GLOBE LIFE INC. - Annual Report: 2024 (Form 10-K)

Non-operating expenses(2,070)(3,294)(4,196)1,224 902 Legal proceedings(17,044)(711)(1,972)(16,333)1,261 Total unrealized investment gains (losses)() ()Less applicable tax (expense) benefit () Unrealized gains (losses) on investments, net of tax() ()Future Policy benefits:Change in discount rate on future policy benefits () Less applicable tax (expense) benefit() ()Future policy benefit adjustments, net of tax () Foreign exchange translation:Foreign exchange translation adjustments, other than securities() ()Less applicable tax (expense) benefit () Foreign exchange translation adjustments, other than securities, net of tax() ()Pension:Amortization of pension costs () Plan amendments() Experience gain (loss) () Pension adjustments () Less applicable tax (expense) benefit() ()Pension adjustments, net of tax () Other comprehensive income (loss)

Comprehensive income (loss)

$ $ $

See accompanying Notes to Consolidated Financial Statements.

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Globe Life Inc.

Consolidated Statements of Shareholders' Equity

(Dollar amounts in thousands, except per share data)

Preferred Stock

Common Stock

Additional Paid-In Capital

Accumulated Other Comprehensive Income (Loss)

Retained Earnings

Treasury Stock

Total Shareholders' Equity

Year Ended December 31, 2022

Balance at January 1, 2022

()

Comprehensive income (loss)

—

Common dividends declared

($ per share)

—

()

—

()

Acquisition of treasury stock

—

()

Stock-based compensation

—

()

Exercise of stock options

—

()

Retirement of treasury stock

—

()

—

()

Balance at December 31, 2022

()

Year Ended December 31, 2023

Balance at January 1, 2023

()

Comprehensive income (loss)

—

Common dividends declared

($ per share)

—

()

—

()

Acquisition of treasury stock

—

()

Stock-based compensation

—

Exercise of stock options

—

()

Retirement of treasury stock

—

()

—

()

Balance at December 31, 2023

()

Year Ended December 31, 2024

Balance at January 1, 2024

()

Comprehensive income (loss)

—

Common dividends declared

($ per share)

—

()

—

()

Acquisition of treasury stock

—

()

Stock-based compensation

—

()

Exercise of stock options

—

()

Retirement of treasury stock

—

()

—

()

Balance at December 31, 2024

()

See accompanying Notes to Consolidated Financial Statements.

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Consolidated Statements of Cash Flows

(Dollar amounts in thousands)


	Year Ended December 31,
	2024	2023	2022
Net income	$	$	$
Adjustments to reconcile net income to cash provided from operations:
Increase (decrease) in future policy benefits
Increase (decrease) in other policy benefits
Deferral of policy acquisition costs	()	()	()
Amortization of deferred policy acquisition costs
Change in current and deferred income taxes
Realized (gains) losses
Other, net	()	()
Cash provided from (used for) operating activities

Cash provided from (used for) investing activities:
Investments sold or matured:
Fixed maturities available for sale—sold
Fixed maturities available for sale—matured or other redemptions
Mortgage loans
Other long-term investments
Total investments sold or matured
Acquisition of investments:
Fixed maturities—available for sale	()	()	()
Mortgage loans	()	()	()
Other long-term investments	()	()	()
Total investments acquired	()	()	()
Net (increase) decrease in policy loans	()	()	()
Net (increase) decrease in short-term investments	()		()
Additions to property and equipment	()	()	()
Other investing activities
Investments in low-income housing interests	()	()	()
Cash provided from (used for) investing activities	()	()	()

Cash provided from (used for) financing activities:
Issuance of common stock
Cash dividends paid to shareholders	()	()	()
Repayment of debt		()	()
Proceeds from issuance of debt
Payment for debt issuance costs	()	()	()

% of the total liability for future policy benefits. The liability is determined each reporting period based on the net level premium method. This method requires the liability for future policy benefits 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. Net level premiums reflect a recomputed net premium ratio using actual experience since the issue date or January 1, 2021, the Transition Date(1), and expected future experience. The liability is accrued as premium revenue is recognized and adjusted for differences between actual and expected experience. Long-duration insurance contracts issued by the Company are grouped into cohorts based on the contract issue year, distribution channel, legal entity, and product type.

(1) On January 1, 2023, the Company adopted ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12) on a modified retrospective basis as the transition date (Transition Date) of January 1, 2021.

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Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

million. The pre-tax ceding commission under the agreement was approximately $ million and will be recognized into income over the remaining life of the ceded contracts. Amounts paid to the reinsurer upon entering into the coinsurance agreement were $413 million, which are reflected as a cash outflow within financing activities in the Consolidated Statement of Cash Flows. The underlying policies ceded are deposit-type contracts and the coinsurance agreement transfers only timing risk to the reinsurer. Net amounts paid to the reinsurer and reimbursements for losses after inception of the

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Globe Life Inc.

Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

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

For more information, see Note 8—Liability for Unpaid Claims.

More information concerning the accounting and disclosures for postretirement benefits is found in Note 10—Postretirement Benefits.

More information is found in Note 13—Shareholders' Equity.

million, $ million, and $ million for the years ended December 31, 2024, 2023, and 2022, respectively. Other premium consists of annuity policy charges in each year. For limited-payment life insurance products, the profits are recognized over the contract period.

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Globe Life Inc.

Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ Premium taxes Non-deferred acquisition costs Total$ $ $ % % %Dividend yield % % %Expected term (in years)Risk-free rate % % %

The expected term is generally derived from Company experience. However, expected terms are determined based on the simplified method as permitted under the ASC 718, Stock Compensation, topic when Company experience is insufficient. On April 26, 2018, the shareholders approved the Globe Life Inc. 2018 Incentive Plan, formerly the Torchmark Corporation 2018 Incentive Plan (the "2018 Incentive Plan"). The 2018 Incentive Plan replaced all previous plans. The 2018 Incentive Plan allows for option grants for employees with a contractual term which vest over in addition to grants which vest over as permitted by the previous plans. Director grants vest over . Volatility and risk-free interest rates are assumed over a period of time consistent with the expected term of the option. Volatility is measured on a historical basis. Monthly data points are utilized to derive volatility for periods and longer. Expected dividend yield is based on current dividend yield held constant over the expected term. Once the fair value of an option has been determined, it is amortized on a straight-line basis over the employee’s service period for that grant (from the grant date to the date the grant is fully vested). Expenses for restricted stock and restricted stock units are based on the grant date fair value allocated on a straight-line basis over the service period. Performance share expense is recognized based on management’s estimate of the probability of meeting the metrics identified in the performance share award agreement, assigned to each service period as these estimates develop.

More information concerning the Company's segments is provided in Note 15—Business Segments.

For more information on earnings per share, see Note 13—Shareholders' Equity.

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Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $ $

The excess, if any, of shareholders' equity of the insurance subsidiaries on a GAAP basis over that determined on a statutory basis is not available for distribution by the insurance subsidiaries to the Parent Company without regulatory approval. Insurance subsidiaries’ statutory capital and surplus necessary to satisfy regulatory requirements in the aggregate was $ million at December 31, 2024. More information on the restrictions on the payment of dividends can be found in Note 13—Shareholders' Equity.

The Company's statutory financial statements are presented on the basis of accounting practices prescribed by the insurance department of the state of domicile of each insurance subsidiary. While all states have adopted the

GL 2024 FORM 10-K

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Globe Life Inc.

Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

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Globe Life Inc.

Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$()$ $()$()Other comprehensive income (loss) before reclassifications, net of tax() () Reclassifications, net of tax Other comprehensive income (loss)() ()

Balance at December 31, 2022

()()() ()For the year ended December 31, 2023:Other comprehensive income (loss) before reclassifications, net of tax () ()()Reclassifications, net of tax () Other comprehensive income (loss) () ()

Balance at December 31, 2023

()() ()()For the year ended December 31, 2024:Other comprehensive income (loss) before reclassifications, net of tax() () Reclassifications, net of tax Other comprehensive income (loss)() ()

Balance at December 31, 2024

$()$()$()$ $()

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Globe Life Inc.

Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ Realized (gains) lossesAmortization of (discount) premium()() Net investment incomeTotal before tax Tax()()()Income taxesTotal after-tax Pension adjustments:Amortization of prior service cost Other operating expenseAmortization of actuarial (gain) loss()() Other operating expenseTotal before tax () Tax() ()Income taxesTotal after-tax ()

Total reclassification (after-tax)

$ $ $

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Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $()$ States, municipalities, and political subdivisions () Foreign governments () Corporates, by sector:Industrials () () Financial () Utilities () Total corporates () () Collateralized debt obligations Other asset-backed securities () ()

Total fixed maturities

$ $()$ $()$

(1)Amount reported in the balance sheet.

(2)At fair value.

At December 31, 2023

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

()

States, municipalities, and political subdivisions

()

Foreign governments

()

Corporates, by sector:

Industrials

()

Financial

()

Utilities

()

Total corporates

()

Collateralized debt obligations

Other asset-backed securities

()

Total fixed maturities

()

(1)Amount reported in the balance sheet.

(2)At fair value.

At December 31, 2024 and 2023, the Company had unfunded commitments of $ million and $, respectively, in fixed maturity investments.

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Globe Life Inc.

Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

million (% of the total fixed maturity portfolio) and $ million (% of the total fixed maturity portfolio) at December 31, 2024 and December 31, 2023, respectively.

$ Due after one year through five years Due after five years through ten years Due after ten years through twenty years Due after twenty years Mortgage-backed and asset-backed securities $ $

$ $ Policy loans Mortgage loans

Other long-term investments(1)

Short-term investments Less investment expense()()()

Net investment income

$ $ $

million, $ million, and $ million, respectively, in net investment income. Refer to Other Long-Term Investments below

$ $ Gross realized gains Gross realized losses()()()

(1)Includes unsettled trades of $ thousand, $, and $ as of December 31, 2024, 2023, and 2022, respectively.

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Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

)$()$()Provision for credit losses()()

Fair value option—change in fair value

() ()

Mortgage loans

()()()Other investments

Realized gains (losses) from investments

()()()

Other gains (losses)

()

Total realized gains (losses)

()()()Applicable tax

Realized gains (losses), net of tax

$()$()$()

million, $ million, and $ million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $, $() million, and $ million, respectively, in realized gains (losses). During the year ended December 31, 2023, the Company sold $ million in securities relating to holdings in Signature Bank New York and First Republic Bank, which entered receivership during the first half of 2023.

)$ $()

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Globe Life Inc.

Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $ States, municipalities, and political subdivisions Foreign governments Corporates, by sector: Industrials Financial Utilities Total corporates Collateralized debt obligations Other asset-backed securities

Total fixed maturities

$ $ $ $ Percentage of total % % % %

Total fixed maturities

$ $ $ $ Percentage of total % % % %

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Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $

Included in realized gains / losses

Included in other comprehensive income ()()()

Acquisitions(1)

Sales Amortization

Other(2)

()()()

Transfers into Level 3(3)

Transfers out of Level 3(3)

Balance at December 31, 2022

Included in realized gains / losses

Included in other comprehensive income () ()

Acquisitions(1)

Sales Amortization

Other(2)

()()()

Transfers into Level 3(3)

Transfers out of Level 3(3)

Balance at December 31, 2023

Included in realized gains / losses

Included in other comprehensive income ()()

Acquisitions(1)

Sales Amortization

Other(2)

()()()

Transfers into Level 3(3)

Transfers out of Level 3(3)

Balance at December 31, 2024

$ $ $ $

(1)Acquisitions of Level 3 investments in each of the years 2022 through 2024 are comprised of private placement fixed maturities and equities.

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

(3)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.

Changes in unrealized gains and losses for Level 3 securities during the period included in accumulated other comprehensive income for assets held at the end of the reporting period:

Asset-
backed
SecuritiesCollateralized
Debt
ObligationsCorporatesTotal

2022

$ $()$()$()

2023

() ()

2024

()()

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Globe Life Inc.

Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Determination of credit spreadCredit rating

B to AA

BBB+Collateralized debt obligations Discounted Cash FlowsDiscount rate%%Asset-backed securities Determination of credit spreadCredit rating

CC - BBB

BB$

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

Private placement fixed maturities and asset-backed securities are valued based on the contractual cash flows discounted by a yield determined as a treasury benchmark rate adjusted for a credit spread. The credit spread is developed from observable indices for similar securities and unobservable indices for private securities or private comparable securities for corresponding credit ratings. The credit ratings for the securities may be considered unobservable inputs, as they are private letter ratings issued by a nationally recognized statistical rating organization or are assigned by the third-party investment manager based on a quantitative and qualitative assessment of the credit underwritten. A higher (lower) credit rating would result in a higher (lower) valuation.

The collateral underlying collateralized debt obligations consists primarily of trust preferred securities issued by banks and insurance companies. Collateralized debt obligations are valued at the present value of expected future cash flows using an unobservable discount rate. Expected cash flows are determined by scheduling the projected repayment of the collateral assuming no future defaults, deferrals, or recoveries. The discount rate is risk-adjusted to take these items into account. A significant increase (decrease) in the discount rate will produce a significant decrease (increase) in fair value. Additionally, a significant increase (decrease) in the cash flow expectations would result in a significant increase (decrease) in fair value. For more information regarding valuation procedures, please refer to Note 1—Significant Accounting Policies under the caption Fair Value Measurements, Investments in Securities.

As of December 31, 2023

Globe Life's entire fixed maturity portfolio consisted of issues by different issuers at December 31, 2024 and issues by different issuers at December 31, 2023. The weighted-average quality rating of all unrealized loss positions at amortized cost was A- as of December 31, 2024 and December 31, 2023.

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Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$()$ $()$ $()States, municipalities, and political subdivisions () () ()Foreign governments () ()Corporates, by sector:

Industrials

() () ()Financial () () ()

Utilities

() () ()Total corporates () () ()Collateralized debt obligations Other asset-backed securities () () ()Total investment grade securities () () ()Below investment grade securities:Corporates, by sector:Industrials () () ()Financial () () ()Utilities () () ()Total corporates () () ()Collateralized debt obligations Other asset-backed securities Total below investment grade securities () () ()

Total fixed maturities

$ $()$ $()$ $()

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

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Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $()$ $()States, municipalities, and political subdivisions () () ()Foreign governments () ()Corporates, by sector:Industrials () () ()Financial () () ()Utilities () () ()Total corporates () () ()Collateralized debt obligations Other asset-backed securities () ()Total investment grade securities () () ()Below investment grade securities:Corporates, by sector:Industrials () () ()Financial () () () OtherPolicy loans, which are secured by the underlying insurance policy values Other investments %

As of December 31, 2024, state and municipal governments represented % of invested assets at fair value. Such investments are made throughout the U.S. At December 31, 2024, the state and municipal bond portfolio at fair value was invested in securities issued within the following states: Texas (%), California (%), New York (%), Florida (%), and Pennsylvania (%). Otherwise, there was no concentration within any given state greater than 4%.

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Globe Life Inc.

Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

% of Globe Life's invested assets. These investments are spread across a wide range of industries. %Electric utilities Banks Oil and natural gas pipelines Chemicals Transportation Telecommunications Food Diversified financial services Real estate investment trusts

At December 31, 2024, % of invested assets at fair value were represented by fixed maturities rated below investment grade. Par value of these investments was $ million, amortized cost was $ million, and fair value was $ million. While these investments could be subject to additional credit risk, such risk should generally be reflected in their fair value.

Securities, cash, and short-term investments held on deposit with various state and federal regulatory authorities had an amortized cost and fair value, respectively, of $ billion and $ million at December 31, 2024 and $ billion and $ million at December 31, 2023.

$ Industrial Retail Hospitality Mixed use Office Total recorded investment Less allowance for credit losses()()()()

Carrying value, net of allowance for credit losses

$ $

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Globe Life Inc.

Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ Florida New Jersey California Alabama New York Other Total recorded investment Less allowance for credit losses()()()()

Carrying value, net of allowance for credit losses

$ $

$ $ $ 70% to 80% 81% to 90% Greater than 90% Total$ $ $ Less allowance for credit losses()

Total, net of allowance for credit losses

(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.

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Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $ 70% to 80% 81% to 90% Greater than 90% Total $ $ $ Less allowance for credit losses()

Total, net of allowance for credit losses

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

As of December 31, 2024, the Company had loans in the portfolio. During the quarter, the Company evaluated its commercial mortgage loan portfolio on both an individual and pooling basis to determine the allowance for credit losses and determined loans were collateral dependent or likely to foreclose. The allowance for credit losses on the loans was determined using the practical expedient which was based on an estimate of fair value of the underlying collateral plus costs to sell the asset. The total principal balance of the loans was $ million and the allowance for these loans using the practical expedient was $ million as of December 31, 2024. For the year ended December 31, 2024, the allowance for credit losses increased by $ million to $ million.

$ Provision (reversal) for credit losses

(1) Non-redeemable funds generally have an expected life of to years from fund closing with extension options of to years. Redemptions are paid out throughout the life of the funds at the General Partner's discretion. Redeemable funds can generally be redeemed over to 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 December 31, 2024, unfunded commitments totaled $ million, including funds past the investment period.

The Company had $ million of capital called during the period from existing investment funds, as compared to $ million in 2023. The Company's unfunded commitments were $ million as of December 31, 2024.

thousand per life. Life insurance ceded represented % of total life insurance in force at December 31, 2024 and 2023. Insurance ceded on life and accident and health products represented % of premium income for 2024 and 2023. In the fourth quarter of 2024, the Company entered into a coinsurance agreement to cede a majority of its annuity business to a third-party insurer. Annuities ceded represented % of our direct annuity balance. The insurance affiliates of Globe Life would be liable for the reinsured risks ceded to other companies to the extent that such reinsuring companies are unable to meet their obligations.

Insurance affiliates also assume insurance risks of other external companies. Life reinsurance assumed represented % and % of life insurance in force at December 31, 2024 and 2023, respectively, and reinsurance assumed on life and accident and health products represented % and % of premium income for 2024 and 2023, respectively.

$ $

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Globe Life Inc.

Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $ $ $

Purchase Commitments: Globe Life has various long-term noncancelable purchase commitments as well as commitments to provide capital for low-income housing tax credit interests. See further discussion related to tax credits in Note 1—Significant Accounting Policies.

$ $ $ $ $

(1) Includes low-income housing tax credits with non-funded commitments of $ million at December 31, 2024.

Investments: Globe Life is committed to invest under certain contracts related to investments in fixed maturities, limited partnerships and commercial mortgage loans. See Note 4—Investments for unfunded commitment table.

guarantee agreements which were either Parent Company guarantees of subsidiary obligations to a third party or Parent Company guarantees of obligations between wholly-owned subsidiaries. As of December 31, 2024, Globe Life had liability with respect to these guarantees.

Letters of credit—Globe Life has guaranteed letters of credit in connection with its credit facility with a group of banks as disclosed in Note 12—Debt. The letters of credit were issued by TMK Re, Ltd., a wholly-owned subsidiary, to secure TMK Re, Ltd.’s obligation for claims on certain policies reinsured by TMK Re, Ltd. that were sold by other Globe Life insurance companies. These letters of credit facilitate TMK Re, Ltd.’s ability to reinsure the business of Globe Life's insurance carriers. The agreement was amended on March 29, 2024 and now expires in 2029. The maximum amount of letters of credit available is $ million. The Parent Company would be liable to the extent that TMK Re, Ltd. does not pay the reinsured party. The amount of letters of credit outstanding at December 31, 2024 was $ million.

states through their respective Departments of Revenue, and have not resulted in any financial assessment from any state nor indicated any liability. The audits are wide-ranging and seek large amounts of data regarding claims handling, procedures, and payments of contract benefits arising from unreported death claims. No estimate of range can be made at this time for loss contingencies related to possible administrative penalties or amounts that could be payable to the states for the escheatment of abandoned property.

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Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

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Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

of its current/former executives and directors in the United States District Court for the Eastern District of Texas (City of Miami Gen. Emp. & Sanitation Emp. Ret. Trust, et al. v. Globe Life Inc., et al., Case No. 4:24-cv-00376). On July 24, 2024, the Court appointed Lead Plaintiffs and Lead Counsel for the putative class of shareholders. The Lead Plaintiffs filed a Consolidated Complaint on October 4, 2024 that asserts claims under §§ 10(b), 20(a), and 20(A) of the Securities Exchange Act of 1934 and SEC Rules 10b-5(a), 10b-5(b), and 10b-5(c) promulgated thereunder, on behalf of a putative class of purchasers of Globe Life Inc.'s securities from May 8, 2019 through April 10, 2024. The Consolidated Complaint adds four additional executives as defendants and alleges that certain of Globe Life Inc.'s disclosures about financial performance and certain other public statements during the putative class period were materially false or misleading. Defendants filed a motion to dismiss the litigation on December 3, 2024. Globe Life Inc. plans to vigorously defend against the lawsuit. Pursuant to Globe Life Inc.'s Restated Certificate of Incorporation and indemnification agreements with the named defendants, Globe Life Inc. has agreed to indemnify those defendants for all expenses and losses related to the litigation, subject to the terms of those indemnification agreements. The outcome of litigation of this type is inherently uncertain, and there is always the possibility that a Court rules in a manner that is adverse to the interests of Globe Life Inc. and the individual defendants. However, the amount of any such loss in that outcome cannot be reasonably estimated at this time. Further, management cannot reasonably estimate whether an outcome on the putative class action will be resolved in the near term.

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

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

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Globe Life Inc.

Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $ $ Beginning balance at original discount rates

Effect of changes in assumptions on future cash flows

Effect of actual variances from expected experience()()()()()

Adjusted balance at January 1, 2022

Issuances(1)

Interest accrual(2)

Net premiums collected(3)

()()()()()Effect of changes in the foreign exchange rate() ()Ending balance at original discount rates Effect of change from original to current discount rates

Balance at December 31, 2022

$ $ $ $ $

Balance at January 1, 2023

$ $ $ $ $ Beginning balance at original discount rates

Effect of changes in assumptions on future cash flows

Effect of actual variances from expected experience()()()()()

Adjusted balance at January 1, 2023

Issuances(1)

Interest accrual(2)

Net premiums collected(3)

()()()()()Effect of changes in the foreign exchange rate Ending balance at original discount rates Effect of change from original to current discount rates

Balance at December 31, 2023

$ $ $ $ $

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Globe Life Inc.

Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $ $ Beginning balance at original discount rates

Effect of changes in assumptions on future cash flows

()()()()()Effect of actual variances from expected experience()()()()()

Adjusted balance at January 1, 2024

Issuances(1)

Interest accrual(2)

Net premiums collected(3)

()()()()()Effect of changes in the foreign exchange rate() ()Ending balance at original discount rates Effect of change from original to current discount rates()

Balance at December 31, 2024

$ $ $ $ $

(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.

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Globe Life Inc.

Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $ $ Beginning balance at original discount rates Effect of changes in assumptions on future cash flows Effect of actual variances from expected experience()()()()()

Adjusted balance at January 1, 2022

Issuances(1)

Interest accrual(2)

Benefit payments(3)

()()()()()Effect of changes in the foreign exchange rate() ()Ending balance at original discount rates Effect of change from original to current discount rates

Balance at December 31, 2022

$ $ $ $ $

Balance at January 1, 2023

$ $ $ $ $ Beginning balance at original discount rates Effect of changes in assumptions on future cash flows Effect of actual variances from expected experience()()()()()

Adjusted balance at January 1, 2023

Issuances(1)

Interest accrual(2)

Benefit payments(3)

()()()()()Effect of changes in the foreign exchange rate Ending balance at original discount rates Effect of change from original to current discount rates

Balance at December 31, 2023

$ $ $ $ $

Balance at January 1, 2024

$ $ $ $ $ Beginning balance at original discount rates Effect of changes in assumptions on future cash flows()()()()()Effect of actual variances from expected experience()()()()()

Adjusted balance at January 1, 2024

Issuances(1)

Interest accrual(2)

Benefit payments(3)

()()()()()Effect of changes in the foreign exchange rate() ()Ending balance at original discount rates Effect of change from original to current discount rates

Balance at December 31, 2024

$ $ $ $ $

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

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

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

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Globe Life Inc.

Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $ $ Effect of changes in discount rate assumptions

Other adjustments(1)

Net liability for future policy benefits, after other adjustments, at current discount rates

Reinsurance recoverable

() ()()()

Net liability for future policy benefits, after reinsurance recoverable, at current discount rates

$ $ $ $ $

(1)Other adjustments include the Company's 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 December 31, 2023

American Income

DTC

Liberty National

Other

Total

Net liability for future policy benefits at original discount rates

Effect of changes in discount rate assumptions

Other adjustments(1)

Net liability for future policy benefits, after other adjustments, at current discount rates

Reinsurance recoverable

()

Net liability for future policy benefits, after reinsurance recoverable, at current discount rates

Life

Net liability for future policy benefits as of December 31, 2024

American Income

DTC

Liberty National

Other

Total

Net liability for future policy benefits at original discount rates

Effect of changes in discount rate assumptions

Other adjustments(1)

Net liability for future policy benefits, after other adjustments, at current discount rates

Reinsurance recoverable

()

Net liability for future policy benefits, after reinsurance recoverable, at current discount rates

GL 2024 FORM 10-K

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Globe Life Inc.

Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $ $ $ Beginning balance at original discount rates

Effect of changes in assumptions on future cash flows

()() ()()()Effect of actual variances from expected experience()()() ()()

Adjusted balance at January 1, 2022

Issuances(1)

Interest accrual(2)

Net premiums collected(3)

()()()()()()Effect of changes in the foreign exchange rate () ()Ending balance at original discount rates Effect of change from original to current discount rates()() () ()

Balance at December 31, 2022

$ $ $ $ $ $

Balance at January 1, 2023

$ $ $ $ $ $ Beginning balance at original discount rates

Effect of changes in assumptions on future cash flows

()()() Effect of actual variances from expected experience()()()()()()

Adjusted balance at January 1, 2023

Issuances(1)

Interest accrual(2)

Net premiums collected(3)

()()()()()()Effect of changes in the foreign exchange rate Ending balance at original discount rates Effect of change from original to current discount rates ()

Balance at December 31, 2023

$ $ $ $ $ $

Balance at January 1, 2024

$ $ $ $ $ $ Beginning balance at original discount rates

Effect of changes in assumptions on future cash flows

()() Effect of actual variances from expected experience()()()()()()

Adjusted balance at January 1, 2024

Issuances(1)

Interest accrual(2)

Net premiums collected(3)

()()()()()()Effect of changes in the foreign exchange rate () ()Ending balance at original discount rates Effect of change from original to current discount rates()()()() ()

Balance at December 31, 2024

$ $ $ $ $ $

(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.

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Globe Life Inc.

Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $ $ $ Beginning balance at original discount rates Effect of changes in assumptions on future cash flows()() ()()()Effect of actual variances from expected experience()()() ()()

Adjusted balance at January 1, 2022

Issuances(1)

Interest accrual(2)

Benefit payments(3)

()()()()()()Effect of changes in the foreign exchange rate () ()Ending balance at original discount rates Effect of change from original to current discount rates()() ()

Balance at December 31, 2022

$ $ $ $ $ $

Balance at January 1, 2023

$ $ $ $ $ $ Beginning balance at original discount rates Effect of changes in assumptions on future cash flows ()()() Effect of actual variances from expected experience()()()()()()

Adjusted balance at January 1, 2023

Issuances(1)

Interest accrual(2)

Benefit payments(3)

()()()()()()Effect of changes in the foreign exchange rate Ending balance at original discount rates Effect of change from original to current discount rates () ()

Balance at December 31, 2023

$ $ $ $ $ $

Balance at January 1, 2024

$ $ $ $ $ $ Beginning balance at original discount rates Effect of changes in assumptions on future cash flows ()() Effect of actual variances from expected experience()()()()()()

Adjusted balance at January 1, 2024

Issuances(1)

Interest accrual(2)

Benefit payments(3)

()()()()()() ) )))))()$

million net remeasurement gain in the year ended December 31, 2024 as compared to a $ million net remeasurement gain and a $ million net remeasurement loss in the year ended December 31, 2023 and 2022, respectively.

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(Dollar amounts in thousands, except per share data)

million net remeasurement gain, a $ million net remeasurement gain, and a $ million net remeasurement gain for the year ended December 31, 2024, 2023, and 2022, respectively.

$ $ $ $ $ Direct to Consumer Liberty National Other Net liability for future policy benefits—long duration life

Health(1):

United American Family Heritage Liberty National American Income Direct to Consumer Net liability for future policy benefits—long duration health Deferred profit liability Deferred annuity Interest sensitive life Other

Total future policy benefits

$ $ $ $ $ $

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

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(Dollar amounts in thousands, except per share data)

% % % % % %Direct to Consumer % % % % % %Liberty National % % % % % %Other % % % % % %HealthUnited American % % % % % %Family Heritage % % % % % %Liberty National % % % % % %American Income % % % % % %Direct to Consumer % % % % % %

Direct to ConsumerLiberty NationalOtherHealthUnited AmericanFamily HeritageLiberty NationalAmerican IncomeDirect to Consumer

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Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $ $ $ Direct to Consumer Liberty National Other Total$ $ $ $ $ $

$ $ $ $ $ Family Heritage Liberty National American Income Direct to Consumer Total$ $ $ $ $ $

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Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $ $ $ $ $ $ PV of expected future net premiums PV of expected future policy benefits DTCPV of expected future gross premiums$ $ $ $ $ $ $ $ $ PV of expected future net premiums PV of expected future policy benefits Liberty NationalPV of expected future gross premiums$ $ $ $ $ $ $ $ $ PV of expected future net premiums PV of expected future policy benefits OtherPV of expected future gross premiums$ $ $ $ $ $ $ $ $ PV of expected future net premiums PV of expected future policy benefits TotalPV of expected future gross premiums$ $ $ $ $ $ $ $ $ PV of expected future net premiums PV of expected future policy benefits

billion of expected future gross premiums and $ billion of expected future net premiums. As of December 31, 2023 and 2022 using current discount rates, the Company anticipated $ billion and $ billion of expected future gross premiums and $ billion and $ billion in expected future net premiums, respectively. For each respective period, only expected future net premiums are included in the determination of the liability for future policy benefits on the balance sheet, while the difference between the expected future gross premiums and the expected future net premiums is not.

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Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $ $ $ $ $ $ PV of expected future net premiums PV of expected future policy benefits Family HeritagePV of expected future gross premiums$ $ $ $ $ $ $ $ $ PV of expected future net premiums PV of expected future policy benefits Liberty NationalPV of expected future gross premiums$ $ $ $ $ $ $ $ $ PV of expected future net premiums PV of expected future policy benefits American IncomePV of expected future gross premiums$ $ $ $ $ $ $ $ $ PV of expected future net premiums PV of expected future policy benefits Direct to ConsumerPV of expected future gross premiums$ $ $ $ $ $ $ $ $ PV of expected future net premiums PV of expected future policy benefits TotalPV of expected future gross premiums$ $ $ $ $ $ $ $ $ PV of expected future net premiums PV of expected future policy benefits

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Globe Life Inc.

Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $$ $ $ $ $ Issuances Premiums received Policy charges() () () Surrenders and withdrawals()()()()()()()()()Benefit payments()() ()() ()() Interest credited Other ()() ()()

Balance at December 31,

$ $ $ $ $ $ $ $ $ Weighted-average credit rate % % % % % % % % %Net amount at risk$ N/AN/A$ N/AN/A$ N/AN/ACash surrender value$ $ $ $ $ $ $ $ $

%$ $ $

%-%

Greater than %

Total

- basis points above:

Less than %

%-%

Greater than %

Total

Grand Total

$ $ $

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Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

%$ $ $

%-%

Greater than %

Total

- basis points above:

Less than %

%-%

Greater than %

Total

Grand Total

$ $ $

%$ $ $

%-%

Greater than %

Total

- basis points above:

Less than %

%-%

Greater than %

Total

Grand Total

$ $ $

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Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $ $ Capitalizations Amortization expense()()()()()Foreign exchange adjustment() ()

Balance at December 31, 2022

$ $ $ $ $

Balance at January 1, 2023

$ $ $ $ $ Capitalizations Amortization expense()()()()()Foreign exchange adjustment

Balance at December 31, 2023

$ $ $ $ $

Balance at January 1, 2024

$ $ $ $ $ Capitalizations Amortization expense()()()()()Foreign exchange adjustment() ()

Balance at December 31, 2024

$ $ $ $ $

$ $ $ $ $ Capitalizations Amortization expense()()()()()()Foreign exchange adjustment () ()

Balance at December 31, 2022

$ $ $ $ $ $

Balance at January 1, 2023

$ $ $ $ $ $ Capitalizations Amortization expense()()()()()()Foreign exchange adjustment

Balance at December 31, 2023

$ $ $ $ $ $

Balance at January 1, 2024

$ $ $ $ $ $ Capitalizations Amortization expense()()()()()()Foreign exchange adjustment () ()

Balance at December 31, 2024

$ $ $ $ $ $

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Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ Direct to Consumer Liberty National Other

Total DAC—Life

HealthUnited American Family Heritage Liberty National American Income Direct to Consumer

Total DAC—Health

Annuity

Total

$ $ $

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Globe Life Inc.

Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $

Less reinsurance recoverables

()()()

Net balance at January 1,

Incurred related to:Current year Prior years()()()Total incurred Paid related to:Current year Prior years Total paid

Net balance at December 31,

Plus reinsurance recoverables

Balance at December 31,

$ $ $

$ Health insurance Total$ $

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Globe Life Inc.

Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ Deferred income tax expense (benefit) Shareholders’ equity:Other comprehensive income (loss) $ $ $

In each of the years 2022 through 2024, deferred income tax expense (benefit) was incurred because of certain differences between net income before income tax expense (benefit) as reported on the Consolidated Statements of Operations and taxable income as reported on Globe Life's income tax returns. As explained in Note 1—Significant Accounting Policies, these differences caused the consolidated financial statement book values of some assets and liabilities to be different from their respective tax bases.

$ $ Increase (reduction) in income taxes resulting from:Low-income housing investments()()()()()()Share-based awards ()()()()Tax-exempt investment income()()()()()()Other tax credits()() Other

Income tax expense (benefit)

$ $ $

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Globe Life Inc.

Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ Carryover of tax losses Total gross deferred tax assets Less valuation allowance() Net deferred tax assets Deferred tax liabilities:Employee and agent compensation Deferred acquisition costs Future policy benefits, unearned and advance premiums, and policy claims Other liabilities Total gross deferred tax liabilities

Net deferred tax liability

$ $

million net operating loss (NOL) carryforward at December 31, 2024, of which $ million was created prior to 2018 and will begin to expire in 2035 if not otherwise used to offset future taxable income. The remaining NOL carryforward of $ million may be carried forward indefinitely. A valuation allowance is to be recorded when it is more likely than not that deferred tax assets will not be realized by the Company. A valuation allowance has been established in the amount of $ million related to pre-acquisition NOL carryforward deferred tax assets acquired in 2024 as management has determined that the acquired companies will more than likely not have sufficient taxable income in future periods to realize the deferred tax assets.

Globe Life's tax liability is adjusted to include a provision for uncertain tax positions taken or expected to be taken in a tax return. However, during the years 2022 through 2024, Globe Life did t have any uncertain tax positions which resulted in unrecognized tax benefits.

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Globe Life Inc.

Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $

Defined Benefit Pension Plans(2)

(1)401K plans.

(2)Qualified pension plans and SERP.

Globe Life accrues expense for the defined contribution plans based on a percentage of the employees’ contributions. The plans are funded by the employee contributions and a Globe Life contribution equal to the amount of accrued expense. Plan contributions are both mandatory and discretionary, depending on the terms of the plan.

Pension Plans: Cost for the Pension Plans has been calculated on the projected unit credit actuarial cost method. All plan measurements for the pension plans are as of December 31 of the respective year. The pension plans covering the majority of employees are qualified and funded. Contributions are made to funded pension plans subject to minimums required by regulation and maximums allowed for tax purposes.

Globe Life's SERP provides an additional supplemental defined pension benefit to a limited number of officers. The supplemental benefit is based on the participant’s qualified plan benefit without consideration to the regulatory limits on compensation and benefit payments applicable to qualified plans, except that eligible compensation is capped at $ million. The SERP is nonqualified and unfunded. However, a Rabbi Trust has been established to support the liability for this plan. The Rabbi Trust consists of life insurance policies on the lives of plan participants with an unaffiliated insurance carrier as well as an investment account. Since this plan is nonqualified, the investments and the policyholder value of the insurance policies in the Rabbi Trust are not included as defined benefit plan assets, but rather assets of the Company. They are included in “Other Assets” in the Consolidated Balance Sheets.

Defined benefit and SERP plan contributions were $ million in 2024, $ million in 2023, and $ million in 2022. In 2025, the Company does not expect to increase contributions to the plans from what was contributed in 2024.

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Globe Life Inc.

Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $

Equity exchange traded fund(1)

U.S. Government and Agency Other bonds

Guaranteed annuity contract(2)

Short-term investments Other $ $ $

Other long-term investments(3)

Total pension assets

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

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

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

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Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $

$ $ At December 31,20242023Total investments:COLI$ $ Exchange traded funds $ $

$ $ $ SERP

Benefit obligation

$ $ $ $

For the year ended December 31, 2024, the Pension Plans have plan assets with fair values in excess of projected benefit obligations. The projected benefit obligations and the fair value of plan assets were as follows:


	At December 31,
	2024	2023
Funded benefit pension plans PBO	$	$
Funded benefit pension plans fair value of plan assets

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Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ Funded benefit pension plans fair value of plan assets

% %Rate of compensation increase For Periodic Benefit Cost for the Year:202420232022Discount rate % % %Expected long-term returns Rate of compensation increase

The discount rate is determined based on the expected duration of plan liabilities. A yield is then derived based on the current market yield of a hypothetical portfolio of high quality corporate bonds that match the liability's average life. The rate of compensation increase is projected based on Company experience, modified as appropriate for future expectations. The expected long-term rate of return on plan assets is management’s best estimate of the average rate of earnings expected to be received on the assets invested in the plan over the benefit period. In determining this assumption, consideration is given to the historical rate of return earned on the assets, the projected returns over future periods, and the discount rate used to compute benefit obligations.

$ $ Interest cost on projected benefit obligation Expected return on assets()()()Amortization of prior service cost (credit) Recognition of actuarial gain (loss)()()

Net periodic benefit cost

$ $ $

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Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

)$ $()Amortization of:Prior service cost (credit)

Net actuarial (gain) loss(1)

()() Total amortization () Plan amendments()

Experience gain (loss)(2)

()

Balance at December 31

$ $()$

(1)Includes amortization of postretirement benefits other than pensions of $() thousand in 2024, $() thousand in 2023, and $ thousand in 2022.

(2)The increase in the experience gain (loss) is related to an increase in discount rate.

$ Service cost Interest cost Plan amendments Actuarial loss (gain)() Benefits paid()()PBO at end of year Changes in plan assets:Fair value at beginning of year Return on assets Contributions Benefits paid()()Fair value at end of year

Funded status at year end

$()$()

)$()Prior service cost Net amounts recognized at year end$()$

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Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

2026 2027 2028 2029 2030-2034

$ $ Commitments for low-income housing interests Exchanges of fixed maturity investments Net unsettled security trades

Noncash tax credits

$ $

Income taxes paid(1)

million, $ and $ for the purchase of transferable tax credits as of December 31, 2024, 2023 and 2022, respectively.

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Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

million principal amount of % Senior notes due September 15, 2034. Total proceeds received by the Parent Company from the issuance, net of the underwriters’ discount, were $ million. The proceeds were used for general corporate purposes, which included open market purchases of shares of its common stock under its share repurchase program. On August 15, 2024, Globe Life amended its term loan agreement increasing the principal amount from $ million to $ million, an increase of $ million. The amendment extends the maturity date from November 11, 2024 to August 15, 2027.

%$ $()$ $ $ Senior notes08/21/202008/15/2030% ()

Senior notes(1)

05/19/202206/15/2032% ()

Senior notes

08/23/202409/15/2034% () Junior subordinated debentures11/17/201711/17/2057% () Junior subordinated debentures06/14/202106/15/2061% ()

Term loan(2)

05/11/202308/15/2027% ()

Total long-term debt

()

Term loan(2)

Commercial paper ()

Total short-term debt

()

Total debt

$ $()$ $ $

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

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

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

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Globe Life Inc.

Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $ $ $

billion revolving credit facility that may be increased to $ billion upon approval of the participating banks. The amended credit facility matures March 29, 2029 and may be extended up to periods upon the Company's request. Pursuant to this agreement, the participating lenders have agreed to make revolving loans to Globe Life and to issue secured or unsecured letters of credit. The Company has not drawn on any of the credit to date. The facility is further designated as a back-up credit line for a commercial paper program under which the Company may either borrow from the credit line or issue commercial paper at any time, with total commercial paper outstanding not to exceed the facility maximum of $ billion, less any letters of credit issued. Interest is charged at variable rates. In accordance with the agreement, Globe Life is subject to certain covenants regarding capitalization. As of December 31, 2024, the Company was in full compliance with these covenants.

Commercial paper outstanding and any long-term debt due within one year are reported as short-term debt on the Consolidated Balance Sheets.

$ Annualized interest rate % %Letters of credit outstanding$ $ Remaining amount available under credit line

Credit Facility—Commercial Paper Activity

(Dollar amounts in thousands)

) ) )


Year Ended December 31,
2024		2023	2022






	()

There was no activity related to the preferred stock in years 2022 through 2024.

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Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $ $

2023

2022

million in 2024, $ million in 2023, and $ million in 2022. As of December 31, 2024, dividends from our U.S. insurance subsidiaries to the Parent Company available to be paid in 2025 are limited to the amount of $ million without regulatory approval, such that $ billion was considered restricted net assets of the subsidiaries. Dividends exceeding these limitations may be available during the year pending regulatory approval. While there are no legal restrictions on the payment of dividends to shareholders from Globe Life's retained earnings, retained earnings as of December 31, 2024 were restricted by lenders’ covenants which require the Company to maintain and not distribute $ billion from its total consolidated retained earnings of $ billion.

Weighted average dilutive options outstanding Diluted weighted average shares outstanding Antidilutive shares

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.

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Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

or terms. However, depending on the circumstances of termination, options may be exercised for a period of time following termination of employment or upon death or disability. years%—%—%—%—%—%

Employees

years—%—%%%—%—%

All employee options vest immediately upon retirement on or after the attainment of age 65, upon death, or disability. Globe Life generally issues shares for the exercise of stock options from treasury stock. The Company generally uses the proceeds from option exercises to buy shares of Globe Life common stock in the open market to reduce the dilution from option exercises.

$ $ Tax benefit recognized

(1) stock-based compensation expense was capitalized in any period in accordance with applicable GAAP.

Weighted average period of expected recognition (in years)(1)

equity awards were cash settled during the three years ended December 31, 2024.

- $ $ $

$ - $

$ $

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Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $ Granted:

-year term

))) ))) )) )

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Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

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

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

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

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

$ $ Direct to Consumer Liberty National United American Family Heritage Other

Total premium

$ $ $

For the Year 2023

Life

Health

Total

Distribution Channel

Amount

% of

Total

Amount

% of

Total

Amount

% of

Total

American Income

Direct to Consumer

Liberty National

United American

Family Heritage

Other

Total premium

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Globe Life Inc.

Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ Direct to Consumer Liberty National United American Family Heritage Other $ $

Annuity

—

Total premium

Due to the nature of the life and health insurance industry, Globe Life has no individual or group which 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 chief operating decision makers for the insurance segments is underwriting margin 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. The CODMs use the Life and Health segment profit or loss in monitoring the insurance specific business and to analyze performance measures that inform decisions around product pricing and appropriate support services such as agency force and training. 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 income earned on the investment portfolio in excess of policy requirements. Excess investment income is used to analyze the performance of our investments in relation to our policy required obligations and informs and supports management actions regarding investment related decisions and policy benefits within our product features. Other than the required interest on the insurance segments, no other intersegment revenues or expenses are recognized.

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

Management also removes non-operating items unrelated to the Company's core insurance activities when evaluating those results. All other unallocated revenues and expenses, including expenses directly attributable to corporate operations, insurance administrative expense and interest on debt, are disclosed after segment profit or loss within the reconciliation to Income before taxes. Stock-based compensation expense is considered a corporate expense by Globe Life management. 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

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Globe Life Inc.

Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $ Net investment income Segment revenue Other income Realized gains (losses)()

Total consolidated revenue

$ Expenses:

Policy obligations(1)

$ Required interest on reserves ()() Amortization of acquisition costs Commissions Premium taxes Non-deferred acquisition costs

Segment profit or (loss)

$ $ $ Insurance administrative expenses:Salaries Other employee costs Information technology costs Legal costs Other administrative costs Parent expense Stock-based compensation expense Interest expense Legal proceedings Non-operating expenses Annuity() Total expenses

Income before income taxes per Consolidated Statement of Operations

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Globe Life Inc.

Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $ Net investment income Segment revenue Other income

Realized gains (losses)

()Total consolidated revenue $ Expenses:

Policy obligations(1)

$ Required interest on reserves ()() Amortization of acquisition costs Commissions Premium taxes Non-deferred acquisition costs

Segment profit or (loss)

Annuity

() Total expenses

Income before income taxes per Consolidated Statement of Operations

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Globe Life Inc.

Notes to Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $ Net investment income Segment revenue

Annuity premium income

Other income

Realized gains (losses)

()Total consolidated revenue $ Expenses:

Policy obligations(1)

$ Required interest on reserves()() Amortization of acquisition costs Commissions Premium taxes Non-deferred acquisition costs

million.

The Company has evaluated this subsequent event and determined that it does not require adjustments to the financial statements for the period ended December 31, 2024.

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES

None.

Item 9A. Controls and Procedures

Evaluation of Disclosure Controls and Procedures: Globe Life Inc., under the direction of the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer, has established disclosure controls and procedures that are designed to ensure that information required to be disclosed by Globe Life in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. The disclosure controls and procedures are also intended to ensure that such information is accumulated and communicated to Globe Life's management, including the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosures.

As of the end of the fiscal year completed December 31, 2024, an evaluation was performed under the supervision and with the participation of Globe Life management, including the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer, of the disclosure controls and procedures (as those terms are defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based upon their evaluation, the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer have concluded that disclosure controls and procedures are effective as of the date of this Form 10-K. In compliance with Section 302 of the Sarbanes Oxley Act of 2002 (18 U.S.C. § 1350), each of these officers executed a Certification included as an exhibit to this Form 10-K.

Management's Annual Report on Internal Control over Financial Reporting: Management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934. Management evaluated the design and operating effectiveness of the Company's internal control over financial reporting based on the criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission. Based upon their evaluation as of December 31, 2024, the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer have concluded that Globe Life's internal control over financial reporting is effective as of the date of this Form 10-K. In compliance with Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. § 1350), each of these officers executed a Certification included as an exhibit to this Form 10-K.

Changes in Internal Control over Financial Reporting: During the period ended December 31, 2024, there were no changes to Globe Life Inc.'s internal control over financial reporting or in other factors that could significantly affect the internal control over financial reporting subsequent to the date of their evaluation which have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.

Refer to Deloitte & Touche LLP's, independent registered public accounting firm, attestation report on the Company's internal controls over financial reporting.

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MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Management at Globe Life is responsible for establishing and maintaining adequate internal control over financial reporting for the Company and for assessing the effectiveness of internal control on an annual basis. As a framework for assessing internal control over financial reporting, the Company utilizes the criteria for effective internal control over financial reporting described in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

There are inherent limitations in the effectiveness of any internal control, including the possibility of human error and the circumvention or overriding of controls. Accordingly, even effective internal controls can provide only reasonable assurance with respect to financial statement preparation. Further, because of changes in conditions, the effectiveness of internal control may vary over time.

Management evaluated the Company’s internal control over financial reporting, and based on its assessment, determined that the Company’s internal control over financial reporting was effective as of December 31, 2024. The Company’s independent registered public accounting firm has issued an attestation report on the Company’s internal control over financial reporting as stated in their report which is included herein.


/s/ J. Matthew Darden
J. Matthew Darden Co-Chairman and Chief Executive Officer

/s/ Frank M. Svoboda
Frank M. Svoboda Co-Chairman and Chief Executive Officer

/s/ Thomas P. Kalmbach
Thomas P. Kalmbach Executive Vice President and Chief Financial Officer

February 26, 2025

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of Globe Life Inc.

Opinion on Internal Control over Financial Reporting

We have audited the internal control over financial reporting of Globe Life Inc. and subsidiaries (the “Company”) as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements and financial statement schedules as of and for the year ended December 31, 2024 of the Company and our report dated February 26, 2025, expressed an unqualified opinion on those financial statements and financial statement schedules.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Deloitte & Touche LLP

Dallas, Texas

February 26, 2025

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Item 9B. Other Information

(b) Trading arrangements

During the three months ended December 31, 2024, none of our directors or officers or a Rule 10b5-1 trading arrangement or a Non-Rule 10b5-1 trading arrangement, as each term is defined under Item 408(a) of Regulation S-K.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not Applicable.

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The information required by this Item is incorporated herein by reference to the information that will be contained in our proxy statement related to the 2025 Annual Meeting of Stockholders, which we intend to file with the Securities and Exchange Commission within 120 days of the end of our fiscal year pursuant to General Instruction G(3) of Form 10-K.

ITEM 11. EXECUTIVE COMPENSATION

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

1. Equity Compensation Plan Information as of December 31, 2024


	(a)	(b)		(c)
Plan Category	Number of securities to be issued upon exercise of outstanding options, warrants, and rights	Weighted-average exercise price of outstanding options, warrants, and rights		Number of securities remaining available for future issuance under equity compensation plans (excluding securities in column (a))
Equity compensation plans approved by security holders	5,825,957	$	99.74	4,286,654
Equity compensation plans not approved by security holders	—	—		—
Total	5,825,957	$	99.74	4,286,654

2. Security ownership of certain beneficial owners:

3. Security ownership of management:

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4. Changes in control:

Globe Life knows of no arrangements, including any pledges by any person of its securities, the operation of which may at a subsequent date result in a change of control.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

Index of documents filed as a part of this report:


			Page of this report
Financial Statements:

Globe Life Inc. and Subsidiaries:
Report of Independent Registered Public Accounting Firm			55
Consolidated Balance Sheets at December 31, 2024 and 2023			57
Consolidated Statements of Operations for each of the three years in the period ended December 31, 2024			58
Consolidated Statements of Comprehensive Income for each of the three years in the period ended December 31, 2024			59
Consolidated Statements of Shareholders’ Equity for each of the three years in the period ended December 31, 2024			60
Consolidated Statements of Cash Flows for each of the three years in the period ended December 31, 2024			61
Notes to Consolidated Financial Statements			62
Schedules Supporting Financial Statements for each of the three years in the period ended December 31, 2024:
II. Condensed Financial Information of Registrant (Parent Company)			143
IV. Reinsurance (Consolidated)			147
Schedules not referred to have been omitted as inapplicable or not required by Regulation S-X.

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EXHIBITS

Exhibit No.

Description

Form

Filing Date

3.1

Restated Certificate of Incorporation of Globe Life Inc.

8-K

August 8, 2019

3.2

Certificate of Amendment of Certificate of Incorporation of Globe Life Inc.

8-K

May 2, 2023

3.3

Amended and Restated By-Laws of Globe Life Inc., as amended August 10, 2023

8-K

August 15, 2023

4.1

Junior Subordinated Indenture, dated November 2, 2001, between Torchmark Corporation and The Bank of New York defining the rights of the 7 3/4% Junior Subordinated Debentures

8-K

November 2, 2001

4.2

Third Supplemental Indenture dated as of November 17, 2017 between Torchmark Corporation and Regions Bank, as Trustee, supplementing the Junior Subordinated Indenture dated as of November 2, 2001

8-K

November 17, 2017

4.3

Fourth Supplemental Indenture dated as of June 14, 2021 between Globe Life Inc. and Regions Bank, as Trustee, supplementing the Junior Subordinated Indenture dated as of November 2, 2001

8-K

June 14, 2021

4.4

Senior Indenture, dated as of September 24, 2018, between Torchmark Corporation and Regions Bank, as Trustee

S-3

September 24, 2018

4.5

First Supplemental Indenture, dated as of September 27, 2018, between Torchmark Corporation and Regions Bank, as Trustee

8-K

September 27, 2018

4.6

Second Supplemental Indenture, dated as of August 21, 2020, between Globe Life Inc. and Regions Bank, as Trustee

8-K

August 21, 2020

4.7

Third Supplemental Indenture, dated as of May 19, 2022, between Globe Life Inc. and Regions Bank, as Trustee

8-K

May 19, 2022

4.8

F ourth Suppl emental Indenture, dated as of August 23, 2024, between Globe Life Inc. and Region s Bank, as Trustee

8-K

August 26, 2024

10.1

Form of Retirement Life Insurance Benefit Agreement ($495,000 face amount limit)*

10-K

March 22, 2002

10.2

A mended and Restated S upple mental Executive Re tirement Plan*

10-K

February 26, 2025

10.3

Receivables Purchase Agreement dated as of December 31, 2008 among AILIC Receivables Corporation, American Income Life Insurance Company and TMK Re, Ltd.

8-K

January 6, 2009

10.4

Amendment No.1 to Receivables Purchase Agreement dated as of December 31, 2008 among AILIC Receivables Corporation, American Income Life Insurance Company, and TMK Re, Ltd.

10-K

February 28, 2014

10.5

Amendment No.2 to Receivables Purchase Agreement dated as of December 31, 2008 among AILIC Receivables Corporation, American Income Life Insurance Company, and TMK Re, Ltd.

10-K

March 1, 2019

10.6

Torchmark Corporation 2011 Incentive Plan*

8-K

May 4, 2011

10.7

First Amendment to Torchmark Corporation 2011 Incentive Plan*

8-K

April 29, 2014

10.8

Torchmark Corporation Amended 2011 Non-Employee Director Compensation Plan, effective January, 2017*

10-K

February 27, 2017

10.9

Form of Restricted Stock Unit Award Notice under Torchmark Corporation 2011 Non-Employee Director Compensation Plan*

10-K

February 28, 2011

10.1

Torchmark Corporation 2018 Incentive Plan*

8-K

May 2, 2018

10.11

First Amendment to Torchmark Corporation 2018 Incentive Plan*

10-K

February 27, 2020

10.12

Second Amendment to Globe Life Inc. 2018 Incentive Plan*

10-Q

May 9, 2023

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Exhibit No.

Description

Form

Filing Date

10.13

Second Amended and Restated Globe Life Inc. 2018 Non-Employee Director Compensation Plan*

10-K

February 28, 2024

10.14

Form of Seven Year Stock Option under Globe Life Inc. 2018 Incentive Plan*

10-K

February 27, 2020

10.15

Form of Seven Year Stock Option under Torchmark Corporation 2018 Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions*

8-K

May 2, 2018

10.16

Form of Seven Year Stock Option under Globe Life Inc. 2018 Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions*

10-K

February 27, 2020

10.17

Form of Ten Year Stock Option under Torchmark Corporation 2018 Incentive Plan*

8-K

May 2, 2018

10.18

Form of Ten Year Stock Option under Torchmark Corporation 2018 Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions*

8-K

May 2, 2018

10.19

Form of Stock Option under Globe Life Inc. 2018 Non-Employee Director Compensation Plan*

10-K

February 27, 2020

10.20

Form of Restricted Stock Unit Award Notice under Globe Life Inc. 2018 Non-Employee Director Compensation Plan*

10-K

February 27, 2020

10.21

Globe Life Inc. Management Incentive Plan (Effective as of January 1, 2024)*

8-K

November 9, 2023

10.22

Amended and Restated Credit Agreement dated as of September 30, 2021 among Bank of America, N.A., the Lenders party thereto, Globe Life Inc. and TMK RE, LTD.

8-K

October 1, 2021

10.23

First Amendment to Amended and Restated Credit Agreement dated January 10, 2023 among Bank of America, N.A., the Lenders party thereto, Globe Life Inc. and TMK RE, LTD.

10-K

February 23, 2023

10.24

Second Amended and Restated Credit Agreement dated as of March 29, 2024 among Bank of America, N.A., the Lenders party thereto, Globe Life Inc. and TMK RE, LTD

8-K

April 2, 2024

10.25

Delayed Draw Term Loan Agreement dated as of April 14, 2023 among Bank of America, N.A., as Administrative Agent, the Lenders party thereto, and Globe Life Inc.

8-K

April 18, 2023

10.26

F irst Amendment to Delayed Draw Term Loan Ag reement dated as of August 15, 2024 among Bank of America, N.A., as Administrative Agent, the Lenders party thereto, and Globe Life Inc.

8-K

August 15, 2024

10.27

Form of Performance Share Award Certificate under Globe Life Inc. 2018 Incentive Plan (2023)*

10-K

February 23, 2023

10.28

Form of Seven Year Stock Option under Globe Life Inc. 2018 Incentive Plan (2023)*

10-K

February 23, 2023

10.29

Form of Seven Year Stock Option under Globe Life Inc. 2018 Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions (2023)*

10-K

February 23, 2023

10.30

Form of Restricted Stock Unit Award Certificate under Globe Life Inc. 2018 Incentive Plan*

10-K

February 23, 2023

10.31

Form of Restricted Stock Unit Award Certificate under Globe Life Inc. 2018 Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions*

10-K

February 23, 2023

10.32

Form of Seven Year Stock Option under Globe Life Inc. 2018 Incentive Plan (2024)*

10-K

February 28, 2024

10.33

Form of Seven Year Stock Option under Globe Life Inc. 2018 Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions (2024)*

10-K

February 28, 2024

10.34

Form of Restricted Stock Unit Award Certificate under Globe Life Inc. 2018 Incentive Plan (2024)*

10-K

February 28, 2024

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Exhibit No.

Description

Form

Filing Date

10.35

Form of Restricted Stock Unit Award Certificate under Globe Life Inc. 2018 Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions (2024)*

10-K

February 28, 2024

10.36

Form of Performance Share Award Certificate under Globe Life Inc. 2018 Incentive Plan (2024)*

10-K

February 28, 2024

10.37

F orm of Seven Year Stock Option under Globe Life Inc. 201 8 Incentive Plan (November 2024)*

8-K

November 19, 2024

10.38

Form of Seven Year Stock Option under Globe Life Inc. 2018 Incentive Plan with Non-Co mpete, Non -Solicit and Confidentiality Provisions (November 20 24)*

8-K

November 19, 2024

10.39

Form of Seven Year Stock Option under Globe Life Inc. 2018 Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions (S p ecial) (November 2024)*

8-K

November 19, 2024

10.40

F orm of Restricted Stock Unit Award Agreement under Globe Life Inc. 2018 Incentive Plan (November 2024 )*

8-K

November 19, 2024

10.41

F orm of Restricted Stock Unit Award Agre e ment under Globe Life Inc. 2018 Incentive Plan with Non-Comp ete, Non-Solicit and Confidentiality Provisions (November 2024)*

8-K

November 19, 2024

10.42

F orm of Perfo rman ce Share Aw ard Certificate under Globe Life Inc. 2018 Incentive Plan (2025)*

10-K

February 26, 2025

10.43

Globe Life Inc. Executive Severance Plan *

8-K

November 19, 2024

10-K

February 26, 2025

Subsidiaries of the Registrant

10-K

February 26, 2025

Consent of Deloitte & Touche LLP

10-K

February 26, 2025

Powers of Attorney

10-K

February 26, 2025

31.1

Rule 13a-14(a)/15d-14(a) Certification by J. Matthew Darden

10-K

February 26, 2025

31.2

Rule 13a-14(a)/15d-14(a) Certification by Frank M. Svoboda

10-K

February 26, 2025

31.3

Rule 13a-14(a)/15d-14(a) Certification by Thomas P. Kalmbach

10-K

February 26, 2025

32.1

Section 1350 Certification by J. Matthew Darden, Frank M. Svoboda, and Thomas P. Kalmbach

10-K

February 26, 2025

Globe Life Inc. Clawback Policy

10-K

February 26, 2024

101.INS

XBRL Instance Document- the instance document does not appear in the Interactive Data file because the XBRL tags are embedded within the Inline XBRL document.

10-K

February 26, 2025

101.SCH

Inline XBRL Taxonomy Extension Schema Document.

10-K

February 26, 2025

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document.

10-K

February 26, 2025

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document.

10-K

February 26, 2025

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document.

10-K

February 26, 2025

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document.

10-K

February 26, 2025

104

Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101).

10-K

February 26, 2025

* Compensatory plan or arrangement.

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$ Short-term investments Total investments Cash Investment in affiliates Due from affiliates Taxes receivable from affiliates Other assets Total assets$ $ Liabilities:Short-term debt$ $ Long-term debt Due to affiliates Other liabilities Total liabilities Shareholders’ equity:Preferred stock Common stock Additional paid-in capital Accumulated other comprehensive income()()Retained earnings Treasury stock()()Total shareholders’ equity Total liabilities and shareholders’ equity$ $

See Notes to Consolidated Financial Statements and accompanying Report of Independent Registered

Public Accounting Firm.

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$ $ Realized gains (losses) ()

Total revenue

General operating expenses Reimbursements from affiliates()()()Interest expense

Total expenses

Operating income (loss) before income taxes and equity in earnings of affiliates()()()

Income tax benefit

Net operating loss before equity in earnings of affiliates()()()Equity in earnings of affiliates, net of tax

Net income

Other comprehensive income (loss):Attributable to Parent Company Attributable to affiliates Comprehensive income (loss)$ $ $

See Notes to Consolidated Financial Statements and accompanying Report of Independent Registered

Public Accounting Firm.

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$ $ Equity in earnings of affiliates()()()Cash dividends from subsidiaries Other, net

Cash provided from operations

Cash provided from (used for) investing activities:Net decrease (increase) in short-term investments() ()Investment in subsidiaries() ()Acquisition of investments()()()Disposition of investments Loaned money to affiliates()()()Repayments from affiliates Additions to properties()()

Cash provided from (used for) investing activities

() Cash provided from (used for) financing activities:Repayment of debt ()()Proceeds from issuance of debt Payment for debt issuance costs()()()Net change in commercial paper held less than 90 days() ()Proceeds from commercial paper with original maturities greater than 90 days Repayment of commercial paper with original maturities greater than 90 days() Issuance of stock Acquisitions of treasury stock()()()Borrowed money from affiliate Repayments to affiliates()()()Payment of dividends()()()

Cash provided from (used for) financing activities

()()()Net increase (decrease) in cash ()Cash balance at beginning of period Cash balance at end of period$ $ $

See Notes to Consolidated Financial Statements and accompanying Report of Independent Registered

Public Accounting Firm.

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$ $

Note B—Supplemental Disclosures of Cash Flow Information

The following table summarizes non-cash transactions, which are not reflected on the Consolidated Statements of Cash Flows:


	Year Ended December 31,
	2024	2023	2022
Stock-based compensation not involving cash	$	$	$

The following table summarizes certain amounts paid (received) during the period:


	Year Ended December 31,
	2024	2023	2022
Interest paid	$	$	$
Income taxes paid (received)	()	()	()

Note C—Preferred Stock

As of December 31, 2024, Globe Life had thousand shares of Cumulative Preferred Stock, Series A, issued and outstanding, of which thousand shares were % Cumulative Preferred Stock, Series A, and thousand shares were % Cumulative Preferred Stock, Series A (collectively, the “Series A Preferred Stock”). All issued and outstanding shares of Series A Preferred Stock were held by wholly-owned insurance subsidiaries. In the event of liquidation, the holders of the Series A Preferred Stock at the time outstanding would be entitled to receive a liquidating distribution out of the assets legally available to stockholders in the amount of $ thousand per share or $ million in the aggregate, plus any accrued and unpaid dividends, before any distribution is made to holders of Globe Life common stock. Holders of Series A Preferred Stock do not have any voting rights nor have rights to convert such shares into shares of any other class of Globe Life capital stock.

See accompanying Report of Independent Registered Public Accounting Firm.

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$ $ $

Premiums(2):

Life insurance$ $ $ $ Health insurance Total premium$ $ $ $ For the Year Ended December 31, 2023Life insurance in force$ $ $ $

Premiums(2):

Life insurance$ $ $ $ Health insurance Total premium$ $ $ $ For the Year Ended December 31, 2022Life insurance in force$ $ $ $

Premiums(2):

Life insurance$ $ $ $ Health insurance Total premium$ $ $ $

(1)No amounts have been netted against ceded premium.

(2)Excludes policy charges of $ million, $ million, and $ million in each of the years 2024, 2023, and 2022, respectively.

See accompanying Report of Independent Registered Public Accounting Firm.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


			Globe Life Inc.

			By:			/s/ J. MATTHEW DARDEN
						J. Matthew Darden
						Co-Chairman and Chief Executive Officer and Director

			By:			/s/ FRANK M. SVOBODA
						Frank M. Svoboda
						Co-Chairman and Chief Executive Officer and Director

			By:			/s/ THOMAS P. KALMBACH
						Thomas P. Kalmbach
						Executive Vice President and Chief Financial Officer

			By:			/s/ M. SHANE HENRIE
						M. Shane Henrie
						Corporate Senior Vice President and Chief Accounting Officer

Date: February 26, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/ LINDA L. ADDISON *

Matthew J. Adams

Linda L. Addison

Director

By:

/s/ MARILYN A. ALEXANDER *

By:

/s/ CHERYL D. ALSTON *

Marilyn A. Alexander

Cheryl D. Alston

Director

By:

/s/ MARK A. BLINN *

By:

/s/ JAMES P. BRANNEN *

Mark A. Blinn

James P. Brannen

Director

By:

/s/ ALICE S. CHO *

By:

Alice S. Cho

Philip M. Jacobs

Director

By:

/s/ STEVEN P. JOHNSON *

By:

/s/ DAVID A. RODRIGUEZ *

Steven P. Johnson

David A. Rodriguez

Director

By:

/s/ MARY E. THIGPEN *

Mary E. Thigpen

Director

Date: February 26, 2025

*By:

/s/ THOMAS P. KALMBACH

Thomas P. Kalmbach

Attorney-in-fact

148

GL 2024 FORM 10-K

GLOBE LIFE INC. - Annual Report: 2024 (Form 10-K)

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