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Schedule II. Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
Schedule II. Condensed Financial Information of Registrant
December 31,
2019  2018  
Assets:
Investments:
Long-term investments$28,728  $29,603  
Short-term investments3,401  21  
Total investments32,129  29,624  
Cash873  760  
Investment in affiliates9,020,073  7,128,588  
Due from affiliates96,129  96,110  
Taxes receivable from affiliates50,302  50,656  
Other assets160,723  152,103  
Total assets$9,360,229  $7,457,841  
Liabilities:
Short-term debt$298,738  $307,848  
Long-term debt1,498,851  1,507,000  
Due to affiliates3,532  3,002  
Other liabilities264,801  224,814  
Total liabilities2,065,922  2,042,664  
Shareholders’ equity:
Preferred stock351  351  
Common stock117,218  121,218  
Additional paid-in capital882,065  874,925  
Accumulated other comprehensive income1,844,830  319,475  
Retained earnings5,551,329  5,213,468  
Treasury stock(1,101,486) (1,114,260) 
Total shareholders’ equity7,294,307  5,415,177  
Total liabilities and shareholders’ equity$9,360,229  $7,457,841  
 











See Notes to Condensed Financial Statements and accompanying Report of Independent Registered
Public Accounting Firm.
GLOBE LIFE INC.
(PARENT COMPANY)
SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued)
Condensed Statement of Operations
(Dollar amounts in thousands) 
 Year Ended December 31,
 201920182017
Net investment income$28,869  $28,077  $26,130  
Realized gains (losses)—  (11,078) (2,791) 
Total revenue
28,869  16,999  23,339  
General operating expenses68,419  65,762  61,447  
Reimbursements from affiliates(65,928) (61,620) (52,776) 
Interest expense89,317  94,159  88,474  
Total expenses
91,808  98,301  97,145  
Operating income (loss) before income taxes and equity in earnings of affiliates(62,939) (81,302) (73,806) 
Income taxes13,133  15,262  (9,874) 
Net operating loss before equity in earnings of affiliates(49,806) (66,040) (83,680) 
Equity in earnings of affiliates, net of tax810,596  767,506  1,538,174  
Net income
760,790  701,466  1,454,494  
Other comprehensive income (loss):
Attributable to Parent Company(11,379) 23,805  (8,409) 
Attributable to affiliates1,536,734  (1,128,604) 602,709  
Comprehensive income (loss)$2,286,145  $(403,333) $2,048,794  
 























See Notes to Condensed Financial Statements and accompanying Report of Independent Registered
Public Accounting Firm.
GLOBE LIFE INC.
(PARENT COMPANY)
SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT—(continued)
Condensed Statement of Cash Flows
(Dollar amounts in thousands) 
 Year Ended December 31,
 201920182017
Net income$760,790  $701,466  $1,454,494  
Equity in earnings of affiliates(810,596) (767,506) (1,538,174) 
Cash dividends from subsidiaries479,988  448,142  453,904  
Other, net65,584  64,734  52,957  
Cash provided from operations
495,766  446,836  423,181  
Cash provided from (used for) investing activities:
Net decrease (increase) in short-term investments(3,380) 5,603  (5,624) 
Investment in subsidiaries—  (140,000) (31,000) 
Additions to properties(32) (19,888) (7,230) 
Loaned money to affiliates(501,764) (584,000) (180,000) 
Repayments from affiliates501,764  584,000  180,000  
Cash provided from (used for) investing activities
(3,412) (154,285) (43,854) 
Cash provided from (used for) financing activities:
Repayment of debt(6,875) (327,762) (126,875) 
Proceeds from issuance of debt—  550,000  125,000  
Payment for debt issuance costs—  (6,969) (1,661) 
Net issuance (repayment) of commercial paper(11,610) (22,719) 61,092  
Issuance of stock82,771  36,091  61,215  
Acquisitions of treasury stock(459,569) (421,749) (412,989) 
Borrowed money from affiliate277,000  197,690  278,500  
Repayments to affiliates(276,500) (202,690) (270,500) 
Payment of dividends(97,458) (94,691) (92,101) 
Cash provided from (used for) financing activities
(492,241) (292,799) (378,319) 
Net increase (decrease) in cash113  (248) 1,008  
Cash balance at beginning of period760  1,008  —  
Cash balance at end of period$873  $760  $1,008  
 











See Notes to Condensed Financial Statements and accompanying Report of Independent Registered
Public Accounting Firm.
GLOBE LIFE INC.
(PARENT COMPANY)
SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued)
Notes to Condensed Financial Statements
(Dollar amounts in thousands)
 
Note A—Dividends from Subsidiaries
 
Cash dividends paid to Globe Life from the subsidiaries were as follows:
Year Ended December 31,
201920182017
Dividends from subsidiaries$479,988  $448,142  $453,904  
 
Note B—Supplemental Disclosures of Cash Flow Information
 
The following table summarizes non-cash transactions, which are not reflected on the Condensed Statements of Cash Flows:
 Year Ended December 31,
 201920182017
Stock-based compensation not involving cash$44,843  $39,792  $37,034  
Investment in subsidiaries—  11,899  317,027  
Dividend of property to Parent—  11,889  —  

 The following table summarizes certain amounts paid (received) during the period:
 Year Ended December 31,
 201920182017
Interest paid$86,868  $86,982  $86,606  
Income taxes paid (received)(16,617) (21,377) (19,961) 
 
Note C—Preferred Stock
 
As of December 31, 2019, Globe Life had 351 thousand shares of Cumulative Preferred Stock, Series A, issued and outstanding, of which 280 thousand shares were 6.50% Cumulative Preferred Stock, Series A, and 71 thousand shares were 7.15% Cumulative Preferred Stock, Series A (collectively, the “Series A Preferred Stock”). All issued and outstanding shares of Series A Preferred Stock were held by wholly-owned insurance subsidiaries. In the event of liquidation, the holders of the Series A Preferred Stock at the time outstanding would be entitled to receive a liquidating distribution out of the assets legally available to stockholders in the amount of $1 thousand per share or $351 million in the aggregate, plus any accrued and unpaid dividends, before any distribution is made to holders of Globe Life common stock. Holders of Series A Preferred Stock do not have any voting rights nor have rights to convert such shares into shares of any other class of Globe Life capital stock.
 
 








See accompanying Report of Independent Registered Public Accounting Firm.