XML 50 R24.htm IDEA: XBRL DOCUMENT v3.22.0.1
Schedule II. Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]  
Schedule II. Condensed Financial Information of Registrant
Globe Life Inc.
(PARENT COMPANY)
SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT
Condensed Balance Sheets
(Dollar amounts in thousands)
December 31,
20212020
Assets:
Investments:
Long-term investments$31,384 $32,861 
Short-term investments— 19,300 
Total investments31,384 52,161 
Cash20,228 1,644 
Investment in affiliates10,618,826 10,526,982 
Due from affiliates170,983 322,278 
Taxes receivable from affiliates33,229 51,041 
Other assets185,143 184,588 
Total assets$11,059,793 $11,138,694 
Liabilities:
Short-term debt$629,607 $254,918 
Long-term debt1,546,494 1,817,798 
Other liabilities240,886 294,886 
Total liabilities2,416,987 2,367,602 
Shareholders’ equity:
Preferred stock351 351 
Common stock109,218 113,218 
Additional paid-in capital871,075 877,946 
Accumulated other comprehensive income2,677,583 3,029,244 
Retained earnings6,182,100 5,874,109 
Treasury stock(1,197,521)(1,123,776)
Total shareholders’ equity8,642,806 8,771,092 
Total liabilities and shareholders’ equity$11,059,793 $11,138,694 
 














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,
 202120202019
Net investment income$32,816 $30,199 $28,869 
Realized gains (losses)(5,682)12,792 — 
Total revenue
27,134 42,991 28,869 
General operating expenses51,378 57,679 68,419 
Reimbursements from affiliates(57,504)(68,556)(65,928)
Interest expense86,751 90,197 89,317 
Total expenses
80,625 79,320 91,808 
Operating income (loss) before income taxes and equity in earnings of affiliates(53,491)(36,329)(62,939)
Income tax expense9,682 7,773 13,133 
Net operating loss before equity in earnings of affiliates(43,809)(28,556)(49,806)
Equity in earnings of affiliates, net of tax788,768 760,329 810,596 
Net income
744,959 731,773 760,790 
Other comprehensive income (loss):
Attributable to Parent Company58,903 (21,477)(11,379)
Attributable to affiliates(410,564)1,205,891 1,536,734 
Comprehensive income (loss)$393,298 $1,916,187 $2,286,145 
 
























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,
 202120202019
Net income$744,959 $731,773 $760,790 
Equity in earnings of affiliates(788,768)(760,329)(810,596)
Cash dividends from subsidiaries478,535 485,871 479,988 
Other, net58,617 21,129 65,584 
Cash provided from operations
493,343 478,444 495,766 
Cash provided from (used for) investing activities:
Net decrease (increase) in short-term investments19,300 (15,899)(3,380)
Investment in subsidiaries(159,924)(7,875)— 
Other long-term investments(2,500)— — 
Additions to properties— — (32)
Loaned money to affiliates(1,049,932)(1,008,860)(501,764)
Repayments from affiliates1,200,932 782,860 501,764 
Cash provided from (used for) investing activities
7,876 (249,774)(3,412)
Cash provided from (used for) financing activities:
Repayment of debt(300,000)(386,875)(6,875)
Proceeds from issuance of debt325,000 700,000 — 
Payment for debt issuance costs(7,687)(5,844)— 
Net issuance (repayment) of commercial paper74,974 (34,445)(11,610)
Issuance of stock69,826 48,093 82,771 
Acquisitions of treasury stock(541,435)(443,866)(459,569)
Borrowed money from affiliate32,000 76,000 277,000 
Repayments to affiliates(32,000)(79,500)(276,500)
Payment of dividends(103,313)(101,462)(97,458)
Cash provided from (used for) financing activities
(482,635)(227,899)(492,241)
Net increase (decrease) in cash18,584 771 113 
Cash balance at beginning of period1,644 873 760 
Cash balance at end of period$20,228 $1,644 $873 
 










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,
202120202019
Dividends from subsidiaries$478,535 $485,871 $479,988 
 
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,
 202120202019
Stock-based compensation not involving cash$30,272 $35,892 $44,843 
Contribution of property to subsidiary5,004 — — 

 The following table summarizes certain amounts paid (received) during the period:
 Year Ended December 31,
 202120202019
Interest paid$86,206 $86,504 $86,868 
Income taxes paid (received)(11,838)(12,744)(16,617)
 
Note C—Preferred Stock
 
As of December 31, 2021, 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.