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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 June 30, 2025

☐ 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 class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 par value per share	GL	New York Stock Exchange
4.250% Junior Subordinated Debentures	GL PRD	New 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 July 31, 2025
Common Stock, $1.00 Par Value						81,003,536

GL Q2 2025 FORM 10-Q

Table of Contents

Globe Life Inc.

Table of Contents


			Page
PART I. FINANCIAL INFORMATION
	Item 1.	Condensed Consolidated Financial Statements
		Condensed Consolidated Balance Sheets	1
		Condensed Consolidated Statements of Operations	2
		Condensed Consolidated Statements of Comprehensive Income (Loss)	3
		Condensed Consolidated Statements of Shareholders' Equity	4
		Condensed Consolidated Statements of Cash Flows	5

		Notes to Condensed Consolidated Financial Statements	6
		Note 1—Significant Accounting Policies	6
		Note 2—New Accounting Standards	7
		Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive Income	8
		Note 4—Investments	10
		Note 5—Commitments and Contingencies	21
		Note 6—Policy Liabilities	23
		Note 7—Deferred Acquisition Costs	42
		Note 8 —Liability for Unpaid Claims	45
		Note 9 —Postretirement Benefits	46
		Note 10 —Earnings Per Share	48
		Note 11—Debt	49
		Note 12—Business Segments	51
		Note 13—Subsequent Events	58

		Cautionary Statements	60

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	61

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	90

	Item 4.	Controls and Procedures	90

PART II. OTHER INFORMATION

	Item 1.	Legal Proceedings	90

	Item 1A.	Risk Factors	90

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	90

	Item 5.	Other Information	91

	Item 6.	Exhibits	92

Signatures			93

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 Q2 2025 FORM 10-Q

Table of Contents

PART I—FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

Globe Life Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(Dollar amounts in thousands, except per share data)



	June 30, 2025		December 31, 2024
Assets:
Investments:
Fixed maturities—available for sale, at fair value (amortized cost: 2025—$18,959,797; 2024—$18,835,809, allowance for credit losses: 2025— $10,355; 2024— $10,395)	$	17,365,354	$	17,155,012
Mortgage loans	455,767		396,088
Policy loans	718,621		699,669
Other long-term investments (includes: 2025—$1,022,425; 2024—$986,766 under the fair value option)	1,268,624		1,235,759
Short-term investments	116,724		85,035
Total investments	19,925,090		19,571,563
Cash	239,122		165,325
Accrued investment income	271,670		269,791
Other receivables	690,705		691,907
Deferred acquisition costs	6,754,821		6,495,589
Goodwill	490,446		490,446
Other assets	1,437,494		1,391,560
Total assets	$	29,809,348	$	29,076,181
Liabilities:
Future policy benefits at current discount rates: (at original discount rates: 2025—$17,901,979; 2024—$17,552,564)	$	18,846,755	$	18,457,263
Unearned and advance premium	273,195		257,631
Policy claims and other benefits payable	532,179		532,832
Other policyholders' funds	492,146		468,604
Total policy liabilities	20,144,275		19,716,330
Current and deferred income taxes	816,135		731,255
Short-term debt	464,540		415,401
Long-term debt (estimated fair value: 2025—$2,172,267; 2024—$2,122,772)	2,325,642		2,324,251
Other liabilities	639,726		583,424
Total liabilities	24,390,318		23,770,661
Commitments and Contingencies (Note 5)
Shareholders' equity:
Preferred stock, par value $1 per share—5,000,000 shares authorized; outstanding: 0 in 2025 and 2024	—		—
Common stock, par value $1 per share—320,000,000 shares authorized; outstanding: (2025—97,218,183 issued; 2024—97,218,183 issued)	97,218		97,218
Additional paid-in-capital	538,050		527,795
Accumulated other comprehensive income (loss)	(1,983,868)		(2,029,720)
Retained earnings	8,453,893		8,002,521
Treasury stock, at cost: (2025—16,206,643 shares; 2024—13,240,616 shares)	(1,686,263)		(1,292,294)
Total shareholders' equity	5,419,030		5,305,520
Total liabilities and shareholders' equity	$	29,809,348	$	29,076,181

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q2 2025 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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Revenue:
Life premium	$	839,544	$	815,482	$	1,669,407	$	1,619,747
Health premium	378,099		351,643		747,890		692,662

Total premium	1,217,643		1,167,125		2,417,297		2,312,409
Net investment income	282,169		285,636		562,783		568,214
Realized gains (losses)	(18,574)		(12,589)		(18,489)		(24,388)

Other income	49		74		118		150
Total revenue	1,481,287		1,440,246		2,961,709		2,856,385

Benefits and expenses:
Life policyholder benefits(1)	519,355		518,792		1,029,111		1,038,663
Health policyholder benefits(2)	229,924		205,423		463,853		407,750
Other policyholder benefits	6,719		11,479		13,799		21,074
Total policyholder benefits	755,998		735,694		1,506,763		1,467,487

Amortization of deferred acquisition costs	111,401		101,915		216,916		201,393
Commissions, premium taxes, and non-deferred acquisition costs	157,411		149,802		321,734		297,912
Other operating expense	108,293		99,108		217,039		192,322
Interest expense	34,885		31,404		69,877		60,025
Total benefits and expenses	1,167,988		1,117,923		2,332,329		2,219,139

Income before income taxes	313,299		322,323		629,380		637,246
Income tax benefit (expense)	(60,550)		(63,968)		(122,068)		(124,674)



Net income	$	252,749	$	258,355	$	507,312	$	512,572




Basic net income per common share	$	3.09	$	2.83	$	6.13	$	5.53




Diluted net income per common share	$	3.05	$	2.83	$	6.07	$	5.51

(1)Net of a remeasurement gain of $16.7 million for the three months ended June 30, 2025 and a remeasurement gain of $12.4 million for the same period in 2024. Net of a remeasurement gain of $25.3 million for the six months ended June 30, 2025 and a remeasurement gain of $17.3 million for the same period in 2024.

(2)Net of a remeasurement gain of $3.9 million for the three months ended June 30, 2025 and a remeasurement gain of $3.2 million for the same period in 2024. Net of a remeasurement gain of $4.3 million for the six months ended June 30, 2025 and a remeasurement gain of $6.5 million for the same period in 2024.

See accompanying Notes to Condensed Consolidated Financial Statements.

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Globe Life Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

(Dollar amounts in thousands)



	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net income	$	252,749	$	258,355	$	507,312	$	512,572

Other comprehensive income (loss):

Investments:
Unrealized gains (losses) on fixed maturities:
Unrealized holding gains (losses) arising during period	(134,318)		(263,012)		80,810		(568,028)

Other reclassification adjustments included in net income	10,603		7,400		7,262		4,988
Foreign exchange adjustment on fixed maturities recorded at fair value	(1,328)		(117)		(1,758)		1,500



Total unrealized investment gains (losses)	(125,043)		(255,729)		86,314		(561,540)
Less applicable tax (expense) benefit	26,264		53,701		(18,123)		117,923
Unrealized gains (losses) on investments, net of tax	(98,779)		(202,028)		68,191		(443,617)

Future Policy Benefits:
Change in discount rate on future policy benefits	92,229		606,384		(47,123)		1,310,980
Less applicable tax (expense) benefit	(19,367)		(127,342)		9,896		(275,306)
Future policy benefit adjustments, net of tax	72,862		479,042		(37,227)		1,035,674






Foreign exchange translation:
Foreign exchange translation adjustments, other than securities	16,300		641		18,721		(11,956)
Less applicable tax (expense) benefit	(3,425)		(135)		(3,933)		2,511
Foreign exchange translation adjustments, other than securities, net of tax	12,875		506		14,788		(9,445)

Pension:



Pension adjustments	59		118		127		236
Less applicable tax (expense) benefit	(12)		(22)		(27)		(49)
Pension adjustments, net of tax	47		96		100		187

Other comprehensive income (loss)	(12,995)		277,616		45,852		582,799
Comprehensive income (loss)	$	239,754	$	535,971	$	553,164	$	1,095,371

See accompanying Notes to Condensed Consolidated Financial Statements.

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Globe Life Inc.

Condensed Consolidated Statements of Shareholders' Equity

(Unaudited)

(Dollar amounts in thousands, except per share data)


	Preferred Stock		Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Treasury Stock		Total Shareholders' Equity
Balance at December 31, 2024	$	—	$	97,218	$	527,795	$	(2,029,720)	$	8,002,521	$	(1,292,294)	$	5,305,520


Comprehensive income (loss)	—		—		—		58,847		254,563		—		313,410
Common dividends declared ($0.2700 per share)	—		—		—		—		(22,383)		—		(22,383)
Acquisition of treasury stock	—		—		—		—		—		(264,544)		(264,544)
Stock-based compensation	—		—		(3,754)		—		—		15,773		12,019
Exercise of stock options	—		—		—		—		(9,753)		91,147		81,394

Balance at March 31, 2025	—		97,218		524,041		(1,970,873)		8,224,948		(1,449,918)		5,425,416

Comprehensive income (loss)	—		—		—		(12,995)		252,749		—		239,754
Common dividends declared ($0.2700 per share)	—		—		—		—		(21,869)		—		(21,869)
Acquisition of treasury stock	—		—		—		—		—		(250,311)		(250,311)
Stock-based compensation	—		—		14,009		—		—		34		14,043
Exercise of stock options	—		—		—		—		(1,935)		13,932		11,997

Balance at June 30, 2025	$	—	$	97,218	$	538,050	$	(1,983,868)	$	8,453,893	$	(1,686,263)	$	5,419,030


	Preferred Stock		Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Treasury Stock		Total 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

Comprehensive income (loss)	—		—		—		277,616		258,355		—		535,971
Common dividends declared ($0.2400 per share)	—		—		—		—		(21,595)		—		(21,595)
Acquisition of treasury stock	—		—		—		—		—		(335,873)		(335,873)
Stock-based compensation	—		—		7,166		—		—		2,924		10,090
Exercise of stock options	—		—		—		—		—		—		—

Balance at June 30, 2024	$	—	$	102,218	$	534,028	$	(2,189,620)	$	7,943,415	$	(1,162,287)	$	5,227,754

See accompanying Notes to Condensed Consolidated Financial Statements.

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Globe Life Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Dollar amounts in thousands)



	Six Months Ended June 30,
	2025		2024













Cash provided from (used for) operating activities	$	739,813	$	724,923

Cash provided from (used for) investing activities:
Investments sold or matured:
Fixed maturities available for sale—sold	272,067		510,904
Fixed maturities available for sale—matured or other redemptions	132,253		85,385
Mortgage loans	3,437		26,071
Other long-term investments	25,939		14,125
Total investments sold or matured	433,696		636,485
Acquisition of investments:
Fixed maturities—available for sale	(511,297)		(923,096)
Mortgage loans	(66,686)		(92,167)
Other long-term investments	(53,799)		(165,322)
Total investments acquired	(631,782)		(1,180,585)
Net (increase) decrease in policy loans	(18,952)		(19,057)
Net (increase) decrease in short-term investments	(31,689)		(18,820)


Additions to property and equipment	(24,687)		(26,738)

Investments in low-income housing interests	(30,569)		(17,870)
Cash provided from (used for) investing activities	(303,983)		(626,585)

Cash provided from (used for) financing activities:
Issuance of common stock	93,391		29,763
Cash dividends paid to shareholders	(42,524)		(43,681)



Net borrowing from Federal Home Loan Bank (FHLB)	70,000		180,000
Net borrowing (repayment) of commercial paper	26,983		(114,494)
Proceeds from commercial paper with original maturities greater than 90 days	361,118		339,518
Repayment of commercial paper with original maturities greater than 90 days	(408,962)		(236,786)
Acquisition of treasury stock	(514,855)		(359,342)
Net receipts (payments) from deposit-type products	59,600		85,236
Cash provided from (used for) financing activities	(355,249)		(119,786)

Effect of foreign exchange rate changes on cash	(6,784)		6,206
Net increase (decrease) in cash	73,797		(15,242)
Cash at beginning of year	165,325		103,156
Cash at end of period	$	239,122	$	87,914

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q2 2025 FORM 10-Q

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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 to a broad base of customers. The Company is organized into three reportable segments: life insurance, supplemental health insurance, 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 June 30, 2025, and the condensed consolidated results of operations, comprehensive income, and cash flows for the periods ended June 30, 2025 and 2024. The interim period condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements that were included in the Form 10-K filed with the Securities Exchange Commission (SEC) on February 26, 2025.

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.

Reinsurance and Recapture: In the normal course of business, Globe Life insurance subsidiaries will enter into reinsurance agreements to limit their exposure to the risk of loss as well as enhance their capital position. The Company entered into a coinsurance transaction with funds withheld agreement with a third-party reinsurer on March 6, 2025, with an agreement effective date of January 1, 2025. Under the terms of the agreement Globe Life ceded 100% of the liabilities, net of existing reinsurance, associated with certain term and whole life insurance policies. The contract is accounted for under deposit accounting as it did not pass the risk transfer requirements for reinsurance treatment on a GAAP basis. Since the agreement is subject to deposit accounting and meets the right of offset conditions outlined in the accounting policy the Company recorded the initial coinsurance, ceding commission and funds withheld balance on a net basis. At inception, no cash was exchanged between the parties and subsequently, a risk charge was recorded as a component of net investment income in the Condensed Consolidated Statement of Operations, with net cash settlements occurring quarterly between the parties.

On March 31, 2025, the Company entered into a recapture and termination agreement with a third-party reinsurer to recapture certain policies that had previously been ceded under a reinsurance agreement dated November 12, 2001. The recapture was executed to accomplish common objectives between the Company and the reinsurer. As a result of the transaction, the Company received net proceeds of $39 million, which are reflected as operating cash flows in the Condensed Consolidated Statement of Cash Flows. The Company also recognized a gain of approximately $14 million in policyholder benefits in the Condensed Consolidated Statement of Operations.

GL Q2 2025 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 Yet to be Adopted: ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, adds disclosure requirements to disaggregate information related to the effective tax rate reconciliation and information on income taxes paid. The disclosures will enhance the assessment of an 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. The guidance requires only additional disclosure, as a result there will be no effects on our financial position, results of operations or cash flows.

ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, adds disclosure requirements to disaggregate information related to an entity's income statement. The disclosures will allow for enhanced transparency of an entity's expenses.

This standard is effective for the Company for annual periods beginning on January 1, 2027. The Company is evaluating the standard.

GL Q2 2025 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 and six month periods ended June 30, 2025 and 2024:


	Three Months Ended June 30, 2025
	Available for Sale Assets		Future Policy Benefits		Foreign Exchange		Pension Adjustments		Total
Balance at April 1, 2025	$	(1,152,648)	$	(819,131)	$	(19,844)	$	20,750	$	(1,970,873)
Other comprehensive income (loss) before reclassifications, net of tax	(107,155)		72,862		12,875		—		(21,418)
Reclassifications, net of tax	8,376		—		—		47		8,423
Other comprehensive income (loss)	(98,779)		72,862		12,875		47		(12,995)
Balance at June 30, 2025	$	(1,251,427)	$	(746,269)	$	(6,969)	$	20,797	$	(1,983,868)


	Three Months Ended June 30, 2024
	Available for Sale Assets		Future Policy Benefits		Foreign Exchange		Pension Adjustments		Total
Balance at April 1, 2024	$	(1,069,185)	$	(1,390,759)	$	(5,232)	$	(2,060)	$	(2,467,236)
Other comprehensive income (loss) before reclassifications, net of tax	(207,874)		479,042		506		—		271,674
Reclassifications, net of tax	5,846		—		—		96		5,942
Other comprehensive income (loss)	(202,028)		479,042		506		96		277,616
Balance at June 30, 2024	$	(1,271,213)	$	(911,717)	$	(4,726)	$	(1,964)	$	(2,189,620)


	Six Months Ended June 30, 2025
	Available for Sale Assets		Future Policy Benefits		Foreign Exchange		Pension Adjustments		Total
Balance at January 1, 2025	$	(1,319,618)	$	(709,042)	$	(21,757)	$	20,697	$	(2,029,720)
Other comprehensive income (loss) before reclassifications, net of tax	62,454		(37,227)		14,788		—		40,015
Reclassifications, net of tax	5,737		—		—		100		5,837
Other comprehensive income (loss)	68,191		(37,227)		14,788		100		45,852
Balance at June 30, 2025	$	(1,251,427)	$	(746,269)	$	(6,969)	$	20,797	$	(1,983,868)


	Six Months Ended June 30, 2024
	Available for Sale Assets		Future Policy Benefits		Foreign 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	(447,558)		1,035,674		(9,445)		—		578,671
Reclassifications, net of tax	3,941		—		—		187		4,128
Other comprehensive income (loss)	(443,617)		1,035,674		(9,445)		187		582,799
Balance at June 30, 2024	$	(1,271,213)	$	(911,717)	$	(4,726)	$	(1,964)	$	(2,189,620)

GL Q2 2025 FORM 10-Q

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Reclassification Adjustments: Reclassification adjustments out of accumulated other comprehensive income are presented below for the three and six month periods ended June 30, 2025 and 2024.


	Three Months Ended June 30,				Six Months Ended June 30,				Affected line items in the Statements of Operations
Component Line Item	2025		2024		2025		2024
Unrealized investment (gains) losses on available for sale assets:
Realized (gains) losses	$	12,837	$	10,217	$	12,009	$	9,989	Realized (gains) losses

Amortization of (discount) premium	(2,234)		(2,817)		(4,747)		(5,001)		Net investment income
Total before tax	10,603		7,400		7,262		4,988
Tax	(2,227)		(1,554)		(1,525)		(1,047)		Income taxes
Total after-tax	8,376		5,846		5,737		3,941
Pension adjustments:
Amortization of prior service cost	292		269		584		538		Other operating expense
Amortization of actuarial (gain) loss	(233)		(151)		(457)		(302)		Other operating expense
Total before tax	59		118		127		236
Tax	(12)		(22)		(27)		(49)		Income taxes
Total after-tax	47		96		100		187
Total reclassification (after-tax)	$	8,423	$	5,942	$	5,837	$	4,128

GL Q2 2025 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 June 30, 2025 and December 31, 2024, 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 June 30, 2025
	Amortized Cost		Allowance for Credit Losses		Gross 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	$	411,371	$	—	$	131	$	(31,467)	$	380,035	2
States, municipalities, and political subdivisions	3,303,151		—		23,550		(633,924)		2,692,777		16
Foreign governments	39,427		—		21		(9,842)		29,606		—
Corporates, by sector:
Industrials	8,007,486		(7,058)		138,507		(737,473)		7,401,462		43
Financial	5,004,947		—		107,285		(386,613)		4,725,619		27

Utilities	2,113,952		—		55,957		(109,524)		2,060,385		12
Total corporates	15,126,385		(7,058)		301,749		(1,233,610)		14,187,466		82
Collateralized debt obligations	—		—		—		—		—		—
Other asset-backed securities	79,463		(3,297)		114		(810)		75,470		—
Total fixed maturities	$	18,959,797	$	(10,355)	$	325,565	$	(1,909,653)	$	17,365,354	100

(1)Amount reported in the balance sheet.

(2)At fair value.


	At December 31, 2024
	Amortized Cost		Allowance for Credit Losses		Gross 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	$	401,753	$	—	$	1	$	(42,794)	$	358,960	2
States, municipalities, and political subdivisions	3,300,901		—		20,662		(534,759)		2,786,804		16
Foreign governments	36,883		—		18		(8,870)		28,031		—
Corporates, by sector:
Industrials	7,889,074		(7,098)		105,610		(805,330)		7,182,256		42
Financial	5,006,375		—		82,598		(413,043)		4,675,930		27

Utilities	2,081,366		—		39,716		(118,007)		2,003,075		12
Total corporates	14,976,815		(7,098)		227,924		(1,336,380)		13,861,261		81
Collateralized debt obligations	36,923		—		5,943		—		42,866		—
Other asset-backed securities	82,534		(3,297)		39		(2,186)		77,090		1
Total fixed maturities	$	18,835,809	$	(10,395)	$	254,587	$	(1,924,989)	$	17,155,012	100

(1)Amount reported in the balance sheet.

(2)At fair value.

The Company had unfunded commitments of $146 million and $167 million in fixed maturities at June 30, 2025 and December 31, 2024, respectively.

GL Q2 2025 FORM 10-Q

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

A schedule of fixed maturities available for sale by contractual maturity date at June 30, 2025, 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 June 30, 2025
	Amortized Cost, net		Fair Value
Fixed maturities available for sale:
Due in one year or less	$	96,098	$	96,423
Due after one year through five years	809,469		833,243
Due after five years through ten years	1,916,943		1,958,923
Due after ten years through twenty years	9,007,319		8,411,758
Due after twenty years	7,043,430		5,989,520
Mortgage-backed and asset-backed securities	76,183		75,487
	$	18,949,442	$	17,365,354

Analysis of Investment Operations: "Net investment income" for the three and six month periods ended June 30, 2025 and 2024 is summarized as follows:


	Three Months Ended June 30,					Six Months Ended June 30,
	2025		2024		% Change	2025		2024		% Change
Fixed maturities available for sale	$	245,205	$	247,215	(1)	$	487,415	$	493,313	(1)
Policy loans	13,850		13,084		6	27,508		25,900		6
Mortgage loans	5,350		6,909		(23)	12,018		13,669		(12)
Other long-term investments(1)	21,438		18,953		13	44,517		38,616		15
Short-term investments	3,059		3,625			4,535		5,313
	288,902		289,786		—	575,993		576,811		—
Less investment expense	(6,733)		(4,150)		62	(13,210)		(8,597)		54
Net investment income	$	282,169	$	285,636	(1)	$	562,783	$	568,214	(1)

(1)For the three months ended June 30, 2025 and June 30, 2024 the investment funds, accounted for under the fair value option method, recorded $18 million in net investment income for both periods. For the six months ended June 30, 2025 and 2024, the investment funds, accounted for under the fair value option method, recorded $37.3 million and $37.0 million, respectively, in net investment income. Refer to Other Long-Term Investments below for further discussion on the investment funds.

Selected information about sales of fixed maturities available for sale is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Fixed maturities available for sale:
Proceeds from sales(1)	$	218,156	$	483,051	$	272,067	$	510,904
Gross realized gains	1,617		3,869		3,095		4,044
Gross realized losses	(7,026)		(13,933)		(8,490)		(13,968)

(1)During the three and six months ended June 30, 2025 and 2024, the Company had $0 unsettled trades.

GL Q2 2025 FORM 10-Q

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

An analysis of "realized gains (losses)" is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Realized investment gains (losses):
Fixed maturities available for sale:
Sales and other(1)	$	(12,837)	$	(10,113)	$	(12,049)	$	(9,973)

Provision for credit losses	—		(104)		40		(16)
Fair value option—change in fair value	(8,476)		(3,691)		(6,105)		(19,094)
Mortgage loans	(126)		(1,280)		307		(2,154)
Other investments	(264)		837		(1,342)		1,151
Realized gains (losses) from investments	(21,703)		(14,351)		(19,149)		(30,086)

Other gains (losses)	3,129		1,762		660		5,698
Total realized gains (losses)	(18,574)		(12,589)		(18,489)		(24,388)
Applicable tax	3,900		2,644		3,882		5,122
Realized gains (losses), net of tax	$	(14,674)	$	(9,945)	$	(14,607)	$	(19,266)

(1)During the three months ended June 30, 2025 and 2024, the Company recorded $72.6 million and $12.0 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $(3.2) million and $0 realized gains (losses) respectively. During the six months ended June 30, 2025 and 2024, the Company recorded $128.3 million and $78.9 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $(3.1) million and $0 realized gains (losses) respectively.

GL Q2 2025 FORM 10-Q

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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 June 30, 2025 and December 31, 2024:


	Fair Value Measurement at June 30, 2025:
	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	$	—		$	380,035		$	—		$	380,035
States, municipalities, and political subdivisions	—			2,692,777			—			2,692,777
Foreign governments	—			29,606			—			29,606
Corporates, by sector:
Industrials	—			7,222,920			178,542			7,401,462
Financial	—			4,603,643			121,976			4,725,619

Utilities	—			1,942,506			117,879			2,060,385
Total corporates	—			13,769,069			418,397			14,187,466
Collateralized debt obligations	—			—			—			—
Other asset-backed securities	—			42,877			32,593			75,470
Total fixed maturities	$	—		$	16,914,364		$	450,990		$	17,365,354
Percentage of total	—		%	97		%	3		%	100		%


	Fair Value Measurement at December 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	$	—		$	358,960		$	—		$	358,960
States, municipalities, and political subdivisions	—			2,786,804			—			2,786,804
Foreign governments	—			28,031			—			28,031
Corporates, by sector:
Industrials	—			6,998,900			183,356			7,182,256
Financial	—			4,551,737			124,193			4,675,930

Utilities	—			1,890,559			112,516			2,003,075
Total corporates	—			13,441,196			420,065			13,861,261
Collateralized debt obligations	—			—			42,866			42,866
Other asset-backed securities	—			65,907			11,183			77,090
Total fixed maturities	$	—		$	16,680,898		$	474,114		$	17,155,012
Percentage of total	—		%	97		%	3		%	100		%

GL Q2 2025 FORM 10-Q

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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			Corporates			Total
Balance at January 1, 2025	$	11,183		$	42,866		$	420,065		$	474,114

Included in realized gains / losses	—			(588)			(4)			(592)
Included in other comprehensive income	71			—			(3,328)			(3,257)
Acquisitions	21,339			—			17,515			38,854
Sales	—			(36,398)			—			(36,398)
Amortization	—			1,893			13			1,906
Other(1)	—			(7,773)			(15,864)			(23,637)
Transfers into Level 3(2)	—			—			—			—
Transfers out of Level 3(2)	—			—			—			—
Balance at June 30, 2025	$	32,593		$	—		$	418,397		$	450,990
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			Corporates			Total
Balance at January 1, 2024	$	—		$	42,146		$	454,733		$	496,879

Included in realized gains / losses	—			—			—			—
Included in other comprehensive income	—			742			(9,905)			(9,163)
Acquisitions	—			—			14,800			14,800
Sales	—			—			—			—
Amortization	—			2,277			(33)			2,244
Other(1)	—			(2,441)			(21,564)			(24,005)
Transfers into Level 3(2)	—			—			—			—
Transfers out of Level 3(2)	—			—			—			—
Balance at June 30, 2024	$	—		$	42,724		$	438,031		$	480,755
Percent of total fixed maturities	—		%	—		%	3		%	3		%

(1)Includes capitalized interest, foreign exchange adjustments, and principal repayments.

GL Q2 2025 FORM 10-Q

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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		Corporates		Total
At June 30, 2025	$	71	$	—	$	(3,328)	$	(3,257)
At June 30, 2024	—		742		(9,905)		(9,163)

Transfers between levels within the hierarchy occur when there are changes in the observability of the inputs and market data. Transfers into Level 3 occur when there is little unobservable market activity for the asset/liability as of the measurement date and the Company is required to rely upon internally-developed assumptions or third parties. Transfers out of Level 3 occur when quoted prices in active markets becomes available for identical assets/ liabilities or the ability to corroborate by observable market data.

The following table represents quantitative information about Level 3 fair value measurements:

Quantitative Information about Level 3 Fair Value Measurements

June 30, 2025

Fair Value

Valuation
Techniques

Significant Unobservable
Input

Range

Weighted-

Average(1)

Private placement fixed maturities

418,397

Determination of credit spread

Credit rating

B to AAA

BBB+

Asset-backed securities

32,593

Determination of credit spread

Credit rating

CC to BBB

BB+

450,990

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

Private placement fixed maturities and asset-backed securities are valued based on the contractual cash flows discounted by a yield determined as a treasury benchmark rate adjusted for a credit spread. The credit spread is developed from observable indices for similar securities and unobservable indices for private securities or private comparable securities for corresponding credit ratings. The credit ratings for the securities may be considered unobservable inputs, as they are private letter ratings issued by a nationally recognized statistical rating organization or are assigned by the third-party investment manager based on a quantitative and qualitative assessment of the credit underwritten. A higher (lower) credit rating would result in a higher (lower) valuation. For more information regarding valuation procedures, please refer to Note 1—Significant Accounting Policies under the caption Fair Value Measurements, Investments in Securities disclosed in the Form 10-K.

Unrealized Loss Analysis: The following table discloses information about fixed maturities available for sale in an unrealized loss position.


	Less than Twelve Months	Twelve Months or Longer	Total
Number of issues (CUSIPs) held:
As of June 30, 2025	644	1,486	2,130
As of December 31, 2024	705	1,498	2,203

Globe Life's entire fixed maturity portfolio consisted of 2,577 issues by 1,016 different issuers at June 30, 2025 and 2,552 issues by 1,014 different issuers at December 31, 2024. The weighted-average quality rating of all unrealized loss positions at amortized cost was A as of June 30, 2025 and A- as of December 31, 2024.

GL Q2 2025 FORM 10-Q

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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 June 30, 2025 and December 31, 2024.

Analysis of Gross Unrealized Investment Losses


	At June 30, 2025
	Less than Twelve Months				Twelve Months or Longer				Total
	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	$	4,658	$	(497)	$	365,241	$	(30,970)	$	369,899	$	(31,467)
States, municipalities, and political subdivisions	788,376		(47,539)		1,449,974		(586,385)		2,238,350		(633,924)
Foreign governments	—		—		25,084		(9,842)		25,084		(9,842)
Corporates, by sector:
Industrials	1,295,455		(63,946)		3,437,449		(638,215)		4,732,904		(702,161)
Financial	749,725		(23,304)		1,846,917		(346,568)		2,596,642		(369,872)

Utilities	365,180		(9,905)		564,596		(93,048)		929,776		(102,953)
Total corporates	2,410,360		(97,155)		5,848,962		(1,077,831)		8,259,322		(1,174,986)

Other asset-backed securities	6,535		(66)		19,430		(744)		25,965		(810)
Total investment grade securities	3,209,929		(145,257)		7,708,691		(1,705,772)		10,918,620		(1,851,029)

Below investment grade securities:


Corporates, by sector:
Industrials	15,750		(697)		185,564		(34,615)		201,314		(35,312)
Financial	6,185		(32)		96,165		(16,709)		102,350		(16,741)

Utilities	15,778		(794)		35,846		(5,777)		51,624		(6,571)
Total corporates	37,713		(1,523)		317,575		(57,101)		355,288		(58,624)

Other asset-backed securities	—		—		—		—		—		—
Total below investment grade securities	37,713		(1,523)		317,575		(57,101)		355,288		(58,624)
Total fixed maturities	$	3,247,642	$	(146,780)	$	8,026,266	$	(1,762,873)	$	11,273,908	$	(1,909,653)

GL Q2 2025 FORM 10-Q

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	At December 31, 2024
	Less than Twelve Months				Twelve Months or Longer				Total
	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	$	11,268	$	(290)	$	347,527	$	(42,504)	$	358,795	$	(42,794)
States, municipalities, and political subdivisions	778,244		(32,894)		1,532,264		(501,865)		2,310,508		(534,759)
Foreign governments	—		—		24,925		(8,870)		24,925		(8,870)
Corporates, by sector:
Industrials	1,487,940		(73,404)		3,433,034		(690,920)		4,920,974		(764,324)
Financial	961,932		(52,946)		1,785,130		(333,873)		2,747,062		(386,819)

Utilities	546,965		(20,214)		540,077		(90,996)		1,087,042		(111,210)
Total corporates	2,996,837		(146,564)		5,758,241		(1,115,789)		8,755,078		(1,262,353)

Other asset-backed securities	23,231		(95)		42,639		(2,091)		65,870		(2,186)
Total investment grade securities	3,809,580		(179,843)		7,705,596		(1,671,119)		11,515,176		(1,850,962)

Below investment grade securities:


Corporates, by sector:
Industrials	54,199		(2,656)		142,638		(38,350)		196,837		(41,006)
Financial	2,990		(53)		126,811		(26,171)		129,801		(26,224)

Utilities	19,263		(1,113)		24,003		(5,684)		43,266		(6,797)
Total corporates	76,452		(3,822)		293,452		(70,205)		369,904		(74,027)

Other asset-backed securities	—		—		2,198		—		2,198		—
Total below investment grade securities	76,452		(3,822)		295,650		(70,205)		372,102		(74,027)
Total fixed maturities	$	3,886,032	$	(183,665)	$	8,001,246	$	(1,741,324)	$	11,887,278	$	(1,924,989)

Gross unrealized losses may fluctuate quarter over quarter due to 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.

GL Q2 2025 FORM 10-Q

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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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Allowance for credit losses beginning balance	$	10,355	$	7,027	$	10,395	$	7,115
Additions to allowance for which credit losses were not previously recorded	—		—		—		—
Additions (reductions) to allowance for fixed maturities that previously had an allowance	—		105		(40)		17
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	$	10,355	$	7,132	$	10,355	$	7,132

As of June 30, 2025 and December 31, 2024, the Company had one fixed maturity security in non-accrual status with an amortized cost of $5 million and an allowance of $3 million.

Mortgage Loans (commercial mortgage loans): Summaries of commercial mortgage loans by property type and geographical location at June 30, 2025 and December 31, 2024 are as follows:


	June 30, 2025			December 31, 2024
	Carrying Value		% of Total	Carrying Value		% of Total
Property type:
Industrial	$	148,190	32	$	110,456	28
Multi-family	112,680		25	111,234		28
Hospitality	86,250		19	73,931		19
Retail	75,848		16	65,612		16
Mixed use	36,367		8	35,960		9
Office	3,061		1	6,539		2

Total recorded investment	462,396		101	403,732		102
Less allowance for credit losses	(6,629)		(1)	(7,644)		(2)
Carrying value, net of allowance for credit losses	$	455,767	100	$	396,088	100


	June 30, 2025			December 31, 2024
	Carrying Value		% of Total	Carrying Value		% of Total
Geographic location:
Texas	$	82,236	18	$	75,131	19
Florida	81,203		18	63,308		16
New Jersey	55,941		12	51,744		13
California	47,708		10	48,371		12
North Carolina	41,992		9	23,253		6
Alabama	36,577		8	35,850		9
Other	116,739		26	106,075		27
Total recorded investment	462,396		101	403,732		102
Less allowance for credit losses	(6,629)		(1)	(7,644)		(2)
Carrying value, net of allowance for credit losses	$	455,767	100	$	396,088	100

GL Q2 2025 FORM 10-Q

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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 ratios that exceed 80% are generally 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.


	June 30, 2025
	Recorded Investment
	Debt Service Coverage Ratios(1)
	<1.00x		1.00x—1.20x		>1.20x		Total		% of Gross Total
Loan-to-value ratio(2):
Less than 70%	$	114,189	$	56,783	$	242,599	$	413,571	89
70% to 80%	—		—		—		—		—
81% to 90%	—		—		—		—		—
Greater than 90%	12,458		36,367		—		48,825		11
Total	$	126,647	$	93,150	$	242,599	462,396		100
Less allowance for credit losses							(6,629)
Total, net of allowance for credit losses							$	455,767

(1)Annual net operating income divided by annual mortgage debt service (principal and interest).

(2)Loan balance divided by stabilized appraised value at origination, including planned renovations and stabilized occupancy. Updated internal valuations are used when a loan is materially underperforming.


	December 31, 2024
	Recorded Investment
	Debt Service Coverage Ratios(1)
	<1.00x		1.00x—1.20x		>1.20x		Total		% of Gross Total
Loan-to-value ratio(2):
Less than 70%	$	88,507	$	64,494	$	196,867	$	349,868	87
70% to 80%	—		—		—		—		—
81% to 90%	—		—		—		—		—
Greater than 90%	16,136		37,728		—		53,864		13
Total	$	104,643	$	102,222	$	196,867	403,732		100
Less allowance for credit losses							(7,644)
Total, net of allowance for credit losses							$	396,088

(1)Annual net operating income divided by annual mortgage debt service (principal and interest).

As of June 30, 2025, the Company had 37 loans in the portfolio. During the quarter, the Company evaluated the commercial mortgage loan portfolio on both an individual and pooling basis to determine the allowance for credit losses and determined four loans were collateral dependent or likely to foreclose. The allowance for credit losses on these loans was determined using the practical expedient which was based on an estimate of fair value of the underlying collateral plus costs to sell the asset. The total principal balance of the four loans was $49 million and the allowance, determined using the practical expedient, was $3 million as of June 30, 2025. For the three months ended June 30, 2025, one loan with an outstanding principal value of $2 million was removed from the evaluation as a result of foreclosure. For the six months ended June 30, 2025, two loans with an outstanding principal value of $5 million were removed from the evaluation as a result of foreclosure and were transferred into limited partnerships, held under the fair value option, in other long-term investments. As of June 30, 2025, there were two commercial mortgage loans in the process of foreclosure, with an outstanding par value of $41 million and outstanding interest due of $0. For the six months ended June 30, 2025, the allowance for credit losses decreased by $1 million to $6.6

GL Q2 2025 FORM 10-Q

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

million. The provision for credit losses is included in "Realized gains (losses)" in the Condensed Consolidated Statements of Operations.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Allowance for credit losses beginning balance	$	6,731	$	4,546	$	7,644	$	3,672

Provision (reversal) for credit losses	110		1,280		(138)		2,154
Reduction in allowance due to dispositions	(212)		—		(877)		—
Allowance for credit losses ending balance	$	6,629	$	5,826	$	6,629	$	5,826

As of June 30, 2025, the Company had three commercial mortgage loans in non-accrual status with a principal balance of $48 million. As of December 31, 2024, the Company had five commercial mortgage loans in non-accrual status with a principal balance of $53 million. The Company's unfunded commitment balance to commercial loan borrowers was $19 million as of June 30, 2025.

Other Long-Term Investments: Other long-term investments consist of the following assets:


	June 30,
	June 30, 2025		December 31, 2024
Investment funds	$	1,022,425	$	986,766
Company-owned life insurance(1)	202,854		202,734
Other	43,345		46,259
Total	$	1,268,624	$	1,235,759

(1) Company-owned life insurance (COLI) is reported at cash surrender value.

The following table presents additional information about the Company's investment funds as of June 30, 2025 and December 31, 2024 at fair value:


	Fair Value				Unfunded Commitments(2)
Investment Category	June 30, 2025		December 31, 2024		June 30, 2025		Redemption Term/Notice(1)





Commercial mortgage loans	$	577,472	$	566,142	$	170,251	Fully redeemable and non-redeemable with varying terms.
Opportunistic and private credit	219,031		202,008		171,756		Fully redeemable and non-redeemable with varying terms.


Infrastructure	183,102		179,627		25,000		Fully redeemable and non-redeemable with varying terms.


Other	42,820		38,989		57,419		Non-redeemable with varying terms
Total investment funds	$	1,022,425	$	986,766	$	424,426

(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.

(2) Unfunded commitments include unfunded balances during the investment period. After an investment period ends, the fund can call capital based on limited and specified reasons. As of June 30, 2025, unfunded commitments totaled $567 million, including funds past the investment period.

The Company had $57 million of capital called during the period from existing investment funds. The Company's unfunded commitments were $424 million as of June 30, 2025.

GL Q2 2025 FORM 10-Q

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 5—Commitments and Contingencies

Guarantees: At June 30, 2025, Globe Life had no guarantee agreements which were either Parent Company guarantees of subsidiary obligations to a third party or Parent Company guarantees of obligations between wholly-owned subsidiaries.

Letters of credit—The Parent Company has guaranteed letters of credit with a group of banks in connection with its credit facility. 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 credit facility 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 June 30, 2025 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 have a material adverse effect on Globe Life Inc.'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 November 30, 2023, Globe Life Inc. and its 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 independent sales agents contracted to sell American Income Life Insurance Company policies. Globe Life Inc. and American Income Life Insurance Company cooperated fully in responding to the Department of Justice’s requests. On July 28, 2025, the Department of Justice informed the companies that it had closed its investigation. The closing of the investigation means the Department of Justice will not be taking enforcement action against Globe Life Inc. or American Income Life Insurance Company.

In April 2024, Globe Life Inc. received an inquiry from the SEC's Fort Worth Regional Office requesting information related to recent short seller reports making allegations about Globe Life Inc. Globe Life Inc. provided information in response to the SEC’s requests and cooperated fully with the SEC. On July 24, 2025, SEC staff notified Globe Life Inc. that they had concluded their investigation and, based on the information gathered, did not intend to recommend an SEC enforcement action against Globe Life Inc.

On April 30, 2024, a putative securities class action was filed against Globe Life Inc. and six of its current/former executives and directors in the United States District Court for the Eastern District of Texas (City of Miami Gen. Emp. & Sanitation Emp. Ret. Trust, et al. v. Globe Life Inc., et al., Case No. 4:24-cv-00376). On July 24, 2024, the Court appointed Lead Plaintiffs and Lead Counsel for the putative class of shareholders. The Lead Plaintiffs filed a Consolidated Complaint on October 4, 2024 that asserts claims under §§ 10(b), 20(a), and 20(A) of the Securities Exchange Act of 1934 and SEC Rules 10b-5(a), 10b-5(b), and 10b-5(c) promulgated thereunder, on behalf of a putative class of purchasers of Globe Life Inc.'s securities from May 8, 2019 through April 10, 2024. The Consolidated Complaint adds four additional executives as defendants and alleges that certain of Globe Life Inc.'s disclosures about financial performance and certain other public statements during the putative class period were materially false or misleading. Defendants filed a motion to dismiss the litigation on December 3, 2024. Globe Life Inc. plans to vigorously defend against the lawsuit. Pursuant to Globe Life Inc.'s Restated Certificate of Incorporation and indemnification agreements with the named defendants, Globe Life Inc. 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 Globe Life Inc. and the individual defendants. However,

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(Dollar amounts in thousands, except per share data)

the amount of any such loss in that outcome cannot be reasonably estimated at this time. Further, management cannot reasonably estimate whether an outcome on the putative class action will be resolved in the near term.

Also pending in the Eastern District of Texas is a consolidated shareholder derivative suit that is closely related to the putative securities class action disclosed above (the “City of Miami Matter”). On November 7, 2024, Globe Life Inc. shareholder Jui Cheng Hsiao filed a shareholder derivative complaint against Globe Life Inc. as a nominal defendant, as well as certain current and former Globe Life Inc. executives and members of its Board of Directors. On November 14, 2024, Globe Life Inc. shareholder Gautam Jadhav filed a shareholder derivative complaint against the same set of defendants. Each shareholder derivative complaint asserts one claim for breach of fiduciary duty against the individual defendants and alleges that the individual defendants breached their fiduciary duties to Globe Life Inc. by causing or permitting Globe Life Inc. to make misleading statements about its performance and financial results. The allegations are substantially similar to the allegations made in the City of Miami Matter and derive from a short seller report. On November 25, 2024, the two shareholder plaintiffs moved to consolidate the two actions into one action and the Court granted the motion on January 3, 2025 (In re Globe Life Inc. Stockholder Derivative Litigation, Lead Case No. 4:24-cv-00993-ALM (E.D. Tex.)). The case is before the same Court as the City of Miami Matter. On January 16, 2025, the parties filed a joint motion to stay such proceedings pending the Court’s resolution of the motion to dismiss filed by Globe Life Inc. in the City of Miami Matter. The Court granted such joint motion to stay the proceedings on January 25, 2025.

On September 26, 2024, Globe Life Inc. and its subsidiary, American Income Life Insurance Company, were notified by the Equal Employment Opportunity Commission (EEOC) that the EEOC conducted an investigation of charges filed against Globe Life Inc. and/or American Income Life Insurance Company by five former sales agents and one then-current sales agent. The EEOC asserts that there is reasonable cause to believe the six complainants were employees, not independent contractors, of Globe Life Inc. and/or American Income Life Insurance Company and were discriminated against on the basis of sex, and that one complainant was also discriminated against on the basis of race. In addition, the EEOC asserts that there is reasonable cause to believe that a class of female workers were employees, not independent contractors, and were subject to unlawful conduct which also constitutes a pattern-or-practice of discrimination. The EEOC’s investigative findings are not binding on Globe Life Inc. The EEOC’s procedures provide for a conciliation process that has concluded without achieving a resolution. The EEOC may elect to file a lawsuit in federal court on behalf of the workers based on the alleged statutory violations. The EEOC has not filed any legal proceedings at this time. In the event the EEOC elects to pursue any claims in court, Globe Life Inc. intends to defend against any such lawsuit vigorously. The outcome of litigation of this type would be inherently uncertain and cannot be reasonably estimated or determined at this time. There is always the possibility that a Court rules in a manner that is adverse to the interests of Globe Life Inc.

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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 and six month periods ended June 30, 2025 and 2024:


	Life
	Present value of expected future net premiums
	American Income		DTC		Liberty National		Other		Total















Balance at January 1, 2024	$	4,681,888	$	6,052,651	$	1,129,716	$	478,052	$	12,342,307
Beginning balance at original discount rates	4,523,329		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	(113,699)		(122,971)		(17,268)		(7,321)		(261,259)
Adjusted balance at January 1, 2024	4,409,630		5,541,288		1,060,563		436,628		11,448,109
Issuances(1)	412,701		287,040		60,219		12,156		772,116
Interest accrual(2)	109,168		147,351		27,775		11,505		295,799
Net premiums collected(3)	(274,166)		(305,391)		(67,915)		(22,738)		(670,210)

Effect of changes in the foreign exchange rate	(9,222)		—		—		—		(9,222)
Ending balance at original discount rates	4,648,111		5,670,288		1,080,642		437,551		11,836,592

Effect of change from original to current discount rates	(12,208)		140,230		4,591		12,332		144,945
Balance at June 30, 2024	$	4,635,903	$	5,810,518	$	1,085,233	$	449,883	$	11,981,537







Balance at January 1, 2025	$	4,645,917	$	5,622,906	$	1,048,447	$	440,047	$	11,757,317
Beginning balance at original discount rates	4,656,710		5,504,912		1,047,020		430,276		11,638,918
Effect of changes in assumptions on future cash flows	—		—		—		—		—
Effect of actual variances from expected experience	(112,710)		(112,667)		(13,776)		(8,888)		(248,041)
Adjusted balance at January 1, 2025	4,544,000		5,392,245		1,033,244		421,388		11,390,877
Issuances(1)	380,213		257,099		54,393		12,114		703,819
Interest accrual(2)	113,641		144,532		27,056		11,211		296,440
Net premiums collected(3)	(281,023)		(295,271)		(66,699)		(21,904)		(664,897)

Effect of changes in the foreign exchange rate	14,630		—		—		—		14,630
Ending balance at original discount rates	4,771,461		5,498,605		1,047,994		422,809		11,740,869

Effect of change from original to current discount rates	46,620		183,765		15,168		13,975		259,528
Balance at June 30, 2025	$	4,818,081	$	5,682,370	$	1,063,162	$	436,784	$	12,000,397

(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.

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Notes to Condensed Consolidate

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