GL 10-Q Quarterly Report June 30, 2021 | Alphaminr
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GL 10-Q Quarter ended June 30, 2021

Balance Sheet
Cash Flow
Income Statement
Debt
GLOBE LIFE INC.
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gl-20210630
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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to ________
Commission File Number: 001-08052
GLOBE LIFE INC.
(Exact name of registrant as specified in its charter)
Delaware 63-0780404
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
3700 South Stonebridge Drive , McKinney , Texas 75070
(Address of principal executive offices) (Zip Code)

( 972 ) 569-4000
(Registrant’s telephone number, including area code)
NONE
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $1.00 par value per share GL New York Stock Exchange
4.250% Junior Subordinated Debentures GL PRD New York Stock Exchange

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

Indicate the number of shares outstanding for each of the issuer’s classes of common stock, as of the last practicable date.
Class Outstanding at July 28, 2021
Common Stock, $1.00 Par Value 101,720,608

1
GL Q2 2021 FORM 10-Q
Table of Contents
Globe Life Inc.
Table of Contents
Page
PART I . FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART I I. OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 6.








As used in this Form 10-Q, “Globe Life,” the “Company,” “we,” “our” and “us” refer to Globe Life Inc., a Delaware corporation incorporated in 1979, its subsidiaries and affiliates.
2
GL Q2 2021 FORM 10-Q
Table of Contents
PART I—FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements

Globe Life Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(Dollar amounts in thousands, except per share data)
June 30,
2021 		December 31, 2020
Assets:
Investments:
Fixed maturities—available for sale, at fair value (amortized cost: 2021—$ 17,451,918 ;
2020—$ 17,197,145 , allowance for credit losses: 2021— $ 0 ; 2020— $ 3,346 )
$ 21,101,780 $ 21,213,509
Policy loans 583,088 584,379
Other long-term investments (includes: 2021—$ 533,658 ; 2020—$ 385,038 under the fair value option)
698,188 546,981
Short-term investments 371,922 107,782
Total investments 22,754,978 22,452,651
Cash 138,072 94,847
Accrued investment income 254,587 248,991
Other receivables 484,392 474,180
Deferred acquisition costs 4,743,032 4,595,444
Goodwill 441,591 441,591
Other assets 763,405 739,027
Total assets $ 29,580,057 $ 29,046,731
Liabilities:
Future policy benefits $ 15,642,106 $ 15,243,536
Unearned and advance premium 70,550 61,728
Policy claims and other benefits payable 375,823 399,507
Other policyholders' funds 98,316 97,968
Total policy liabilities 16,186,795 15,802,739
Current and deferred income taxes 1,773,524 1,833,723
Short-term debt 259,946 254,918
Long-term debt (estimated fair value: 2021—$ 2,164,430 ; 2020—$ 1,871,754 )
1,986,116 1,667,886
Other liabilities 756,754 716,373
Total liabilities 20,963,135 20,275,639
Commitments and Contingencies (Note 5)
Shareholders' equity:
Preferred stock, par value $ 1 per share— 5,000,000 shares authorized; outstanding: 0 in 2021 and 2020
— —
Common stock, par value $ 1 per share— 320,000,000 shares authorized; outstanding: (2021— 113,218,183 issued; 2020— 113,218,183 issued)
113,218 113,218
Additional paid-in-capital 524,647 527,435
Accumulated other comprehensive income (loss) 2,750,279 3,029,244
Retained earnings 6,185,966 5,874,109
Treasury stock, at cost: (2021— 11,055,223 shares; 2020— 9,420,699 shares)
( 957,188 ) ( 772,914 )
Total shareholders' equity 8,616,922 8,771,092
Total liabilities and shareholders' equity $ 29,580,057 $ 29,046,731

See accompanying Notes to Condensed Consolidated Financial Statements.
1
GL Q2 2021 FORM 10-Q
Table of Contents
Globe Life Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(Dollar amounts in thousands, except per share data)
Three Months Ended
June 30, 		Six Months Ended
June 30,
2021 2020 2021 2020
Revenue:
Life premium $ 728,170 $ 670,822 $ 1,436,289 $ 1,320,452
Health premium 295,586 282,877 589,759 563,082
Other premium — 3 1 3
Total premium 1,023,756 953,702 2,026,049 1,883,537
Net investment income 238,308 231,568 474,128 460,559
Realized gains (losses) 8,659 ( 4,790 ) 36,811 ( 30,887 )
Other income 388 404 683 729
Total revenue 1,271,111 1,180,884 2,537,671 2,313,938
Benefits and expenses:
Life policyholder benefits 498,471 459,845 1,016,102 881,515
Health policyholder benefits 188,854 183,496 376,683 362,207
Other policyholder benefits 7,286 7,475 14,545 15,063
Total policyholder benefits 694,611 650,816 1,407,330 1,258,785
Amortization of deferred acquisition costs 148,021 146,160 301,014 289,997
Commissions, premium taxes, and non-deferred acquisition costs 82,312 76,140 161,978 155,077
Other operating expense 79,155 72,714 160,365 151,296
Interest expense 21,769 22,813 42,947 43,621
Total benefits and expenses 1,025,868 968,643 2,073,634 1,898,776
Income before income taxes 245,243 212,241 464,037 415,162
Income tax benefit (expense) ( 45,625 ) ( 39,193 ) ( 85,902 ) ( 76,574 )
Net income
$ 199,618 $ 173,048 $ 378,135 $ 338,588
Basic net income per common share
$ 1.94 $ 1.63 $ 3.66 $ 3.17
Diluted net income per common share
$ 1.92 $ 1.62 $ 3.62 $ 3.13















See accompanying Notes to Condensed Consolidated Financial Statements.

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GL Q2 2021 FORM 10-Q
Table of Contents
Globe Life Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
(Dollar amounts in thousands)
Three Months Ended
June 30, 		Six Months Ended
June 30,
2021 2020 2021 2020
Net income
$ 199,618 $ 173,048 $ 378,135 $ 338,588
Other comprehensive income (loss):
Investments:
Unrealized gains (losses) on fixed maturities:
Unrealized holding gains (losses) arising during period 904,048 1,459,508 ( 358,011 ) 481,572
Other reclassification adjustments included in net income 645 ( 3,190 ) ( 16,497 ) 25,222
Foreign exchange adjustment on fixed maturities recorded at fair value 2,218 233 4,660 ( 2,164 )
Unrealized gains (losses) on fixed maturities 906,911 1,456,551 ( 369,848 ) 504,630
Unrealized gains (losses) on other investments — ( 2,540 ) — ( 13,260 )
Total unrealized investment gains (losses) 906,911 1,454,011 ( 369,848 ) 491,370
Less applicable tax (expense) benefit ( 190,452 ) ( 305,338 ) 77,667 ( 103,188 )
Unrealized gains (losses) on investments, net of tax 716,459 1,148,673 ( 292,181 ) 388,182
Deferred acquisition costs:
Unrealized gains (losses) attributable to deferred acquisition costs 408 382 767 765
Less applicable tax (expense) benefit ( 86 ) ( 81 ) ( 161 ) ( 161 )
Unrealized gains (losses) attributable to deferred acquisition costs, net of tax 322 301 606 604
Foreign exchange translation:
Foreign exchange translation adjustments, other than securities 6,173 16,947 5,563 ( 10,495 )
Less applicable tax (expense) benefit ( 1,296 ) ( 3,560 ) ( 1,168 ) 2,203
Foreign exchange translation adjustments, other than securities, net of tax 4,877 13,387 4,395 ( 8,292 )
Pension:
Pension adjustments 5,200 4,158 10,400 8,315
Less applicable tax (expense) benefit ( 1,094 ) ( 873 ) ( 2,185 ) ( 1,746 )
Pension adjustments, net of tax 4,106 3,285 8,215 6,569
Other comprehensive income (loss) 725,764 1,165,646 ( 278,965 ) 387,063
Comprehensive income (loss)
$ 925,382 $ 1,338,694 $ 99,170 $ 725,651








See accompanying Notes to Condensed Consolidated Financial Statements.

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GL Q2 2021 FORM 10-Q
Table of Contents
Globe Life Inc.
Condensed Consolidated Statements of Shareholders' Equity
(Unaudited)
(Dollar amounts in thousands, except per share data)

Preferred Stock Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings Treasury Stock Total Shareholders' Equity
Balance at December 31, 2020
$ — $ 113,218 $ 527,435 $ 3,029,244 $ 5,874,109 $ ( 772,914 ) $ 8,771,092
Comprehensive income (loss) — — — ( 1,004,729 ) 178,517 — ( 826,212 )
Common dividends declared
($ 0.1975 per share)
— — — — ( 20,435 ) — ( 20,435 )
Acquisition of treasury stock — — — — — ( 132,720 ) ( 132,720 )
Stock-based compensation — — ( 11,422 ) — 1,168 18,142 7,888
Exercise of stock options — — — — ( 12,807 ) 45,531 32,724
Balance at March 31, 2021
— 113,218 516,013 2,024,515 6,020,552 ( 841,961 ) 7,832,337
Comprehensive income (loss) — — — 725,764 199,618 — 925,382
Common dividends declared
($ 0.1975 per share)
— — — — ( 20,171 ) — ( 20,171 )
Acquisition of treasury stock — — — — — ( 162,864 ) ( 162,864 )
Stock-based compensation — — 8,634 — — — 8,634
Exercise of stock options — — — — ( 14,033 ) 47,637 33,604
Balance at June 30, 2021
$ — $ 113,218 $ 524,647 $ 2,750,279 $ 6,185,966 $ ( 957,188 ) $ 8,616,922




















See accompanying Notes to Condensed Consolidated Financial Statements.

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GL Q2 2021 FORM 10-Q
Table of Contents
Globe Life Inc.
Condensed Consolidated Statements of Shareholders' Equity
(Unaudited)
(Dollar amounts in thousands, except per share data)


Preferred Stock Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings Treasury Stock Total Shareholders' Equity
Balance at December 31, 2019
$ — $ 117,218 $ 531,554 $ 1,844,830 $ 5,551,329 $ ( 750,624 ) $ 7,294,307
Cumulative effect of change in accounting principles, net of tax (1)
— — — — ( 454 ) — ( 454 )
Balance at January 1, 2020
— 117,218 531,554 1,844,830 5,550,875 ( 750,624 ) 7,293,853
Comprehensive income (loss) — — — ( 778,583 ) 165,540 — ( 613,043 )
Common dividends declared
($ 0.1875 per share)
— — — — ( 19,963 ) — ( 19,963 )
Acquisition of treasury stock — — — — — ( 166,729 ) ( 166,729 )
Stock-based compensation — — ( 12,126 ) — ( 482 ) 21,964 9,356
Exercise of stock options — — — — ( 9,539 ) 26,347 16,808
Balance at March 31, 2020
— 117,218 519,428 1,066,247 5,686,431 ( 869,042 ) 6,520,282
Comprehensive income (loss) — — — 1,165,646 173,048 — 1,338,694
Common dividends declared
($ 0.1875 per share)
— — — — ( 19,956 ) — ( 19,956 )
Stock-based compensation — — 8,632 — — — 8,632
Exercise of stock options — — — — ( 593 ) 1,310 717
Balance at June 30, 2020
$ — $ 117,218 $ 528,060 $ 2,231,893 $ 5,838,930 $ ( 867,732 ) $ 7,848,369
(1) Adoption of Accounting Standard Update (ASU) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, on January 1, 2020.


























See accompanying Notes to Condensed Consolidated Financial Statements.

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GL Q2 2021 FORM 10-Q
Table of Contents
Globe Life Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(Dollar amounts in thousands)
Six Months Ended
June 30,
2021 2020
Cash provided from (used for) operating activities
$ 702,039 $ 769,302
Cash provided from (used for) investing activities:
Investments sold or matured:
Fixed maturities available for sale—sold 74,710 52,020
Fixed maturities available for sale—matured or other redemptions 108,815 218,022
Other long-term investments 4,490 29,058
Total investments sold or matured 188,015 299,100
Acquisition of investments:
Fixed maturities—available for sale ( 415,134 ) ( 562,875 )
Other long-term investments ( 141,975 ) ( 156,291 )
Total investments acquired ( 557,109 ) ( 719,166 )
Net (increase) decrease in policy loans 1,291 ( 4,049 )
Net (increase) decrease in short-term investments ( 264,140 ) ( 493,366 )
Additions to properties ( 23,727 ) ( 20,145 )
Other investing activities — 18
Investments in low-income housing interests ( 19,732 ) ( 23,049 )
Cash provided from (used for) investing activities
( 675,402 ) ( 960,657 )
Cash provided from (used for) financing activities:
Issuance of common stock 66,328 17,525
Cash dividends paid to shareholders ( 39,891 ) ( 38,541 )
Repayment of debt — ( 4,375 )
Proceeds from issuance of debt 325,000 300,000
Payment for debt issuance costs ( 7,639 ) ( 891 )
Net borrowing (repayment) of commercial paper 5,028 159,920
Acquisition of treasury stock ( 295,584 ) ( 166,729 )
Net receipts (payments) from deposit-type products ( 30,736 ) ( 44,873 )
Cash provided from (used for) financing activities
22,506 222,036
Effect of foreign exchange rate changes on cash ( 5,918 ) 7,417
Net increase (decrease) in cash 43,225 38,098
Cash at beginning of year 94,847 75,933
Cash at end of period $ 138,072 $ 114,031









See accompanying Notes to Condensed Consolidated Financial Statements.

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GL Q2 2021 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Dollar amounts in thousands, except per share data)

Note 1—Significant Accounting Policies

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

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

Basis of Presentation: The accompanying condensed consolidated financial statements of Globe Life have been prepared in accordance with the instructions to Form 10-Q. Therefore, they do not include all of the disclosures required by accounting principles generally accepted in the United States of America (GAAP) for annual financial statements. However, in the opinion of management, these statements include all adjustments, consisting of normal recurring adjustments, which are necessary for a fair presentation of the condensed consolidated financial position at June 30, 2021, and the condensed consolidated results of operations, comprehensive income, and cash flows for the periods ended June 30, 2021 and 2020. The interim period condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements that are included in the Form 10-K filed with the Securities Exchange Commission (SEC) on February 25, 2021.


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GL Q2 2021 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Dollar amounts in thousands, except per share data)
Note 2—New Accounting Standards

Accounting Pronouncements Adopted in the Current Year
Standard Description Effective Date Effect on the Consolidated Financial Statements
ASU No. 2020-08 , Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs
The standard was issued as an amendment to ASU 2017-08, and clarifies that callable debt securities with a premium should be amortized to the next call date. This standard became effective on January 1, 2021. The adoption of this standard did not have a material impact on the consolidated financial statements.

Accounting Pronouncements Yet to be Adopted
Standard Description Effective Date Effect on the Consolidated Financial Statements
ASU No. 2018-12/2019-09/2020-11 ,
Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, with clarification guidance issued in November 2019 and 2020.
ASU 2018-12 is a significant change to our current accounting and disclosure of long-duration contracts, which is our primary business. The guidance was primarily issued to: 1) improve the timeliness of recognizing changes in the liability for future policy benefits and modify the rate used to discount future cash flows, 2) simplify and improve the accounting for certain market-based options or guarantees associated with deposit (or account balance) contracts, 3) simplify the amortization of deferred acquisition costs, and 4) improve the effectiveness of the required disclosures. As a result of the issuance of ASU 2020-11 in November 2020, the effective date for this standard was changed to January 1, 2023. Early adoption is available.
The Company is currently in the process of evaluating the impact this standard will have on the consolidated financial statements and disclosures, specifically assessing key accounting policies, assumption and data inputs, controls, and enhanced system solutions.

As of the balance sheet date, the Company is continuing to upgrade its valuation systems as part of its implementation plan. In addition, significant progress has been made allowing the Company to execute parallel valuation runs on major blocks of business and is updating its accounting policies. Due to the overall nature of the standard, the impact on the consolidated financial statements is expected to be significant. At this time, the Company does not have an estimate of the impact. The Company does not expect to early adopt this ASU and has selected a modified retrospective transition method.


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GL Q2 2021 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Dollar amounts in thousands, except per share data)
Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive Income

Components of Accumulated Other Comprehensive Income : An analysis of the change in balance by component of Accumulated Other Comprehensive Income is as follows for the three and six month periods ended June 30, 2021 and 2020:
Three Months Ended June 30, 2021
Available
for Sale
Assets 		Deferred
Acquisition
Costs 		Foreign
Exchange 		Pension
Adjustments 		Total
Balance at April 1, 2021
$ 2,166,932 $ ( 4,420 ) $ 22,820 $ ( 160,817 ) $ 2,024,515
Other comprehensive income (loss) before reclassifications, net of tax 715,949 322 4,877 — 721,148
Reclassifications, net of tax 510 — — 4,106 4,616
Other comprehensive income (loss) 716,459 322 4,877 4,106 725,764
Balance at June 30, 2021
$ 2,883,391 $ ( 4,098 ) $ 27,697 $ ( 156,711 ) $ 2,750,279
Three Months Ended June 30, 2020
Available
for Sale
Assets 		Deferred
Acquisition
Costs 		Foreign
Exchange 		Pension
Adjustments 		Total
Balance at April 1, 2020
$ 1,222,159 $ ( 5,613 ) $ ( 9,621 ) $ ( 140,678 ) $ 1,066,247
Other comprehensive income (loss) before reclassifications, net of tax 1,151,193 301 13,387 — 1,164,881
Reclassifications, net of tax ( 2,520 ) — — 3,285 765
Other comprehensive income (loss) 1,148,673 301 13,387 3,285 1,165,646
Balance at June 30, 2020
$ 2,370,832 $ ( 5,312 ) $ 3,766 $ ( 137,393 ) $ 2,231,893
Six Months Ended June 30, 2021
Available
for Sale
Assets 		Deferred
Acquisition
Costs 		Foreign
Exchange 		Pension
Adjustments 		Total
Balance at January 1, 2021
$ 3,175,572 $ ( 4,704 ) $ 23,302 $ ( 164,926 ) $ 3,029,244
Other comprehensive income (loss) before reclassifications, net of tax ( 279,148 ) 606 4,395 — ( 274,147 )
Reclassifications, net of tax ( 13,033 ) — — 8,215 ( 4,818 )
Other comprehensive income (loss) ( 292,181 ) 606 4,395 8,215 ( 278,965 )
Balance at June 30, 2021
$ 2,883,391 $ ( 4,098 ) $ 27,697 $ ( 156,711 ) $ 2,750,279
Six Months Ended June 30, 2020
Available
for Sale
Assets 		Deferred
Acquisition
Costs 		Foreign
Exchange 		Pension
Adjustments 		Total
Balance at January 1, 2020
$ 1,982,650 $ ( 5,916 ) $ 12,058 $ ( 143,962 ) $ 1,844,830
Other comprehensive income (loss) before reclassifications, net of tax 368,257 604 ( 8,292 ) — 360,569
Reclassifications, net of tax 19,925 — — 6,569 26,494
Other comprehensive income (loss) 388,182 604 ( 8,292 ) 6,569 387,063
Balance at June 30, 2020
$ 2,370,832 $ ( 5,312 ) $ 3,766 $ ( 137,393 ) $ 2,231,893


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GL Q2 2021 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Dollar amounts in thousands, except per share data)
Reclassification adjustments : Reclassification adjustments out of Accumulated Other Comprehensive Income are presented below for the three and six month periods ended June 30, 2021 and 2020.
Three Months Ended
June 30, 		Six Months Ended June 30, Affected line items in the Statement of Operations
Component Line Item 2021 2020 2021 2020
Unrealized investment (gains) losses on available for sale assets:
Realized (gains) losses $ ( 866 ) $ ( 5,063 ) $ ( 19,656 ) $ 21,857 Realized (gains) losses
Amortization of (discount) premium 1,511 1,873 3,159 3,365 Net investment income
Total before tax 645 ( 3,190 ) ( 16,497 ) 25,222
Tax ( 135 ) 670 3,464 ( 5,297 ) Income taxes
Total after-tax 510 ( 2,520 ) ( 13,033 ) 19,925
Pension adjustments:
Amortization of prior service cost 158 158 316 316 Other operating expense
Amortization of actuarial (gain) loss 5,042 4,000 10,084 7,999 Other operating expense
Total before tax 5,200 4,158 10,400 8,315
Tax ( 1,094 ) ( 873 ) ( 2,185 ) ( 1,746 ) Income taxes
Total after-tax 4,106 3,285 8,215 6,569
Total reclassification (after-tax)
$ 4,616 $ 765 $ ( 4,818 ) $ 26,494

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GL Q2 2021 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Dollar amounts in thousands, except per share data)
Note 4—Investments

Portfolio Composition : Summaries of fixed maturities available for sale by amortized cost, fair value, and allowance for credit losses at June 30, 2021 and December 31, 2020, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are as follows. Redeemable preferred stock is included within "Corporates, by sector".
At June 30, 2021

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 $ 377,327 $ — $ 69,245 $ ( 128 ) $ 446,444 2
States, municipalities, and political subdivisions 1,904,617 — 242,686 ( 696 ) 2,146,607 10
Foreign governments 62,027 — 1,835 ( 3,707 ) 60,155 —
Corporates, by sector:
Financial 4,522,818 — 933,508 ( 13,620 ) 5,442,706 26
Utilities 1,959,373 — 529,966 ( 902 ) 2,488,437 12
Energy 1,629,246 — 364,800 ( 1,852 ) 1,992,194 9
Other corporate sectors 6,839,315 — 1,507,500 ( 11,254 ) 8,335,561 40
Total corporates 14,950,752 — 3,335,774 ( 27,628 ) 18,258,898 87
Collateralized debt obligations 36,288 — 28,119 — 64,407 —
Other asset-backed securities 120,907 — 5,209 ( 847 ) 125,269 1
Total fixed maturities
$ 17,451,918 $ — $ 3,682,868 $ ( 33,006 ) $ 21,101,780 100
(1) Amount reported in the balance sheet.
(2) At fair value.

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GL Q2 2021 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Dollar amounts in thousands, except per share data)
At December 31, 2020
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 $ 380,602 $ — $ 87,272 $ ( 43 ) $ 467,831 2
States, municipalities, and political subdivisions 1,880,607 — 251,291 ( 315 ) 2,131,583 10
Foreign governments 52,913 — 2,635 ( 898 ) 54,650 —
Corporates, by sector:
Financial 4,404,203 — 1,016,813 ( 24,221 ) 5,396,795 26
Utilities 1,975,460 — 608,595 ( 108 ) 2,583,947 12
Energy 1,623,970 ( 3,346 ) 346,197 ( 3,083 ) 1,963,738 9
Other corporate sectors 6,687,644 — 1,727,366 ( 6,218 ) 8,408,792 40
Total corporates 14,691,277 ( 3,346 ) 3,698,971 ( 33,630 ) 18,353,272 87
Collateralized debt obligations 57,007 — 23,460 ( 8,869 ) 71,598 —
Other asset-backed securities 134,739 — 3,614 ( 3,778 ) 134,575 1
Total fixed maturities
$ 17,197,145 $ ( 3,346 ) $ 4,067,243 $ ( 47,533 ) $ 21,213,509 100
(1) Amount reported in the balance sheet.
(2) At fair value.

A schedule of fixed maturities available for sale by contractual maturity date at June 30, 2021 is shown below on an amortized cost basis, net of allowance for credit losses, and on a fair value basis. Actual disposition dates could differ from contractual maturities due to call or prepayment provisions.
At June 30, 2021
Amortized
Cost, net 		Fair
Value
Fixed maturities available for sale:
Due in one year or less $ 96,034 $ 97,942
Due after one year through five years 774,012 858,646
Due after five years through ten years 1,963,341 2,348,161
Due after ten years through twenty years 6,485,804 8,277,620
Due after twenty years 7,975,330 9,329,517
Mortgage-backed and asset-backed securities 157,397 189,894
$ 17,451,918 $ 21,101,780


12
GL Q2 2021 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Dollar amounts in thousands, except per share data)
Analysis of Investment Operations: " Net investment income" for the three and six month periods ended June 30, 2021 and 2020 is summarized as follows:
Three Months Ended
June 30, 		Six Months Ended
June 30,
2021 2020 % Change 2021 2020 % Change
Fixed maturities available for sale $ 223,278 $ 217,556 3 $ 444,997 $ 434,683 2
Policy loans 11,324 11,213 1 22,592 22,331 1
Other long-term investments (1)
8,880 7,146 24 17,042 11,769 45
Short-term investments 6 134 ( 96 ) 10 441 ( 98 )
243,488 236,049 3 484,641 469,224 3
Less investment expense ( 5,180 ) ( 4,481 ) 16 ( 10,513 ) ( 8,665 ) 21
Net investment income
$ 238,308 $ 231,568 3 $ 474,128 $ 460,559 3
(1) For the three months ended June 30, 2021 and 2020, the investment funds, accounted for under the fair value option method, recorded $ 6.5 million and $ 4.5 million of distributions, respectively in net investment income. For the six months ended June 30, 2021 and 2020, the investment funds, accounted for under the fair value option method, recorded $ 12.3 million and $ 6.5 million of distributions, respectively in net investment income. Refer to Other Long-Term Investments below for further discussion on the investment funds.


Selected information about sales of fixed maturities available for sale is as follows:
Three Months Ended
June 30, 		Six Months Ended
June 30,
2021 2020 2021 2020
Fixed maturities available for sale:
Proceeds from sales (1)
$ 12,852 $ 1,660 $ 74,710 $ 52,020
Gross realized gains — — 1,134 2,642
Gross realized losses ( 82 ) ( 371 ) ( 12,101 ) ( 371 )
(1) There were no unsettled sales in the periods ended June 30, 2021 and 2020.

An analysis of "Realized gains (losses)" is as follows:
Three Months Ended
June 30, 		Six Months Ended
June 30,
2021 2020 2021 2020
Realized investment gains (losses):
Fixed maturities available for sale:
Sales and other (1)
$ 865 $ 5,928 $ 16,309 $ 10,862
Provision for credit losses — ( 865 ) 3,346 ( 32,719 )
Fair value option—change in fair value 2,543 ( 19,434 ) 12,428 ( 18,851 )
Other investments 5,251 9,581 4,728 9,821
Realized gains (losses) from investments
8,659 ( 4,790 ) 36,811 ( 30,887 )
Applicable tax ( 1,818 ) 1,006 ( 7,730 ) 6,486
Realized gains (losses), net of tax
$ 6,841 $ ( 3,784 ) $ 29,081 $ ( 24,401 )
(1) During the three months ended June 30, 2021 and 2020, the Company recorded $ 22.4 million and $ 80.4 million of exchanges of fixed maturities (noncash transactions) that resulted in $ 0 and $ 7.9 million, respectively in realized gains (losses). During the six months ended June 30, 2021 and 2020, the Company recorded $ 108.3 million and $ 86.3 million of exchanges of fixed maturities (noncash transactions) that resulted in $ 25.2 million and $ 7.9 million, respectively in realized gains (losses).



13
GL Q2 2021 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Dollar amounts in thousands, except per share data)
Fair Value Measurements: The following tables represent the fair value of fixed maturities measured on a recurring basis at June 30, 2021 and December 31, 2020:
Fair Value Measurement at June 30, 2021 Using:
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 $ — $ 446,444 $ — $ 446,444
States, municipalities, and political subdivisions — 2,146,607 — 2,146,607
Foreign governments — 60,155 — 60,155
Corporates, by sector:
Financial — 5,268,630 174,076 5,442,706
Utilities — 2,331,689 156,748 2,488,437
Energy — 1,953,907 38,287 1,992,194
Other corporate sectors — 8,025,927 309,634 8,335,561
Total corporates — 17,580,153 678,745 18,258,898
Collateralized debt obligations — — 64,407 64,407
Other asset-backed securities — 125,269 — 125,269
Total fixed maturities
$ — $ 20,358,628 $ 743,152 $ 21,101,780
Percentage of total — % 96 % 4 % 100 %

Fair Value Measurement at December 31, 2020 Using:
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 $ — $ 467,831 $ — $ 467,831
States, municipalities, and political subdivisions — 2,131,583 — 2,131,583
Foreign governments — 54,650 — 54,650
Corporates, by sector:
Financial — 5,222,066 174,729 5,396,795
Utilities — 2,400,602 183,345 2,583,947
Energy — 1,925,549 38,189 1,963,738
Other corporate sectors — 8,090,550 318,242 8,408,792
Total corporates — 17,638,767 714,505 18,353,272
Collateralized debt obligations — — 71,598 71,598
Other asset-backed securities — 121,705 12,870 134,575
Total fixed maturities
$ — $ 20,414,536 $ 798,973 $ 21,213,509
Percentage of total — % 96 % 4 % 100 %


14
GL Q2 2021 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Dollar amounts in thousands, except per share data)
The following tables represent changes in fixed maturities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Asset-
backed Securities
Collateralized
Debt
Obligations 		Corporates Total
Balance at January 1, 2021
$ 12,870 $ 71,598 $ 714,505 $ 798,973
Included in realized gains / losses ( 82 ) ( 6,787 ) 840 ( 6,029 )
Included in other comprehensive income 63 13,528 ( 12,489 ) 1,102
Acquisitions — — — —
Sales ( 12,851 ) ( 13,213 ) — ( 26,064 )
Amortization — 2,270 4 2,274
Other (1)
— ( 2,989 ) ( 24,115 ) ( 27,104 )
Transfers into Level 3 (2)
— — — —
Transfers out of Level 3 (2)
— — — —
Balance at June 30, 2021
$ — $ 64,407 $ 678,745 $ 743,152
Percent of total fixed maturities — % 1 % 3 % 4 %
(1) Includes capitalized interest, foreign exchange adjustments, and principal repayments.
(2) Considered to be transferred at the end of the period. Transfers into Level 3 occur when observable inputs are no longer available. Transfers out of Level 3 occur when observable inputs become available.
Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Asset-
backed Securities
Collateralized
Debt
Obligations 		Corporates Total
Balance at January 1, 2020
$ 13,177 $ 74,104 $ 672,128 $ 759,409
Included in realized gains / losses — — 1,213 1,213
Included in other comprehensive income ( 250 ) ( 5,046 ) 11,765 6,469
Acquisitions — — — —
Sales — — — —
Amortization — 2,275 4 2,279
Other (1)
( 47 ) ( 2,234 ) ( 26,194 ) ( 28,475 )
Transfers into Level 3 (2)
— — — —
Transfers out of Level 3 (2)
— — — —
Balance at June 30, 2020
$ 12,880 $ 69,099 $ 658,916 $ 740,895
Percent of total fixed maturities — % 1 % 3 % 4 %
(1) Includes capitalized interest, foreign exchange adjustments, and principal repayments.
(2) Considered to be transferred at the end of the period. Transfers into Level 3 occur when observable inputs are no longer available. Transfers out of Level 3 occur when observable inputs become available.


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GL Q2 2021 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Dollar amounts in thousands, except per share data)
The following table presents changes in unrealized gains or (losses) for the period included in other comprehensive income for assets held at the end of the reporting period for Level 3s:
Changes in Unrealized Gains/Losses included in Other Comprehensive Income for Assets Held at the End of the Period
Asset-
backed Securities 		Collateralized
Debt
Obligations 		Corporates Total
At June 30, 2021
$ 63 $ 13,528 $ ( 12,489 ) $ 1,102
At June 30, 2020
( 250 ) ( 5,046 ) 11,765 6,469
Unrealized Loss Analysis : The following table discloses information about fixed maturities available for sale in an unrealized loss position.
Less than Twelve Months Twelve Months or Longer Total
Number of issues (CUSIPs) held:
As of June 30, 2021 99 17 116
As of December 31, 2020 54 24 78
Globe Life's entire fixed maturity portfolio consisted of 1,917 issues by 779 different issuers at June 30, 2021 and 1,900 issues by 777 different issuers at December 31, 2020. The weighted-average quality rating of all unrealized loss positions at amortized cost was BBB+ and BBB- as of June 30, 2021 and December 31, 2020, respectively.


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GL Q2 2021 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Dollar amounts in thousands, except per share data)
The following table discloses unrealized investment losses by class and major sector of fixed maturities available for sale for which an allowance for credit losses has not been recorded at June 30, 2021.

Gross unrealized losses may fluctuate quarter over quarter due to adverse factors in the market that affect our holdings, such as changes in interest rates or credit spreads. The Company considers many factors when determining whether an allowance for a credit loss should be recorded. While the Company holds securities that may be in an unrealized loss position from time to time, Globe Life does not intend to sell and it is likely that management will not 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.

Analysis of Gross Unrealized Investment Losses
At June 30, 2021
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 $ 3,888 $ ( 128 ) $ 2 $ — $ 3,890 $ ( 128 )
States, municipalities and political subdivisions 61,437 ( 696 ) — — 61,437 ( 696 )
Foreign governments 32,095 ( 3,707 ) — — 32,095 ( 3,707 )
Corporates, by sector:
Financial 108,309 ( 4,251 ) 5,069 ( 158 ) 113,378 ( 4,409 )
Utilities 22,950 ( 815 ) — — 22,950 ( 815 )
Energy 84,963 ( 403 ) — — 84,963 ( 403 )
Other corporate sectors 125,515 ( 5,677 ) 100 ( 2 ) 125,615 ( 5,679 )
Total corporates 341,737 ( 11,146 ) 5,169 ( 160 ) 346,906 ( 11,306 )
Collateralized debt obligations — — — — — —
Other asset-backed securities 10,552 ( 9 ) 2 — 10,554 ( 9 )
Total investment grade securities 449,709 ( 15,686 ) 5,173 ( 160 ) 454,882 ( 15,846 )
Below investment grade securities:
States, municipalities and political subdivisions — — — — — —
Corporates, by sector:
Financial 20,243 ( 58 ) 103,362 ( 9,153 ) 123,605 ( 9,211 )
Utilities 15,008 ( 87 ) — — 15,008 ( 87 )
Energy — — 26,647 ( 1,449 ) 26,647 ( 1,449 )
Other corporate sectors 7,857 ( 3,442 ) 19,190 ( 2,133 ) 27,047 ( 5,575 )
Total corporates 43,108 ( 3,587 ) 149,199 ( 12,735 ) 192,307 ( 16,322 )
Collateralized debt obligations — — — — — —
Other asset-backed securities — — 12,962 ( 838 ) 12,962 ( 838 )
Total below investment grade securities 43,108 ( 3,587 ) 162,161 ( 13,573 ) 205,269 ( 17,160 )
Total fixed maturities
$ 492,817 $ ( 19,273 ) $ 167,334 $ ( 13,733 ) $ 660,151 $ ( 33,006 )




17
GL Q2 2021 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Dollar amounts in thousands, except per share data)
The following table discloses unrealized investment losses by class and major sector of fixed maturities available for sale at December 31, 2020.

Analysis of Gross Unrealized Investment Losses
At December 31, 2020
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 $ 2,006 $ ( 43 ) $ — $ — $ 2,006 $ ( 43 )
States, municipalities and political subdivisions 32,910 ( 315 ) — — 32,910 ( 315 )
Foreign governments 19,532 ( 898 ) — — 19,532 ( 898 )
Corporates, by sector:
Financial 117,762 ( 2,564 ) 6,333 ( 2,168 ) 124,095 ( 4,732 )
Utilities 2,726 ( 108 ) — — 2,726 ( 108 )
Energy 1,692 ( 8 ) 14,871 ( 106 ) 16,563 ( 114 )
Other corporate sectors 21,882 ( 720 ) — — 21,882 ( 720 )
Total corporates 144,062 ( 3,400 ) 21,204 ( 2,274 ) 165,266 ( 5,674 )
Collateralized debt obligations — — — — — —
Other asset-backed securities 28,864 ( 1,051 ) 5 — 28,869 ( 1,051 )
Total investment grade securities 227,374 ( 5,707 ) 21,209 ( 2,274 ) 248,583 ( 7,981 )
Below investment grade securities:
States, municipalities and political subdivisions — — — — — —
Corporates, by sector:
Financial 6,822 ( 36 ) 115,093 ( 19,453 ) 121,915 ( 19,489 )
Utilities — — — — — —
Energy 18,432 ( 757 ) 38,720 ( 2,212 ) 57,152 ( 2,969 )
Other corporate sectors 25,711 ( 3,588 ) 19,516 ( 1,910 ) 45,227 ( 5,498 )
Total corporates 50,965 ( 4,381 ) 173,329 ( 23,575 ) 224,294 ( 27,956 )
Collateralized debt obligations — — 11,131 ( 8,869 ) 11,131 ( 8,869 )
Other asset-backed securities — — 11,223 ( 2,727 ) 11,223 ( 2,727 )
Total below investment grade securities 50,965 ( 4,381 ) 195,683 ( 35,171 ) 246,648 ( 39,552 )
Total fixed maturities
$ 278,339 $ ( 10,088 ) $ 216,892 $ ( 37,445 ) $ 495,231 $ ( 47,533 )



18
GL Q2 2021 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Dollar amounts in thousands, except per share data)
Fixed Maturities, Allowance for Credit Losses : A summary of the activity in the allowance for credit losses is as follows.
Three Months Ended
June 30, 		Six Months Ended
June 30,
2021 2020 2021 2020
Allowance for credit losses beginning balance
$ — $ 31,854 $ 3,346 $ —
Additions to allowance for which credit losses were not previously recorded — — — 31,854
Additions (reductions) to allowance for fixed maturities that previously had an allowance — 865 — 865
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 — — ( 3,346 ) —
Allowance for credit losses ending balance
$ — $ 32,719 $ — $ 32,719

As of June 30, 2021 and December 31, 2020, the Company did not have any fixed maturities in non-accrual status.

Other Long-Term Investments : Other long-term investments consist of the following assets:
June 30,
2021 		December 31, 2020
Investment funds $ 533,658 $ 385,038
Commercial mortgage loan participations 160,639 160,602
Other 3,891 1,341
Total
$ 698,188 $ 546,981

The investment funds consist of limited partnerships whereby the Company has a pro-rata share of ownership ranging from 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 and concluded at the inception of the investment. Additionally, each investment is evaluated under ASC 810, Consolidation to determine if it is a variable interest entity and would qualify for consolidation; none of the investments qualify for consolidation as the Company is not the primary beneficiary in any of these investments.

The 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 net asset value are recorded in "Realized gains (losses)" on the Condensed Consolidated Statements of Operations . Distributions received from the funds arise from income generated by the underlying investments as well as the liquidation of the underlying investments. Periodic distributions are recorded in net investment income until cumulative distributions exceed our pro-rata share of operating earnings at which point the distributions will reduce the carrying value. Our maximum exposure to loss is equal to the outstanding carrying value and future funding commitments.

During the quarter, the Company committed to one new limited partnership. The Company had $ 72 million of capital called during the quarter from existing investment funds, reducing our unfunded commitments. Our unfunded commitments were $ 409 million as of June 30, 2021.


19
GL Q2 2021 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Dollar amounts in thousands, except per share data)
The following table presents additional information about the Company's investment funds as of June 30, 2021 and December 31, 2020 at fair value:
Fair Value Unfunded Commitments
Investment Category June 30,
2021 		December 31, 2020 June 30,
2021 		Redemption Term/Notice
Commercial mortgage loans $ 347,042 $ 227,050 $ 172,001
Portion non-redeemable and fully redeemable after 6 month period, subject to fund liquidity/discretion of General Partner. Expected life is 7 years for non-redeemable fund.
Opportunistic credit 169,351 157,461 —
Initial 2 year lock on each new investment/semi-annual withdrawals thereafter/full redemption within 36 month period.
Other 17,265 527 236,811 Fully redeemable with varying terms and non-redeemable.
Total investment funds $ 533,658 $ 385,038 $ 408,812

Commercial Mortgage Loan Participations (commercial mortgage loans): Summaries of commercial mortgage loans by property type and geographical location at June 30, 2021 and December 31, 2020 are as follows:
June 30, 2021 December 31, 2020
Carrying Value % of Total Carrying Value % of Total
Property type:
Mixed use $ 51,124 32 $ 49,002 31
Office 36,156 23 36,153 22
Hospitality 22,540 14 22,605 14
Retail 19,699 12 19,319 12
Industrial 17,900 11 17,900 11
Multi-family 14,859 9 19,128 12
Total recorded investment 162,278 101 164,107 102
Less allowance for credit losses ( 1,639 ) ( 1 ) ( 3,505 ) ( 2 )
Carrying value, net of allowance for credit losses
$ 160,639 100 $ 160,602 100
June 30, 2021 December 31, 2020
Carrying Value % of Total Carrying Value % of Total
Geographic location:
California $ 62,764 39 $ 61,610 38
Virginia 27,019 17 27,019 17
New York 17,107 11 16,602 10
Pennsylvania 11,661 7 11,314 7
Indiana 9,717 6 9,717 6
Florida 8,142 5 12,420 8
Other 25,868 16 25,425 16
Total recorded investment 162,278 101 164,107 102
Less allowance for credit losses ( 1,639 ) ( 1 ) ( 3,505 ) ( 2 )
Carrying value, net of allowance for credit losses
$ 160,639 100 $ 160,602 100

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GL Q2 2021 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Dollar amounts in thousands, except per share data)
T he following tables are reflective of Management's internal risk ratings of the loan portfolio. Loans are rated low, moderate, and high. The risk categories consider many different factors such as quality of asset, borrower status, as well as macroeconomic factors including COVID-19. These loans, originated in 2017 to 2021, are transitional or under construction and may not yet be income producing. Certain ratios, such as loan to value and debt service coverage ratios, may not be evaluated as the value of the underlying transitional property significantly fluctuates based on completion of the project.
Net Book Value of Commercial Mortgage Loans Receivable by Year of Origination
As of June 30, 2021
Risk Rating: Number of Loans 2021 2020 2019 2018 2017 Total
Low 16 $ — $ 20,884 $ 13,080 $ 32,957 $ 62,057 $ 128,978
Moderate 5 — — 13,601 8,142 — 21,743
High 2 — — 4,568 6,989 — 11,557
Total commercial mortgage loans 23 $ — $ 20,884 $ 31,249 $ 48,088 $ 62,057 162,278
Less allowance for credit losses on the investment pool ( 1,639 )
Less allowance for credit losses on individual loans —
Carrying value, net of valuation allowance
$ 160,639

Net Book Value of Commercial Mortgage Loans Receivable by Year of Origination
As of December 31, 2020
Risk Rating: Number of Loans 2020 2019 2018 2017 Total
Low 17 $ 20,176 $ 14,757 $ 33,132 $ 61,460 $ 129,525
Moderate 4 — 10,640 7,796 — 18,436
High 3 — 4,554 11,592 — 16,146
Total commercial mortgage loans 24 $ 20,176 $ 29,951 $ 52,520 $ 61,460 164,107
Less allowance for credit losses on the investment pool ( 2,503 )
Less allowance for credit losses on individual loans ( 1,002 )
Carrying value, net of valuation allowance
$ 160,602
As of June 30, 2021, the Company evaluated the commercial mortgage loan portfolio on a pool basis to determine the allowance for credit losses. At the end of the period, the Company had 23 loans in the portfolio. For the six months ended June 30, 2021, the allowance for credit losses decreased by $ 1.9 million to $ 1.6 million. The provision for credit losses is included in "Realized gains (losses)".

Three Months Ended
June 30, 		Six Months Ended
June 30,
2021 2020 2021 2020
Allowance for credit losses beginning balance
$ 2,147 $ 335 $ 3,505 $ —
Cumulative effect of adoption ASU 2016-13 — — — 335
Provision (reversal) for credit losses ( 508 ) 3,503 ( 1,866 ) 3,503
Loans charge-off — — — —
Allowance for credit losses ending balance
$ 1,639 $ 3,838 $ 1,639 $ 3,838


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GL Q2 2021 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Dollar amounts in thousands, except per share data)
There were no delinquent commercial mortgage loans as of June 30, 2021, compared with one delinquent commercial mortgage at December 31, 2020. As of June 30, 2021 and December 31, 2020, the Company had one commercial mortgage loan in non-accrual status. The Company's unfunded commitment balance to commercial loan borrowers was $ 37 million as of June 30, 2021.

Note 5—Commitments and Contingencies

Guarantees : The Parent Company has guaranteed letters of credit in connection with its credit facility with a group of banks. The letters of credit were issued by TMK Re, Ltd., a wholly-owned subsidiary, to secure TMK Re, Ltd.’s obligation for claims on certain policies reinsured by TMK Re, Ltd. that were sold by other Globe Life insurance subsidiaries. These letters of credit facilitate TMK Re, Ltd.’s ability to reinsure the business of Globe Life's insurance carriers. The agreement expires in 2023. 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. As of June 30, 2021 and December 31, 2020, the outstanding balance was $ 135 million.

Litigation : Globe Life Inc. (formerly Torchmark Corporation) 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, employment discrimination, 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'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. Globe Life's management recognizes that large punitive damage awards bearing little or no relation to actual damages continue to be awarded by juries in jurisdictions in which the Company has substantial business, creating the potential for unpredictable material adverse judgments in any given punitive damage suit.

On January 4, 2021, putative class and collective action litigation was filed against National Income Life Insurance Company in the United States District Court for the Northern District of New York. (John Turner v. National Income Life Insurance Company, Case No. 5:21-cv-0003). Plaintiff Turner is a former New York National Income agent who asserted a claim under New York law on behalf of a putative New York class of trainees and sales agents for the six years prior to February 13, 2020 through case conclusion. He made a claim under the New York Labor Law for alleged failure to pay minimum wage and overtime, and for expense reimbursement. In addition, Mr. Turner asserted a claim under the Fair Labor Standards Act (FLSA) on behalf of trainees and sales agents for the three years prior to February 13, 2020 through case conclusion. The FLSA claim alleged failure to pay for all hours worked and sought expense reimbursement. The lawsuit also requested declaratory relief and liquidated damages. Prior to filing a motion to compel arbitration of Mr. Turner’s individual claims, National Income reached a settlement with Mr. Turner for a non-material sum as to his individual claims, and the litigation has been dismissed.



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GL Q2 2021 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Dollar amounts in thousands, except per share data)

Note 6—Liability for Unpaid Claims

Activity in the liability for unpaid health claims is summarized as follows:
June 30,
2021 		December 31,
2020
Balance at beginning of period
$ 162,261 $ 163,808
Incurred related to:
Current year 325,582 584,936
Prior year ( 19,681 ) ( 14,829 )
Total incurred 305,901 570,107
Paid related to:
Current year 197,328 442,127
Prior year 106,148 129,527
Total paid 303,476 571,654
Balance at end of period
$ 164,686 $ 162,261

Below is the reconciliation of the liability of " Policy claims and other benefits payable" in the Condensed Consolidated Balance Sheets .
June 30,
2021 		December 31,
2020
Policy claims and other benefits payable:
Life insurance $ 211,137 $ 237,246
Health insurance 164,686 162,261
Total $ 375,823 $ 399,507


23
GL Q2 2021 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Dollar amounts in thousands, except per share data)
Note 7—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 defined benefit plans and SERP.

Pension Assets: The following table presents the assets of the Company's defined benefit pension plan at June 30, 2021 and December 31, 2020.
Pension Assets by Component at June 30, 2021
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
% to
Total
Corporate bonds:
Financial $ — $ 56,211 $ — $ 56,211 10
Utilities — 44,358 — 44,358 8
Energy — 23,119 — 23,119 4
Other corporates — 89,934 — 89,934 16
Total corporate bonds — 213,622 — 213,622 38
Exchange traded fund (1)
281,693 — — 281,693 51
Other bonds — 247 — 247 —
Guaranteed annuity contract (2)
— 30,381 — 30,381 5
Short-term investments 13,583 — — 13,583 2
Other 2,812 — — 2,812 1
$ 298,088 $ 244,250 $ — 542,338 97
Other long-term investments (3)
15,720 3
Total pension assets
$ 558,058 100
(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 Non-Exempt Employees Defined Benefit Pension Plan ("American Income Pension Plan").
(3) Included in other long-term investments is an investment fund that reports the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value per share or its equivalent (NAV), as a practical expedient for fair value. The Globe Life Inc. Pension Plan owns less than 1 % of the investment fund. As of June 30, 2021, the expected term of the investment fund is approximately 4 years and the commitment of the investment is fully funded. The investment is non-redeemable.


24
GL Q2 2021 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Dollar amounts in thousands, except per share data)
Pension Assets by Component at December 31, 2020
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
% to
Total
Corporate bonds:
Financial $ — $ 52,252 $ — $ 52,252 10
Utilities — 45,888 — 45,888 9
Energy — 22,480 — 22,480 4
Other corporates — 88,983 — 88,983 17
Total corporate bonds — 209,603 — 209,603 40
Exchange traded fund (1)
245,170 — — 245,170 46
Other bonds — 258 — 258 —
Guaranteed annuity contract (2)
— 30,119 — 30,119 6
Short-term investments 20,960 — — 20,960 4
Other 7,109 — — 7,109 1
$ 273,239 $ 239,980 $ — 513,219 97
Other long-term investments (3)
16,313 3
Total pension assets
$ 529,532 100
(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 Pension Plan.
(3) Included in other long-term investments is an investment fund that reports the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value per share or its equivalent (NAV), as a practical expedient for fair value. The Globe Life Inc. Pension Plan owns approximately 1 % of the investment fund. As of December 31, 2020, the expected term of the investment fund is approximately 4 years and the commitment of the investment is fully funded. The investment is non-redeemable.


SERP : The following table includes information regarding the SERP.
Six Months Ended
June 30,
2021 2020
Premiums paid for insurance coverage $ 443 $ 443
June 30,
2021 		December 31,
2020
Total investments:
Company owned life insurance $ 52,529 $ 51,361
Exchange traded funds 79,788 75,390
$ 132,317 $ 126,751



25
GL Q2 2021 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Dollar amounts in thousands, except per share data)
Pension and SERP Liabilities : The following table presents liabilities for the defined benefit pension plans and SERP at June 30, 2021 and December 31, 2020.
June 30,
2021 		December 31,
2020
Defined benefit pension $ 704,695 $ 667,753
SERP 95,917 95,560
Pension benefit obligation
$ 800,612 $ 763,313

Net Periodic Benefit Cost: The following table presents the net periodic benefit costs for the defined benefit pension plans and SERP by expense components for the three and six months ended June 30, 2021 and 2020.

Components of Net Periodic Benefit Cost
Three Months Ended
June 30, 		Six Months Ended
June 30,
2021 2020 2021 2020
Service cost $ 7,918 $ 6,115 $ 15,836 $ 12,231
Interest cost 5,469 5,647 10,936 11,298
Expected return on assets ( 8,083 ) ( 7,391 ) ( 16,166 ) ( 14,781 )
Amortization:
Prior service cost 158 158 316 316
Actuarial (gain) loss 4,984 3,925 9,969 7,849
Net periodic benefit cost
$ 10,446 $ 8,454 $ 20,891 $ 16,913

Note 8—Earnings Per Share

Earnings per Share : A reconciliation of basic and diluted weighted-average shares outstanding used in the computation of basic and diluted earnings per share is as follows:
Three Months Ended
June 30, 		Six Months Ended
June 30,
2021 2020 2021 2020
Basic weighted average shares outstanding 102,895,435 106,441,311 103,187,567 106,863,267
Weighted average dilutive options outstanding 1,337,911 692,706 1,331,047 1,195,173
Diluted weighted average shares outstanding 104,233,346 107,134,017 104,518,614 108,058,440
Antidilutive shares 31,269 5,417,077 1,326,599 2,281,300

Antidilutive shares are excluded from the calculation of diluted earnings per share.

26
GL Q2 2021 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Dollar amounts in thousands, except per share data)
Note 9—Debt

Long-term debt : On June 14, 2021, Globe Life completed the issuance and sale of $ 325 million in aggregate principal amount of 4.25 % unsecured Junior Subordinated Debentures due June 15, 2061. The net proceeds from the sale of the Junior Subordinated Debentures were $ 317 million and were used to redeem the 6.125 % Junior Subordinated Debentures plus accrued interest of $ 1.5 million on July 15, 2021 as well as for general corporate purposes.

The following table presents information about the terms and outstanding balances of Globe Life's debt.
Selected Information about Debt Issues
As of
June 30,
2021 		December 31, 2020
Instrument Issue Date Maturity Date Coupon Rate Par
Value 		Unamortized Discount & Issuance Costs Book
Value 		Fair
Value 		Book
Value
Senior notes 5/27/1993 5/15/2023 7.875 % $ 165,612 $ ( 529 ) $ 165,083 $ 187,310 $ 164,954
Senior notes (1)
9/24/2012 9/15/2022 3.800 % 150,000 ( 419 ) 149,581 155,873 149,414
Senior notes 9/27/2018 9/15/2028 4.550 % 550,000 ( 5,361 ) 544,639 643,418 544,328
Senior notes 8/21/2020 8/15/2030 2.150 % 400,000 ( 4,435 ) 395,565 395,184 395,157
Junior subordinated debentures (2)
5/17/2016 6/15/2056 6.125 % 300,000 ( 9,312 ) 290,688 313,320 290,652
Junior subordinated debentures 11/17/2017 11/17/2057 5.275 % 125,000 ( 1,612 ) 123,388 129,895 123,381
Junior subordinated debentures 6/14/2021 6/15/2061 4.250 % 325,000 ( 7,828 ) 317,172 339,430 —
Total long-term debt
2,015,612 ( 29,496 ) 1,986,116 2,164,430 1,667,886
Commercial paper 260,000 ( 54 ) 259,946 259,946 254,918
Total short-term debt
260,000 ( 54 ) 259,946 259,946 254,918
Total debt
$ 2,275,612 $ ( 29,550 ) $ 2,246,062 $ 2,424,376 $ 1,922,804
(1) An additional $ 150 million par value and book value is held by insurance subsidiaries that eliminates in consolidation.
(2) The $ 300 million of 6.125 % Junior subordinated debentures were redeemed on July 15, 2021.

The commercial paper has the highest priority of all the debt, followed by senior notes then junior subordinated debentures. The Senior Notes due 2023 are noncallable, the remaining senior notes are callable under a make-whole provision, and the junior subordinated debentures are subject to optional redemption five years from issuance. Interest on the 4.25 % "Junior subordinated debentures" is payable quarterly, all other long-term debt is payable semi-annually.


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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Dollar amounts in thousands, except per share data)
Note 10—Business Segments

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

Globe Life's reportable insurance segments are based on the insurance product lines it markets and administers: life insurance, supplemental health insurance, and annuities. These major product lines are set out as reportable segments because of the common characteristics of products within these categories, comparability of margins, and the similarity in regulatory environment and management techniques. There is also an investment segment which manages the investment portfolio, debt, and cash flow for the insurance segments and the corporate function. The Company's chief operating decision makers evaluate the overall performance of the operations of the Company in accordance with these segments.

Life insurance products marketed by Globe Life include traditional whole life and term life insurance. Health insurance products are generally guaranteed-renewable and include Medicare Supplement, critical illness, accident, and limited-benefit supplemental hospital and surgical coverage. Annuities include fixed-benefit contracts.
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 (Direct to Consumer). The tables below present segment premium revenue by each of Globe Life's distribution channels.

Premium Income by Distribution Channel
Three Months Ended June 30, 2021
Life Health Annuity Total
Distribution Channel Amount % of
Total 		Amount % of
Total 		Amount % of
Total 		Amount % of
Total
American Income $ 347,696 48 $ 28,789 10 $ — — $ 376,485 37
Direct to Consumer 249,440 34 18,450 6 — — 267,890 26
Liberty National 77,853 11 47,118 16 — — 124,971 12
United American 2,261 — 116,217 39 — — 118,478 12
Family Heritage 1,226 — 85,012 29 — — 86,238 8
Other 49,694 7 — — — — 49,694 5
$ 728,170 100 $ 295,586 100 $ — — $ 1,023,756 100

Three Months Ended June 30, 2020
Life Health Annuity Total
Distribution Channel Amount
% of
Total
Amount
% of
Total
Amount
% of
Total
Amount
% of
Total
American Income $ 308,675 46 $ 25,554 9 $ — — $ 334,229 35
Direct to Consumer 235,201 35 19,060 7 — — 254,261 27
Liberty National 73,326 11 47,391 17 — — 120,717 13
United American 2,481 — 112,885 40 3 100 115,369 12
Family Heritage 1,042 — 77,987 27 — — 79,029 8
Other 50,097 8 — — — — 50,097 5
$ 670,822 100 $ 282,877 100 $ 3 100 $ 953,702 100


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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Dollar amounts in thousands, except per share data)
Premium Income by Distribution Channel

Six Months Ended June 30, 2021
Life Health Annuity Total
Distribution Channel Amount % of
Total 		Amount % of
Total 		Amount % of
Total 		Amount % of
Total
American Income $ 682,591 48 $ 56,140 9 $ — — $ 738,731 37
Direct to Consumer 493,468 34 37,810 6 — — 531,278 26
Liberty National 153,590 11 94,158 16 — — 247,748 12
United American 4,538 — 233,304 40 1 100 237,843 12
Family Heritage 2,344 — 168,347 29 — — 170,691 8
Other 99,758 7 — — — — 99,758 5
$ 1,436,289 100 $ 589,759 100 $ 1 100 $ 2,026,049 100

Six Months Ended June 30, 2020
Life Health Annuity Total
Distribution Channel Amount
% of
Total
Amount
% of
Total
Amount
% of
Total
Amount
% of
Total
American Income $ 611,527 46 $ 51,281 9 $ — — $ 662,808 35
Direct to Consumer 455,244 35 38,856 7 — — 494,100 26
Liberty National 146,194 11 95,031 17 — — 241,225 13
United American 4,971 — 222,944 40 3 100 227,918 12
Family Heritage 2,063 — 154,970 27 — — 157,033 9
Other 100,453 8 — — — — 100,453 5
$ 1,320,452 100 $ 563,082 100 $ 3 100 $ 1,883,537 100

Due to the nature of the life insurance industry, Globe Life has no individual or group that would be considered a major customer. Substantially all of Globe Life's business is conducted in the United States.
The measure of profitability established by the chief operating decision makers for the insurance segments is underwriting margin before other income and administrative expenses, in accordance with the manner in which the segments are managed. It essentially represents gross profit margin on insurance products before insurance administrative expenses and consists primarily of premium less net policy benefits, acquisition expenses, and commissions. Required interest on net policy liabilities (benefit reserves less deferred acquisition costs) is reflected as a component of the Investment segment (rather than as a component of underwriting margin in the insurance and annuity segments) in order to match this cost with the investment income earned on the assets supporting the net 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 net policy requirements and financing costs associated with Globe Life's debt. Other than the above-mentioned interest allocations, no other intersegment revenues or expenses are recognized. Expenses directly attributable to corporate operations are included in the “Corporate & Other” category. Stock-based compensation expense is considered a corporate expense by Globe Life management and is included in this category. All other unallocated revenues and expenses on a pretax basis, including insurance administrative expense, are also included in the “Corporate & Other” segment category.
Globe Life holds a sizable investment portfolio to support its insurance liabilities, the yield from which is used to offset policy benefit, acquisition, administrative and tax expenses. This yield or investment income is taken into account when establishing premium rates and profitability expectations for its insurance products. From time to time, investments are sold or called, or experience a credit loss event, each of which is reflected by the Company as

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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Dollar amounts in thousands, except per share data)
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 removes items that are related to prior periods when evaluating the operating results of current periods. Management also removes non-operating items unrelated to the Company's core insurance activities when evaluating those results. Therefore, these items are excluded in its presentation of segment results, because accounting guidance requires that operating segment results be presented as management views its business. With the exception of the administrative settlements noted in the paragraphs above, all of these items are included in “Other operating expense” in the Condensed Consolidated Statements of Operations for the appropriate year. See additional detail below in the tables.

The following tables set forth a reconciliation of Globe Life's revenues and operations by segment to its major income statement line items. See Note—1 Significant Accounting Policies for additional information concerning reconciling items of segment profits to pretax income.
Three Months Ended June 30, 2021
Life Health Annuity Investment Corporate & Other Adjustments Consolidated
Revenue:
Premium $ 728,170 $ 295,586 $ — $ — $ — $ — $ 1,023,756
Net investment income — — — 238,308 — — 238,308
Other income — — — — 388 — 388
Total revenue 728,170 295,586 — 238,308 388 — 1,262,452
Expenses:
Policy benefits 498,471 188,854 7,286 — — — 694,611
Required interest on reserves ( 182,495 ) ( 25,434 ) ( 10,016 ) 217,945 — — —
Required interest on DAC 54,222 7,077 66 ( 61,365 ) — — —
Amortization of acquisition costs 120,407 27,132 482 — — — 148,021
Commissions, premium taxes, and non-deferred acquisition costs 58,810 23,496 6 — — — 82,312
Insurance administrative expense (1)
— — — — 67,503 261 (2) 67,764
Parent expense — — — — 2,757 — 2,757
Stock-based compensation expense — — — — 8,634 — 8,634
Interest expense — — — 21,769 — — 21,769
Total expenses 549,415 221,125 ( 2,176 ) 178,349 78,894 261 1,025,868
Subtotal 178,755 74,461 2,176 59,959 ( 78,506 ) ( 261 ) 236,584
Non-operating items — — — — — 261 (2) 261
Measure of segment profitability (pretax)
$ 178,755 $ 74,461 $ 2,176 $ 59,959 $ ( 78,506 ) $ — 236,845
Realized gain (loss)—investments 8,659
Legal proceedings ( 261 )
$ 245,243
(1) Administrative expense is not allocated to insurance segments.
(2) Legal proceedings.



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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Dollar amounts in thousands, except per share data)
Three Months Ended June 30, 2020
Life Health Annuity Investment Corporate & Other Adjustments Consolidated
Revenue:
Premium $ 670,822 $ 282,877 $ 3 $ — $ — $ — $ 953,702
Net investment income — — — 231,568 — — 231,568
Other income — — — — 404 — 404
Total revenue 670,822 282,877 3 231,568 404 — 1,185,674
Expenses:
Policy benefits 459,845 183,496 7,475 — — — 650,816
Required interest on reserves ( 173,208 ) ( 22,851 ) ( 10,332 ) 206,391 — — —
Required interest on DAC 52,107 6,582 84 ( 58,773 ) — — —
Amortization of acquisition costs 117,802 27,854 504 — — — 146,160
Commissions, premium taxes, and non-deferred acquisition costs 52,577 23,556 7 — — — 76,140
Insurance administrative expense (1)
— — — — 61,566 61,566
Parent expense — — — — 2,516 — 2,516
Stock-based compensation expense — — — — 8,632 — 8,632
Interest expense — — — 22,813 — — 22,813
Total expenses 509,123 218,637 ( 2,262 ) 170,431 72,714 — 968,643
Subtotal 161,699 64,240 2,265 61,137 ( 72,310 ) — 217,031
Non-operating items — — — — — — —
Measure of segment profitability (pretax)
$ 161,699 $ 64,240 $ 2,265 $ 61,137 $ ( 72,310 ) $ — 217,031
Realized gain (loss)—investments ( 4,790 )
$ 212,241
(1) Administrative expense is not allocated to insurance segments.






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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Dollar amounts in thousands, except per share data)
The following tables set forth a reconciliation of Globe Life's revenues and operations by segment to its major income statement line items. See Note—1 Significant Accounting Policies for additional information concerning reconciling items of segment profits to pretax income.
Six Months Ended June 30, 2021
Life Health Annuity Investment Corporate & Other Adjustments Consolidated
Revenue:
Premium $ 1,436,289 $ 589,759 $ 1 $ — $ — $ — $ 2,026,049
Net investment income — — — 474,128 — — 474,128
Other income — — — — 683 — 683
Total revenue 1,436,289 589,759 1 474,128 683 — 2,500,860
Expenses:
Policy benefits 1,016,102 376,683 14,545 — — — 1,407,330
Required interest on reserves ( 362,420 ) ( 50,429 ) ( 20,021 ) 432,870 — — —
Required interest on DAC 108,017 14,039 136 ( 122,192 ) — — —
Amortization of acquisition costs 243,711 56,339 964 — — — 301,014
Commissions, premium taxes, and non-deferred acquisition costs 115,478 46,486 14 — — — 161,978
Insurance administrative expense (1)
— — — — 133,679 5,089 (2) 138,768
Parent expense — — — — 5,075 5,075
Stock-based compensation expense — — — — 16,522 — 16,522
Interest expense — — — 42,947 — — 42,947
Total expenses 1,120,888 443,118 ( 4,362 ) 353,625 155,276 5,089 2,073,634
Subtotal 315,401 146,641 4,363 120,503 ( 154,593 ) ( 5,089 ) 427,226
Non-operating items — — — — — 5,089 (2) 5,089
Measure of segment profitability (pretax)
$ 315,401 $ 146,641 $ 4,363 $ 120,503 $ ( 154,593 ) $ — 432,315
Realized gain (loss)—investments 36,811
Legal proceedings ( 5,089 )
$ 464,037
(1) Administrative expense is not allocated to insurance segments.
(2) Legal proceedings.




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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Dollar amounts in thousands, except per share data)
Six Months Ended June 30, 2020
Life Health Annuity Investment Corporate & Other Adjustments Consolidated
Revenue:
Premium $ 1,320,452 $ 563,082 $ 3 $ — $ — $ — $ 1,883,537
Net investment income — — — 460,559 — — 460,559
Other income — — — — 729 — 729
Total revenue 1,320,452 563,082 3 460,559 729 — 2,344,825
Expenses:
Policy benefits 881,515 362,207 15,063 — — — 1,258,785
Required interest on reserves ( 344,413 ) ( 45,361 ) ( 20,788 ) 410,562 — — —
Required interest on DAC 104,225 13,101 172 ( 117,498 ) — — —
Amortization of acquisition costs 232,110 56,879 1,008 — — — 289,997
Commissions, premium taxes, and non-deferred acquisition costs 106,513 48,551 13 — — — 155,077
Insurance administrative expense (1)
— — — — 125,186 3,275 (2) 128,461
Parent expense — — — — 4,847 — 4,847
Stock-based compensation expense — — — — 17,988 — 17,988
Interest expense — — — 43,621 — — 43,621
Total expenses 979,950 435,377 ( 4,532 ) 336,685 148,021 3,275 1,898,776
Subtotal 340,502 127,705 4,535 123,874 ( 147,292 ) ( 3,275 ) 446,049
Non-operating items — — — — — 3,275 (2) 3,275
Measure of segment profitability (pretax)
$ 340,502 $ 127,705 $ 4,535 $ 123,874 $ ( 147,292 ) $ — 449,324
Realized gain (loss)—investments ( 30,887 )
Legal proceedings ( 3,275 )
$ 415,162
(1) Administrative expense is not allocated to insurance segments.
(2) Legal proceedings.


Note 11—Subsequent Events

On August 1, 2021, the Company acquired Beazley Benefits, a small unit of Beazley Insurance Company, Inc. that specializes in the distribution of supplemental health insurance in the U.S., for $ 59.2 million to enhance Globe Life’s reach in the worksite market.






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CAUTIONARY STATEMENTS
We caution readers regarding certain forward-looking statements contained in the foregoing discussion and elsewhere in this document, and in any other statements made by, or on behalf of Globe Life whether or not in future filings with the Securities and Exchange Commission. Any statement that is not a historical fact, or that might otherwise be considered an opinion or projection concerning the Company or its business, whether express or implied, is meant as and should be considered a forward-looking statement. Such statements represent management's opinions concerning future operations, strategies, financial results or other developments. We specifically disclaim any obligation to update or revise any forward-looking statement because of new information, future developments, or otherwise.
Forward-looking statements are based upon estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond our control, including uncertainties related to the impact of the COVID-19 outbreak on our business operations, financial results and financial condition. If these estimates or assumptions prove to be incorrect, the actual results of Globe Life may differ materially from the forward-looking statements made on the basis of such estimates or assumptions. Whether or not actual results differ materially from forward-looking statements may depend on numerous foreseeable and unforeseeable events or developments, which may be national in scope, related to the insurance industry generally, or applicable to the Company specifically. Such events or developments could include, but are not necessarily limited to:

1. Economic and other conditions, including the COVID-19 pandemic and its impact on the U.S. economy, leading to unexpected changes in lapse rates and/or sales of our policies, as well as levels of mortality, morbidity, and utilization of health care services that differ from Globe Life's assumptions;
2. Regulatory developments, including changes in accounting standards or governmental regulations (particularly those impacting taxes and changes to the Federal Medicare program that would affect Medicare Supplement);
3. Market trends in the senior-aged health care industry that provide alternatives to traditional Medicare (such as Health Maintenance Organizations and other managed care or private plans) and that could affect the sales of traditional Medicare Supplement insurance;
4. Interest rate changes that affect product sales and/or investment portfolio yield;
5. General economic, industry sector or individual debt issuers’ financial conditions (including developments and volatility arising from the COVID-19 pandemic, particularly in certain industries that may comprise part of our investment portfolio) that may affect the current market value of securities we own, or that may impair an issuer’s ability to make principal and/or interest payments due on those securities;
6. Changes in the competitiveness of the Company's products and pricing;
7. Litigation results;
8. Levels of administrative and operational efficiencies that differ from our assumptions (including any reduction in efficiencies resulting from increased costs arising from operating during the COVID-19 pandemic);
9. The ability to obtain timely and appropriate premium rate increases for health insurance policies from our regulators;
10. The customer response to new products and marketing initiatives;
11. Reported amounts in the consolidated financial statements which are based on management estimates and judgments which may differ from the actual amounts ultimately realized;
12. Compromise by a malicious actor or other event that causes a loss of secure data from, or inaccessibility to, our computer and other information technology systems;
13. The severity, magnitude and impact of the COVID-19 pandemic, including effects of the pandemic and the effects of the U.S. and state governments' and other businesses’ response to the pandemic, on our operations and personnel, and on commercial activity and demand for our products; and
14. Our ability to access the commercial paper and debt markets, particularly if such markets become unpredictable or unstable for a certain period as a result of the COVID-19 pandemic.

Readers are also directed to consider other risks and uncertainties described in other documents on file with the Securities and Exchange Commission.

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GLOBE LIFE INC.
Management's Discussion & Analysis

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with Globe Life's Condensed Consolidated Financial Statements and Notes thereto appearing elsewhere in this report.
"Globe Life" and the "Company" refer to Globe Life Inc. and its subsidiaries and affiliates.


Results of Operations
gl-20210630_g1.jpg
How Globe Life Views Its Operations. Globe Life Inc. is the holding company for a group of insurance companies that market primarily individual life and supplemental health insurance to lower middle to middle income households throughout the United States. We view our operations by segments, which are the insurance product lines of life, supplemental health, and annuities, and the investment segment that supports the product lines. Segments are aligned based on their common characteristics, comparability of the profit margins, and management techniques used to operate each segment.
gl-20210630_g2.jpg
Insurance Product Line Segments. The insurance product line segments involve the marketing, underwriting, and administration of policies. Each product line is further segmented by the various distribution channels that market the insurance policies. Each distribution channel operates in a niche market offering insurance products designed for that particular market. Whether analyzing profitability of a segment as a whole, or the individual distribution channels within the segment, the measure of profitability used by management is the underwriting margin, as seen below:

Premium revenue
(Policy obligations)
(Policy acquisition costs and commissions)
Underwriting margin

gl-20210630_g3.jpg
Investment Segment. The investment segment involves the management of our capital resources, including investments and the management of corporate debt and liquidity. Our measure of profitability for the investment segment is excess investment income, as seen below:
Net investment income
(Required interest on net policy liabilities)
(Financing costs)
Excess investment income



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GLOBE LIFE INC.
Management's Discussion & Analysis
Current Highlights, comparing year-to-date 2021 with 2020.
• Net income as a return on equity (ROE) for the six months ended June 30, 2021 was 9.0% and net operating income as an ROE, excluding net unrealized gains on the fixed maturity portfolio (1) was 12.4%.
• Total premium increased 8% over the same period in the prior year. Life premium increased 9% for the period from $1.3 billion in 2020 to $1.4 billion in 2021. Life underwriting margin declined 7% from $341 million in 2020 to $315 million in 2021.
• Net investment income increased 3% over the same period in the prior year. Excess investment income declined 3% below the prior year.
• Total net sales increased 15% over the same period in the prior year from $301 million to $347 million.
• Book value per share increased 14% over the same period in the prior year from $73.26 to $83.59. Book value per share, excluding net unrealized gains on the fixed maturity portfolio (1) , increased 9% over the prior year from $51.21 to $55.66.
• The Company estimates $49 million of net life claims were incurred as a result of the novel coronavirus (COVID-19) for the six months ended June 30, 2021 compared with $22 million during the same period last year.
• For the six months ended June 30, 2021, the Company repurchased 2.2 million shares of Globe Life Inc. common stock at a total cost of $214 million for an average share price of $98.61.
The following graphs represent net income and net operating income for the six months ended June 30, 2021 and 2020.

gl-20210630_g4.jpg gl-20210630_g5.jpg
As shown in the charts above, net operating income is the consolidated total of segment profits after tax and as such is considered a non-GAAP measure. It has been used consistently by Globe Life's management for many years to evaluate the operating performance of the Company. It differs from net income primarily because it excludes certain non-operating items such as realized gains and losses and certain significant and unusual items included in net income. Net income is the most directly comparable GAAP measure.
(1) Net operating income as an ROE, excluding net unrealized gains on the fixed maturity portfolio, is considered a non-GAAP measure. Management utilizes this measure to view the business without the effect of the net unrealized gains, which are primarily attributable to fluctuation in interest rates on the available-for-sale portfolio. The impact of the adjustment to exclude net unrealized gains on fixed maturities, net of tax is $2.9 billion and $2.4 billion for the six months ended June 30, 2021 and 2020, respectively.

Book value per share, excluding net unrealized gains on the fixed maturity portfolio, is also considered a non-GAAP measure. Management utilizes this measure to view the book value of the business without the effect of net unrealized gains, which are primarily attributable to fluctuation in interest rates on the available for sale portfolio. The impact of the adjustment to exclude net unrealized gains on fixed maturities is $27.93 and $22.05 for six months ended June 30, 2021 and 2020, respectively.
Refer to Analysis of Profitability by Segment for non-GAAP reconciliation to GAAP.


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GLOBE LIFE INC.
Management's Discussion & Analysis

Summary of Operations. Net income increased 12% to $378 million during the six months ended June 30, 2021, compared with $339 million in the same period in 2020. This increase was primarily attributed to $29 million of after tax realized gains on investments in the current period, as compared to $24 million of after tax realized losses on investments in the year-ago period. See further discussion under the caption Investments . The increase in after tax realized gains was partially offset by lower life underwriting results due to higher COVID-19 life claims. On a diluted per common share basis, net income per common share for the six months ended June 30, 2021 increased 16% from $3.13 to $3.62.

Net operating income is the consolidated total of segment profits after-tax and as such is considered a non-GAAP measure. Net operating income declined 3% to $353 million for the six months ended June 30, 2021, compared with $366 million for the same period in 2020 primarily due to COVID-19 net life claims. On a diluted per common share basis, net operating income per common share for the six months ended June 30, 2021 was flat at $3.38.

COVID-19. For the six months ended June 30, 2021, we estimate $49 million of COVID-19 net life claims were incurred, with $38 million or 77% of which were incurred in the first quarter of 2021. For the full year and at the mid-point of our guidance, we estimate COVID-19 net life claims will be between $53 million to $55 million , based on an estimate of approximately 20 to 30 thousand U.S. COVID-19 deaths in the second half of the year. This estimate of U.S. deaths is based on various third-party models. The projected life claims are dependent on this estimate and many other variables, including, but not limited to, the effect of efforts to reopen the economy, the timing and availability of effective treatments for the disease, vaccination rates and effectiveness of vaccines, impact from potential variants, and the actual ages and geographic areas in which infections and deaths occur. As such, should actual COVID-19 deaths in the second half of the year be greater than currently anticipated, the total amount of COVID-19 life claims incurred for the full year 2021 will likely be greater than projected at the mid-point of our guidance.

Globe Life's operations on a segment-by-segment basis are discussed in depth below. Net operating income has been used consistently by management for many years to evaluate the operating performance of the Company, and is a measure commonly used in the life insurance industry. It differs from GAAP net income primarily because it excludes certain non-operating items such as realized gains and losses and other significant and unusual items included in net income. Management believes an analysis of net operating income is important in understanding the profitability and operating trends of the Company’s business. Net income is the most directly comparable GAAP measure.


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GLOBE LIFE INC.
Management's Discussion & Analysis
Analysis of Profitability by Segment
(Dollar amounts in thousands)
Six Months Ended June 30,
2021 2020 Change %
Life insurance underwriting margin $ 315,401 $ 340,502 $ (25,101) (7)
Health insurance underwriting margin 146,641 127,705 18,936 15
Annuity underwriting margin 4,363 4,535 (172) (4)
Excess investment income 120,503 123,874 (3,371) (3)
Other insurance:
Other income 683 729 (46) (6)
Administrative expense (133,679) (125,186) (8,493) 7
Corporate and other (21,597) (22,835) 1,238 (5)
Pre-tax total 432,315 449,324 (17,009) (4)
Applicable taxes (79,241) (83,748) 4,507 (5)
Net operating income
353,074 365,576 (12,502) (3)
Reconciling items, net of tax:
Realized gain (loss)—investments 29,081 (24,401) 53,482
Legal proceedings (4,020) (2,587) (1,433)
Net income
$ 378,135 $ 338,588 $ 39,547 12


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GLOBE LIFE INC.
Management's Discussion & Analysis
In 2021, the largest contributor of total underwriting margin was the life insurance segment and the primary distribution channel was American Income Life Division. The following charts represent the breakdown of total underwriting margin by operating segment and distribution channel for the six months ended June 30, 2021.

gl-20210630_g6.jpg gl-20210630_g7.jpg

Total premium income rose 8% for the six months ended June 30, 2021 to $2.0 billion. Total net sales increased 15% to $347 million, when compared with the same period in 2020. Total first-year collected premium was $288 million for the 2021 period, compared with $264 million for the 2020 period.

Life insurance premium income increased 9% to $1.4 billion over the prior year total of $1.3 billion. Life net sales rose 18% to $265 million for the first six months of 2021. First-year collected life premium rose 20% to $211 million. Life underwriting margins, as a percent of premium, declined to 22% in 2021 from 26% in the prior year. Underwriting margin declined to $315 million for the six months ended June 30, 2021, 7% below the same period in 2020. The decline in the life underwriting margin is primarily due to an estimated $49 million of COVID-19 net life claims incurred during the first six months of 2021 versus $22 million during the same period in 2020.

Health insurance premium income increased 5% to $590 million over the prior year total of $563 million. Health net sales rose 8% to $82 million for the first six months of 2021. First-year collected health premium fell 11% to $78 million. Health underwriting margins, as a percent of premium, increased to 25% in 2021 compared with 23% in 2020. Health underwriting margin increased to $147 million for the first six months of 2021, 15% over the same period in 2020.

Excess investment income, the measure of profitability of our investment segment, declined 3% during 2021 to $121 million from $124 million in the same period in 2020. Excess investment income per common share, reflecting the impact of our share repurchase program, was flat at $1.15 when compared with the same period in 2020.

Insurance administrative expenses increased 7% in 2021 when compared with the prior year period. These expenses were 6.6% as a percent of premium during the first six months of 2021 and 2020.

For the six months ended June 30, 2021, the Company repurchased 2.2 million Globe Life Inc. shares at a total cost of $214 million for an average share price of $98.61.

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GLOBE LIFE INC.
Management's Discussion & Analysis
The discussions of our segments are presented in the manner we view our operations, as described in Note 10—Business Segments .
We use three statistical measures as indicators of premium growth and sales over the near term: “annualized premium in force,” “net sales,” and “first-year collected premium.”
• Annualized premium in force is defined as the premium income that would be received over the following twelve months at any given date on all active policies if those policies remain in force throughout the twelve-month period. Annualized premium in force is an indicator of potential growth in premium revenue.
• Net sales, a statistical performance measure, is calculated as annualized premium issued, net of cancellations in the first thirty days after issue, except in the case of Direct to Consumer, where net sales is annualized premium issued at the time the first full premium is paid after any introductory offer period has expired. Management considers net sales to be a better indicator of the rate of premium growth than annualized premium issued.
• First-year collected premium is defined as the premium collected during the reporting period for all policies in their first policy year. First-year collected premium takes lapses into account in the first year when lapses are more likely to occur, and thus is a useful indicator of how much new premium is expected to be added to premium income in the future.

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



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GLOBE LIFE INC.
Management's Discussion & Analysis
LIFE INSURANCE

Life insurance is the Company's predominant segment. During 2021, life premium represented 71% of total premium and life underwriting margin represented 68% of the total. Additionally, investments supporting the reserves for life products produce the majority of excess investment income attributable to the investment segment.
The following table presents the summary of results of life insurance. Further discussion of the results by distribution channel is included below.

Life Insurance
Summary of Results
(Dollar amounts in thousands)
Six Months Ended June 30, Change
2021 2020
Amount % of Premium Amount % of Premium Amount %
Premium and policy charges $ 1,436,289 100 $ 1,320,452 100 $ 115,837 9
Policy obligations 1,016,102 71 881,515 67 134,587 15
Required interest on reserves (362,420) (25) (344,413) (26) (18,007) 5
Net policy obligations 653,682 46 537,102 41 116,580 22
Commissions, premium taxes, and non-deferred acquisition expenses 115,478 8 106,513 8 8,965 8
Amortization of acquisition costs 351,728 24 336,335 25 15,393 5
Total expense 1,120,888 78 979,950 74 140,938 14
Insurance underwriting margin
$ 315,401 22 $ 340,502 26 $ (25,101) (7)

The lower life insurance underwriting margins for the six months ended June 30, 2021 are primarily attributed to the increase in COVID-19 net life claims in the current year. The Company incurred $49 million for the six months ended June 30, 2021, compared with $22 million at the same time in the prior year.

The following table presents Globe Life's life insurance premium by distribution channel.

Life Insurance
Premium by Distribution Channel
(Dollar amounts in thousands)
Six Months Ended June 30, Increase
(Decrease)
2021 2020
Amount % of Total Amount % of Total Amount %
American Income $ 682,591 48 $ 611,527 46 $ 71,064 12
Direct to Consumer 493,468 34 455,244 35 38,224 8
Liberty National 153,590 11 146,194 11 7,396 5
Other 106,640 7 107,487 8 (847) (1)
Total
$ 1,436,289 100 $ 1,320,452 100 $ 115,837 9

Annualized life premium in force was $2.86 billion at June 30, 2021, an increase of 8% over $2.65 billion a year earlier.


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Globe Life Inc.
Management's Discussion & Analysis

An analysis of life net sales, an indicator of new business production, by distribution channel is presented below.

Life Insurance
Net Sales by Distribution Channel
(Dollar amounts in thousands)
Six Months Ended June 30, Increase
(Decrease)
2021 2020
Amount % of Total Amount % of Total Amount %
American Income $ 142,856 54 $ 114,283 51 $ 28,573 25
Direct to Consumer 81,972 31 81,943 37 29 —
Liberty National 34,148 13 23,197 10 10,951 47
Other 5,635 2 5,319 2 316 6
Total
$ 264,611 100 $ 224,742 100 $ 39,869 18


First-year collected life premium by distribution channel is presented in the table below.

Life Insurance
First-Year Collected Premium by Distribution Channel
(Dollar amounts in thousands)
Six Months Ended June 30, Increase
(Decrease)
2021 2020
Amount % of Total Amount % of Total Amount %
American Income $ 121,432 58 $ 101,975 58 $ 19,457 19
Direct to Consumer 60,878 29 47,775 27 13,103 27
Liberty National 23,747 11 21,308 12 2,439 11
Other 4,763 2 5,325 3 (562) (11)
Total
$ 210,820 100 $ 176,383 100 $ 34,437 20

A discussion of life operations by distribution channel follows.

The American Income Life Division markets to members of labor unions and continues to diversify its lead sources by building relationships with other affinity groups, utilizing third-party internet vendor leads, and obtaining referrals to facilitate sustainable growth. This division is Globe Life's largest contributor to life premium of any distribution channel at 48% of the Company's June 30, 2021 total. Net sales increased 25% to $143 million during the first six months of 2021 over the 2020 total for the same period of $114 million. The underwriting margin, as a percent of premium, was 30% for the six months ended June 30, 2021, down from 32% in the year-ago period. The lower underwriting margin was primarily due to higher policy obligations as a result of the pandemic.

This division is anticipating an increase in net sales for the full year 2021 as compared with 2020. Sales growth in our exclusive agencies is generally dependent on growth in the size of the agency force.

While this division has experienced $13 million in COVID-19 net life claims for the six months ended June 30, 2021, the underwriting margin as a percent of premium, at the mid-point of our guidance, is expected to remain flat for the year due to improved persistency and higher projected net sales.



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Globe Life Inc.
Management's Discussion & Analysis

Below is the average producing agent count at the end of the period for the American Income Life Division. The average producing agent count is based on the actual count at the end of each week during the year. This division continues to experience agent growth compared with the prior year at the beginning of the COVID-19 pandemic.
At June 30,
Change
2021 2020 Amount %
American Income 10,198 8,012 2,186 27

American Income Life continues to focus on growing and strengthening the agency force, specifically through emphasis on agency middle-management growth and additional agency office openings. In addition to offering financial incentives and training opportunities, the agency has made considerable investments in information technology, including launching a customer relationship management (CRM) tool for the agency force. This tool is designed to drive productivity in lead distribution, conservation of business, manager dash boards and new agent recruiting. Additionally, this division has invested in and successfully implemented technology that allows the agency force to engage in virtual recruiting, training and sales activity.

The Direct to Consumer Division (DTC) offers adult and juvenile life insurance through a variety of marketing approaches, including direct mail, insert media, and electronic media. In recent years, electronic media production has grown rapidly as management has aggressively increased marketing activities related to internet and mobile technology as well as focused on driving traffic to our inbound call center. The different approaches support and complement one another in the division's efforts to reach the consumer. The DTC's long-term growth has been fueled by constant innovation and name recognition. We continually introduce new initiatives in this division in an attempt to increase response rates.

While the juvenile market is an important source of sales, it also is a vehicle to reach the parents and grandparents of juvenile policyholders, who are more likely to respond favorably to a DTC solicitation for life coverage on themselves in comparison to the general adult population. Also, both juvenile policyholders and their parents are low acquisition-cost targets for sales of additional coverage over time.

DTC net sales were flat for the six months ended June 30, 2021 compared with the same period in the prior year. In the second quarter of 2020, the Company saw record net sales at this division as a response to the COVID-19 pandemic. While we expect continued strong sales due to the heightened awareness as to the benefits of life insurance, we anticipate sales levels over the remainder of 2021 will be lower than the same period in 2020. Despite the lower sales, we expect favorable persistency to continue over the remainder of this year, leading to higher premiums, higher policy obligations, and lower acquisition expenses as a percent of premium.

DTC’s underwriting margin, as a percent of premium, was 9% for the six months ended June 30, 2021, which was lower than the 15% result during the same period in 2020 primarily due to approximately $13 million of higher COVID-19 net life claims in the current period. Additionally, this division will see a decrease in underwriting margin as a percent of premium for the full year 2021 due to higher policy obligations incurred as a result of the pandemic.

The Liberty National Division markets individual life insurance to middle-income household and worksite customers. Recent investments in new sales technologies as well as recent growth in middle management within the agency are expected to help continue this growth. The underwriting margin as a percent of premium was 17% for the six months ended June 30, 2021, down from 26% during the same period a year ago. The decrease is primarily attributable to higher policy obligations during the six months ended June 30, 2021 as a result of the COVID-19 pandemic compared with the same period a year ago. This division incurred $9 million COVID-19 net life claims for the six months ended June 30, 2021 compared with 2,063 for the same period in 2020. With the division's ability to return to face-to-face customer interaction and the option of virtual sales, the Company is projecting total net life sales to increase for the full year 2021 as compared to the prior year. However, due to increased policy obligations expected to be incurred associated with the pandemic, we anticipate the underwriting margin, as a percent of premium, to be slightly lower for the full year 2021 as compared to 2020.



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Globe Life Inc.
Management's Discussion & Analysis

Below is the average producing agent count at the end of the period for Liberty National Division. As the division gains momentum in the virtual sales environment, the agency should see an increase in recruiting of new agents.
At June 30,
Change
2021 2020 Amount %
Liberty National 2,717 2,522 195 8

The Liberty National Division average producing agent count increased 8% over the prior year comparable period. We continue to execute our long-term plan to grow this agency through expansion from small-town markets in the Southeast to more densely populated areas with larger pools of potential agent recruits and customers. Continued geographic expansion of this agency's presence into more heavily populated, less-penetrated areas will help create long-term agency growth. Additionally, the agency continues to help improve the ability of agents to develop new worksite marketing business. Systems that have been put in place, including the addition of a customer relationship management (CRM) platform and enhanced analytical capabilities, have helped the agents develop additional worksite marketing opportunities as well as improve the productivity of agents selling in the individual life market. Sales were hindered in the first half of 2020 due to difficulties in agents transitioning to a virtual work environment after the onset of the COVID-19 lockdown, as well as mandatory shut-downs of non-essential small businesses which hindered the ability of the division’s agents to prospect at the worksite.

The Other Agencies distribution channels primarily include non-exclusive independent agencies. The Other Agencies contributed $107 million of life premium income, or 7% of Globe Life's total premium income in the six months ended June 30, 2021, and contributed 2% of net sales for the period.

HEALTH INSURANCE

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

Health premium accounted for 29% of our total premium in the first six months of 2021, while the health underwriting margin accounted for 31% of total underwriting margin. Health underwriting margin increased 15% to $147 million primarily due to improved persistency and lower amortization of acquisition costs. The Company continues to emphasize life insurance sales relative to health due to life’s superior long-term profitability and its greater contribution to excess investment income.


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

The following table presents underwriting margin data for health insurance.

Health Insurance
Summary of Results
(Dollar amounts in thousands)
Six Months Ended June 30, Change
2021 2020
Amount % of
Premium 		Amount % of
Premium 		Amount %
Premium $ 589,759 100 $ 563,082 100 $ 26,677 5
Policy obligations 376,683 64 362,207 64 14,476 4
Required interest on reserves (50,429) (9) (45,361) (8) (5,068) 11
Net policy obligations 326,254 55 316,846 56 9,408 3
Commissions, premium taxes, and non-deferred acquisition expenses 46,486 8 48,551 9 (2,065) (4)
Amortization of acquisition costs 70,378 12 69,980 12 398 1
Total expense 443,118 75 435,377 77 7,741 2
Insurance underwriting margin
$ 146,641 25 $ 127,705 23 $ 18,936 15

Globe Life markets supplemental health insurance products through a number of distribution channels. The following table is an analysis of our health premium by distribution channel.

Health Insurance
Premium by Distribution Channel
(Dollar amounts in thousands)
Six Months Ended June 30, Increase
(Decrease)
2021 2020
Amount % of Total Amount % of Total Amount %
United American $ 233,304 40 $ 222,944 40 $ 10,360 5
Family Heritage 168,347 29 154,970 27 13,377 9
Liberty National 94,158 16 95,031 17 (873) (1)
American Income 56,140 9 51,281 9 4,859 9
Direct to Consumer 37,810 6 38,856 7 (1,046) (3)
Total
$ 589,759 100 $ 563,082 100 $ 26,677 5

Premium related to limited-benefit plans comprise $308 million, or 52%, of the total health premiums, for 2021 compared with $289 million in the same period in the prior year. Premium from Medicare Supplement products comprises the remaining $282 million, or 48%, for 2021 compared with $274 million in the same period in the prior year.

Annualized health premium in force at June 30, 2021 increased 4% to $1.2 billion over the prior year total.


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Globe Life Inc.
Management's Discussion & Analysis

Presented below is a table of health net sales by distribution channel.
Health Insurance
Net Sales by Distribution Channel
(Dollar amounts in thousands)
Six Months Ended June 30, Increase
(Decrease)
2021 2020
Amount % of Total Amount % of Total Amount %
United American $ 25,027 30 $ 26,465 35 $ (1,438) (5)
Family Heritage 34,744 42 29,845 39 4,899 16
Liberty National 12,053 15 10,032 13 2,021 20
American Income 9,277 11 8,440 11 837 10
Direct to Consumer 1,226 2 1,112 2 114 10
Total
$ 82,327 100 $ 75,894 100 $ 6,433 8

Health net sales related to limited-benefit plans comprise $56 million, or 68%, of the total health net sales, for 2021, compared with $48 million in the same period in the prior year. Medicare Supplement sales make up the remaining $26 million, or 32% for 2021, compared with $27 million in the same period in the prior year.

The following table presents health insurance first-year collected premium by distribution channel.

Health Insurance
First-Year Collected Premium by Distribution Channel
(Dollar amounts in thousands)
Six Months Ended June 30, Increase
(Decrease)
2021 2020
Amount % of Total Amount % of Total Amount %
United American $ 28,702 37 $ 39,853 46 $ (11,151) (28)
Family Heritage 28,165 36 26,584 30 1,581 6
Liberty National 9,847 13 10,407 12 (560) (5)
American Income 9,334 12 8,951 10 383 4
Direct to Consumer 1,581 2 1,508 2 73 5
Total
$ 77,629 100 $ 87,303 100 $ (9,674) (11)
First-year collected premium related to limited-benefit plans comprises $47 million, or 61%, of total first-year collected premium, for 2021 compared with $46 million in the same period in the prior year. First-year collected premium from Medicare Supplement policies makes up the remaining $30 million, or 39%, for 2021, compared with $41 million in the same period in the prior year.

A discussion of health operations by distribution channel follows.
The United American Division consists of non-exclusive independent agencies who may also sell for other companies. The United American Division was Globe Life's largest health agency in terms of health premium income.
This division is also Globe Life's largest producer of Medicare Supplement insurance. The United American Division represents 81% of all Medicare Supplement premium and 95% of Medicare Supplement net sales. For the six months ended June 30, 2021, Medicare Supplement premium in this agency rose 5% to $229 million in 2021 over the prior period total of $218 million. Medicare Supplement net sales declined 6% to $25 million in 2021 from the prior year period, primarily as a result of a decrease in individual sales. Underwriting margin as a percent of premium was 16% for the six months ended June 30, 2021, up from 14% in 2020.

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Globe Life Inc.
Management's Discussion & Analysis

The Family Heritage Division primarily markets limited-benefit supplemental health insurance in non-urban areas. Most of its policies include a cash-back feature, such as a return of premium, where any excess of premiums over claims paid is returned to the policyholder at the end of a specified period stated within the insurance policy. Underwriting margin as a percent of premium was 26% for the six months ended June 30, 2021, up from 25% in the year-ago period primarily due to improved persistency and lower acquisition costs.
The division experienced a 16% increase in net health sales as compared with the six-month period a year ago, primarily due to an increase in agent productivity and training. The division will be launching incentive programs during the year to help drive an increase in productivity and the number of producing agents.

Below is the average producing agent count at the end of the period for the Family Heritage Division.
At June 30,
Change
2021 2020 Amount %
Family Heritage Division 1,253 1,238 15 1


The Liberty National Division represented 16% of all Globe Life health premium income for the six-month period ended June 30, 2021. The Liberty National Division markets limited-benefit supplemental health products consisting primarily of critical illness insurance. Much of this health business is now generated through worksite marketing targeting small businesses of 10 to 100 employees. Health premium at Liberty National Division was $94 million for the six months ended June 30, 2021, down from $95 million in the year ago period. We anticipate an increase in net health sales at this division as the Company is able to interact face-to-face with customers compared with 2020.

Other distribution. While some of the Company's other distribution channels market health products, their main emphasis is on life insurance. On a combined basis, they accounted for 15% of health premium in 2021 and 16% in 2020. The American Income Life Division primarily markets accident plans. The Direct to Consumer Division markets primarily Medicare Supplements to employer or union-sponsored groups. The Direct to Consumer Division added $1 million of Medicare Supplement net sales as of June 30, 2021 and 2020.

ANNUITIES

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


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Globe Life Inc.
Management's Discussion & Analysis

INVESTMENTS

We manage our capital resources including investments, debt, and cash flow through the investment segment. Excess investment income represents the profit margin attributable to investment operations and is the measure that we use to evaluate the performance of the investment segment as described in Note 10—Business Segments. It is defined as net investment income less both the required interest on net insurance policy liabilities and the interest cost associated with capital funding or “financing costs.”

Management also views excess investment income per diluted common share as an important and useful measure to evaluate the performance of the investment segment. It is defined as excess investment income divided by the total diluted weighted average shares outstanding, representing the contribution by the investment segment to the consolidated earnings per share of the Company. Since implementing our share repurchase program in 1986, we have used $8.4 billion of excess cash flow at the Parent Company to repurchase Globe Life Inc. common shares after determining that the repurchases provided a greater risk adjusted after-tax return than other investment alternatives. If we had not used this excess cash to repurchase shares, but had instead invested it in interest-bearing assets, we would have earned more investment income and had more shares outstanding. As excess investment income per diluted common share incorporates all capital resources, we view excess investment income per diluted share as a useful measure to evaluate the investment segment.

Excess Investment Income . The following table summarizes Globe Life's investment income, excess investment income, and excess investment income per diluted common share.

Analysis of Excess Investment Income
(Dollar amounts in thousands, except for per share data)
Six Months Ended
June 30, 		Change
2021 2020 Amount %
Net investment income $ 474,128 $ 460,559 $ 13,569 3
Interest on net insurance policy liabilities:
Interest on reserves (432,870) (410,562) (22,308) 5
Interest on deferred acquisition costs 122,192 117,498 4,694 4
Net required interest (310,678) (293,064) (17,614) 6
Financing costs (42,947) (43,621) 674 (2)
Excess investment income
$ 120,503 $ 123,874 $ (3,371) (3)
Excess investment income per diluted share
$ 1.15 $ 1.15 $ — —
Mean invested assets (at amortized cost) $ 18,748,877 $ 17,700,476 $ 1,048,401 6
Average net insurance policy liabilities (1)
10,838,913 10,328,750 510,163 5
Average debt and preferred securities (at amortized cost) 1,966,285 1,726,718 239,567 14
(1) Net of deferred acquisition costs, excluding the associated unrealized gains and losses thereon.
Excess investment income declined $3 million, or 3%, compared with the year-ago period. Excess investment income per diluted common share was $1.15 for both periods. Excess investment income per diluted common share generally increases at a faster pace than excess investment income because the number of diluted shares outstanding generally decreases from year to year as a result of our share repurchase program.

Net investment income for the six months ended June 30, 2021 was $474 million or 3% greater than the year ago period. Mean invested assets increased 6% during the first six months of 2021 over the same period last year. The effective annual yield rate earned on the fixed maturity portfolio was 5.24% in the first six months of 2021, compared with 5.38% a year earlier. Growth in net investment income has been negatively impacted in recent years by the low interest rate environment during which time we have invested new money at yields lower than our average portfolio yield. In addition, we have reinvested the proceeds from bonds that matured, were called, or were otherwise

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Globe Life Inc.
Management's Discussion & Analysis

disposed of at yield rates less than what we earned on these bonds before their maturity or disposition. We currently expect that the average annual turnover rate of fixed maturity assets will be less than 2% over the next five years and will not have a material negative impact on net investment income. To help mitigate the decline of the portfolio yield over the past few years, the Company has increased its position in investment funds to fixed maturity assets by investing in limited partnerships with debt like characteristics that diversify risk and enhance risk adjusted capital adjusted returns on the portfolio. The earned yield on the fund investments for the six months ended June 30, 2021 was 5.42%. See additional information in Note 4—Investments .

Should the current low interest rate environment continue, the growth of the Company's net investment income will continue to be negatively impacted primarily due to the investment of new money and proceeds from dispositions at rates less than the average portfolio yield rate. While net investment income would grow, it would continue to grow at rates less than the growth in mean invested assets. For 2021, we currently anticipate the average new money yield on our fixed maturity acquisitions to be approximately 30 basis points lower than the rate applicable to our 2020 acquisitions.

Should interest rates, especially long-term rates, rise, Globe Life's net investment income would benefit due to higher interest rates on new investments. While such a rise in interest rates could adversely affect the fair value of the fixed maturities portfolio, we could withstand an increase in interest rates of approximately 150 to 155 basis points before the net unrealized gains on our fixed maturity portfolio as of June 30, 2021 would be eliminated. Should interest rates increase further, we would not be concerned with potential interest rate driven unrealized losses in our fixed maturity portfolio because we do not intend to sell, nor is it likely that management will be required to sell, the fixed maturities prior to their anticipated recovery.

Required interest on net insurance policy liabilities reduces net investment income, as it is the amount of net investment income considered by management necessary to “fund” required interest on net insurance policy liabilities, which is the net of the benefit reserve liability and the deferred acquisition cost asset. As such, it is removed from the investment segment and applied to the insurance segments to offset the effect of the required interest from the insurance segments. As discussed in Note 10—Business Segments, management regards this as a more meaningful analysis of the investment and insurance segments. Required interest is based on the actuarial interest assumptions used in discounting the benefit reserve liability and the amortization of deferred acquisition costs for our insurance policies in force.

The great majority of our life and health insurance policies are fixed interest rate protection policies, not investment products, and are accounted for under current GAAP accounting guidance for long-duration insurance products which mandate that interest rate assumptions for a particular block of business be “locked in” for the life of that block of business. Each calendar year, we set the discount rate to be used to calculate the benefit reserve liability and the amortization of the deferred acquisition cost asset for all insurance policies issued that year. That rate is based on the new money yields that we expect to earn on cash flow received in the future from policies of that issue year, and cannot be changed. The discount rate used for policies issued in the current year has no impact on the in force policies issued in prior years as the rates of all prior issue years are also locked in. As such, the overall discount rate for the entire in force block of 5.7% is a weighted average of the discount rates being used from all issue years. Changes in the overall weighted-average discount rate over time are caused by changes in the mix of the reserves and the deferred acquisition cost asset by issue year on the entire block of in force business. Business issued in the current year has very little impact on the overall weighted-average discount rate due to the size of our in force business.

Since actuarial discount rates are locked in for life on essentially all of our business, benefit reserves and deferred acquisition costs are not affected by interest rate fluctuations unless a loss recognition event occurs. Due to the strength of our underwriting margins, we do not expect an extended low interest rate environment will cause a loss recognition event.

In comparison to the year-ago period, required interest on net insurance policy liabilities increased $18 million, or 6%, to $311 million, compared with the 5% growth in average net interest-bearing insurance policy liabilities.


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Globe Life Inc.
Management's Discussion & Analysis

Financing costs for the investment segment consist primarily of interest on our various debt instruments. The table below presents the components of financing costs and reconciles interest expense per the Condensed Consolidated Statements of Operations .

Analysis of Financing Costs
(Dollar amounts in thousands)
Six Months Ended
June 30, 		Increase
(Decrease)
2021 2020 Amount %
Interest on funded debt $ 40,126 $ 34,984 $ 5,142 15
Interest on term loans — 2,870 (2,870) (100)
Interest on short-term debt 2,821 5,767 (2,946) (51)
Financing costs
$ 42,947 $ 43,621 $ (674) (2)


In 2021, financing costs decreased 2% compared with the prior year primarily due to lower rates on the short-term debt. The interest on funded debt was higher than prior year as a result of the 2.15% Senior Note issued in August 2021. The debt proceeds were used, in part, to redeem all the outstanding term loans. The net increase in interest was more than offset by lower interest rates on the short-term debt. More information on our debt transactions is disclosed in the Financial Condition section of this report.

Realized Gains and Losses. Our core business of providing insurance coverage requires us to maintain a large and diverse investment portfolio to support our insurance liabilities. From time to time, investments are sold or called, or experience a credit loss event, each of which results in a realized gain or loss. The Company also elects to measure its investment in certain limited partnerships at fair value in accordance with the fair value option for financial instruments with changes recognized in Realized gains (losses) in the Condensed Consolidated Statements of Operations .

Realized gains and losses can be significant in relation to the earnings from core insurance operations, and as a result, can have a material positive or negative impact on net income. The significant fluctuations caused by gains and losses can cause period-to-period trends of net income that are not indicative of historical core operating results or predictive of the future trends of core operations. Accordingly, they have no bearing on core insurance operations or segment results as we view operations. For these reasons, and in line with industry practice, we remove the effects of realized gains and losses when evaluating overall insurance operating results. The following table summarizes our tax-effected realized gains (losses) by component.

Analysis of Realized Gains (Losses), Net of Tax
(Dollar amounts in thousands, except for per share data)
Six Months Ended June 30,
2021 2020
Amount Per Share Amount Per Share
Fixed maturities:
Sales $ (8,664) $ (0.08) $ 1,794 $ 0.02
Matured or other redemptions (1)
21,548 0.21 6,787 0.06
Provision for credit losses 2,643 0.02 (25,848) (0.24)
Fair value option—change in fair value 9,818 0.09 (14,892) (0.14)
Other 3,736 0.04 7,758 0.07
Total realized gains (losses) $ 29,081 $ 0.28 $ (24,401) $ (0.23)
(1) During the six months ended June 30, 2021 and 2020, the Company recorded $108.3 million and $86.3 million of exchanges of fixed maturity securities (noncash transactions) that resulted in $19.9 million and $6.2 million, respectively in realized gains, net of tax.


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Globe Life Inc.
Management's Discussion & Analysis


Investment Acquisitions . Globe Life's investment policy calls for investing primarily in investment grade fixed maturities that meet our quality and yield objectives. We generally prefer to invest in securities with longer maturities because they more closely match the long-term nature of our policy liabilities. We believe this strategy is appropriate since our expected future cash flows are generally stable and predictable and the likelihood that we will need to sell invested assets to raise cash is low. If longer-term securities that meet our quality and yield objectives are not available, we do not compromise on our quality objectives; instead, we consider investing in shorter-term or lower-yielding securities taking into consideration the slope of the yield curve and other factors such as risk adjusted capital adjusted returns.

The following table summarizes selected information for fixed maturity investments. The effective annual yield shown is based on the acquisition price and call features, if any, of the securities. For non-callable bonds, the yield is calculated to maturity date. For callable bonds acquired at a premium, the yield is calculated to the earliest known call date and call price after acquisition ("first call date"). For all other callable bonds, the yield is calculated to maturity date.


Fixed Maturity Acquisitions Selected Information
(Dollar amounts in thousands)
Six Months Ended
June 30,
2021 2020
Cost of acquisitions:
Investment-grade corporate securities $ 339,711 $ 349,933
Investment-grade municipal securities 65,068 194,680
Other investment-grade securities 10,355 18,174
Total fixed maturity acquisitions (1)
$ 415,134 $ 562,787
Effective annual yield (one year compounded) (2)
3.49 % 4.16 %
Average life (in years, to next call) 29.5 15.7
Average life (in years, to maturity) 34.2 24.4
Average rating A A
(1) Fixed maturity acquisitions included no unsettled trades as of June 30, 2021 and 2020.
(2) Tax-equivalent basis, where the yield on tax-exempt securities is adjusted to produce a yield equivalent to the pretax yield on taxable securities.

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

Acquisitions in both periods consisted primarily of corporate and municipal bonds with securities spanning a diversified range of issuers, industry sectors, and geographical regions. In the first six months of 2021, we invested primarily in the industrial and financial sectors. For the entire portfolio, the taxable equivalent effective yield earned was 5.24%, down approximately 14 basis points from the yield in the first six months of 2020. As previously noted in the discussion of net investment income, the decrease was primarily due to the combination of lower interest rates applicable to new purchases and fixed maturity dispositions during 2020. For the remainder of 2021, the Company will continue to execute on its existing strategy by seeking to invest in assets that satisfy our quality and other objectives, while maximizing the highest risk adjusted capital adjusted return.



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Globe Life Inc.
Management's Discussion & Analysis

In 2017, it was announced by the head of the United Kingdom's Financial Conduct Authority of its plan to phase out the floating rate, London Interbank Offered Rate (LIBOR). The rate will transition out from 2021 to mid-year 2023. As of June 30, 2021, the Company had limited assets and liabilities that utilize LIBOR as a benchmark rate. We will continue to monitor the progress toward the establishment of a new floating rate.

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

Selected information concerning the fixed maturity portfolio is as follows:

Fixed Maturity Portfolio Selected Information
At
June 30,
2021 		December 31, 2020 June 30,
2020
Average annual effective yield (1)
5.23% 5.28% 5.36%
Average life, in years, to:
Next call (2)
16.0 16.2 16.5
Maturity (2)
18.9 19.0 19.0
Effective duration to:
Next call (2,3)
10.8 11.0 10.9
Maturity (2,3)
12.1 12.3 12.0
(1) Tax-equivalent basis. The yield on tax-exempt securities is adjusted to produce a yield equivalent to the pretax yield on taxable securities.
(2) Globe Life calculates the average life and duration of the fixed maturity portfolio two ways:
(a) based on the next call date which is the next call date for callable bonds and the maturity date for noncallable bonds, and
(b) based on the maturity date of all bonds, whether callable or not.
(3) Effective duration is a measure of the price sensitivity of a fixed-income security to a 1% change in interest rates.


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Globe Life Inc.
Management's Discussion & Analysis

Credit Risk Sensitivity . The following tables summarize certain information about the major corporate sectors and security types held in our fixed maturity portfolio at June 30, 2021 and December 31, 2020.

Fixed Maturities by Sector
June 30, 2021
(Dollar amounts in thousands)
Below Investment Grade Total Fixed Maturities % of Total Fixed Maturities
Amortized
Cost, net 		Gross
Unrealized
Gains 		Gross
Unrealized
Losses 		Fair
Value 		Amortized
Cost, net 		Gross
Unrealized
Gains 		Gross
Unrealized
Losses 		Fair
Value 		At Amortized Cost, net At Fair Value
Corporates:
Financial
Insurance - life, health, P&C $ 57,565 $ 3,825 $ (7,256) $ 54,134 $ 2,314,258 $ 524,585 $ (8,109) $ 2,830,734 13 13
Banks 26,997 753 — 27,750 969,497 216,103 (2,489) 1,183,111 6 6
Other financial 114,949 156 (1,955) 113,150 1,239,063 192,820 (3,022) 1,428,861 7 7
Total financial 199,511 4,734 (9,211) 195,034 4,522,818 933,508 (13,620) 5,442,706 26 26
Utilities
Electric 49,494 5,857 (87) 55,264 1,415,411 414,324 (311) 1,829,424 8 9
Gas and water — — — — 543,962 115,642 (591) 659,013 3 3
Total utilities 49,494 5,857 (87) 55,264 1,959,373 529,966 (902) 2,488,437 11 12
Industrial - Energy
Pipelines 85,275 5,106 (1,449) 88,932 921,382 209,567 (1,449) 1,129,500 5 5
Exploration and production 100,698 18,279 — 118,977 568,872 113,638 (403) 682,107 3 3
Oil field services — — — — 49,788 14,464 — 64,252 — —
Refiner — — — — 89,204 27,131 — 116,335 1 1
Driller — — — — — — — — — —
Total energy 185,973 23,385 (1,449) 207,909 1,629,246 364,800 (1,852) 1,992,194 9 9
Industrial - Basic materials
Chemicals — — — — 669,278 142,568 (83) 811,763 4 4
Metals and mining — — — — 406,359 129,374 — 535,733 3 3
Forestry products and paper — — — — 65,675 17,426 — 83,101 — —
Total basic materials — — — — 1,141,312 289,368 (83) 1,430,597 7 7
Industrial - Consumer, non-cyclical 84,275 10,900 (2,133) 93,042 2,224,277 481,449 (2,458) 2,703,268 13 13
Other industrials 25,614 3,729 — 29,343 1,275,891 296,869 (228) 1,572,532 7 8
Industrial - Transportation 25,668 5,126 — 30,794 570,150 143,130 — 713,280 3 3
Other corporate sectors 143,317 19,024 (3,442) 158,899 1,627,685 296,684 (8,485) 1,915,884 10 9
Total corporates 713,852 72,755 (16,322) 770,285 14,950,752 3,335,774 (27,628) 18,258,898 86 87
Other fixed maturities:
Government (U.S., municipal, and foreign) — — — — 2,343,770 313,750 (4,531) 2,652,989 13 12
Collateralized debt obligations 36,288 28,119 — 64,407 36,288 28,119 — 64,407 — —
Other asset-backed securities 13,800 — (838) 12,962 120,801 5,192 (847) 125,146 1 1
Mortgage-backed securities (1)
— — — — 307 33 — 340 — —
Total fixed maturities $ 763,940 $ 100,874 $ (17,160) $ 847,654 $ 17,451,918 $ 3,682,868 $ (33,006) $ 21,101,780 100 100
(1) Includes Government National Mortgage Association (GNMA).




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Management's Discussion & Analysis

Fixed Maturities by Sector
December 31, 2020
(Dollar amounts in thousands)
Below Investment Grade Total Fixed Maturities % of Total Fixed Maturities
Amortized
Cost 		Gross
Unrealized
Gains 		Gross
Unrealized
Losses 		Fair
Value 		Amortized
Cost 		Gross
Unrealized
Gains 		Gross
Unrealized
Losses 		Fair
Value 		At Amortized Cost At Fair Value
Corporates:
Financial
Insurance - life, health, P&C $ 57,658 $ 3,894 $ (10,788) $ 50,764 $ 2,275,843 $ 563,349 $ (14,769) $ 2,824,423 13 13
Banks 27,014 15 (456) 26,573 993,946 259,489 (1,050) 1,252,385 6 6
Other financial 114,919 271 (8,245) 106,945 1,134,414 193,975 (8,402) 1,319,987 7 6
Total financial 199,591 4,180 (19,489) 184,282 4,404,203 1,016,813 (24,221) 5,396,795 26 25
Utilities
Electric 50,663 6,289 — 56,952 1,438,796 476,744 (108) 1,915,432 9 9
Gas and water — — — — 536,664 131,851 — 668,515 3 3
Total utilities 50,663 6,289 — 56,952 1,975,460 608,595 (108) 2,583,947 12 12
Industrial - Energy
Pipelines 85,327 1,624 (2,309) 84,642 923,756 187,851 (2,423) 1,109,184 5 5
Exploration and production 104,719 5,980 (678) 110,021 555,796 121,940 (678) 677,058 3 3
Oil field services — — — — 49,799 13,613 — 63,412 — —
Refiner — — — — 89,371 22,793 — 112,164 1 1
Driller 1,902 — 18 1,920 1,902 — 18 1,920 — —
Total energy 191,948 7,604 (2,969) 196,583 1,620,624 346,197 (3,083) 1,963,738 9 9
Industrial - Basic materials
Chemicals — — — — 642,258 152,016 — 794,274 4 4
Metals and mining — — — — 406,564 144,110 — 550,674 2 3
Forestry products and paper — — — — 88,804 21,588 — 110,392 1 1
Total basic materials — — — — 1,137,626 317,714 — 1,455,340 7 8
Industrial - Consumer, non-cyclical 96,265 8,680 (1,903) 103,042 2,233,324 576,007 (2,070) 2,807,261 13 13
Other industrials 25,661 3,925 — 29,586 1,260,646 328,986 (6) 1,589,626 7 7
Industrial - Transportation 25,777 4,315 — 30,092 566,935 175,405 — 742,340 3 3
Other corporate sectors 179,878 17,459 (3,595) 193,742 1,489,113 329,254 (4,142) 1,814,225 9 9
Total corporates 769,783 52,452 (27,956) 794,279 14,687,931 3,698,971 (33,630) 18,353,272 86 86
Other fixed maturities:
Government (U.S., municipal, and foreign) — — — — 2,313,855 341,176 (1,256) 2,653,775 13 13
Collateralized debt obligations 57,007 23,460 (8,869) 71,598 57,007 23,460 (8,869) 71,598 — —
Other asset-backed securities 13,949 — (2,727) 11,222 134,616 3,591 (3,778) 134,429 1 1
Mortgage-backed securities (1)
— — — — 390 45 — 435 — —
Total fixed maturities $ 840,739 $ 75,912 $ (39,552) $ 877,099 $ 17,193,799 $ 4,067,243 $ (47,533) $ 21,213,509 100 100
(1) Includes GNMAs.



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Globe Life Inc.
Management's Discussion & Analysis

Corporate securities, which consist of bonds and redeemable preferred stocks, were the largest component of the June 30, 2021 fixed maturity portfolio, representing 86% of amortized cost, net and 87% of fair value. The remainder of the portfolio is invested primarily in securities issued by the U.S. government and U.S. municipalities. The Company holds insignificant amounts in foreign government bonds, collateralized debt obligations, asset-backed securities, and mortgage-backed securities. Corporate securities are diversified over a variety of industry sectors and issuers. At June 30, 2021, the total fixed maturity portfolio consisted of 779 issuers.

At June 30, 2021, fixed maturities had a fair value of $21.1 billion, compared with $21.2 billion at December 31, 2020. The net unrealized gain position in the fixed-maturity portfolio decreased from $4.0 billion at December 31, 2020 to $3.6 billion at June 30, 2021 due to an increase in market rates during the period.

For more information about our fixed maturity portfolio by component at June 30, 2021 and December 31, 2020, including a discussion of allowance for credit losses, an analysis of unrealized investment losses and a schedule of maturities, see Note 4—Investments .

An analysis of the fixed maturity portfolio by a composite quality rating at June 30, 2021 and December 31, 2020 is shown in the following tables. The composite rating for each security, other than private-placement securities managed by third parties, is the average of the security’s ratings as assigned by Moody’s Investor Service, Standard & Poor’s, Fitch Ratings, and Dominion Bond Rating Service, LTD. The ratings assigned by these four nationally recognized statistical rating organizations are evenly weighted when calculating the average. The composite quality rating is created utilizing a methodology developed by Globe Life using ratings from the various rating agencies noted above. The composite quality rating is not a Standard & Poor's credit rating. Standard & Poor's does not sponsor, endorse or promote the composite quality rating and shall not be liable for any use of the composite quality rating. Included in the following chart are private placement fixed maturity holdings of $567 million at amortized cost, net of allowance for credit losses ($611 million at fair value) for which the ratings were assigned by the third-party managers.

Fixed Maturities by Rating
At June 30, 2021
(Dollar amounts in thousands)
Amortized Cost, net % of Total Fair
Value 		% of Total Average Composite Quality Rating on Amortized Cost, net
Investment grade:
AAA $ 736,648 4 $ 850,126 4
AA 1,861,834 11 2,060,123 10
A 4,422,833 26 5,559,919 26
BBB+ 3,784,244 22 4,669,494 22
BBB 4,282,348 24 5,192,531 25
BBB- 1,600,071 9 1,921,933 9
Total investment grade
16,687,978 96 20,254,126 96 A-
Below investment grade:
BB 582,084 3 631,877 3
B 145,568 1 151,370 1
Below B 36,288 — 64,407 —
Total below investment grade
763,940 4 847,654 4 BB-
$ 17,451,918 100 $ 21,101,780 100
Weighted average composite quality rating
A-



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Management's Discussion & Analysis

Fixed Maturities by Rating
At December 31, 2020
(Dollar amounts in thousands)
Amortized
Cost
% of Total
Fair
Value
% of Total Average Composite Quality Rating on Amortized Cost
Investment grade:
AAA $ 713,053 4 $ 848,621 4
AA 1,657,270 10 1,873,323 9
A 4,566,999 26 5,969,677 28
BBB+ 3,634,583 21 4,612,898 22
BBB 4,137,099 24 5,088,114 24
BBB- 1,644,056 10 1,943,777 9
Total investment grade
16,353,060 95 20,336,410 96 A-
Below investment grade:
BB 686,184 4 692,609 3
B 115,646 1 122,104 1
Below B 38,909 — 62,386 —
Total below investment grade
840,739 5 877,099 4 BB-
$ 17,193,799 100 $ 21,213,509 100
Weighted average composite quality rating
A-

The overall quality rating of the portfolio is A-, the same as year-end 2020. Fixed maturities rated BBB are 55% of the total portfolio at June 30, 2021 and at year-end 2020. While this ratio is high relative to our peers, we have limited exposure to higher-risk assets such as derivatives, equities, and asset-backed securities. Additionally, the Company does not participate in securities lending and has no off-balance sheet investments as of June 30, 2021. BBB securities generally provide the Company with the best risk adjusted capital adjusted returns, largely due to our unique ability to hold securities to maturity regardless of fluctuations in interest rates or equity markets.

An analysis of changes in our portfolio of below-investment grade fixed maturities at amortized cost, net of allowance for credit losses is as follows:

Below-Investment Grade Fixed Maturities
(Dollar amounts in thousands)
Six Months Ended
June 30,
2021 2020
Balance at beginning of period
$ 840,739 $ 674,155
Downgrades by rating agencies — 135,667
Upgrades by rating agencies (36,311) —
Dispositions (45,450) (6,883)
Provision for credit losses 3,346 (32,719)
Amortization and other 1,616 1,624
Balance at end of period
$ 763,940 $ 771,844

Our investment policy calls for investing primarily in fixed maturities that are investment grade and meet our quality and yield objectives. Thus, any increases in below-investment grade issues are typically a result of ratings downgrades of existing holdings. Below-investment grade bonds at amortized cost, net of allowance for credit losses, were 13% of our shareholders’ equity, excluding the effect of unrealized gains and losses on fixed maturities

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Globe Life Inc.
Management's Discussion & Analysis

as of June 30, 2021. Globe Life invests long term and as such, one of our key criterion in our investment process is to select issuers that have the ability to weather multiple financial cycles.

OPERATING EXPENSES

Operating expenses are included in the "Corporate and Other" segment and are classified into two categories: insurance administrative expenses and expenses of the Parent Company. Insurance administrative expenses generally include expenses incurred after a policy has been issued. As these expenses relate to premium for a given period, management measures the expenses as a percentage of premium income. The Company also views stock-based compensation expense as a Parent Company expense. Expenses associated with the issuance of our insurance policies are reflected as acquisition expenses and included in the determination of underwriting margin.

An analysis of operating expenses is shown below.

Operating Expenses Selected Information
(Dollar amounts in thousands)
Six Months Ended June 30, Increase
2021 2020 (Decrease)
Amount % of
Premium 		Amount % of
Premium 		Amount %
Insurance administrative expenses:
Salaries $ 56,572 2.8 $ 52,200 2.7 $ 4,372 8
Other employee costs 22,241 1.1 20,687 1.1 1,554 8
Information technology costs 23,455 1.1 22,755 1.2 700 3
Legal costs 7,355 0.4 5,312 0.3 2,043 38
Other administrative costs 24,056 1.2 24,232 1.3 (176) (1)
Total insurance administrative expenses 133,679 6.6 125,186 6.6 8,493 7
Parent company expense 5,075 4,847 228
Stock compensation expense 16,522 17,988 (1,466)
Legal proceedings 5,089 3,275 1,814
$ 160,365 $ 151,296 $ 9,069 6


Total operating expenses increased 6% over the prior year period primarily due to a 7% increase in insurance administrative expenses. Insurance administrative expenses increased primarily due to higher employee-related expenses, including pension costs and information technology salaries. Pension expense increased due to the lower discount rate used to determine net periodic benefit costs in 2021 as compared to 2020. The decrease in stock-based compensation expense was primarily due to fewer performance based equity awards applicable to the first half of 2021 as compared to the same period in 2020. While insurance administrative expenses were up 7% from prior year, as a percentage of premium at 6.6%, it was flat compared with 2020.


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Management's Discussion & Analysis


SHARE REPURCHASES

Globe Life has an ongoing share repurchase program that began in 1986, and is reviewed quarterly by management and annually reaffirmed by the Board of Directors. With no specified authorization amount, we determine the amount of repurchases based on the amount of the excess cash flow at the Parent Company, general market conditions, and other alternative uses. The majority of these purchases are made from excess cash flow. Excess cash flow at the Parent Company is primarily comprised of dividends received from the insurance subsidiaries less interest expense paid on its debt, dividends paid to Parent Company shareholders, and other limited operating activities. Additionally, when stock options are exercised, proceeds from these exercises and the resulting tax benefit are used to repurchase additional shares on the open market to minimize dilution as a result of the option exercises. The Board of Directors has authorized the Parent Company’s share repurchase program in amounts and with timing that management, in consultation with the Board, determines to be in the best interest of the Company and its shareholders.
The following chart summarizes share repurchases for the six month periods ended June 30, 2021 and 2020.

Analysis of Share Repurchases
(Amounts in thousands, except per share data)
Six Months Ended June 30,
2021 2020
Shares Amount Average
Price 		Shares Amount Average
Price
Purchases with:
Excess cash flow at the Parent Company 2,165 $ 213,503 $ 98.61 1,629 $ 139,254 $ 85.47
Option exercise proceeds 812 82,081 101.14 267 27,475 103.13
Total 2,977 $ 295,584 $ 99.30 1,896 $ 166,729 $ 87.95
Throughout the remainder of this discussion, share repurchases will only refer to those made from excess cash flow at the Parent Company.

FINANCIAL CONDITION
Liquidity. Liquidity provides Globe Life with the ability to meet on demand the cash commitments required to support our business operations and meet our financial obligations. Our liquidity is primarily derived from three sources: positive cash flow from operations, a portfolio of marketable securities, and revolving credit facility.

Insurance Subsidiary Liquidity . The operations of our insurance subsidiaries have historically generated substantial cash inflows in excess of immediate cash needs. Cash inflows for the insurance subsidiaries primarily include premium and investment income. In addition to investment income, maturities and scheduled repayments in the investment portfolio are cash inflows. Cash outflows from operations include policy benefit payments, commissions, administrative expenses, and taxes. A portion of the excess cash inflows in the current year will provide for the payment of future policy benefits, and are invested primarily in long-term fixed maturities as they better match the long-term nature of these obligations. Excess cash available from the insurance subsidiaries’ operations is generally distributed as a dividend to the Parent Company, subject to regulatory restrictions. The dividends are generally paid in amounts equal to the subsidiaries’ prior year statutory net income excluding realized capital gains. While the leading source of the excess cash is investment income, a significant portion of the excess cash also comes from underwriting income due to our high underwriting margins and effective expense control. While the insurance subsidiaries routinely generate more operating cash inflows than cash outflows annually, the companies also have the entire available-for-sale fixed maturity investment portfolio available to create additional cash flows if required.


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Management's Discussion & Analysis


Parent Company Liquidity. An important source of Parent Company liquidity is the dividends from its insurance subsidiaries. These dividends are received throughout the year and are used by the Parent Company to pay dividends on common and preferred stock, interest and principal repayment requirements on Parent Company debt, and operating expenses of the Parent Company.
Six Months Ended
June 30, 		Twelve Months Ended December 31,
2021 2020 Projected 2021 2020
Liquidity Sources:
Dividends from Subsidiaries $ 240,120 $ 343,447 $ 480,000 $ 485,871
Excess Cash Flows 179,684 284,488 365,000 387,606

Additional sources of liquidity for the Parent Company are cash, intercompany receivables, intercompany borrowings, public debt markets, term loans, and a credit facility. At June 30, 2021, the Parent Company had access to $545 million of invested cash, net intercompany receivables and other liquid assets. The credit facility is discussed below.

Short-Term Borrowings. An additional source of Parent Company liquidity is a credit facility with a group of lenders allowing for unsecured revolving borrowings and stand-by letters of credit up to $750 million, which could be extended up to $1 billion. The Parent Company may request the extension, however it is not guaranteed. Up to $250 million in letters of credit can be issued against the facility. The facility serves as a back-up credit line for a commercial paper program under which commercial paper may be issued at any time, with total commercial paper outstanding not to exceed the facility maximum, less any letters of credit issued. Interest charged on the commercial paper program resembles variable rate debt due to its short term nature. The three-year credit agreement will mature on August 24, 2023. As of June 30, 2021, the Parent Company was in full compliance with all covenants related to the aforementioned debt.

The following table presents certain information about our commercial paper borrowings.

Credit Facility—Commercial Paper
(Dollar amounts in thousands)
At
June 30,
2021 		December 31, 2020 June 30,
2020
Balance of commercial paper at end of period (par value) $ 260,000 $ 255,000 $ 450,000
Annualized interest rate 0.22 % 0.27 % 0.94 %
Letters of credit outstanding $ 135,000 $ 135,000 $ 150,000
Remaining amount available under credit line 355,000 360,000 150,000

Credit Facility—Commercial Paper Activity
(Dollar amounts in thousands)
Six Months Ended June 30,
2021 2020
Average balance of commercial paper outstanding during period (par value) $ 297,901 $ 370,130
Daily-weighted average interest rate (annualized) 0.24 % 2.05 %
Maximum daily amount outstanding during period (par value) $ 355,000 $ 482,000

The Company increased the commercial paper borrowings by $5 million since year-end reflecting timing of cash needs of the Parent Company. We had no difficulties in accessing the commercial paper market under this facility during the six months ended June 30, 2021 and 2020.

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Globe Life Inc.
Management's Discussion & Analysis

Globe Life expects to have readily available funds for 2021 and the foreseeable future to conduct its operations and to maintain target capital ratios in the insurance subsidiaries through liquid assets currently available, internally-generated cash flow and the credit facility. In the unlikely event that more liquidity is needed, the Parent Company could generate additional funds through multiple sources including, but not limited to, the issuance of debt, an additional short-term credit facility or term loan, and intercompany borrowing.

As of June 30, 2021, the Parent Company had access to $545 million of liquid assets. On July 15, 2021, the Company used $300 million of these assets to call our 6.125% Junior subordinated debenture due in 2056. The remaining assets, plus additional excess cash flows during the second half of the year, are available to the Company in the event additional funds are needed to support the targeted capital levels within our insurance subsidiaries due to adverse impacts of COVID-19 and other contingencies. Should the Parent Company have liquidity in excess of the amount needed to fund capital contributions to the insurance subsidiaries, the Parent will consider using a portion of such excess for additional share repurchases before the end of the year.

Consolidated Liquidity. Consolidated net cash inflows from operations were $702 million in the first six months of 2021, compared with $769 million in the same period of 2020. The decrease is primarily attributable to fluctuations in the settlement of certain amounts included in other liabilities. In addition to cash inflows from operations, our insurance companies received proceeds from dispositions of fixed maturities available for sale in the amount of $109 million during the 2021 period. As previously noted under the caption Credit Facility , the Parent Company has in place a credit facility. The insurance companies have no additional outstanding credit facilities.

Cash and short-term investments were $510 million at June 30, 2021, compared with $203 million at December 31, 2020. In addition to these liquid assets, the entire $21.1 billion (fair value at June 30, 2021) portfolio of fixed income securities is available for sale in the event of an unexpected need. Approximately 97% of our fixed income securities are publicly traded, freely tradable under SEC Rule 144, or qualified for resale under SEC Rule 144A. We generally expect to hold fixed income securities to maturity, and even though these securities are classified as available for sale, we have the ability and intent to hold any securities to recovery. Our strong cash flows from operations, on-going investment maturities, and available liquidity under our credit facility make any need to sell securities for liquidity highly unlikely.

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Management's Discussion & Analysis


Capital Resources. The Parent Company's capital structure consists of short-term debt (the commercial paper facility) , long-term debt, and shareholders’ equity.

Long-Term Borrowings . The outstanding long-term debt at book value was $2.0 billion at June 30, 2021 and $1.7 billion at December 31, 2020.

Selected Information about Debt Issues
As of June 30, 2021
(Dollar amounts in thousands)
Instrument Issue Date Maturity Date Coupon Rate Interest Payment Dates Par
Value 		Book
Value 		Fair
Value
Senior notes 05/27/1993 05/15/2023 7.875% semiannual $ 165,612 $ 165,083 $ 187,310
Senior notes (1)
09/24/2012 09/15/2022 3.800% semiannual 150,000 149,581 155,873
Senior notes 09/27/2018 09/15/2028 4.550% semiannual 550,000 544,639 643,418
Senior notes 08/21/2020 08/15/2030 2.150% semiannual 400,000 395,565 395,184
Junior subordinated debentures (2)
05/17/2016 06/15/2056 6.125% quarterly 300,000 290,688 313,320
Junior subordinated debentures 11/17/2017 11/17/2057 5.275% semiannual 125,000 123,388 129,895
Junior subordinated debentures 06/14/2021 06/15/2061 4.250% quarterly 325,000 317,172 339,430
Total long-term debt
2,015,612 1,986,116 2,164,430
Commercial paper 260,000 259,946 259,946
Total short-term debt
260,000 259,946 259,946
Total debt
$ 2,275,612 $ 2,246,062 $ 2,424,376
(1) An additional $150 million par value and book value is held by insurance subsidiaries that eliminates in consolidation.
(2) The $300 million of 6.125% Junior subordinated debentures were redeemed on July 15, 2021.


Subsidiary Capital: The National Association of Insurance Commissioners (NAIC) has established a risk-based factor approach for determining threshold risk-based capital levels for all insurance companies. This approach was designed to assist the regulatory bodies in identifying companies that may require regulatory attention. A Risk-Based Capital (RBC) ratio is typically determined by dividing adjusted total statutory capital by the amount of risk-based capital determined using the NAIC’s factors. If a company’s RBC ratio approaches two times the RBC amount, the company must file a plan with the NAIC for improving their capital levels (this level is commonly referred to as “Company Action Level” RBC). Companies typically hold a multiple of the Company Action Level RBC depending on their particular business needs and risk profile.

Our goal is to maintain statutory capital within our insurance subsidiaries at levels necessary to support our current ratings. For 2021, Globe Life has targeted a consolidated Company Action Level RBC ratio of 300% to 320%. The Company concludes that this capital level is more than adequate and sufficient to support its current ratings, given the nature of its business and its risk profile. As of December 31, 2020, our consolidated Company Action Level RBC ratio was 309%. In 2021, a proposal is expected to be adopted by the NAIC that would increase the risk based capital required to be held with respect to investments, commonly referred to as C-1 factors. These changes would increase the amount of capital required to maintain our consolidated target RBC ratio. The Parent Company is committed to maintaining the targeted consolidated RBC ratio at its insurance subsidiaries and has sufficient liquidity available to provide additional capital if necessary.


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GLOBE LIFE INC.
Management's Discussion & Analysis


Shareholders' Equity: On May 3, 2021, the Parent Company announced that it had declared a quarterly dividend of $0.1975 per share. This dividend was paid on July 30, 2021.

Shareholders’ equity was $8.6 billion at June 30, 2021. This compares with $8.8 billion at December 31, 2020 and $7.8 billion at June 30, 2020. During the six months since December 31, 2020, shareholders’ equity decreased primarily due to $292 million of after-tax unrealized losses in the fixed-maturity portfolio as interest rates have increased over the period. In addition, shareholders' equity increased by net income of $378 million during the first six months of 2021, but was offset by share repurchases of $214 million and an additional $82 million in share purchases to counterbalance the dilution from stock option exercises.

We plan to use excess cash available at the Parent Company as efficiently as possible in the future. Possible uses of excess cash flow include, but are not limited to, share repurchases, acquisitions, increases in shareholder dividends, investment in securities, or repayment of short-term debt. We will determine the best use of excess cash after ensuring that targeted capital levels are maintained in our insurance subsidiaries. If market conditions are favorable, we currently expect that share repurchases will continue to be a primary use of those funds.



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GLOBE LIFE INC.
Management's Discussion & Analysis

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

While GAAP requires our fixed maturity assets to be revalued, it does not permit interest-bearing insurance policy liabilities supported by those assets to be valued at fair value in a consistent manner, with changes in value applied directly to shareholders’ equity. However, due to the size of both the investment portfolio and our policy liabilities, this inconsistency in measurement can have a material impact on shareholders’ equity. Because of the long-term nature of our fixed maturities and liabilities and the strong cash flows generated by our insurance subsidiaries, we have the intent and ability to hold our securities to maturity. As such, we do not expect to incur realized gains or losses due to fluctuations in the market value of fixed maturities caused by interest rate changes or losses caused by temporarily illiquid markets. Accordingly, management removes the effect of this rule when analyzing the Company's balance sheet, capital structure, and financial ratios in order to provide a consistent and meaningful portrayal of the Company’s financial position from period to period.

The following table presents selected data related to our capital resources. Additionally, the table presents the effect of this accounting guidance on relevant line items, so that investors and other financial statement users may determine its impact on Globe Life's capital structure. Excluding the effect of unrealized gains and losses on the fixed maturity portfolio from shareholders' equity is considered non-GAAP. Below we include the reconciliation to GAAP.
Selected Financial Data
(Dollar amounts in thousands, except per share data)
At
June 30, 2021 December 31, 2020 June 30, 2020
GAAP
Effect of
Accounting
Rule
Requiring
Revaluation (1)
GAAP
Effect of
Accounting
Rule
Requiring
Revaluation (1)
GAAP
Effect of
Accounting
Rule
Requiring
Revaluation (1)
Fixed maturities $ 21,101,780 $ 3,649,862 $ 21,213,509 $ 4,019,710 $ 19,661,182 $ 2,996,001
Deferred acquisition costs (2)
4,743,032 (5,188) 4,595,444 (5,955) 4,446,356 (6,723)
Total assets 29,580,057 3,644,674 29,046,731 4,013,755 27,534,180 2,989,278
Short-term debt 259,946 — 254,918 — 831,076 —
Long-term debt 1,986,116 — 1,667,886 — 1,272,104 —
Shareholders' equity 8,616,922 2,879,292 8,771,092 3,170,866 7,848,369 2,361,530
Book value per diluted share 83.59 27.93 83.19 30.07 73.26 22.05
Debt to capitalization (3)
20.7 % (7.5) % 18.0 % (7.6) % 21.1 % (6.6) %
Diluted shares outstanding 103,081 105,429 107,137
Actual shares outstanding 102,163 103,797 106,451
(1) Amount added to (deducted from) comprehensive income to produce the stated GAAP item, per accounting rule ASC 320-10-35-1.
(2) Includes the value of business acquired (VOBA).
(3) This ratio is computed by dividing total debt by the sum of total debt and shareholders’ equity.



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Item 3. Quantitative and Qualitative Disclosures about Market Risk
There have been no quantitative or qualitative changes with respect to market risk exposure during the six months ended June 30, 2021.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures : Globe Life, under the direction of the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer, has established disclosure controls and procedures that are designed to ensure that information required to be disclosed by Globe Life in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. The disclosure controls and procedures are also intended to ensure that such information is accumulated and communicated to Globe Life's management, including the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosures.
As of the end of the fiscal period completed June 30, 2021, an evaluation was performed under the supervision and with the participation of Globe Life management, including the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer, of the disclosure controls and procedures (as those terms are defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based upon their evaluation, the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer have concluded that disclosure controls and procedures are effective as of the date of this Form 10-Q. In compliance with Section 302 of the Sarbanes Oxley Act of 2002 (18 U.S.C. § 1350), each of these officers executed a Certification included as an exhibit to this Form 10-Q.

Changes in Internal Control over Financial Reporting : As of the period ended June 30, 2021, there have not been any changes in Globe Life Inc.'s internal control over financial reporting or in other factors that could significantly affect this control over financial reporting subsequent to the date of their evaluation which have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.
Part II—Other Information

Item 1. Legal Proceedings

Discussion regarding litigation and unclaimed property audits is provided in Note 5—Commitments and Contingencie s .


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Item 1A. Risk Factors

The Company had no material changes to its risk factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Purchases of Certain Equity Securities by the Issuer and Others for the Second Quarter of 2021
Period
(a) Total Number
of Shares
Purchased
(b) Average
Price Paid
Per Share
(c) Total Number of
Shares Purchased as
Part of Publicly Announced
Plans or Programs
(d) Maximum Number
of Shares (or
Approximate Dollar
Amount) that May
Yet Be Purchased
Under the Plans or
Programs
April 1-30, 2021 292,744 $ 101.18 292,744
May 1-31, 2021 529,606 105.02 529,606
June 1-30, 2021 775,035 100.16 775,035

On August 4, 2021, the Globe Life Board of Directors reaffirmed its continued authorization of the Company's stock repurchase program in amounts and with timing that management, in consultation with the Board, determined to be in the best interest of the Company. The program has no defined expiration date or maximum shares to be repurchased.

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Item 6. Exhibits
Exhibit No. Description
31.1
31.2
31.3
32.1
101.INS XBRL Instance Document- the instance document does not appear in the Interactive Data file because the XBRL tags are embedded within the Inline XBRL document.
101.SCH Inline XBRL Taxonomy Extension Schema Document.
101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document.
104 Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101).



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SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GLOBE LIFE INC.
Date: August 4, 2021 /s/ Gary L. Coleman
Gary L. Coleman
Co-Chairman and Chief Executive Officer
Date: August 4, 2021 /s/ Larry M. Hutchison
Larry M. Hutchison
Co-Chairman and Chief Executive Officer
Date: August 4, 2021 /s/ Frank M. Svoboda
Frank M. Svoboda
Executive Vice President and Chief Financial Officer


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