GL 10-K Fiscal year ended Dec. 31, 2024

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Risk Management and Strategy

We have implemented a comprehensive Enterprise Risk Management (“ERM”) process to identify, assess and manage risks related to our overall organization, including material risks from cybersecurity threats. Our ERM process takes a holistic view of our specific risks and our strategy to anticipate and manage possible risks. Our Executive Vice President, General Counsel and Chief Risk Officer (“CRO”) oversees our ERM program and execution of our risk strategy, including as it relates to cyber risk. The Chief Information Security Officer ("CISO"), who reports to the General Counsel and CRO, leads our cyber risk management and strategy and the Information Security Department.

Our cyber risk management and information security strategy includes elements to identify threats, assess risks, implement protective controls, detect attempts from threat actors to compromise the confidentiality, integrity, and availability of information and information systems, respond to those events and ultimately recover from incidents. We use a threat-based approach to identify and assess cyber risks. This approach includes membership in threat intelligence organizations such as the FS-ISAC (Financial Services Information Sharing and Analysis Center) to identify standard and emerging cyber-threats to financial services organizations and specifically to insurance companies. We also monitor for threats through vendor alerts, manufacturer bulletins, and government advisories.

Identified threats are analyzed using a recognized risk assessment model to consistently assess the likelihood and impact of these threats. We then map these threats to a well-established industry model called MITRE ATT&CK to identify areas of vulnerability. This analysis produces a likelihood score that is used in conjunction with an impact analysis to calculate the preliminary level of risk. The impact analysis includes factors such as disruption to business operations, employee and customer data, legal issues, reputational harm, and regulatory compliance. Based on the preliminary level of risk, we also analyze compensating controls and other factors to arrive at a residual risk level. If appropriate, additional mitigations may be planned based on this risk level.

We manage identified cyber risks by designing and implementing information security policies and controls addressing a wide range of current cyber threats. These policies and associated standards are designed to comply with current applicable legal and regulatory requirements and align with recognized frameworks for cybersecurity risk management. We review and update these policies and controls regularly in order to confirm ongoing alignment with the constantly changing threat landscape and evolving compliance requirements.

We assess the effectiveness of our corporate policies and controls internally, as well as through the engagement of external advisors to conduct regular reviews, penetration tests, and vulnerability scans of Company information systems and applications. Results from these assessments help inform updates to risk assessments, changes to security controls and processes, and updates to policies and standards as appropriate. We employ a variety of internal measures to detect, prevent, and reduce the frequency and severity of cybersecurity incidents on the Company’s infrastructure, which may include, but are not limited to, the use of encryption, intrusion prevention, endpoint security, password protection, multi-factor authentication, internal phishing testing, security awareness training, and vulnerability scanning and penetration testing.

In addition, cybersecurity is incorporated into our third-party risk management program. We assess the ability of our vendors as appropriate to adequately protect information, which includes requiring agreements that address cybersecurity. We periodically review and assess vendors’ adherence to these agreements and review for information security (including cybersecurity) incidents experienced by our third-party vendors. With respect to our independent sales agents, we require each agent to execute an agent agreement containing terms governing the ownership, use and confidentiality of policyholder and proprietary information. We also engage with agency offices to support their use of measures and safeguards to protect information.

Due to the type and volume of information that we collect and store to support our business, including to provide insurance coverage to prospective, current and former policyholders, we are an attractive target for cyber threat actors seeking financial gain. Our failure to maintain the safety of our policyholder’s information could have a

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material adverse effect on our reputation, financial condition and results of operations. To date, we have not experienced a cybersecurity incident that resulted in a material adverse effect on our business strategy, results of operations, or financial condition; however, we anticipate that our systems and data will continue to face attacks or other cybersecurity risks and there can be no guarantee that we will not experience such an incident in the future. Although we maintain cybersecurity insurance, the costs and expenses related to cybersecurity incidents may not be fully insured. We describe whether and how risks from identified cybersecurity threats, including as a result of previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition under Item 1A. Risk Factors , General Risk Factors, “The failure to maintain effective and efficient information systems at the Company could adversely affect our financial condition and results of operations.”

Governance

Our Board of Directors considers information security to be an enterprise-wide risk management issue and oversees material cybersecurity risks through the Audit Committee . The Audit Committee is designated with the responsibility to monitor and periodically report to the full Board regarding management’s risk management and information security processes. The ERM Committee and the Operational Risk Committee (“ORC”) are the senior management-level entities designated with the responsibility to oversee the execution of our risk strategy, including as it relates to cyber risk. These Committees are composed of an enterprise-wide representative group of the Company’s Executive and Senior Vice Presidents, as well as other essential directors and personnel. The ERM Committee is chaired by our CRO, and the ORC is chaired by our Chief Security Officer (“CSO”). The Chief Information Officer (“CIO”) and CISO serve on both Committees. Our CRO has over a decade of experience managing risks at the Company, including risks from cybersecurity threats. Our current CIO has over 15 years of experience managing risks, including risks from cybersecurity threats. Our current CSO has a Certified Information Systems Security Professional certification, a Certified Information Systems Auditor certification, a Certified in Risk and Information Systems Control certification, and over 20 years of experience in cybersecurity. The CISO serves on both Committees and leads cyber governance and strategy, as well as cyber risk and incident management. The current CISO holds a master’s degree in cybersecurity, has a Certified Information Systems Security Professional certification, and has over a decade of experience in cybersecurity.

The CISO assesses cyber risk and provides recommendations for management decision(s) by the ORC on a routine basis. The CISO briefs the Audit Committee on a quarterly basis. These updates include compliance measures designed to meet applicable regulations as well as current or planned changes to the regulations, an overview of the current cyber threats, risk management activities, and discussions of cyber incident investigations that warrant the attention of the Board. The CISO also provides an annual update to the entire Board of Directors on topics such as changes in cybersecurity, top threats facing the Company, key risks and mitigation efforts, and any potential material cybersecurity incidents. The Chair of the Audit Committee also provides a quarterly report to the Board on any information security topics presented to the Audit Committee by management.

Incident Management

The Company maintains and tests a cybersecurity incident response plan that outlines steps for the containment, investigation of, response to and recovery from cyber events. The plan also includes information pertaining to roles and responsibilities, escalation, third-party support, documentation, reporting, and law enforcement engagement. Escalation is designed to raise awareness of events that may require disclosure to help ensure assessments are performed without unreasonable delay. In alignment with our plan, we maintain playbooks that outline processes for responding to certain incidents commonly observed in the insurance industry. In addition, we have implemented a formal crisis management process, which outlines an incident response communication plan with executive leadership as well as criteria for communication with the chair of the Audit Committee and the Lead Director of the Board.

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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 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 consolidated financial statements of Globe Life have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), under guidance issued by the Financial Accounting Standards Board (FASB). The preparation of the 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.

Use of Estimates : The preparation of the 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 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.

Principles of Consolidation : The consolidated financial statements include the results of Globe Life Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. When Globe Life acquires a subsidiary or a block of business, the assets acquired and the liabilities assumed are measured at fair value at the acquisition date. Any excess of acquisition cost over the fair value of net assets is recorded as goodwill. Expenses incurred to effect the acquisition are charged to earnings as of the acquisition date. Upon acquisition, the accounts and results of operations are consolidated as of and subsequent to the acquisition date.

Investments : Globe Life classifies all of its fixed maturity investments as available for sale. Investments classified as available for sale are carried at fair value with unrealized gains and losses, net of taxes, reflected directly in accumulated other comprehensive income (AOCI). Income from investments is recorded in "Net investment income" on the Consolidated Statements of Operations . Gains and losses from sales, maturities, or other redemptions of investments are recorded in "Realized gains (losses)". Gains and losses realized on the disposition of investments are determined on a specific identification basis. Interest income and prepayment fees are recognized when earned. Premiums and discounts are amortized using the effective yield method. When amortized cost of a callable debt security exceeds the first call price, the premium is amortized to the earliest call date. Otherwise, the period of amortization or accretion generally extends from the purchase date to the maturity date.

"Policy loans", which represent loans provided to policyholders using cash values as collateral, are carried at unpaid principal balances.

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"Mortgage loans" or commercial mortgage loans, are a type of investment where the mortgage loan is shared among investors, are accounted for as financing receivables. The commercial mortgage loans are managed by third parties. The Company purchased the legal rights to interests in commercial mortgage loans which are secured by properties such as hotels, retail, multiple family, or offices. The commercial mortgage loans typically have a term of 3 years with the option to extend up to 2 years. The commercial mortgage loans are recorded at unpaid principal balance, net of unamortized origination fees and net of allowance for loan losses. Interest income, net of the amortization of origination fees, is recorded in "Net investment income" under the effective yield method. Our unfunded commitment balance to the commercial loan borrowers was $ 22 million as of December 31, 2024.

"Other long-term investments" include investment funds, equity securities, company-owned life insurance (COLI) and real estate. Investments in equity securities are reported at fair value with changes in fair value, net of taxes, reflected directly in "Realized gains (losses)" in the Consolidated Statements of Operations . COLI is reported at the cash surrender value; changes in the cash surrender value are recorded in net investment income. Investments in real estate are reported at cost less accumulated depreciation. Depreciation is recorded on a straight-line basis over the estimated useful life.

The investment funds consist of limited partnerships whereby the Company has a pro-rata share of ownership ranging from less than 1 % to 20 %. For each investment, the Company has elected the fair value option, but would have been otherwise accounted for as an equity method investment. The fair value option is assessed for each individual investment at the inception of the investment.

Each limited partnership investment is evaluated under applicable GAAP to determine if it is a variable interest entity (VIE) and would qualify for consolidation. Primary beneficiaries are required to consolidate VIEs. The investments are not consolidated because the Company has no power to control the activities that most significantly affect the economic performance of these entities and therefore the Company is not the primary beneficiary of any of these interests. Globe Life's involvement is limited to its limited partnership interest in the entities. The Company has not provided any other financial support to the entities beyond its commitments to fund its limited partnership interests, and there are no arrangements or agreements with any of the interests to provide other financial support. The maximum loss exposure relative to these interests is limited to their carrying value and future commitments. The Company has approximately 2 % of total assets in low-income housing tax credits and certain limited partnerships (investment funds) that qualify as unconsolidated VIEs.

The limited partnership investments are reported at the Company's pro-rata share of the investment fund's net asset value or its equivalent (NAV), as a practical expedient for fair value. Changes in the NAV are recorded in net income and increase the carrying value on the balance sheet. The amount of change in NAV attributable to the net operating results of the fund is recorded in "Net investment income" with the remaining balance of the change reflected in "Realized gains (losses)." Distributions received from the funds reduce the carrying value. Our maximum exposure to loss is equal to the outstanding carrying value and future funding commitments. The Company had $ 239 million of capital called during the year from existing investment funds, reducing our unfunded commitments. Our unfunded commitments were $ 433 million as of December 31, 2024.

"Short-term investments" include investments in interest-bearing assets with original maturities of twelve months or less.

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Fair Value Measurements, Investments in Securities : Globe Life measures the fair value of its "fixed maturities" based on a hierarchy consisting of three levels which indicate the quality of the fair value measurements as described below:

• Level 1— fair values are based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access as of the measurement date.

• Level 2— fair values are based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs that can otherwise be corroborated by observable market data.

• Level 3— fair values are based on inputs that are considered unobservable where there is little, if any, market activity for the asset or liability as of the measurement date. In this circumstance, the Company has to rely on values derived by independent brokers or internally-developed assumptions. Unobservable inputs are developed based on the best information available to the Company which may include the Company’s own data or bid and ask prices in the dealer market.

Certain investments, such as investment funds, that are measured at fair value using the net asset value per share or its equivalent, as a practical expedient, have not been classified in the fair value hierarchy. The net asset value is provided by general partners or managers.

The great majority of Globe Life's "fixed maturities" are not actively traded and direct quotes are not generally available. Management therefore determines the fair values of these securities after consideration of data provided by third-party pricing services, independent broker/dealers, and other resources. At December 31, 2024, the Company's investments in fixed maturities were primarily composed of the following significant security types: corporate securities, state and municipal securities, U.S. government direct, guaranteed, and government-sponsored enterprises securities. The remaining security types represented approximately 1 % of the total in the aggregate.

Approximately 98 % of the fair value of "fixed maturities" reported at December 31, 2024 was determined using data provided by third-party pricing services. Prices provided by these services are not binding offers but are estimated exit values. Third-party pricing services use proprietary pricing models to determine security values by discounting cash flows using a market-adjusted spread to a benchmark yield.

For all asset classes within Globe Life's significant security types, third-party pricing services use a common valuation technique to model the price of the investments using observable market data. The foundation for these models consists of developing yield spreads based on multiple observable market inputs, including but not limited to: benchmark yield curves, actual trading activity, new issue yields, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, sector-specific data, economic data, and other inputs that are corroborated in the market. Pricing vendors monitor and review their pricing data continuously with current market and economic data feeds, augmented by ongoing communication within the dealer community.

Using the observable market inputs described above, spreads to an appropriate benchmark yield are further developed by the vendors for each security based on security-specific and/or sector-specific risk factors, such as a security’s terms and conditions (coupon, maturity, and call features), credit rating, sector, liquidity, collateral or other cash flow options, and other factors that could impact the risk of the security. Embedded repayment options, such as call and redemption features, are also taken into account in the pricing models. When the spread is determined, it is added to the security’s benchmark yield. The security's expected cash flows are discounted using this spread-adjusted yield, and the resulting present value of the discounted cash flows is the evaluated price.

When third-party vendor prices are not available, the Company attempts to obtain valuations from other sources, including but not limited to broker/dealers, broker quotes, and prices on comparable securities.

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When valuations have been obtained for all securities in the portfolio, management reviews and analyzes the prices to ensure their reasonableness, taking into account available and observable information. The Company utilizes pricing from multiple pricing providers and applies a hierarchy of sources to determine price. When two or more valuations are available for a security and the variance between the prices is 10% or less, the close correlation suggests similar observable inputs were used in deriving the price, and the price is selected based on hierarchy of pricing providers. Securities valued in this manner are classified as Level 2. When the variance between two or more valuations for a security exceeds 10%, additional analysis is performed to evaluate the reasonableness of the fair value using the hierarchy and upon the evaluation company may elect to use the hierarchy of pricing providers or use additional resources such as broker quotes, prices on comparable securities, recent trades, and any other observable market data to corroborate the pricing provider. If fair value differences from pricing providers are determined to be unreasonable and additional pricing resources utilizing observable market data cannot corroborate the price within a reasonable tolerance, then the security will be classified as Level 3.

Globe Life invests in private placement fixed maturities. Private placement fixed maturities are generally not an active market. Private placement valuations are based on observable inputs, such as the benchmark treasury rate, published sector indices, and/or publicly traded comparables and unobservable inputs such as an internally-developed credit ratings, public private spreads and/or private letter ratings assigned by the nationally recognized statistical rating organizations. If observable inputs cannot be corroborated, the fair values are classified as Level 3. Refer to Note 4—Investments under the caption Quantitative Information about Level 3 Fair Value Measurements .

The fair values for each class of security and by valuation hierarchy level are indicated in Note 4—Investments under the caption Fair value measurements, and Note 10—Postretirement Benefits under the caption Pension Assets .

Fair Value Measurements, Other Financial Instruments : Fair values for cash and cash equivalents, short-term investments, short-term debt, receivables, and payables approximate carrying value. Cash and cash equivalents are classified as Level 1. Fair values of commercial mortgage loans are determined based upon expected cash flows discounted at an appropriate risk-adjusted rate and are classified as Level 3. The fair value of investments in limited partnerships that provide low-income housing tax credits is based on discounted projected cash flows and are classified as Level 3. Policy loans are an integral part of Globe Life's subsidiaries’ life insurance policies in force and their fair values cannot be valued separately from the insurance contracts. Investment funds are based on net asset value and are excluded from the fair value hierarchy.

The fair values of Globe Life's long and short-term debt issues are based on the same methodology as investments in fixed maturities. At December 31, 2024, observable inputs were available for these debt securities and as such were classified as Level 2 in the valuation hierarchy. The fair value for each debt instrument as of December 31, 2024 is disclosed in Note 12—Debt .

As described in Note 10—Postretirement Benefits , Globe Life maintains a nonqualified supplemental retirement plan. Accordingly, the assets that support the liability for this plan are considered general assets of the Company. These assets consist of the cash value of company-owned life insurance policies (COLI) and exchange traded funds (ETFs). Fair values for the ETFs are derived from direct quotes and are considered Level 1 in the fair value hierarchy.

Current Expected Credit Loss Reserve (fixed maturities) : At the onset of the evaluation, the Company individually assesses each fixed maturity, on a quarterly basis, to determine whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria are met, the Company will write down the fixed maturity's amortized cost basis to fair value through "Realized gains (losses)".

If neither of the aforementioned criteria are met, the Company will evaluate whether the decline in fair value has resulted from a credit event. The Company will evaluate many factors, as further described below, to determine the present value of the expected cash flows. A credit loss occurs when the present value of the expected cash flows is less than the amortized cost basis. This will result in the recording of an allowance for credit losses as a contra

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asset account to the amortized cost basis with an offsetting provision for credit losses in " Realized gains (losses)" on the Consolidated Statements of Operations . Additionally, the current expected credit loss (CECL) methodology includes a fair value floor where the allowance for credit loss for a security cannot exceed the difference between fair value and amortized cost. When it is determined that there is not a credit loss, the decline in fair value is recognized in Other Comprehensive Income .

All changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses recorded to the allowance for credit losses are management's best estimate of the uncollectibility of principal and interest of a fixed maturity.

The evaluation of Globe Life's securities for credit losses is a process that is undertaken at least quarterly and is overseen by a team of investment and accounting professionals. The process for making this determination is highly subjective and involves the careful consideration of many factors. The factors considered include, but are not limited to:

• The Company’s lack of intent to sell the debt security before recovery;

• Whether it is more likely than not the Company will be required to sell prior to maturity;

• The reason(s) for the credit related losses;

• The financial condition of the issuer and the prospects for recovery in fair value of the security;

• Expected future cash flows.

The relative weight given to each of these factors can change over time as facts and circumstances change. In many cases, management believes it is appropriate to give more consideration to prospective factors than to retrospective factors. Prospective factors that are given more weight include prospects for recovery, the Company’s ability and general intent to hold the security until anticipated recovery, and expected future cash flows.

Among the facts and information considered in the process are:

• Financial statements of the issuer;

• Changes in credit ratings of the issuer;

• The value of underlying collateral;

• News and information included in press releases issued by the issuer;

• News and information reported in the media concerning the issuer;

• News and information published by or otherwise provided by securities, economic, or research analysts;

• The nature and amount of recent and expected future sources and uses of cash;

• Default on a required payment;

• Issuer bankruptcy filings.

The expected cash flows are determined using judgment and the best information available to the Company. Inputs used to derive expected cash flows generally include expected default rates, current levels of subordination, and estimated recovery rate. The discount rate utilized in the discounted cash flows is the effective interest rate, which is the rate of return implicit in the asset at acquisition.

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Current Expected Credit Loss Reserve (mortgage loans) : The Company evaluates the performance and credit quality of the commercial mortgage loan portfolio at least on a quarterly basis, or as needed, by utilizing common metrics such as loan-to-value or debt-service ratios as well as covenants, local market conditions, borrower quality, and underlying collateral. The fair value of the underlying collateral is based on a third-party appraisal of the property at origination of the loan. The fair value is assessed on an annual basis or more frequently when a loan is materially underperforming, 30 days delinquent, or in technical default. The Company determines the probability of estimated losses for the performing commercial mortgage loan portfolio on a pool basis each quarter and records an allowance. The allowance for credit losses is based on estimates, historical experience, probability of loss, value of the underlying collateral, and macro factors that affect the collectability of the loan.

If management determines that foreclosure of a particular property is probable, or determines the loan is collateral dependent, the company may elect the practical expedient. for an individual mortgage loan to estimate the expected credit losses, which are based on the fair value of the property less amortized cost, adjusted for selling and other associated costs. See Note 4—Investments for current activity.

Cash : " Cash" consists of balances on hand and on deposit in banks and financial institutions.

Accrued investment income : "Accrued investment income" consists of interest income or dividends earned on the investment portfolio, but which are yet to be received as of the balance sheet date. The Company will write off accrued investment income that is deemed to be uncollectible related to the fixed maturities.

" Accrued investment income " also consists of interest income earned on the commercial mortgage loan portfolio, but which is yet to be received as of the balance sheet date. Accrued investment income will be placed in non-accrual status at the time the loan is 90 days delinquent or otherwise deemed to be uncollectible by management. Accrued investment income that is deemed to be uncollectible will be written off. As of December 31, 2024, the accrued interest receivable for commercial mortgage loans was $ 4.2 million. Mortgage loans generally pay interest monthly, therefore accrued interest is typically for a period of less than 30 days.

As a practical expedient, the Company excludes the accrued investment income from the amortized cost basis of the investment and separately reports it in another financial statement line item, "Accrued investment income." Accordingly, the amount will be excluded from disclosures within Note 4—Investments .

Other Receivables : Agent debit balances primarily represent commissions advanced to insurance agents, a common industry practice. Generally, commissions are paid to an agent when due over the life of a policy as premiums are paid. However, some agents may qualify to have their commissions (primarily first-year commissions) paid in advance of when the commissions are earned. To the extent an advance is made, we will generally advance up to 65 % of first year commissions. This creates an agent debit balance which is classified within “Other receivables”. These balances are repaid to the Company over time, generally one year, as the premiums associated with the advanced commissions are collected by the Company and a portion of the agents' commissions on such premiums are retained in order to repay the balances. If an agent has an agent debit balance with the Company, commissions earned by that agent are generally first applied to reduce the amounts owed to the Company. Any excess will be paid to the agent in cash. The balances were $ 542 million at December 31, 2024 and $ 501 million at December 31, 2023. When an agent sells a policy, commissions are advanced to the agent, and the collection of the advance is made as long as the policy stays in force. While there is a susceptibility to loss should an agent terminate or excessive policy lapses occur, the ability of the Company to continue to collect an agent's commission streams over time from prior sales of policies reduces the Company's exposure to loss.

Commissions are earned by the agent over the contract period as long as premium is paid by the policyholder and the policy stays in force. As the commissions are earned by the agent and commission expense is incurred by the Company the agent debit balance is reduced. The portion of commission expense incurred related to non-level commissions is deferred and recorded as “Deferred acquisition cost.” The portion of level commission is recognized as an expense within “Commissions, premium taxes, and non-deferred acquisition costs.”

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The Company has a very low inherent risk with regard to the collection of agent debit balances and views these balances as recoverable since they are, in aggregate, less than the estimated present value of future commissions discounted at a conservative rate which includes assumptions for lapses and mortality. The Company’s security, or collateral, is in the form of future commission streams collected over the life of the policies sold by the respective agents, which ultimately revert to the Company in the event an agent is terminated. The Company evaluated the agent debit balances on a pool basis to determine the allowance for credit losses, as the loans have similar characteristics. A provision for credit losses will be recorded in "Realized gains (losses)" on the Consolidated Statements of Operations and the asset balance will be reflected in agent debit balances, net of allowance for credit losses ("Other receivables"). As of December 31, 2024 and 2023, the allowance for credit losses was $ 1.4 million and $ 1.2 million, respectively.

Deferred Acquisition Costs : Certain costs of acquiring new insurance business are deferred and recorded as an asset. These costs are capitalized on a grouped contract basis and amortized over the expected term of the related contracts, and are essential for the acquisition of new insurance business. Deferred acquisition costs (DAC) are directly related to the successful issuance of an insurance contract, and primarily include sales commissions, policy issue costs, direct to consumer advertising costs, and underwriting costs. Additionally, DAC includes the value of business acquired (VOBA), which are the costs of acquiring blocks of insurance from other companies or through the acquisition of other companies. These costs represent the difference between the fair value of the contractual insurance assets acquired and liabilities assumed, compared against the assets and liabilities for insurance contracts that the company issues or holds measured in accordance with GAAP.

DAC is amortized on a constant-level basis over the expected term of the grouped contracts, with the related expense included in amortization of deferred acquisition costs on the Consolidated Statements of Operations . The in-force metric used to compute the DAC amortization rate is annualized premium in force. The assumptions used to amortize acquisition costs include mortality, morbidity, and lapses. These assumptions are reviewed at least annually and revised in conjunction with any change in the future policy benefit assumptions. The effect of changes in the assumptions are recognized over the remaining expected contract term as a revision of future amortization amounts.

VOBA is amortized on a basis that is consistent with DAC, as described above, and is subject to periodic recoverability and loss recognition testing to determine if there is a premium deficiency. These tests evaluate whether the present value of future contract-related cash flows will support the capitalized VOBA asset. These cash flows consist primarily of premium income, less benefits and expenses. The present value of these cash flows, less the liability for future policy benefits, is then compared with the unamortized balance. In the event the estimated present value of net cash flows is less, the deficiency would be recognized by a charge to earnings and either a reduction of unamortized acquisition costs or an increase in the liability for future policy benefits. Refer to Note 7—DAC .

Advertising Costs : Costs related to advertising are generally charged to expense as incurred. However, certain Direct to Consumer advertising costs are capitalized when there is a reliable and demonstrated relationship between total costs and future benefits that is a direct result of incurring these costs. Advertising costs consist primarily of internet advertising costs and the production and distribution costs of direct mail advertising materials, and when capitalized are included as a component of DAC. Additionally, they are amortized in the same manner as other DAC. Advertising costs charged to earnings and included in commissions, premium taxes, and non-deferred acquisition costs were $ 15.7 million, $ 19.2 million, and $ 9.4 million in 2024, 2023, and 2022, respectively. Unamortized capitalized advertising costs included within DAC were $ 1.6 billion at December 31, 2024 and $ 1.6 billion at December 31, 2023.

Goodwill : The excess cost of a business acquired over the fair value of net assets acquired is reported as goodwill. In accordance with the guidance, goodwill is subject to impairment testing on an annual basis, or whenever potential impairment triggers occur. Impairment testing involves the performance of a qualitative analysis, which involves assessing current events and circumstances to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. In the event the fair value is less than the carrying value, further testing is required to determine the amount of impairment, if any. If there is an impairment in the goodwill of any reporting unit,

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it is written down and charged to earnings in the period of the test. Globe Life tests its goodwill annually as of June 30th for each of the years 2022 through 2024. The Company's goodwill was not impaired in any of those periods. The Company completed the acquisition of Evry Health during 2024 resulting in an increase in goodwill of $ 8.7 million.

Low-Income Housing Tax Credit Interests : Globe Life invests in limited partnerships that provide low-income housing tax credits and other related federal income tax benefits to the Company. Globe Life holds passive interests in limited partnerships that provide investment returns through the provision of tax benefits (principally from the transfer of federal or state tax credits related to federal low-income housing). These investments are considered to be VIEs and do not qualify for consolidation. The carrying value of the Company's investment in these entities was $ 270 million and $ 267 million at December 31, 2024 and 2023, respectively, and was included in "Other assets" on the Consolidated Balance Sheets . As of December 31, 2024, Globe Life was obligated under future commitments of $ 76 million, which are recorded in "Other liabilities." For guaranteed investments acquired prior to January 1, 2015, the Company utilizes the effective-yield method of amortization, while the proportional method of amortization is utilized for all non-guaranteed and guaranteed investments acquired on or after January 1, 2015. All net amortization expense and income tax benefits are recorded in "Income tax benefit (expense)" on the Consolidated Statements of Operations .

Property and Equipment : Property and equipment, included in “Other assets,” is reported at cost less accumulated depreciation. Depreciation is recorded primarily on the straight line method over the estimated useful lives of these assets which range from three to fifteen years for equipment and software, and fifteen to forty years for buildings and improvements. Ordinary maintenance and repairs are charged to income as incurred. Impairments, if any, are recorded when certain events and circumstances become evident that the fair value of the asset is less than its carrying amount. Original cost of property and equipment was $ 527 million at December 31, 2024 and $ 455 million at December 31, 2023. Accumulated depreciation was $ 242 million at the end of 2024 and $ 215 million at the end of 2023. Depreciation expense was $ 27 million in 2024, $ 21 million in 2023, and $ 21 million in 2022. Internally generated software costs are expensed as incurred in the preliminary project phase and post-implementation phase, and are capitalized during the application development stage. Additionally, implementation costs incurred in a hosting arrangement that is a service contract are capitalized. See below for a breakout of the net balance by asset class for the year ended December 31, 2024 and 2023:

			Year Ended December 31,
			2024						2023
Property and equipment, net of accumulated depreciation:
Company occupied real estate			$	36,656					$	32,566
Data processing equipment			219,614						198,150
Transportation equipment			26,346						7,405
Furniture and equipment			1,656						1,776
Total property and equipment, net of depreciation			$	284,272					$	239,897

Future Policy Benefits : The liability for future policy benefits for traditional and limited-payment long duration life and health products comprises approximately 93 % of the total liability for future policy benefits. The liability is determined each reporting period based on the net level premium method. This method requires the liability for future policy benefits 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. Net level premiums reflect a recomputed net premium ratio using actual experience since the issue date or January 1, 2021, the Transition Date (1) , and expected future experience. The liability is accrued as premium revenue is recognized and adjusted for differences between actual and expected experience. Long-duration insurance contracts issued by the Company are grouped into cohorts based on the contract issue year, distribution channel, legal entity, and product type.

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Both the present value of expected future benefit payments and the present value of expected future net premiums are based primarily on assumptions of discount rates, mortality, morbidity, and lapses. Each quarter, the Company remeasures its liability for future policy benefits using current discount rates with the effect of the change recognized in Other Comprehensive Income, a component of shareholders’ equity. In addition, the Company recognizes a liability remeasurement gain or loss within the Consolidated Statements of Operations using original discount rates, and relating to actual experience under the net premium calculation, as compared to the prior reporting period assumptions.

The Company regularly reviews its cash flow assumptions (mortality, morbidity, and lapses) used to calculate the change in the liability for future policy benefits. These cash flow assumptions are updated as necessary in the third quarter of every year, or more frequently if suggested by experience. If cash flow assumptions are changed, the net premium ratio is recalculated from the original issue date, or the Transition Date, using actual experience and projected future cash flows. When the expected future net premiums exceed the expected future gross premiums (capping), or the present value of future policyholder benefits exceeds the present value of expected future gross premiums (flooring), the liability for future policy benefits is adjusted with changes recognized in policyholder benefits on the Consolidated Statements of Operations . The cash flow assumptions do not include an adjustment for adverse deviation. Mortality tables used for individual life insurance include various industry tables and reflect modifications based on Company experience. Morbidity assumptions for individual health are based on Company experience and industry data. Lapse assumptions are based on Company experience.

The liability for future policy benefits is discounted as noted above, using a current upper-medium grade fixed-income instrument yield that reflects the duration characteristics of the liability for future policy benefits. The methodology for determining current discount rates consists of constructing a discount rate curve intended to be reflective of the currency and tenor of the insurance liability cash flows. The methodology is designed to prioritize observable inputs based on market data available in the local debt markets denominated in the same currency as the policies. For the discount rates applicable to tenors for which the single-A debt market is not liquid or there is little or no observable market data, the Company will use estimation techniques consistent with the fair value guidance in ASC 820. We further accrete interest as a component of policyholder benefits using the original discount rate that is locked-in during the year of contract issuance. The original discount rates (or the locked-in discount rates) are used for interest accretion purposes and for the determination of net premiums, whereas the current discount rates are used for purposes of valuing the liability.

The liability for future policy benefits for annuity and interest sensitive life-type products is represented by policy account value. For limited-payment contracts, a deferred profit liability is also recorded, with changes recognized in income over the life of the contract in proportion to the amount of insurance in force. Refer to Note 6—Policy Liabilities .

Reinsuranc e : 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. To qualify for reinsurance accounting in accordance with applicable guidance, the assuming company (reinsurer) must have the “reasonable possibility” that it may realize a “significant loss.” In instances where the ceding company does not transfer significant insurance risk to the reinsurer, deposit accounting is utilized. Any risk charges payable related to reinsurance agreements where deposit accounting is applicable are recorded as an Other Liability. Any balances due to the Company under the terms of the reinsurance agreement are recorded as a reinsurance recoverable within Other Assets on the Consolidated Balance Sheets . Any ceding commission due to the Company under the terms of the reinsurance agreement are recorded in income over the remaining life of the ceding contracts.

In the fourth quarter of 2024, the Company entered into a coinsurance agreement to cede a majority of its annuity business to a third-party insurer. The annuity reserves ceded totaled $ 462 million. The pre-tax ceding commission under the agreement was approximately $ 50 million and will be recognized into income over the remaining life of the ceded contracts. Amounts paid to the reinsurer upon entering into the coinsurance agreement were $413 million, which are reflected as a cash outflow within financing activities in the Consolidated Statement of Cash Flows . The underlying policies ceded are deposit-type contracts and the coinsurance agreement transfers only timing risk to the reinsurer. Net amounts paid to the reinsurer and reimbursements for losses after inception of the

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coinsurance agreement are reported as financing activities within "Net receipts (payments) from deposit-type products" . Under the terms of the agreement, the assuming company will be required to maintain assets in trust at 105 % of reserves. The Company's annuity business comprises less than 1% of revenue and is not core to the Company's business, therefore we have adjusted our segment reporting to reflect the annuity business as a reconciling item to income before taxes in the segment reporting in this Form 10-K. Prior periods presented have been recast for comparability.

Unearned and Advanced Premium : Premium collected from both life and health policies that have not been earned and recognized in accordance with applicable GAAP. Refer to Recognition of Premium Revenue below.

Policy Claims and Other Benefits Payable : Globe Life establishes a liability for known policy benefits payable and an estimate of claims that have been incurred but not yet reported to the Company. Globe Life makes an estimate of unreported claims after careful evaluation of all information available to the Company. This estimate is based on prior experience and is reviewed quarterly. However, there is no certainty the stated liability for claims and other benefits, including the estimate of unsubmitted claims, will be Globe Life's ultimate obligation. For more information, see Note 8—Liability for Unpaid Claims .

Current and Deferred Income Taxes : Current and deferred income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement book values and tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

Postretirement Benefits : Globe Life accounts for its postretirement defined benefit plans by recognizing the funded status of those plans on its Consolidated Balance Sheets in accordance with accounting guidance. Periodic gains and losses attributable to changes in plan assets and liabilities that are not recognized as components of net periodic benefit costs are recognized as components of other comprehensive income, net of tax. The supplemental executive retirement plan is accounted for consistent with the qualified noncontributory pension plan. The assets are included in a Rabbi Trust and recorded in Other Assets on the Consolidated Balance Sheets . More information concerning the accounting and disclosures for postretirement benefits is found in Note 10—Postretirement Benefits .

Treasury Stock : Globe Life accounts for purchases of treasury stock on the cost method. Issuance of treasury stock is accounted for using the weighted-average cost method. More information is found in Note 13—Shareholders' Equity .

Recognition of Premium Revenue : Premium income for traditional long-duration life and health insurance products is recognized evenly over the contract period and when due from the policyholder. Premiums for short-duration health contracts are recognized as revenue over the contract period in proportion to the insurance protection provided. Premiums for universal life-type and annuity contracts are added to the policy account value, and revenues for such products are recognized as charges to the policy account value for mortality, administration, and surrenders (retrospective deposit method). Life premium includes policy charges of $ 12.3 million, $ 12.9 million, and $ 13.5 million for the years ended December 31, 2024, 2023, and 2022, respectively. Other premium consists of annuity policy charges in each year. For limited-payment life insurance products, the profits are recognized over the contract period.

Commission, premium taxes, and non-deferred acquisition costs : Commissions represent commission-related amounts that are not deferred. Premium taxes are taxes incurred on premiums written within a state jurisdiction. Non-deferred acquisition costs relate to expenses incurred in the selling or issuing of business which are non-deferrable.

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			2024						2023						2022
Commissions			$	317,576					$	295,877					$	285,477
Premium taxes			96,790						91,021						86,278
Non-deferred acquisition costs			186,387						172,269						134,267
Total			$	600,753					$	559,167					$	506,022

Stock-Based Compensation : Globe Life accounts for stock-based compensation by recognizing an expense in the consolidated financial statements based on the “fair value method.” The fair value method requires that a fair value be assigned to a stock option or other stock grant on its grant date and that this value be amortized over the grantees’ service period.

The fair value method requires the use of an option valuation model to value employee stock options. Globe Life has elected to use the Black-Scholes valuation model for option expensing.

A summary of assumptions for options granted in each of the three years 2022 through 2024 is as follows:

			2024						2023						2022
Volatility factor			22.0		%				23.0		%				22.3		%
Dividend yield			0.7		%				0.7		%				0.8		%
Expected term (in years)			5.10						5.10						5.12
Risk-free rate			4.3		%				4.1		%				1.9		%

The expected term is generally derived from Company experience. However, expected terms are determined based on the simplified method as permitted under the ASC 718, Stock Compensation, topic when Company experience is insufficient. On April 26, 2018, the shareholders approved the Globe Life Inc. 2018 Incentive Plan, formerly the Torchmark Corporation 2018 Incentive Plan (the "2018 Incentive Plan"). The 2018 Incentive Plan replaced all previous plans. The 2018 Incentive Plan allows for option grants for employees with a seven-year contractual term which vest over three years in addition to ten-year grants which vest over five years as permitted by the previous plans. Director grants vest over six months . Volatility and risk-free interest rates are assumed over a period of time consistent with the expected term of the option. Volatility is measured on a historical basis. Monthly data points are utilized to derive volatility for periods three years and longer. Expected dividend yield is based on current dividend yield held constant over the expected term. Once the fair value of an option has been determined, it is amortized on a straight-line basis over the employee’s service period for that grant (from the grant date to the date the grant is fully vested). Expenses for restricted stock and restricted stock units are based on the grant date fair value allocated on a straight-line basis over the service period. Performance share expense is recognized based on management’s estimate of the probability of meeting the metrics identified in the performance share award agreement, assigned to each service period as these estimates develop.

Stock-based compensation expense is included in “Other operating expense” in the Consolidated Statements of Operations . Globe Life management views all stock-based compensation expense as part of insurance administration expense and, therefore, presents as such in its segment analysis. More information concerning the Company's segments is provided in Note 15—Business Segments .

Accounting Pronouncements Adopted in the Current Year : ASU No. 2022-03 , Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, adds disclosure requirements

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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 consolidated financial statements.

ASU No. 2023-07 , Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , adds disclosure requirements to segment expenses, improving the financial reporting of the entity’s overall performance and assessment of future cash flows. The disclosures required 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 was implemented on a retrospective basis. Refer to Note 15—Business Segments for further discussion of the Company's segments.

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 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 consolidated financial statements.

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.

Note 2—Statutory Accounting

Our U.S. based life insurance subsidiaries of Globe Life are required to file statutory financial statements with state insurance regulatory authorities. Accounting principles used to prepare these statutory financial statements differ from GAAP. Consolidated net income and shareholders’ equity (capital and surplus) on a statutory basis for the insurance subsidiaries were as follows:

			Net Income																		Shareholders’ Equity
			Year Ended December 31,																		At December 31,
			2024						2023						2022						2024						2023
Life insurance subsidiaries			$	688,665					$	434,952					$	444,294					$	1,690,663					$	1,660,104

The excess, if any, of shareholders' equity of the insurance subsidiaries on a GAAP basis over that determined on a statutory basis is not available for distribution by the insurance subsidiaries to the Parent Company without regulatory approval. Insurance subsidiaries’ statutory capital and surplus necessary to satisfy regulatory requirements in the aggregate was $ 627 million at December 31, 2024. More information on the restrictions on the payment of dividends can be found in Note 13—Shareholders' Equity .

The Company's statutory financial statements are presented on the basis of accounting practices prescribed by the insurance department of the state of domicile of each insurance subsidiary. While all states have adopted the

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National Association of Insurance Commissioners’ ("NAIC") statutory accounting practices ("NAIC SAP") as the basis for statutory accounting, certain states have retained prescribed practices of their respective insurance code or administrative code which can differ from NAIC SAP. For Globe Life's life insurance companies, there are no significant differences between NAIC SAP and the accounting practices prescribed by the states of domicile.

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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 each of the years 2022 through 2024:

			Available for Sale Assets						Future Policy Benefits						Foreign Exchange						Pension Adjustments						Total
For the year ended December 31, 2022:
Balance at January 1, 2022			$	2,765,290					$	( 6,915,910 )					$	19,248					$	( 103,676 )					$	( 4,235,048 )
Other comprehensive income (loss) before reclassifications, net of tax			( 4,211,540 )						5,546,706						( 20,929 )						94,055						1,408,292
Reclassifications, net of tax			25,578						—						—						10,865						36,443
Other comprehensive income (loss)			( 4,185,962 )						5,546,706						( 20,929 )						104,920						1,444,735
Balance at December 31, 2022			( 1,420,672 )						( 1,369,204 )						( 1,681 )						1,244						( 2,790,313 )
For the year ended December 31, 2023:
Other comprehensive income (loss) before reclassifications, net of tax			529,688						( 578,187 )						6,400						( 3,087 )						( 45,186 )
Reclassifications, net of tax			63,388						—						—						( 308 )						63,080
Other comprehensive income (loss)			593,076						( 578,187 )						6,400						( 3,395 )						17,894
Balance at December 31, 2023			( 827,596 )						( 1,947,391 )						4,719						( 2,151 )						( 2,772,419 )
For the year ended December 31, 2024:
Other comprehensive income (loss) before reclassifications, net of tax			( 494,996 )						1,238,349						( 26,476 )						22,474						739,351
Reclassifications, net of tax			2,974						—						—						374						3,348
Other comprehensive income (loss)			( 492,022 )						1,238,349						( 26,476 )						22,848						742,699
Balance at December 31, 2024			$	( 1,319,618 )					$	( 709,042 )					$	( 21,757 )					$	20,697					$	( 2,029,720 )

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Reclassification adjustments : Reclassification adjustments out of Accumulated Other Comprehensive Income are presented below for the three years ended December 31, 2024.

						Year Ended December 31,																		Affected line items in the Statement of Operations
Component Line Item						2024						2023						2022
Unrealized investment (gains) losses on available for sale assets:
Realized (gains) losses						$	14,843					$	84,416					$	32,165					Realized (gains) losses
Amortization of (discount) premium						( 11,079 )						( 4,178 )						212						Net investment income
Total before tax						3,764						80,238						32,377
Tax						( 790 )						( 16,850 )						( 6,799 )						Income taxes
Total after-tax						2,974						63,388						25,578
Pension adjustments:
Amortization of prior service cost						1,071						1,075						1,077						Other operating expense
Amortization of actuarial (gain) loss						( 597 )						( 1,465 )						12,677						Other operating expense
Total before tax						474						( 390 )						13,754
Tax						( 100 )						82						( 2,889 )						Income taxes
Total after-tax						374						( 308 )						10,865
Total reclassification (after-tax)						$	3,348					$	63,080					$	36,443

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

			At December 31, 2023
			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			$	398,450					$	—					$	7					$	( 32,306 )					$	366,151					2
States, municipalities, and political subdivisions			3,296,305						—						47,346						( 403,329 )						2,940,322						16
Foreign governments			44,453						—						1						( 10,348 )						34,106						—
Corporates, by sector:
Industrials			8,016,126						( 7,115 )						213,078						( 566,847 )						7,655,242						43
Financial			5,028,151						—						112,368						( 388,340 )						4,752,179						27
Utilities			2,017,967						—						73,925						( 94,130 )						1,997,762						11
Total corporates			15,062,244						( 7,115 )						399,371						( 1,049,317 )						14,405,183						81
Collateralized debt obligations			37,110						—						5,036						—						42,146						—
Other asset-backed securities			86,352						—						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.

At December 31, 2024 and 2023, the Company had unfunded commitments of $ 167 million and $ 0 , respectively, in fixed maturity investments.

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The Company has exposure to real estate investment trusts with an average rating of BBB+, which had a fair value of $ 405 million ( 2 % of the total fixed maturity portfolio) and $ 425 million ( 2 % of the total fixed maturity portfolio) at December 31, 2024 and December 31, 2023, respectively.

A schedule of fixed maturities available for sale by contractual maturity date at December 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 December 31, 2024
			Amortized Cost, net						Fair Value
Fixed maturities available for sale:
Due in one year or less			$	126,902					$	126,643
Due after one year through five years			728,959						741,488
Due after five years through ten years			1,869,090						1,873,345
Due after ten years through twenty years			8,729,774						8,118,486
Due after twenty years			7,254,503						6,175,067
Mortgage-backed and asset-backed securities			116,186						119,983
			$	18,825,414					$	17,155,012

Analysis of investment operations: "Net investment income" for the three years ended December 31, 2024 is summarized as follows:

			Year Ended December 31,
			2024						2023						2022
Fixed maturities available for sale			$	981,439					$	944,628					$	910,284
Policy loans			52,625						49,011						46,586
Mortgage loans			27,809						19,541						9,719
Other long-term investments (1)			81,834						54,655						40,837
Short-term investments			11,151						6,322						2,156
			1,154,858						1,074,157						1,009,582
Less investment expense			( 19,227 )						( 17,273 )						( 17,782 )
Net investment income			$	1,135,631					$	1,056,884					$	991,800

(1) For the years ended 2024, 2023, and 2022, the investment funds, accounted for under the fair value option method, recorded $ 74.8 million, $ 52.3 million, and $ 40.3 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:

			Year Ended December 31,
			2024						2023						2022
Fixed maturities available for sale:
Proceeds from sales (1)			$	1,207,237					$	602,556					$	390,392
Gross realized gains			21,196						5,554						1,296
Gross realized losses			( 32,956 )						( 80,823 )						( 57,996 )

(1) Includes unsettled trades of $ 866 thousand, $ 0 , and $ 0 as of December 31, 2024, 2023, and 2022, respectively.

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

			Year Ended December 31,
			2024						2023						2022
Realized investment gains (losses):
Fixed maturities available for sale:
Sales and other (1)			$	( 11,563 )					$	( 77,301 )					$	( 32,552 )
Provision for credit losses			( 3,280 )						( 7,115 )						387
Fair value option—change in fair value			( 16,717 )						15,102						( 29,353 )
Mortgage loans			( 3,972 )						( 5,603 )						( 963 )
Other investments			2,936						1,792						4,681
Realized gains (losses) from investments			( 32,596 )						( 73,125 )						( 57,800 )
Other gains (losses)			8,408						7,449						( 18,748 )
Total realized gains (losses)			( 24,188 )						( 65,676 )						( 76,548 )
Applicable tax			5,080						13,792						16,075
Realized gains (losses), net of tax			$	( 19,108 )					$	( 51,884 )					$	( 60,473 )

(1) For the years ended 2024, 2023, and 2022, the Company recorded $ 105.6 million, $ 50.9 million, and $ 147.6 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $ 0 , $( 1.9 ) million, and $ 1.9 million, respectively, in realized gains (losses). During the year ended December 31, 2023, the Company sold $ 66 million in securities relating to holdings in Signature Bank New York and First Republic Bank, which entered receivership during the first half of 2023.

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Fair value measurements: The following tables represent the fair value of fixed maturities measured on a recurring basis at December 31, 2024 and 2023:

			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		%

			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		%

The following tables represent changes in fixed maturities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

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			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, 2022			$	—					$	63,505					$	641,688					$	705,193
Included in realized gains / losses			—						—						—						—
Included in other comprehensive income			—						( 13,771 )						( 91,385 )						( 105,156 )
Acquisitions (1)			—						—						—						—
Sales			—						—						—						—
Amortization			—						4,519						7						4,526
Other (2)			—						( 3,889 )						( 72,227 )						( 76,116 )
Transfers into Level 3 (3)			—						—						—						—
Transfers out of Level 3 (3)			—						—						—						—
Balance at December 31, 2022			—						50,364						478,083						528,447
Included in realized gains / losses			—						—						—						—
Included in other comprehensive income			—						( 8,230 )						4,541						( 3,689 )
Acquisitions (1)			—						—						—						—
Sales			—						—						—						—
Amortization			—						4,569						155						4,724
Other (2)			—						( 4,557 )						( 28,046 )						( 32,603 )
Transfers into Level 3 (3)			—						—						—						—
Transfers out of Level 3 (3)			—						—						—						—
Balance at December 31, 2023			—						42,146						454,733						496,879
Included in realized gains / losses			—						—						740						740
Included in other comprehensive income			37						907						( 4,607 )						( 3,663 )
Acquisitions (1)			8,948						—						14,800						23,748
Sales			—						—						—						—
Amortization			—						4,548						217						4,765
Other (2)			—						( 4,735 )						( 45,818 )						( 50,553 )
Transfers into Level 3 (3)			2,198						—						—						2,198
Transfers out of Level 3 (3)			—						—						—						—
Balance at December 31, 2024			$	11,183					$	42,866					$	420,065					$	474,114
(1) Acquisitions of Level 3 investments in each of the years 2022 through 2024 are comprised of private placement fixed maturities and equities. (2) Includes capitalized interest, foreign exchange adjustments, and principal repayments. (3) 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.
Changes in unrealized gains and losses for Level 3 securities during the period included in accumulated other comprehensive income for assets held at the end of the reporting period:
			Asset- backed Securities						Collateralized Debt Obligations						Corporates						Total
2022			$	—					$	( 13,771 )					$	( 91,385 )					$	( 105,156 )
2023			—						( 8,230 )						4,541						( 3,689 )
2024			37						907						( 4,607 )						( 3,663 )

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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

As of December 31, 2024

Fair Value

Valuation Techniques

Significant Unobservable Input

Range

Weighted- Average (1)

Private placement fixed maturities

$

420,065

Determination of credit spread

Credit rating

B to AA

BBB+

Collateralized debt obligations

42,866

Discounted Cash Flows

Discount rate

11.75 %

11.75 %

Asset-backed securities

11,183

Determination of credit spread

Credit rating

CC - BBB

BB

$

474,114

(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.

The collateral underlying collateralized debt obligations consists primarily of trust preferred securities issued by banks and insurance companies. Collateralized debt obligations are valued at the present value of expected future cash flows using an unobservable discount rate. Expected cash flows are determined by scheduling the projected repayment of the collateral assuming no future defaults, deferrals, or recoveries. The discount rate is risk-adjusted to take these items into account. A significant increase (decrease) in the discount rate will produce a significant decrease (increase) in fair value. Additionally, a significant increase (decrease) in the cash flow expectations would result in a significant increase (decrease) in fair value. For more information regarding valuation procedures, please refer to Note 1—Significant Accounting Policies under the caption Fair Value Measurements, Investments in Securities.

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 December 31, 2024			705						1,498						2,203
As of December 31, 2023			151						1,614						1,765

Globe Life's entire fixed maturity portfolio consisted of 2,552 issues by 1,014 different issuers at December 31, 2024 and 2,473 issues by 980 different issuers at December 31, 2023. The weighted-average quality rating of all unrealized loss positions at amortized cost was A- as of December 31, 2024 and December 31, 2023.

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The following tables disclose unrealized investment losses by class and major sector of fixed maturities available for sale at December 31, 2024 and December 31, 2023.

Analysis of Gross Unrealized Investment Losses

			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 )
Collateralized debt obligations			—						—						—						—						—						—
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 )
Collateralized debt obligations			—						—						—						—						—						—
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.

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Analysis of Gross Unrealized Investment Losses

			At December 31, 2023
			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			$	—					$	—					$	364,006					$	( 32,306 )					$	364,006					$	( 32,306 )
States, municipalities, and political subdivisions			252,800						( 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:
Industrials			191,573						( 3,881 )						4,317,827						( 530,011 )						4,509,400						( 533,892 )
Financial			242,099						( 6,584 )						2,341,424						( 339,628 )						2,583,523						( 346,212 )
Utilities			81,194						( 648 )						686,043						( 91,959 )						767,237						( 92,607 )
Total corporates			514,866						( 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 securities			767,666						( 14,633 )						9,423,010						( 1,407,709 )						10,190,676						( 1,422,342 )
Below investment grade securities:
Corporates, by sector:
Industrials			10,745						( 199 )						145,697						( 32,756 )						156,442						( 32,955 )
Financial			25,563						( 2,602 )						151,190						( 39,526 )						176,753						( 42,128 )
Utilities			—						—						19,654						( 1,523 )						19,654						( 1,523 )
Total corporates			36,308						( 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 securities			36,308						( 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 )

Gross unrealized losses increased from $ 1.50 billion at December 31, 2023 to $ 1.92 billion at December 31, 2024, an increase of $ 426 million. The increase in the gross unrealized losses from the prior year was primarily attributable to the increase in market interest rates.

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Fixed Maturities, Allowance for Credit Losses : A summary of the activity in the allowance for credit losses is as follows. Refer to Note 1—Significant Accounting Policies for factors considered in the recording of the allowance for credit losses.

						Year Ended December 31,
						2024						2023
Allowance for credit losses beginning balance						$	7,115					$	—
Additions to allowance for which credit losses were not previously recorded						3,297						72,508
Additions (reductions) to allowance for fixed maturities that previously had an allowance						( 17 )						( 65,393 )
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						$	10,395					$	7,115

As of December 31, 2024, the Company had one fixed maturity security in non-accrual status with an amortized cost of $ 5.5 million and an allowance of $ 3.3 million. As of December 31, 2023, there were no fixed maturities in non-accrual status. During the year ended December 31, 2023, the Company sold $ 66 million in securities for which there was a provision for credit losses relating to holdings in Signature Bank New York and First Republic Bank, which entered receivership during the first half of 2023.

Concentrations of Credit Risk : Globe Life maintains a diversified investment portfolio with limited concentration in any given issuer. At December 31, 2024, the investment portfolio, at fair value, consisted of the following:

Investment grade fixed maturities:
Corporates			68		%
States, municipalities, and political subdivisions			14
U.S. Government direct, guaranteed, and government-sponsored enterprises			2
Other			1
Below investment grade fixed maturities:
Corporates			2
			87
Other
Policy loans, which are secured by the underlying insurance policy values			4
Other investments			9
			100		%

As of December 31, 2024, state and municipal governments represented 14 % of invested assets at fair value. Such investments are made throughout the U.S. At December 31, 2024, the state and municipal bond portfolio at fair value was invested in securities issued within the following states: Texas ( 21 %), California ( 10 %), New York ( 7 %), Florida ( 5 %), and Pennsylvania ( 4 %). Otherwise, there was no concentration within any given state greater than 4%.

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Corporate fixed maturities represent 71 % of Globe Life's invested assets. These investments are spread across a wide range of industries. Below are the ten largest industry concentrations held in the portfolio of corporate fixed maturities at December 31, 2024, based on fair value:

Insurance			18		%
Electric utilities			11
Banks			7
Oil and natural gas pipelines			6
Chemicals			5
Transportation			4
Telecommunications			3
Food			3
Diversified financial services			3
Real estate investment trusts			3

At December 31, 2024, 2 % of invested assets at fair value were represented by fixed maturities rated below investment grade. Par value of these investments was $ 648 million, amortized cost was $ 529 million, and fair value was $ 462 million. While these investments could be subject to additional credit risk, such risk should generally be reflected in their fair value.

Securities, cash, and short-term investments held on deposit with various state and federal regulatory authorities had an amortized cost and fair value, respectively, of $ 1.0 billion and $ 955 million at December 31, 2024 and $ 1.0 billion and $ 983 million at December 31, 2023.

Mortgage Loans (commercial mortgage loans): Summaries of commercial mortgage loans by property type and geographical location at December 31, 2024 and 2023 are as follows:

			2024												2023
			Carrying Value						% of Total						Carrying Value						% of Total
Property type:
Multi-family			$	111,234					28						$	116,299					42
Industrial			110,456						28						57,267						20
Retail			65,612						16						23,925						9
Hospitality			73,931						19						43,897						16
Mixed use			35,960						9						34,749						12
Office			6,539						2						6,734						2
Total recorded investment			403,732						102						282,871						101
Less allowance for credit losses			( 7,644 )						( 2 )						( 3,672 )						( 1 )
Carrying value, net of allowance for credit losses			$	396,088					100						$	279,199					100

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			2024												2023
			Carrying Value						% of Total						Carrying Value						% of Total
Geographic location:
Texas			$	75,131					19						$	45,111					16
Florida			63,308						16						48,233						17
New Jersey			51,744						13						44,574						16
California			48,371						12						54,721						20
Alabama			35,850						9						11,003						4
New York			34,975						9						20,284						7
Other			94,353						24						58,945						21
Total recorded investment			403,732						102						282,871						101
Less allowance for credit losses			( 7,644 )						( 2 )						( 3,672 )						( 1 )
Carrying value, net of allowance for credit losses			$	396,088					100						$	279,199					100

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 as a result of decreases in the valuation of the underlying property. Generally, a higher LTV ratio and a lower debt service coverage ratio can potentially equate to higher risk of loss.

			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).

(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.

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			December 31, 2023
			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%			$	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 stabilized appraised value at origination, including planned renovations and stabilized occupancy. Updated internal valuations are used when a loan is materially underperforming.

As of December 31, 2024, the Company had 35 loans in the portfolio. During the quarter, the Company evaluated its commercial mortgage loan portfolio on both an individual and pooling basis to determine the allowance for credit losses and determined six loans were collateral dependent or likely to foreclose. The allowance for credit losses on the six 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 six loans was $ 53.9 million and the allowance for these loans using the practical expedient was $ 3.9 million as of December 31, 2024. For the year ended December 31, 2024, the allowance for credit losses increased by $ 4.0 million to $ 7.6 million.

						Year Ended December 31,
						2024						2023
Allowance for credit losses beginning balance						$	3,672					$	1,789
Provision (reversal) for credit losses						3,972						1,883
Allowance for credit losses ending balance						$	7,644					$	3,672

As of December 31, 2024, there were five commercial mortgage loans in non-accrual status with an outstanding principal balance of $ 53 million. There was also one delinquent commercial mortgage loan with outstanding interest of $ 31 thousand. At 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 $ 22 million as of December 31, 2024.

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

			December 31,
			2024						2023
Investment funds			$	986,766					$	795,583
Company-owned life insurance			202,734						—
Other			46,259						40,295
Total			$	1,235,759					$	835,878

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The following table presents additional information about the Company's investment funds as of December 31, 2024 and December 31, 2023 at fair value:

						Fair Value												Unfunded Commitments (2)
Investment Category						2024						2023						2024						Redemption Term/Notice (1)
Commercial mortgage loans						$	566,142					$	411,315					$	189,725					Fully redeemable and non-redeemable with varying terms.
Opportunistic and private credit						202,008						181,410						191,192						Fully redeemable and non-redeemable with varying terms.
Infrastructure						179,627						165,887						—						Fully redeemable and non-redeemable with varying terms.
Other						38,989						36,971						52,479						Non-redeemable with varying terms
Total investment funds						$	986,766					$	795,583					$	433,396

(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 December 31, 2024, unfunded commitments totaled $ 645 million, including funds past the investment period.

The Company had $ 239 million of capital called during the period from existing investment funds, as compared to $ 154 million in 2023. The Company's unfunded commitments were $ 433 million as of December 31, 2024.

Reinsurance : Insurance affiliates of Globe Life reinsure a portion of insurance risk that is in excess of their retention limits. Current retention limits for new business written on ordinary life insurance range up to $ 500 thousand per life. Life insurance ceded represented 0.3 % of total life insurance in force at December 31, 2024 and 2023. Insurance ceded on life and accident and health products represented 0.2 % of premium income for 2024 and 2023. In the fourth quarter of 2024, the Company entered into a coinsurance agreement to cede a majority of its annuity business to a third-party insurer. Annuities ceded represented 68 % of our direct annuity balance. The insurance affiliates of Globe Life would be liable for the reinsured risks ceded to other companies to the extent that such reinsuring companies are unable to meet their obligations.

Insurance affiliates also assume insurance risks of other external companies. Life reinsurance assumed represented 0.8 % and 0.9 % of life insurance in force at December 31, 2024 and 2023, respectively, and reinsurance assumed on life and accident and health products represented 0.9 % and 1.3 % of premium income for 2024 and 2023, respectively.

Leases : Globe Life primarily leases office space and other equipment under a variety of operating lease arrangements.

Rental expense for the three years ended December 31, 2024 is as follows:

			Year Ended December 31,
			2024						2023						2022
Rental expense			$	3,208					$	3,519					$	4,239

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Future minimum rental commitments required under operating leases having remaining noncancelable lease terms in excess of one year at December 31, 2024 were as follows:

			Year Ended December 31,
			2025						2026						2027						2028						2029						Thereafter
Operating lease commitments			$	2,117					$	1,883					$	1,417					$	867					$	487					$	4,195

Purchase Commitments : Globe Life has various long-term noncancelable purchase commitments as well as commitments to provide capital for low-income housing tax credit interests. See further discussion related to tax credits in Note 1—Significant Accounting Policies .

			Year Ended December 31,
			2025						2026						2027						2028						2029						Thereafter
Purchase commitments (1)			$	47,538					$	29,742					$	34,443					$	15,266					$	11,440					$	203,445

(1) Includes low-income housing tax credits with non-funded commitments of $ 76 million at December 31, 2024.

Investments : Globe Life is committed to invest under certain contracts related to investments in fixed maturities, limited partnerships and commercial mortgage loans. See Note 4—Investments for unfunded commitment table.

Guarantees : At December 31, 2024, 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. As of December 31, 2024, Globe Life had no liability with respect to these guarantees.

Letters of credit —Globe Life has guaranteed letters of credit in connection with its credit facility with a group of banks as disclosed in Note 12—Debt . 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 companies. 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 December 31, 2024 was $ 115 million.

Unclaimed Property Audits : Globe Life subsidiaries are currently the subject of audits regarding the identification, reporting and escheatment of unclaimed property arising from life insurance policies and a limited number of annuity contracts. These audits are being conducted by private entities that have contracted with forty-seven states through their respective Departments of Revenue, and have not resulted in any financial assessment from any state nor indicated any liability. The audits are wide-ranging and seek large amounts of data regarding claims handling, procedures, and payments of contract benefits arising from unreported death claims. No estimate of range can be made at this time for loss contingencies related to possible administrative penalties or amounts that could be payable to the states for the escheatment of abandoned property.

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.

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On July 22, 2022, putative class and collective action litigation was filed against Arias Agencies and American Income (collectively, “Defendants”) in United States District Court for the Western District of Pennsylvania ( David Burkes v. Arias Agencies and American Income Life Insurance Company , Case No. 2:22-cv-1054). The complaint alleges that insurance agent trainees should have been classified as employees, and after contracting should have been classified as employees instead of independent contractors. Plaintiff David Burkes is a former Pennsylvania independent sales agent and asserts claims under Pennsylvania law on behalf of a putative class of all individuals who trained to become and/or worked as sales agents for American Income in the three years prior to July 22, 2022 through case conclusion. Burkes makes claims (a) under the Pennsylvania Minimum Wage Act and the Pennsylvania Wage Payment and Collection Law for the alleged failure to pay minimum wage, alleged failure to pay for time spent in training, alleged failure to pay for missed meals and rest breaks, allegedly requiring putative class members to pay for work-related expenses, and allegedly subjecting putative class members to “chargebacks”; (b) for unjust enrichment for allegedly benefiting from the uncompensated labor of putative class members; and (c) for the rescission of putative class members’ agent contracts. Burkes also asserts a collective action on behalf of the same group of individuals for minimum wage, overtime, liquidated damages, and attorney’s fees and costs under the Fair Labor Standards Act for the three years prior to July 22, 2022 through case conclusion, as well as a claim that American Income allegedly did not keep accurate records of hours worked by sales agents. On January 26, 2023, the Court entered an order compelling Burkes to arbitrate his claims on an individual basis and staying the case pending completion of arbitration. Burkes’ individual claims, as well as the individual claims of other former agents who are members of the putative class, are currently pending in arbitration. 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.

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 21, 2024, the Court’s order compelling arbitration was affirmed.

On September 1, 2023, plaintiff Miné Caglar Cost (“Plaintiff”) filed a complaint against 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, to commence on October 27, 2025.

On November 30, 2023, Globe Life Inc. and its subsidiary, American Income, 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 policies. Globe Life Inc. and American Income continue to fully cooperate in responding to the Department of Justice’s requests. The Department of Justice has not asserted any claims or made allegations against Globe Life Inc. and American Income, and Globe Life Inc. currently is not aware that any legal 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.

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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. has provided information in response to the SEC’s requests and continues to cooperate fully with the SEC. At this time, the SEC has not asserted any claims against Globe Life Inc. or indicated that it intends to do so. 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.

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, 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 Globe Life Inc.’s 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 Globe Life Inc.’s performance and financial results. The allegations are substantially similar to the allegations made in the City of Miami Matter and derive from the Fuzzy Panda 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.

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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 years ended December 31, 2024:

						Life
						Present value of expected future net premiums
						American Income						DTC						Liberty National						Other						Total
Balance at January 1, 2022						$	4,925,192					$	7,264,905					$	1,332,469					$	559,972					$	14,082,538
Beginning balance at original discount rates						3,906,098						5,533,741						1,040,242						416,141						10,896,222
Effect of changes in assumptions on future cash flows						34,266						79,571						17,719						35,214						166,770
Effect of actual variances from expected experience						( 121,230 )						( 264,286 )						( 20,027 )						( 10,929 )						( 416,472 )
Adjusted balance at January 1, 2022						3,819,134						5,349,026						1,037,934						440,426						10,646,520
Issuances (1)						760,857						663,790						104,982						31,815						1,561,444
Interest accrual (2)						176,102						273,494						51,326						21,150						522,072
Net premiums collected (3)						( 491,168 )						( 605,446 )						( 128,119 )						( 44,182 )						( 1,268,915 )
Effect of changes in the foreign exchange rate						( 18,202 )						—						—						—						( 18,202 )
Ending balance at original discount rates						4,246,723						5,680,864						1,066,123						449,209						11,442,919
Effect of change from original to current discount rates						26,433						229,360						28,284						21,532						305,609
Balance at December 31, 2022						$	4,273,156					$	5,910,224					$	1,094,407					$	470,741					$	11,748,528
Balance at January 1, 2023						$	4,273,156					$	5,910,224					$	1,094,407					$	470,741					$	11,748,528
Beginning balance at original discount rates						4,246,723						5,680,864						1,066,123						449,209						11,442,919
Effect of changes in assumptions on future cash flows						14,265						36,170						5,178						8,419						64,032
Effect of actual variances from expected experience						( 155,293 )						( 306,004 )						( 40,961 )						( 18,441 )						( 520,699 )
Adjusted balance at January 1, 2023						4,105,695						5,411,030						1,030,340						439,187						10,986,252
Issuances (1)						733,702						579,363						127,048						27,959						1,468,072
Interest accrual (2)						200,363						287,615						54,147						22,804						564,929
Net premiums collected (3)						( 521,521 )						( 613,749 )						( 133,704 )						( 46,001 )						( 1,314,975 )
Effect of changes in the foreign exchange rate						5,090						—						—						—						5,090
Ending balance at original discount rates						4,523,329						5,664,259						1,077,831						443,949						11,709,368
Effect of change from original to current discount rates						158,559						388,392						51,885						34,103						632,939
Balance at December 31, 2023						$	4,681,888					$	6,052,651					$	1,129,716					$	478,052					$	12,342,307

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						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						( 82,348 )						( 28,366 )						( 29,292 )						( 982 )						( 140,988 )
Effect of actual variances from expected experience						( 229,772 )						( 311,659 )						( 42,620 )						( 14,436 )						( 598,487 )
Adjusted balance at January 1, 2024						4,211,209						5,324,234						1,005,919						428,531						10,969,893
Issuances (1)						798,952						491,440						120,683						23,911						1,434,986
Interest accrual (2)						220,959						292,843						55,198						22,875						591,875
Net premiums collected (3)						( 551,066 )						( 603,605 )						( 134,778 )						( 45,041 )						( 1,334,490 )
Effect of changes in the foreign exchange rate						( 23,344 )						—						—						—						( 23,344 )
Ending balance at original discount rates						4,656,710						5,504,912						1,047,022						430,276						11,638,920
Effect of change from original to current discount rates						( 10,793 )						117,994						1,425						9,771						118,397
Balance at December 31, 2024						$	4,645,917					$	5,622,906					$	1,048,447					$	440,047					$	11,757,317

(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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						Life
						Present value of expected future policy benefits
						American Income						DTC						Liberty National						Other						Total
Balance at January 1, 2022						$	11,773,519					$	11,859,408					$	4,542,697					$	5,488,684					$	33,664,308
Beginning balance at original discount rates						7,744,201						8,157,259						3,206,164						3,267,306						22,374,930
Effect of changes in assumptions on future cash flows						48,534						104,910						33,457						39,725						226,626
Effect of actual variances from expected experience						( 127,626 )						( 259,285 )						( 18,535 )						( 12,787 )						( 418,233 )
Adjusted balance at January 1, 2022						7,665,109						8,002,884						3,221,086						3,294,244						22,183,323
Issuances (1)						760,856						663,786						105,006						31,815						1,561,463
Interest accrual (2)						410,201						433,611						169,578						195,792						1,209,182
Benefit payments (3)						( 382,142 )						( 622,389 )						( 222,690 )						( 118,147 )						( 1,345,368 )
Effect of changes in the foreign exchange rate						( 44,263 )						—						—						—						( 44,263 )
Ending balance at original discount rates						8,409,761						8,477,892						3,272,980						3,403,704						23,564,337
Effect of change from original to current discount rates						709,343						747,559						156,276						572,446						2,185,624
Balance at December 31, 2022						$	9,119,104					$	9,225,451					$	3,429,256					$	3,976,150					$	25,749,961
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 rates						8,409,761						8,477,892						3,272,980						3,403,704						23,564,337
Effect of changes in assumptions on future cash flows						13,344						34,407						6,156						11,661						65,568
Effect of actual variances from expected experience						( 164,900 )						( 318,687 )						( 46,341 )						( 24,195 )						( 554,123 )
Adjusted balance at January 1, 2023						8,258,205						8,193,612						3,232,795						3,391,170						23,075,782
Issuances (1)						733,700						579,365						127,062						27,959						1,468,086
Interest accrual (2)						452,640						458,587						174,995						204,083						1,290,305
Benefit payments (3)						( 396,031 )						( 574,812 )						( 196,600 )						( 116,353 )						( 1,283,796 )
Effect of changes in the foreign exchange rate						13,319						—						—						—						13,319
Ending balance at original discount rates						9,061,833						8,656,752						3,338,252						3,506,859						24,563,696
Effect of change from original to current discount rates						1,101,794						1,057,764						267,140						732,764						3,159,462
Balance at December 31, 2023						$	10,163,627					$	9,714,516					$	3,605,392					$	4,239,623					$	27,723,158
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 rates						9,061,833						8,656,752						3,338,252						3,506,859						24,563,696
Effect of changes in assumptions on future cash flows						( 104,498 )						( 50,106 )						( 41,836 )						( 2,027 )						( 198,467 )
Effect of actual variances from expected experience						( 251,310 )						( 335,087 )						( 50,759 )						( 20,954 )						( 658,110 )
Adjusted balance at January 1, 2024						8,706,025						8,271,559						3,245,657						3,483,878						23,707,119
Issuances (1)						794,225						491,437						120,702						23,912						1,430,276
Interest accrual (2)						492,966						474,451						178,617						210,344						1,356,378
Benefit payments (3)						( 426,723 )						( 576,499 )						( 204,757 )						( 136,066 )						( 1,344,045 )
Effect of changes in the foreign exchange rate						( 57,904 )						—						—						—						( 57,904 )
Ending balance at original discount rates						9,508,589						8,660,948						3,340,219						3,582,068						25,091,824
Effect of change from original to current discount rates						362,103						464,164						37,298						378,895						1,242,460
Balance at December 31, 2024						$	9,870,692					$	9,125,112					$	3,377,517					$	3,960,963					$	26,334,284

(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, surrender, and maturity benefit payments based on the revised expected assumptions.

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						Life
						Net liability for future policy benefits as of December 31, 2022
						American Income						DTC						Liberty National						Other						Total
Net liability for future policy benefits at original discount rates						$	4,163,038					$	2,797,028					$	2,206,857					$	2,954,495					$	12,121,418
Effect of changes in discount rate assumptions						682,910						518,199						127,992						550,914						1,880,015
Other adjustments (1)						115						4,913						7,638						48						12,714
Net liability for future policy benefits, after other adjustments, at current discount rates						4,846,063						3,320,140						2,342,487						3,505,457						14,014,147
Reinsurance recoverable						( 123 )						—						( 7,477 )						( 34,830 )						( 42,430 )
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates						$	4,845,940					$	3,320,140					$	2,335,010					$	3,470,627					$	13,971,717

(1) Other adjustments include the Company's effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

						Life
						Net liability for future policy benefits as of December 31, 2023
						American Income						DTC						Liberty National						Other						Total
Net liability for future policy benefits at original discount rates						$	4,538,504					$	2,992,493					$	2,260,421					$	3,062,910					$	12,854,328
Effect of changes in discount rate assumptions						943,235						669,372						215,255						698,661						2,526,523
Other adjustments (1)						297						3,315						5,764						62						9,438
Net liability for future policy benefits, after other adjustments, at current discount rates						5,482,036						3,665,180						2,481,440						3,761,633						15,390,289
Reinsurance recoverable						( 141 )						—						( 7,719 )						( 37,848 )						( 45,708 )
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates						$	5,481,895					$	3,665,180					$	2,473,721					$	3,723,785					$	15,344,581

(1) Other adjustments include the Company's effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

						Life
						Net liability for future policy benefits as of December 31, 2024
						American Income						DTC						Liberty National						Other						Total
Net liability for future policy benefits at original discount rates						$	4,851,879					$	3,156,036					$	2,293,197					$	3,151,792					$	13,452,904
Effect of changes in discount rate assumptions						372,896						346,170						35,873						369,124						1,124,063
Other adjustments (1)						122						18						—						33						173
Net liability for future policy benefits, after other adjustments, at current discount rates						5,224,897						3,502,224						2,329,070						3,520,949						14,577,140
Reinsurance recoverable						( 167 )						—						( 7,953 )						( 35,368 )						( 43,488 )
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates						$	5,224,730					$	3,502,224					$	2,321,117					$	3,485,581					$	14,533,652

(1) Other adjustments include the Company's effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

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The following tables summarize balances and changes in the net liability for future policy benefits for long-duration health contracts for the three years ended December 31, 2024:

						Health
						Present value of expected future net premiums
						United American						Family Heritage						Liberty National						American Income						DTC						Total
Balance at January 1, 2022						$	3,611,659					$	1,944,714					$	517,368					$	222,553					$	121,724					$	6,418,018
Beginning balance at original discount rates						2,949,851						1,688,590						414,409						178,801						96,776						5,328,427
Effect of changes in assumptions on future cash flows						( 195,560 )						( 20,931 )						19,846						( 17,911 )						( 9,035 )						( 223,591 )
Effect of actual variances from expected experience						( 37,437 )						( 67,419 )						( 39,029 )						7,911						( 2,301 )						( 138,275 )
Adjusted balance at January 1, 2022						2,716,854						1,600,240						395,226						168,801						85,440						4,966,561
Issuances (1)						360,942						241,052						51,827						39,003						8,224						701,048
Interest accrual (2)						122,064						60,303						19,141						7,399						4,554						213,461
Net premiums collected (3)						( 258,598 )						( 172,376 )						( 50,752 )						( 21,085 )						( 10,467 )						( 513,278 )
Effect of changes in the foreign exchange rate						—						—						—						( 1,487 )						—						( 1,487 )
Ending balance at original discount rates						2,941,262						1,729,219						415,442						192,631						87,751						5,366,305
Effect of change from original to current discount rates						( 32,761 )						( 134,227 )						8,048						( 2,335 )						2,392						( 158,883 )
Balance at December 31, 2022						$	2,908,501					$	1,594,992					$	423,490					$	190,296					$	90,143					$	5,207,422
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 rates						2,941,262						1,729,219						415,442						192,631						87,751						5,366,305
Effect of changes in assumptions on future cash flows						466,883						( 30,255 )						( 56,964 )						( 6,061 )						16,553						390,156
Effect of actual variances from expected experience						( 27,178 )						( 69,878 )						( 36,850 )						( 11,152 )						( 2,850 )						( 147,908 )
Adjusted balance at January 1, 2023						3,380,967						1,629,086						321,628						175,418						101,454						5,608,553
Issuances (1)						377,097						266,375						59,768						39,825						14,467						757,532
Interest accrual (2)						139,824						67,743						18,255						8,528						4,616						238,966
Net premiums collected (3)						( 272,085 )						( 180,031 )						( 51,081 )						( 22,325 )						( 10,657 )						( 536,179 )
Effect of changes in the foreign exchange rate						—						—						—						423						—						423
Ending balance at original discount rates						3,625,803						1,783,173						348,570						201,869						109,880						6,069,295
Effect of change from original to current discount rates						71,968						( 71,432 )						9,902						4,512						5,483						20,433
Balance at December 31, 2023						$	3,697,771					$	1,711,741					$	358,472					$	206,381					$	115,363					$	6,089,728
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 rates						3,625,803						1,783,173						348,570						201,869						109,880						6,069,295
Effect of changes in assumptions on future cash flows						9,892						( 8,117 )						( 3,463 )						12,207						4,449						14,968
Effect of actual variances from expected experience						( 43,846 )						( 56,720 )						( 29,652 )						( 16,088 )						( 2,937 )						( 149,243 )
Adjusted balance at January 1, 2024						3,591,849						1,718,336						315,455						197,988						111,392						5,935,020
Issuances (1)						480,412						265,166						58,538						44,350						26,149						874,615
Interest accrual (2)						174,269						75,188						16,566						9,787						5,838						281,648
Net premiums collected (3)						( 297,675 )						( 190,817 )						( 52,284 )						( 24,852 )						( 11,460 )						( 577,088 )
Effect of changes in the foreign exchange rate						—						—						—						( 2,132 )						—						( 2,132 )
Ending balance at original discount rates						3,948,855						1,867,873						338,275						225,141						131,919						6,512,063
Effect of change from original to current discount rates						( 63,325 )						( 132,998 )						( 1,156 )						( 1,894 )						1,458						( 197,915 )
Balance at December 31, 2024						$	3,885,530					$	1,734,875					$	337,119					$	223,247					$	133,377					$	6,314,148

(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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						Health
						Present value of expected future policy benefits
						United American						Family Heritage						Liberty National						American Income						DTC						Total
Balance at January 1, 2022						$	3,810,559					$	3,840,322					$	1,201,317					$	380,915					$	119,888					$	9,353,001
Beginning balance at original discount rates						3,090,901						3,193,342						921,608						285,604						95,628						7,587,083
Effect of changes in assumptions on future cash flows						( 194,936 )						( 27,211 )						18,065						( 21,559 )						( 8,270 )						( 233,911 )
Effect of actual variances from expected experience						( 40,316 )						( 70,690 )						( 40,597 )						10,402						( 2,621 )						( 143,822 )
Adjusted balance at January 1, 2022						2,855,649						3,095,441						899,076						274,447						84,737						7,209,350
Issuances (1)						360,642						241,052						52,257						39,006						8,202						701,159
Interest accrual (2)						129,842						120,700						47,719						13,806						4,553						316,620
Benefit payments (3)						( 265,500 )						( 120,849 )						( 94,187 )						( 20,413 )						( 12,280 )						( 513,229 )
Effect of changes in the foreign exchange rate						—						—						—						( 3,133 )						—						( 3,133 )
Ending balance at original discount rates						3,080,633						3,336,344						904,865						303,713						85,212						7,710,767
Effect of change from original to current discount rates						( 33,804 )						( 330,680 )						36,709						9,037						2,320						( 316,418 )
Balance at December 31, 2022						$	3,046,829					$	3,005,664					$	941,574					$	312,750					$	87,532					$	7,394,349
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 rates						3,080,633						3,336,344						904,865						303,713						85,212						7,710,767
Effect of changes in assumptions on future cash flows						464,652						( 32,428 )						( 60,437 )						( 6,407 )						15,930						381,310
Effect of actual variances from expected experience						( 26,718 )						( 74,797 )						( 36,910 )						( 12,661 )						( 3,325 )						( 154,411 )
Adjusted balance at January 1, 2023						3,518,567						3,229,119						807,518						284,645						97,817						7,937,666
Issuances (1)						376,573						266,375						59,158						39,825						14,446						756,377
Interest accrual (2)						147,082						134,107						45,614						15,070						4,616						346,489
Benefit payments (3)						( 300,692 )						( 122,912 )						( 95,471 )						( 24,987 )						( 12,378 )						( 556,440 )
Effect of changes in the foreign exchange rate						—						—						—						878						—						878
Ending balance at original discount rates						3,741,530						3,506,689						816,819						315,431						104,501						8,484,970
Effect of change from original to current discount rates						72,798						( 190,809 )						48,989						20,073						4,981						( 43,968 )
Balance at December 31, 2023						$	3,814,328					$	3,315,880					$	865,808					$	335,504					$	109,482					$	8,441,002
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 rates						3,741,530						3,506,689						816,819						315,431						104,501						8,484,970
Effect of changes in assumptions on future cash flows						10,680						( 5,054 )						( 2,775 )						20,293						7,733						30,877
Effect of actual variances from expected experience						( 35,532 )						( 63,595 )						( 30,258 )						( 18,601 )						( 2,420 )						( 150,406 )
Adjusted balance at January 1, 2024						3,716,678						3,438,040						783,786						317,123						109,814						8,365,441
Issuances (1)						479,653						265,166						57,862						44,353						26,116						873,150
Interest accrual (2)						180,235						147,615						42,809						16,577						5,837						393,073
Benefit payments (3)						( 349,706 )						( 138,777 )						( 93,317 )						( 25,214 )						( 13,792 )						( 620,806 )
Effect of changes in the foreign exchange rate						—						—						—						( 4,128 )						—						( 4,128 )
Ending balance at original discount rates						4,026,860						3,712,044						791,140						348,711						127,975						9,006,730
Effect of change from original to current discount rates						( 66,428 )						( 375,498 )						13,555						6,592						1,302						( 420,477 )
Balance at December 31, 2024						$	3,960,432					$	3,336,546					$	804,695					$	355,303					$	129,277					$	8,586,253

(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 based on the revised expected assumptions.

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						Health
						Net liability for future policy benefits as of December 31, 2022
						United American						Family Heritage						Liberty National						American Income						Direct to Consumer						Total
Net liability for future policy benefits at original discount rates						$	139,371					$	1,607,125					$	489,423					$	111,082					$	( 2,539 )					$	2,344,462
Effect of changes in discount rate assumptions						( 1,043 )						( 196,453 )						28,661						11,372						( 72 )						( 157,535 )
Other adjustments (1)						4,055						3,172						5,953						48						3,634						16,862
Net liability for future policy benefits, after other adjustments, at current discount rates						142,383						1,413,844						524,037						122,502						1,023						2,203,789
Reinsurance recoverable						( 3,820 )						( 9,027 )						( 1,498 )						—						—						( 14,345 )
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates						$	138,563					$	1,404,817					$	522,539					$	122,502					$	1,023					$	2,189,444

(1) Other adjustments include the effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

						Health
						Net liability for future policy benefits as of December 31, 2023
						United American						Family Heritage						Liberty National						American Income						Direct to Consumer						Total
Net liability for future policy benefits at original discount rates						$	115,727					$	1,723,516					$	468,249					$	113,562					$	( 5,379 )					$	2,415,675
Effect of changes in discount rate assumptions						830						( 119,377 )						39,087						15,561						( 502 )						( 64,401 )
Other adjustments (1)						10,980						84						9,567						857						6,653						28,141
Net liability for future policy benefits, after other adjustments, at current discount rates						127,537						1,604,223						516,903						129,980						772						2,379,415
Reinsurance recoverable						( 3,287 )						( 10,718 )						( 1,317 )						—						—						( 15,322 )
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates						$	124,250					$	1,593,505					$	515,586					$	129,980					$	772					$	2,364,093

(1) Other adjustments include the effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

						Health
						Net liability for future policy benefits as of December 31, 2024
						United American						Family Heritage						Liberty National						American Income						Direct to Consumer						Total
Net liability for future policy benefits at original discount rates						78,005						1,844,171						452,865						123,570						( 3,944 )						2,494,667
Effect of changes in discount rate assumptions						( 3,103 )						( 242,500 )						14,711						8,486						( 156 )						( 222,562 )
Other adjustments (1)						24,920						22						10,310						814						4,865						40,931
Net liability for future policy benefits, after other adjustments, at current discount rates						99,822						1,601,693						477,886						132,870						765						2,313,036
Reinsurance recoverable						( 2,768 )						—						( 986 )						—						—						( 3,754 )
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates						$	97,054					$	1,601,693					$	476,900					$	132,870					$	765					$	2,309,282

(1) Other adjustments include the effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

Remeasurement Gain or Loss —In accordance with the accounting guidance, the Company reviews, and updates as necessary, its assumptions utilized in the calculation of the liability for future benefits annually in the third quarter and recalculates the net premium ratio. The revised net premium ratio is used to update the liability for future policy

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benefits as of the beginning of the current reporting period, and is compared to the liability using the prior cash flow assumptions. The difference is recorded as a component of the remeasurement gain or loss for the current period, along with the effect of the difference between actual and expected experience for the period. The total remeasurement gain or loss is included in the Consolidated Statements of Operations .

The following tables include the total remeasurement gain or loss, bifurcated between the gain or loss due to differences between actual and expected experience and the amount due to assumption updates, for the three years ended December 31, 2024:

									Year Ended December 31,
															2024						2023						2022
Life Remeasurement Gain (Loss)—Experience:
American Income															$	19,606					$	9,430					1,965
Direct to Consumer															21,681						12,201						( 2,243 )
Liberty National															3,966						5,013						( 1,348 )
Other															4,872						4,760						1,354
Total Life Remeasurement Gain (Loss)—Experience															50,125						31,404						( 272 )
Life Remeasurement Gain (Loss)—Assumption Updates:
American Income															21,974						308						( 8,707 )
Direct to Consumer															21,744						1,763						( 25,334 )
Liberty National															12,224						( 1,248 )						( 7,872 )
Other															904						( 2,836 )						( 5,241 )
Total Life Remeasurement Gain (Loss)—Assumption Updates															56,846						( 2,013 )						( 47,154 )
Total Life Remeasurement Gain (Loss)															106,971						29,391						( 47,426 )
Health Remeasurement Gain (Loss)—Experience:
United American															( 4,890 )						( 134 )						3,502
Family Heritage															6,756						4,638						2,395
Liberty National															2,640						628						1,406
American Income															2,742						1,461						( 2,545 )
Direct to Consumer															22						23						148
Total Health Remeasurement Gain (Loss)—Experience															7,270						6,616						4,906
Health Remeasurement Gain (Loss)—Assumption Updates:
United American															1,205						762						( 626 )
Family Heritage															( 3,063 )						2,173						6,283
Liberty National															( 234 )						2,171						1,463
American Income															( 8,036 )						119						3,615
Direct to Consumer															( 373 )						8						( 80 )
Health Remeasurement Gain (Loss)—Assumption Updates															( 10,501 )						5,233						10,655
Total Health Remeasurement Gain (Loss)															$	( 3,231 )					$	11,849					15,561

The Company performed its annual review of assumptions during the third quarter. This review process resulted in favorable changes to its mortality and lapse assumptions on life and unfavorable changes to morbidity assumptions on health. Generally, in our life segment mortality assumptions were decreased across most channels in line with recent experience consistent with decreasing levels of excess deaths. Also, for the life segment lapse rate assumptions were slightly increased across all channels. For the health segment, morbidity assumptions were increased, causing higher future policy benefit reserves. The assumption review process of the life and health segments resulted in a $ 46.3 million net remeasurement gain in the year ended December 31, 2024 as compared to a $ 3.2 million net remeasurement gain and a $ 36.5 million net remeasurement loss in the year ended December 31, 2023 and 2022, respectively.

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The following table reconciles the liability for future policy benefits to the Consolidated Balance Sheets as of December 31, 2024, 2023, and 2022:

						At Original Discount Rates																		At Current Discount Rates
						As of December 31,																		As of December 31,
						2024						2023						2022						2024						2023						2022
Life (1) :
American Income						$	4,851,995					$	4,538,775					$	4,163,111					$	5,224,897					$	5,482,036					$	4,846,063
Direct to Consumer						3,156,039						2,992,493						2,797,031						3,502,224						3,665,180						3,320,140
Liberty National						2,293,197						2,260,421						2,206,857						2,329,070						2,481,440						2,342,487
Other						3,151,824						3,062,966						2,954,522						3,520,949						3,761,633						3,505,457
Net liability for future policy benefits—long duration life						13,453,055						12,854,655						12,121,521						14,577,140						15,390,289						14,014,147
Health (1) :
United American						100,480						124,021						141,362						99,822						127,537						142,383
Family Heritage						1,844,186						1,723,581						1,607,169						1,601,693						1,604,223						1,413,844
Liberty National						462,712						476,559						494,155						477,886						516,903						524,037
American Income						124,309						114,407						111,128						132,870						129,980						122,502
Direct to Consumer						738						737						979						765						772						1,023
Net liability for future policy benefits—long duration health						2,532,425						2,439,305						2,354,793						2,313,036						2,379,415						2,203,789
Deferred profit liability						178,199						174,717						175,883						178,199						174,717						175,883
Deferred annuity						656,573						773,039						954,318						656,573						773,039						954,318
Interest sensitive life						723,389						732,948						739,105						723,389						732,948						739,105
Other						8,923						9,951						10,106						8,926						9,945						10,099
Total future policy benefits						$	17,552,564					$	16,984,615					$	16,355,726					$	18,457,263					$	19,460,353					$	18,097,341

(1) Balances are presented net of the effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

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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 December 31, 2024, 2023, and 2022:

						As of December 31,
						2024												2023												2022
						Original discount rate						Current discount rate						Original discount rate						Current discount rate						Original discount rate						Current discount rate
Life
American Income						5.7		%				5.4		%				5.7		%				4.9		%				5.8		%				5.2		%
Direct to Consumer						6.0		%				5.5		%				6.0		%				5.0		%				6.0		%				5.2		%
Liberty National						5.6		%				5.5		%				5.6		%				5.0		%				5.6		%				5.2		%
Other						6.2		%				5.5		%				6.2		%				5.0		%				6.2		%				5.2		%
Health
United American						5.1		%				5.2		%				5.1		%				4.8		%				5.2		%				5.1		%
Family Heritage						4.2		%				5.3		%				4.3		%				4.9		%				4.3		%				5.2		%
Liberty National						5.8		%				5.4		%				5.8		%				4.9		%				5.8		%				5.2		%
American Income						5.8		%				5.2		%				5.8		%				4.8		%				5.9		%				5.1		%
Direct to Consumer						5.1		%				5.2		%				5.1		%				4.8		%				5.2		%				5.1		%

The following table provides the weighted-average durations of the liability for future policy benefits and the additional insurance liabilities as of December 31, 2024, 2023, and 2022:

						As of December 31,
						2024												2023												2022
						At original discount rates						At current discount rates						At original discount rates						At current discount rates						At original discount rates						At current discount rates
Life
American Income						22.73						22.76						23.01						23.45						22.86						23.28
Direct to Consumer						19.24						20.31						19.58						21.21						20.27						21.80
Liberty National						15.30						15.33						15.13						15.81						14.86						15.39
Other						15.99						16.92						16.26						17.92						16.59						18.15
Health
United American						11.72						10.65						11.46						10.89						11.37						10.65
Family Heritage						15.33						14.23						14.99						14.54						14.87						14.22
Liberty National						9.31						9.19						9.17						9.49						9.26						9.47
American Income						12.49						12.56						12.21						12.84						12.12						12.56
Direct to Consumer						11.72						10.65						11.46						10.89						11.37						10.65

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The following tables summarize the amount of gross premiums and interest related to long duration life and health contracts that are recognized in the Consolidated Statements of Operations for the three years ended December 31, 2024:

						Life
						Year Ended December 31, 2024												Year Ended December 31, 2023												Year Ended December 31, 2022
						Gross Premiums						Interest expense						Gross Premiums						Interest expense						Gross Premiums						Interest expense
American Income						$	1,696,918					$	272,007					$	1,587,304					$	252,277					$	1,503,537					$	234,098
Direct to Consumer						977,302						181,470						979,739						170,745						973,429						159,945
Liberty National						367,278						122,727						345,196						120,083						322,497						117,681
Other						202,234						185,619						205,998						179,513						208,390						172,967
Total						$	3,243,732					$	761,823					$	3,118,237					$	722,618					$	3,007,853					$	684,691

						Health
						Year Ended December 31, 2024												Year Ended December 31, 2023												Year Ended December 31, 2022
						Gross Premiums						Interest expense						Gross Premiums						Interest expense						Gross Premiums						Interest expense
United American						$	439,125					$	5,739					$	401,834					$	7,002					$	380,710					$	7,532
Family Heritage						427,640						71,900						396,211						65,892						366,803						59,983
Liberty National						189,650						26,144						187,095						27,248						186,268						28,477
American Income						117,644						6,790						113,605						6,542						111,623						6,408
Direct to Consumer						15,033						—						14,283						—						14,290						—
Total						$	1,189,092					$	110,573					$	1,113,028					$	106,684					$	1,059,694					$	102,400

Gross premiums are included within life and health premium on the Consolidated Statements of Operations , while the related interest expense is included in life and health policyholder benefits.

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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 for the three years ended December 31, 2024:

						Life
						As of December 31, 2024																		As of December 31, 2023																		As of December 31, 2022
						Not discounted						At original discount rates						At current discount rates						Not discounted						At original discount rates						At current discount rates						Not discounted						At original discount rates						At current discount rates
American Income
PV of expected future gross premiums						$	25,492,032					$	14,410,088					$	14,471,277					$	24,265,464					$	13,695,495					$	14,264,077					$	22,662,540					$	12,832,811					$	13,006,579
PV of expected future net premiums						8,233,110						4,656,710						4,645,917						8,001,107						4,523,329						4,681,888						7,480,182						4,246,723						4,273,156
PV of expected future policy benefits						31,831,310						9,508,589						9,870,692						30,623,947						9,061,833						10,163,627						28,318,683						8,409,761						9,119,104
DTC
PV of expected future gross premiums						$	17,372,446					$	9,077,304					$	9,258,880					$	17,506,091					$	9,150,049					$	9,761,706					$	17,346,469					$	9,086,945					$	9,432,882
PV of expected future net premiums						10,481,376						5,504,912						5,622,906						10,774,655						5,664,259						6,052,651						10,769,174						5,680,864						5,910,224
PV of expected future policy benefits						25,841,419						8,660,948						9,125,112						25,723,752						8,656,752						9,714,516						25,356,573						8,477,892						9,225,451
Liberty National
PV of expected future gross premiums						$	4,837,598					$	2,817,204					$	2,775,304					$	4,660,783					$	2,720,264					$	2,784,916					$	4,396,685					$	2,561,304					$	2,562,342
PV of expected future net premiums						1,849,200						1,047,022						1,048,447						1,897,696						1,077,831						1,129,716						1,885,533						1,066,123						1,094,407
PV of expected future policy benefits						9,073,624						3,340,219						3,377,517						8,905,815						3,338,252						3,605,392						8,613,975						3,272,980						3,429,256
Other
PV of expected future gross premiums						$	3,627,855					$	1,844,670					$	1,942,849					$	3,726,111					$	1,889,930					$	2,088,668					$	3,814,915					$	1,925,650					$	2,075,874
PV of expected future net premiums						885,362						430,276						440,047						910,786						443,949						478,052						922,500						449,209						470,741
PV of expected future policy benefits						12,466,943						3,582,068						3,960,963						12,431,963						3,506,859						4,239,623						12,371,696						3,403,704						3,976,150
Total
PV of expected future gross premiums						$	51,329,931					$	28,149,266					$	28,448,310					$	50,158,449					$	27,455,738					$	28,899,367					$	48,220,609					$	26,406,710					$	27,077,677
PV of expected future net premiums						21,449,048						11,638,920						11,757,317						21,584,244						11,709,368						12,342,307						21,057,389						11,442,919						11,748,528
PV of expected future policy benefits						79,213,296						25,091,824						26,334,284						77,685,477						24,563,696						27,723,158						74,660,927						23,564,337						25,749,961

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						Health
						As of December 31, 2024																		As of December 31, 2023																		As of December 31, 2022
						Not discounted						At original discount rates						At current discount rates						Not discounted						At original discount rates						At current discount rates						Not discounted						At original discount rates						At current discount rates
United American
PV of expected future gross premiums						$	9,350,851					$	5,738,332					$	5,643,454					$	8,682,707					$	5,295,148					$	5,396,402					$	6,801,987					$	4,285,863					$	4,233,647
PV of expected future net premiums						6,442,648						3,948,855						3,885,530						5,955,294						3,625,803						3,697,771						4,680,560						2,941,262						2,908,501
PV of expected future policy benefits						6,584,800						4,026,860						3,960,432						6,148,565						3,741,530						3,814,328						4,915,174						3,080,633						3,046,829
Family Heritage
PV of expected future gross premiums						$	7,242,884					$	4,220,293					$	3,938,234					$	6,739,913					$	3,982,571					$	3,844,287					$	6,329,183					$	3,787,020					$	3,518,288
PV of expected future net premiums						3,188,017						1,867,873						1,734,875						2,997,954						1,783,173						1,711,741						2,865,334						1,729,219						1,594,992
PV of expected future policy benefits						7,176,690						3,712,044						3,336,546						6,655,694						3,506,689						3,315,880						6,245,843						3,336,344						3,005,664
Liberty National
PV of expected future gross premiums						$	2,039,441					$	1,299,234					$	1,316,967					$	2,089,005					$	1,325,869					$	1,390,066					$	2,271,423					$	1,418,333					$	1,458,880
PV of expected future net premiums						500,297						338,275						337,119						518,008						348,570						358,472						652,858						415,442						423,490
PV of expected future policy benefits						1,374,959						791,140						804,695						1,413,211						816,819						865,808						1,600,943						904,865						941,574
American Income
PV of expected future gross premiums						$	1,770,862					$	992,641					$	1,012,919					$	1,768,231					$	991,448					$	1,047,348					$	1,750,393					$	977,846					$	1,004,239
PV of expected future net premiums						400,512						225,141						223,247						359,248						201,869						206,381						342,659						192,631						190,296
PV of expected future policy benefits						709,637						348,711						355,303						640,326						315,431						335,504						617,973						303,713						312,750
Direct to Consumer
PV of expected future gross premiums						$	248,646					$	157,812					$	159,862					$	236,776					$	149,119					$	156,612					$	177,131					$	116,212					$	119,457
PV of expected future net premiums						208,577						131,919						133,377						174,738						109,880						115,363						133,995						87,751						90,143
PV of expected future policy benefits						204,099						127,975						129,277						163,087						104,501						109,482						127,911						85,212						87,532
Total
PV of expected future gross premiums						$	20,652,684					$	12,408,312					$	12,071,436					$	19,516,632					$	11,744,155					$	11,834,715					$	17,330,117					$	10,585,274					$	10,334,511
PV of expected future net premiums						10,740,051						6,512,063						6,314,148						10,005,242						6,069,295						6,089,728						8,675,406						5,366,305						5,207,422
PV of expected future policy benefits						16,050,185						9,006,730						8,586,253						15,020,883						8,484,970						8,441,002						13,507,844						7,710,767						7,394,349

As of December 31, 2024 for the health segment using current discount rates, the Company anticipates $ 12.1 billion of expected future gross premiums and $ 6.3 billion of expected future net premiums. As of December 31, 2023 and 2022 using current discount rates, the Company anticipated $ 11.8 billion and $ 10.3 billion of expected future gross premiums and $ 6.1 billion and $ 5.2 billion in expected future net premiums, respectively. 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.

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The following table summarizes the balances of, and changes in, policyholders’ account balances for the three years ended December 31, 2024:

						Policyholders' Account Balances
						2024																		2023																		2022
						Interest Sensitive Life						Deferred Annuity						Other Policy-holders' Funds						Interest Sensitive Life						Deferred Annuity						Other Policy-holders' Funds						Interest Sensitive Life						Deferred Annuity						Other Policy-holders' Funds
Balance at January 1,						$	732,948					$	773,039					$	236,958					$ 739,105						$	954,318					$	123,236					$	745,335					$	1,033,525					$	99,468
Issuances						—						875						—						—						896						—						—						1,528						—
Premiums received						20,928						11,332						240,802						22,036						13,209						122,136						23,439						22,873						30,591
Policy charges						( 12,295 )						—						—						( 12,926 )						—						—						( 13,573 )						—						—
Surrenders and withdrawals						( 22,479 )						( 107,707 )						( 13,897 )						( 21,215 )						( 165,584 )						( 13,042 )						( 21,994 )						( 92,235 )						( 11,615 )
Benefit payments						( 30,512 )						( 43,955 )						—						( 29,909 )						( 57,937 )						—						( 32,889 )						( 44,456 )						—
Interest credited						27,790						23,634						21,165						28,320						28,150						9,314						28,579						32,779						4,589
Other						7,009						( 645 )						( 16,424 )						7,537						( 13 )						( 4,686 )						10,208						304						203
Balance at December 31,						$	723,389					$	656,573					$	468,604					$	732,948					$	773,039					$	236,958					$	739,105					$	954,318					$	123,236
Weighted-average credit rate						3.82		%				3.31		%				6.00		%				3.85		%				3.26		%				5.17		%				3.85		%				3.30		%				4.12		%
Net amount at risk						$	1,663,496					N/A						N/A						$	1,766,170					N/A						N/A						$	1,873,315					N/A						N/A
Cash surrender value						$	677,111					$	656,573					$	468,604					$	671,596					$	773,039					$	236,958					$	689,546					$	954,309					$	123,236

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 December 31, 2024, 2023, and 2022:

						At December 31, 2024
Range of guaranteed minimum crediting rates						Interest Sensitive Life						Deferred Annuity						Other Policyholders' Funds
At guaranteed minimum:
Less than 3.00 %						$	—					$	1,812					$	373,584
3.00 %- 3.99 %						29,251						473,191						3,182
4.00 %- 4.99 %						604,412						181,570						55,876
Greater than 5.00 %						89,726						—						35,962
Total						723,389						656,573						468,604
51 - 150 basis points above:
Less than 3.00 %						—						—						—
3.00 %- 3.99 %						—						—						—
4.00 %- 4.99 %						—						—						—
Greater than 5.00 %						—						—						—
Total						—						—						—
Grand Total						$	723,389					$	656,573					$	468,604

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						At December 31, 2023
Range of guaranteed minimum crediting rates						Interest Sensitive Life						Deferred Annuity						Other Policyholders' Funds
At guaranteed minimum:
Less than 3.00 %						$	—					$	1,945					$	138,684
3.00 %- 3.99 %						29,086						574,939						3,790
4.00 %- 4.99 %						613,704						195,390						6,861
Greater than 5.00 %						90,158						765						37,556
Total						732,948						773,039						186,891
51 - 150 basis points above:
Less than 3.00 %						—						—						—
3.00 %- 3.99 %						—						—						—
4.00 %- 4.99 %						—						—						50,067
Greater than 5.00 %						—						—						—
Total						—						—						50,067
Grand Total						$	732,948					$	773,039					$	236,958

						At December 31, 2022
Range of guaranteed minimum crediting rates						Interest Sensitive Life						Deferred Annuity						Other Policyholders' Funds
At guaranteed minimum:
Less than 3.00 %						$	—					$	2,040					$	23,042
3.00 %- 3.99 %						28,867						743,299						4,074
4.00 %- 4.99 %						620,594						208,979						58,251
Greater than 5.00 %						89,644						—						37,869
Total						739,105						954,318						123,236
51 - 150 basis points above:
Less than 3.00 %						—						—						—
3.00 %- 3.99 %						—						—						—
4.00 %- 4.99 %						—						—						—
Greater than 5.00 %						—						—						—
Total						—						—						—
Grand Total						$	739,105					$	954,318					$	123,236

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Note 7—Deferred Acquisition Costs

The following tables roll forward the deferred policy acquisition costs for the three years ended December 31, 2024:

						Life
						American Income						DTC						Liberty National						Other						Total
Balance at January 1, 2022						$	1,960,254					$	1,583,695					$	566,419					$	301,647					$	4,412,015
Capitalizations						450,600						188,083						90,385						13,504						742,572
Amortization expense						( 141,108 )						( 94,847 )						( 46,081 )						( 16,805 )						( 298,841 )
Foreign exchange adjustment						( 11,455 )						—						—						—						( 11,455 )
Balance at December 31, 2022						$	2,258,291					$	1,676,931					$	610,723					$	298,346					$	4,844,291
Balance at January 1, 2023						$	2,258,291					$	1,676,931					$	610,723					$	298,346					$	4,844,291
Capitalizations						471,771						159,650						107,230						13,053						751,704
Amortization expense						( 159,898 )						( 99,464 )						( 51,534 )						( 16,530 )						( 327,426 )
Foreign exchange adjustment						3,206						—						—						—						3,206
Balance at December 31, 2023						$	2,573,370					$	1,737,117					$	666,419					$	294,869					$	5,271,775
Balance at January 1, 2024						$	2,573,370					$	1,737,117					$	666,419					$	294,869					$	5,271,775
Capitalizations						524,980						145,538						119,203						12,172						801,893
Amortization expense						( 181,431 )						( 101,425 )						( 56,832 )						( 16,535 )						( 356,223 )
Foreign exchange adjustment						( 16,690 )						—						—						—						( 16,690 )
Balance at December 31, 2024						$	2,900,229					$	1,781,230					$	728,790					$	290,506					$	5,700,755

						Health
						United American						Family Heritage						Liberty National						American Income						DTC						Total
Balance at January 1, 2022						$	81,140					$	388,967					$	127,537					$	49,406					$	2,032					$	649,082
Capitalizations						2,135						53,117						18,737						12,378						4						86,371
Amortization expense						( 5,881 )						( 25,476 )						( 13,178 )						( 3,467 )						( 182 )						( 48,184 )
Foreign exchange adjustment						—						—						—						( 506 )						—						( 506 )
Balance at December 31, 2022						$	77,394					$	416,608					$	133,096					$	57,811					$	1,854					$	686,763
Balance at January 1, 2023						$	77,394					$	416,608					$	133,096					$	57,811					$	1,854					$	686,763
Capitalizations						1,941						63,366						20,309						12,849						—						98,465
Amortization expense						( 5,846 )						( 27,131 )						( 13,464 )						( 3,982 )						( 175 )						( 50,598 )
Foreign exchange adjustment						—						—						—						105						—						105
Balance at December 31, 2023						$	73,489					$	452,843					$	139,941					$	66,783					$	1,679					$	734,735
Balance at January 1, 2024						$	73,489					$	452,843					$	139,941					$	66,783					$	1,679					$	734,735
Capitalizations						2,608						70,311						23,775						14,955						2						111,651
Amortization expense						( 5,567 )						( 27,035 )						( 14,796 )						( 4,678 )						( 148 )						( 52,224 )
Foreign exchange adjustment						—						—						—						( 741 )						—						( 741 )
Balance at December 31, 2024						$	70,530					$	496,119					$	148,920					$	76,319					$	1,533					$	793,421

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The following table presents a reconciliation of deferred policy acquisition costs to the Consolidated Balance Sheets for the three years ended December 31, 2024:

						December 31,
						2024						2023						2022
Life
American Income						$	2,900,229					$	2,573,370					$	2,258,291
Direct to Consumer						1,781,230						1,737,117						1,676,931
Liberty National						728,790						666,419						610,723
Other						290,506						294,869						298,346
Total DAC—Life						5,700,755						5,271,775						4,844,291
Health
United American						70,530						73,489						77,394
Family Heritage						496,119						452,843						416,608
Liberty National						148,920						139,941						133,096
American Income						76,319						66,783						57,811
Direct to Consumer						1,533						1,679						1,854
Total DAC—Health						793,421						734,735						686,763
Annuity						1,413						2,967						4,643
Tota l						$	6,495,589					$	6,009,477					$	5,535,697

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Activity in the liability for unpaid health claims is summarized as follows:

			Year Ended December 31,
			2024						2023						2022
Balance at January 1,			$	194,809					$	184,286					$	173,737
Less reinsurance recoverables			( 2,157 )						( 2,084 )						( 2,628 )
Net balance at January 1,			192,652						182,202						171,109
Incurred related to:
Current year			767,076						697,521						676,189
Prior years			( 10,460 )						( 4,853 )						( 15,631 )
Total incurred			756,616						692,668						660,558
Paid related to:
Current year			587,473						535,971						517,855
Prior years			152,322						146,247						131,610
Total paid			739,795						682,218						649,465
Net balance at December 31,			209,473						192,652						182,202
Plus reinsurance recoverables			1,521						2,157						2,084
Balance at December 31,			$	210,994					$	194,809					$	184,286

At the end of each period, the liability for unpaid health claims includes an estimate of claims incurred but not yet reported to the Company. Such estimates are updated regularly based upon the Company’s most recent claims data with recognition of emerging experience trends. Due to the nature of the Company’s health business, the payment lags are relatively short and most claims are fully paid within a year from the time incurred. Fluctuations in claims experience can lead to either over or under estimation of the liability for any given year. The difference between the estimate made at the end of the prior period and the actual experience during the period is reflected above under the caption "Incurred related to: Prior years."

Below is the reconciliation of the liability of "Policy claims and other benefits payable" in the Consolidated Balance Sheets .

			December 31,
			2024						2023
Policy claims and other benefits payable:
Life insurance			$	321,838					$	320,066
Health insurance			210,994						194,809
Total			$	532,832					$	514,875

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Note 9—Income Taxes

The following table discloses significant components of income taxes for each year presented:

			Year Ended December 31,
			2024						2023						2022
Income tax expense (benefit) from operations:
Current income tax expense (benefit)			$	218,135					$	145,880					$	138,968
Deferred income tax expense (benefit)			37,740						77,631						68,757
			255,875						223,511						207,725
Shareholders’ equity:
Other comprehensive income (loss)			197,427						4,762						384,035
			$	453,302					$	228,273					$	591,760

In each of the years 2022 through 2024, deferred income tax expense (benefit) was incurred because of certain differences between net income before income tax expense (benefit) as reported on the Consolidated Statements of Operations and taxable income as reported on Globe Life's income tax returns. As explained in Note 1—Significant Accounting Policies , these differences caused the consolidated financial statement book values of some assets and liabilities to be different from their respective tax bases.

The effective income tax rate differed from the expected U.S. federal statutory rate of 21% as shown below:

			Year Ended December 31,
			2024						%						2023						%						2022						%
Expected federal income tax expense (benefit)			$	278,594					21.0						$	250,796					21.0						$	231,443					21.0
Increase (reduction) in income taxes resulting from:
Low-income housing investments			( 9,700 )						( 0.7 )						( 14,291 )						( 1.2 )						( 11,443 )						( 1.1 )
Share-based awards			1,341						0.1						( 4,724 )						( 0.4 )						( 5,251 )						( 0.5 )
Tax-exempt investment income			( 9,644 )						( 0.7 )						( 9,644 )						( 0.8 )						( 8,961 )						( 0.8 )
Other tax credits			( 5,000 )						( 0.4 )						—						—						—						—
Other			284						—						1,374						0.1						1,937						0.2
Income tax expense (benefit)			$	255,875					19.3						$	223,511					18.7						$	207,725					18.8

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The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below:

			December 31,
			2024						2023
Deferred tax assets:
Unrealized losses			$	532,756					$	732,750
Carryover of tax losses			10,342						4,227
Total gross deferred tax assets			543,098						736,977
Less valuation allowance			( 3,383 )						—
Net deferred tax assets			539,715						736,977
Deferred tax liabilities:
Employee and agent compensation			104,385						100,689
Deferred acquisition costs			961,406						892,149
Future policy benefits, unearned and advance premiums, and policy claims			228,117						267,564
Other liabilities			24,432						17,466
Total gross deferred tax liabilities			1,318,340						1,277,868
Net deferred tax liability			$	778,625					$	540,891

Bermuda Corporate Income Tax Act , The Bermuda Corporate Income Tax Act (the Act) was enacted on December 27, 2023, and included a new corporate income tax (CIT). The Act and CIT go into effect for years beginning after January 1, 2025. The Company is in the process of evaluating the impact the Act will have on the consolidated financial statements; however, the Company does not expect the Act to have a material impact.

Inflation Reduction Act , The Inflation Reduction Act (the Act) was enacted on August 16, 2022, and included a new corporate alternative minimum tax (CAMT). The Act and the CAMT go into effect for tax years beginning after 2022.

Globe Life Inc., as parent of a tax-controlled group, has determined that it does not reasonably expect to be an applicable corporation on a group basis for the taxable year ended December 31, 2024. Therefore, the Company did not calculate or recognize a payable for CAMT in its 2024 financial statements.

Income Tax Return : Globe Life Inc. and its subsidiaries file a life-nonlife consolidated federal income tax return. The statutes of limitations for the Internal Revenue Service's examination and assessment of additional tax are closed for all tax years prior to 2017 with respect to Globe Life's consolidated federal income tax returns. Management concludes that adequate provision has been made in the consolidated financial statements for any potential assessments that may result from current or future tax examinations and other tax-related matters for all open years.

Valuations : Globe Life has a $ 49.2 million net operating loss (NOL) carryforward at December 31, 2024, of which $ 7.2 million was created prior to 2018 and will begin to expire in 2035 if not otherwise used to offset future taxable income. The remaining NOL carryforward of $ 42.0 million may be carried forward indefinitely. A valuation allowance is to be recorded when it is more likely than not that deferred tax assets will not be realized by the Company. A valuation allowance has been established in the amount of $ 3.4 million related to pre-acquisition NOL carryforward deferred tax assets acquired in 2024 as management has determined that the acquired companies will more than likely not have sufficient taxable income in future periods to realize the deferred tax assets.

Globe Life's tax liability is adjusted to include a provision for uncertain tax positions taken or expected to be taken in a tax return. However, during the years 2022 through 2024, Globe Life did no t have any uncertain tax positions which resulted in unrecognized tax benefits.

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Note 10—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.

The total cost of these retirement plans charged to operations was as follows:

			Year Ended December 31,
			2024						2023						2022
Plan Type:
Defined Contribution Plans (1)			$	6,605					$	6,390					$	5,824
Defined Benefit Pension Plans (2)			16,458						15,225						37,040

(1) 401K plans.

(2) Qualified pension plans and SERP.

Globe Life accrues expense for the defined contribution plans based on a percentage of the employees’ contributions. The plans are funded by the employee contributions and a Globe Life contribution equal to the amount of accrued expense. Plan contributions are both mandatory and discretionary, depending on the terms of the plan.

Pension Plans: Cost for the Pension Plans has been calculated on the projected unit credit actuarial cost method. All plan measurements for the pension plans are as of December 31 of the respective year. The pension plans covering the majority of employees are qualified and funded. Contributions are made to funded pension plans subject to minimums required by regulation and maximums allowed for tax purposes.

Globe Life's SERP provides an additional supplemental defined pension benefit to a limited number of officers. The supplemental benefit is based on the participant’s qualified plan benefit without consideration to the regulatory limits on compensation and benefit payments applicable to qualified plans, except that eligible compensation is capped at $ 1 million. The SERP is nonqualified and unfunded. However, a Rabbi Trust has been established to support the liability for this plan. The Rabbi Trust consists of life insurance policies on the lives of plan participants with an unaffiliated insurance carrier as well as an investment account. Since this plan is nonqualified, the investments and the policyholder value of the insurance policies in the Rabbi Trust are not included as defined benefit plan assets, but rather assets of the Company. They are included in “Other Assets” in the Consolidated Balance Sheets .

Defined benefit and SERP plan contributions were $ 24.8 million in 2024, $ 24.4 million in 2023, and $ 29.8 million in 2022. In 2025, the Company does not expect to increase contributions to the plans from what was contributed in 2024.

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Pension Assets: Plan assets in the funded plans consist primarily of investments in marketable fixed maturities and equity securities that are valued at fair value. Globe Life measures the fair value of its financial assets, including the assets in its benefit plans, in accordance with accounting guidance which establishes a hierarchy for asset values and provides a methodology for the measurement of value. Please refer to Note 1—Significant Accounting Policies under the caption Fair Value Measurements , Investments in Securities for a complete discussion of valuation procedures.

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

Pension Assets by Component at December 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)			$	35,483					$	—					$	—					$	35,483					6
Equity exchange traded fund (1)			322,846						—						—						322,846						53
U.S. Government and Agency			—						179,418						—						179,418						29
Other bonds			—						4						—						4						—
Guaranteed annuity contract (2)			—						43,893						—						43,893						7
Short-term investments			1,235						—						—						1,235						—
Other			1,420						—						—						1,420						—
			$	360,984					$	223,315					$	—					584,299						95
Other long-term investments (3)																					30,546						5
Total pension assets																					$	614,845					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, 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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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 investments			6,506						—						—						6,506						1
Other			463						—						—						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.

Globe Life's investment objectives and goals for its plan assets include generating strong risk-adjusted returns, maintaining diversification, investing in accordance with the liabilities of the plan, and satisfying the liquidity needs of the plan. Globe Life seeks to accomplish these objectives by investing in public and private markets and diversifying across asset classes, industries, sectors, and entities. Globe Life intends to maintain an asset mix that when combined with future plan contributions will produce adequate long-term risk adjusted returns relative to expected changes in the liability as a result of changes to interest rates or earned benefits.

The majority of the securities in the portfolio are highly marketable so that there will be adequate liquidity to meet projected payments. There are no specific policies calling for asset durations to match those of benefit obligations.

Allowed investments include equity, fixed income, real assets, and short-term investments. Equity securities include common stocks or equivalents, preferred stocks, and/or funds investing primarily in private or public equity investments. Fixed income securities include loans of corporations or commercial real estate as well as marketable debt securities issued by either the U.S. Government, Agencies of the U.S. Government, state, local and municipal governments, domestic and foreign corporations, Special Purpose Vehicles secured by pools of financial assets, and other U.S. financial institutions. Real Assets include equity interest in core or non-core real estate or infrastructure with U.S. or non-U.S. exposure. Short-term investments consist of fixed income securities maturing in one year or less.

The assets are to be invested in a mix of allowed investments that best serve the objectives of the pension plan. Factors to be considered in determining the asset mix include funded status, annual pension expense, annual pension contributions, and balance sheet liability. The investment portfolio is well diversified to avoid undue exposure to an asset class, sector, industry, business, or security. The Company does not employ any other special risk management techniques, such as derivatives, in managing the pension investment portfolio.

Globe Life's public equity within the pension plan assets consists of an exchange traded fund that mirrors the S&P 500 index which better aligns with a passive approach rather than an actively managed portfolio.

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At December 31, 2024, there were no restricted investments contained in the portfolio. Plan contributions have been invested primarily in fixed maturity and equity securities during the three years ended December 31, 2024.

The following table presents additional information about the Company's investment funds included in pension plan assets as of December 31, 2024 and December 31, 2023 at fair value:

						Fair Value												Unfunded Commitments (2)
Investment Category						2024						2023						2024						Redemption Term/Notice (1)
Multi-asset class						$	12,383					$	14,714					$	—					Non-redeemable
Private equity						18,163						3,600						48,167						Non-redeemable
Total						$	30,546					$	18,314					$	48,167

(1) Non-redeemable funds generally have an expected life of 7 to 10 years from fund closing with extension options of 2 to 4 years. Redemptions are paid out throughout the life of the funds at the General Partner's discretion.

(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 December 31, 2024, unfunded commitments totaled $ 57.5 million, including funds past the investment period.

SERP: The following tables include premiums paid for COLI for the three years ended December 31, 2024 and investments of the Rabbi Trust for the two years ended December 31, 2024:

			Year Ended December 31,
			2024						2023						2022
Premiums paid for insurance coverage			$	443					$	443					$	443
									At December 31,
									2024						2023
Total investments:
COLI									$	57,210					$	55,185
Exchange traded funds									98,314						86,156
									$	155,524					$	141,341

Pension Plans and SERP Liabilities: The following table presents the projected benefit obligation (PBO) and accumulated benefit obligation (ABO) for the Pension Plans and SERP at December 31, 2024 and 2023:

			December 31,
			2024												2023
			PBO						ABO						PBO						ABO
Pension plans			$	561,615					$	500,010					$	554,957					$	493,040
SERP			73,441						68,428						72,603						69,332
Benefit obligation			$	635,056					$	568,438					$	627,560					$	562,372

For the year ended December 31, 2024, the Pension Plans have plan assets with fair values in excess of projected benefit obligations. The projected benefit obligations and the fair value of plan assets were as follows:

			At December 31,
			2024						2023
Funded benefit pension plans PBO			$	561,615					$	554,957
Funded benefit pension plans fair value of plan assets			614,845						570,767

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For the year ended December 31, 2024, the funded benefit pension plans have plan assets with fair value in excess of the accumulated benefit obligations. The accumulated benefit obligations and the fair value of plan assets were as follows:

			At December 31,
			2024						2023
Funded benefit pension plans ABO			$	500,010					$	493,040
Funded benefit pension plans fair value of plan assets			614,845						570,767

The following table discloses the assumptions used to determine Globe Life's pension liabilities and costs for the appropriate periods. The discount and compensation increase rates are used to determine current year projected benefit obligations and subsequent year pension expense. The long-term rate of return is used to determine current year expense. Differences between assumptions and actual experience are included in actuarial gain or loss.

Weighted Average Pension Plan Assumptions

For Benefit Obligations at December 31:									2024						2023
Discount rate									5.81		%				5.40		%
Rate of compensation increase									4.46						4.40
For Periodic Benefit Cost for the Year:			2024						2023						2022
Discount rate			5.40		%				5.71		%				3.19		%
Expected long-term returns			7.18						6.98						6.98
Rate of compensation increase			4.40						4.40						4.43

The discount rate is determined based on the expected duration of plan liabilities. A yield is then derived based on the current market yield of a hypothetical portfolio of high quality corporate bonds that match the liability's average life. The rate of compensation increase is projected based on Company experience, modified as appropriate for future expectations. The expected long-term rate of return on plan assets is management’s best estimate of the average rate of earnings expected to be received on the assets invested in the plan over the benefit period. In determining this assumption, consideration is given to the historical rate of return earned on the assets, the projected returns over future periods, and the discount rate used to compute benefit obligations.

Net Periodic Benefit Cost: The following table presents the net periodic benefit cost for the defined benefit plans by expense component for the three years ended December 31, 2024 as follows:

Components of Net Periodic Benefit Cost

			Year Ended December 31,
			2024						2023						2022
Service cost—benefits earned during the period			$	24,898					$	21,568					$	34,624
Interest cost on projected benefit obligation			33,123						31,367						24,445
Expected return on assets			( 42,580 )						( 38,625 )						( 35,539 )
Amortization of prior service cost (credit)			1,071						1,075						1,077
Recognition of actuarial gain (loss)			( 54 )						( 160 )						12,433
Net periodic benefit cost			$	16,458					$	15,225					$	37,040

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An analysis of the impact on other comprehensive income (loss) concerning pensions and other postretirement benefits is as follows:

			Year Ended December 31,
			2024						2023						2022
Balance at January 1			$	( 2,727 )					$	1,570					$	( 131,239 )
Amortization of:
Prior service cost (credit)			1,071						1,075						1,077
Net actuarial (gain) loss (1)			( 597 )						( 1,465 )						12,677
Total amortization			474						( 390 )						13,754
Plan amendments			( 1,212 )						—						—
Experience gain (loss) (2)			29,659						( 3,907 )						119,055
Balance at December 31			$	26,194					$	( 2,727 )					$	1,570

(1) Includes amortization of postretirement benefits other than pensions of $( 622 ) thousand in 2024, $( 732 ) thousand in 2023, and $ 289 thousand in 2022.

(2) The increase in the experience gain (loss) is related to an increase in discount rate.

The following table presents a reconciliation from the beginning to the end of the year of the PBO for the Pension Plans and SERP, and the plan assets for the Pension Plans. This table also presents the amounts previously recognized as a component of accumulated other comprehensive income.

Pension Benefits

			Year Ended December 31,
			2024						2023
Changes in PBO:
PBO at beginning of year			$	627,560					$	562,567
Service cost			24,898						21,568
Interest cost			33,123						31,367
Plan amendments			1,212						—
Actuarial loss (gain)			( 22,964 )						40,569
Benefits paid			( 28,773 )						( 28,511 )
PBO at end of year			635,056						627,560
Changes in plan assets:
Fair value at beginning of year			570,767						499,775
Return on assets			48,084						75,062
Contributions			24,767						24,441
Benefits paid			( 28,773 )						( 28,511 )
Fair value at end of year			614,845						570,767
Funded status at year end			$	( 20,211 )					$	( 56,793 )

Changes in the PBO related to actuarial losses (gains) are primarily attributed to changes in the discount rate.

			Year Ended December 31,
Amounts recognized in accumulated other comprehensive income consist of:			2024						2023
Net loss (gain)			$	( 28,720 )					$	( 227 )
Prior service cost			6,636						6,494
Net amounts recognized at year end			$	( 22,084 )					$	6,267

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Globe Life has estimated its expected postretirement benefits to be paid over the next ten years as of December 31, 2024. These estimates use the same assumptions that measure the benefit obligation at December 31, 2024, taking estimated future employee service into account. Those estimated benefits are as follows:

For the year(s):
2025			$	31,035
2026			33,565
2027			36,259
2028			39,032
2029			41,865
2030-2034			243,598

Note 11—Supplemental Disclosures of Cash Flow Information

The following table summarizes Globe Life's noncash transactions for the three years ended December 31, 2024, which are not reflected on the Consolidated Statements of Cash Flows :

			Year Ended December 31,
			2024						2023						2022
Stock-based compensation not involving cash			$	40,118					$	30,736					$	35,650
Commitments for low-income housing interests			35,000						—						136,882
Exchanges of fixed maturity investments			105,595						50,936						147,612
Net unsettled security trades			2,334						3,833						—
Noncash tax credits			—						1,083						1,000

The following table summarizes certain amounts paid during the period:

			Year Ended December 31,
			2024						2023						2022
Interest paid			$	116,993					$	99,545					$	88,814
Income taxes paid (1)			175,400						121,034						114,888

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Note 12—Debt

On August 23, 2024, Globe Life completed the issuance of $ 450 million principal amount of 5.85 % Senior notes due September 15, 2034. Total proceeds received by the Parent Company from the issuance, net of the underwriters’ discount, were $ 445 million. The proceeds were used for general corporate purposes, which included open market purchases of shares of its common stock under its share repurchase program. On August 15, 2024, Globe Life amended its term loan agreement increasing the principal amount from $ 170 million to $ 250 million, an increase of $ 80 million. The amendment extends the maturity date from November 11, 2024 to August 15, 2027.

The following table presents information about the terms and outstanding balances of Globe Life's debt.

Selected Information about Debt Issues

																					As of December 31,
																					2024																								2023
Instrument			Issue Date						Maturity Date						Coupon Rate						Par Value						Unamortized Discount & Issuance Costs						Book Value						Fair Value						Book Value
Senior notes			09/27/2018						09/15/2028						4.550 %						$	550,000					$	( 3,001 )					$	546,999					$	542,811					$	546,283
Senior notes			08/21/2020						08/15/2030						2.150 %						400,000						( 2,868 )						397,132						338,524						396,670
Senior notes (1)			05/19/2022						06/15/2032						4.800 %						250,000						( 3,728 )						246,272						241,083						245,873
Senior notes			08/23/2024						09/15/2034						5.850 %						450,000						( 5,186 )						444,814						451,665						—
Junior subordinated debentures			11/17/2017						11/17/2057						5.275 %						125,000						( 1,557 )						123,443						95,865						123,427
Junior subordinated debentures			06/14/2021						06/15/2061						4.250 %						325,000						( 7,613 )						317,387						204,620						317,306
Term loan (2)			05/11/2023						08/15/2027						5.998 %						250,000						( 1,796 )						248,204						248,204						—
Total long-term debt																					2,350,000						( 25,749 )						2,324,251						2,122,772						1,629,559
Term loan (2)																					—						—						—						—						169,549
Commercial paper																					419,000						( 3,599 )						415,401						415,401						316,564
Total short-term debt																					419,000						( 3,599 )						415,401						415,401						486,113
Total debt																					$	2,769,000					$	( 29,348 )					$	2,739,652					$	2,538,173					$	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 and the term loan are payable quarterly while all other long-term debt is payable semi-annually.

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Contractual Debt Obligations : The following table presents expected scheduled principal payments under our contractual debt obligations:

			Year Ended December 31,
			2025						2026						2027						2028						2029						Thereafter
Debt obligations			$	419,000					$	—					$	250,000					$	550,000					$	—					$	1,550,000

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 upon approval of the participating banks. 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 December 31, 2024, the Company was in full compliance with these covenants.

Commercial paper outstanding and any long-term debt due within one year are reported as short-term debt on the Consolidated Balance Sheets . The following tables present selected information concerning Globe Life's commercial paper borrowings.

Credit Facility—Commercial Paper

(Dollar amounts in thousands)

			At December 31,
			2024						2023
Balance commercial paper at end of period (at par value)			$	419,000					$	319,000
Annualized interest rate			5.22		%				5.71		%
Letters of credit outstanding			$	115,000					$	115,000
Remaining amount available under credit line			466,000						316,000

Credit Facility—Commercial Paper Activity

(Dollar amounts in thousands)

			Year Ended December 31,
			2024						2023						2022
Average balance of commercial paper outstanding during period (par value)			$	405,573					$	290,024					$	322,531
Daily-weighted average interest rate (annualized)			5.65		%				5.40		%				1.89		%
Maximum daily amount outstanding during period (par value)			$	633,425					$	477,700					$	500,529
Commercial paper issued during period (par value)			2,052,056						2,029,000						2,269,444
Commercial paper matured during period (par value)			( 1,952,056 )						( 1,995,000 )						( 2,314,477 )
Net commercial paper issued (matured) during period (par value)			100,000						34,000						( 45,033 )

The Company increased the commercial paper borrowings by $ 100 million from the prior year. The Company was able to issue commercial paper as needed under this facility during the year ended December 31, 2024 and 2023.

Federal Home Loan Bank : FHLB membership provides certain of 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.

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Globe Life owned $ 34.5 million in FHLB common stock as of December 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 Consolidated Balance Sheets. Borrowings with the FHLB are subject to the availability of pledged assets at the insurance subsidiaries of Globe Life. As of December 31, 2024, Globe Life's insurance subsidiaries maximum borrowing capacity under the FHLB facility was approximately $ 730 million, net of outstanding funding agreements and short-term borrowings, on pledged assets with a fair value of $ 1.3 billion. As of December 31, 2024, $ 372 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 Consolidated Balance Sheets . The Company had no short-term borrowings from the FHLB as of December 31, 2024 and 2023.

Note 13—Shareholders' Equity

Share Data: A summary of common share activity is presented in the following chart.

									Common Stock
															Issued						Treasury Stock
2022:
Balance at January 1, 2022															109,218,183						( 9,650,845 )
Grants of restricted stock															—						10,746
Vesting of performance shares															—						66,751
Issuance of common stock due to exercise of stock options															—						1,519,728
Treasury stock acquired															—						( 4,424,668 )
Retirement of treasury stock															( 4,000,000 )						4,000,000
Balance at December 31, 2022															105,218,183						( 8,478,288 )
2023:
Grants of restricted stock															—						7,110
Vesting of performance shares															—						84,298
Issuance of common stock due to exercise of stock options															—						1,375,313
Treasury stock acquired															—						( 4,415,287 )
Retirement of treasury stock															( 3,000,000 )						3,000,000
Balance at December 31, 2023															102,218,183						( 8,426,854 )
2024:
Grants of restricted stock															—						7,375
Vesting of performance shares															—						143,211
Issuance of common stock due to exercise of stock options															—						584,993
Treasury stock acquired															—						( 10,549,341 )
Retirement of treasury stock															( 5,000,000 )						5,000,000
Balance at December 31, 2024															97,218,183						( 13,240,616 )

There was no activity related to the preferred stock in years 2022 through 2024.

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Acquisition of Common Shares : Globe Life shares are acquired through open market purchases under the Globe Life stock repurchase program when it is determined to be the best use of Globe Life's excess cash flows. This yields a return that is better than available alternatives and exceeds our cost of equity. When stock options are exercised, proceeds from the exercises are generally used to repurchase approximately the number of shares available with those funds in order to reduce dilution. See the following summary below:

			Globe Life Share Repurchase Program																		Share Repurchase for Dilution Purposes
			Shares Acquired (in thousands)						Total Cost						Average Price						Shares Acquired (in thousands)						Total Cost						Average Price
2024			10,086						$	945,637					$	93.76					501						$	48,026					$	95.75
2023			3,369						380,103						112.84						1,080						127,155						117.72
2022			3,322						335,145						100.90						1,103						119,493						108.33

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:

			Year Ended December 31,
			2024						2023						2022
Basic weighted average shares outstanding			89,278,574						95,098,474						97,927,770
Weighted average dilutive options outstanding			382,848						1,265,367						1,056,874
Diluted weighted average shares outstanding			89,661,422						96,363,841						98,984,644
Antidilutive shares			2,140,787						422,739						31,269

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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Note 14—Stock-Based Compensation

Globe Life's stock-based compensation consists of stock options, restricted stock, restricted stock units, and performance shares. Certain employees and members of the board of directors (directors) have been granted fixed equity options to buy shares of Globe Life stock at the market value of the stock on the date of grant, under the provisions of the Globe Life stock option plans. The options are exercisable during the period commencing from the date they vest until expiring according to the terms of the grant. Options generally expire the earlier of employee termination or option contract term, which are either seven-year or ten-year terms. However, depending on the circumstances of termination, options may be exercised for a period of time following termination of employment or upon death or disability. Options generally vest in accordance with the following schedule:

									Shares vested by period
			Contract Period						6 Months						Year 1						Year 2						Year 3						Year 4						Year 5
Directors			7 years						100 %						—%						—%						—%						—%						—%
Employees			7 years						—%						—%						50 %						50 %						—%						—%

All employee options vest immediately upon retirement on or after the attainment of age 65, upon death, or disability. Globe Life generally issues shares for the exercise of stock options from treasury stock. The Company generally uses the proceeds from option exercises to buy shares of Globe Life common stock in the open market to reduce the dilution from option exercises.

A summary of stock compensation activity for each of the three years ended December 31, 2024 is presented below:

			2024						2023						2022
Stock-based compensation expense recognized (1)			$	40,118					$	30,736					$	35,650
Tax benefit recognized			7,085						11,178						12,738

(1) No stock-based compensation expense was capitalized in any period in accordance with applicable GAAP.

Additional stock compensation information is as follows at December 31:

			2024						2023
Unrecognized compensation (1)			$	46,956					$	36,599
Weighted average period of expected recognition (in years) (1)			0.53						0.53

(1) Includes stock options, restricted stock units and performance shares .

No equity awards were cash settled during the three years ended December 31, 2024.

Options: The following table summarizes information about stock options outstanding at December 31, 2024.

						Options Outstanding																		Options Exercisable
Range of Exercise Prices						Number Outstanding						Weighted- Average Remaining Contractual Life (Years)						Weighted- Average Exercise Price						Number Exercisable						Weighted- Average Exercise Price
$ 50.64 - $ 87.60						1,609,506						1.48						$	81.93					1,609,506						$	81.93
92.40 - 100.74						1,994,603						2.66						99.47						1,994,603						99.47
103.23						1,187,349						4.15						103.23						734,148						103.23
105.56 - 128.40						1,034,499						5.56						123.96						38,179						108.55
$ 50.64 - $ 128.40						5,825,957						3.15						$	99.74					4,376,436						$	93.73

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An analysis of option activity for each of the three years ended December 31, 2024, is as follows:

			2024												2023												2022
			Options						Weighted-Average Exercise Price						Options						Weighted-Average Exercise Price						Options						Weighted-Average Exercise Price
Outstanding—beginning of year			5,940,320						$	96.19					6,962,374						$	91.73					7,197,662						$	85.11
Granted:
7 -year term			520,810						128.32						497,060						120.49						1,300,211						103.20
Exercised			( 584,993 )						88.52						( 1,375,313 )						82.95						( 1,519,728 )						70.14
Expired and forfeited			( 50,180 )						106.62						( 143,801 )						90.92						( 15,771 )						96.54
Outstanding—end of year			5,825,957						$	99.74					5,940,320						$	96.19					6,962,374						$	91.73
Exercisable at end of year			4,376,436						$	93.73					4,003,028						$	91.23					3,666,871						$	84.00

Additional information about Globe Life's stock option activity as of December 31, 2024 and 2023 is as follows:

			2024						2023
Outstanding options:
Weighted-average remaining contractual term (in years)			3.15						3.68
Aggregate intrinsic value			$	81,703					$	151,685
Exercisable options:
Weighted-average remaining contractual term (in years)			2.48						3.01
Aggregate intrinsic value			$	77,946					$	122,052

Selected stock option activity for the three years ended December 31, 2024, is presented below:

			2024						2023						2022
Weighted-average grant-date fair value of options granted (per share)			$	33.80					$	32.25					$	22.03
Intrinsic value of options exercised			17,127						49,163						58,201
Cash received from options exercised			51,786						114,080						106,592
Actual tax benefit received			2,489						9,379						11,907

Additional information concerning Globe Life's unvested options is as follows at December 31:

			2024						2023
Number of shares outstanding			1,449,521						1,937,292
Weighted-average exercise price (per share)			$	117.88					$	106.42
Weighted-average remaining contractual term (in years)			5.19						5.05
Aggregate intrinsic value			$	3,757					$	29,634

Globe Life expects that substantially all unvested options will vest.

Restricted Stock: Restricted stock grants consist of time-vested grants, restricted stock units, and performance shares. Time-vested restricted stock is available to directors and vests over six months . The directors' restricted stock units vest over six months and are converted to shares upon their retirement from the Board. Employees' restricted stock units vest and become non-forfeitable on the vesting date (generally three years from the grant date) or upon meeting certain retirement criteria, or in the event of death or disability. Director restricted stock and restricted stock units are generally granted on the first business day of the calendar year. Performance shares are

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granted to a limited number of senior executives. Performance shares have a three-year performance period and are not settled in shares until the certification of the three-year performance period. While the grant specifies a stated target number of shares, the determination of the actual settlement in shares will be based on the achievement of certain performance objectives of Globe Life over the three-year performance period. Certain executive restricted stock and performance share grants contain terms related to age that could accelerate vesting.

Following are the restricted stock units outstanding for each of the three years ended December 31, 2024:

Year of grants						Outstanding as of year end
2022						93,381
2023						163,108
2024						219,864

Below is the final determination of the performance share grants in 2020 to 2022:

Year of grants						Final settlement of shares						Final settlement date
2020						84,298						February 22, 2023
2021						143,211						February 28, 2024
2022						152,680						February 26, 2025

For the 2023 and 2024 performance share grants, actual shares that could be distributed range from 0 to 122 thousand for the 2023 grants and 0 to 145 thousand shares for the 2024 grants.

A summary of restricted stock grants for each of the years in the three-year period ended December 31, 2024, is presented in the table below:

			2024						2023						2022
Directors restricted stock:
Shares			7,375						7,110						10,746
Price per share			$	122.06					$	119.59					$	94.94
Aggregate value			$	900					$	850					$	1,020
Percent vested			100		%				100		%				100		%
Directors restricted stock units (including dividend equivalents):
Shares			4,854						9,479						8,956
Price per share			$	120.16					$	117.73					$	95.62
Aggregate value			$	583					$	1,116					$	856
Percent vested			100		%				100		%				100		%
Employees restricted stock units:
Shares			101,011						96,975						—
Price per share			$	127.29					$	120.18					$	—
Aggregate value			$	12,858					$	11,654					$	—
Percent vested			—		%				—		%				—		%
Performance shares:
Target shares			96,800						81,300						146,500
Target price per share			$	128.40					$	120.49					$	103.23
Aggregate value			$	12,429					$	9,796					$	15,123
Percent vested			—		%				—		%				—		%

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Time-vested restricted stockholders are entitled to dividend payments on the unvested stock. Director restricted stock unit holders are entitled to dividend equivalents. These equivalents are granted in the form of additional restricted stock units and vest immediately upon grant. Dividend equivalents are applicable only to directors' restricted stock units. Performance shares held by employees are not entitled to dividend equivalents and are not entitled to dividend payments until the shares are vested and settled.

An analysis of nonvested restricted stock is as follows:

									Executive Performance Shares						Directors Restricted Stock						Directors Restricted Stock Units						Employees Restricted Stock Units						Total
2022:
Balance at December 31, 2021									342,388						289						289						—						342,966
Grants									146,500						10,746						8,956						—						166,202
Additional performance shares (1)									( 16,102 )						—						—						—						( 16,102 )
Restriction lapses									( 66,751 )						( 11,035 )						( 9,245 )						—						( 87,031 )
Forfeitures									( 7,500 )						—						—						—						( 7,500 )
Balance at December 31, 2022									398,535						—						—						—						398,535
2023:
Grants									81,300						7,110						9,479						96,975						194,864
Additional performance shares (1)									( 28,857 )						—						—						—						( 28,857 )
Restriction lapses									( 84,298 )						( 7,110 )						( 9,479 )						—						( 100,887 )
Forfeitures									( 12,600 )						—						—						( 4,410 )						( 17,010 )
Balance at December 31, 2023									354,080						—						—						92,565						446,645
2024:
Grants									96,800						7,375						4,854						101,011						210,040
Additional performance shares (1)									84,712						—						—						—						84,712
Restriction lapses									( 143,211 )						( 7,375 )						( 4,854 )						( 437 )						( 155,877 )
Forfeitures									( 6,000 )						—						—						( 10,008 )						( 16,008 )
Balance at December 31, 2024									386,381						—						—						183,131						569,512

(1) Estimated additional (reduced) share grants expected due to achievement of performance criteria.

An analysis of the weighted-average grant-date fair values per share of nonvested restricted stock is as follows for the year 2024:

									Executive Performance Shares						Directors Restricted Stock						Directors Restricted Stock Units						Employees Restricted Stock Units
Grant-date fair value per share at January 1, 2024									$	105.28					$	—					$	—					$	120.16
Grants									128.40						122.06						122.06						127.29
Estimated additional performance shares									107.56						—						—						—
Restriction lapses									( 98.32 )						( 122.06 )						( 122.06 )						( 94.40 )
Forfeitures									—						—						—						( 122.74 )
Grant-date fair value per share at December 31, 2024									115.78						—						—						124.02

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

Premium Income by Distribution Channel

						For the Year 2024
						Life												Health												Total
Distribution Channel						Amount						% of Total						Amount						% of Total						Amount						% of Total
American Income						$	1,698,209					52						$	123,123					9						$	1,821,332					39
Direct to Consumer						988,522						30						71,993						5						1,060,515						23
Liberty National						371,061						12						190,381						14						561,442						12
United American						6,600						—						591,774						42						598,374						13
Family Heritage						6,661						—						427,654						30						434,315						9
Other						190,294						6						—						—						190,294						4
Total premium						$	3,261,347					100						$	1,404,925					100						$	4,666,272					100

						For the Year 2023
						Life												Health												Total
Distribution Channel						Amount						% of Total						Amount						% of Total						Amount						% of Total
American Income						$	1,588,702					51						$	120,332					9						$	1,709,034					38
Direct to Consumer						991,406						32						68,575						5						1,059,981						24
Liberty National						349,736						11						187,934						14						537,670						12
United American						7,311						—						545,723						42						553,034						13
Family Heritage						6,134						—						396,209						30						402,343						9
Other						193,955						6						—						—						193,955						4
Total premium						$	3,137,244					100						$	1,318,773					100						$	4,456,017					100

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						For the Year 2022
						Life												Health												Total
Distribution Channel						Amount						% of Total						Amount						% of Total						Amount						% of Total
American Income						$	1,505,034					50						$	117,353					9						$	1,622,387					38
Direct to Consumer						985,488						33						71,129						5						1,056,617						24
Liberty National						327,469						11						187,241						15						514,710						12
United American						7,966						—						539,874						42						547,840						13
Family Heritage						5,586						—						366,820						29						372,406						9
Other						196,281						6						—						—						196,281						4
						$	3,027,824					100						$	1,282,417					100						4,310,241						100
Annuity																														1						—
Total premium																														$	4,310,242					100

Due to the nature of the life and health insurance industry, Globe Life has no individual or group which 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 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. The CODMs use the Life and Health segment profit or loss in monitoring the insurance specific business and to analyze performance measures that inform decisions around product pricing and appropriate support services such as agency force and training. 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 segment) in order to match this cost with the investment income earned on the assets supporting the policy liabilities.

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. Excess investment income is used to analyze the performance of our investments in relation to our policy required obligations and informs and supports management actions regarding investment related decisions and policy benefits within our product features. Other than the required interest on the insurance segments, no other intersegment revenues or expenses are recognized.

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. All other unallocated revenues and expenses, including expenses directly attributable to corporate operations, insurance administrative expense and interest on debt, are disclosed after segment profit or loss within the reconciliation to Income before taxes. Stock-based compensation expense is considered a corporate expense by Globe Life management. 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

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business. All of these items are included in “Other operating expense” in the Consolidated Statements of Operations for the appropriate year. See additional detail below in the tables.

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.

			Year Ended December 31, 2024
			Life						Health						Investment						Consolidated
Revenue:
Premium			$	3,261,347					$	1,404,925					$	—					$	4,666,272
Net investment income			—						—						1,135,631						1,135,631
Segment revenue			3,261,347						1,404,925						1,135,631						5,801,903
Other income																					354
Realized gains (losses)																					( 24,188 )
Total consolidated revenue																					$	5,778,069
Expenses:
Policy obligations (1)			2,000,977						851,577						20,969						$	2,873,523
Required interest on reserves			( 811,147 )						( 110,342 )						950,258						28,769
Amortization of acquisition costs			356,223						52,224						—						408,447
Commissions			159,703						158,869						—						318,572
Premium taxes			68,360						28,421						—						96,781
Non-deferred acquisition costs			134,634						51,753						—						186,387
Segment profit or (loss)			$	1,352,597					$	372,423					$	164,404					1,889,424
Insurance administrative expenses:
Salaries																					129,369
Other employee costs																					36,176
Information technology costs																					80,555
Legal costs																					30,478
Other administrative costs																					65,852
Parent expense																					12,400
Stock-based compensation expense																					40,118
Interest expense																					127,092
Legal proceedings																					21,575
Non-operating expenses																					2,620
Annuity																					( 7,282 )
Total expenses																					4,451,432
																					.
Income before income taxes per Consolidated Statement of Operations																					$	1,326,637

(1) Policy obligations are based upon policyholder behavior and impacts related to lapses, mortality, and morbidity. For detailed information, including remeasurement gains and losses, see Note 6—Policy Liabilities .

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			Year Ended December 31, 2023
			Life						Health						Investment						Consolidated
Revenue:
Premium			$	3,137,244					$	1,318,773					$	—					$	4,456,017
Net investment income			—						—						1,056,884						1,056,884
Segment revenue			3,137,244						1,318,773						1,056,884						5,512,901
Other income																					308
Realized gains (losses)																					( 65,676 )
Total consolidated revenue																					$	5,447,533
Expenses:
Policy obligations (1)			2,050,789						776,362						9,061						$	2,836,212
Required interest on reserves			( 772,701 )						( 106,516 )						917,441						38,224
Amortization of acquisition costs			327,426						50,598						—						378,024
Commissions			145,678						150,192						—						295,870
Premium taxes			64,571						26,440						—						91,011
Non-deferred acquisition costs			128,509						43,760						—						172,269
Segment profit or (loss)			$	1,192,972					$	377,937					$	130,382					1,701,291
Insurance administrative expenses:
Salaries																					119,699
Other employee costs																					35,905
Information technology costs																					64,998
Legal costs																					15,335
Other administrative costs																					65,224
Parent expense																					10,866
Stock-based compensation expense																					30,736
Interest expense																					102,316
Legal proceedings																					900
Non-operating expenses																					4,170
Annuity																					( 8,492 )
Total expenses																					4,253,267
Income before income taxes per Consolidated Statement of Operations																					$	1,194,266

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			Year Ended December 31, 2022
			Life						Health						Investment						Consolidated
Revenue:
Premium			$	3,027,824					$	1,282,417					$	—					$	4,310,241
Net investment income			—						—						991,800						991,800
Segment revenue			3,027,824						1,282,417						991,800						5,302,041
Annuity premium income																					1
Other income																					1,246
Realized gains (losses)																					( 76,548 )
Total consolidated revenue																					$	5,226,740
Expenses:
Policy obligations (1)			2,035,693						752,866						4,372						$	2,792,931
Required interest on reserves			( 735,688 )						( 102,315 )						882,839						44,836
Amortization of acquisition costs			298,841						48,185						—						347,026
Commissions			140,283						145,185						—						285,468
Premium taxes			61,609						24,653						—						86,262
Non-deferred acquisition costs			97,561						36,706						—						134,267
Segment profit or (loss)			$	1,129,525					$	377,137					$	104,589					1,611,251
Insurance administrative expenses:
Salaries																					129,711
Other employee costs																					42,319
Information technology costs																					55,526
Legal costs																					12,056
Other administrative costs																					59,729
Parent expense																					11,156
Stock-based compensation expense																					35,650
Interest expense																					90,395
Legal proceedings																					2,496
Non-operating expenses																					5,311
Annuity																					( 10,510 )
Total expenses																					4,124,629
Income before income taxes per Consolidated Statement of Operations																					$	1,102,111

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Assets for each segment are reported based on a specific identification basis. The insurance segments’ assets contain DAC. The investment segment includes the investment portfolio, cash, and accrued investment income. Goodwill is assigned to the insurance segments at the time of purchase. All other assets are included in the annuity and other corporate category. The tables below reconcile segment assets to total assets as reported on the Consolidated Balance Sheets .

Assets by Segment

			At December 31, 2024
			Life						Health												Investment												Consolidated
Cash and invested assets			$	—					$	—											$	19,736,888											$	19,736,888
Accrued investment income			—						—												269,791												269,791
Deferred acquisition costs			5,700,755						793,421												—												6,494,176
Goodwill			309,609						180,837												—												490,446
Total segment assets			$	6,010,364					$	974,258											$	20,006,679											26,991,301
Annuity and other corporate																											2,084,880
Total assets																											$	29,076,181

			At December 31, 2023
			Life						Health												Investment												Consolidated
Cash and invested assets			$	—					$	—											$	19,827,199											$	19,827,199
Accrued investment income			—						—												270,396												270,396
Deferred acquisition costs			5,271,775						734,735												—												6,006,510
Goodwill			309,609						172,182												—												481,791
Total segment assets			$	5,581,384					$	906,917											$	20,097,595											26,585,896
Annuity and other corporate																											1,465,603
Total assets																											$	28,051,499

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Liabilities for each segment are reported also on a specific identification basis similar to the assets. The insurance segments' liabilities contain future policy benefits, unearned and advance premiums, and policy claims and other benefits payable. Other policyholders' funds and annuities are included in annuity and other corporate as well as current and deferred income taxes payable. Debt represents both short and long-term. The tables below reconcile segment liabilities to total liabilities as reported on the Consolidated Balance Sheets .

Liabilities by Segment

			At December 31, 2024
			Life						Health												Investment						Consolidated
Future policy benefits			$	15,484,596					$	2,316,094											$	—					$	17,800,690
Unearned and advance premiums			198,127						59,504												—						257,631
Policy claims and other benefits payable			321,838						210,994												—						532,832
Debt			—						—												2,739,652						2,739,652
Other			96,604						—												372,000						468,604
Total segment liabilities			$	16,101,165					$	2,586,592											$	3,111,652					21,799,409
Annuity and other corporate																					1,971,252
Total liabilities																					$	23,770,661

			At December 31, 2023
			Life						Health												Investment												Consolidated
Future policy benefits			$	16,304,797					$	2,382,517											$	—											$	18,687,314
Unearned and advance premiums			196,630						57,937												—												254,567
Policy claims and other benefits payable			320,066						194,809												—												514,875
Debt			—						—												2,115,672												2,115,672
Other			98,958						—												138,000												236,958
Total segment liabilities			$	16,920,451					$	2,635,263											$	2,253,672											21,809,386
Annuity and other corporate																											1,755,310
Total liabilities																											$	23,564,696

Note 16—Subsequent Events

On February 3, 2025, Globe Life Inc. announced plans to relocate its corporate headquarters within McKinney, Texas, as part of the Dallas-Fort Worth market. In connection with this relocation, the Company has entered into an agreement to acquire the office building and two adjacent tracts of developable land for $ 80 million.

The Company has evaluated this subsequent event and determined that it does not require adjustments to the financial statements for the period ended December 31, 2024.

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Globe Life Inc.

(PARENT COMPANY)

SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT

Condensed Balance Sheets

(Dollar amounts in thousands)

			December 31,
			2024						2023
Assets:
Investments:
Long-term investments			$	39,404					$	42,360
Short-term investments			29,005						1,005
Total investments			68,409						43,365
Cash			66,770						1,003
Investment in affiliates			7,740,073						6,539,183
Due from affiliates			278,301						105,279
Taxes receivable from affiliates			15,202						14,163
Other assets			193,363						181,443
Total assets			$	8,362,118					$	6,884,436
Liabilities:
Short-term debt			$	415,401					$	486,113
Long-term debt			2,473,874						1,779,137
Due to affiliates			52,568						—
Other liabilities			114,755						132,383
Total liabilities			3,056,598						2,397,633
Shareholders’ equity:
Preferred stock			351						351
Common stock			97,218						102,218
Additional paid-in capital			878,306						882,985
Accumulated other comprehensive income			( 2,029,720 )						( 2,772,419 )
Retained earnings			8,002,521						7,478,813
Treasury stock			( 1,643,156 )						( 1,205,145 )
Total shareholders’ equity			5,305,520						4,486,803
Total liabilities and shareholders’ equity			$	8,362,118					$	6,884,436

See Notes to Consolidated Financial Statements and accompanying Report of Independent Registered

Public Accounting Firm.

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Globe Life Inc.

(PARENT COMPANY)

SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued)

Condensed Statement of Operations

(Dollar amounts in thousands)

			Year Ended December 31,
			2024						2023						2022
Net investment income			$	38,341					$	36,237					$	33,664
Realized gains (losses)			4,158						5,924						( 9,643 )
Total revenue			42,499						42,161						24,021
General operating expenses			75,387						59,051						59,307
Reimbursements from affiliates			( 53,136 )						( 59,796 )						( 51,312 )
Interest expense			125,023						107,180						97,051
Total expenses			147,274						106,435						105,046
Operating income (loss) before income taxes and equity in earnings of affiliates			( 104,775 )						( 64,274 )						( 81,025 )
Income tax benefit			19,832						10,706						12,426
Net operating loss before equity in earnings of affiliates			( 84,943 )						( 53,568 )						( 68,599 )
Equity in earnings of affiliates, net of tax			1,155,705						1,024,323						962,985
Net income			1,070,762						970,755						894,386
Other comprehensive income (loss):
Attributable to Parent Company			21,326						1,113						75,076
Attributable to affiliates			721,373						16,781						1,369,659
Comprehensive income (loss)			$	1,813,461					$	988,649					$	2,339,121

See Notes to Consolidated Financial Statements and accompanying Report of Independent Registered

Public Accounting Firm.

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Globe Life Inc.

(PARENT COMPANY)

SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued)

Condensed Statement of Cash Flows

(Dollar amounts in thousands)

			Year Ended December 31,
			2024						2023						2022
Net income			$	1,070,762					$	970,755					$	894,386
Equity in earnings of affiliates			( 1,155,705 )						( 1,024,323 )						( 962,985 )
Cash dividends from subsidiaries			692,690						459,535						407,042
Other, net			55,243						33,846						26,444
Cash provided from operations			662,990						439,813						364,887
Cash provided from (used for) investing activities:
Net decrease (increase) in short-term investments			( 28,000 )						13,996						( 15,001 )
Investment in subsidiaries			( 12 )						—						( 10,010 )
Acquisition of investments			( 2,850 )						( 3,950 )						( 2,000 )
Disposition of investments			1						—						—
Loaned money to affiliates			( 557,016 )						( 479,629 )						( 846,002 )
Repayments from affiliates			394,925						505,929						886,002
Additions to properties			( 19,147 )						( 7,400 )						—
Cash provided from (used for) investing activities			( 212,099 )						28,946						12,989
Cash provided from (used for) financing activities:
Repayment of debt			—						( 165,612 )						( 300,000 )
Proceeds from issuance of debt			530,000						170,000						400,000
Payment for debt issuance costs			( 7,253 )						( 757 )						( 5,272 )
Net change in commercial paper held less than 90 days			( 13,878 )						32,961						( 46,289 )
Proceeds from commercial paper with original maturities greater than 90 days			484,726						—						—
Repayment of commercial paper with original maturities greater than 90 days			( 372,011 )						—						—
Issuance of stock			51,756						114,080						111,970
Acquisitions of treasury stock			( 1,002,109 )						( 511,100 )						( 454,638 )
Borrowed money from affiliate			349,000						290,500						22,400
Repayments to affiliates			( 296,600 )						( 290,500 )						( 22,400 )
Payment of dividends			( 108,755 )						( 107,386 )						( 103,817 )
Cash provided from (used for) financing activities			( 385,124 )						( 467,814 )						( 398,046 )
Net increase (decrease) in cash			65,767						945						( 20,170 )
Cash balance at beginning of period			1,003						58						20,228
Cash balance at end of period			$	66,770					$	1,003					$	58

See Notes to Consolidated Financial Statements and accompanying Report of Independent Registered

Public Accounting Firm.

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Globe Life Inc.

(PARENT COMPANY)

SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued)

Notes to Condensed Financial Statements

(Dollar amounts in thousands)

Note A—Dividends from Subsidiaries

Cash dividends paid to Globe Life from the subsidiaries were as follows:

			Year Ended December 31,
			2024						2023						2022
Dividends from subsidiaries			$	692,690					$	459,535					$	407,042

Note B—Supplemental Disclosures of Cash Flow Information

The following table summarizes non-cash transactions, which are not reflected on the Consolidated Statements of Cash Flows :

			Year Ended December 31,
			2024						2023						2022
Stock-based compensation not involving cash			$	40,118					$	30,736					$	35,650

The following table summarizes certain amounts paid (received) during the period:

			Year Ended December 31,
			2024						2023						2022
Interest paid			$	114,459					$	104,493					$	96,903
Income taxes paid (received)			( 13,126 )						( 10,408 )						( 11,537 )

Note C—Preferred Stock

As of December 31, 2024, Globe Life had 351 thousand shares of Cumulative Preferred Stock, Series A, issued and outstanding, of which 280 thousand shares were 6.50 % Cumulative Preferred Stock, Series A, and 71 thousand shares were 7.15 % Cumulative Preferred Stock, Series A (collectively, the “Series A Preferred Stock”). All issued and outstanding shares of Series A Preferred Stock were held by wholly-owned insurance subsidiaries. In the event of liquidation, the holders of the Series A Preferred Stock at the time outstanding would be entitled to receive a liquidating distribution out of the assets legally available to stockholders in the amount of $ 1 thousand per share or $ 351 million in the aggregate, plus any accrued and unpaid dividends, before any distribution is made to holders of Globe Life common stock. Holders of Series A Preferred Stock do not have any voting rights nor have rights to convert such shares into shares of any other class of Globe Life capital stock.

See accompanying Report of Independent Registered Public Accounting Firm.

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Globe Life Inc.

SCHEDULE IV. REINSURANCE (CONSOLIDATED)

(Dollar Amounts in thousands)

			Gross Amount						Ceded to Other Companies (1)						Assumed from Other Companies						Net Amount						Percentage of Amount Assumed to Net
For the Year Ended December 31, 2024
Life insurance in force			$	227,975,584					$	671,056					$	1,823,957					$	229,128,485					0.8
Premiums (2) :
Life insurance			$	3,235,744					$	4,649					$	17,994					$	3,249,089					0.6
Health insurance			1,384,080						2,449						23,294						1,404,925						1.7
Total premium			$	4,619,824					$	7,098					$	41,288					$	4,654,014					0.9
For the Year Ended December 31, 2023
Life insurance in force			$	225,286,002					$	685,289					$	1,996,223					$	226,596,936					0.9
Premiums (2) :
Life insurance			$	3,109,838					$	4,597					$	19,104					$	3,124,345					0.6
Health insurance			1,281,720						2,720						39,773						1,318,773						3.0
Total premium			$	4,391,558					$	7,317					$	58,877					$	4,443,118					1.3
For the Year Ended December 31, 2022
Life insurance in force			$	222,098,389					$	662,569					$	2,172,728					$	223,608,548					1.0
Premiums (2) :
Life insurance			$	2,999,637					$	4,361					$	19,009					$	3,014,285					0.6
Health insurance			1,238,498						3,091						47,010						1,282,417						3.7
Total premium			$	4,238,135					$	7,452					$	66,019					$	4,296,702					1.5

(1) No amounts have been netted against ceded premium.

(2) Excludes policy charges of $ 12.3 million, $ 12.9 million, and $ 13.5 million in each of the years 2024, 2023, and 2022, respectively.

See accompanying Report of Independent Registered Public Accounting Firm.

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