Globe Life (GL) 10-K risk factor changes: FY2025 vs FY2024

Further, the development and retention of producing agents are critical to supporting sales growth in our agency operations because our insurance sales are primarily made [removed: to] [added: by these] individuals.

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

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

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

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

In September 2024, the Equal Employment Opportunity Commission [removed: (EEOC)] [added: ("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 [removed: we expect] any potential civil action brought by the EEOC would [added: likely] include such an allegation.

The Company utilizes third-party vendors, including independent sales agents, to provide certain business services and functions, which exposes the Company to risks outside [removed: the control] of [removed: the Company.][added: its control.]

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 data, [removed: information systems, facilities] [added: facilities, networks, emerging technology] or [removed: networks of such] [added: information systems used by] third-party vendors.

We employ controls and procedures designed to facilitate service quality of our [removed: third party] [added: third-party vendors and mitigate risks resulting from the use of third-party] vendors; however, such controls and procedures cannot be 100% effective in all cases.

[added: 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.

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

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 [added: not available to meet their obligations.]

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

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

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

[added: 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.

[removed: Since April 2024, we] [added: We] have been [removed: 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 [removed: exposed us to] [added: resulted in a putative] securities class action [added: litigation and derivative shareholder] litigation.

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

As of the date of this Report, one putative securities class action [removed: has] [added: and five shareholder derivative lawsuits have] been filed against Globe Life Inc. [removed: and we expect that other putative class action claims may be filed as well.][added: related to this event.]

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

[removed: Additionally, any violation or alleged violation of law or regulations could result in significant legal costs or in legal proceedings] that may result in monetary and legal remedies being imposed against the Company, which could have a material adverse effect on our business, financial condition or results of operations.

Our financial statements are subject to the application of GAAP and accounting practices as promulgated by the National Association of Insurance Commissioners’ statutory accounting practices [removed: (NAIC SAP),] [added: ("NAIC SAP"),] which principles are periodically revised and/or expanded.

[removed: (Refer] [added: Refer] to [removed: *Note] [added: *[Note] 1—Significant Accounting [removed: Policies*] [added: Policie](#ia1583f94e55d42afa319983b2df261d2_451)s*] under the caption [removed: *Accounting] [added: *[Accounting] Pronouncements Yet to be [removed: Adopted*)][added: Adopted](#ia1583f94e55d42afa319983b2df261d2_502)*.]

We are subject to the privacy and security provisions of federal laws including, but not limited to, the Gramm-Leach-Biley Act of 1999 [removed: (GLBA),] [added: ("GLBA"),] the Health Information Technology for Economic and Clinical Health Act [removed: (HITECH),] [added: ("HITECH"),] and the Health Insurance Portability and Accountability Act of 1996 [removed: (HIPAA).][added: ("HIPAA").]

The failure to maintain effective [removed: and efficient] information systems [removed: at the Company] [added: or manage responsible use of emerging technologies, including artificial intelligence,] could adversely affect our financial condition and results of [removed: operations.][added: operations at the Company.]

This modernization includes the [removed: responsible] [added: innovative, responsible,] and secure use of [removed: emerging technologies like] artificial [removed: intelligence.][added: intelligence ("AI").]

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

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

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

We may [removed: fail to] [added: not] meet expectations relating to corporate responsibility and sustainability standards and practices.

We may [removed: fail to] [added: not] meet [removed: our] [added: these] corporate responsibility and sustainability expectations.

Failure to meet, or achieve progress on, [removed: our] [added: these] expectations, on a timely basis, or at all, could adversely affect our reputation, business, financial performance, and growth.

The

GL 2025 FORM 10-K

Our investment portfolio contains certain alternative investments that may be illiquid and volatile, which could negatively affect our investment income and liquidity.

Over the past several years, we have increased our investment in alternative investments, such as limited partnerships.

These and other similar investments may have different, more significant risk characteristics than investments in fixed maturity securities, may be more volatile and may be illiquid due to restrictions on sales, transfers and redemption terms, all of which could negatively affect our investment income and overall portfolio liquidity.

GL 2025 FORM 10-K

These alternative investments may not meet regulatory admissibility requirements or may result in increased regulatory capital charges to the insurance subsidiaries that hold these investments, which could limit those subsidiaries’ ability to pay dividends and negatively impact our liquidity.

in addition, our Bermuda reinsurance subsidiaries are subject to regulation established by the Bermuda Monetary Authority ("BMA").

Under an intercompany reinsurance agreement initiated in 2025, we have ceded approximately $1.2 billion of our life statutory reserves from Liberty National Life Insurance Company, Globe Life And Accident Insurance Company, and American Income Life Insurance Company to GL Re, as of December 31, 2025.

Future regulatory changes made by the BMA or other events may impact the capital efficiency of the reinsurance structure and could require the holding company to contribute additional capital to GL Re or our U.S. insurance subsidiaries to recapture ceded business.

If the FHLB

GL 2025 FORM 10-K

See *[Note 5—Commitments and Contingencies](#ia1583f94e55d42afa319983b2df261d2_589)* *f*or a discussion of such litigation.

GL 2025 FORM 10-K

GL 2025 FORM 10-K

transmit, store, and retrieve valuable data.

Press coverage and other public statements that allege wrongdoing, even if untrue, can lead to increased regulatory inquiries or investigations.

Additionally, any violation or alleged violation of law or regulations could result in significant legal costs or in legal proceedings

GL 2025 FORM 10-K

GL 2025 FORM 10-K

subject us to significant civil and criminal liability, constrain cash flows, or require us to incur significant technical, legal, or other expenses.

GL 2025 FORM 10-K

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

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

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.

The following discussion should be read in conjunction with Globe Life's *[Consolidated Financial [removed: Statements](#i547eaa9ead03449595972dbc9cd7cdf6_16)*] [added: Statements](#ia1583f94e55d42afa319983b2df261d2_1042)*] and [removed: *[Notes](#i547eaa9ead03449595972dbc9cd7cdf6_37)*] [added: *[Notes](#ia1583f94e55d42afa319983b2df261d2_448)*] thereto appearing elsewhere in this report.

For discussion regarding activity from [removed: 2022,] [added: 2023,] please refer to the prior filed Form 10-Ks at www.sec.gov.

| [removed: ] | | | [removed: | | |] How Globe Life Views Its Operations. Globe Life Inc. is the holding company for a group of insurance companies that market [added: through exclusive, direct-to-consumer and independent distribution channels] primarily individual life and supplemental health insurance to lower middle to middle-income households throughout the United States. We view our operations by segments, which are the insurance product lines of life and supplemental health, and the investment segment that supports the product lines. | | |

| [removed: ] | | | [removed: | | |] Insurance Product Line Segments. The insurance product line segments involve the marketing, underwriting, and administration of policies. Each product line is further 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: | | |] Premium revenue (Policy obligations) (Policy acquisition costs and commissions) Underwriting margin | | |

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

- Net income as a return on equity (ROE) for the year ended December 31, [removed: 2024] [added: 2025] was [removed: 21.7%] [added: 20.9%] and net operating income as an ROE, excluding accumulated other comprehensive income(1) was [removed: 15.1%.][added: 16.0%.]

Life premium increased [removed: 4%] [added: 3%] for the period from [removed: $3.14] [added: $3.3] billion in [removed: 2023] [added: 2024] to [removed: $3.26] [added: $3.4] billion in [removed: 2024.][added: 2025.]

- Total net sales increased [removed: 9%] [added: 13%] over the same period in the prior year from [removed: $768] [added: $840] million in [removed: 2023] [added: 2024] to [removed: $840] [added: $948] million in [removed: 2024.][added: 2025.]

The average producing agent count across all of the exclusive agencies increased [removed: 11%] [added: 3%] over the prior year.

- Book value per share increased [removed: 33%] [added: 19%] over the same period in the prior year from [removed: $47.10] [added: $62.50] to [removed: $62.50.][added: $74.17.]

Book value per share, excluding accumulated other comprehensive income(1), increased [removed: 13%] [added: 11%] over the prior year from [removed: $76.21] [added: $86.40] in [removed: 2023] [added: 2024] to [removed: $86.40] [added: $96.16] in [removed: 2024.][added: 2025.]

- For the year ended December 31, [removed: 2024,] [added: 2025,] the Company repurchased [removed: 10.1] [added: 5.4] million shares of Globe Life Inc. common stock at a total cost of [removed: $946] [added: $685] million for an average share price of [removed: $93.76.][added: $126.41.]

The following graphs represent net income and net operating [removed: income] [added: income(1)] for the [removed: three years] [added: twelve month periods] ended December 31, [added: 2025 and] 2024.

[removed:  ][added: ]

Net operating income as an ROE, excluding accumulated other comprehensive income [removed: (AOCI),] [added: ("AOCI"),] is considered a non-GAAP measure.

The impact of the adjustment to exclude AOCI is [removed: $(2.03)] [added: $(1.8)] billion and [removed: $(2.77)] [added: $(2.0)] billion for the year ended December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

The impact of the adjustment to exclude AOCI is [removed: $(23.90)] [added: $(21.99)] and [removed: $(29.11)] [added: $(23.90) per share] for the year ended December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

Refer to *[Analysis of Profitability by [removed: Segment](#i547eaa9ead03449595972dbc9cd7cdf6_556)*] [added: Segment](#ia1583f94e55d42afa319983b2df261d2_169)*] for non-GAAP reconciliation to GAAP.

[removed: Summary of Operations.] [added: -] Net income [removed: increased 10% to $1.07] [added: totaled $1.16] billion in [removed: 2024,] [added: 2025,] compared with [added: $1.07 billion in 2024 and] $971 million in 2023.

[added: -] On a diluted per common share basis, net income per common share for [removed: 2024] [added: 2025] increased [removed: from $10.07] [added: 18%] to [removed: $11.94.][added: $14.07.]

[removed: In 2023, net income per common share, on] [added: - On] a diluted per common share basis, [added: net operating income per common share for 2025] increased [removed: 11% from $9.04 in 2022.][added: 17% to $14.52.]

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

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

[removed: Net level premiums reflect a recomputed] [added: If cash flow assumptions are changed, the] net premium ratio [removed: using actual experience since] [added: is recalculated from] the [added: original] issue date, [removed: and expected future] [added: or the Transition Date, using actual] experience [removed: based on] [added: and projected] future [removed: cash-flow assumptions.][added: cash flows.]

See [added: the remeasurement gain/loss table in] *[Note 6—Policy [removed: Liabilities](#i547eaa9ead03449595972dbc9cd7cdf6_190)*] [added: Liabilities](#ia1583f94e55d42afa319983b2df261d2_613)*] for additional information.

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2024] [added: 2025] Change | | | | | | % | | | | | | [removed: 2023] [added: 2024] Change | | | | | | % | | |

| Life insurance underwriting margin | | | $ | [removed: 1,352,597] [added: 1,509,361] | | | | | $ | [removed: 1,192,972] [added: 1,352,597] | | | | | $ | [removed: 1,129,525] [added: 1,192,972] | | | | | $ | [removed: 159,625] [added: 156,764] | | | | | [removed: 13] [added: 12] | | | | | | $ | [removed: 63,447] [added: 159,625] | | | | | [removed: 6] [added: 13] | | |

| Health insurance underwriting margin | | | [removed: 372,423] [added: 390,128] | | | | | | [removed: 377,937] [added: 372,423] | | | | | | [removed: 377,137] [added: 377,937] | | | | | | [removed: (5,514)] [added: 17,705] | | | | | | [removed: (1)] [added: 5] | | | | | | [removed: 800] [added: (5,514)] | | | | | | [removed: —] [added: (1)] | | |

| Excess investment income | | | [removed: 164,404] [added: 138,393] | | | | | | [removed: 130,382] [added: 164,404] | | | | | | [removed: 104,589] [added: 130,382] | | | | | | [removed: 34,022] [added: (26,011)] | | | | | | [removed: 26] [added: (16)] | | | | | | [removed: 25,793] [added: 34,022] | | | | | | [removed: 25] [added: 26] | | |

| Segment profit or (loss) | | | [removed: 1,889,424] [added: 2,037,882] | | | | | | [removed: 1,701,291] [added: 1,889,424] | | | | | | [removed: 1,611,251] [added: 1,701,291] | | | | | | [removed: 188,133] [added: 148,458] | | | | | | [removed: 11] [added: 8] | | | | | | [removed: 90,040] [added: 188,133] | | | | | | [removed: 6] [added: 11] | | |

| Annuity and other income | | | [removed: 7,636] [added: 9,470] | | | | | | [removed: 8,800] [added: 7,636] | | | | | | [removed: 11,757] [added: 8,800] | | | | | | [removed: (1,164)] [added: 1,834] | | | | | | [removed: (13)] [added: 24] | | | | | | [removed: (2,957)] [added: (1,164)] | | | | | | [removed: (25)] [added: (13)] | | |

| Administrative expense | | | [removed: (342,430)] [added: (355,595)] | | | | | | [removed: (301,161)] [added: (342,430)] | | | | | | [removed: (299,341)] [added: (301,161)] | | | | | | [removed: (41,269)] [added: (13,165)] | | | | | | [removed: 14] [added: 4] | | | | | | [removed: (1,820)] [added: (41,269)] | | | | | | [removed: 1] [added: 14] | | |

| Other corporate expense | | | [removed: (179,610)] [added: (208,758)] | | | | | | [removed: (143,918)] [added: (179,610)] | | | | | | [removed: (137,201)] [added: (143,918)] | | | | | | [removed: (35,692)] [added: (29,148)] | | | | | | [removed: 25] [added: 16] | | | | | | [removed: (6,717)] [added: (35,692)] | | | | | | [removed: 5] [added: 25] | | |

| Pre-tax total | | | [removed: 1,375,020] [added: 1,482,999] | | | | | | [removed: 1,265,012] [added: 1,375,020] | | | | | | [removed: 1,186,466] [added: 1,265,012] | | | | | | [removed: 110,008] [added: 107,979] | | | | | | [removed: 9] [added: 8] | | | | | | [removed: 78,546] [added: 110,008] | | | | | | [removed: 7] [added: 9] | | |

| Applicable taxes | | | [removed: (266,036)] [added: (284,612)] | | | | | | [removed: (238,368)] [added: (266,036)] | | | | | | [removed: (225,439)] [added: (238,368)] | | | | | | [removed: (27,668)] [added: (18,576)] | | | | | | [removed: 12] [added: 7] | | | | | | [removed: (12,929)] [added: (27,668)] | | | | | | [removed: 6] [added: 12] | | |

| Net operating income | | | [removed: 1,108,984] [added: 1,198,387] | | | | | | [removed: 1,026,644] [added: 1,108,984] | | | | | | [removed: 961,027] [added: 1,026,644] | | | | | | [removed: 82,340] [added: 89,403] | | | | | | 8 | | | | | | [removed: 65,617] [added: 82,340] | | | | | | [removed: 7] [added: 8] | | |

| Realized gains (losses) | | | [removed: (19,108)] [added: (21,952)] | | | | | | [removed: (51,884)] [added: (19,108)] | | | | | | [removed: (60,473)] [added: (51,884)] | | | | | | [removed: 32,776] [added: (2,844)] | | | | | | | | | | | | [removed: 8,589] [added: 32,776] | | | | | | | | |

| Legal proceedings | | | [removed: (17,044)] [added: (13,472)] | | | | | | [removed: (711)] [added: (17,044)] | | | | | | [removed: (1,972)] [added: (711)] | | | | | | [removed: (16,333)] [added: 3,572] | | | | | | | | | | | | [removed: 1,261] [added: (16,333)] | | | | | | | | |

| | | | | | |

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

| | | | | | |

GL 2025 FORM 10-K

Globe Life serves the lower-middle to middle-income market.

We believe this market is underserved, has significant growth potential, and provides us with a distinct competitive advantage.

This advantage is protected due not only to our ability to efficiently reach this market through both exclusive and direct to consumer distribution channels, but also due to the amount of data and experience we possess, as we have been in this same market for over 60 years with essentially the same products.

The basic protection life and health insurance products we offer are specifically designed to help provide financial security to consumers in this market.

Health premium increased 9% to $1.5 billion over the prior-year period of $1.4 billion.

 

GL 2025 FORM 10-K

Summary of Operations.

Net income per common share, on a diluted per common share basis was $11.94 in 2024 and $10.07 in 2023.

- Net operating income was $1.20 billion in 2025, compared with $1.11 billion in 2024 and $1.03 billion in 2023.

Net remeasurement gains of $134.3 million in 2025, $46.3 million in 2024, and $3.2 million in 2023 were attributable to the Company's annual third-quarter review and unlocking of life and health long-term assumptions, including lapses, mortality and morbidity.

GL 2025 FORM 10-K

| Other expenses | | | (1,725) | | | | | | (2,070) | | | | | | (3,294) | | | | | | 345 | | | | | | | | | | | | 1,224 | | | | | | | | |

Excess investment income decreased $26 million in 2025 compared with 2024, resulting from lower average invested asset growth and lower average earned yields on our short-term, direct commercial mortgage loan and limited partnership investments.

GL 2025 FORM 10-K

Life net sales increased 3% to $615 million for the year ended 2025 as compared to the year ago period.

Underwriting margin increased to $1.5 billion in 2025, compared to $1.4 billion in 2024.

These expenses were 7.3% as a percent of premium for 2025, unchanged from 2024.

GL 2025 FORM 10-K

GL 2025 FORM 10-K

To enhance comparability of underlying operating performance across periods, the Company also evaluates life underwriting margin on a normalized basis that excludes the impacts of annual assumption updates.

As discussed above, assumption unlocking results in a cumulative catch-up remeasurement gain or loss recognized in policy obligations.

While required under GAAP, these remeasurement effects can introduce volatility unrelated to current-period underwriting performance.

Normalized life underwriting margin is a non-GAAP financial measure defined as insurance underwriting margin excluding the impacts of assumption unlocking recognized in the period.

Management believes this measure provides investors and other users of the financial statements with additional insight into the underlying profitability and trends of the in force life business by removing the effects of assumption changes that vary by period.

On a normalized basis, life underwriting margin for 2025 was $1.4 billion or 41% of premium, compared with $1.3 billion or 40% of premium in 2024.

In 2023, assumption unlocking had minimal impact with underwriting margin remaining unchanged at 38% of premium.

This increase in normalized life underwriting margin in the current year reflects improved underlying mortality and persistency experience and favorable expense efficiency across our Divisions.

GL 2025 FORM 10-K

(1) Includes a gain of $14 million related to the recapture of reinsurance for the year ended December 31, 2025 as disclosed in *[Note 1—Significant Accounting Policies](#ia1583f94e55d42afa319983b2df261d2_463)* under the caption *Reinsurance and Recapture.*

GL 2025 FORM 10-K

| | | | 2025 | | | | | | | | | | | | 2024 | | | | | | | | | | | | 2023 | | | | | | | | |

| | | | 2025 | | | | | | 2024 | | | | | | 2023 | | | | | | 2025 Change | | | | | | % | | | | | | 2024 Change | | | | | | % | | |

This Division has implemented new technology to enhance the underwriting process which has improved the conversion of customer inquiries into sales.

GL 2025 FORM 10-K

coverage on themselves in comparison to the general adult population.

| | | | | | | | | |

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

GL 2024 FORM 10-K

- Net investment income increased 7% over the same period in the prior year.

Net income is the most directly comparable GAAP measure.

In 2023, net income increased 9% from $894 million in 2022.

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.

In 2023, net operating income increased 7% from $961 million in 2022.

In 2023, net income per common share, on a diluted per common share basis, increased 10% from $9.71 in 2022.

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).

The LFPB is determined each reporting period based on the net level premium method.

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

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.

It differs from GAAP net income primarily because it excludes certain non-operating items such as realized gains and losses and other significant and unusual items included in net income.

| Non-operating expenses | | | (2,070) | | | | | | (3,294) | | | | | | (4,196) | | | | | | 1,224 | | | | | | | | | | | | 902 | | | | | | | | |

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.


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

Health net sales rose 10% to $245 million for the year ended 2024.

These expenses were 7.3% as a percent of premium during 2024 compared to 6.8% in 2023.

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.

Commissions are calculated on a policy-by-policy basis and vary by product type and policy year.

Commission rates are higher for the first-year premium when a policy is issued and are generally reduced for policies that remain in effect for renewal periods (e.g., commission rates may reduce in years 2-10 and again in year 11 and after).

After a certain period (typically 10 years), commission rates become constant over the remaining life of the policy and are considered level commissions.

Over 65% of the Division's net sales are driven by agents that have been producing for the Division for six months or more.

Information required by this item is found under the heading *Market Risk Sensitivity* in [removed: *[Item](#i547eaa9ead03449595972dbc9cd7cdf6_526)* [](#i547eaa9ead03449595972dbc9cd7cdf6_526)*[7](#i547eaa9ead03449595972dbc9cd7cdf6_526)*] [added: *[Item](#ia1583f94e55d42afa319983b2df261d2_139)* [](#ia1583f94e55d42afa319983b2df261d2_139)*[7](#ia1583f94e55d42afa319983b2df261d2_139)*] of this report.

Additional information concerning industry segments may be found in *[Management’s Discussion and [removed: Analysis](#i547eaa9ead03449595972dbc9cd7cdf6_526)*] [added: Analysis](#ia1583f94e55d42afa319983b2df261d2_139)*] and in *[Note 15—Business [removed: Segments](#i547eaa9ead03449595972dbc9cd7cdf6_481)*] [added: Segments](#ia1583f94e55d42afa319983b2df261d2_916)*] within the *[Notes to the Consolidated Financial [removed: Statements](#i547eaa9ead03449595972dbc9cd7cdf6_37).*][added: Statements](#ia1583f94e55d42afa319983b2df261d2_448).*]

| ] [added: Life.jpg](https://www.sec.gov/Archives/edgar/data/320335/000032033526000090/gl-20251231_g1.jpg)] | | | | | | 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. | | |

| ] [added: Life.jpg](https://www.sec.gov/Archives/edgar/data/320335/000032033526000090/gl-20251231_g2.jpg)] | | | | | | American Income Life Division | | | | | | American Income Life Insurance Company Waco, Texas | | | | | | Individual life and supplemental health limited-benefit insurance marketed to working families. | | | | | | [removed: 11,741] [added: 11,920] average producing agents in the U.S., Canada, and New Zealand. | | |

| ] [added: Division.jpg](https://www.sec.gov/Archives/edgar/data/320335/000032033526000090/gl-20251231_g3.jpg)] | | | | | | 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: 3,664] [added: 3,846] average producing agents in the U.S. | | |

| ] [added: Division.jpg](https://www.sec.gov/Archives/edgar/data/320335/000032033526000090/gl-20251231_g4.jpg)] | | | | | | 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: 1,399] [added: 1,527] average producing agents in the U.S. | | |

| ] [added: American.jpg](https://www.sec.gov/Archives/edgar/data/320335/000032033526000090/gl-20251231_g5.jpg)] | | | | | | 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: 3,355] [added: 4,396] independent producing agents in the U.S. | | |

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

The following table presents annualized premium in force for the three years ended December 31, [removed: 2024] [added: 2025] by distribution method:

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Direct to Consumer | | | $ | [removed: 922,508] [added: 924,242] | | | | | $ | [removed: 933,057] [added: 922,508] | | | | | $ | [removed: 936,507] [added: 933,057] | |

| American Income | | | [removed: 1,761,713] [added: 1,869,082] | | | | | | [removed: 1,654,197] [added: 1,761,713] | | | | | | [removed: 1,553,003] [added: 1,654,197] | | |

| Liberty National | | | [removed: 410,912] [added: 428,124] | | | | | | [removed: 390,693] [added: 410,912] | | | | | | [removed: 360,963] [added: 390,693] | | |

| Independent [removed: agents:] [added: agents and brokers:] | | | | | | | | | | | | | | | | | |

| United American | | | [removed: 6,499] [added: 6,010] | | | | | | [removed: 6,958] [added: 6,499] | | | | | | [removed: 7,609] [added: 6,958] | | |

| Other | | | [removed: 197,629] [added: 193,685] | | | | | | [removed: 200,840] [added: 197,629] | | | | | | [removed: 203,438] [added: 200,840] | | |

| | | | $ | [removed: 3,299,261] [added: 3,421,143] | | | | | $ | [removed: 3,185,745] [added: 3,299,261] | | | | | $ | [removed: 3,061,520] [added: 3,185,745] | |

(1)See definition of annualized premium in force under *[Results of [removed: Operations](#i547eaa9ead03449595972dbc9cd7cdf6_529)* [i](#i547eaa9ead03449595972dbc9cd7cdf6_526)[n](#i547eaa9ead03449595972dbc9cd7cdf6_526)] [added: Operations](#ia1583f94e55d42afa319983b2df261d2_142)* [in](#ia1583f94e55d42afa319983b2df261d2_139)] *[Management's Discussion & [removed: Analysis](#i547eaa9ead03449595972dbc9cd7cdf6_526).*][added: Analysis](#ia1583f94e55d42afa319983b2df261d2_139).*]

| | | | [removed: 2024] [added: 2025] | | | | | | | | | | | | [removed: 2023] [added: 2024] | | | | | | | | | | | | [removed: 2022] [added: 2023] | | | | | | | | |

| Traditional | | | $ | [removed: 2,321,947] [added: 2,422,449] | | | | | [removed: 70] [added: 71] | | | | | | $ | [removed: 2,213,816] [added: 2,321,947] | | | | | [removed: 69] [added: 70] | | | | | | $ | [removed: 2,106,878] [added: 2,213,816] | | | | | 69 | | |

| Interest-sensitive | | | [removed: 28,105] [added: 26,291] | | | | | | 1 | | | | | | [removed: 29,929] [added: 28,105] | | | | | | 1 | | | | | | [removed: 31,838] [added: 29,929] | | | | | | 1 | | |

| Term | | | [removed: 745,231] [added: 753,774] | | | | | | [removed: 23] [added: 22] | | | | | | [removed: 753,261] [added: 745,231] | | | | | | [removed: 24] [added: 23] | | | | | | [removed: 756,471] [added: 753,261] | | | | | | [removed: 25] [added: 24] | | |

| Other | | | [removed: 203,978] [added: 218,629] | | | | | | 6 | | | | | | [removed: 188,739] [added: 203,978] | | | | | | 6 | | | | | | [removed: 166,333] [added: 188,739] | | | | | | [removed: 5] [added: 6] | | |

| | | | $ | [removed: 3,299,261] [added: 3,421,143] | | | | | 100 | | | | | | $ | [removed: 3,185,745] [added: 3,299,261] | | | | | 100 | | | | | | $ | [removed: 3,061,520] [added: 3,185,745] | | | | | 100 | | |

| Traditional | | | [removed: 9,092,122] [added: 9,085,450] | | | | | | $ | [removed: 16.2] [added: 16.5] | | | | | [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] | |

| Interest-sensitive | | | [removed: 169,054] [added: 161,883] | | | | | | 20.4 | | | | | | [removed: 176,339] [added: 169,054] | | | | | | 20.4 | | | | | | [removed: 183,887] [added: 176,339] | | | | | | 20.4 | | |

| Term | | | [removed: 4,600,839] [added: 4,531,580] | | | | | | [removed: 15.2] [added: 15.1] | | | | | | [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] | | |

| Other | | | [removed: 495,894] [added: 505,876] | | | | | | [removed: 18.1] [added: 18.9] | | | | | | [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: 14,357,909] [added: 14,284,789] | | | | | | $ | [removed: 16.0] [added: 16.2] | | | | | [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] | |

Health Insurance—The following table presents Globe Life's health insurance annualized premium in force for the three years ended December 31, [removed: 2024] [added: 2025] by distribution channel.

| Direct to Consumer | | | $ | [removed: 74,815] [added: 81,040] | | | | | $ | [removed: 70,249] [added: 74,815] | | | | | $ | [removed: 72,161] [added: 70,249] | |

| Liberty National | | | [removed: 201,874] [added: 200,815] | | | | | | [removed: 200,160] [added: 201,874] | | | | | | [removed: 196,336] [added: 200,160] | | |

| American Income | | | [removed: 119,986] [added: 121,903] | | | | | | [removed: 116,962] [added: 119,986] | | | | | | [removed: 113,087] [added: 116,962] | | |

| Family Heritage | | | [removed: 454,725] [added: 495,750] | | | | | | [removed: 418,693] [added: 454,725] | | | | | | [removed: 387,897] [added: 418,693] | | |

| United American | | | [removed: 624,446] [added: 750,162] | | | | | | [removed: 579,237] [added: 624,446] | | | | | | [removed: 558,373] [added: 579,237] | | |

| | | | $ | [removed: 1,475,846] [added: 1,649,670] | | | | | $ | [removed: 1,385,301] [added: 1,475,846] | | | | | $ | [removed: 1,327,854] [added: 1,385,301] | |

Medicare [removed: Supplements] [added: Supplement plans] are offered to enrollees in the traditional fee-for-service Medicare program.

Medicare Supplement plans are standardized by federal regulation and are designed to pay [added: certain costs, such as] deductibles and co-payments not paid by Medicare.

The following table presents supplemental health annualized premium in force information for the three years ended December 31, [removed: 2024] [added: 2025] by product category.

| Limited-benefit plans | | | $ | [removed: 824,844] [added: 896,994] | | | | | [removed: 56] [added: 54] | | | | | | $ | [removed: 782,424] [added: 824,844] | | | | | 56 | | | | | | $ | [removed: 735,858] [added: 782,424] | | | | | [removed: 55] [added: 56] | | |

| Medicare Supplement | | | [removed: 651,002] [added: 752,676] | | | | | | [removed: 44] [added: 46] | | | | | | [removed: 602,877] [added: 651,002] | | | | | | 44 | | | | | | [removed: 591,996] [added: 602,877] | | | | | | [removed: 45] [added: 44] | | |

GL 2025 FORM 10-K

| Agents of American Income Life, Liberty National and Family Heritage are independent contractors that exclusively sell for Globe Life. | | | | | | | | | | | | | | | | | | | | | | | | | | |

GL 2025 FORM 10-K

| | | | 2025 | | | | | | | | | | | | 2024 | | | | | | | | | | | | 2023 | | | | | | | | |

GL 2025 FORM 10-K

| | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

| | | | 2025 | | | | | | | | | | | | 2024 | | | | | | | | | | | | 2023 | | | | | | | | |

GL 2025 FORM 10-K

Reinsurance—We participate in reinsurance activities in order to minimize exposure to significant risks, limit losses and provide additional capacity for future growth.

Globe Life has historically participated in third-party reinsurance whereby we enter into various agreements with reinsurers that cover individual risks, group risks or defined blocks of business.

Under the terms of the reinsurance agreements, the reinsurer agrees to reimburse us for the ceded amount in the event a claim is paid.

Cessions under reinsurance agreements do not discharge our obligations as the primary insurer.

In the event that reinsurers do not meet their obligations under the terms of the reinsurance agreements, reinsurance recoverable balances could become uncollectible.

We focus on obtaining reinsurance from a diverse group of highly rated reinsurers.

We regularly evaluate the financial condition of our reinsurers and monitor concentration risk with our reinsurers at least annually.

Globe Life also utilizes wholly-owned subsidiaries domiciled in Bermuda to execute reinsurance agreements between affiliates to provide for an efficient capital structure.

These intercompany agreements do not have an effect on our consolidated U.S. generally accepted accounting principles (“U.S. GAAP”) financial statements as they eliminate in consolidation.

In the latter part of 2025 we received license approval and established an affiliated Bermuda reinsurance company, Globe Life Re Ltd.

Investments— Our primary investment objective is to meet our obligations to policyholders while increasing value to our stockholders by investing in a diversified, high-quality portfolio, comprised primarily of income producing securities and other assets.

We also hold commercial mortgage loans, limited partnerships, equity securities and other invested assets, which include short-term investments (see *[Note 4—Investments](#ia1583f94e55d42afa319983b2df261d2_529)* and *[Management’s Discussion and Analysis](#ia1583f94e55d42afa319983b2df261d2_139)*).

*U.S. Regulation*

GL 2025 FORM 10-K

any time.

*Non-U.S. Insurance Regulation*

We operate in and have certain branches and subsidiaries in countries outside the United States, including Canada, New Zealand and Bermuda.

Generally, our subsidiaries conducting business in these countries and territory must obtain licenses from local regulatory authorities and satisfy local regulatory requirements, including those relating to rates, forms, capital, reserves and financial reporting, as well as certain restrictions on their ability to pay dividends and distributions.

In 2025, we formed a second Bermuda company, Globe Life Re Ltd. ("GL Re"), which is an indirect wholly-owned subsidiary of Globe Life Inc. GL Re is registered by and subject to the supervision of the Bermuda Monetary Authority ("BMA") as a Class C insurer under the Bermuda Insurance Act of 1978 and its related rules and regulations, as amended (the "Insurance Act").

The Insurance Act imposes solvency and capital requirements as well as auditing and reporting requirements.

There are minimum solvency margins that must be maintained in accordance with the licensing standards.

GL 2025 FORM 10-K

We also provide paid volunteer time for our employees and provide opportunities for employees to give back individually.

GL 2025 FORM 10-K

GL 2024 FORM 10-K

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

Reinsurance—Globe Life has historically participated in third-party reinsurance.

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

The increase in headcount in 2024 was primarily to support the increased growth in recent periods, as well as lower attrition levels than normal.

Globe Life promotes a diverse and inclusive work force to better enable our employees to consistently achieve outstanding individual and collective results.

Our commitment to diversity starts at the top; of the 9 independent Board members, 56% are women and 33% are racial/ethnic minorities as of December 31, 2024.

As of December 31, 2024 and 2023, the Globe Life employees, (excluding independently-contracted agents) identify as follows:

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

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

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

| Ethnicity/Race | | | | | | | | | Gender | | | | | | | | | Generations | | | | | |

| White | | | 51 | | % | | | | Female | | | 68 | | % | | | | Baby Boomers (1946-1964) | | | 14 | | % |

| Black or African American | | | 25 | | | | | | Male | | | 32 | | | | | | Gen X (1965-1977) | | | 29 | | |

| Hispanic or Latino | | | 13 | | | | | | | | | | | | | | | Millennials (1978-1995) | | | 44 | | |

| Asian | | | 9 | | | | | | | | | | | | | | | Gen Z (1996-2012) | | | 13 | | |

| American Indian or Alaskan Native | | | 1 | | | | | | | | | | | | | | | | | | | | |

| Native Hawaiian or Pacific Islander | | | — | | | | | | | | | | | | | | | | | | | | |

| Other or Not Specified | | | 1 | | | | | | | | | | | | | | | | | | | | |

| Total | | | 100 | | % | | | | | | | 100 | | % | | | | | | | 100 | | % |

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

| White | | | 52 | | % | | | | Female | | | 68 | | % | | | | Baby Boomers (1946-1964) | | | 16 | | % |

| Black or African American | | | 24 | | | | | | Male | | | 32 | | | | | | Gen X (1965-1977) | | | 29 | | |

| Hispanic or Latino | | | 13 | | | | | | | | | | | | | | | Millennials (1978-1995) | | | 45 | | |

| Asian | | | 9 | | | | | | | | | | | | | | | Gen Z (1996-2012) | | | 10 | | |

Discussion regarding litigation [removed: and unclaimed property audits] is provided in *[Note 5—Commitments and [removed: Contingencies](#i547eaa9ead03449595972dbc9cd7cdf6_169)*.][added: Contingencies](#ia1583f94e55d42afa319983b2df261d2_589)*.]

For the fiscal year ended December 31, [removed: 2024][added: 2025]

As of June 30, [removed: 2024,] [added: 2025,] the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was [removed: $7.4] [added: $10] billion based on the closing sale price as reported on the New York Stock Exchange.

| Class | | | | | | Outstanding as of January [removed: 31, 2025] [added: 30, 2026] | | |

| Common Stock, $1.00 par value per share | | | | | | [removed: 83,848,424] [added: 78,637,130] shares | | |

| Proxy Statement for the Annual Meeting of Stockholders to be held on April [removed: 24, 2025] [added: 30, 2026] (Proxy Statement) | | | | | | Part III | | |

| | | | Item 1. | | | [removed: [Business](#i547eaa9ead03449595972dbc9cd7cdf6_886)] [added: [Business](#ia1583f94e55d42afa319983b2df261d2_13)] | | | [removed: [1](#i547eaa9ead03449595972dbc9cd7cdf6_886)] [added: [1](#ia1583f94e55d42afa319983b2df261d2_13)] | | |

| | | | Item 1A. | | | [Risk [removed: Factors](#i547eaa9ead03449595972dbc9cd7cdf6_835)] [added: Factors](#ia1583f94e55d42afa319983b2df261d2_73)] | | | [removed: [8](#i547eaa9ead03449595972dbc9cd7cdf6_835)] [added: [8](#ia1583f94e55d42afa319983b2df261d2_73)] | | |

| | | | Item 1B. | | | [Unresolved Staff [removed: Comments](#i547eaa9ead03449595972dbc9cd7cdf6_943)] [added: Comments](#ia1583f94e55d42afa319983b2df261d2_103)] | | | [removed: [16](#i547eaa9ead03449595972dbc9cd7cdf6_943)] [added: [16](#ia1583f94e55d42afa319983b2df261d2_103)] | | |

| | | | Item 1C. | | | [removed: [Cybersecurity](#i547eaa9ead03449595972dbc9cd7cdf6_946)] [added: [Cybersecurity](#ia1583f94e55d42afa319983b2df261d2_106)] | | | [removed: [16](#i547eaa9ead03449595972dbc9cd7cdf6_946)] [added: [16](#ia1583f94e55d42afa319983b2df261d2_106)] | | |

| | | | Item 3. | | | [Legal [removed: Proceedings](#i547eaa9ead03449595972dbc9cd7cdf6_829)] [added: Proceedings](#ia1583f94e55d42afa319983b2df261d2_112)] | | | [removed: [18](#i547eaa9ead03449595972dbc9cd7cdf6_829)] [added: [18](#ia1583f94e55d42afa319983b2df261d2_112)] | | |

| | | | Item 4. | | | [Mine Safety [removed: Disclosures](#i547eaa9ead03449595972dbc9cd7cdf6_952)] [added: Disclosures](#ia1583f94e55d42afa319983b2df261d2_115)] | | | [removed: [18](#i547eaa9ead03449595972dbc9cd7cdf6_952)] [added: [18](#ia1583f94e55d42afa319983b2df261d2_115)] | | |

| | | | Item 5. | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i547eaa9ead03449595972dbc9cd7cdf6_955)] [added: Securities](#ia1583f94e55d42afa319983b2df261d2_118)] | | | [removed: [19](#i547eaa9ead03449595972dbc9cd7cdf6_955)] [added: [19](#ia1583f94e55d42afa319983b2df261d2_118)] | | |

| | | | Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i547eaa9ead03449595972dbc9cd7cdf6_526)] [added: Operations](#ia1583f94e55d42afa319983b2df261d2_139)] | | | [removed: [21](#i547eaa9ead03449595972dbc9cd7cdf6_526)] [added: [21](#ia1583f94e55d42afa319983b2df261d2_139)] | | |

| | | | Item 7A. | | | [Quantitative and Qualitative Disclosures about Market [removed: Risk](#i547eaa9ead03449595972dbc9cd7cdf6_796)] [added: Risk](#ia1583f94e55d42afa319983b2df261d2_412)] | | | [removed: [54](#i547eaa9ead03449595972dbc9cd7cdf6_796)] [added: [54](#ia1583f94e55d42afa319983b2df261d2_412)] | | |

| | | | Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i547eaa9ead03449595972dbc9cd7cdf6_970)] [added: Data](#ia1583f94e55d42afa319983b2df261d2_421)] | | | [removed: [54](#i547eaa9ead03449595972dbc9cd7cdf6_970)] [added: [54](#ia1583f94e55d42afa319983b2df261d2_421)] | | |

| | | | | | | [Consolidated Balance [removed: Sheets](#i547eaa9ead03449595972dbc9cd7cdf6_19)] [added: Sheets](#ia1583f94e55d42afa319983b2df261d2_433)] | | | [removed: [57](#i547eaa9ead03449595972dbc9cd7cdf6_19)] [added: [57](#ia1583f94e55d42afa319983b2df261d2_433)] | | |

| | | | | | | [Consolidated Statements of [removed: Operations](#i547eaa9ead03449595972dbc9cd7cdf6_982)] [added: Operations](#ia1583f94e55d42afa319983b2df261d2_436)] | | | [removed: [58](#i547eaa9ead03449595972dbc9cd7cdf6_982)] [added: [58](#ia1583f94e55d42afa319983b2df261d2_436)] | | |

| | | | | | | [Consolidated Statements of Comprehensive [removed: Income](#i547eaa9ead03449595972dbc9cd7cdf6_985)] [added: Income](#ia1583f94e55d42afa319983b2df261d2_439)] | | | [removed: [59](#i547eaa9ead03449595972dbc9cd7cdf6_985)] [added: [59](#ia1583f94e55d42afa319983b2df261d2_439)] | | |

| | | | | | | [Consolidated Statements of Shareholders' [removed: Equity](#i547eaa9ead03449595972dbc9cd7cdf6_988)] [added: Equity](#ia1583f94e55d42afa319983b2df261d2_442)] | | | [removed: [60](#i547eaa9ead03449595972dbc9cd7cdf6_988)] [added: [60](#ia1583f94e55d42afa319983b2df261d2_442)] | | |

| | | | | | | [Consolidated Statements of Cash [removed: Flows](#i547eaa9ead03449595972dbc9cd7cdf6_991)] [added: Flows](#ia1583f94e55d42afa319983b2df261d2_445)] | | | [removed: [61](#i547eaa9ead03449595972dbc9cd7cdf6_991)] [added: [61](#ia1583f94e55d42afa319983b2df261d2_445)] | | |

| | | | | | | [Notes [removed: to](#i547eaa9ead03449595972dbc9cd7cdf6_37) [Consolidated] [added: to Consolidated] Financial [removed: Statements](#i547eaa9ead03449595972dbc9cd7cdf6_37)] [added: Statements](#ia1583f94e55d42afa319983b2df261d2_448)] | | | [removed: [62](#i547eaa9ead03449595972dbc9cd7cdf6_37)] [added: [62](#ia1583f94e55d42afa319983b2df261d2_448)] | | |

| | | | | | | [Note 1—Significant Accounting [removed: Policies](#i547eaa9ead03449595972dbc9cd7cdf6_40)] [added: Policies](#ia1583f94e55d42afa319983b2df261d2_451)] | | | [removed: [62](#i547eaa9ead03449595972dbc9cd7cdf6_40)] [added: [62](#ia1583f94e55d42afa319983b2df261d2_451)] | | |

| | | | | | | [Note 2—Statutory [removed: Accounting](#i547eaa9ead03449595972dbc9cd7cdf6_88)] [added: Accounting](#ia1583f94e55d42afa319983b2df261d2_508)] | | | [removed: [73](#i547eaa9ead03449595972dbc9cd7cdf6_88)] [added: [75](#ia1583f94e55d42afa319983b2df261d2_508)] | | |

| | | | | | | [Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive [removed: Income](#i547eaa9ead03449595972dbc9cd7cdf6_91)] [added: Income](#ia1583f94e55d42afa319983b2df261d2_511)] | | | [removed: [75](#i547eaa9ead03449595972dbc9cd7cdf6_91)] [added: [76](#ia1583f94e55d42afa319983b2df261d2_511)] | | |

| | | | | | | [Note 5—Commitments and [removed: Contingencies](#i547eaa9ead03449595972dbc9cd7cdf6_169)] [added: Contingencies](#ia1583f94e55d42afa319983b2df261d2_589)] | | | [removed: [89](#i547eaa9ead03449595972dbc9cd7cdf6_169)] [added: [91](#ia1583f94e55d42afa319983b2df261d2_589)] | | |

| | | | | | | [Note 6—Policy [removed: Liabilities](#i547eaa9ead03449595972dbc9cd7cdf6_190)] [added: Liabilities](#ia1583f94e55d42afa319983b2df261d2_613)] | | | [removed: [93](#i547eaa9ead03449595972dbc9cd7cdf6_190)] [added: [95](#ia1583f94e55d42afa319983b2df261d2_613)] | | |

| | | | | | | [Note 7—Deferred Acquisition [removed: Costs](#i547eaa9ead03449595972dbc9cd7cdf6_313)] [added: Costs](#ia1583f94e55d42afa319983b2df261d2_745)] | | | [removed: [108](#i547eaa9ead03449595972dbc9cd7cdf6_313)] [added: [111](#ia1583f94e55d42afa319983b2df261d2_745)] | | |

| | | | | | | [Note 8—Liability for Unpaid [removed: Claims](#i547eaa9ead03449595972dbc9cd7cdf6_337)] [added: Claims](#ia1583f94e55d42afa319983b2df261d2_769)] | | | [removed: [110](#i547eaa9ead03449595972dbc9cd7cdf6_337)] [added: [113](#ia1583f94e55d42afa319983b2df261d2_769)] | | |

| | | | | | | [Note 11—Supplemental Disclosures of Cash Flow [removed: Information](#i547eaa9ead03449595972dbc9cd7cdf6_427)] [added: Information](#ia1583f94e55d42afa319983b2df261d2_862)] | | | [removed: [119](#i547eaa9ead03449595972dbc9cd7cdf6_427)] [added: [123](#ia1583f94e55d42afa319983b2df261d2_862)] | | |

| | | | | | | [Note 14—Stock-Based [removed: Compensation](#i547eaa9ead03449595972dbc9cd7cdf6_466)] [added: Compensation](#ia1583f94e55d42afa319983b2df261d2_901)] | | | [removed: [124](#i547eaa9ead03449595972dbc9cd7cdf6_466)] [added: [129](#ia1583f94e55d42afa319983b2df261d2_901)] | | |

| | | | Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i547eaa9ead03449595972dbc9cd7cdf6_871)] [added: Disclosure](#ia1583f94e55d42afa319983b2df261d2_958)] | | | [removed: [135](#i547eaa9ead03449595972dbc9cd7cdf6_871)] [added: [141](#ia1583f94e55d42afa319983b2df261d2_958)] | | |

| | | | Item 9A. | | | [Controls and [removed: Procedures](#i547eaa9ead03449595972dbc9cd7cdf6_805)] [added: Procedures](#ia1583f94e55d42afa319983b2df261d2_961)] | | | [removed: [135](#i547eaa9ead03449595972dbc9cd7cdf6_805)] [added: [141](#ia1583f94e55d42afa319983b2df261d2_961)] | | |

| | | | Item 9B. | | | [Other [removed: Information](#i547eaa9ead03449595972dbc9cd7cdf6_994)] [added: Information](#ia1583f94e55d42afa319983b2df261d2_982)] | | | [removed: [138](#i547eaa9ead03449595972dbc9cd7cdf6_994)] [added: [144](#ia1583f94e55d42afa319983b2df261d2_982)] | | |

| | | | Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i547eaa9ead03449595972dbc9cd7cdf6_997)] [added: Inspections](#ia1583f94e55d42afa319983b2df261d2_985)] | | | [removed: [138](#i547eaa9ead03449595972dbc9cd7cdf6_997)] [added: [144](#ia1583f94e55d42afa319983b2df261d2_985)] | | |

| | | | Item 10. | | | [Directors, Executive Officers, and Corporate [removed: Governance](#i547eaa9ead03449595972dbc9cd7cdf6_1000)] [added: Governance](#ia1583f94e55d42afa319983b2df261d2_988)] | | | [removed: [138](#i547eaa9ead03449595972dbc9cd7cdf6_1000)] [added: [144](#ia1583f94e55d42afa319983b2df261d2_988)] | | |

| | | | Item 11. | | | [Executive [removed: Compensation](#i547eaa9ead03449595972dbc9cd7cdf6_1003)] [added: Compensation](#ia1583f94e55d42afa319983b2df261d2_994)] | | | [removed: [138](#i547eaa9ead03449595972dbc9cd7cdf6_1003)] [added: [144](#ia1583f94e55d42afa319983b2df261d2_994)] | | |

| | | | Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i547eaa9ead03449595972dbc9cd7cdf6_1006)] [added: Matters](#ia1583f94e55d42afa319983b2df261d2_997)] | | | [removed: [138](#i547eaa9ead03449595972dbc9cd7cdf6_1006)] [added: [144](#ia1583f94e55d42afa319983b2df261d2_997)] | | |

| | | | Item 13. | | | [Certain Relationships and Related Transactions and Director [removed: Independence](#i547eaa9ead03449595972dbc9cd7cdf6_1009)] [added: Independence](#ia1583f94e55d42afa319983b2df261d2_1000)] | | | [removed: [139](#i547eaa9ead03449595972dbc9cd7cdf6_1009)] [added: [145](#ia1583f94e55d42afa319983b2df261d2_1000)] | | |

| | | | Item 14. | | | [Principal Accountant Fees and [removed: Services](#i547eaa9ead03449595972dbc9cd7cdf6_1012)] [added: Services](#ia1583f94e55d42afa319983b2df261d2_1003)] | | | [removed: [139](#i547eaa9ead03449595972dbc9cd7cdf6_1012)] [added: [145](#ia1583f94e55d42afa319983b2df261d2_1003)] | | |

| | | | Item 15. | | | [Exhibits and Financial Statement [removed: Schedules](#i547eaa9ead03449595972dbc9cd7cdf6_1018)] [added: Schedules](#ia1583f94e55d42afa319983b2df261d2_1009)] | | | [removed: [139](#i547eaa9ead03449595972dbc9cd7cdf6_1018)] [added: [145](#ia1583f94e55d42afa319983b2df261d2_1009)] | | |

| 7677 Henneman Way, McKinney, TX | | | | | | 75070 | | |

| Common Stock, $1.00 par value per share | | | GL | | | NYSE Texas, Inc. | | |

GL 2025 FORM 10-K

GL 2025 FORM 10-K

| [PART I.](#ia1583f94e55d42afa319983b2df261d2_13) | | | | | | | | | | | |

| | | | Item 2. | | | [Properties](#ia1583f94e55d42afa319983b2df261d2_109) | | | [18](#ia1583f94e55d42afa319983b2df261d2_109) | | |

| [PART II.](#ia1583f94e55d42afa319983b2df261d2_118) | | | | | | | | | | | |

| | | | Item 6. | | | [\[Reserved\]](#ia1583f94e55d42afa319983b2df261d2_130) | | | [19](#ia1583f94e55d42afa319983b2df261d2_130) | | |

| | | | | | | [Cautionary Statements](#ia1583f94e55d42afa319983b2df261d2_133) | | | [20](#ia1583f94e55d42afa319983b2df261d2_133) | | |

| | | | | | | [Note 4—Investments](#ia1583f94e55d42afa319983b2df261d2_529) | | | [78](#ia1583f94e55d42afa319983b2df261d2_529) | | |

| | | | | | | [Note 9—Income Taxes](#ia1583f94e55d42afa319983b2df261d2_787) | | | [114](#ia1583f94e55d42afa319983b2df261d2_787) | | |

| | | | | | | [Note 10—Postretirement Benefits](#ia1583f94e55d42afa319983b2df261d2_814) | | | [117](#ia1583f94e55d42afa319983b2df261d2_814) | | |

| | | | | | | [Note 12—Debt](#ia1583f94e55d42afa319983b2df261d2_865) | | | [124](#ia1583f94e55d42afa319983b2df261d2_865) | | |

| | | | | | | [Note 13—Shareholders' Equity](#ia1583f94e55d42afa319983b2df261d2_886) | | | [127](#ia1583f94e55d42afa319983b2df261d2_886) | | |

| | | | | | | [Note 15—Business Segments](#ia1583f94e55d42afa319983b2df261d2_916) | | | [134](#ia1583f94e55d42afa319983b2df261d2_916) | | |

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

| [PART III.](#ia1583f94e55d42afa319983b2df261d2_988) | | | | | | | | | | | |

| [PART IV.](#ia1583f94e55d42afa319983b2df261d2_1006) | | | | | | | | | | | |

| | | | | | | [Signatures](#ia1583f94e55d42afa319983b2df261d2_1024) | | | [154](#ia1583f94e55d42afa319983b2df261d2_1024) | | |

GL 2025 FORM 10-K

| 3700 South Stonebridge Drive, McKinney, TX | | | | | | 75070 | | |

GL 2024 FORM 10-K

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

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

As of December 31, [removed: 2024,] [added: 2025,] Globe Life had no unresolved SEC staff comments.

Our failure to maintain the safety of our [removed: policyholder’s] [added: policyholders'] information could have a

Risk [removed: Factors](#i547eaa9ead03449595972dbc9cd7cdf6_835)*,] [added: Factors](#ia1583f94e55d42afa319983b2df261d2_73)*,] General Risk Factors, “The failure to maintain effective and efficient information systems at the Company could adversely affect our financial condition and results of operations.”

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

The ERM Committee is chaired by our CRO, and the ORC is chaired by our [added: Divisional Senior Vice President, Risk Insurance Regulation and] Chief [removed: Security] [added: Compliance] Officer [removed: (“CSO”).][added: ("CCO").]

Our CRO has over a decade of experience managing risks at the Company, including [removed: risks from cybersecurity threats.][added: those related to cybersecurity.]

Our [removed: current] CIO has over 15 years of experience [removed: managing risks, including risks from] [added: in risk management, with a focus on] cybersecurity threats.

[removed: Our current CSO] [added: The CISO holds a master’s degree in cybersecurity,] has a Certified Information Systems Security Professional certification, [removed: a Certified Information Systems Auditor certification, a Certified in Risk] and [removed: Information Systems Control certification, and] [added: has] over [removed: 20 years] [added: a decade] of experience in cybersecurity.

GL 2025 FORM 10-K

Our CCO has over 26 years of insurance industry expertise, including experience in risk management, cybersecurity, and incident response.

GL 2025 FORM 10-K

GL 2024 FORM 10-K

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

The current CISO holds a master’s degree in cybersecurity, has a Certified Information Systems Security Professional certification, and has over a decade of experience in cybersecurity.

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

Globe Life Inc. [removed: owns and] occupies approximately [removed: 480,000] [added: 812,000] combined square feet in McKinney, Texas (headquarters) and at the Waco, Texas and Oklahoma City, Oklahoma campuses.

Additionally, the Company leases other buildings across the U.S.

GL 2025 FORM 10-K

GL 2024 FORM 10-K

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

There were [removed: 1,859] [added: 1,728] shareholders of record on December 31, [removed: 2024,] [added: 2025,] excluding shareholder accounts held in nominee form.

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

[removed: ][added: ]

*$100 invested on [removed: 12/31/2019] [added: 12/31/2020] in stock or index, including reinvestment of dividends.

Copyright© [removed: 2025] [added: 2026] 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: 2024][added: 2025]

| October 1-31, 2025 | | | | | | 801,407 | | | | | | $ | 135.13 | | | | | 801,407 | | | | | | — | | |

| November 1-30, 2025 | | | | | | 462,070 | | | | | | 132.58 | | | | | | 462,070 | | | | | | — | | |

| December 1-31, 2025 | | | | | | 152,969 | | | | | | 137.97 | | | | | | 152,969 | | | | | | — | | |

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

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

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

Forward-looking statements are based upon estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond our [removed: control, including uncertainties related to the impact of the recent pandemic and associated direct and indirect effects on our business operations, financial results, and financial condition.][added: control.]

1.Economic and other conditions, including the [removed: continued] impact of inflation, [added: immigration,] geopolitical events, [added: escalating tariff] and [added: non-tariff trade measures imposed by] the [removed: recent pandemic on] [added: U.S. and other countries, a prolonged government shutdown, and other governmental actions which affect] the U.S. [removed: economy,] [added: economy and/or U.S. consumer confidence,] leading to unexpected changes in lapse rates and/or sales of our policies, as well as levels of mortality, morbidity, [removed: and] [added: and/or] utilization of health care services that differ from Globe Life's assumptions;

2.Regulatory developments, including changes in accounting standards or governmental regulations (particularly those impacting taxes and changes to the Federal Medicare program that [removed: would] affect Medicare [removed: Supplement);][added: Supplement insurance sales, claims utilization or use);]

3.Market trends in the senior-aged health care industry that provide alternatives to traditional Medicare (such as Health Maintenance Organizations and other managed care or private plans) and that [removed: could] affect the sales of traditional Medicare Supplement insurance;

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

7.Litigation [removed: results] or regulatory actions against the Company;

[removed: 10.The] [added: 11.The] customer response to new products and marketing initiatives;

[removed: 11.Reported] [added: 12.Reported] amounts in the consolidated financial statements which are based on management estimates and judgments which may differ from the actual amounts ultimately realized;

[removed: 12.Compromise] [added: 13.Compromise] by a malicious actor or other event that causes a loss of secure data from, or inaccessibility to, our computer and other information technology systems;

[removed: 13.The impact of reputational damage on the Company including the impact on the] [added: 14.The] Company's ability to attract and retain agents;

[removed: 14.The] [added: 15.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: 15.Globe] [added: 16.Globe] Life's ability to access the commercial paper and debt markets, particularly if such markets become unpredictable or unstable for a certain period.

Readers are also directed to consider other risks and uncertainties described in other documents on file with the Securities and Exchange [removed: Commission.][added: Commission, including those described under *[Item 1A.]

GL 2025 FORM 10-K

10.The ability of our subsidiaries to pay dividends to the Parent Company and to receive required regulatory approvals on such amounts;

Risk Factors](#ia1583f94e55d42afa319983b2df261d2_73)*.

GL 2025 FORM 10-K

GL 2024 FORM 10-K

| [Report of Independent Registered Public Accounting [removed: Firm](#i547eaa9ead03449595972dbc9cd7cdf6_976)] [added: Firm](#ia1583f94e55d42afa319983b2df261d2_424)] (PCAOB No. 34) | | | [removed: [55](#i547eaa9ead03449595972dbc9cd7cdf6_976)] [added: [55](#ia1583f94e55d42afa319983b2df261d2_424)] | | |

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

| [Consolidated Balance Sheets at December [removed: 31,](#i547eaa9ead03449595972dbc9cd7cdf6_19) 2024[, and](#i547eaa9ead03449595972dbc9cd7cdf6_19) 2023] [added: 31,](#ia1583f94e55d42afa319983b2df261d2_433) 2025[, and](#ia1583f94e55d42afa319983b2df261d2_433) 2024] | | | [removed: [57](#i547eaa9ead03449595972dbc9cd7cdf6_19)] [added: [57](#ia1583f94e55d42afa319983b2df261d2_433)] | | |

| [Consolidated Statements of Operations for each of the three years in the period ended December [removed: 31,](#i547eaa9ead03449595972dbc9cd7cdf6_982) 2024] [added: 31,](#ia1583f94e55d42afa319983b2df261d2_436) 2025] | | | [removed: [58](#i547eaa9ead03449595972dbc9cd7cdf6_982)] [added: [58](#ia1583f94e55d42afa319983b2df261d2_436)] | | |

| [Consolidated Statements of Comprehensive Income (Loss) for each of the three years in the period ended December [removed: 31,](#i547eaa9ead03449595972dbc9cd7cdf6_985) 2024] [added: 31,](#ia1583f94e55d42afa319983b2df261d2_439) 2025] | | | [removed: [59](#i547eaa9ead03449595972dbc9cd7cdf6_985)] [added: [59](#ia1583f94e55d42afa319983b2df261d2_439)] | | |

| [Consolidated Statements of Shareholders’ Equity for each of the three years in the period ended December [removed: 31,](#i547eaa9ead03449595972dbc9cd7cdf6_988) 2024] [added: 31,](#ia1583f94e55d42afa319983b2df261d2_442) 2025] | | | [removed: [60](#i547eaa9ead03449595972dbc9cd7cdf6_988)] [added: [60](#ia1583f94e55d42afa319983b2df261d2_442)] | | |

| [Consolidated Statements of Cash Flows for each of the three years in the period ended December [removed: 31,](#i547eaa9ead03449595972dbc9cd7cdf6_991) 2024] [added: 31,](#ia1583f94e55d42afa319983b2df261d2_445) 2025] | | | [removed: [61](#i547eaa9ead03449595972dbc9cd7cdf6_991)] [added: [61](#ia1583f94e55d42afa319983b2df261d2_445)] | | |

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

We have audited the accompanying consolidated balance sheets of Globe Life Inc. and subsidiaries (the "Company") as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] 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: 2024,] [added: 2025,] 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: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] 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: 26, 2025,] [added: 25, 2026,] expressed an unqualified opinion on the Company’s internal control over financial reporting.

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

| | | | [added: | | | 2025 | | | | | |] 2024 | | | | | | 2023 | | |

| Fixed maturities—available for sale, at fair value (amortized cost: [removed: 2024—$18,835,809; 2023—$18,924,914,] [added: 2025—$18,820,464; 2024—$18,835,809,] allowance for credit losses: [added: 2025— $3,297;] 2024— [removed: $10,395; 2023— $7,115)] [added: $10,395)] | | | $ | [removed: 17,155,012] [added: 17,589,342] | | | | | $ | [removed: 17,870,206] [added: 17,155,012] | |

| Mortgage loans | | | [removed: 396,088] [added: 428,517] | | | | | | [removed: 279,199] [added: 396,088] | | |

| Policy loans | | | [removed: 699,669] [added: 741,375] | | | | | | [removed: 657,020] [added: 699,669] | | |

| Other long-term investments (includes: [removed: 2024—$986,766; 2023—$795,583] [added: 2025—$1,109,719; 2024—$986,766] under the fair value option) | | | [removed: 1,235,759] [added: 1,396,064] | | | | | | [removed: 835,878] [added: 1,235,759] | | |

| Short-term investments | | | [removed: 85,035] [added: 314,711] | | | | | | [removed: 81,740] [added: 85,035] | | |

| Total investments | | | [removed: 19,571,563] [added: 20,470,009] | | | | | | [removed: 19,724,043] [added: 19,571,563] | | |

| Cash [added: at beginning of year] | | | 165,325 | | | | | | 103,156 | | | [added: | | | 92,559 | | |]

| Accrued investment income | | | [removed: 269,791] [added: 272,818] | | | | | | [removed: 270,396] [added: 269,791] | | |

| Other receivables | | | [removed: 691,907] [added: 768,592] | | | | | | [removed: 630,223] [added: 691,907] | | |

| Deferred acquisition costs | | | [removed: 6,495,589] [added: 6,999,136] | | | | | | [removed: 6,009,477] [added: 6,495,589] | | |

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

| Other assets | | | [removed: 1,391,560] [added: 1,667,987] | | | | | | [removed: 832,413] [added: 1,391,560] | | |

| Total assets | | | $ | [removed: 29,076,181] [added: 30,813,692] | | | | | $ | [removed: 28,051,499] [added: 29,076,181] | |

| Future policy benefits at current discount rates: (at original discount rates: [removed: 2024—$17,552,564; 2023—$16,984,615)] [added: 2025—$18,129,506; 2024—$17,552,564)] | | | $ | [removed: 18,457,263] [added: 19,169,687] | | | | | $ | [removed: 19,460,353] [added: 18,457,263] | |

| Unearned and advance premium | | | [removed: 257,631] [added: 270,663] | | | | | | [removed: 254,567] [added: 257,631] | | |

| Policy claims and other benefits payable | | | [removed: 532,832] [added: 540,832] | | | | | | [removed: 514,875] [added: 532,832] | | |

| Other policyholders' funds | | | [removed: 468,604] [added: 532,047] | | | | | | [removed: 236,958] [added: 468,604] | | |

| Total policy liabilities | | | [removed: 19,716,330] [added: 20,513,229] | | | | | | [removed: 20,466,753] [added: 19,716,330] | | |

| Current and deferred income taxes | | | [removed: 731,255] [added: 859,628] | | | | | | [removed: 494,639] [added: 731,255] | | |

| Short-term debt | | | [removed: 415,401] [added: 304,656] | | | | | | [removed: 486,113] [added: 415,401] | | |

| Long-term debt (estimated fair value: [removed: 2024—$2,122,772; 2023—$1,491,229)] [added: 2025—$2,225,320; 2024—$2,122,772)] | | | [removed: 2,324,251] [added: 2,320,793] | | | | | | [removed: 1,629,559] [added: 2,324,251] | | |

| Other liabilities | | | [removed: 583,424] [added: 840,807] | | | | | | [removed: 487,632] [added: 583,424] | | |

| [removed: Total liabilities] [added: Total liabilities] | | | [removed: 23,770,661] | | | | | | [removed: 23,564,696] | | | [added: | | | | | | | | | | | | | | | $ | 23,770,661 | | | | | | | |]

| Preferred stock, par value $1 per share—5,000,000 shares authorized; outstanding: 0 in [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] | | | — | | | | | | — | | |

| Common stock, par value $1 per share—320,000,000 shares authorized; outstanding: [removed: (2024—97,218,183] [added: (2025—92,218,183] issued; [removed: 2023—102,218,183] [added: 2024—97,218,183] issued) | | | [removed: 97,218] [added: 92,218] | | | | | | [removed: 102,218] [added: 97,218] | | |

| Additional paid-in-capital | | | [removed: 527,795] [added: 536,363] | | | | | | [removed: 532,474] [added: 527,795] | | |

| Accumulated other comprehensive income (loss) | | | [removed: (2,029,720)] [added: (1,771,444)] | | | | | | [removed: (2,772,419)] [added: (2,029,720)] | | |

| [Consolidated Financial Statements:](#ia1583f94e55d42afa319983b2df261d2_430) | | | | | |

| [Notes to Consolidated Financial Statements](#ia1583f94e55d42afa319983b2df261d2_448) | | | [62](#ia1583f94e55d42afa319983b2df261d2_448) | | |

GL 2025 FORM 10-K

GL 2025 FORM 10-K

February 25, 2026

GL 2025 FORM 10-K

| | | | 2025 | | | | | | 2024 | | |

| Cash | | | 144,704 | | | | | | 165,325 | | |

GL 2025 FORM 10-K

GL 2025 FORM 10-K

GL 2025 FORM 10-K

| Year Ended December 31, 2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Balance at January 1, 2025 | | | — | | | | | | 97,218 | | | | | | 527,795 | | | | | | (2,029,720) | | | | | | 8,002,521 | | | | | | (1,292,294) | | | | | | 5,305,520 | | |

| Comprehensive income (loss) | | | — | | | | | | — | | | | | | — | | | | | | 258,276 | | | | | | 1,161,238 | | | | | | — | | | | | | 1,419,514 | | |

| Stock-based compensation | | | — | | | | | | — | | | | | | 37,404 | | | | | | — | | | | | | — | | | | | | 15,951 | | | | | | 53,355 | | |

| Exercise of stock options | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (21,402) | | | | | | 185,850 | | | | | | 164,448 | | |

| Balance at December 31, 2025 | | | $ | — | | | | | $ | 92,218 | | | | | $ | 536,363 | | | | | $ | (1,771,444) | | | | | $ | 8,546,807 | | | | | $ | (1,429,365) | | | | | $ | 5,974,579 | |

GL 2025 FORM 10-K

| Net income | | | $ | 1,161,238 | | | | | $ | 1,070,762 | | | | | $ | 970,755 | |

GL 2025 FORM 10-K

GL 2025 FORM 10-K

GL 2025 FORM 10-K

GL 2025 FORM 10-K

GL 2025 FORM 10-K

GL 2025 FORM 10-K

A provision for credit losses will be recorded in "Realized gains (losses)" on the *[Consolidated](#ia1583f94e55d42afa319983b2df261d2_436)*

GL 2025 FORM 10-K

Refer to *[Note 7—Deferred Acquisition Costs](#ia1583f94e55d42afa319983b2df261d2_745)*.

GL 2025 FORM 10-K

| | | | 2025 | | | | | | 2024 | | |

On July 3, 2025, Globe Life Inc. completed the acquisition of real estate located in McKinney, Texas for total consideration of $80 million.

The acquisition was executed in order to support Company growth and efficiency through modern technological infrastructure and centralized operations.

The acquisition includes land, a building structure, parking garage and building improvements.

The transaction was executed pursuant to a purchase agreement and is accounted for as an asset acquisition.

The purchase price was allocated based upon the relative fair value of land, building and building improvements.

The building is being depreciated over its estimated useful life of 40 years on a straight-line basis and recorded as part of other operating expense on the *[Consolidated Statement of Operations](#ia1583f94e55d42afa319983b2df261d2_436)*.

The Company expects to utilize the facility for its own operational needs.

As of the date of this filing, the current occupied facility does not qualify for held for sale classification and no impairment indicators have been identified.

The liability is

GL 2025 FORM 10-K

GL 2024 FORM 10-K

The

February 26, 2025

| Other premium | | | | | | — | | | | | | — | | | | | | 1 | | |

| Balance at January 1, 2022 | | | — | | | | | | 109,218 | | | | | | 520,564 | | | | | | (4,235,048) | | | | | | 6,455,733 | | | | | | (846,659) | | | | | | 2,003,808 | | |

| Comprehensive income (loss) | | | — | | | | | | — | | | | | | — | | | | | | 1,444,735 | | | | | | 894,386 | | | | | | — | | | | | | 2,339,121 | | |

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

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

| Balance at January 1, 2023 | | | — | | | | | | 105,218 | | | | | | 529,661 | | | | | | (2,790,313) | | | | | | 6,894,535 | | | | | | (789,524) | | | | | | 3,949,577 | | |

| Cash at beginning of year | | | 103,156 | | | | | | 92,559 | | | | | | 92,163 | | |

Gains and losses realized on the disposition of investments are determined on a specific identification basis.

asset account to the amortized cost basis with an offsetting provision for credit losses in *"*Realized gains (losses)" on the *[Consolidated Statements of Operations](#i547eaa9ead03449595972dbc9cd7cdf6_982)*.

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.

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

Refer to *[Note 7—DAC](#i547eaa9ead03449595972dbc9cd7cdf6_313)*.

it is written down and charged to earnings in the period of the test.

Net amounts paid to the reinsurer and reimbursements for losses after inception of the

The Company's annuity business comprises less than 1% of revenue and is not core to the Company's business, therefore we have adjusted our segment reporting to reflect the annuity business as a reconciling item to income before taxes in the segment reporting in this Form 10-K.

Prior periods presented have been recast for comparability.

*Accounting Pronouncements Adopted in the Current Year*: ASU No. 2022-03, *Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions,* adds disclosure requirements

specific to equity securities subject to contractual sale restrictions.

The disclosures clarify the nature of the contractual sale as well as the duration of the restriction and the circumstances that could cause a lapse in the restriction.

ASU No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures*, adds disclosure requirements to segment expenses, improving the financial reporting of the entity’s overall performance and assessment of future cash flows.

The disclosures required more detailed information related to the entity’s reportable segments.

Refer to *[Note 15—Business Segments](#i547eaa9ead03449595972dbc9cd7cdf6_481)* for further discussion of the Company's segments.

This standard is effective for the Company for annual periods beginning on January 1, 2025, and will be implemented on a prospective basis.

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

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

While all states have adopted the

| Balance at January 1, 2022 | | | $ | 2,765,290 | | | | | $ | (6,915,910) | | | | | $ | 19,248 | | | | | $ | (103,676) | | | | | $ | (4,235,048) | |

| Other comprehensive income (loss) before reclassifications, net of tax | | | (4,211,540) | | | | | | 5,546,706 | | | | | | (20,929) | | | | | | 94,055 | | | | | | 1,408,292 | | |

| Reclassifications, net of tax | | | 25,578 | | | | | | — | | | | | | — | | | | | | 10,865 | | | | | | 36,443 | | |

| Other comprehensive income (loss) | | | (4,185,962) | | | | | | 5,546,706 | | | | | | (20,929) | | | | | | 104,920 | | | | | | 1,444,735 | | |

| Foreign governments | | | 44,453 | | | | | | — | | | | | | 1 | | | | | | (10,348) | | | | | | 34,106 | | | | | | — | | |

| Industrials | | | 8,016,126 | | | | | | (7,115) | | | | | | 213,078 | | | | | | (566,847) | | | | | | 7,655,242 | | | | | | 43 | | |

| Financial | | | 5,028,151 | | | | | | — | | | | | | 112,368 | | | | | | (388,340) | | | | | | 4,752,179 | | | | | | 27 | | |

| Utilities | | | 2,017,967 | | | | | | — | | | | | | 73,925 | | | | | | (94,130) | | | | | | 1,997,762 | | | | | | 11 | | |

| Total corporates | | | 15,062,244 | | | | | | (7,115) | | | | | | 399,371 | | | | | | (1,049,317) | | | | | | 14,405,183 | | | | | | 81 | | |

| Total fixed maturities | | | $ | 18,924,914 | | | | | $ | (7,115) | | | | | $ | 451,764 | | | | | $ | (1,499,357) | | | | | $ | 17,870,206 | | | | | 100 | | |

The Company has exposure to real estate investment trusts with an average rating of BBB+, which had a fair value of $405 million (2% of the total fixed maturity portfolio) and $425 million (2% of the total fixed maturity portfolio) at December 31, 2024 and December 31, 2023, respectively.

As of the end of the fiscal year completed December 31, [removed: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] there were no changes to Globe Life Inc.'s internal control over financial reporting or in other factors that could significantly affect the internal control over financial reporting subsequent to the date of their evaluation which have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.

Management evaluated the Company’s internal control over financial reporting, and based on its assessment, determined that the Company’s internal control over financial reporting was effective as of December 31, [removed: 2024.][added: 2025.]

We have audited the internal control over financial reporting of Globe Life Inc. and subsidiaries (the “Company”) as of December 31, [removed: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] 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: 2024] [added: 2025] of the Company and our report dated February [removed: 26, 2025,] [added: 25, 2026,] expressed an unqualified opinion on those financial statements and financial statement schedules.

GL 2025 FORM 10-K

February 25, 2026

GL 2025 FORM 10-K

February 25, 2026

GL 2025 FORM 10-K

GL 2024 FORM 10-K

February 26, 2025

During the three months ended December 31, [removed: 2024,] [added: 2025,] 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 [removed: 2025] [added: 2026] 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 [removed: 2025] [added: 2026] 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.

Equity Compensation Plan Information as of December 31, [removed: 2024][added: 2025]

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 [removed: 2025] [added: 2026] 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.

| Equity compensation plans approved by security holders | | | | | | 4,303,944 | | | | | | $ | 106.34 | | | | | 2,898,770 | | |

| Total | | | | | | 4,303,944 | | | | | | $ | 106.34 | | | | | 2,898,770 | | |

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 2026 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 2025 FORM 10-K

| Equity compensation plans approved by security holders | | | | | | 5,825,957 | | | | | | $ | 99.74 | | | | | 4,286,654 | | |

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

GL 2024 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 [removed: 2025] [added: 2026] 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 [removed: 2025] [added: 2026] 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.

| [Report of Independent Registered Public Accounting [removed: Firm](#i547eaa9ead03449595972dbc9cd7cdf6_976)] [added: Firm](#ia1583f94e55d42afa319983b2df261d2_424)] | | | [removed: [55](#i547eaa9ead03449595972dbc9cd7cdf6_976)] [added: [55](#ia1583f94e55d42afa319983b2df261d2_424)] | | |

| [Consolidated Balance Sheets [removed: at](#i547eaa9ead03449595972dbc9cd7cdf6_19)] [added: at](#ia1583f94e55d42afa319983b2df261d2_433)] December 31, [added: 2025 [and](#ia1583f94e55d42afa319983b2df261d2_433)] 2024 [removed: [and](#i547eaa9ead03449595972dbc9cd7cdf6_19) 2023] | | | [removed: [57](#i547eaa9ead03449595972dbc9cd7cdf6_19)] [added: [57](#ia1583f94e55d42afa319983b2df261d2_433)] | | |

| [Consolidated Statements of Operations for each of the three years in the period [removed: ended](#i547eaa9ead03449595972dbc9cd7cdf6_982)] [added: ended](#ia1583f94e55d42afa319983b2df261d2_436)] December 31, [removed: 2024] [added: 2025] | | | [removed: [58](#i547eaa9ead03449595972dbc9cd7cdf6_982)] [added: [58](#ia1583f94e55d42afa319983b2df261d2_436)] | | |

| [Consolidated Statements of Comprehensive Income for each of the three years in the period [removed: ended](#i547eaa9ead03449595972dbc9cd7cdf6_985)] [added: ended](#ia1583f94e55d42afa319983b2df261d2_439)] December 31, [removed: 2024] [added: 2025] | | | [removed: [59](#i547eaa9ead03449595972dbc9cd7cdf6_985)] [added: [59](#ia1583f94e55d42afa319983b2df261d2_439)] | | |

| [Consolidated Statements of Shareholders’ Equity for each of the three years in the period [removed: ended](#i547eaa9ead03449595972dbc9cd7cdf6_988)] [added: ended](#ia1583f94e55d42afa319983b2df261d2_442)] December 31, [removed: 2024] [added: 2025] | | | [removed: [60](#i547eaa9ead03449595972dbc9cd7cdf6_988)] [added: [60](#ia1583f94e55d42afa319983b2df261d2_442)] | | |

| [Consolidated Statements of Cash Flows for each of the three years in the period [removed: ended](#i547eaa9ead03449595972dbc9cd7cdf6_991)] [added: ended](#ia1583f94e55d42afa319983b2df261d2_445)] December 31, [removed: 2024] [added: 2025] | | | [removed: [61](#i547eaa9ead03449595972dbc9cd7cdf6_991)] [added: [61](#ia1583f94e55d42afa319983b2df261d2_445)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i547eaa9ead03449595972dbc9cd7cdf6_37)] [added: Statements](#ia1583f94e55d42afa319983b2df261d2_448)] | | | [removed: [62](#i547eaa9ead03449595972dbc9cd7cdf6_37)] [added: [62](#ia1583f94e55d42afa319983b2df261d2_448)] | | |

| Schedules Supporting Financial Statements for each of the three years in the period ended December 31, [removed: 2024:] [added: 2025:] | | | | | |

| [II. Condensed Financial Information of Registrant (Parent [removed: Company)](#i547eaa9ead03449595972dbc9cd7cdf6_1027)] [added: Company)](#ia1583f94e55d42afa319983b2df261d2_1018)] | | | [removed: [143](#i547eaa9ead03449595972dbc9cd7cdf6_1027)] [added: [149](#ia1583f94e55d42afa319983b2df261d2_1018)] | | |

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

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

| [removed: 10.3] [added: 10.4] | | | | | | [Receivables Purchase Agreement dated as of December 31, 2008 among AILIC Receivables Corporation, American Income Life Insurance Company and TMK Re, Ltd.](https://www.sec.gov/Archives/edgar/data/320335/000119312509001571/dex101.htm) | | | | | | 8-K | | | | | | January 6, 2009 | | | | | | | | | | | | | | |

| [removed: 10.4] [added: 10.5] | | | | | | [Amendment No.1 to Receivables Purchase Agreement dated as of December 31, [removed: 2008] [added: 2013] among AILIC Receivables Corporation, American Income Life Insurance Company, and TMK Re, Ltd.](https://www.sec.gov/Archives/edgar/data/320335/000119312514076801/d622095dex1058.htm) | | | | | | 10-K | | | | | | February 28, 2014 | | | | | | | | | | | | | | |

| [removed: 10.5] [added: 10.6] | | | | | | [Amendment No.2 to Receivables Purchase Agreement dated as of December 31, [removed: 2008] [added: 2018] among AILIC Receivables Corporation, American Income Life Insurance Company, and TMK Re, Ltd.](https://www.sec.gov/Archives/edgar/data/320335/000032033519000006/tmk201810-kexhibit1017.htm) | | | | | | 10-K | | | | | | March 1, 2019 | | | | | | | | | | | | | | |

| [removed: 10.6] [added: 10.8] | | | | | | [Torchmark Corporation 2011 Incentive Plan*](https://www.sec.gov/Archives/edgar/data/320335/000119312511125948/dex101.htm) | | | | | | 8-K | | | | | | May 4, 2011 | | | | | | | | | | | | | | |

| [removed: 10.7] [added: 10.9] | | | | | | [First Amendment to Torchmark Corporation 2011 Incentive Plan*](https://www.sec.gov/Archives/edgar/data/320335/000119312514167194/d717090dex101.htm) | | | | | | 8-K | | | | | | April 29, 2014 | | | | | | | | | | | | | | |

| [removed: 10.8] [added: 10.10] | | | | | | [Torchmark Corporation Amended 2011 Non-Employee Director Compensation Plan, effective January, 2017](https://www.sec.gov/Archives/edgar/data/320335/000032033517000010/tmk201610-kexhibit1055.htm)* | | | | | | 10-K | | | | | | February 27, 2017 | | | | | | | | | | | | | | |

| [removed: 10.9] [added: 10.11] | | | | | | [Form of Restricted Stock Unit Award Notice under Torchmark Corporation 2011 Non-Employee Director Compensation Plan*](https://www.sec.gov/Archives/edgar/data/320335/000119312511049737/dex1059.htm) | | | | | | 10-K | | | | | | February 28, 2011 | | | | | | | | | | | | | | |

| [removed: 10.1] [added: 10.12] | | | | | | [Torchmark Corporation 2018 Incentive Plan*](https://www.sec.gov/Archives/edgar/data/320335/000032033518000014/ex101tmk2018incentiveplan.htm) | | | | | | 8-K | | | | | | May 2, 2018 | | | | | | | | | | | | | | |

| [removed: 10.11] [added: 10.13] | | | | | | [First Amendment to Torchmark Corporation 2018 Incentive Plan*](https://www.sec.gov/Archives/edgar/data/0000320335/000032033520000008/gli201910-kexhibit1031.htm) | | | | | | 10-K | | | | | | February 27, 2020 | | | | | | | | | | | | | | |

| [removed: 10.12] [added: 10.14] | | | | | | [Second Amendment to Globe Life Inc. 2018 Incentive Plan*](https://www.sec.gov/Archives/edgar/data/320335/000032033523000030/secondamendmenttoglobeli.htm) | | | | | | 10-Q | | | | | | May 9, 2023 | | | | | | | | | | | | | | |

| [removed: 10.13] [added: 10.15] | | | | | | [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: 10.14] [added: 10.17] | | | | | | [Form of Seven Year Stock Option under Globe Life Inc. 2018 Incentive Plan*](https://www.sec.gov/Archives/edgar/data/0000320335/000032033520000008/gli201910-kexhibit1036.htm) | | | | | | 10-K | | | | | | February 27, 2020 | | | | | | | | | | | | | | |

| [removed: 10.15] [added: 10.18] | | | | | | [Form of Seven Year Stock Option under Torchmark Corporation 2018 Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions*](https://www.sec.gov/Archives/edgar/data/320335/000032033518000014/ex1052018formof7yearstock.htm) | | | | | | 8-K | | | | | | May 2, 2018 | | | | | | | | | | | | | | |

| [removed: 10.16] [added: 10.19] | | | | | | [Form of Seven Year Stock Option under Globe Life Inc. 2018 Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions*](https://www.sec.gov/Archives/edgar/data/0000320335/000032033520000008/gli201910-kexhibit1038.htm) | | | | | | 10-K | | | | | | February 27, 2020 | | | | | | | | | | | | | | |

| [removed: 10.17] [added: 10.20] | | | | | | [Form of Ten Year Stock Option under Torchmark Corporation 2018 Incentive [removed: Plan*](https://www.sec.gov/Archives/edgar/data/320335/000032033518000014/ex1062018formoftenyearopti.htm)] [added: Plan with Non-Compete, Non-Solicit and Confidentiality Provisions*](https://www.sec.gov/Archives/edgar/data/320335/000032033518000014/ex1072018formoftenyearstoc.htm)] | | | | | | 8-K | | | | | | May 2, 2018 | | | | | | | | | | | | | | |

| [removed: 10.18] [added: 10.31] | | | | | | [Form of [removed: Ten] [added: Seven] Year Stock Option under [removed: Torchmark Corporation] [added: Globe Life Inc.] 2018 Incentive Plan with Non-Compete, Non-Solicit and Confidentiality [removed: Provisions*](https://www.sec.gov/Archives/edgar/data/320335/000032033518000014/ex1072018formoftenyearstoc.htm)] [added: Provisions (2023)*](https://www.sec.gov/Archives/edgar/data/320335/000032033523000008/gli202210-kexhibit1049xq4.htm)] | | | | | | [removed: 8-K] [added: 10-K] | | | | | | [removed: May 2, 2018] [added: February 23, 2023] | | | | | | | | | | | | | | |

| [removed: 10.19] [added: 10.21] | | | | | | [Form of Stock Option under Globe Life Inc. 2018 Non-Employee Director Compensation Plan*](https://www.sec.gov/Archives/edgar/data/0000320335/000032033520000008/gli201910-kexhibit1044.htm) | | | | | | 10-K | | | | | | February 27, 2020 | | | | | | | | | | | | | | |

| [removed: 10.20] [added: 10.22] | | | | | | [Form of Restricted Stock Unit Award Notice under Globe Life Inc. 2018 Non-Employee Director Compensation Plan*](https://www.sec.gov/Archives/edgar/data/320335/000032033520000008/gli201910-kexhibit1046.htm) | | | | | | 10-K | | | | | | February 27, 2020 | | | | | | | | | | | | | | |

| [removed: 10.21] [added: 10.23] | | | | | | [Globe Life Inc. Management Incentive Plan (Effective as of January 1, 2024)*](https://www.sec.gov/Archives/edgar/data/320335/000032033523000056/globelifeincmanagementin.htm) | | | | | | 8-K | | | | | | November 9, 2023 | | | | | | | | | | | | | | |

| [removed: 10.22] [added: 10.24] | | | | | | [removed: [Amended] [added: [Second Amended] and Restated Credit Agreement dated as of [removed: September 30, 2021] [added: March 29, 2024] among Bank of America, N.A., the Lenders party thereto, Globe Life Inc. and TMK RE, [removed: LTD.](https://www.sec.gov/Archives/edgar/data/320335/000032033521000044/bofa-globelife2021revolv.htm)] [added: LTD](https://www.sec.gov/Archives/edgar/data/320335/000032033524000016/bofa-globelife2024revolv.htm)] | | | | | | 8-K | | | | | | [removed: October 1, 2021] [added: April 2, 2024] | | | | | | | | | | | | | | |

| [removed: 10.23] [added: 10.25] | | | | | | [First Amendment to [added: Second] Amended and Restated Credit Agreement dated [removed: January 10, 2023] [added: as of June 20, 2025] among Bank of America, N.A., the Lenders party thereto, Globe Life Inc. and TMK RE, [removed: LTD.](https://www.sec.gov/Archives/edgar/data/320335/000032033523000008/bofa-globelife2022revolv.htm)] [added: LTD.](https://www.sec.gov/Archives/edgar/data/320335/000032033525000046/globelife-2025revolverxf.htm)] | | | | | | [removed: 10-K] [added: 10-Q] | | | | | | [removed: February 23, 2023] [added: August 6, 2025] | | | | | | | | | | | | | | |

| [removed: 10.24] [added: 10.26] | | | | | | [removed: [Second Amended and Restated Credit] [added: [Delayed Draw Term Loan] Agreement dated as of [removed: March 29, 2024] [added: April 14, 2023] among Bank of America, N.A., [removed: the](https://www.sec.gov/Archives/edgar/data/320335/000032033524000016/bofa-globelife2024revolv.htm) [Lenders] [added: as Administrative Agent, the Lenders] party thereto, [added: and] Globe Life [removed: Inc. and TMK RE, LTD](https://www.sec.gov/Archives/edgar/data/320335/000032033524000016/bofa-globelife2024revolv.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/320335/000032033523000022/bofa-globelifex2023terml.htm)] | | | | | | 8-K | | | | | | April [removed: 2, 2024] [added: 18, 2023] | | | | | | | | | | | | | | |

| [removed: 10.25] [added: 10.27] | | | | | | [removed: [Delayed] [added: [First Amendment to Delayed] Draw Term Loan Agreement dated as of [removed: April 14, 2023] [added: August 15, 2024] among Bank of America, N.A., as Administrative Agent, the Lenders party thereto, and Globe Life [removed: Inc.](https://www.sec.gov/Archives/edgar/data/320335/000032033523000022/bofa-globelifex2023terml.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/320335/000032033524000050/globelife-2024termloanre.htm)] | | | | | | 8-K | | | | | | [removed: April 18, 2023] [added: August 15, 2024] | | | | | | | | | | | | | | |

| [removed: 10.26] [added: 10.28] | | | | | | [removed: [F](https://www.sec.gov/Archives/edgar/data/320335/000032033524000050/globelife-2024termloanre.htm)[irst] [added: [Second] Amendment to Delayed Draw Term Loan [removed: Ag](https://www.sec.gov/Archives/edgar/data/320335/000032033524000050/globelife-2024termloanre.htm)[reement] [added: Agreement] dated as of [removed: August 15, 2024] [added: June 20, 2025] among Bank of America, N.A., as Administrative Agent, the Lenders party thereto, and Globe Life [removed: Inc.](https://www.sec.gov/Archives/edgar/data/320335/000032033524000050/globelife-2024termloanre.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/320335/000032033525000046/globelife-2025termloanxs.htm)] | | | | | | [removed: 8-K] [added: 10-Q] | | | | | | August [removed: 15, 2024] [added: 6, 2025] | | | | | | | | | | | | | | |

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

| [removed: 10.28] [added: 10.30] | | | | | | [Form of Seven Year Stock Option under Globe Life Inc. 2018 Incentive Plan (2023)*](https://www.sec.gov/Archives/edgar/data/320335/000032033523000008/gli202210-kexhibit1048xq4.htm) | | | | | | 10-K | | | | | | February 23, 2023 | | | | | | | | | | | | | | |

| [removed: 10.29] [added: 10.34] | | | | | | [Form of Seven Year Stock Option under Globe Life Inc. 2018 Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions [removed: (2023)*](https://www.sec.gov/Archives/edgar/data/320335/000032033523000008/gli202210-kexhibit1049xq4.htm)] [added: (2024)*](https://www.sec.gov/Archives/edgar/data/320335/000032033524000006/gli202310-kexhibit1054xq4.htm)] | | | | | | 10-K | | | | | | February [removed: 23, 2023] [added: 28, 2024] | | | | | | | | | | | | | | |

| [removed: 10.30] [added: 10.32] | | | | | | [Form of Restricted Stock Unit Award Certificate under Globe Life Inc. 2018 Incentive [removed: Plan*](https://www.sec.gov/Archives/edgar/data/320335/000032033523000008/gli202210-kexhibit1051xq4.htm)] [added: Plan with Non-Compete, Non-Solicit and Confidentiality Provisions*](https://www.sec.gov/Archives/edgar/data/320335/000032033523000008/gli202210-kexhibit1051xq4.htm)] | | | | | | 10-K | | | | | | February 23, 2023 | | | | | | | | | | | | | | |