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)



	June 30, 2026		December 31, 2025
Assets:
Investments:
Fixed maturities—available for sale, at fair value (amortized cost: 2026—$19,307,295; 2025—$18,820,464, allowance for credit losses: 2026— $3,297; 2025— $3,297)	$	17,940,189	$	17,589,342
Mortgage loans	425,513		428,517
Policy loans	758,676		741,375
Other long-term investments (includes: 2026—$1,097,834; 2025—$1,109,719 under the fair value option)	1,466,858		1,396,064
Short-term investments	198,327		314,711
Total investments	20,789,563		20,470,009
Cash	257,054		144,704
Accrued investment income	281,470		272,818
Other receivables	818,819		768,592
Deferred acquisition costs	7,230,169		6,999,136
Goodwill	490,446		490,446
Other assets	1,694,998		1,667,987
Total assets	$	31,562,519	$	30,813,692
Liabilities:
Future policy benefits at current discount rates: (at original discount rates: 2026—$18,454,909; 2025—$18,129,506)	$	19,286,395	$	19,169,687
Unearned and advance premium	282,270		270,663
Policy claims and other benefits payable	544,548		540,832
Other policyholders' funds	577,940		532,047
Total policy liabilities	20,691,153		20,513,229
Current and deferred income taxes	887,075		859,628
Short-term debt	277,953		304,656
Long-term debt (estimated fair value: 2026—$2,504,936; 2025—$2,225,320)	2,665,296		2,320,793
Other liabilities	885,227		840,807
Total liabilities	25,406,704		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	536,347		536,363
Accumulated other comprehensive income (loss)	(1,721,729)		(1,771,444)
Retained earnings	9,037,395		8,546,807
Treasury stock, at cost: (2026—15,164,175 shares; 2025—13,125,082 shares)	(1,788,416)		(1,429,365)
Total shareholders' equity	6,155,815		5,974,579
Total liabilities and shareholders' equity	$	31,562,519	$	30,813,692

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q2 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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenue:
Life premium	$	860,767	$	839,544	$	1,713,972	$	1,669,407
Health premium	436,855		378,099		853,763		747,890

Total premium	1,297,622		1,217,643		2,567,735		2,417,297
Net investment income	293,820		282,169		583,644		562,783
Realized gains (losses)	7,138		(18,574)		5,660		(18,489)

Other income	1,150		49		2,310		118
Total revenue	1,599,730		1,481,287		3,159,349		2,961,709

Benefits and expenses:
Life policyholder benefits(1)	513,959		519,355		1,032,809		1,029,111
Health policyholder benefits(2)	277,012		229,924		540,746		463,853
Other policyholder benefits	7,280		6,719		14,280		13,799
Total policyholder benefits	798,251		755,998		1,587,835		1,506,763

Amortization of deferred acquisition costs	120,537		111,401		238,819		216,916
Commissions, premium taxes, and non-deferred acquisition costs	173,754		157,411		343,640		321,734
Other operating expense	116,251		108,293		229,986		217,039
Interest expense	36,050		34,885		70,050		69,877
Total benefits and expenses	1,244,843		1,167,988		2,470,330		2,332,329

Income before income taxes	354,887		313,299		689,019		629,380
Income tax benefit (expense)	(67,140)		(60,550)		(130,746)		(122,068)



Net income	$	287,747	$	252,749	$	558,273	$	507,312




Basic net income per common share	$	3.71	$	3.09	$	7.16	$	6.13




Diluted net income per common share	$	3.65	$	3.05	$	7.04	$	6.07

(1)Net of total remeasurement gain of $23.5 million before tax for the three months ended June 30, 2026 and a total remeasurement gain of $16.7 million before tax for the same period in 2025. Net of total remeasurement gain of $42.4 million before tax for the six months ended June 30, 2026 and a total remeasurement gain of $25.3 million before tax for the same period in 2025.

(2)Net of total remeasurement gain of $1.3 million before tax for the three months ended June 30, 2026 and a total remeasurement gain of $3.9 million before tax for the same period in 2025. Net of total remeasurement gain of $7.3 million before tax for the six months ended June 30, 2026 and a total remeasurement gain of $4.3 million before tax for the same period in 2025.

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q2 2026 FORM 10-Q

Globe Life Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

(Dollar amounts in thousands)



	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net income	$	287,747	$	252,749	$	558,273	$	507,312

Other comprehensive income (loss):

Investments:
Unrealized gains (losses) on fixed maturities:
Unrealized holding gains (losses) arising during period	190,472		(134,318)		(130,773)		80,810

Other reclassification adjustments included in net income	(4,616)		10,603		(6,185)		7,262
Foreign exchange adjustment on fixed maturities recorded at fair value	1,047		(1,328)		974		(1,758)



Total unrealized investment gains (losses)	186,903		(125,043)		(135,984)		86,314
Less applicable tax (expense) benefit	(39,249)		26,264		28,556		(18,123)
Unrealized gains (losses) on investments, net of tax	147,654		(98,779)		(107,428)		68,191

Future Policy Benefits:
Change in discount rate on future policy benefits	(201,807)		92,229		208,644		(47,123)
Less applicable tax (expense) benefit	42,378		(19,367)		(43,815)		9,896
Future policy benefit adjustments, net of tax	(159,429)		72,862		164,829		(37,227)






Foreign exchange translation:
Foreign exchange translation adjustments, other than securities	(11,707)		16,300		(11,417)		18,721
Less applicable tax (expense) benefit	2,458		(3,425)		2,398		(3,933)
Foreign exchange translation adjustments, other than securities, net of tax	(9,249)		12,875		(9,019)		14,788

Pension:



Pension adjustments	107		59		1,687		127
Less applicable tax (expense) benefit	(21)		(12)		(354)		(27)
Pension adjustments, net of tax	86		47		1,333		100

Other comprehensive income (loss)	(20,938)		(12,995)		49,715		45,852
Comprehensive income (loss)	$	266,809	$	239,754	$	607,988	$	553,164

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q2 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

Comprehensive income (loss)	—		—		—		(20,938)		287,747		—		266,809
Common dividends declared ($0.3300 per share)	—		—		—		—		(25,426)		—		(25,426)
Acquisition of treasury stock	—		—		—		—		—		(274,722)		(274,722)
Stock-based compensation	—		—		12,118		—		—		4,856		16,974
Exercise of stock options	—		—		—		—		(11,318)		98,902		87,584

Balance at June 30, 2026	$	—	$	92,218	$	536,347	$	(1,721,729)	$	9,037,395	$	(1,788,416)	$	6,155,815


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

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


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


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

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

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

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q2 2026 FORM 10-Q

Globe Life Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Dollar amounts in thousands)



	Six Months Ended June 30,
	2026		2025













Cash provided from (used for) operating activities	$	735,000	$	739,813

Cash provided from (used for) investing activities:
Investments sold or matured:
Fixed maturities available for sale—sold	75,713		272,067
Fixed maturities available for sale—matured or other redemptions	242,641		132,253
Mortgage loans	36,430		3,437
Other long-term investments	98,959		25,939
Total investments sold or matured	453,743		433,696
Acquisition of investments:
Fixed maturities—available for sale	(812,686)		(511,297)
Mortgage loans	(83,698)		(66,686)
Other long-term investments	(153,345)		(53,799)
Total investments acquired	(1,049,729)		(631,782)
Net (increase) decrease in policy loans	(17,301)		(18,952)
Net (increase) decrease in short-term investments	116,384		(31,689)


Additions to property and equipment	(41,406)		(24,687)

Investments in low-income housing interests	(14,823)		(30,569)
Cash provided from (used for) investing activities	(553,132)		(303,983)

Cash provided from (used for) financing activities:
Issuance of common stock	108,981		93,391
Cash dividends paid to shareholders	(47,052)		(42,524)

Proceeds from issuance of debt	350,000		—
Payment for debt issuance costs	(7,042)		—
Net borrowing from Federal Home Loan Bank (FHLB)	—		70,000
Net borrowing (repayment) of commercial paper	(93,103)		26,983
Proceeds from commercial paper with original maturities greater than 90 days	187,522		361,118
Repayment of commercial paper with original maturities greater than 90 days	(121,122)		(408,962)
Acquisition of treasury stock	(515,187)		(514,855)
Net receipts (payments) from deposit-type products	59,287		59,600
Cash provided from (used for) financing activities	(77,716)		(355,249)

Effect of foreign exchange rate changes on cash	8,198		(6,784)
Net increase (decrease) in cash	112,350		73,797
Cash at beginning of year	144,704		165,325
Cash at end of period	$	257,054	$	239,122

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q2 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 June 30, 2026, and the condensed consolidated results of operations, comprehensive income, and cash flows for the periods ended June 30, 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.

Held for Sale: In connection with the Company's relocation of its home office operations, management committed to a plan to sell its building located at 3700 Stonebridge Drive, McKinney, Texas (the "Stonebridge Building").

During the second quarter of 2026, management assessed all held-for-sale criteria and concluded that all criteria have been satisfied. Accordingly, the Stonebridge Building has been classified as an asset held for sale in "Other assets" on the Company's Condensed Consolidated Balance Sheets as of June 30, 2026. Upon classification, depreciation of the asset ceased. Book value of the building, land and improvements was approximately $27.9 million as of June 30, 2026. The asset is measured at the lower of its carrying amount or fair value less costs to sell. The Company has executed a purchase agreement related to the Stonebridge Building for a purchase price of $34.0 million, with the sale expected to occur by the end of the year. Based on management's review of the purchase price and estimated selling costs, no impairment loss was recognized upon classification. Operating expenses associated with the Stonebridge Building are expected to continue with the planned wind-down of operations and maintenance activities at the property.

GL Q2 2026 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 2—New Accounting Standards

Accounting Pronouncements Yet to be Adopted: ASU No. 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.

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 Q2 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)

Components of Accumulated Other Comprehensive Income: An analysis of the change in balance by component of Accumulated Other Comprehensive Income is as follows for the three and six month periods ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026
	Available for Sale Assets		Future Policy Benefits		Foreign Exchange		Pension Adjustments		Total
Balance at April 1, 2026	$	(1,225,064)	$	(497,370)	$	(8,814)	$	30,457	$	(1,700,791)
Other comprehensive income (loss) before reclassifications, net of tax	151,301		(159,429)		(9,249)		—		(17,377)
Reclassifications, net of tax	(3,647)		—		—		86		(3,561)
Other comprehensive income (loss)	147,654		(159,429)		(9,249)		86		(20,938)
Balance at June 30, 2026	$	(1,077,410)	$	(656,799)	$	(18,063)	$	30,543	$	(1,721,729)


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


	Six Months Ended June 30, 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	(102,542)		164,829		(9,019)		—		53,268
Reclassifications, net of tax	(4,886)		—		—		1,333		(3,553)
Other comprehensive income (loss)	(107,428)		164,829		(9,019)		1,333		49,715
Balance at June 30, 2026	$	(1,077,410)	$	(656,799)	$	(18,063)	$	30,543	$	(1,721,729)


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

GL Q2 2026 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Reclassification Adjustments: Reclassification adjustments out of accumulated other comprehensive income are presented below for the three and six month periods ended June 30, 2026 and 2025.


	Three Months Ended June 30,				Six Months Ended June 30,				Affected line items in the Statements of Operations
Component Line Item	2026		2025		2026		2025
Unrealized investment (gains) losses on available for sale assets:
Realized (gains) losses	$	(2,464)	$	12,837	$	(1,747)	$	12,009	Realized (gains) losses

Amortization of (discount) premium	(2,152)		(2,234)		(4,438)		(4,747)		Net investment income
Total before tax	(4,616)		10,603		(6,185)		7,262
Tax	969		(2,227)		1,299		(1,525)		Income taxes
Total after-tax	(3,647)		8,376		(4,886)		5,737
Pension adjustments:
Amortization of prior service cost	253		292		505		584		Other operating expense
Amortization of actuarial (gain) loss	(146)		(233)		1,182		(457)		Other operating expense
Total before tax	107		59		1,687		127
Tax	(21)		(12)		(354)		(27)		Income taxes
Total after-tax	86		47		1,333		100
Total reclassification (after-tax)	$	(3,561)	$	8,423	$	(3,553)	$	5,837

GL Q2 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 June 30, 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 June 30, 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	$	418,056	$	—	$	5	$	(31,097)	$	386,964	2
States, municipalities, and political subdivisions	3,425,038		—		22,865		(479,879)		2,968,024		17
Foreign governments	46,371		—		329		(7,699)		39,001		—
Corporates, by sector:
Industrials	8,015,069		—		141,850		(684,998)		7,471,921		42
Financial	5,051,600		—		92,973		(367,486)		4,777,087		26

Utilities	2,202,223		—		52,705		(103,774)		2,151,154		12
Total corporates	15,268,892		—		287,528		(1,156,258)		14,400,162		80

Other asset-backed securities	148,938		(3,297)		565		(168)		146,038		1
Total fixed maturities	$	19,307,295	$	(3,297)	$	311,292	$	(1,675,101)	$	17,940,189	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

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 $354 million and $313 million in fixed maturities at June 30, 2026 and December 31, 2025, respectively.

GL Q2 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 June 30, 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 June 30, 2026
	Amortized Cost, net		Fair Value
Fixed maturities available for sale:
Due in one year or less	$	188,169	$	188,860
Due after one year through five years	786,743		801,418
Due after five years through ten years	1,918,894		1,949,955
Due after ten years through twenty years	9,027,667		8,459,979
Due after twenty years	7,236,877		6,393,932
Mortgage-backed and asset-backed securities	145,648		146,045
	$	19,303,998	$	17,940,189

Analysis of Investment Operations: "Net investment income" for the three and six month periods ended June 30, 2026 and 2025 is summarized as follows:


	Three Months Ended June 30,					Six Months Ended June 30,
	2026		2025		% Change	2026		2025		% Change
Fixed maturities available for sale	$	248,601	$	245,205	1	$	494,420	$	487,415	1
Policy loans	14,656		13,850		6	28,937		27,508		5
Mortgage loans	8,274		5,350		55	15,860		12,018		32
Other long-term investments(1)	27,279		21,438		27	53,359		44,517		20
Short-term investments	2,550		3,059			5,419		4,535
	301,360		288,902		4	597,995		575,993		4
Less investment expense	(7,540)		(6,733)		12	(14,351)		(13,210)		9
Net investment income	$	293,820	$	282,169	4	$	583,644	$	562,783	4

(1)For the three months ended June 30, 2026 and 2025 the investment funds, accounted for under the fair value option method, recorded $21.9 million and $18.1 million in net investment income, respectively. For the six months ended June 30, 2026 and 2025, the investment funds, accounted for under the fair value option method, recorded $43.1 million and $37.3 million, respectively, in net investment income. Refer to Other Long-Term Investments below for further discussion on the investment funds.

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Fixed maturities available for sale:
Proceeds from sales(1)	$	60,947	$	218,156	$	75,713	$	272,067
Gross realized gains	713		1,617		962		3,095
Gross realized losses	(1,449)		(7,026)		(1,449)		(8,490)

(1)During the three and six months ended June 30, 2026, the Company had $0 unsettled trades. There were $0 unsettled trades for the same periods in 2025.

GL Q2 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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Realized investment gains (losses):
Fixed maturities available for sale:
Sales and other(1)	$	2,464	$	(12,837)	$	1,747	$	(12,049)

Provision for credit losses	—		—		—		40
Fair value option—change in fair value	(3,055)		(8,476)		2,516		(6,105)
Mortgage loans	(110)		(126)		(251)		307
Other investments	(630)		(264)		(1,954)		(1,342)
Realized gains (losses) from investments	(1,331)		(21,703)		2,058		(19,149)

Other gains (losses)	8,469		3,129		3,602		660
Total realized gains (losses)	7,138		(18,574)		5,660		(18,489)
Applicable tax	(1,499)		3,900		(1,188)		3,882
Realized gains (losses), net of tax	$	5,639	$	(14,674)	$	4,472	$	(14,607)

(1)During the three months ended June 30, 2026 and 2025, the Company recorded $28.7 million and $72.6 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $0 and $(3.2) million net realized gains (losses), respectively. During the six months ended June 30, 2026 and 2025, the Company recorded $29.0 million and $128.3 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $0 and $(3.1) million net realized gains (losses), respectively.

GL Q2 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 June 30, 2026 and December 31, 2025:


	Fair Value Measurement at June 30, 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	$	—		$	386,964		$	—		$	386,964
States, municipalities, and political subdivisions	—			2,965,047			2,977			2,968,024
Foreign governments	—			39,001			—			39,001
Corporates, by sector:

Financial	—			4,648,035			129,052			4,777,087

Utilities	—			2,018,134			133,020			2,151,154
Other corporate sectors	—			7,394,364			77,557			7,471,921
Total corporates	—			14,060,533			339,629			14,400,162

Other asset-backed securities	—			16,062			129,976			146,038
Total fixed maturities	$	—		$	17,467,607		$	472,582		$	17,940,189
Percentage of total	—		%	97		%	3		%	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

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 Q2 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	—			—			—			747			747
Included in other comprehensive income	177			—			—			(5,541)			(5,364)
Acquisitions	45,334			—			2,977			44,000			92,311
Sales	—			—			—			(4,480)			(4,480)
Amortization	—			—			—			(5)			(5)
Other(1)	(1,436)			—			—			(4,416)			(5,852)
Transfers into Level 3(2)	—			—			—			—			—
Transfers out of Level 3(2)	—			—			—			—			—
Balance at June 30, 2026	$	129,976		$	—		$	2,977		$	339,629		$	472,582
Percent of total fixed maturities	1		%	—		%	—		%	2		%	3		%

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

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


	Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Asset- backed Securities			Collateralized Debt Obligations			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	—			(588)			—			(4)			(592)
Included in other comprehensive income	71			—			—			(3,328)			(3,257)
Acquisitions	21,339			—			—			17,515			38,854
Sales	—			(36,398)			—			—			(36,398)
Amortization	—			1,893			—			13			1,906
Other(1)	—			(7,773)			—			(15,864)			(23,637)
Transfers into Level 3(2)	—			—			—			—			—
Transfers out of Level 3(2)	—			—			—			—			—
Balance at June 30, 2025	$	32,593		$	—		$	—		$	418,397		$	450,990
Percent of total fixed maturities	—		%	—		%	—		%	3		%	3		%

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

GL Q2 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 June 30, 2026	$	177	$	—	$	—	$	(5,541)	$	(5,364)
At June 30, 2025	71		—		—		(3,328)		(3,257)

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
	June 30, 2026
	Fair Value		Valuation Technique	Significant Unobservable Input	Range	Weighted- Average(1)
Corporates	$	339,629	Discounted cash flow	Credit rating	BB to AA	A-

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


Asset-backed securities	129,976		Discounted cash flow	Credit rating	CC to A	BBB

	$	472,582

(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 June 30, 2026	509	1,555	2,064
As of December 31, 2025	395	1,583	1,978

GL Q2 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 2,628 issues by 1,013 different issuers at June 30, 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 June 30, 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 June 30, 2026 and December 31, 2025.

Analysis of Gross Unrealized Investment Losses


	At June 30, 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	$	22,492	$	(290)	$	361,770	$	(30,807)	$	384,262	$	(31,097)
States, municipalities, and political subdivisions	577,998		(13,249)		1,729,875		(466,467)		2,307,873		(479,716)
Foreign governments	—		—		24,893		(7,699)		24,893		(7,699)
Corporates, by sector:
Industrials	1,019,521		(27,839)		3,460,943		(614,025)		4,480,464		(641,864)
Financial	716,497		(39,257)		1,780,569		(313,186)		2,497,066		(352,443)

Utilities	440,898		(9,613)		546,684		(87,402)		987,582		(97,015)
Total corporates	2,176,916		(76,709)		5,788,196		(1,014,613)		7,965,112		(1,091,322)

Other asset-backed securities	14,794		(107)		1,247		(61)		16,041		(168)
Total investment grade securities	2,792,200		(90,355)		7,905,981		(1,519,647)		10,698,181		(1,610,002)

Below investment grade securities:
States, municipalities, and political subdivisions	—		—		1,796		(163)		1,796		(163)


Industrials	61,696		(5,007)		130,832		(38,127)		192,528		(43,134)
Financial	18,636		(377)		87,111		(14,666)		105,747		(15,043)

Utilities	13,773		(248)		36,852		(6,511)		50,625		(6,759)
Total corporates	94,105		(5,632)		254,795		(59,304)		348,900		(64,936)

Other asset-backed securities	482		—		—		—		482		—
Total below investment grade securities	94,587		(5,632)		256,591		(59,467)		351,178		(65,099)
Total fixed maturities	$	2,886,787	$	(95,987)	$	8,162,572	$	(1,579,114)	$	11,049,359	$	(1,675,101)

GL Q2 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 Q2 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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Allowance for credit losses beginning balance	$	3,297	$	10,355	$	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	$	3,297	$	10,355

As of June 30, 2026, the Company had one fixed maturity security in non-accrual status with an amortized cost of $5.5 million and 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 $1.01 billion at June 30, 2026 and $1.04 billion at 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 June 30, 2026 and December 31, 2025 are as follows:


	June 30, 2026			December 31, 2025
	Carrying Value		% of Total	Carrying Value		% of Total
Property type:
Industrial	$	166,662	39	$	155,208	36
Hospitality	100,894		24	99,492		23
Multi-family	119,087		28	99,212		23
Retail	40,663		9	76,059		18
Office	2,973		1	3,061		1


Total recorded investment	430,279		101	433,032		101
Less allowance for credit losses	(4,766)		(1)	(4,515)		(1)
Carrying value, net of allowance for credit losses	$	425,513	100	$	428,517	100

GL Q2 2026 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	June 30, 2026			December 31, 2025
	Carrying Value		% of Total	Carrying Value		% of Total
Geographic location:
Florida	$	130,687	31	$	88,681	21
Texas	67,329		16	66,597		15
North Carolina	43,553		10	42,358		10
Minnesota	31,117		7	31,084		7
California	29,196		7	28,450		7
New York	21,424		5	31,948		7
Other	106,973		25	143,914		34
Total recorded investment	430,279		101	433,032		101
Less allowance for credit losses	(4,766)		(1)	(4,515)		(1)
Carrying value, net of allowance for credit losses	$	425,513	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 equate to higher risk of loss.


	June 30, 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%	$	84,531	$	55,879	$	282,207	$	422,617	98
70% to 80%	—		—		—		—		—
81% to 90%	—		—		—		—		—
Greater than 90%	7,662		—		—		7,662		2
Total	$	92,193	$	55,879	$	282,207	430,279		100
Less allowance for credit losses							(4,766)
Total, net of allowance for credit losses							$	425,513

(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 Q2 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 June 30, 2026, the Company had 37 loans in the portfolio. During the quarter, the Company evaluated the commercial mortgage loan portfolio on both an individual and pooling basis to determine the allowance for credit losses and determined no loans were collateral dependent or likely to foreclose.

For the six months ended June 30, 2026, the allowance for credit losses increased by $251 thousand to $4.8 million. The provision for credit losses is included in "Realized gains (losses)" on the Condensed Consolidated Statements of Operations.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Allowance for credit losses beginning balance	$	4,656	$	6,731	$	4,515	$	7,644

Provision (reversal) for credit losses	110		110		251		(138)
Reduction in allowance due to dispositions	—		(212)		—		(877)
Allowance for credit losses ending balance	$	4,766	$	6,629	$	4,766	$	6,629

As of June 30, 2026 and December 31, 2025, the Company had one commercial mortgage loan in non-accrual status with a principal balance of $1 million and no delinquent commercial mortgage loans. The Company's unfunded commitment balance to commercial loan borrowers was $18 million as of June 30, 2026.

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



	June 30, 2026		December 31, 2025
Investment funds	$	1,097,834	$	1,109,719
Company-owned life insurance(1)	327,966		243,721
Other	41,058		42,624
Total	$	1,466,858	$	1,396,064

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

GL Q2 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 June 30, 2026 and December 31, 2025 at fair value:


	Fair Value				Unfunded Commitments(2)
Investment Category	June 30, 2026		December 31, 2025		June 30, 2026		Redemption Term/Notice(1)






Commercial mortgage loans	$	584,373	$	614,080	$	471,848	Fully redeemable and non-redeemable with varying terms.
Opportunistic and private credit	227,624		223,665		201,728		Fully redeemable and non-redeemable with varying terms.


Infrastructure	201,040		187,964		32,711		Fully redeemable and non-redeemable with varying terms.


Other	84,797		84,010		55,359		Non-redeemable with varying terms
Total investment funds	$	1,097,834	$	1,109,719	$	761,646

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

(2) Unfunded commitments include unfunded balances during the investment period. After an investment period ends, the fund can call capital based on limited and specified reasons. As of June 30, 2026, unfunded commitments totaled $935 million, including funds past the investment period.

The Company had $75 million of capital called during the period from existing investment funds. The Company's unfunded commitments were $762 million as of June 30, 2026.

GL Q2 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 was amended and restated on June 26, 2026 and now expires in 2031. 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 June 30, 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. On May 15, 2026, the Lead Plaintiffs moved for class certification. The motion is scheduled to be fully briefed by October 30, 2026. 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.

GL Q2 2026 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

On January 3, 2025, the Court consolidated the two actions and 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 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.)). 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 April 17, 2026, following briefing on Plymouth's and Sugarbaker's competing leadership motions, the Court appointed Plymouth as Lead Plaintiff and Plymouth's counsel as Lead Counsel. On May 8, 2026, Plymouth filed a consolidated complaint. On June 23, 2026, Defendants filed a motion to dismiss the consolidated complaint.

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 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 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.

GL Q2 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 and six month periods ended June 30, 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	(112,710)		(112,667)		(13,776)		(8,888)		(248,041)
Adjusted balance at January 1, 2025	4,544,000		5,392,245		1,033,244		421,388		11,390,877
Issuances(1)	380,213		257,099		54,393		12,114		703,819
Interest accrual(2)	113,641		144,532		27,056		11,211		296,440
Net premiums collected(3)	(281,023)		(295,271)		(66,699)		(21,904)		(664,897)

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

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




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	(117,931)		(150,568)		(20,468)		(6,473)		(295,440)
Adjusted balance at January 1, 2026	4,592,372		5,170,545		968,375		402,476		11,133,768
Issuances(1)	342,094		236,412		56,143		10,388		645,037
Interest accrual(2)	111,883		138,540		25,004		10,642		286,069
Net premiums collected(3)	(284,261)		(284,783)		(63,093)		(21,181)		(653,318)

Effect of changes in the foreign exchange rate	(10,873)		—		—		—		(10,873)
Ending balance at original discount rates	4,751,215		5,260,714		986,429		402,325		11,400,683

Effect of change from original to current discount rates	23,922		137,514		5,719		9,761		176,916
Balance at June 30, 2026	$	4,775,137	$	5,398,228	$	992,148	$	412,086	$	11,577,599

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

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

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

GL Q2 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 net premiums
	American Income		DTC		Liberty National		Other		Total
Balance at April 1, 2025	$	4,757,044	$	5,686,115	$	1,058,696	$	440,270	$	11,942,125
Beginning balance at original discount rates	4,719,733		5,512,271		1,045,143		426,436		11,703,583
Effect of changes in assumptions on future cash flows	—		—		—		—		—
Effect of actual variances from expected experience	(61,093)		(73,750)		(5,858)		(5,199)		(145,900)
Adjusted balance at April 1, 2025	4,658,640		5,438,521		1,039,285		421,237		11,557,683
Issuances(1)	184,580		135,319		28,611		6,902		355,412
Interest accrual(2)	57,175		72,325		13,535		5,586		148,621
Net premiums collected(3)	(141,459)		(147,560)		(33,437)		(10,916)		(333,372)

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

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

Balance at April 1, 2026	$	4,740,702	$	5,431,703	$	990,014	$	415,764	$	11,578,183
Beginning balance at original discount rates	4,731,583		5,303,589		986,343		406,978		11,428,493
Effect of changes in assumptions on future cash flows	—		—		—		—		—
Effect of actual variances from expected experience	(58,064)		(84,834)		(10,193)		(4,448)		(157,539)
Adjusted balance at April 1, 2026	4,673,519		5,218,755		976,150		402,530		11,270,954
Issuances(1)	175,081		114,943		29,331		5,179		324,534
Interest accrual(2)	56,068		69,095		12,489		5,296		142,948
Net premiums collected(3)	(143,018)		(142,079)		(31,541)		(10,680)		(327,318)

Effect of changes in the foreign exchange rate	(10,435)		—		—		—		(10,435)
Ending balance at original discount rates	4,751,215		5,260,714		986,429		402,325		11,400,683

Effect of change from original to current discount rates	23,922		137,514		5,719		9,761		176,916
Balance at June 30, 2026	$	4,775,137	$	5,398,228	$	992,148	$	412,086	$	11,577,599

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

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

GL Q2 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		(123,908)			(122,494)			(17,717)			(12,945)			(277,064)
Adjusted balance at January 1, 2025		9,384,680			8,538,454			3,322,502			3,569,123			24,814,759
Issuances(1)		380,214			257,097			54,393			12,115			703,819
Interest accrual(2)		256,757			239,097			89,565			107,021			692,440
Benefit payments(3)		(226,848)			(291,899)			(107,656)			(70,952)			(697,355)

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

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		(133,143)			(171,791)			(25,929)			(11,718)			(342,581)
Adjusted balance at January 1, 2026		9,772,288			8,445,138			3,265,961			3,631,674			25,115,061
Issuances(1)		342,093			236,410			56,142			10,387			645,032
Interest accrual(2)		263,320			237,189			87,650			108,837			696,996
Benefit payments(3)		(235,113)			(269,600)			(103,848)			(77,065)			(685,626)

Effect of changes in the foreign exchange rate		(26,770)			—			—			—			(26,770)
Ending balance at original discount rates		10,115,818			8,649,137			3,305,905			3,673,833			25,744,693
Effect of change from original to current discount rates		338,849			459,950			33,678			355,230			1,187,707
Balance at June 30, 2026		$	10,454,667		$	9,109,087		$	3,339,583		$	4,029,063		$	26,932,400

(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 Q2 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 April 1, 2025		$	10,112,896		$	9,253,740		$	3,415,857		$	4,009,979		$	26,792,472
Beginning balance at original discount rates		9,671,087			8,709,934			3,347,430			3,600,322			25,328,773
Effect of changes in assumptions on future cash flows		—			—			—			—			—
Effect of actual variances from expected experience		(68,094)			(80,546)			(9,006)			(7,498)			(165,144)
Adjusted balance at April 1, 2025		9,602,993			8,629,388			3,338,424			3,592,824			25,163,629
Issuances(1)		184,580			135,318			28,612			6,905			355,415
Interest accrual(2)		129,298			119,903			44,830			53,634			347,665
Benefit payments(3)		(117,722)			(141,860)			(53,062)			(36,056)			(348,700)

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





Balance at April 1, 2026	$	10,260,857	$	9,059,095	$	3,310,768	$	3,979,309	$	26,610,029
Beginning balance at original discount rates	10,022,164		8,646,842		3,297,638		3,659,701		25,626,345
Effect of changes in assumptions on future cash flows	—		—		—		—		—
Effect of actual variances from expected experience	(66,295)		(96,067)		(13,806)		(7,921)		(184,089)
Adjusted balance at April 1, 2026	9,955,869		8,550,775		3,283,832		3,651,780		25,442,256
Issuances(1)	175,079		114,942		29,331		5,178		324,530
Interest accrual(2)	132,306		118,721		43,853		54,524		349,404
Benefit payments(3)	(121,541)		(135,301)		(51,111)		(37,649)		(345,602)

Effect of changes in the foreign exchange rate	(25,895)		—		—		—		(25,895)
Ending balance at original discount rates	10,115,818		8,649,137		3,305,905		3,673,833		25,744,693
Effect of change from original to current discount rates	338,849		459,950		33,678		355,230		1,187,707
Balance at June 30, 2026	$	10,454,667	$	9,109,087	$	3,339,583	$	4,029,063	$	26,932,400

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

GL Q2 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 June 30, 2025
	American Income		DTC		Liberty National		Other		Total
Net liability for future policy benefits at original discount rates	$	5,058,074	$	3,244,144	$	2,310,810	$	3,194,498	$	13,807,526
Effect of changes in discount rate assumptions	357,999		351,631		47,846		377,103		1,134,579
Other adjustments(1)	75		—		—		35		110
Net liability for future policy benefits, after other adjustments, at current discount rates	5,416,148		3,595,775		2,358,656		3,571,636		14,942,215
Reinsurance recoverable	(177)		—		(7,984)		(14)		(8,175)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	5,415,971	$	3,595,775	$	2,350,672	$	3,571,622	$	14,934,040

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


	Life
	Net liability for future policy benefits as of June 30, 2026
	American Income		DTC		Liberty National		Other		Total
Net liability for future policy benefits at original discount rates	$	5,364,603	$	3,388,423	$	2,319,476	$	3,271,508	$	14,344,010
Effect of changes in discount rate assumptions	314,927		322,436		27,959		345,469		1,010,791
Other adjustments(1)	103		130		—		24		257
Net liability for future policy benefits, after other adjustments, at current discount rates	5,679,633		3,710,989		2,347,435		3,617,001		15,355,058
Reinsurance recoverable	(194)		—		(8,223)		(12)		(8,429)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	5,679,439	$	3,710,989	$	2,339,212	$	3,616,989	$	15,346,629

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

GL Q2 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 and six month periods ended June 30, 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	(3,085)		(27,223)		(17,307)		(9,744)		(299)		(57,658)
Adjusted balance at January 1, 2025	3,945,771		1,840,650		320,968		215,397		131,620		6,454,406
Issuances(1)	228,892		135,477		26,889		20,650		11,434		423,342
Interest accrual(2)	95,079		39,696		8,053		5,305		3,403		151,536
Net premiums collected(3)	(163,600)		(100,206)		(26,730)		(13,457)		(6,971)		(310,964)

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

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

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	(17,009)		(20,847)		(15,128)		(6,934)		84		(59,834)
Adjusted balance at January 1, 2026	5,256,266		1,874,956		316,286		238,366		201,533		7,887,407
Issuances(1)	413,747		139,050		24,517		17,422		4,836		599,572
Interest accrual(2)	125,360		40,179		7,624		5,700		4,558		183,421
Net premiums collected(3)	(202,309)		(106,621)		(26,592)		(14,065)		(8,092)		(357,679)

Effect of changes in the foreign exchange rate	—		—		—		(936)		—		(936)
Ending balance at original discount rates	5,593,064		1,947,564		321,835		246,487		202,835		8,311,785

Effect of change from original to current discount rates	(9,826)		(92,906)		706		429		3,299		(98,298)
Balance at June 30, 2026	$	5,583,238	$	1,854,658	$	322,541	$	246,916	$	206,134	$	8,213,487

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

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

GL Q2 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 net premiums
	United American		Family Heritage		Liberty National		American Income		DTC		Total
Balance at April 1, 2025	$	3,993,693	$	1,777,351	$	332,931	$	227,273	$	138,383	$	6,469,631
Beginning balance at original discount rates	4,005,620		1,888,954		331,182		226,852		135,412		6,588,020
Effect of changes in assumptions on future cash flows	—		—		—		—		—		—
Effect of actual variances from expected experience	25,129		(13,323)		(6,587)		(4,863)		1,116		1,472
Adjusted balance at April 1, 2025	4,030,749		1,875,631		324,595		221,989		136,528		6,589,492
Issuances(1)	111,268		70,716		14,233		10,209		4,770		211,196
Interest accrual(2)	48,210		20,056		3,962		2,662		1,723		76,613
Net premiums collected(3)	(84,085)		(50,786)		(13,610)		(6,743)		(3,535)		(158,759)

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

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

Balance at April 1, 2026	$	5,423,604	$	1,818,022	$	328,101	$	245,651	$	206,901	$	8,022,279
Beginning balance at original discount rates	5,452,371		1,918,528		327,215		246,382		204,304		8,148,800
Effect of changes in assumptions on future cash flows	—		—		—		—		—		—
Effect of actual variances from expected experience	5,481		(7,955)		(8,117)		(3,626)		293		(13,924)
Adjusted balance at April 1, 2026	5,457,852		1,910,573		319,098		242,756		204,597		8,134,876
Issuances(1)	178,610		70,633		12,425		8,842		29		270,539
Interest accrual(2)	63,559		20,251		3,743		2,856		2,267		92,676
Net premiums collected(3)	(106,957)		(53,893)		(13,431)		(7,052)		(4,058)		(185,391)

Effect of changes in the foreign exchange rate	—		—		—		(915)		—		(915)
Ending balance at original discount rates	5,593,064		1,947,564		321,835		246,487		202,835		8,311,785

Effect of change from original to current discount rates	(9,826)		(92,906)		706		429		3,299		(98,298)
Balance at June 30, 2026	$	5,583,238	$	1,854,658	$	322,541	$	246,916	$	206,134	$	8,213,487

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

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

GL Q2 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		(6,629)			(30,870)			(15,255)			(12,205)			(124)			(65,083)
Adjusted balance at January 1, 2025		4,020,231			3,681,174			775,886			336,506			127,851			8,941,648
Issuances(1)		228,111			135,476			26,531			20,650			11,392			422,160
Interest accrual(2)		97,069			78,270			20,796			8,951			3,403			208,489
Benefit payments(3)		(192,355)			(79,732)			(50,278)			(11,126)			(8,370)			(341,861)

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

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		(23,121)			(25,479)			(11,994)			(8,547)			(1,148)			(70,289)
Adjusted balance at January 1, 2026		5,273,062			3,820,169			753,970			371,535			190,124			10,408,860
Issuances(1)		413,043			139,051			24,199			17,421			4,815			598,529
Interest accrual(2)		126,014			81,642			19,832			9,606			4,558			241,652
Benefit payments(3)		(226,539)			(84,885)			(49,267)			(14,485)			(9,458)			(384,634)

Effect of changes in the foreign exchange rate		—			—			—			(1,842)			—			(1,842)
Ending balance at original discount rates		5,585,580			3,955,977			748,734			382,235			190,039			10,862,565
Effect of change from original to current discount rates		(17,453)			(294,093)			15,704			9,022			3,015			(283,805)
Balance at June 30, 2026		$	5,568,127		$	3,661,884		$	764,438		$	391,257		$	193,054		$	10,578,760

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

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

GL Q2 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 April 1, 2025		$	4,051,322		$	3,430,602		$	799,440		$	362,540		$	133,563		$	8,777,467
Beginning balance at original discount rates		4,066,655			3,761,470			778,662			352,443			130,822			9,090,052
Effect of changes in assumptions on future cash flows		—			—			—			—			—			—
Effect of actual variances from expected experience		18,426			(15,115)			(4,250)			(6,009)			1,067			(5,881)
Adjusted balance at April 1, 2025		4,085,081			3,746,355			774,412			346,434			131,889			9,084,171
Issuances(1)		110,710			70,717			14,054			10,209			4,762			210,452
Interest accrual(2)		49,086			39,514			10,326			4,496			1,722			105,144
Benefit payments(3)		(91,821)			(41,398)			(25,857)			(5,806)			(4,097)			(168,979)

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





Balance at April 1, 2026	$	5,416,679	$	3,573,366	$	770,261	$	388,886	$	194,911	$	10,344,103
Beginning balance at original discount rates	5,454,228		3,898,901		755,268		382,027		192,496		10,682,920
Effect of changes in assumptions on future cash flows	—		—		—		—		—		—
Effect of actual variances from expected experience	4,265		(9,984)		(3,842)		(4,571)		(314)		(14,446)
Adjusted balance at April 1, 2026	5,458,493		3,888,917		751,426		377,456		192,182		10,668,474
Issuances(1)	178,252		70,634		12,259		8,841		28		270,014
Interest accrual(2)	63,754		41,155		9,845		4,810		2,267		121,831
Benefit payments(3)	(114,919)		(44,729)		(24,796)		(7,067)		(4,438)		(195,949)

Effect of changes in the foreign exchange rate	—		—		—		(1,805)		—		(1,805)
Ending balance at original discount rates	5,585,580		3,955,977		748,734		382,235		190,039		10,862,565
Effect of change from original to current discount rates	(17,453)		(294,093)		15,704		9,022		3,015		(283,805)
Balance at June 30, 2026	$	5,568,127	$	3,661,884	$	764,438	$	391,257	$	193,054	$	10,578,760

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

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

GL Q2 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 June 30, 2025
	United American		Family Heritage		Liberty National		American Income		Direct to Consumer		Total
Net liability for future policy benefits at original discount rates	$	46,914	$	1,899,571	$	443,755	$	128,243	$	(5,210)	$	2,513,273
Effect of changes in discount rate assumptions	(4,731)		(219,376)		19,638		9,293		(326)		(195,502)
Other adjustments(1)	45,814		16		10,861		702		6,259		63,652
Net liability for future policy benefits, after other adjustments, at current discount rates	87,997		1,680,211		474,254		138,238		723		2,381,423
Reinsurance recoverable	(2,376)		—		(890)		—		—		(3,266)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	85,621	$	1,680,211	$	473,364	$	138,238	$	723	$	2,378,157

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


	Health
	Net liability for future policy benefits as of June 30, 2026
	United American		Family Heritage		Liberty National		American Income		Direct to Consumer		Total
Net liability for future policy benefits at original discount rates	(7,484)		2,008,413		426,899		135,748		(12,796)		2,550,780
Effect of changes in discount rate assumptions	(7,627)		(201,187)		14,998		8,593		(284)		(185,507)
Other adjustments(1)	82,714		96		13,388		692		13,635		110,525
Net liability for future policy benefits, after other adjustments, at current discount rates	67,603		1,807,322		455,285		145,033		555		2,475,798
Reinsurance recoverable	(1,788)		—		(601)		—		—		(2,389)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	65,815	$	1,807,322	$	454,684	$	145,033	$	555	$	2,473,409

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

GL Q2 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 the three and six month periods ended June 30, 2026 and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Life Remeasurement Gain (Loss)—Experience:
American Income	$	7,936	$	6,672	$	14,996	$	10,851
Direct to Consumer	11,015		6,609		20,834		9,589
Liberty National	1,685		1,432		2,639		1,614
Other	2,847		2,032		3,954		3,216
Total Life Remeasurement Gain (Loss)—Experience	23,483		16,745		42,423		25,270

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)	23,483		16,745		42,423		25,270

Health Remeasurement Gain (Loss)—Experience:
United American	(170)		1,938		1,753		(1,882)
Family Heritage	2,001		1,640		4,559		3,476
Liberty National	(1,434)		(821)		(600)		362
American Income	875		1,089		1,531		2,338
Direct to Consumer	22		32		67		28
Total Health Remeasurement Gain (Loss)—Experience	1,294		3,878		7,310		4,322

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

Total Health Remeasurement Gain (Loss)	$	1,294	$	3,878	$	7,310	$	4,322

(1)Changes to the judgments, assumptions, and methods used in measuring the liability for future policy benefits occur annually, unless otherwise necessary. There were no changes to the judgments, assumptions, and methods used in measuring the liability for future policy benefits during the six months ended June 30, 2026 and 2025.

GL Q2 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 June 30, 2026 and 2025:



	At Original Discount Rates				At Current Discount Rates
	As of June 30,				As of June 30,
	2026		2025		2026		2025
Life(1):
American Income	$	5,364,702	$	5,058,139	$	5,679,633	$	5,416,148
Direct to Consumer	3,388,555		3,244,145		3,710,989		3,595,775
Liberty National	2,319,476		2,310,810		2,347,435		2,358,656
Other	3,271,530		3,194,531		3,617,001		3,571,636
Net liability for future policy benefits—long duration life	14,344,263		13,807,625		15,355,058		14,942,215

Health(1):
United American	69,893		88,003		67,603		87,997
Family Heritage	2,008,581		1,899,578		1,807,322		1,680,211
Liberty National	439,682		454,025		455,285		474,254
American Income	136,419		128,924		145,033		138,238
Direct to Consumer	533		708		555		723
Net liability for future policy benefits—long duration health	2,655,108		2,571,238		2,475,798		2,381,423

Deferred profit liability	189,461		181,140		189,461		181,140
Deferred annuity	550,688		615,897		550,688		615,897
Interest sensitive life	706,527		717,140		706,527		717,140
Other	8,862		8,939		8,863		8,940
Total future policy benefits	$	18,454,909	$	17,901,979	$	19,286,395	$	18,846,755

GL Q2 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 June 30, 2026 and 2025:


	As of June 30,
	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	%	5.5	%	6.0	%	5.5	%
Liberty National	5.6	%	5.5	%	5.6	%	5.5	%
Other	6.2	%	5.6	%	6.2	%	5.5	%

Health
United American	5.1	%	5.2	%	5.1	%	5.1	%
Family Heritage	4.2	%	5.4	%	4.2	%	5.3	%
Liberty National	5.8	%	5.4	%	5.8	%	5.3	%
American Income	5.8	%	5.3	%	5.8	%	5.2	%
Direct to Consumer	5.1	%	5.2	%	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 June 30, 2026 and 2025:


		As of June 30,
	2026			2025
		At original discount rates	At current discount rates		At original discount rates	At current discount rates
Life
American Income		22.12	21.98		22.60	22.42
Direct to Consumer		18.44	19.24		19.07	19.86
Liberty National		15.29	15.14		15.35	15.18
Other		15.39	16.04		15.83	16.53

Health
United American		12.42	11.15		11.68	10.49
Family Heritage		16.24	14.90		15.28	14.00
Liberty National		9.60	9.42		9.41	9.22
American Income		13.24	13.16		12.45	12.37
Direct to Consumer		12.42	11.15		11.68	10.49

GL Q2 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 the three and six month periods ended June 30, 2026 and 2025:


	Life
	Six Months Ended June 30, 2026				Six Months Ended June 30, 2025
	Gross Premiums		Required Interest Expense		Gross Premiums		Required Interest Expense
American Income	$	924,861	$	151,437	$	882,738	$	143,116
Direct to Consumer	483,267		98,620		486,442		94,526
Liberty National	198,832		62,480		191,631		62,224
Other	98,490		98,195		100,108		95,333
Total	$	1,705,450	$	410,732	$	1,660,919	$	395,199


	Life
	Three Months Ended June 30, 2026				Three Months Ended June 30, 2025
	Gross Premiums		Interest Expense		Gross Premiums		Interest Expense
American Income	$	465,980	$	76,237	$	445,289	$	72,123
Direct to Consumer	241,656		49,612		243,572		47,559
Liberty National	99,688		31,292		96,331		31,175
Other	49,127		49,228		50,194		48,048
Total	$	856,451	$	206,369	$	835,386	$	198,905


	Health
	Six Months Ended June 30, 2026				Six Months Ended June 30, 2025
	Gross Premiums		Required Interest Expense		Gross Premiums		Required Interest Expense
United American	$	296,358	$	583	$	239,422	$	1,867
Family Heritage	249,412		41,462		228,210		38,574
Liberty National	94,674		12,160		95,221		12,690
American Income	59,589		3,906		59,543		3,646
Direct to Consumer	10,182		—		8,350		—
Total	$	710,215	$	58,111	$	630,746	$	56,777


	Health
	Three Months Ended June 30, 2026				Three Months Ended June 30, 2025
	Gross Premiums		Interest Expense		Gross Premiums		Interest Expense
United American	$	157,317	$	163	$	123,026	$	818
Family Heritage	126,273		20,904		115,856		19,458
Liberty National	47,243		6,077		47,468		6,335
American Income	29,788		1,955		29,789		1,834
Direct to Consumer	5,141		—		4,214		—
Total	$	365,762	$	29,099	$	320,353	$	28,445

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

GL Q2 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 gross premiums, expected future net premiums, and expected future policy benefits, at both original and current discount rates, for life and health contracts as of June 30, 2026 and 2025:


	Life
	As of June 30, 2026						As of June 30, 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	$	27,141,808	$	15,293,634	$	15,460,145	$	26,323,656	$	14,880,435	$	15,115,288
PV of expected future net premiums	8,435,850		4,751,215		4,775,137		8,440,381		4,771,461		4,818,081
PV of expected future policy benefits	33,867,034		10,115,818		10,454,667		32,858,954		9,829,535		10,234,154

DTC
PV of expected future gross premiums	$	17,184,687	$	9,003,407	$	9,227,482	$	17,465,145	$	9,138,361	$	9,430,064
PV of expected future net premiums	9,983,044		5,260,714		5,398,228		10,454,351		5,498,605		5,682,370
PV of expected future policy benefits	25,645,454		8,649,137		9,109,087		26,022,344		8,742,749		9,278,145

Liberty National
PV of expected future gross premiums	$	5,055,775	$	2,941,856	$	2,923,681	$	4,928,564	$	2,871,400	$	2,869,264
PV of expected future net premiums	1,739,597		986,429		992,148		1,848,910		1,047,994		1,063,162
PV of expected future policy benefits	9,071,350		3,305,905		3,339,583		9,159,106		3,358,804		3,421,818

Other
PV of expected future gross premiums	$	3,412,424	$	1,757,383	$	1,853,837	$	3,571,030	$	1,820,383	$	1,938,264
PV of expected future net premiums	823,718		402,325		412,086		869,582		422,809		436,784
PV of expected future policy benefits	12,248,940		3,673,833		4,029,063		12,451,064		3,617,307		4,008,385

Total
PV of expected future gross premiums	$	52,794,694	$	28,996,280	$	29,465,145	$	52,288,395	$	28,710,579	$	29,352,880
PV of expected future net premiums	20,982,209		11,400,683		11,577,599		21,613,224		11,740,869		12,000,397
PV of expected future policy benefits	80,832,778		25,744,693		26,932,400		80,491,468		25,548,395		26,942,502

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 $17.9 billion and $17.4 billion, as of June 30, 2026 and 2025, respectively, and rather only includes the expected future net premiums.

GL Q2 2026 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	Health
	As of June 30, 2026						As of June 30, 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	$	13,529,278	$	8,168,981	$	8,153,609	$	9,701,771	$	5,974,711	$	5,982,760
PV of expected future net premiums	9,271,574		5,593,064		5,583,238		6,674,188		4,106,142		4,112,123
PV of expected future policy benefits	9,360,545		5,585,580		5,568,127		6,782,252		4,153,056		4,154,306

Family Heritage
PV of expected future gross premiums	$	7,855,732	$	4,546,335	$	4,345,127	$	7,545,828	$	4,365,220	$	4,145,063
PV of expected future net premiums	3,350,379		1,947,564		1,854,658		3,293,461		1,915,617		1,810,846
PV of expected future policy benefits	7,843,369		3,955,977		3,661,884		7,465,105		3,815,188		3,491,041

Liberty National
PV of expected future gross premiums	$	1,965,930	$	1,249,002	$	1,272,494	$	2,006,456	$	1,276,610	$	1,309,873
PV of expected future net premiums	482,498		321,835		322,541		489,624		329,180		331,851
PV of expected future policy benefits	1,324,987		748,734		764,438		1,353,104		772,935		795,244

American Income
PV of expected future gross premiums	$	1,993,118	$	1,053,728	$	1,081,418	$	1,795,279	$	1,005,844	$	1,036,573
PV of expected future net premiums	465,807		246,487		246,916		408,732		229,169		229,830
PV of expected future policy benefits	826,833		382,235		391,257		728,196		357,412		367,366

Direct to Consumer
PV of expected future gross premiums	$	425,902	$	254,873	$	259,508	$	256,043	$	163,050	$	167,656
PV of expected future net premiums	340,104		202,835		206,134		220,022		139,486		143,068
PV of expected future policy benefits	312,948		190,039		193,054		214,895		134,276		137,532

Total
PV of expected future gross premiums	$	25,769,960	$	15,272,919	$	15,112,156	$	21,305,377	$	12,785,435	$	12,641,925
PV of expected future net premiums	13,910,362		8,311,785		8,213,487		11,086,027		6,719,594		6,627,718
PV of expected future policy benefits	19,668,682		10,862,565		10,578,760		16,543,552		9,232,867		8,945,489

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 $6.9 billion and $6.0 billion as of June 30, 2026 and 2025, respectively, and rather only includes the expected future net premiums.

GL Q2 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 June 30, 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	—		473		—		—		347		—
Premiums and deposits received	9,882		6,972		255,930		10,400		6,953		148,520
Policy charges	(5,564)		—		—		(5,878)		—		—
Surrenders and withdrawals	(11,511)		(27,905)		(211,943)		(12,074)		(32,065)		(126,908)
Benefit payments	(13,814)		(18,648)		—		(16,332)		(25,926)		—

Interest credited	13,518		9,481		11,413		13,758		10,561		10,903
Other	2,329		(354)		(9,507)		3,877		(546)		(8,973)
Balance at June 30,	$	706,527	$	550,688	$	577,940	$	717,140	$	615,897	$	492,146

(1) At June 30, 2026 and 2025, $377 million and $427 million, respectively, has been reinsured with third-party reinsurers under existing reinsurance agreements.


	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 April 1,	$	708,729	$	568,078	$	576,452	$	720,269	$	636,219	$	463,148
Issuances	—		287		—		—		176		—
Premiums and deposits received	4,833		2,903		69,116		5,150		3,187		61,635
Policy charges	(2,760)		—		—		(2,892)		—		—
Surrenders and withdrawals	(5,884)		(14,183)		(68,625)		(6,108)		(15,534)		(33,780)
Benefit payments	(6,563)		(10,872)		—		(8,003)		(13,095)		—

Interest credited	6,754		4,738		5,809		6,883		5,188		5,460
Other	1,418		(263)		(4,812)		1,841		(244)		(4,317)
Balance at June 30,	$	706,527	$	550,688	$	577,940	$	717,140	$	615,897	$	492,146


Weighted-average credit rate	3.87		%	3.43		%	4.09		%	3.89		%	3.36		%	4.65		%
Net amount at risk	$	1,512,781		N/A			N/A			$	1,609,774		N/A			N/A
Cash surrender value	$	662,772		$	550,688		$	577,940		$	671,517		$	615,897		$	492,146

(1) At June 30, 2026 and 2025, $377 million and $427 million, respectively, has been reinsured with third-party reinsurers under existing reinsurance agreements.

GL Q2 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 June 30, 2026 and 2025:


	At June 30, 2026
Range of guaranteed minimum crediting rates	Interest Sensitive Life		Deferred Annuity(1)		Other Policyholders' Funds
At guaranteed minimum:
Less than 3.00%	$	—	$	2,090	$	485,407
3.00%-3.99%	29,413		378,618		3,170
4.00%-4.99%	587,960		169,980		54,836
Greater than 5.00%	89,154		—		34,527



















Total	$	706,527	$	550,688	$	577,940

(1) At June 30, 2026, $377 million has been reinsured with third-party reinsurers under existing reinsurance agreements.


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



















Total	$	717,140	$	615,897	$	492,146

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

GL Q2 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 and six month periods ended June 30, 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	268,475		73,401		59,258		6,172		407,306
Amortization expense	(100,155)		(51,493)		(30,352)		(4,834)		(186,834)
Foreign exchange adjustment	9,821		—		—		—		9,821

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

Balance at January 1, 2026	$	3,248,907	$	1,818,120	$	790,987	$	289,736	$	6,147,750
Capitalizations	274,007		72,887		65,135		6,554		418,583
Amortization expense	(112,647)		(53,020)		(33,301)		(8,377)		(207,345)
Foreign exchange adjustment	(7,459)		—		—		—		(7,459)

Balance at June 30, 2026	$	3,402,808	$	1,837,987	$	822,821	$	287,913	$	6,351,529


	Life
	American Income		DTC		Liberty National		Other		Total





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

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






Balance at April 1, 2026	$	3,329,644	$	1,830,728	$	804,800	$	288,673	$	6,253,845
Capitalizations	137,555		33,910		34,881		3,428		209,774
Amortization expense	(56,952)		(26,651)		(16,860)		(4,188)		(104,651)
Foreign exchange adjustment	(7,439)		—		—		—		(7,439)

Balance at June 30, 2026	$	3,402,808	$	1,837,987	$	822,821	$	287,913	$	6,351,529

GL Q2 2026 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	Health
	United American		Family Heritage		Liberty National		American Income		DTC		Total







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

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

Balance at January 1, 2026	$	67,952	$	543,379	$	152,210	$	86,446	$	1,399	$	851,386
Capitalizations	1,691		43,569		6,371		7,398		1		59,030
Amortization expense	(2,615)		(18,410)		(7,718)		(2,674)		(57)		(31,474)
Foreign exchange adjustment	—		—		—		(302)		—		(302)

Balance at June 30, 2026	$	67,028	$	568,538	$	150,863	$	90,868	$	1,343	$	878,640


	Health
	United American		Family Heritage		Liberty National		American Income		DTC		Total





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

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
















Balance at April 1, 2026	$	67,488	$	555,779	$	151,815	$	88,822	$	1,371	$	865,275
Capitalizations	885		22,064		2,905		3,715		—		29,569
Amortization expense	(1,345)		(9,305)		(3,857)		(1,351)		(28)		(15,886)
Foreign exchange adjustment	—		—		—		(318)		—		(318)

Balance at June 30, 2026	$	67,028	$	568,538	$	150,863	$	90,868	$	1,343	$	878,640

GL Q2 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 as of June 30, 2026 and 2025:


		June 30,
	2026			2025
Life
American Income		$	3,402,808		$	3,078,370
Direct to Consumer		1,837,987			1,803,138
Liberty National		822,821			757,696
Other		287,913			291,844
Total DAC—Life		6,351,529			5,931,048

Health
United American		67,028			69,073
Family Heritage		568,538			518,183
Liberty National		150,863			152,822
American Income		90,868			81,545
Direct to Consumer		1,343			1,459
Total DAC—Health		878,640			823,082

Annuity		—			691
Total		$	7,230,169		$	6,754,821

GL Q2 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:


	June 30, 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	499,329		851,946
Prior years	(1,382)		(1,831)
Total incurred	497,947		850,115
Paid related to:
Current year	319,278		659,556
Prior years	158,382		176,028
Total paid	477,660		835,584
Net balance at end of period	244,291		224,004
Plus reinsurance recoverables	999		1,233
Balance at end of period	$	245,290	$	225,237

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


	June 30, 2026		December 31, 2025
Policy claims and other benefits payable:
Life insurance	$	299,258	$	315,595
Health insurance	245,290		225,237
Total	$	544,548	$	540,832

GL Q2 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 non-qualified non-contributory supplemental executive retirement plan ("SERP") that covers a limited number of officers. The tables included herein will focus on the Pension Plans and SERP.

Pension Assets: The following table presents the assets of the Company's Pension Plans at June 30, 2026 and December 31, 2025.

Pension Assets by Component at June 30, 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)	$	53,013	$	—	$	—	$	53,013	7





Equity exchange traded fund(1)	368,599		—		—		368,599		52
U.S. Government and Agency	—		182,724		—		182,724		26
Other bonds	—		2		—		2		—
Guaranteed annuity contract(2)	—		46,539		—		46,539		7
Short-term investments	7,403		—		—		7,403		1
Other	1,035		—		—		1,035		—
	$	430,050	$	229,265	$	—	659,315		93
Other long-term investments(3)							50,062		7
Total pension assets							$	709,377	100

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

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

(3)Includes non-redeemable investment funds that report the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value (NAV) per share, or its equivalent, as a practical expedient for fair value. As of June 30, 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 Q2 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 table presents investments of the Rabbi Trust at June 30, 2026 and December 31, 2025.






	June 30, 2026		December 31, 2025
Total investments:
COLI	$	59,154	$	59,008
Exchange traded funds	118,504		111,470
	$	177,658	$	170,478

Pension Plans and SERP Liabilities: The following table presents liabilities for the defined benefit pension plans and SERP at June 30, 2026 and December 31, 2025.


	June 30, 2026		December 31, 2025
Pension Plans	$	630,920	$	597,695
SERP	79,778		79,093
Benefit obligation	$	710,698	$	676,788

GL Q2 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 and six month periods ended June 30, 2026 and 2025.

Components of Net Periodic Benefit Cost


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Service cost—benefits earned during the period	$	6,834	$	6,243	$	13,671	$	12,485
Interest cost on projected benefit obligation	9,612		9,024		19,223		18,049
Expected return on assets	(12,339)		(11,563)		(24,677)		(23,126)
Amortization:
Prior service cost	253		292		505		584
Actuarial (gain) loss	—		—		—		—


Net periodic benefit cost	$	4,360	$	3,996	$	8,722	$	7,992

Note 10—Earnings Per Share

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


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Basic weighted average shares outstanding	77,460,371	81,915,162	77,977,482	82,693,257
Weighted average dilutive options outstanding	1,448,781	877,499	1,355,855	937,793
Diluted weighted average shares outstanding	78,909,152	82,792,661	79,333,337	83,631,050

Antidilutive shares	—	867,652	—	755,708

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

GL Q2 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
				June 30, 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	$	(1,859)	$	548,141	$	548,762	$	547,748
Senior notes	08/21/2020	08/15/2030	2.150%	400,000		(2,154)		397,846		360,952		397,604
Senior notes(1)	05/19/2022	06/15/2032	4.800%	400,000		(7,573)		392,427		394,428		246,692
Senior notes	08/23/2024	09/15/2034	5.850%	450,000		(4,567)		445,433		464,247		445,218

Junior subordinated debentures	11/17/2017	11/17/2057	5.275%	125,000		(1,530)		123,470		92,299		123,461
Junior subordinated debentures	06/14/2021	06/15/2061	4.250%	325,000		(7,484)		317,516		197,600		317,472
Term loan(2)	05/11/2023	06/26/2029	5.116%	450,000		(3,352)		446,648		446,648		248,890
Subtotal				2,700,000		(28,519)		2,671,481		2,504,936		2,327,085
Unamortized issuance costs(3)				—		(6,185)		(6,185)		—		(6,292)

Total long-term debt				2,700,000		(34,704)		2,665,296		2,504,936		2,320,793




Commercial paper				279,000		(1,047)		277,953		277,953		304,656
Total short-term debt				279,000		(1,047)		277,953		277,953		304,656

Total debt				$	2,979,000	$	(35,751)	$	2,943,249	$	2,782,889	$	2,625,449

(1)The $150 million 4.80% Senior Notes, previously held by two insurance subsidiaries, were sold and issued to a third party at a discount of $4.2 million during the quarter ended June 30, 2026.

(2)The term loan was amended and restated on June 26, 2026 extending the maturity date from August 15, 2027 to June 26, 2029 and increasing the principal amount from $250 million to $450 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 was amended on June 26, 2026 and now matures on June 26, 3031, and may be extended up to a one-year period 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 Q2 2026 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

As of June 30, 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 June 30, 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
	June 30, 2026			December 31, 2025			June 30, 2025
Balance of commercial paper at end of period (par value)	$	279,000		$	306,000		$	397,000
Annualized interest rate	4.07		%	4.05		%	4.73		%
Letters of credit outstanding	$	115,000		$	115,000		$	115,000
Remaining amount available under credit line	606,000			579,000			488,000

Credit Facility—Commercial Paper Activity


	Six Months Ended June 30,
	2026			2025
Average balance of commercial paper outstanding during period (par value)	$	395,242		$	456,181
Daily-weighted average interest rate (annualized)	4.02		%	4.99		%
Maximum daily amount outstanding during period (par value)	$	559,250		$	605,500
Commercial paper issued during period (par value)	1,266,250			1,158,250
Commercial paper matured during period (par value)	(1,293,250)			(1,180,250)
Net commercial paper issued (matured) during period (par value)	(27,000)			(22,000)

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 $32.9 million in FHLB common stock as of June 30, 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 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.

GL Q2 2026 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

As of June 30, 2026, Globe Life's insurance subsidiaries' maximum borrowing capacity under the FHLB facility was approximately $986 million, net of outstanding funding agreements and short-term borrowings, on pledged assets with a fair value of $1.7 billion. As of June 30, 2026, $484 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 June 30, 2026. Short-term borrowings were $70 million for the same period in 2025.

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 June 30, 2026
	Life			Health			Total
Distribution Channel	Amount		% of Total	Amount		% of Total		Amount		% of Total
American Income	$	466,334	54	$	30,805	7		$	497,139	38
Direct to Consumer	244,220		29	20,958		5		265,178		20
Liberty National	100,516		12	47,403		11		147,919		11
United American	1,593		—	211,416		48		213,009		16
Family Heritage	2,156		—	126,273		29		128,429		10
Other	45,948		5	—		—		45,948		5
Total	$	860,767	100	$	436,855	100		$	1,297,622	100




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

GL Q2 2026 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


Premium Income by Distribution Channel

	Six Months Ended June 30, 2026
	Life			Health			Total
Distribution Channel	Amount		% of Total	Amount		% of Total		Amount		% of Total
American Income	$	925,534	54	$	61,924	7		$	987,458	38
Direct to Consumer	488,443		29	41,603		5		530,046		21
Liberty National	200,401		12	94,982		11		295,383		11
United American	3,313		—	405,842		48		409,155		16
Family Heritage	4,199		—	249,412		29		253,611		10
Other	92,082		5	—		—		92,082		4
Total	$	1,713,972	100	$	853,763	100		$	2,567,735	100


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

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

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

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

Globe Life holds a sizable investment portfolio to support its insurance liabilities, the yield from which is used to offset policy benefit, acquisition, administrative, and tax expenses. This yield or investment income is taken into account when establishing premium rates and profitability expectations for its insurance products. From time to time, investments are sold or called, or experience a credit loss event, each of which are reflected by the Company as realized gain (loss)—investments. These gains or losses generally occur as a result of disposition due to issuer

GL Q2 2026 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

calls, compliance with Company investment policies, or other reasons often beyond management’s control. Unlike investment income, realized gains and losses are incidental to insurance operations, and only overall yields are considered when setting premium rates or insurance product profitability expectations. While these gains and losses are not relevant to segment profitability or core operating results, they can have a material positive or negative result on net income. For these reasons, management removes realized investment gains and losses when it views its segment operations.

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

GL Q2 2026 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

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


	Three Months Ended June 30, 2026
	Life		Health		Investment		Consolidated
Revenue:
Premium	$	860,767	$	436,855	$	—	$	1,297,622
Net investment income	—		—		293,820		293,820
Segment revenue	860,767		436,855		293,820		1,591,442
Realized gains (losses)							7,138
Other income							1,150
Total consolidated revenue							$	1,599,730

Expenses:
Policy obligations(1)	513,959		277,012		5,782		796,753
Required interest on reserves	(218,540)		(28,951)		249,723		2,232
Amortization of acquisition costs	104,651		15,886		—		120,537
Commissions	44,160		47,490		—		91,650
Premium taxes	18,260		8,328		—		26,588
Non-deferred acquisition costs	38,927		17,805		—		56,732

Segment profit or (loss)	$	359,350	$	99,285	$	38,315	496,950

Insurance administrative expenses:
Salaries							34,340
Other employee costs							8,508
Information technology costs							24,607
Legal costs							3,917
Other administrative costs							20,074
Parent expense							4,569
Stock-based compensation expense							16,974
Interest expense							36,050
Legal proceedings							3,262
Other expenses							—
Annuity							(1,950)
Total expenses							1,244,843

Income before income taxes per Condensed Consolidated Statements of Operations							$	354,887

(1)Policy obligations are impacted by actual claims and policyholder behavior, including impacts relative to assumptions related to lapses, mortality, and morbidity. For detailed information, including remeasurement gains and losses, see Note 6—Policy Liabilities**.

GL Q2 2026 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


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

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

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

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

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

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

GL Q2 2026 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	Six Months Ended June 30, 2026
	Life		Health		Investment		Consolidated
Revenue:
Premium	$	1,713,972	$	853,763	$	—	$	2,567,735
Net investment income	—		—		583,644		583,644
Segment revenue	1,713,972		853,763		583,644		3,151,379
Realized gains (losses)							5,660
Other income							2,310
Total consolidated revenue							$	3,159,349

Expenses:
Policy obligations(1)	1,032,809		540,746		11,328		1,584,883
Required interest on reserves	(435,078)		(57,833)		497,347		4,436
Amortization of acquisition costs	207,345		31,474		—		238,819
Commissions	87,707		94,935		—		182,642
Premium taxes	36,033		16,551		—		52,584
Non-deferred acquisition costs	76,748		34,101		—		110,849

Segment profit or (loss)	$	708,408	$	193,789	$	74,969	977,166

Insurance administrative expenses:
Salaries							69,719
Other employee costs							22,279
Information technology costs							46,479
Legal costs							7,109
Other administrative costs							40,146
Parent expense							8,102
Stock-based compensation expense							30,577
Interest expense							70,050
Legal proceedings							5,484
Other expenses							91
Annuity							(3,919)
Total expenses							2,470,330

Income before income taxes per Condensed Consolidated Statement of Operations							$	689,019

GL Q2 2026 FORM 10-Q

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


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

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

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

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

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

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

GL Q2 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


	June 30, 2026
	Life		Health		Investment		Consolidated
Cash and invested assets	$	—	$	—	$	21,046,617	$	21,046,617
Accrued investment income	—		—		281,470		281,470
Deferred acquisition costs	6,351,529		878,640		—		7,230,169
Goodwill	309,609		180,837		—		490,446

Total segment assets	$	6,661,138	$	1,059,477	$	21,328,087	29,048,702

Annuity and other corporate							2,513,817
Total assets							$	31,562,519


	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 Q2 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.Ratings changes with respect to our financial performance and condition;

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

6.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;

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

8.Litigation results and regulatory actions;

9.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);

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

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

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

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

14.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;

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

16.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

17.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 Q2 2026 FORM 10-Q

GLOBE LIFE INC.

Management's Discussion & Analysis

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