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Schedule II. Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2022
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,
20222021
Assets:
Investments:
Long-term investments$31,651 $31,384 
Short-term investments15,001 — 
Total investments46,652 31,384 
Cash58 20,228 
Investment in affiliates6,886,870 10,618,826 
Due from affiliates131,353 170,983 
Taxes receivable from affiliates14,161 33,229 
Other assets173,044 185,143 
Total assets$7,252,138 $11,059,793 
Liabilities:
Short-term debt$449,103 $629,607 
Long-term debt1,777,490 1,546,494 
Other liabilities129,684 240,886 
Total liabilities2,356,277 2,416,987 
Shareholders’ equity:
Preferred stock351 351 
Common stock105,218 109,218 
Additional paid-in capital880,172 871,075 
Accumulated other comprehensive income(1,415,714)2,677,583 
Retained earnings6,466,220 6,182,100 
Treasury stock(1,140,386)(1,197,521)
Total shareholders’ equity4,895,861 8,642,806 
Total liabilities and shareholders’ equity$7,252,138 $11,059,793 
 














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,
 202220212020
Net investment income$33,664 $32,816 $30,199 
Realized gains (losses)(9,643)(5,682)12,792 
Total revenue
24,021 27,134 42,991 
General operating expenses59,307 51,378 57,679 
Reimbursements from affiliates(51,312)(57,504)(68,556)
Interest expense97,051 86,751 90,197 
Total expenses
105,046 80,625 79,320 
Operating income (loss) before income taxes and equity in earnings of affiliates(81,025)(53,491)(36,329)
Income tax expense12,426 9,682 7,773 
Net operating loss before equity in earnings of affiliates(68,599)(43,809)(28,556)
Equity in earnings of affiliates, net of tax808,303 788,768 760,329 
Net income
739,704 744,959 731,773 
Other comprehensive income (loss):
Attributable to Parent Company75,076 58,903 (21,477)
Attributable to affiliates(4,168,373)(410,564)1,205,891 
Comprehensive income (loss)$(3,353,593)$393,298 $1,916,187 
 
























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,
 202220212020
Net income$739,704 $744,959 $731,773 
Equity in earnings of affiliates(808,303)(788,768)(760,329)
Cash dividends from subsidiaries407,042 478,535 485,871 
Other, net26,444 58,617 21,129 
Cash provided from operations
364,887 493,343 478,444 
Cash provided from (used for) investing activities:
Net decrease (increase) in short-term investments(15,001)19,300 (15,899)
Investment in subsidiaries(10,010)(159,924)(7,875)
Other long-term investments(2,000)(2,500)— 
Loaned money to affiliates(846,002)(1,049,932)(1,008,860)
Repayments from affiliates886,002 1,200,932 782,860 
Cash provided from (used for) investing activities
12,989 7,876 (249,774)
Cash provided from (used for) financing activities:
Repayment of debt(300,000)(300,000)(386,875)
Proceeds from issuance of debt400,000 325,000 700,000 
Payment for debt issuance costs(5,272)(7,687)(5,844)
Net issuance (repayment) of commercial paper(46,289)74,974 (34,445)
Issuance of stock111,970 69,826 48,093 
Acquisitions of treasury stock(454,638)(541,435)(443,866)
Borrowed money from affiliate22,400 32,000 76,000 
Repayments to affiliates(22,400)(32,000)(79,500)
Payment of dividends(103,817)(103,313)(101,462)
Cash provided from (used for) financing activities
(398,046)(482,635)(227,899)
Net increase (decrease) in cash(20,170)18,584 771 
Cash balance at beginning of period20,228 1,644 873 
Cash balance at end of period$58 $20,228 $1,644 
 










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,
202220212020
Dividends from subsidiaries$407,042 $478,535 $485,871 
 
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,
 202220212020
Stock-based compensation not involving cash$35,650 $30,272 $35,892 
Contribution of property to subsidiary— 5,004 — 

 The following table summarizes certain amounts paid (received) during the period:
 Year Ended December 31,
 202220212020
Interest paid$96,903 $86,206 $86,504 
Income taxes paid (received)(11,537)(11,838)(12,744)
 
Note C—Preferred Stock
 
As of December 31, 2022, 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.