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Investments (Tables)
 9 Months Ended
Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Summary of Fixed Maturities and Equity Securities Available for Sale by Component Summaries of fixed maturities available for sale by amortized cost, fair value, and allowance for credit losses at September 30, 2021 and December 31, 2020, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are as follows. Redeemable preferred stock is included within "Corporates, by sector".
At September 30, 2021

Amortized
Cost		Allowance for Credit LossesGross
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$380,193 $— $65,063 $(140)$445,116 2 
States, municipalities, and political subdivisions2,068,436 — 220,945 (8,433)2,280,948 11 
Foreign governments61,476 — 1,363 (4,382)58,457 — 
Corporates, by sector:
Financial4,563,734 — 927,421 (12,474)5,478,681 26 
Utilities1,935,489 — 509,282 (988)2,443,783 12 
Energy1,603,163 — 364,899 (2,131)1,965,931 9 
Other corporate sectors6,867,918 — 1,462,369 (15,339)8,314,948 39 
Total corporates14,970,304 — 3,263,971 (30,932)18,203,343 86 
Collateralized debt obligations36,088 — 27,073 — 63,161 — 
Other asset-backed securities105,531 — 5,046 (736)109,841 1 
Total fixed maturities
$17,622,028 $— $3,583,461 $(44,623)$21,160,866 100 
(1)Amount reported in the balance sheet.
(2)At fair value.
At December 31, 2020
Amortized
Cost		Allowance for Credit LossesGross
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$380,602 $— $87,272 $(43)$467,831 2 
States, municipalities, and political subdivisions1,880,607 — 251,291 (315)2,131,583 10 
Foreign governments52,913 — 2,635 (898)54,650 — 
Corporates, by sector:
Financial4,404,203 — 1,016,813 (24,221)5,396,795 26 
Utilities1,975,460 — 608,595 (108)2,583,947 12 
Energy1,623,970 (3,346)346,197 (3,083)1,963,738 9 
Other corporate sectors6,687,644 — 1,727,366 (6,218)8,408,792 40 
Total corporates14,691,277 (3,346)3,698,971 (33,630)18,353,272 87 
Collateralized debt obligations57,007 — 23,460 (8,869)71,598 — 
Other asset-backed securities134,739 — 3,614 (3,778)134,575 1 
Total fixed maturities
$17,197,145 $(3,346)$4,067,243 $(47,533)$21,213,509 100 
(1)Amount reported in the balance sheet.
(2)At fair value.
Schedule of Fixed Maturities by Contractual Maturity
A schedule of fixed maturities available for sale by contractual maturity date at September 30, 2021 is shown below on an amortized cost basis, net of allowance for credit losses, and on a fair value basis. Actual disposition dates could differ from contractual maturities due to call or prepayment provisions.
At September 30, 2021
Amortized
Cost, net		Fair
Value
Fixed maturities available for sale:
Due in one year or less$104,924 $106,663 
Due after one year through five years845,481 938,870 
Due after five years through ten years1,806,609 2,160,941 
Due after ten years through twenty years6,583,636 8,359,748 
Due after twenty years8,139,586 9,421,456 
Mortgage-backed and asset-backed securities141,792 173,188 
$17,622,028 $21,160,866 
Schedule of Analysis of Investment Operations Net investment income" for the three and nine month periods ended September 30, 2021 and 2020 is summarized as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
20212020% Change20212020% Change
Fixed maturities available for sale$223,287 $217,900 2 $668,284 $652,583 2 
Policy loans11,376 11,241 1 33,968 33,572 1 
Other long-term investments(1)
9,390 6,925 36 26,432 18,694 41 
Short-term investments10 88 (89)20 529 (96)
244,063 236,154 3 728,704 705,378 3 
Less investment expense(5,088)(4,722)8 (15,601)(13,387)17 
Net investment income
$238,975 $231,432 3 $713,103 $691,991 3 
(1)For the three months ended September 30, 2021 and 2020, the investment funds, accounted for under the fair value option method, recorded $7.1 million and $4.0 million of distributions, respectively in net investment income. For the nine months ended September 30, 2021 and 2020, the investment funds, accounted for under the fair value option method, recorded $19.4 million and $10.5 million of distributions, respectively in net investment income. Refer to Other Long-Term Investments below for further discussion on the investment funds.
Realized Gains (Losses) on Investments
Selected information about sales of fixed maturities available for sale is as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Fixed maturities available for sale:
Proceeds from sales(1)
$17,085 $661 $91,795 $52,681 
Gross realized gains304 — 1,438 2,642 
Gross realized losses— (38,782)(12,101)(39,153)
(1)There were no unsettled sales in the periods ended September 30, 2021 and 2020.

An analysis of "Realized gains (losses)" is as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Realized investment gains (losses):
Fixed maturities available for sale:
Sales and other(1)
$16,269 $(38,608)$32,578 $(27,746)
Provision for credit losses— 28,332 3,346 (4,387)
Fair value option—change in fair value1,585 12,053 14,013 (6,798)
Other investments1,935 358 6,663 10,179 
Realized gains (losses) from investments
19,789 2,135 56,600 (28,752)
Realized loss on redemption of debt(9,314)(634)(9,314)(634)
10,475 1,501 47,286 (29,386)
Applicable tax(2,200)463 (9,930)6,949 
Realized gains (losses), net of tax
$8,275 $1,964 $37,356 $(22,437)
(1)During the three months ended September 30, 2021 and 2020, the Company recorded $0 and $65.8 million of exchanges of fixed maturities (noncash transactions) that resulted in $0 and $0, respectively in realized gains (losses). During the nine months ended September 30, 2021 and 2020, the Company recorded $108.3 million and $152.1 million of exchanges of fixed maturities (noncash transactions) that resulted in $25.2 million and $7.9 million, respectively in realized gains (losses).
Fair Value of Fixed Maturities Measured on a Recurring Basis The following tables represent the fair value of fixed maturities measured on a recurring basis at September 30, 2021 and December 31, 2020:
Fair Value Measurement at September 30, 2021 Using:
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 $— $445,116 $— $445,116 
States, municipalities, and political subdivisions — 2,280,948 — 2,280,948 
Foreign governments — 58,457 — 58,457 
Corporates, by sector:
Financial — 5,306,960 171,721 5,478,681 
Utilities — 2,288,585 155,198 2,443,783 
Energy — 1,952,029 13,902 1,965,931 
Other corporate sectors — 8,001,599 313,349 8,314,948 
Total corporates — 17,549,173 654,170 18,203,343 
Collateralized debt obligations — — 63,161 63,161 
Other asset-backed securities — 109,841 — 109,841 
Total fixed maturities
$— $20,443,535 $717,331 $21,160,866 
Percentage of total— %97 %3 %100 %

Fair Value Measurement at December 31, 2020 Using:
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 $— $467,831 $— $467,831 
States, municipalities, and political subdivisions — 2,131,583 — 2,131,583 
Foreign governments — 54,650 — 54,650 
Corporates, by sector:
Financial — 5,222,066 174,729 5,396,795 
Utilities — 2,400,602 183,345 2,583,947 
Energy — 1,925,549 38,189 1,963,738 
Other corporate sectors — 8,090,550 318,242 8,408,792 
Total corporates — 17,638,767 714,505 18,353,272 
Collateralized debt obligations — — 71,598 71,598 
Other asset-backed securities — 121,705 12,870 134,575 
Total fixed maturities
$— $20,414,536 $798,973 $21,213,509 
Percentage of total— %96 %4 %100 %
Fair Value, Assets Measured on Recurring Basis
The following tables represent changes in fixed maturities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Asset-
backed Securities
Collateralized
Debt
Obligations		CorporatesTotal
Balance at January 1, 2021
$12,870 $71,598 $714,505 $798,973 
Included in realized gains / losses(82)(6,787)2,733 (4,136)
Included in other comprehensive income63 12,482 (15,346)(2,801)
Acquisitions— — 25,000 25,000 
Sales(12,851)(13,213)— (26,064)
Amortization— 3,388 8 3,396 
Other(1)
— (4,307)(72,730)(77,037)
Transfers into Level 3(2)
— — — — 
Transfers out of Level 3(2)
— — — — 
Balance at September 30, 2021
$— $63,161 $654,170 $717,331 
Percent of total fixed maturities— %— %3 %3 %
(1)Includes capitalized interest, foreign exchange adjustments, and principal repayments. 
(2)Considered to be transferred at the end of the period. Transfers into Level 3 occur when observable inputs are no longer available. Transfers out of Level 3 occur when observable inputs become available.
Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Asset-
backed Securities
Collateralized
Debt
Obligations		CorporatesTotal
Balance at January 1, 2020
$13,177 $74,104 $672,128 $759,409 
Included in realized gains / losses— — 1,213 1,213 
Included in other comprehensive income(318)(5,220)11,324 5,786 
Acquisitions— — 17,820 17,820 
Sales— — — — 
Amortization— 3,415 11 3,426 
Other(1)
109 (3,642)(38,278)(41,811)
Transfers into Level 3(2)
— — — — 
Transfers out of Level 3(2)
— — — — 
Balance at September 30, 2020
$12,968 $68,657 $664,218 $745,843 
Percent of total fixed maturities— %1 %3 %4 %
(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.
The following table presents changes in unrealized gains or (losses) for the period included in other comprehensive income for assets held at the end of the reporting period for Level 3s:
Changes in Unrealized Gains (Losses) included in Other Comprehensive Income for Assets Held at the End of the Period
Asset-
backed Securities		Collateralized
Debt
Obligations		CorporatesTotal
At September 30, 2021
$63 $12,482 $(15,346)$(2,801)
At September 30, 2020
(318)(5,220)11,324 5,786 
Schedule of Additional Information about Investments in Unrealized Loss Position The following table discloses information about fixed maturities available for sale in an unrealized loss position.
Less than Twelve MonthsTwelve Months or LongerTotal
Number of issues (CUSIPs) held:
As of September 30, 2021242 29 271 
As of December 31, 202054 24 78 
Schedule of Unrealized Investment Losses by Class of Investment
The following table discloses unrealized investment losses by class and major sector of fixed maturities available for sale for which an allowance for credit losses has not been recorded at September 30, 2021.

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

Analysis of Gross Unrealized Investment Losses
At September 30, 2021
Less than Twelve MonthsTwelve Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Fixed maturities available for sale:
Investment grade securities:
U.S. Government direct, guaranteed, and government-sponsored enterprises$2,033 $(37)$1,960 $(103)$3,993 $(140)
States, municipalities and political subdivisions324,878 (8,330)1,623 (103)326,501 (8,433)
Foreign governments20,088 (2,114)11,017 (2,268)31,105 (4,382)
Corporates, by sector:
Financial154,075 (3,836)32,692 (1,972)186,767 (5,808)
Utilities21,841 (736)2,511 (252)24,352 (988)
Energy86,710 (911)— — 86,710 (911)
Other corporate sectors172,274 (6,871)17,555 (2,661)189,829 (9,532)
Total corporates434,900 (12,354)52,758 (4,885)487,658 (17,239)
Collateralized debt obligations— — — — — — 
Other asset-backed securities— — — — — — 
Total investment grade securities781,899 (22,835)67,358 (7,359)849,257 (30,194)
Below investment grade securities:
States, municipalities and political subdivisions— — — — — — 
Corporates, by sector:
Financial5,479 (4)55,878 (6,662)61,357 (6,666)
Utilities— — — — — — 
Energy— — 26,869 (1,220)26,869 (1,220)
Other corporate sectors— — 26,890 (5,807)26,890 (5,807)
Total corporates5,479 (4)109,637 (13,689)115,116 (13,693)
Collateralized debt obligations— — — — — — 
Other asset-backed securities— — 12,882 (736)12,882 (736)
Total below investment grade securities5,479 (4)122,519 (14,425)127,998 (14,429)
Total fixed maturities
$787,378 $(22,839)$189,877 $(21,784)$977,255 $(44,623)
The following table discloses unrealized investment losses by class and major sector of fixed maturities available for sale at December 31, 2020.

Analysis of Gross Unrealized Investment Losses
At December 31, 2020
Less than Twelve MonthsTwelve Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Fixed maturities available for sale:
Investment grade securities:
U.S. Government direct, guaranteed, and government-sponsored enterprises$2,006 $(43)$— $— $2,006 $(43)
States, municipalities and political subdivisions32,910 (315)— — 32,910 (315)
Foreign governments19,532 (898)— — 19,532 (898)
Corporates, by sector:
Financial117,762 (2,564)6,333 (2,168)124,095 (4,732)
Utilities2,726 (108)— — 2,726 (108)
Energy1,692 (8)14,871 (106)16,563 (114)
Other corporate sectors21,882 (720)— — 21,882 (720)
Total corporates144,062 (3,400)21,204 (2,274)165,266 (5,674)
Collateralized debt obligations— — — — — — 
Other asset-backed securities28,864 (1,051)5 — 28,869 (1,051)
Total investment grade securities227,374 (5,707)21,209 (2,274)248,583 (7,981)
Below investment grade securities:
States, municipalities and political subdivisions— — — — — — 
Corporates, by sector:
Financial6,822 (36)115,093 (19,453)121,915 (19,489)
Utilities— — — — — — 
Energy18,432 (757)38,720 (2,212)57,152 (2,969)
Other corporate sectors25,711 (3,588)19,516 (1,910)45,227 (5,498)
Total corporates50,965 (4,381)173,329 (23,575)224,294 (27,956)
Collateralized debt obligations— — 11,131 (8,869)11,131 (8,869)
Other asset-backed securities— — 11,223 (2,727)11,223 (2,727)
Total below investment grade securities50,965 (4,381)195,683 (35,171)246,648 (39,552)
Total fixed maturities
$278,339 $(10,088)$216,892 $(37,445)$495,231 $(47,533)
Fixed Maturities, Allowance for Credit Loss A summary of the activity in the allowance for credit losses is as follows.
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Allowance for credit losses beginning balance
$— $32,719 $3,346 $— 
Additions to allowance for which credit losses were not previously recorded— 4,387 — 37,106 
Additions (reductions) to allowance for fixed maturities that previously had an allowance— — — — 
Reduction of allowance for which the Company intends to sell or more likely than not will be required to sell or sold during the period— (32,719)(3,346)(32,719)
Allowance for credit losses ending balance
$— $4,387 $— $4,387 
Other Long-Term Investments Other long-term investments consist of the following assets:
September 30,
2021		December 31, 2020
Investment funds$586,223 $385,038 
Commercial mortgage loan participations137,072 160,602 
Other9,882 1,341 
Total
$733,177 $546,981 
Schedule of Investment Funds The following table presents additional information about the Company's investment funds as of September 30, 2021 and December 31, 2020 at fair value:
Fair ValueUnfunded Commitments
Investment CategorySeptember 30,
2021		December 31, 2020September 30,
2021		Redemption Term/Notice
Commercial mortgage loans$397,723 $227,050 $124,913 
Portion non-redeemable and fully redeemable after 6 month period, subject to fund liquidity/discretion of General Partner. Expected life is 7 years for non-redeemable fund.
Opportunistic credit170,117 157,461 — 
Initial 2 year lock on each new investment/semi-annual withdrawals thereafter/full redemption within 36 month period.
Other18,383 527 232,100 Fully redeemable with varying terms and non-redeemable.
Total investment funds $586,223 $385,038 $357,013 
Summary of Commercial Mortgage Loan Participations Summaries of commercial mortgage loans by property type and geographical location at September 30, 2021 and December 31, 2020 are as follows:
September 30, 2021December 31, 2020
Carrying Value% of TotalCarrying Value% of Total
Property type:
Mixed use$54,042 39 $49,002 31 
Office9,137 7 36,153 22 
Hospitality22,550 17 22,605 14 
Retail19,754 14 19,319 12 
Industrial17,900 13 17,900 11 
Multi-family14,873 11 19,128 12 
Total recorded investment138,256 101 164,107 102 
Less allowance for credit losses(1,184)(1)(3,505)(2)
Carrying value, net of allowance for credit losses
$137,072 100 $160,602 100 
September 30, 2021December 31, 2020
Carrying Value% of TotalCarrying Value% of Total
Geographic location:
California$64,519 47 $61,610 38 
Virginia— — 27,019 17 
New York18,111 13 16,602 10 
Pennsylvania11,672 9 11,314 7 
Indiana9,717 7 9,717 6 
Florida8,182 6 12,420 8 
Other26,055 19 25,425 16 
Total recorded investment138,256 101 164,107 102 
Less allowance for credit losses(1,184)(1)(3,505)(2)
Carrying value, net of allowance for credit losses
$137,072 100 $160,602 100 
Commercial Loan Participations, Credit Quality Indicators
The following tables are reflective of Management's internal risk ratings of the loan portfolio. Loans are rated low, moderate, and high. The risk categories consider many different factors such as quality of asset, borrower status, as well as macroeconomic factors including COVID-19. These loans, originated in 2017 to 2021, are transitional or under construction and may not yet be income producing. Certain ratios, such as loan to value and debt service coverage ratios, may not be evaluated as the value of the underlying transitional property significantly fluctuates based on completion of the project.
Net Book Value of Commercial Mortgage Loans Receivable by Year of Origination
As of September 30, 2021
Risk Rating:Number of Loans20212020201920182017Total
Low14 $— $22,473 $11,345 $32,958 $35,209 $101,985 
Moderate 6 — — 16,517 8,182 — 24,699 
High2 — — 4,575 6,997 — 11,572 
Total commercial mortgage loans22 $— $22,473 $32,437 $48,137 $35,209 138,256 
Less allowance for credit losses on the investment pool(1,184)
Less allowance for credit losses on individual loans— 
Carrying value, net of valuation allowance
$137,072 

Net Book Value of Commercial Mortgage Loans Receivable by Year of Origination
As of December 31, 2020
Risk Rating:Number of Loans2020201920182017Total
Low17 $20,176 $14,757 $33,132 $61,460 $129,525 
Moderate4 — 10,640 7,796 — 18,436 
High3 — 4,554 11,592 — 16,146 
Total commercial mortgage loans24 $20,176 $29,951 $52,520 $61,460 164,107 
Less allowance for credit losses on the investment pool(2,503)
Less allowance for credit losses on individual loans(1,002)
Carrying value, net of valuation allowance
$160,602 
Commercial Loan Participations, Allowance for Credit Loss
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
Allowance for credit losses beginning balance
$1,639 $3,838 $3,505 $— 
Cumulative effect of adoption ASU 2016-13— — — 335 
Provision (reversal) for credit losses(455)(119)(2,321)3,384 
Loans charge-off— — — — 
Allowance for credit losses ending balance
$1,184 $3,719 $1,184 $3,719