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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to ________
Commission File Number: 001-08052
GLOBE LIFE INC.
(Exact name of registrant as specified in its charter)
Delaware 63-0780404
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
3700 South Stonebridge Drive, McKinney, Texas 75070
(Address of principal executive offices) (Zip Code)

(972) 569-4000
(Registrant’s telephone number, including area code)

NONE
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 par value per shareGLNew York Stock Exchange
4.250% Junior Subordinated DebenturesGL PRDNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                                 Yes    ☒   No   ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                                             Yes   ☒   No   ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes   ☐   No   ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class Outstanding at April 30, 2024
Common Stock, $1.00 Par Value 92,269,711
GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Table of Contents
Page
PART I. FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.



As used in this Form 10-Q, “Globe Life,” the “Company,” “we,” “our” and “us” refer to Globe Life Inc., a Delaware corporation incorporated in 1979, its subsidiaries and affiliates.
GL Q1 2024 FORM 10-Q
Table of Contents
PART I—FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements

Globe Life Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
March 31,
2024		December 31, 2023
Assets:
Investments:
Fixed maturities—available for sale, at fair value (amortized cost: 2024—$19,504,784;
2023—$18,924,914, allowance for credit losses: 2024— $7,027; 2023— $7,115)
$18,144,353 $17,870,206 
Mortgage loans329,033 279,199 
Policy loans664,641 657,020 
Other long-term investments (includes: 2024—$844,916; 2023—$795,583 under the fair value option)
899,085 835,878 
Short-term investments58,413 81,740 
Total investments20,095,525 19,724,043 
Cash83,547 103,156 
Accrued investment income299,398 270,396 
Other receivables645,966 630,223 
Deferred acquisition costs6,131,237 6,009,477 
Goodwill481,791 481,791 
Other assets833,129 832,413 
Total assets$28,570,593 $28,051,499 
Liabilities:
Future policy benefits at current discount rates: (at original rates: 2024—$17,110,880; 2023—$16,984,615)
$18,882,023 $19,460,353 
Unearned and advance premium270,105 254,567 
Policy claims and other benefits payable520,094 514,875 
Other policyholders' funds401,269 236,958 
Total policy liabilities20,073,491 20,466,753 
Current and deferred income taxes630,268 494,639 
Short-term debt733,544 486,113 
Long-term debt (estimated fair value: 2024—$1,510,512; 2023—$1,491,229)
1,629,978 1,629,559 
Other liabilities464,151 487,632 
Total liabilities23,531,432 23,564,696 
Commitments and Contingencies (Note 5)
Shareholders' equity:
Preferred stock, par value $1 per share—5,000,000 shares authorized; outstanding: 0 in 2024 and 2023
— — 
Common stock, par value $1 per share—320,000,000 shares authorized; outstanding: (2024—102,218,183 issued; 2023—102,218,183 issued)
102,218 102,218 
Additional paid-in-capital526,862 532,474 
Accumulated other comprehensive income (loss)(2,467,236)(2,772,419)
Retained earnings7,706,655 7,478,813 
Treasury stock, at cost: (2024—8,141,299 shares; 2023—8,426,854 shares)
(829,338)(854,283)
Total shareholders' equity5,039,161 4,486,803 
Total liabilities and shareholders' equity$28,570,593 $28,051,499 
See accompanying Notes to Condensed Consolidated Financial Statements.
1
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(Dollar amounts in thousands, except per share data)
Three Months Ended
March 31,
20242023
Revenue:
Life premium$804,265 $772,597 
Health premium341,019 322,493 
Other premium— — 
Total premium1,145,284 1,095,090 
Net investment income282,578 257,105 
Realized gains (losses)(11,799)(30,927)
Other income76 50 
Total revenue1,416,139 1,321,318 
Benefits and expenses:
Life policyholder benefits(1)
519,871 507,977 
Health policyholder benefits(2)
202,327 190,962 
Other policyholder benefits9,595 8,988 
Total policyholder benefits731,793 707,927 
Amortization of deferred acquisition costs99,478 92,322 
Commissions, premium taxes, and non-deferred acquisition costs148,110 137,797 
Other operating expense93,214 84,171 
Interest expense28,621 24,867 
Total benefits and expenses1,101,216 1,047,084 
Income before income taxes314,923 274,234 
Income tax benefit (expense)(60,706)(50,624)
Net income
$254,217 $223,610 
Basic net income per common share
$2.71 $2.32 
Diluted net income per common share
$2.67 $2.28 
(1)Net of a remeasurement gain of $4.9 million for the three months ended March 31, 2024, and a remeasurement gain of $2.7 million for the same period in 2023.
(2)Net of a remeasurement gain of $3.2 million for the three months ended March 31, 2024, and a remeasurement loss of $2.0 million for the same period in 2023.







See accompanying Notes to Condensed Consolidated Financial Statements.
2
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
(Dollar amounts in thousands)
Three Months Ended
March 31,
20242023
Net income
$254,217 $223,610 
Other comprehensive income (loss):
Investments:
Unrealized gains (losses) on fixed maturities:
Unrealized holding gains (losses) arising during period(305,016)469,119 
Other reclassification adjustments included in net income(2,412)32,590 
Foreign exchange adjustment on fixed maturities recorded at fair value1,617 9,567 
Total unrealized investment gains (losses)(305,811)511,276 
Less applicable tax (expense) benefit64,222 (107,368)
Unrealized gains (losses) on investments, net of tax(241,589)403,908 
Future Policy Benefits:
Change in discount rate on future policy benefits704,596 (720,890)
Less applicable tax (expense) benefit(147,964)151,387 
Future policy benefit adjustments, net of tax556,632 (569,503)
Foreign exchange translation:
Foreign exchange translation adjustments, other than securities(12,597)(6,516)
Less applicable tax (expense) benefit2,646 1,368 
Foreign exchange translation adjustments, other than securities, net of tax(9,951)(5,148)
Pension:
Pension adjustments118 (48)
Less applicable tax (expense) benefit(27)11 
Pension adjustments, net of tax91 (37)
Other comprehensive income (loss)305,183 (170,780)
Comprehensive income (loss)
$559,400 $52,830 











See accompanying Notes to Condensed Consolidated Financial Statements.
3
        GL Q1 2024 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 StockCommon StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Retained EarningsTreasury StockTotal Shareholders' Equity
Balance at December 31, 2023
$— $102,218 $532,474 $(2,772,419)$7,478,813 $(854,283)$4,486,803 
Comprehensive income (loss)— — — 305,183 254,217 — 559,400 
Common dividends declared
($0.2400 per share)
— — — — (22,603)— (22,603)
Acquisition of treasury stock— — — — — (23,469)(23,469)
Stock-based compensation— — (5,612)— (438)15,317 9,267 
Exercise of stock options— — — — (3,334)33,097 29,763 
Balance at March 31, 2024
$— $102,218 $526,862 $(2,467,236)$7,706,655 $(829,338)$5,039,161 






Preferred StockCommon StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Retained EarningsTreasury StockTotal Shareholders' Equity
Balance at December 31, 2022
$— $105,218 $529,661 $(2,790,313)$6,894,535 $(789,524)$3,949,577 
Comprehensive income (loss)— — — (170,780)223,610 — 52,830 
Common dividends declared
($0.2250 per share)
— — — — (21,542)— (21,542)
Acquisition of treasury stock— — — — — (179,276)(179,276)
Stock-based compensation— — (1,022)— — 8,700 7,678 
Exercise of stock options— — — — (4,059)41,083 37,024 
Balance at March 31, 2023
$— $105,218 $528,639 $(2,961,093)$7,092,544 $(919,017)$3,846,291 





















See accompanying Notes to Condensed Consolidated Financial Statements.
4
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(Dollar amounts in thousands)
Three Months Ended
March 31,
20242023
Cash provided from (used for) operating activities
$350,806 $477,330 
Cash provided from (used for) investing activities:
Investments sold or matured:
Fixed maturities available for sale—sold27,853 15,705 
Fixed maturities available for sale—matured or other redemptions59,871 61,560 
Mortgage loans7,896 21 
Other long-term investments573 1,929 
Total investments sold or matured96,193 79,215 
Acquisition of investments:
Fixed maturities—available for sale(682,427)(285,505)
Mortgage loans(58,406)(24,186)
Other long-term investments(80,468)(23,712)
Total investments acquired(821,301)(333,403)
Net (increase) decrease in policy loans(7,621)(7,870)
Net (increase) decrease in short-term investments23,327 39,744 
Additions to property and equipment(9,106)(8,210)
Investments in low-income housing interests(13,428)(17,246)
Cash provided from (used for) investing activities
(731,936)(247,770)
Cash provided from (used for) financing activities:
Issuance of common stock29,763 37,024 
Cash dividends paid to shareholders(21,117)(20,071)
Net borrowing from FHLB 242,000 45,000 
Net borrowing (repayment) of commercial paper5,304 20,070 
Acquisition of treasury stock(23,469)(179,276)
Net receipts (payments) from deposit-type products124,475 (54,487)
Cash provided from (used for) financing activities
356,956 (151,740)
Effect of foreign exchange rate changes on cash4,565 1,729 
Net increase (decrease) in cash(19,609)79,549 
Cash at beginning of year103,156 92,559 
Cash at end of period $83,547 $172,108 







See accompanying Notes to Condensed Consolidated Financial Statements.
5
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)

Note 1—Significant Accounting Policies

Business: (Globe Life), (the Company), refers to Globe Life Inc., an insurance holding company incorporated in Delaware in 1979, and Globe Life Inc. subsidiaries and affiliates. Globe Life Inc.'s direct or indirect primary subsidiaries are Globe Life And Accident Insurance Company, American Income Life Insurance Company, Liberty National Life Insurance Company, Family Heritage Life Insurance Company of America, and United American Insurance Company. The underwriting companies are owned by their ultimate corporate parent, Globe Life Inc. (Parent Company).

Globe Life provides a variety of life and supplemental health insurance products and annuities to a broad base of customers. The Company is organized into four reportable segments: life insurance, supplemental health insurance, annuities, and investments.

Globe Life markets its insurance products through a number of distribution channels, each of which sells the products of one or more of Globe Life's insurance segments. Our distribution channels consist of the following exclusive agencies: American Income Life Division (American Income), Liberty National Division (Liberty National) and Family Heritage Division (Family Heritage); an independent agency, United American Division (United American); and our Direct to Consumer Division (DTC).

Basis of Presentation: The accompanying condensed consolidated financial statements of Globe Life have been prepared in accordance with the instructions to Form 10-Q. Therefore, they do not include all of the disclosures required by accounting principles generally accepted in the United States of America (GAAP) for annual financial statements. However, in the opinion of management, these statements include all adjustments, consisting of normal recurring adjustments, which are necessary for a fair presentation of the condensed consolidated financial position at March 31, 2024, and the condensed consolidated results of operations, comprehensive income, and cash flows for the periods ended March 31, 2024 and 2023. The interim period condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements that are included in the Form 10-K filed with the Securities Exchange Commission (SEC) on February 28, 2024.

Use of Estimates: The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. See further documentation in the significant accounting policies or the accompanying notes.





6
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Note 2—New Accounting Standards

Accounting Pronouncements Adopted in the Current Year
StandardDescriptionEffective DateEffect on the Condensed Consolidated Financial Statements
ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions
ASU 2022-03 adds disclosure requirements specific to equity securities subject to contractual sale restrictions. The disclosures clarify the nature of the contractual sale as well as the duration of the restriction and the circumstances that could cause a lapse in the restriction.This standard is effective for the Company for fiscal years beginning on January 1, 2024 and interim periods within those fiscal years. The adoption of this standard did not have a material impact on the Condensed Consolidated Financial Statements.


Accounting Pronouncements Yet to be Adopted
StandardDescriptionEffective DateEffect on the Condensed Consolidated Financial Statements
ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
ASU 2023-07 adds disclosure requirements to segment expenses, improving the financial reporting of the entity’s overall performance and assessment of future cash flows. The disclosures will require more detailed information related to the entity’s reportable segments.
This standard is effective for the Company for annual periods beginning on January 1, 2024 and for interim periods beginning on January 1, 2025, and will be implemented on a retrospective basis.
The Company does not expect the standard will have a material impact on the Condensed Consolidated Financial Statements.
ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures
ASU 2023-09 adds disclosure requirements to disaggregated information related to the effective tax rate reconciliation and information on income taxes paid. The disclosures will enhance the assessment of the entity’s operations and related tax risks.
This standard is effective for the Company for annual periods beginning on January 1, 2025, and will be implemented on a prospective basis.The Company does not expect the standard will have a material impact on the Condensed Consolidated Financial Statements.
7
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive Income

Components of Accumulated Other Comprehensive Income: An analysis of the change in balance by component of Accumulated Other Comprehensive Income is as follows for the three month periods ended March 31, 2024 and 2023:
 Three Months Ended March 31, 2024
 Available
for Sale
Assets		Future Policy BenefitsForeign
Exchange		Pension
Adjustments		Total
Balance at January 1, 2024
$(827,596)$(1,947,391)$4,719 $(2,151)$(2,772,419)
Other comprehensive income (loss) before reclassifications, net of tax(239,684)556,632 (9,951)— 306,997 
Reclassifications, net of tax(1,905)— — 91 (1,814)
Other comprehensive income (loss)(241,589)556,632 (9,951)91 305,183 
Balance at March 31, 2024
$(1,069,185)$(1,390,759)$(5,232)$(2,060)$(2,467,236)

 Three Months Ended March 31, 2023
 Available
for Sale
Assets		Future Policy BenefitsForeign
Exchange		Pension
Adjustments		Total
Balance at January 1, 2023
$(1,420,672)$(1,369,204)$(1,681)$1,244 $(2,790,313)
Other comprehensive income (loss) before reclassifications, net of tax378,162 (569,503)(5,148)— (196,489)
Reclassifications, net of tax25,746 — — (37)25,709 
Other comprehensive income (loss)403,908 (569,503)(5,148)(37)(170,780)
Balance at March 31, 2023
$(1,016,764)$(1,938,707)$(6,829)$1,207 $(2,961,093)

Reclassification Adjustments: Reclassification adjustments out of Accumulated Other Comprehensive Income are presented below for the three month periods ended March 31, 2024 and 2023.
  Three Months Ended March 31,Affected line items in the Statements of Operations
Component Line Item20242023
Unrealized investment (gains) losses on available for sale assets:
Realized (gains) losses$(228)$33,124 Realized (gains) losses
Amortization of (discount) premium(2,184)(534)Net investment income
Total before tax(2,412)32,590 
Tax507 (6,844)Income taxes
Total after-tax(1,905)25,746 
Pension adjustments:
Amortization of prior service cost269 269 Other operating expense
Amortization of actuarial (gain) loss(151)(317)Other operating expense
Total before tax118 (48)
Tax(27)11 Income taxes
Total after-tax91 (37)
Total reclassification (after-tax)
$(1,814)$25,709 
8
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Note 4—Investments

Portfolio Composition: Summaries of fixed maturities available for sale by amortized cost, fair value, and allowance for credit losses at March 31, 2024 and December 31, 2023, 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 March 31, 2024

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$401,859 $— $1 $(39,039)$362,821 2 
States, municipalities, and political subdivisions3,301,276 — 38,251 (454,605)2,884,922 16 
Foreign governments39,558 — — (10,227)29,331 — 
Corporates, by sector:
Industrials8,297,566 (7,027)161,482 (667,927)7,784,094 43 
Financial5,213,973 — 89,584 (416,724)4,886,833 27 
Utilities2,127,792 — 51,901 (105,623)2,074,070 11 
Total corporates15,639,331 (7,027)302,967 (1,190,274)14,744,997 81 
Collateralized debt obligations36,730 — 3,001 — 39,731 — 
Other asset-backed securities86,030 — 2 (3,481)82,551 1 
Total fixed maturities
$19,504,784 $(7,027)$344,222 $(1,697,626)$18,144,353 100 
(1)Amount reported in the balance sheet.
(2)At fair value.
At December 31, 2023
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$398,450 $— $7 $(32,306)$366,151 2 
States, municipalities, and political subdivisions3,296,305 — 47,346 (403,329)2,940,322 16 
Foreign governments44,453 — 1 (10,348)34,106 — 
Corporates, by sector:
Industrials
8,016,126 (7,115)213,078 (566,847)7,655,242 43 
Financial5,028,151 — 112,368 (388,340)4,752,179 27 
Utilities2,017,967 — 73,925 (94,130)1,997,762 11 
Total corporates15,062,244 (7,115)399,371 (1,049,317)14,405,183 81 
Collateralized debt obligations37,110 — 5,036 — 42,146 — 
Other asset-backed securities86,352 — 3 (4,057)82,298 1 
Total fixed maturities
$18,924,914 $(7,115)$451,764 $(1,499,357)$17,870,206 100 
(1)Amount reported in the balance sheet.
(2)At fair value.
9
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The Company has exposure to real estate investment trusts with an average rating of BBB+, which had a fair value of $415 million (2% of the total fixed maturity portfolio) and $425 million (2% of the total fixed maturity portfolio) at March 31, 2024 and December 31, 2023, respectively.

A schedule of fixed maturities available for sale by contractual maturity date at March 31, 2024, 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 March 31, 2024
Amortized
Cost, net		Fair
Value
Fixed maturities available for sale:
Due in one year or less$86,769 $86,518 
Due after one year through five years857,913 862,187 
Due after five years through ten years2,034,083 2,040,670 
Due after ten years through twenty years8,712,181 8,331,022 
Due after twenty years7,684,013 6,701,637 
Mortgage-backed and asset-backed securities122,798 122,319 
$19,497,757 $18,144,353 

Analysis of Investment Operations: "Net investment income" for the three month periods ended March 31, 2024 and 2023 is summarized as follows:
Three Months Ended
March 31,
20242023% Change
Fixed maturities available for sale$246,098 $232,299 6 
Policy loans12,816 11,755 9 
Mortgage loans6,760 4,003 69 
Other long-term investments(1)
19,663 11,740 67 
Short-term investments1,688 1,595 
287,025 261,392 10 
Less investment expense(4,447)(4,287)4 
Net investment income
$282,578 $257,105 10 
(1)For the three months ended March 31, 2024 and 2023, the investment funds, accounted for under the fair value option method, recorded $18.9 million and $11.3 million, respectively, in net investment income. Refer to Other Long-Term Investments below for further discussion on the investment funds.


10
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Selected information about sales of fixed maturities available for sale is as follows:
Three Months Ended
March 31,
20242023
Fixed maturities available for sale:
Proceeds from sales(1)
$27,853 $15,705 
Gross realized gains175 — 
Gross realized losses(35)(358)
(1)There were no unsettled sales in the periods ended March 31, 2024 and 2023.

An analysis of "Realized gains (losses)" is as follows:
Three Months Ended
March 31,
20242023
Realized investment gains (losses):
Fixed maturities available for sale:
Sales and other(1)
$140 $(357)
Provision for credit losses88 (32,767)
Fair value option—change in fair value(15,403)1,858 
Mortgage loans
(874)(1,280)
Other investments314 (214)
Realized gains (losses) from investments
(15,735)(32,760)
Other gains (losses)3,936 1,833 
Total realized gains (losses)
(11,799)(30,927)
Applicable tax2,478 6,495 
Realized gains (losses), net of tax
$(9,321)$(24,432)
(1)During the three months ended March 31, 2024 and 2023, the Company recorded $66.9 million and $0 of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in no realized gains (losses) in either period.

11
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Fair Value Measurements: The following tables represent the fair value of fixed maturities measured on a recurring basis at March 31, 2024 and December 31, 2023:
Fair Value Measurement at March 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$— $362,821 $— $362,821 
States, municipalities, and political subdivisions— 2,884,922 — 2,884,922 
Foreign governments— 29,331 — 29,331 
Corporates, by sector:
Industrials
— 7,584,006 200,088 7,784,094 
Financial— 4,756,052 130,781 4,886,833 
Utilities
— 1,967,375 106,695 2,074,070 
Total corporates— 14,307,433 437,564 14,744,997 
Collateralized debt obligations— — 39,731 39,731 
Other asset-backed securities— 82,551 — 82,551 
Total fixed maturities
$— $17,667,058 $477,295 $18,144,353 
Percentage of total— %97 %3 %100 %

Fair Value Measurement at December 31, 2023:
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$— $366,151 $— $366,151 
States, municipalities, and political subdivisions— 2,940,322 — 2,940,322 
Foreign governments— 34,106 — 34,106 
Corporates, by sector:
Industrials
— 7,440,493 214,749 7,655,242 
Financial— 4,621,160 131,019 4,752,179 
Utilities— 1,888,797 108,965 1,997,762 
Total corporates— 13,950,450 454,733 14,405,183 
Collateralized debt obligations— — 42,146 42,146 
Other asset-backed securities— 82,298 — 82,298 
Total fixed maturities
$— $17,373,327 $496,879 $17,870,206 
Percentage of total— %97 %3 %100 %

12
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
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, 2024
$— $42,146 $454,733 $496,879 
Included in realized gains / losses— — — — 
Included in other comprehensive income— (2,035)(5,996)(8,031)
Acquisitions— — 7,800 7,800 
Sales— — — — 
Amortization— 1,141 (4)1,137 
Other(1)
— (1,521)(18,969)(20,490)
Transfers into Level 3(2)
— — — — 
Transfers out of Level 3(2)
— — — — 
Balance at March 31, 2024
$— $39,731 $437,564 $477,295 
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, 2023
$— $50,364 $478,083 $528,447 
Included in realized gains / losses— — — — 
Included in other comprehensive income— (4,542)5,370 828 
Acquisitions— — — — 
Sales— — — — 
Amortization— 1,141 2 1,143 
Other(1)
— (1,461)(11,816)(13,277)
Transfers into Level 3(2)
— — — — 
Transfers out of Level 3(2)
— — — — 
Balance at March 31, 2023
$— $45,502 $471,639 $517,141 
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.

13
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following table presents changes in unrealized gains and losses for the period included in accumulated other comprehensive income for assets held at the end of the reporting period for Level 3 classification:
Changes in Unrealized Gains (Losses) included in Accumulated Other Comprehensive Income for Assets Held at the End of the Period
Asset-
backed Securities		Collateralized
Debt
Obligations		CorporatesTotal
At March 31, 2024
$— $(2,035)$(5,996)$(8,031)
At March 31, 2023
— (4,542)5,370 828 
 
Unrealized Loss Analysis: 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 March 31, 2024350 1,654 2,004 
As of December 31, 2023151 1,614 1,765 
 
Globe Life's entire fixed maturity portfolio consisted of 2,551 issues by 991 different issuers at March 31, 2024 and 2,473 issues by 980 different issuers at December 31, 2023. The increase in the number of securities in an unrealized loss position during the period ended March 31, 2024 is due to the increase in interest rates. The weighted-average quality rating of all unrealized loss positions at amortized cost was A- as of March 31, 2024 and December 31, 2023.

14
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following tables disclose unrealized investment losses by class and major sector of fixed maturities available for sale at March 31, 2024 and December 31, 2023.

Analysis of Gross Unrealized Investment Losses
At March 31, 2024
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 $(66)$360,438 $(38,973)$362,471 $(39,039)
States, municipalities, and political subdivisions479,111 (7,440)1,648,303 (447,165)2,127,414 (454,605)
Foreign governments1,469 (5)27,862 (10,222)29,331 (10,227)
Corporates, by sector:
Industrials
692,151 (25,399)4,221,438 (613,109)4,913,589 (638,508)
Financial361,061 (3,813)2,419,494 (369,671)2,780,555 (373,484)
Utilities
284,655 (3,438)681,618 (100,695)966,273 (104,133)
Total corporates1,337,867 (32,650)7,322,550 (1,083,475)8,660,417 (1,116,125)
Collateralized debt obligations— — — — — — 
Other asset-backed securities— — 71,424 (2,980)71,424 (2,980)
Total investment grade securities1,820,480 (40,161)9,430,577 (1,582,815)11,251,057 (1,622,976)
Below investment grade securities:
Corporates, by sector:
Industrials— — 146,466 (29,419)146,466 (29,419)
Financial8,704 (1,403)166,838 (41,837)175,542 (43,240)
Utilities8,902 (27)19,713 (1,463)28,615 (1,490)
Total corporates17,606 (1,430)333,017 (72,719)350,623 (74,149)
Collateralized debt obligations— — — — — — 
Other asset-backed securities— — 11,079 (501)11,079 (501)
Total below investment grade securities17,606 (1,430)344,096 (73,220)361,702 (74,650)
Total fixed maturities
$1,838,086 $(41,591)$9,774,673 $(1,656,035)$11,612,759 $(1,697,626)

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 generally intend to sell and it is unlikely that the Company will 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.

15
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Analysis of Gross Unrealized Investment Losses
At December 31, 2023
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$— $— $364,006 $(32,306)$364,006 $(32,306)
States, municipalities, and political subdivisions252,800 (3,520)1,610,163 (399,809)1,862,963 (403,329)
Foreign governments— — 32,591 (10,348)32,591 (10,348)
Corporates, by sector:
Industrials191,573 (3,881)4,317,827 (530,011)4,509,400 (533,892)
Financial242,099 (6,584)2,341,424 (339,628)2,583,523 (346,212)
Utilities81,194 (648)686,043 (91,959)767,237 (92,607)
Total corporates514,866 (11,113)7,345,294 (961,598)7,860,160 (972,711)
Collateralized debt obligations— — — — — — 
Other asset-backed securities— — 70,956 (3,648)70,956 (3,648)
Total investment grade securities767,666 (14,633)9,423,010 (1,407,709)10,190,676 (1,422,342)
Below investment grade securities:
Corporates, by sector:
Industrials10,745 (199)145,697 (32,756)156,442 (32,955)
Financial25,563 (2,602)151,190 (39,526)176,753 (42,128)
Utilities— — 19,654 (1,523)19,654 (1,523)
Total corporates36,308 (2,801)316,541 (73,805)352,849 (76,606)
Collateralized debt obligations— — — — — — 
Other asset-backed securities— — 11,288 (409)11,288 (409)
Total below investment grade securities36,308 (2,801)327,829 (74,214)364,137 (77,015)
Total fixed maturities
$803,974 $(17,434)$9,750,839 $(1,481,923)$10,554,813 $(1,499,357)

16
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Fixed Maturities, Allowance for Credit Losses: A summary of the activity in the allowance for credit losses is as follows.
Three Months Ended
March 31,
20242023
Allowance for credit losses beginning balance
$7,115 $— 
Additions to allowance for which credit losses were not previously recorded— 32,767 
Additions (reductions) to allowance for fixed maturities that previously had an allowance(88)— 
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— — 
Allowance for credit losses ending balance
$7,027 $32,767 

As of March 31, 2024 and December 31, 2023, the Company did not have any fixed maturities in non-accrual status.

Mortgage Loans (commercial mortgage loans): Summaries of commercial mortgage loans by property type and geographical location at March 31, 2024 and December 31, 2023 are as follows:
March 31, 2024December 31, 2023
Carrying Value% of TotalCarrying Value% of Total
Property type:
Multi-family$117,147 36 $116,299 42 
Industrial81,975 25 57,267 20 
Retail46,822 14 23,925 9 
Hospitality43,634 13 43,897 16 
Mixed use37,267 11 34,749 12 
Office6,734 2 6,734 2 
Total recorded investment333,579 101 282,871 101 
Less allowance for credit losses(4,546)(1)(3,672)(1)
Carrying value, net of allowance for credit losses
$329,033 100 $279,199 100 

March 31, 2024December 31, 2023
Carrying Value% of TotalCarrying Value% of Total
Geographic location:
Florida$60,587 18 $48,233 17 
California57,093 17 54,721 20 
Texas53,399 16 45,111 16 
New Jersey44,592 14 44,574 16 
New York35,142 11 20,284 7 
Washington14,978 4 14,969 5 
Other67,788 21 54,979 20 
Total recorded investment333,579 101 282,871 101 
Less allowance for credit losses(4,546)(1)(3,672)(1)
Carrying value, net of allowance for credit losses
$329,033 100 $279,199 100 
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        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following tables are reflective of the key factors, debt service coverage ratios, and loan-to-value (LTV) ratios that are utilized by management to monitor the performance of the portfolios. The Company only makes new investments in commercial mortgage loans that have a LTV ratio less than 80%. LTV's that exceed 80% are generally as a result of decreases in the valuation of the underlying property. Generally, a higher LTV ratio and a lower debt service coverage ratio equates to higher risk of loss.
March 31, 2024
Recorded Investment
Debt Service Coverage Ratios(1)
<1.00x1.00x—1.20x>1.20xTotal% of Gross Total
Loan-to-value ratio(2):
Less than 70%$35,492 $155,974 $125,457 $316,923 95 
70% to 80%— — — — — 
81% to 90%9,621 — — 9,621 3 
Greater than 90%7,035 — — 7,035 2 
Total$52,148 $155,974 $125,457 333,579 100 
Less allowance for credit losses(4,546)
Total, net of allowance for credit losses
$329,033 
(1)Annual net operating income divided by annual mortgage debt service (principal and interest).
(2)Loan balance divided by appraised value at origination, including planned renovations and stabilized occupancy. Updated internal valuations are used when a loan is materially underperforming.
December 31, 2023
Recorded Investment
Debt Service Coverage Ratios(1)
<1.00x1.00x—1.20x>1.20xTotal% of Gross Total
Loan-to-value ratio(2):
Less than 70%$27,091 $180,761 $58,364 $266,216 94 
70% to 80%— — — — — 
81% to 90%8,468 — 1,153 9,621 3 
Greater than 90%7,034 — — 7,034 3 
Total$42,593 $180,761 $59,517 282,871 100 
Less allowance for credit losses(3,672)
Total, net of allowance for credit losses
$279,199 
(1)Annual net operating income divided by annual mortgage debt service (principal and interest).
(2)Loan balance divided by appraised value at origination, including planned renovations and stabilized occupancy. Updated internal valuations are used when a loan is materially underperforming.

As of March 31, 2024, the Company evaluated the commercial mortgage loan portfolio on a pool basis to determine the allowance for credit losses. At the end of the period, the Company had 32 loans in the portfolio. For the three months ended March 31, 2024, the allowance for credit losses increased by $874 thousand to $4.5 million. The provision for credit losses is included in "Realized gains (losses)" in the Condensed Consolidated Statements of Operations.
Three Months Ended
March 31,
20242023
Allowance for credit losses beginning balance
$3,672 $1,789 
Provision (reversal) for credit losses874 1,280 
Allowance for credit losses ending balance
$4,546 $3,069 
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        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
There was one delinquent commercial mortgage loan, with an outstanding par value of $3.7 million and outstanding interest due of $116 thousand, as of March 31, 2024. The underlying collateral for this loan is in the process of being sold and the Company expects to recover all interest and principal due as of March 31, 2024. There were no delinquent commercial mortgage loans as of December 31, 2023. As of March 31, 2024, the Company had one commercial mortgage loan in non-accrual status with a principal balance of $4.4 million. As of December 31, 2023, the Company had no commercial mortgage loans in non-accrual status. The Company's unfunded commitment balance to commercial loan borrowers was $29 million as of March 31, 2024.

Other Long-Term Investments: Other long-term investments consist of the following assets:
March 31,
2024		December 31, 2023
Investment funds$844,916 $795,583 
Other54,169 40,295 
Total
$899,085 $835,878 

The following table presents additional information about the Company's investment funds as of March 31, 2024 and December 31, 2023 at fair value:
Fair ValueUnfunded Commitments
Investment CategoryMarch 31,
2024		December 31, 2023March 31,
2024
Redemption Term/Notice(1)
Commercial mortgage loans$459,549 $411,315 $489,617 Fully redeemable and non-redeemable with varying terms.
Opportunistic and private credit
180,019 181,410 125,844 Fully redeemable and non-redeemable with varying terms.
Infrastructure165,441 165,887 16,706 Fully redeemable and non-redeemable with varying terms.
Other39,907 36,971 53,752 Non-redeemable with varying terms
Total investment funds $844,916 $795,583 $685,919 
(1) Non-redeemable funds generally have an expected life of 7 to 12 years from fund closing with extension options of 1 to 4 years. Redemptions are paid out throughout the life of the funds at the General Partner's discretion. Redeemable funds can generally be redeemed over 6 to 36 months upon request from limited partners.

The Company had $67 million of capital called during the period from existing investment funds. The Company's unfunded commitments were $686 million as of March 31, 2024.

Note 5—Commitments and Contingencies

Guarantees: The Parent Company has guaranteed letters of credit in connection with its credit facility with a group of banks. 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 agreement was amended on March 29, 2024 and now expires in 2029. The maximum amount of letters of credit available is $250 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, 2024 was $115 million.

Litigation: Globe Life Inc. and its subsidiaries, in common with the insurance industry in general, are subject to litigation, including: putative class action litigation; alleged breaches of contract; torts, including bad faith and fraud claims based on alleged wrongful or fraudulent acts of agents of the Parent Company's insurance subsidiaries; alleged employment discrimination; alleged worker misclassification; and miscellaneous other causes of action. Based upon information presently available, and in light of legal and other factual defenses available to the Parent Company and its subsidiaries, management does not believe that it is reasonably possible that such litigation will
19
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
have a material adverse effect on Globe Life's financial condition, future operating results or liquidity; however, assessing the eventual outcome of litigation necessarily involves forward-looking speculation as to judgments to be made by judges, juries and appellate courts in the future. This bespeaks caution, particularly in states with reputations for high punitive damage verdicts.

On September 30, 2022, putative class action litigation was filed against American Income, Giglione-Ackerman Agency, LLC, Eric Giglione and David Ackerman (collectively, “Defendants”) in New Jersey Superior Court (Atiya Bell, et al. v. American Income Life Insurance Company, et al., Case No. MID-L-004928-22). American Income subsequently removed the case to United States District Court for the District of New Jersey (Case No. 2:22-cv-06913-CCC-MAH). Plaintiffs Atiya Bell and Abel Flores (“Plaintiffs”) are former New Jersey independent sales agents who alleged they should have been classified as employees, and asserted claims under New Jersey state law on behalf of (i) a putative class of registered agents in New Jersey who have worked remotely for at least one week since March 9, 2020, and (ii) a putative class of registered agents in New Jersey who trained for at least one week to become sales agents for American Income in New Jersey during the six years prior to September 30, 2022. Plaintiffs made claims under the New Jersey Wage and Hour Law and the New Jersey Wage Payment Law for the alleged failure to pay minimum wages and overtime pay, including for time spent in training, liquidated damages and attorney’s fees and costs. American Income filed a motion to compel this matter to arbitration pursuant to the arbitration clauses found in the agent contracts executed by the claimants. In September 2023, the court denied American Income’s motion, but did so without prejudice, and invited the parties to “conduct limited discovery on the issue of arbitrability,” after which discovery the court would hear a renewed motion from American Income. However, in November 2023, prior to American Income’s filing such motion, the parties agreed in principle to settle the claimants’ claims for a non-material amount.

On September 1, 2023, plaintiff Miné Caglar Cost (“Plaintiff) filed a complaint against American Income Life Insurance Company (“American Income”) in the Superior Court of the State of California for the County of Los Angeles, asserting a single claim for violation of the Private Attorneys General Act (“PAGA”) (Cost v. American Income Life Insurance Company, et al., Case No. 23SMCV04113). Plaintiff is a former California independent insurance sales agent who alleges one cause of action for civil penalties under PAGA arising out of alleged violations of the wage-and-hour provisions of the California Labor Code stemming from American Income’s alleged misclassification of Plaintiff and other California-based sales agents as independent contractors. American Income filed a motion to compel arbitration on an individual basis and stay the representative component of Plaintiff’s claims, to which Plaintiff stipulated. On December 12, 2023, the Court approved the parties’ stipulation to compel the matter to individual arbitration and stayed the case pending the completion of the individual arbitration.

On April 4, 2023, putative class action litigation was filed against National Income Life Insurance Company (“National Income”) in New York Supreme Court by plaintiffs Melissa K. Goppert, Sarah Valente, James O’Neill, Jennifer Abe, and Emily Herendeen (“Plaintiffs”) (Goppert, et al. v. National Income Life Insurance Company, Index No. 153096/2023). Plaintiffs are former National Income independent sales agents who allege they should have been classified as employees and assert claims under New York state law on behalf of a putative class of former independent sales agents and individuals who trained to become independent sale agents since March 2017. Plaintiffs make claims under New York’s Minimum Wage Law (NYLL § 633 and 12 NYCRR § 142-2.1); Overtime Compensation Law (NYLL § 633 and 12 NYCRR § 142-2.2); and “Spread of Hours” Law (12 NYCRR § 142-2.4) for the alleged failure to pay minimum wages and overtime pay, including for time spent in training, and attorney’s fees and costs. National Income filed a motion to compel arbitration of each Plaintiff’s claims on an individual basis, which the Court granted in full on January 11, 2024, and on February 7, 2024, Plaintiffs filed a notice of appeal of the Court’s order.

On November 30, 2023, the Company and our subsidiary, American Income Life Insurance Company, received subpoenas from the U.S. Attorney’s Office for the Western District of Pennsylvania, seeking documents relating to sales practices by certain of our independent sales agents contracted to sell American Income Life Insurance Company policies. The Company and American Income Life Insurance Company are in the preliminary stages of responding to these subpoenas and have been cooperating with the Department of Justice’s investigation. The Department of Justice has not asserted any claims or made allegations against the Company and American Income Life Insurance Company with respect to the foregoing inquiry, and the Company currently is not aware that any legal
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        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
proceedings are contemplated by governmental authorities. While no assurances can be made, at present management does not believe that it is reasonably possible or probable that this matter will result in a material loss.

A putative securities class action was filed on April 30, 2024 against the Company and six of its current/former senior executives in the United States District Court for the Eastern District of Texas. The case, which is captioned City of Miami Gen. Emp. & Sanitation Emp. Ret. Trust, et al. v. Globe Life Inc., et al., Case No. 4:24-cv-00376, asserts claims under §§ 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of a putative class of purchasers of the Company’s securities from May 8, 2019 through April 10, 2024. The Complaint alleges that certain of the Company’s disclosures about financial performance and certain other public statements during the putative class period were materially false or misleading. The Company plans to vigorously defend against the lawsuit.

Pursuant to the Company’s governing documents and indemnification agreements with the named defendants, the Company 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 the Company and the individual defendants. However, the amount of any such loss in that scenario cannot be reasonably estimated at this time. Further, management cannot reasonably estimate whether an outcome on the class action will be resolved in the near term.
21
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Note 6—Policy Liabilities

The liability for future policy benefits is determined based on the net level premium method, which requires the liability be calculated as the present value of estimated future policyholder benefits and the related termination expenses, less the present value of estimated future net premiums to be collected from policyholders. The following tables summarize balances and changes in the net liability for future policy benefits, before reinsurance, for traditional life long-duration contracts for the three month periods ended March 31, 2024 and 2023:
Life
Present value of expected future net premiums
American IncomeDTCLiberty NationalOtherTotal
Balance at January 1, 2023
$4,273,156 $5,910,224 $1,094,407 $470,741 $11,748,528 
Beginning balance at original discount rates4,246,723 5,680,864 1,066,123 449,209 11,442,919 
Effect of changes in assumptions on future cash flows
— — — — — 
Effect of actual variances from expected experience(29,981)(47,988)(5,590)(1,886)(85,445)
Adjusted balance at January 1, 2023
4,216,742 5,632,876 1,060,533 447,323 11,357,474 
Issuances(1)
192,555 168,952 30,142 7,241 398,890 
Interest accrual(2)
47,898 70,991 13,288 5,670 137,847 
Net premiums collected(3)
(127,239)(153,919)(33,188)(11,557)(325,903)
Effect of changes in the foreign exchange rate(3,999)— — — (3,999)
Ending balance at original discount rates4,325,957 5,718,900 1,070,775 448,677 11,564,309 
Effect of change from original to current discount rates141,680 391,650 57,308 34,379 625,017 
Balance at March 31, 2023
$4,467,637 $6,110,550 $1,128,083 $483,056 $12,189,326 
Balance at January 1, 2024
$4,681,888 $6,052,651 $1,129,716 $478,052 $12,342,307 
Beginning balance at original discount rates4,523,329 5,664,259 1,077,831 443,949 11,709,368 
Effect of changes in assumptions on future cash flows
— — — — — 
Effect of actual variances from expected experience(48,248)(36,229)(10,448)(1,851)(96,776)
Adjusted balance at January 1, 2024
4,475,081 5,628,030 1,067,383 442,098 11,612,592 
Issuances(1)
211,847 149,231 26,164 5,931 393,173 
Interest accrual(2)
53,823 73,420 13,839 5,764 146,846 
Net premiums collected(3)
(135,686)(152,631)(33,901)(11,401)(333,619)
Effect of changes in the foreign exchange rate(8,927)— — — (8,927)
Ending balance at original discount rates4,596,138 5,698,050 1,073,485 442,392 11,810,065 
Effect of change from original to current discount rates56,533 247,209 28,724 21,777 354,243 
Balance at March 31, 2024
$4,652,671 $5,945,259 $1,102,209 $464,169 $12,164,308 
(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.
22
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Life
Present value of expected future policy benefits
American IncomeDTCLiberty NationalOtherTotal
Balance at January 1, 2023
$9,119,104 $9,225,451 $3,429,256 $3,976,150 $25,749,961 
Beginning balance at original discount rates8,409,761 8,477,892 3,272,980 3,403,704 23,564,337 
Effect of changes in assumptions on future cash flows— — — — — 
Effect of actual variances from expected experience(31,526)(48,947)(7,054)(2,896)(90,423)
Adjusted balance at January 1, 2023
8,378,235 8,428,945 3,265,926 3,400,808 23,473,914 
Issuances(1)
192,555 168,952 30,142 7,241 398,890 
Interest accrual(2)
109,329 112,768 43,256 50,378 315,731 
Benefit payments(3)
(96,674)(147,061)(54,730)(30,892)(329,357)
Effect of changes in the foreign exchange rate(9,711)— — — (9,711)
Ending balance at original discount rates8,573,734 8,563,604 3,284,594 3,427,535 23,849,467 
Effect of change from original to current discount rates1,063,729 1,061,076 274,418 738,992 3,138,215 
Balance at March 31, 2023
$9,637,463 $9,624,680 $3,559,012 $4,166,527 $26,987,682 
Balance at January 1, 2024
$10,163,627 $9,714,516 $3,605,392 $4,239,623 $27,723,158 
Beginning balance at original discount rates9,061,833 8,656,752 3,338,252 3,506,859 24,563,696 
Effect of changes in assumptions on future cash flows— — — — — 
Effect of actual variances from expected experience(52,221)(36,444)(10,449)(2,867)(101,981)
Adjusted balance at January 1, 2024
9,009,612 8,620,308 3,327,803 3,503,992 24,461,715 
Issuances(1)
211,847 149,231 26,164 5,931 393,173 
Interest accrual(2)
120,201 117,925 44,554 52,136 334,816 
Benefit payments(3)
(104,758)(159,061)(58,109)(34,177)(356,105)
Effect of changes in the foreign exchange rate(20,637)— — — (20,637)
Ending balance at original discount rates9,216,265 8,728,403 3,340,412 3,527,882 24,812,962 
Effect of change from original to current discount rates741,828 771,812 159,330 576,010 2,248,980 
Balance at March 31, 2024
$9,958,093 $9,500,215 $3,499,742 $4,103,892 $27,061,942 
(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, lapse, and maturity benefit payments based on the revised expected assumptions.



23
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Life(2)
Net liability for future policy benefits as of March 31, 2023
American IncomeDTCLiberty NationalOtherTotal
Net liability for future policy benefits at original discount rates
$4,247,777 $2,844,704 $2,213,819 $2,978,858 $12,285,158 
Effect of changes in discount rate assumptions922,049 669,426 217,110 704,613 2,513,198 
Other Adjustments(1)
95 4,546 8,017 72 12,730 
Net liability for future policy benefits, after other adjustments, at current discount rates
5,169,921 3,518,676 2,438,946 3,683,543 14,811,086 
Reinsurance recoverable
(141)— (7,531)(36,837)(44,509)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates
$5,169,780 $3,518,676 $2,431,415 $3,646,706 $14,766,577 
(1)Other adjustments include the Company's effects of capping and flooring the liability.
(2)Includes the immaterial error correction noted below.


Life
Net liability for future policy benefits as of March 31, 2024
American IncomeDTCLiberty NationalOtherTotal
Net liability for future policy benefits at original discount rates
$4,620,127 $3,030,353 $2,266,927 $3,085,490 $13,002,897 
Effect of changes in discount rate assumptions685,295 524,603 130,606 554,233 1,894,737 
Other Adjustments(1)
287 3,549 5,418 85 9,339 
Net liability for future policy benefits, after other adjustments, at current discount rates
5,305,709 3,558,505 2,402,951 3,639,808 14,906,973 
Reinsurance recoverable
(170)— (7,787)(36,564)(44,521)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates
$5,305,539 $3,558,505 $2,395,164 $3,603,244 $14,862,452 
(1)Other adjustments include the Company's capping and flooring the liability.



24
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following tables summarize balances and changes in the net liability for future policy benefits for long-duration health contracts for the three month periods ended March 31, 2024 and 2023:
Health
Present value of expected future net premiums
United AmericanFamily HeritageLiberty NationalAmerican IncomeDTCTotal
Balance at January 1, 2023
$2,908,501 $1,594,992 $423,490 $190,296 $90,143 $5,207,422 
Beginning balance at original discount rates2,941,261 1,729,219 415,442 192,631 87,751 5,366,304 
Effect of changes in assumptions on future cash flows
— — — — — — 
Effect of actual variances from expected experience(34,132)(18,758)(16,585)(1,621)(2,573)(73,669)
Adjusted balance at January 1, 2023
2,907,129 1,710,461 398,857 191,010 85,178 5,292,635 
Issuances(1)
75,839 67,787 13,303 10,212 2,392 169,533 
Interest accrual(2)
31,587 16,199 4,890 2,036 1,057 55,769 
Net premiums collected(3)
(65,914)(43,979)(12,403)(5,424)(2,661)(130,381)
Effect of changes in the foreign exchange rate— — — (388)— (388)
Ending balance at original discount rates2,948,641 1,750,468 404,647 197,446 85,966 5,387,168 
Effect of change from original to current discount rates49,082 (86,054)16,800 3,220 4,277 (12,675)
Balance at March 31, 2023
$2,997,723 $1,664,414 $421,447 $200,666 $90,243 $5,374,493 
Balance at January 1, 2024
$3,697,771 $1,711,741 $358,472 $206,381 $115,363 $6,089,728 
Beginning balance at original discount rates3,625,803 1,783,173 348,570 201,869 109,880 6,069,295 
Effect of changes in assumptions on future cash flows
— — — — — — 
Effect of actual variances from expected experience(40,531)(17,092)(11,410)(3,550)(2,316)(74,899)
Adjusted balance at January 1, 2024
3,585,272 1,766,081 337,160 198,319 107,564 5,994,396 
Issuances(1)
104,603 64,008 13,558 9,949 4,609 196,727 
Interest accrual(2)
41,822 18,103 4,227 2,283 1,368 67,803 
Net premiums collected(3)
(70,249)(46,400)(12,780)(5,839)(2,678)(137,946)
Effect of changes in the foreign exchange rate— — — (862)— (862)
Ending balance at original discount rates3,661,448 1,801,792 342,165 203,850 110,863 6,120,118 
Effect of change from original to current discount rates(8,053)(107,766)3,276 (55)3,016 (109,582)
Balance at March 31, 2024
$3,653,395 $1,694,026 $345,441 $203,795 $113,879 $6,010,536 
(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.





25
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Health
Present value of expected future policy benefits
United AmericanFamily HeritageLiberty NationalAmerican IncomeDTCTotal
Balance at January 1, 2023
$3,046,829 $3,005,664 $941,574 $312,750 $87,532 $7,394,349 
Beginning balance at original discount rates3,080,633 3,336,344 904,865 303,713 85,212 7,710,767 
Effect of changes in assumptions on future cash flows— — — — — — 
Effect of actual variances from expected experience(31,443)(19,779)(15,995)(1,578)(2,302)(71,097)
Adjusted balance at January 1, 2023
3,049,190 3,316,565 888,870 302,135 82,910 7,639,670 
Issuances(1)
75,683 67,787 13,285 10,212 2,388 169,355 
Interest accrual(2)
33,480 32,289 11,840 3,668 1,057 82,334 
Benefit payments(3)
(78,563)(29,261)(23,976)(7,137)(3,354)(142,291)
Effect of changes in the foreign exchange rate— — — (708)— (708)
Ending balance at original discount rates3,079,790 3,387,380 890,019 308,170 83,001 7,748,360 
Effect of change from original to current discount rates52,672 (212,708)59,977 18,363 4,089 (77,607)
Balance at March 31, 2023
$3,132,462 $3,174,672 $949,996 $326,533 $87,090 $7,670,753 
Balance at January 1, 2024
$3,814,328 $3,315,880 $865,808 $335,504 $109,482 $8,441,002 
Beginning balance at original discount rates3,741,530 3,506,689 816,819 315,431 104,501 8,484,970 
Effect of changes in assumptions on future cash flows— — — — — — 
Effect of actual variances from expected experience(40,325)(19,049)(12,821)(4,002)(2,321)(78,518)
Adjusted balance at January 1, 2024
3,701,205 3,487,640 803,998 311,429 102,180 8,406,452 
Issuances(1)
104,431 64,008 13,349 9,949 4,598 196,335 
Interest accrual(2)
43,444 35,663 10,833 3,937 1,368 95,245 
Benefit payments(3)
(82,085)(33,037)(23,864)(6,402)(3,096)(148,484)
Effect of changes in the foreign exchange rate— — — (1,548)— (1,548)
Ending balance at original discount rates3,766,995 3,554,274 804,316 317,365 105,050 8,548,000 
Effect of change from original to current discount rates(10,461)(282,670)29,690 11,418 2,725 (249,298)
Balance at March 31, 2024
$3,756,534 $3,271,604 $834,006 $328,783 $107,775 $8,298,702 
(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, lapse, and maturity benefit payments based on the revised expected assumptions.

26
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Health(2)
Net liability for future policy benefits as of March 31, 2023
United AmericanFamily HeritageLiberty NationalAmerican IncomeDirect to ConsumerTotal
Net liability for future policy benefits at original discount rates
$131,149 $1,636,912 $485,372 $110,724 $(2,965)$2,361,192 
Effect of changes in discount rate assumptions3,590 (126,654)43,177 15,143 (188)(64,932)
Other Adjustments(1)
5,380 490 5,776 333 4,162 16,141 
Net liability for future policy benefits, after other adjustments, at current discount rates
140,119 1,510,748 534,325 126,200 1,009 2,312,401 
Reinsurance recoverable
(3,609)(9,852)(1,428)— — (14,889)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates
$136,510 $1,500,896 $532,897 $126,200 $1,009 $2,297,512 
(1)Other adjustments include the effects of capping and flooring the liability.
(2)Includes the immaterial error correction noted below.

Health
Net liability for future policy benefits as of March 31, 2024
United AmericanFamily HeritageLiberty NationalAmerican IncomeDirect to ConsumerTotal
Net liability for future policy benefits at original discount rates
105,547 1,752,482 462,151 113,515 (5,813)2,427,882 
Effect of changes in discount rate assumptions(2,408)(174,904)26,414 11,473 (291)(139,716)
Other Adjustments(1)
14,449 444 11,254 749 6,838 33,734 
Net liability for future policy benefits, after other adjustments, at current discount rates
117,588 1,578,022 499,819 125,737 734 2,321,900 
Reinsurance recoverable
(3,096)(10,577)(1,224)— — (14,897)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates
$114,492 $1,567,445 $498,595 $125,737 $734 $2,307,003 
(1)Other adjustments include the effects of capping and flooring the liability.

Immaterial Correction of Previously Issued Financial Statements—The Company previously presented reinsurance recoverable on a net basis as a component of future policy benefits. In the fourth quarter of 2023, the Company corrected its presentation of reinsurance recoverable to a gross basis as a component of other assets, which resulted in the reclassification of $60 million of reinsurance recoverable at current discount rates from liabilities to assets ($49 million at original discount rates) as of March 31, 2023, with no change to equity, and the related tables in the footnote have been adjusted to reflect such changes.

Remeasurement Gain or Loss—During the three months ended March 31, 2024 and 2023, the Company's results for actual variances from expected experience produced a net reserve remeasurement gain of $8.1 million and a net reserve remeasurement gain of $659 thousand, respectively, in the Condensed Consolidated Statements of Operations. The variance of actual experience from expected experience during the first three months of 2024 was primarily due to favorable variances from our assumptions as compared to actual experience in our life insurance segment (a $4.9 million gain), and favorable variances from our assumptions as compared to actual experience in our health insurance segment (a $3.2 million gain). The variance of actual experience from expected experience during the three months ended 2023 was primarily due to favorable variances from assumptions as compared to actual experience in our life insurance segment (a $2.7 million gain), and unfavorable variances from assumptions as compared to actual experience in our health insurance segment (a $2.0 million loss).

There were no changes to the judgments, assumptions, and methods used in measuring the liability for future policy benefits during the three months ended March 31, 2024 and 2023.
27
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following table reconciles the liability for future policy benefits to the Condensed Consolidated Balance Sheets as of March 31, 2024 and 2023:
At Original Discount RatesAt Current Discount Rates
As of March 31,As of March 31,
2024
2023(2)
2024
2023(2)
Life(1):
American Income$4,620,358 $4,247,898 $5,305,709 $5,169,921 
Direct to Consumer3,030,353 2,844,707 3,558,505 3,518,676 
Liberty National2,265,329 2,213,819 2,402,951 2,438,946 
Other3,085,512 2,978,885 3,639,808 3,683,543 
Net liability for future policy benefits—long duration life13,001,552 12,285,309 14,906,973 14,811,086 
Health(1):
United American117,042 134,455 117,588 140,119 
Family Heritage1,752,138 1,637,015 1,578,022 1,510,748 
Liberty National472,140 489,917 499,819 534,325 
American Income114,146 111,096 125,737 126,200 
Direct to Consumer707 961 734 1,009 
Net liability for future policy benefits—long duration health2,456,173 2,373,444 2,321,900 2,312,401 
Deferred profit liability174,605 177,248 174,605 177,248 
Deferred annuity739,019 907,797 739,019 907,797 
Interest sensitive life729,721 737,900 729,721 737,900 
Other9,810 10,067 9,805 10,066 
Total future policy benefits
$17,110,880 $16,491,765 $18,882,023 $18,956,498 
(1)Balances are presented net of the effects of capping and flooring the liability.
(2)Includes the immaterial error correction for reinsurance as noted above.


28
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following tables provide the weighted-average original and current discount rates for the liability for future policy benefits and the additional insurance liabilities as of March 31, 2024 and 2023:
As of March 31,
20242023
Original discount rateCurrent discount rateOriginal discount rateCurrent discount rate
Life
American Income5.7 %5.2 %5.8 %4.9 %
Direct to Consumer6.0 %5.2 %6.0 %5.0 %
Liberty National5.6 %5.2 %5.6 %5.0 %
Other6.2 %5.2 %6.2 %5.0 %
Health
United American5.1 %5.0 %5.2 %4.8 %
Family Heritage4.2 %5.1 %4.3 %4.9 %
Liberty National5.8 %5.2 %5.8 %4.9 %
American Income5.8 %5.0 %5.9 %4.8 %
Direct to Consumer5.1 %5.0 %5.2 %4.8 %

The following table provides the weighted-average durations of the liability for future policy benefits and the additional insurance liabilities as of March 31, 2024 and 2023:
As of March 31,
20242023
At original discount ratesAt current discount ratesAt original discount ratesAt current discount rates
Life
American Income23.0523.3322.9023.33
Direct to Consumer19.5721.0120.2421.82
Liberty National15.1615.6014.9415.63
Other16.1817.5916.5218.23
Health
United American11.5310.7411.4010.80
Family Heritage15.0714.3414.9114.43
Liberty National9.239.399.319.66
American Income12.2812.6712.1512.74
Direct to Consumer11.5310.7411.4010.80
29
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following tables summarize the amount of gross premiums and interest related to long duration life and health contracts that are recognized in the Condensed Consolidated Statements of Operations for the three month periods ended March 31, 2024 and 2023:
Life
Three Months Ended
March 31, 2024		Three Months Ended
March 31, 2023
Gross
Premiums		Interest
expense		Gross
Premiums		Interest
expense
American Income$413,759 $66,379 $387,145 $61,431 
Direct to Consumer245,194 44,460 244,707 41,714 
Liberty National89,871 30,542 84,072 29,769 
Other51,069 45,917 51,835 44,275 
Total$799,893 $187,298 $767,759 $177,189 
Health
Three Months Ended
March 31, 2024		Three Months Ended
March 31, 2023
Gross
Premiums		Interest
expense		Gross
Premiums		Interest
expense
United American$104,097 $1,567 $97,833 $1,822 
Family Heritage103,391 17,431 96,090 15,977 
Liberty National47,434 6,583 46,745 6,920 
American Income28,919 1,655 28,096 1,632 
Direct to Consumer3,657 — 3,542 — 
Total$287,498 $27,236 $272,306 $26,351 

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.

30
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following tables provide the undiscounted and discounted expected future net premiums, expected future gross premiums, and expected future policy benefits, at both original and current discount rates, for life and health contracts as of March 31, 2024 and 2023:
Life
As of March 31, 2024As of March 31, 2023
Not discountedAt original discount ratesAt current discount ratesNot discountedAt original discount ratesAt current discount rates
American Income
PV of expected future gross premiums$24,668,992 $13,924,819 $14,181,177 $23,041,514 $13,054,486 $13,575,751 
PV of expected future net premiums8,131,005 4,596,138 4,652,671 7,617,532 4,325,957 4,467,637 
PV of expected future policy benefits31,114,756 9,216,265 9,958,093 28,821,998 8,573,734 9,637,463 
DTC
PV of expected future gross premiums$17,617,001 $9,214,360 $9,597,417 $17,479,516 $9,165,113 $9,773,835 
PV of expected future net premiums10,831,408 5,698,050 5,945,259 10,832,386 5,718,900 6,110,550 
PV of expected future policy benefits25,909,464 8,728,403 9,500,215 25,582,750 8,563,604 9,624,680 
Liberty National
PV of expected future gross premiums$4,667,397 $2,725,502 $2,739,275 $4,453,139 $2,599,082 $2,667,795 
PV of expected future net premiums1,888,084 1,073,485 1,102,209 1,889,419 1,070,775 1,128,083 
PV of expected future policy benefits8,916,134 3,340,412 3,499,742 8,658,766 3,284,594 3,559,012 
Other
PV of expected future gross premiums$3,701,248 $1,879,815 $2,027,187 $3,798,669 $1,920,302 $2,126,949 
PV of expected future net premiums906,921 442,392 464,169 919,924 448,677 483,056 
PV of expected future policy benefits12,437,133 3,527,882 4,103,892 12,392,224 3,427,535 4,166,527 
Total
PV of expected future gross premiums$50,654,638 $27,744,496 $28,545,056 $48,772,838 $26,738,983 $28,144,330 
PV of expected future net premiums21,757,418 11,810,065 12,164,308 21,259,261 11,564,309 12,189,326 
PV of expected future policy benefits78,377,487 24,812,962 27,061,942 75,455,738 23,849,467 26,987,682 

As of March 31, 2024, for the life segment using current discount rates, the Company anticipates $28.5 billion of expected future gross premiums and $12.2 billion of expected future net premiums. As of March 31, 2023, using current discount rates, the Company anticipated $28.1 billion of expected future gross premiums and $12.2 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 is not.

31
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Health
As of March 31, 2024As of March 31, 2023
Not discountedAt original discount ratesAt current discount ratesNot discountedAt original discount ratesAt current discount rates
United American
PV of expected future gross premiums$8,757,778 $5,349,917 $5,334,881 $6,783,819 $4,279,547 $4,346,007 
PV of expected future net premiums6,002,434 3,661,448 3,653,395 4,685,306 2,948,641 2,997,723 
PV of expected future policy benefits6,186,167 3,766,995 3,756,534 4,909,212 3,079,790 3,132,462 
Family Heritage
PV of expected future gross premiums$6,854,106 $4,037,762 $3,816,256 $6,442,316 $3,846,392 $3,682,300 
PV of expected future net premiums3,039,406 1,801,792 1,694,026 2,908,079 1,750,468 1,664,414 
PV of expected future policy benefits6,769,500 3,554,274 3,271,604 6,358,594 3,387,380 3,174,672 
Liberty National
PV of expected future gross premiums$2,073,015 $1,315,879 $1,353,262 $2,232,290 $1,396,334 $1,468,763 
PV of expected future net premiums509,069 342,165 345,441 634,061 404,647 421,447 
PV of expected future policy benefits1,395,561 804,316 834,006 1,575,745 890,019 949,996 
American Income
PV of expected future gross premiums$1,768,477 $991,946 $1,024,262 $1,760,671 $984,216 $1,037,339 
PV of expected future net premiums362,982 203,850 203,795 351,655 197,446 200,666 
PV of expected future policy benefits644,293 317,365 328,783 626,151 308,170 326,533 
Direct to Consumer
PV of expected future gross premiums$238,499 $150,065 $154,223 $171,266 $112,442 $118,105 
PV of expected future net premiums176,500 110,863 113,879 131,187 85,966 90,243 
PV of expected future policy benefits164,347 105,050 107,775 124,597 83,001 87,090 
Total
PV of expected future gross premiums$19,691,875 $11,845,569 $11,682,884 $17,390,362 $10,618,931 $10,652,514 
PV of expected future net premiums10,090,391 6,120,118 6,010,536 8,710,288 5,387,168 5,374,493 
PV of expected future policy benefits15,159,868 8,548,000 8,298,702 13,594,299 7,748,360 7,670,753 

As of March 31, 2024, for the health segment using current discount rates, the Company anticipates $11.7 billion of expected future gross premiums and $6.0 billion of expected future net premiums. As of March 31, 2023, using current discount rates, the Company anticipated $10.6 billion of expected future gross premiums and $5.4 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 is not.

32
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following table summarizes the balances of, and changes in, policyholders’ account balances as of March 31, 2024 and 2023:
Policyholders' Account Balances
As of March 31, 2024As of March 31, 2023
Interest Sensitive LifeDeferred AnnuityOther Policy-holders' FundsInterest Sensitive LifeDeferred AnnuityOther Policy-holders' Funds
Balance at January 1,
$732,948 $773,039 $236,958 $739,105 $954,318 $123,236 
Issuances— 198 — — 202 — 
Premiums received5,624 3,573 166,700 6,030 4,776 21,662 
Policy charges(3,111)— — (3,319)— — 
Surrenders and withdrawals(6,309)(31,563)(3,517)(5,384)(43,533)(3,303)
Benefit payments(9,140)(12,771)— (7,844)(15,784)— 
Interest credited7,016 6,243 3,521 7,135 7,560 1,238 
Other2,693 300 (2,393)2,177 258 (147)
Balance at March 31,
$729,721 $739,019 $401,269 $737,900 $907,797 $142,686 

Weighted-average credit rate3.89 %3.34 %4.49 %3.92 %3.29 %3.78 %
Net amount at risk$1,740,325 N/AN/A$1,847,128 N/AN/A
Cash surrender value$669,721 $739,019 $401,269 $676,247 $907,797 $142,686 

The following tables present the policyholders' account balances by range of guaranteed minimum crediting rates and the related range of difference, if any, in basis points between rates being credited to policy holders and the respective guaranteed minimums as of March 31, 2024 and 2023:
At March 31, 2024
Range of guaranteed minimum crediting ratesInterest Sensitive LifeDeferred AnnuityOther Policyholders' Funds
At guaranteed minimum
Less than 3.00%
$— $1,796 $303,935 
3.00%-3.99%
29,176 545,598 3,521 
4.00%-4.99%
610,643 191,625 6,745 
Greater than 5.00%
89,902 — 37,384 
Total
729,721 739,019 351,585 
51-150 basis points above
Less than 3.00%
— — — 
3.00%-3.99%
— — — 
4.00%-4.99%
— — 49,684 
Greater than 5.00%
— — — 
Total — — 49,684 
Grand Total
$729,721 $739,019 $401,269 

33
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
At March 31, 2023
Range of guaranteed minimum crediting ratesInterest Sensitive LifeDeferred AnnuityOther Policyholders' Funds
At guaranteed minimum
Less than 3.00%
$— $1,971 $43,191 
3.00%-3.99%
28,956 698,952 4,097 
4.00%-4.99%
619,411 206,874 57,596 
Greater than 5.00%
89,533 — 37,802 
Total
$737,900 $907,797 $142,686 
51-150 basis points above
Less than 3.00%
$— $— $— 
3.00%-3.99%
— — — 
4.00%-4.99%
— — — 
Greater than 5.00%
— — — 
Total
— — — 
Grand Total
$737,900 $907,797 $142,686 

34
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Note 7—Deferred Acquisition Costs

The following tables roll forward the deferred policy acquisition costs for the three month periods ended March 31, 2024 and 2023:
Life
American IncomeDTCLiberty NationalOtherTotal
Balance at January 1, 2023
$2,258,291 $1,676,931 $610,723 $298,346 $4,844,291 
Capitalizations115,395 47,410 24,221 3,321 190,347 
Amortization expense(38,299)(24,753)(12,412)(4,125)(79,589)
Foreign exchange adjustment(2,787)— — — (2,787)
Balance at March 31, 2023
$2,332,600 $1,699,588 $622,532 $297,542 $4,952,262 
Balance at January 1, 2024
$2,573,370 $1,737,117 $666,419 $294,869 $5,271,775 
Capitalizations127,443 42,125 26,065 3,013 198,646 
Amortization expense(42,976)(25,058)(13,599)(4,135)(85,768)
Foreign exchange adjustment(5,828)— — — (5,828)
Balance at March 31, 2024
$2,652,009 $1,754,184 $678,885 $293,747 $5,378,825 

Health
United AmericanFamily HeritageLiberty NationalAmerican IncomeDTCTotal
Balance at January 1, 2023
$77,394 $416,608 $133,096 $57,811 $1,854 $686,763 
Capitalizations507 15,097 4,882 3,143 — 23,629 
Amortization expense(1,513)(6,560)(3,250)(938)(47)(12,308)
Foreign exchange adjustment— — — (126)— (126)
Balance at March 31, 2023
$76,388 $425,145 $134,728 $59,890 $1,807 $697,958 
Balance at January 1, 2024
$73,489 $452,843 $139,941 $66,783 $1,679 $734,735 
Capitalizations496 16,690 7,979 3,530 1 28,696 
Amortization expense(1,381)(7,187)(3,607)(1,099)(37)(13,311)
Foreign exchange adjustment— — — (276)— (276)
Balance at March 31, 2024
$72,604 $462,346 $144,313 $68,938 $1,643 $749,844 
35
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following table presents a reconciliation of deferred policy acquisition costs to the Condensed Consolidated Balance Sheets as of March 31, 2024:
March 31,
20242023
Life
American Income$2,652,009 $2,332,600 
Direct to Consumer1,754,184 1,699,588 
Liberty National678,885 622,532 
Other293,747 297,542 
Total DAC—Life
5,378,825 4,952,262 
Health
United American 72,604 76,388 
Family Heritage462,346 425,145 
Liberty National144,313 134,728 
American Income68,938 59,890 
Direct to Consumer1,643 1,807 
Total DAC—Health
749,844 697,958 
Annuity
2,568 4,218 
Total
$6,131,237 $5,654,438 
36
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Note 8—Liability for Unpaid Claims

Activity in the liability for unpaid health claims is summarized as follows:
March 31,
2024		December 31,
2023
Balance at beginning of period
$194,809 $184,286 
Less reinsurance recoverables
(2,157)(2,084)
Net balance at beginning of period
192,652 182,202 
Incurred related to:
Current year184,167 697,521 
Prior years188 (4,853)
Total incurred184,355 692,668 
Paid related to:
Current year74,254 535,971 
Prior years103,375 146,247 
Total paid177,629 682,218 
Net balance at end of period
199,378 192,652 
Plus reinsurance recoverables
1,667 2,157 
Balance at end of period
$201,045 $194,809 

Below is the reconciliation of the liability of "Policy claims and other benefits payable" in the Condensed Consolidated Balance Sheets.
March 31,
2024		December 31,
2023
Policy claims and other benefits payable:
Life insurance$319,049 $320,066 
Health insurance201,045 194,809 
Total$520,094 $514,875 

37
        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Note 9—Postretirement Benefits

Globe Life has qualified noncontributory defined benefit pension plans (Pension Plans) and contributory savings plans that cover substantially all employees. There is also a nonqualified noncontributory supplemental executive retirement plan (SERP) that covers a limited number of officers. The tables included herein will focus on the Pension Plans and SERP.

Pension Assets: The following table presents the assets of the Company's Pension Plans at March 31, 2024 and December 31, 2023.

Pension Assets by Component at March 31, 2024

 Fair Value Determined by:  
 
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
Significant
Observable
Inputs (Level 2)
Significant
Unobservable
Inputs (Level 3)
Total
Amount
% of
Total
Exchange traded fund(4)
$26,481 $— $— $26,481 5 
Equity exchange traded fund(1)
330,810 — — 330,810 56 
U.S. Government and Agency— 159,108 — 159,108 27 
Other bonds— 4 — 4 — 
Guaranteed annuity contract(2)
— 43,602 — 43,602 7 
Short-term investments3,016 — — 3,016 1 
Other1,487 — — 1,487 — 
$361,794 $202,714 $— 564,508 96 
Other long-term investments(3)
23,670 4 
Total pension assets
$588,178 100 
(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, 2024, the Globe Life Inc. Pension Plan owned less than 1% 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 10 years.

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Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Pension Assets by Component at December 31, 2023
 Fair Value Determined by:  

Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
Significant
Observable
Inputs (Level 2)
Significant
Unobservable
Inputs (Level 3)
Total
Amount
% of
Total
Exchange traded fund(4)
$18,715 $— $— $18,715 3 
Equity exchange traded fund(1)
315,886 — — 315,886 55 
U.S. Government and Agency— 167,450 — 167,450 30 
Other bonds— 5 — 5 — 
Guaranteed annuity contract(2)
— 43,428 — 43,428 8 
Short-term investments6,506 — — 6,506 1 
Other463 — — 463 — 
$341,570 $210,883 $— 552,453 97 
Other long-term investments(3)
18,314 3 
Total pension assets
$570,767 100 
(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 December 31, 2023, the Globe Life Inc. Pension Plan owned less than 1% 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 10 years.

SERP: The following tables include premiums paid for the company owned life insurance (COLI) at March 31, 2024 and 2023 and investments of the Rabbi Trust at March 31, 2024 and December 31, 2023.
Three Months Ended
March 31,
20242023
Premiums paid for insurance coverage$443 $443 
March 31,
2024		December 31,
2023
Total investments:
COLI
$55,974 $55,185 
Exchange traded funds90,514 86,156 
$146,488 $141,341 


Pension Plans and SERP Liabilities: The following table presents liabilities for the defined benefit pension plans and SERP at March 31, 2024 and December 31, 2023.
March 31,
2024		December 31,
2023
Pension Plans$574,981 $554,957 
SERP72,453 72,603 
Benefit obligation
$647,434 $627,560 

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        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Net Periodic Benefit Cost: The following table presents the net periodic benefit costs for the defined benefit pension plans and SERP by expense components for the three month periods ended March 31, 2024 and 2023.
Components of Net Periodic Benefit Cost
Three Months Ended
March 31,
 20242023
Service cost—benefits earned during the period$6,221 $5,392 
Interest cost on projected benefit obligation8,267 7,834 
Expected return on assets(10,646)(9,656)
Amortization:
Prior service cost269 269 
Actuarial (gain) loss6 (52)
Net periodic benefit cost
$4,117 $3,787 


Note 10—Earnings Per Share

Earnings per Share: A reconciliation of basic and diluted weighted-average shares outstanding used in the computation of basic and diluted earnings per share is as follows:
Three Months Ended
March 31,
20242023
Basic weighted average shares outstanding93,865,606 96,388,211 
Weighted average dilutive options outstanding1,248,909 1,522,889 
Diluted weighted average shares outstanding95,114,515 97,911,100 
Antidilutive shares186,359 209,870 

Antidilutive shares are excluded from the calculation of diluted earnings per share. All antidilutive shares noted above result from outstanding out of the money employee and Director stock options.
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        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Note 11—Debt

The following table presents information about the terms and outstanding balances of Globe Life's debt.
 
Selected Information about Debt Issues
As of
March 31,
2024		December 31,
2023
InstrumentIssue DateMaturity Date Coupon Rate Par
Value		Unamortized Discount & Issuance CostsBook
Value		Fair
Value		Book
Value
Senior notes09/27/201809/15/20284.550%$550,000 $(3,538)$546,462 $539,198 $546,283 
Senior notes08/21/202008/15/20302.150%400,000 (3,214)396,786 334,816 396,670 
Senior notes(1)
05/19/202206/15/20324.800%250,000 (4,028)245,972 242,950 245,873 
Junior subordinated debentures11/17/201711/17/20575.275%125,000 (1,569)123,431 123,538 123,427 
Junior subordinated debentures06/14/202106/15/20614.250%325,000 (7,673)317,327 270,010 317,306 
Total long-term debt
1,650,000 (20,022)1,629,978 1,510,512 1,629,559 
Term loan(2)
05/11/202311/11/20246.680%170,000 (324)169,676 169,676 169,549 
FHLB borrowings242,000 — 242,000 242,000 — 
Commercial paper324,000 (2,132)321,868 321,868 316,564 
Total short-term debt
736,000 (2,456)733,544 733,544 486,113 
Total debt
$2,386,000 $(22,478)$2,363,522 $2,244,056 $2,115,672 
(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 commercial paper has the highest priority of all unsecured debt, followed by senior notes then junior subordinated debentures. The senior notes are callable under a make-whole provision, and the junior subordinated debentures are subject to an optional redemption five years from issuance. Interest on the 4.25% junior subordinated debentures is payable quarterly while all other long-term debt is payable semi-annually.

Credit facility: On March 29, 2024, Globe Life amended the credit agreement dated September 30, 2021, which provides for a $1 billion revolving credit facility that may be increased to $1.25 billion. The amended credit facility matures March 29, 2029 and may be extended up to two one-year periods upon the Company's request. Pursuant to this agreement, the participating lenders have agreed to make revolving loans to Globe Life and to issue secured or unsecured letters of credit. The Company has not drawn on any of the credit to date.

The facility is further designated as a back-up credit line for a commercial paper program under which the Company may either borrow from the credit line or issue commercial paper at any time, with total commercial paper outstanding not to exceed the facility maximum of $1 billion, less any letters of credit issued. Interest is charged at variable rates. In accordance with the agreement, Globe Life is subject to certain covenants regarding capitalization. As of March 31, 2024, the Company was in full compliance with these covenants.

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        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following tables present certain information about our commercial paper borrowings.

Credit Facility—Commercial Paper
(Dollar amounts in thousands)

At
March 31,
2024		December 31, 2023March 31,
2023
Balance of commercial paper at end of period (par value)$324,000 $319,000 $305,000 
Annualized interest rate5.63 %5.71 %5.28 %
Letters of credit outstanding$115,000 $115,000 $115,000 
Remaining amount available under credit line561,000 316,000 330,000 

Credit Facility—Commercial Paper Activity
(Dollar amounts in thousands)
 Three Months Ended March 31,
 20242023
Average balance of commercial paper outstanding during period (par value)$346,088 $293,892 
Daily-weighted average interest rate (annualized)5.68 %4.95 %
Maximum daily amount outstanding during period (par value)$384,000 $477,700 
Commercial paper issued during period (par value)
404,000 545,000 
Commercial paper matured during period (par value)(399,000)(525,000)
Net commercial paper issued (matured) during period (par value)
5,000 20,000 

Federal Home Loan Bank (FHLB): FHLB membership provides our insurance subsidiaries with access to various low-cost collateralized borrowings and funding agreements. The membership requires ownership of FHLB common stock, as well as the purchase of activity-based common stock equal to approximately 4.1% of outstanding borrowings.

Globe Life owned $34.3 million in FHLB common stock as of March 31, 2024 and $22.3 million as of December 31, 2023. The FHLB stock is restricted for the duration of the membership and recorded at cost (par) as required by applicable guidance. The FHLB stock is included in "Other long-term investments" in the Condensed Consolidated Balance Sheets. Borrowings with the FHLB are subject to the availability of pledged assets at the insurance subsidiaries of Globe Life. As of March 31, 2024, Globe Life's insurance subsidiaries maximum borrowing capacity under the FHLB facility was approximately $589 million, net of outstanding funding agreements and short-term borrowings, on pledged assets with a fair value of $1.4 billion. As of March 31, 2024, $303 million in funding agreements were outstanding with the FHLB, compared to $138 million as of December 31, 2023. This amount is included in "Other policyholders' funds" in the Condensed Consolidated Balance Sheets. In addition, the Company had $242 million in short-term borrowings from the FHLB as of March 31, 2024, compared to $0 as of December 31, 2023, this amount is recorded in "Short-term debt".


Note 12—Business Segments

Globe Life is organized into four segments: life insurance, supplemental health insurance, annuities, and investments. In addition, other expenses not included in these segments are reported in "Corporate & Other."

Globe Life's reportable insurance segments are based on the insurance product lines it markets and administers: life insurance, supplemental health insurance, and annuities. These major product lines are set out as reportable segments because of the common characteristics of products within these categories, comparability of margins, and
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        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
the similarity in regulatory environment and management techniques. There is also an investment segment that manages the investment portfolio and cash flow for the insurance segments and the corporate function, which excludes the interest on deferred acquisition costs. The Company's chief operating decision makers evaluate the overall performance of the operations of the Company in accordance with these segments.

Life insurance products marketed by Globe Life include traditional whole life and term life insurance. An immaterial amount of annuities sold as companion products are included in the life segment. Health insurance products are generally guaranteed renewable and include Medicare Supplement, cancer, critical illness, accident, and other limited-benefit supplemental hospital and surgical products. Annuities include fixed-benefit contracts.

The following tables present segment premium revenue by each of Globe Life's distribution channels.

Premium Income by Distribution Channel
Three Months Ended March 31, 2024
 LifeHealthAnnuityTotal
Distribution ChannelAmount% of
Total		Amount% of
Total		Amount% of
Total		Amount% of
Total
American Income$414,044 52 $30,497 9 $— — $444,541 39 
Direct to Consumer248,040 31 17,866 5 — — 265,906 23 
Liberty National90,777 11 47,630 14 — — 138,407 12 
United American1,843 — 141,635 42 — — 143,478 13 
Family Heritage1,616 — 103,391 30 — — 105,007 9 
Other47,945 6 — — — — 47,945 4 
$804,265 100 $341,019 100 $— — $1,145,284 100 

 Three Months Ended March 31, 2023
 LifeHealthAnnuityTotal
Distribution ChannelAmount
% of
Total
Amount
% of
Total
Amount
% of
Total
Amount
% of
Total
American Income$387,512 50 $29,594 9 $— — $417,106 38 
Direct to Consumer247,667 32 17,248 5 — — 264,915 24 
Liberty National85,203 11 46,972 15 — — 132,175 12 
United American1,882 — 132,607 41 — — 134,489 12 
Family Heritage1,480 — 96,072 30 — — 97,552 9 
Other48,853 7 — — — — 48,853 5 
$772,597 100 $322,493 100 $— — $1,095,090 100 

Due to the nature of the life insurance industry, Globe Life has no individual or group that would be considered a major customer. Substantially all of Globe Life's business is conducted in the United States.
 
The measure of profitability established by the chief operating decision makers for the insurance segments is underwriting margin before other income and administrative expenses, in accordance with the manner in which the segments are managed. It essentially represents gross profit margin on insurance products before insurance administrative expenses and consists primarily of premium less net policy benefits, acquisition expenses, and commissions. Required interest on policy liabilities is reflected as a component of the Investment segment (rather than as a component of underwriting margin in the insurance and annuity segments) in order to match this cost with the investment income earned on the assets supporting the policy liabilities.
 
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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The measure of profitability for the Investment segment is excess investment income, representing the income earned on the investment portfolio in excess of policy requirements. Other than the required interest on the insurance segments, no other intersegment revenues or expenses are recognized. Expenses directly attributable to corporate operations are included in the “Corporate & Other” category. Stock-based compensation expense is considered a corporate expense by Globe Life management and is included in this category. All other unallocated revenues and expenses on a pretax basis, including insurance administrative expense and interest on debt, are also included in the “Corporate & Other” segment category.
 
Globe Life holds a sizable investment portfolio to support its insurance liabilities, the yield from which is used to offset policy benefit, acquisition, administrative, and tax expenses. This yield or investment income is taken into account when establishing premium rates and profitability expectations for its insurance products. From time to time, investments are sold or called, or experience a credit loss event, each of which are reflected by the Company as realized gain (loss)—investments. These gains or losses generally occur as a result of disposition due to issuer calls, compliance with Company investment policies, or other reasons often beyond management’s control. Unlike investment income, realized gains and losses are incidental to insurance operations, and only overall yields are considered when setting premium rates or insurance product profitability expectations. While these gains and losses are not relevant to segment profitability or core operating results, they can have a material positive or negative result on net income. For these reasons, management removes realized investment gains and losses when it views its segment operations.

Management also removes non-operating items unrelated to the Company's core insurance activities when evaluating those results. Therefore, these items are excluded in its presentation of segment results because accounting guidance requires that operating segment results be presented as management views its business. All of these items are included in “Other operating expense” in the Condensed Consolidated Statements of Operations for the appropriate year. See additional detail below in the tables.

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Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following tables set forth a reconciliation of Globe Life's revenues and operations by segment to its major income statement line items. See Note 1—Significant Accounting Policies for additional information concerning reconciling items of segment profits to pretax income.
Three Months Ended March 31, 2024
LifeHealthAnnuityInvestmentCorporate & OtherAdjustmentsConsolidated
Revenue:
Premium$804,265 $341,019 $— $— $— $— $1,145,284 
Net investment income— — — 282,578 — — 282,578 
Other income— — — — 76 — 76 
Total revenue804,265 341,019 — 282,578 76 — 1,427,938 
Expenses:
Policy benefits519,871 202,327 6,127 3,468 — — 731,793 
Required interest on reserves(199,707)(27,173)(8,445)235,325 — — — 
Amortization of acquisition costs85,768 13,311 399 — — — 99,478 
Commissions, premium taxes, and non-deferred acquisition costs89,322 58,784 4 — — — 148,110 
Insurance administrative expense(1)
— — — — 80,411 — 80,411 
Parent expense— — — — 2,826 710 (2)3,536 
Stock-based compensation expense— — — — 9,267 — 9,267 
Interest expense— — — — 28,621 — 28,621 
Total expenses495,254 247,249 (1,915)238,793 121,125 710 1,101,216 
Subtotal309,011 93,770 1,915 43,785 (121,049)(710)326,722 
Non-operating items— — — — — 710 (2)710 
Measure of segment profitability (pretax)
$309,011 $93,770 $1,915 $43,785 $(121,049)$— 327,432 
Realized gains (losses)(11,799)
Non-operating expenses(710)
Income before income taxes per Condensed Consolidated Statements of Operations
$314,923 
(1)Administrative expense is not allocated to insurance segments.
(2)Non-operating expenses.





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        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Three Months Ended March 31, 2023
LifeHealthAnnuityInvestmentCorporate & OtherAdjustmentsConsolidated
Revenue:
Premium$772,597 $322,493 $— $— $— $— $1,095,090 
Net investment income— — — 257,105 — — 257,105 
Other income— — — — 50 — 50 
Total revenue772,597 322,493 — 257,105 50 — 1,352,245 
Expenses:
Policy obligations507,977 190,962 7,541 1,447 — — 707,927 
Required interest on reserves(189,821)(26,323)(10,259)226,403 — — — 
Amortization of acquisition costs79,589 12,308 425 — — — 92,322 
Commissions, premium taxes, and non-deferred acquisition costs83,578 54,214 5 — — — 137,797 
Insurance administrative expense(1)
— — — — 73,907 — 73,907 
Parent expense— — — — 2,585 2,585 
Stock-based compensation expense— — — — 7,679 — 7,679 
Interest expense— — — — 24,867 — 24,867 
Total expenses481,323 231,161 (2,288)227,850 109,038 — 1,047,084 
Subtotal291,274 91,332 2,288 29,255 (108,988)— 305,161 
Non-operating items— — — — — — — 
Measure of segment profitability (pretax)
$291,274 $91,332 $2,288 $29,255 $(108,988)$— 305,161 
Realized gains (losses)(30,927)
Income before income taxes per Condensed Consolidated Statements of Operations
$274,234 
(1)Administrative expense is not allocated to insurance segments.



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Table of Contents
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, including uncertainties related to the impact of the recent pandemic and associated direct and indirect effects on our business operations, financial results, and financial condition. 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 continued impact of inflation, geopolitical events, and the recent pandemic on the U.S. economy, leading to unexpected changes in lapse rates and/or sales of our policies, as well as levels of mortality, morbidity, and 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 would affect Medicare Supplement);
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 could affect the sales of traditional Medicare Supplement insurance;
4.Interest rate changes that affect product sales, financing costs, and/or investment portfolio yield;
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 may 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 results;
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'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.
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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

icons2.jpg
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, supplemental health, and annuities, and the investment segment that supports the product lines. Segments are aligned based on their common characteristics, comparability of the profit margins, and management techniques used to operate each segment.
icons.jpg
Insurance Product Line Segments. The insurance product line segments involve the marketing, underwriting, and administration of policies. Each product line is further segmented 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

icons3.jpg
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, 2024 was 21.3% and net operating income as an ROE, excluding accumulated other comprehensive income(1) was 14.3%.
•Total premium increased 5% over the same period in the prior year. Life premium increased 4% for the period from $773 million in 2023 to $804 million in 2024.
•Net investment income increased 10% over the same period in the prior year.
•Total net sales increased 7% over the same period in the prior year from $190 million in 2023 to $204 million in 2024. The average producing agent count across all of the exclusive agencies increased 13% over the prior year.
•Book value per share increased 33% over the same period in the prior year from $39.74 to $53.03. Book value per share, excluding accumulated other comprehensive income(1), increased 12% over the prior year from $70.34 in 2023 to $79.00 in 2024.
The following graphs represent net income and net operating income for the three month periods ended March 31, 2024 and 2023.
964 966
(1)As shown in the charts above, net operating income is the consolidated total of segment profits 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 $(2.47) billion and $(2.96) billion for the three months ended March 31, 2024 and 2023, 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 $(25.97) and $(30.60) for the three months ended March 31, 2024 and 2023, 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 14% to $254 million during the three months ended March 31, 2024, compared with $224 million in the same period in 2023. On a diluted per common share basis, net income per common share for the three months ended March 31, 2024 increased 17% from $2.28 to $2.67.

Net operating income increased 6% to $264 million for the three months ended March 31, 2024, compared with $248 million for the same period in 2023, primarily due to a 50% increase in excess investment income as well as a 6% 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, 2024 increased from $2.53 to $2.78, a 10% increase. Net operating income is the consolidated total of segment profits 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.

The liability for future policy benefits 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 policy liability is accrued as premium revenue is recognized and adjusted for differences between actual and expected experience in the form of remeasurement gains and losses during the period.

The Company continues to see positive signs in its core operations, including sales and premium growth, and a strong ROE, excluding accumulated other comprehensive income.
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        GL Q1 2024 FORM 10-Q
Table of Contents
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,
20242023Change%
Life insurance underwriting margin$309,011 $291,274 $17,737 6 
Health insurance underwriting margin93,770 91,332 2,438 3 
Annuity underwriting margin1,915 2,288 (373)(16)
Excess investment income43,785 29,255 14,530 50 
Other insurance:
Other income76 50 26 52 
Administrative expense(80,411)(73,907)(6,504)9 
Corporate and other(40,714)(35,131)(5,583)16 
Pre-tax total327,432 305,161 22,271 7 
Applicable taxes(63,333)(57,119)(6,214)11 
Net operating income
264,099 248,042 16,057 6 
Reconciling items, net of tax:
Realized gains (losses)(9,321)(24,432)15,111 
Non-operating expenses(561)— (561)
Net income
$254,217 $223,610 $30,607 14 

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 $18 million compared with the prior period, primarily a result of increased premiums and favorable policy obligations as a percent of premium. Excess investment income increased $15 million compared with the prior period, resulting from growth in our invested assets and increased yields due to higher interest rates. The health segment contributed to the growth in income as well, contributing $94 million of underwriting margin in the first three months of 2024 compared with $91 million in the first three months of 2023.
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        GL Q1 2024 FORM 10-Q
Table of Contents
GLOBE LIFE INC.
Management's Discussion & Analysis
In 2024, 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, 2024.
307308

Total premium income rose 5% for the three months ended March 31, 2024 to $1.15 billion. Total net sales increased 7% to $204 million, when compared with 2023. Total first-year collected premium (defined in the following section) increased 10% to $161 million for 2024 compared to $146 million in 2023.

Life insurance premium income increased 4% to $804 million over the prior-year total of $773 million. Life net sales rose 7% to $149 million for the first three months of 2024. First-year collected life premium increased 8% to $111 million. Life underwriting margin, as a percent of premium, was flat at 38% for 2024 and 2023. Underwriting margin increased to $309 million in 2024, compared to $291 million for the same period in 2023.

Health insurance premium income increased 6% to $341 million over the prior-year total of $322 million. Health net sales rose 9% to $54 million for the first three months of 2024. First-year collected health premium rose 17% to $51 million. Health underwriting margin, as a percent of premium, was 27% in 2024, compared to 28% for the same period in 2023. Health underwriting margin increased 3% to $94 million for the first three months of 2024, compared to the same period in 2023.

Excess investment income, the measure of profitability of our investment segment, increased 50% during the first three months of 2024 to $43.8 million from $29.3 million in the same period in 2023. Excess investment income per common share, reflecting the impact of our share repurchase program and increased net investment income, increased 53% to $0.46 from $0.30 when compared with the same period in 2023.

Insurance administrative expenses increased 9% in 2024 when compared with the prior-year period. These expenses were 7.0% as a percent of premium during 2024 compared to 6.7% in 2023.

For the three months ended March 31, 2024, the Company repurchased 128 thousand Globe Life Inc. shares at a total cost of $15.6 million for an average share price of $122.13.

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        GL Q1 2024 FORM 10-Q
Table of Contents
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 twelve-month period.
•Net sales are calculated as annualized premium issued, net of cancellations in the first thirty 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 has expired. Management considers net sales to be a better indicator of the rate of premium growth than annualized premium issued.
•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.

See further discussion of the distribution channels below for Life and Health.


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        GL Q1 2024 FORM 10-Q
Table of Contents
GLOBE LIFE INC.
Management's Discussion & Analysis
LIFE INSURANCE

Life insurance is the Company's predominant segment. During 2024, life premium represented 70% of total premium and life underwriting margin represented 76% 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
20242023
Amount% of PremiumAmount% of PremiumAmount%
Premium and policy charges$804,265 100 $772,597 100 $31,668 4 
Policy obligations519,871 65 507,977 66 11,894 2 
Required interest on reserves(199,707)(25)(189,821)(25)(9,886)5 
Net policy obligations320,164 40 318,156 41 2,008 1 
Commissions, premium taxes, and non-deferred acquisition expenses89,322 11 83,578 11 5,744 7 
Amortization of acquisition costs85,768 11 79,589 10 6,179 8 
Total expense495,254 62 481,323 62 13,931 3 
Insurance underwriting margin
$309,011 38 $291,274 38 $17,737 6 

Net policy obligations amounted to 40% of premium for the three months ended March 31, 2024 compared to 41% 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,
20242023
Change
Amount% of PremiumAmount% of PremiumAmount
%
American Income$187,068 45 $175,567 45 $11,501 7 
Direct to Consumer58,585 24 56,161 23 2,424 4 
Liberty National30,713 34 27,690 32 3,023 11 
Other32,645 64 31,856 61 789 2 
Total
$309,011 38 $291,274 38 $17,737 6 




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        GL Q1 2024 FORM 10-Q
Table of Contents
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
20242023
Amount% of TotalAmount% of TotalAmount%
American Income$414,044 52 $387,512 50 $26,532 7 
Direct to Consumer248,040 31 247,667 32 373 — 
Liberty National90,777 11 85,203 11 5,574 7 
Other51,404 6 52,215 7 (811)(2)
Total
$804,265 100 $772,597 100 $31,668 4 

Annualized life premium in force was $3.23 billion at March 31, 2024, an increase of 4% over $3.11 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
20242023
Amount% of TotalAmount% of TotalAmount%
American Income$97,195 65 $83,329 59 $13,866 17 
Direct to Consumer28,563 19 32,467 23 (3,904)(12)
Liberty National21,605 15 21,979 16 (374)(2)
Other2,134 1 2,594 2 (460)(18)
Total
$149,497 100 $140,369 100 $9,128 7 

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
20242023
Amount% of TotalAmount% of TotalAmount%
American Income$72,954 66 $63,758 62 $9,196 14 
Direct to Consumer17,927 16 20,795 20 (2,868)(14)
Liberty National17,807 16 15,795 16 2,012 13 
Other1,992 2 2,263 2 (271)(12)
Total
$110,680 100 $102,611 100 $8,069 8 

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        GL Q1 2024 FORM 10-Q
Table of Contents
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 third-party internet vendor leads and obtaining referrals to facilitate sustainable growth. This division is Globe Life's largest contributor of life premium of any distribution channel at 52% of the Company's March 31, 2024 total life premium. For the three months ended March 31, 2024, the average monthly life premium issued per policy was $58 as compared to $53 for the same period in the prior year. Net sales were $97 million for the three months ended March 31, 2024, up from $83 million in the year-ago period. The underwriting margin, as a percent of premium, was 45% for the three months ended March 31, 2024 and 2023.

Below is the average producing agent count for the three months ended for the American Income Life 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 15% over the year-ago period, and over 65% of the division's net sales are driven by agents that have been producing for the division for 6 months or more. The increase in average producing agent count was driven by an increase in new agent recruiting. 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.
At March 31,
Change
20242023Amount%
American Income
11,139 9,714 1,425 15 

American Income Life continues to focus on growing and strengthening the agency force, specifically through emphasis on agency middle-management growth and additional agency office openings. In addition to offering financial incentives and training opportunities, the agency has made considerable investments in information technology, including a customer relationship management (CRM) tool for the agency force. This tool is designed to drive productivity in lead distribution, conservation of business, manager dashboards 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 sustainability for our agency force.

The Direct to Consumer Division (DTC) offers adult and juvenile life insurance through a variety of marketing approaches, including direct mailings, insert media, and electronic media. In recent years, production from electronic media, which is comprised of sales through both the internet and inbound phone calls to our call center, continue to be the customer preference when compared to direct mail. The proportion of sales from the internet and inbound phone calls continue to outpace the activity from the direct mailings, but all three channels continue to work in an omnichannel approach. The different media channels support and complement one another in the division's efforts to reach the consumer. Additionally, this channel provides critical support to our agency business through brand impressions and the generation of sales leads. The DTC's long-term growth has been fueled by constant innovation and name recognition. We continually introduce new initiatives in this division in an attempt to increase response rates and create a seamless customer experience.

The juvenile market is an important source of sales, it is also a vehicle to reach the parents and grandparents of 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. Also, future offerings to juvenile policyholders and their parents are sources of lower acquisition-cost life insurance sales in the future.

DTC net sales declined 12% to $29 million for the three months ended March 31, 2024 compared with $32 million for the same period in the prior year. This decline is due primarily to reductions in direct mail and mailing 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 the underwriting margin. DTC’s underwriting margin, as a percent of premium, was 24% for the three months ended March 31, 2024 compared with 23% for the same period in 2023.

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
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Table of Contents
Globe Life Inc.
Management's Discussion & Analysis

the agency are expected to help continue this growth. The underwriting margin as a percent of premium was 34% for the three months ended March 31, 2024, up from 32% during the same period a year ago. The increase is primarily attributable to increased premiums and lower policy obligations as a percent of premium, during the current quarter of 2024 as compared to same period in 2023. For the three months ended March 31, 2024, the average monthly life premium per policy issued was $44 compared with $43 for the same period in the prior year.

Net sales fell 2% in the three months ended March 31, 2024 over the same period in 2023. In the first quarter, a new underwriting and new-business platform was implemented, which resulted in a temporary slowdown in the time to issue policies.

Below is the average producing agent count for the three months ended 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
20242023Amount%
Liberty National
3,419 3,011 408 14 

The Liberty National Division average producing agent count increased significantly compared with the prior-year comparable period. We continue to execute our long-term plan to grow this agency through expansion from small-town markets in the Southeast to more densely populated areas with larger pools of potential agent recruits and customers. Continued expansion of this agency's presence into more heavily populated, less-penetrated areas will help create long-term agency growth. In addition to the aforementioned geographic expansion, we have also started a campaign of market expansion to increase our agency presence in cities where we currently have offices, but not enough to properly serve the community, region, area and city. These tend to be larger geographic cities which will help create long-term sustainable agency growth. Additionally, the agency continues to help improve the ability of agents to develop new worksite marketing business. Systems that have been put in place, including the addition of a CRM platform and enhanced analytical capabilities, have helped the agents develop additional worksite marketing opportunities as well as improve the productivity of agents selling in the individual life market. As the division continues to gain momentum in its sales and recruiting initiatives, as well as advances in its technology and CRM platform, the agency anticipates continued growth in recruiting activity and average producing agent count and projects sales growth for the full year.

The Other Agencies distribution channels primarily include non-exclusive independent agencies selling primarily life insurance. The other distribution channels contributed $51 million of life premium income, or 6% of Globe Life's total life premium income in the three months ended March 31, 2024, and contributed 1% of net sales for the period.

HEALTH INSURANCE

Health insurance sold by the Company primarily includes Medicare Supplement insurance including Retiree Health Insurance business, accident coverage, and other limited-benefit supplemental health products including accident, cancer, critical illness, heart, and intensive care products.

Health premium accounted for 30% of our total premium in 2024, while the health underwriting margin accounted for 23% of total underwriting margin. Health underwriting margin increased 3% to $94 million compared to $91 million in the prior year. 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.

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        GL Q1 2024 FORM 10-Q
Table of Contents
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
 20242023
 Amount% of
Premium		Amount% of
Premium		Amount%
Premium$341,019 100 $322,493 100 $18,526 6 
Policy obligations202,327 60 190,962 59 11,365 6 
Required interest on reserves(27,173)(8)(26,323)(8)(850)3 
Net policy obligations175,154 52 164,639 51 10,515 6 
Commissions, premium taxes, and non-deferred acquisition expenses58,784 17 54,214 17 4,570 8 
Amortization of acquisition costs13,311 4 12,308 4 1,003 8 
Total expense247,249 73 231,161 72 16,088 7 
Insurance underwriting margin
$93,770 27 $91,332 28 $2,438 3 

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,
20242023
Change
Amount% of PremiumAmount% of PremiumAmount
%
United American$11,906 8 $12,938 10 $(1,032)(8)
Family Heritage35,838 35 31,749 33 4,089 13 
Liberty National26,672 56 26,870 57 (198)(1)
American Income19,192 63 18,386 62 806 4 
Direct to Consumer162 1 1,389 8 (1,227)(88)
Total
$93,770 27 $91,332 28 $2,438 3 

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        GL Q1 2024 FORM 10-Q
Table of Contents
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)
 20242023
Amount% of TotalAmount% of TotalAmount%
United American$141,635 42 $132,607 41 $9,028 7 
Family Heritage103,391 30 96,072 30 7,319 8 
Liberty National47,630 14 46,972 15 658 1 
American Income30,497 9 29,594 9 903 3 
Direct to Consumer17,866 5 17,248 5 618 4 
Total
$341,019 100 $322,493 100 $18,526 6 

Premium related to limited-benefit supplemental health products comprise $192 million, or 56%, of the total health premiums for the three months ended March 31, 2024, compared with $180 million, or 56%, in the same period in the prior year. Premium from Medicare Supplement products comprises the remaining $149 million, or 44%, for the three months ended March 31, 2024, compared with $142 million, or 44%, in the same period in the prior year.

Annualized health premium in force was $1.40 billion at March 31, 2024, an increase of 5% over $1.33 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)
 20242023
Amount% of TotalAmount% of TotalAmount%
United American$16,423 30 $15,380 31 $1,043 7 
Family Heritage24,966 46 22,543 45 2,423 11 
Liberty National7,613 14 7,096 14 517 7 
American Income4,594 8 4,504 9 90 2 
Direct to Consumer804 2 550 1 254 46 
Total
$54,400 100 $50,073 100 $4,327 9 

Health net sales related to limited-benefit supplemental health products comprise $40 million, or 73%, of the total health net sales for the three months ended March 31, 2024, compared with $38 million, or 77%, in the same period in the prior year. Medicare Supplement sales make up the remaining $14 million, or 27%, for 2024 compared with $12 million, or 23%, 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)
 20242023
Amount% of TotalAmount% of TotalAmount%
United American$19,181 38 $15,096 35 $4,085 27 
Family Heritage18,983 37 17,200 40 1,783 10 
Liberty National6,895 14 6,111 14 784 13 
American Income4,590 9 4,117 9 473 11 
Direct to Consumer884 2 814 2 70 9 
Total
$50,533 100 $43,338 100 $7,195 17 
 
First-year collected premium related to limited-benefit supplemental health products is $37 million, or 73%, of total first-year collected premium for the three months ended March 31, 2024 compared with $30 million, or 70%, in the same period in the prior year. First-year collected premium from Medicare Supplement policies makes up the remaining $14 million, or 27%, for the three months ended March 31, 2024 compared with $13 million, or 30%, 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 sales up 7% from the same period in the prior-year period.
This division includes three 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 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 for the three months ended March 31, 2024 was 8% compared with 10% in the same period in 2023.

The Family Heritage Division primarily markets limited-benefit supplemental health insurance in non-urban areas. Most of its policies include a cash-back feature, such as a return of premium, where any excess of premiums over claims paid is returned 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, 2024 compared with 33% in 2023.
The division experienced a 11% rise in health net sales as compared with the three-month period a year ago, primarily due to improved agent productivity and training. 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 was approximately flat compared with the same period a year ago; however, the division has recently increased efforts to grow agent count and 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
20242023Amount%
Family Heritage
1,295 1,298 (3)— 

The Liberty National Division represented 14% of all Globe Life health premium income for the three months ended March 31, 2024. The Liberty National Division markets limited-benefit supplemental health products, consisting primarily of cancer and critical illness insurance. Much of Liberty National's health business is generated through worksite marketing targeting small businesses. Health premium at the Liberty National Division was $48 million for the three months ended March 31, 2024 up from $47 million for the same period in 2023. Liberty National's first-year collected premium rose 13% to $7 million in the three months ended March 31, 2024 compared with $6 million for the same period in 2023. Health net sales for the three months ended March 31, 2024 rose 7% from the comparable period in 2023, a result of the continued impact of the division's return to face-to-face customer interaction, and the option of virtual sales. For the three months ended March 31, 2024 and 2023, underwriting margin as a percent of premium was 56% and 57%, respectively.

The Company's other distribution channels, while primarily focused on selling life insurance, also market health products. The American Income Life Division primarily markets accident plans. The Direct to Consumer Division primarily markets Medicare Supplements to employer or union-sponsored groups. On a combined basis, these other channels accounted for 14% of health premium for the three months ended March 31, 2024 and 2023.

ANNUITIES

Annuities represent an insignificant part of our business. We do not currently market stand-alone fixed or deferred annuity products, favoring instead protection-oriented life and supplemental health insurance products.

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 also 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. As excess investment income per diluted common share incorporates all invested assets and insurance liabilities, we view excess investment income per diluted common share as a useful measure to evaluate the investment segment.

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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
20242023Amount%
Net investment income$282,578 $257,105 $25,473 10 
Interest on policy liabilities(1)
(238,793)(227,850)(10,943)5 
Excess investment income
$43,785 $29,255 $14,530 50 
Excess investment income per diluted share
$0.46 $0.30 $0.16 53 
Mean invested assets (at amortized cost)$21,156,813 $20,147,812 $1,009,001 5 
Average insurance policy liabilities17,275,395 16,487,932 787,463 5 
(1)Interest on policy liabilities is a component of total policyholder benefits, a GAAP measure.

Excess investment income increased $14.5 million, or 50%, compared with the year-ago period. Excess investment income per diluted common share was $0.46 for the three months ended March 31, 2024, an increase of 53% over the prior-year period. Excess investment income per diluted common share generally increases at a faster 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, 2024 was $283 million or 10% greater than the year-ago period. Mean invested assets increased 5% during the first three months of 2024 over the same period last year. The effective annual yield rate earned on the fixed maturity portfolio was 5.24% in the first three months of 2024, compared with 5.18% a year earlier. Investment income grew in the current period primarily due to the growth in invested assets and higher interest rates compared to the prior year. 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 these investments for the three months ended March 31, 2024 was 9.50%. The earned yield on the Company's commercial mortgage loans for the three months ended March 31, 2024 was 8.70%. 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, 2024, 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 “fund” required interest 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 mandate 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 subsequent periods using current discount rates as of the end of the relevant reporting period with a corresponding adjustment to Other Comprehensive Income.

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        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Management's Discussion & Analysis

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 5.5% 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 $11 million, or 5%, to $239 million, compared with the 5% 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 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.
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,
 20242023
 AmountPer ShareAmountPer Share
Fixed maturities:
Sales$111 $— $(283)$— 
Matured or other redemptions(1)
— — 1 — 
Provision for credit losses70 — (25,884)(0.26)
Fair value option—change in fair value(12,168)(0.13)1,468 0.01 
Mortgages
(691)— (1,012)(0.01)
Other investments
248 — (170)— 
Total realized gains (losses)—investments
(12,430)(0.13)(25,880)(0.26)
Other gains (losses)(2)
3,109 0.03 1,448 0.01 
Total realized gains (losses)
$(9,321)$(0.10)$(24,432)$(0.25)
(1)During the three months ended March 31, 2024 and 2023, the Company recorded $66.9 million and $0, respectively, of exchanges of fixed maturity securities (noncash transactions) that resulted in no realized gains (losses), net of tax in either period.
(2)Other realized gains (losses) are primarily a result of changes in the fair value for assets held in rabbi trust.

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        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Management's Discussion & Analysis

Investment Acquisitions. Globe Life's investment policy calls for investing primarily in investment grade fixed maturities that meet our quality and yield objectives. We generally invest in securities with longer-term maturities because they more closely match the long-term nature of our life and health policy liabilities. We believe this strategy is appropriate since our expected future cash flows are generally stable and predictable and the likelihood that we will need to sell invested assets to raise cash is low.

The following table summarizes selected information for fixed maturity investments. The effective annual yield shown is based on the acquisition price and call features, if any, of the securities. For non-callable bonds, the yield is calculated to maturity date. For callable bonds acquired at a premium, the yield is calculated to the earliest known call date and call price after acquisition ("first call date"). For all other callable bonds, the yield is calculated to maturity date.
Fixed Maturity Acquisitions Selected Information
(Dollar amounts in thousands)
Three Months Ended
March 31,
 20242023
Cost of acquisitions:
Investment-grade corporate securities$678,795 $208,117 
Investment-grade municipal securities3,320 102,387 
Other investment-grade securities312 — 
Total fixed maturity acquisitions(1)
$682,427 $310,504 
Effective annual yield (one year compounded)(2)
5.86 %5.84 %
Average life (in years, to next call)30.4 19.7 
Average life (in years, to maturity)32.3 24.9 
Average ratingA-A
(1)Fixed maturity acquisitions included unsettled trades of $0 in 2024 and $25 million in 2023.
(2)Tax-equivalent basis, where the yield on tax-exempt securities is adjusted to produce a yield equivalent to the pretax yield on taxable securities.

For investments in callable bonds, the actual life of the investment will depend on whether the issuer calls the investment prior to the maturity date. Given our investments in callable bonds, the actual average life of our investments cannot be known at the time of the investment. Absent sales and "make-whole calls," however, the average life will not be less than the average life to next call and will not exceed the average life to maturity. Data for both of these average life measures is provided in the above chart.

Acquisitions in 2023 and 2024 consisted primarily of corporate and municipal bonds with securities spanning a diversified range of issuers, industry sectors, and geographical regions. In the first three months of 2024, we invested primarily in the municipal, financial, and industrial sectors. For the entire portfolio, the taxable equivalent effective yield earned was 5.24%, up approximately 6 basis points from the yield in the first three months of 2023. The increase in taxable equivalent effective yield was primarily due to new purchase yields exceeding the yield on dispositions and the average portfolio yield. For the remainder of 2024, the Company will continue to execute on its existing strategy by seeking to invest in assets that satisfy our quality and other objectives, while maximizing the highest risk-adjusted, capital-adjusted return.

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        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Management's Discussion & Analysis

Since fixed maturities represent such a significant portion of our investment portfolio, the remainder of the discussion of portfolio composition will focus on fixed maturities. See a breakdown of the Company's Other long-term investments in Note 4—Investments.

Selected information concerning the fixed maturity portfolio is as follows:

Fixed Maturity Portfolio Selected Information
At
March 31,
2024		December 31, 2023March 31,
2023
Average annual effective yield(1)
5.25%5.23%5.20%
Average life, in years, to:
Next call(2)
14.914.614.6
Maturity(2)
18.918.618.4
Effective duration to:
Next call(2,3)
8.99.08.9
Maturity(2,3)
10.710.710.5
(1)Tax-equivalent basis. The yield on tax-exempt securities is adjusted to produce a yield equivalent to the pretax yield on taxable securities.
(2)Globe Life calculates the average life and duration of the fixed maturity portfolio two ways:
(a) based on the next call date which is the next call date for callable bonds and the maturity date for noncallable bonds, and
(b) based on the maturity date of all bonds, whether callable or not.
(3)Effective duration is a measure of the price sensitivity of a fixed-income security to a 1% change in interest rates.

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        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Management's Discussion & Analysis

Credit Risk Sensitivity. The following tables summarize certain information about the major corporate sectors and security types held in our fixed maturity portfolio at March 31, 2024 and December 31, 2023.

Fixed Maturities by Sector
March 31, 2024
(Dollar amounts in thousands)
Below Investment GradeTotal Fixed Maturities% of Total Fixed Maturities
 Amortized
Cost, net 		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value		Amortized
Cost, net 		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value		At Amortized Cost, netAt Fair Value
Corporates:
Financial
Insurance - life, health, P&C$106,920 $— $(12,907)$94,013 $2,586,145 $48,195 $(179,156)$2,455,184 13 14 
Banks36,896 — (4,836)32,060 1,323,380 19,804 (74,616)1,268,568 7 7 
Other financial74,966 — (25,497)49,469 1,304,448 21,585 (162,952)1,163,081 7 6 
Total financial218,782 — (43,240)175,542 5,213,973 89,584 (416,724)4,886,833 27 27 
Industrial
Energy44,634 — (6,191)38,443 1,458,409 46,924 (67,261)1,438,072 7 8 
Basic materials— — — — 1,176,895 28,539 (76,196)1,129,238 6 6 
Consumer, non-cyclical— — — — 2,160,594 22,909 (200,442)1,983,061 11 11 
Other industrials5,181 23 — 5,204 1,141,232 24,434 (93,193)1,072,473 6 6 
Communications— — — — 910,801 15,857 (88,842)837,816 4 4 
Transportation8,403 — (390)8,013 549,406 14,833 (30,911)533,328 3 3 
Consumer. cyclical136,327 180 (22,838)113,669 538,264 5,077 (59,180)484,161 3 3 
Technology50,280 841 — 51,121 354,938 2,909 (51,902)305,945 2 2 
Total industrial244,825 1,044 (29,419)216,450 8,290,539 161,482 (667,927)7,784,094 42 43 
Utilities30,106 — (1,490)28,616 2,127,792 51,901 (105,623)2,074,070 11 11 
Total corporates
493,713 1,044 (74,149)420,608 15,632,304 302,967 (1,190,274)14,744,997 80 81 
States, municipalities, and political divisions:
General obligations— — — — 890,336 6,135 (150,384)746,087 5 4 
Revenues— — — — 2,410,940 32,116 (304,221)2,138,835 12 12 
Total states, municipalities, and political divisions— — — — 3,301,276 38,251 (454,605)2,884,922 17 16 
Other fixed maturities:
Government (U.S. and foreign)— — — — 441,417 1 (49,266)392,152 2 2 
Collateralized debt obligations36,730 3,001 — 39,731 36,730 3,001 — 39,731 — — 
Other asset-backed securities11,579 — (501)11,078 86,030 2 (3,481)82,551 1 1 
Total fixed maturities
$542,022 $4,045 $(74,650)$471,417 $19,497,757 $344,222 $(1,697,626)$18,144,353 100100



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        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Management's Discussion & Analysis

Fixed Maturities by Sector
December 31, 2023
(Dollar amounts in thousands)
Below Investment GradeTotal Fixed Maturities% of Total Fixed Maturities
 Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value		Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value		At Amortized Cost, netAt Fair Value
Corporates:
Financial
Insurance - life, health, P&C$107,010 $— $(12,472)$94,538 $2,413,685 $61,715 $(163,455)$2,311,945 13 13 
Banks36,906 — (4,401)32,505 1,327,272 25,019 (71,714)1,280,577 7 7 
Other financial74,965 — (25,255)49,710 1,287,194 25,634 (153,171)1,159,657 7 7 
Total financial218,881 — (42,128)176,753 5,028,151 112,368 (388,340)4,752,179 27 27 
Industrial
Energy44,652 — (7,481)37,171 1,446,480 58,637 (62,324)1,442,793 8 8 
Basic materials— — — — 1,166,385 39,248 (64,501)1,141,132 6 6 
Consumer, non-cyclical— — — — 2,096,651 32,071 (160,828)1,967,894 11 11 
Other industrials5,185 110 — 5,295 1,101,059 32,541 (78,817)1,054,783 6 6 
Communications— — — — 868,131 21,006 (73,323)815,814 4 5 
Transportation8,403 — (415)7,988 534,468 21,113 (24,649)530,932 3 3 
Consumer. cyclical136,343 — (25,059)111,284 515,169 4,941 (57,735)462,375 3 3 
Technology32,543 625 — 33,168 280,668 3,521 (44,670)239,519 1 1 
Total industrial227,126 735 (32,955)194,906 8,009,011 213,078 (566,847)7,655,242 42 43 
Utilities34,698 722 (1,523)33,897 2,017,967 73,925 (94,130)1,997,762 11 11 
Total corporates480,705 1,457 (76,606)405,556 15,055,129 399,371 (1,049,317)14,405,183 80 81 
States, municipalities, and political divisions:
General obligations— — — — 887,013 8,526 (135,003)760,536 4 4 
Revenues— — — — 2,409,292 38,820 (268,326)2,179,786 13 12 
Total states, municipalities, and political divisions— — — — 3,296,305 47,346 (403,329)2,940,322 17 16 
Other fixed maturities:
Government (U.S., municipal, and foreign)— — — — 442,903 8 (42,654)400,257 2 2 
Collateralized debt obligations37,110 5,036 — 42,146 37,110 5,036 — 42,146 — — 
Other asset-backed securities11,696 — (409)11,287 86,352 3 (4,057)82,298 1 1 
Total fixed maturities$529,511 $6,493 $(77,015)$458,989 $18,917,799 $451,764 $(1,499,357)$17,870,206 100100



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        GL Q1 2024 FORM 10-Q
Table of Contents
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, 2024, 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, 2024, the total fixed maturity portfolio consisted of 991 issuers.

Fixed maturities had a fair value of $18.1 billion at March 31, 2024, compared with $17.9 billion at December 31, 2023. The net unrealized loss position in the fixed-maturity portfolio increased from $1.0 billion at December 31, 2023 to $1.4 billion at March 31, 2024 due to an increase in market rates during the period.

For more information about our fixed maturity portfolio by component at March 31, 2024 and December 31, 2023, 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, 2024 and December 31, 2023, is shown in the following tables. The composite rating for each security, other than private-placement securities managed by third parties, is the average of the security’s available ratings as assigned by Moody’s Investor Service, Standard & Poor’s, Fitch Ratings, and Dominion Bond Rating Service, LTD. The ratings assigned by these four nationally recognized statistical rating organizations are evenly weighted when calculating the average. The composite quality rating is created utilizing a methodology developed by Globe Life using ratings from the various rating agencies noted above. The composite quality rating is not a Standard & Poor's credit rating. Standard & Poor's does not sponsor, endorse, or promote the composite quality rating and shall not be liable for any use of the composite quality rating. Included in the following chart are private placement fixed maturity holdings at amortized cost, net of allowance for credit losses, of $420 million ($379 million at fair value) for which the ratings were assigned by the third-party managers.

Fixed Maturities by Rating
At March 31, 2024
(Dollar amounts in thousands)
Amortized Cost, net % of TotalFair
Value		% of TotalAverage Composite Quality Rating on Amortized Cost, net
Investment grade:
AAA$965,429 5 $875,076 5 
AA3,248,431 17 2,790,548 15 
A5,543,934 28 5,298,428 29 
BBB+3,585,771 18 3,422,218 19 
BBB4,448,720 23 4,172,227 23 
BBB-1,163,450 6 1,114,439 6 
Total investment grade
18,955,735 97 17,672,936 97 A-
Below investment grade:
BB463,486 3 391,460 2 
B37,767 — 36,187 — 
Below B40,769 — 43,770 1 
Total below investment grade
542,022 3 471,417 3 BB
$19,497,757 100 $18,144,353 100 
Weighted average composite quality rating
A-


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        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Management's Discussion & Analysis

Fixed Maturities by Rating
At December 31, 2023
(Dollar amounts in thousands)
Amortized
Cost, net		% of Total
Fair
Value
% of TotalAverage Composite Quality Rating on Amortized Cost
Investment grade:
AAA$952,822 5 $880,729 5 
AA3,179,618 17 2,789,626 15 
A5,118,085 27 4,976,280 28 
BBB+3,615,102 19 3,495,898 19 
BBB4,278,786 23 4,056,833 23 
BBB-1,243,875 6 1,211,851 7 
Total investment grade
18,388,288 97 17,411,217 97 A-
Below investment grade:
BB450,503 3 376,912 3 
B37,896 — 35,929 — 
Below B41,112 — 46,148 — 
Total below investment grade
529,511 3 458,989 3 BB
$18,917,799 100 $17,870,206 100 
Weighted average composite quality rating
A-

The overall quality rating of the portfolio is A-, the same as of year-end 2023. Fixed maturities rated BBB are 47% of the total portfolio at March 31, 2024, down from 48% at December 31, 2023. While this ratio is high relative to our peers, it is at its lowest level in over 10 years 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, 2024. 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,
20242023
Balance at beginning of period
$529,511 $542,497 
Downgrades by rating agencies— 98,658 
Upgrades by rating agencies(4,592)— 
Acquisitions (Dispositions)
17,462 (13,675)
Provision for credit losses88 (32,767)
Amortization and other(447)886 
Balance at end of period
$542,022 $595,599 

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
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        GL Q1 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Management's Discussion & Analysis

losses, were 7% of our shareholders’ equity excluding accumulated other comprehensive income as of March 31, 2024. Globe Life invests long term and as such, one of our key criterion in our investment process is to select issuers that are anticipated to weather multiple financial cycles.


OPERATING EXPENSES

Operating expenses are included in the "Corporate and Other" segment and 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
 20242023(Decrease)
Amount% of
Premium		Amount% of
Premium		Amount%
Insurance administrative expenses:
Salaries$31,174 2.7 $29,870 2.7 $1,304 4 
Other employee costs10,013 0.9 9,413 0.9 600 6 
Information technology costs18,307 1.6 14,249 1.3 4,058 28 
Legal costs5,273 0.4 3,740 0.3 1,533 41 
Other administrative costs15,644 1.4 16,635 1.5 (991)(6)
Total insurance administrative expenses80,411 7.0 73,907 6.7 6,504 9 
Parent company expense2,826 2,585 241 
Stock compensation expense9,267 7,679 1,588 
Non-operating expenses710 — 710 
$93,214 $84,171 $9,043 11 

Total operating expenses for March 31, 2024 increased in comparison with the prior year primarily due to increases in insurance administrative expenses as well as stock compensation expense. Insurance administrative expenses increased $6.5 million primarily due to higher information technology costs, legal costs and salaries. Insurance administrative expenses as a percent of premium were 7.0% for the three months ended March 31, 2024 compared to 6.7% for the same period in 2023.

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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 by management quarterly, and continues indefinitely unless and until the Board of Directors decides to suspend, terminate or modify the program. On April 25, 2024, the Board of Directors authorized the repurchase of up to $1.3 billion for the two-year period ended December 31, 2025. 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 $9.4 billion of excess cash flow at the Parent Company 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 chart summarizes share repurchases for the three month periods ended March 31, 2024 and 2023.

Analysis of Share Repurchases
(Amounts in thousands, except per share data) 
 Three Months Ended March 31,
 20242023
 SharesAmountAverage
Price		SharesAmountAverage
Price
Purchases with:
Excess cash flow at the Parent Company(1)
128 $15,602 $122.13 1,176 $135,321 $115.04 
Option exercise proceeds63 7,927 126.20 368 42,754 116.27 
Total191 $23,529 $123.47 1,544 $178,075 $115.33 
(1)Excludes excise tax on the repurchase of treasury stock of $(60) thousand and $1.2 million for the three months ended March 31, 2024 and 2023, respectively.
The amount of share repurchases during the quarter were lower than anticipated solely due to the evaluation of a potential acquisition wherein we paused share repurchases until a conclusion on the acquisition was reached. Globe Life Inc. ultimately decided not to pursue the acquisition. 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 the excess 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 leading source of the excess cash is investment income, a significant portion of the excess cash also comes from underwriting income due to our high underwriting margins and effective expense control.
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Table of Contents
Globe Life Inc.
Management's Discussion & Analysis

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.

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,
20242023Projected 20242023
Liquidity Sources:
Dividends from Subsidiaries$52,046 $129,725 
$490,000—510,000
$459,535 
Excess Cash Flows(1)
62,118 124,510 
450,000—470,000
416,081 
(1)Excess cash flows are reported gross of shareholder dividends. For the three months ended March 31, 2024 and 2023, shareholder dividends were $21 million and $20 million, respectively. For the twelve months ended December 31, 2024, we project approximately $88 million in shareholder dividends, compared to the $84 million paid in 2023.

Dividends from subsidiaries and excess cash flows are projected to be higher in 2024 than in 2023 primarily due to lower life obligations and the growth in our underwriting margins in 2023, both of which resulted in higher statutory earnings generated by the affiliates. 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 back-up 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, 2024, we had available $561 million of additional borrowing capacity under this facility, compared to $330 million a year earlier. As of March 31, 2024, 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.

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Globe Life Inc.
Management's Discussion & Analysis

The following tables present certain information about our commercial paper borrowings.

Credit Facility—Commercial Paper
(Dollar amounts in thousands)
At
March 31,
2024		December 31, 2023March 31,
2023
Balance of commercial paper at end of period (par value)$324,000 $319,000 $305,000 
Annualized interest rate5.63 %5.71 %5.28 %
Letters of credit outstanding$115,000 $115,000 $115,000 
Remaining amount available under credit line561,000 316,000 330,000 

Credit Facility—Commercial Paper Activity
(Dollar amounts in thousands)
 Three Months Ended March 31,
 20242023
Average balance of commercial paper outstanding during period (par value)$346,088 $293,892 
Daily-weighted average interest rate (annualized)5.68 %4.95 %
Maximum daily amount outstanding during period (par value)$384,000 $477,700 

The Company increased the commercial paper borrowings by $5 million since year-end. The Company was able to issue commercial paper as needed under this facility during the three months ended March 31, 2024 and 2023.

Globe Life expects to have readily available funds for 2024 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 that 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 $351 million in the first three months of 2024, compared with $477 million in the same period of 2023. The decrease is primarily attributable to fluctuations in the settlement of certain amounts included in other liabilities. 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 $96 million during the first three months of 2024. 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 $142 million at March 31, 2024, compared with $185 million at December 31, 2023. In addition to these liquid assets, $18 billion (fair value at March 31, 2024) 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 97% 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.

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GLOBE LIFE INC.
Management's Discussion & Analysis

Long-Term Borrowings. The outstanding long-term debt at book value was $1.6 billion at March 31, 2024 and $1.6 billion at December 31, 2023.

Selected Information about Debt Issues
As of March 31, 2024
(Dollar amounts in thousands)
InstrumentIssue DateMaturity DateCoupon Rate Interest Payment DatesPar
Value		Book
Value		Fair
Value
Senior notes09/27/201809/15/20284.550%semiannual$550,000 $546,462 $539,198 
Senior notes08/21/202008/15/20302.150%semiannual400,000 396,786 334,816 
Senior notes(1)
05/19/202206/15/20324.800%semiannual250,000 245,972 242,950 
Junior subordinated debentures11/17/201711/17/20575.275% semiannual 125,000 123,431 123,538 
Junior subordinated debentures06/14/202106/15/20614.250%quarterly325,000 317,327 270,010 
Total long-term debt
1,650,000 1,629,978 1,510,512 
Term loan(2)
05/11/202311/11/20246.680%quarterly170,000 169,676 169,676 
FHLB borrowings242,000 242,000 242,000 
Commercial paper324,000 321,868 321,868 
Total short-term debt
736,000 733,544 733,544 
Total debt
$2,386,000 $2,363,522 $2,244,056 
(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.


Financing costs for the corporate and other segment 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)
20242023Amount%
Interest on funded debt$16,926 $20,244 $(3,318)(16)
Interest on term loans2,999 — 2,999 — 
Interest on short-term debt8,683 4,623 4,060 88 
Other13 — 13 — 
Financing costs
$28,621 $24,867 $3,754 15 

During the first three months of 2024, financing costs increased 15% compared with the prior year. The increase in financing costs is primarily due to higher short-term interest rates. 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 risk-based capital 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
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GLOBE LIFE INC.
Management's Discussion & Analysis

to as “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 2024, 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 2023, our consolidated Company Action Level RBC ratio was 314%. 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 $5.0 billion at March 31, 2024. This compares with $4.5 billion at December 31, 2023 and $3.8 billion at March 31, 2023. During the three months since December 31, 2023, shareholders’ equity increased as a result of net income of $254 million during the first three months of 2024, but was offset by share repurchases of $16 million and an additional $8 million in share repurchases to offset the dilution from stock option exercises. Additionally, the balance of AOCI increased $305 million primarily due to increased interest rates and discount rates over the period.

On March 18, 2024, the Parent Company announced that it had declared a quarterly dividend of $0.24 per share. This dividend was paid on May 1, 2024.

We plan to use excess cash available at the Parent Company as efficiently as possible in the future. 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.

Globe Life is required under GAAP to revalue its available for sale fixed maturity portfolio to fair market value at the end of each accounting period. These changes, net of their associated impact on income tax, are reflected directly in 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 policy 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, 2024.

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, 2024, 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, 2024, 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.
 
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 following is an update to the material risks previously disclosed in the Company's December 31, 2023 Form 10-K. There are no other material changes to the Company's risk factors.

Our businesses are heavily regulated and changes in regulation or regulatory scrutiny may have a material adverse impact on our business, financial condition or results of operation.

Insurance companies, including our insurance subsidiaries, are subject to extensive supervision and regulation in the states in which they conduct business. The primary purpose of this supervision and regulation is the protection of policyholders, not investors. Regulatory agencies have broad administrative power over numerous aspects of our business, including premium rates for our life, Medicare Supplement and other supplement health products, as well as other terms and conditions included in the insurance policies offered by our insurance subsidiaries, marketing practices, advertising, agent licensing, independent agent practices, policy forms, capital adequacy, solvency, reserves and permitted investments.

Regulatory authorities also have the power to conduct investigations, and to bring administrative or judicial proceedings against us, which could result in suspension or revocation of our licenses, cease and desist orders, fines, civil penalties, disgorgement, criminal penalties or other disciplinary action that could have a material adverse impact on our business, financial condition or results of operation. Press coverage and other public statements that allege wrongdoing, even if untrue, can lead to increased regulatory inquiries or investigations including any that may arise in connection with the subpoenas we recently received from U.S. Attorney’s Office for the Western District of Pennsylvania seeking documents related to sales practices by certain of our independent sales agents contracted to sell American Income Life Insurance Company policies. Additionally, any violation or alleged violation of law or regulations could result in significant legal costs or in legal proceedings that may result in monetary and legal remedies being imposed against the Company, which could have a material adverse effect on our business, financial condition or results of operations.

The insurance laws, regulations and policies currently affecting our companies may change at any time, possibly having an adverse effect on our business. Should regulatory changes occur, we may be unable to maintain all required licenses and approvals, or fully comply with the wide variety of applicable laws and regulations or the relevant authority’s interpretation of such laws and regulations. If we do not have the requisite licenses and approvals or do not comply with applicable regulatory requirements, the insurance regulatory authorities could preclude or temporarily suspend some or all of our business activities and/or impose substantial fines.

The use of third-party vendors, including independent sales agents, to support the Company's operations makes the Company susceptible to the operational risk of those third parties, which could lower revenues, increase costs, reduce profits, disrupt business, or damage the Company’s reputation.

The Company utilizes third-party vendors, including independent sales agents, to provide certain business services and functions, which exposes the Company to risks outside the control of the Company. The reliance on these third-party vendors creates a number of business risks, such as the risk that the Company may not maintain service quality, control or effective management of the outsourced business operations and that the Company cannot control the information systems, facilities or networks of such third-party vendors. We employ controls and procedures designed to facilitate service quality of our third party vendors; however, such controls and procedures cannot be 100% effective in all cases. The Company may be adversely affected by a third-party vendor who operates in a poorly controlled manner or fails to deliver contracted services, which could lower revenues, increase costs, reduce profits, disrupt business, or damage the Company’s reputation.

Extensive federal and state laws regulate our business, imposing certain requirements that independent sales agents must follow in dealing with clients. Misconduct of our independent sales agents could result in violations of law by, or claims against, us or our subsidiaries. From time to time, we are subject to private litigation as a result of alleged misconduct by independent agents. We employ controls and procedures designed to prevent and detect agent misconduct; however, such controls and procedures cannot be 100% effective in all cases. Instances of misconduct or non-compliance or violations of laws or regulations by our independent sales agents could result in adverse findings in either examinations or litigation and subject us to sanctions, monetary liabilities, restrictions on or loss of the operation of our business or reputational harm, any of which could have a material adverse effect on our business, financial condition or results of operations.
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Additionally, the Company is at risk of being unable to meet legal, regulatory, financial or customer obligations if the information systems, facilities or networks of a third-party vendor are disrupted, damaged or fail, whether due to physical disruptions, such as fire, natural disaster, pandemic or power outage, or due to cybersecurity incidents, ransomware or other impacts to vendors, including labor strikes, political unrest and terrorist attacks.

We have become subject to, and may in the future be subject to, short selling strategies driving down the market price of our common stock.

Short selling is the practice of selling securities that the seller does not own but may have borrowed with the intention of buying identical securities back at a later date. A short seller hopes to profit from a decline in the value of the securities between the sale of the borrowed securities and the purchase of the replacement shares, as the short seller expects to pay less in that purchase than it received in the sale. Because it is in the short seller’s best interests for the price of the securities to decline, some short sellers publish, or arrange for the publication of, opinions or characterizations regarding the relevant issuer, its business prospects and similar matters calculated to or which may create negative market momentum, which may permit them to obtain profits for themselves as a result of selling the stock short. Companies, like us, that are subject to unfavorable allegations, even if untrue, may have to expend a significant amount of resources to investigate such allegations and/or defend themselves, including in connection with securityholder litigation against the Company or investigations by regulators related to or prompted by such allegations.

In April 2024, we were the target of several short sellers who published reports making allegations about the Company, which resulted in a significant decline in the price of our common stock. In addition, these reports resulted in significant negative publicity against us, damaged our reputation, and exposed us to securities class action litigation. We have already expended significant resources to defend and repair our reputation. We will continue to defend against any unfounded and unsubstantiated claims about our business, our disclosures and the integrity of our financial statements, which may require us to expend significant resources.

We may be subject to additional short seller reports and activity in the future. The publication of any such commentary regarding us may bring about a temporary, or long term, decline in the market price of our common stock. No assurances can be made that similar declines in the market price of our common stock or negative publicity will not occur in the future, in connection with such commentary by short sellers or otherwise.

Damage to the brand and reputation of Globe Life or its subsidiaries could affect our ability to conduct business.

Negative publicity through traditional media, internet, social media, and other public forums, including short seller reports and allegations of independent agent misconduct could damage our brand or reputation, which could adversely impact our ability to recruit and retain agents, our ability to market our products, and the persistency of in-force policies. A reduction in the number of agents selling our products, or the rate of growth of the number of agents selling our products may have an adverse impact on product sales and profit, and such impact may be material.

Recent volatility in the trading price of our common stock has and can be expected to result in securities class action litigation.

In April 2024, the trading price of our common stock dropped following the publication of certain short seller reports. As of the date of this Report, one putative securities class action has been filed against Globe Life Inc. and we expect that other putative class action claims may be filed as well. While we intend to defend such actions vigorously, any judgment against us or any future stockholder litigation could have a material adverse effect on our business, financial condition or results of operations.

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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 2024
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, 2024150,000 $122.14 150,000 — 
February 1-29, 202440,557 128.40 40,557 — 
March 1-31, 2024— — — — 


Item 5. Other Information

(c) Trading arrangements

During the three months ended March 31, 2024, none of our directors or officers adopted or terminated 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
10.1
31.1
31.2
31.3
32.1
101.INSXBRL 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.SCHInline XBRL Taxonomy Extension Schema Document.
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document.
101.LABInline XBRL Taxonomy Extension Label Linkbase Document.
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.
104Cover 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 8, 2024/s/ J. Matthew Darden
J. Matthew Darden
Co-Chairman and Chief Executive Officer
Date: May 8, 2024/s/ Frank M. Svoboda
Frank M. Svoboda
Co-Chairman and Chief Executive Officer
Date: May 8, 2024/s/ Thomas P. Kalmbach
Thomas P. Kalmbach
Executive Vice President and Chief Financial Officer

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