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

) ())) ) ) ) ) ) $

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q1 2025 FORM 10-Q

Table of Contents

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

()

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

()

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()() ) )()$()Realized (gains) losses)) ) ) ) ()$()

GL Q1 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)

$ $ $()$ 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

()

(1)During the three months ended March 31, 2025 and 2024, the Company recorded $ million and $ million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in realized gains (losses) in either period.

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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

GL Q1 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)

$ $ $ 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 March 31, 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 March 31, 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 March 31, 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 AA

BBB+Collateralized debt obligations Discounted cash flowsDiscount rate

%Asset-backed securities Determination of credit spreadCredit rating

CC - BBB

BB+$

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

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

The collateral underlying the collateralized debt obligations consists primarily of trust preferred securities issued by banks and insurance companies. Collateralized debt obligations are valued at the present value of expected future cash flows using an unobservable discount rate. Expected cash flows are determined by scheduling the projected repayment of the collateral assuming no future defaults, deferrals, or recoveries. The discount rate is risk-adjusted to take these items into account. A significant increase (decrease) in the discount rate will produce a significant decrease (increase) in fair value. Additionally, a significant increase (decrease) in the cash flow expectations would result in a significant increase (decrease) in fair value. For more information regarding valuation procedures, please refer to Note 1—Significant Accounting Policies under the caption Fair Value Measurements, Investments in Securities disclosed in the Form 10-K.

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

As of December 31, 2024

Globe Life's entire fixed maturity portfolio consisted of issues by different issuers at March 31, 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 March 31, 2025 and December 31, 2024.

$()$ $()$ $()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

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

GL Q1 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)

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

As of March 31, 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 $ ))

(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 March 31, 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 March 31, 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. As of March 31, 2025, Globe Life had liability with respect to these guarantees.

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 March 31, 2025 was $ million.

GL Q1 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)

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

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

On September 26, 2024, Globe Life Inc. and its subsidiary, American Income Life Insurance Company, were notified by the Equal Employment Opportunity Commission (EEOC) that the EEOC conducted an investigation of charges filed against Globe Life Inc. and/or American Income Life Insurance Company by five former sales agents and one then-current sales agent. The EEOC asserts that there is reasonable cause to believe the 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

GL Q1 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)

GL Q1 2025 FORM 10-Q

Table of Contents

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 March 31, 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 March 31, 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.

GL Q1 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)

$ $ $ $ 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)

()()()()()

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 March 31, 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 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 Company's effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

Life

Net liability for future policy benefits as of March 31, 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 Company's effects of flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

GL Q1 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)

$ $ $ $ $ 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 March 31, 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 March 31, 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.

GL Q1 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)

$ $ $ $ $ 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 March 31, 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)

()

(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 March 31, 2024, using current discount rates, the Company anticipated $ billion of expected future gross premiums and $ billion in expected future net premiums. For each respective period, only expected future net premiums are included in the determination of the liability for future policy benefits on the balance sheet, while the difference between the expected future gross premiums and the expected future net premiums of $ billion and $ billion for March 31, 2025 and 2024, respectively, is not.

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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

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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 March 31,

$ $ $ $ $ $

Weighted-average credit rate

Net amount at risk

N/A

Cash surrender value

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

%$ $ $

%-%

Greater than %

Total

- basis points above:

Less than %

%-%

Greater than %

Total

Grand Total

$ $ $

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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

Grand Total

$ $ $

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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 March 31, 2024

$ $ $ $ $

Balance at January 1, 2025

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

Balance at March 31, 2025

$ $ $ $ $

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

Balance at March 31, 2024

$ $ $ $ $ $

Balance at January 1, 2025

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

Balance at March 31, 2025

$ $ $ $ $ $

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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 March 31, 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)

$ $ $ )

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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

()

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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 Non-operating expenses 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

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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 three months ended March 31, 2025 was 19.0% and net operating income as an ROE, excluding accumulated other comprehensive income(1) was 14.1%.

•Total premium increased 5% over the same period in the prior year. Life premium increased 3% for the period from $804 million in 2024 to $830 million in 2025.

•Net investment income declined 1% compared with the same period in the prior year.

•Total net sales increased 6% over the same period in the prior year from $204 million in 2024 to $216 million in 2025. The average producing agent count across all of the exclusive agencies increased 5% over the prior year.

•Book value per share increased 22% over the same period in the prior year from $53.03 to $64.50. Book value per share, excluding accumulated other comprehensive income(1), increased 11% over the prior year from $79.00 in 2024 to $87.92 in 2025.

•For the three months ended March 31, 2025, the Company repurchased 1.5 million shares of Globe Life Inc. common stock at a total cost of $177 million for an average share price of $121.70.

The following graphs represent net income and net operating income for the three months ended March 31, 2025.

(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 $(1.97) billion and $(2.47) billion for the three months ended March 31, 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 $(23.42) and $(25.97) for the three months ended March 31, 2025 and 2024, respectively.

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

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GLOBE LIFE INC.

Management's Discussion & Analysis

Summary of Operations. Net income increased slightly to $255 million during the three months ended March 31, 2025, compared with $254 million in the same period in 2024. On a diluted per common share basis, net income per common share for the three months ended March 31, 2025 increased 13% from $2.67 to $3.01.

Net operating income declined 2% to $259 million for the three months ended March 31, 2025, compared with $264 million for the same period in 2024, due to an 18% decrease in excess investment income offset by a 9% increase in life underwriting margin. On a diluted per common share basis, net operating income per common share for the three months ended March 31, 2025 increased from $2.78 to $3.07, an 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. The Company's results for actual variances from expected experience for both life and health produced a $9.0 million net remeasurement gain and a $8.1 million net remeasurement gain for the three months ended March 31, 2025 and 2024, respectively.

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.

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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)


	Three Months Ended March 31,
	2025		2024		Change		%
Life insurance underwriting margin	$	337,264	$	309,011	$	28,253	9
Health insurance underwriting margin	84,721		93,770		(9,049)		(10)
Excess investment income	35,870		43,785		(7,915)		(18)
Segment profit or (loss)	457,855		446,566		11,289		3

Annuity and other income	1,879		1,991		(112)		(6)
Administrative expense	(87,549)		(80,411)		(7,138)		9
Other corporate expense	(50,061)		(40,714)		(9,347)		23
Pre-tax total	322,124		327,432		(5,308)		(2)
Applicable taxes	(62,787)		(63,333)		546		(1)
Net operating income	259,337		264,099		(4,762)		(2)
Reconciling items, net of tax:
Realized gains (losses)	67		(9,321)		9,388
Non-operating expenses	—		(561)		561
Legal proceedings	(4,841)		—		(4,841)
Net income	$	254,563	$	254,217	$	346	—

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 $28 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 $8 million compared with the prior period, partly due to lower earned yields on commercial mortgage loans and limited partnerships. The health segment experienced higher policy obligations and declined $9 million in the first three months of 2025 with $85 million of underwriting margin compared with $94 million in the first three months of 2024.

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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 three months ended March 31, 2025.

Total premium income rose 5% for the three months ended March 31, 2025 to $1.2 billion. Total net sales increased 6% to $216 million, when compared with 2024. Total first-year collected premium (defined in the following section) increased 5% to $169 million for 2025, compared to $161 million in 2024.

Life insurance premium income increased 3% to $830 million over the prior-year total of $804 million. Life net sales fell 1% to $148 million for the first three months of 2025. First-year collected life premium increased 3% to $114 million. Life underwriting margin, as a percent of premium, increased to 41% for 2025 from 38% in 2024. Underwriting margin increased to $337 million in 2025, compared to $309 million in 2024.

Health insurance premium income increased 8% to $370 million over the prior-year total of $341 million. Health net sales rose 24% to $67 million for the first three months of 2025. First-year collected health premium rose 8% to $55 million. Health underwriting margin, as a percent of premium, was 23% for 2025 and 27% for 2024. Health underwriting margin declined to $85 million for the first three months of 2025, compared to $94 million in 2024.

Excess investment income, the measure of profitability of our investment segment, declined 18% during the first three months of 2025 to $35.9 million from $43.8 million in 2024. Excess investment income per common share, reflecting the impact of our share repurchase program, declined 9% to $0.42 from $0.46 when compared with the same period in 2024.

Insurance administrative expenses increased 9% in 2025 when compared with the prior-year period. These expenses were 7.3% as a percent of premium during 2025 compared to 7.0% in 2024.

For the three months ended March 31, 2025, the Company repurchased 1.5 million shares of Globe Life Inc. common stock at a total cost of $177 million for an average share price of $121.70.

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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.

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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 80% of the total underwriting margin. Additionally, investments supporting the reserves for life products produce the majority of excess investment 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)


	Three Months Ended March 31,						Change
	2025			2024
	Amount		% of Premium	Amount		% of Premium	Amount		%
Premium and policy charges	$	829,863	100	$	804,265	100	$	25,598	3

Policy obligations	509,756		61	519,871		65	(10,115)		(2)
Required interest on reserves	(208,536)		(25)	(199,707)		(25)	(8,829)		4
Net policy obligations	301,220		36	320,164		40	(18,944)		(6)
Amortization of acquisition costs	90,633		11	85,768		11	4,865		6
Commission expense	45,567		6	38,690		5	6,877		18
Premium taxes	18,011		2	17,086		2	925		5
Non-deferred acquisition costs	37,168		4	33,546		4	3,622		11
Total expense	492,599		59	495,254		62	(2,655)		(1)
Insurance underwriting margin	$	337,264	41	$	309,011	38	$	28,253	9

Net policy obligations amounted to 36% of premium for the three months ended March 31, 2025 compared to 40% 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)


	Three Months Ended March 31,
	2025			2024			Change
	Amount		% of Premium	Amount		% of Premium	Amount		%
American Income	$	196,169	45	$	187,068	45	$	9,101	5
Direct to Consumer	64,200		26	58,585		24	5,615		10
Liberty National	31,772		33	30,713		34	1,059		3
Other(1)	45,123		90	32,645		64	12,478		38
Total	$	337,264	41	$	309,011	38	$	28,253	9

(1) Includes gain of $14 million related to the recapture of policies as disclosed in Note 1 - Significant Accounting Policies.

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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)


	Three Months Ended March 31,						Change
	2025			2024
	Amount		% of Total	Amount		% of Total	Amount		%
American Income	$	437,866	53	$	414,044	52	$	23,822	6
Direct to Consumer	245,600		30	248,040		31	(2,440)		(1)
Liberty National	96,182		11	90,777		11	5,405		6
Other	50,215		6	51,404		6	(1,189)		(2)
Total	$	829,863	100	$	804,265	100	$	25,598	3

Annualized life premium in force was $3.34 billion at March 31, 2025, an increase of 4% over $3.23 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)


	Three Months Ended March 31,						Change
	2025			2024
	Amount		% of Total	Amount		% of Total	Amount		%
American Income	$	98,555	66	$	97,195	65	$	1,360	1
Direct to Consumer	25,175		17	28,563		19	(3,388)		(12)
Liberty National	22,469		15	21,605		15	864		4
Other	2,152		2	2,134		1	18		1
Total	$	148,351	100	$	149,497	100	$	(1,146)	(1)

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)


	Three Months Ended March 31,						Change
	2025			2024
	Amount		% of Total	Amount		% of Total	Amount		%
American Income	$	77,637	68	$	72,954	66	$	4,683	6
Direct to Consumer	15,219		13	17,927		16	(2,708)		(15)
Liberty National	19,381		17	17,807		16	1,574		9
Other	1,868		2	1,992		2	(124)		(6)
Total	$	114,105	100	$	110,680	100	$	3,425	3

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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 March 31, 2025 total life premium. For the three months ended March 31, 2025, the average monthly life premium issued per policy was $59 as compared to $58 for the same period in the prior year. Net sales were $99 million for the three months ended March 31, 2025, up from $97 million in the year-ago period. The underwriting margin, as a percent of premium, was 45% for the three months ended March 31, 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 Division. The average producing agent count is based on the actual count at the beginning and end of each week during the year.


	At March 31,		Change
	2025	2024	Amount	%
American Income	11,510	11,139	371	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 policyholders, who are more likely to respond favorably to a DTC solicitation for life coverage on themselves in comparison to the general adult population. Additionally, future offerings to juvenile policyholders and their parents and grandparents are sources of lower acquisition-cost life insurance sales in the future.

DTC net sales declined 12% to $25 million for the three months ended March 31, 2025 compared to $29 million for the same period in the prior year. This decline is due primarily to the management of direct mail and print insert marketing activity resulting from the impact of inflation on postage, paper and online advertising costs. While total sales have declined, the focus has been on improving profitability and improving underwriting margin. DTC’s underwriting margin was $64.2 million and 26% as a percent of premium for the three months ended March 31, 2025 compared to $58.6 million and 24% as a percent of premium for the same period in 2024.

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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. The underwriting margin as a percent of premium was 33% for the three months ended March 31, 2025, down from 34% during the same period a year ago. The decrease is primarily attributable to increased non deferred acquisition and amortization expenses in the first three months of 2025 as compared to the same period in 2024. For the three months ended March 31, 2025, the average monthly life premium per policy issued was $44, the same as the prior-year period.

Net sales rose 4% in the three months ended March 31, 2025 over the same period in 2024 due primarily to increased agent count.

Below is the average producing agent count for the three months ended March 31, 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 March 31,		Change
	2025	2024	Amount	%
Liberty National	3,688	3,419	269	8

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 $50 million of life premium income, or 6% of Globe Life's total life premium income in the three months ended March 31, 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 20% of total underwriting margin. Health underwriting margin declined to $85 million compared to $94 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.

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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)


	Three Months Ended March 31,						Change
	2025			2024
	Amount		% of Premium	Amount		% of Premium	Amount		%
Premium	$	369,791	100	$	341,019	100	$	28,772	8

Policy obligations	233,929		63	202,327		60	31,602		16
Required interest on reserves	(28,286)		(8)	(27,173)		(8)	(1,113)		4
Net policy obligations	205,643		55	175,154		52	30,489		17
Amortization of acquisition costs	14,519		4	13,311		4	1,208		9
Commission expense	42,887		12	39,149		11	3,738		10
Premium taxes	7,493		2	6,816		2	677		10
Non-deferred acquisition costs	14,528		4	12,819		4	1,709		13
Total expense	285,070		77	247,249		73	37,821		15
Insurance underwriting margin	$	84,721	23	$	93,770	27	$	(9,049)	(10)

Net policy obligations amounted to 55% of premium for the three months ended March 31, 2025 compared to 52% 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)


	Three Months Ended March 31,
	2025			2024			Change
	Amount		% of Premium	Amount		% of Premium	Amount		%
United American	$	1,617	1	$	11,906	8	$	(10,289)	(86)
Family Heritage	39,249		35	35,838		35	3,411		10
Liberty National	25,982		54	26,672		56	(690)		(3)
American Income	19,389		63	19,192		63	197		1
Direct to Consumer	(1,516)		(8)	162		1	(1,678)		(1,036)
Total	$	84,721	23	$	93,770	27	$	(9,049)	(10)

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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)


	Three Months Ended March 31,						Increase (Decrease)
	2025			2024
	Amount		% of Total	Amount		% of Total	Amount		%
United American	$	159,848	43	$	141,635	42	$	18,213	13
Family Heritage	112,354		31	103,391		30	8,963		9
Liberty National	47,922		13	47,630		14	292		1
American Income	30,691		8	30,497		9	194		1
Direct to Consumer	18,976		5	17,866		5	1,110		6
Total	$	369,791	100	$	341,019	100	$	28,772	8

Premiums related to limited-benefit supplemental health products comprise $208 million, or 56%, of the total health premiums for the three months ended March 31, 2025, compared with $192 million, or 56%, in the same period in the prior year. Premium from Medicare Supplement products comprises the remaining $162 million, or 44%, for the three months ended March 31, 2025, compared to $149 million, or 44%, in the same period in the prior year.

Annualized health premium in force was $1.51 billion at March 31, 2025, an increase of 8% over $1.40 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)


	Three Months Ended March 31,						Increase (Decrease)
	2025			2024
	Amount		% of Total	Amount		% of Total	Amount		%
United American	$	27,708	41	$	16,423	30	$	11,285	69
Family Heritage	26,816		40	24,966		46	1,850		7
Liberty National	7,198		11	7,613		14	(415)		(5)
American Income	4,870		7	4,594		8	276		6
Direct to Consumer	645		1	804		2	(159)		(20)
Total	$	67,237	100	$	54,400	100	$	12,837	24

Health net sales related to limited-benefit supplemental health products comprise $48 million, or 72%, of the total health net sales for the three months ended March 31, 2025, compared with $40 million, or 73%, in the same period in the prior year. Medicare Supplement sales make up the remaining $19 million, or 28%, for 2025 compared to $14 million, or 27%, in the same period in the prior year.

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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)


	Three Months Ended March 31,						Increase (Decrease)
	2025			2024
	Amount		% of Total	Amount		% of Total	Amount		%
United American	$	20,162	37	$	19,181	38	$	981	5
Family Heritage	21,476		39	18,983		37	2,493		13
Liberty National	7,045		13	6,895		14	150		2
American Income	4,767		9	4,590		9	177		4
Direct to Consumer	1,089		2	884		2	205		23
Total	$	54,539	100	$	50,533	100	$	4,006	8

First-year collected premium related to limited-benefit supplemental health products is $38 million, or 69%, of total first-year collected premium for the three months ended March 31, 2025 compared with $37 million, or 73%, in the same period in the prior year. First-year collected premium from Medicare Supplement policies make up the remaining $17 million, or 31%, for the three months ended March 31, 2025 compared to $14 million, or 27%, 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 69% 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 1% for the three months ended March 31, 2025 and 8% 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 quarter from Medicare Supplement.

The Family Heritage Division primarily markets limited-benefit supplemental health insurance in 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 three months ended March 31, 2025 and 2024.

The Division experienced a 7% rise in health net sales as compared with the three-month period a year ago, primarily due to increased agent count. The Division will continue to implement incentive and retention programs to further these increases in the number of producing agents.

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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 9% 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 average producing agents is what will ultimately be the primary driver of future growth in sales, similar to our other exclusive agencies.


	At March 31,		Change
	2025	2024	Amount	%
Family Heritage	1,417	1,295	122	9

The Liberty National Division represented 13% of all Globe Life health premium income for the three months ended March 31, 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 $47.9 million for the three months ended March 31, 2025 up from $47.6 million for the same period in 2024. Liberty National's first-year collected premium rose 2% to $7.0 million in the three months ended March 31, 2025 compared with $6.9 million for the same period in 2024. Health net sales for the three months ended March 31, 2025 fell 5% from the comparable period in 2024. For the three months ended March 31, 2025, underwriting margin as a percent of premium was 54% compared with 56% in the same period in the prior year.

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 three months ended March 31, 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)


	Three Months Ended March 31,				Change
	2025		2024		Amount		%
Net investment income	$	280,614	$	282,578	$	(1,964)	(1)
Interest on policy liabilities(1)	(244,744)		(238,793)		(5,951)		2
Excess investment income	$	35,870	$	43,785	$	(7,915)	(18)

Excess investment income per diluted share	$	0.42	$	0.46	$	(0.04)	(9)

Mean invested assets (at amortized cost)	$	21,435,420	$	21,156,813	$	278,607	1
Average insurance policy liabilities	17,620,769		17,275,395		345,374		2

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

Excess investment income declined $7.9 million, or 18%, compared with the year-ago period. Excess investment income per diluted common share was $0.42 for the three months ended March 31, 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 three months ended March 31, 2025 was $281 million, or 1% less than the year-ago period. Mean invested assets increased 1% during the first three months of 2025 over the same period last year. 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 5.25% in the first three months of 2025, compared to 5.24% 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 three months ended March 31, 2025 was 6.53% compared with 8.70% 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 three months ended March 31, 2025 was 7.95%. 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 March 31, 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 considered by management 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

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Globe Life Inc.

Management's Discussion & Analysis

subsequent periods using current discount rates as of the end of the relevant reporting period with a corresponding adjustment to other comprehensive income.

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 $6 million, or 2%, to $245 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. In a bond exchange offer, bondholders may consent to exchange their existing bonds for another class of debt securities. 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.

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Globe Life Inc.

Management's Discussion & Analysis

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)


	Three Months Ended March 31,
	2025				2024
	Amount		Per Share		Amount		Per Share
Fixed maturities:
Sales	$	11	$	—	$	111	$	—
Matured or other redemptions(1)	612		0.01		—		—
Provision for credit losses	32		—		70		—
Fair value option—change in fair value	1,873		0.02		(12,168)		(0.13)
Mortgages	342		—		(691)		—
Other investments	(852)		(0.01)		248		—
Total realized gains (losses)—investments	2,018		0.02		(12,430)		(0.13)
Other gains (losses)(2)	(1,951)		(0.02)		3,109		0.03

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. cyclical128,674 331 (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 March 31, 2025, representing 80% of amortized cost, net, and 81% 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 March 31, 2025, the total fixed maturity portfolio consisted of 1,018 issuers.

Fixed maturities had a fair value of $17.5 billion at March 31, 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 $1.5 billion at March 31, 2025 due to a change in market rates during the period.

For more information about our fixed maturity portfolio by component at March 31, 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 March 31, 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 March 31, 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	$	972,215	5	$	867,562	5
AA	3,253,890		17	2,721,303		15
A	5,636,339		30	5,354,094		31
BBB+	3,194,728		17	3,026,913		17
BBB	4,134,746		22	3,894,070		22
BBB-	1,265,735		6	1,180,324		7
Total investment grade	18,457,653		97	17,044,266		97	A-

Below investment grade:
BB	376,248		2	337,197		2
B	91,303		1	79,650		1
Below B	38,808		—	43,854		—
Total below investment grade	506,359		3	460,701		3	B+
	$	18,964,012	100	$	17,504,967	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 45% of the total portfolio at March 31, 2025, down from 46% at December 31, 2024. While this ratio is high relative to our peers, it is at its lowest level since 2007 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 March 31, 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)


	Three Months Ended March 31,
	2025		2024
Balance at beginning of period	$	529,120	$	529,511
Downgrades by rating agencies	5,074		—
Upgrades by rating agencies	(30,555)		(4,592)
Dispositions	(916)		(275)
Acquisitions	4,024		17,737
Provision for credit losses	36		88
Amortization and other	(424)		(447)
Balance at end of period	$	506,359	$	542,022

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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 March 31, 2025. Globe Life invests long term and as such, one of our key criteria in our investment process is to select issuers that are anticipated to weather multiple economic cycles.

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)


	Three Months Ended March 31,						Increase
	2025			2024			(Decrease)
	Amount		% of Premium	Amount		% of Premium	Amount		%
Insurance administrative expenses:
Salaries	$	33,688	2.8	$	31,174	2.7	$	2,514	8
Other employee costs	10,301		0.9	10,013		0.9	288		3
Information technology costs	20,936		1.7	18,307		1.6	2,629		14
Legal costs	6,249		0.5	5,273		0.4	976		19
Other administrative costs	16,375		1.4	15,644		1.4	731		5
Total insurance administrative expenses	87,549		7.3	80,411		7.0	7,138		9

Parent company expense	3,050			2,826			224
Stock compensation expense	12,019			9,267			2,752

Legal proceedings	6,128			—			6,128
Non-operating expenses	—			710			(710)

Total operating expenses, per Condensed Consolidated Statements of Operations	$	108,746		$	93,214		$	15,532	17

Total operating expenses for March 31, 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 $7.1 million primarily due to higher information technology costs, legal costs including compliance and security, and employee costs, which include salaries and other costs. Insurance administrative expenses as a percent of premium were 7.3% for the three months ended March 31, 2025 compared to 7.0% for the same period in 2024.

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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 the 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 $10.5 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 three month periods ended March 31, 2025 and 2024.

Analysis of Share Repurchases

(Amounts in thousands, except per share data)


	Three Months Ended March 31,
	2025					2024
Purchases with:	Shares	Amount		Average Price		Shares	Amount		Average Price
Excess cash flow at the Parent Company(1)	1,451	$	176,546	$	121.70	128	$	15,602	$	122.13
Option exercise proceeds	700	86,624		123.76		63	7,927		126.20
Total	2,151	$	263,170	$	122.37	191	$	23,529	$	123.47

(1)Excludes excise tax on the repurchase of treasury stock of $1.4 million and $(60) thousand for the three months ended March 31, 2025 and 2024, respectively.

The amount of share repurchases in the first quarter was higher due to favorable market conditions related to the company's stock price and 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. Refer to Note 11—Debt for further details. 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.


	Three Months Ended March 31,				Twelve Months Ended December 31,
	2025		2024		Projected 2025	2024
Liquidity Sources:
Dividends from Subsidiaries	$	23,260	$	52,046	$700,000—$750,000	$	692,690
Excess Cash Flows(1)	$	196,678	$	62,118	$785,000—$835,000	$	455,013

(1)Excess cash flows are reported gross of shareholder dividends. For the three months ended March 31, 2025 and 2024, shareholder dividends were $20 million and $21 million, respectively. For the twelve months ended December 31, 2025, we project approximately $83 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.

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 March 31, 2025, we had available $476 million of additional borrowing capacity under this facility, compared to $561 million a year earlier. As of March 31, 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
	March 31, 2025			December 31, 2024			March 31, 2024
Balance of commercial paper at end of period (par value)	$	409,500		$	419,000		$	324,000
Annualized interest rate	5.13		%	5.22		%	5.63		%
Letters of credit outstanding	$	115,000		$	115,000		$	115,000
Remaining amount available under credit line	475,500			466,000			561,000

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Globe Life Inc.

Management's Discussion & Analysis

Credit Facility—Commercial Paper Activity

(Dollar amounts in thousands)


	Three Months Ended March 31,
	2025			2024
Average balance of commercial paper outstanding during period (par value)	$	478,950		$	346,088
Daily-weighted average interest rate (annualized)	5.08		%	5.68		%
Maximum daily amount outstanding during period (par value)	$	605,500		$	384,000

The Company reduced commercial paper borrowings by $10 million since year end. The Company was able to issue commercial paper as needed under this facility during the three months ended March 31, 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 $432 million in the first three months of 2025, compared with $351 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 $138 million during the first three 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 $366 million at March 31, 2025, compared with $250 million at December 31, 2024. In addition to these liquid assets, $17.5 billion (fair value at March 31, 2025) of fixed income securities are available for sale in the event of an unexpected need. Approximately $1.4 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.

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 March 31, 2025 and December 31, 2024, the outstanding long-term debt at book value was $2.3 billion and $2.3 billion, respectively.

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GLOBE LIFE INC.

Management's Discussion & Analysis

Selected Information about Debt Issues

As of March 31, 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	$	547,186	$	548,751
Senior notes	08/21/2020	08/15/2030	2.150%	semiannual	400,000		397,250		346,216
Senior notes(1)	05/19/2022	06/15/2032	4.800%	semiannual	250,000		246,377		242,348
Senior notes	08/23/2024	09/15/2034	5.850%	semiannual	450,000		444,915		459,194
Junior subordinated debentures	11/17/2017	11/17/2057	5.275%	semiannual	125,000		123,448		97,340
Junior subordinated debentures	06/14/2021	06/15/2061	4.250%	quarterly	325,000		317,408		208,130
Term loan(2)	05/11/2023	08/15/2027	5.798%	quarterly	250,000		248,361		248,361


Total long-term debt					2,350,000		2,324,945		2,150,340



FHLB borrowings					70,000		70,000		70,000
Commercial paper					409,500		406,891		406,891
Total short-term debt					479,500		476,891		476,891

Total debt					$	2,829,500	$	2,801,836	$	2,627,231

(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)


	Three Months Ended March 31,				Increase (Decrease)
	2025		2024		Amount		%
Interest on funded debt	$	23,553	$	16,926	$	6,627	39
Interest on term loans	3,889		2,999		890		30
Interest on short-term debt	7,550		8,683		(1,133)		(13)
Other	—		13		(13)		(100)
Financing costs	$	34,992	$	28,621	$	6,371	22

During the first three months of 2025, financing costs increased 22% 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.

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

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GLOBE LIFE INC.

Management's Discussion & Analysis

“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 March 31, 2025. This compares with $5.3 billion at December 31, 2024 and $5.0 billion at March 31, 2024. During the three months since December 31, 2024, shareholders’ equity increased as a result of net income of $255 million during the first three months of 2025, but was offset by share repurchases of $177 million and an additional $87 million in share repurchases to offset the dilution from stock option exercises. Additionally, the change in the balance of AOCI increased shareholders' equity $59 million primarily due to increased interest rates and discount rates over the period.

On February 27, 2025, the Parent Company announced that it had declared a quarterly dividend of $0.27 per share. This dividend was paid on May 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 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 three months ended March 31, 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 quarter completed March 31, 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 March 31, 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.

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Part II—Other Information

Item 1. Legal Proceedings

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

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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 First 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
January 1-31, 2025	354,000	$	112.47	354,000	—
February 1-28, 2025	1,082,776	122.97		1,082,776	—
March 1-31, 2025	713,774	126.38		713,774	—

Item 5. Other Information

During the three months ended March 31, 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
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: May 7, 2025									/s/ J. Matthew Darden
									J. Matthew Darden
									Co-Chairman and Chief Executive Officer

Date: May 7, 2025									/s/ Frank M. Svoboda
									Frank M. Svoboda
									Co-Chairman and Chief Executive Officer

Date: May 7, 2025									/s/ Thomas P. Kalmbach
									Thomas P. Kalmbach
									Executive Vice President and Chief Financial Officer

GL Q1 2025 FORM 10-Q

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

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