Item 1. Condensed Consolidated Financial Statements

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Item 1. Condensed Consolidated Financial Statements

Globe Life Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(Dollar amounts in thousands, except per share data)



	June 30, 2025		December 31, 2024
Assets:
Investments:
Fixed maturities—available for sale, at fair value (amortized cost: 2025—$18,959,797; 2024—$18,835,809, allowance for credit losses: 2025— $10,355; 2024— $10,395)	$	17,365,354	$	17,155,012
Mortgage loans	455,767		396,088
Policy loans	718,621		699,669
Other long-term investments (includes: 2025—$1,022,425; 2024—$986,766 under the fair value option)	1,268,624		1,235,759
Short-term investments	116,724		85,035
Total investments	19,925,090		19,571,563
Cash	239,122		165,325
Accrued investment income	271,670		269,791
Other receivables	690,705		691,907
Deferred acquisition costs	6,754,821		6,495,589
Goodwill	490,446		490,446
Other assets	1,437,494		1,391,560
Total assets	$	29,809,348	$	29,076,181
Liabilities:
Future policy benefits at current discount rates: (at original discount rates: 2025—$17,901,979; 2024—$17,552,564)	$	18,846,755	$	18,457,263
Unearned and advance premium	273,195		257,631
Policy claims and other benefits payable	532,179		532,832
Other policyholders' funds	492,146		468,604
Total policy liabilities	20,144,275		19,716,330
Current and deferred income taxes	816,135		731,255
Short-term debt	464,540		415,401
Long-term debt (estimated fair value: 2025—$2,172,267; 2024—$2,122,772)	2,325,642		2,324,251
Other liabilities	639,726		583,424
Total liabilities	24,390,318		23,770,661
Commitments and Contingencies (Note 5)
Shareholders' equity:
Preferred stock, par value $1 per share—5,000,000 shares authorized; outstanding: 0 in 2025 and 2024	—		—
Common stock, par value $1 per share—320,000,000 shares authorized; outstanding: (2025—97,218,183 issued; 2024—97,218,183 issued)	97,218		97,218
Additional paid-in-capital	538,050		527,795
Accumulated other comprehensive income (loss)	(1,983,868)		(2,029,720)
Retained earnings	8,453,893		8,002,521
Treasury stock, at cost: (2025—16,206,643 shares; 2024—13,240,616 shares)	(1,686,263)		(1,292,294)
Total shareholders' equity	5,419,030		5,305,520
Total liabilities and shareholders' equity	$	29,809,348	$	29,076,181

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(Dollar amounts in thousands, except per share data)



	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Revenue:
Life premium	$	839,544	$	815,482	$	1,669,407	$	1,619,747
Health premium	378,099		351,643		747,890		692,662

Total premium	1,217,643		1,167,125		2,417,297		2,312,409
Net investment income	282,169		285,636		562,783		568,214
Realized gains (losses)	(18,574)		(12,589)		(18,489)		(24,388)

Other income	49		74		118		150
Total revenue	1,481,287		1,440,246		2,961,709		2,856,385

Benefits and expenses:
Life policyholder benefits(1)	519,355		518,792		1,029,111		1,038,663
Health policyholder benefits(2)	229,924		205,423		463,853		407,750
Other policyholder benefits	6,719		11,479		13,799		21,074
Total policyholder benefits	755,998		735,694		1,506,763		1,467,487

Amortization of deferred acquisition costs	111,401		101,915		216,916		201,393
Commissions, premium taxes, and non-deferred acquisition costs	157,411		149,802		321,734		297,912
Other operating expense	108,293		99,108		217,039		192,322
Interest expense	34,885		31,404		69,877		60,025
Total benefits and expenses	1,167,988		1,117,923		2,332,329		2,219,139

Income before income taxes	313,299		322,323		629,380		637,246
Income tax benefit (expense)	(60,550)		(63,968)		(122,068)		(124,674)



Net income	$	252,749	$	258,355	$	507,312	$	512,572




Basic net income per common share	$	3.09	$	2.83	$	6.13	$	5.53




Diluted net income per common share	$	3.05	$	2.83	$	6.07	$	5.51

(1)Net of a remeasurement gain of $16.7 million for the three months ended June 30, 2025 and a remeasurement gain of $12.4 million for the same period in 2024. Net of a remeasurement gain of $25.3 million for the six months ended June 30, 2025 and a remeasurement gain of $17.3 million for the same period in 2024.

(2)Net of a remeasurement gain of $3.9 million for the three months ended June 30, 2025 and a remeasurement gain of $3.2 million for the same period in 2024. Net of a remeasurement gain of $4.3 million for the six months ended June 30, 2025 and a remeasurement gain of $6.5 million for the same period in 2024.

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

(Dollar amounts in thousands)



	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net income	$	252,749	$	258,355	$	507,312	$	512,572

Other comprehensive income (loss):

Investments:
Unrealized gains (losses) on fixed maturities:
Unrealized holding gains (losses) arising during period	(134,318)		(263,012)		80,810		(568,028)

Other reclassification adjustments included in net income	10,603		7,400		7,262		4,988
Foreign exchange adjustment on fixed maturities recorded at fair value	(1,328)		(117)		(1,758)		1,500



Total unrealized investment gains (losses)	(125,043)		(255,729)		86,314		(561,540)
Less applicable tax (expense) benefit	26,264		53,701		(18,123)		117,923
Unrealized gains (losses) on investments, net of tax	(98,779)		(202,028)		68,191		(443,617)

Future Policy Benefits:
Change in discount rate on future policy benefits	92,229		606,384		(47,123)		1,310,980
Less applicable tax (expense) benefit	(19,367)		(127,342)		9,896		(275,306)
Future policy benefit adjustments, net of tax	72,862		479,042		(37,227)		1,035,674






Foreign exchange translation:
Foreign exchange translation adjustments, other than securities	16,300		641		18,721		(11,956)
Less applicable tax (expense) benefit	(3,425)		(135)		(3,933)		2,511
Foreign exchange translation adjustments, other than securities, net of tax	12,875		506		14,788		(9,445)

Pension:



Pension adjustments	59		118		127		236
Less applicable tax (expense) benefit	(12)		(22)		(27)		(49)
Pension adjustments, net of tax	47		96		100		187

Other comprehensive income (loss)	(12,995)		277,616		45,852		582,799
Comprehensive income (loss)	$	239,754	$	535,971	$	553,164	$	1,095,371

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Condensed Consolidated Statements of Shareholders' Equity

(Unaudited)

(Dollar amounts in thousands, except per share data)


	Preferred Stock		Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Treasury Stock		Total Shareholders' Equity
Balance at December 31, 2024	$	—	$	97,218	$	527,795	$	(2,029,720)	$	8,002,521	$	(1,292,294)	$	5,305,520


Comprehensive income (loss)	—		—		—		58,847		254,563		—		313,410
Common dividends declared ($0.2700 per share)	—		—		—		—		(22,383)		—		(22,383)
Acquisition of treasury stock	—		—		—		—		—		(264,544)		(264,544)
Stock-based compensation	—		—		(3,754)		—		—		15,773		12,019
Exercise of stock options	—		—		—		—		(9,753)		91,147		81,394

Balance at March 31, 2025	—		97,218		524,041		(1,970,873)		8,224,948		(1,449,918)		5,425,416

Comprehensive income (loss)	—		—		—		(12,995)		252,749		—		239,754
Common dividends declared ($0.2700 per share)	—		—		—		—		(21,869)		—		(21,869)
Acquisition of treasury stock	—		—		—		—		—		(250,311)		(250,311)
Stock-based compensation	—		—		14,009		—		—		34		14,043
Exercise of stock options	—		—		—		—		(1,935)		13,932		11,997

Balance at June 30, 2025	$	—	$	97,218	$	538,050	$	(1,983,868)	$	8,453,893	$	(1,686,263)	$	5,419,030


	Preferred Stock		Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Treasury Stock		Total Shareholders' Equity

Balance at December 31, 2023	$	—	$	102,218	$	532,474	$	(2,772,419)	$	7,478,813	$	(854,283)	$	4,486,803


Comprehensive income (loss)	—		—		—		305,183		254,217		—		559,400
Common dividends declared ($0.2400 per share)	—		—		—		—		(22,603)		—		(22,603)
Acquisition of treasury stock	—		—		—		—		—		(23,469)		(23,469)
Stock-based compensation	—		—		(5,612)		—		(438)		15,317		9,267
Exercise of stock options	—		—		—		—		(3,334)		33,097		29,763


Balance at March 31, 2024	—		102,218		526,862		(2,467,236)		7,706,655		(829,338)		5,039,161

Comprehensive income (loss)	—		—		—		277,616		258,355		—		535,971
Common dividends declared ($0.2400 per share)	—		—		—		—		(21,595)		—		(21,595)
Acquisition of treasury stock	—		—		—		—		—		(335,873)		(335,873)
Stock-based compensation	—		—		7,166		—		—		2,924		10,090
Exercise of stock options	—		—		—		—		—		—		—

Balance at June 30, 2024	$	—	$	102,218	$	534,028	$	(2,189,620)	$	7,943,415	$	(1,162,287)	$	5,227,754

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Dollar amounts in thousands)



	Six Months Ended June 30,
	2025		2024













Cash provided from (used for) operating activities	$	739,813	$	724,923

Cash provided from (used for) investing activities:
Investments sold or matured:
Fixed maturities available for sale—sold	272,067		510,904
Fixed maturities available for sale—matured or other redemptions	132,253		85,385
Mortgage loans	3,437		26,071
Other long-term investments	25,939		14,125
Total investments sold or matured	433,696		636,485
Acquisition of investments:
Fixed maturities—available for sale	(511,297)		(923,096)
Mortgage loans	(66,686)		(92,167)
Other long-term investments	(53,799)		(165,322)
Total investments acquired	(631,782)		(1,180,585)
Net (increase) decrease in policy loans	(18,952)		(19,057)
Net (increase) decrease in short-term investments	(31,689)		(18,820)


Additions to property and equipment	(24,687)		(26,738)

Investments in low-income housing interests	(30,569)		(17,870)
Cash provided from (used for) investing activities	(303,983)		(626,585)

Cash provided from (used for) financing activities:
Issuance of common stock	93,391		29,763
Cash dividends paid to shareholders	(42,524)		(43,681)



Net borrowing from Federal Home Loan Bank (FHLB)	70,000		180,000
Net borrowing (repayment) of commercial paper	26,983		(114,494)
Proceeds from commercial paper with original maturities greater than 90 days	361,118		339,518
Repayment of commercial paper with original maturities greater than 90 days	(408,962)		(236,786)
Acquisition of treasury stock	(514,855)		(359,342)
Net receipts (payments) from deposit-type products	59,600		85,236
Cash provided from (used for) financing activities	(355,249)		(119,786)

Effect of foreign exchange rate changes on cash	(6,784)		6,206
Net increase (decrease) in cash	73,797		(15,242)
Cash at beginning of year	165,325		103,156
Cash at end of period	$	239,122	$	87,914

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 1—Significant Accounting Policies

Business*:* (Globe Life), (the Company), refers to Globe Life Inc., an insurance holding company incorporated in Delaware in 1979, and Globe Life Inc. subsidiaries and affiliates. Globe Life Inc.'s direct or indirect primary subsidiaries are Globe Life And Accident Insurance Company, American Income Life Insurance Company, Liberty National Life Insurance Company, Family Heritage Life Insurance Company of America, and United American Insurance Company. The underwriting companies are owned by their ultimate corporate parent, Globe Life Inc. (Parent Company).

Globe Life provides a variety of life and supplemental health insurance products to a broad base of customers. The Company is organized into three reportable segments: life insurance, supplemental health insurance, and investments.

Globe Life markets its insurance products through a number of distribution channels, each of which sells the products of one or more of Globe Life's insurance segments. Our distribution channels consist of the following exclusive agencies: American Income Life Division (American Income), Liberty National Division (Liberty National) and Family Heritage Division (Family Heritage); an independent agency, United American Division (United American); and our Direct to Consumer Division (DTC).

Basis of Presentation*:* The accompanying condensed consolidated financial statements of Globe Life have been prepared in accordance with the instructions to Form 10-Q. Therefore, they do not include all of the disclosures required by accounting principles generally accepted in the United States of America (GAAP) for annual financial statements. However, in the opinion of management, these statements include all adjustments, consisting of normal recurring adjustments, which are necessary for a fair presentation of the condensed consolidated financial position at June 30, 2025, and the condensed consolidated results of operations, comprehensive income, and cash flows for the periods ended June 30, 2025 and 2024. The interim period condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements that were included in the Form 10-K filed with the Securities Exchange Commission (SEC) on February 26, 2025.

Use of Estimates: The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. See further documentation in the significant accounting policies or the accompanying notes.

Reinsurance and Recapture: In the normal course of business, Globe Life insurance subsidiaries will enter into reinsurance agreements to limit their exposure to the risk of loss as well as enhance their capital position. The Company entered into a coinsurance transaction with funds withheld agreement with a third-party reinsurer on March 6, 2025, with an agreement effective date of January 1, 2025. Under the terms of the agreement Globe Life ceded 100% of the liabilities, net of existing reinsurance, associated with certain term and whole life insurance policies. The contract is accounted for under deposit accounting as it did not pass the risk transfer requirements for reinsurance treatment on a GAAP basis. Since the agreement is subject to deposit accounting and meets the right of offset conditions outlined in the accounting policy the Company recorded the initial coinsurance, ceding commission and funds withheld balance on a net basis. At inception, no cash was exchanged between the parties and subsequently, a risk charge was recorded as a component of net investment income in the Condensed Consolidated Statement of Operations, with net cash settlements occurring quarterly between the parties.

On March 31, 2025, the Company entered into a recapture and termination agreement with a third-party reinsurer to recapture certain policies that had previously been ceded under a reinsurance agreement dated November 12, 2001. The recapture was executed to accomplish common objectives between the Company and the reinsurer. As a result of the transaction, the Company received net proceeds of $39 million, which are reflected as operating cash flows in the Condensed Consolidated Statement of Cash Flows. The Company also recognized a gain of approximately $14 million in policyholder benefits in the Condensed Consolidated Statement of Operations.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 2—New Accounting Standards

Accounting Pronouncements Yet to be Adopted: ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, adds disclosure requirements to disaggregate information related to the effective tax rate reconciliation and information on income taxes paid. The disclosures will enhance the assessment of an entity’s operations and related tax risks.

This standard is effective for the Company for annual periods beginning on January 1, 2025, and will be implemented on a prospective basis. The Company does not expect the standard will have a material impact on the condensed consolidated financial statements. The guidance requires only additional disclosure, as a result there will be no effects on our financial position, results of operations or cash flows.

ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, adds disclosure requirements to disaggregate information related to an entity's income statement. The disclosures will allow for enhanced transparency of an entity's expenses.

This standard is effective for the Company for annual periods beginning on January 1, 2027. The Company is evaluating the standard.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive Income

Components of Accumulated Other Comprehensive Income: An analysis of the change in balance by component of Accumulated Other Comprehensive Income is as follows for the three and six month periods ended June 30, 2025 and 2024:


	Three Months Ended June 30, 2025
	Available for Sale Assets		Future Policy Benefits		Foreign Exchange		Pension Adjustments		Total
Balance at April 1, 2025	$	(1,152,648)	$	(819,131)	$	(19,844)	$	20,750	$	(1,970,873)
Other comprehensive income (loss) before reclassifications, net of tax	(107,155)		72,862		12,875		—		(21,418)
Reclassifications, net of tax	8,376		—		—		47		8,423
Other comprehensive income (loss)	(98,779)		72,862		12,875		47		(12,995)
Balance at June 30, 2025	$	(1,251,427)	$	(746,269)	$	(6,969)	$	20,797	$	(1,983,868)


	Three Months Ended June 30, 2024
	Available for Sale Assets		Future Policy Benefits		Foreign Exchange		Pension Adjustments		Total
Balance at April 1, 2024	$	(1,069,185)	$	(1,390,759)	$	(5,232)	$	(2,060)	$	(2,467,236)
Other comprehensive income (loss) before reclassifications, net of tax	(207,874)		479,042		506		—		271,674
Reclassifications, net of tax	5,846		—		—		96		5,942
Other comprehensive income (loss)	(202,028)		479,042		506		96		277,616
Balance at June 30, 2024	$	(1,271,213)	$	(911,717)	$	(4,726)	$	(1,964)	$	(2,189,620)


	Six Months Ended June 30, 2025
	Available for Sale Assets		Future Policy Benefits		Foreign Exchange		Pension Adjustments		Total
Balance at January 1, 2025	$	(1,319,618)	$	(709,042)	$	(21,757)	$	20,697	$	(2,029,720)
Other comprehensive income (loss) before reclassifications, net of tax	62,454		(37,227)		14,788		—		40,015
Reclassifications, net of tax	5,737		—		—		100		5,837
Other comprehensive income (loss)	68,191		(37,227)		14,788		100		45,852
Balance at June 30, 2025	$	(1,251,427)	$	(746,269)	$	(6,969)	$	20,797	$	(1,983,868)


	Six Months Ended June 30, 2024
	Available for Sale Assets		Future Policy Benefits		Foreign Exchange		Pension Adjustments		Total
Balance at January 1, 2024	$	(827,596)	$	(1,947,391)	$	4,719	$	(2,151)	$	(2,772,419)
Other comprehensive income (loss) before reclassifications, net of tax	(447,558)		1,035,674		(9,445)		—		578,671
Reclassifications, net of tax	3,941		—		—		187		4,128
Other comprehensive income (loss)	(443,617)		1,035,674		(9,445)		187		582,799
Balance at June 30, 2024	$	(1,271,213)	$	(911,717)	$	(4,726)	$	(1,964)	$	(2,189,620)

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Reclassification Adjustments: Reclassification adjustments out of accumulated other comprehensive income are presented below for the three and six month periods ended June 30, 2025 and 2024.


	Three Months Ended June 30,				Six Months Ended June 30,				Affected line items in the Statements of Operations
Component Line Item	2025		2024		2025		2024
Unrealized investment (gains) losses on available for sale assets:
Realized (gains) losses	$	12,837	$	10,217	$	12,009	$	9,989	Realized (gains) losses

Amortization of (discount) premium	(2,234)		(2,817)		(4,747)		(5,001)		Net investment income
Total before tax	10,603		7,400		7,262		4,988
Tax	(2,227)		(1,554)		(1,525)		(1,047)		Income taxes
Total after-tax	8,376		5,846		5,737		3,941
Pension adjustments:
Amortization of prior service cost	292		269		584		538		Other operating expense
Amortization of actuarial (gain) loss	(233)		(151)		(457)		(302)		Other operating expense
Total before tax	59		118		127		236
Tax	(12)		(22)		(27)		(49)		Income taxes
Total after-tax	47		96		100		187
Total reclassification (after-tax)	$	8,423	$	5,942	$	5,837	$	4,128

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 4—Investments

Portfolio Composition*:* Summaries of fixed maturities available for sale by amortized cost, fair value, and allowance for credit losses at June 30, 2025 and December 31, 2024, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are as follows. Redeemable preferred stock is included within "Corporates, by sector."


	At June 30, 2025
	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value(1)		% of Total Fixed Maturities(2)
Fixed maturities available for sale:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	411,371	$	—	$	131	$	(31,467)	$	380,035	2
States, municipalities, and political subdivisions	3,303,151		—		23,550		(633,924)		2,692,777		16
Foreign governments	39,427		—		21		(9,842)		29,606		—
Corporates, by sector:
Industrials	8,007,486		(7,058)		138,507		(737,473)		7,401,462		43
Financial	5,004,947		—		107,285		(386,613)		4,725,619		27

Utilities	2,113,952		—		55,957		(109,524)		2,060,385		12
Total corporates	15,126,385		(7,058)		301,749		(1,233,610)		14,187,466		82
Collateralized debt obligations	—		—		—		—		—		—
Other asset-backed securities	79,463		(3,297)		114		(810)		75,470		—
Total fixed maturities	$	18,959,797	$	(10,355)	$	325,565	$	(1,909,653)	$	17,365,354	100

(1)Amount reported in the balance sheet.

(2)At fair value.


	At December 31, 2024
	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value(1)		% of Total Fixed Maturities(2)
Fixed maturities available for sale:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	401,753	$	—	$	1	$	(42,794)	$	358,960	2
States, municipalities, and political subdivisions	3,300,901		—		20,662		(534,759)		2,786,804		16
Foreign governments	36,883		—		18		(8,870)		28,031		—
Corporates, by sector:
Industrials	7,889,074		(7,098)		105,610		(805,330)		7,182,256		42
Financial	5,006,375		—		82,598		(413,043)		4,675,930		27

Utilities	2,081,366		—		39,716		(118,007)		2,003,075		12
Total corporates	14,976,815		(7,098)		227,924		(1,336,380)		13,861,261		81
Collateralized debt obligations	36,923		—		5,943		—		42,866		—
Other asset-backed securities	82,534		(3,297)		39		(2,186)		77,090		1
Total fixed maturities	$	18,835,809	$	(10,395)	$	254,587	$	(1,924,989)	$	17,155,012	100

(1)Amount reported in the balance sheet.

(2)At fair value.

The Company had unfunded commitments of $146 million and $167 million in fixed maturities at June 30, 2025 and December 31, 2024, respectively.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

A schedule of fixed maturities available for sale by contractual maturity date at June 30, 2025, is shown below on an amortized cost basis, net of allowance for credit losses, and on a fair value basis. Actual disposition dates could differ from contractual maturities due to call or prepayment provisions.


	At June 30, 2025
	Amortized Cost, net		Fair Value
Fixed maturities available for sale:
Due in one year or less	$	96,098	$	96,423
Due after one year through five years	809,469		833,243
Due after five years through ten years	1,916,943		1,958,923
Due after ten years through twenty years	9,007,319		8,411,758
Due after twenty years	7,043,430		5,989,520
Mortgage-backed and asset-backed securities	76,183		75,487
	$	18,949,442	$	17,365,354

Analysis of Investment Operations: "Net investment income" for the three and six month periods ended June 30, 2025 and 2024 is summarized as follows:


	Three Months Ended June 30,					Six Months Ended June 30,
	2025		2024		% Change	2025		2024		% Change
Fixed maturities available for sale	$	245,205	$	247,215	(1)	$	487,415	$	493,313	(1)
Policy loans	13,850		13,084		6	27,508		25,900		6
Mortgage loans	5,350		6,909		(23)	12,018		13,669		(12)
Other long-term investments(1)	21,438		18,953		13	44,517		38,616		15
Short-term investments	3,059		3,625			4,535		5,313
	288,902		289,786		—	575,993		576,811		—
Less investment expense	(6,733)		(4,150)		62	(13,210)		(8,597)		54
Net investment income	$	282,169	$	285,636	(1)	$	562,783	$	568,214	(1)

(1)For the three months ended June 30, 2025 and June 30, 2024 the investment funds, accounted for under the fair value option method, recorded $18 million in net investment income for both periods. For the six months ended June 30, 2025 and 2024, the investment funds, accounted for under the fair value option method, recorded $37.3 million and $37.0 million, respectively, in net investment income. Refer to Other Long-Term Investments below for further discussion on the investment funds.

Selected information about sales of fixed maturities available for sale is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Fixed maturities available for sale:
Proceeds from sales(1)	$	218,156	$	483,051	$	272,067	$	510,904
Gross realized gains	1,617		3,869		3,095		4,044
Gross realized losses	(7,026)		(13,933)		(8,490)		(13,968)

(1)During the three and six months ended June 30, 2025 and 2024, the Company had $0 unsettled trades.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

An analysis of "realized gains (losses)" is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Realized investment gains (losses):
Fixed maturities available for sale:
Sales and other(1)	$	(12,837)	$	(10,113)	$	(12,049)	$	(9,973)

Provision for credit losses	—		(104)		40		(16)
Fair value option—change in fair value	(8,476)		(3,691)		(6,105)		(19,094)
Mortgage loans	(126)		(1,280)		307		(2,154)
Other investments	(264)		837		(1,342)		1,151
Realized gains (losses) from investments	(21,703)		(14,351)		(19,149)		(30,086)

Other gains (losses)	3,129		1,762		660		5,698
Total realized gains (losses)	(18,574)		(12,589)		(18,489)		(24,388)
Applicable tax	3,900		2,644		3,882		5,122
Realized gains (losses), net of tax	$	(14,674)	$	(9,945)	$	(14,607)	$	(19,266)

(1)During the three months ended June 30, 2025 and 2024, the Company recorded $72.6 million and $12.0 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $(3.2) million and $0 realized gains (losses) respectively. During the six months ended June 30, 2025 and 2024, the Company recorded $128.3 million and $78.9 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $(3.1) million and $0 realized gains (losses) respectively.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Fair Value Measurements: The following tables represent the fair value of fixed maturities measured on a recurring basis at June 30, 2025 and December 31, 2024:


	Fair Value Measurement at June 30, 2025:
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Fixed maturities available for sale
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	—		$	380,035		$	—		$	380,035
States, municipalities, and political subdivisions	—			2,692,777			—			2,692,777
Foreign governments	—			29,606			—			29,606
Corporates, by sector:
Industrials	—			7,222,920			178,542			7,401,462
Financial	—			4,603,643			121,976			4,725,619

Utilities	—			1,942,506			117,879			2,060,385
Total corporates	—			13,769,069			418,397			14,187,466
Collateralized debt obligations	—			—			—			—
Other asset-backed securities	—			42,877			32,593			75,470
Total fixed maturities	$	—		$	16,914,364		$	450,990		$	17,365,354
Percentage of total	—		%	97		%	3		%	100		%


	Fair Value Measurement at December 31, 2024:
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Fixed maturities available for sale
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	—		$	358,960		$	—		$	358,960
States, municipalities, and political subdivisions	—			2,786,804			—			2,786,804
Foreign governments	—			28,031			—			28,031
Corporates, by sector:
Industrials	—			6,998,900			183,356			7,182,256
Financial	—			4,551,737			124,193			4,675,930

Utilities	—			1,890,559			112,516			2,003,075
Total corporates	—			13,441,196			420,065			13,861,261
Collateralized debt obligations	—			—			42,866			42,866
Other asset-backed securities	—			65,907			11,183			77,090
Total fixed maturities	$	—		$	16,680,898		$	474,114		$	17,155,012
Percentage of total	—		%	97		%	3		%	100		%

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables represent changes in fixed maturities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):


	Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Asset- backed Securities			Collateralized Debt Obligations			Corporates			Total
Balance at January 1, 2025	$	11,183		$	42,866		$	420,065		$	474,114

Included in realized gains / losses	—			(588)			(4)			(592)
Included in other comprehensive income	71			—			(3,328)			(3,257)
Acquisitions	21,339			—			17,515			38,854
Sales	—			(36,398)			—			(36,398)
Amortization	—			1,893			13			1,906
Other(1)	—			(7,773)			(15,864)			(23,637)
Transfers into Level 3(2)	—			—			—			—
Transfers out of Level 3(2)	—			—			—			—
Balance at June 30, 2025	$	32,593		$	—		$	418,397		$	450,990
Percent of total fixed maturities	—		%	—		%	3		%	3		%

(1)Includes capitalized interest, foreign exchange adjustments, and principal repayments.

(2)Considered to be transferred at the end of the period. Transfers into Level 3 occur when observable inputs are no longer available. Transfers out of Level 3 occur when observable inputs become available.


	Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Asset- backed Securities			Collateralized Debt Obligations			Corporates			Total
Balance at January 1, 2024	$	—		$	42,146		$	454,733		$	496,879

Included in realized gains / losses	—			—			—			—
Included in other comprehensive income	—			742			(9,905)			(9,163)
Acquisitions	—			—			14,800			14,800
Sales	—			—			—			—
Amortization	—			2,277			(33)			2,244
Other(1)	—			(2,441)			(21,564)			(24,005)
Transfers into Level 3(2)	—			—			—			—
Transfers out of Level 3(2)	—			—			—			—
Balance at June 30, 2024	$	—		$	42,724		$	438,031		$	480,755
Percent of total fixed maturities	—		%	—		%	3		%	3		%

(1)Includes capitalized interest, foreign exchange adjustments, and principal repayments.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following table presents changes in unrealized gains and losses for the period included in accumulated other comprehensive income for assets held at the end of the reporting period for Level 3 classification:


	Changes in Unrealized Gains (Losses) included in Accumulated Other Comprehensive Income for Assets Held at the End of the Period
	Asset- backed Securities		Collateralized Debt Obligations		Corporates		Total
At June 30, 2025	$	71	$	—	$	(3,328)	$	(3,257)
At June 30, 2024	—		742		(9,905)		(9,163)

Transfers between levels within the hierarchy occur when there are changes in the observability of the inputs and market data. Transfers into Level 3 occur when there is little unobservable market activity for the asset/liability as of the measurement date and the Company is required to rely upon internally-developed assumptions or third parties. Transfers out of Level 3 occur when quoted prices in active markets becomes available for identical assets/ liabilities or the ability to corroborate by observable market data.

The following table represents quantitative information about Level 3 fair value measurements:


	Quantitative Information about Level 3 Fair Value Measurements
	June 30, 2025
	Fair Value		Valuation Techniques	Significant Unobservable Input	Range	Weighted- Average(1)
Private placement fixed maturities	$	418,397	Determination of credit spread	Credit rating	B to AAA	BBB+



Asset-backed securities	32,593		Determination of credit spread	Credit rating	CC to BBB	BB+

	$	450,990

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

Private placement fixed maturities and asset-backed securities are valued based on the contractual cash flows discounted by a yield determined as a treasury benchmark rate adjusted for a credit spread. The credit spread is developed from observable indices for similar securities and unobservable indices for private securities or private comparable securities for corresponding credit ratings. The credit ratings for the securities may be considered unobservable inputs, as they are private letter ratings issued by a nationally recognized statistical rating organization or are assigned by the third-party investment manager based on a quantitative and qualitative assessment of the credit underwritten. A higher (lower) credit rating would result in a higher (lower) valuation. For more information regarding valuation procedures, please refer to Note 1—Significant Accounting Policies under the caption Fair Value Measurements, Investments in Securities disclosed in the Form 10-K*.*

Unrealized Loss Analysis*:* The following table discloses information about fixed maturities available for sale in an unrealized loss position.


	Less than Twelve Months	Twelve Months or Longer	Total
Number of issues (CUSIPs) held:
As of June 30, 2025	644	1,486	2,130
As of December 31, 2024	705	1,498	2,203

Globe Life's entire fixed maturity portfolio consisted of 2,577 issues by 1,016 different issuers at June 30, 2025 and 2,552 issues by 1,014 different issuers at December 31, 2024. The weighted-average quality rating of all unrealized loss positions at amortized cost was A as of June 30, 2025 and A- as of December 31, 2024.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables disclose unrealized investment losses by class and major sector of fixed maturities available for sale at June 30, 2025 and December 31, 2024.

Analysis of Gross Unrealized Investment Losses


	At June 30, 2025
	Less than Twelve Months				Twelve Months or Longer				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Fixed maturities available for sale:
Investment grade securities:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	4,658	$	(497)	$	365,241	$	(30,970)	$	369,899	$	(31,467)
States, municipalities, and political subdivisions	788,376		(47,539)		1,449,974		(586,385)		2,238,350		(633,924)
Foreign governments	—		—		25,084		(9,842)		25,084		(9,842)
Corporates, by sector:
Industrials	1,295,455		(63,946)		3,437,449		(638,215)		4,732,904		(702,161)
Financial	749,725		(23,304)		1,846,917		(346,568)		2,596,642		(369,872)

Utilities	365,180		(9,905)		564,596		(93,048)		929,776		(102,953)
Total corporates	2,410,360		(97,155)		5,848,962		(1,077,831)		8,259,322		(1,174,986)

Other asset-backed securities	6,535		(66)		19,430		(744)		25,965		(810)
Total investment grade securities	3,209,929		(145,257)		7,708,691		(1,705,772)		10,918,620		(1,851,029)

Below investment grade securities:


Corporates, by sector:
Industrials	15,750		(697)		185,564		(34,615)		201,314		(35,312)
Financial	6,185		(32)		96,165		(16,709)		102,350		(16,741)

Utilities	15,778		(794)		35,846		(5,777)		51,624		(6,571)
Total corporates	37,713		(1,523)		317,575		(57,101)		355,288		(58,624)

Other asset-backed securities	—		—		—		—		—		—
Total below investment grade securities	37,713		(1,523)		317,575		(57,101)		355,288		(58,624)
Total fixed maturities	$	3,247,642	$	(146,780)	$	8,026,266	$	(1,762,873)	$	11,273,908	$	(1,909,653)

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	At December 31, 2024
	Less than Twelve Months				Twelve Months or Longer				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Fixed maturities available for sale:
Investment grade securities:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	11,268	$	(290)	$	347,527	$	(42,504)	$	358,795	$	(42,794)
States, municipalities, and political subdivisions	778,244		(32,894)		1,532,264		(501,865)		2,310,508		(534,759)
Foreign governments	—		—		24,925		(8,870)		24,925		(8,870)
Corporates, by sector:
Industrials	1,487,940		(73,404)		3,433,034		(690,920)		4,920,974		(764,324)
Financial	961,932		(52,946)		1,785,130		(333,873)		2,747,062		(386,819)

Utilities	546,965		(20,214)		540,077		(90,996)		1,087,042		(111,210)
Total corporates	2,996,837		(146,564)		5,758,241		(1,115,789)		8,755,078		(1,262,353)

Other asset-backed securities	23,231		(95)		42,639		(2,091)		65,870		(2,186)
Total investment grade securities	3,809,580		(179,843)		7,705,596		(1,671,119)		11,515,176		(1,850,962)

Below investment grade securities:


Corporates, by sector:
Industrials	54,199		(2,656)		142,638		(38,350)		196,837		(41,006)
Financial	2,990		(53)		126,811		(26,171)		129,801		(26,224)

Utilities	19,263		(1,113)		24,003		(5,684)		43,266		(6,797)
Total corporates	76,452		(3,822)		293,452		(70,205)		369,904		(74,027)

Other asset-backed securities	—		—		2,198		—		2,198		—
Total below investment grade securities	76,452		(3,822)		295,650		(70,205)		372,102		(74,027)
Total fixed maturities	$	3,886,032	$	(183,665)	$	8,001,246	$	(1,741,324)	$	11,887,278	$	(1,924,989)

Gross unrealized losses may fluctuate quarter over quarter due to factors in the market that affect our holdings, such as changes in interest rates or credit spreads. The Company considers many factors when determining whether an allowance for a credit loss should be recorded. While the Company holds securities that may be in an unrealized loss position from time to time, Globe Life does not generally intend to sell and it is unlikely that the Company will be required to sell the fixed maturities prior to their anticipated recovery or maturity due to the strong cash flows generated by its insurance operations.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Fixed Maturities, Allowance for Credit Losses*:* A summary of the activity in the allowance for credit losses is as follows.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Allowance for credit losses beginning balance	$	10,355	$	7,027	$	10,395	$	7,115
Additions to allowance for which credit losses were not previously recorded	—		—		—		—
Additions (reductions) to allowance for fixed maturities that previously had an allowance	—		105		(40)		17
Reduction of allowance for which the Company intends to sell or more likely than not will be required to sell or sold during the period	—		—		—		—
Allowance for credit losses ending balance	$	10,355	$	7,132	$	10,355	$	7,132

As of June 30, 2025 and December 31, 2024, the Company had one fixed maturity security in non-accrual status with an amortized cost of $5 million and an allowance of $3 million.

Mortgage Loans (commercial mortgage loans)**: Summaries of commercial mortgage loans by property type and geographical location at June 30, 2025 and December 31, 2024 are as follows:


	June 30, 2025			December 31, 2024
	Carrying Value		% of Total	Carrying Value		% of Total
Property type:
Industrial	$	148,190	32	$	110,456	28
Multi-family	112,680		25	111,234		28
Hospitality	86,250		19	73,931		19
Retail	75,848		16	65,612		16
Mixed use	36,367		8	35,960		9
Office	3,061		1	6,539		2

Total recorded investment	462,396		101	403,732		102
Less allowance for credit losses	(6,629)		(1)	(7,644)		(2)
Carrying value, net of allowance for credit losses	$	455,767	100	$	396,088	100


	June 30, 2025			December 31, 2024
	Carrying Value		% of Total	Carrying Value		% of Total
Geographic location:
Texas	$	82,236	18	$	75,131	19
Florida	81,203		18	63,308		16
New Jersey	55,941		12	51,744		13
California	47,708		10	48,371		12
North Carolina	41,992		9	23,253		6
Alabama	36,577		8	35,850		9
Other	116,739		26	106,075		27
Total recorded investment	462,396		101	403,732		102
Less allowance for credit losses	(6,629)		(1)	(7,644)		(2)
Carrying value, net of allowance for credit losses	$	455,767	100	$	396,088	100

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables are reflective of the key factors, debt service coverage ratios, and loan-to-value (LTV) ratios that are utilized by management to monitor the performance of the portfolios. The Company only makes new investments in commercial mortgage loans that have a LTV ratio less than 80%. LTV ratios that exceed 80% are generally a result of decreases in the valuation of the underlying property. Generally, a higher LTV ratio and a lower debt service coverage ratio equates to higher risk of loss.


	June 30, 2025
	Recorded Investment
	Debt Service Coverage Ratios(1)
	<1.00x		1.00x—1.20x		>1.20x		Total		% of Gross Total
Loan-to-value ratio(2):
Less than 70%	$	114,189	$	56,783	$	242,599	$	413,571	89
70% to 80%	—		—		—		—		—
81% to 90%	—		—		—		—		—
Greater than 90%	12,458		36,367		—		48,825		11
Total	$	126,647	$	93,150	$	242,599	462,396		100
Less allowance for credit losses							(6,629)
Total, net of allowance for credit losses							$	455,767

(1)Annual net operating income divided by annual mortgage debt service (principal and interest).

(2)Loan balance divided by stabilized appraised value at origination, including planned renovations and stabilized occupancy. Updated internal valuations are used when a loan is materially underperforming.


	December 31, 2024
	Recorded Investment
	Debt Service Coverage Ratios(1)
	<1.00x		1.00x—1.20x		>1.20x		Total		% of Gross Total
Loan-to-value ratio(2):
Less than 70%	$	88,507	$	64,494	$	196,867	$	349,868	87
70% to 80%	—		—		—		—		—
81% to 90%	—		—		—		—		—
Greater than 90%	16,136		37,728		—		53,864		13
Total	$	104,643	$	102,222	$	196,867	403,732		100
Less allowance for credit losses							(7,644)
Total, net of allowance for credit losses							$	396,088

(1)Annual net operating income divided by annual mortgage debt service (principal and interest).

As of June 30, 2025, the Company had 37 loans in the portfolio. During the quarter, the Company evaluated the commercial mortgage loan portfolio on both an individual and pooling basis to determine the allowance for credit losses and determined four loans were collateral dependent or likely to foreclose. The allowance for credit losses on these loans was determined using the practical expedient which was based on an estimate of fair value of the underlying collateral plus costs to sell the asset. The total principal balance of the four loans was $49 million and the allowance, determined using the practical expedient, was $3 million as of June 30, 2025. For the three months ended June 30, 2025, one loan with an outstanding principal value of $2 million was removed from the evaluation as a result of foreclosure. For the six months ended June 30, 2025, two loans with an outstanding principal value of $5 million were removed from the evaluation as a result of foreclosure and were transferred into limited partnerships, held under the fair value option, in other long-term investments. As of June 30, 2025, there were two commercial mortgage loans in the process of foreclosure, with an outstanding par value of $41 million and outstanding interest due of $0. For the six months ended June 30, 2025, the allowance for credit losses decreased by $1 million to $6.6

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

million. The provision for credit losses is included in "Realized gains (losses)" in the Condensed Consolidated Statements of Operations.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Allowance for credit losses beginning balance	$	6,731	$	4,546	$	7,644	$	3,672

Provision (reversal) for credit losses	110		1,280		(138)		2,154
Reduction in allowance due to dispositions	(212)		—		(877)		—
Allowance for credit losses ending balance	$	6,629	$	5,826	$	6,629	$	5,826

As of June 30, 2025, the Company had three commercial mortgage loans in non-accrual status with a principal balance of $48 million. As of December 31, 2024, the Company had five commercial mortgage loans in non-accrual status with a principal balance of $53 million. The Company's unfunded commitment balance to commercial loan borrowers was $19 million as of June 30, 2025.

Other Long-Term Investments*:* Other long-term investments consist of the following assets:


	June 30,
	June 30, 2025		December 31, 2024
Investment funds	$	1,022,425	$	986,766
Company-owned life insurance(1)	202,854		202,734
Other	43,345		46,259
Total	$	1,268,624	$	1,235,759

(1) Company-owned life insurance (COLI) is reported at cash surrender value.

The following table presents additional information about the Company's investment funds as of June 30, 2025 and December 31, 2024 at fair value:


	Fair Value				Unfunded Commitments(2)
Investment Category	June 30, 2025		December 31, 2024		June 30, 2025		Redemption Term/Notice(1)





Commercial mortgage loans	$	577,472	$	566,142	$	170,251	Fully redeemable and non-redeemable with varying terms.
Opportunistic and private credit	219,031		202,008		171,756		Fully redeemable and non-redeemable with varying terms.


Infrastructure	183,102		179,627		25,000		Fully redeemable and non-redeemable with varying terms.


Other	42,820		38,989		57,419		Non-redeemable with varying terms
Total investment funds	$	1,022,425	$	986,766	$	424,426

(1) Non-redeemable funds generally have an expected life of 7 to 12 years from fund closing with extension options of 1 to 4 years. Redemptions are paid out throughout the life of the funds at the General Partner's discretion. Redeemable funds can generally be redeemed over 6 to 36 months upon request from limited partners.

(2) Unfunded commitments include unfunded balances during the investment period. After an investment period ends, the fund can call capital based on limited and specified reasons. As of June 30, 2025, unfunded commitments totaled $567 million, including funds past the investment period.

The Company had $57 million of capital called during the period from existing investment funds. The Company's unfunded commitments were $424 million as of June 30, 2025.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 5—Commitments and Contingencies

Guarantees: At June 30, 2025, Globe Life had no guarantee agreements which were either Parent Company guarantees of subsidiary obligations to a third party or Parent Company guarantees of obligations between wholly-owned subsidiaries.

Letters of credit—The Parent Company has guaranteed letters of credit with a group of banks in connection with its credit facility. The letters of credit were issued by TMK Re, Ltd., a wholly-owned subsidiary, to secure TMK Re, Ltd.’s obligation for claims on certain policies reinsured by TMK Re, Ltd. that were sold by other Globe Life insurance subsidiaries. These letters of credit facilitate TMK Re, Ltd.’s ability to reinsure the business of Globe Life's insurance carriers. The credit facility was amended on March 29, 2024 and now expires in 2029. The maximum amount of letters of credit available is $250 million. The Parent Company would be liable to the extent that TMK Re, Ltd. does not pay the reinsured party. The amount of letters of credit outstanding at June 30, 2025 was $115 million.

Litigation: Globe Life Inc. and its subsidiaries, in common with the insurance industry in general, are subject to litigation, including: putative class action litigation; alleged breaches of contract; torts, including bad faith and fraud claims based on alleged wrongful or fraudulent acts of agents of the Parent Company's insurance subsidiaries; alleged employment discrimination; alleged worker misclassification; and miscellaneous other causes of action. Based upon information presently available, and in light of legal and other factual defenses available to the Parent Company and its subsidiaries, management does not believe that it is reasonably possible that such litigation will have a material adverse effect on Globe Life Inc.'s financial condition, future operating results or liquidity; however, assessing the eventual outcome of litigation necessarily involves forward-looking speculation as to judgments to be made by judges, juries and appellate courts in the future. This bespeaks caution, particularly in states with reputations for high punitive damage verdicts.

On November 30, 2023, Globe Life Inc. and its subsidiary, American Income Life Insurance Company, received subpoenas from the U.S. Attorney’s Office for the Western District of Pennsylvania, seeking documents relating to sales practices by certain independent sales agents contracted to sell American Income Life Insurance Company policies. Globe Life Inc. and American Income Life Insurance Company cooperated fully in responding to the Department of Justice’s requests. On July 28, 2025, the Department of Justice informed the companies that it had closed its investigation. The closing of the investigation means the Department of Justice will not be taking enforcement action against Globe Life Inc. or American Income Life Insurance Company.

In April 2024, Globe Life Inc. received an inquiry from the SEC's Fort Worth Regional Office requesting information related to recent short seller reports making allegations about Globe Life Inc. Globe Life Inc. provided information in response to the SEC’s requests and cooperated fully with the SEC. On July 24, 2025, SEC staff notified Globe Life Inc. that they had concluded their investigation and, based on the information gathered, did not intend to recommend an SEC enforcement action against Globe Life Inc.

On April 30, 2024, a putative securities class action was filed against Globe Life Inc. and six of its current/former executives and directors in the United States District Court for the Eastern District of Texas (City of Miami Gen. Emp. & Sanitation Emp. Ret. Trust, et al. v. Globe Life Inc., et al., Case No. 4:24-cv-00376). On July 24, 2024, the Court appointed Lead Plaintiffs and Lead Counsel for the putative class of shareholders. The Lead Plaintiffs filed a Consolidated Complaint on October 4, 2024 that asserts claims under §§ 10(b), 20(a), and 20(A) of the Securities Exchange Act of 1934 and SEC Rules 10b-5(a), 10b-5(b), and 10b-5(c) promulgated thereunder, on behalf of a putative class of purchasers of Globe Life Inc.'s securities from May 8, 2019 through April 10, 2024. The Consolidated Complaint adds four additional executives as defendants and alleges that certain of Globe Life Inc.'s disclosures about financial performance and certain other public statements during the putative class period were materially false or misleading. Defendants filed a motion to dismiss the litigation on December 3, 2024. Globe Life Inc. plans to vigorously defend against the lawsuit. Pursuant to Globe Life Inc.'s Restated Certificate of Incorporation and indemnification agreements with the named defendants, Globe Life Inc. has agreed to indemnify those defendants for all expenses and losses related to the litigation, subject to the terms of those indemnification agreements. The outcome of litigation of this type is inherently uncertain, and there is always the possibility that a Court rules in a manner that is adverse to the interests of Globe Life Inc. and the individual defendants. However,

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

the amount of any such loss in that outcome cannot be reasonably estimated at this time. Further, management cannot reasonably estimate whether an outcome on the putative class action will be resolved in the near term.

Also pending in the Eastern District of Texas is a consolidated shareholder derivative suit that is closely related to the putative securities class action disclosed above (the “City of Miami Matter”). On November 7, 2024, Globe Life Inc. shareholder Jui Cheng Hsiao filed a shareholder derivative complaint against Globe Life Inc. as a nominal defendant, as well as certain current and former Globe Life Inc. executives and members of its Board of Directors. On November 14, 2024, Globe Life Inc. shareholder Gautam Jadhav filed a shareholder derivative complaint against the same set of defendants. Each shareholder derivative complaint asserts one claim for breach of fiduciary duty against the individual defendants and alleges that the individual defendants breached their fiduciary duties to Globe Life Inc. by causing or permitting Globe Life Inc. to make misleading statements about its performance and financial results. The allegations are substantially similar to the allegations made in the City of Miami Matter and derive from a short seller report. On November 25, 2024, the two shareholder plaintiffs moved to consolidate the two actions into one action and the Court granted the motion on January 3, 2025 (In re Globe Life Inc. Stockholder Derivative Litigation, Lead Case No. 4:24-cv-00993-ALM (E.D. Tex.)). The case is before the same Court as the City of Miami Matter. On January 16, 2025, the parties filed a joint motion to stay such proceedings pending the Court’s resolution of the motion to dismiss filed by Globe Life Inc. in the City of Miami Matter. The Court granted such joint motion to stay the proceedings on January 25, 2025.

On September 26, 2024, Globe Life Inc. and its subsidiary, American Income Life Insurance Company, were notified by the Equal Employment Opportunity Commission (EEOC) that the EEOC conducted an investigation of charges filed against Globe Life Inc. and/or American Income Life Insurance Company by five former sales agents and one then-current sales agent. The EEOC asserts that there is reasonable cause to believe the six complainants were employees, not independent contractors, of Globe Life Inc. and/or American Income Life Insurance Company and were discriminated against on the basis of sex, and that one complainant was also discriminated against on the basis of race. In addition, the EEOC asserts that there is reasonable cause to believe that a class of female workers were employees, not independent contractors, and were subject to unlawful conduct which also constitutes a pattern-or-practice of discrimination. The EEOC’s investigative findings are not binding on Globe Life Inc. The EEOC’s procedures provide for a conciliation process that has concluded without achieving a resolution. The EEOC may elect to file a lawsuit in federal court on behalf of the workers based on the alleged statutory violations. The EEOC has not filed any legal proceedings at this time. In the event the EEOC elects to pursue any claims in court, Globe Life Inc. intends to defend against any such lawsuit vigorously. The outcome of litigation of this type would be inherently uncertain and cannot be reasonably estimated or determined at this time. There is always the possibility that a Court rules in a manner that is adverse to the interests of Globe Life Inc.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 6—Policy Liabilities

The liability for future policy benefits is determined based on the net level premium method, which requires the liability be calculated as the present value of estimated future policyholder benefits and the related termination expenses, less the present value of estimated future net premiums to be collected from policyholders.

The following tables summarize balances and changes in the net liability for future policy benefits, before reinsurance, for traditional life long-duration contracts for the three and six month periods ended June 30, 2025 and 2024:


	Life
	Present value of expected future net premiums
	American Income		DTC		Liberty National		Other		Total















Balance at January 1, 2024	$	4,681,888	$	6,052,651	$	1,129,716	$	478,052	$	12,342,307
Beginning balance at original discount rates	4,523,329		5,664,259		1,077,831		443,949		11,709,368
Effect of changes in assumptions on future cash flows	—		—		—		—		—
Effect of actual variances from expected experience	(113,699)		(122,971)		(17,268)		(7,321)		(261,259)
Adjusted balance at January 1, 2024	4,409,630		5,541,288		1,060,563		436,628		11,448,109
Issuances(1)	412,701		287,040		60,219		12,156		772,116
Interest accrual(2)	109,168		147,351		27,775		11,505		295,799
Net premiums collected(3)	(274,166)		(305,391)		(67,915)		(22,738)		(670,210)

Effect of changes in the foreign exchange rate	(9,222)		—		—		—		(9,222)
Ending balance at original discount rates	4,648,111		5,670,288		1,080,642		437,551		11,836,592

Effect of change from original to current discount rates	(12,208)		140,230		4,591		12,332		144,945
Balance at June 30, 2024	$	4,635,903	$	5,810,518	$	1,085,233	$	449,883	$	11,981,537







Balance at January 1, 2025	$	4,645,917	$	5,622,906	$	1,048,447	$	440,047	$	11,757,317
Beginning balance at original discount rates	4,656,710		5,504,912		1,047,020		430,276		11,638,918
Effect of changes in assumptions on future cash flows	—		—		—		—		—
Effect of actual variances from expected experience	(112,710)		(112,667)		(13,776)		(8,888)		(248,041)
Adjusted balance at January 1, 2025	4,544,000		5,392,245		1,033,244		421,388		11,390,877
Issuances(1)	380,213		257,099		54,393		12,114		703,819
Interest accrual(2)	113,641		144,532		27,056		11,211		296,440
Net premiums collected(3)	(281,023)		(295,271)		(66,699)		(21,904)		(664,897)

Effect of changes in the foreign exchange rate	14,630		—		—		—		14,630
Ending balance at original discount rates	4,771,461		5,498,605		1,047,994		422,809		11,740,869

Effect of change from original to current discount rates	46,620		183,765		15,168		13,975		259,528
Balance at June 30, 2025	$	4,818,081	$	5,682,370	$	1,063,162	$	436,784	$	12,000,397

(1)Issuances represent the present value, using the original discount rate, of the expected net premiums related to new policies issued during each respective period.

(2)The interest accrual is the interest earned on the beginning present value of the expected net premiums, as well as the interest on actual net premiums earned during the period, using the original interest rate.

(3)Net premiums collected represent the product of the current period net premium ratio and the gross premiums collected during the period on the in force business.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	Life
	Present value of expected future net premiums
	American Income		DTC		Liberty National		Other		Total
Balance at April 1, 2024	$	4,652,671	$	5,945,259	$	1,102,209	$	464,169	$	12,164,308
Beginning balance at original discount rates	4,596,138		5,698,050		1,073,485		442,392		11,810,065
Effect of changes in assumptions on future cash flows	—		—		—		—		—
Effect of actual variances from expected experience	(65,450)		(86,743)		(6,820)		(5,471)		(164,484)
Adjusted balance at April 1, 2024	4,530,688		5,611,307		1,066,665		436,921		11,645,581
Issuances(1)	200,853		137,809		34,056		6,227		378,945
Interest accrual(2)	55,345		73,931		13,936		5,741		148,953
Net premiums collected(3)	(138,480)		(152,759)		(34,015)		(11,338)		(336,592)

Effect of changes in the foreign exchange rate	(295)		—		—		—		(295)
Ending balance at original discount rates	4,648,111		5,670,288		1,080,642		437,551		11,836,592

Effect of change from original to current discount rates	(12,208)		140,230		4,591		12,332		144,945
Balance at June 30, 2024	$	4,635,903	$	5,810,518	$	1,085,233	$	449,883	$	11,981,537

Balance at April 1, 2025	$	4,757,044	$	5,686,115	$	1,058,696	$	440,270	$	11,942,125
Beginning balance at original discount rates	4,719,733		5,512,271		1,045,143		426,436		11,703,583
Effect of changes in assumptions on future cash flows	—		—		—		—		—
Effect of actual variances from expected experience	(61,093)		(73,750)		(5,858)		(5,199)		(145,900)
Adjusted balance at April 1, 2025	4,658,640		5,438,521		1,039,285		421,237		11,557,683
Issuances(1)	184,580		135,319		28,611		6,902		355,412
Interest accrual(2)	57,175		72,325		13,535		5,586		148,621
Net premiums collected(3)	(141,459)		(147,560)		(33,437)		(10,916)		(333,372)

Effect of changes in the foreign exchange rate	12,525		—		—		—		12,525
Ending balance at original discount rates	4,771,461		5,498,605		1,047,994		422,809		11,740,869

Effect of change from original to current discount rates	46,620		183,765		15,168		13,975		259,528
Balance at June 30, 2025	$	4,818,081	$	5,682,370	$	1,063,162	$	436,784	$	12,000,397

(1)Issuances represent the present value, using the original discount rate, of the expected net premiums related to new policies issued during each respective period.

(3)Net premiums collected represent the product of the current period net premium ratio and the gross premiums collected during the period on the in force business.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


		Life
	Present value of expected future policy benefits
	American Income			DTC			Liberty National			Other			Total

















Balance at January 1, 2024		$	10,163,627		$	9,714,516		$	3,605,392		$	4,239,623		$	27,723,158
Beginning balance at original discount rates		9,061,833			8,656,752			3,338,252			3,506,859			24,563,696
Effect of changes in assumptions on future cash flows		—			—			—			—			—
Effect of actual variances from expected experience		(121,945)			(129,976)			(19,337)			(10,212)			(281,470)
Adjusted balance at January 1, 2024		8,939,888			8,526,776			3,318,915			3,496,647			24,282,226
Issuances(1)		412,703			287,041			60,221			12,156			772,121
Interest accrual(2)		243,096			236,977			89,276			104,571			673,920
Benefit payments(3)		(220,560)			(301,894)			(111,881)			(68,051)			(702,386)

Effect of changes in the foreign exchange rate		(21,601)			—			—			—			(21,601)
Ending balance at original discount rates		9,353,526			8,748,900			3,356,531			3,545,323			25,004,280
Effect of change from original to current discount rates		457,881			540,934			68,237			436,575			1,503,627
Balance at June 30, 2024		$	9,811,407		$	9,289,834		$	3,424,768		$	3,981,898		$	26,507,907

Balance at January 1, 2025		$	9,870,692		$	9,125,112		$	3,377,517		$	3,960,963		$	26,334,284
Beginning balance at original discount rates		9,508,588			8,660,948			3,340,219			3,582,068			25,091,823
Effect of changes in assumptions on future cash flows		—			—			—			—			—
Effect of actual variances from expected experience		(123,908)			(122,494)			(17,717)			(12,945)			(277,064)
Adjusted balance at January 1, 2025		9,384,680			8,538,454			3,322,502			3,569,123			24,814,759
Issuances(1)		380,214			257,097			54,393			12,115			703,819
Interest accrual(2)		256,757			239,097			89,565			107,021			692,440
Benefit payments(3)		(226,848)			(291,899)			(107,656)			(70,952)			(697,355)

Effect of changes in the foreign exchange rate		34,732			—			—			—			34,732
Ending balance at original discount rates		9,829,535			8,742,749			3,358,804			3,617,307			25,548,395
Effect of change from original to current discount rates		404,619			535,396			63,014			391,078			1,394,107
Balance at June 30, 2025		$	10,234,154		$	9,278,145		$	3,421,818		$	4,008,385		$	26,942,502

(1)Issuances represent the present value, using the original discount rate, of the expected future policy benefits related to new policies issued during each respective period.

(2)The interest accrual is the interest earned on the beginning present value of the expected future policy benefits, as well as the interest on actual benefits and expenses paid during the period, using the original interest rate.

(3)Benefit payments represent the release of the present value, using the original discount rate, of the actual future policy benefits incurred during the period due to death, surrender, and maturity benefit payments based on the revised expected assumptions.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


		Life
	Present value of expected future policy benefits
	American Income			DTC			Liberty National			Other			Total
Balance at April 1, 2024		$	9,958,093		$	9,500,215		$	3,499,742		$	4,103,892		$	27,061,942
Beginning balance at original discount rates		9,216,265			8,728,403			3,340,412			3,527,882			24,812,962
Effect of changes in assumptions on future cash flows		—			—			—			—			—
Effect of actual variances from expected experience		(69,724)			(93,532)			(8,889)			(7,345)			(179,490)
Adjusted balance at April 1, 2024		9,146,541			8,634,871			3,331,523			3,520,537			24,633,472
Issuances(1)		200,858			137,810			34,057			6,224			378,949
Interest accrual(2)		122,894			119,052			44,723			52,436			339,105
Benefit payments(3)		(115,802)			(142,833)			(53,772)			(33,874)			(346,281)

Effect of changes in the foreign exchange rate		(965)			—			—			—			(965)
Ending balance at original discount rates		9,353,526			8,748,900			3,356,531			3,545,323			25,004,280
Effect of change from original to current discount rates		457,881			540,934			68,237			436,575			1,503,627
Balance at June 30, 2024		$	9,811,407		$	9,289,834		$	3,424,768		$	3,981,898		$	26,507,907





Balance at April 1, 2025	$	10,112,896	$	9,253,740	$	3,415,857	$	4,009,979	$	26,792,472
Beginning balance at original discount rates	9,671,087		8,709,934		3,347,430		3,600,322		25,328,773
Effect of changes in assumptions on future cash flows	—		—		—		—		—
Effect of actual variances from expected experience	(68,094)		(80,546)		(9,006)		(7,498)		(165,144)
Adjusted balance at April 1, 2025	9,602,993		8,629,388		3,338,424		3,592,824		25,163,629
Issuances(1)	184,580		135,318		28,612		6,905		355,415
Interest accrual(2)	129,298		119,903		44,830		53,634		347,665
Benefit payments(3)	(117,722)		(141,860)		(53,062)		(36,056)		(348,700)

Effect of changes in the foreign exchange rate	30,386		—		—		—		30,386
Ending balance at original discount rates	9,829,535		8,742,749		3,358,804		3,617,307		25,548,395
Effect of change from original to current discount rates	404,619		535,396		63,014		391,078		1,394,107
Balance at June 30, 2025	$	10,234,154	$	9,278,145	$	3,421,818	$	4,008,385	$	26,942,502

(1)Issuances represent the present value, using the original discount rate, of the expected future policy benefits related to new policies issued during each respective period.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	Life
	Net liability for future policy benefits as of June 30, 2024
	American Income		DTC		Liberty National		Other		Total
Net liability for future policy benefits at original discount rates	$	4,705,415	$	3,078,612	$	2,275,889	$	3,107,772	$	13,167,688
Effect of changes in discount rate assumptions	470,089		400,704		63,646		424,243		1,358,682
Other adjustments(1)	194		—		—		34		228
Net liability for future policy benefits, after other adjustments, at current discount rates	5,175,698		3,479,316		2,339,535		3,532,049		14,526,598
Reinsurance recoverable	(170)		—		(7,830)		(35,403)		(43,403)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	5,175,528	$	3,479,316	$	2,331,705	$	3,496,646	$	14,483,195

(1)Other adjustments include the effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).


	Life
	Net liability for future policy benefits as of June 30, 2025
	American Income		DTC		Liberty National		Other		Total
Net liability for future policy benefits at original discount rates	$	5,058,074	$	3,244,144	$	2,310,810	$	3,194,498	$	13,807,526
Effect of changes in discount rate assumptions	357,999		351,631		47,846		377,103		1,134,579
Other adjustments(1)	75		—		—		35		110
Net liability for future policy benefits, after other adjustments, at current discount rates	5,416,148		3,595,775		2,358,656		3,571,636		14,942,215
Reinsurance recoverable	(177)		—		(7,984)		(14)		(8,175)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	5,415,971	$	3,595,775	$	2,350,672	$	3,571,622	$	14,934,040

(1)Other adjustments include the effects of flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables summarize balances and changes in the net liability for future policy benefits for long-duration health contracts for the three and six month periods ended June 30, 2025 and 2024:


	Health
	Present value of expected future net premiums
	United American		Family Heritage		Liberty National		American Income		DTC		Total


















Balance at January 1, 2024	$	3,697,771	$	1,711,741	$	358,472	$	206,381	$	115,363	$	6,089,728
Beginning balance at original discount rates	3,625,803		1,783,173		348,570		201,869		109,880		6,069,295
Effect of changes in assumptions on future cash flows	—		—		—		—		—		—
Effect of actual variances from expected experience	(37,074)		(31,290)		(21,165)		(7,058)		(2,462)		(99,049)
Adjusted balance at January 1, 2024	3,588,729		1,751,883		327,405		194,811		107,418		5,970,246
Issuances(1)	191,794		128,874		29,015		22,124		8,503		380,310
Interest accrual(2)	84,630		36,717		8,347		4,642		2,760		137,096
Net premiums collected(3)	(145,045)		(93,746)		(25,833)		(11,871)		(5,434)		(281,929)

Effect of changes in the foreign exchange rate	—		—		—		(839)		—		(839)
Ending balance at original discount rates	3,720,108		1,823,728		338,934		208,867		113,247		6,204,884

Effect of change from original to current discount rates	(61,617)		(132,931)		(1,193)		(2,978)		1,629		(197,090)
Balance at June 30, 2024	$	3,658,491	$	1,690,797	$	337,741	$	205,889	$	114,876	$	6,007,794

Balance at January 1, 2025	$	3,885,530	$	1,734,875	$	337,119	$	223,247	$	133,377	$	6,314,148
Beginning balance at original discount rates	3,948,856		1,867,873		338,275		225,141		131,919		6,512,064
Effect of changes in assumptions on future cash flows	—		—		—		—		—		—
Effect of actual variances from expected experience	(3,085)		(27,223)		(17,307)		(9,744)		(299)		(57,658)
Adjusted balance at January 1, 2025	3,945,771		1,840,650		320,968		215,397		131,620		6,454,406
Issuances(1)	228,892		135,477		26,889		20,650		11,434		423,342
Interest accrual(2)	95,079		39,696		8,053		5,305		3,403		151,536
Net premiums collected(3)	(163,600)		(100,206)		(26,730)		(13,457)		(6,971)		(310,964)

Effect of changes in the foreign exchange rate	—		—		—		1,274		—		1,274
Ending balance at original discount rates	4,106,142		1,915,617		329,180		229,169		139,486		6,719,594

Effect of change from original to current discount rates	5,981		(104,771)		2,671		661		3,582		(91,876)
Balance at June 30, 2025	$	4,112,123	$	1,810,846	$	331,851	$	229,830	$	143,068	$	6,627,718

(1)Issuances represent the present value, using the original discount rate, of the expected net premiums related to new policies issued during each respective period.

(3)Net premiums collected represent the product of the current period net premium ratio and the gross premiums collected during the period on the in force business.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	Health
	Present value of expected future net premiums
	United American		Family Heritage		Liberty National		American Income		DTC		Total
Balance at April 1, 2024	$	3,653,395	$	1,694,026	$	345,441	$	203,795	$	113,879	$	6,010,536
Beginning balance at original discount rates	3,661,448		1,801,792		342,165		203,850		110,863		6,120,118
Effect of changes in assumptions on future cash flows	—		—		—		—		—		—
Effect of actual variances from expected experience	3,458		(14,197)		(9,755)		(3,508)		(144)		(24,146)
Adjusted balance at April 1, 2024	3,664,906		1,787,595		332,410		200,342		110,719		6,095,972
Issuances(1)	87,190		64,865		15,457		12,174		3,893		183,579
Interest accrual(2)	42,808		18,614		4,119		2,360		1,392		69,293
Net premiums collected(3)	(74,796)		(47,346)		(13,052)		(6,032)		(2,757)		(143,983)

Effect of changes in the foreign exchange rate	—		—		—		23		—		23
Ending balance at original discount rates	3,720,108		1,823,728		338,934		208,867		113,247		6,204,884

Effect of change from original to current discount rates	(61,617)		(132,931)		(1,193)		(2,978)		1,629		(197,090)
Balance at June 30, 2024	$	3,658,491	$	1,690,797	$	337,741	$	205,889	$	114,876	$	6,007,794

Balance at April 1, 2025	$	3,993,693	$	1,777,351	$	332,931	$	227,273	$	138,383	$	6,469,631
Beginning balance at original discount rates	4,005,620		1,888,954		331,182		226,852		135,412		6,588,020
Effect of changes in assumptions on future cash flows	—		—		—		—		—		—
Effect of actual variances from expected experience	25,129		(13,323)		(6,587)		(4,863)		1,116		1,472
Adjusted balance at April 1, 2025	4,030,749		1,875,631		324,595		221,989		136,528		6,589,492
Issuances(1)	111,268		70,716		14,233		10,209		4,770		211,196
Interest accrual(2)	48,210		20,056		3,962		2,662		1,723		76,613
Net premiums collected(3)	(84,085)		(50,786)		(13,610)		(6,743)		(3,535)		(158,759)

Effect of changes in the foreign exchange rate	—		—		—		1,052		—		1,052
Ending balance at original discount rates	4,106,142		1,915,617		329,180		229,169		139,486		6,719,594

Effect of change from original to current discount rates	5,981		(104,771)		2,671		661		3,582		(91,876)
Balance at June 30, 2025	$	4,112,123	$	1,810,846	$	331,851	$	229,830	$	143,068	$	6,627,718

(1)Issuances represent the present value, using the original discount rate, of the expected net premiums related to new policies issued during each respective period.

(3)Net premiums collected represent the product of the current period net premium ratio and the gross premiums collected during the period on the in force business.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


		Health
	Present value of expected future policy benefits
	United American			Family Heritage			Liberty National			American Income			DTC			Total














Balance at January 1, 2024		$	3,814,328		$	3,315,880		$	865,808		$	335,504		$	109,482		$	8,441,002
Beginning balance at original discount rates		3,741,530			3,506,689			816,819			315,431			104,501			8,484,970
Effect of changes in assumptions on future cash flows		—			—			—			—			—			—
Effect of actual variances from expected experience		(36,684)			(35,000)			(21,424)			(8,179)			(2,326)			(103,613)
Adjusted balance at January 1, 2024		3,704,846			3,471,689			795,395			307,252			102,175			8,381,357
Issuances(1)		191,231			128,875			28,604			22,126			8,485			379,321
Interest accrual(2)		87,778			72,179			21,549			7,956			2,760			192,222
Benefit payments(3)		(160,345)			(67,428)			(46,232)			(13,072)			(6,277)			(293,354)

Effect of changes in the foreign exchange rate		—			—			—			(1,556)			—			(1,556)
Ending balance at original discount rates		3,823,510			3,605,315			799,316			322,706			107,143			8,657,990
Effect of change from original to current discount rates		(65,023)			(355,849)			16,462			5,730			1,474			(397,206)
Balance at June 30, 2024		$	3,758,487		$	3,249,466		$	815,778		$	328,436		$	108,617		$	8,260,784

Balance at January 1, 2025		$	3,960,432		$	3,336,546		$	804,695		$	355,303		$	129,277		$	8,586,253
Beginning balance at original discount rates		4,026,860			3,712,044			791,141			348,711			127,975			9,006,731
Effect of changes in assumptions on future cash flows		—			—			—			—			—			—
Effect of actual variances from expected experience		(6,629)			(30,870)			(15,255)			(12,205)			(124)			(65,083)
Adjusted balance at January 1, 2025		4,020,231			3,681,174			775,886			336,506			127,851			8,941,648
Issuances(1)		228,111			135,476			26,531			20,650			11,392			422,160
Interest accrual(2)		97,069			78,270			20,796			8,951			3,403			208,489
Benefit payments(3)		(192,355)			(79,732)			(50,278)			(11,126)			(8,370)			(341,861)

Effect of changes in the foreign exchange rate		—			—			—			2,431			—			2,431
Ending balance at original discount rates		4,153,056			3,815,188			772,935			357,412			134,276			9,232,867
Effect of change from original to current discount rates		1,250			(324,147)			22,309			9,954			3,256			(287,378)
Balance at June 30, 2025		$	4,154,306		$	3,491,041		$	795,244		$	367,366		$	137,532		$	8,945,489

(1)Issuances represent the present value, using the original discount rate, of the expected future policy benefits related to new policies issued during each respective period.

(3)Benefit payments represent the release of the present value, using the original discount rate, of the actual future policy benefits incurred during the period based on the revised expected assumptions.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


		Health
	Present value of expected future policy benefits
	United American			Family Heritage			Liberty National			American Income			DTC			Total
Balance at April 1, 2024		$	3,756,534		$	3,271,604		$	834,006		$	328,783		$	107,775		$	8,298,702
Beginning balance at original discount rates		3,766,995			3,554,274			804,316			317,365			105,050			8,548,000
Effect of changes in assumptions on future cash flows		—			—			—			—			—			—
Effect of actual variances from expected experience		3,641			(15,951)			(8,603)			(4,177)			(5)			(25,095)
Adjusted balance at April 1, 2024		3,770,636			3,538,323			795,713			313,188			105,045			8,522,905
Issuances(1)		86,801			64,866			15,255			12,177			3,887			182,986
Interest accrual(2)		44,334			36,517			10,716			4,019			1,392			96,978
Benefit payments(3)		(78,261)			(34,391)			(22,368)			(6,670)			(3,181)			(144,871)

Effect of changes in the foreign exchange rate		—			—			—			(8)			—			(8)
Ending balance at original discount rates		3,823,510			3,605,315			799,316			322,706			107,143			8,657,990
Effect of change from original to current discount rates		(65,023)			(355,849)			16,462			5,730			1,474			(397,206)
Balance at June 30, 2024		$	3,758,487		$	3,249,466		$	815,778		$	328,436		$	108,617		$	8,260,784





Balance at April 1, 2025	$	4,051,322	$	3,430,602	$	799,440	$	362,540	$	133,563	$	8,777,467
Beginning balance at original discount rates	4,066,655		3,761,470		778,662		352,443		130,822		9,090,052
Effect of changes in assumptions on future cash flows	—		—		—		—		—		—
Effect of actual variances from expected experience	18,426		(15,115)		(4,250)		(6,009)		1,067		(5,881)
Adjusted balance at April 1, 2025	4,085,081		3,746,355		774,412		346,434		131,889		9,084,171
Issuances(1)	110,710		70,717		14,054		10,209		4,762		210,452
Interest accrual(2)	49,086		39,514		10,326		4,496		1,722		105,144
Benefit payments(3)	(91,821)		(41,398)		(25,857)		(5,806)		(4,097)		(168,979)

Effect of changes in the foreign exchange rate	—		—		—		2,079		—		2,079
Ending balance at original discount rates	4,153,056		3,815,188		772,935		357,412		134,276		9,232,867
Effect of change from original to current discount rates	1,250		(324,147)		22,309		9,954		3,256		(287,378)
Balance at June 30, 2025	$	4,154,306	$	3,491,041	$	795,244	$	367,366	$	137,532	$	8,945,489

(1)Issuances represent the present value, using the original discount rate, of the expected future policy benefits related to new policies issued during each respective period.

(3)Benefit payments represent the release of the present value, using the original discount rate, of the actual future policy benefits incurred during the period based on the expected assumptions.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	Health
	Net liability for future policy benefits as of June 30, 2024
	United American		Family Heritage		Liberty National		American Income		Direct to Consumer		Total
Net liability for future policy benefits at original discount rates	$	103,402	$	1,781,587	$	460,382	$	113,839	$	(6,104)	$	2,453,106
Effect of changes in discount rate assumptions	(3,406)		(222,918)		17,655		8,708		(155)		(200,116)
Other adjustments(1)	14,032		52		9,169		933		6,952		31,138
Net liability for future policy benefits, after other adjustments, at current discount rates	114,028		1,558,721		487,206		123,480		693		2,284,128
Reinsurance recoverable	(2,905)		(10,470)		(1,114)		—		—		(14,489)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	111,123	$	1,548,251	$	486,092	$	123,480	$	693	$	2,269,639

(1)Other adjustments include the effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).


	Health
	Net liability for future policy benefits as of June 30, 2025
	United American		Family Heritage		Liberty National		American Income		Direct to Consumer		Total
Net liability for future policy benefits at original discount rates	46,914		1,899,571		443,755		128,243		(5,210)		2,513,273
Effect of changes in discount rate assumptions	(4,731)		(219,376)		19,638		9,293		(326)		(195,502)
Other adjustments(1)	45,814		16		10,861		702		6,259		63,652
Net liability for future policy benefits, after other adjustments, at current discount rates	87,997		1,680,211		474,254		138,238		723		2,381,423
Reinsurance recoverable	(2,376)		—		(890)		—		—		(3,266)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	85,621	$	1,680,211	$	473,364	$	138,238	$	723	$	2,378,157

(1)Other adjustments include the effects of flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables include the total remeasurement gain or loss, bifurcated between the gain or loss due to differences between actual and expected experience and the amount due to assumption updates, for the three and six month periods ended June 30, 2025 and 2024:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Life Remeasurement Gain (Loss)—Experience:
American Income	$	6,672	$	3,876	$	10,851	$	7,848
Direct to Consumer	6,609		6,561		9,589		6,727
Liberty National	1,432		538		1,614		650
Other	2,032		1,419		3,216		2,025
Total Life Remeasurement Gain (Loss)—Experience	16,745		12,394		25,270		17,250

Life Remeasurement Gain (Loss)—Assumption Updates(1):
American Income	—		—		—		—
Direct to Consumer	—		—		—		—
Liberty National	—		—		—		—
Other	—		—		—		—
Total Life Remeasurement Gain (Loss)—Assumption Updates	—		—		—		—

Total Life Remeasurement Gain (Loss)	16,745		12,394		25,270		17,250

Health Remeasurement Gain (Loss)—Experience:
United American	1,938		1,013		(1,882)		677
Family Heritage	1,640		1,669		3,476		3,552
Liberty National	(821)		(70)		362		1,141
American Income	1,089		610		2,338		1,040
Direct to Consumer	32		26		28		46
Total Health Remeasurement Gain (Loss)—Experience	3,878		3,248		4,322		6,456

Health Remeasurement Gain (Loss)—Assumption Updates(1):
United American	—		—		—		—
Family Heritage	—		—		—		—
Liberty National	—		—		—		—
American Income	—		—		—		—
Direct to Consumer	—		—		—		—
Health Remeasurement Gain (Loss)—Assumption Updates	—		—		—		—

Total Health Remeasurement Gain (Loss)	$	3,878	$	3,248	$	4,322	$	6,456

(1)Changes to the judgments, assumptions, and methods used in measuring the liability for future policy benefits occur annually, unless otherwise necessary. There were no changes to the judgments, assumptions, and methods used in measuring the liability for future policy benefits during the six months ended June 30, 2025 and 2024.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following table reconciles the liability for future policy benefits to the Condensed Consolidated Balance Sheets as of June 30, 2025 and 2024:



	At Original Discount Rates				At Current Discount Rates
	As of June 30,				As of June 30,
	2025		2024		2025		2024
Life(1):
American Income	$	5,058,139	$	4,705,606	$	5,416,148	$	5,175,698
Direct to Consumer	3,244,145		3,078,612		3,595,775		3,479,316
Liberty National	2,310,810		2,275,889		2,358,656		2,339,535
Other	3,194,531		3,107,805		3,571,636		3,532,049
Net liability for future policy benefits—long duration life	13,807,625		13,167,912		14,942,215		14,526,598

Health(1):
United American	88,003		115,771		87,997		114,028
Family Heritage	1,899,578		1,781,632		1,680,211		1,558,721
Liberty National	454,025		469,145		474,254		487,206
American Income	128,924		114,716		138,238		123,480
Direct to Consumer	708		673		723		693
Net liability for future policy benefits—long duration health	2,571,238		2,481,937		2,381,423		2,284,128

Deferred profit liability	181,140		176,123		181,140		176,123
Deferred annuity	615,897		706,022		615,897		706,022
Interest sensitive life	717,140		728,097		717,140		728,097
Other	8,939		9,702		8,940		9,704
Total future policy benefits	$	17,901,979	$	17,269,793	$	18,846,755	$	18,430,672

(1)Balances are presented net of the effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables provide the weighted-average original and current discount rates for the liability for future policy benefits and the additional insurance liabilities as of June 30, 2025 and 2024:


	As of June 30,
	2025				2024
	Original discount rate		Current discount rate		Original discount rate		Current discount rate
Life
American Income	5.7	%	5.4	%	5.7	%	5.3	%
Direct to Consumer	6.0	%	5.5	%	6.0	%	5.4	%
Liberty National	5.6	%	5.5	%	5.6	%	5.4	%
Other	6.2	%	5.5	%	6.2	%	5.4	%

Health
United American	5.1	%	5.1	%	5.1	%	5.2	%
Family Heritage	4.2	%	5.3	%	4.2	%	5.3	%
Liberty National	5.8	%	5.3	%	5.8	%	5.4	%
American Income	5.8	%	5.2	%	5.8	%	5.2	%
Direct to Consumer	5.1	%	5.1	%	5.1	%	5.2	%

The following table provides the weighted-average durations of the liability for future policy benefits and the additional insurance liabilities as of June 30, 2025 and 2024:


		As of June 30,
	2025			2024
		At original discount rates	At current discount rates		At original discount rates	At current discount rates
Life
American Income		22.60	22.42		23.03	23.17
Direct to Consumer		19.07	19.86		19.44	20.66
Liberty National		15.35	15.18		15.22	15.40
Other		15.83	16.53		16.10	17.23

Health
United American		11.68	10.49		11.59	10.64
Family Heritage		15.28	14.00		15.16	14.21
Liberty National		9.41	9.22		9.26	9.26
American Income		12.45	12.37		12.35	12.55
Direct to Consumer		11.68	10.49		11.59	10.64

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables summarize the amount of gross premiums and interest related to long duration life and health contracts that are recognized in the Condensed Consolidated Statements of Operations for the three and six month periods ended June 30, 2025 and 2024:


	Life
	Six Months Ended June 30, 2025				Six Months Ended June 30, 2024
	Gross Premiums		Required Interest Expense		Gross Premiums		Required Interest Expense
American Income	$	882,738	$	143,116	$	836,931	$	133,928
Direct to Consumer	486,442		94,526		491,235		89,541
Liberty National	191,631		62,224		181,110		61,153
Other	100,108		95,333		101,652		92,151
Total	$	1,660,919	$	395,199	$	1,610,928	$	376,773


	Life
	Three Months Ended June 30, 2025				Three Months Ended June 30, 2024
	Gross Premiums		Interest Expense		Gross Premiums		Interest Expense
American Income	$	445,289	$	72,123	$	423,172	$	67,549
Direct to Consumer	243,572		47,559		246,041		45,081
Liberty National	96,331		31,175		91,239		30,611
Other	50,194		48,048		50,583		46,233
Total	$	835,386	$	198,905	$	811,035	$	189,474


	Health
	Six Months Ended June 30, 2025				Six Months Ended June 30, 2024
	Gross Premiums		Required Interest Expense		Gross Premiums		Required Interest Expense
United American	$	239,422	$	1,867	$	214,850	$	3,041
Family Heritage	228,210		38,574		209,246		35,204
Liberty National	95,221		12,690		94,952		13,155
American Income	59,543		3,646		58,389		3,314
Direct to Consumer	8,350		—		7,390		—
Total	$	630,746	$	56,777	$	584,827	$	54,714


	Health
	Three Months Ended June 30, 2025				Three Months Ended June 30, 2024
	Gross Premiums		Interest Expense		Gross Premiums		Interest Expense
United American	$	123,026	$	818	$	110,753	$	1,474
Family Heritage	115,856		19,458		105,855		17,773
Liberty National	47,468		6,335		47,518		6,572
American Income	29,789		1,834		29,470		1,659
Direct to Consumer	4,214		—		3,733		—
Total	$	320,353	$	28,445	$	297,329	$	27,478

Gross premiums are included within life and health premium on the Condensed Consolidated Statements of Operations, while the related interest expense is included in life and health policyholder benefits.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables provide the undiscounted and discounted expected future net premiums, expected future gross premiums, and expected future policy benefits, at both original and current discount rates, for life and health contracts as of June 30, 2025 and 2024:


	Life
	As of June 30, 2025						As of June 30, 2024
	Not discounted		At original discount rates		At current discount rates		Not discounted		At original discount rates		At current discount rates
American Income
PV of expected future gross premiums	$	26,323,656	$	14,880,435	$	15,115,288	$	25,077,717	$	14,130,383	$	14,177,334
PV of expected future net premiums	8,440,381		4,771,461		4,818,081		8,240,194		4,648,111		4,635,903
PV of expected future policy benefits	32,858,954		9,829,535		10,234,154		31,638,799		9,353,526		9,811,407

DTC
PV of expected future gross premiums	$	17,465,145	$	9,138,361	$	9,430,064	$	17,605,488	$	9,202,366	$	9,418,076
PV of expected future net premiums	10,454,351		5,498,605		5,682,370		10,784,908		5,670,288		5,810,518
PV of expected future policy benefits	26,022,344		8,742,749		9,278,145		25,978,972		8,748,900		9,289,834

Liberty National
PV of expected future gross premiums	$	4,928,564	$	2,871,400	$	2,869,264	$	4,760,222	$	2,777,507	$	2,744,508
PV of expected future net premiums	1,848,910		1,047,994		1,063,162		1,900,361		1,080,642		1,085,233
PV of expected future policy benefits	9,159,106		3,358,804		3,421,818		8,997,194		3,356,531		3,424,768

Other
PV of expected future gross premiums	$	3,571,030	$	1,820,383	$	1,938,264	$	3,671,193	$	1,866,118	$	1,974,726
PV of expected future net premiums	869,582		422,809		436,784		897,326		437,551		449,883
PV of expected future policy benefits	12,451,064		3,617,307		4,008,385		12,433,005		3,545,323		3,981,898

Total
PV of expected future gross premiums	$	52,288,395	$	28,710,579	$	29,352,880	$	51,114,620	$	27,976,374	$	28,314,644
PV of expected future net premiums	21,613,224		11,740,869		12,000,397		21,822,789		11,836,592		11,981,537
PV of expected future policy benefits	80,491,468		25,548,395		26,942,502		79,047,970		25,004,280		26,507,907

As of June 30, 2025, for the life segment using current discount rates, the Company anticipates $29.4 billion of expected future gross premiums and $12.0 billion of expected future net premiums. As of June 30, 2024, using current discount rates, the Company anticipated $28.3 billion of expected future gross premiums and $12.0 billion in expected future net premiums. The determination of the liability for future policy benefits on the balance sheet does not include the difference between the expected future gross premiums and the expected future net premiums of $17.4 billion and $16.3 billion, as of June 30, 2025 and 2024, respectively, and rather only includes the expected future net premiums.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	Health
	As of June 30, 2025						As of June 30, 2024
	Not discounted		At original discount rates		At current discount rates		Not discounted		At original discount rates		At current discount rates
United American
PV of expected future gross premiums	$	9,701,771	$	5,974,711	$	5,982,760	$	8,930,346	$	5,449,708	$	5,359,418
PV of expected future net premiums	6,674,188		4,106,142		4,112,123		6,100,831		3,720,108		3,658,491
PV of expected future policy benefits	6,782,252		4,153,056		4,154,306		6,287,625		3,823,510		3,758,487

Family Heritage
PV of expected future gross premiums	$	7,545,828	$	4,365,220	$	4,145,063	$	6,998,187	$	4,103,577	$	3,823,106
PV of expected future net premiums	3,293,461		1,915,617		1,810,846		3,092,463		1,823,728		1,690,797
PV of expected future policy benefits	7,465,105		3,815,188		3,491,041		6,909,758		3,605,315		3,249,466

Liberty National
PV of expected future gross premiums	$	2,006,456	$	1,276,610	$	1,309,873	$	2,061,622	$	1,307,386	$	1,326,826
PV of expected future net premiums	489,624		329,180		331,851		505,985		338,934		337,741
PV of expected future policy benefits	1,353,104		772,935		795,244		1,391,768		799,316		815,778

American Income
PV of expected future gross premiums	$	1,795,279	$	1,005,844	$	1,036,573	$	1,792,241	$	1,003,909	$	1,021,346
PV of expected future net premiums	408,732		229,169		229,830		373,186		208,867		205,889
PV of expected future policy benefits	728,196		357,412		367,366		656,571		322,706		328,436

Direct to Consumer
PV of expected future gross premiums	$	256,043	$	163,050	$	167,656	$	242,288	$	151,969	$	154,318
PV of expected future net premiums	220,022		139,486		143,068		180,882		113,247		114,876
PV of expected future policy benefits	214,895		134,276		137,532		168,428		107,143		108,617

Total
PV of expected future gross premiums	$	21,305,377	$	12,785,435	$	12,641,925	$	20,024,684	$	12,016,549	$	11,685,014
PV of expected future net premiums	11,086,027		6,719,594		6,627,718		10,253,347		6,204,884		6,007,794
PV of expected future policy benefits	16,543,552		9,232,867		8,945,489		15,414,150		8,657,990		8,260,784

As of June 30, 2025, for the health segment using current discount rates, the Company anticipates $12.6 billion of expected future gross premiums and $6.6 billion of expected future net premiums. As of June 30, 2024, using current discount rates, the Company anticipated $11.7 billion of expected future gross premiums and $6.0 billion in expected future net premiums. The determination of the liability for future policy benefits on the balance sheet does not include the difference between the expected future gross premiums and the expected future net premiums of $6.0 billion and $5.7 billion as of June 30, 2025 and 2024, respectively, and rather only includes the expected future net premiums.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following table summarizes the balances of, and changes in, policyholders’ account balances as of June 30, 2025 and 2024:


	Policyholders' Account Balances
	2025						2024
	Interest Sensitive Life		Deferred Annuity(1)		Other Policy-holders' Funds		Interest Sensitive Life		Deferred Annuity		Other Policy-holders' Funds
Balance at January 1,	$	723,389	$	656,573	$	468,604	$	732,948	$	773,039	$	236,958
Issuances	—		347		—		—		358		—
Premiums and deposits received	10,400		6,953		148,520		11,110		6,409		168,470
Policy charges	(5,878)		—		—		(6,172)		—		—
Surrenders and withdrawals	(12,074)		(32,065)		(126,908)		(11,476)		(62,562)		(7,351)
Benefit payments	(16,332)		(25,926)		—		(16,740)		(24,137)		—

Interest credited	13,758		10,561		10,903		13,968		12,213		9,104
Other	3,877		(546)		(8,973)		4,459		702		(6,556)
Balance at June 30,	$	717,140	$	615,897	$	492,146	$	728,097	$	706,022	$	400,625

(1) At June 30, 2025, $427 million has been reinsured with third-party reinsurers under existing reinsurance agreements.


	Policyholders' Account Balances
	2025						2024
	Interest Sensitive Life		Deferred Annuity(1)		Other Policy-holders' Funds		Interest Sensitive Life		Deferred Annuity		Other Policy-holders' Funds
Balance at April 1,	$	720,269	$	636,219	$	463,148	$	729,721	$	739,019	$	401,269
Issuances	—		176		—		—		160		—
Premiums and deposits received	5,150		3,187		61,635		5,486		2,836		1,770
Policy charges	(2,892)		—		—		(3,061)		—		—
Surrenders and withdrawals	(6,108)		(15,534)		(33,780)		(5,167)		(30,999)		(3,834)
Benefit payments	(8,003)		(13,095)		—		(7,600)		(11,366)		—

Interest credited	6,883		5,188		5,460		6,952		5,970		5,583
Other	1,841		(244)		(4,317)		1,766		402		(4,163)
Balance at June 30,	$	717,140	$	615,897	$	492,146	$	728,097	$	706,022	$	400,625


Weighted-average credit rate	3.89		%	3.36		%	4.65		%	3.87		%	3.35		%	5.69		%
Net amount at risk	$	1,609,774		N/A			N/A			$	1,714,347		N/A			N/A
Cash surrender value	$	671,517		$	615,897		$	492,146		$	680,564		$	706,022		$	400,625

(1) At June 30, 2025, $427 million has been reinsured with third-party reinsurers under existing reinsurance agreements.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables present the policyholders' account balances by range of guaranteed minimum crediting rates and the related range of difference, if any, in basis points between rates being credited to policyholders and the respective guaranteed minimums as of June 30, 2025 and 2024:


	At June 30, 2025
Range of guaranteed minimum crediting rates	Interest Sensitive Life		Deferred Annuity(1)		Other Policyholders' Funds
At guaranteed minimum:
Less than 3.00%	$	—	$	2,244	$	398,451
3.00%-3.99%	29,395		436,884		3,140
4.00%-4.99%	598,244		176,769		55,368
Greater than 5.00%	89,501		—		35,187
Total	717,140		615,897		492,146






51-150 basis points above:
Less than 3.00%	—		—		—
3.00%-3.99%	—		—		—
4.00%-4.99%	—		—		—
Greater than 5.00%	—		—		—
Total	—		—		—
Greater than 150 basis points above
Less than 3.00%	—		—		—
3.00%-3.99%	—		—		—
4.00%-4.99%	—		—		—
Greater than 5.00%	—		—		—
Total	—		—		—
Grand Total	$	717,140	$	615,897	$	492,146

(1) At June 30, 2025, $427 million has been reinsured with third-party reinsurers under existing reinsurance agreements.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	At June 30, 2024
Range of guaranteed minimum crediting rates	Interest Sensitive Life		Deferred Annuity		Other Policyholders' Funds
At guaranteed minimum:
Less than 3.00%	$	—	$	1,743	$	304,454
3.00%-3.99%	29,238		515,442		3,246
4.00%-4.99%	608,867		187,985		6,539
Greater than 5.00%	89,992		—		36,775
Total	728,097		705,170		351,014






51-150 basis points above:
Less than 3.00%	—		—		—
3.00%-3.99%	—		—		—
4.00%-4.99%	—		—		49,611
Greater than 5.00%	—		—		—
Total	—		—		49,611
Greater than 150 basis points above
Less than 3.00%	$	—	$	—	$	—
3.00%-3.99%	—		852		—
4.00%-4.99%	—		—		—
Greater than 5.00%	—		—		—
Total	—		852		—
Grand Total	$	728,097	$	706,022	$	400,625

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 7—Deferred Acquisition Costs

The following tables roll forward the deferred policy acquisition costs for the three and six month periods ended June 30, 2025 and 2024:


	Life
	American Income		DTC		Liberty National		Other		Total







Balance at January 1, 2024	$	2,573,370	$	1,737,117	$	666,419	$	294,869	$	5,271,775
Capitalizations	259,856		78,976		58,100		6,280		403,212
Amortization expense	(87,377)		(50,420)		(27,614)		(8,272)		(173,683)
Foreign exchange adjustment	(5,711)		—		—		—		(5,711)

Balance at June 30, 2024	$	2,740,138	$	1,765,673	$	696,905	$	292,877	$	5,495,593

Balance at January 1, 2025	$	2,900,229	$	1,781,230	$	728,790	$	290,506	$	5,700,755
Capitalizations	268,475		73,401		59,258		6,172		407,306
Amortization expense	(100,155)		(51,493)		(30,352)		(4,834)		(186,834)
Foreign exchange adjustment	9,821		—		—		—		9,821

Balance at June 30, 2025	$	3,078,370	$	1,803,138	$	757,696	$	291,844	$	5,931,048


	Life
	American Income		DTC		Liberty National		Other		Total





Balance at April 1, 2024	$	2,652,009	$	1,754,184	$	678,885	$	293,747	$	5,378,825
Capitalizations	132,413		36,851		32,035		3,267		204,566
Amortization expense	(44,401)		(25,362)		(14,015)		(4,137)		(87,915)
Foreign exchange adjustment	117		—		—		—		117

Balance at June 30, 2024	$	2,740,138	$	1,765,673	$	696,905	$	292,877	$	5,495,593






Balance at April 1, 2025	$	2,986,007	$	1,792,790	$	743,388	$	292,635	$	5,814,820
Capitalizations	134,605		36,253		29,667		3,365		203,890
Amortization expense	(50,781)		(25,905)		(15,359)		(4,156)		(96,201)
Foreign exchange adjustment	8,539		—		—		—		8,539

Balance at June 30, 2025	$	3,078,370	$	1,803,138	$	757,696	$	291,844	$	5,931,048

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	Health
	United American		Family Heritage		Liberty National		American Income		DTC		Total







Balance at January 1, 2024	$	73,489	$	452,843	$	139,941	$	66,783	$	1,679	$	734,735
Capitalizations	1,289		33,932		12,444		7,280		2		54,947
Amortization expense	(2,803)		(14,521)		(7,288)		(2,237)		(73)		(26,922)
Foreign exchange adjustment	—		—		—		(237)		—		(237)

Balance at June 30, 2024	$	71,975	$	472,254	$	145,097	$	71,589	$	1,608	$	762,523

Balance at January 1, 2025	$	70,530	$	496,119	$	148,920	$	76,319	$	1,533	$	793,421
Capitalizations	1,352		38,104		11,721		7,403		—		58,580
Amortization expense	(2,809)		(16,040)		(7,819)		(2,618)		(74)		(29,360)
Foreign exchange adjustment	—		—		—		441		—		441

Balance at June 30, 2025	$	69,073	$	518,183	$	152,822	$	81,545	$	1,459	$	823,082


	Health
	United American		Family Heritage		Liberty National		American Income		DTC		Total





Balance at April 1, 2024	$	72,604	$	462,346	$	144,313	$	68,938	$	1,643	$	749,844
Capitalizations	793		17,242		4,465		3,750		1		26,251
Amortization expense	(1,422)		(7,334)		(3,681)		(1,138)		(36)		(13,611)
Foreign exchange adjustment	—		—		—		39		—		39

Balance at June 30, 2024	$	71,975	$	472,254	$	145,097	$	71,589	$	1,608	$	762,523
















Balance at April 1, 2025	$	69,755	$	506,712	$	150,977	$	78,833	$	1,496	$	807,773
Capitalizations	736		19,573		5,802		3,671		—		29,782
Amortization expense	(1,418)		(8,102)		(3,957)		(1,327)		(37)		(14,841)
Foreign exchange adjustment	—		—		—		368		—		368

Balance at June 30, 2025	$	69,073	$	518,183	$	152,822	$	81,545	$	1,459	$	823,082

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following table presents a reconciliation of deferred policy acquisition costs to the Condensed Consolidated Balance Sheets as of June 30, 2025 and 2024:


		June 30,
	2025			2024
Life
American Income		$	3,078,370		$	2,740,138
Direct to Consumer		1,803,138			1,765,673
Liberty National		757,696			696,905
Other		291,844			292,877
Total DAC—Life		5,931,048			5,495,593

Health
United American		69,073			71,975
Family Heritage		518,183			472,254
Liberty National		152,822			145,097
American Income		81,545			71,589
Direct to Consumer		1,459			1,608
Total DAC—Health		823,082			762,523

Annuity		691			2,178
Total		$	6,754,821		$	6,260,294

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 8—Liability for Unpaid Claims

Activity in the liability for unpaid health claims is summarized as follows:


	June 30, 2025		December 31, 2024
Balance at beginning of period	$	210,994	$	194,809
Less reinsurance recoverables	(1,521)		(2,157)
Net balance at beginning of period	209,473		192,652
Incurred related to:
Current year	422,468		767,076
Prior years	3,248		(10,460)
Total incurred	425,716		756,616
Paid related to:
Current year	263,694		587,473
Prior years	151,463		152,322
Total paid	415,157		739,795
Net balance at end of period	220,032		209,473
Plus reinsurance recoverables	1,395		1,521
Balance at end of period	$	221,427	$	210,994

Below is the reconciliation of the liability of "Policy claims and other benefits payable" in the Condensed Consolidated Balance Sheets.


	June 30, 2025		December 31, 2024
Policy claims and other benefits payable:
Life insurance	$	310,752	$	321,838
Health insurance	221,427		210,994
Total	$	532,179	$	532,832

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 9—Postretirement Benefits

Globe Life has qualified noncontributory defined benefit pension plans (Pension Plans) and contributory savings plans that cover substantially all employees. There is also a nonqualified noncontributory supplemental executive retirement plan (SERP) that covers a limited number of officers. The tables included herein will focus on the Pension Plans and SERP.

Pension Assets: The following table presents the assets of the Company's Pension Plans at June 30, 2025 and December 31, 2024.

Pension Assets by Component at June 30, 2025


	Fair Value Determined by:
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Amount		% of Total

Exchange traded fund(4)	$	36,015	$	—	$	—	$	36,015	6





Equity exchange traded fund(1)	328,993		—		—		328,993		53
U.S. Government and Agency	—		180,413		—		180,413		29
Other bonds	—		3		—		3		—
Guaranteed annuity contract(2)	—		44,139		—		44,139		7
Short-term investments	183		—		—		183		—
Other	2,697		—		—		2,697		—
	$	367,888	$	224,555	$	—	592,443		95
Other long-term investments(3)							33,962		5
Total pension assets							$	626,405	100

(1)A fund including marketable securities that mirror the S&P 500 index.

(2)Representing a guaranteed annuity contract issued by Globe Life Inc.'s subsidiary, American Income Life Insurance Company, to fund the obligations of the American Income Life Insurance Company Collective Bargaining Agreement Employees Pension Plan.

(3)Includes non-redeemable investment funds that report the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value (NAV) per share, or its equivalent, as a practical expedient for fair value. As of June 30, 2025, the Globe Life Inc. Pension Plan owned less than 1% of two long-term investment funds.

(4)A fund including U.S. dollar-denominated investment-grade securities issued by industrial, utility, and financial companies with maturities greater than 10 years.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Pension Assets by Component at December 31, 2024


	Fair Value Determined by:
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Amount		% of Total

Exchange traded fund(4)	$	35,483	$	—	$	—	$	35,483	6





Equity exchange traded fund(1)	322,846		—		—		322,846		53
U.S. Government and Agency	—		179,418		—		179,418		29
Other bonds	—		4		—		4		—
Guaranteed annuity contract(2)	—		43,893		—		43,893		7
Short-term investments	1,235		—		—		1,235		—
Other	1,420		—		—		1,420		—
	$	360,984	$	223,315	$	—	584,299		95
Other long-term investments(3)							30,546		5
Total pension assets							$	614,845	100

(1)A fund including marketable securities that mirror the S&P 500 index.

(3)Includes non-redeemable investment funds that report the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value (NAV) per share, or its equivalent, as a practical expedient for fair value. As of December 31, 2024, the Globe Life Inc. Pension Plan owned less than 1% of two long-term investment funds.

(4)A fund including U.S. dollar-denominated investment-grade securities issued by industrial, utility, and financial companies with maturities greater than 10 years.

SERP: The following tables include premiums paid for COLI at June 30, 2025 and 2024 and investments of the Rabbi Trust at June 30, 2025 and December 31, 2024.


	Six Months Ended June 30,
	2025		2024
Premiums paid for insurance coverage	$	—	$	443

	June 30, 2025		December 31, 2024
Total investments:
COLI	$	58,126	$	57,210
Exchange traded funds	100,721		98,314
	$	158,847	$	155,524

Pension Plans and SERP Liabilities: The following table presents liabilities for the defined benefit pension plans and SERP at June 30, 2025 and December 31, 2024.


	June 30, 2025		December 31, 2024
Pension Plans	$	577,844	$	561,615
SERP	73,920		73,441
Benefit obligation	$	651,764	$	635,056

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Net Periodic Benefit Cost: The following table presents the net periodic benefit costs for the defined benefit pension plans and SERP by expense components for the three and six month periods ended June 30, 2025 and 2024.

Components of Net Periodic Benefit Cost


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Service cost—benefits earned during the period	$	6,243	$	6,228	$	12,485	$	12,449
Interest cost on projected benefit obligation	9,024		8,308		18,049		16,575
Expected return on assets	(11,563)		(10,647)		(23,126)		(21,293)
Amortization:
Prior service cost	292		269		584		538
Actuarial (gain) loss	—		6		—		12


Net periodic benefit cost	$	3,996	$	4,164	$	7,992	$	8,281

Note 10—Earnings Per Share

Earnings per Share*:* A reconciliation of basic and diluted weighted-average shares outstanding used in the computation of basic and diluted earnings per share is as follows:


	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Basic weighted average shares outstanding	81,915,162	91,441,350	82,693,257	92,653,478
Weighted average dilutive options outstanding	877,499	—	937,793	333,855
Diluted weighted average shares outstanding	82,792,661	91,441,350	83,631,050	92,987,333

Antidilutive shares	867,652	4,958,491	755,708	2,063,624

Antidilutive shares are excluded from the calculation of diluted earnings per share. All antidilutive shares noted above result from outstanding out-of-the-money employee and Director stock options.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 11—Debt

The following table presents information about the terms and outstanding balances of Globe Life's debt.

Selected Information about Debt Issues


				As of
				June 30, 2025								December 31, 2024
Instrument	Issue Date	Maturity Date	Coupon Rate	Par Value		Unamortized Discount & Issuance Costs		Book Value		Fair Value		Book Value

Senior notes	09/27/2018	09/15/2028	4.550%	$	550,000	$	(2,627)	$	547,373	$	552,519	$	546,999
Senior notes	08/21/2020	08/15/2030	2.150%	400,000		(2,632)		397,368		353,416		397,132
Senior notes	05/19/2022	06/15/2032	4.800%	250,000		(3,518)		246,482		245,922		246,272
Senior notes	08/23/2024	09/15/2034	5.850%	450,000		(4,984)		445,016		465,089		444,814

Junior subordinated debentures	11/17/2017	11/17/2057	5.275%	125,000		(1,548)		123,452		97,500		123,443
Junior subordinated debentures	06/14/2021	06/15/2061	4.250%	325,000		(7,570)		317,430		209,300		317,387
Term loan(2)	05/11/2023	08/15/2027	5.799%	250,000		(1,479)		248,521		248,521		248,204


Total long-term debt				2,350,000		(24,358)		2,325,642		2,172,267		2,324,251



FHLB borrowings				70,000		—		70,000		70,000		—
Commercial paper				397,000		(2,460)		394,540		394,540		415,401
Total short-term debt				467,000		(2,460)		464,540		464,540		415,401

Total debt				$	2,817,000	$	(26,818)	$	2,790,182	$	2,636,807	$	2,739,652

(1)An additional $150 million par value and book value is held by insurance subsidiaries that eliminates in consolidation.

(2)Interest calculated quarterly using Secured Overnight Financing Rate (SOFR) plus 135 basis points.

The commercial paper has the highest priority of all unsecured debt, followed by senior notes then junior subordinated debentures. The senior notes are callable under a make-whole provision, and the junior subordinated debentures are subject to an optional redemption five years from issuance. Interest on the 4.25% junior subordinated debentures and the term loan are payable quarterly while all other long-term debt is payable semi-annually.

Credit facility*:* Globe Life has in place a credit facility which provides for a $1 billion revolving credit facility that may be increased to $1.25 billion. The credit facility matures March 29, 2029 and may be extended up to two one-year periods upon the Company's request. Pursuant to this agreement, the participating lenders have agreed to make revolving loans to Globe Life and to issue secured or unsecured letters of credit. The Company has not drawn on any of the credit to date.

The facility is further designated as a back-up credit line for a commercial paper program under which the Company may either borrow from the credit line or issue commercial paper at any time, with total commercial paper outstanding not to exceed the facility maximum of $1 billion, less any letters of credit issued. Interest is charged at variable rates. In accordance with the agreement, Globe Life is subject to certain covenants regarding capitalization.

As of June 30, 2025, the Company was in full compliance with these covenants.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables present certain information about our commercial paper borrowings.

Credit Facility—Commercial Paper


	As of
	June 30, 2025			December 31, 2024			June 30, 2024
Balance of commercial paper at end of period (par value)	$	397,000		$	419,000		$	313,225
Annualized interest rate	4.73		%	5.22		%	6.02		%
Letters of credit outstanding	$	115,000		$	115,000		$	115,000
Remaining amount available under credit line	488,000			466,000			571,775

Credit Facility—Commercial Paper Activity


	Six Months Ended June 30,
	2025			2024
Average balance of commercial paper outstanding during period (par value)	$	456,181		$	392,905
Daily-weighted average interest rate (annualized)	4.99		%	5.76		%
Maximum daily amount outstanding during period (par value)	$	605,500		$	633,425
Commercial paper issued during period (par value)	1,158,250			997,492
Commercial paper matured during period (par value)	(1,180,250)			(1,003,267)
Net commercial paper issued (matured) during period (par value)	(22,000)			(5,775)

Federal Home Loan Bank*:* FHLB membership provides certain of our insurance subsidiaries with access to various low-cost collateralized borrowings and funding agreements. The membership requires ownership of FHLB common stock, as well as the purchase of activity-based common stock equal to approximately 4.1% of outstanding borrowings.

Globe Life owned $33 million in FHLB common stock as of June 30, 2025 and $34 million as of December 31, 2024. The FHLB stock is restricted from redemption or repurchases for the duration of the membership and recorded at cost (par) as required by applicable guidance. The FHLB stock is included in "Other long-term investments*"* in the Condensed Consolidated Balance Sheets. Borrowings with the FHLB are subject to the availability of pledged assets at the insurance subsidiaries of Globe Life. As of June 30, 2025, Globe Life's insurance subsidiaries' maximum borrowing capacity under the FHLB facility was approximately $649 million, net of outstanding funding agreements and short-term borrowings, on pledged assets with a fair value of $1.3 billion. As of June 30, 2025, $397 million in funding agreements were outstanding with the FHLB, compared to $372 million as of December 31, 2024. This amount is included in "Other policyholders' funds" in the Condensed Consolidated Balance Sheets. The Company had $70 million and $180 million in short-term borrowings from the FHLB as of June 30, 2025 and 2024, respectively.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 12—Business Segments

Globe Life is organized into three operating segments: life, health, and investments.

Globe Life's reportable insurance segments are based on the insurance product lines it markets and administers: life insurance and supplemental health insurance. There is also an investment segment that manages the investment portfolio and cash flow for the insurance segments. The Company's chief operating decision makers ("CODM"), our Co-CEOs, evaluate the overall performance of the operations of the Company in accordance with these segments.

During the fourth quarter of 2024 we entered into a coinsurance agreement to cede a majority of the annuity business to a third-party insurer. This impacted a significant portion of our annuities which had previously been classified as one of our reportable segments. The annuity segment has historically represented less than 1% of revenue and has not been core to the Company's business. We adjusted our segments from four down to three at December 31, 2024. All quarterly presentations of segment information related to prior year have been recast for the periods presented to reflect this change in segments.

Life insurance products marketed by Globe Life include traditional whole life and term life insurance. Health insurance products are generally guaranteed renewable and include Medicare Supplement, cancer, critical illness, accident, and other limited-benefit supplemental hospital and surgical products.

The Company adopted ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, in 2024 which added 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 and the new disclosures are also required prospectively on a quarterly basis. The prior-year presentation has been recast to reflect the new disclosures in accordance with this adopted accounting standard.

The following tables present segment premium revenue by each of Globe Life's distribution channels.


	Premium Income by Distribution Channel

	Three Months Ended June 30, 2025
	Life			Health			Total
Distribution Channel	Amount		% of Total	Amount		% of Total		Amount		% of Total
American Income	$	445,511	53	$	31,422	8		$	476,933	39
Direct to Consumer	246,223		29	19,212		5		265,435		22
Liberty National	97,263		12	47,631		13		144,894		12
United American	1,570		—	163,978		43		165,548		13
Family Heritage	1,796		—	115,856		31		117,652		10
Other	47,181		6	—		—		47,181		4
Total	$	839,544	100	$	378,099	100		$	1,217,643	100

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	Premium Income by Distribution Channel

	Three Months Ended June 30, 2024
	Life			Health			Total
Distribution Channel	Amount		% of Total	Amount		% of Total		Amount		% of Total
American Income	$	423,534	52	$	30,721	9		$	454,255	39
Direct to Consumer	248,839		31	18,132		5		266,971		23
Liberty National	92,197		11	47,705		14		139,902		12
United American	1,558		—	149,230		42		150,788		13
Family Heritage	1,645		—	105,855		30		107,500		9
Other	47,709		6	—		—		47,709		4
Total	$	815,482	100	$	351,643	100		$	1,167,125	100






	Six Months Ended June 30, 2025
	Life			Health			Total
Distribution Channel	Amount		% of Total	Amount		% of Total		Amount		% of Total
American Income	$	883,377	53	$	62,113	8		$	945,490	39
Direct to Consumer	491,823		29	38,188		5		530,011		22
Liberty National	193,445		12	95,553		13		288,998		12
United American	3,162		—	323,826		43		326,988		13
Family Heritage	3,522		—	228,210		31		231,732		10
Other	94,078		6	—		—		94,078		4
Total	$	1,669,407	100	$	747,890	100		$	2,417,297	100


	Six Months Ended June 30, 2024
	Life			Health			Total
Distribution Channel	Amount		% of Total	Amount		% of Total		Amount		% of Total
American Income	$	837,578	52	$	61,218	9		$	898,796	39
Direct to Consumer	496,879		31	35,998		5		532,877		23
Liberty National	182,974		11	95,335		14		278,309		12
United American	3,401		—	290,865		42		294,266		13
Family Heritage	3,261		—	209,246		30		212,507		9
Other	95,654		6	—		—		95,654		4
Total	$	1,619,747	100	$	692,662	100		$	2,312,409	100

Due to the nature of the life insurance industry, Globe Life has no individual or group that would be considered a major customer. Substantially all of Globe Life's business is conducted in the United States.

The measure of profitability established by the CODM for the insurance segments is underwriting margin before other income and administrative expenses, in accordance with the manner in which the segments are managed. It essentially represents gross profit margin on insurance products before insurance administrative expenses and consists primarily of premium less net policy benefits, acquisition expenses, and commissions. Required interest on policy liabilities is reflected as a component of the Investment segment (rather than as a component of underwriting margin in the insurance segment) in order to match this cost with the investment income earned on the assets supporting the policy liabilities.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The measure of profitability for the Investment segment is excess investment income, representing the net income earned on the investment portfolio in excess of policy requirements. Other than the required interest on the insurance segments, no other intersegment revenues or expenses are recognized. Expenses directly attributable to corporate operations are included in the “Corporate & Other” category. Stock-based compensation expense is considered a corporate expense by Globe Life management and is included in this category. All other unallocated revenues and expenses on a pretax basis, including insurance administrative expense and interest on debt, are also included in the “Corporate & Other” segment category.

Globe Life holds a sizable investment portfolio to support its insurance liabilities, the yield from which is used to offset policy benefit, acquisition, administrative, and tax expenses. This yield or investment income is taken into account when establishing premium rates and profitability expectations for its insurance products. From time to time, investments are sold or called, or experience a credit loss event, each of which are reflected by the Company as realized gain (loss)—investments. These gains or losses generally occur as a result of disposition due to issuer calls, compliance with Company investment policies, or other reasons often beyond management’s control. Unlike investment income, realized gains and losses are incidental to insurance operations, and only overall yields are considered when setting premium rates or insurance product profitability expectations. While these gains and losses are not relevant to segment profitability or core operating results, they can have a material positive or negative result on net income. For these reasons, management removes realized investment gains and losses when it views its segment operations.

Management also removes non-operating items unrelated to the Company's core insurance activities when evaluating those results. Therefore, these items are excluded in its presentation of segment results because accounting guidance requires that operating segment results be presented as management views its business. All of these items are included in “Other operating expense” in the Condensed Consolidated Statements of Operations for the appropriate year. See additional detail below in the tables.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables set forth a reconciliation of Globe Life's revenues and operations by segment to its major income statement line items. See Note 1—Significant Accounting Policies for additional information concerning reconciling items of segment profits to pretax income.


	Three Months Ended June 30, 2025
	Life		Health		Investment		Consolidated
Revenue:
Premium	$	839,544	$	378,099	$	—	$	1,217,643
Net investment income	—		—		282,169		282,169
Segment revenue	839,544		378,099		282,169		1,499,812
Realized gains (losses)							(18,574)
Other income							49
Total consolidated revenue							$	1,481,287

Expenses:
Policy obligations(1)	519,355		229,924		5,410		754,689
Required interest on reserves	(211,160)		(28,391)		241,931		2,380
Amortization of acquisition costs	96,201		14,841		—		111,042
Commissions	42,357		41,965		—		84,322
Premium taxes	16,682		7,649		—		24,331
Non-deferred acquisition costs	36,035		14,054		—		50,089

Segment profit or (loss)	$	340,074	$	98,057	$	34,828	472,959

Insurance administrative expenses:
Salaries							34,677
Other employee costs							9,407
Information technology costs							19,555
Legal costs							5,827
Other administrative costs							16,581
Parent expense							3,555
Stock-based compensation expense							14,043
Interest expense							34,885
Legal proceedings							4,648

Annuity							(2,043)
Total expenses							1,167,988

Income before income taxes per Condensed Consolidated Statements of Operations							$	313,299

(1)Policy obligations are based upon policyholder behavior and impacts related to lapses, mortality, and morbidity. For detailed information, including remeasurement gains and losses, see Note 6—Policy Liabilities**.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	Three Months Ended June 30, 2024
	Life		Health		Investment		Consolidated
Revenue:
Premium	$	815,482	$	351,643	$	—	$	1,167,125
Net investment income	—		—		285,636		285,636
Segment revenue	815,482		351,643		285,636		1,452,761
Realized gains (losses)							(12,589)
Other income							74
Total consolidated revenue							1,440,246

Expenses:
Policy obligations(1)	518,792		205,423		5,536		729,751
Required interest on reserves	(201,815)		(27,410)		237,309		8,084
Amortization of acquisition costs	87,915		13,611		—		101,526
Commissions	39,698		41,661		—		81,359
Premium taxes	17,200		5,274		—		22,474
Non-deferred acquisition costs	33,369		12,596		—		45,965

Segment profit or (loss)	$	320,323	$	100,488	$	42,791	463,602

Insurance administrative expenses:
Salaries							30,855
Other employee costs							8,063
Information technology costs							20,561
Legal costs							6,889
Other administrative costs							15,828
Parent expense							3,130
Stock-based compensation expense							10,090
Interest expense							31,404
Legal proceedings							2,435
Non-operating expenses							1,257
Annuity							(1,748)
Total expenses							1,117,923

Income before income taxes per Condensed Consolidated Statements of Operations							$	322,323

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	Six Months Ended June 30, 2025
	Life		Health		Investment		Consolidated
Revenue:
Premium	$	1,669,407	$	747,890	$	—	$	2,417,297
Net investment income	—		—		562,783		562,783
Segment revenue	1,669,407		747,890		562,783		2,980,080
Realized gains (losses)							(18,489)
Other income							118
Total consolidated revenue							$	2,961,709

Expenses:
Policy obligations(1)	1,029,111		463,853		10,804		1,503,768
Required interest on reserves	(419,696)		(56,677)		481,281		4,908
Amortization of acquisition costs	186,834		29,360		—		216,194
Commissions	87,924		84,852		—		172,776
Premium taxes	34,693		15,142		—		49,835
Non-deferred acquisition costs	73,203		28,582		—		101,785

Segment profit or (loss)	$	677,338	$	182,778	$	70,698	930,814

Insurance administrative expenses:
Salaries							68,365
Other employee costs							19,708
Information technology costs							40,491
Legal costs							12,076
Other administrative costs							32,956
Parent expense							6,605
Stock-based compensation expense							26,062
Interest expense							69,877
Legal proceedings							10,776

Annuity							(3,853)
Total expenses							2,332,329

Income before income taxes per Condensed Consolidated Statement of Operations							$	629,380

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	Six Months Ended June 30, 2024
	Life		Health		Investment		Consolidated
Revenue:
Premium	$	1,619,747	$	692,662	$	—	$	2,312,409
Net investment income	—		—		568,214		568,214
Segment revenue	1,619,747		692,662		568,214		2,880,623
Realized gains (losses)							(24,388)
Other income							150
Total consolidated revenue							$	2,856,385

Expenses:
Policy obligations(1)	1,038,663		407,750		9,004		$	1,455,417
Required interest on reserves	(401,522)		(54,583)		472,634		16,529
Amortization of acquisition costs	173,683		26,922		—		200,605
Commissions	78,388		80,810		—		159,198
Premium taxes	34,286		12,090		—		46,376
Non-deferred acquisition costs	66,915		25,415		—		92,330

Segment profit or (loss)	$	629,334	$	194,258	$	86,576	910,168

Insurance administrative expenses:
Salaries							62,029
Other employee costs							18,076
Information technology costs							38,868
Legal costs							12,162
Other administrative costs							31,472
Parent expense							5,956
Stock-based compensation expense							19,357
Interest expense							60,025
Legal proceedings							2,435
Non-operating expenses							1,967
Annuity							(3,663)
Total expenses							2,219,139

Income before income taxes per Condensed Consolidated Statement of Operations							$	637,246

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Assets for each segment are reported based on a specific identification basis. The insurance segments’ assets contain DAC. The investment segment includes the investment portfolio, cash, and accrued investment income. Goodwill is assigned to the insurance segments at the time of purchase. All other assets are included in the annuity and other corporate category. The tables below reconcile segment assets to total assets as reported on the Condensed Consolidated Balance Sheets.

Assets by Segment


	June 30, 2025
	Life		Health		Investment		Consolidated
Cash and invested assets	$	—	$	—	$	20,164,212	$	20,164,212
Accrued investment income	—		—		271,670		271,670
Deferred acquisition costs	5,931,048		823,082		—		6,754,130
Goodwill	309,609		180,837		—		490,446

Total segment assets	$	6,240,657	$	1,003,919	$	20,435,882	27,680,458

Annuity and other corporate							2,128,890
Total assets							$	29,809,348


	December 31, 2024
	Life		Health		Investment		Consolidated
Cash and invested assets	$	—	$	—	$	19,736,888	$	19,736,888
Accrued investment income	—		—		269,791		269,791
Deferred acquisition costs	5,700,755		793,421		—		6,494,176
Goodwill	309,609		180,837		—		490,446

Total segment assets	$	6,010,364	$	974,258	$	20,006,679	26,991,301

Annuity and other corporate							2,084,880
Total assets							$	29,076,181

Note 13—Subsequent Events

On July 1, 2025, Globe Life entered into a 30-year facility agreement (“Facility Agreement”) with a Delaware Trust (the “Trust”) to complete the issuance and sale of 500 thousand of Pre-Capitalized Trust Securities redeemable May 15, 2055 (the “P-Caps”) for an aggregate purchase price of $500 million in a private placement. On the Closing Date, the Company entered into a facility agreement with the Trust that grants the Company the right to require the Trust to purchase from the Company’s 6.580% Senior Notes due 2055 in an aggregate principal amount at any one time outstanding and held by the Trust, of up to $500 million. We agreed to pay a semi-annual facility fee of 1.789% per annum on the unexercised portion of the issuance right which will be expensed as incurred. The costs that are directly attributable to the debt issuance will be capitalized and amortized as interest expense over the term of the facility agreement. Approximately, $7 million of direct transaction costs associated with the P-Caps facility will be capitalized as part of the arrangement. P-Caps provide the Company with a source of liquidity, the proceeds of which, if drawn, would be used for general corporate purposes.

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 and building improvements. The transaction was executed pursuant to a purchase agreement and will be accounted for as an asset acquisition. The building will be depreciated over its estimated useful life of 40 years on a straight-line basis. The Company expects to utilize the facility for its own operational needs.

GL Q2 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

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

The Company has evaluated these subsequent events and determined no adjustments are required to the financial statements for the period ended June 30, 2025.

GL Q2 2025 FORM 10-Q

CAUTIONARY STATEMENTS

We caution readers regarding certain forward-looking statements contained in the foregoing discussion and elsewhere in this document, and in any other statements made by, or on behalf of Globe Life whether or not in future filings with the Securities and Exchange Commission. Any statement that is not a historical fact, or that might otherwise be considered an opinion or projection concerning the Company or its business, whether express or implied, is meant as and should be considered a forward-looking statement. Such statements represent management's opinions concerning future operations, strategies, financial results or other developments. We specifically disclaim any obligation to update or revise any forward-looking statement because of new information, future developments, or otherwise.

Forward-looking statements are based upon estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond our control. If these estimates or assumptions prove to be incorrect, the actual results of Globe Life may differ materially from the forward-looking statements made on the basis of such estimates or assumptions. Whether or not actual results differ materially from forward-looking statements may depend on numerous foreseeable and unforeseeable events or developments, which may be national in scope, related to the insurance industry generally, or applicable to the Company specifically. Such events or developments could include, but are not necessarily limited to:

1.Economic and other conditions, including the impact of inflation, immigration, geopolitical events, escalating tariff and non-tariff trade measures imposed by the U.S. and other countries, and other governmental actions which affect the U.S. 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, 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 affect Medicare 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 affect the sales of traditional Medicare Supplement insurance;

4.Interest rate changes that affect product sales, financing costs, and/or investment yields;

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 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;

6.Changes in the competitiveness of the Company's products and pricing;

7.Litigation or regulatory actions against the Company;

8.Levels of administrative and operational efficiencies that differ from our assumptions (including any reduction in efficiencies resulting from increased costs arising from the impact of higher than anticipated inflation);

9.The ability to obtain timely and appropriate premium rate increases for health insurance policies from our regulators;

10.The customer response to new products and marketing initiatives;

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

12.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;

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

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

15.Globe Life's ability to access the commercial paper and debt markets, particularly if such markets become unpredictable or unstable for a certain period.

Readers are also directed to consider other risks and uncertainties described in other documents on file with the Securities and Exchange Commission, including those described in the "Risk Factors" section of our most recent Annual Report on Form 10-K.

GL Q2 2025 FORM 10-Q

GLOBE LIFE INC.

Management's Discussion & Analysis

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