GLOBE LIFE INC. - Quarter Report: 2025 June (Form 10-Q)

Net income

$ $ $ $

Basic net income per common share

$ $ $ $

Diluted net income per common share

$ $ $ $

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

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

See accompanying Notes to Condensed Consolidated Financial Statements.

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Globe Life Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

(Dollar amounts in thousands)



	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Net income	$	$	$	$

Other comprehensive income (loss):

Investments:
Unrealized gains (losses) on fixed maturities:
Unrealized holding gains (losses) arising during period	()	()		()
Other reclassification adjustments included in net income
Foreign exchange adjustment on fixed maturities recorded at fair value	()	()	()
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:
Pension adjustments
Less applicable tax (expense) benefit	()	()	()	()
Pension adjustments, net of tax

Other comprehensive income (loss)	()
Comprehensive income (loss)	$	$	$	$

See accompanying Notes to Condensed Consolidated Financial Statements.

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Globe Life Inc.

Condensed Consolidated Statements of Shareholders' Equity

(Unaudited)

(Dollar amounts in thousands, except per share data)

Preferred Stock

Common Stock

Additional Paid-In Capital

Accumulated Other Comprehensive Income (Loss)

Retained Earnings

Treasury Stock

Total Shareholders' Equity

Balance at December 31, 2024

()

Comprehensive income (loss)

—

Common dividends declared

($ per share)

—

()

—

()

Acquisition of treasury stock

—

()

Stock-based compensation

—

()

—

Exercise of stock options

—

()

Balance at March 31, 2025

()

Comprehensive income (loss)

—

()

—

Common dividends declared

($ per share)

—

()

—

()

Acquisition of treasury stock

—

()

Stock-based compensation

—

Exercise of stock options

—

()

Balance at June 30, 2025

()

Preferred Stock

Common Stock

Additional Paid-In Capital

Accumulated Other Comprehensive Income (Loss)

Retained Earnings

Treasury Stock

Total Shareholders' Equity

Balance at December 31, 2023

()

Comprehensive income (loss)

—

Common dividends declared

($ per share)

—

()

—

()

Acquisition of treasury stock

—

()

Stock-based compensation

—

()

—

()

Exercise of stock options

—

()

Balance at March 31, 2024

()

Comprehensive income (loss)

—

Common dividends declared

($ per share)

—

()

—

()

Acquisition of treasury stock

—

()

Stock-based compensation

—

Exercise of stock options

—

Balance at June 30, 2024

()

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

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Globe Life Inc.

Notes to Condensed 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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Globe Life Inc.

Notes to Condensed 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, 2024

Amortized
Cost

Allowance for Credit Losses

Gross
Unrealized
Gains

Gross
Unrealized
Losses

Fair

Value(1)

% of Total

Fixed

Maturities(2)

Fixed maturities available for sale:

U.S. Government direct, guaranteed, and government-sponsored enterprises

()

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.

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

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ 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 in net investment income for both periods. For the six months ended June 30, 2025 and 2024, the investment funds, accounted for under the fair value option method, recorded $ million and $ million, respectively, in net investment income. Refer to Other Long-Term Investments below

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

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

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Globe Life Inc.

Notes to Condensed 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

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

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

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Globe Life Inc.

Notes to Condensed 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 % % % %

Fair Value Measurement at December 31, 2024:

Quoted Prices in
Active Markets
for Identical
Assets (Level 1)

Significant Other
Observable
Inputs (Level 2)

Significant
Unobservable
Inputs (Level 3)

Total Fair
Value

Fixed maturities available for sale

U.S. Government direct, guaranteed, and government-sponsored enterprises

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

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $ Included in realized gains / losses ()()()Included in other comprehensive income ()()Acquisitions Sales () ()Amortization

Other(1)

()()()

Transfers into Level 3(2)

Transfers out of Level 3(2)

Balance at June 30, 2025

$ $ $ $ Percent of total fixed maturities % % % %

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

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

Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

Asset-

backed Securities

Collateralized
Debt
Obligations

Corporates

Total

Balance at January 1, 2024

Included in realized gains / losses

Included in other comprehensive income

()

Acquisitions

Sales

Amortization

()

Other(1)

()

Transfers into Level 3(2)

Transfers out of Level 3(2)

Balance at June 30, 2024

Percent of total fixed maturities

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

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $()$()

At June 30, 2024

()()

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

Determination of credit spreadCredit rating

B to AAA

BBB+Asset-backed securities Determination of credit spreadCredit rating

CC to 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. For more information regarding valuation procedures, please refer to Note 1—Significant Accounting Policies under the caption Fair Value Measurements, Investments in Securities disclosed in the Form 10-K.

As of December 31, 2024

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

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Globe Life Inc.

Notes to Condensed 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 () () ()Other asset-backed securities () () ()Total investment grade securities () () ()Below investment grade securities:Corporates, by sector:Industrials () () ()Financial () () ()Utilities () () ()Total corporates () () ()Other asset-backed securities Total below investment grade securities () () ()

Total fixed maturities

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

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Globe Life Inc.

Notes to Condensed 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 () () ()Other asset-backed securities () () ()Total investment grade securities () () ()Below investment grade securities:Corporates, by sector:Industrials () () ()Financial () () ()Utilities () () ()Total corporates () () ()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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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $ Additions to allowance for which credit losses were not previously recorded Additions (reductions) to allowance for fixed maturities that previously had an allowance () Reduction of allowance for which the Company intends to sell or more likely than not will be required to sell or sold during the period

Allowance for credit losses ending balance

$ $ $ $

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

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

Carrying value, net of allowance for credit losses

$ $

June 30, 2025

December 31, 2024

Carrying Value

% of Total

Carrying Value

% of Total

Geographic location:

Texas

Florida

New Jersey

California

North Carolina

Alabama

Other

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 Condensed 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).

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

December 31, 2024

Recorded Investment

Debt Service Coverage Ratios(1)

<1.00x

1.00x—1.20x

>1.20x

Total

% of Gross Total

Loan-to-value ratio(2):

Less than 70%

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

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $

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

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

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

guarantee agreements which were either Parent Company guarantees of subsidiary obligations to a third party or Parent Company guarantees of obligations between wholly-owned subsidiaries.

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

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,

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

claim for breach of fiduciary duty against the individual defendants and alleges that the individual defendants breached their fiduciary duties to Globe Life Inc. by causing or permitting Globe Life Inc. to make misleading statements about its performance and financial results. The allegations are substantially similar to the allegations made in the City of Miami Matter and derive from a short seller report. On November 25, 2024, the 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 Life Insurance Company and were discriminated against on the basis of sex, and that one complainant was also discriminated against on the basis of race. In addition, the EEOC asserts that there is reasonable cause to believe that a class of female workers were employees, not independent contractors, and were subject to unlawful conduct which also constitutes a pattern-or-practice of discrimination. The EEOC’s investigative findings are not binding on Globe Life Inc. The EEOC’s procedures provide for a conciliation process that has concluded without achieving a resolution. The EEOC may elect to file a lawsuit in federal court on behalf of the workers based on the alleged statutory violations. The EEOC has not filed any legal proceedings at this time. In the event the EEOC elects to pursue any claims in court, Globe Life Inc. intends to defend against any such lawsuit vigorously. The outcome of litigation of this type would be inherently uncertain and cannot be reasonably estimated or determined at this time. There is always the possibility that a Court rules in a manner that is adverse to the interests of Globe Life Inc.

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Globe Life Inc.

Notes to Condensed 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

Balance at January 1, 2025

$ $ $ $ $ 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, 2025

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 June 30, 2025

$ $ $ $ $

(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 Condensed 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 April 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 June 30, 2024

$ $ $ $ $

Balance at April 1, 2025

$ $ $ $ $ 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 April 1, 2025

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 June 30, 2025

$ $ $ $ $

(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 Condensed 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)

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 June 30, 2024

$ $ $ $ $

Balance at January 1, 2025

$ $ $ $ $ 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, 2025

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 June 30, 2025

$ $ $ $ $

(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 Condensed 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 April 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 June 30, 2024

$ $ $ $ $

Balance at April 1, 2025

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 April 1, 2025

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 June 30, 2025

(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.

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Globe Life Inc.

Notes to Condensed 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 effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

Life

Net liability for future policy benefits as of June 30, 2025

American Income

DTC

Liberty National

Other

Total

Net liability for future policy benefits at original discount rates

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 effects of 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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Globe Life Inc.

Notes to Condensed 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 June 30, 2024

$ $ $ $ $ $

Balance at January 1, 2025

$ $ $ $ $ $ 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, 2025

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 June 30, 2025

$ $ $ $ $ $

(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 Condensed 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 April 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 June 30, 2024

$ $ $ $ $ $

Balance at April 1, 2025

$ $ $ $ $ $ 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 April 1, 2025

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 June 30, 2025

$ $ $ $ $ $

(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 Condensed 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)

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 June 30, 2024

$ $ $ $ $ $

Balance at January 1, 2025

$ $ $ $ $ $ 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, 2025

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 June 30, 2025

$ $ $ $ $ $

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

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

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Globe Life Inc.

Notes to Condensed 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 April 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 June 30, 2024

$ $ $ $ $ $

Balance at April 1, 2025

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 April 1, 2025

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 June 30, 2025

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

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

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Globe Life Inc.

Notes to Condensed 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 effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

Health

Net liability for future policy benefits as of June 30, 2025

United American

Family Heritage

Liberty National

American Income

Direct to Consumer

Total

Net liability for future policy benefits at original discount rates

()

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 effects of 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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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $ Direct to Consumer Liberty National Other

Total Life Remeasurement Gain (Loss)—Experience

Life Remeasurement Gain (Loss)—Assumption Updates(1):

American Income Direct to Consumer Liberty National Other

Total Life Remeasurement Gain (Loss)—Assumption Updates

Total Life Remeasurement Gain (Loss)

Health Remeasurement Gain (Loss)—Experience:

United American () Family Heritage Liberty National()() American Income Direct to Consumer

Total Health Remeasurement Gain (Loss)—Experience

Health Remeasurement Gain (Loss)—Assumption Updates(1):

United American Family Heritage Liberty National American Income Direct to Consumer

Health Remeasurement Gain (Loss)—Assumption Updates

Total Health Remeasurement Gain (Loss)

$ $ $ $

(1)

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $ 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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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(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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Globe Life Inc.

Notes to Condensed 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$ $ $ $

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

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Globe Life Inc.

Notes to Condensed 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 June 30, 2024, using current discount rates, the Company anticipated $ billion of expected future gross premiums and $ billion in expected future net premiums. The determination of the liability for future policy benefits on the balance sheet does not include the difference between the expected future gross premiums and the expected future net premiums of $ billion and $ billion, as of June 30, 2025 and 2024, respectively, and rather only includes the expected future net premiums.

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Globe Life Inc.

Notes to Condensed 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

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

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

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

Balance at June 30,

$ $ $ $ $ $

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

$ $ $ $ $ Issuances

Premiums and deposits received

Policy charges() () Surrenders and withdrawals()()()()()()Benefit payments()() ()() Interest credited Other ()() ()

Balance at June 30,

$ $ $ $ $ $

Weighted-average credit rate

Net amount at risk

N/A

Cash surrender value

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

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

%$ $ $

%-%

Greater than %

Total

- basis points above:

Less than %

%-%

Greater than %

Total

Greater than 150 basis points above

Less than %

%-%

Greater than %

Total

Grand Total

$ $ $

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

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

%$ $ $

%-%

Greater than %

Total

- basis points above:

Less than %

%-%

Greater than %

Total

Greater than 150 basis points above

Less than %

$ $ $

%-%

Greater than %

Total

Grand Total

$ $ $

GL Q2 2025 FORM 10-Q

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

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

Balance at June 30, 2024

$ $ $ $ $

Balance at January 1, 2025

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

Balance at June 30, 2025

$ $ $ $ $

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

Balance at June 30, 2024

$ $ $ $ $

Balance at April 1, 2025

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

Balance at June 30, 2025

$ $ $ $ $

GL Q2 2025 FORM 10-Q

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

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

Balance at June 30, 2024

$ $ $ $ $ $

Balance at January 1, 2025

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

Balance at June 30, 2025

$ $ $ $ $ $

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

Balance at June 30, 2024

$ $ $ $ $ $

Balance at April 1, 2025

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

Balance at June 30, 2025

$ $ $ $ $ $

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Globe Life Inc.

Notes to Condensed 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 Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Less reinsurance recoverables

()()

Net balance at beginning of period

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

Net balance at end of period

Plus reinsurance recoverables

Balance at end of period

$ $

$ Health insurance Total$ $

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Globe Life Inc.

Notes to Condensed 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 June 30, 2025, 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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Globe Life Inc.

Notes to Condensed 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.

(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.

years.

$ June 30,
2025December 31,
2024Total investments:

COLI

$ $ Exchange traded funds $ $

$ SERP

Benefit obligation

$ $

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $ Interest cost on projected benefit obligation Expected return on assets()()()()Amortization:Prior service cost Actuarial (gain) loss

Net periodic benefit cost

$ $ $ $

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

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

%$ $()$ $ $

Senior notes

08/21/202008/15/2030% ()

Senior notes

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

()

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

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

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

GL Q2 2025 FORM 10-Q

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $ Net investment income

Segment revenue

Realized gains (losses)()Other income

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 Annuity() Total expenses

Income before income taxes per Condensed Consolidated Statements of Operations

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

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

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

Total consolidated revenue

Expenses:

Policy obligations(1)

Income before income taxes per Condensed Consolidated Statements of Operations

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

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

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 Annuity() Total expenses

Income before income taxes per Condensed Consolidated Statement of Operations

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $ Net investment income Segment revenue Realized gains (losses)()Other income 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 Condensed Consolidated Statement of Operations

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

$ $ $ Accrued investment income Deferred acquisition costs Goodwill

Total segment assets

$ $ $

Annuity and other corporate

Total assets

December 31, 2024

Life

Health

Investment

Consolidated

Cash and invested assets

Accrued investment income

Deferred acquisition costs

Goodwill

Total segment assets

Annuity and other corporate

Total assets

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

On July 3, 2025, Globe Life Inc. completed the acquisition of real estate located in McKinney, Texas for total consideration of $ million. The acquisition was executed in order to support Company growth and efficiency through modern technological infrastructure and centralized operations. The acquisition includes land, a building structure and building improvements. The transaction was executed pursuant to a purchase agreement and will be accounted for as an asset acquisition. The building will be depreciated over its estimated useful life of years on a straight-line basis. The Company expects to utilize the facility for its own operational needs.

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

GL Q2 2025 FORM 10-Q

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CAUTIONARY STATEMENTS

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

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

1.Economic and other conditions, including the impact of inflation, immigration, geopolitical events, escalating tariff and non-tariff trade measures imposed by the U.S. and other countries, and other governmental actions which affect the U.S. economy and/or U.S. consumer confidence, leading to unexpected changes in lapse rates and/or sales of our policies, as well as levels of mortality, morbidity, and/or utilization of health care services that differ from Globe Life's assumptions;

2.Regulatory developments, including changes in accounting standards or governmental regulations (particularly those impacting taxes and changes to the Federal Medicare program that affect Medicare Supplement insurance sales, claims utilization or use);

3.Market trends in the senior-aged health care industry that provide alternatives to traditional Medicare (such as Health Maintenance Organizations and other managed care or private plans) and that affect the sales of traditional Medicare Supplement insurance;

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

5.General economic, industry sector or individual debt issuers’ financial conditions (including developments and volatility arising from geopolitical events, particularly in certain industries that may comprise part of our investment portfolio) that affect the current market value of securities we own, or that may impair an issuer’s ability to make principal and/or interest payments due on those securities;

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

7.Litigation or regulatory actions against the Company;

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

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

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

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

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

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

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

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

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

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GLOBE LIFE INC.

Management's Discussion & Analysis

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with Globe Life's Condensed Consolidated Financial Statements and Notes thereto appearing elsewhere in this report. The following management discussion will only include comparison to prior year.

"Globe Life" and the "Company" refer to Globe Life Inc. and its subsidiaries and affiliates.

Results of Operations


						How Globe Life Views Its Operations. Globe Life Inc. is the holding company for a group of insurance companies that market primarily individual life and supplemental health insurance to lower middle to middle-income households throughout the United States. We view our operations by segments, which are the insurance product lines of life and supplemental health, and the investment segment that supports the product lines.

						Insurance Product Line Segments. The insurance product line segments involve the marketing, underwriting, and administration of policies. Each product line is further subdivided by the various distribution channels that market the insurance policies. Each distribution channel operates in a niche market offering insurance products designed for that particular market. Whether analyzing profitability of a segment as a whole, or the individual distribution channels within the segment, the measure of profitability used by management is the underwriting margin, as seen below:
						Premium revenue (Policy obligations) (Policy acquisition costs and commissions) Underwriting margin
						Investment Segment. The investment segment involves the management of our capital resources, including investments and the management of liquidity. Our measure of profitability for the investment segment is excess investment income, as seen below:
						Net investment income (Required interest on policy liabilities) Excess investment income

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GLOBE LIFE INC.

Management's Discussion & Analysis

Current Highlights.

•Net income as a return on equity (ROE) for the six months ended June 30, 2025 was 18.8% and net operating income as an ROE, excluding accumulated other comprehensive income(1) was 14.4%.

•Total premium increased 5% over the same period in the prior year. Life premium increased 3% for the period from $1.62 billion in 2024 to $1.67 billion in 2025.

•Total net sales increased 6% over the same period in the prior year from $415 million in 2024 to $439 million in 2025. The average producing agent count across all of the exclusive agencies increased 4% over the prior year.

•Book value per share increased 14% over the same period in the prior year from $58.06 to $66.07. Book value per share, excluding accumulated other comprehensive income(1), increased 10% over the prior year from $82.38 in 2024 to $90.26 in 2025.

•For the six months ended June 30, 2025, the Company repurchased 3.3 million shares of Globe Life Inc. common stock at a total cost of $403 million for an average share price of $121.38.

The following graphs represent net income and net operating income for the six month periods ended June 30, 2025 and 2024.

(1)As shown in the charts above, net operating income is primarily comprised of insurance underwriting margin plus excess investment income and annuity and other income, offset by operating expenses after tax and, as such, is considered a non-GAAP measure. It has been used consistently by Globe Life's management for many years to evaluate the operating performance of the Company. It differs from net income primarily because it excludes certain non-operating items such as realized gains and losses and certain significant and unusual items included in net income. Net income is the most directly comparable GAAP measure.

Net operating income as an ROE, excluding accumulated other comprehensive income ("AOCI"), is considered a non-GAAP measure. Management utilizes this measure to view the business without the effect of changes in AOCI, which are primarily attributable to fluctuation in interest rates. The impact of the adjustment to exclude AOCI is $(2.0) billion and $(2.2) billion for the six months ended June 30, 2025 and 2024, respectively.

Book value per share, excluding AOCI, is also considered a non-GAAP measure. Management utilizes this measure to view the book value of the business without the effect of changes in AOCI, which are primarily attributable to fluctuation in interest rates. The impact of the adjustment to exclude AOCI is $(24.19) and $(24.32) for the six months ended June 30, 2025 and 2024, respectively.

Refer to Analysis of Profitability by Segment for non-GAAP reconciliation to GAAP.

GL Q2 2025 FORM 10-Q

Table of Contents

GLOBE LIFE INC.

Management's Discussion & Analysis

Summary of Operations.

•Net income totaled $507 million during the six months ended June 30, 2025, compared with $513 million in the same period in 2024.

•On a diluted per common share basis, net income per common share for the six months ended June 30, 2025 increased 10% from $5.51 to $6.07.

•Net operating income was $530 million for the six months ended June 30, 2025, compared with $535 million for the same period in 2024.

•On a diluted per common share basis, net operating income per common share for the six months ended June 30, 2025 increased from $5.76 to $6.34, a 10% increase.

Net operating income is primarily comprised of insurance underwriting margin plus excess investment income and annuity and other income, offset by operating expenses, after tax and, as such, is considered a non-GAAP measure. Net income is the most directly comparable GAAP measure. We do not consider realized gains and losses to be a component of our core insurance operations or operating segments. Additionally, net income was affected by certain non-operating items. We do not view these items as components of core operating results because they are not indicative of past performance or future prospects of the insurance operations. We remove items such as these that relate to prior periods or are non-operating items when evaluating the results of current operations, and therefore exclude such items from our segment analysis for current periods.

As previously noted, a component of insurance underwriting margin is policy obligations, which includes for each reporting period the change in the liability for future policy benefits ("LFPB"). The LFPB is determined each reporting period based on the net level premium method. Net level premiums reflect a recomputed net premium ratio using actual experience since the issue date, and expected future experience based on future cash-flow assumptions See Note 6—Policy Liabilities for additional information.

Overall, the Company continues to see positive signs in its core operations, including sales and premium growth, and continues to achieve an operating ROE (excluding accumulated other comprehensive income) generally in the mid-teens.

GL Q2 2025 FORM 10-Q

Table of Contents

GLOBE LIFE INC.

Management's Discussion & Analysis

Globe Life's operations on a segment-by-segment basis are discussed in depth below. Net operating income has been used consistently by management for many years to evaluate the operating performance of the Company and is a measure commonly used in the life insurance industry. It differs from GAAP net income primarily because it excludes certain non-operating items such as realized gains and losses and other significant and unusual items included in net income. Management believes an analysis of net operating income is important in understanding the profitability and operating trends of the Company’s business. Net income is the most directly comparable GAAP measure.

Analysis of Profitability by Segment

(Dollar amounts in thousands)


	Six Months Ended June 30,
	2025		2024		Change		%
Life insurance underwriting margin	$	677,338	$	629,334	$	48,004	8
Health insurance underwriting margin	182,778		194,258		(11,480)		(6)
Excess investment income	70,698		86,576		(15,878)		(18)
Segment profit or (loss)	930,814		910,168		20,646		2

Annuity and other income	3,971		3,813		158		4
Administrative expense	(173,596)		(162,607)		(10,989)		7
Other corporate expense	(102,544)		(85,338)		(17,206)		20
Pre-tax total	658,645		666,036		(7,391)		(1)
Applicable taxes	(128,213)		(130,720)		2,507		(2)
Net operating income	530,432		535,316		(4,884)		(1)
Reconciling items, net of tax:
Realized gains (losses)	(14,607)		(19,266)		4,659
Non-operating expenses	—		(1,554)		1,554
Legal proceedings	(8,513)		(1,924)		(6,589)
Net income	$	507,312	$	512,572	$	(5,260)	(1)

The life insurance segment is our primary segment and is the largest contributor to earnings in each period presented. The life insurance segment underwriting margin increased $48 million compared with the prior period, primarily a result of increased premiums and favorable policy obligations as a percent of premium. Excess investment income declined $16 million compared with the prior period, partly due to lower earned yields on commercial mortgage loans, limited partnerships and short term investments. The health segment experienced higher policy obligations and declined $11 million in the first six months of 2025 with $183 million of underwriting margin compared with $194 million in the first six months of 2024.

GL Q2 2025 FORM 10-Q

Table of Contents

GLOBE LIFE INC.

Management's Discussion & Analysis

In 2025, the largest contributor of total underwriting margin was the life insurance segment and the primary distribution channel was the American Income Life Division (American Income). The following charts represent the breakdown of total underwriting margin by operating segment and distribution channel for the six months ended June 30, 2025.

Total premium income rose 5% for the six months ended June 30, 2025 to $2.4 billion. Total net sales increased 6% to $439 million, when compared with 2024. Total first-year collected premium (defined in the following section) increased 3% to $343 million for 2025, compared to $333 million in 2024.

Life insurance premium income increased 3% to $1.67 billion over the prior-year total of $1.62 billion. Life net sales were relatively flat at $303 million for the first six months of 2025 as compared to the year ago period. First-year collected life premium increased 2% to $231 million. Life underwriting margin, as a percent of premium, increased to 41% for 2025 from 39% in 2024. Underwriting margin increased to $677 million in 2025, compared to $629 million in 2024.

Health insurance premium income increased 8% to $748 million over the prior-year total of $693 million. Health net sales rose 21% to $136 million for the first six months of 2025. First-year collected health premium rose 6% to $113 million. Health underwriting margin, as a percent of premium, was 24% for 2025 and 28% for 2024. Health underwriting margin declined to $183 million for the first six months of 2025, compared to $194 million in 2024.

Excess investment income, the measure of profitability of our investment segment, declined 18% during the first six months of 2025 to $71 million from $87 million in 2024. Excess investment income per common share, reflecting the impact of our share repurchase program, declined 9% to $0.85 from $0.93 when compared with the same period in 2024.

Insurance administrative expenses increased 7% in 2025 when compared with the prior-year period. These expenses were 7.2% as a percent of premium during 2025 compared to 7.0% in 2024.

For the six months ended June 30, 2025, the Company repurchased 3.3 million shares of Globe Life Inc. common stock at a total cost of $403 million for an average share price of $121.38.

GL Q2 2025 FORM 10-Q

Table of Contents

GLOBE LIFE INC.

Management's Discussion & Analysis

The discussions of our segments are presented in the manner we view our operations, as described in Note 12—Business Segments.

We use three measures as indicators of premium growth and sales over the near term: “annualized premium in force,” “net sales,” and “first-year collected premium.”

•Annualized premium in force is defined as the premium income that would be received over the following twelve months at any given date on all active policies if those policies remain in force throughout the 12-month period.

•Net sales is calculated as annualized premium issued, net of cancellations generally in the first 30 days after issue, except in the case of Direct to Consumer, where net sales is annualized premium issued at the time the first full premium is paid after any introductory offer period (typically one month) has expired. Management considers net sales to be a better indicator of the rate of premium growth than annualized premium issued since annualized premium issued excludes cancellations, and cancellations do not contribute to premium income.

•First-year collected premium is defined as the premium collected during the reporting period for all policies in their first policy year. First-year collected premium takes lapses into account in the first year when lapses are more likely to occur, and thus is a useful indicator of how much new premium is expected to be added to premium income in the future. First-year collected premiums are lower than net sales over the prior 12 months because premiums are not collected on lapsed policies after the date of lapse.

Cancellations are not included in lapses.

See further discussion of the distribution channels below for Life and Health.

GL Q2 2025 FORM 10-Q

Table of Contents

GLOBE LIFE INC.

Management's Discussion & Analysis

LIFE INSURANCE

Life insurance is the Company's predominant segment. During 2025, life premium represented 69% of total premium and life underwriting margin represented 79% of the total underwriting margin. Additionally, investments supporting the reserves for life products produce the majority of income attributable to the investment segment.

The following table presents the summary of results of life insurance. Further discussion of the results by distribution channel is included below.

Life Insurance

Summary of Results

(Dollar amounts in thousands)


	Six Months Ended June 30,						Change
	2025			2024
	Amount		% of Premium	Amount		% of Premium	Amount		%
Premium and policy charges	$	1,669,407	100	$	1,619,747	100	$	49,660	3

Policy obligations	1,029,111		62	1,038,663		64	(9,552)		(1)
Required interest on reserves	(419,696)		(25)	(401,522)		(25)	(18,174)		5
Net policy obligations	609,415		37	637,141		39	(27,726)		(4)
Amortization of acquisition costs	186,834		11	173,683		11	13,151		8
Commission expense	87,924		5	78,388		5	9,536		12
Premium taxes	34,693		2	34,286		2	407		1
Non-deferred acquisition costs	73,203		4	66,915		4	6,288		9
Total expense	992,069		59	990,413		61	1,656		—
Insurance underwriting margin	$	677,338	41	$	629,334	39	$	48,004	8

Net policy obligations amounted to 37% of premium for the six months ended June 30, 2025 compared to 39% in the year-ago period.

The table below summarizes life underwriting margin by distribution channel.

Life Insurance

Underwriting Margin by Distribution Channel

(Dollar amounts in thousands)


	Six Months Ended June 30,
	2025			2024			Change
	Amount		% of Premium	Amount		% of Premium	Amount		%
American Income	$	400,702	45	$	379,730	45	$	20,972	6
Direct to Consumer	133,159		27	122,433		25	10,726		9
Liberty National	65,218		34	61,785		34	3,433		6
Other(1)	78,259		78	65,386		64	12,873		20
Total	$	677,338	41	$	629,334	39	$	48,004	8

(1) Includes a gain of $14 million related to the recapture of reinsurance for six months ended June 30, 2025 as disclosed in Note 1 - Significant Accounting Policies.

GL Q2 2025 FORM 10-Q

Table of Contents

Globe Life Inc.

Management's Discussion & Analysis

The following table presents Globe Life's life insurance premium by distribution channel.

Life Insurance

Premium by Distribution Channel

(Dollar amounts in thousands)


	Six Months Ended June 30,						Change
	2025			2024
	Amount		% of Total	Amount		% of Total	Amount		%
American Income	$	883,377	53	$	837,578	52	$	45,799	5
Direct to Consumer	491,823		29	496,879		31	(5,056)		(1)
Liberty National	193,445		12	182,974		11	10,471		6
Other	100,762		6	102,316		6	(1,554)		(2)
Total	$	1,669,407	100	$	1,619,747	100	$	49,660	3

Annualized life premium in force was $3.38 billion at June 30, 2025, an increase of 4% over $3.27 billion a year earlier.

An analysis of life net sales, an indicator of new business production, by distribution channel is presented below.

Life Insurance

Net Sales by Distribution Channel

(Dollar amounts in thousands)


	Six Months Ended June 30,						Change
	2025			2024
	Amount		% of Total	Amount		% of Total	Amount		%
American Income	$	194,782	64	$	191,863	63	$	2,919	2
Direct to Consumer	56,271		19	59,177		20	(2,906)		(5)
Liberty National	47,084		15	47,494		16	(410)		(1)
Other	5,099		2	4,466		1	633		14
Total	$	303,236	100	$	303,000	100	$	236	—

First-year collected life premium by distribution channel is presented in the table below.

Life Insurance

First-Year Collected Premium by Distribution Channel

(Dollar amounts in thousands)


	Six Months Ended June 30,						Change
	2025			2024
	Amount		% of Total	Amount		% of Total	Amount		%
American Income	$	157,171	68	$	150,362	66	$	6,809	5
Direct to Consumer	30,676		13	35,716		16	(5,040)		(14)
Liberty National	38,799		17	36,764		16	2,035		6
Other	3,900		2	3,947		2	(47)		(1)
Total	$	230,546	100	$	226,789	100	$	3,757	2

GL Q2 2025 FORM 10-Q

Table of Contents

Globe Life Inc.

Management's Discussion & Analysis

A discussion of life operations by distribution channel follows.

The American Income Life Division markets to members of labor unions and other affinity groups and continues to diversify its lead sources, utilizing internally generated leads, third-party internet vendor leads and referrals to facilitate sustainable growth. This Division is Globe Life's largest contributor of life premium of any distribution channel at 53% of the Company's June 30, 2025 total life premium. For the six months ended June 30, 2025, the average monthly life premium issued per policy was $59 as compared to $57 for the same period in the prior year. Net sales were $195 million for the six months ended June 30, 2025, up from $192 million in the year-ago period. The underwriting margin, as a percent of premium, was 45% for the six months ended June 30, 2025 and 2024.

The average producing agent count increased 3% over the year-ago period. The increase in average producing agent count was driven by an increase in new agent recruiting along with continued improvement in new agent retention. Sales growth in this Division, as well as within our other exclusive agencies, is generally dependent on growth in the size of the agency force.

Below is the average producing agent count as of the indicated periods for the American Income Life Division. The average producing agent count is based on the actual count at the beginning and end of each week during the year.


	At June 30,		Change
	2025	2024	Amount	%
American Income	11,876	11,504	372	3

American Income Life continues to focus on growing and strengthening the agency force, specifically through emphasis on agency middle-management growth and additional agency openings. In addition to offering financial incentives and training opportunities, the Division has made considerable investments in information technology, including a customer relationship management (CRM) tool for the agency force. This tool is designed to provide dashboards and drive productivity in lead distribution, conservation of business, and new agent recruiting. Additionally, this Division has invested in and successfully implemented technology that allows the agency force to engage in virtual recruiting, training, and sales activity. The agents have shifted to primarily a virtual experience with the customers and have generated a vast majority of sales through virtual presentations. We find this flexibility to be enticing for new recruits as well as a driver of retention in our agency force.

The Direct to Consumer Division (DTC) markets adult and juvenile life insurance through a variety of channels, including direct mail, insert media, and digital marketing. The different media channels support and complement one another in the Division's efforts to provide consumer outreach. All three channels work as part of an omnichannel approach. Sales from the internet and inbound phone calls continue to outpace the activity from direct mail. DTC's long-term growth has been fueled by consistent innovation and brand awareness. Additionally, the DTC Division provides valuable support to our agency business through brand impressions and inquiries that lead to sales in our exclusive agency channels. New initiatives are continuously introduced to help increase response rates, issue rates, and create a seamless customer experience. The juvenile insurance market is an important source of sales as well as a vehicle to reach the parents and grandparents of existing juvenile insureds, who are more likely to respond favorably to a direct to consumer solicitation for life coverage on themselves in comparison to the general adult population. Additionally, future offerings to parents and grandparents for adult and juvenile insurance are sources of lower acquisition-cost life insurance sales in the future.

DTC net sales declined 5% to $56 million for the six months ended June 30, 2025, compared to $59 million for the same period in the prior year. This decline is due primarily to an intentional reduction of direct mail and print insert marketing activity because of the impact of inflation on postage, paper and online advertising costs. We reported higher net sales in the second quarter of 2025, which were up 24% from the first quarter of the year, resulting from our initiatives noted above. While total year to date sales have declined compared to the prior year, the focus has been on improving profitability and improving underwriting margin. DTC’s underwriting margin was $133.2 million and 27% as a percent of premium for the six months ended June 30, 2025 compared to $122.4 million and 25% as a percent of premium for the same period in 2024. For the six months ended June 30, 2025, the average monthly life premium issued for DTC adults was $17 as compared to $15 for the same period in the prior year.

GL Q2 2025 FORM 10-Q

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Globe Life Inc.

Management's Discussion & Analysis

The Liberty National Division markets individual life insurance to middle-income household and worksite customers. Recent investments in new sales technologies as well as recent growth in middle management within the Division are expected to support increased sales. Underwriting margin and premium were up 6% from the year ago period at $65 million and $193 million respectively. The underwriting margin as a percent of premium was flat for the six months ended June 30, 2025, at 34% compared to the year-ago period. For the six months ended June 30, 2025, the average monthly life premium per policy issued rose slightly compared to the prior year to $44 from $43.

Below is the average producing agent count for the six months ended June 30, 2025 and 2024 for the Liberty National Division. The average producing agent count is based on the actual count at the beginning and end of each week during the year.


	At June 30,		Change
	2025	2024	Amount	%
Liberty National	3,785	3,560	225	6

The Liberty National Division's average producing agent count increased when compared with the prior-year comparable period. This Division continues to execute a long-term plan to grow through expansion from small-town markets in the Southeast to more densely populated areas with larger pools of potential agent recruits and customers in the communities, regions, and cities the Liberty National Division serves. Expansion of this Division’s presence in larger geographic cities, with less penetrated areas will help create long-term sustainable agency growth. Additionally, the Division continues to help improve the ability of agents to develop new worksite marketing business. A CRM platform and enhanced analytical capabilities have helped the agents develop additional worksite marketing opportunities and improve the productivity of agents selling in the individual life market. As the Division gains momentum in its sales and recruiting initiatives, advances in technology and use of the CRM platform, it anticipates continued growth in recruiting activity, average producing agent count, and net sales.

The Other agency distribution channels primarily include non-exclusive independent agencies selling primarily life insurance. The Other distribution channels contributed $101 million of life premium income, or 6% of Globe Life's total life premium income in the six months ended June 30, 2025, and contributed 2% of net sales for the period.

HEALTH INSURANCE

Health insurance sold by the Company primarily includes Medicare Supplement insurance as well as retiree health insurance, accident coverage, and other limited-benefit supplemental health products such as cancer, critical illness, heart disease, intensive care, and other health products.

Health premium accounted for 31% of our total premium in 2025, while the health underwriting margin accounted for 21% of total underwriting margin. Health underwriting margin declined to $183 million compared to $194 million in the prior year. While the Company continues to emphasize life insurance sales relative to health, due to life’s superior long-term profitability and its greater contribution to excess investment income, the health business provides a significant contribution to return on equity as it does not require a substantial amount of up-front capital.

GL Q2 2025 FORM 10-Q

Table of Contents

Globe Life Inc.

Management's Discussion & Analysis

The following table presents underwriting margin data for health insurance.

Health Insurance

Summary of Results

(Dollar amounts in thousands)


	Six Months Ended June 30,						Change
	2025			2024
	Amount		% of Premium	Amount		% of Premium	Amount		%
Premium	$	747,890	100	$	692,662	100	$	55,228	8

Policy obligations	463,853		62	407,750		59	56,103		14
Required interest on reserves	(56,677)		(7)	(54,583)		(8)	(2,094)		4
Net policy obligations	407,176		55	353,167		51	54,009		15
Amortization of acquisition costs	29,360		4	26,922		4	2,438		9
Commission expense	84,852		11	80,810		11	4,042		5
Premium taxes	15,142		2	12,090		2	3,052		25
Non-deferred acquisition costs	28,582		4	25,415		4	3,167		12
Total expense	565,112		76	498,404		72	66,708		13
Insurance underwriting margin	$	182,778	24	$	194,258	28	$	(11,480)	(6)

Net policy obligations amounted to 55% of premium for the six months ended June 30, 2025 compared to 51% in the year ago period.

The table below summarizes health underwriting margin by distribution channel.

Health Insurance

Underwriting Margin by Distribution Channel

(Dollar amounts in thousands)


	Six Months Ended June 30,
	2025			2024			Change
	Amount		% of Premium	Amount		% of Premium	Amount		%
United American	$	14,019	4	$	28,477	10	$	(14,458)	(51)
Family Heritage	80,176		35	72,449		35	7,727		11
Liberty National	50,354		53	53,072		56	(2,718)		(5)
American Income	38,714		62	38,284		63	430		1
Direct to Consumer	(485)		(1)	1,976		5	(2,461)		(125)
Total	$	182,778	24	$	194,258	28	$	(11,480)	(6)

GL Q2 2025 FORM 10-Q

Table of Contents

Globe Life Inc.

Management's Discussion & Analysis

Globe Life markets supplemental health insurance products through a number of distribution channels. The following table is an analysis of our health premium by distribution channel.

Health Insurance

Premium by Distribution Channel

(Dollar amounts in thousands)


	Six Months Ended June 30,						Increase (Decrease)
	2025			2024
	Amount		% of Total	Amount		% of Total	Amount		%
United American	$	323,826	43	$	290,865	42	$	32,961	11
Family Heritage	228,210		31	209,246		30	18,964		9
Liberty National	95,553		13	95,335		14	218		—
American Income	62,113		8	61,218		9	895		1
Direct to Consumer	38,188		5	35,998		5	2,190		6
Total	$	747,890	100	$	692,662	100	$	55,228	8

Premiums related to limited-benefit supplemental health products comprise $417 million, or 56%, of the total health premiums for the six months ended June 30, 2025, compared with $388 million, or 56%, in the same period in the prior year. Premium from Medicare Supplement products comprises the remaining $331 million, or 44%, for the six months ended June 30, 2025, compared to $305 million, or 44%, in the same period in the prior year.

Annualized health premium in force was $1.54 billion at June 30, 2025, an increase of 7% over $1.44 billion a year earlier.

Presented below is a table of health net sales by distribution channel.

Health Insurance

Net Sales by Distribution Channel

(Dollar amounts in thousands)


	Six Months Ended June 30,						Increase (Decrease)
	2025			2024
	Amount		% of Total	Amount		% of Total	Amount		%
United American	$	53,162	39	$	34,651	31	$	18,511	53
Family Heritage	56,377		42	49,536		44	6,841		14
Liberty National	15,380		11	15,969		14	(589)		(4)
American Income	9,619		7	10,386		9	(767)		(7)
Direct to Consumer	1,431		1	1,643		2	(212)		(13)
Total	$	135,969	100	$	112,185	100	$	23,784	21

Health net sales related to limited-benefit supplemental health products comprise $101 million, or 74%, of the total health net sales for the six months ended June 30, 2025, compared with $84 million, or 75%, in the same period in the prior year. Medicare Supplement sales make up the remaining $35 million, or 26%, for 2025 compared to $28 million, or 25%, in the same period in the prior year.

GL Q2 2025 FORM 10-Q

Table of Contents

Globe Life Inc.

Management's Discussion & Analysis

The following table presents health insurance first-year collected premium by distribution channel.

Health Insurance

First-Year Collected Premium by Distribution Channel

(Dollar amounts in thousands)


	Six Months Ended June 30,						Increase (Decrease)
	2025			2024
	Amount		% of Total	Amount		% of Total	Amount		%
United American	$	42,723	38	$	42,434	40	$	289	1
Family Heritage	43,921		39	38,666		36	5,255		14
Liberty National	13,982		12	14,102		13	(120)		(1)
American Income	9,623		9	9,568		9	55		1
Direct to Consumer	2,319		2	1,885		2	434		23
Total	$	112,568	100	$	106,655	100	$	5,913	6

First-year collected premium related to limited-benefit supplemental health products is $77.2 million, or 69%, of total first-year collected premium for the six months ended June 30, 2025 compared with $76.9 million, or 72%, in the same period in the prior year. First-year collected premium from Medicare Supplement policies make up the remaining $35.3 million, or 31%, for the six months ended June 30, 2025 compared to $29.8 million, or 28%, in the same period in the prior year.

A discussion of health operations by distribution channel follows.

The United American Division consists of non-exclusive independent agencies who may also sell for other companies. The United American Division was Globe Life's largest health agency in terms of health premium income, with net sales up 53% from the same period in the prior year.

This Division includes different units:

•UA General Agency, which primarily sells individual Medicare Supplement insurance through independent agents;

•Special Markets, which markets retiree health insurance to employer and union groups through brokers; and

•Globe Life Group Benefits, which offers group worksite supplemental health insurance through brokers.

The majority of the premium revenue comes from Medicare Supplement. Underwriting margin as a percent of premium for the Division was 4% for the six months ended June 30, 2025 and 10% for the same period in 2024. The decline in underwriting margin as a percent of premium when compared to prior year is primarily attributable to increased claims utilization during the current year from Medicare Supplement. We adjust premium rates based upon an annual review of utilization and claim cost trends and submit revisions for approval to the insurance department regulators, and if approved, the new premium rates generally become effective in the following year.

The Family Heritage Division primarily markets limited-benefit supplemental health insurance to small- to medium- sized businesses. Most of its policies include a return of premium feature, where premium paid is returned less any claims paid to the policyholder at the end of a specified period stated within the insurance policy. Underwriting margin as a percent of premium was 35% for the six months ended June 30, 2025 and 2024.

The Division experienced a 14% rise in health net sales as compared with the same six-month period a year ago, primarily due to increased agent count and increased agent productivity. The Division will continue to implement incentive and retention programs to further these increases in the number of producing agents.

GL Q2 2025 FORM 10-Q

Table of Contents

Globe Life Inc.

Management's Discussion & Analysis

Below is the average producing agent count at the end of the period for the Family Heritage Division. The average producing agent count is based on the actual count at the beginning and end of each week during the year. The average producing agent count increased 10% compared with the same period a year ago. Along with the Division's increased efforts to grow agent count, it is also focused on the further training and development of its middle management. While growth in net sales and earned premium is impacted by agent productivity, growth in the number of producing agents will be the primary driver of future growth in sales, similar to our other exclusive agencies.


	At June 30,		Change
	2025	2024	Amount	%
Family Heritage	1,458	1,328	130	10

The Liberty National Division represented 13% of all Globe Life health premium income for the six months ended June 30, 2025. The Liberty National Division markets limited-benefit supplemental health products, consisting primarily of cancer, critical illness, and accident insurance. Much of Liberty National's health business is generated through worksite marketing targeting small businesses. Health premium at the Liberty National Division was $95.6 million for the six months ended June 30, 2025 up from $95.3 million for the same period in 2024. Liberty National's first-year collected premium fell 1% to $14.0 million in the six months ended June 30, 2025 compared with $14.1 million for the same period in 2024. Health net sales for the six months ended June 30, 2025 fell 4% from the comparable period in 2024. For the six months ended June 30, 2025, underwriting margin as a percent of premium was 53%, compared with 56% in the same period in the prior year primarily due to an increase in policy obligations in the current period.

While both the American Income Life Division and the Direct to Consumer Division sell life insurance, they also market health products. The American Income Life Division primarily markets accident plans. The Direct to Consumer Division primarily markets Medicare Supplement insurance to employer or union-sponsored groups. On a combined basis, these other channels accounted for 13% of health premium for the six months ended June 30, 2025 and 14% for the same period in 2024.

INVESTMENTS

We manage our capital resources, including investments and cash flow, through the investment segment. Excess investment income represents the profit margin attributable to investment operations and is the measure that we use to evaluate the performance of the investment segment as described in Note 12—Business Segments. It is defined as net investment income less the required interest attributable to policy liabilities.

Management views excess investment income per diluted common share as an important and useful measure to evaluate the performance of the investment segment. It is defined as excess investment income divided by the total diluted weighted-average shares outstanding, representing the contribution by the investment segment to the consolidated earnings per share of the Company.

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Globe Life Inc.

Management's Discussion & Analysis

Excess Investment Income. The following table summarizes Globe Life's investment income, excess investment income, and excess investment income per diluted common share.

Analysis of Excess Investment Income

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


	Six Months Ended June 30,				Change
	2025		2024		Amount		%
Net investment income	$	562,783	$	568,214	$	(5,431)	(1)
Interest on policy liabilities(1)	(492,085)		(481,638)		(10,447)		2
Excess investment income	$	70,698	$	86,576	$	(15,878)	(18)

Excess investment income per diluted share	$	0.85	$	0.93	$	(0.08)	(9)

Mean invested assets (at amortized cost)	$	21,494,647	$	21,307,683	$	186,964	1
Average insurance policy liabilities	17,727,143		17,395,345		331,798		2

(1)Interest on policy liabilities, at original rates, is a component of total policyholder benefits, a GAAP measure.

Excess investment income declined $16 million, or 18%, compared with the year-ago period. Excess investment income per diluted common share was $0.85 for the six months ended June 30, 2025, a decrease of 9% from the prior-year period. Excess investment income per diluted common share generally increases or decreases at a different pace than excess investment income because the number of diluted shares outstanding generally decreases from year to year as a result of our share repurchase program.

Net investment income for the six months ended June 30, 2025 was $563 million, or 1% less than the year-ago period. Mean invested assets increased 1% during the first six months of 2025 over the same period last year. Net investment income declined in the current period primarily due to lower earned yields on short-term investments, commercial mortgage loans and limited partnerships compared to the prior year. The effective annual yield rate earned on the fixed maturity portfolio was 5.27% in the first six months of 2025, compared to 5.26% a year earlier. In addition to fixed maturities, the Company has also invested in commercial mortgage loans and limited partnerships with debt-like characteristics that diversify risk and enhance risk-adjusted, capital-adjusted returns on the portfolio. The earned yield on the Company's commercial mortgage loans for the six months ended June 30, 2025 was 5.62% compared with 8.47% in the prior year period. The lower earned yield on commercial mortgage loans is partly due to lower floating rates in addition to loans in non-accrual status. The earned yield on limited partnership investments for the six months ended June 30, 2025 was 7.60% and 8.90% in the comparable prior year period. See additional information in Note 4—Investments.

Globe Life's net investment income benefits from higher interest rates on new investments. While increasing interest rates have resulted in a net unrealized loss from our available-for-sale debt securities included in accumulated other comprehensive income (loss) as of June 30, 2025, we are not concerned because we do not generally intend to sell, nor is it likely that we will be required to sell, the fixed maturities prior to their anticipated recovery.

Required interest on insurance policy liabilities reduces excess investment income, as it is the amount of net investment income necessary to cover the interest-related growth on insurance policy liabilities. As such, it is reclassified from the insurance segment to the investment segment. As discussed in Note 12—Business Segments, management regards this as a more meaningful analysis of the investment and insurance segments. Required interest is based on the original discount rate assumptions for our insurance policies in force.

The vast majority of our life and health insurance policies are fixed interest rate protection policies, not investment products, and are accounted for under current GAAP accounting guidance for long-duration insurance products which mandates that interest rate assumptions for a particular block of business be “locked in” for the life of that block of business. Each calendar year, we set the original discount rate to be used to calculate the benefit reserve liability for all insurance policies issued that year. The liability reported on the balance sheet is updated in subsequent periods using current discount rates as of the end of the relevant reporting period with a corresponding adjustment to other comprehensive income.

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Globe Life Inc.

Management's Discussion & Analysis

The discount rate used for policies issued in the current year has no impact on the in force policies issued in prior years, as the rates of all prior issue years are also locked in for purposes of recognizing income. As such, the overall original discount rate for the entire in force block of 5.6% is a weighted average of the discount rates being used from all issue years. Changes in the overall weighted-average discount rate over time are caused by changes in the mix of the reserves on the entire block of in force business. Business issued in the current year has little impact on the overall weighted-average original discount rate due to the size of our in force business.

In comparison to the year-ago period, required interest on insurance policy liabilities increased $10 million, or 2%, to $492 million, consistent with the 2% growth in average interest-bearing insurance policy liabilities.

Realized Gains and Losses. Our life and health insurance companies collect premium income from policyholders for the eventual payment of policyholder benefits, sometimes paid for many years or even decades in the future. Since benefits are expected to be paid in future periods, premium receipts in excess of current expenses are invested to provide for these obligations. For this reason, we hold a significant investment portfolio as a part of our core insurance operations. This portfolio consists primarily of high-quality fixed maturities containing an adequate yield to provide for the cost of carrying these long-term insurance product obligations. As a result, fixed maturities are generally held for long periods to support these obligations. Expected yields on these investments are taken into account when setting insurance premium rates and product profitability expectations.

Despite our intent to hold fixed maturity investments for a long period of time, investments are occasionally sold, exchanged, called, or experience a credit loss event, resulting in a realized gain or loss. Gains or losses are only secondary to our core insurance operations of providing insurance coverage to policyholders. The Company also has investments in certain limited partnerships, held under the fair value option, with fair value changes recognized in Realized gains (losses) in the Condensed Consolidated Statements of Operations.

Realized gains and losses can be significant in relation to the earnings from core insurance operations, and as a result, can have a material positive or negative impact on net income. The significant fluctuations caused by gains and losses can cause period-to-period trends of net income that are not indicative of historical core operating results or predictive of the future trends of core operations. Accordingly, they have no bearing on core insurance operations or segment results as we view operations. For these reasons, and in line with industry practice, we remove the effects of realized gains and losses when evaluating overall insurance operating results.

The following table summarizes our tax-effected realized gains (losses) by component.

Analysis of Realized Gains (Losses), Net of Tax

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


	Six Months Ended June 30,
	2025				2024
	Amount		Per Share		Amount		Per Share
Fixed maturities:
Sales	$	(4,262)	$	(0.05)	$	(7,840)	$	(0.09)
Matured or other redemptions(1)	(5,257)		(0.06)		(39)		—
Provision for credit losses	32		—		(13)		—
Fair value option—change in fair value	(4,823)		(0.06)		(15,084)		(0.16)
Mortgages	242		—		(1,701)		(0.02)
Other investments	(1,060)		(0.01)		910		0.01
Total realized gains (losses)—investments	(15,128)		(0.18)		(23,767)		(0.26)
Other gains (losses)(2)	521		0.01		4,501		0.05
Total realized gains (losses)	$	(14,607)	$	(0.17)	$	(19,266)	$	(0.21)

(1)During the six months ended June 30, 2025 and 2024, the Company recorded $128.3 million and $78.9 million, respectively, of exchanges of fixed maturity securities (noncash transactions) that resulted in a realized losses of $(2.5) million and $0 net of tax, respectively.

(2)Other realized gains (losses) are primarily a result of changes in the fair value for assets held in rabbi trust.

GL Q2 2025 FORM 10-Q

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Globe Life Inc.

Management's Discussion & Analysis

Investment Acquisitions. Globe Life's investment policy calls for investing primarily in investment grade fixed maturities that meet our quality and yield objectives. We generally invest in securities with longer-term maturities because they more closely match the long-term nature of our life and health policy liabilities. We believe this strategy is appropriate since our expected future cash flows are generally stable and predictable and the likelihood that we will need to sell invested assets to raise cash is low.

The following table summarizes selected information for fixed maturity investments. The effective annual yield shown is based on the acquisition price and call features, if any, of the securities. For non-callable bonds, the yield is calculated to maturity date. For callable bonds acquired at a premium, the yield is calculated to the earliest known call date and call price after acquisition ("first call date"). For all other callable bonds, the yield is calculated to maturity date.

Fixed Maturity Acquisitions Selected Information

(Dollar amounts in thousands)


	Six Months Ended June 30,
	2025			2024
Cost of acquisitions:
Investment-grade corporate securities	$	479,578		$	898,390
Investment-grade municipal securities	18,228			6,520
Other securities	10,292			18,186
Total fixed maturity acquisitions(1)	$	508,098		$	923,096

Effective annual yield (one year compounded)(2)	6.43		%	5.94		%
Average life (in years, to next call)	35.8			30.9
Average life (in years, to maturity)	38.3			33.0
Average rating	A-			A-

(1)Fixed maturity acquisitions included unsettled trades of $0 in 2025 and $0 in 2024.

(2)Tax-equivalent basis, where the yield on tax-exempt securities is adjusted to produce a yield equivalent to the pretax yield on taxable securities.

For investments in callable bonds, the actual life of the investment will depend on whether the issuer calls the investment prior to the maturity date. Given our investments in callable bonds, the actual average life of our investments cannot be known at the time of the investment. Absent sales and "make-whole calls," however, the average life will not be less than the average life to next call and will not exceed the average life to maturity. Data for both of these average life measures is provided in the above chart.

Acquisitions in 2025 and 2024 consisted primarily of corporate and municipal bonds with securities spanning a diversified range of issuers, industry sectors, and geographical regions. In the first six months of 2025, we invested primarily in the industrial, financial, and utility sectors. For the entire portfolio, the taxable equivalent effective yield earned was 5.27%, up approximately 1 basis point from the yield in the first six months of 2024. The increase in taxable equivalent effective yield was primarily due to new purchases at yields exceeding the yield on dispositions and the average portfolio yield. For the remainder of 2025, the Company will continue to execute on its existing strategy by seeking to invest in assets that satisfy our quality and other objectives, while maximizing the highest risk-adjusted, capital-adjusted return.

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Globe Life Inc.

Management's Discussion & Analysis

In addition to the fixed maturity acquisitions, Globe Life invested in commercial mortgage loans and in other long-term investments. Other long-term investments primarily consist of investment funds. See Note—4 Investments for further discussion.

The following table summarizes Globe Life's other investment acquisitions of the following assets.

Other Investment Acquisitions

(Dollar amounts in thousands)


	Six Months Ended June 30,
	2025		2024
Limited partnerships	$	52,816	$	149,223
Commercial mortgage loans	66,836		92,483
Common stock	1,844		14,013
Convertible notes	—		2,850

Total	$	121,496	$	258,569

Corporates:FinancialInsurance - life, health, P&C$38,584 $32 $(7,801)$30,815 $2,817,161 $49,928 $(206,943)$2,660,146 15 15 Banks65,718 254 (3,506)62,466 1,026,367 17,023 (59,795)983,595 6 6 Other financial74,973 — (14,917)60,056 1,162,847 15,647 (146,305)1,032,189 6 6 Total financial179,275 286 (26,224)153,337 5,006,375 82,598 (413,043)4,675,930 27 27 IndustrialEnergy44,580 — (5,410)39,170 1,318,501 33,825 (77,700)1,274,626 7 7 Basic materials— — — — 1,147,932 20,121 (91,699)1,076,354 6 6 Consumer, non-cyclical640 — (3)637 2,087,181 11,222 (255,241)1,843,162 11 11 Other industrials25,000 — (4,796)20,204 1,089,118 14,847 (108,283)995,682 6 6 Communications— — — — 832,355 12,085 (90,817)753,623 4 4 Transportation— — — — 572,829 9,800 (38,953)543,676 3 3

Consumer, cyclical

128,674 331 (28,378)100,627 492,653 3,113 (75,592)420,174 3 3 Technology50,278 — (2,419)47,859 341,407 597 (67,045)274,959 2 2 Total industrial249,172 331 (41,006)208,497 7,881,976 105,610 (805,330)7,182,256 42 42 Utilities58,996 22 (6,797)52,221 2,081,366 39,716 (118,007)2,003,075 11 12 Total corporates487,443 639 (74,027)414,055 14,969,717 227,924 (1,336,380)13,861,261 80 81 States, municipalities, and political divisions:General obligations— — — — 909,765 3,695 (177,021)736,439 5 4 Revenues— — — — 2,391,136 16,967 (357,738)2,050,365 13 12

Total states, municipalities, and political divisions

— — — — 3,300,901 20,662 (534,759)2,786,804 18 16 Other fixed maturities:Government (U.S., municipal, and foreign)— — — — 438,636 19 (51,664)386,991 2 2 Collateralized debt obligations36,923 5,943 — 42,866 36,923 5,943 — 42,866 — — Other asset-backed securities4,754 10 — 4,764 79,237 39 (2,186)77,090 — 1 Total fixed maturities$529,120 $6,592 $(74,027)$461,685 $18,825,414 $254,587 $(1,924,989)$17,155,012 100100

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Globe Life Inc.

Management's Discussion & Analysis

Corporate securities, which consist of bonds and redeemable preferred stocks, were the largest component of the fixed-maturity portfolio as of June 30, 2025, representing 80% of amortized cost, net, and 82% of fair value. The remainder of the portfolio is invested primarily in securities issued by the U.S. government and U.S. municipalities. The Company holds insignificant amounts in foreign government bonds, collateralized debt obligations, asset-backed securities, and mortgage-backed securities. Corporate securities are diversified over a variety of industry sectors and issuers. At June 30, 2025, the total fixed maturity portfolio consisted of 1,016 issuers.

Fixed maturities had a fair value of $17.4 billion at June 30, 2025, compared to $17.2 billion at December 31, 2024. The net unrealized loss position in the fixed-maturity portfolio decreased from $1.7 billion at December 31, 2024 to $1.6 billion at June 30, 2025 due to a change in market rates during the period.

For more information about our fixed-maturity portfolio by component at June 30, 2025 and December 31, 2024, including a discussion of allowance for credit losses, an analysis of unrealized investment losses, and a schedule of maturities, see Note 4—Investments.

An analysis of the fixed-maturity portfolio by composite quality rating at June 30, 2025 and December 31, 2024, is shown in the following tables. The company uses the NAIC designation for credit quality ratings. The NAIC designation is generally determined using the second lowest rating available from nationally recognized statistical rating organizations (“NRSRO”) when three or more ratings are available and the lowest rating when two or fewer rating are available. When NRSRO ratings are unavailable the rating may be assigned by the Securities Valuation Office (“SVO”) of the NAIC.

Fixed Maturities by Rating

At June 30, 2025

(Dollar amounts in thousands)


	Amortized Cost, net		% of Total	Fair Value		% of Total	Average Composite Quality Rating on Amortized Cost, net
Investment grade:
AAA	$	942,695	5	$	837,905	5
AA	3,351,694		17	2,746,832		16
A	5,816,062		31	5,500,548		31
BBB+	3,230,903		17	3,039,564		18
BBB	3,954,154		21	3,711,886		21
BBB-	1,151,112		6	1,082,355		6
Total investment grade	18,446,620		97	16,919,090		97	A-

Below investment grade:
BB	375,502		2	334,428		2
B	125,122		1	109,638		1
Below B	2,198		—	2,198		—
Total below investment grade	502,822		3	446,264		3	BB-
	$	18,949,442	100	$	17,365,354	100

Weighted average composite quality rating							A-

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Globe Life Inc.

Management's Discussion & Analysis

Fixed Maturities by Rating

At December 31, 2024

(Dollar amounts in thousands)


	Amortized Cost, net		% of Total	Fair Value		% of Total	Average Composite Quality Rating on Amortized Cost
Investment grade:
AAA	$	968,220	5	$	855,165	5
AA	3,225,044		17	2,691,908		15
A	5,508,446		29	5,147,203		30
BBB+	3,267,101		17	3,040,313		18
BBB	4,087,323		22	3,799,696		22
BBB-	1,240,160		7	1,159,042		7
Total investment grade	18,296,294		97	16,693,327		97	A-

Below investment grade:
BB	397,823		2	349,028		2
B	92,176		1	67,593		1
Below B	39,121		—	45,064		—
Total below investment grade	529,120		3	461,685		3	BB-
	$	18,825,414	100	$	17,155,012	100

Weighted average composite quality rating							A-

The overall quality rating of the portfolio is A-, the same as of year-end 2024. Fixed maturities rated BBB are 44% of the total portfolio at June 30, 2025, down from 46% at December 31, 2024. While this ratio is high relative to our peers, it is at its lowest level since 2006 and we have limited exposure to higher-risk assets such as derivatives, equities, and asset-backed securities. Additionally, the Company does not participate in securities lending and has no off-balance sheet investments as of June 30, 2025. Of our fixed maturity purchases, BBB securities generally provide the Company with the best risk-adjusted, capital-adjusted returns largely due to our ability to hold securities to maturity regardless of fluctuations in interest rates or equity markets.

An analysis of changes in our portfolio of below-investment grade fixed maturities at amortized cost, net of allowance for credit losses is as follows:

Below-Investment Grade Fixed Maturities

(Dollar amounts in thousands)


	Six Months Ended June 30,
	2025		2024
Balance at beginning of period	$	529,120	$	529,511
Downgrades by rating agencies	65,627		29,006
Upgrades by rating agencies	(30,565)		—
Dispositions	(65,513)		(12,549)
Acquisitions	6,893		17,737
Provision for credit losses	40		(17)
Amortization and other	(2,780)		414
Balance at end of period	$	502,822	$	564,102

GL Q2 2025 FORM 10-Q

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Globe Life Inc.

Management's Discussion & Analysis

Our investment policy calls for investing primarily in fixed maturities that are investment grade and meet our quality and yield objectives. Thus, the balance of below-investment grade issues is primarily the result of ratings downgrades of existing holdings. Below-investment grade bonds at amortized cost, net of allowance for credit losses, were 3% of total fixed maturities at amortized cost as of June 30, 2025.

OPERATING EXPENSES

Operating expenses are classified into two categories: insurance administrative expenses and expenses of the Parent Company. Insurance administrative expenses generally include expenses incurred after a policy has been issued. As these expenses relate to premium for a given period, management measures the expenses as a percentage of premium income. The Company also views stock-based compensation expense as a Parent Company expense. Expenses associated with the issuance of our insurance policies are reflected as acquisition expenses and included in the determination of underwriting margin.

An analysis of operating expenses is shown below.

Operating Expenses Selected Information

(Dollar amounts in thousands)


	Six Months Ended June 30,						Increase
	2025			2024			(Decrease)
	Amount		% of Premium	Amount		% of Premium	Amount		%
Insurance administrative expenses:
Salaries	$	68,365	2.8	$	62,029	2.7	$	6,336	10
Other employee costs	19,708		0.8	18,076		0.8	1,632		9
Information technology costs	40,491		1.7	38,868		1.7	1,623		4
Legal costs	12,076		0.5	12,162		0.5	(86)		(1)
Other administrative costs	32,956		1.4	31,472		1.3	1,484		5
Total insurance administrative expenses	173,596		7.2	162,607		7.0	10,989		7

Parent company expense	6,605			5,956			649
Stock compensation expense	26,062			19,357			6,705

Legal proceedings	10,776			2,435			8,341
Non-operating expenses	—			1,967			(1,967)

Total operating expenses, per Condensed Consolidated Statements of Operations	$	217,039		$	192,322		$	24,717	13

Total operating expenses for June 30, 2025 increased in comparison with the prior year primarily due to increases in insurance administrative expenses as well as stock compensation and legal proceedings. Insurance administrative expenses increased $11 million primarily due to higher employee costs, which include salaries and other costs. Insurance administrative expenses as a percent of premium were 7.2% for the six months ended June 30, 2025 compared to 7.0% for the same period in 2024. Stock compensation expense increased primarily due to changes in the mix of awards and increase in award values.

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Globe Life Inc.

Management's Discussion & Analysis

SHARE REPURCHASES

Globe Life has an ongoing share repurchase program that began in 1986. The share repurchase program is reviewed with the Board of Directors quarterly, and continues indefinitely unless and until the Board of Directors decides to suspend, terminate or modify the program. On November 18, 2024, the Board of Directors authorized the repurchase of up to $1.8 billion under the Company's existing share repurchase program. Management generally determines the amount of repurchases based on the amount of excess cash flows and other available sources after the payment of dividends to the Parent Company shareholders, general market conditions, and other alternative uses. Since implementing our share repurchase program in 1986, we have used $10.7 billion to repurchase Globe Life Inc. common shares, after determining that the repurchases provide a greater risk-adjusted after-tax return than other investment alternatives.

Excess cash flow at the Parent Company is primarily comprised of dividends received from the insurance subsidiaries less interest expense paid on its debt and other limited operating activities. Additionally, when stock options are exercised, proceeds from these exercises and the resulting tax benefit are used to repurchase additional shares on the open market to minimize dilution as a result of the option exercises.

The following table summarizes share repurchases for the six month periods ended June 30, 2025 and 2024.

Analysis of Share Repurchases

(Amounts in thousands, except per share data)


	Six Months Ended June 30,
	2025					2024
Purchases with:	Shares	Amount		Average Price		Shares	Amount		Average Price
Excess cash flow at the Parent Company(1)	3,317	$	402,603	$	121.38	3,964	$	329,737	$	83.17
Option exercise proceeds	881	108,598		123.27		300	26,404		88.09
Total	4,198	$	511,201	$	121.78	4,264	$	356,141	$	83.52

(1)Excludes excise tax on the repurchase of treasury stock of $3.7 million and $3.2 million for the six months ended June 30, 2025 and 2024, respectively.

The amount of share repurchases in the first six months were higher due to higher excess cash flow. The amount of excess cash flow was higher than in the prior year primarily due to higher statutory earnings and the inclusion of extraordinary dividends approved in late 2024. Throughout the remainder of this discussion, share repurchases will only refer to those made from excess cash flow at the Parent Company.

FINANCIAL CONDITION

Liquidity. Liquidity provides Globe Life with the ability to meet on demand the cash commitments required to support our business operations and meet our financial obligations. Our liquidity is primarily derived from multiple sources: positive cash flow from operations, a portfolio of marketable securities, a revolving credit facility, commercial paper, and advances from the Federal Home Loan Bank.

Insurance Subsidiary Liquidity. The operations of our insurance subsidiaries have historically generated substantial cash inflows in excess of immediate cash needs. Cash inflows for the insurance subsidiaries primarily include premium and investment income. In addition to investment income, maturities and scheduled repayments in the investment portfolio are cash inflows. Cash outflows from operations include policy benefit payments, commissions, administrative expenses, and taxes. A portion of cash inflows in the current year will provide for the payment of future policy benefits and are invested primarily in long-term fixed maturities as they better match the long-term nature of these obligations. Excess cash available from the insurance subsidiaries’ operations is generally distributed as a dividend to the Parent Company, subject to regulatory restrictions. The dividends are generally paid in amounts equal to the subsidiaries’ prior year statutory net income excluding realized capital gains. While the insurance subsidiaries annually generate more operating cash inflows than cash outflows, the companies also have the entire available-for-sale fixed-maturity investment portfolio available to create additional cash flows if required.

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Globe Life Inc.

Management's Discussion & Analysis

Four of our insurance subsidiaries are members of the FHLB of Dallas. FHLB membership provides the insurance subsidiaries with access to various low-cost collateralized borrowings and funding agreements. While not the only source of liquidity, the FHLB could provide the insurance subsidiaries with an additional source of liquidity, if needed. Refer to Note 11—Debt for further details.

Parent Company Liquidity. An important source of Parent Company liquidity is the dividends from its insurance subsidiaries. These dividends are received throughout the year and are used by the Parent Company to pay dividends on common and preferred stock, interest and principal repayment requirements on Parent Company debt, and operating expenses of the Parent Company.


	Six Months Ended June 30,				Twelve Months Ended December 31,
	2025		2024		Projected 2025	2024
Liquidity Sources:
Dividends from Subsidiaries	$	351,394	$	358,255	$700,000—$750,000	$	692,690
Excess Cash Flows(1)	$	474,953	$	327,283	$780,000—$830,000	$	455,013

(1)Excess cash flows are reported gross of shareholder dividends. For the six months ended June 30, 2025 and 2024, shareholder dividends were $43 million and $44 million, respectively. For the twelve months ended December 31, 2025, we project approximately $84 million in shareholder dividends, compared to the $85 million paid in 2024.

Dividends from subsidiaries and excess cash flows are projected to be higher in 2025 than in 2024 primarily due to improved earnings from favorable mortality trends and growth in business, as well as positive impacts from lower reserve increases under statutory accounting impacting the 2024 statutory earnings that derive the 2025 dividends. The excess cash flows in 2025 include the extraordinary dividends approved in the latter part of 2024 of $192 million. Additional sources of liquidity for the Parent Company are cash, intercompany receivables, intercompany borrowings, debt markets, term loans, and a revolving credit facility.

On July 1, 2025, we entered into a 30-year facility agreement (“Facility Agreement”) with a Delaware Trust (the “Trust”) formed by us in connection with the sale by the trust of $500 million pre-capitalized trust securities redeemable May 15, 2055 in a Rule 144A private placement. The Trust invested the proceeds from the sale of its securities in a portfolio of principal and interest strips of U.S. Treasury securities (the “Strips”).

The Facility Agreement provides us with the right to sell at any time to the Trust up to $500 million of our 6.580% Senior Notes due 2055 (the “6.580% Senior Notes”) in exchange for a corresponding amount of the Strips held by the Trust (the “Issuance Right”). We agreed to pay a semi-annual facility fee of 1.789% per annum on the unexercised portion of the Issuance

The Issuance Right will be exercised automatically in full upon (i) our failure to pay the facility fee or to purchase any Strips required to be purchased under the Facility, if the failure to pay is not cured within 30 days, or (ii) certain bankruptcy events involving the Company. We are also required to exercise the Issuance Right in full if our consolidated stockholders’ equity (excluding AOCI) falls below $1.55 billion, subject to certain adjustments.

The Company can redeem the 6.580% Senior Notes at any time, in whole or in part, at a price equal to the greater of par or a make-whole redemption price. At June 30, 2025, the Company had no senior note issuances under the Facility Agreement.

Short-Term Borrowings. An additional source of Parent Company liquidity is a credit facility with a group of lenders. The facility was amended on March 29, 2024, resulting in an increased capacity of $250 million. The facility allows for unsecured borrowings and stand-by letters of credit up to $1 billion, which could be increased up to $1.25 billion. While the Parent Company may request the increase, it is not guaranteed. The updated five-year credit agreement will mature on March 29, 2029. Up to $250 million in letters of credit can be issued against the facility. The facility serves as a backup line of credit for a commercial paper program under which commercial paper may be issued at any time, with total commercial paper outstanding not to exceed the facility maximum less any letters of credit issued. Interest charged on the commercial paper program resembles variable rate debt due to its short term nature. As of June 30, 2025, we had available $488 million of additional borrowing capacity under this facility,

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Globe Life Inc.

Management's Discussion & Analysis

compared to $572 million a year earlier. As of June 30, 2025, the Parent Company was in full compliance with all covenants related to the aforementioned debt.

As a part of the credit facility, Globe Life has stand-by letters of credits. These letters of credit are issued on behalf of our insurance subsidiaries.

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

Credit Facility—Commercial Paper

(Dollar amounts in thousands)


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

Credit Facility—Commercial Paper Activity

(Dollar amounts in thousands)


	Six Months Ended June 30,
	2025			2024
Average balance of commercial paper outstanding during period (par value)	$	456,181		$	392,905
Daily-weighted average interest rate (annualized)	4.99		%	5.76		%
Maximum daily amount outstanding during period (par value)	$	605,500		$	633,425

The Company reduced commercial paper borrowings by $22 million since year end. The Company was able to issue commercial paper as needed under this facility during the six months ended June 30, 2025 and 2024.

Globe Life expects to have readily available funds for 2025 and the foreseeable future to conduct its operations and to maintain target capital ratios in the insurance subsidiaries through liquid assets currently available, internally-generated cash flow and the credit facility. In the event more liquidity is needed, the Parent Company could generate additional funds through multiple sources including, but not limited to, the issuance of debt, an additional short-term credit facility or term loan, and intercompany borrowing.

Consolidated Liquidity. Consolidated net cash inflows from operations were $740 million in the first six months of 2025, compared with $725 million in the same period of 2024. The increase is attributable to routine fluctuations in the settlement of operating activities. In addition to cash inflows from operations, our insurance companies received proceeds from dispositions of fixed maturities available for sale, mortgage loans, and other long-term investments in the amount of $434 million during the first six months of 2025. As previously noted under the caption Short-Term Borrowings, the Parent Company has in place a revolving credit facility. The insurance companies have no additional outstanding credit facilities.

Cash and short-term investments were $356 million at June 30, 2025, compared with $250 million at December 31, 2024. In addition to these liquid assets, $17 billion (fair value at June 30, 2025) of fixed income securities are available for sale in the event of an unexpected need. Approximately $1.3 billion, at fair value, are pledged for outstanding FHLB advances and reinsurance. Further, approximately 98% of our fixed income securities are publicly traded, freely tradable under SEC Rule 144, or qualified for resale under SEC Rule 144A. While our fixed income securities are classified as available for sale, we have the ability and general intent to hold any securities to recovery or maturity. Our strong cash flows from operations, on-going investment maturities, and available liquidity under our credit facility make any need to sell securities for liquidity highly unlikely.

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Globe Life Inc.

Management's Discussion & Analysis

Capital Resources. The Parent Company's capital structure consists of short-term debt (the commercial paper facility and current maturities of long-term debt), long-term debt, and shareholders’ equity. It does not include short-term FHLB borrowings, which are obligations of the insurance subsidiaries and typically repaid over the course of the year.

Long-Term Borrowings. At June 30, 2025, the outstanding long-term debt at book value was $2.3 billion unchanged from December 31, 2024.

Selected Information about Debt Issues

As of June 30, 2025

(Dollar amounts in thousands)


Instrument	Issue Date	Maturity Date	Coupon Rate	Interest Payment Dates	Par Value		Book Value		Fair Value
Senior notes	09/27/2018	09/15/2028	4.550%	semiannual	$	550,000	$	547,373	$	552,519
Senior notes	08/21/2020	08/15/2030	2.150%	semiannual	400,000		397,368		353,416
Senior notes(1)	05/19/2022	06/15/2032	4.800%	semiannual	250,000		246,482		245,922
Senior notes	08/23/2024	09/15/2034	5.850%	semiannual	450,000		445,016		465,089
Junior subordinated debentures	11/17/2017	11/17/2057	5.275%	semiannual	125,000		123,452		97,500
Junior subordinated debentures	06/14/2021	06/15/2061	4.250%	quarterly	325,000		317,430		209,300
Term loan(2)	05/11/2023	08/15/2027	5.799%	quarterly	250,000		248,521		248,521


Total long-term debt					2,350,000		2,325,642		2,172,267



FHLB borrowings					70,000		70,000		70,000
Commercial paper					397,000		394,540		394,540
Total short-term debt					467,000		464,540		464,540

Total debt					$	2,817,000	$	2,790,182	$	2,636,807

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

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

Financing costs consist primarily of interest on our various debt instruments. The table below presents the components of financing costs and reconciles interest expense per the Condensed Consolidated Statements of Operations.

Analysis of Financing Costs

(Dollar amounts in thousands)


	Six Months Ended June 30,				Increase (Decrease)
	2025		2024		Amount		%
Interest on funded debt	$	47,179	$	33,853	$	13,326	39
Interest on term loans	7,674		5,956		1,718		29
Interest on short-term debt	15,011		20,203		(5,192)		(26)
Other	13		13		—		—
Financing costs	$	69,877	$	60,025	$	9,852	16

During the first six months of 2025, financing costs increased 16% compared to the prior year. The increase in financing costs is primarily due to higher average balances in the current year compared to the prior year due to the issuance of debt in the third quarter of 2024. More information on our debt transactions is disclosed in the Financial Condition section of this report.

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GLOBE LIFE INC.

Management's Discussion & Analysis

Subsidiary Capital: The National Association of Insurance Commissioners (NAIC) has established a risk-based factor approach for determining threshold risk-based capital levels for all insurance companies. This approach was designed to assist the regulatory bodies in identifying companies that may require regulatory attention. A Risk-Based Capital (RBC) ratio is typically determined by dividing adjusted total statutory capital by the amount of RBC determined using the NAIC’s factors. If a company’s RBC ratio approaches two times the RBC amount, the company must file a plan with the NAIC for improving its capital levels (this level is commonly referred to as “Company Action Level” RBC). Companies typically hold a multiple of the Company Action Level RBC depending on their particular business needs and risk profile.

Our goal is to maintain statutory capital within our insurance subsidiaries at levels necessary to support our current ratings. For 2025, Globe Life has targeted a consolidated Company Action Level RBC ratio of 300% to 320%. The Company has concluded that this capital level is more than adequate and sufficient to support its current ratings, given the nature of its business and its risk profile. For 2024, our consolidated Company Action Level RBC ratio was 316%. The Parent Company is committed to maintaining the targeted consolidated RBC ratio at its insurance subsidiaries and has sufficient liquidity available to provide additional capital if necessary.

Shareholders' Equity: Shareholders’ equity was $5.4 billion at June 30, 2025. This compares with $5.3 billion at December 31, 2024 and $5.2 billion at June 30, 2024. During the six months since December 31, 2024, shareholders’ equity increased as a result of net income of $507 million during the first six months of 2025, but was offset by share repurchases of $403 million and an additional $109 million in share repurchases to offset the dilution from stock option exercises. Additionally, the change in the balance of AOCI increased shareholders' equity $46 million primarily due to changes in interest rates and discount rates over the period.

On April 25, 2025, the Parent Company announced that it had declared a quarterly dividend of $0.27 per share. This dividend was paid on August 1, 2025.

We plan to use excess cash available at the Parent Company as efficiently as possible in the future. Excess cash flow, as we define it, results primarily from the dividends received by the Parent Company from its insurance subsidiaries less the interest paid on debt. The cash received by the Parent Company from our insurance subsidiaries is after they have made substantial investments during the year to grow the business. Possible uses of excess cash flow include, but are not limited to, share repurchases, acquisitions, shareholder dividend payments, investments in securities, or repayment of short-term debt. We will determine the best use of excess cash after ensuring that targeted capital levels are maintained in our insurance subsidiaries. If market conditions are favorable, we currently expect that share repurchases will continue to be a primary use of those funds.

Future policy benefits are computed using current discount rates with the impact of changes in discount rates included in accumulated other comprehensive income. Additionally, the liability for future policy benefits is calculated using net premiums rather than gross premiums. Given that gross premiums are considerably higher than net premiums for our business, as seen in Note 6—Policy Liabilities, the measurement of the liability is higher than what it would be had it been computed using gross premiums. This is an important consideration when analyzing shareholders' equity.

We maintain a significant available-for-sale fixed maturity portfolio to support our insurance policy liabilities. Current accounting guidance requires that we revalue our portfolio to fair market value at the end of each accounting period. The period-to-period changes in fair value, net of their associated impact on income tax, are reflected directly in shareholders’ equity. Changes in the fair value of the portfolio can result from changes in market rates.

While a majority of invested assets are revalued, accounting rules do not permit interest-bearing insurance policy liabilities to be valued at fair value in a consistent manner as that of assets, with changes in value applied directly to shareholders’ equity. Due to the size of our policy liabilities in relation to our shareholders’ equity, an inconsistency exists in measurement, which may have a material impact on the reported value of shareholders’ equity. Fluctuations in interest rates cause undue volatility in the period-to-period presentation of our shareholders’ equity, capital structure, and financial ratios. Due to the long-term nature of our fixed-maturity investments and liabilities and the strong cash flows consistently generated by our insurance subsidiaries, we have the ability to hold our securities to maturity. As such, we do not expect to incur losses due to fluctuations in market value of fixed maturities caused by market rate changes and temporarily illiquid markets. Accordingly, our management, credit

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GLOBE LIFE INC.

Management's Discussion & Analysis

rating agencies, lenders, many industry analysts, and certain other financial statement users prefer to remove the effect of this accounting rule when analyzing our balance sheet, capital structure, and financial ratios.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no quantitative or qualitative changes with respect to market risk exposure during the six months ended June 30, 2025.

Item 4. 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 period completed June 30, 2025, 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-Q. 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-Q.

Changes in Internal Control over Financial Reporting: During the period ended June 30, 2025, 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.

Part II—Other Information

Item 1. Legal Proceedings

Discussion regarding litigation is provided in Note 5—Commitments and Contingencies.

Item 1A. Risk Factors

The Company had no material changes to its risk factors.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Purchases of Certain Equity Securities by the Issuer and Others for the Second Quarter of 2025


Period	(a) Total Number of Shares Purchased	(b) Average Price Paid Per Share		(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	(d) Maximum Number of Shares (or Approximate Dollar Amount) that May Yet Be Purchased Under the Plans or Programs
April 1-30, 2025	427,129	$	121.76	427,129	—
May 1-31, 2025	1,168,418	121.02		1,168,418	—
June 1-30, 2025	451,775	120.90		451,775	—

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Item 5. Other Information

During the six months ended June 30, 2025, 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.

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Item 6. Exhibits


Exhibit No.						Description
4.1						Fifth Supplemental indenture, dated as of July 1, 2025, between Globe Life Inc. and Regions Bank, as Trustee
10.1						First Amendment to Second Amended and Restated Credit Agreement dated as of June 20, 2025 among Bank of America, N.A., the Lenders party thereto, Globe Life Inc. and TMK Re, LTD.
10.2						Second Amendment to Delayed Draw Term Loan Agreement dated as of June 20, 2025 among Bank of America, N.A., the Lenders party thereto, and Globe Life Inc.
31.1						Rule 13a-14(a)/15d-14(a) Certification by J. Matthew Darden
31.2						Rule 13a-14(a)/15d-14(a) Certification by Frank M. Svoboda
31.3						Rule 13a-14(a)/15d-14(a) Certification by Thomas P. Kalmbach
32.1						Section 1350 Certification by J. Matthew Darden, Frank M. Svoboda, and Thomas P. Kalmbach
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.
101.SCH						Inline XBRL Taxonomy Extension Schema Document.
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.
104						Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange 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.

Date: August 6, 2025									/s/ J. Matthew Darden
									J. Matthew Darden
									Co-Chairman and Chief Executive Officer

Date: August 6, 2025									/s/ Frank M. Svoboda
									Frank M. Svoboda
									Co-Chairman and Chief Executive Officer

Date: August 6, 2025									/s/ Thomas P. Kalmbach
									Thomas P. Kalmbach
									Executive Vice President and Chief Financial Officer

GL Q2 2025 FORM 10-Q

GLOBE LIFE INC. - Quarter Report: 2025 June (Form 10-Q)

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