dbc9cd7cdf6_451) | | |

| | | | | | | [Note 15—Business Segments](#i547eaa9ead03449595972dbc9cd7cdf6_481) | | | [128](#i547eaa9ead03449595972dbc9cd7cdf6_481) | | |

| | | | | | | [Note 16—Subsequent Events](#i547eaa9ead03449595972dbc9cd7cdf6_517) | | | [134](#i547eaa9ead03449595972dbc9cd7cdf6_517) | | |

| [PART III.](#i547eaa9ead03449595972dbc9cd7cdf6_1000) | | | | | | | | | | | |

| [PART IV.](#i547eaa9ead03449595972dbc9cd7cdf6_1015) | | | | | | | | | | | |

| | | | | | | [Signatures](#i547eaa9ead03449595972dbc9cd7cdf6_1033) | | | [148](#i547eaa9ead03449595972dbc9cd7cdf6_1033) | | |

GL 2024 FORM 10-K

[Table of](#i547eaa9ead03449595972dbc9cd7cdf6_883) [Contents](#i547eaa9ead03449595972dbc9cd7cdf6_883)

GL 2023 FORM 10-K

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

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

| | | | 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 4—Investments](#i978255a8c505469ca00e0a1c1e3bcb15_106) | | | [80](#i978255a8c505469ca00e0a1c1e3bcb15_106) | | |

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

As of December 31, [removed: 2023,] [added: 2024,] Globe Life had no unresolved SEC staff comments.

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

We assess the effectiveness of our [added: corporate] policies and controls [removed: internally] [added: internally,] as well as through the engagement of [removed: third parties] [added: external advisors] to conduct regular reviews, penetration tests, and vulnerability scans of [added: Company] information systems and applications.

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

[removed: In addition, we have implemented a third-party risk management program to] [added: We] assess [removed: our vendors’] [added: the] ability [added: of our vendors as appropriate] to adequately protect information, which includes requiring agreements [removed: with our vendors] that address cybersecurity.

We periodically review and assess [removed: certain third parties’] [added: vendors’] 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 [added: support our business, including to] provide insurance coverage to [removed: prospective and] [added: prospective,] current [added: and former] policyholders, we are an attractive target for cyber threat actors seeking financial gain.

[removed: 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, [added: we anticipate that our systems and data will continue to face attacks or other cybersecurity risks and] there can be no guarantee that we will not experience such an incident in the future.

[added: We describe whether] 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 [removed: *[Item](#i978255a8c505469ca00e0a1c1e3bcb15_712) [1A.][added: *[Item 1A.]

Risk [removed: Factors](#i978255a8c505469ca00e0a1c1e3bcb15_712)*,] [added: Factors](#i547eaa9ead03449595972dbc9cd7cdf6_835)*,] General Risk Factors, [removed: "The] [added: “The] failure to maintain effective and efficient information systems at the Company could adversely affect our financial condition and results of [removed: operations."][added: operations.”]

These updates include compliance [removed: with] [added: measures designed to meet] applicable regulations as well as current or planned changes to the regulations, an overview of the current cyber threats, risk management activities, and discussions of cyber incident investigations that warrant the attention of the Board.

The CISO also provides an annual update to the entire Board of Directors on [added: topics such as] changes in cybersecurity, top threats facing the Company, key risks and mitigation efforts, and any potential material cybersecurity incidents.

The plan also includes information pertaining to roles and responsibilities, escalation, [removed: third party] [added: third-party] support, documentation, reporting, and law enforcement engagement.

In addition, cybersecurity is incorporated into our third-party risk management program.

With respect to our independent sales agents, we require each agent to execute an agent agreement containing terms governing the ownership, use and confidentiality of policyholder and proprietary information.

We also engage with agency offices to support their use of measures and safeguards to protect information.

Our failure to maintain the safety of our policyholder’s information could have a

GL 2024 FORM 10-K

[Table of](#i547eaa9ead03449595972dbc9cd7cdf6_883) [Contents](#i547eaa9ead03449595972dbc9cd7cdf6_883)

GL 2024 FORM 10-K

[Table of](#i547eaa9ead03449595972dbc9cd7cdf6_883) [Contents](#i547eaa9ead03449595972dbc9cd7cdf6_883)

We describe whether

GL 2023 FORM 10-K

GL 2023 FORM 10-K

GL 2024 FORM 10-K

[Table of](#i547eaa9ead03449595972dbc9cd7cdf6_883) [Contents](#i547eaa9ead03449595972dbc9cd7cdf6_883)

GL 2023 FORM 10-K

There were [removed: 1,924] [added: 1,859] shareholders of record on December 31, [removed: 2023,] [added: 2024,] excluding shareholder accounts held in nominee form.

[removed: ][added: ]

*$100 invested on [removed: 12/31/2018] [added: 12/31/2019] in stock or index, including reinvestment of dividends.

Copyright© [removed: 2023] [added: 2025] Standard & Poor's, a division of S&P Global.

Purchases of Certain Equity Securities by the Issuer and affiliated purchasers for the Fourth Quarter [removed: 2023][added: 2024]

| October 1-31, 2024 | | | | | | 374,567 | | | | | | $ | 105.45 | | | | | 374,567 | | | | | | — | | |

| November 1-30, 2024 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |

| December 1-31, 2024 | | | | | | 116,484 | | | | | | 108.77 | | | | | | 116,484 | | | | | | — | | |

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 | | | | | | — | | |

1.Economic and other conditions, including the [added: continued] impact of inflation, geopolitical events, and the 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;

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

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

[removed: 13.The] [added: 14.The] severity, magnitude, and impact of natural or man-made catastrophic events, including but not limited to pandemics, tornadoes, hurricanes, earthquakes, war and terrorism, on our operations and personnel, commercial activity, level of claims, and demand for our products; and

[removed: 14.Our] [added: 15.Globe Life's] ability to access the commercial paper and debt markets, particularly if such markets become unpredictable or unstable for a certain period.

GL 2024 FORM 10-K

7.Litigation results or regulatory actions against the Company;

13.The impact of reputational damage on the Company including the impact on the Company's ability to attract and retain agents;

GL 2024 FORM 10-K

GL 2023 FORM 10-K

7.Litigation results;

| [Report of Independent Registered Public Accounting [removed: Firm](#i978255a8c505469ca00e0a1c1e3bcb15_853)] [added: Firm](#i547eaa9ead03449595972dbc9cd7cdf6_976)] (PCAOB No. 34) | | | [removed: [54](#i978255a8c505469ca00e0a1c1e3bcb15_853)] [added: [55](#i547eaa9ead03449595972dbc9cd7cdf6_976)] | | |

| [Consolidated Financial [removed: Statements:](#i978255a8c505469ca00e0a1c1e3bcb15_856)] [added: Statements:](#i547eaa9ead03449595972dbc9cd7cdf6_979)] | | | | | |

| [Consolidated Balance Sheets at December [removed: 31,](#i978255a8c505469ca00e0a1c1e3bcb15_19) 2023[, and](#i978255a8c505469ca00e0a1c1e3bcb15_19) 2022] [added: 31,](#i547eaa9ead03449595972dbc9cd7cdf6_19) 2024[, and](#i547eaa9ead03449595972dbc9cd7cdf6_19) 2023] | | | [removed: [57](#i978255a8c505469ca00e0a1c1e3bcb15_19)] [added: [57](#i547eaa9ead03449595972dbc9cd7cdf6_19)] | | |

| [Consolidated Statements of Operations for each of the three years in the period ended December [removed: 31](#i978255a8c505469ca00e0a1c1e3bcb15_859)[,](#i978255a8c505469ca00e0a1c1e3bcb15_859) 2023] [added: 31,](#i547eaa9ead03449595972dbc9cd7cdf6_982) 2024] | | | [removed: [58](#i978255a8c505469ca00e0a1c1e3bcb15_859)] [added: [58](#i547eaa9ead03449595972dbc9cd7cdf6_982)] | | |

| [Consolidated [removed: Stateme](#i978255a8c505469ca00e0a1c1e3bcb15_862)[nts] [added: Statements] of Comprehensive Income (Loss) for each of the three years in the period ended December [removed: 31,](#i978255a8c505469ca00e0a1c1e3bcb15_862) 2023] [added: 31,](#i547eaa9ead03449595972dbc9cd7cdf6_985) 2024] | | | [removed: [59](#i978255a8c505469ca00e0a1c1e3bcb15_862)] [added: [59](#i547eaa9ead03449595972dbc9cd7cdf6_985)] | | |

| [Consolidated Statements of Shareholders’ Equity for each of the three years in the period ended December [removed: 31,](#i978255a8c505469ca00e0a1c1e3bcb15_865) [](#i978255a8c505469ca00e0a1c1e3bcb15_865)2023] [added: 31,](#i547eaa9ead03449595972dbc9cd7cdf6_988) 2024] | | | [removed: [60](#i978255a8c505469ca00e0a1c1e3bcb15_865)] [added: [60](#i547eaa9ead03449595972dbc9cd7cdf6_988)] | | |

| [Consolidated Statements of Cash Flows for each of the three years in the period ended December [removed: 31,](#i978255a8c505469ca00e0a1c1e3bcb15_868) [](#i978255a8c505469ca00e0a1c1e3bcb15_868)2023] [added: 31,](#i547eaa9ead03449595972dbc9cd7cdf6_991) 2024] | | | [removed: [61](#i978255a8c505469ca00e0a1c1e3bcb15_868)] [added: [61](#i547eaa9ead03449595972dbc9cd7cdf6_991)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i978255a8c505469ca00e0a1c1e3bcb15_37)] [added: Statements](#i547eaa9ead03449595972dbc9cd7cdf6_37)] | | | [removed: [62](#i978255a8c505469ca00e0a1c1e3bcb15_37)] [added: [62](#i547eaa9ead03449595972dbc9cd7cdf6_37)] | | |

We have audited the accompanying consolidated balance sheets of Globe Life Inc. and subsidiaries (the "Company") as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] 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: 2023,] [added: 2024,] 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: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] 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: 2023,] [added: 2024,] 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: 28, 2024,] [added: 26, 2025,] expressed an unqualified opinion on the Company’s internal control over financial reporting.

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

Critical Audit [removed: Matters][added: Matter]

The critical audit [removed: matters] [added: matter] communicated below [removed: are matters] [added: is a matter] arising from the current-period audit of the financial statements that [removed: were] [added: was] communicated or required to be communicated to the audit committee and that (1) [removed: relate] [added: relates] to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit [removed: matters] [added: matter] below, providing [added: a] separate [removed: opinions] [added: opinion] on the critical audit [removed: matters] [added: matter] or on the accounts or disclosures to which [removed: they relate.][added: it relates.]

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 [removed: claim adjustment] [added: termination] expenses, less the present value of estimated future net premiums to be collected from policyholders.

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

◦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 [removed: insurance] products.

[removed: Globe] [added: Globe] Life [removed: Inc.][added: Inc.*, et al., Case No. 4:24-cv-00376).]

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

| | | | [added: | | | 2024 | | | | | |] 2023 | | | | | | 2022 | | |

| Fixed maturities—available for sale, at fair value (amortized cost: [removed: 2023—$18,924,914; 2022—$18,301,692,] [added: 2024—$18,835,809; 2023—$18,924,914,] allowance for credit losses: [added: 2024— $10,395;] 2023— [removed: $7,115; 2022— $0)] [added: $7,115)] | | | $ | [removed: 17,870,206] [added: 17,155,012] | | | | | $ | [removed: 16,503,365] [added: 17,870,206] | |

| Mortgage loans | | | [removed: 279,199] [added: 396,088] | | | | | | [removed: 181,305] [added: 279,199] | | |

| Policy loans | | | [removed: 657,020] [added: 699,669] | | | | | | [removed: 614,866] [added: 657,020] | | |

| Other long-term investments (includes: [removed: 2023—$795,583; 2022—$768,689] [added: 2024—$986,766; 2023—$795,583] under the fair value option) | | | [removed: 835,878] [added: 1,235,759] | | | | | | [removed: 794,711] [added: 835,878] | | |

| Short-term investments | | | [removed: 81,740] [added: 85,035] | | | | | | [removed: 114,121] [added: 81,740] | | |

| Total investments | | | [removed: 19,724,043] [added: 19,571,563] | | | | | | [removed: 18,208,368] [added: 19,724,043] | | |

| Cash [added: at beginning of year] | | | 103,156 | | | | | | 92,559 | | | [added: | | | 92,163 | | |]

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

| Other receivables | | | [removed: 630,223] [added: 691,907] | | | | | | [removed: 589,171] [added: 630,223] | | |

| Deferred acquisition costs | | | [removed: 6,009,477] [added: 6,495,589] | | | | | | [removed: 5,535,697] [added: 6,009,477] | | |

| Goodwill | | | [removed: 481,791] [added: 490,446] | | | | | | 481,791 | | |

| Other assets | | | [removed: 832,413] [added: 1,391,560] | | | | | | [removed: 819,630] [added: 832,413] | | |

| [removed: Total assets] [added: Total assets] | | | [added: | | | | | | | | | | | | | | | | | | | | | | | |] $ | 28,051,499 | | | | | [removed: $] | [removed: 25,986,797] | |

| Future policy benefits at current discount rates: (at original [added: discount] rates: [removed: 2023—$16,984,615; 2022—$16,355,726)] [added: 2024—$17,552,564; 2023—$16,984,615)] | | | $ | [removed: 19,460,353] [added: 18,457,263] | | | | | $ | [removed: 18,097,341] [added: 19,460,353] | |

| Unearned and advance premium | | | [removed: 254,567] [added: 257,631] | | | | | | [removed: 253,360] [added: 254,567] | | |

| Policy claims and other benefits payable | | | [removed: 514,875] [added: 532,832] | | | | | | [removed: 509,356] [added: 514,875] | | |

| Other policyholders' funds | | | [removed: 236,958] [added: 468,604] | | | | | | [removed: 123,236] [added: 236,958] | | |

| Total policy liabilities | | | [removed: 20,466,753] [added: 19,716,330] | | | | | | [removed: 18,983,293] [added: 20,466,753] | | |

| Current and deferred income taxes | | | [removed: 494,639] [added: 731,255] | | | | | | [removed: 434,649] [added: 494,639] | | |

GL 2024 FORM 10-K

The

GL 2024 FORM 10-K

February 26, 2025

GL 2024 FORM 10-K

| Cash | | | 165,325 | | | | | | 103,156 | | |

| Total assets | | | $ | 29,076,181 | | | | | $ | 28,051,499 | |

| Total liabilities | | | 23,770,661 | | | | | | 23,564,696 | | |

GL 2024 FORM 10-K

GL 2024 FORM 10-K

GL 2024 FORM 10-K

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

| Balance at January 1, 2024 | | | — | | | | | | 102,218 | | | | | | 532,474 | | | | | | (2,772,419) | | | | | | 7,478,813 | | | | | | (854,283) | | | | | | 4,486,803 | | |

| Comprehensive income (loss) | | | — | | | | | | — | | | | | | — | | | | | | 742,699 | | | | | | 1,070,762 | | | | | | — | | | | | | 1,813,461 | | |

| Stock-based compensation | | | — | | | | | | — | | | | | | 22,277 | | | | | | — | | | | | | (438) | | | | | | 18,279 | | | | | | 40,118 | | |

| Exercise of stock options | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,358) | | | | | | 58,144 | | | | | | 51,786 | | |

| Balance at December 31, 2024 | | | $ | — | | | | | $ | 97,218 | | | | | $ | 527,795 | | | | | $ | (2,029,720) | | | | | $ | 8,002,521 | | | | | $ | (1,292,294) | | | | | $ | 5,305,520 | |

GL 2024 FORM 10-K

| Net income | | | $ | 1,070,762 | | | | | $ | 970,755 | | | | | $ | 894,386 | |

| Proceeds from commercial paper with original maturities greater than 90 days | | | 484,726 | | | | | | — | | | | | | — | | |

| Repayment of commercial paper with original maturities greater than 90 days | | | (372,011) | | | | | | — | | | | | | — | | |

| Amounts paid to reinsurer | | | (413,779) | | | | | | — | | | | | | — | | |

GL 2024 FORM 10-K

GL 2024 FORM 10-K

COLI is reported at the cash surrender value; changes in the cash surrender value are recorded in net investment income.

GL 2024 FORM 10-K

GL 2024 FORM 10-K

The Company utilizes pricing from multiple pricing providers and applies a hierarchy of sources to determine price.

If fair value differences from pricing providers are determined to be unreasonable and additional pricing resources utilizing observable market data cannot corroborate the price within a reasonable tolerance, then the security will be classified as Level 3.

This will result in the recording of an allowance for credit losses as a contra

GL 2024 FORM 10-K

GL 2024 FORM 10-K

If management determines that foreclosure of a particular property is probable, or determines the loan is collateral dependent, the company may elect the practical expedient.

Generally, commissions are paid to an agent when due over the life of a policy as premiums are paid.

However, some agents may qualify to have their commissions (primarily first-year commissions) paid in advance of when the commissions are earned.

To the extent an advance is made, we will generally advance up to 65% of first year commissions.

This creates an agent debit balance which is classified within “Other receivables”.

If an agent has an agent debit balance with the Company, commissions earned by that agent are generally first applied to reduce the amounts owed to the Company.

Any excess will be paid to the agent in cash.

Commissions are earned by the agent over the contract period as long as premium is paid by the policyholder and the policy stays in force.

GL 2023 FORM 10-K

Change in Accounting Principle

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

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)

*Critical Audit Matter Description*

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

The adoption of ASU 2018-12 significantly modified the Company’s accounting for and disclosure of long-duration life and health insurance contracts.

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.

*How the Critical Audit Matter Was Addressed in the Audit*

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.

- With the assistance of our actuarial specialists, we evaluated the reasonableness of the valuation models and assumptions used to estimate the liability for future policy benefits and amortization of deferred acquisition costs.

February 28, 2024

Consolidated Balance Sheets

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

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

Consolidated Statements of Operations

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

| Balance at December 31, 2020 | | | $ | — | | | | | $ | 113,218 | | | | | $ | 527,435 | | | | | $ | 3,029,244 | | | | | $ | 5,874,109 | | | | | $ | (772,914) | | | | | $ | 8,771,092 | |

| Adoption of ASU 2018-12 | | | — | | | | | | — | | | | | | — | | | | | | (7,825,049) | | | | | | (12,522) | | | | | | — | | | | | | (7,837,571) | | |

| Balance at January 1, 2021 | | | — | | | | | | 113,218 | | | | | | 527,435 | | | | | | (4,795,805) | | | | | | 5,861,587 | | | | | | (772,914) | | | | | | 933,521 | | |

| Comprehensive income (loss) | | | — | | | | | | — | | | | | | — | | | | | | 560,757 | | | | | | 1,031,114 | | | | | | — | | | | | | 1,591,871 | | |

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

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

| Balance at December 31, 2021 | | | — | | | | | | 109,218 | | | | | | 520,564 | | | | | | (4,235,048) | | | | | | 6,455,733 | | | | | | (846,659) | | | | | | 2,003,808 | | |

| Cash at beginning of year | | | 92,559 | | | | | | 92,163 | | | | | | 94,847 | | |

Notes to Consolidated Financial Statements

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

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

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

This guidance requires the assets acquired and liabilities assumed be based on their fair values at the acquisition date.

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

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

The cash flows associated with the purchase are recorded in the *[Consolidated Statement of Cash Flows](#i978255a8c505469ca00e0a1c1e3bcb15_868)* in "Other investing activities."

redemptions of investments are recorded in "Realized gains (losses)".

Further review is performed on the available valuations to determine if they can be corroborated within reasonable tolerance to any other observable evidence.

If one of the valuations or the mean of the available valuations for a security can be corroborated with other observable evidence, then the corroborated value is used and reported as Level 2.

The Company uses information and analytical techniques deemed appropriate for determining the point within the range of reasonable fair value estimates that is most representative of fair value under current market conditions.

Valuations that cannot be corroborated within a reasonable tolerance are classified as Level 3.

As of the end of the fiscal year completed December 31, [removed: 2023,] [added: 2024,] an evaluation was performed under the supervision and with the participation of Globe Life management, including the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer, of the disclosure controls and procedures (as those terms are defined in Rule 13a-15(e) under the Securities Exchange Act of 1934).

Based upon their evaluation as of December 31, [removed: 2023,] [added: 2024,] the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer have concluded that Globe Life's internal control over financial reporting is effective as of the date of this Form 10-K.

*Changes in Internal Control over Financial Reporting*: During the period ended December 31, [removed: 2023] [added: 2024,] there [removed: have not been any] [added: were no] changes to Globe Life Inc.'s internal control over financial [removed: reporting,] [added: reporting] or in other factors that could significantly affect 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: 2023.][added: 2024.]

We have audited the internal control over financial reporting of Globe Life Inc. and subsidiaries (the “Company”) as of December 31, [removed: 2023,] [added: 2024,] 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: 2023,] [added: 2024,] 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: 2023] [added: 2024] of the Company and our report dated February [removed: 28, 2024,] [added: 26, 2025,] expressed an unqualified opinion on those financial statements and financial statement [removed: schedules and included an explanatory paragraph regarding the Company’s adoption of a new accounting standard.][added: schedules.]

GL 2024 FORM 10-K

February 26, 2025

GL 2024 FORM 10-K

February 26, 2025

GL 2024 FORM 10-K

GL 2023 FORM 10-K

February 28, 2024

During the three months ended December 31, [removed: 2023,] [added: 2024,] 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.

The information required by this Item is incorporated herein by reference to the information that will be contained in our proxy statement related to the 2025 Annual Meeting of Stockholders, which we intend to file with the Securities and Exchange Commission within 120 days of the end of our fiscal year pursuant to General Instruction G(3) of Form 10-K.

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 25, 2024 (the Proxy Statement), which is to be filed with the Securities and Exchange Commission (SEC).

The information required by this Item is incorporated herein by reference to the information that will be contained in our proxy statement related to the 2025 Annual Meeting of Stockholders, which we intend to file with the Securities and Exchange Commission within 120 days of the end of our fiscal year pursuant to General Instruction G(3) of Form 10-K.

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,” “2023 GRANTS OF PLAN-BASED AWARDS,” “OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END 2023,” “OPTION EXERCISES AND STOCK VESTED DURING FISCAL YEAR ENDED DECEMBER 31, 2023,” “PENSION BENEFITS AT DECEMBER 31, 2023,” “POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE-IN-CONTROL,” "PAY VERSUS PERFORMANCE," "CEO PAY RATIO," “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: 2023][added: 2024]

| Equity compensation plans [added: not] approved by security holders | | | | | | [removed: 5,940,320] [added: —] | | | | | | [removed: $] [added: —] | [removed: 96.19] | | | | | [removed: 2,331,316] [added: —] | | |

| Equity compensation plans [removed: not] approved by security holders | | | | | | [added: 5,825,957] | | | | | | [added: $] | [added: 99.74] | | | | | [added: 4,286,654] | | |

| Total | | | | | | 5,825,957 | | | | | | $ | 99.74 | | | | | 4,286,654 | | |

The information required by this Item is incorporated herein by reference to the information that will be contained in our proxy statement related to the 2025 Annual Meeting of Stockholders, which we intend to file with the Securities and Exchange Commission within 120 days of the end of our fiscal year pursuant to General Instruction G(3) of Form 10-K.

The information required by this Item is incorporated herein by reference to the information that will be contained in our proxy statement related to the 2025 Annual Meeting of Stockholders, which we intend to file with the Securities and Exchange Commission within 120 days of the end of our fiscal year pursuant to General Instruction G(3) of Form 10-K.

GL 2024 FORM 10-K

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

Information required by this item is incorporated by reference from the section entitled “PRINCIPAL SHAREHOLDERS” in the Proxy Statement, which is to be filed with the SEC.

Information required by this item is incorporated by reference from the section entitled “Stock Ownership” in the Proxy Statement, which is to be filed with the SEC.

GL 2023 FORM 10-K

The information required by this Item is incorporated herein by reference to the information that will be contained in our proxy statement related to the 2025 Annual Meeting of Stockholders, which we intend to file with the Securities and Exchange Commission within 120 days of the end of our fiscal year pursuant to General Instruction G(3) of Form 10-K.

Information required by this item is incorporated by reference from the sections entitled “RELATED PARTY TRANSACTION POLICY AND TRANSACTIONS” and “Director Independence Determinations” in the Proxy Statement, which is to be filed with the SEC.

The information required by this Item is incorporated herein by reference to the information that will be contained in our proxy statement related to the 2025 Annual Meeting of Stockholders, which we intend to file with the Securities and Exchange Commission within 120 days of the end of our fiscal year pursuant to General Instruction G(3) of Form 10-K.

Information required by this Item is incorporated by reference from the section entitled “PRINCIPAL ACCOUNTING FIRM FEES” and “PRE-APPROVAL POLICY FOR ACCOUNTING FEES” in the Proxy Statement, which is to be filed with the SEC.

| [Report of Independent Registered Public Accounting [removed: Firm](#i978255a8c505469ca00e0a1c1e3bcb15_853)] [added: Firm](#i547eaa9ead03449595972dbc9cd7cdf6_976)] | | | [removed: [54](#i978255a8c505469ca00e0a1c1e3bcb15_853)] [added: [55](#i547eaa9ead03449595972dbc9cd7cdf6_976)] | | |

| [Consolidated Balance Sheets [removed: at](#i978255a8c505469ca00e0a1c1e3bcb15_19) [December] [added: at](#i547eaa9ead03449595972dbc9cd7cdf6_19) December] 31, [removed: 2023](#i978255a8c505469ca00e0a1c1e3bcb15_19) [and](#i978255a8c505469ca00e0a1c1e3bcb15_19) [2022](#i978255a8c505469ca00e0a1c1e3bcb15_19)] [added: 2024 [and](#i547eaa9ead03449595972dbc9cd7cdf6_19) 2023] | | | [removed: [57](#i978255a8c505469ca00e0a1c1e3bcb15_19)] [added: [57](#i547eaa9ead03449595972dbc9cd7cdf6_19)] | | |

| [Consolidated Statements of Operations for each of the three years in the period [removed: ended](#i978255a8c505469ca00e0a1c1e3bcb15_859) [December] [added: ended](#i547eaa9ead03449595972dbc9cd7cdf6_982) December] 31, [removed: 2023](#i978255a8c505469ca00e0a1c1e3bcb15_859)] [added: 2024] | | | [removed: [58](#i978255a8c505469ca00e0a1c1e3bcb15_859)] [added: [58](#i547eaa9ead03449595972dbc9cd7cdf6_982)] | | |

| [Consolidated Statements of Comprehensive Income for each of the three years in the period [removed: ended](#i978255a8c505469ca00e0a1c1e3bcb15_862) [December] [added: ended](#i547eaa9ead03449595972dbc9cd7cdf6_985) December] 31, [removed: 2023](#i978255a8c505469ca00e0a1c1e3bcb15_862)] [added: 2024] | | | [removed: [59](#i978255a8c505469ca00e0a1c1e3bcb15_862)] [added: [59](#i547eaa9ead03449595972dbc9cd7cdf6_985)] | | |

| [Consolidated Statements of Shareholders’ Equity for each of the three years in the period [removed: ended](#i978255a8c505469ca00e0a1c1e3bcb15_865) [December] [added: ended](#i547eaa9ead03449595972dbc9cd7cdf6_988) December] 31, [removed: 2023](#i978255a8c505469ca00e0a1c1e3bcb15_865)] [added: 2024] | | | [removed: [60](#i978255a8c505469ca00e0a1c1e3bcb15_865)] [added: [60](#i547eaa9ead03449595972dbc9cd7cdf6_988)] | | |

| [Consolidated Statements of Cash Flows for each of the three years in the period [removed: ended](#i978255a8c505469ca00e0a1c1e3bcb15_868) [December] [added: ended](#i547eaa9ead03449595972dbc9cd7cdf6_991) December] 31, [removed: 2023](#i978255a8c505469ca00e0a1c1e3bcb15_868)] [added: 2024] | | | [removed: [61](#i978255a8c505469ca00e0a1c1e3bcb15_868)] [added: [61](#i547eaa9ead03449595972dbc9cd7cdf6_991)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i978255a8c505469ca00e0a1c1e3bcb15_37)] [added: Statements](#i547eaa9ead03449595972dbc9cd7cdf6_37)] | | | [removed: [62](#i978255a8c505469ca00e0a1c1e3bcb15_37)] [added: [62](#i547eaa9ead03449595972dbc9cd7cdf6_37)] | | |

| Schedules Supporting Financial Statements for each of the three years in the period ended December 31, [removed: 2023:] [added: 2024:] | | | | | |

| [II. Condensed Financial Information of Registrant (Parent [removed: Company)](#i978255a8c505469ca00e0a1c1e3bcb15_904)] [added: Company)](#i547eaa9ead03449595972dbc9cd7cdf6_1027)] | | | [removed: [150](#i978255a8c505469ca00e0a1c1e3bcb15_904)] [added: [143](#i547eaa9ead03449595972dbc9cd7cdf6_1027)] | | |

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

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

| 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 [removed: Debentures](http://www.sec.gov/Archives/edgar/data/320335/000093176301501911/dex43.txt)] [added: Debentures](https://www.sec.gov/Archives/edgar/data/320335/000093176301501911/dex43.txt)] | | | | | | 8-K | | | | | | November 2, 2001 | | | | | | | | | | | | | | |

| 4.2 | | | | | | [Third Supplemental Indenture dated as of November 17, 2017 between Torchmark Corporation and Regions Bank, as Trustee, supplementing the Junior Subordinated Indenture dated as of November 2, [removed: 2001](http://www.sec.gov/Archives/edgar/data/320335/000032033517000048/a3rdsupplementalindenture1.htm)] [added: 2001](https://www.sec.gov/Archives/edgar/data/320335/000032033517000048/a3rdsupplementalindenture1.htm)] | | | | | | 8-K | | | | | | November 17, 2017 | | | | | | | | | | | | | | |

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

| 4.4 | | | | | | [Senior Indenture, dated as of September 24, 2018, between Torchmark Corporation and Regions Bank, as [removed: Trustee](http://www.sec.gov/Archives/edgar/data/320335/000032033518000037/exhibit41torchmarkbaseinde.htm)] [added: Trustee](https://www.sec.gov/Archives/edgar/data/320335/000032033518000037/exhibit41torchmarkbaseinde.htm)] | | | | | | S-3 | | | | | | September 24, 2018 | | | | | | | | | | | | | | |

| 4.5 | | | | | | [First Supplemental Indenture, dated as of September 27, 2018, between Torchmark Corporation 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/320335/000032033518000041/exhibit42firstsupplemental.htm)] | | | | | | 8-K | | | | | | September 27, 2018 | | | | | | | | | | | | | | |

| 4.6 | | | | | | [Second Supplemental Indenture, dated as of August 21, 2020, between Globe Life Inc. and Regions Bank, as [removed: Trustee](http://www.sec.gov/Archives/edgar/data/0000320335/000032033520000044/exhibit42secondsupplemen.htm)] [added: Trustee](https://www.sec.gov/Archives/edgar/data/320335/000032033520000044/exhibit42secondsupplemen.htm)] | | | | | | 8-K | | | | | | August 21, 2020 | | | | | | | | | | | | | | |

| 10.1 | | | | | | [Form of Retirement Life Insurance Benefit Agreement [removed: ($1,995,000] [added: ($495,000] face amount [removed: limit)*](http://www.sec.gov/Archives/edgar/data/320335/000093176302000748/dex10z.txt)] [added: limit)*](https://www.sec.gov/Archives/edgar/data/320335/000093176302000748/dex10aa.txt)] | | | | | | 10-K | | | | | | March 22, 2002 | | | | | | | | | | | | | | |

| [removed: 10.7] [added: 10.11] | | | | | | [removed: [Amendment Four] [added: [First Amendment] to [removed: the] Torchmark Corporation [removed: Supplemental Executive Retirement Plan](http://www.sec.gov/Archives/edgar/data/0000320335/000032033520000008/gli201910-kexhibit1010.htm)*] [added: 2018 Incentive Plan*](https://www.sec.gov/Archives/edgar/data/0000320335/000032033520000008/gli201910-kexhibit1031.htm)] | | | | | | 10-K | | | | | | February 27, 2020 | | | | | | | | | | | | | | |

| [removed: 10.11] [added: 10.8] | | | | | | [Torchmark Corporation [added: Amended 2011] Non-Employee Director Compensation Plan, [removed: as amended and restated*](http://www.sec.gov/Archives/edgar/data/320335/000119312508094937/dex101.htm)] [added: effective January, 2017](https://www.sec.gov/Archives/edgar/data/320335/000032033517000010/tmk201610-kexhibit1055.htm)*] | | | | | | [removed: 8-K] [added: 10-K] | | | | | | [removed: April 29, 2008] [added: February 27, 2017] | | | | | | | | | | | | | | |

| [removed: 10.12] [added: 10.9] | | | | | | [Form of Restricted Stock Unit Award Notice under Torchmark Corporation [added: 2011] Non-Employee Director Compensation [removed: Plan*](http://www.sec.gov/Archives/edgar/data/320335/000119312508043419/dex1058.htm)] [added: Plan*](https://www.sec.gov/Archives/edgar/data/320335/000119312511049737/dex1059.htm)] | | | | | | 10-K | | | | | | February [removed: 29, 2008] [added: 28, 2011] | | | | | | | | | | | | | | |

| [removed: 10.13] [added: 10.3] | | | | | | [Receivables Purchase Agreement dated as of December 31, 2008 among AILIC Receivables Corporation, American Income Life Insurance Company and TMK Re, [removed: Ltd.](http://www.sec.gov/Archives/edgar/data/320335/000119312509001571/dex101.htm)] [added: Ltd.](https://www.sec.gov/Archives/edgar/data/320335/000119312509001571/dex101.htm)] | | | | | | 8-K | | | | | | January 6, 2009 | | | | | | | | | | | | | | |

| [removed: 10.14] [added: 10.4] | | | | | | [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, [removed: Ltd.](http://www.sec.gov/Archives/edgar/data/320335/000119312514076801/d622095dex1058.htm)] [added: Ltd.](https://www.sec.gov/Archives/edgar/data/320335/000119312514076801/d622095dex1058.htm)] | | | | | | 10-K | | | | | | February 28, 2014 | | | | | | | | | | | | | | |

| [removed: 10.15] [added: 10.5] | | | | | | [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, [removed: Ltd.](http://www.sec.gov/Archives/edgar/data/320335/000032033519000006/tmk201810-kexhibit1017.htm)] [added: Ltd.](https://www.sec.gov/Archives/edgar/data/320335/000032033519000006/tmk201810-kexhibit1017.htm)] | | | | | | 10-K | | | | | | March 1, 2019 | | | | | | | | | | | | | | |

| [removed: 10.16] [added: 10.6] | | | | | | [Torchmark Corporation 2011 Incentive [removed: Plan*](http://www.sec.gov/Archives/edgar/data/320335/000119312511125948/dex101.htm)] [added: Plan*](https://www.sec.gov/Archives/edgar/data/320335/000119312511125948/dex101.htm)] | | | | | | 8-K | | | | | | May 4, 2011 | | | | | | | | | | | | | | |

| [removed: 10.17] [added: 10.7] | | | | | | [First Amendment to Torchmark Corporation 2011 Incentive [removed: Plan*](http://www.sec.gov/Archives/edgar/data/320335/000119312514167194/d717090dex101.htm)] [added: Plan*](https://www.sec.gov/Archives/edgar/data/320335/000119312514167194/d717090dex101.htm)] | | | | | | 8-K | | | | | | April 29, 2014 | | | | | | | | | | | | | | |

| [removed: 10.18] [added: 10.17] | | | | | | [Form of Ten [removed: year] [added: Year] Stock Option under Torchmark Corporation [removed: 2011] [added: 2018] Incentive [removed: Plan*](http://www.sec.gov/Archives/edgar/data/320335/000119312511125948/dex104.htm)] [added: Plan*](https://www.sec.gov/Archives/edgar/data/320335/000032033518000014/ex1062018formoftenyearopti.htm)] | | | | | | 8-K | | | | | | May [removed: 4, 2011] [added: 2, 2018] | | | | | | | | | | | | | | |

| [removed: 10.19] [added: 10.15] | | | | | | [Form of Seven [removed: year] [added: Year] Stock Option under Torchmark Corporation [removed: 2011] [added: 2018] Incentive [removed: Plan*](http://www.sec.gov/Archives/edgar/data/320335/000119312511125948/dex105.htm)] [added: Plan with Non-Compete, Non-Solicit and Confidentiality Provisions*](https://www.sec.gov/Archives/edgar/data/320335/000032033518000014/ex1052018formof7yearstock.htm)] | | | | | | 8-K | | | | | | May [removed: 4, 2011] [added: 2, 2018] | | | | | | | | | | | | | | |

| [removed: 10.20] [added: 10.18] | | | | | | [Form of [removed: Seven] [added: Ten] Year Stock Option [removed: Grant Agreement] under Torchmark Corporation [removed: 2011] [added: 2018] Incentive [removed: Plan, as amended] [added: Plan] with Non-Compete, Non-Solicit and Confidentiality [removed: Provisions*](http://www.sec.gov/Archives/edgar/data/320335/000032033517000010/tmk201610-kexhibit1075.htm)] [added: Provisions*](https://www.sec.gov/Archives/edgar/data/320335/000032033518000014/ex1072018formoftenyearstoc.htm)] | | | | | | [removed: 10-K] [added: 8-K] | | | | | | [removed: February 27, 2017] [added: May 2, 2018] | | | | | | | | | | | | | | |

| [removed: 10.21] [added: 10.29] | | | | | | [Form of [removed: Ten] [added: Seven] Year Stock Option [removed: Grant Agreement] under [removed: Torchmark Corporation 2011] [added: Globe Life Inc. 2018] Incentive [removed: Plan, as amended] [added: Plan] with Non-Compete, Non-Solicit and Confidentiality [removed: Provisions*](http://www.sec.gov/Archives/edgar/data/320335/000032033517000010/tmk201610-kexhibit1076.htm)] [added: Provisions (2023)*](https://www.sec.gov/Archives/edgar/data/320335/000032033523000008/gli202210-kexhibit1049xq4.htm)] | | | | | | 10-K | | | | | | February [removed: 27, 2017] [added: 23, 2023] | | | | | | | | | | | | | | |

| [removed: 10.22] [added: 10.33] | | | | | | [Form of Seven Year Stock Option [removed: Grant Agreement (Special)] under [removed: Torchmark Corporation 2011] [added: Globe Life Inc. 2018] Incentive [removed: Plan, as amended] [added: Plan] with Non-Compete, Non-Solicit and Confidentiality [removed: Provisions*](http://www.sec.gov/Archives/edgar/data/320335/000032033517000010/tmk201610-kexhibit1078.htm)] [added: Provisions (2024)*](https://www.sec.gov/Archives/edgar/data/320335/000032033524000006/gli202310-kexhibit1054xq4.htm)] | | | | | | 10-K | | | | | | February [removed: 27, 2017] [added: 28, 2024] | | | | | | | | | | | | | | |

| [removed: 10.24] [added: 10.20] | | | | | | [Form of Restricted Stock Unit Award Notice under [removed: Torchmark Corporation 2011] [added: Globe Life Inc. 2018] Non-Employee Director Compensation [removed: Plan*](http://www.sec.gov/Archives/edgar/data/320335/000119312511049737/dex1059.htm)] [added: Plan*](https://www.sec.gov/Archives/edgar/data/320335/000032033520000008/gli201910-kexhibit1046.htm)] | | | | | | 10-K | | | | | | February [removed: 28, 2011] [added: 27, 2020] | | | | | | | | | | | | | | |

| [removed: 10.25] [added: 10.1] | | | | | | [Torchmark Corporation 2018 Incentive [removed: Plan*](http://www.sec.gov/Archives/edgar/data/320335/000032033518000014/ex101tmk2018incentiveplan.htm)] [added: Plan*](https://www.sec.gov/Archives/edgar/data/320335/000032033518000014/ex101tmk2018incentiveplan.htm)] | | | | | | 8-K | | | | | | May 2, 2018 | | | | | | | | | | | | | | |

| [removed: 10.26] [added: 10.14] | | | | | | [removed: [First Amendment to Torchmark Corporation] [added: [Form of Seven Year Stock Option under Globe Life Inc.] 2018 Incentive [removed: Plan*](https://www.sec.gov/Archives/edgar/data/0000320335/000032033520000008/gli201910-kexhibit1031.htm)] [added: Plan*](https://www.sec.gov/Archives/edgar/data/0000320335/000032033520000008/gli201910-kexhibit1036.htm)] | | | | | | 10-K | | | | | | February 27, 2020 | | | | | | | | | | | | | | |

| [removed: 10.27] [added: 10.12] | | | | | | [removed: [Second](https://www.sec.gov/Archives/edgar/data/320335/000032033523000030/secondamendmenttoglobeli.htm) [Amendment] [added: [Second Amendment] to Globe Life Inc. [removed: 20](https://www.sec.gov/Archives/edgar/data/320335/000032033523000030/secondamendmenttoglobeli.htm)[18] [added: 2018] Incentive Plan*](https://www.sec.gov/Archives/edgar/data/320335/000032033523000030/secondamendmenttoglobeli.htm) | | | | | | 10-Q | | | | | | May 9, 2023 | | | | | | | | | | | | | | |

| [removed: 10.28] [added: 10.13] | | | | | | [Second Amended and Restated Globe Life Inc. 2018 Non-Employee Director Compensation Plan*](https://www.sec.gov/Archives/edgar/data/320335/000032033524000006/gli202310-kexhibit1028.htm) | | | | | | 10-K | | | | | | February 28, 2024 | | | | | | | | | | | | | | |

| [removed: 10.29] [added: 10.27] | | | | | | [Form of Performance Share Award [added: Certificate] under [removed: Torchmark Corporation] [added: Globe Life Inc.] 2018 Incentive [removed: Plan*](http://www.sec.gov/Archives/edgar/data/320335/000032033518000014/ex1032018formofperfshareaw.htm)] [added: Plan (2023)*](https://www.sec.gov/Archives/edgar/data/320335/000032033523000008/gli202210-kexhibit1047xq4.htm)] | | | | | | [removed: 8-K] [added: 10-K] | | | | | | [removed: May 2, 2018] [added: February 23, 2023] | | | | | | | | | | | | | | |

| [removed: 10.30] [added: 10.36] | | | | | | [Form of Performance Share Award [added: Certificate] under Globe Life Inc. 2018 Incentive [removed: Plan*](http://www.sec.gov/Archives/edgar/data/0000320335/000032033520000008/gli201910-kexhibit1034.htm)] [added: Plan (2024)*](https://www.sec.gov/Archives/edgar/data/320335/000032033524000006/gli202310-kexhibit1058xq4.htm)] | | | | | | 10-K | | | | | | February [removed: 27, 2020] [added: 28, 2024] | | | | | | | | | | | | | | |

| [removed: 10.31] [added: 10.30] | | | | | | [Form of [removed: Performance Share] [added: Restricted Stock Unit] Award [added: Certificate] under Globe Life Inc. 2018 Incentive [removed: Plan (2021)*](http://www.sec.gov/Archives/edgar/data/320335/000032033521000010/gli202010-kexhibit1056.htm)] [added: Plan*](https://www.sec.gov/Archives/edgar/data/320335/000032033523000008/gli202210-kexhibit1051xq4.htm)] | | | | | | 10-K | | | | | | February [removed: 25, 2021] [added: 23, 2023] | | | | | | | | | | | | | | |

| 10.32 | | | | | | [Form of [removed: Performance Share Award] [added: Seven Year Stock Option] under Globe Life Inc. 2018 Incentive Plan [removed: (2022)*](https://www.sec.gov/Archives/edgar/data/320335/000032033522000006/gli202110-kexhibit1033xq4.htm)] [added: (2024)*](https://www.sec.gov/Archives/edgar/data/320335/000032033524000006/gli202310-kexhibit1053xq4.htm)] | | | | | | 10-K | | | | | | February [removed: 23, 2022] [added: 28, 2024] | | | | | | | | | | | | | | |

| [IV. Reinsurance (Consolidated)](#i547eaa9ead03449595972dbc9cd7cdf6_1030) | | | [147](#i547eaa9ead03449595972dbc9cd7cdf6_1030) | | |

GL 2024 FORM 10-K

| 4.8 | | | | | | [F](https://www.sec.gov/Archives/edgar/data/320335/000032033524000052/globelifeinc-fourthsupplem.htm)[ourth Suppl](https://www.sec.gov/Archives/edgar/data/320335/000032033524000052/globelifeinc-fourthsupplem.htm)[emental Indenture, dated as of August 23, 2024, between Globe Life Inc. and Region](https://www.sec.gov/Archives/edgar/data/320335/000032033524000052/globelifeinc-fourthsupplem.htm)[s Bank, as](https://www.sec.gov/Archives/edgar/data/320335/000032033524000052/globelifeinc-fourthsupplem.htm) [Trustee](https://www.sec.gov/Archives/edgar/data/320335/000032033524000052/globelifeinc-fourthsupplem.htm) | | | | | | 8-K | | | | | | August 26, 2024 | | | | | | | | | | | | | | |

| 10.2 | | | | | | [A](https://www.sec.gov/Archives/edgar/data/320335/000032033525000013/a10-kexhibit102.htm)[mended and Restated S](https://www.sec.gov/Archives/edgar/data/320335/000032033525000013/a10-kexhibit102.htm)[upple](https://www.sec.gov/Archives/edgar/data/320335/000032033525000013/a10-kexhibit102.htm)[mental Executive Re](https://www.sec.gov/Archives/edgar/data/320335/000032033525000013/a10-kexhibit102.htm)[tirement Plan*](https://www.sec.gov/Archives/edgar/data/320335/000032033525000013/a10-kexhibit102.htm) | | | | | | 10-K | | | | | | February 26, 2025 | | | | | | | | | | | | | | |

GL 2024 FORM 10-K

| 10.24 | | | | | | [Second Amended and Restated Credit Agreement dated as of March 29, 2024 among Bank of America, N.A., the](https://www.sec.gov/Archives/edgar/data/320335/000032033524000016/bofa-globelife2024revolv.htm) [Lenders party thereto, Globe Life Inc. and TMK RE, LTD](https://www.sec.gov/Archives/edgar/data/320335/000032033524000016/bofa-globelife2024revolv.htm) | | | | | | 8-K | | | | | | April 2, 2024 | | | | | | | | | | | | | | |

| 10.26 | | | | | | [F](https://www.sec.gov/Archives/edgar/data/320335/000032033524000050/globelife-2024termloanre.htm)[irst Amendment to Delayed Draw Term Loan Ag](https://www.sec.gov/Archives/edgar/data/320335/000032033524000050/globelife-2024termloanre.htm)[reement dated as of August 15, 2024 among Bank of America, N.A., as Administrative Agent, the Lenders party thereto, and Globe Life Inc.](https://www.sec.gov/Archives/edgar/data/320335/000032033524000050/globelife-2024termloanre.htm) | | | | | | 8-K | | | | | | August 15, 2024 | | | | | | | | | | | | | | |

GL 2024 FORM 10-K

| 10.43 | | | | | | [Globe Life Inc. Executive Severance Plan](https://www.sec.gov/Archives/edgar/data/320335/000032033524000067/a101glexecutiveseverancepl.htm)[*](https://www.sec.gov/Archives/edgar/data/320335/000032033524000067/a101glexecutiveseverancepl.htm) | | | | | | 8-K | | | | | | November 19, 2024 | | | | | | | | | | | | | | |

| 19 | | | | | | [Globe Life Inc. Insider Trading Policy](https://www.sec.gov/Archives/edgar/data/320335/000032033525000013/aex19globelifeincinsidertr.htm) | | | | | | 10-K | | | | | | February 26, 2025 | | | | | | | | | | | | | | |

GL 2024 FORM 10-K

| | | | 2024 | | | | | | 2023 | | |

| Due to affiliates | | | 52,568 | | | | | | — | | |

GL 2024 FORM 10-K

GL 2024 FORM 10-K

| Acquisition of investments | | | (2,850) | | | | | | (3,950) | | | | | | (2,000) | | |

| Disposition of investments | | | 1 | | | | | | — | | | | | | — | | |

| Net change in commercial paper held less than 90 days | | | (13,878) | | | | | | 32,961 | | | | | | (46,289) | | |

| Proceeds from commercial paper with original maturities greater than 90 days | | | 484,726 | | | | | | — | | | | | | — | | |

| Repayment of commercial paper with original maturities greater than 90 days | | | (372,011) | | | | | | — | | | | | | — | | |

GL 2024 FORM 10-K

| | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

| | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

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| | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

GL 2024 FORM 10-K