Item 1. Condensed Consolidated Financial Statements

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Item 1. Condensed Consolidated Financial Statements

Globe Life Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

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



	March 31, 2026		December 31, 2025
Assets:
Investments:
Fixed maturities—available for sale, at fair value (amortized cost: 2026—$19,133,385; 2025—$18,820,464, allowance for credit losses: 2026— $3,297; 2025— $3,297)	$	17,579,376	$	17,589,342
Mortgage loans	461,025		428,517
Policy loans	749,108		741,375
Other long-term investments (includes: 2026—$1,070,296; 2025—$1,109,719 under the fair value option)	1,435,099		1,396,064
Short-term investments	183,790		314,711
Total investments	20,408,398		20,470,009
Cash	255,209		144,704
Accrued investment income	289,633		272,818
Other receivables	727,521		768,592
Deferred acquisition costs	7,119,120		6,999,136
Goodwill	490,446		490,446
Other assets	1,675,524		1,667,987
Total assets	$	30,965,851	$	30,813,692
Liabilities:
Future policy benefits at current discount rates: (at original discount rates: 2026—$18,304,438; 2025—$18,129,506)	$	18,934,135	$	19,169,687
Unearned and advance premium	285,763		270,663
Policy claims and other benefits payable	548,528		540,832
Other policyholders' funds	576,452		532,047
Total policy liabilities	20,344,878		20,513,229
Current and deferred income taxes	904,986		859,628
Short-term debt	457,047		304,656
Long-term debt (estimated fair value: 2026—$2,177,494; 2025—$2,225,320)	2,321,537		2,320,793
Other liabilities	852,807		840,807
Total liabilities	24,881,255		24,839,113
Commitments and Contingencies (Note 5)
Shareholders' equity:
Preferred stock, par value $1 per share—5,000,000 shares authorized; outstanding: 0 in 2026 and 2025	—		—
Common stock, par value $1 per share—320,000,000 shares authorized; outstanding: (2026—92,218,183 issued; 2025—92,218,183 issued)	92,218		92,218
Additional paid-in-capital	524,229		536,363
Accumulated other comprehensive income (loss)	(1,700,791)		(1,771,444)
Retained earnings	8,786,392		8,546,807
Treasury stock, at cost: (2026—14,331,326 shares; 2025—13,125,082 shares)	(1,617,452)		(1,429,365)
Total shareholders' equity	6,084,596		5,974,579
Total liabilities and shareholders' equity	$	30,965,851	$	30,813,692

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q1 2026 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 March 31,
		2026		2025
Revenue:
Life premium		$	853,205	$	829,863
Health premium		416,908		369,791

Total premium		1,270,113		1,199,654
Net investment income		289,824		280,614
Realized gains (losses)		(1,478)		85

Other income		1,160		69
Total revenue		1,559,619		1,480,422

Benefits and expenses:
Life policyholder benefits(1)		518,850		509,756
Health policyholder benefits(2)		263,734		233,929
Other policyholder benefits		7,000		7,080
Total policyholder benefits		789,584		750,765

Amortization of deferred acquisition costs		118,282		105,515
Commissions, premium taxes, and non-deferred acquisition costs		169,886		164,323
Other operating expense		113,735		108,746
Interest expense		34,000		34,992
Total benefits and expenses		1,225,487		1,164,341

Income before income taxes		334,132		316,081
Income tax benefit (expense)		(63,606)		(61,518)



Net income		$	270,526	$	254,563




Basic net income per common share		$	3.45	$	3.05




Diluted net income per common share		$	3.39	$	3.01

(1)Net of total remeasurement gain of $18.9 million before tax for the three months ended March 31, 2026 and a total remeasurement gain of $8.5 million before tax for the same period in 2025.

(2)Net of total remeasurement gain of $6.0 million before tax for the three months ended March 31, 2026 and a total remeasurement gain of $0.4 million before tax for the same period in 2025.

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q1 2026 FORM 10-Q

Globe Life Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

(Dollar amounts in thousands)



	Three Months Ended March 31,
		2026		2025
Net income		$	270,526	$	254,563

Other comprehensive income (loss):

Investments:
Unrealized gains (losses) on fixed maturities:
Unrealized holding gains (losses) arising during period		(321,245)		215,128

Other reclassification adjustments included in net income		(1,569)		(3,341)
Foreign exchange adjustment on fixed maturities recorded at fair value		(73)		(430)



Total unrealized investment gains (losses)		(322,887)		211,357
Less applicable tax (expense) benefit		67,805		(44,387)
Unrealized gains (losses) on investments, net of tax		(255,082)		166,970

Future Policy Benefits:
Change in discount rate on future policy benefits		410,451		(139,352)
Less applicable tax (expense) benefit		(86,193)		29,263
Future policy benefit adjustments, net of tax		324,258		(110,089)






Foreign exchange translation:
Foreign exchange translation adjustments, other than securities		290		2,421
Less applicable tax (expense) benefit		(60)		(508)
Foreign exchange translation adjustments, other than securities, net of tax		230		1,913

Pension:



Pension adjustments		1,580		68
Less applicable tax (expense) benefit		(333)		(15)
Pension adjustments, net of tax		1,247		53

Other comprehensive income (loss)		70,653		58,847
Comprehensive income (loss)		$	341,179	$	313,410

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q1 2026 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, 2025	$	—	$	92,218	$	536,363	$	(1,771,444)	$	8,546,807	$	(1,429,365)	$	5,974,579


Comprehensive income (loss)	—		—		—		70,653		270,526		—		341,179
Common dividends declared ($0.3300 per share)	—		—		—		—		(25,697)		—		(25,697)
Acquisition of treasury stock	—		—		—		—		—		(240,465)		(240,465)
Stock-based compensation	—		—		(12,134)		—		—		25,737		13,603
Exercise of stock options	—		—		—		—		(5,244)		26,641		21,397

Balance at March 31, 2026	—		$	92,218	$	524,229	$	(1,700,791)	$	8,786,392	$	(1,617,452)	$	6,084,596


	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

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q1 2026 FORM 10-Q

Globe Life Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Dollar amounts in thousands)



	Three Months Ended March 31,
	2026		2025













Cash provided from (used for) operating activities	$	420,938	$	431,887

Cash provided from (used for) investing activities:
Investments sold or matured:
Fixed maturities available for sale—sold	14,766		53,911
Fixed maturities available for sale—matured or other redemptions	92,053		58,796
Mortgage loans	26,315		6,237
Other long-term investments	58,098		18,927
Total investments sold or matured	191,232		137,871
Acquisition of investments:
Fixed maturities—available for sale	(417,379)		(236,058)
Mortgage loans	(58,519)		(35,471)
Other long-term investments	(87,631)		(15,889)
Total investments acquired	(563,529)		(287,418)
Net (increase) decrease in policy loans	(7,733)		(8,506)
Net (increase) decrease in short-term investments	130,921		(49,031)


Additions to property and equipment	(24,911)		(11,746)

Investments in low-income housing interests	(7,244)		(21,124)
Cash provided from (used for) investing activities	(281,264)		(239,954)

Cash provided from (used for) financing activities:
Issuance of common stock	21,397		81,394
Cash dividends paid to shareholders	(21,361)		(20,146)



Net borrowing from Federal Home Loan Bank (FHLB)	—		70,000
Net borrowing (repayment) of commercial paper	94,513		(58,474)
Proceeds from commercial paper with original maturities greater than 90 days	77,507		184,470
Repayment of commercial paper with original maturities greater than 90 days	(19,629)		(134,506)
Acquisition of treasury stock	(240,465)		(264,544)
Net receipts (payments) from deposit-type products	58,406		17,342
Cash provided from (used for) financing activities	(29,632)		(124,464)

Effect of foreign exchange rate changes on cash	463		(524)
Net increase (decrease) in cash	110,505		66,945
Cash at beginning of year	144,704		165,325
Cash at end of period	$	255,209	$	232,270

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q1 2026 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 March 31, 2026, and the condensed consolidated results of operations, comprehensive income, and cash flows for the periods ended March 31, 2026 and 2025. 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 25, 2026.

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.

Note 2—New Accounting Standards

Accounting Pronouncements Yet to be Adopted: 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 and Interim periods within fiscal years beginning after December 15, 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.

GL Q1 2026 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

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 and interim periods within the annual reporting periods. The Company is evaluating the standard.

GL Q1 2026 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 (Loss)


	Three Months Ended March 31, 2026
	Available for Sale Assets		Future Policy Benefits		Foreign Exchange		Pension Adjustments		Total
Balance at January 1, 2026	$	(969,982)	$	(821,628)	$	(9,044)	$	29,210	$	(1,771,444)
Other comprehensive income (loss) before reclassifications, net of tax	(253,842)		324,258		230		—		70,646
Reclassifications, net of tax	(1,240)		—		—		1,247		7
Other comprehensive income (loss)	(255,082)		324,258		230		1,247		70,653
Balance at March 31, 2026	$	(1,225,064)	$	(497,370)	$	(8,814)	$	30,457	$	(1,700,791)


	Three Months Ended March 31, 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	169,609		(110,089)		1,913		—		61,433
Reclassifications, net of tax	(2,639)		—		—		53		(2,586)
Other comprehensive income (loss)	166,970		(110,089)		1,913		53		58,847
Balance at March 31, 2025	$	(1,152,648)	$	(819,131)	$	(19,844)	$	20,750	$	(1,970,873)

Reclassification Adjustments: Reclassification adjustments out of accumulated other comprehensive income are presented below for the three month periods ended March 31, 2026 and 2025.


	Three Months Ended March 31,			Affected line items in the Statements of Operations
Component Line Item		2026		2025
Unrealized investment (gains) losses on available for sale assets:
Realized (gains) losses		$	717	$	(828)	Realized (gains) losses

Amortization of (discount) premium		(2,286)		(2,513)		Net investment income
Total before tax		(1,569)		(3,341)
Tax		329		702		Income taxes
Total after-tax		(1,240)		(2,639)
Pension adjustments:
Amortization of prior service cost		252		292		Other operating expense
Amortization of actuarial (gain) loss		1,328		(224)		Other operating expense
Total before tax		1,580		68
Tax		(333)		(15)		Income taxes
Total after-tax		1,247		53
Total reclassification (after-tax)		$	7	$	(2,586)

GL Q1 2026 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 March 31, 2026 and December 31, 2025, 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 March 31, 2026
	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	$	417,459	$	—	$	70	$	(28,378)	$	389,151	2
States, municipalities, and political subdivisions	3,403,657		—		27,574		(546,601)		2,884,630		16
Foreign governments	48,051		—		19		(9,235)		38,835		—
Corporates, by sector:
Industrials	7,919,363		—		125,412		(747,376)		7,297,399		42
Financial	5,056,081		—		91,401		(400,765)		4,746,717		27

Utilities	2,170,151		—		50,658		(113,923)		2,106,886		12
Total corporates	15,145,595		—		267,471		(1,262,064)		14,151,002		81
Collateralized debt obligations	—		—		—		—		—		—
Other asset-backed securities	118,623		(3,297)		699		(267)		115,758		1
Total fixed maturities	$	19,133,385	$	(3,297)	$	295,833	$	(1,846,545)	$	17,579,376	100

(1)Amount reported in the balance sheet.

(2)At fair value.


	At December 31, 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	$	409,170	$	—	$	161	$	(25,478)	$	383,853	2
States, municipalities, and political subdivisions	3,385,433		—		26,955		(531,762)		2,880,626		16
Foreign governments	47,448		—		138		(8,040)		39,546		—
Corporates, by sector:
Industrials	7,787,885		—		175,164		(645,363)		7,317,686		42
Financial	4,982,187		—		134,105		(333,966)		4,782,326		27

Utilities	2,093,010		—		71,582		(93,086)		2,071,506		12
Total corporates	14,863,082		—		380,851		(1,072,415)		14,171,518		81
Collateralized debt obligations	—		—		—		—		—		—
Other asset-backed securities	115,331		(3,297)		1,877		(112)		113,799		1
Total fixed maturities	$	18,820,464	$	(3,297)	$	409,982	$	(1,637,807)	$	17,589,342	100

(1)Amount reported in the balance sheet.

(2)At fair value.

The Company had unfunded commitments of $340 million and $313 million in fixed maturities at March 31, 2026 and December 31, 2025, respectively.

GL Q1 2026 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 March 31, 2026, 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 March 31, 2026
	Amortized Cost, net		Fair Value
Fixed maturities available for sale:
Due in one year or less	$	183,363	$	184,567
Due after one year through five years	787,608		809,454
Due after five years through ten years	1,887,933		1,925,841
Due after ten years through twenty years	8,972,605		8,356,265
Due after twenty years	7,183,244		6,187,481
Mortgage-backed and asset-backed securities	115,335		115,768
	$	19,130,088	$	17,579,376

Analysis of Investment Operations: "Net investment income" for the three month periods ended March 31, 2026 and 2025 is summarized as follows:


	Three Months Ended March 31,
		2026		2025		% Change
Fixed maturities available for sale		$	245,819	$	242,210	1
Policy loans		14,281		13,658		5
Mortgage loans		7,586		6,668		14
Other long-term investments(1)		26,080		23,079		13
Short-term investments		2,869		1,476
		296,635		287,091		3
Less investment expense		(6,811)		(6,477)		5
Net investment income		$	289,824	$	280,614	3

(1)For the three months ended March 31, 2026 and 2025 the investment funds, accounted for under the fair value option method, recorded $21.3 million and $19.2 million in net investment income, 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 March 31,
		2026		2025
Fixed maturities available for sale:
Proceeds from sales(1)		$	14,766	$	53,911
Gross realized gains		249		1,478
Gross realized losses		—		(1,464)

(1)As of March 31, 2026, the Company had $0 unsettled trades. There were $0 unsettled trades for the same period in 2025.

GL Q1 2026 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 March 31,
		2026		2025
Realized investment gains (losses):
Fixed maturities available for sale:
Sales and other(1)		$	(717)	$	788

Provision for credit losses		—		40
Fair value option—change in fair value		5,571		2,371
Mortgage loans		(141)		433
Other investments		(1,324)		(1,078)
Realized gains (losses) from investments		3,389		2,554

Other gains (losses)		(4,867)		(2,469)
Total realized gains (losses)		(1,478)		85
Applicable tax		311		(18)
Realized gains (losses), net of tax		$	(1,167)	$	67

(1)During the three months ended March 31, 2026 and 2025, the Company recorded $281.5 thousand and $55.7 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $0 and $0 net realized gains (losses), respectively.

GL Q1 2026 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 March 31, 2026 and December 31, 2025:


	Fair Value Measurement at March 31, 2026:
	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	$	—		$	389,151		$	—		$	389,151
States, municipalities, and political subdivisions	—			2,881,653			2,977			2,884,630
Foreign governments	—			38,835			—			38,835
Corporates, by sector:

Financial	—			4,627,718			118,999			4,746,717

Utilities	—			1,995,488			111,398			2,106,886
Other corporate sectors	—			7,217,293			80,106			7,297,399
Total corporates	—			13,840,499			310,503			14,151,002
Collateralized debt obligations	—			—			—			—
Other asset-backed securities	—			16,134			99,624			115,758
Total fixed maturities	$	—		$	17,166,272		$	413,104		$	17,579,376
Percentage of total	—		%	98		%	2		%	100		%


	Fair Value Measurement at December 31, 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	$	—		$	383,853		$	—		$	383,853
States, municipalities, and political subdivisions	—			2,880,626			—			2,880,626
Foreign governments	—			39,546			—			39,546
Corporates, by sector:
Industrials	—			7,232,179			85,507			7,317,686
Financial	—			4,661,175			121,151			4,782,326

Utilities	—			1,968,840			102,666			2,071,506
Total corporates	—			13,862,194			309,324			14,171,518
Collateralized debt obligations	—			—			—			—
Other asset-backed securities	—			27,898			85,901			113,799
Total fixed maturities	$	—		$	17,194,117		$	395,225		$	17,589,342
Percentage of total	—		%	98		%	2		%	100		%

GL Q1 2026 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			States, Municipalities and Political Subdivisions Debt Obligations			Corporates			Total
Balance at January 1, 2026	$	85,901		$	—		$	—		$	309,324		$	395,225

Included in realized gains / losses	—			—			—			757			757
Included in other comprehensive income	251			—			—			(2,215)			(1,964)
Acquisitions	13,472			—			2,977			10,000			26,449
Sales	—			—			—			(4,480)			(4,480)
Amortization	—			—			—			(1)			(1)
Other(1)	—			—			—			(2,882)			(2,882)
Transfers into Level 3(2)	—			—			—			—			—
Transfers out of Level 3(2)	—			—			—			—			—
Balance at March 31, 2026	$	99,624		$	—		$	2,977		$	310,503		$	413,104
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			States, Municipalities and Political Subdivisions Debt Obligations			Corporates			Total
Balance at January 1, 2025	$	11,183		$	42,866		$	—		$	420,065		$	474,114

Included in realized gains / losses	—			—			—			(1)			(1)
Included in other comprehensive income	30			5,046			—			(7,000)			(1,924)
Acquisitions	12,380			—			—			9,200			21,580
Sales	—			—			—			—			—
Amortization	—			1,136			—			(3)			1,133
Other(1)	—			(7,393)			—			3,925			(3,468)
Transfers into Level 3(2)	—			—			—			—			—
Transfers out of Level 3(2)	—			—			—			—			—
Balance at March 31, 2025	$	23,593		$	41,655		$	—		$	426,186		$	491,434
Percent of total fixed maturities	—		%	—		%	—		%	3		%	3		%

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

GL Q1 2026 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		States, Municipalities and Political Subdivisions Debt Obligations		Corporates		Total
At March 31, 2026	$	251	$	—	$	—	$	(2,215)	$	(1,964)
At March 31, 2025	30		5,046		—		(7,000)		(1,924)

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 become 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
	March 31, 2026
	Fair Value		Valuation Technique	Significant Unobservable Input	Range	Weighted- Average(1)
Corporates	$	310,503	Discounted cash flow	Credit rating	BB- to AA	BBB+

States, municipalities and political subdivisions	2,977		Discounted cash flow	Credit rating	AAA	AAA


Asset-backed securities	99,624		Discounted cash flow	Credit rating	CC to A-	BBB-

	$	413,104

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

Level 3 securities are valued based on the contractual cash flows discounted by a rate 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 March 31, 2026	570	1,556	2,126
As of December 31, 2025	395	1,583	1,978

GL Q1 2026 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Globe Life's entire fixed maturity portfolio consisted of 2,600 issues by 1,015 different issuers at March 31, 2026 and 2,576 issues by 1,010 different issuers at December 31, 2025. The weighted-average quality rating of all unrealized loss positions at amortized cost was A as of March 31, 2026 and A as of December 31, 2025.

The following tables disclose unrealized investment losses by class and major sector of fixed maturities available for sale at March 31, 2026 and December 31, 2025.

Analysis of Gross Unrealized Investment Losses


	At March 31, 2026
	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	$	12,947	$	(185)	$	366,139	$	(28,193)	$	379,086	$	(28,378)
States, municipalities, and political subdivisions	420,682		(9,520)		1,647,106		(536,830)		2,067,788		(546,350)
Foreign governments	11,087		(227)		24,784		(9,008)		35,871		(9,235)
Corporates, by sector:
Industrials	1,232,612		(40,881)		3,461,668		(660,477)		4,694,280		(701,358)
Financial	953,591		(47,721)		1,774,944		(335,824)		2,728,535		(383,545)

Utilities	495,550		(14,627)		546,119		(92,791)		1,041,669		(107,418)
Total corporates	2,681,753		(103,229)		5,782,731		(1,089,092)		8,464,484		(1,192,321)

Other asset-backed securities	28,369		(182)		1,311		(57)		29,680		(239)
Total investment grade securities	3,154,838		(113,343)		7,822,071		(1,663,180)		10,976,909		(1,776,523)

Below investment grade securities:
States, municipalities, and political subdivisions	—		—		1,709		(251)		1,709		(251)


Industrials	31,189		(6,090)		129,820		(39,928)		161,009		(46,018)
Financial	11,943		(102)		84,670		(17,118)		96,613		(17,220)

Utilities	13,738		(283)		37,958		(6,222)		51,696		(6,505)
Total corporates	56,870		(6,475)		252,448		(63,268)		309,318		(69,743)

Other asset-backed securities	13,573		(28)		—		—		13,573		(28)
Total below investment grade securities	70,443		(6,503)		254,157		(63,519)		324,600		(70,022)
Total fixed maturities	$	3,225,281	$	(119,846)	$	8,076,228	$	(1,726,699)	$	11,301,509	$	(1,846,545)

GL Q1 2026 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	At December 31, 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	$	4,894	$	(454)	$	368,750	$	(25,024)	$	373,644	$	(25,478)
States, municipalities, and political subdivisions	535,186		(12,491)		1,731,104		(519,061)		2,266,290		(531,552)
Foreign governments	5,616		(26)		25,370		(8,014)		30,986		(8,040)
Corporates, by sector:
Industrials	680,126		(14,131)		3,667,956		(591,006)		4,348,082		(605,137)
Financial	469,436		(29,118)		1,806,739		(294,440)		2,276,175		(323,558)

Utilities	302,325		(4,274)		555,085		(82,694)		857,410		(86,968)
Total corporates	1,451,887		(47,523)		6,029,780		(968,140)		7,481,667		(1,015,663)

Other asset-backed securities	18,217		(62)		1,379		(50)		19,596		(112)
Total investment grade securities	2,015,800		(60,556)		8,156,383		(1,520,289)		10,172,183		(1,580,845)

Below investment grade securities:
States, municipalities, and political subdivisions	—		—		1,751		(210)		1,751		(210)

Corporates, by sector:
Industrials	35,564		(6,631)		141,446		(33,595)		177,010		(40,226)
Financial	6,185		(36)		101,427		(10,372)		107,612		(10,408)

Utilities	5,025		(60)		38,121		(6,058)		43,146		(6,118)
Total corporates	46,774		(6,727)		280,994		(50,025)		327,768		(56,752)

Other asset-backed securities	—		—		—		—		—		—
Total below investment grade securities	46,774		(6,727)		282,745		(50,235)		329,519		(56,962)
Total fixed maturities	$	2,062,574	$	(67,283)	$	8,439,128	$	(1,570,524)	$	10,501,702	$	(1,637,807)

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 Q1 2026 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 March 31,
		2026		2025
Allowance for credit losses beginning balance		$	3,297	$	10,395
Additions to allowance for which credit losses were not previously recorded		—		—
Additions (reductions) to allowance for fixed maturities that previously had an allowance		—		(40)
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		$	3,297	$	10,355

As of March 31, 2026, the Company had one fixed maturity security in non-accrual status at amortized cost of $5.5 million with an allowance of $3.3 million. As of December 31, 2025, the Company had two fixed maturity securities in non-accrual status with an amortized cost of $9.2 million and an allowance of $3.3 million.

Mortgage Loans (commercial mortgage loans)**: Investments in commercial mortgage loans are made through direct investments and through investment funds. We have total commercial mortgage loan investments made directly and through investment funds of $1.04 billion at March 31, 2026 and December 31, 2025. The commercial mortgage loan summaries provided in this section pertain only to those commercial mortgage loans made directly.

Summaries of commercial mortgage loans by property type and geographical location at March 31, 2026 and December 31, 2025 are as follows:


	March 31, 2026			December 31, 2025
	Carrying Value		% of Total	Carrying Value		% of Total
Property type:
Industrial	$	167,327	36	$	155,208	36
Hospitality	100,857		22	99,492		23
Multi-family	118,852		26	99,212		23
Retail	75,558		16	76,059		18
Office	3,087		1	3,061		1


Total recorded investment	465,681		101	433,032		101
Less allowance for credit losses	(4,656)		(1)	(4,515)		(1)
Carrying value, net of allowance for credit losses	$	461,025	100	$	428,517	100

GL Q1 2026 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	March 31, 2026			December 31, 2025
	Carrying Value		% of Total	Carrying Value		% of Total
Geographic location:
Florida	$	90,028	19	$	88,681	21
Texas	67,119		15	66,597		15
North Carolina	42,455		9	42,358		10
New Jersey	37,194		8	37,130		9
Alabama	36,869		8	36,750		9
New York	31,410		7	31,948		7
Other	160,606		35	129,568		30
Total recorded investment	465,681		101	433,032		101
Less allowance for credit losses	(4,656)		(1)	(4,515)		(1)
Carrying value, net of allowance for credit losses	$	461,025	100	$	428,517	100

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 or equal to 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.


	March 31, 2026
	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%	$	84,886	$	49,091	$	324,042	$	458,019	98
70% to 80%	—		—		—		—		—
81% to 90%	—		—		—		—		—
Greater than 90%	7,662		—		—		7,662		2
Total	$	92,548	$	49,091	$	324,042	465,681		100
Less allowance for credit losses							(4,656)
Total, net of allowance for credit losses							$	461,025

(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.

GL Q1 2026 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	December 31, 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%	$	61,159	$	50,009	$	313,634	$	424,802	98
70% to 80%	—		—		—		—		—
81% to 90%	—		—		—		—		—
Greater than 90%	8,230		—		—		8,230		2
Total	$	69,389	$	50,009	$	313,634	433,032		100
Less allowance for credit losses							(4,515)
Total, net of allowance for credit losses							$	428,517

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

As of March 31, 2026, the Company had 39 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 no loans were collateral dependent or likely to foreclose.

For the three months ended March 31, 2026, the allowance for credit losses increased by $0.1 million to $4.7 million. The provision for credit losses is included in "Realized gains (losses)" on the Condensed Consolidated Statements of Operations.


	Three Months Ended March 31,
		2026		2025
Allowance for credit losses beginning balance		$	4,515	$	7,644

Provision (reversal) for credit losses		141		(248)
Reduction in allowance due to dispositions		—		(665)
Allowance for credit losses ending balance		$	4,656	$	6,731

As of March 31, 2026 and December 31, 2025, the Company had two commercial mortgage loans in non-accrual status with a principal balance of $3 million and no delinquent commercial mortgage loans. The Company's unfunded commitment balance to commercial loan borrowers was $21 million as of March 31, 2026.

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



	March 31, 2026		December 31, 2025
Investment funds	$	1,070,296	$	1,109,719
Company-owned life insurance(1)	323,014		243,721
Other	41,789		42,624
Total	$	1,435,099	$	1,396,064

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

GL Q1 2026 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following table presents additional information about the Company's investment funds as of March 31, 2026 and December 31, 2025 at fair value:


	Fair Value				Unfunded Commitments(2)
Investment Category	March 31, 2026		December 31, 2025		March 31, 2026		Redemption Term/Notice(1)






Commercial mortgage loans	$	579,280	$	614,080	$	512,426	Fully redeemable and non-redeemable with varying terms.
Opportunistic and private credit	209,523		223,665		227,688		Fully redeemable and non-redeemable with varying terms.


Infrastructure	194,367		187,964		19,372		Fully redeemable and non-redeemable with varying terms.


Other	87,126		84,010		51,037		Non-redeemable with varying terms
Total investment funds	$	1,070,296	$	1,109,719	$	810,523

(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 March 31, 2026, unfunded commitments totaled $983 million, including funds past the investment period.

The Company had $11 million of capital called during the period from existing investment funds. The Company's unfunded commitments were $811 million as of March 31, 2026.

GL Q1 2026 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: In connection with 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. In addition, Globe Life Inc. has guaranteed letters of credit in connection with its credit facility with a group of banks as disclosed in Note 11—Debt. The letters of credit were issued by TMK Re, Ltd., a wholly-owned subsidiary ("TMK Re"), to secure TMK Re's obligation for claims on certain policies reinsured by TMK Re that were sold by other Globe Life Inc. insurance subsidiaries. These letters of credit facilitate TMK Re's ability to reinsure the business of Globe Life Inc.'s insurance subsidiaries. The credit facility expires in 2029. The maximum amount of letters of credit available is $250 million. Globe Life Inc. would be liable to the extent that TMK Re does not pay the reinsured party. The amount of letters of credit outstanding at March 31, 2026 was $115 million.

Litigation: The Company, as is common with the insurance industry in general, is 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 the Company, 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 added 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 individual director and executive officer 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 (“Hsiao”) filed a shareholder derivative complaint against Globe Life Inc. as a nominal defendant, as well as certain current and former Globe Life Inc. executives and members of its Board of Directors. On November 14, 2024, Globe Life Inc. shareholder Gautam Jadhav (“Jadhav”) filed a shareholder derivative complaint against the same set of defendants. Each shareholder derivative complaint asserts one claim for breach of fiduciary duty against the individual defendants and alleges that the individual defendants breached their fiduciary duties to Globe Life Inc. by causing or permitting Globe Life Inc. to make misleading statements about its performance and financial results. The allegations are substantially similar to those made in the City of Miami Matter and derive from certain short seller reports. 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 individual director and executive officer defendants for all expenses and losses related to the litigation, subject to the terms of those indemnification agreements. On January 3, 2025, the Court consolidated the two actions and

GL Q1 2026 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

appointed Hsiao and Jadhav as Lead Plaintiffs and their counsel as Lead Counsel for the consolidated derivative action (In re Globe Life Inc. Stockholder Derivative Litigation, Lead Case No. 4:24-cv-00993-ALM (E.D. Tex.)). On January 25, 2025, the Court granted the parties’ 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. On October 14, 2025, the parties informed the Court that the motion to dismiss in the City of Miami Matter was denied and of their agreement for the terms of the stay to remain in place as they coordinated a schedule. On October 27, 2025 and December 5, 2025, the parties again notified the Court of their continued agreement for the terms of the stay to remain in place and further notified the Court of two related derivative cases filed in the Eastern District of Texas by Globe Life Inc. shareholders, as referenced below.

On November 19, 2025, Globe Life Inc. shareholder Plymouth County Retirement Association (“Plymouth”) filed a Verified Shareholder Derivative Action Complaint in the United States District Court for the Eastern District of 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 (Plymouth County Retirement Association v. Darden, et al., No. 4:25-cv-01246-ALM (E.D. Tex.)). On November 21, 2025, Globe Life Inc. shareholder Catherine M. Sugarbaker Family Trust (“Sugarbaker”) filed a Verified Shareholder Derivative Action 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 (Catherine M. Sugarbaker Family Trust v. Gary L. Coleman, et al., No. 4:25-cv-01274-ALM (E.D. Tex.)). Both the Plymouth and the Sugarbaker shareholder derivative complaints assert a claim for breach of fiduciary duty against the individual defendants and allege 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, as well as a claim against the individual defendants under Section 14(A) of the Securities Exchange Act of 1934, and SEC Rule 14a-9 promulgated thereunder, for allegedly causing Globe Life Inc. to make false and misleading statements in its 2024 Proxy Statement and Notice of Annual Meeting of Shareholders. In addition, Plymouth’s shareholder derivative complaint asserts claims for violation of § 10(b) of the Securities Exchange Act of 1934, and SEC Rule 10b-5(b) promulgated thereunder, on behalf of a putative class of purchasers of Globe Life Inc.'s securities from January 1, 2022 through April 11, 2024, alleging 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, and that certain individuals traded in Globe Life Inc.’s securities while in possession of material non-public information. The allegations in both complaints are substantially similar to those made in the City of Miami Matter and the consolidated federal derivative action and derive from certain short seller reports. 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 individual director and executive officer defendants for all expenses and losses related to the Plymouth and Sugarbaker litigation, subject to the terms of those indemnification agreements. On December 11, 2025, defendants filed a notice of related case in the action filed by Plymouth to inform the Court that the matter should be consolidated with the consolidated federal derivative action. On December 9, 2025, Sugarbaker filed notices of related case in its own action and in the consolidated federal derivative action to inform the respective courts that Sugarbaker’s action should be consolidated with the consolidated federal derivative action. Plymouth and Sugarbaker have motioned the In re Globe Life Inc. Stockholder Derivative Litigation Court to vacate the current lead counsel structure. A hearing on the motion was held on March 25, 2026, but the Court has not yet decided on the motion. In the meantime, the case remains stayed.

On September 19, 2025, a shareholder filed a 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). Like the consolidated shareholder derivative lawsuit disclosed above, this litigation is largely similar to the City of Miami Matter and derives in part from certain short seller reports. 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. Pursuant to Globe

GL Q1 2026 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Life Inc.'s Restated Certificate of Incorporation and indemnification agreements with the individual defendants, Globe Life Inc. has agreed to indemnify the individual director and executive officer defendants for all expenses and losses related to the litigation, subject to the terms of those indemnification agreements. Globe Life Inc. intends to mount a robust defense against the litigation. Defendants filed a motion to dismiss the petition on November 20, 2025 for failure to plead demand futility, and a motion to stay the proceedings in the Texas Business Court pending final resolution of the related City of Miami Matter if the Court determines that demand futility is satisfied. On November 19, 2025, Plymouth filed a motion to intervene in the matter and requested that the Court stay the action in favor of the consolidated derivative action in the Eastern District of Texas, or in the alternative, to limit the preclusive effect of the Court’s order on the motion to dismiss for lack of demand futility. On December 1, 2025, the Lead Plaintiffs in the consolidated federal derivative action (Hsiao and Jadhav) also filed a motion to intervene and stay the Texas Business Court proceedings in favor of their consolidated federal derivative action, or in the alternative, to limit the preclusive effect of the Court’s order on the motion to dismiss the petition for lack of demand futility. On December 4, 2025, plaintiff James E. Walker Jr. (“Walker”) filed a motion to strike Plymouth’s motion to intervene. On December 15, 2025, Walker filed a motion to strike the motion to intervene filed by the Lead Plaintiffs in the consolidated federal derivative action. On February 5, 2026, the Court cancelled the hearing it had scheduled for February 6, 2026 to hear all of the above motions and stayed the case pending further order of the Court. Walker has filed a motion to intervene in the In re Globe Life Inc. Stockholder Derivative Litigation case discussed above. A hearing on the motion was held on March 25, 2026, but the Court has not yet decided on the motion. In the meantime, the case remains stayed.

GL Q1 2026 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 month periods ended March 31, 2026 and 2025:


	Life
	Present value of expected future net premiums
	American Income		DTC		Liberty National		Other		Total
Balance at January 1, 2025	$	4,645,917	$	5,622,906	$	1,048,447	$	440,047	$	11,757,317
Beginning balance at original discount rates	4,656,710		5,504,912		1,047,020		430,276		11,638,918
Effect of changes in assumptions on future cash flows	—		—		—		—		—
Effect of actual variances from expected experience	(51,617)		(38,917)		(7,916)		(3,689)		(102,139)
Adjusted balance at January 1, 2025	4,605,093		5,465,995		1,039,104		426,587		11,536,779
Issuances(1)	195,634		121,780		25,780		5,210		348,404
Interest accrual(2)	56,466		72,207		13,521		5,625		147,819
Net premiums collected(3)	(139,565)		(147,711)		(33,262)		(10,986)		(331,524)

Effect of changes in the foreign exchange rate	2,105		—		—		—		2,105
Ending balance at original discount rates	4,719,733		5,512,271		1,045,143		426,436		11,703,583

Effect of change from original to current discount rates	37,311		173,844		13,553		13,834		238,542
Balance at March 31, 2025	$	4,757,044	$	5,686,115	$	1,058,696	$	440,270	$	11,942,125

Balance at January 1, 2026	$	4,792,153	$	5,542,616	$	1,008,538	$	425,338	$	11,768,645
Beginning balance at original discount rates	4,710,303		5,321,113		988,843		408,949		11,429,208
Effect of changes in assumptions on future cash flows	—		—		—		—		—
Effect of actual variances from expected experience	(59,866)		(65,733)		(10,275)		(2,025)		(137,899)
Adjusted balance at January 1, 2026	4,650,437		5,255,380		978,568		406,924		11,291,309
Issuances(1)	167,012		121,469		26,812		5,209		320,502
Interest accrual(2)	55,815		69,444		12,515		5,346		143,120
Net premiums collected(3)	(141,243)		(142,704)		(31,552)		(10,501)		(326,000)

Effect of changes in the foreign exchange rate	(438)		—		—		—		(438)
Ending balance at original discount rates	4,731,583		5,303,589		986,343		406,978		11,428,493

Effect of change from original to current discount rates	9,119		128,114		3,671		8,786		149,690
Balance at March 31, 2026	$	4,740,702	$	5,431,703	$	990,014	$	415,764	$	11,578,183

(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 Q1 2026 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, 2025		$	9,870,692		$	9,125,112		$	3,377,517		$	3,960,963		$	26,334,284
Beginning balance at original discount rates		9,508,588			8,660,948			3,340,219			3,582,068			25,091,823
Effect of changes in assumptions on future cash flows		—			—			—			—			—
Effect of actual variances from expected experience		(55,814)			(41,948)			(8,711)			(5,447)			(111,920)
Adjusted balance at January 1, 2025		9,452,774			8,619,000			3,331,508			3,576,621			24,979,903
Issuances(1)		195,633			121,779			25,780			5,211			348,403
Interest accrual(2)		127,459			119,194			44,736			53,386			344,775
Benefit payments(3)		(109,126)			(150,039)			(54,594)			(34,896)			(348,655)

Effect of changes in the foreign exchange rate		4,347			—			—			—			4,347
Ending balance at original discount rates		9,671,087			8,709,934			3,347,430			3,600,322			25,328,773
Effect of change from original to current discount rates		441,809			543,806			68,427			409,657			1,463,699
Balance at March 31, 2025		$	10,112,896		$	9,253,740		$	3,415,857		$	4,009,979		$	26,792,472





Balance at January 1, 2026	$	10,358,054	$	9,205,616	$	3,371,175	$	4,054,000	$	26,988,845
Beginning balance at original discount rates	9,905,431		8,616,929		3,291,890		3,643,392		25,457,642
Effect of changes in assumptions on future cash flows	—		—		—		—		—
Effect of actual variances from expected experience	(66,848)		(75,724)		(12,123)		(3,796)		(158,491)
Adjusted balance at January 1, 2026	9,838,583		8,541,205		3,279,767		3,639,596		25,299,151
Issuances(1)	167,013		121,469		26,812		5,208		320,502
Interest accrual(2)	131,015		118,467		43,797		54,313		347,592
Benefit payments(3)	(113,572)		(134,299)		(52,738)		(39,416)		(340,025)

Effect of changes in the foreign exchange rate	(875)		—		—		—		(875)
Ending balance at original discount rates	10,022,164		8,646,842		3,297,638		3,659,701		25,626,345
Effect of change from original to current discount rates	238,693		412,253		13,130		319,608		983,684
Balance at March 31, 2026	$	10,260,857	$	9,059,095	$	3,310,768	$	3,979,309	$	26,610,029

(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 Q1 2026 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 March 31, 2025
	American Income		DTC		Liberty National		Other		Total
Net liability for future policy benefits at original discount rates	$	4,951,354	$	3,197,663	$	2,302,287	$	3,173,886	$	13,625,190
Effect of changes in discount rate assumptions	404,498		369,962		54,874		395,823		1,225,157
Other adjustments(1)	224		208		—		75		507
Net liability for future policy benefits, after other adjustments, at current discount rates	5,356,076		3,567,833		2,357,161		3,569,784		14,850,854
Reinsurance recoverable	(186)		—		(7,922)		(14)		(8,122)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	5,355,890	$	3,567,833	$	2,349,239	$	3,569,770	$	14,842,732

(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 March 31, 2026
	American Income		DTC		Liberty National		Other		Total
Net liability for future policy benefits at original discount rates	$	5,290,581	$	3,343,253	$	2,311,295	$	3,252,723	$	14,197,852
Effect of changes in discount rate assumptions	229,574		284,139		9,459		310,822		833,994
Other adjustments(1)	204		214		1		33		452
Net liability for future policy benefits, after other adjustments, at current discount rates	5,520,359		3,627,606		2,320,755		3,563,578		15,032,298
Reinsurance recoverable	(195)		—		(8,162)		(12)		(8,369)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	5,520,164	$	3,627,606	$	2,312,593	$	3,563,566	$	15,023,929

(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 Q1 2026 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 month periods ended March 31, 2026 and 2025:


	Health
	Present value of expected future net premiums
	United American		Family Heritage		Liberty National		American Income		DTC		Total
Balance at January 1, 2025	$	3,885,530	$	1,734,875	$	337,119	$	223,247	$	133,377	$	6,314,148
Beginning balance at original discount rates	3,948,856		1,867,873		338,275		225,141		131,919		6,512,064
Effect of changes in assumptions on future cash flows	—		—		—		—		—		—
Effect of actual variances from expected experience	(28,215)		(13,901)		(10,720)		(4,881)		(1,415)		(59,132)
Adjusted balance at January 1, 2025	3,920,641		1,853,972		327,555		220,260		130,504		6,452,932
Issuances(1)	117,625		64,760		12,657		10,441		6,662		212,145
Interest accrual(2)	46,870		19,640		4,090		2,643		1,681		74,924
Net premiums collected(3)	(79,516)		(49,418)		(13,120)		(6,714)		(3,435)		(152,203)

Effect of changes in the foreign exchange rate	—		—		—		222		—		222
Ending balance at original discount rates	4,005,620		1,888,954		331,182		226,852		135,412		6,588,020

Effect of change from original to current discount rates	(11,927)		(111,603)		1,749		421		2,971		(118,389)
Balance at March 31, 2025	$	3,993,693	$	1,777,351	$	332,931	$	227,273	$	138,383	$	6,469,631

Balance at January 1, 2026	$	5,330,081	$	1,822,012	$	336,843	$	248,400	$	207,323	$	7,944,659
Beginning balance at original discount rates	5,273,275		1,895,803		331,414		245,300		201,449		7,947,241
Effect of changes in assumptions on future cash flows	—		—		—		—		—		—
Effect of actual variances from expected experience	(22,490)		(12,892)		(7,011)		(3,307)		(209)		(45,909)
Adjusted balance at January 1, 2026	5,250,785		1,882,911		324,403		241,993		201,240		7,901,332
Issuances(1)	235,135		68,417		12,092		8,578		4,807		329,029
Interest accrual(2)	61,802		19,928		3,882		2,845		2,292		90,749
Net premiums collected(3)	(95,351)		(52,728)		(13,162)		(7,013)		(4,035)		(172,289)

Effect of changes in the foreign exchange rate	—		—		—		(21)		—		(21)
Ending balance at original discount rates	5,452,371		1,918,528		327,215		246,382		204,304		8,148,800

Effect of change from original to current discount rates	(28,767)		(100,506)		886		(731)		2,597		(126,521)
Balance at March 31, 2026	$	5,423,604	$	1,818,022	$	328,101	$	245,651	$	206,901	$	8,022,279

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

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

GL Q1 2026 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, 2025		$	3,960,432		$	3,336,546		$	804,695		$	355,303		$	129,277		$	8,586,253
Beginning balance at original discount rates		4,026,860			3,712,044			791,141			348,711			127,975			9,006,731
Effect of changes in assumptions on future cash flows		—			—			—			—			—			—
Effect of actual variances from expected experience		(25,054)			(15,756)			(11,005)			(6,195)			(1,191)			(59,201)
Adjusted balance at January 1, 2025		4,001,806			3,696,288			780,136			342,516			126,784			8,947,530
Issuances(1)		117,400			64,760			12,478			10,441			6,630			211,709
Interest accrual(2)		47,983			38,756			10,470			4,456			1,681			103,346
Benefit payments(3)		(100,534)			(38,334)			(24,422)			(5,320)			(4,273)			(172,883)

Effect of changes in the foreign exchange rate		—			—			—			352			—			352
Ending balance at original discount rates		4,066,655			3,761,470			778,662			352,445			130,822			9,090,054
Effect of change from original to current discount rates		(15,333)			(330,868)			20,778			10,095			2,741			(312,587)
Balance at March 31, 2025		$	4,051,322		$	3,430,602		$	799,440		$	362,540		$	133,563		$	8,777,467





Balance at January 1, 2026	$	5,345,453	$	3,586,908	$	793,855	$	393,599	$	196,732	$	10,316,547
Beginning balance at original discount rates	5,296,183		3,845,648		765,964		380,082		191,272		10,479,149
Effect of changes in assumptions on future cash flows	—		—		—		—		—		—
Effect of actual variances from expected experience	(27,386)		(15,495)		(8,151)		(3,975)		(834)		(55,841)
Adjusted balance at January 1, 2026	5,268,797		3,830,153		757,813		376,107		190,438		10,423,308
Issuances(1)	234,791		68,418		11,939		8,579		4,787		328,514
Interest accrual(2)	62,260		40,486		9,987		4,796		2,291		119,820
Benefit payments(3)	(111,620)		(40,156)		(24,471)		(7,418)		(5,020)		(188,685)

Effect of changes in the foreign exchange rate	—		—		—		(37)		—		(37)
Ending balance at original discount rates	5,454,228		3,898,901		755,268		382,027		192,496		10,682,920
Effect of change from original to current discount rates	(37,549)		(325,535)		14,993		6,859		2,415		(338,817)
Balance at March 31, 2026	$	5,416,679	$	3,573,366	$	770,261	$	388,886	$	194,911	$	10,344,103

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

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

GL Q1 2026 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 March 31, 2025
	United American		Family Heritage		Liberty National		American Income		Direct to Consumer		Total
Net liability for future policy benefits at original discount rates	$	61,035	$	1,872,516	$	447,480	$	125,593	$	(4,590)	$	2,502,034
Effect of changes in discount rate assumptions	(3,406)		(219,265)		19,029		9,674		(230)		(194,198)
Other adjustments(1)	34,570		1,315		11,363		699		5,575		53,522
Net liability for future policy benefits, after other adjustments, at current discount rates	92,199		1,654,566		477,872		135,966		755		2,361,358
Reinsurance recoverable	(2,511)		—		(988)		—		—		(3,499)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	89,688	$	1,654,566	$	476,884	$	135,966	$	755	$	2,357,859

(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 March 31, 2026
	United American		Family Heritage		Liberty National		American Income		Direct to Consumer		Total
Net liability for future policy benefits at original discount rates	1,857		1,980,373		428,053		135,645		(11,808)		2,534,120
Effect of changes in discount rate assumptions	(8,782)		(225,029)		14,107		7,590		(182)		(212,296)
Other adjustments(1)	77,590		694		15,577		647		12,553		107,061
Net liability for future policy benefits, after other adjustments, at current discount rates	70,665		1,756,038		457,737		143,882		563		2,428,885
Reinsurance recoverable	(1,976)		—		(674)		—		—		(2,650)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	68,689	$	1,756,038	$	457,063	$	143,882	$	563	$	2,426,235

(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 Q1 2026 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 for three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
		2026		2025
Life Remeasurement Gain (Loss)—Experience:
American Income		$	7,060	$	4,179
Direct to Consumer		9,819		2,980
Liberty National		954		182
Other		1,107		1,184
Total Life Remeasurement Gain (Loss)—Experience		18,940		8,525

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

Total Life Remeasurement Gain (Loss)		18,940		8,525

Health Remeasurement Gain (Loss)—Experience:
United American		1,923		(3,820)
Family Heritage		2,558		1,836
Liberty National		834		1,183
American Income		656		1,249
Direct to Consumer		45		(4)
Total Health Remeasurement Gain (Loss)—Experience		6,016		444

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

Total Health Remeasurement Gain (Loss)		$	6,016	$	444

(1)Changes to the judgments, assumptions, and methods used in measuring the liability for future policy benefits occur annually, unless otherwise necessary. There were no changes to the judgments, assumptions, and methods used in measuring the liability for future policy benefits during the three months ended March 31, 2026 and 2025.

GL Q1 2026 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 March 31, 2026 and 2025:



	At Original Discount Rates				At Current Discount Rates
	As of March 31,				As of March 31,
	2026		2025		2026		2025
Life(1):
American Income	$	5,290,725	$	4,951,442	$	5,520,359	$	5,356,076
Direct to Consumer	3,343,456		3,197,663		3,627,606		3,567,833
Liberty National	2,311,295		2,302,287		2,320,755		2,357,161
Other	3,252,747		3,173,917		3,563,578		3,569,784
Net liability for future policy benefits—long duration life	14,198,223		13,625,309		15,032,298		14,850,854

Health(1):
United American	72,957		92,197		70,665		92,199
Family Heritage	1,980,710		1,872,606		1,756,038		1,654,566
Liberty National	442,831		458,182		457,737		477,872
American Income	136,224		126,186		143,882		135,966
Direct to Consumer	544		722		563		755
Net liability for future policy benefits—long duration health	2,633,266		2,549,893		2,428,885		2,361,358

Deferred profit liability	187,323		179,229		187,323		179,229
Deferred annuity	568,078		636,219		568,078		636,219
Interest sensitive life	708,729		720,269		708,729		720,269
Other	8,819		8,922		8,822		8,915
Total future policy benefits	$	18,304,438	$	17,719,841	$	18,934,135	$	18,756,844

(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 Q1 2026 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 March 31, 2026 and 2025:


	As of March 31,
	2026				2025
	Original discount rate		Current discount rate		Original discount rate		Current discount rate
Life
American Income	5.7	%	5.5	%	5.7	%	5.4	%
Direct to Consumer	6.0	%	5.6	%	5.9	%	5.4	%
Liberty National	5.6	%	5.6	%	5.6	%	5.4	%
Other	6.2	%	5.6	%	6.2	%	5.5	%

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

The following table provides the weighted-average durations of the liability for future policy benefits and the additional insurance liabilities as of March 31, 2026 and 2025:


		As of March 31,
	2026			2025
		At original discount rates	At current discount rates		At original discount rates	At current discount rates
Life
American Income		22.19	21.92		22.67	22.59
Direct to Consumer		18.56	19.23		19.17	20.11
Liberty National		15.26	14.97		15.32	15.27
Other		15.48	15.99		15.90	16.74

Health
United American		12.42	11.05		11.70	10.60
Family Heritage		16.24	14.76		15.31	14.16
Liberty National		9.59	9.32		9.37	9.24
American Income		13.24	13.03		12.47	12.50
Direct to Consumer		12.42	11.05		11.70	10.60

GL Q1 2026 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 on the Condensed Consolidated Statements of Operations for three months ended March 31, 2026 and 2025:


	Life
	Three Months Ended March 31, 2026				Three Months Ended March 31, 2025
	Gross Premiums		Interest Expense		Gross Premiums		Interest Expense
American Income	$	458,881	$	75,200	$	437,449	$	70,993
Direct to Consumer	241,611		49,008		242,870		46,967
Liberty National	99,144		31,188		95,300		31,049
Other	49,363		48,967		49,914		47,285
Total	$	848,999	$	204,363	$	825,533	$	196,294


	Health
	Three Months Ended March 31, 2026				Three Months Ended March 31, 2025
	Gross Premiums		Interest Expense		Gross Premiums		Interest Expense
United American	$	139,041	$	420	$	116,396	$	1,049
Family Heritage	123,139		20,558		112,354		19,116
Liberty National	47,431		6,083		47,753		6,355
American Income	29,801		1,951		29,754		1,812
Direct to Consumer	5,041		—		4,136		—
Total	$	344,453	$	29,012	$	310,393	$	28,332

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 Q1 2026 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 for three months ended March 31, 2026 and 2025:


	Life
	As of March 31, 2026						As of March 31, 2025
	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	$	26,921,746	$	15,186,466	$	15,307,810	$	25,905,546	$	14,643,965	$	14,852,317
PV of expected future net premiums	8,390,282		4,731,583		4,740,702		8,346,487		4,719,733		4,757,044
PV of expected future policy benefits	33,544,821		10,022,164		10,260,857		32,329,867		9,671,087		10,112,896

DTC
PV of expected future gross premiums	$	17,254,089	$	9,037,770	$	9,243,111	$	17,440,657	$	9,119,222	$	9,393,586
PV of expected future net premiums	10,067,844		5,303,589		5,431,703		10,487,810		5,512,271		5,686,115
PV of expected future policy benefits	25,660,408		8,646,842		9,059,095		25,953,052		8,709,934		9,253,740

Liberty National
PV of expected future gross premiums	$	5,008,059	$	2,916,980	$	2,890,910	$	4,865,443	$	2,833,738	$	2,827,949
PV of expected future net premiums	1,739,456		986,343		990,014		1,844,879		1,045,143		1,058,696
PV of expected future policy benefits	9,032,064		3,297,638		3,310,768		9,102,330		3,347,430		3,415,857

Other
PV of expected future gross premiums	$	3,443,306	$	1,770,835	$	1,865,492	$	3,595,733	$	1,830,596	$	1,946,761
PV of expected future net premiums	833,554		406,978		415,764		877,282		426,436		440,270
PV of expected future policy benefits	12,277,250		3,659,701		3,979,309		12,457,676		3,600,322		4,009,979

Total
PV of expected future gross premiums	$	52,627,200	$	28,912,051	$	29,307,323	$	51,807,379	$	28,427,521	$	29,020,613
PV of expected future net premiums	21,031,136		11,428,493		11,578,183		21,556,458		11,703,583		11,942,125
PV of expected future policy benefits	80,514,543		25,626,345		26,610,029		79,842,925		25,328,773		26,792,472

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 $17.7 billion and $17.1 billion, as of March 31, 2026 and 2025, respectively, and rather only includes the expected future net premiums.

GL Q1 2026 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	Health
	As of March 31, 2026						As of March 31, 2025
	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	$	13,070,849	$	7,895,697	$	7,853,610	$	9,431,321	$	5,798,787	$	5,779,686
PV of expected future net premiums	9,036,083		5,452,371		5,423,604		6,522,325		4,005,620		3,993,693
PV of expected future policy benefits	9,125,080		5,454,228		5,416,679		6,644,012		4,066,655		4,051,322

Family Heritage
PV of expected future gross premiums	$	7,687,714	$	4,465,719	$	4,247,355	$	7,377,322	$	4,282,970	$	4,048,299
PV of expected future net premiums	3,288,161		1,918,528		1,818,022		3,236,121		1,888,954		1,777,351
PV of expected future policy benefits	7,684,497		3,898,901		3,573,366		7,307,684		3,761,470		3,430,602

Liberty National
PV of expected future gross premiums	$	1,990,546	$	1,267,561	$	1,291,727	$	2,018,796	$	1,285,073	$	1,314,976
PV of expected future net premiums	487,956		327,215		328,101		491,199		331,182		332,931
PV of expected future policy benefits	1,331,674		755,268		770,261		1,358,567		778,662		799,440

American Income
PV of expected future gross premiums	$	2,001,385	$	1,058,815	$	1,082,465	$	1,782,370	$	998,794	$	1,029,082
PV of expected future net premiums	464,828		246,382		245,651		404,090		226,852		227,273
PV of expected future policy benefits	825,910		382,027		388,886		717,506		352,445		362,540

Direct to Consumer
PV of expected future gross premiums	$	423,910	$	252,978	$	256,788	$	251,621	$	159,881	$	163,737
PV of expected future net premiums	343,496		204,304		206,901		213,954		135,412		138,383
PV of expected future policy benefits	317,375		192,496		194,911		209,022		130,822		133,563

Total
PV of expected future gross premiums	$	25,174,404	$	14,940,770	$	14,731,945	$	20,861,430	$	12,525,505	$	12,335,780
PV of expected future net premiums	13,620,524		8,148,800		8,022,279		10,867,689		6,588,020		6,469,631
PV of expected future policy benefits	19,284,536		10,682,920		10,344,103		16,236,791		9,090,054		8,777,467

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 $6.7 billion and $5.8 billion as of March 31, 2026 and 2025, respectively, and rather only includes the expected future net premiums.

GL Q1 2026 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 March 31, 2026 and 2025:


	Policyholders' Account Balances
	2026						2025
	Interest Sensitive Life		Deferred Annuity(1)		Other Policy-holders' Funds		Interest Sensitive Life		Deferred Annuity(1)		Other Policy-holders' Funds
Balance at January 1,	$	711,687	$	580,669	$	532,047	$	723,389	$	656,573	$	468,604
Issuances	—		186		—		—		171		—
Premiums and deposits received	5,049		4,069		186,814		5,250		3,766		86,885
Policy charges	(2,804)		—		—		(2,986)		—		—
Surrenders and withdrawals	(5,627)		(13,722)		(143,318)		(5,966)		(16,531)		(93,128)
Benefit payments	(7,251)		(7,776)		—		(8,329)		(12,831)		—

Interest credited	6,764		4,743		5,604		6,875		5,373		5,443
Other	911		(91)		(4,695)		2,036		(302)		(4,656)
Balance at March 31,	$	708,729	$	568,078	$	576,452	$	720,269	$	636,219	$	463,148


Weighted-average credit rate	3.86		%	3.34		%	4.11		%	3.86		%	3.37		%	4.76		%
Net amount at risk	$	1,537,256		N/A			N/A			$	1,636,687		N/A			N/A
Cash surrender value	$	664,968		$	568,078		$	576,452		$	674,838		$	636,138		$	463,148

(1) At March 31, 2026 and 2025, $389 million and $439 million, respectively, has been reinsured with third-party reinsurers under existing reinsurance agreements.

GL Q1 2026 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 March 31, 2026 and 2025:


	At March 31, 2026
Range of guaranteed minimum crediting rates	Interest Sensitive Life		Deferred Annuity(1)		Other Policyholders' Funds
At guaranteed minimum:
Less than 3.00%	$	—	$	2,014	$	483,399
3.00%-3.99%	29,372		393,470		3,158
4.00%-4.99%	590,468		88,022		55,134
Greater than 5.00%	88,889		84,572		34,761



















Total	$	708,729	$	568,078	$	576,452

(1) At March 31, 2026, $389 million has been reinsured with third-party reinsurers under existing reinsurance agreements.


	At March 31, 2025
Range of guaranteed minimum crediting rates	Interest Sensitive Life		Deferred Annuity(1)		Other Policyholders' Funds
At guaranteed minimum:
Less than 3.00%	$	—	$	1,866	$	368,459
3.00%-3.99%	29,408		455,618		3,145
4.00%-4.99%	601,367		178,735		55,767
Greater than 5.00%	89,494		—		35,777



















Total	$	720,269	$	636,219	$	463,148

(1) At March 31, 2025, $439 million has been reinsured with third-party reinsurers under existing reinsurance agreements.

GL Q1 2026 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 month periods ended March 31, 2026 and 2025:


	Life
	American Income		DTC		Liberty National		Other		Total





Balance at January 1, 2025	$	2,900,229	$	1,781,230	$	728,790	$	290,506	$	5,700,755
Capitalizations	133,870		37,148		29,591		2,807		203,416
Amortization expense	(49,374)		(25,588)		(14,993)		(678)		(90,633)
Foreign exchange adjustment	1,282		—		—		—		1,282

Balance at March 31, 2025	$	2,986,007	$	1,792,790	$	743,388	$	292,635	$	5,814,820






Balance at January 1, 2026	$	3,248,907	$	1,818,120	$	790,987	$	289,736	$	6,147,750
Capitalizations	136,452		38,977		30,254		3,126		208,809
Amortization expense	(55,695)		(26,369)		(16,441)		(4,189)		(102,694)
Foreign exchange adjustment	(20)		—		—		—		(20)

Balance at March 31, 2026	$	3,329,644	$	1,830,728	$	804,800	$	288,673	$	6,253,845


	Health
	United American		Family Heritage		Liberty National		American Income		DTC		Total





Balance at January 1, 2025	$	70,530	$	496,119	$	148,920	$	76,319	$	1,533	$	793,421
Capitalizations	616		18,531		5,919		3,732		—		28,798
Amortization expense	(1,391)		(7,938)		(3,862)		(1,291)		(37)		(14,519)
Foreign exchange adjustment	—		—		—		73		—		73

Balance at March 31, 2025	$	69,755	$	506,712	$	150,977	$	78,833	$	1,496	$	807,773
















Balance at January 1, 2026	$	67,952	$	543,379	$	152,210	$	86,446	$	1,399	$	851,386
Capitalizations	806		21,505		3,466		3,683		1		29,461
Amortization expense	(1,270)		(9,105)		(3,861)		(1,323)		(29)		(15,588)
Foreign exchange adjustment	—		—		—		16		—		16

Balance at March 31, 2026	$	67,488	$	555,779	$	151,815	$	88,822	$	1,371	$	865,275

GL Q1 2026 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 for the three months ended March 31, 2026 and 2025:


		March 31,
	2026			2025
Life
American Income		$	3,329,644		$	2,986,007
Direct to Consumer		1,830,728			1,792,790
Liberty National		804,800			743,388
Other		288,673			292,635
Total DAC—Life		6,253,845			5,814,820

Health
United American		67,488			69,755
Family Heritage		555,779			506,712
Liberty National		151,815			150,977
American Income		88,822			78,833
Direct to Consumer		1,371			1,496
Total DAC—Health		865,275			807,773

Annuity		—			1,051
Total		$	7,119,120		$	6,623,644

GL Q1 2026 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:


	March 31, 2026		December 31, 2025
Balance at beginning of period	$	225,237	$	210,994
Less reinsurance recoverables	(1,233)		(1,521)
Net balance at beginning of period	224,004		209,473
Incurred related to:
Current year	247,284		851,946
Prior years	(3,365)		(1,831)
Total incurred	243,919		850,115
Paid related to:
Current year	107,594		659,556
Prior years	124,764		176,028
Total paid	232,358		835,584
Net balance at end of period	235,565		224,004
Plus reinsurance recoverables	1,035		1,233
Balance at end of period	$	236,600	$	225,237

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


	March 31, 2026		December 31, 2025
Policy claims and other benefits payable:
Life insurance	$	311,928	$	315,595
Health insurance	236,600		225,237
Total	$	548,528	$	540,832

GL Q1 2026 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 (the "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 March 31, 2026 and December 31, 2025.

Pension Assets by Component at March 31, 2026


	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)	$	52,641	$	—	$	—	$	52,641	8





Equity exchange traded fund(1)	328,164		—		—		328,164		50
U.S. Government and Agency	—		180,553		—		180,553		27
Other bonds	—		3		—		3		—
Guaranteed annuity contract(2)	—		46,454		—		46,454		7
Short-term investments	2,620		—		—		2,620		—
Other	1,127		—		—		1,127		—
	$	384,552	$	227,010	$	—	611,562		92
Other long-term investments(3)							48,519		8
Total pension assets							$	660,081	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 March 31, 2026, the Globe Life Inc. Pension Plan owned less than 1% of three 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 Q1 2026 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, 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)	$	53,437	$	—	$	—	$	53,437	8





Equity exchange traded fund(1)	344,409		—		—		344,409		50
U.S. Government and Agency	—		180,974		—		180,974		26
Other bonds	—		3		—		3		—
Guaranteed annuity contract(2)	—		46,341		—		46,341		7
Short-term investments	6,957		—		—		6,957		1
Other	3,747		—		—		3,747		1
	$	408,550	$	227,318	$	—	635,868		93
Other long-term investments(3)							48,411		7
Total pension assets							$	684,279	100

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

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

SERP: The following tables include premiums paid for COLI at March 31, 2026 and 2025 and investments of the Rabbi Trust at March 31, 2026 and December 31, 2025.






	March 31, 2026		December 31, 2025
Total investments:
COLI	$	59,479	$	59,008
Exchange traded funds	107,023		111,470
	$	166,502	$	170,478

Pension Plans and SERP Liabilities: The following table presents liabilities for the defined benefit pension plans and SERP at March 31, 2026 and December 31, 2025.


	March 31, 2026		December 31, 2025
Pension Plans	$	579,330	$	597,695
SERP	79,449		79,093
Benefit obligation	$	658,779	$	676,788

GL Q1 2026 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 month periods ended March 31, 2026 and 2025.

Components of Net Periodic Benefit Cost


	Three Months Ended March 31,
		2026		2025
Service cost—benefits earned during the period		$	6,837	$	6,242
Interest cost on projected benefit obligation		9,611		9,025
Expected return on assets		(12,338)		(11,563)
Amortization:
Prior service cost		252		292
Actuarial (gain) loss		—		—


Net periodic benefit cost		$	4,362	$	3,996

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 March 31,
		2026	2025
Basic weighted average shares outstanding		78,500,338	83,479,997
Weighted average dilutive options outstanding		1,240,187	1,000,116
Diluted weighted average shares outstanding		79,740,525	84,480,113

Antidilutive shares		131,267	635,610

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 Q1 2026 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
				March 31, 2026								December 31, 2025
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	$	(2,055)	$	547,945	$	549,104	$	547,748
Senior notes	08/21/2020	08/15/2030	2.150%	400,000		(2,275)		397,725		359,252		397,604
Senior notes(1)	05/19/2022	06/15/2032	4.800%	250,000		(3,198)		246,802		247,225		246,692
Senior notes	08/23/2024	09/15/2034	5.850%	450,000		(4,675)		445,325		463,991		445,218

Junior subordinated debentures	11/17/2017	11/17/2057	5.275%	125,000		(1,534)		123,466		108,704		123,461
Junior subordinated debentures	06/14/2021	06/15/2061	4.250%	325,000		(7,506)		317,494		200,200		317,472
Term loan(2)	05/11/2023	08/15/2027	5.127%	250,000		(982)		249,018		249,018		248,890
Subtotal				2,350,000		(22,225)		2,327,775		2,177,494		2,327,085
Unamortized issuance costs(3)				—		(6,238)		(6,238)		—		(6,292)

Total long-term debt				2,350,000		(28,463)		2,321,537		2,177,494		2,320,793




Commercial paper				459,250		(2,203)		457,047		457,047		304,656
Total short-term debt				459,250		(2,203)		457,047		457,047		304,656

Total debt				$	2,809,250	$	(30,666)	$	2,778,584	$	2,634,541	$	2,625,449

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

(2)Interest calculated quarterly using Secured Overnight Financing Rate (SOFR) plus 135 basis points. The term loan was amended on August 15, 2024 extending the maturity date from November 11, 2024 to August 15, 2027 and increasing the principal amount from $170 million to $250 million.

(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.

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.

GL Q1 2026 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

As of March 31, 2026, 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 ("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" on the Condensed Consolidated Statements of Operations. The Company also reimburses the Trust for its administrative expenses. The Issuance Right will be exercised automatically in full upon (i) our failure to pay the facility fee or to purchase any Strips required to be purchased under the Facility, if the failure to pay is not cured within 30 days, or (ii) certain bankruptcy events involving the Company. We are also required to exercise the Issuance Right in full if our consolidated stockholders’ equity (excluding accumulated other comprehensive income ("AOCI") falls below $1.85 billion, subject to certain adjustments. As of March 31, 2026, the Company had no senior note issuances under the Facility Agreement.

Commercial Paper*:* The following tables present selected information concerning our commercial paper borrowings.

Credit Facility—Commercial Paper


	As of
	March 31, 2026			December 31, 2025			March 31, 2025
Balance of commercial paper at end of period (par value)	$	459,250		$	306,000		$	409,500
Annualized interest rate	4.02		%	4.05		%	5.13		%
Letters of credit outstanding	$	115,000		$	115,000		$	115,000
Remaining amount available under credit line	425,750			579,000			475,500

Credit Facility—Commercial Paper Activity


	Three Months Ended March 31,
	2026			2025
Average balance of commercial paper outstanding during period (par value)	$	373,981		$	478,950
Daily-weighted average interest rate (annualized)	3.98		%	5.08		%
Maximum daily amount outstanding during period (par value)	$	559,250		$	605,500
Commercial paper issued during period (par value)	759,250			586,000
Commercial paper matured during period (par value)	(606,000)			(595,500)
Net commercial paper issued (matured) during period (par value)	153,250			(9,500)

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 $33.0 million in FHLB common stock as of March 31, 2026 and $32.5 million as of December 31, 2025. 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

GL Q1 2026 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

investments*"* on 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 March 31, 2026, Globe Life's insurance subsidiaries' maximum borrowing capacity under the FHLB facility was approximately $969 million, net of outstanding funding agreements and short-term borrowings, on pledged assets with a fair value of $1.8 billion. As of March 31, 2026, $482 million in funding agreements were outstanding with the FHLB, compared to $437 million as of December 31, 2025. This amount is included in "Other policyholders' funds" on the Condensed Consolidated Balance Sheets. The Company had no short-term borrowings from the FHLB as of March 31, 2026. Short-term borrowings were $70 million for the same period in 2025.

GL Q1 2026 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 (the "CODM"), our Co-CEOs, evaluate the overall performance of the operations of the Company in accordance with these 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 following tables present segment premium revenue by each of Globe Life's distribution channels.


Premium Income by Distribution Channel

	Three Months Ended March 31, 2026
	Life			Health			Total
Distribution Channel	Amount		% of Total	Amount		% of Total		Amount		% of Total
American Income	$	459,200	54	$	31,119	7		$	490,319	38
Direct to Consumer	244,223		29	20,645		5		264,868		21
Liberty National	99,885		12	47,579		11		147,464		12
United American	1,720		—	194,426		47		196,146		15
Family Heritage	2,043		—	123,139		30		125,182		10
Other	46,134		5	—		—		46,134		4
Total	$	853,205	100	$	416,908	100		$	1,270,113	100


Premium Income by Distribution Channel

	Three Months Ended March 31, 2025
	Life			Health			Total
Distribution Channel	Amount		% of Total	Amount		% of Total		Amount		% of Total
American Income	$	437,866	53	$	30,691	8		$	468,557	39
Direct to Consumer	245,600		30	18,976		5		264,576		22
Liberty National	96,182		11	47,922		13		144,104		12
United American	1,592		—	159,848		43		161,440		13
Family Heritage	1,726		—	112,354		31		114,080		10
Other	46,897		6	—		—		46,897		4
Total	$	829,863	100	$	369,791	100		$	1,199,654	100

GL Q1 2026 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	Three Months Ended March 31, 2026
	Life		Health		Investment		Consolidated
Revenue:
Premium	$	853,205	$	416,908	$	—	$	1,270,113
Net investment income	—		—		289,824		289,824
Segment revenue	853,205		416,908		289,824		1,559,937
Realized gains (losses)							(1,478)
Other income							1,160
Total consolidated revenue							$	1,559,619

Expenses:
Policy obligations(1)	518,850		263,734		5,546		788,130
Required interest on reserves	(216,538)		(28,882)		247,624		2,204
Amortization of acquisition costs	102,694		15,588		—		118,282
Commissions	43,547		47,445		—		90,992
Premium taxes	17,773		8,223		—		25,996
Non-deferred acquisition costs	37,821		16,296		—		54,117

Segment profit or (loss)	$	349,058	$	94,504	$	36,654	480,216

Insurance administrative expenses:
Salaries							35,379
Other employee costs							13,771
Information technology costs							21,872
Legal costs							3,192
Other administrative costs							20,072
Parent expense							3,533
Stock-based compensation expense							13,603
Interest expense							34,000
Legal proceedings							2,222
Other expenses							91
Annuity							(1,969)
Total expenses							1,225,487

Income before income taxes per Condensed Consolidated Statement of Operations							$	334,132

(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 Q1 2026 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	Three Months Ended March 31, 2025
	Life		Health		Investment		Consolidated
Revenue:
Premium	$	829,863	$	369,791	$	—	$	1,199,654
Net investment income	—		—		280,614		280,614
Segment revenue	829,863		369,791		280,614		1,480,268
Realized gains (losses)							85
Other income							69
Total consolidated revenue							$	1,480,422

Expenses:
Policy obligations(1)	509,756		233,929		5,394		$	749,079
Required interest on reserves	(208,536)		(28,286)		239,350		2,528
Amortization of acquisition costs	90,633		14,519		—		105,152
Commissions	45,567		42,887		—		88,454
Premium taxes	18,011		7,493		—		25,504
Non-deferred acquisition costs	37,168		14,528		—		51,696

Segment profit or (loss)	$	337,264	$	84,721	$	35,870	457,855

Insurance administrative expenses:
Salaries							33,688
Other employee costs							10,301
Information technology costs							20,936
Legal costs							6,249
Other administrative costs							16,375
Parent expense							3,050
Stock-based compensation expense							12,019
Interest expense							34,992
Legal proceedings							6,128
Other expenses							—
Annuity							(1,810)
Total expenses							1,164,341

Income before income taxes per Condensed Consolidated Statement of Operations							$	316,081

GL Q1 2026 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


	March 31, 2026
	Life		Health		Investment		Consolidated
Cash and invested assets	$	—	$	—	$	20,663,607	$	20,663,607
Accrued investment income	—		—		289,633		289,633
Deferred acquisition costs	6,253,845		865,275		—		7,119,120
Goodwill	309,609		180,837		—		490,446

Total segment assets	$	6,563,454	$	1,046,112	$	20,953,240	28,562,806

Annuity and other corporate							2,403,045
Total assets							$	30,965,851


	December 31, 2025
	Life		Health		Investment		Consolidated
Cash and invested assets	$	—	$	—	$	20,614,713	$	20,614,713
Accrued investment income	—		—		272,818		272,818
Deferred acquisition costs	6,147,750		851,386		—		6,999,136
Goodwill	309,609		180,837		—		490,446

Total segment assets	$	6,457,359	$	1,032,223	$	20,887,531	28,377,113

Annuity and other corporate							2,436,579
Total assets							$	30,813,692

GL Q1 2026 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 ability of our subsidiaries to pay dividends to the Parent Company and to receive required regulatory approvals on such amounts;

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

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

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

14.The Company's ability to attract and retain agents;

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

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

Readers are also directed to consider other risks and uncertainties described in other documents on file with the Securities and Exchange Commission, including those described under Item 1A. Risk Factors.

GL Q1 2026 FORM 10-Q

GLOBE LIFE INC.

Management's Discussion & Analysis

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