Item 1. Condensed Consolidated Financial Statements

Globe Life Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(Dollar amounts in thousands, except share and per share data)

			September 30, 2025						December 31, 2024
Assets:
Investments:
Fixed maturities—available for sale, at fair value (amortized cost: 2025—$18,948,357; 2024—$18,835,809, allowance for credit losses: 2025— $10,415; 2024— $10,395)			$	17,796,754					$	17,155,012
Mortgage loans			451,898						396,088
Policy loans			729,541						699,669
Other long-term investments (includes: 2025—$1,037,447; 2024—$986,766 under the fair value option)			1,285,697						1,235,759
Short-term investments			62,824						85,035
Total investments			20,326,714						19,571,563
Cash			302,716						165,325
Accrued investment income			284,888						269,791
Other receivables			729,160						691,907
Deferred acquisition costs			6,872,342						6,495,589
Goodwill			490,446						490,446
Other assets			1,521,350						1,391,560
Total assets			$	30,527,616					$	29,076,181
Liabilities:
Future policy benefits at current discount rates: (at original discount rates: 2025—$17,933,726; 2024—$17,552,564)			$	19,301,965					$	18,457,263
Unearned and advance premium			272,740						257,631
Policy claims and other benefits payable			529,911						532,832
Other policyholders' funds			522,133						468,604
Total policy liabilities			20,626,749						19,716,330
Current and deferred income taxes			787,539						731,255
Short-term debt			394,349						415,401
Long-term debt (estimated fair value: 2025—$2,196,342; 2024—$2,122,772)			2,320,013						2,324,251
Other liabilities			709,878						583,424
Total liabilities			24,838,528						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			552,509						527,795
Accumulated other comprehensive income (loss)			(1,972,891)						(2,029,720)
Retained earnings			8,812,765						8,002,521
Treasury stock, at cost: (2025—16,908,676 shares; 2024—13,240,616 shares)			(1,800,513)						(1,292,294)
Total shareholders' equity			5,689,088						5,305,520
Total liabilities and shareholders' equity			$	30,527,616					$	29,076,181

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q3 2025 FORM 10-Q

Globe Life Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(Dollar amounts in thousands, except share and per share data)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Revenue:
Life premium			$	844,483					$	818,638					$	2,513,890					$	2,438,385
Health premium			386,524						353,955						1,134,414						1,046,617
Total premium			1,231,007						1,172,593						3,648,304						3,485,002
Net investment income			286,013						284,964						848,796						853,178
Realized gains (losses)			(4,987)						(2,192)						(23,476)						(26,580)
Other income			955						42						1,073						192
Total revenue			1,512,988						1,455,407						4,474,697						4,311,792
Benefits and expenses:
Life policyholder benefits(1)			381,511						454,502						1,410,622						1,493,165
Health policyholder benefits(2)			227,940						221,926						691,793						629,676
Other policyholder benefits			7,171						11,756						20,970						32,830
Total policyholder benefits			616,622						688,184						2,123,385						2,155,671
Amortization of deferred acquisition costs			114,074						104,310						330,990						305,703
Commissions, premium taxes, and non-deferred acquisition costs			157,494						149,693						479,228						447,605
Other operating expense			111,562						104,874						328,601						297,196
Interest expense			36,134						31,388						106,011						91,413
Total benefits and expenses			1,035,886						1,078,449						3,368,215						3,297,588
Income before income taxes			477,102						376,958						1,106,482						1,014,204
Income tax benefit (expense)			(89,259)						(73,964)						(211,327)						(198,638)
Net income			$	387,843					$	302,994					$	895,155					$	815,566
Basic net income per common share			$	4.81					$	3.45					$	10.91					$	8.96
Diluted net income per common share			$	4.73					$	3.44					$	10.77					$	8.93

(1)Net of a remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments, resulting in a gain of $149.5 million before tax for the three months ended September 30, 2025 and a remeasurement gain of $70.6 million before tax for the same period in 2024. Net of a remeasurement gain of $174.7 million before tax for the nine months ended September 30, 2025 and a remeasurement gain of $87.8 million before tax for the same period in 2024.

(2)Net of a remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments, resulting in a gain of $8.8 million before tax for the three months ended September 30, 2025 and a remeasurement loss of $9.6 million before tax for the same period in 2024. Net of a remeasurement gain of $13.2 million before tax for the nine months ended September 30, 2025 and a remeasurement loss of $3.1 million before tax for the same period in 2024.

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q3 2025 FORM 10-Q

Globe Life Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

(Dollar amounts in thousands)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Net income			$	387,843					$	302,994					$	895,155					$	815,566
Other comprehensive income (loss):
Investments:
Unrealized gains (losses) on fixed maturities:
Unrealized holding gains (losses) arising during period			432,361						869,743						513,171						301,715
Other reclassification adjustments included in net income			9,933						(2,408)						17,195						2,580
Foreign exchange adjustment on fixed maturities recorded at fair value			606						(954)						(1,152)						546
Total unrealized investment gains (losses)			442,900						866,381						529,214						304,841
Less applicable tax (expense) benefit			(93,009)						(181,941)						(111,132)						(64,018)
Unrealized gains (losses) on investments, net of tax			349,891						684,440						418,082						240,823
Future Policy Benefits:
Change in discount rate on future policy benefits			(423,443)						(1,247,366)						(470,566)						63,614
Less applicable tax (expense) benefit			88,924						261,946						98,820						(13,360)
Future policy benefit adjustments, net of tax			(334,519)						(985,420)						(371,746)						50,254
Foreign exchange translation:
Foreign exchange translation adjustments, other than securities			(5,627)						7,296						13,094						(4,660)
Less applicable tax (expense) benefit			1,182						(1,532)						(2,751)						979
Foreign exchange translation adjustments, other than securities, net of tax			(4,445)						5,764						10,343						(3,681)
Pension:
Pension adjustments			64						118						191						354
Less applicable tax (expense) benefit			(14)						(25)						(41)						(74)
Pension adjustments, net of tax			50						93						150						280
Other comprehensive income (loss)			10,977						(295,123)						56,829						287,676
Comprehensive income (loss)			$	398,820					$	7,871					$	951,984					$	1,103,242

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q3 2025 FORM 10-Q

Globe Life Inc.

Condensed Consolidated Statements of Shareholders' Equity

(Unaudited)

(Dollar amounts in thousands, except share and 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
Comprehensive income (loss)			—						—						—						10,977						387,843						—						398,820
Common dividends declared ($0.2700 per share)			—						—						—						—						(21,679)						—						(21,679)
Acquisition of treasury stock			—						—						—						—						—						(173,864)						(173,864)
Stock-based compensation			—						—						14,459						—						—						144						14,603
Exercise of stock options			—						—						—						—						(7,292)						59,470						52,178
Balance at September 30, 2025			$	—					$	97,218					$	552,509					$	(1,972,891)					$	8,812,765					$	(1,800,513)					$	5,689,088

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q3 2025 FORM 10-Q

Globe Life Inc.

Condensed Consolidated Statements of Shareholders' Equity (Continued)

(Unaudited)

(Dollar amounts in thousands, except share and 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, 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
Comprehensive income (loss)			—						—						—						(295,123)						302,994						—						7,871
Common dividends declared ($0.2400 per share)			—						—						—						—						(20,215)						—						(20,215)
Acquisition of treasury stock			—						—						—						—						—						(591,106)						(591,106)
Stock-based compensation			—						—						9,227						—						—						6						9,233
Exercise of stock options			—						—						—						—						(1,164)						6,252						5,088
Balance at September 30, 2024			$	—					$	102,218					$	543,255					$	(2,484,743)					$	8,225,030					$	(1,747,135)					$	4,638,625

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q3 2025 FORM 10-Q

Globe Life Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Dollar amounts in thousands)

			Nine Months Ended September 30,
			2025						2024
Cash provided from (used for) operating activities			$	1,045,790					$	1,065,513
Cash provided from (used for) investing activities:
Investments sold or matured:
Fixed maturities available for sale—sold			456,567						674,125
Fixed maturities available for sale—matured or other redemptions			217,427						161,275
Mortgage loans			19,742						29,433
Other long-term investments			82,337						29,995
Total investments sold or matured			776,073						894,828
Acquisition of investments:
Fixed maturities—available for sale			(775,630)						(1,000,665)
Mortgage loans			(118,572)						(134,667)
Other long-term investments			(88,296)						(445,776)
Total investments acquired			(982,498)						(1,581,108)
Net (increase) decrease in policy loans			(29,872)						(34,052)
Net (increase) decrease in short-term investments			22,211						(18,761)
Additions to property and equipment			(121,979)						(56,047)
Other investing activities			—						96
Investments in low-income housing interests			(41,709)						(27,840)
Cash provided from (used for) investing activities			(377,774)						(822,884)
Cash provided from (used for) financing activities:
Issuance of common stock			145,569						34,851
Cash dividends paid to shareholders			(64,394)						(65,292)
Proceeds from issuance of debt			—						530,000
Payment for debt issuance costs			(6,399)						(7,138)
Net borrowing from Federal Home Loan Bank (FHLB)			65,000						17,000
Net borrowing (repayment) of commercial paper			1,870						31,443
Proceeds from commercial paper with original maturities greater than 90 days			442,040						387,247
Repayment of commercial paper with original maturities greater than 90 days			(529,962)						(314,836)
Acquisition of treasury stock			(688,719)						(950,448)
Net receipts (payments) from deposit-type products			107,951						122,291
Cash provided from (used for) financing activities			(527,044)						(214,882)
Effect of foreign exchange rate changes on cash			(3,581)						3,646
Net increase (decrease) in cash			137,391						31,393
Cash at beginning of year			165,325						103,156
Cash at end of period			$	302,716					$	134,549

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q3 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 September 30, 2025, and the condensed consolidated results of operations, comprehensive income, and cash flows for the periods ended September 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 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 Q3 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Building Acquisition: 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 is accounted for as an asset acquisition. The purchase price was allocated based upon the relative fair value of land, building and building improvements. The building is being depreciated over its estimated useful life of 40 years on a straight-line basis and recorded as part of other operating expense on the Condensed Consolidated Statement of Operations. For additional information regarding our property, plant and equipment accounting policy, please refer to our 2024 Form 10-K. The Company expects to utilize the facility for its own operational needs.

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.

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.

ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, provides guidance for the evaluation of determining whether criteria is met to begin the capitalization of internal-use software costs. ASC 350 (Intangibles—Goodwill and Other) requires the capitalization of internal-use software costs begin when both of the following criteria are met: (1) when management has authorized and committed to funding the software project and (2) the probability that the project will be completed and will be used to perform the function intended. If uncertainty exists under the guidance issued in Subtopic 350-40 then a probable to complete threshold will not exist and any costs would be expensed until uncertainties are resolved.

The updated guidance also requires the application of disclosure requirements in ASC 360 (Plant, Property, and Equipment) for all capitalized costs regardless of presentation in the financial statements. This standard is effective for the Company for annual periods beginning on January 1, 2028. The Company is evaluating the standard.

GL Q3 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 nine month periods ended September 30, 2025 and 2024:

			Three Months Ended September 30, 2025
			Available for Sale Assets						Future Policy Benefits												Foreign Exchange						Pension Adjustments						Total
Balance at July 1, 2025			$	(1,251,427)					$	(746,269)											$	(6,969)					$	20,797					$	(1,983,868)
Other comprehensive income (loss) before reclassifications, net of tax			342,044						(334,519)												(4,445)						—						3,080
Reclassifications, net of tax			7,847						—												—						50						7,897
Other comprehensive income (loss)			349,891						(334,519)												(4,445)						50						10,977
Balance at September 30, 2025			$	(901,536)					$	(1,080,788)											$	(11,414)					$	20,847					$	(1,972,891)

			Three Months Ended September 30, 2024
			Available for Sale Assets						Future Policy Benefits												Foreign Exchange						Pension Adjustments						Total
Balance at July 1, 2024			$	(1,271,213)					$	(911,717)											$	(4,726)					$	(1,964)					$	(2,189,620)
Other comprehensive income (loss) before reclassifications, net of tax			686,343						(985,420)												5,764						—						(293,313)
Reclassifications, net of tax			(1,903)						—												—						93						(1,810)
Other comprehensive income (loss)			684,440						(985,420)												5,764						93						(295,123)
Balance at September 30, 2024			$	(586,773)					$	(1,897,137)											$	1,038					$	(1,871)					$	(2,484,743)

			Nine Months Ended September 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			404,498						(371,746)												10,343						—						43,095
Reclassifications, net of tax			13,584						—												—						150						13,734
Other comprehensive income (loss)			418,082						(371,746)												10,343						150						56,829
Balance at September 30, 2025			$	(901,536)					$	(1,080,788)											$	(11,414)					$	20,847					$	(1,972,891)

			Nine Months Ended September 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			238,785						50,254												(3,681)						—						285,358
Reclassifications, net of tax			2,038						—												—						280						2,318
Other comprehensive income (loss)			240,823						50,254												(3,681)						280						287,676
Balance at September 30, 2024			$	(586,773)					$	(1,897,137)											$	1,038					$	(1,871)					$	(2,484,743)

GL Q3 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 nine month periods ended September 30, 2025 and 2024.

						Three Months Ended September 30,												Nine Months Ended September 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						$	11,746					$	(257)					$	23,755					$	9,732					Realized (gains) losses
Amortization of (discount) premium						(1,813)						(2,151)						(6,560)						(7,152)						Net investment income
Total before tax						9,933						(2,408)						17,195						2,580
Tax						(2,086)						505						(3,611)						(542)						Income taxes
Total after-tax						7,847						(1,903)						13,584						2,038
Pension adjustments:
Amortization of prior service cost						292						265						876						803						Other operating expense
Amortization of actuarial (gain) loss						(228)						(147)						(685)						(449)						Other operating expense
Total before tax						64						118						191						354
Tax						(14)						(25)						(41)						(74)						Income taxes
Total after-tax						50						93						150						280
Total reclassification (after-tax)						$	7,897					$	(1,810)					$	13,734					$	2,318

GL Q3 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 September 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 September 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			$	405,807					$	—					$	147					$	(26,787)					$	379,167					2
States, municipalities, and political subdivisions			3,390,124						—						28,759						(545,729)						2,873,154						16
Foreign governments			47,915						—						291						(8,195)						40,011						—
Corporates, by sector:
Industrials			7,891,877						(7,118)						193,171						(601,835)						7,476,095						42
Financial			5,018,604						—						146,863						(318,860)						4,846,607						27
Utilities			2,100,517						—						78,904						(87,347)						2,092,074						12
Total corporates			15,010,998						(7,118)						418,938						(1,008,042)						14,414,776						81
Collateralized debt obligations			—						—						—						—						—						—
Other asset-backed securities			93,513						(3,297)						383						(953)						89,646						1
Total fixed maturities			$	18,948,357					$	(10,415)					$	448,518					$	(1,589,706)					$	17,796,754					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 $263 million and $167 million in fixed maturities at September 30, 2025 and December 31, 2024, respectively.

GL Q3 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 September 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 September 30, 2025
			Amortized Cost, net						Fair Value
Fixed maturities available for sale:
Due in one year or less			$	111,404					$	111,847
Due after one year through five years			788,630						815,353
Due after five years through ten years			1,878,317						1,947,313
Due after ten years through twenty years			8,998,125						8,593,860
Due after twenty years			7,071,236						6,238,721
Mortgage-backed and asset-backed securities			90,230						89,660
			$	18,937,942					$	17,796,754

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

			Three Months Ended September 30,																		Nine Months Ended September 30,
			2025						2024						% Change						2025						2024						% Change
Fixed maturities available for sale			$	243,444					$	245,313					(1)						$	730,859					$	738,626					(1)
Policy loans			14,123						13,296						6						41,631						39,196						6
Mortgage loans			7,960						7,668						4						19,978						21,337						(6)
Other long-term investments(1)			24,417						19,992						22						68,934						58,608						18
Short-term investments			2,611						3,083												7,146						8,396
			292,555						289,352						1						868,548						866,163						—
Less investment expense			(6,542)						(4,388)						49						(19,752)						(12,985)						52
Net investment income			$	286,013					$	284,964					—						$	848,796					$	853,178					(1)

(1)For the three months ended September 30, 2025 and September 30, 2024 the investment funds, accounted for under the fair value option method, recorded $21.6 million and $19.1 million in net investment income respectively. For the nine months ended September 30, 2025 and 2024, the investment funds, accounted for under the fair value option method, recorded $58.9 million and $56.1 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 September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Fixed maturities available for sale:
Proceeds from sales(1)			$	184,500					$	163,221					$	456,567					$	674,125
Gross realized gains			916						2,042						4,011						6,086
Gross realized losses			(7,761)						(1,856)						(16,251)						(15,824)

(1)During the three and nine months ended September 30, 2025 the Company had $3.2 million unsettled trades. There were $0 unsettled trades for the same periods in 2024.

GL Q3 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 September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Realized investment gains (losses):
Fixed maturities available for sale:
Sales and other(1)			$	(11,686)					$	257					$	(23,735)					$	(9,716)
Provision for credit losses			(60)						—						(20)						(16)
Fair value option—change in fair value			5,958						(3,683)						(147)						(22,777)
Mortgage loans			(4,526)						(1,376)						(4,219)						(3,530)
Other investments			(1,131)						(16)						(2,473)						1,135
Realized gains (losses) from investments			(11,445)						(4,818)						(30,594)						(34,904)
Other gains (losses)			6,458						2,626						7,118						8,324
Total realized gains (losses)			(4,987)						(2,192)						(23,476)						(26,580)
Applicable tax			1,048						460						4,930						5,582
Realized gains (losses), net of tax			$	(3,939)					$	(1,732)					$	(18,546)					$	(20,998)

(1)During the three months ended September 30, 2025 and 2024, the Company recorded $176 thousand and $3.4 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $176 thousand and $0 realized gains (losses) respectively. During the nine months ended September 30, 2025 and 2024, the Company recorded $128.5 million and $82.2 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $(3.0) million and $0 realized gains (losses) respectively.

GL Q3 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 September 30, 2025 and December 31, 2024:

			Fair Value Measurement at September 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			$	—					$	379,167					$	—					$	379,167
States, municipalities, and political subdivisions			—						2,873,154						—						2,873,154
Foreign governments			—						40,011						—						40,011
Corporates, by sector:
Industrials			—						7,369,953						106,142						7,476,095
Financial			—						4,724,499						122,108						4,846,607
Utilities			—						2,004,049						88,025						2,092,074
Total corporates			—						14,098,501						316,275						14,414,776
Collateralized debt obligations			—						—						—						—
Other asset-backed securities			—						25,737						63,909						89,646
Total fixed maturities			$	—					$	17,416,570					$	380,184					$	17,796,754
Percentage of total			—		%				98		%				2		%				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 Q3 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)						(2,593)						(3,181)
Included in other comprehensive income			320						—						9,661						9,981
Acquisitions			52,406						—						30,015						82,421
Sales			—						(36,398)						(118,379)						(154,777)
Amortization			—						1,893						(205)						1,688
Other(1)			—						(7,773)						(22,289)						(30,062)
Transfers into Level 3(2)			—						—						—						—
Transfers out of Level 3(2)			—						—						—						—
Balance at September 30, 2025			$	63,909					$	—					$	316,275					$	380,184
Percent of total fixed maturities			—		%				—		%				2		%				2		%

(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			—						762						5,448						6,210
Acquisitions			7,876						—						14,800						22,676
Sales			—						—						—						—
Amortization			—						3,414						(38)						3,376
Other(1)			—						(3,839)						(29,132)						(32,971)
Transfers into Level 3(2)			—						—						—						—
Transfers out of Level 3(2)			—						—						—						—
Balance at September 30, 2024			$	7,876					$	42,483					$	445,811					$	496,170
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.

GL Q3 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 September 30, 2025			$	320					$	—					$	9,661					$	9,981
At September 30, 2024			—						762						5,448						6,210

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
			September 30, 2025
			Fair Value						Valuation Techniques						Significant Unobservable Input						Range						Weighted- Average**(1)**
Private placement fixed maturities			$	316,275					Determination of credit spread						Credit rating						B to AAA						BBB+
Asset-backed securities			63,909						Determination of credit spread						Credit rating						CC to A-						BB+
			$	380,184

(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 September 30, 2025			454						1,484						1,938
As of December 31, 2024			705						1,498						2,203

Globe Life's entire fixed maturity portfolio consisted of 2,584 issues by 1,012 different issuers at September 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 September 30, 2025 and A- as of December 31, 2024.

GL Q3 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 September 30, 2025 and December 31, 2024.

Analysis of Gross Unrealized Investment Losses

			At September 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			$	4,965					$	(427)					$	364,054					$	(26,360)					$	369,019					$	(26,787)
States, municipalities, and political subdivisions			672,993						(22,163)						1,553,082						(523,566)						2,226,075						(545,729)
Foreign governments			—						—						25,536						(8,195)						25,536						(8,195)
Corporates, by sector:
Industrials			922,896						(35,073)						3,407,713						(541,272)						4,330,609						(576,345)
Financial			365,328						(6,994)						1,857,967						(296,388)						2,223,295						(303,382)
Utilities			125,803						(2,427)						576,220						(80,029)						702,023						(82,456)
Total corporates			1,414,027						(44,494)						5,841,900						(917,689)						7,255,927						(962,183)
Other asset-backed securities			—						—						19,881						(953)						19,881						(953)
Total investment grade securities			2,091,985						(67,084)						7,804,453						(1,476,763)						9,896,438						(1,543,847)
Below investment grade securities:
Corporates, by sector:
Industrials			4,963						(38)						129,216						(25,452)						134,179						(25,490)
Financial			3,054						(17)						96,349						(15,461)						99,403						(15,478)
Utilities			7,472						(165)						36,900						(4,726)						44,372						(4,891)
Total corporates			15,489						(220)						262,465						(45,639)						277,954						(45,859)
Other asset-backed securities			—						—						—						—						—						—
Total below investment grade securities			15,489						(220)						262,465						(45,639)						277,954						(45,859)
Total fixed maturities			$	2,107,474					$	(67,304)					$	8,066,918					$	(1,522,402)					$	10,174,392					$	(1,589,706)

GL Q3 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 the 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, 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 Q3 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 September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Allowance for credit losses beginning balance						$	10,355					$	7,132					$	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						60						—						20						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						$	10,415					$	7,132					$	10,415					$	7,132

As of September 30, 2025, the Company had two fixed maturity securities in non-accrual status at amortized cost of $16 million with an allowance of $10 million. The Company had no fixed maturity securities in non-accrual status as of September 30, 2024.

GL Q3 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

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

			September 30, 2025												December 31, 2024
			Carrying Value						% of Total						Carrying Value						% of Total
Property type:
Industrial			$	154,625					34						$	110,456					28
Hospitality			114,945						25						73,931						19
Multi-family			108,876						24						111,234						28
Retail			76,024						17						65,612						16
Office			3,061						1						6,539						2
Mixed use			—						—						35,960						9
Total recorded investment			457,531						101						403,732						102
Less allowance for credit losses			(5,633)						(1)						(7,644)						(2)
Carrying value, net of allowance for credit losses			$	451,898					100						$	396,088					100

			September 30, 2025												December 31, 2024
			Carrying Value						% of Total						Carrying Value						% of Total
Geographic location:
Florida			$	87,753					19						$	63,308					16
Texas			82,661						18						75,131						19
New Jersey			56,158						13						51,744						13
North Carolina			42,172						9						23,253						6
Alabama			36,735						8						35,850						9
New York			31,927						7						34,975						9
Other			120,125						27						119,471						30
Total recorded investment			457,531						101						403,732						102
Less allowance for credit losses			(5,633)						(1)						(7,644)						(2)
Carrying value, net of allowance for credit losses			$	451,898					100						$	396,088					100

GL Q3 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.

			September 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%			$	60,870					$	83,634					$	304,797					$	449,301					98
70% to 80%			—						—						—						—						—
81% to 90%			—						—						—						—						—
Greater than 90%			8,230						—						—						8,230						2
Total			$	69,100					$	83,634					$	304,797					457,531						100
Less allowance for credit losses																					(5,633)
Total, net of allowance for credit losses																					$	451,898

(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).

(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.

As of September 30, 2025, the Company had 36 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 two 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 two loans was $8.2 million and the allowance, determined using the practical expedient, was $1.6 million as of September 30, 2025. For the three months ended September 30, 2025, two loans with an outstanding principal value of $40.6 million were removed from the evaluation as a result of foreclosure. For the nine months ended September 30, 2025, four loans with an outstanding principal value of $45.8 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 September 30, 2025, there were no commercial mortgage loans in the process of foreclosure.

GL Q3 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

For the nine months ended September 30, 2025, the allowance for credit losses decreased by $2.0 million to $5.6 million. The provision for credit losses is included in "Realized gains (losses)" in the Condensed Consolidated Statements of Operations.

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Allowance for credit losses beginning balance						$	6,629					$	5,826					$	7,644					$	3,672
Provision (reversal) for credit losses						404						1,376						266						3,530
Reduction in allowance due to dispositions						(1,400)						—						(2,277)						—
Allowance for credit losses ending balance						$	5,633					$	7,202					$	5,633					$	7,202

As of September 30, 2025, the Company had one commercial mortgage loan in non-accrual status with a principal balance of $7 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 $23 million as of September 30, 2025.

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

			September 30,
			September 30, 2025						December 31, 2024
Investment funds			$	1,037,447					$	986,766
Company-owned life insurance(1)			205,284						202,734
Other			42,966						46,259
Total			$	1,285,697					$	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 September 30, 2025 and December 31, 2024 at fair value:

						Fair Value												Unfunded Commitments**(2)**
Investment Category						September 30, 2025						December 31, 2024						September 30, 2025						Redemption Term/Notice**(1)**
Commercial mortgage loans						$	547,663					$	566,142					$	190,366					Fully redeemable and non-redeemable with varying terms.
Opportunistic and private credit						216,659						202,008						204,013						Fully redeemable and non-redeemable with varying terms.
Infrastructure						188,605						179,627						21,662						Fully redeemable and non-redeemable with varying terms.
Other						84,520						38,989						54,793						Non-redeemable with varying terms
Total investment funds						$	1,037,447					$	986,766					$	470,834

(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 September 30, 2025, unfunded commitments totaled $628 million, including funds past the investment period.

The Company had $127 million of capital called during the period from existing investment funds. The Company's unfunded commitments were $471 million as of September 30, 2025.

GL Q3 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 September 30, 2025, The Company has one performance guarantee in effect. Per the Pre-capitalized Trust Securities agreement signed on July 1, 2025, Globe Life Inc. is required to purchase any treasury securities in default. Management believes it is unlikely the Company will have to make any material payments under this agreement due to default.

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 September 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 Globe Life Inc.'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 Globe Life Inc. 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 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. Pursuant to Globe Life Inc.'s Restated Certificate of Incorporation and indemnification agreements with the individual defendants, Globe Life Inc. has agreed to indemnify the defendants for all expenses and losses related to the litigation, subject to the terms of those indemnification agreements. Defendants filed a motion to dismiss the litigation on December 3, 2024, which motion was denied on September 29, 2025. Globe Life Inc. plans to vigorously defend against the lawsuit. 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, the amount of any such loss in that outcome cannot be reasonably estimated at this time.

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. Pursuant to Globe Life Inc.'s Restated Certificate of Incorporation and indemnification agreements with the individual defendants, Globe Life Inc. has agreed to indemnify them for all expenses and losses related to the litigation, subject to the terms of those indemnification agreements. On November 14, 2024, Globe Life Inc. shareholder Gautam Jadhav filed a shareholder derivative complaint against the same set of defendants.

GL Q3 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

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 19, 2025, an additional shareholder filed a separate derivative lawsuit in the Business Court for Dallas County, Texas, 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 (James E. Walker v. Gary L. Coleman, et al., Case No. 25-BC01B-0041). Pursuant to Globe Life Inc.'s Restated Certificate of Incorporation and indemnification agreements with the individual defendants, Globe Life Inc. has agreed to indemnify them for all expenses and losses related to the litigation, subject to the terms of those indemnification agreements. Like the consolidated shareholder derivative lawsuit disclosed above, this litigation is largely similar to the City of Miami Matter and derives in part from a short seller report. The petition asserts three causes of action relating to the 2019 through 2024 time period, including: (i) a breach of fiduciary duty claim for failing to provide adequate oversight to prevent purportedly widespread corporate misconduct including fraud, discrimination and harassment; (ii) a breach of fiduciary duty claim against certain individual defendants who allegedly engaged in insider trading; and (iii) a claim for wasting corporate assets by paying excessive compensation and/or bonuses to certain of its executive officers. The petition alleges that Globe Life Inc. was thus exposed to potential legal liability and costs, and that Globe Life Inc. repurchased shares at an artificially inflated price. The petition seeks monetary damages as well as restitution, governance reforms, and accountability for executives and board members. Globe Life Inc. intends to mount a robust defense against the litigation.

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 Q3 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 nine month periods ended September 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						(82,348)						(28,366)						(29,292)						(982)						(140,988)
Effect of actual variances from expected experience						(173,180)						(226,062)						(29,381)						(9,292)						(437,915)
Adjusted balance at January 1, 2024						4,267,801						5,409,831						1,019,158						433,675						11,130,465
Issuances(1)						616,527						398,034						90,517						18,126						1,123,204
Interest accrual(2)						164,917						220,485						41,610						17,213						444,225
Net premiums collected(3)						(412,717)						(455,625)						(101,687)						(33,960)						(1,003,989)
Effect of changes in the foreign exchange rate						(4,101)						—						—						—						(4,101)
Ending balance at original discount rates						4,632,427						5,572,725						1,049,598						435,054						11,689,804
Effect of change from original to current discount rates						204,567						421,888						54,498						35,513						716,466
Balance at September 30, 2024						$	4,836,994					$	5,994,613					$	1,104,096					$	470,567					$	12,406,270
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						(136,473)						(89,711)						(52,204)						(5,160)						(283,548)
Effect of actual variances from expected experience						(166,114)						(203,565)						(24,106)						(14,207)						(407,992)
Adjusted balance at January 1, 2025						4,354,123						5,211,636						970,710						410,909						10,947,378
Issuances(1)						554,627						384,426						81,718						18,588						1,039,359
Interest accrual(2)						169,466						215,586						40,194						16,683						441,929
Net premiums collected(3)						(421,703)						(440,708)						(99,565)						(32,654)						(994,630)
Effect of changes in the foreign exchange rate						10,349						—						—						—						10,349
Ending balance at original discount rates						4,666,862						5,370,940						993,057						413,526						11,444,385
Effect of change from original to current discount rates						106,621						259,166						26,011						19,941						411,739
Balance at September 30, 2025						$	4,773,483					$	5,630,106					$	1,019,068					$	433,467					$	11,856,124

(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 Q3 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 July 1, 2024						$	4,635,903					$	5,810,518					$	1,085,233					$	449,883					$	11,981,537
Beginning balance at original discount rates						4,648,111						5,670,288						1,080,642						437,551						11,836,592
Effect of changes in assumptions on future cash flows						(82,348)						(28,366)						(29,292)						(982)						(140,988)
Effect of actual variances from expected experience						(59,483)						(103,089)						(12,113)						(1,970)						(176,655)
Adjusted balance at July 1, 2024						4,506,280						5,538,833						1,039,237						434,599						11,518,949
Issuances(1)						203,828						110,993						30,298						5,969						351,088
Interest accrual(2)						55,750						73,134						13,836						5,709						148,429
Net premiums collected(3)						(138,552)						(150,235)						(33,773)						(11,223)						(333,783)
Effect of changes in the foreign exchange rate						5,121						—						—						—						5,121
Ending balance at original discount rates						4,632,427						5,572,725						1,049,598						435,054						11,689,804
Effect of change from original to current discount rates						204,567						421,888						54,498						35,513						716,466
Balance at September 30, 2024						$	4,836,994					$	5,994,613					$	1,104,096					$	470,567					$	12,406,270
Balance at July 1, 2025						$	4,818,081					$	5,682,370					$	1,063,162					$	436,784					$	12,000,397
Beginning balance at original discount rates						4,771,460						5,498,605						1,047,994						422,810						11,740,869
Effect of changes in assumptions on future cash flows						(136,473)						(89,711)						(52,204)						(5,160)						(283,548)
Effect of actual variances from expected experience						(53,404)						(90,898)						(10,330)						(5,320)						(159,952)
Adjusted balance at July 1, 2025						4,581,583						5,317,996						985,460						412,330						11,297,369
Issuances(1)						174,415						127,328						27,325						6,475						335,543
Interest accrual(2)						55,825						71,053						13,138						5,472						145,488
Net premiums collected(3)						(140,680)						(145,437)						(32,866)						(10,751)						(329,734)
Effect of changes in the foreign exchange rate						(4,281)						—						—						—						(4,281)
Ending balance at original discount rates						4,666,862						5,370,940						993,057						413,526						11,444,385
Effect of change from original to current discount rates						106,621						259,166						26,011						19,941						411,739
Balance at September 30, 2025						$	4,773,483					$	5,630,106					$	1,019,068					$	433,467					$	11,856,124

(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 Q3 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						(104,498)						(50,106)						(41,836)						(2,027)						(198,467)
Effect of actual variances from expected experience						(187,711)						(241,231)						(34,722)						(12,841)						(476,505)
Adjusted balance at January 1, 2024						8,769,624						8,365,415						3,261,694						3,491,991						23,888,724
Issuances(1)						611,802						398,032						90,518						18,127						1,118,479
Interest accrual(2)						367,403						355,850						134,020						157,318						1,014,591
Benefit payments(3)						(326,318)						(439,992)						(159,219)						(103,998)						(1,029,527)
Effect of changes in the foreign exchange rate						(8,768)						—						—						—						(8,768)
Ending balance at original discount rates						9,413,743						8,679,305						3,327,013						3,563,438						24,983,499
Effect of change from original to current discount rates						1,091,042						1,082,717						275,358						717,751						3,166,868
Balance at September 30, 2024						$	10,504,785					$	9,762,022					$	3,602,371					$	4,281,189					$	28,150,367
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						(189,172)						(129,189)						(89,154)						(9,081)						(416,596)
Effect of actual variances from expected experience						(184,713)						(223,416)						(32,071)						(21,159)						(461,359)
Adjusted balance at January 1, 2025						9,134,703						8,308,343						3,218,994						3,551,828						24,213,868
Issuances(1)						554,627						384,425						81,716						18,588						1,039,356
Interest accrual(2)						385,316						358,173						133,963						160,848						1,038,300
Benefit payments(3)						(340,667)						(428,849)						(153,840)						(105,916)						(1,029,272)
Effect of changes in the foreign exchange rate						24,400						—						—						—						24,400
Ending balance at original discount rates						9,758,379						8,622,092						3,280,833						3,625,348						25,286,652
Effect of change from original to current discount rates						607,423						695,305						121,891						479,664						1,904,283
Balance at September 30, 2025						$	10,365,802					$	9,317,397					$	3,402,724					$	4,105,012					$	27,190,935

(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 Q3 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 July 1, 2024						$	9,811,407					$	9,289,834					$	3,424,768					$	3,981,898					$	26,507,907
Beginning balance at original discount rates						9,353,526						8,748,900						3,356,531						3,545,323						25,004,280
Effect of changes in assumptions on future cash flows						(104,498)						(50,106)						(41,836)						(2,027)						(198,467)
Effect of actual variances from expected experience						(65,766)						(111,255)						(15,385)						(2,629)						(195,035)
Adjusted balance at July 1, 2024						9,183,262						8,587,539						3,299,310						3,540,667						24,610,778
Issuances(1)						199,097						110,991						30,298						5,970						346,356
Interest accrual(2)						124,308						118,873						44,743						52,747						340,671
Benefit payments(3)						(105,757)						(138,098)						(47,338)						(35,946)						(327,139)
Effect of changes in the foreign exchange rate						12,833						—						—						—						12,833
Ending balance at original discount rates						9,413,743						8,679,305						3,327,013						3,563,438						24,983,499
Effect of change from original to current discount rates						1,091,042						1,082,717						275,358						717,751						3,166,868
Balance at September 30, 2024						$	10,504,785					$	9,762,022					$	3,602,371					$	4,281,189					$	28,150,367

Balance at July 1, 2025						$	10,234,154					$	9,278,145					$	3,421,818					$	4,008,385					$	26,942,502
Beginning balance at original discount rates						9,829,535						8,742,750						3,358,803						3,617,306						25,548,394
Effect of changes in assumptions on future cash flows						(189,172)						(129,189)						(89,154)						(9,081)						(416,596)
Effect of actual variances from expected experience						(60,805)						(100,922)						(14,354)						(8,215)						(184,296)
Adjusted balance at July 1, 2025						9,579,558						8,512,639						3,255,295						3,600,010						24,947,502
Issuances(1)						174,414						127,326						27,324						6,475						335,539
Interest accrual(2)						128,559						119,076						44,398						53,827						345,860
Benefit payments(3)						(113,819)						(136,949)						(46,184)						(34,964)						(331,916)
Effect of changes in the foreign exchange rate						(10,333)						—						—						—						(10,333)
Ending balance at original discount rates						9,758,379						8,622,092						3,280,833						3,625,348						25,286,652
Effect of change from original to current discount rates						607,423						695,305						121,891						479,664						1,904,283
Balance at September 30, 2025						$	10,365,802					$	9,317,397					$	3,402,724					$	4,105,012					$	27,190,935

(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 expected assumptions.

GL Q3 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 September 30, 2024
						American Income						DTC						Liberty National						Other						Total
Net liability for future policy benefits at original discount rates						$	4,781,316					$	3,106,580					$	2,277,415					$	3,128,384					$	13,293,695
Effect of changes in discount rate assumptions						886,475						660,829						220,860						682,238						2,450,402
Other adjustments(1)						150						—						—						37						187
Net liability for future policy benefits, after other adjustments, at current discount rates						5,667,941						3,767,409						2,498,275						3,810,659						15,744,284
Reinsurance recoverable						(170)						—						(7,885)						(38,506)						(46,561)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates						$	5,667,771					$	3,767,409					$	2,490,390					$	3,772,153					$	15,697,723

(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 September 30, 2025
						American Income						DTC						Liberty National						Other						Total
Net liability for future policy benefits at original discount rates						$	5,091,517					$	3,251,152					$	2,287,776					$	3,211,822					$	13,842,267
Effect of changes in discount rate assumptions						500,802						436,139						95,880						459,723						1,492,544
Other adjustments(1)						146						—						—						30						176
Net liability for future policy benefits, after other adjustments, at current discount rates						5,592,465						3,687,291						2,383,656						3,671,575						15,334,987
Reinsurance recoverable						(176)						—						(8,049)						(14)						(8,239)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates						$	5,592,289					$	3,687,291					$	2,375,607					$	3,671,561					$	15,326,748

(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 Q3 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 nine month periods ended September 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						9,892						(8,117)						(3,463)						12,207						4,449						14,968
Effect of actual variances from expected experience						(18,894)						(43,359)						(26,123)						(11,168)						(1,818)						(101,362)
Adjusted balance at January 1, 2024						3,616,801						1,731,697						318,984						202,908						112,511						5,982,901
Issuances(1)						287,072						200,220						43,367						34,121						12,325						577,105
Interest accrual(2)						128,533						55,733						12,450						7,135						4,221						208,072
Net premiums collected(3)						(220,380)						(141,735)						(39,223)						(18,171)						(8,338)						(427,847)
Effect of changes in the foreign exchange rate						—						—						—						(377)						—						(377)
Ending balance at original discount rates						3,812,026						1,845,915						335,578						225,616						120,719						6,339,854
Effect of change from original to current discount rates						130,218						(44,372)						11,529						8,173						7,153						112,701
Balance at September 30, 2024						$	3,942,244					$	1,801,543					$	347,107					$	233,789					$	127,872					$	6,452,555
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						625,460						(72,130)						29						12,588						25,985						591,932
Effect of actual variances from expected experience						22,236						(40,873)						(20,200)						(13,357)						618						(51,576)
Adjusted balance at January 1, 2025						4,596,552						1,754,870						318,104						224,372						158,522						7,052,420
Issuances(1)						378,649						210,220						41,777						30,425						18,983						680,054
Interest accrual(2)						148,586						59,364						11,959						8,071						5,307						233,287
Net premiums collected(3)						(249,382)						(151,585)						(40,275)						(20,362)						(10,442)						(472,046)
Effect of changes in the foreign exchange rate						—						—						—						991						—						991
Ending balance at original discount rates						4,874,405						1,872,869						331,565						243,497						172,370						7,494,706
Effect of change from original to current discount rates						72,577						(66,388)						6,332						4,731						6,388						23,640
Balance at September 30, 2025						$	4,946,982					$	1,806,481					$	337,897					$	248,228					$	178,758					$	7,518,346

(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 Q3 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 July 1, 2024						$	3,658,491					$	1,690,797					$	337,741					$	205,889					$	114,876					$	6,007,794
Beginning balance at original discount rates						3,720,108						1,823,728						338,934						208,867						113,247						6,204,884
Effect of changes in assumptions on future cash flows						9,892						(8,117)						(3,463)						12,207						4,449						14,968
Effect of actual variances from expected experience						18,179						(12,068)						(4,959)						(4,110)						644						(2,314)
Adjusted balance at July 1, 2024						3,748,179						1,803,543						330,512						216,964						118,340						6,217,538
Issuances(1)						95,279						71,345						14,352						11,997						3,823						196,796
Interest accrual(2)						43,903						19,016						4,104						2,493						1,460						70,976
Net premiums collected(3)						(75,335)						(47,989)						(13,390)						(6,300)						(2,904)						(145,918)
Effect of changes in the foreign exchange rate						—						—						—						462						—						462
Ending balance at original discount rates						3,812,026						1,845,915						335,578						225,616						120,719						6,339,854
Effect of change from original to current discount rates						130,218						(44,372)						11,529						8,173						7,153						112,701
Balance at September 30, 2024						$	3,942,244					$	1,801,543					$	347,107					$	233,789					$	127,872					$	6,452,555
Balance at July 1, 2025						$	4,112,123					$	1,810,846					$	331,851					$	229,830					$	143,068					$	6,627,718
Beginning balance at original discount rates						4,106,142						1,915,617						329,179						229,169						139,486						6,719,593
Effect of changes in assumptions on future cash flows						625,460						(72,130)						29						12,588						25,985						591,932
Effect of actual variances from expected experience						25,322						(13,649)						(2,893)						(3,613)						917						6,084
Adjusted balance at July 1, 2025						4,756,924						1,829,838						326,315						238,144						166,388						7,317,609
Issuances(1)						149,755						74,742						14,888						9,774						7,549						256,708
Interest accrual(2)						53,507						19,669						3,907						2,766						1,904						81,753
Net premiums collected(3)						(85,781)						(51,380)						(13,545)						(6,904)						(3,471)						(161,081)
Effect of changes in the foreign exchange rate						—						—						—						(283)						—						(283)
Ending balance at original discount rates						4,874,405						1,872,869						331,565						243,497						172,370						7,494,706
Effect of change from original to current discount rates						72,577						(66,388)						6,332						4,731						6,388						23,640
Balance at September 30, 2025						$	4,946,982					$	1,806,481					$	337,897					$	248,228					$	178,758					$	7,518,346

(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 Q3 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						10,680						(5,054)						(2,775)						20,293						7,733						30,877
Effect of actual variances from expected experience						(15,162)						(48,407)						(26,421)						(12,611)						(1,509)						(104,110)
Adjusted balance at January 1, 2024						3,737,048						3,453,228						787,623						323,113						110,725						8,411,737
Issuances(1)						286,358						200,219						42,780						34,123						12,296						575,776
Interest accrual(2)						133,143						109,479						32,202						12,145						4,220						291,189
Benefit payments(3)						(248,769)						(103,070)						(69,649)						(19,574)						(9,655)						(450,717)
Effect of changes in the foreign exchange rate						—						—						—						(646)						—						(646)
Ending balance at original discount rates						3,907,780						3,659,856						792,956						349,161						117,586						8,827,339
Effect of change from original to current discount rates						131,531						(144,821)						52,819						24,383						6,871						70,783
Balance at September 30, 2024						$	4,039,311					$	3,515,035					$	845,775					$	373,544					$	124,457					$	8,898,122
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						622,917						(79,615)						210						16,611						22,160						582,283
Effect of actual variances from expected experience						16,726						(46,994)						(19,140)						(16,697)						672						(65,433)
Adjusted balance at January 1, 2025						4,666,503						3,585,435						772,211						348,625						150,807						9,523,581
Issuances(1)						377,636						210,219						41,259						30,423						18,932						678,469
Interest accrual(2)						151,323						117,696						30,993						13,607						5,307						318,926
Benefit payments(3)						(284,450)						(121,671)						(73,919)						(17,710)						(12,216)						(509,966)
Effect of changes in the foreign exchange rate						—						—						—						1,822						—						1,822
Ending balance at original discount rates						4,911,012						3,791,679						770,544						376,767						162,830						10,012,832
Effect of change from original to current discount rates						66,338						(230,187)						32,570						16,990						5,871						(108,418)
Balance at September 30, 2025						$	4,977,350					$	3,561,492					$	803,114					$	393,757					$	168,701					$	9,904,414

(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 based on the revised expected assumptions.

GL Q3 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 July 1, 2024						$	3,758,487					$	3,249,466					$	815,778					$	328,436					$	108,617					$	8,260,784
Beginning balance at original discount rates						3,823,510						3,605,315						799,316						322,706						107,143						8,657,990
Effect of changes in assumptions on future cash flows						10,680						(5,054)						(2,775)						20,293						7,733						30,877
Effect of actual variances from expected experience						21,522						(13,407)						(4,998)						(4,432)						817						(498)
Adjusted balance at July 1, 2024						3,855,712						3,586,854						791,543						338,567						115,693						8,688,369
Issuances(1)						95,126						71,345						14,177						11,997						3,811						196,456
Interest accrual(2)						45,365						37,299						10,653						4,189						1,460						98,966
Benefit payments(3)						(88,423)						(35,642)						(23,417)						(6,502)						(3,378)						(157,362)
Effect of changes in the foreign exchange rate						—						—						—						910						—						910
Ending balance at original discount rates						3,907,780						3,659,856						792,956						349,161						117,586						8,827,339
Effect of change from original to current discount rates						131,531						(144,821)						52,819						24,383						6,871						70,783
Balance at September 30, 2024						$	4,039,311					$	3,515,035					$	845,775					$	373,544					$	124,457					$	8,898,122

Balance at July 1, 2025						$	4,154,306					$	3,491,041					$	795,244					$	367,366					$	137,532					$	8,945,489
Beginning balance at original discount rates						4,153,056						3,815,188						772,935						357,412						134,276						9,232,867
Effect of changes in assumptions on future cash flows						622,917						(79,615)						210						16,611						22,160						582,283
Effect of actual variances from expected experience						23,354						(16,123)						(3,885)						(4,492)						796						(350)
Adjusted balance at July 1, 2025						4,799,327						3,719,450						769,260						369,531						157,232						9,814,800
Issuances(1)						149,526						74,742						14,728						9,773						7,540						256,309
Interest accrual(2)						54,254						39,426						10,197						4,656						1,904						110,437
Benefit payments(3)						(92,095)						(41,939)						(23,641)						(6,584)						(3,846)						(168,105)
Effect of changes in the foreign exchange rate						—						—						—						(609)						—						(609)
Ending balance at original discount rates						4,911,012						3,791,679						770,544						376,767						162,830						10,012,832
Effect of change from original to current discount rates						66,338						(230,187)						32,570						16,990						5,871						(108,418)
Balance at September 30, 2025						$	4,977,350					$	3,561,492					$	803,114					$	393,757					$	168,701					$	9,904,414

(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 based on the expected assumptions.

GL Q3 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 September 30, 2024
						United American						Family Heritage						Liberty National						American Income						Direct to Consumer						Total
Net liability for future policy benefits at original discount rates						$	95,754					$	1,813,941					$	457,378					$	123,545					$	(3,133)					$	2,487,485
Effect of changes in discount rate assumptions						1,313						(100,449)						41,290						16,210						(282)						(41,918)
Other adjustments(1)						17,014						38						9,964						926						4,326						32,268
Net liability for future policy benefits, after other adjustments, at current discount rates						114,081						1,713,530						508,632						140,681						911						2,477,835
Reinsurance recoverable						(2,868)						(11,613)						(1,096)						—						—						(15,577)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates						$	111,213					$	1,701,917					$	507,536					$	140,681					$	911					$	2,462,258

(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 September 30, 2025
						United American						Family Heritage						Liberty National						American Income						Direct to Consumer						Total
Net liability for future policy benefits at original discount rates						36,607						1,918,810						438,979						133,270						(9,540)						2,518,126
Effect of changes in discount rate assumptions						(6,239)						(163,799)						26,238						12,259						(517)						(132,058)
Other adjustments(1)						53,954						44						12,362						848						10,753						77,961
Net liability for future policy benefits, after other adjustments, at current discount rates						84,322						1,755,055						477,579						146,377						696						2,464,029
Reinsurance recoverable						(2,288)						—						(711)						—						—						(2,999)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates						$	82,034					$	1,755,055					$	476,868					$	146,377					$	696					$	2,461,030

(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).

Remeasurement Gain or Loss—In accordance with the accounting guidance, the Company reviews, and updates as necessary, its assumptions utilized in the calculation of the liability for future benefits annually in the third quarter and recalculates the net premium ratio. The revised net premium ratio is used to update the liability for future policy benefits as of the beginning of the current reporting period, and is compared to the liability using the prior cash flow assumptions. The difference is recorded as a component of the remeasurement gain or loss for the current period, along with the effect of the difference between actual and expected experience for the period. The total remeasurement gain or loss is within life and heath policyholder benefits included in the Condensed Consolidated Statements of Operations**.

GL Q3 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 nine month periods ended September 30, 2025 and 2024:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Life Remeasurement Gain (Loss)—Experience:
American Income			$	6,322					$	4,771					$	17,173					$	12,619
Direct to Consumer			8,200						6,913						17,789						13,640
Liberty National			1,854						1,537						3,468						2,187
Other			2,173						508						5,389						2,533
Total Life Remeasurement Gain (Loss)—Experience			18,549						13,729						43,819						30,979
Life Remeasurement Gain (Loss)—Assumption Updates:
American Income			52,731						21,974						52,731						21,974
Direct to Consumer			39,480						21,744						39,480						21,744
Liberty National			35,068						12,224						35,068						12,224
Other			3,647						904						3,647						904
Total Life Remeasurement Gain (Loss)—Assumption Updates			130,926						56,846						130,926						56,846
Total Life Remeasurement Gain (Loss)			149,475						70,575						174,745						87,825
Health Remeasurement Gain (Loss)—Experience:
United American			1,073						(2,100)						(809)						(1,423)
Family Heritage			2,252						1,420						5,728						4,972
Liberty National			1,171						874						1,533						2,015
American Income			962						729						3,300						1,769
Direct to Consumer			25						28						53						74
Total Health Remeasurement Gain (Loss)—Experience			5,483						951						9,805						7,407
Health Remeasurement Gain (Loss)—Assumption Updates:
United American			279						1,205						279						1,205
Family Heritage			7,492						(3,063)						7,492						(3,063)
Liberty National			(339)						(234)						(339)						(234)
American Income			(4,094)						(8,036)						(4,094)						(8,036)
Direct to Consumer			19						(373)						19						(373)
Health Remeasurement Gain (Loss)—Assumption Updates			3,357						(10,501)						3,357						(10,501)
Total Health Remeasurement Gain (Loss)			$	8,840					$	(9,550)					$	13,162					$	(3,094)

The Company performed its annual review of assumptions during the third quarter. The assumption review process of the life and health segments resulted in a $134.3 million net remeasurement gain ($130.9 million and $3.4 million gains related to life and health, respectively) before tax as compared to a $46.3 million net remeasurement gain ($56.8 million gain and $10.5 million loss related to life and health, respectively) before tax in the year-ago quarter. This review process resulted in favorable changes to its mortality and lapse assumptions on life and health. Life assumption changes reflect continued favorable mortality experience along with slightly higher lapse rates which resulted in lower life policy obligations compared to our previous assumptions anticipated. Health assumption changes reflect slightly higher lapse rates and benefit enhancements implemented last year.

Excluding the impact of assumption changes, the Company's results for actual variances from expected experience for both life and health produced a $24.0 million net remeasurement gain ($18.5 million and $5.5 million gains related to life and health, respectively) before tax and a $14.7 million net remeasurement gain ($13.7 million and $1.0 million gains related to life and health, respectively) before tax for the three months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025 and 2024, the Company's results for actual variances from expected experience for both life and health produced a $53.6 million net remeasurement gain before tax and a $38.4 million net remeasurement gain before tax, respectively.

GL Q3 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 September 30, 2025 and 2024:

						At Original Discount Rates												At Current Discount Rates
						As of September 30,												As of September 30,
						2025						2024						2025						2024
Life(1):
American Income						$	5,091,655					$	4,781,464					$	5,592,465					$	5,667,941
Direct to Consumer						3,251,154						3,106,582						3,687,291						3,767,409
Liberty National						2,287,776						2,277,415						2,383,656						2,498,275
Other						3,211,850						3,128,419						3,671,575						3,810,659
Net liability for future policy benefits—long duration life						13,842,435						13,293,880						15,334,987						15,744,284
Health(1):
United American						84,212						110,384						84,322						114,081
Family Heritage						1,918,844						1,813,971						1,755,055						1,713,530
Liberty National						450,490						466,474						477,579						508,632
American Income						134,125						124,534						146,377						140,681
Direct to Consumer						669						877						696						911
Net liability for future policy benefits—long duration health						2,588,340						2,516,240						2,464,029						2,477,835
Deferred profit liability						184,563						177,108						184,563						177,108
Deferred annuity						595,506						680,849						595,506						680,849
Interest sensitive life						714,012						725,857						714,012						725,857
Other						8,870						8,983						8,868						8,980
Total future policy benefits						$	17,933,726					$	17,402,917					$	19,301,965					$	19,814,913

(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 Q3 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 September 30, 2025 and 2024:

						As of September 30,
						2025												2024
						Original discount rate						Current discount rate						Original discount rate						Current discount rate
Life
American Income						5.7		%				5.3		%				5.7		%				5.0		%
Direct to Consumer						6.0		%				5.3		%				6.0		%				5.0		%
Liberty National						5.6		%				5.3		%				5.6		%				5.0		%
Other						6.2		%				5.4		%				6.2		%				5.0		%
Health
United American						5.1		%				5.1		%				5.1		%				4.8		%
Family Heritage						4.2		%				5.2		%				4.2		%				4.9		%
Liberty National						5.8		%				5.1		%				5.8		%				4.8		%
American Income						5.8		%				5.1		%				5.8		%				4.8		%
Direct to Consumer						5.1		%				5.1		%				5.1		%				4.8		%

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

						As of September 30,
			2025												2024
						At original discount rates						At current discount rates						At original discount rates						At current discount rates
Life
American Income						22.42						22.32						22.81						23.03
Direct to Consumer						18.83						19.74						19.42						20.81
Liberty National						15.29						15.27						15.31						15.80
Other						15.65						16.46						16.07						17.48
Health
United American						12.44						11.27						11.73						10.93
Family Heritage						16.27						15.04						15.34						14.60
Liberty National						9.48						9.39						9.26						9.48
American Income						13.26						13.29						12.50						12.89
Direct to Consumer						12.44						11.27						11.73						10.93

GL Q3 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 nine month periods ended September 30, 2025 and 2024:

						Life
						Nine Months Ended September 30, 2025												Nine Months Ended September 30, 2024
						Gross Premiums						Required Interest Expense						Gross Premiums						Required Interest Expense
American Income						$	1,333,578					$	215,850					$	1,264,474					$	202,486
Direct to Consumer						728,565						142,531						734,860						135,249
Liberty National						288,920						93,372						273,746						91,890
Other						150,017						143,689						152,065						138,724
Total						$	2,501,080					$	595,442					$	2,425,145					$	568,349

						Life
						Three Months Ended September 30, 2025												Three Months Ended September 30, 2024
						Gross Premiums						Interest Expense						Gross Premiums						Interest Expense
American Income						$	450,840					$	72,734					$	427,543					$	68,558
Direct to Consumer						242,123						48,005						243,625						45,708
Liberty National						97,289						31,148						92,636						30,737
Other						49,909						48,356						50,413						46,573
Total						$	840,161					$	200,243					$	814,217					$	191,576

						Health
						Nine Months Ended September 30, 2025												Nine Months Ended September 30, 2024
						Gross Premiums						Required Interest Expense						Gross Premiums						Required Interest Expense
United American						$	364,762					$	2,567					$	325,415					$	4,449
Family Heritage						346,850						58,331						317,065						53,357
Liberty National						142,340						18,954						142,051						19,679
American Income						89,394						5,536						88,017						5,010
Direct to Consumer						12,671						—						11,196						—
Total						$	956,017					$	85,388					$	883,744					$	82,495

						Health
						Three Months Ended September 30, 2025												Three Months Ended September 30, 2024
						Gross Premiums						Interest Expense						Gross Premiums						Interest Expense
United American						$	125,340					$	700					$	110,565					$	1,408
Family Heritage						118,640						19,757						107,819						18,150
Liberty National						47,119						6,264						47,099						6,524
American Income						29,851						1,890						29,628						1,696
Direct to Consumer						4,321						—						3,806						—
Total						$	325,271					$	28,611					$	298,917					$	27,778

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 Q3 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 September 30, 2025 and 2024:

						Life
						As of September 30, 2025																		As of September 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						$	26,374,505					$	14,878,294					$	15,314,060					$	25,300,910					$	14,305,914					$	15,028,140
PV of expected future net premiums						8,272,473						4,666,862						4,773,483						8,185,825						4,632,427						4,836,994
PV of expected future policy benefits						32,774,486						9,758,379						10,365,802						31,554,905						9,413,743						10,504,785
DTC
PV of expected future gross premiums						$	17,362,014					$	9,081,677					$	9,507,072					$	17,506,090					$	9,144,676					$	9,825,694
PV of expected future net premiums						10,211,558						5,370,940						5,630,106						10,614,237						5,572,725						5,994,613
PV of expected future policy benefits						25,655,289						8,622,092						9,317,397						25,907,169						8,679,305						9,762,022
Liberty National
PV of expected future gross premiums						$	4,948,417					$	2,880,523					$	2,914,411					$	4,797,146					$	2,792,129					$	2,886,943
PV of expected future net premiums						1,753,665						993,057						1,019,068						1,855,536						1,049,598						1,104,096
PV of expected future policy benefits						8,975,235						3,280,833						3,402,724						9,028,196						3,327,013						3,602,371
Other
PV of expected future gross premiums						$	3,508,043					$	1,799,893					$	1,942,685					$	3,657,885					$	1,857,769					$	2,063,274
PV of expected future net premiums						847,850						413,526						433,467						894,843						435,054						470,567
PV of expected future policy benefits						12,306,339						3,625,348						4,105,012						12,471,336						3,563,438						4,281,189
Total
PV of expected future gross premiums						$	52,192,979					$	28,640,387					$	29,678,228					$	51,262,031					$	28,100,488					$	29,804,051
PV of expected future net premiums						21,085,546						11,444,385						11,856,124						21,550,441						11,689,804						12,406,270
PV of expected future policy benefits						79,711,349						25,286,652						27,190,935						78,961,606						24,983,499						28,150,367

As of September 30, 2025, for the life segment using current discount rates, the Company anticipates $29.7 billion of expected future gross premiums and $11.9 billion of expected future net premiums. As of September 30, 2024, using current discount rates, the Company anticipated $29.8 billion of expected future gross premiums and $12.4 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 $17.8 billion and $17.4 billion, as of September 30, 2025 and 2024, respectively, and rather only includes the expected future net premiums.

GL Q3 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

						Health
						As of September 30, 2025																		As of September 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						$	11,818,419					$	7,092,508					$	7,196,611					$	9,068,701					$	5,556,347					$	5,742,668
PV of expected future net premiums						8,133,104						4,874,405						4,946,982						6,229,763						3,812,026						3,942,244
PV of expected future policy benefits						8,216,151						4,911,012						4,977,350						6,390,307						3,907,780						4,039,311
Family Heritage
PV of expected future gross premiums						$	7,399,117					$	4,325,529					$	4,188,178					$	7,107,124					$	4,155,037					$	4,074,915
PV of expected future net premiums						3,189,479						1,872,869						1,806,481						3,139,624						1,845,915						1,801,543
PV of expected future policy benefits						7,398,497						3,791,679						3,561,492						7,043,880						3,659,856						3,515,035
Liberty National
PV of expected future gross premiums						$	2,007,219					$	1,278,863					$	1,326,836					$	2,037,319					$	1,297,318					$	1,370,521
PV of expected future net premiums						491,892						331,565						337,897						495,616						335,578						347,107
PV of expected future policy benefits						1,350,299						770,544						803,114						1,375,759						792,956						845,775
American Income
PV of expected future gross premiums						$	1,994,296					$	1,055,588					$	1,104,323					$	1,781,677					$	999,161					$	1,063,740
PV of expected future net premiums						458,318						243,497						248,228						400,683						225,616						233,789
PV of expected future policy benefits						813,952						376,767						393,757						710,352						349,161						373,544
Direct to Consumer
PV of expected future gross premiums						$	365,728					$	216,063					$	224,492					$	232,805					$	147,193					$	156,142
PV of expected future net premiums						293,021						172,370						178,758						191,566						120,719						127,872
PV of expected future policy benefits						268,352						162,830						168,701						187,260						117,586						124,457
Total
PV of expected future gross premiums						$	23,584,779					$	13,968,551					$	14,040,440					$	20,227,626					$	12,155,056					$	12,407,986
PV of expected future net premiums						12,565,814						7,494,706						7,518,346						10,457,252						6,339,854						6,452,555
PV of expected future policy benefits						18,047,251						10,012,832						9,904,414						15,707,558						8,827,339						8,898,122

As of September 30, 2025, for the health segment using current discount rates, the Company anticipates $14.0 billion of expected future gross premiums and $7.5 billion of expected future net premiums. As of September 30, 2024, using current discount rates, the Company anticipated $12.4 billion of expected future gross premiums and $6.5 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 $6.5 billion and $5.9 billion as of September 30, 2025 and 2024, respectively, and rather only includes the expected future net premiums.

GL Q3 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 September 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						—						535						—						—						495						—
Premiums and deposits received						15,179						9,629						180,189						16,187						8,857						239,114
Policy charges						(8,833)						—						—						(9,253)						—						—
Surrenders and withdrawals						(17,803)						(50,347)						(129,685)						(17,326)						(84,893)						(10,615)
Benefit payments						(24,292)						(35,642)						—						(23,357)						(34,159)						—
Interest credited						20,582						15,653						16,736						20,890						17,990						15,210
Other						5,790						(895)						(13,711)						5,768						(480)						(11,379)
Balance at September 30,						$	714,012					$	595,506					$	522,133					$	725,857					$	680,849					$	469,288

(1) At September 30, 2025, $411 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 July 1,						$	717,140					$	615,897					$	492,146					$	728,097					$	706,022					$	400,625
Issuances						—						188						—						—						137						—
Premiums and deposits received						4,779						2,676						31,669						5,077						2,448						70,644
Policy charges						(2,955)						—						—						(3,081)						—						—
Surrenders and withdrawals						(5,729)						(18,282)						(2,777)						(5,850)						(22,331)						(3,264)
Benefit payments						(7,960)						(9,716)						—						(6,617)						(10,022)						—
Interest credited						6,824						5,092						5,833						6,922						5,777						6,106
Other						1,913						(349)						(4,738)						1,309						(1,182)						(4,823)
Balance at September 30,						$	714,012					$	595,506					$	522,133					$	725,857					$	680,849					$	469,288

Weighted-average credit rate						3.87		%				3.41		%				4.68		%				3.86		%				3.37		%				5.73		%
Net amount at risk						$	1,584,392					N/A						N/A						$	1,687,182					N/A						N/A
Cash surrender value						$	668,706					$	595,506					$	522,133					$	678,556					$	680,849					$	469,288

(1) At September 30, 2025, $411 million has been reinsured with third-party reinsurers under existing reinsurance agreements.

GL Q3 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 September 30, 2025 and 2024:

						At September 30, 2025
Range of guaranteed minimum crediting rates						Interest Sensitive Life						Deferred Annuity**(1)**						Other Policyholders' Funds
At guaranteed minimum:
Less than 3.00%						$	—					$	2,181					$	428,558
3.00%-3.99%						29,433						419,069						3,100
4.00%-4.99%						595,212						174,256						55,168
Greater than 5.00%						89,367						—						35,307
Total						714,012						595,506						522,133
1-50 basis points above:
Less than 3.00%						—						—						—
3.00%-3.99%						—						—						—
4.00%-4.99%						—						—						—
Greater than 5.00%						—						—						—
Total						—						—						—
51-150 basis points above:
Less than 3.00%						—						—						—
3.00%-3.99%						—						—						—
4.00%-4.99%						—						—						—
Greater than 5.00%						—						—						—
Total						—						—						—
Grand Total						$	714,012					$	595,506					$	522,133

(1) At September 30, 2025, $411 million has been reinsured with third-party reinsurers under existing reinsurance agreements.

GL Q3 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

						At September 30, 2024
Range of guaranteed minimum crediting rates						Interest Sensitive Life						Deferred Annuity						Other Policyholders' Funds
At guaranteed minimum:
Less than 3.00%						$	—					$	1,866					$	373,729
3.00%-3.99%						29,170						494,585						3,046
4.00%-4.99%						606,425						184,398						6,548
Greater than 5.00%						90,262						—						36,541
Total						725,857						680,849						419,864
1-50 basis points above:
Less than 3.00%						—						—						—
3.00%-3.99%						—						—						—
4.00%-4.99%						—						—						1,678
Greater than 5.00%						—						—						—
Total						—						—						1,678
51-150 basis points above:
Less than 3.00%						—						—						—
3.00%-3.99%						—						—						—
4.00%-4.99%						—						—						47,746
Greater than 5.00%						—						—						—
Total						—						—						47,746
Grand Total						$	725,857					$	680,849					$	469,288

GL Q3 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 nine month periods ended September 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						391,707						112,198						88,355						9,304						601,564
Amortization expense						(133,410)						(75,898)						(42,041)						(12,404)						(263,753)
Foreign exchange adjustment						(1,857)						—						—						—						(1,857)
Balance at September 30, 2024						$	2,829,810					$	1,773,417					$	712,733					$	291,769					$	5,607,729
Balance at January 1, 2025						$	2,900,229					$	1,781,230					$	728,790					$	290,506					$	5,700,755
Capitalizations						405,232						108,408						90,524						9,319						613,483
Amortization expense						(152,732)						(77,604)						(46,071)						(9,010)						(285,417)
Foreign exchange adjustment						6,735						—						—						—						6,735
Balance at September 30, 2025						$	3,159,464					$	1,812,034					$	773,243					$	290,815					$	6,035,556

						Life
						American Income						DTC						Liberty National						Other						Total
Balance at July 1, 2024						$	2,740,138					$	1,765,673					$	696,905					$	292,877					$	5,495,593
Capitalizations						131,851						33,222						30,255						3,024						198,352
Amortization expense						(46,033)						(25,478)						(14,427)						(4,132)						(90,070)
Foreign exchange adjustment						3,854						—						—						—						3,854
Balance at September 30, 2024						$	2,829,810					$	1,773,417					$	712,733					$	291,769					$	5,607,729
Balance at July 1, 2025						$	3,078,370					$	1,803,138					$	757,696					$	291,844					$	5,931,048
Capitalizations						136,757						35,007						31,266						3,147						206,177
Amortization expense						(52,577)						(26,111)						(15,719)						(4,176)						(98,583)
Foreign exchange adjustment						(3,086)						—						—						—						(3,086)
Balance at September 30, 2025						$	3,159,464					$	1,812,034					$	773,243					$	290,815					$	6,035,556

GL Q3 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						2,069						52,055						18,033						11,097						2						83,256
Amortization expense						(4,197)						(22,038)						(11,003)						(3,426)						(110)						(40,774)
Foreign exchange adjustment						—						—						—						(55)						—						(55)
Balance at September 30, 2024						$	71,361					$	482,860					$	146,971					$	74,399					$	1,571					$	777,162
Balance at January 1, 2025						$	70,530					$	496,119					$	148,920					$	76,319					$	1,533					$	793,421
Capitalizations						2,230						58,565						15,474						10,968						1						87,238
Amortization expense						(4,144)						(24,581)						(11,764)						(3,902)						(106)						(44,497)
Foreign exchange adjustment						—						—						—						287						—						287
Balance at September 30, 2025						$	68,616					$	530,103					$	152,630					$	83,672					$	1,428					$	836,449

						Health
						United American						Family Heritage						Liberty National						American Income						DTC						Total
Balance at July 1, 2024						$	71,975					$	472,254					$	145,097					$	71,589					$	1,608					$	762,523
Capitalizations						780						18,123						5,589						3,817						—						28,309
Amortization expense						(1,394)						(7,517)						(3,715)						(1,189)						(37)						(13,852)
Foreign exchange adjustment						—						—						—						182						—						182
Balance at September 30, 2024						$	71,361					$	482,860					$	146,971					$	74,399					$	1,571					$	777,162
Balance at July 1, 2025						$	69,073					$	518,183					$	152,822					$	81,545					$	1,459					$	823,082
Capitalizations						878						20,461						3,753						3,565						1						28,658
Amortization expense						(1,335)						(8,541)						(3,945)						(1,284)						(32)						(15,137)
Foreign exchange adjustment						—						—						—						(154)						—						(154)
Balance at September 30, 2025						$	68,616					$	530,103					$	152,630					$	83,672					$	1,428					$	836,449

GL Q3 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 September 30, 2025 and 2024:

						September 30,
			2025						2024
Life
American Income						$	3,159,464					$	2,829,810
Direct to Consumer						1,812,034						1,773,417
Liberty National						773,243						712,733
Other						290,815						291,769
Total DAC—Life						6,035,556						5,607,729
Health
United American						68,616						71,361
Family Heritage						530,103						482,860
Liberty National						152,630						146,971
American Income						83,672						74,399
Direct to Consumer						1,428						1,571
Total DAC—Health						836,449						777,162
Annuity						337						1,791
Total						$	6,872,342					$	6,386,682

GL Q3 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:

			September 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			635,042						767,076
Prior years			896						(10,460)
Total incurred			635,938						756,616
Paid related to:
Current year			456,164						587,473
Prior years			166,937						152,322
Total paid			623,101						739,795
Net balance at end of period			222,310						209,473
Plus reinsurance recoverables			1,332						1,521
Balance at end of period			$	223,642					$	210,994

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

			September 30, 2025						December 31, 2024
Policy claims and other benefits payable:
Life insurance			$	306,269					$	321,838
Health insurance			223,642						210,994
Total			$	529,911					$	532,832

GL Q3 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 September 30, 2025 and December 31, 2024.

Pension Assets by Component at September 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)			$	54,705					$	—					$	—					$	54,705					8
Equity exchange traded fund(1)			345,494						—						—						345,494						51
U.S. Government and Agency			—						185,818						—						185,818						27
Other bonds			—						3						—						3						—
Guaranteed annuity contract(2)			—						46,245						—						46,245						7
Short-term investments			3,322						—						—						3,322						1
Other			341						—						—						341						—
			$	403,862					$	232,066					$	—					635,928						94
Other long-term investments(3)																					41,869						6
Total pension assets																					$	677,797					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 September 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 Q3 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.

(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 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 September 30, 2025 and 2024 and investments of the Rabbi Trust at September 30, 2025 and December 31, 2024.

			Nine Months Ended September 30,
			2025						2024
Premiums paid for insurance coverage			$	—					$	443
			September 30, 2025						December 31, 2024
Total investments:
COLI			$	58,505					$	57,210
Exchange traded funds			107,804						98,314
			$	166,309					$	155,524

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

			September 30, 2025						December 31, 2024
Pension Plans			$	609,230					$	561,615
SERP			74,167						73,441
Benefit obligation			$	683,397					$	635,056

GL Q3 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 nine month periods ended September 30, 2025 and 2024.

Components of Net Periodic Benefit Cost

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Service cost—benefits earned during the period			$	6,245					$	6,224					$	18,730					$	18,673
Interest cost on projected benefit obligation			9,024						8,287						27,073						24,862
Expected return on assets			(11,563)						(10,645)						(34,689)						(31,938)
Amortization:
Prior service cost			292						265						876						803
Actuarial (gain) loss			—						6						—						18
Net periodic benefit cost			$	3,998					$	4,137					$	11,990					$	12,418

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 September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Basic weighted average shares outstanding			80,692,558						87,874,488						82,019,029						91,048,853
Weighted average dilutive options outstanding			1,322,888						212,553						1,078,133						273,666
Diluted weighted average shares outstanding			82,015,446						88,087,041						83,097,162						91,322,519
Antidilutive shares			—						4,234,326						783,124						3,090,848

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 Q3 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
																					September 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					$	(2,439)					$	547,561					$	554,846					$	546,999
Senior notes			08/21/2020						08/15/2030						2.150%						400,000						(2,514)						397,486						359,436						397,132
Senior notes(1)			05/19/2022						06/15/2032						4.800%						250,000						(3,413)						246,587						251,192						246,272
Senior notes			08/23/2024						09/15/2034						5.850%						450,000						(4,883)						445,117						472,325						444,814
Junior subordinated debentures
Junior subordinated debentures			11/17/2017						11/17/2057						5.275%						125,000						(1,543)						123,457						100,389						123,443
Junior subordinated debentures			06/14/2021						06/15/2061						4.250%						325,000						(7,549)						317,451						215,800						317,387
Term loan(2)			05/11/2023						08/15/2027						5.670%						250,000						(1,300)						248,700						248,700						248,204
Subtotal																					2,350,000						(23,641)						2,326,359						2,202,688						2,324,251
Unamortized issuance costs(3)																					—						(6,346)						(6,346)						(6,346)						—
Total long-term debt																					2,350,000						(29,987)						2,320,013						2,196,342						2,324,251
Current maturity of long-term debt
Term loan(2)																					—						—						—						—						—
FHLB borrowings																					65,000						—						65,000						65,000						—
Commercial paper																					331,000						(1,651)						329,349						329,349						415,401
Total short-term debt																					396,000						(1,651)						394,349						394,349						415,401
Total debt																					$	2,746,000					$	(31,638)					$	2,714,362					$	2,590,691					$	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.

(3)Unamortized issuance costs for P-CAPS facility agreement.

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.

GL Q3 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

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 September 30, 2025, the Company was in full compliance with these covenants.

Pre-capitalized Trust Securities: On July 1, 2025, the Company entered into a 30-year Facility Agreement with a Delaware trust (the "Trust") following the completion of a private placement of Trust securities for $500 million of Pre-Capitalized Trust Securities (the "P-CAPS"), conducted pursuant to Rule 144A under the Securities Act. The Trust invested the proceeds from this offering in a portfolio of U.S. Treasury principal and interest strips ("Treasury securities"). P-CAPS provide the Company with a source of liquidity, the proceeds of which, if drawn, would be used for general corporate purposes.

Under the Facility Agreement, the Company has the right, on one or more occasions, to issue and sell up to $500 million of its 6.580% Senior Notes to the Trust in exchange for a corresponding amount of Treasury securities held by the Trust. In consideration for this right, the Company pays the Trust a semi-annual facility fee at a rate of 1.789% per annum on the unexercised portion of the facility. These fees are recorded in Interest Expense in the Condensed Consolidated Statements of Operations. The Company also reimburses the Trust for its administrative expenses. As of September 30, 2025, the Company had no senior note issuances under the Facility Agreement.

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

Credit Facility—Commercial Paper

			As of
			September 30, 2025						December 31, 2024						September 30, 2024
Balance of commercial paper at end of period (par value)			$	331,000					$	419,000					$	426,908
Annualized interest rate			4.60		%				5.22		%				5.56		%
Letters of credit outstanding			$	115,000					$	115,000					$	115,000
Remaining amount available under credit line			554,000						466,000						458,092

Credit Facility—Commercial Paper Activity

			Nine Months Ended September 30,
			2025						2024
Average balance of commercial paper outstanding during period (par value)			$	430,732					$	375,851
Daily-weighted average interest rate (annualized)			4.90		%				5.80		%
Maximum daily amount outstanding during period (par value)			$	605,500					$	633,425
Commercial paper issued during period (par value)			1,678,250						1,482,556
Commercial paper matured during period (par value)			(1,766,250)						(1,374,648)
Net commercial paper issued (matured) during period (par value)			(88,000)						107,908

GL Q3 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

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 $33.7 million in FHLB common stock as of September 30, 2025 and $34.5 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 September 30, 2025, Globe Life's insurance subsidiaries' maximum borrowing capacity under the FHLB facility was approximately $648 million, net of outstanding funding agreements and short-term borrowings, on pledged assets with a fair value of $1.3 billion. As of September 30, 2025, $427 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 $65 million and $17 million in short-term borrowings from the FHLB as of September 30, 2025 and 2024, respectively.

GL Q3 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 September 30, 2025
						Life												Health																		Total
Distribution Channel						Amount						% of Total						Amount						% of Total																		Amount						% of Total
American Income						$	451,214					53						$	31,693					8																		$	482,907					39
Direct to Consumer						244,828						29						19,186						5																		264,014						21
Liberty National						98,190						12						47,270						12																		145,460						12
United American						1,542						—						169,735						44																		171,277						14
Family Heritage						1,896						—						118,640						31																		120,536						10
Other						46,813						6						—						—																		46,813						4
Total						$	844,483					100						$	386,524					100																		$	1,231,007					100

GL Q3 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 September 30, 2024
						Life												Health																		Total
Distribution Channel						Amount						% of Total						Amount						% of Total																		Amount						% of Total
American Income						$	427,839					52						$	31,277					9																		$	459,116					39
Direct to Consumer						246,425						30						18,072						5																		264,497						23
Liberty National						93,625						12						47,277						13																		140,902						12
United American						1,608						—						149,510						42																		151,118						13
Family Heritage						1,684						—						107,819						31																		109,503						9
Other						47,457						6						—						—																		47,457						4
Total						$	818,638					100						$	353,955					100																		$	1,172,593					100

						Nine Months Ended September 30, 2025
						Life												Health																		Total
Distribution Channel						Amount						% of Total						Amount						% of Total																		Amount						% of Total
American Income						$	1,334,591					53						$	93,806					8																		$	1,428,397					39
Direct to Consumer						736,651						29						57,374						5																		794,025						22
Liberty National						291,635						12						142,823						13																		434,458						12
United American						4,704						—						493,561						43																		498,265						14
Family Heritage						5,418						—						346,850						31																		352,268						9
Other						140,891						6						—						—																		140,891						4
Total						$	2,513,890					100						$	1,134,414					100																		$	3,648,304					100

						Nine Months Ended September 30, 2024
						Life												Health																		Total
Distribution Channel						Amount						% of Total						Amount						% of Total																		Amount						% of Total
American Income						$	1,265,417					52						$	92,495					9																		$	1,357,912					39
Direct to Consumer						743,304						31						54,070						5																		797,374						23
Liberty National						276,599						11						142,612						14																		419,211						12
United American						5,009						—						440,375						42																		445,384						13
Family Heritage						4,945						—						317,065						30																		322,010						9
Other						143,111						6						—						—																		143,111						4
Total						$	2,438,385					100						$	1,046,617					100																		$	3,485,002					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 Q3 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 Q3 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 September 30, 2025
			Life						Health						Investment						Consolidated
Revenue:
Premium			$	844,483					$	386,524					$	—					$	1,231,007
Net investment income			—						—						286,013						286,013
Segment revenue			844,483						386,524						286,013						1,517,020
Realized gains (losses)																					(4,987)
Other income																					955
Total consolidated revenue																					$	1,512,988
Expenses:
Policy obligations(1)			381,511						227,940						5,787						615,238
Required interest on reserves			(212,454)						(28,517)						243,343						2,372
Amortization of acquisition costs			98,583						15,137						—						113,720
Commissions			42,924						42,699						—						85,623
Premium taxes			16,928						7,281						—						24,209
Non-deferred acquisition costs			35,383						13,610						—						48,993
Segment profit or (loss)			$	481,608					$	108,374					$	36,883					626,865
Insurance administrative expenses:
Salaries																					34,265
Other employee costs																					10,056
Information technology costs																					21,795
Legal costs																					4,854
Other administrative costs																					18,797
Parent expense																					4,105
Stock-based compensation expense																					14,603
Interest expense																					36,134
Legal proceedings																					2,589
Other expenses																					498
Annuity																					(1,965)
Total expenses																					1,035,886
Income before income taxes per Condensed Consolidated Statements of Operations																					$	477,102

(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 Q3 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

			Three Months Ended September 30, 2024
			Life						Health						Investment						Consolidated
Revenue:
Premium			$	818,638					$	353,955					$	—					$	1,172,593
Net investment income			—						—						284,964						284,964
Segment revenue			818,638						353,955						284,964						1,457,557
Realized gains (losses)																					(2,192)
Other income																					42
Total consolidated revenue																					1,455,407
Expenses:
Policy obligations(1)			454,502						221,926						6,040						682,468
Required interest on reserves			(203,875)						(27,717)						239,421						7,829
Amortization of acquisition costs			90,070						13,852						—						103,922
Commissions			40,092						36,963						—						77,055
Premium taxes			16,968						9,131						—						26,099
Non-deferred acquisition costs			33,698						12,837						—						46,535
Segment profit or (loss)			$	387,183					$	86,963					$	39,503					513,649
Insurance administrative expenses:
Salaries																					33,377
Other employee costs																					10,455
Information technology costs																					20,155
Legal costs																					7,609
Other administrative costs																					16,869
Parent expense																					3,210
Stock-based compensation expense																					9,233
Interest expense																					31,388
Legal proceedings																					3,329
Other expenses																					637
Annuity																					(1,721)
Total expenses																					1,078,449
Income before income taxes per Condensed Consolidated Statements of Operations																					$	376,958

(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 Q3 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

			Nine Months Ended September 30, 2025
			Life						Health						Investment						Consolidated
Revenue:
Premium			$	2,513,890					$	1,134,414					$	—					$	3,648,304
Net investment income			—						—						848,796						848,796
Segment revenue			2,513,890						1,134,414						848,796						4,497,100
Realized gains (losses)																					(23,476)
Other income																					1,073
Total consolidated revenue																					$	4,474,697
Expenses:
Policy obligations(1)			1,410,622						691,793						16,591						2,119,006
Required interest on reserves			(632,150)						(85,194)						724,624						7,280
Amortization of acquisition costs			285,417						44,497						—						329,914
Commissions			130,848						127,551						—						258,399
Premium taxes			51,621						22,423						—						74,044
Non-deferred acquisition costs			108,586						42,192						—						150,778
Segment profit or (loss)			$	1,158,946					$	291,152					$	107,581					1,557,679
Insurance administrative expenses:
Salaries																					102,630
Other employee costs																					29,764
Information technology costs																					62,286
Legal costs																					16,930
Other administrative costs																					51,753
Parent expense																					10,710
Stock-based compensation expense																					40,665
Interest expense																					106,011
Legal proceedings																					13,365
Other expenses																					498
Annuity																					(5,818)
Total expenses																					3,368,215
Income before income taxes per Condensed Consolidated Statement of Operations																					$	1,106,482

(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 Q3 2025 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

			Nine Months Ended September 30, 2024
			Life						Health						Investment						Consolidated
Revenue:
Premium			$	2,438,385					$	1,046,617					$	—					$	3,485,002
Net investment income			—						—						853,178						853,178
Segment revenue			2,438,385						1,046,617						853,178						4,338,180
Realized gains (losses)																					(26,580)
Other income																					192
Total consolidated revenue																					$	4,311,792
Expenses:
Policy obligations(1)			1,493,165						629,676						15,044						$	2,137,885
Required interest on reserves			(605,397)						(82,300)						712,055						24,358
Amortization of acquisition costs			263,753						40,774						—						304,527
Commissions			118,480						117,773						—						236,253
Premium taxes			51,254						21,221						—						72,475
Non-deferred acquisition costs			100,613						38,252						—						138,865
Segment profit or (loss)			$	1,016,517					$	281,221					$	126,079					1,423,817
Insurance administrative expenses:
Salaries																					95,406
Other employee costs																					28,531
Information technology costs																					59,023
Legal costs																					19,771
Other administrative costs																					48,341
Parent expense																					9,166
Stock-based compensation expense																					28,590
Interest expense																					91,413
Legal proceedings																					5,764
Other expenses																					2,604
Annuity																					(5,384)
Total expenses																					3,297,588
Income before income taxes per Condensed Consolidated Statement of Operations																					$	1,014,204

(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 Q3 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

			September 30, 2025
			Life						Health						Investment						Consolidated
Cash and invested assets			$	—					$	—					$	20,629,430					$	20,629,430
Accrued investment income			—						—						284,888						284,888
Deferred acquisition costs			6,035,556						836,449						—						6,872,005
Goodwill			309,609						180,837						—						490,446
Total segment assets			$	6,345,165					$	1,017,286					$	20,914,318					28,276,769
Annuity and other corporate																					2,250,847
Total assets																					$	30,527,616

			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

GL Q3 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, a prolonged government shutdown, 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 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 Q3 2025 FORM 10-Q

GLOBE LIFE INC.

Management's Discussion & Analysis