GL 10-Q Quarterly Report June 30, 2024 | Alphaminr
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GL 10-Q Quarter ended June 30, 2024

Balance Sheet
Cash Flow
Income Statement
Debt
GLOBE LIFE INC.
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gl-20240630
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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, 2024
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to ________
Commission File Number: 001-08052
GLOBE LIFE INC.
(Exact name of registrant as specified in its charter)
Delaware 63-0780404
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
3700 South Stonebridge Drive , McKinney , Texas 75070
(Address of principal executive offices) (Zip Code)

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

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

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

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class Outstanding at July 31, 2024
Common Stock, $1.00 Par Value 89,819,840
GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Table of Contents
Page
PART I . FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART I I . OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.



As used in this Form 10-Q, “Globe Life,” the “Company,” “we,” “our” and “us” refer to Globe Life Inc., a Delaware corporation incorporated in 1979, its subsidiaries and affiliates.
GL Q2 2024 FORM 10-Q
Table of Contents
PART I—FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements

Globe Life Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(Dollar amounts in thousands, except per share data)
June 30,
2024 		December 31, 2023
Assets:
Investments:
Fixed maturities—available for sale, at fair value (amortized cost: 2024—$ 19,229,273 ;
2023—$ 18,924,914 , allowance for credit losses: 2024— $ 7,132 ; 2023— $ 7,115 )
$ 17,613,008 $ 17,870,206
Mortgage loans 343,492 279,199
Policy loans 676,077 657,020
Other long-term investments (includes: 2024—$ 915,665 ; 2023—$ 795,583 under the fair value option)
974,515 835,878
Short-term investments 100,560 81,740
Total investments 19,707,652 19,724,043
Cash 87,914 103,156
Accrued investment income 274,674 270,396
Other receivables 648,065 630,223
Deferred acquisition costs 6,260,294 6,009,477
Goodwill 481,791 481,791
Other assets 838,416 832,413
Total assets $ 28,298,806 $ 28,051,499
Liabilities:
Future policy benefits at current discount rates: (at original discount rates: 2024—$ 17,269,793 ; 2023—$ 16,984,615 )
$ 18,430,672 $ 19,460,353
Unearned and advance premium 270,077 254,567
Policy claims and other benefits payable 526,126 514,875
Other policyholders' funds 400,625 236,958
Total policy liabilities 19,627,500 20,466,753
Current and deferred income taxes 684,543 494,639
Short-term debt 654,606 486,113
Long-term debt (estimated fair value: 2024—$ 1,376,196 ; 2023—$ 1,491,229 )
1,630,396 1,629,559
Other liabilities 474,007 487,632
Total liabilities 23,071,052 23,564,696
Commitments and Contingencies (Note 5)
Shareholders' equity:
Preferred stock, par value $ 1 per share— 5,000,000 shares authorized; outstanding: 0 in 2024 and 2023
— —
Common stock, par value $ 1 per share— 320,000,000 shares authorized; outstanding: (2024— 102,218,183 issued; 2023— 102,218,183 issued)
102,218 102,218
Additional paid-in-capital 534,028 532,474
Accumulated other comprehensive income (loss) ( 2,189,620 ) ( 2,772,419 )
Retained earnings 7,943,415 7,478,813
Treasury stock, at cost: (2024— 12,176,343 shares; 2023— 8,426,854 shares)
( 1,162,287 ) ( 854,283 )
Total shareholders' equity 5,227,754 4,486,803
Total liabilities and shareholders' equity $ 28,298,806 $ 28,051,499
See accompanying Notes to Condensed Consolidated Financial Statements.
1
GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(Dollar amounts in thousands, except per share data)
Three Months Ended
June 30, 		Six Months Ended
June 30,
2024 2023 2024 2023
Revenue:
Life premium $ 815,482 $ 781,733 $ 1,619,747 $ 1,554,330
Health premium 351,643 329,187 692,662 651,680
Other premium — — — —
Total premium 1,167,125 1,110,920 2,312,409 2,206,010
Net investment income 285,636 261,244 568,214 518,349
Realized gains (losses) ( 12,589 ) ( 45,843 ) ( 24,388 ) ( 76,770 )
Other income 74 85 150 135
Total revenue 1,440,246 1,326,406 2,856,385 2,647,724
Benefits and expenses:
Life policyholder benefits (1)
518,792 512,664 1,038,663 1,020,641
Health policyholder benefits (2)
205,423 195,924 407,750 386,886
Other policyholder benefits 11,479 8,922 21,074 17,910
Total policyholder benefits 735,694 717,510 1,467,487 1,425,437
Amortization of deferred acquisition costs 101,915 94,080 201,393 186,402
Commissions, premium taxes, and non-deferred acquisition costs 149,802 138,459 297,912 276,256
Other operating expense 99,108 86,033 192,322 170,204
Interest expense 31,404 25,818 60,025 50,685
Total benefits and expenses 1,117,923 1,061,900 2,219,139 2,108,984
Income before income taxes 322,323 264,506 637,246 538,740
Income tax benefit (expense) ( 63,968 ) ( 49,246 ) ( 124,674 ) ( 99,870 )
Net income
$ 258,355 $ 215,260 $ 512,572 $ 438,870
Basic net income per common share
$ 2.83 $ 2.26 $ 5.53 $ 4.58
Diluted net income per common share
$ 2.83 $ 2.24 $ 5.51 $ 4.52

(1) Net of a remeasurement gain of $ 12.4 million for the three months ended June 30, 2024, and a remeasurement gain of $ 2.4 million for the same period in 2023. Net of a remeasurement gain of $ 17.3 million for the six months ended June 30, 2024, and a remeasurement gain of $ 5.1 million for the same period in 2023.
(2) Net of remeasurement gain of $ 3.2 million for the three months ended June 30, 2024 and a remeasurement gain of $ 2.6 million for the same period in 2023. Net of a remeasurement gain of $ 6.5 million for the six months ended June 30, 2024, and a remeasurement gain of $ 532 thousand for the same period in 2023.






See accompanying Notes to Condensed Consolidated Financial Statements.
2
GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
(Dollar amounts in thousands)
Three Months Ended
June 30, 		Six Months Ended
June 30,
2024 2023 2024 2023
Net income
$ 258,355 $ 215,260 $ 512,572 $ 438,870
Other comprehensive income (loss):
Investments:
Unrealized gains (losses) on fixed maturities:
Unrealized holding gains (losses) arising during period ( 263,012 ) ( 333,329 ) ( 568,028 ) 135,790
Other reclassification adjustments included in net income 7,400 49,425 4,988 82,015
Foreign exchange adjustment on fixed maturities recorded at fair value ( 117 ) ( 10,567 ) 1,500 ( 1,000 )
Total unrealized investment gains (losses) ( 255,729 ) ( 294,471 ) ( 561,540 ) 216,805
Less applicable tax (expense) benefit 53,701 61,836 117,923 ( 45,532 )
Unrealized gains (losses) on investments, net of tax ( 202,028 ) ( 232,635 ) ( 443,617 ) 171,273
Future Policy Benefits:
Change in discount rate on future policy benefits 606,384 306,211 1,310,980 ( 414,679 )
Less applicable tax (expense) benefit ( 127,342 ) ( 64,305 ) ( 275,306 ) 87,082
Future policy benefit adjustments, net of tax 479,042 241,906 1,035,674 ( 327,597 )
Foreign exchange translation:
Foreign exchange translation adjustments, other than securities 641 10,358 ( 11,956 ) 3,842
Less applicable tax (expense) benefit ( 135 ) ( 2,176 ) 2,511 ( 808 )
Foreign exchange translation adjustments, other than securities, net of tax 506 8,182 ( 9,445 ) 3,034
Pension:
Pension adjustments 118 ( 323 ) 236 ( 371 )
Less applicable tax (expense) benefit ( 22 ) 66 ( 49 ) 77
Pension adjustments, net of tax 96 ( 257 ) 187 ( 294 )
Other comprehensive income (loss) 277,616 17,196 582,799 ( 153,584 )
Comprehensive income (loss)
$ 535,971 $ 232,456 $ 1,095,371 $ 285,286











See accompanying Notes to Condensed Consolidated Financial Statements.
3
GL Q2 2024 FORM 10-Q
Table of Contents

Globe Life Inc.
Condensed Consolidated Statements of Shareholders' Equity
(Unaudited)
(Dollar amounts in thousands, except per share data)


Preferred Stock Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings Treasury Stock Total Shareholders' Equity
Balance at December 31, 2023
$ — $ 102,218 $ 532,474 $ ( 2,772,419 ) $ 7,478,813 $ ( 854,283 ) $ 4,486,803
Comprehensive income (loss) — — — 305,183 254,217 — 559,400
Common dividends declared
($ 0.2400 per share)
— — — — ( 22,603 ) — ( 22,603 )
Acquisition of treasury stock — — — — — ( 23,469 ) ( 23,469 )
Stock-based compensation — — ( 5,612 ) — ( 438 ) 15,317 9,267
Exercise of stock options — — — — ( 3,334 ) 33,097 29,763
Balance at March 31, 2024
— 102,218 526,862 ( 2,467,236 ) 7,706,655 ( 829,338 ) 5,039,161
Comprehensive income (loss) — — — 277,616 258,355 — 535,971
Common dividends declared
($ 0.2400 per share)
— — — — ( 21,595 ) — ( 21,595 )
Acquisition of treasury stock — — — — — ( 335,873 ) ( 335,873 )
Stock-based compensation — — 7,166 — — 2,924 10,090
Exercise of stock options — — — — — — —
Balance at June 30, 2024
$ — $ 102,218 $ 534,028 $ ( 2,189,620 ) $ 7,943,415 $ ( 1,162,287 ) $ 5,227,754



Preferred Stock Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings Treasury Stock Total Shareholders' Equity
Balance at December 31, 2022
$ — $ 105,218 $ 529,661 $ ( 2,790,313 ) $ 6,894,535 $ ( 789,524 ) $ 3,949,577
Comprehensive income (loss) — — — ( 170,780 ) 223,610 — 52,830
Common dividends declared
($ 0.2250 per share)
— — — — ( 21,542 ) — ( 21,542 )
Acquisition of treasury stock — — — — — ( 179,276 ) ( 179,276 )
Stock-based compensation — — ( 1,022 ) — — 8,700 7,678
Exercise of stock options — — — — ( 4,059 ) 41,083 37,024
Balance at March 31, 2023
— 105,218 528,639 ( 2,961,093 ) 7,092,544 ( 919,017 ) 3,846,291
Comprehensive income (loss) — — — 17,196 215,260 — 232,456
Common dividends declared
($ 0.2250 per share)
— — — — ( 21,330 ) — ( 21,330 )
Acquisition of treasury stock — — — — — ( 89,755 ) ( 89,755 )
Stock-based compensation — — 7,487 — — — 7,487
Exercise of stock options — — — — ( 665 ) 5,822 5,157
Balance at June 30, 2023
$ — $ 105,218 $ 536,126 $ ( 2,943,897 ) $ 7,285,809 $ ( 1,002,950 ) $ 3,980,306






See accompanying Notes to Condensed Consolidated Financial Statements.
4
GL Q2 2024 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,
2024 2023
Cash provided from (used for) operating activities
$ 724,923 $ 804,141
Cash provided from (used for) investing activities:
Investments sold or matured:
Fixed maturities available for sale—sold 510,904 145,824
Fixed maturities available for sale—matured or other redemptions 85,385 138,259
Mortgage loans 26,071 9,913
Other long-term investments 14,125 49,680
Total investments sold or matured 636,485 343,676
Acquisition of investments:
Fixed maturities—available for sale ( 923,096 ) ( 623,023 )
Mortgage loans ( 92,167 ) ( 66,437 )
Other long-term investments ( 165,322 ) ( 24,749 )
Total investments acquired ( 1,180,585 ) ( 714,209 )
Net (increase) decrease in policy loans ( 19,057 ) ( 18,692 )
Net (increase) decrease in short-term investments ( 18,820 ) 42,993
Additions to property and equipment ( 26,738 ) ( 25,629 )
Investments in low-income housing interests ( 17,870 ) ( 38,276 )
Cash provided from (used for) investing activities
( 626,585 ) ( 410,137 )
Cash provided from (used for) financing activities:
Issuance of common stock 29,763 42,181
Cash dividends paid to shareholders ( 43,681 ) ( 41,569 )
Repayment of debt — ( 165,612 )
Proceeds from issuance of debt — 170,000
Payment for debt issuance costs — ( 693 )
Net borrowing from FHLB 180,000 —
Net borrowing (repayment) of commercial paper ( 114,494 ) ( 25,371 )
Proceeds from commercial paper with original maturities greater than 90 days 339,518 —
Repayment of commercial paper with original maturities greater than 90 days ( 236,786 ) —
Acquisition of treasury stock ( 359,342 ) ( 269,031 )
Net receipts (payments) from deposit-type products 85,236 ( 116,437 )
Cash provided from (used for) financing activities
( 119,786 ) ( 406,532 )
Effect of foreign exchange rate changes on cash 6,206 ( 5,020 )
Net increase (decrease) in cash ( 15,242 ) ( 17,548 )
Cash at beginning of year 103,156 92,559
Cash at end of period $ 87,914 $ 75,011


See accompanying Notes to Condensed Consolidated Financial Statements.
5
GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)

Note 1—Significant Accounting Policies

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

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

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

Basis of Presentation : The accompanying condensed consolidated financial statements of Globe Life have been prepared in accordance with the instructions to Form 10-Q. Therefore, they do not include all of the disclosures required by accounting principles generally accepted in the United States of America (GAAP) for annual financial statements. However, in the opinion of management, these statements include all adjustments, consisting of normal recurring adjustments, which are necessary for a fair presentation of the condensed consolidated financial position at June 30, 2024, and the condensed consolidated results of operations, comprehensive income, and cash flows for the periods ended June 30, 2024 and 2023. The interim period condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements that are included in the Form 10-K filed with the Securities Exchange Commission (SEC) on February 28, 2024.

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





6
GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Note 2—New Accounting Standards

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


Accounting Pronouncements Yet to be Adopted
Standard Description Effective Date Effect on the Condensed Consolidated Financial Statements
ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
ASU 2023-07 adds disclosure requirements to segment expenses, improving the financial reporting of the entity’s overall performance and assessment of future cash flows. The disclosures will require more detailed information related to the entity’s reportable segments.
This standard is effective for the Company for annual periods beginning on January 1, 2024 and for interim periods beginning on January 1, 2025, and will be implemented on a retrospective basis.
The Company is evaluating the standard, but does not expect the standard will have a material impact on the Condensed Consolidated Financial Statements.
ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures
ASU 2023-09 adds disclosure requirements to disaggregated information related to the effective tax rate reconciliation and information on income taxes paid. The disclosures will enhance the assessment of the entity’s operations and related tax risks.
This standard is effective for the Company for annual periods beginning on January 1, 2025, and will be implemented on a prospective basis. The Company does not expect the standard will have a material impact on the Condensed Consolidated Financial Statements.
7
GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive Income

Components of Accumulated Other Comprehensive Income : An analysis of the change in balance by component of Accumulated Other Comprehensive Income is as follows for the three and six month periods ended June 30, 2024 and 2023:
Three Months Ended June 30, 2024
Available
for Sale
Assets 		Future Policy Benefits Foreign
Exchange 		Pension
Adjustments 		Total
Balance at April 1, 2024
$ ( 1,069,185 ) $ ( 1,390,759 ) $ ( 5,232 ) $ ( 2,060 ) $ ( 2,467,236 )
Other comprehensive income (loss) before reclassifications, net of tax ( 207,874 ) 479,042 506 — 271,674
Reclassifications, net of tax 5,846 — — 96 5,942
Other comprehensive income (loss) ( 202,028 ) 479,042 506 96 277,616
Balance at June 30, 2024
$ ( 1,271,213 ) $ ( 911,717 ) $ ( 4,726 ) $ ( 1,964 ) $ ( 2,189,620 )

Three Months Ended June 30, 2023
Available
for Sale
Assets 		Future Policy Benefits Foreign
Exchange 		Pension
Adjustments 		Total
Balance at April 1, 2023
$ ( 1,016,764 ) $ ( 1,938,707 ) $ ( 6,829 ) $ 1,207 $ ( 2,961,093 )
Other comprehensive income (loss) before reclassifications, net of tax ( 271,681 ) 241,906 8,182 — ( 21,593 )
Reclassifications, net of tax 39,046 — — ( 257 ) 38,789
Other comprehensive income (loss) ( 232,635 ) 241,906 8,182 ( 257 ) 17,196
Balance at June 30, 2023
$ ( 1,249,399 ) $ ( 1,696,801 ) $ 1,353 $ 950 $ ( 2,943,897 )

Six Months Ended June 30, 2024
Available
for Sale
Assets 		Future Policy Benefits Foreign
Exchange 		Pension
Adjustments 		Total
Balance at January 1, 2024
$ ( 827,596 ) $ ( 1,947,391 ) $ 4,719 $ ( 2,151 ) $ ( 2,772,419 )
Other comprehensive income (loss) before reclassifications, net of tax ( 447,558 ) 1,035,674 ( 9,445 ) — 578,671
Reclassifications, net of tax 3,941 — — 187 4,128
Other comprehensive income (loss) ( 443,617 ) 1,035,674 ( 9,445 ) 187 582,799
Balance at June 30, 2024
$ ( 1,271,213 ) $ ( 911,717 ) $ ( 4,726 ) $ ( 1,964 ) $ ( 2,189,620 )

Six Months Ended June 30, 2023
Available
for Sale
Assets 		Future Policy Benefits Foreign
Exchange 		Pension
Adjustments 		Total
Balance at January 1, 2023
$ ( 1,420,672 ) $ ( 1,369,204 ) $ ( 1,681 ) $ 1,244 $ ( 2,790,313 )
Other comprehensive income (loss) before reclassifications, net of tax 106,481 ( 327,597 ) 3,034 — ( 218,082 )
Reclassifications, net of tax 64,792 — — ( 294 ) 64,498
Other comprehensive income (loss) 171,273 ( 327,597 ) 3,034 ( 294 ) ( 153,584 )
Balance at June 30, 2023
$ ( 1,249,399 ) $ ( 1,696,801 ) $ 1,353 $ 950 $ ( 2,943,897 )

8
GL Q2 2024 FORM 10-Q
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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Reclassification Adjustments : Reclassification adjustments out of Accumulated Other Comprehensive Income are presented below for the three and six month periods ended June 30, 2024 and 2023.
Three Months Ended
June 30, 		Six Months Ended June 30, Affected line items in the Statements of Operations
Component Line Item 2024 2023 2024 2023
Unrealized investment (gains) losses on available for sale assets:
Realized (gains) losses $ 10,217 $ 50,347 $ 9,989 $ 83,471 Realized (gains) losses
Amortization of (discount) premium ( 2,817 ) ( 922 ) ( 5,001 ) ( 1,456 ) Net investment income
Total before tax 7,400 49,425 4,988 82,015
Tax ( 1,554 ) ( 10,379 ) ( 1,047 ) ( 17,223 ) Income taxes
Total after-tax 5,846 39,046 3,941 64,792
Pension adjustments:
Amortization of prior service cost 269 269 538 538 Other operating expense
Amortization of actuarial (gain) loss ( 151 ) ( 592 ) ( 302 ) ( 909 ) Other operating expense
Total before tax 118 ( 323 ) 236 ( 371 )
Tax ( 22 ) 66 ( 49 ) 77 Income taxes
Total after-tax 96 ( 257 ) 187 ( 294 )
Total reclassification (after-tax)
$ 5,942 $ 38,789 $ 4,128 $ 64,498
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GL Q2 2024 FORM 10-Q
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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Note 4—Investments

Portfolio Composition : Summaries of fixed maturities available for sale by amortized cost, fair value, and allowance for credit losses at June 30, 2024 and December 31, 2023, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are as follows. Redeemable preferred stock is included within "Corporates, by sector."
At June 30, 2024

Amortized
Cost 		Allowance for Credit Losses Gross
Unrealized
Gains 		Gross
Unrealized
Losses
Fair
Value (1)
% of Total
Fixed
Maturities (2)
Fixed maturities available for sale:
U.S. Government direct, guaranteed, and government-sponsored enterprises $ 403,341 $ — $ 3 $ ( 41,886 ) $ 361,458 2
States, municipalities, and political subdivisions 3,255,829 — 27,781 ( 473,356 ) 2,810,254 16
Foreign governments 40,485 — — ( 10,537 ) 29,948 —
Corporates, by sector:
Industrials 8,227,970 ( 7,132 ) 117,908 ( 780,811 ) 7,557,935 43
Financial 5,051,320 — 72,372 ( 439,205 ) 4,684,487 26
Utilities 2,133,247 — 40,493 ( 124,426 ) 2,049,314 12
Total corporates 15,412,537 ( 7,132 ) 230,773 ( 1,344,442 ) 14,291,736 81
Collateralized debt obligations 36,945 — 5,779 — 42,724 —
Other asset-backed securities 80,136 — 1 ( 3,249 ) 76,888 1
Total fixed maturities
$ 19,229,273 $ ( 7,132 ) $ 264,337 $ ( 1,873,470 ) $ 17,613,008 100
(1) Amount reported in the balance sheet.
(2) At fair value.
At December 31, 2023
Amortized
Cost 		Allowance for Credit Losses Gross
Unrealized
Gains 		Gross
Unrealized
Losses
Fair
Value (1)
% of Total
Fixed
Maturities (2)
Fixed maturities available for sale:
U.S. Government direct, guaranteed, and government-sponsored enterprises $ 398,450 $ — $ 7 $ ( 32,306 ) $ 366,151 2
States, municipalities, and political subdivisions 3,296,305 — 47,346 ( 403,329 ) 2,940,322 16
Foreign governments 44,453 — 1 ( 10,348 ) 34,106 —
Corporates, by sector:
Industrials
8,016,126 ( 7,115 ) 213,078 ( 566,847 ) 7,655,242 43
Financial 5,028,151 — 112,368 ( 388,340 ) 4,752,179 27
Utilities 2,017,967 — 73,925 ( 94,130 ) 1,997,762 11
Total corporates 15,062,244 ( 7,115 ) 399,371 ( 1,049,317 ) 14,405,183 81
Collateralized debt obligations 37,110 — 5,036 — 42,146 —
Other asset-backed securities 86,352 — 3 ( 4,057 ) 82,298 1
Total fixed maturities
$ 18,924,914 $ ( 7,115 ) $ 451,764 $ ( 1,499,357 ) $ 17,870,206 100
(1) Amount reported in the balance sheet.
(2) At fair value.
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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The Company has exposure to real estate investment trusts with an average rating of BBB+, which had a fair value of $ 411 million ( 2 % of the total fixed maturity portfolio) and $ 425 million ( 2 % of the total fixed maturity portfolio) at June 30, 2024 and December 31, 2023, respectively.

A schedule of fixed maturities available for sale by contractual maturity date at June 30, 2024, is shown below on an amortized cost basis, net of allowance for credit losses, and on a fair value basis. Actual disposition dates could differ from contractual maturities due to call or prepayment provisions.
At June 30, 2024
Amortized
Cost, net 		Fair
Value
Fixed maturities available for sale:
Due in one year or less $ 129,415 $ 128,402
Due after one year through five years 734,757 738,610
Due after five years through ten years 1,794,742 1,791,972
Due after ten years through twenty years 8,908,777 8,365,383
Due after twenty years 7,537,335 6,468,995
Mortgage-backed and asset-backed securities 117,115 119,646
$ 19,222,141 $ 17,613,008

Analysis of Investment Operations: "Net investment income" for the three and six month periods ended June 30, 2024 and 2023 is summarized as follows:
Three Months Ended
June 30, 		Six Months Ended
June 30,
2024 2023 % Change 2024 2023 % Change
Fixed maturities available for sale $ 247,215 $ 234,187 6 $ 493,313 $ 466,486 6
Policy loans 13,084 12,234 7 25,900 23,989 8
Mortgage loans 6,909 4,553 52 13,669 8,556 60
Other long-term investments (1)
18,953 12,383 53 38,616 24,123 60
Short-term investments 3,625 1,820 5,313 3,415
289,786 265,177 9 576,811 526,569 10
Less investment expense ( 4,150 ) ( 3,933 ) 6 ( 8,597 ) ( 8,220 ) 5
Net investment income
$ 285,636 $ 261,244 9 $ 568,214 $ 518,349 10
(1) For the three months ended June 30, 2024 and 2023, the investment funds, accounted for under the fair value option method, recorded $ 18.1 million and $ 12.0 million, respectively, in net investment income. For the six months ended June 30, 2024 and 2023, the investment funds, accounted for under the fair value option method, recorded $ 37.0 million and $ 23.3 million, respectively, in net investment income. Refer to Other Long-Term Investments below for further discussion on the investment funds.

Selected information about sales of fixed maturities available for sale is as follows:
Three Months Ended
June 30, 		Six Months Ended
June 30,
2024 2023 2024 2023
Fixed maturities available for sale:
Proceeds from sales (1)
$ 483,051 $ 130,119 $ 510,904 $ 145,824
Gross realized gains 3,869 47 4,044 47
Gross realized losses ( 13,933 ) ( 10,503 ) ( 13,968 ) ( 10,861 )
(1) There were no unsettled sales in the periods ended June 30, 2024 and 2023.

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GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
An analysis of "Realized gains (losses)" is as follows:
Three Months Ended
June 30, 		Six Months Ended
June 30,
2024 2023 2024 2023
Realized investment gains (losses):
Fixed maturities available for sale:
Sales and other (1)
$ ( 10,113 ) $ ( 10,606 ) $ ( 9,973 ) $ ( 10,963 )
Provision for credit losses ( 104 ) ( 39,741 ) ( 16 ) ( 72,508 )
Fair value option—change in fair value ( 3,691 ) 5,228 ( 19,094 ) 7,086
Mortgage loans
( 1,280 ) ( 3,579 ) ( 2,154 ) ( 4,859 )
Other investments 837 ( 164 ) 1,151 ( 378 )
Realized gains (losses) from investments
( 14,351 ) ( 48,862 ) ( 30,086 ) ( 81,622 )
Other gains (losses) 1,762 3,019 5,698 4,852
Total realized gains (losses)
( 12,589 ) ( 45,843 ) ( 24,388 ) ( 76,770 )
Applicable tax 2,644 9,627 5,122 16,122
Realized gains (losses), net of tax
$ ( 9,945 ) $ ( 36,216 ) $ ( 19,266 ) $ ( 60,648 )
(1) During the three months ended June 30, 2024 and 2023, the Company recorded $ 12.0 million and $ 17.9 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in no realized gains (losses) in either period. During the six months ended June 30, 2024 and 2023, the Company recorded $ 78.9 million and $ 17.9 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in no realized gains (losses) in either period.

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GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
F air Value Measurements: The following tables represent the fair value of fixed maturities measured on a recurring basis at June 30, 2024 and December 31, 2023:
Fair Value Measurement at June 30, 2024:
Quoted Prices in
Active Markets
for Identical
Assets (Level 1) 		Significant Other
Observable
Inputs (Level 2) 		Significant
Unobservable
Inputs (Level 3) 		Total Fair
Value
Fixed maturities available for sale
U.S. Government direct, guaranteed, and government-sponsored enterprises $ — $ 361,458 $ — $ 361,458
States, municipalities, and political subdivisions — 2,810,254 — 2,810,254
Foreign governments — 29,948 — 29,948
Corporates, by sector:
Industrials
— 7,361,270 196,665 7,557,935
Financial — 4,554,292 130,195 4,684,487
Utilities
— 1,938,143 111,171 2,049,314
Total corporates — 13,853,705 438,031 14,291,736
Collateralized debt obligations — — 42,724 42,724
Other asset-backed securities — 76,888 — 76,888
Total fixed maturities
$ — $ 17,132,253 $ 480,755 $ 17,613,008
Percentage of total — % 97 % 3 % 100 %

Fair Value Measurement at December 31, 2023:
Quoted Prices in
Active Markets
for Identical
Assets (Level 1) 		Significant Other
Observable
Inputs (Level 2) 		Significant
Unobservable
Inputs (Level 3) 		Total Fair
Value
Fixed maturities available for sale
U.S. Government direct, guaranteed, and government-sponsored enterprises $ — $ 366,151 $ — $ 366,151
States, municipalities, and political subdivisions — 2,940,322 — 2,940,322
Foreign governments — 34,106 — 34,106
Corporates, by sector:
Industrials
— 7,440,493 214,749 7,655,242
Financial — 4,621,160 131,019 4,752,179
Utilities — 1,888,797 108,965 1,997,762
Total corporates — 13,950,450 454,733 14,405,183
Collateralized debt obligations — — 42,146 42,146
Other asset-backed securities — 82,298 — 82,298
Total fixed maturities
$ — $ 17,373,327 $ 496,879 $ 17,870,206
Percentage of total — % 97 % 3 % 100 %

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GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following tables represent changes in fixed maturities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Asset-
backed Securities
Collateralized
Debt
Obligations 		Corporates Total
Balance at January 1, 2024
$ — $ 42,146 $ 454,733 $ 496,879
Included in realized gains / losses — — — —
Included in other comprehensive income — 742 ( 9,905 ) ( 9,163 )
Acquisitions — — 14,800 14,800
Sales — — — —
Amortization — 2,277 ( 33 ) 2,244
Other (1)
— ( 2,441 ) ( 21,564 ) ( 24,005 )
Transfers into Level 3 (2)
— — — —
Transfers out of Level 3 (2)
— — — —
Balance at June 30, 2024
$ — $ 42,724 $ 438,031 $ 480,755
Percent of total fixed maturities — % — % 3 % 3 %
(1) Includes capitalized interest, foreign exchange adjustments, and principal repayments.
(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, 2023
$ — $ 50,364 $ 478,083 $ 528,447
Included in realized gains / losses — — — —
Included in other comprehensive income — ( 8,042 ) ( 1,963 ) ( 10,005 )
Acquisitions — — — —
Sales — — — —
Amortization — 2,288 3 2,291
Other (1)
— ( 2,305 ) ( 14,619 ) ( 16,924 )
Transfers into Level 3 (2)
— — — —
Transfers out of Level 3 (2)
— — — —
Balance at June 30, 2023
$ — $ 42,305 $ 461,504 $ 503,809
Percent of total fixed maturities — % — % 3 % 3 %
(1) Includes capitalized interest, foreign exchange adjustments, and principal repayments.
(2) Considered to be transferred at the end of the period. Transfers into Level 3 occur when observable inputs are no longer available. Transfers out of Level 3 occur when observable inputs become available.

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GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following table presents changes in unrealized gains and losses for the period included in accumulated other comprehensive income for assets held at the end of the reporting period for Level 3 classification:
Changes in Unrealized Gains (Losses) included in Accumulated Other Comprehensive Income for Assets Held at the End of the Period
Asset-
backed Securities 		Collateralized
Debt
Obligations 		Corporates Total
At June 30, 2024
$ — $ 742 $ ( 9,905 ) $ ( 9,163 )
At June 30, 2023
— ( 8,042 ) ( 1,963 ) ( 10,005 )
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, 2024 482 1,676 2,158
As of December 31, 2023 151 1,614 1,765
Globe Life's entire fixed maturity portfolio consisted of 2,552 issues by 981 different issuers at June 30, 2024 and 2,473 issues by 980 different issuers at December 31, 2023. The increase in the number of securities in an unrealized loss position during the period ended June 30, 2024 is due to the increase in interest rates. The weighted-average quality rating of all unrealized loss positions at amortized cost was A- as of June 30, 2024 and December 31, 2023.

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GL Q2 2024 FORM 10-Q
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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following tables disclose unrealized investment losses by class and major sector of fixed maturities available for sale at June 30, 2024 and December 31, 2023.

Analysis of Gross Unrealized Investment Losses
At June 30, 2024
Less than Twelve Months Twelve Months or Longer Total
Fair
Value 		Unrealized
Loss 		Fair
Value 		Unrealized
Loss 		Fair
Value 		Unrealized
Loss
Fixed maturities available for sale:
Investment grade securities:
U.S. Government direct, guaranteed, and government-sponsored enterprises $ 2,304 $ ( 110 ) $ 358,980 $ ( 41,776 ) $ 361,284 $ ( 41,886 )
States, municipalities, and political subdivisions 518,622 ( 13,082 ) 1,786,640 ( 460,274 ) 2,305,262 ( 473,356 )
Foreign governments 1,465 ( 2 ) 28,483 ( 10,535 ) 29,948 ( 10,537 )
Corporates, by sector:
Industrials
930,937 ( 38,817 ) 4,175,164 ( 708,164 ) 5,106,101 ( 746,981 )
Financial 617,484 ( 11,013 ) 2,230,054 ( 386,505 ) 2,847,538 ( 397,518 )
Utilities
456,346 ( 8,729 ) 718,695 ( 114,197 ) 1,175,041 ( 122,926 )
Total corporates 2,004,767 ( 58,559 ) 7,123,913 ( 1,208,866 ) 9,128,680 ( 1,267,425 )
Collateralized debt obligations — — — — — —
Other asset-backed securities — — 70,874 ( 3,232 ) 70,874 ( 3,232 )
Total investment grade securities 2,527,158 ( 71,753 ) 9,368,890 ( 1,724,683 ) 11,896,048 ( 1,796,436 )
Below investment grade securities:
Corporates, by sector:
Industrials 55,327 ( 953 ) 142,449 ( 32,877 ) 197,776 ( 33,830 )
Financial 8,909 ( 1,196 ) 192,106 ( 40,491 ) 201,015 ( 41,687 )
Utilities 8,916 ( 14 ) 18,892 ( 1,486 ) 27,808 ( 1,500 )
Total corporates 73,152 ( 2,163 ) 353,447 ( 74,854 ) 426,599 ( 77,017 )
Collateralized debt obligations — — — — — —
Other asset-backed securities — — 5,972 ( 17 ) 5,972 ( 17 )
Total below investment grade securities 73,152 ( 2,163 ) 359,419 ( 74,871 ) 432,571 ( 77,034 )
Total fixed maturities
$ 2,600,310 $ ( 73,916 ) $ 9,728,309 $ ( 1,799,554 ) $ 12,328,619 $ ( 1,873,470 )

Gross unrealized losses may fluctuate quarter over quarter due to factors in the market that affect our holdings, such as changes in interest rates or credit spreads. The Company considers many factors when determining whether an allowance for a credit loss should be recorded. While the Company holds securities that may be in an unrealized loss position from time to time, Globe Life does not generally intend to sell and it is unlikely that the Company will be required to sell the fixed maturities prior to their anticipated recovery or maturity due to the strong cash flows generated by its insurance operations.

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GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Analysis of Gross Unrealized Investment Losses
At December 31, 2023
Less than Twelve Months Twelve Months or Longer Total
Fair
Value 		Unrealized
Loss 		Fair
Value 		Unrealized
Loss 		Fair
Value 		Unrealized
Loss
Fixed maturities available for sale:
Investment grade securities:
U.S. Government direct, guaranteed, and government-sponsored enterprises $ — $ — $ 364,006 $ ( 32,306 ) $ 364,006 $ ( 32,306 )
States, municipalities, and political subdivisions 252,800 ( 3,520 ) 1,610,163 ( 399,809 ) 1,862,963 ( 403,329 )
Foreign governments — — 32,591 ( 10,348 ) 32,591 ( 10,348 )
Corporates, by sector:
Industrials 191,573 ( 3,881 ) 4,317,827 ( 530,011 ) 4,509,400 ( 533,892 )
Financial 242,099 ( 6,584 ) 2,341,424 ( 339,628 ) 2,583,523 ( 346,212 )
Utilities 81,194 ( 648 ) 686,043 ( 91,959 ) 767,237 ( 92,607 )
Total corporates 514,866 ( 11,113 ) 7,345,294 ( 961,598 ) 7,860,160 ( 972,711 )
Collateralized debt obligations — — — — — —
Other asset-backed securities — — 70,956 ( 3,648 ) 70,956 ( 3,648 )
Total investment grade securities 767,666 ( 14,633 ) 9,423,010 ( 1,407,709 ) 10,190,676 ( 1,422,342 )
Below investment grade securities:
Corporates, by sector:
Industrials 10,745 ( 199 ) 145,697 ( 32,756 ) 156,442 ( 32,955 )
Financial 25,563 ( 2,602 ) 151,190 ( 39,526 ) 176,753 ( 42,128 )
Utilities — — 19,654 ( 1,523 ) 19,654 ( 1,523 )
Total corporates 36,308 ( 2,801 ) 316,541 ( 73,805 ) 352,849 ( 76,606 )
Collateralized debt obligations — — — — — —
Other asset-backed securities — — 11,288 ( 409 ) 11,288 ( 409 )
Total below investment grade securities 36,308 ( 2,801 ) 327,829 ( 74,214 ) 364,137 ( 77,015 )
Total fixed maturities
$ 803,974 $ ( 17,434 ) $ 9,750,839 $ ( 1,481,923 ) $ 10,554,813 $ ( 1,499,357 )

17
GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Fixed Maturities, Allowance for Credit Losses : A summary of the activity in the allowance for credit losses is as follows.
Three Months Ended
June 30, 		Six Months Ended
June 30,
2024 2023 2024 2023
Allowance for credit losses beginning balance
$ 7,027 $ 32,767 $ 7,115 $ —
Additions to allowance for which credit losses were not previously recorded — 38,228 — 72,508
Additions (reductions) to allowance for fixed maturities that previously had an allowance 105 1,513 17 —
Reduction of allowance for which the Company intends to sell or more likely than not will be required to sell or sold during the period — — — —
Allowance for credit losses ending balance
$ 7,132 $ 72,508 $ 7,132 $ 72,508

As of June 30, 2024 and December 31, 2023, the Company did not have any fixed maturities in non-accrual status.

Mortgage Loans (commercial mortgage loans) : Summaries of commercial mortgage loans by property type and geographical location at June 30, 2024 and December 31, 2023 are as follows:
June 30, 2024 December 31, 2023
Carrying Value % of Total Carrying Value % of Total
Property type:
Multi-family $ 117,508 34 $ 116,299 42
Industrial 95,496 28 57,267 20
Retail 47,853 14 23,925 9
Hospitality 43,651 13 43,897 16
Mixed use 38,317 11 34,749 12
Office 6,493 2 6,734 2
Total recorded investment 349,318 102 282,871 101
Less allowance for credit losses ( 5,826 ) ( 2 ) ( 3,672 ) ( 1 )
Carrying value, net of allowance for credit losses
$ 343,492 100 $ 279,199 100

June 30, 2024 December 31, 2023
Carrying Value % of Total Carrying Value % of Total
Geographic location:
Texas $ 71,659 21 $ 45,111 16
Florida 71,130 21 48,233 17
New Jersey 44,611 13 44,574 16
California 40,210 12 54,721 20
New York 35,815 10 20,284 7
North Carolina 21,614 6 — —
Other 64,279 19 69,948 25
Total recorded investment 349,318 102 282,871 101
Less allowance for credit losses ( 5,826 ) ( 2 ) ( 3,672 ) ( 1 )
Carrying value, net of allowance for credit losses
$ 343,492 100 $ 279,199 100
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GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following tables are reflective of the key factors, debt service coverage ratios, and loan-to-value (LTV) ratios that are utilized by management to monitor the performance of the portfolios. The Company only makes new investments in commercial mortgage loans that have a LTV ratio less than 80%. LTV's that exceed 80% are generally as a result of decreases in the valuation of the underlying property. Generally, a higher LTV ratio and a lower debt service coverage ratio equates to higher risk of loss.
June 30, 2024
Recorded Investment
Debt Service Coverage Ratios (1)
<1.00x 1.00x—1.20x >1.20x Total % of Gross Total
Loan-to-value ratio (2) :
Less than 70% $ 18,392 $ 153,759 $ 160,495 $ 332,646 95
70% to 80% — — — — —
81% to 90% 9,637 — — 9,637 3
Greater than 90% 7,035 — — 7,035 2
Total $ 35,064 $ 153,759 $ 160,495 349,318 100
Less allowance for credit losses ( 5,826 )
Total, net of allowance for credit losses
$ 343,492
(1) Annual net operating income divided by annual mortgage debt service (principal and interest).
(2) Loan balance divided by stabilized appraised value at origination, including planned renovations and stabilized occupancy. Updated internal valuations are used when a loan is materially underperforming.
December 31, 2023
Recorded Investment
Debt Service Coverage Ratios (1)
<1.00x 1.00x—1.20x >1.20x Total % of Gross Total
Loan-to-value ratio (2) :
Less than 70% $ 27,091 $ 180,761 $ 58,364 $ 266,216 94
70% to 80% — — — — —
81% to 90% 8,468 — 1,153 9,621 3
Greater than 90% 7,034 — — 7,034 3
Total $ 42,593 $ 180,761 $ 59,517 282,871 100
Less allowance for credit losses ( 3,672 )
Total, net of allowance for credit losses
$ 279,199
(1) Annual net operating income divided by annual mortgage debt service (principal and interest).
(2) Loan balance divided by stabilized appraised value at origination, including planned renovations and stabilized occupancy. Updated internal valuations are used when a loan is materially underperforming.

As of June 30, 2024, the Company evaluated the commercial mortgage loan portfolio on a pool basis to determine the allowance for credit losses. At the end of the period, the Company had 33 loans in the portfolio. For the six months ended June 30, 2024, the allowance for credit losses increased by $ 2.2 million to $ 5.8 million. The provision for credit losses is included in "Realized gains (losses)" in the Condensed Consolidated Statements of Operations .
Three Months Ended
June 30, 		Six Months Ended
June 30,
2024 2023 2024 2023
Allowance for credit losses beginning balance
$ 4,546 $ 3,069 $ 3,672 $ 1,789
Provision (reversal) for credit losses 1,280 ( 141 ) 2,154 1,139
Allowance for credit losses ending balance
$ 5,826 $ 2,928 $ 5,826 $ 2,928
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GL Q2 2024 FORM 10-Q
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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
There was one delinquent commercial mortgage loan, with an outstanding par value of $ 1.2 million and outstanding interest due of $ 63 thousand, as of June 30, 2024. The underlying collateral for this loan is in the process of being sold and the Company expects to recover all interest and principal due as of June 30, 2024. There were no delinquent commercial mortgage loans as of December 31, 2023. As of June 30, 2024, the Company had two commercial mortgage loans in non-accrual status with a principal balance of $ 7.9 million. As of December 31, 2023, the Company had no commercial mortgage loans in non-accrual status. The Company's unfunded commitment balance to commercial loan borrowers was $ 30 million as of June 30, 2024.

Other Long-Term Investments : Other long-term investments consist of the following assets:
June 30,
2024 		December 31, 2023
Investment funds $ 915,665 $ 795,583
Other 58,850 40,295
Total
$ 974,515 $ 835,878

The following table presents additional information about the Company's investment funds as of June 30, 2024 and December 31, 2023 at fair value:
Fair Value Unfunded Commitments
Investment Category June 30,
2024 		December 31, 2023 June 30,
2024
Redemption Term/Notice (1)
Commercial mortgage loans $ 512,615 $ 411,315 $ 434,040 Fully redeemable and non-redeemable with varying terms.
Opportunistic and private credit
186,646 181,410 146,071 Fully redeemable and non-redeemable with varying terms.
Infrastructure 171,518 165,887 16,536 Fully redeemable and non-redeemable with varying terms.
Other 44,886 36,971 50,757 Non-redeemable with varying terms
Total investment funds $ 915,665 $ 795,583 $ 647,404
(1) Non-redeemable funds generally have an expected life of 7 to 12 years from fund closing with extension options of 1 to 4 years. Redemptions are paid out throughout the life of the funds at the General Partner's discretion. Redeemable funds can generally be redeemed over 6 to 36 months upon request from limited partners.

The Company had $ 149 million of capital called during the period from existing investment funds. The Company's unfunded commitments were $ 647 million as of June 30, 2024.


Note 5—Commitments and Contingencies

Guarantees : The Parent Company has guaranteed letters of credit in connection with its credit facility with a group of banks. The letters of credit were issued by TMK Re, Ltd., a wholly-owned subsidiary, to secure TMK Re, Ltd.’s obligation for claims on certain policies reinsured by TMK Re, Ltd. that were sold by other Globe Life insurance subsidiaries. These letters of credit facilitate TMK Re, Ltd.’s ability to reinsure the business of Globe Life's insurance carriers . The agreement was amended on March 29, 2024 and now expires in 2029. The maximum amount of letters of credit available is $ 250 million. The Parent Company would be liable to the extent that TMK Re, Ltd. does not pay the reinsured party. The amount of letters of credit outstanding at June 30, 2024 was $ 115 million.

Litigation : Globe Life Inc. and its subsidiaries, in common with the insurance industry in general, are subject to litigation, including: putative class action litigation; alleged breaches of contract; torts, including bad faith and fraud claims based on alleged wrongful or fraudulent acts of agents of the Parent Company's insurance subsidiaries; alleged employment discrimination; alleged worker misclassification; and miscellaneous other causes of action. Based upon information presently available, and in light of legal and other factual defenses available to the Parent Company and its subsidiaries, management does not believe that it is reasonably possible that such litigation will
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GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
have a material adverse effect on Globe Life's financial condition, future operating results or liquidity; however, assessing the eventual outcome of litigation necessarily involves forward-looking speculation as to judgments to be made by judges, juries and appellate courts in the future. This bespeaks caution, particularly in states with reputations for high punitive damage verdicts.

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

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

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

On November 30, 2023, the Company and our subsidiary, American Income Life Insurance Company, received subpoenas from the U.S. Attorney’s Office for the Western District of Pennsylvania, seeking documents relating to sales practices by certain of our independent sales agents contracted to sell American Income Life Insurance Company policies. The Company and American Income Life Insurance Company continue to fully cooperate in
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GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
responding to the Department of Justice’s requests. The Department of Justice has not asserted any claims or made allegations against the Company and American Income Life Insurance Company, and the Company currently is not aware that any legal proceedings are contemplated by governmental authorities. While no assurances can be made, at present management does not believe that it is reasonably possible or probable that this matter will result in a material loss.

In April 2024, the Company received an inquiry from the SEC's Fort Worth Regional Office requesting information related to recent short seller reports making allegations about the Company. The Company has provided information in response to the SEC’s requests and continues to cooperate fully with the SEC. At this time, the SEC has not asserted any claims against the Company or indicated that it intends to do so. While no assurances can be made, at present management does not believe that it is reasonably possible or probable that this matter will result in a material loss.

On April 30, 2024, a putative securities class action was filed against the Company and six of its current/former senior executives and directors in the United States District Court for the Eastern District of Texas. The case, which is captioned City of Miami Gen. Emp. & Sanitation Emp. Ret. Trust, et al. v. Globe Life Inc., et al. , Case No. 4:24-cv-00376, asserts claims under §§ 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of a putative class of purchasers of the Company’s securities from May 8, 2019 through April 10, 2024. The Complaint alleges that certain of the Company’s disclosures about financial performance and certain other public statements during the putative class period were materially false or misleading. On May 16, 2024, the Court entered an order staying proceedings pending the appointment of Lead Plaintiff and Lead Counsel for the putative class of shareholders. The Company plans to vigorously defend against the lawsuit. Pursuant to the Company’s governing documents and indemnification agreements with the named defendants, the Company has agreed to indemnify those defendants for all expenses and losses related to the litigation subject to the terms of those indemnification agreements. The outcome of litigation of this type is inherently uncertain, and there is always the possibility that a court rules in a manner that is adverse to the interests of the Company and the individual defendants. However, the amount of any such loss in that scenario cannot be reasonably estimated at this time. Further, management cannot reasonably estimate whether an outcome on the class action will be resolved in the near term.
22
GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Note 6—Policy Liabilities

The liability for future policy benefits is determined based on the net level premium method, which requires the liability be calculated as the present value of estimated future policyholder benefits and the related termination expenses, less the present value of estimated future net premiums to be collected from policyholders. The following tables summarize balances and changes in the net liability for future policy benefits, before reinsurance, for traditional life long-duration contracts for the three and six month periods ended June 30, 2024 and 2023:
Life
Present value of expected future net premiums
American Income DTC Liberty National Other Total
Balance at January 1, 2023
$ 4,273,156 $ 5,910,224 $ 1,094,407 $ 470,741 $ 11,748,528
Beginning balance at original discount rates 4,246,723 5,680,864 1,066,123 449,209 11,442,919
Effect of changes in assumptions on future cash flows
— — — — —
Effect of actual variances from expected experience ( 69,352 ) ( 128,602 ) ( 15,593 ) ( 6,650 ) ( 220,197 )
Adjusted balance at January 1, 2023
4,177,371 5,552,262 1,050,530 442,559 11,222,722
Issuances (1)
376,021 313,748 60,848 14,611 765,228
Interest accrual (2)
96,850 142,473 26,655 11,331 277,309
Net premiums collected (3)
( 256,959 ) ( 308,129 ) ( 66,472 ) ( 23,026 ) ( 654,586 )
Effect of changes in the foreign exchange rate 5,770 — — — 5,770
Ending balance at original discount rates 4,399,053 5,700,354 1,071,561 445,475 11,616,443
Effect of change from original to current discount rates 73,794 288,223 38,456 25,804 426,277
Balance at June 30, 2023
$ 4,472,847 $ 5,988,577 $ 1,110,017 $ 471,279 $ 12,042,720
Balance at January 1, 2024
$ 4,681,888 $ 6,052,651 $ 1,129,716 $ 478,052 $ 12,342,307
Beginning balance at original discount rates 4,523,329 5,664,259 1,077,831 443,949 11,709,368
Effect of changes in assumptions on future cash flows
— — — — —
Effect of actual variances from expected experience ( 113,699 ) ( 122,971 ) ( 17,268 ) ( 7,321 ) ( 261,259 )
Adjusted balance at January 1, 2024
4,409,630 5,541,288 1,060,563 436,628 11,448,109
Issuances (1)
412,701 287,040 60,219 12,156 772,116
Interest accrual (2)
109,168 147,351 27,775 11,505 295,799
Net premiums collected (3)
( 274,166 ) ( 305,391 ) ( 67,915 ) ( 22,738 ) ( 670,210 )
Effect of changes in the foreign exchange rate ( 9,222 ) — — — ( 9,222 )
Ending balance at original discount rates 4,648,111 5,670,288 1,080,642 437,551 11,836,592
Effect of change from original to current discount rates ( 12,208 ) 140,230 4,591 12,332 144,945
Balance at June 30, 2024
$ 4,635,903 $ 5,810,518 $ 1,085,233 $ 449,883 $ 11,981,537
(1) Issuances represent the present value, using the original discount rate, of the expected net premiums related to new policies issued during each respective period.
(2) The interest accrual is the interest earned on the beginning present value of the expected net premiums, as well as the interest on actual net premiums earned during the period, using the original interest rate.
(3) Net premiums collected represent the product of the current period net premium ratio and the gross premiums collected during the period on the in-force business.

23
GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Life
Present value of expected future net premiums
American Income DTC Liberty National Other Total
Balance at April 1, 2023
$ 4,467,637 $ 6,110,550 $ 1,128,083 $ 483,056 $ 12,189,326
Beginning balance at original discount rates 4,325,957 5,718,900 1,070,775 448,677 11,564,309
Effect of changes in assumptions on future cash flows
— — — — —
Effect of actual variances from expected experience ( 39,371 ) ( 80,616 ) ( 10,004 ) ( 4,764 ) ( 134,755 )
Adjusted balance at April 1, 2023
4,286,586 5,638,284 1,060,771 443,913 11,429,554
Issuances (1)
183,466 144,796 30,706 7,370 366,338
Interest accrual (2)
48,952 71,484 13,368 5,661 139,465
Net premiums collected (3)
( 129,720 ) ( 154,210 ) ( 33,284 ) ( 11,469 ) ( 328,683 )
Effect of changes in the foreign exchange rate 9,769 — — — 9,769
Ending balance at original discount rates 4,399,053 5,700,354 1,071,561 445,475 11,616,443
Effect of change from original to current discount rates 73,794 288,223 38,456 25,804 426,277
Balance at June 30, 2023
$ 4,472,847 $ 5,988,577 $ 1,110,017 $ 471,279 $ 12,042,720
Balance at April 1, 2024
$ 4,652,671 $ 5,945,259 $ 1,102,209 $ 464,169 $ 12,164,308
Beginning balance at original discount rates 4,596,138 5,698,050 1,073,485 442,392 11,810,065
Effect of changes in assumptions on future cash flows
— — — — —
Effect of actual variances from expected experience ( 65,450 ) ( 86,743 ) ( 6,820 ) ( 5,471 ) ( 164,484 )
Adjusted balance at April 1, 2024
4,530,688 5,611,307 1,066,665 436,921 11,645,581
Issuances (1)
200,853 137,809 34,056 6,227 378,945
Interest accrual (2)
55,345 73,931 13,936 5,741 148,953
Net premiums collected (3)
( 138,480 ) ( 152,759 ) ( 34,015 ) ( 11,338 ) ( 336,592 )
Effect of changes in the foreign exchange rate ( 295 ) — — — ( 295 )
Ending balance at original discount rates 4,648,111 5,670,288 1,080,642 437,551 11,836,592
Effect of change from original to current discount rates ( 12,208 ) 140,230 4,591 12,332 144,945
Balance at June 30, 2024
$ 4,635,903 $ 5,810,518 $ 1,085,233 $ 449,883 $ 11,981,537
(1) Issuances represent the present value, using the original discount rate, of the expected net premiums related to new policies issued during each respective period.
(2) The interest accrual is the interest earned on the beginning present value of the expected net premiums, as well as the interest on actual net premiums earned during the period, using the original interest rate.
(3) Net premiums collected represent the product of the current period net premium ratio and the gross premiums collected during the period on the in-force business.
24
GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Life
Present value of expected future policy benefits
American Income DTC Liberty National Other Total
Balance at January 1, 2023
$ 9,119,104 $ 9,225,451 $ 3,429,256 $ 3,976,150 $ 25,749,961
Beginning balance at original discount rates 8,409,761 8,477,892 3,272,980 3,403,704 23,564,337
Effect of changes in assumptions on future cash flows — — — — —
Effect of actual variances from expected experience ( 72,388 ) ( 130,006 ) ( 13,119 ) ( 8,367 ) ( 223,880 )
Adjusted balance at January 1, 2023
8,337,373 8,347,886 3,259,861 3,395,337 23,340,457
Issuances (1)
376,021 313,749 60,848 14,611 765,229
Interest accrual (2)
220,666 226,661 86,722 101,129 635,178
Benefit payments (3)
( 194,971 ) ( 295,399 ) ( 109,650 ) ( 62,586 ) ( 662,606 )
Effect of changes in the foreign exchange rate 14,437 — — — 14,437
Ending balance at original discount rates 8,753,526 8,592,897 3,297,781 3,448,491 24,092,695
Effect of change from original to current discount rates 914,681 894,336 210,064 661,215 2,680,296
Balance at June 30, 2023
$ 9,668,207 $ 9,487,233 $ 3,507,845 $ 4,109,706 $ 26,772,991
Balance at January 1, 2024
$ 10,163,627 $ 9,714,516 $ 3,605,392 $ 4,239,623 $ 27,723,158
Beginning balance at original discount rates 9,061,833 8,656,752 3,338,252 3,506,859 24,563,696
Effect of changes in assumptions on future cash flows — — — — —
Effect of actual variances from expected experience ( 121,945 ) ( 129,976 ) ( 19,337 ) ( 10,212 ) ( 281,470 )
Adjusted balance at January 1, 2024
8,939,888 8,526,776 3,318,915 3,496,647 24,282,226
Issuances (1)
412,703 287,041 60,221 12,156 772,121
Interest accrual (2)
243,096 236,977 89,276 104,571 673,920
Benefit payments (3)
( 220,560 ) ( 301,894 ) ( 111,881 ) ( 68,051 ) ( 702,386 )
Effect of changes in the foreign exchange rate ( 21,601 ) — — — ( 21,601 )
Ending balance at original discount rates 9,353,526 8,748,900 3,356,531 3,545,323 25,004,280
Effect of change from original to current discount rates 457,881 540,934 68,237 436,575 1,503,627
Balance at June 30, 2024
$ 9,811,407 $ 9,289,834 $ 3,424,768 $ 3,981,898 $ 26,507,907
(1) Issuances represent the present value, using the original discount rate, of the expected future policy benefits related to new policies issued during each respective period.
(2) The interest accrual is the interest earned on the beginning present value of the expected future policy benefits, as well as the interest on actual benefits and expenses paid during the period, using the original interest rate.
(3) Benefit payments represent the release of the present value, using the original discount rate, of the actual future policy benefits incurred during the period due to death, surrender, and maturity benefit payments based on the revised expected assumptions.


25
GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Life
Present value of expected future policy benefits
American Income DTC Liberty National Other Total
Balance at April 1, 2023
$ 9,637,463 $ 9,624,680 $ 3,559,012 $ 4,166,527 $ 26,987,682
Beginning balance at original discount rates 8,573,734 8,563,604 3,284,594 3,427,535 23,849,467
Effect of changes in assumptions on future cash flows — — — — —
Effect of actual variances from expected experience ( 40,862 ) ( 81,059 ) ( 6,065 ) ( 5,471 ) ( 133,457 )
Adjusted balance at April 1, 2023
8,532,872 8,482,545 3,278,529 3,422,064 23,716,010
Issuances (1)
183,466 144,797 30,706 7,370 366,339
Interest accrual (2)
111,337 113,893 43,466 50,751 319,447
Benefit payments (3)
( 98,297 ) ( 148,338 ) ( 54,920 ) ( 31,694 ) ( 333,249 )
Effect of changes in the foreign exchange rate 24,148 — — — 24,148
Ending balance at original discount rates 8,753,526 8,592,897 3,297,781 3,448,491 24,092,695
Effect of change from original to current discount rates 914,681 894,336 210,064 661,215 2,680,296
Balance at June 30, 2023
$ 9,668,207 $ 9,487,233 $ 3,507,845 $ 4,109,706 $ 26,772,991
Balance at April 1, 2024
$ 9,958,093 $ 9,500,215 $ 3,499,742 $ 4,103,892 $ 27,061,942
Beginning balance at original discount rates 9,216,265 8,728,403 3,340,412 3,527,882 24,812,962
Effect of changes in assumptions on future cash flows — — — — —
Effect of actual variances from expected experience ( 69,724 ) ( 93,532 ) ( 8,889 ) ( 7,345 ) ( 179,490 )
Adjusted balance at April 1, 2024
9,146,541 8,634,871 3,331,523 3,520,537 24,633,472
Issuances (1)
200,858 137,810 34,057 6,224 378,949
Interest accrual (2)
122,894 119,052 44,723 52,436 339,105
Benefit payments (3)
( 115,802 ) ( 142,833 ) ( 53,772 ) ( 33,874 ) ( 346,281 )
Effect of changes in the foreign exchange rate ( 965 ) — — — ( 965 )
Ending balance at original discount rates 9,353,526 8,748,900 3,356,531 3,545,323 25,004,280
Effect of change from original to current discount rates 457,881 540,934 68,237 436,575 1,503,627
Balance at June 30, 2024
$ 9,811,407 $ 9,289,834 $ 3,424,768 $ 3,981,898 $ 26,507,907
(1) Issuances represent the present value, using the original discount rate, of the expected future policy benefits related to new policies issued during each respective period.
(2) The interest accrual is the interest earned on the beginning present value of the expected future policy benefits, as well as the interest on actual benefits and expenses paid during the period, using the original interest rate.
(3) Benefit payments represent the release of the present value, using the original discount rate, of the actual future policy benefits incurred during the period due to death, surrender, and maturity benefit payments based on the revised expected assumptions.



26
GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Life (2)
Net liability for future policy benefits as of June 30, 2023
American Income DTC Liberty National Other Total
Net liability for future policy benefits at original discount rates
$ 4,354,473 $ 2,892,543 $ 2,226,220 $ 3,003,016 $ 12,476,252
Effect of changes in discount rate assumptions 840,887 606,113 171,608 635,411 2,254,019
Other adjustments (1)
72 4,750 7,639 35 12,496
Net liability for future policy benefits, after other adjustments, at current discount rates
5,195,432 3,503,406 2,405,467 3,638,462 14,742,767
Reinsurance recoverable
( 142 ) — ( 7,581 ) ( 36,472 ) ( 44,195 )
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates
$ 5,195,290 $ 3,503,406 $ 2,397,886 $ 3,601,990 $ 14,698,572
(1) Other adjustments include the Company's effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).
(2) Includes the immaterial error correction noted below.


Life
Net liability for future policy benefits as of June 30, 2024
American Income DTC Liberty National Other Total
Net liability for future policy benefits at original discount rates
$ 4,705,415 $ 3,078,612 $ 2,275,889 $ 3,107,772 $ 13,167,688
Effect of changes in discount rate assumptions 470,089 400,704 63,646 424,243 1,358,682
Other adjustments (1)
194 — — 34 228
Net liability for future policy benefits, after other adjustments, at current discount rates
5,175,698 3,479,316 2,339,535 3,532,049 14,526,598
Reinsurance recoverable
( 170 ) — ( 7,830 ) ( 35,403 ) ( 43,403 )
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates
$ 5,175,528 $ 3,479,316 $ 2,331,705 $ 3,496,646 $ 14,483,195
(1) Other adjustments include the Company's effects of flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).



27
GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following tables summarize balances and changes in the net liability for future policy benefits for long-duration health contracts for the three and six month periods ended June 30, 2024 and 2023:
Health
Present value of expected future net premiums
United American Family Heritage Liberty National American Income DTC Total
Balance at January 1, 2023
$ 2,908,501 $ 1,594,992 $ 423,490 $ 190,296 $ 90,143 $ 5,207,422
Beginning balance at original discount rates 2,941,261 1,729,219 415,442 192,631 87,751 5,366,304
Effect of changes in assumptions on future cash flows
— — — — — —
Effect of actual variances from expected experience ( 28,923 ) ( 34,394 ) ( 27,833 ) ( 5,249 ) ( 1,895 ) ( 98,294 )
Adjusted balance at January 1, 2023
2,912,338 1,694,825 387,609 187,382 85,856 5,268,010
Issuances (1)
143,716 132,346 28,191 20,787 4,215 329,255
Interest accrual (2)
63,854 32,819 9,666 4,134 2,118 112,591
Net premiums collected (3)
( 134,248 ) ( 88,784 ) ( 25,286 ) ( 10,981 ) ( 5,349 ) ( 264,648 )
Effect of changes in the foreign exchange rate — — — 387 — 387
Ending balance at original discount rates 2,985,660 1,771,206 400,180 201,709 86,840 5,445,595
Effect of change from original to current discount rates ( 1,106 ) ( 110,186 ) 9,371 135 2,834 ( 98,952 )
Balance at June 30, 2023
$ 2,984,554 $ 1,661,020 $ 409,551 $ 201,844 $ 89,674 $ 5,346,643
Balance at January 1, 2024
$ 3,697,771 $ 1,711,741 $ 358,472 $ 206,381 $ 115,363 $ 6,089,728
Beginning balance at original discount rates 3,625,803 1,783,173 348,570 201,869 109,880 6,069,295
Effect of changes in assumptions on future cash flows
— — — — — —
Effect of actual variances from expected experience ( 37,074 ) ( 31,290 ) ( 21,165 ) ( 7,058 ) ( 2,462 ) ( 99,049 )
Adjusted balance at January 1, 2024
3,588,729 1,751,883 327,405 194,811 107,418 5,970,246
Issuances (1)
191,794 128,874 29,015 22,124 8,503 380,310
Interest accrual (2)
84,630 36,717 8,347 4,642 2,760 137,096
Net premiums collected (3)
( 145,045 ) ( 93,746 ) ( 25,833 ) ( 11,871 ) ( 5,434 ) ( 281,929 )
Effect of changes in the foreign exchange rate — — — ( 839 ) — ( 839 )
Ending balance at original discount rates 3,720,108 1,823,728 338,934 208,867 113,247 6,204,884
Effect of change from original to current discount rates ( 61,617 ) ( 132,931 ) ( 1,193 ) ( 2,978 ) 1,629 ( 197,090 )
Balance at June 30, 2024
$ 3,658,491 $ 1,690,797 $ 337,741 $ 205,889 $ 114,876 $ 6,007,794
(1) Issuances represent the present value, using the original discount rate, of the expected net premiums related to new policies issued during each respective period.
(2) The interest accrual is the interest earned on the beginning present value of the expected net premiums, as well as the interest on actual net premiums earned during the period, using the original interest rate.
(3) Net premiums collected represent the product of the current period net premium ratio and the gross premiums collected during the period on the in-force business.
28
GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Health
Present value of expected future net premiums
United American Family Heritage Liberty National American Income DTC Total
Balance at April 1, 2023
$ 2,997,723 $ 1,664,414 $ 421,447 $ 200,666 $ 90,243 $ 5,374,493
Beginning balance at original discount rates 2,948,641 1,750,468 404,647 197,446 85,966 5,387,168
Effect of changes in assumptions on future cash flows
— — — — — —
Effect of actual variances from expected experience 5,210 ( 15,636 ) ( 11,249 ) ( 3,629 ) 679 ( 24,625 )
Adjusted balance at April 1, 2023
2,953,851 1,734,832 393,398 193,817 86,645 5,362,543
Issuances (1)
67,875 64,559 14,888 10,575 1,823 159,720
Interest accrual (2)
32,267 16,620 4,776 2,098 1,061 56,822
Net premiums collected (3)
( 68,333 ) ( 44,805 ) ( 12,882 ) ( 5,556 ) ( 2,689 ) ( 134,265 )
Effect of changes in the foreign exchange rate — — — 775 — 775
Ending balance at original discount rates 2,985,660 1,771,206 400,180 201,709 86,840 5,445,595
Effect of change from original to current discount rates ( 1,106 ) ( 110,186 ) 9,371 135 2,834 ( 98,952 )
Balance at June 30, 2023
$ 2,984,554 $ 1,661,020 $ 409,551 $ 201,844 $ 89,674 $ 5,346,643
Balance at April 1, 2024
$ 3,653,395 $ 1,694,026 $ 345,441 $ 203,795 $ 113,879 $ 6,010,536
Beginning balance at original discount rates 3,661,448 1,801,792 342,165 203,850 110,863 6,120,118
Effect of changes in assumptions on future cash flows
— — — — — —
Effect of actual variances from expected experience 3,458 ( 14,197 ) ( 9,755 ) ( 3,508 ) ( 144 ) ( 24,146 )
Adjusted balance at April 1, 2024
3,664,906 1,787,595 332,410 200,342 110,719 6,095,972
Issuances (1)
87,190 64,865 15,457 12,174 3,893 183,579
Interest accrual (2)
42,808 18,614 4,119 2,360 1,392 69,293
Net premiums collected (3)
( 74,796 ) ( 47,346 ) ( 13,052 ) ( 6,032 ) ( 2,757 ) ( 143,983 )
Effect of changes in the foreign exchange rate — — — 23 — 23
Ending balance at original discount rates 3,720,108 1,823,728 338,934 208,867 113,247 6,204,884
Effect of change from original to current discount rates ( 61,617 ) ( 132,931 ) ( 1,193 ) ( 2,978 ) 1,629 ( 197,090 )
Balance at June 30, 2024
$ 3,658,491 $ 1,690,797 $ 337,741 $ 205,889 $ 114,876 $ 6,007,794
(1) Issuances represent the present value, using the original discount rate, of the expected net premiums related to new policies issued during each respective period.
(2) The interest accrual is the interest earned on the beginning present value of the expected net premiums, as well as the interest on actual net premiums earned during the period, using the original interest rate.
(3) Net premiums collected represent the product of the current period net premium ratio and the gross premiums collected during the period on the in-force business.





29
GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Health
Present value of expected future policy benefits
United American Family Heritage Liberty National American Income DTC Total
Balance at January 1, 2023
$ 3,046,829 $ 3,005,664 $ 941,574 $ 312,750 $ 87,532 $ 7,394,349
Beginning balance at original discount rates 3,080,633 3,336,344 904,865 303,713 85,212 7,710,767
Effect of changes in assumptions on future cash flows — — — — — —
Effect of actual variances from expected experience ( 27,940 ) ( 36,292 ) ( 27,018 ) ( 6,018 ) ( 1,830 ) ( 99,098 )
Adjusted balance at January 1, 2023
3,052,693 3,300,052 877,847 297,695 83,382 7,611,669
Issuances (1)
143,404 132,346 27,901 20,787 4,208 328,646
Interest accrual (2)
67,592 65,320 23,526 7,389 2,118 165,945
Benefit payments (3)
( 146,921 ) ( 61,551 ) ( 48,395 ) ( 11,660 ) ( 6,520 ) ( 275,047 )
Effect of changes in the foreign exchange rate — — — 876 — 876
Ending balance at original discount rates 3,116,768 3,436,167 880,879 315,087 83,188 7,832,089
Effect of change from original to current discount rates ( 379 ) ( 268,706 ) 42,269 13,492 2,668 ( 210,656 )
Balance at June 30, 2023
$ 3,116,389 $ 3,167,461 $ 923,148 $ 328,579 $ 85,856 $ 7,621,433
Balance at January 1, 2024
$ 3,814,328 $ 3,315,880 $ 865,808 $ 335,504 $ 109,482 $ 8,441,002
Beginning balance at original discount rates 3,741,530 3,506,689 816,819 315,431 104,501 8,484,970
Effect of changes in assumptions on future cash flows — — — — — —
Effect of actual variances from expected experience ( 36,684 ) ( 35,000 ) ( 21,424 ) ( 8,179 ) ( 2,326 ) ( 103,613 )
Adjusted balance at January 1, 2024
3,704,846 3,471,689 795,395 307,252 102,175 8,381,357
Issuances (1)
191,231 128,875 28,604 22,126 8,485 379,321
Interest accrual (2)
87,778 72,179 21,549 7,956 2,760 192,222
Benefit payments (3)
( 160,345 ) ( 67,428 ) ( 46,232 ) ( 13,072 ) ( 6,277 ) ( 293,354 )
Effect of changes in the foreign exchange rate — — — ( 1,556 ) — ( 1,556 )
Ending balance at original discount rates 3,823,510 3,605,315 799,316 322,706 107,143 8,657,990
Effect of change from original to current discount rates ( 65,023 ) ( 355,849 ) 16,462 5,730 1,474 ( 397,206 )
Balance at June 30, 2024
$ 3,758,487 $ 3,249,466 $ 815,778 $ 328,436 $ 108,617 $ 8,260,784
(1) Issuances represent the present value, using the original discount rate, of the expected future policy benefits related to new policies issued during each respective period.
(2) The interest accrual is the interest earned on the beginning present value of the expected future policy benefits, as well as the interest on actual benefits and expenses paid during the period, using the original interest rate.
(3) Benefit payments represent the release of the present value, using the original discount rate, of the actual future policy benefits incurred during the period based on the revised expected assumptions.
30
GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Health
Present value of expected future policy benefits
United American Family Heritage Liberty National American Income DTC Total
Balance at April 1, 2023
$ 3,132,462 $ 3,174,672 $ 949,996 $ 326,533 $ 87,090 $ 7,670,753
Beginning balance at original discount rates 3,079,790 3,387,380 890,019 308,170 83,001 7,748,360
Effect of changes in assumptions on future cash flows — — — — — —
Effect of actual variances from expected experience 3,503 ( 16,513 ) ( 11,023 ) ( 4,439 ) 472 ( 28,000 )
Adjusted balance at April 1, 2023
3,083,293 3,370,867 878,996 303,731 83,473 7,720,360
Issuances (1)
67,721 64,559 14,616 10,575 1,820 159,291
Interest accrual (2)
34,112 33,031 11,686 3,721 1,061 83,611
Benefit payments (3)
( 68,358 ) ( 32,290 ) ( 24,419 ) ( 4,523 ) ( 3,166 ) ( 132,756 )
Effect of changes in the foreign exchange rate — — — 1,583 — 1,583
Ending balance at original discount rates 3,116,768 3,436,167 880,879 315,087 83,188 7,832,089
Effect of change from original to current discount rates ( 379 ) ( 268,706 ) 42,269 13,492 2,668 ( 210,656 )
Balance at June 30, 2023
$ 3,116,389 $ 3,167,461 $ 923,148 $ 328,579 $ 85,856 $ 7,621,433
Balance at April 1, 2024
$ 3,756,534 $ 3,271,604 $ 834,006 $ 328,783 $ 107,775 $ 8,298,702
Beginning balance at original discount rates 3,766,995 3,554,274 804,316 317,365 105,050 8,548,000
Effect of changes in assumptions on future cash flows — — — — — —
Effect of actual variances from expected experience 3,641 ( 15,951 ) ( 8,603 ) ( 4,177 ) ( 5 ) ( 25,095 )
Adjusted balance at April 1, 2024
3,770,636 3,538,323 795,713 313,188 105,045 8,522,905
Issuances (1)
86,801 64,866 15,255 12,177 3,887 182,986
Interest accrual (2)
44,334 36,517 10,716 4,019 1,392 96,978
Benefit payments (3)
( 78,261 ) ( 34,391 ) ( 22,368 ) ( 6,670 ) ( 3,181 ) ( 144,871 )
Effect of changes in the foreign exchange rate — — — ( 8 ) — ( 8 )
Ending balance at original discount rates 3,823,510 3,605,315 799,316 322,706 107,143 8,657,990
Effect of change from original to current discount rates ( 65,023 ) ( 355,849 ) 16,462 5,730 1,474 ( 397,206 )
Balance at June 30, 2024
$ 3,758,487 $ 3,249,466 $ 815,778 $ 328,436 $ 108,617 $ 8,260,784
(1) Issuances represent the present value, using the original discount rate, of the expected future policy benefits related to new policies issued during each respective period.
(2) The interest accrual is the interest earned on the beginning present value of the expected future policy benefits, as well as the interest on actual benefits and expenses paid during the period, using the original interest rate.
(3) Benefit payments represent the release of the present value, using the original discount rate, of the actual future policy benefits incurred during the based on the revised expected assumptions.

31
GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Health (2)
Net liability for future policy benefits as of June 30, 2023
United American Family Heritage Liberty National American Income Direct to Consumer Total
Net liability for future policy benefits at original discount rates
$ 131,108 $ 1,664,961 $ 480,699 $ 113,378 $ ( 3,652 ) $ 2,386,494
Effect of changes in discount rate assumptions 727 ( 158,520 ) 32,898 13,357 ( 166 ) ( 111,704 )
Other adjustments (1)
4,702 69 6,049 605 4,645 16,070
Net liability for future policy benefits, after other adjustments, at current discount rates
136,537 1,506,510 519,646 127,340 827 2,290,860
Reinsurance recoverable
( 3,598 ) ( 9,866 ) ( 1,378 ) — — ( 14,842 )
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates
$ 132,939 $ 1,496,644 $ 518,268 $ 127,340 $ 827 $ 2,276,018
(1) Other adjustments include the effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).
(2) Includes the immaterial error correction noted below.
Health
Net liability for future policy benefits as of June 30, 2024
United American Family Heritage Liberty National American Income Direct to Consumer Total
Net liability for future policy benefits at original discount rates
103,402 1,781,587 460,382 113,839 ( 6,104 ) 2,453,106
Effect of changes in discount rate assumptions ( 3,406 ) ( 222,918 ) 17,655 8,708 ( 155 ) ( 200,116 )
Other adjustments (1)
14,032 52 9,169 933 6,952 31,138
Net liability for future policy benefits, after other adjustments, at current discount rates
114,028 1,558,721 487,206 123,480 693 2,284,128
Reinsurance recoverable
( 2,905 ) ( 10,470 ) ( 1,114 ) — — ( 14,489 )
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates
$ 111,123 $ 1,548,251 $ 486,092 $ 123,480 $ 693 $ 2,269,639
(1) Other adjustments include the effects of flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

Immaterial Correction of Previously Issued Financial Statements —The Company previously presented reinsurance recoverable on a net basis as a component of future policy benefits. In the fourth quarter of 2023, the Company corrected its presentation of reinsurance recoverable to a gross basis as a component of other assets, which resulted in the reclassification of $ 60 million of reinsurance recoverable at current discount rates from liabilities to assets ($ 50 million at original discount rates) as of June 30, 2023, with no change to equity, and the related tables in the footnote have been adjusted to reflect such changes.

Remeasurement Gain or Loss —During the three months ended June 30, 2024 and 2023, the Company's results for actual variances from expected experience produced a net reserve remeasurement gain of $ 15.6 million and a net reserve remeasurement gain of $ 5.0 million, respectively, in the Condensed Consolidated Statements of Operations . During the six months ended June 30, 2024 and 2023, the Company's results for actual variances from expected experience produced a net reserve remeasurement gain of $ 23.7 million and a net reserve remeasurement gain of $ 5.6 million, respectively, in the Condensed Consolidated Statements of Operations . The variance of actual experience from expected experience during the first six months of 2024 was primarily due to favorable variances from our assumptions as compared to actual experience in our life insurance segment (a $ 17.3 million gain), and favorable variances from our assumptions as compared to actual experience in our health insurance segment (a $ 6.5 million gain). The variance of actual experience from expected experience during the six months ended 2023 was primarily due to favorable variances from our assumptions of life experience as compared to actual experience in our life insurance segment (a $ 5.1 million gain), and favorable variances from our assumptions of health experience as compared to actual experience in our health insurance segment (a $ 0.5 million
32
GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
gain). There were no changes to the judgments, assumptions, and methods used in measuring the liability for future policy benefits during the six months ended June 30, 2024 and 2023.

The following table reconciles the liability for future policy benefits to the Condensed Consolidated Balance Sheets as of June 30, 2024 and 2023:
At Original Discount Rates At Current Discount Rates
As of June 30, As of June 30,
2024
2023 (2)
2024
2023 (2)
Life (1) :
American Income $ 4,705,606 $ 4,354,545 $ 5,175,698 $ 5,195,432
Direct to Consumer 3,078,612 2,892,543 3,479,316 3,503,406
Liberty National 2,275,889 2,226,220 2,339,535 2,405,467
Other 3,107,805 3,003,041 3,532,049 3,638,462
Net liability for future policy benefits—long duration life 13,167,912 12,476,349 14,526,598 14,742,767
Health (1) :
United American 115,771 134,120 114,028 136,537
Family Heritage 1,781,632 1,665,025 1,558,721 1,506,510
Liberty National 469,145 485,797 487,206 519,646
American Income 114,716 113,981 123,480 127,340
Direct to Consumer 673 798 693 827
Net liability for future policy benefits—long duration health 2,481,937 2,399,721 2,284,128 2,290,860
Deferred profit liability 176,123 172,531 176,123 172,531
Deferred annuity 706,022 853,064 706,022 853,064
Interest sensitive life 728,097 736,920 728,097 736,920
Other 9,702 9,906 9,704 9,909
Total future policy benefits
$ 17,269,793 $ 16,648,491 $ 18,430,672 $ 18,806,051
(1) Balances are presented net of the effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).
(2) Includes the immaterial error correction for reinsurance as noted above.


33
GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following tables provide the weighted-average original and current discount rates for the liability for future policy benefits and the additional insurance liabilities as of June 30, 2024 and 2023:
As of June 30,
2024 2023
Original discount rate Current discount rate Original discount rate Current discount rate
Life
American Income 5.7 % 5.3 % 5.8 % 5.0 %
Direct to Consumer 6.0 % 5.4 % 6.0 % 5.1 %
Liberty National 5.6 % 5.4 % 5.6 % 5.1 %
Other 6.2 % 5.4 % 6.2 % 5.1 %
Health
United American 5.1 % 5.2 % 5.1 % 4.9 %
Family Heritage 4.2 % 5.3 % 4.3 % 5.1 %
Liberty National 5.8 % 5.4 % 5.8 % 5.1 %
American Income 5.8 % 5.2 % 5.9 % 4.9 %
Direct to Consumer 5.1 % 5.2 % 5.1 % 4.9 %

The following table provides the weighted-average durations of the liability for future policy benefits and the additional insurance liabilities as of June 30, 2024 and 2023:
As of June 30,
2024 2023
At original discount rates At current discount rates At original discount rates At current discount rates
Life
American Income 23.03 23.17 22.91 23.45
Direct to Consumer 19.44 20.66 20.12 21.81
Liberty National 15.22 15.40 14.97 15.69
Other 16.10 17.23 16.44 18.19
Health
United American 11.59 10.64 11.37 10.79
Family Heritage 15.16 14.21 14.87 14.41
Liberty National 9.26 9.26 9.34 9.68
American Income 12.35 12.55 12.12 12.73
Direct to Consumer 11.59 10.64 11.37 10.79
34
GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following tables summarize the amount of gross premiums and interest related to long duration life and health contracts that are recognized in the Condensed Consolidated Statements of Operations for the three and six month periods ended June 30, 2024 and 2023:
Life
Six Months Ended
June 30, 2024 		Six Months Ended
June 30, 2023
Gross
Premiums 		Interest
expense 		Gross
Premiums 		Interest
expense
American Income $ 836,931 $ 133,928 $ 781,453 $ 123,816
Direct to Consumer 491,235 89,541 490,443 84,062
Liberty National 181,110 61,153 169,570 59,670
Other 101,652 92,151 103,343 88,926
Total $ 1,610,928 $ 376,773 $ 1,544,809 $ 356,474
Life
Three Months Ended
June 30, 2024 		Three Months Ended
June 30, 2023
Gross
Premiums 		Interest
expense 		Gross
Premiums 		Interest
expense
American Income $ 423,172 $ 67,549 $ 394,308 $ 62,385
Direct to Consumer 246,041 45,081 245,736 42,348
Liberty National 91,239 30,611 85,498 29,901
Other 50,583 46,233 51,507 44,652
Total $ 811,035 $ 189,474 $ 777,049 $ 179,286
Health
Six Months Ended
June 30, 2024 		Six Months Ended
June 30, 2023
Gross
Premiums 		Interest
expense 		Gross
Premiums 		Interest
expense
United American $ 214,850 $ 3,041 $ 198,679 $ 3,604
Family Heritage 209,246 35,204 194,219 32,272
Liberty National 94,952 13,155 93,434 13,801
American Income 58,389 3,314 56,335 3,256
Direct to Consumer 7,390 — 7,097 —
Total $ 584,827 $ 54,714 $ 549,764 $ 52,933
Health
Three Months Ended
June 30, 2024 		Three Months Ended
June 30, 2023
Gross
Premiums 		Interest
expense 		Gross
Premiums 		Interest
expense
United American $ 110,753 $ 1,474 $ 100,847 $ 1,782
Family Heritage 105,855 17,773 98,129 16,295
Liberty National 47,518 6,572 46,690 6,881
American Income 29,470 1,659 28,239 1,624
Direct to Consumer 3,733 — 3,555 —
Total $ 297,329 $ 27,478 $ 277,460 $ 26,582
Gross premiums are included within life and health premium on the Condensed Consolidated Statements of Operations , while the related interest expense is included in life and health policyholder benefits.
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GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following tables provide the undiscounted and discounted expected future net premiums, expected future gross premiums, and expected future policy benefits, at both original and current discount rates, for life and health contracts as of June 30, 2024 and 2023:
Life
As of June 30, 2024 As of June 30, 2023
Not discounted At original discount rates At current discount rates Not discounted At original discount rates At current discount rates
American Income
PV of expected future gross premiums $ 25,077,717 $ 14,130,383 $ 14,177,334 $ 23,507,444 $ 13,292,363 $ 13,604,682
PV of expected future net premiums 8,240,194 4,648,111 4,635,903 7,764,339 4,399,053 4,472,847
PV of expected future policy benefits 31,638,799 9,353,526 9,811,407 29,442,642 8,753,526 9,668,207
DTC
PV of expected future gross premiums $ 17,605,488 $ 9,202,366 $ 9,418,076 $ 17,486,509 $ 9,157,664 $ 9,599,872
PV of expected future net premiums 10,784,908 5,670,288 5,810,518 10,811,358 5,700,354 5,988,577
PV of expected future policy benefits 25,978,972 8,748,900 9,289,834 25,685,249 8,592,897 9,487,233
Liberty National
PV of expected future gross premiums $ 4,760,222 $ 2,777,507 $ 2,744,508 $ 4,511,931 $ 2,630,182 $ 2,657,925
PV of expected future net premiums 1,900,361 1,080,642 1,085,233 1,891,335 1,071,561 1,110,017
PV of expected future policy benefits 8,997,194 3,356,531 3,424,768 8,710,626 3,297,781 3,507,845
Other
PV of expected future gross premiums $ 3,671,193 $ 1,866,118 $ 1,974,726 $ 3,773,740 $ 1,909,405 $ 2,075,784
PV of expected future net premiums 897,326 437,551 449,883 914,258 445,475 471,279
PV of expected future policy benefits 12,433,005 3,545,323 3,981,898 12,398,774 3,448,491 4,109,706
Total
PV of expected future gross premiums $ 51,114,620 $ 27,976,374 $ 28,314,644 $ 49,279,624 $ 26,989,614 $ 27,938,263
PV of expected future net premiums 21,822,789 11,836,592 11,981,537 21,381,290 11,616,443 12,042,720
PV of expected future policy benefits 79,047,970 25,004,280 26,507,907 76,237,291 24,092,695 26,772,991

As of June 30, 2024, for the life segment using current discount rates, the Company anticipates $ 28.3 billion of expected future gross premiums and $ 12.0 billion of expected future net premiums. As of June 30, 2023, using current discount rates, the Company anticipated $ 27.9 billion of expected future gross premiums and $ 12.0 billion in expected future net premiums. For each respective period, only expected future net premiums are included in the determination of the liability for future policy benefits on the balance sheet, while the difference between the expected future gross premiums and the expected future net premiums is not.

36
GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Health
As of June 30, 2024 As of June 30, 2023
Not discounted At original discount rates At current discount rates Not discounted At original discount rates At current discount rates
United American
PV of expected future gross premiums $ 8,930,346 $ 5,449,708 $ 5,359,418 $ 6,896,513 $ 4,338,871 $ 4,335,298
PV of expected future net premiums 6,100,831 3,720,108 3,658,491 4,754,498 2,985,660 2,984,554
PV of expected future policy benefits 6,287,625 3,823,510 3,758,487 4,976,470 3,116,768 3,116,389
Family Heritage
PV of expected future gross premiums $ 6,998,187 $ 4,103,577 $ 3,823,106 $ 6,569,913 $ 3,903,618 $ 3,684,436
PV of expected future net premiums 3,092,463 1,823,728 1,690,797 2,958,074 1,771,206 1,661,020
PV of expected future policy benefits 6,909,758 3,605,315 3,249,466 6,483,691 3,436,167 3,167,461
Liberty National
PV of expected future gross premiums $ 2,061,622 $ 1,307,386 $ 1,326,826 $ 2,212,104 $ 1,382,884 $ 1,429,939
PV of expected future net premiums 505,985 338,934 337,741 627,206 400,180 409,551
PV of expected future policy benefits 1,391,768 799,316 815,778 1,561,839 880,879 923,148
American Income
PV of expected future gross premiums $ 1,792,241 $ 1,003,909 $ 1,021,346 $ 1,787,907 $ 998,307 $ 1,035,471
PV of expected future net premiums 373,186 208,867 205,889 360,163 201,709 201,844
PV of expected future policy benefits 656,571 322,706 328,436 640,722 315,087 328,579
Direct to Consumer
PV of expected future gross premiums $ 242,288 $ 151,969 $ 154,318 $ 174,681 $ 114,216 $ 118,015
PV of expected future net premiums 180,882 113,247 114,876 133,047 86,840 89,674
PV of expected future policy benefits 168,428 107,143 108,617 125,192 83,188 85,856
Total
PV of expected future gross premiums $ 20,024,684 $ 12,016,549 $ 11,685,014 $ 17,641,118 $ 10,737,896 $ 10,603,159
PV of expected future net premiums 10,253,347 6,204,884 6,007,794 8,832,988 5,445,595 5,346,643
PV of expected future policy benefits 15,414,150 8,657,990 8,260,784 13,787,914 7,832,089 7,621,433

As of June 30, 2024, for the health segment using current discount rates, the Company anticipates $ 11.7 billion of expected future gross premiums and $ 6.0 billion of expected future net premiums. As of June 30, 2023, using current discount rates, the Company anticipated $ 10.6 billion of expected future gross premiums and $ 5.3 billion in expected future net premiums. For each respective period, only expected future net premiums are included in the determination of the liability for future policy benefits on the balance sheet, while the difference between the expected future gross premiums and the expected future net premiums is not.

37
GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following table summarizes the balances of, and changes in, policyholders’ account balances as of June 30, 2024 and 2023:
Policyholders' Account Balances
2024 2023
Interest Sensitive Life Deferred Annuity Other Policy-holders' Funds Interest Sensitive Life Deferred Annuity Other Policy-holders' Funds
Balance at January 1,
$ 732,948 $ 773,039 $ 236,958 $ 739,105 $ 954,318 $ 123,234
Issuances — 358 — — 371 —
Premiums received 11,110 6,409 168,470 11,664 8,104 68,409
Policy charges ( 6,172 ) — — ( 6,516 ) — —
Surrenders and withdrawals ( 11,476 ) ( 62,562 ) ( 7,351 ) ( 10,622 ) ( 87,271 ) ( 6,324 )
Benefit payments ( 16,740 ) ( 24,137 ) — ( 15,495 ) ( 37,412 ) —
Interest credited 13,968 12,213 9,104 14,191 14,745 3,339
Other 4,459 702 ( 6,556 ) 4,593 209 ( 785 )
Balance at June 30,
$ 728,097 $ 706,022 $ 400,625 $ 736,920 $ 853,064 $ 187,873

Policyholders' Account Balances
2024 2023
Interest Sensitive Life Deferred Annuity Other Policy-holders' Funds Interest Sensitive Life Deferred Annuity Other Policy-holders' Funds
Balance at April 1,
$ 729,721 $ 739,019 $ 401,269 $ 737,900 $ 907,797 $ 142,686
Issuances — 160 — — 169 —
Premiums received 5,486 2,836 1,770 5,634 3,328 46,747
Policy charges ( 3,061 ) — — ( 3,197 ) — —
Surrenders and withdrawals ( 5,167 ) ( 30,999 ) ( 3,834 ) ( 5,238 ) ( 43,738 ) ( 3,021 )
Benefit payments ( 7,600 ) ( 11,366 ) — ( 7,651 ) ( 21,628 ) —
Interest credited 6,952 5,970 5,583 7,056 7,185 2,101
Other 1,766 402 ( 4,163 ) 2,416 ( 49 ) ( 640 )
Balance at June 30,
$ 728,097 $ 706,022 $ 400,625 $ 736,920 $ 853,064 $ 187,873

Weighted-average credit rate 3.87 % 3.35 % 5.69 % 3.88 % 3.30 % 5.18 %
Net amount at risk $ 1,714,347 N/A N/A $ 1,819,695 N/A N/A
Cash surrender value $ 680,564 $ 706,022 $ 400,625 $ 675,044 $ 853,064 $ 187,872

38
GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following tables present the policyholders' account balances by range of guaranteed minimum crediting rates and the related range of difference, if any, in basis points between rates being credited to policy holders and the respective guaranteed minimums as of June 30, 2024 and 2023:
At June 30, 2024
Range of guaranteed minimum crediting rates Interest Sensitive Life Deferred Annuity Other Policyholders' Funds
At guaranteed minimum
Less than 3.00 %
$ — $ 1,743 $ 304,454
3.00 %- 3.99 %
29,238 515,442 3,246
4.00 %- 4.99 %
608,867 187,985 6,539
Greater than 5.00 %
89,992 — 36,775
Total
728,097 705,170 351,014
51 - 150 basis points above
Less than 3.00 %
— — —
3.00 %- 3.99 %
— — —
4.00 %- 4.99 %
— — 49,611
Greater than 5.00 %
— — —
Total
— — 49,611
Greater than 150 basis points above
Less than 3.00 %
— — —
3.00 %- 3.99 %
— 852 —
4.00 %- 4.99 %
— — —
Greater than 5.00 %
— — —
Total
— 852 —
Grand Total
$ 728,097 $ 706,022 $ 400,625

39
GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
At June 30, 2023
Range of guaranteed minimum crediting rates Interest Sensitive Life Deferred Annuity Other Policyholders' Funds
At guaranteed minimum
Less than 3.00 %
$ — $ 2,076 $ 88,301
3.00 %- 3.99 %
29,014 647,355 4,025
4.00 %- 4.99 %
618,071 203,633 8,587
Greater than 5.00 %
89,835 — 38,594
Total
736,920 853,064 139,507
51 - 150 basis points above
Less than 3.00 %
$ — $ — $ —
3.00 %- 3.99 %
— — —
4.00 %- 4.99 %
— — 48,366
Greater than 5.00 %
— — —
Total
— — 48,366
Greater than 150 basis points above
Less than 3.00 %
$ — $ — $ —
3.00 %- 3.99 %
— — —
4.00 %- 4.99 %
— — —
Greater than 5.00 %
— — —
Total
— — —
Grand Total
$ 736,920 $ 853,064 $ 187,873

40
GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Note 7—Deferred Acquisition Costs

The following tables roll forward the deferred policy acquisition costs for the three and six month periods ended June 30, 2024 and 2023:
Life
American Income DTC Liberty National Other Total
Balance at January 1, 2023
$ 2,258,291 $ 1,676,931 $ 610,723 $ 298,346 $ 4,844,291
Capitalizations 234,172 87,389 50,649 6,767 378,977
Amortization expense ( 77,742 ) ( 49,605 ) ( 25,163 ) ( 8,252 ) ( 160,762 )
Foreign exchange adjustment 2,759 — — — 2,759
Balance at June 30, 2023
$ 2,417,480 $ 1,714,715 $ 636,209 $ 296,861 $ 5,065,265
Balance at January 1, 2024
$ 2,573,370 $ 1,737,117 $ 666,419 $ 294,869 $ 5,271,775
Capitalizations 259,856 78,976 58,100 6,280 403,212
Amortization expense ( 87,377 ) ( 50,420 ) ( 27,614 ) ( 8,272 ) ( 173,683 )
Foreign exchange adjustment ( 5,711 ) — — — ( 5,711 )
Balance at June 30, 2024
$ 2,740,138 $ 1,765,673 $ 696,905 $ 292,877 $ 5,495,593

Life
American Income DTC Liberty National Other Total
Balance at April 1, 2023
$ 2,332,600 $ 1,699,588 $ 622,532 $ 297,542 $ 4,952,262
Capitalizations 118,777 39,979 26,428 3,446 188,630
Amortization expense ( 39,443 ) ( 24,852 ) ( 12,751 ) ( 4,127 ) ( 81,173 )
Foreign exchange adjustment 5,546 — — — 5,546
Balance at June 30, 2023
$ 2,417,480 $ 1,714,715 $ 636,209 $ 296,861 $ 5,065,265
Balance at April 1, 2024
$ 2,652,009 $ 1,754,184 $ 678,885 $ 293,747 $ 5,378,825
Capitalizations 132,413 36,851 32,035 3,267 204,566
Amortization expense ( 44,401 ) ( 25,362 ) ( 14,015 ) ( 4,137 ) ( 87,915 )
Foreign exchange adjustment 117 — — — 117
Balance at June 30, 2024
$ 2,740,138 $ 1,765,673 $ 696,905 $ 292,877 $ 5,495,593

41
GL Q2 2024 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Health
United American Family Heritage Liberty National American Income DTC Total
Balance at January 1, 2023
$ 77,394 $ 416,608 $ 133,096 $ 57,811 $ 1,854 $ 686,763
Capitalizations 996 30,591 9,734 6,320 — 47,641
Amortization expense ( 3,041 ) ( 13,200 ) ( 6,554 ) ( 1,903 ) ( 94 ) ( 24,792 )
Foreign exchange adjustment — — — 57 — 57
Balance at June 30, 2023
$ 75,349 $ 433,999 $ 136,276 $ 62,285 $ 1,760 $ 709,669
Balance at January 1, 2024
$ 73,489 $ 452,843 $ 139,941 $ 66,783 $ 1,679 $ 734,735
Capitalizations 1,289 33,932 12,444 7,280 2 54,947
Amortization expense ( 2,803 ) ( 14,521 ) ( 7,288 ) ( 2,237 ) ( 73 ) ( 26,922 )
Foreign exchange adjustment — — — ( 237 ) — ( 237 )
Balance at June 30, 2024
$ 71,975 $ 472,254 $ 145,097 $ 71,589 $ 1,608 $ 762,523

Health
United American Family Heritage Liberty National American Income DTC Total
Balance at April 1, 2023
$ 76,388 $ 425,145 $ 134,728 $ 59,890 $ 1,807 $ 697,958
Capitalizations 489 15,494 4,852 3,177 — 24,012
Amortization expense ( 1,528 ) ( 6,640 ) ( 3,304 ) ( 965 ) ( 47 ) ( 12,484 )
Foreign exchange adjustment — — — 183 — 183
Balance at June 30, 2023
$ 75,349 $ 433,999 $ 136,276 $ 62,285 $ 1,760 $ 709,669
Balance at April 1, 2024
$ 72,604 $ 462,346 $ 144,313 $ 68,938 $ 1,643 $ 749,844
Capitalizations 793 17,242 4,465 3,750 1 26,251
Amortization expense ( 1,422 ) ( 7,334 ) ( 3,681 ) ( 1,138 ) ( 36 ) ( 13,611 )
Foreign exchange adjustment — — — 39 — 39
Balance at June 30, 2024
$ 71,975 $ 472,254 $ 145,097 $ 71,589 $ 1,608 $ 762,523
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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following table presents a reconciliation of deferred policy acquisition costs to the Condensed Consolidated Balance Sheets as of June 30, 2024:
June 30,
2024 2023
Life
American Income $ 2,740,138 $ 2,417,480
Direct to Consumer 1,765,673 1,714,715
Liberty National 696,905 636,209
Other 292,877 296,861
Total DAC—Life
5,495,593 5,065,265
Health
United American 71,975 75,349
Family Heritage 472,254 433,999
Liberty National 145,097 136,276
American Income 71,589 62,285
Direct to Consumer 1,608 1,760
Total DAC—Health
762,523 709,669
Annuity
2,178 3,798
Tota l
$ 6,260,294 $ 5,778,732
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Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Note 8—Liability for Unpaid Claims

Activity in the liability for unpaid health claims is summarized as follows:
June 30,
2024 		December 31,
2023
Balance at beginning of period
$ 194,809 $ 184,286
Less reinsurance recoverables
( 2,157 ) ( 2,084 )
Net balance at beginning of period
192,652 182,202
Incurred related to:
Current year 368,295 697,521
Prior years ( 3,930 ) ( 4,853 )
Total incurred 364,365 692,668
Paid related to:
Current year 225,585 535,971
Prior years 128,535 146,247
Total paid 354,120 682,218
Net balance at end of period
202,897 192,652
Plus reinsurance recoverables
1,668 2,157
Balance at end of period
$ 204,565 $ 194,809

Below is the reconciliation of the liability of "Policy claims and other benefits payable" in the Condensed Consolidated Balance Sheets .
June 30,
2024 		December 31,
2023
Policy claims and other benefits payable:
Life insurance $ 321,561 $ 320,066
Health insurance 204,565 194,809
Total $ 526,126 $ 514,875

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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Note 9—Postretirement Benefits

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

Pension Assets: The following table presents the assets of the Company's Pension Plans at June 30, 2024 and December 31, 2023.

Pension Assets by Component at June 30, 2024

Fair Value Determined by:
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
Significant
Observable
Inputs (Level 2)
Significant
Unobservable
Inputs (Level 3)
Total
Amount
% of
Total
Exchange traded fund (4)
$ 35,996 $ — $ — $ 35,996 6
Equity exchange traded fund (1)
295,168 — — 295,168 50
U.S. Government and Agency — 180,280 — 180,280 30
Other bonds — 4 — 4 —
Guaranteed annuity contract (2)
— 43,736 — 43,736 7
Short-term investments 8,808 — — 8,808 2
Other 1,103 — — 1,103 —
$ 341,075 $ 224,020 $ — 565,095 95
Other long-term investments (3)
26,977 5
Total pension assets
$ 592,072 100
(1) A fund including marketable securities that mirror the S&P 500 index.
(2) Representing a guaranteed annuity contract issued by Globe Life Inc.'s subsidiary, American Income Life Insurance Company, to fund the obligations of the American Income Life Insurance Company Collective Bargaining Agreement Employees Pension Plan.
(3) Includes non-redeemable investment funds that report the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value (NAV) per share, or its equivalent, as a practical expedient for fair value. As of June 30, 2024, the Globe Life Inc. Pension Plan owned less than 1 % of two long-term investment funds.
(4) A fund including U.S. dollar-denominated investment-grade securities issued by industrial, utility, and financial companies with maturities greater than 10 years.

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

Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
Significant
Observable
Inputs (Level 2)
Significant
Unobservable
Inputs (Level 3)
Total
Amount
% of
Total
Exchange traded fund (4)
$ 18,715 $ — $ — $ 18,715 3
Equity exchange traded fund (1)
315,886 — — 315,886 55
U.S. Government and Agency — 167,450 — 167,450 30
Other bonds — 5 — 5 —
Guaranteed annuity contract (2)
— 43,428 — 43,428 8
Short-term investments 6,506 — — 6,506 1
Other 463 — — 463 —
$ 341,570 $ 210,883 $ — 552,453 97
Other long-term investments (3)
18,314 3
Total pension assets
$ 570,767 100
(1) A fund including marketable securities that mirror the S&P 500 index.
(2) Representing a guaranteed annuity contract issued by Globe Life Inc.'s subsidiary, American Income Life Insurance Company, to fund the obligations of the American Income Life Insurance Company Collective Bargaining Agreement Employees Pension Plan.
(3) Includes non-redeemable investment funds that report the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value (NAV) per share, or its equivalent, as a practical expedient for fair value. As of December 31, 2023, the Globe Life Inc. Pension Plan owned less than 1 % of two long-term investment funds.
(4) A fund including U.S. dollar-denominated investment-grade securities issued by industrial, utility, and financial companies with maturities greater than 10 years.

SERP : The following tables include premiums paid for the company owned life insurance (COLI) at June 30, 2024 and 2023 and investments of the Rabbi Trust at June 30, 2024 and December 31, 2023.
Six Months Ended
June 30,
2024 2023
Premiums paid for insurance coverage $ 443 $ 443
June 30,
2024 		December 31,
2023
Total investments:
COLI
$ 56,423 $ 55,185
Exchange traded funds 92,857 86,156
$ 149,280 $ 141,341

Pension Plans and SERP Liabilities : The following table presents liabilities for the defined benefit pension plans and SERP at June 30, 2024 and December 31, 2023.
June 30,
2024 		December 31,
2023
Pension Plans $ 581,490 $ 554,957
SERP 72,579 72,603
Benefit obligation
$ 654,069 $ 627,560

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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Net Periodic Benefit Cost: The following table presents the net periodic benefit costs for the defined benefit pension plans and SERP by expense components for the three and six month periods ended June 30, 2024 and 2023.
Components of Net Periodic Benefit Cost
Three Months Ended
June 30, 		Six Months Ended
June 30,
2024 2023 2024 2023
Service cost—benefits earned during the period $ 6,228 $ 5,390 $ 12,449 $ 10,782
Interest cost on projected benefit obligation 8,308 7,834 16,575 15,668
Expected return on assets ( 10,647 ) ( 9,656 ) ( 21,293 ) ( 19,312 )
Amortization:
Prior service cost 269 269 538 538
Actuarial (gain) loss 6 ( 52 ) 12 ( 104 )
Net periodic benefit cost
$ 4,164 $ 3,785 $ 8,281 $ 7,572


Note 10—Earnings Per Share

Earnings per Share : A reconciliation of basic and diluted weighted-average shares outstanding used in the computation of basic and diluted earnings per share is as follows:
Three Months Ended
June 30, 		Six Months Ended
June 30,
2024 2023 2024 2023
Basic weighted average shares outstanding 91,441,350 95,330,416 92,653,478 95,856,391
Weighted average dilutive options outstanding — 921,019 333,855 1,228,920
Diluted weighted average shares outstanding 91,441,350 96,251,435 92,987,333 97,085,311
Antidilutive shares 4,958,491 492,970 2,063,624 351,343

Antidilutive shares are excluded from the calculation of diluted earnings per share. All antidilutive shares noted above result from outstanding out of the money employee and Director stock options.
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Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Note 11—Debt

The following table presents information about the terms and outstanding balances of Globe Life's debt.
Selected Information about Debt Issues
As of
June 30,
2024 		December 31,
2023
Instrument Issue Date Maturity Date Coupon Rate Par
Value 		Unamortized Discount & Issuance Costs Book
Value 		Fair
Value 		Book
Value
Senior notes 09/27/2018 09/15/2028 4.550 % $ 550,000 $ ( 3,359 ) $ 546,641 $ 522,121 $ 546,283
Senior notes 08/21/2020 08/15/2030 2.150 % 400,000 ( 3,099 ) 396,901 320,552 396,670
Senior notes (1)
05/19/2022 06/15/2032 4.800 % 250,000 ( 3,928 ) 246,072 229,785 245,873
Junior subordinated debentures 11/17/2017 11/17/2057 5.275 % 125,000 ( 1,565 ) 123,435 109,258 123,427
Junior subordinated debentures 06/14/2021 06/15/2061 4.250 % 325,000 ( 7,653 ) 317,347 194,480 317,306
Total long-term debt
1,650,000 ( 19,604 ) 1,630,396 1,376,196 1,629,559
Term loan (2)
05/11/2023 11/11/2024 6.420 % 170,000 ( 196 ) 169,804 169,804 169,549
FHLB borrowings 180,000 — 180,000 180,000 —
Commercial paper 313,225 ( 8,423 ) 304,802 304,802 316,564
Total short-term debt
663,225 ( 8,619 ) 654,606 654,606 486,113
Total debt
$ 2,313,225 $ ( 28,223 ) $ 2,285,002 $ 2,030,802 $ 2,115,672
(1) An additional $ 150 million par value and book value is held by insurance subsidiaries that eliminates in consolidation.
(2) Interest calculated quarterly using Secured Overnight Financing Rate (SOFR) plus 135 basis points.

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

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

The facility is further designated as a back-up credit line for a commercial paper program under which the Company may either borrow from the credit line or issue commercial paper at any time, with total commercial paper outstanding not to exceed the facility maximum of $ 1 billion, less any letters of credit issued. Interest is charged at variable rates. In accordance with the agreement, Globe Life is subject to certain covenants regarding capitalization. As of June 30, 2024, the Company was in full compliance with these covenants.

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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following tables present certain information about our commercial paper borrowings.

Credit Facility—Commercial Paper
(Dollar amounts in thousands)

At
June 30,
2024 		December 31, 2023 June 30,
2023
Balance of commercial paper at end of period (par value) $ 313,225 $ 319,000 $ 260,000
Annualized interest rate 6.02 % 5.71 % 5.57 %
Letters of credit outstanding $ 115,000 $ 115,000 $ 115,000
Remaining amount available under credit line 571,775 316,000 375,000

Credit Facility—Commercial Paper Activity
(Dollar amounts in thousands)
Six Months Ended June 30,
2024 2023
Average balance of commercial paper outstanding during period (par value) $ 392,905 $ 313,259
Daily-weighted average interest rate (annualized) 5.76 % 5.21 %
Maximum daily amount outstanding during period (par value) $ 633,425 $ 477,700
Commercial paper issued during period (par value)
997,492 1,055,000
Commercial paper matured during period (par value) ( 1,003,267 ) ( 1,080,000 )
Net commercial paper issued (matured) during period (par value)
( 5,775 ) ( 25,000 )

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

Globe Life owned $ 36.4 million in FHLB common stock as of June 30, 2024 and $ 22.3 million as of December 31, 2023. The FHLB stock is restricted for the duration of the membership and recorded at cost (par) as required by applicable guidance. The FHLB stock is included in "Other long-term investments " in the Condensed Consolidated Balance Sheets. Borrowings with the FHLB are subject to the availability of pledged assets at the insurance subsidiaries of Globe Life. As of June 30, 2024, Globe Life's insurance subsidiaries maximum borrowing capacity under the FHLB facility was approximately $ 640 million, net of outstanding funding agreements and short-term borrowings, on pledged assets with a fair value of $ 1.4 billion. As of June 30, 2024, $ 303 million in funding agreements were outstanding with the FHLB, compared to $ 138 million as of December 31, 2023. This amount is included in "Other policyholders' funds" in the Condensed Consolidated Balance Sheets . In addition, the Company had $ 180 million in short-term borrowings from the FHLB as of June 30, 2024, compared to $ 0 as of December 31, 2023, this amount is recorded in "Short-term debt".


Note 12—Business Segments

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

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

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

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


Premium Income by Distribution Channel
Three Months Ended June 30, 2024
Life Health Annuity Total
Distribution Channel Amount % of
Total 		Amount % of
Total 		Amount % of
Total 		Amount % of
Total
American Income $ 423,534 52 $ 30,721 9 $ — — $ 454,255 39
Direct to Consumer 248,839 31 18,132 5 — — 266,971 23
Liberty National 92,197 11 47,705 14 — — 139,902 12
United American 1,558 — 149,230 42 — — 150,788 13
Family Heritage 1,645 — 105,855 30 — — 107,500 9
Other 47,709 6 — — — — 47,709 4
$ 815,482 100 $ 351,643 100 $ — — $ 1,167,125 100

Three Months Ended June 30, 2023
Life Health Annuity Total
Distribution Channel Amount
% of
Total
Amount
% of
Total
Amount
% of
Total
Amount
% of
Total
American Income $ 394,620 51 $ 29,527 9 $ — — $ 424,147 38
Direct to Consumer 248,607 32 17,175 5 — — 265,782 24
Liberty National 86,634 11 46,903 14 — — 133,537 12
United American 1,849 — 137,453 42 — — 139,302 13
Family Heritage 1,513 — 98,129 30 — — 99,642 9
Other 48,510 6 — — — — 48,510 4
$ 781,733 100 $ 329,187 100 $ — — $ 1,110,920 100


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Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Six Months Ended June 30, 2024
Life Health Annuity Total
Distribution Channel Amount % of
Total 		Amount % of
Total 		Amount % of
Total 		Amount % of
Total
American Income $ 837,578 52 $ 61,218 9 $ — — $ 898,796 39
Direct to Consumer 496,879 31 35,998 5 — — 532,877 23
Liberty National 182,974 11 95,335 14 — — 278,309 12
United American 3,401 — 290,865 42 — — 294,266 13
Family Heritage 3,261 — 209,246 30 — — 212,507 9
Other 95,654 6 — — — — 95,654 4
$ 1,619,747 100 $ 692,662 100 $ — — $ 2,312,409 100
Six Months Ended June 30, 2023
Life Health Annuity Total
Distribution Channel Amount
% of
Total
Amount
% of
Total
Amount
% of
Total
Amount
% of
Total
American Income $ 782,132 51 $ 59,121 9 $ — — $ 841,253 38
Direct to Consumer 496,274 32 34,423 5 — — 530,697 24
Liberty National 171,837 11 93,875 14 — — 265,712 12
United American 3,731 — 270,060 42 — — 273,791 12
Family Heritage 2,993 — 194,201 30 — — 197,194 9
Other 97,363 6 — — — — 97,363 5
$ 1,554,330 100 $ 651,680 100 $ — — $ 2,206,010 100

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

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

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, 2024
Life Health Annuity Investment Corporate & Other Adjustments Consolidated
Revenue:
Premium $ 815,482 $ 351,643 $ — $ — $ — $ — $ 1,167,125
Net investment income — — — 285,636 — — 285,636
Other income — — — — 74 — 74
Total revenue 815,482 351,643 — 285,636 74 — 1,452,835
Expenses:
Policy benefits 518,792 205,423 5,943 5,536 — — 735,694
Required interest on reserves ( 201,815 ) ( 27,410 ) ( 8,084 ) 237,309 — — —
Amortization of acquisition costs 87,915 13,611 389 — — — 101,915
Commissions, premium taxes, and non-deferred acquisition costs 90,267 59,531 4 — — — 149,802
Insurance administrative expense (1)
— — — — 82,196 916 (2) 83,112
Parent expense — — — — 3,130 2,776 (2,3) 5,906
Stock-based compensation expense — — — — 10,090 — 10,090
Interest expense — — — — 31,404 — 31,404
Total expenses 495,159 251,155 ( 1,748 ) 242,845 126,820 3,692 1,117,923
Subtotal 320,323 100,488 1,748 42,791 ( 126,746 ) ( 3,692 ) 334,912
Non-operating items — — — — — 3,692 (2,3) 3,692
Measure of segment profitability (pretax)
$ 320,323 $ 100,488 $ 1,748 $ 42,791 $ ( 126,746 ) $ — 338,604
Realized gains (losses) ( 12,589 )
Legal costs and proceedings ( 2,435 )
Non-operating expenses ( 1,257 )
$ 322,323
(1) Administrative expense is not allocated to insurance segments.
(2) Legal costs and proceedings.
(3) Non-operating expenses.





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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Three Months Ended June 30, 2023
Life Health Annuity Investment Corporate & Other Adjustments Consolidated
Revenue:
Premium $ 781,733 $ 329,187 $ — $ — $ — $ — $ 1,110,920
Net investment income — — — 261,244 — — 261,244
Other income — — — — 85 — 85
Total revenue 781,733 329,187 — 261,244 85 — 1,372,249
Expenses:
Policy obligations 512,664 195,924 7,107 1,815 — — 717,510
Required interest on reserves ( 191,781 ) ( 26,548 ) ( 9,715 ) 228,044 — — —
Amortization of acquisition costs 81,173 12,484 423 — — — 94,080
Commissions, premium taxes, and non-deferred acquisition costs 83,547 54,908 4 — — — 138,459
Insurance administrative expense (1)
— — — — 75,459 — 75,459
Parent expense — — — — 3,088 3,088
Stock-based compensation expense — — — — 7,486 — 7,486
Interest expense — — — — 25,818 — 25,818
Total expenses 485,603 236,768 ( 2,181 ) 229,859 111,851 — 1,061,900
Subtotal 296,130 92,419 2,181 31,385 ( 111,766 ) — 310,349
Non-operating items — — — — — — —
Measure of segment profitability (pretax)
$ 296,130 $ 92,419 $ 2,181 $ 31,385 $ ( 111,766 ) $ — 310,349
Realized gains (losses) ( 45,843 )
$ 264,506
(1) Administrative expense is not allocated to insurance segments.



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Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Six Months Ended June 30, 2024
Life Health Annuity Investment Corporate & Other Adjustments Consolidated
Revenue:
Premium $ 1,619,747 $ 692,662 $ — $ — $ — $ — $ 2,312,409
Net investment income — — — 568,214 — — 568,214
Other income — — — — 150 — 150
Total revenue 1,619,747 692,662 — 568,214 150 — 2,880,773
Expenses:
Policy obligations 1,038,663 407,750 12,070 9,004 — — 1,467,487
Required interest on reserves ( 401,522 ) ( 54,583 ) ( 16,529 ) 472,634 — — —
Required interest on DAC — — — — — — —
Amortization of acquisition costs 173,683 26,922 788 — — — 201,393
Commissions, premium taxes, and non-deferred acquisition costs 179,589 118,315 8 — — — 297,912
Insurance administrative expense (1)
— — — — 162,607 916 (2) 163,523
Parent expense — — — — 5,956 3,486 (2,3) 9,442
Stock-based compensation expense — — — — 19,357 — 19,357
Interest expense — — — — 60,025 — 60,025
Total expenses 990,413 498,404 ( 3,663 ) 481,638 247,945 4,402 2,219,139
Subtotal 629,334 194,258 3,663 86,576 ( 247,795 ) ( 4,402 ) 661,634
Non-operating items — — — — — 4,402 (2,3) 4,402
Measure of segment profitability (pretax)
$ 629,334 $ 194,258 $ 3,663 $ 86,576 $ ( 247,795 ) $ — 666,036
Realized gains (losses) ( 24,388 )
Legal costs and proceedings ( 2,435 )
Non-operating expenses ( 1,967 )
$ 637,246
(1) Administrative expense is not allocated to insurance segments.
(2) Legal costs and proceedings.
(3) Non-operating expenses.





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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Six Months Ended June 30, 2023
Life Health Annuity Investment Corporate & Other Adjustments Consolidated
Revenue:
Premium $ 1,554,330 $ 651,680 $ — $ — $ — $ — $ 2,206,010
Net investment income — — — 518,349 — — 518,349
Other income — — — — 135 — 135
Total revenue 1,554,330 651,680 — 518,349 135 — 2,724,494
Expenses:
Policy obligations 1,020,641 386,886 14,648 3,262 — — 1,425,437
Required interest on reserves ( 381,602 ) ( 52,871 ) ( 19,974 ) 454,447 — — —
Amortization of acquisition costs 160,762 24,792 848 — — — 186,402
Commissions, premium taxes, and non-deferred acquisition costs 167,125 109,122 9 — — — 276,256
Insurance administrative expense (1)
— — — — 149,366 — 149,366
Parent expense — — — — 5,673 — 5,673
Stock-based compensation expense — — — — 15,165 — 15,165
Interest expense — — — — 50,685 — 50,685
Total expenses 966,926 467,929 ( 4,469 ) 457,709 220,889 — 2,108,984
Subtotal 587,404 183,751 4,469 60,640 ( 220,754 ) — 615,510
Non-operating items — — — — — — —
Measure of segment profitability (pretax)
$ 587,404 $ 183,751 $ 4,469 $ 60,640 $ ( 220,754 ) $ — 615,510
Realized gains (losses) ( 76,770 )
$ 538,740
(1) Administrative expense is not allocated to insurance segments.



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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 recent pandemic and associated direct and indirect effects on our business operations, financial results, and financial condition. If these estimates or assumptions prove to be incorrect, the actual results of Globe Life may differ materially from the forward-looking statements made on the basis of such estimates or assumptions. Whether or not actual results differ materially from forward-looking statements may depend on numerous foreseeable and unforeseeable events or developments, which may be national in scope, related to the insurance industry generally, or applicable to the Company specifically. Such events or developments could include, but are not necessarily limited to:
1. Economic and other conditions, including the continued impact of inflation, geopolitical events, and the recent pandemic on the U.S. economy, leading to unexpected changes in lapse rates and/or sales of our policies, as well as levels of mortality, morbidity, and utilization of health care services that differ from Globe Life's assumptions;
2. Regulatory developments, including changes in accounting standards or governmental regulations (particularly those impacting taxes and changes to the Federal Medicare program that would affect Medicare Supplement);
3. Market trends in the senior-aged health care industry that provide alternatives to traditional Medicare (such as Health Maintenance Organizations and other managed care or private plans) and that could affect the sales of traditional Medicare Supplement insurance;
4. Interest rate changes that affect product sales, financing costs, and/or investment portfolio yield;
5. General economic, industry sector or individual debt issuers’ financial conditions (including developments and volatility arising from geopolitical events, particularly in certain industries that may comprise part of our investment portfolio) that may affect the current market value of securities we own, or that may impair an issuer’s ability to make principal and/or interest payments due on those securities;
6. Changes in the competitiveness of the Company's products and pricing;
7. Litigation results or regulatory actions against the Company;
8. Levels of administrative and operational efficiencies that differ from our assumptions (including any reduction in efficiencies resulting from increased costs arising from the impact of higher than anticipated inflation);
9. The ability to obtain timely and appropriate premium rate increases for health insurance policies from our regulators;
10. The customer response to new products and marketing initiatives;
11. Reported amounts in the consolidated financial statements which are based on management estimates and judgments which may differ from the actual amounts ultimately realized;
12. Compromise by a malicious actor or other event that causes a loss of secure data from, or inaccessibility to, our computer and other information technology systems;
13. The impact of reputational damage on the Company's ability to attract and retain agents;
14. The severity, magnitude, and impact of natural or man-made catastrophic events, including but not limited to pandemics, tornadoes, hurricanes, earthquakes, war and terrorism, on our operations and personnel, commercial activity, level of claims, and demand for our products; and
15. Globe Life's ability to access the commercial paper and debt markets, particularly if such markets become unpredictable or unstable for a certain period.
Readers are also directed to consider other risks and uncertainties described in other documents on file with the Securities and Exchange Commission.
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GLOBE LIFE INC.
Management's Discussion & Analysis
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with Globe Life's Condensed Consolidated Financial Statements and Notes thereto appearing elsewhere in this report. The following management discussion will only include comparison to prior year.

"Globe Life" and the "Company" refer to Globe Life Inc. and its subsidiaries and affiliates.

Results of Operations

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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.
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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

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Investment Segment. The investment segment involves the management of our capital resources, including investments and the management of liquidity. Our measure of profitability for the investment segment is excess investment income, as seen below:
Net investment income
(Required interest on policy liabilities)
Excess investment income


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GLOBE LIFE INC.
Management's Discussion & Analysis
Current Highlights.
• Net income as a return on equity (ROE) for the six months ended June 30, 2024 was 20.8% and net operating income as an ROE, excluding accumulated other comprehensive income (1) was 14.5%.
• Total premium increased 5% over the same period in the prior year. Life premium increased 4% for the period from $1.55 billion in 2023 to $1.62 billion in 2024.
• Net investment income increased 10% over the same period in the prior year.
• Total net sales increased 10% over the same period in the prior year from $379 million in 2023 to $415 million in 2024. The average producing agent count across all of the exclusive agencies increased 13% over the prior year.
• Book value per share increased 40% over the same period in the prior year from $41.44 to $58.06. Book value per share, excluding accumulated other comprehensive income (1) , increased 14% over the prior year from $72.09 in 2023 to $82.38 in 2024.
The following graphs represent net income and net operating income for the six month periods ended June 30, 2024 and 2023.
830 832
(1) As shown in the charts above, net operating income is the consolidated total of segment profits after tax and as such is considered a non-GAAP measure. It has been used consistently by Globe Life's management for many years to evaluate the operating performance of the Company. It differs from net income primarily because it excludes certain non-operating items such as realized gains and losses and certain significant and unusual items included in net income. Net income is the most directly comparable GAAP measure.
Net operating income as an ROE, excluding accumulated other comprehensive income (AOCI), is considered a non-GAAP measure. Management utilizes this measure to view the business without the effect of changes in AOCI, which are primarily attributable to fluctuation in interest rates. The impact of the adjustment to exclude AOCI is $(2.2) billion and $(2.9) billion for the six months ended June 30, 2024 and 2023, respectively.
Book value per share, excluding AOCI, is also considered a non-GAAP measure. Management utilizes this measure to view the book value of the business without the effect of changes in AOCI, which are primarily attributable to fluctuation in interest rates. The impact of the adjustment to exclude AOCI is $(24.32) and $(30.65) for the six months ended June 30, 2024 and 2023, respectively.
Refer to Analysis of Profitability by Segment for non-GAAP reconciliation to GAAP.
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GLOBE LIFE INC.
Management's Discussion & Analysis
Summary of Operations. Net income increased 17% to $513 million during the six months ended June 30, 2024, compared with $439 million in the same period in 2023. On a diluted per common share basis, net income per common share for the six months ended June 30, 2024 increased 22% from $4.52 to $5.51.

Net operating income increased 7% to $535 million for the six months ended June 30, 2024, compared with $500 million for the same period in 2023, primarily due to a 43% increase in excess investment income as well as a 7% increase in life underwriting margin. On a diluted per common share basis, net operating income per common share for the six months ended June 30, 2024 increased from $5.15 to $5.76, a 12% increase. Net operating income is the consolidated total of segment profits after tax and as such is considered a non-GAAP measure. Net income is the most directly comparable GAAP measure. We do not consider realized gains and losses to be a component of our core insurance operations or operating segments. Additionally, net income was affected by certain non-operating items. We do not view these items as components of core operating results because they are not indicative of past performance or future prospects of the insurance operations. We remove items such as these that relate to prior periods or are non-operating items when evaluating the results of current operations, and therefore exclude such items from our segment analysis for current periods.

Net operating income is primarily comprised of insurance underwriting margin plus excess investment income, offset by operating expenses. As previously noted, a component of insurance underwriting margin is policy obligations, which includes for each reporting period the change in the liability for future policy benefits (LFPB). The LFPB is determined each reporting period based on the net level premium method. Net level premiums reflect a recomputed net premium ratio using actual experience since the issue date, and expected future experience based on future cash-flow assumptions. See Note 6—Policy Liabilities for additional information. The policy liability is accrued as premium revenue is recognized and adjusted for differences between actual and expected experience in the form of remeasurement gains and losses during the period. If actual mortality, morbidity, and lapse experience equals our expected assumptions used in the development of our liability for future policy benefits, there would be no impact to our financial results. Actual experience can have a material impact on financial results to the extent it significantly deviates from the expected assumptions which are used to develop our estimates of the liability for future policy benefits and amortization of the deferred acquisition cost asset (DAC). For example, deviations in actual versus expected lapses in the early policy years tend to have a larger impact on DAC amortization than LFPB change in reserves. Conversely, deviations in actual versus expected lapses in the later policy years typically have a larger impact on LFPB change in reserves than DAC amortization. This is due to the release of DAC and LFPB where DAC capitalization in earlier years is amortizing over time and the LFPB is increasing over time as the policy stays inforce. Disaggregated rollforwards of our present value of expected future net premiums and our expected future policy benefits are presented within Note 6—Policy Liabilities , which include disclosure of remeasurement gain (loss) for the effect of actual variances from expected experience and the changes in assumptions (mortality, morbidity, and lapses) on future cash flows.

Excluding our Direct to Consumer Division, we sell our policies primarily through independently contracted agents (“agents”) who earn commissions in accordance with contracts they have with the respective insurance subsidiary of the Company. These contract arrangements with agents cover commission structures and rates, contract periods, credit terms for settlement of agent advance accounts, vesting rights in future renewal commissions upon termination of contracts and responsibility for premium collections. Contract terms with agents vary, but generally commissions are earned over the life of the policy as premiums are paid. Commissions are calculated on a policy-by-policy basis and vary by product type and policy year. Commission rates are higher for the first-year premium when a policy is issued and are generally reduced for policies that remain in effect for renewal periods (e.g., commission rates may reduce in years 2-10 and again in year 11 and after). After a certain period (typically 10 years), commission rates become constant over the remaining life of the policy and are considered level commissions.

Generally, commissions are paid to an agent when due over the life of a policy as premiums are paid. However, some agents may qualify to have their commissions (primarily first-year commissions) paid in advance of when the commissions are earned. To the extent an advance is made, we will generally advance up to 65% of first year commissions. This creates an agent debit balance which is classified within “Other receivables” in the consolidated financial statements. If an agent has an agent debit balance with the company, commissions earned by that agent are generally first applied to reduce the amounts owed the company. Any excess will be paid to the agent in cash.

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

The Company continues to see positive signs in its core operations, including sales and premium growth, and a strong ROE, excluding accumulated other comprehensive income.
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GLOBE LIFE INC.
Management's Discussion & Analysis
Globe Life's operations on a segment-by-segment basis are discussed in depth below. Net operating income has been used consistently by management for many years to evaluate the operating performance of the Company and is a measure commonly used in the life insurance industry. It differs from GAAP net income primarily because it excludes certain non-operating items such as realized gains and losses and other significant and unusual items included in net income. Management believes an analysis of net operating income is important in understanding the profitability and operating trends of the Company’s business. Net income is the most directly comparable GAAP measure.

Analysis of Profitability by Segment
(Dollar amounts in thousands)
Six Months Ended June 30,
2024 2023 Change %
Life insurance underwriting margin $ 629,334 $ 587,404 $ 41,930 7
Health insurance underwriting margin 194,258 183,751 10,507 6
Annuity underwriting margin 3,663 4,469 (806) (18)
Excess investment income 86,576 60,640 25,936 43
Other insurance:
Other income 150 135 15 11
Administrative expense (162,607) (149,366) (13,241) 9
Corporate and other (85,338) (71,523) (13,815) 19
Pre-tax total 666,036 615,510 50,526 8
Applicable taxes (130,720) (115,992) (14,728) 13
Net operating income
535,316 499,518 35,798 7
Reconciling items, net of tax:
Realized gains (losses) (19,266) (60,648) 41,382
Non-operating expenses (1,554) — (1,554)
Legal costs and proceedings (1,924) — (1,924)
Net income
$ 512,572 $ 438,870 $ 73,702 17

The life insurance segment is our primary segment and is the largest contributor to earnings in each period presented. The life insurance segment underwriting margin increased $42 million compared with the prior period, primarily a result of increased premiums and favorable policy obligations as a percent of premium. Excess investment income increased $26 million compared with the prior period, resulting from growth in our invested assets and increased yields due to higher interest rates. The health segment contributed to the growth in income as well, contributing $194 million of underwriting margin in the first six months of 2024 compared with $184 million in the first six months of 2023.
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GLOBE LIFE INC.
Management's Discussion & Analysis
In 2024, the largest contributor of total underwriting margin was the life insurance segment and the primary distribution channel was the American Income Life Division (American Income). The following charts represent the breakdown of total underwriting margin by operating segment and distribution channel for the six months ended June 30, 2024.
325 326

Total premium income rose 5% for the six months ended June 30, 2024 to $2.31 billion. Total net sales increased 10% to $415 million, when compared with 2023. Total first-year collected premium (defined in the following section) increased 12% to $333 million for 2024 compared to $297 million in 2023.

Life insurance premium income increased 4% to $1.62 billion over the prior-year total of $1.55 billion. Life net sales rose 8% to $303 million for the first six months of 2024. First-year collected life premium increased 9% to $227 million. Life underwriting margin, as a percent of premium, increased to 39% for 2024 from 38%. Underwriting margin increased to $629 million in 2024, compared to $587 million for the same period in 2023.

Health insurance premium income increased 6% to $693 million over the prior-year total of $652 million. Health net sales rose 13% to $112 million for the first six months of 2024. First-year collected health premium rose 20% to $107 million. Health underwriting margin, as a percent of premium, was 28% for 2024 and 2023. Health underwriting margin increased 6% to $194 million for the first six months of 2024, compared to the same period in 2023.

Excess investment income, the measure of profitability of our investment segment, increased 43% during the first six months of 2024 to $86.6 million from $60.6 million in the same period in 2023. Excess investment income per common share, reflecting the impact of our share repurchase program and increased net investment income, increased 50% to $0.93 from $0.62 when compared with the same period in 2023.

Insurance administrative expenses increased 9% in 2024 when compared with the prior-year period. These expenses were 7.0% as a percent of premium during 2024 compared to 6.8% in 2023.

For the six months ended June 30, 2024, the Company repurchased 4.0 million Globe Life Inc. shares at a total cost of $330 million for an average share price of $83.17.

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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 12—Business Segments .

We use three measures as indicators of premium growth and sales over the near term: “annualized premium in force,” “net sales,” and “first-year collected premium.”
• Annualized premium in force is defined as the premium income that would be received over the following twelve months at any given date on all active policies if those policies remain in force throughout the twelve-month period.
• Net sales 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 (typically 1 month) has expired. Management considers net sales to be a better indicator of the rate of premium growth than annualized premium issued since annualized premium issued excludes cancellations, and cancellations do not contribute to premium income.
• 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. First-year collected premiums are lower than net sales over the prior 12 months because premiums are not collected on lapsed policies after the date of lapse.

Cancellations are not included in lapses.

Approximately 90% of our premiums are collected monthly; however, other premium payment options such as quarterly and annual are offered by the Company and may be elected by the policyholder. The majority of premiums are paid by way of automatic draft or electronic payment from our policyholders and to a lesser extent from other payment methods such as check, credit card, and worksite payroll deduction.

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 2024, life premium represented 70% of total premium and life underwriting margin represented 76% of the total underwriting margin. Additionally, investments supporting the reserves for life products produce the majority of excess investment income attributable to the investment segment.
The following table presents the summary of results of life insurance. Further discussion of the results by distribution channel is included below.

Life Insurance
Summary of Results
(Dollar amounts in thousands)
Six Months Ended June 30, Change
2024 2023
Amount % of Premium Amount % of Premium Amount %
Premium and policy charges $ 1,619,747 100 $ 1,554,330 100 $ 65,417 4
Policy obligations 1,038,663 64 1,020,641 66 18,022 2
Required interest on reserves (401,522) (25) (381,602) (25) (19,920) 5
Net policy obligations 637,141 39 639,039 41 (1,898) —
Commissions, premium taxes, and non-deferred acquisition expenses 179,589 11 167,125 11 12,464 7
Amortization of acquisition costs 173,683 11 160,762 10 12,921 8
Total expense 990,413 61 966,926 62 23,487 2
Insurance underwriting margin
$ 629,334 39 $ 587,404 38 $ 41,930 7

Net policy obligations amounted to 39% of premium for the six months ended June 30, 2024 compared to 41% in the year ago period.

The table below summarizes life underwriting margin by distribution channel.
Life Insurance
Underwriting Margin by Distribution Channel
(Dollar amounts in thousands)

Six Months Ended June 30,
2024 2023
Change
Amount % of Premium Amount % of Premium Amount
%
American Income $ 379,730 45 $ 355,104 45 $ 24,626 7
Direct to Consumer 122,433 25 112,594 23 9,839 9
Liberty National 61,785 34 56,076 33 5,709 10
Other 65,386 64 63,630 61 1,756 3
Total
$ 629,334 39 $ 587,404 38 $ 41,930 7




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Globe Life Inc.
Management's Discussion & Analysis

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

Life Insurance
Premium by Distribution Channel
(Dollar amounts in thousands)
Six Months Ended June 30, Change
2024 2023
Amount % of Total Amount % of Total Amount %
American Income $ 837,578 52 $ 782,132 50 $ 55,446 7
Direct to Consumer 496,879 31 496,274 32 605 —
Liberty National 182,974 11 171,837 11 11,137 6
Other 102,316 6 104,087 7 (1,771) (2)
Total
$ 1,619,747 100 $ 1,554,330 100 $ 65,417 4

Annualized life premium in force was $3.27 billion at June 30, 2024, an increase of 4% over $3.14 billion a year earlier.

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

Life Insurance
Net Sales by Distribution Channel
(Dollar amounts in thousands)
Six Months Ended June 30, Change
2024 2023
Amount % of Total Amount % of Total Amount %
American Income $ 191,863 63 $ 165,269 59 $ 26,594 16
Direct to Consumer 59,177 20 64,096 23 (4,919) (8)
Liberty National 47,494 16 45,248 16 2,246 5
Other 4,466 1 5,044 2 (578) (11)
Total
$ 303,000 100 $ 279,657 100 $ 23,343 8

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, Change
2024 2023
Amount % of Total Amount % of Total Amount %
American Income $ 150,362 66 $ 129,907 62 $ 20,455 16
Direct to Consumer 35,716 16 40,835 20 (5,119) (13)
Liberty National 36,764 16 32,423 16 4,341 13
Other 3,947 2 4,381 2 (434) (10)
Total
$ 226,789 100 $ 207,546 100 $ 19,243 9

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Globe Life Inc.
Management's Discussion & Analysis

A discussion of life operations by distribution channel follows.

The American Income Life Division markets to members of labor unions and other affinity groups and continues to diversify its lead sources, utilizing third-party internet vendor leads and obtaining referrals to facilitate sustainable growth. This Division is Globe Life's largest contributor of life premium of any distribution channel at 52% of the Company's June 30, 2024 total life premium. For the six months ended June 30, 2024, the average monthly life premium issued per policy was $57 as compared to $53 for the same period in the prior year. Net sales were $192 million for the six months ended June 30, 2024, up from $165 million in the year-ago period. The underwriting margin, as a percent of premium, was 45% for the six months ended June 30, 2024 and 2023.

Below is the average producing agent count for the six months ended June 30, 2024 for the American Income Life Division. The average producing agent count is based on the actual count at the beginning and end of each week during the year. The average producing agent count increased 14% over the year-ago period, and over 65% of the Division's net sales are driven by agents that have been producing for the Division for 6 months or more. The increase in average producing agent count was driven by an increase in new agent recruiting along with continued improvement in new agent retention. Sales growth in this Division, as well as within our other exclusive agencies, is generally dependent on growth in the size of the agency force.
At June 30,
Change
2024 2023 Amount %
American Income
11,504 10,101 1,403 14

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 Division has made considerable investments in information technology, including a customer relationship management (CRM) tool for the agency force. This tool is designed to drive productivity in lead distribution, conservation of business, manager dashboards and new agent recruiting. Additionally, this Division has invested in and successfully implemented technology that allows the agency force to engage in virtual recruiting, training, and sales activity. The agents have shifted to primarily a virtual experience with the customers and have generated a vast majority of sales through virtual presentations. We find this flexibility to be enticing for new recruits as well as a driver of sustainability for our agency force.

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

The juvenile market is an important source of sales, it is also a vehicle to reach the parents and grandparents of juvenile policyholders, who are more likely to respond favorably to a DTC solicitation for life coverage on themselves in comparison to the general adult population. Also, future offerings to juvenile policyholders and their parents are sources of lower acquisition-cost life insurance sales in the future.

DTC net sales declined 8% to $59 million for the six months ended June 30, 2024 compared with $64 million for the same period in the prior year. This decline is due primarily to reductions in direct mail and mailing insert marketing activity resulting from the impact of inflation on postage, paper and online advertising costs. While total sales have declined, the focus has been on improving profitability and improving the underwriting margin. DTC’s underwriting margin, as a percent of premium, was 25% for the six months ended June 30, 2024 compared with 23% for the same period in 2023.

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Globe Life Inc.
Management's Discussion & Analysis

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 34% for the six months ended June 30, 2024, up from 33% during the same period a year ago. The increase is primarily attributable to increased premiums and lower policy obligations as a percent of premium , during the first six months of 2024 as compared to same period in 2023 . For the six months ended June 30, 2024, the average monthly life premium per policy issued was $43 the same as in the prior year period.

Net sales rose 5% in the six months ended June 30, 2024 over the same period in 2023 due primarily to increased agent count.

Below is the average producing agent count for the six months ended June 30, 2024 and 2023 for the Liberty National Division. The average producing agent count is based on the actual count at the beginning and end of each week during the year.
At June 30,
Change
2024 2023 Amount %
Liberty National
3,560 3,096 464 15

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

The Other agency distribution channels primarily include non-exclusive independent agencies selling primarily life insurance. The other distribution channels contributed $102 million of life premium income, or 6% of Globe Life's total life premium income in the six months ended June 30, 2024, and contributed 1% of net sales for the period.

HEALTH INSURANCE

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

Health premium accounted for 30% of our total premium in 2024, while the health underwriting margin accounted for 24% of total underwriting margin. Health underwriting margin increased 6% to $194 million compared to $184 million in the prior year. The Company continues to emphasize life insurance sales relative to health due to life’s superior long-term profitability and its greater contribution to excess investment income.

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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
2024 2023
Amount % of
Premium 		Amount % of
Premium 		Amount %
Premium $ 692,662 100 $ 651,680 100 $ 40,982 6
Policy obligations 407,750 59 386,886 59 20,864 5
Required interest on reserves (54,583) (8) (52,871) (8) (1,712) 3
Net policy obligations 353,167 51 334,015 51 19,152 6
Commissions, premium taxes, and non-deferred acquisition expenses 118,315 17 109,122 17 9,193 8
Amortization of acquisition costs 26,922 4 24,792 4 2,130 9
Total expense 498,404 72 467,929 72 30,475 7
Insurance underwriting margin
$ 194,258 28 $ 183,751 28 $ 10,507 6

The table below summarizes health underwriting margin by distribution channel.
Health Insurance
Underwriting Margin by Distribution Channel
(Dollar amounts in thousands)

Six Months Ended June 30,
2024 2023
Change
Amount % of Premium Amount % of Premium Amount
%
United American $ 28,477 10 $ 27,691 10 $ 786 3
Family Heritage 72,449 35 64,453 33 7,996 12
Liberty National 53,072 56 53,078 57 (6) —
American Income 38,284 63 36,555 62 1,729 5
Direct to Consumer 1,976 5 1,974 6 2 —
Total
$ 194,258 28 $ 183,751 28 $ 10,507 6

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Globe Life Inc.
Management's Discussion & Analysis

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

Health Insurance
Premium by Distribution Channel
(Dollar amounts in thousands)
Six Months Ended June 30, Increase
(Decrease)
2024 2023
Amount % of Total Amount % of Total Amount %
United American $ 290,865 42 $ 270,060 42 $ 20,805 8
Family Heritage 209,246 30 194,201 30 15,045 8
Liberty National 95,335 14 93,875 14 1,460 2
American Income 61,218 9 59,121 9 2,097 4
Direct to Consumer 35,998 5 34,423 5 1,575 5
Total
$ 692,662 100 $ 651,680 100 $ 40,982 6

Premium related to limited-benefit supplemental health products comprise $388 million, or 56%, of the total health premiums for the six months ended June 30, 2024, compared with $366 million, or 56%, in the same period in the prior year. Premium from Medicare Supplement products comprises the remaining $305 million, or 44%, for the six months ended June 30, 2024, compared with $286 million, or 44%, in the same period in the prior year.

Annualized health premium in force was $1.44 billion at June 30, 2024, an increase of 7% over $1.34 billion a year earlier.

Presented below is a table of health net sales by distribution channel.
Health Insurance
Net Sales by Distribution Channel
(Dollar amounts in thousands)
Six Months Ended June 30, Increase
(Decrease)
2024 2023
Amount % of Total Amount % of Total Amount %
United American $ 34,651 31 $ 28,313 29 $ 6,338 22
Family Heritage 49,536 44 45,553 46 3,983 9
Liberty National 15,969 14 15,154 15 815 5
American Income 10,386 9 9,216 9 1,170 13
Direct to Consumer 1,643 2 1,257 1 386 31
Total
$ 112,185 100 $ 99,493 100 $ 12,692 13

Health net sales related to limited-benefit supplemental health products comprise $84 million, or 75%, of the total health net sales for the six months ended June 30, 2024, compared with $77 million, or 78%, in the same period in the prior year. Medicare Supplement sales make up the remaining $28 million, or 25%, for 2024 compared with $22 million, or 22%, in the same period in the prior year.

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Globe Life Inc.
Management's Discussion & Analysis

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

Health Insurance
First-Year Collected Premium by Distribution Channel
(Dollar amounts in thousands)
Six Months Ended June 30, Increase
(Decrease)
2024 2023
Amount % of Total Amount % of Total Amount %
United American $ 42,434 40 $ 31,585 36 $ 10,849 34
Family Heritage 38,666 36 35,030 39 3,636 10
Liberty National 14,102 13 12,414 14 1,688 14
American Income 9,568 9 8,371 9 1,197 14
Direct to Consumer 1,885 2 1,732 2 153 9
Total
$ 106,655 100 $ 89,132 100 $ 17,523 20
First-year collected premium related to limited-benefit supplemental health products is $77 million, or 72%, of total first-year collected premium for the six months ended June 30, 2024 compared with $64 million, or 71%, in the same period in the prior year. First-year collected premium from Medicare Supplement policies make up the remaining $30 million, or 28%, for the six months ended June 30, 2024 compared with $25 million, or 29%, in the same period in the prior year.

A discussion of health operations by distribution channel follows.
The United American Division consists of non-exclusive independent agencies who may also sell for other companies. The United American Division was Globe Life's largest health agency in terms of health premium income, with net sales up 22% from the same period in the prior-year period.
This Division includes three different units:

• UA General Agency, which primarily sells individual Medicare Supplement insurance through independent agents;
• Special Markets, which markets retiree health insurance to employer and union groups through brokers; and
• Globe Life Group Benefits, which offers group worksite supplemental health insurance through brokers.

The majority of the premium revenue comes from Medicare Supplement. Underwriting margin as a percent of premium for the Division was 10% for the six months ended June 30, 2024 and 2023.

The Family Heritage Division primarily markets limited-benefit supplemental health insurance in non-urban areas. Most of its policies include a cash-back feature, such as a return of premium, where any excess of premiums over claims paid is returned to the policyholder at the end of a specified period stated within the insurance policy. Underwriting margin as a percent of premium was 35% for the six months ended June 30, 2024 compared with 33% in 2023.
The Division experienced a 9% rise in health net sales as compared with the six-month period a year ago, primarily due to improved agent productivity and training. The Division will continue to implement incentive and retention programs to further these increases in the number of producing agents.
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Globe Life Inc.
Management's Discussion & Analysis

Below is the average producing agent count at the end of the period for the Family Heritage Division. The average producing agent count is based on the actual count at the beginning and end of each week during the year. The average producing agent count was flat compared with the same period a year ago; however, the Division has recently increased efforts to grow agent count and middle management. While growth in net sales and earned premium is impacted by agent productivity, growth in the number of average producing agents is what will ultimately be the primary driver of future growth in sales, similar to our other exclusive agencies.
At June 30,
Change
2024 2023 Amount %
Family Heritage
1,328 1,322 6 —

The Liberty National Division represented 14% of all Globe Life health premium income for the six months ended June 30, 2024. The Liberty National Division markets limited-benefit supplemental health products, consisting primarily of cancer and critical illness insurance. Much of Liberty National's health business is generated through worksite marketing targeting small businesses. Health premium at the Liberty National Division was $95 million for the six months ended June 30, 2024 up from $94 million for the same period in 2023. Liberty National's first-year collected premium rose 14% to $14 million in the six months ended June 30, 2024 compared with $12 million for the same period in 2023. Health net sales for the six months ended June 30, 2024 rose 5% from the comparable period in 2023, a result of the continued impact of the Division's return to face-to-face customer interaction, and the option of virtual sales. For the six months ended June 30, 2024 and 2023, underwriting margin as a percent of premium was 56% and 57%, respectively.

The Other agency distribution channels, while primarily focused on selling life insurance, also market health products. The American Income Life Division primarily markets accident plans. The Direct to Consumer Division primarily markets Medicare Supplements to employer or union-sponsored groups. On a combined basis, these other channels accounted for 14% of health premium for the six months ended June 30, 2024 and 2023.

ANNUITIES

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

INVESTMENTS

We manage our capital resources, including investments and cash flow, through the investment segment. Excess investment income represents the profit margin attributable to investment operations and is the measure that we use to evaluate the performance of the investment segment as described in Note 12—Business Segments . It is defined as net investment income less the required interest attributable to policy liabilities.

Management also views excess investment income per diluted common share as an important and useful measure to evaluate the performance of the investment segment. It is defined as excess investment income divided by the total diluted weighted average shares outstanding, representing the contribution by the investment segment to the consolidated earnings per share of the Company. As excess investment income per diluted common share incorporates all invested assets and insurance liabilities, we view excess investment income per diluted common share as a useful measure to evaluate the investment segment.

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Globe Life Inc.
Management's Discussion & Analysis

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

Analysis of Excess Investment Income
(Dollar amounts in thousands, except for per share data)
Six Months Ended
June 30, 		Change
2024 2023 Amount %
Net investment income $ 568,214 $ 518,349 $ 49,865 10
Interest on policy liabilities (1)
(481,638) (457,709) (23,929) 5
Excess investment income
$ 86,576 $ 60,640 $ 25,936 43
Excess investment income per diluted share
$ 0.93 $ 0.62 $ 0.31 50
Mean invested assets (at amortized cost) $ 21,307,683 $ 20,227,250 $ 1,080,433 5
Average insurance policy liabilities 17,395,345 16,580,338 815,007 5
(1) Interest on policy liabilities, at original rates, is a component of total policyholder benefits, a GAAP measure.

Excess investment income increased $25.9 million, or 43%, compared with the year-ago period. Excess investment income per diluted common share was $0.93 for the six months ended June 30, 2024, an increase of 50% over the prior-year period. Excess investment income per diluted common share generally increases at a faster pace than excess investment income because the number of diluted shares outstanding generally decreases from year to year as a result of our share repurchase program.

Net investment income for the six months ended June 30, 2024 was $568 million or 10% greater than the year-ago period. Mean invested assets increased 5% during the first six months of 2024 over the same period last year. The effective annual yield rate earned on the fixed maturity portfolio was 5.26% in the first six months of 2024, compared with 5.18% a year earlier. Investment income grew in the current period primarily due to the growth in invested assets and higher interest rates compared to the prior year. In addition to fixed maturities, the Company has also invested in commercial mortgage loans and limited partnerships with debt like characteristics that diversify risk and enhance risk-adjusted, capital-adjusted returns on the portfolio. The earned yield on the Company's commercial mortgage loans for the six months ended June 30, 2024 was 8.47%. The earned yield on limited partnership investments for the six months ended June 30, 2024 was 8.90%. See additional information in Note 4—Investments .

Globe Life's net investment income benefits from higher interest rates on new investments. While increasing interest rates have resulted in a net unrealized loss from our available for sale debt securities included in accumulated other comprehensive income (loss) as of June 30, 2024, we are not concerned because we do not generally intend to sell, nor is it likely that we will be required to sell, the fixed maturities prior to their anticipated recovery.

Required interest on insurance policy liabilities reduces excess investment income, as it is the amount of net investment income considered by management necessary to “fund” required interest on insurance policy liabilities. As such, it is reclassified from the insurance segment to the investment segment. As discussed in Note 12—Business Segments , management regards this as a more meaningful analysis of the investment and insurance segments. Required interest is based on the original discount rate assumptions for our insurance policies in force.

The vast majority of our life and health insurance policies are fixed interest rate protection policies, not investment products, and are accounted for under current GAAP accounting guidance for long-duration insurance products which mandate that interest rate assumptions for a particular block of business be “locked in” for the life of that block of business. Each calendar year, we set the original discount rate to be used to calculate the benefit reserve liability for all insurance policies issued that year. The liability reported on the balance sheet is updated in subsequent periods using current discount rates as of the end of the relevant reporting period with a corresponding adjustment to Other Comprehensive Income.

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Globe Life Inc.
Management's Discussion & Analysis

The discount rate used for policies issued in the current year has no impact on the in-force policies issued in prior years as the rates of all prior issue years are also locked in for purposes of recognizing income. As such, the overall original discount rate for the entire in-force block of 5.5% is a weighted average of the discount rates being used from all issue years. Changes in the overall weighted-average discount rate over time are caused by changes in the mix of the reserves on the entire block of in force business. Business issued in the current year has little impact on the overall weighted-average original discount rate due to the size of our in-force business.

In comparison to the year-ago period, required interest on insurance policy liabilities increased $24 million, or 5%, to $482 million, compared with the 5% growth in average interest-bearing insurance policy liabilities.

Realized Gains and Losses. Our life and health insurance companies collect premium income from policyholders for the eventual payment of policyholder benefits, sometimes paid for many years or even decades in the future. Since benefits are expected to be paid in future periods, premium receipts in excess of current expenses are invested to provide for these obligations. For this reason, we hold a significant investment portfolio as a part of our core insurance operations. This portfolio consists primarily of high-quality fixed maturities containing an adequate yield to provide for the cost of carrying these long-term insurance product obligations. As a result, fixed maturities are generally held for long periods to support these obligations. Expected yields on these investments are taken into account when setting insurance premium rates and product profitability expectations.

Despite our intent to hold fixed maturity investments for a long period of time, investments are occasionally sold, exchanged, called, or experience a credit loss event, resulting in a realized gain or loss. Gains or losses are only secondary to our core insurance operations of providing insurance coverage to policyholders. In a bond exchange offer, bondholders may consent to exchange their existing bonds for another class of debt securities. The Company also has investments in certain limited partnerships, held under the fair value option, with fair value changes recognized in Realized gains (losses) in the Condensed Consolidated Statements of Operations .

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

Analysis of Realized Gains (Losses), Net of Tax
(Dollar amounts in thousands, except for per share data)
Six Months Ended June 30,
2024 2023
Amount Per Share Amount Per Share
Fixed maturities:
Sales $ (7,840) $ (0.09) $ (8,544) $ (0.09)
Matured or other redemptions (1)
(39) — (117) —
Provision for credit losses (13) — (57,281) (0.59)
Fair value option—change in fair value (15,084) (0.16) 5,598 0.06
Mortgages
(1,701) (0.02) (3,839) (0.04)
Other investments
910 0.01 (299) —
Total realized gains (losses)—investments
(23,767) (0.26) (64,482) (0.66)
Other gains (losses) (2)
4,501 0.05 3,834 0.04
Total realized gains (losses)
$ (19,266) $ (0.21) $ (60,648) $ (0.62)
(1) During the six months ended June 30, 2024 and 2023, the Company recorded $78.9 million and $17.9 million, respectively, of exchanges of fixed maturity securities (noncash transactions) that resulted in no realized gains (losses), net of tax in either period.
(2) Other realized gains (losses) are primarily a result of changes in the fair value for assets held in rabbi trust.

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Globe Life Inc.
Management's Discussion & Analysis

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

The following table summarizes selected information for fixed maturity investments. The effective annual yield shown is based on the acquisition price and call features, if any, of the securities. For non-callable bonds, the yield is calculated to maturity date. For callable bonds acquired at a premium, the yield is calculated to the earliest known call date and call price after acquisition ("first call date"). For all other callable bonds, the yield is calculated to maturity date.
Fixed Maturity Acquisitions Selected Information
(Dollar amounts in thousands)
Six Months Ended
June 30,
2024 2023
Cost of acquisitions:
Investment-grade corporate securities $ 898,390 $ 370,711
Investment-grade municipal securities 6,520 299,280
Other securities
18,186 —
Total fixed maturity acquisitions (1)
$ 923,096 $ 669,991
Effective annual yield (one year compounded) (2)
5.94 % 5.79 %
Average life (in years, to next call) 30.9 17.4
Average life (in years, to maturity) 33.0 24.6
Average rating A- A+
(1) Fixed maturity acquisitions included unsettled trades of $0 in 2024 and $47 million in 2023.
(2) Tax-equivalent basis, where the yield on tax-exempt securities is adjusted to produce a yield equivalent to the pretax yield on taxable securities.

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

Acquisitions in 2023 and 2024 consisted primarily of corporate and municipal bonds with securities spanning a diversified range of issuers, industry sectors, and geographical regions. In the first six months of 2024, we invested primarily in the industrial, financial, and utility sectors. For the entire portfolio, the taxable equivalent effective yield earned was 5.26%, up approximately 8 basis points from the yield in the first six months of 2023. The increase in taxable equivalent effective yield was primarily due to new purchases at yields exceeding the yield on dispositions and the average portfolio yield. For the remainder of 2024, the Company will continue to execute on its existing strategy by seeking to invest in assets that satisfy our quality and other objectives, while maximizing the highest risk-adjusted, capital-adjusted return.

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Globe Life Inc.
Management's Discussion & Analysis

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

Selected information concerning the fixed maturity portfolio is as follows:

Fixed Maturity Portfolio Selected Information
At
June 30,
2024 		December 31, 2023 June 30,
2023
Average annual effective yield (1)
5.24% 5.23% 5.21%
Average life, in years, to:
Next call (2)
15.1 14.6 14.5
Maturity (2)
19.1 18.6 18.3
Effective duration to:
Next call (2,3)
8.9 9.0 8.8
Maturity (2,3)
10.7 10.7 10.4
(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, 2024 and December 31, 2023.

Fixed Maturities by Sector
June 30, 2024
(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 $ 106,829 $ — $ (12,187) $ 94,642 $ 2,577,375 $ 40,896 $ (197,026) $ 2,421,245 13 14
Banks 65,814 28 (5,491) 60,351 1,165,256 14,924 (74,408) 1,105,772 6 6
Other financial 74,966 — (24,009) 50,957 1,308,689 16,552 (167,771) 1,157,470 7 7
Total financial 247,609 28 (41,687) 205,950 5,051,320 72,372 (439,205) 4,684,487 26 27
Industrial
Energy 44,615 — (6,722) 37,893 1,404,385 35,821 (79,043) 1,361,163 7 8
Basic materials — — — — 1,203,105 22,654 (90,329) 1,135,430 6 6
Consumer, non-cyclical — — — — 2,146,048 15,732 (235,750) 1,926,030 11 11
Other industrials 5,178 — (31) 5,147 1,106,191 16,433 (109,505) 1,013,119 6 6
Communications — — — — 914,943 11,912 (100,132) 826,723 5 5
Transportation 8,403 — (407) 7,996 564,907 11,095 (36,551) 539,451 3 3
Consumer. cyclical 135,775 67 (25,801) 110,041 520,691 3,093 (68,726) 455,058 3 2
Technology 50,279 — (869) 49,410 360,568 1,168 (60,775) 300,961 2 2
Total industrial 244,250 67 (33,830) 210,487 8,220,838 117,908 (780,811) 7,557,935 43 43
Utilities 29,309 — (1,500) 27,809 2,133,247 40,493 (124,426) 2,049,314 11 11
Total corporates
521,168 95 (77,017) 444,246 15,405,405 230,773 (1,344,442) 14,291,736 80 81
States, municipalities, and political divisions:
General obligations — — — — 890,407 5,758 (158,168) 737,997 5 4
Revenues — — — — 2,365,422 22,023 (315,188) 2,072,257 12 12
Total states, municipalities, and political divisions
— — — — 3,255,829 27,781 (473,356) 2,810,254 17 16
Other fixed maturities:
Government (U.S. and foreign) — — — — 443,826 3 (52,423) 391,406 2 2
Collateralized debt obligations 36,945 5,779 — 42,724 36,945 5,779 — 42,724 — —
Other asset-backed securities 5,989 — (17) 5,972 80,136 1 (3,249) 76,888 1 1
Total fixed maturities
$ 564,102 $ 5,874 $ (77,034) $ 492,942 $ 19,222,141 $ 264,337 $ (1,873,470) $ 17,613,008 100 100



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Globe Life Inc.
Management's Discussion & Analysis

Fixed Maturities by Sector
December 31, 2023
(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, net At Fair Value
Corporates:
Financial
Insurance - life, health, P&C $ 107,010 $ — $ (12,472) $ 94,538 $ 2,413,685 $ 61,715 $ (163,455) $ 2,311,945 13 13
Banks 36,906 — (4,401) 32,505 1,327,272 25,019 (71,714) 1,280,577 7 7
Other financial 74,965 — (25,255) 49,710 1,287,194 25,634 (153,171) 1,159,657 7 7
Total financial 218,881 — (42,128) 176,753 5,028,151 112,368 (388,340) 4,752,179 27 27
Industrial
Energy 44,652 — (7,481) 37,171 1,446,480 58,637 (62,324) 1,442,793 8 8
Basic materials — — — — 1,166,385 39,248 (64,501) 1,141,132 6 6
Consumer, non-cyclical — — — — 2,096,651 32,071 (160,828) 1,967,894 11 11
Other industrials 5,185 110 — 5,295 1,101,059 32,541 (78,817) 1,054,783 6 6
Communications — — — — 868,131 21,006 (73,323) 815,814 4 5
Transportation 8,403 — (415) 7,988 534,468 21,113 (24,649) 530,932 3 3
Consumer. cyclical 136,343 — (25,059) 111,284 515,169 4,941 (57,735) 462,375 3 3
Technology 32,543 625 — 33,168 280,668 3,521 (44,670) 239,519 1 1
Total industrial 227,126 735 (32,955) 194,906 8,009,011 213,078 (566,847) 7,655,242 42 43
Utilities 34,698 722 (1,523) 33,897 2,017,967 73,925 (94,130) 1,997,762 11 11
Total corporates 480,705 1,457 (76,606) 405,556 15,055,129 399,371 (1,049,317) 14,405,183 80 81
States, municipalities, and political divisions:
General obligations — — — — 887,013 8,526 (135,003) 760,536 4 4
Revenues — — — — 2,409,292 38,820 (268,326) 2,179,786 13 12
Total states, municipalities, and political divisions
— — — — 3,296,305 47,346 (403,329) 2,940,322 17 16
Other fixed maturities:
Government (U.S., municipal, and foreign) — — — — 442,903 8 (42,654) 400,257 2 2
Collateralized debt obligations 37,110 5,036 — 42,146 37,110 5,036 — 42,146 — —
Other asset-backed securities 11,696 — (409) 11,287 86,352 3 (4,057) 82,298 1 1
Total fixed maturities $ 529,511 $ 6,493 $ (77,015) $ 458,989 $ 18,917,799 $ 451,764 $ (1,499,357) $ 17,870,206 100 100



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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 fixed maturity portfolio as of June 30, 2024, representing 80% of amortized cost, net, and 81% of fair value. The remainder of the portfolio is invested primarily in securities issued by the U.S. government and U.S. municipalities. The Company holds insignificant amounts in foreign government bonds, collateralized debt obligations, asset-backed securities, and mortgage-backed securities. Corporate securities are diversified over a variety of industry sectors and issuers. At June 30, 2024, the total fixed maturity portfolio consisted of 981 issuers.

Fixed maturities had a fair value of $17.6 billion at June 30, 2024, compared with $17.9 billion at December 31, 2023. The net unrealized loss position in the fixed-maturity portfolio increased from $1.0 billion at December 31, 2023 to $1.6 billion at June 30, 2024 due to an increase in market rates during the period.

For more information about our fixed maturity portfolio by component at June 30, 2024 and December 31, 2023, including a discussion of allowance for credit losses, an analysis of unrealized investment losses, and a schedule of maturities, see Note 4—Investments .

An analysis of the fixed maturity portfolio by composite quality rating at June 30, 2024 and December 31, 2023, is shown in the following tables. The composite rating for each security, other than private-placement securities managed by third parties, is the average of the security’s available ratings as assigned by Moody’s Investor Service, Standard & Poor’s, Fitch Ratings, and Dominion Bond Rating Service, LTD. The ratings assigned by these four nationally recognized statistical rating organizations are evenly weighted when calculating the average. The composite quality rating is created utilizing a methodology developed by Globe Life using ratings from the various rating agencies noted above. The composite quality rating is not a Standard & Poor's credit rating. Standard & Poor's does not sponsor, endorse, or promote the composite quality rating and shall not be liable for any use of the composite quality rating. Included in the following chart are private placement fixed maturity holdings at amortized cost, net of allowance for credit losses, of $417 million ($373 million at fair value) for which the ratings were assigned by the third-party managers.

Fixed Maturities by Rating
At June 30, 2024
(Dollar amounts in thousands)
Amortized Cost, net % of Total Fair
Value 		% of Total Average Composite Quality Rating on Amortized Cost, net
Investment grade:
AAA $ 966,626 5 $ 864,189 5
AA 3,245,603 17 2,754,721 15
A 5,637,834 29 5,305,282 30
BBB+ 3,331,389 17 3,123,345 18
BBB 4,410,097 23 4,070,530 23
BBB- 1,066,490 6 1,001,999 6
Total investment grade
18,658,039 97 17,120,066 97 A-
Below investment grade:
BB 504,590 3 427,601 3
B 18,633 — 18,684 —
Below B 40,879 — 46,657 —
Total below investment grade
564,102 3 492,942 3 BB
$ 19,222,141 100 $ 17,613,008 100
Weighted average composite quality rating
A-


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Management's Discussion & Analysis

Fixed Maturities by Rating
At December 31, 2023
(Dollar amounts in thousands)
Amortized
Cost, net 		% of Total
Fair
Value
% of Total Average Composite Quality Rating on Amortized Cost
Investment grade:
AAA $ 952,822 5 $ 880,729 5
AA 3,179,618 17 2,789,626 15
A 5,118,085 27 4,976,280 28
BBB+ 3,615,102 19 3,495,898 19
BBB 4,278,786 23 4,056,833 23
BBB- 1,243,875 6 1,211,851 7
Total investment grade
18,388,288 97 17,411,217 97 A-
Below investment grade:
BB 450,503 3 376,912 3
B 37,896 — 35,929 —
Below B 41,112 — 46,148 —
Total below investment grade
529,511 3 458,989 3 BB
$ 18,917,799 100 $ 17,870,206 100
Weighted average composite quality rating
A-

The overall quality rating of the portfolio is A-, the same as of year-end 2023. Fixed maturities rated BBB are 46% of the total portfolio at June 30, 2024, down from 48% at December 31, 2023. While this ratio is high relative to our peers, it is at its lowest level in over 10 years and we have limited exposure to higher-risk assets such as derivatives, equities, and asset-backed securities. Additionally, the Company does not participate in securities lending and has no off-balance sheet investments as of June 30, 2024. Of our fixed maturity purchases, BBB securities generally provide the Company with the best risk-adjusted, capital-adjusted returns largely due to our ability to hold securities to maturity regardless of fluctuations in interest rates or equity markets.

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

Below-Investment Grade Fixed Maturities
(Dollar amounts in thousands)
Six Months Ended
June 30,
2024 2023
Balance at beginning of period
$ 529,511 $ 542,497
Downgrades by rating agencies 29,006 107,061
Upgrades by rating agencies — (32,540)
Net Acquisitions (Dispositions)
5,188 (49,992)
Provision for credit losses (17) (72,508)
Amortization and other 414 1,890
Balance at end of period
$ 564,102 $ 496,408

Our investment policy calls for investing primarily in fixed maturities that are investment grade and meet our quality and yield objectives. Thus, the balance of below-investment grade issues is primarily the result of ratings downgrades of existing holdings. Below-investment grade bonds at amortized cost, net of allowance for credit
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Management's Discussion & Analysis

losses, were 8% of our shareholders’ equity excluding accumulated other comprehensive income as of June 30, 2024. Globe Life invests long term and as such, one of our key criterion in our investment process is to select issuers that are anticipated to weather multiple financial cycles.


OPERATING EXPENSES

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

An analysis of operating expenses is shown below.

Operating Expenses Selected Information
(Dollar amounts in thousands)
Six Months Ended June 30, Increase
2024 2023 (Decrease)
Amount % of
Premium 		Amount % of
Premium 		Amount %
Insurance administrative expenses:
Salaries $ 62,029 2.7 $ 58,961 2.7 $ 3,068 5
Other employee costs 18,076 0.8 18,714 0.8 (638) (3)
Information technology costs 38,868 1.7 32,245 1.5 6,623 21
Legal costs 12,162 0.5 6,716 0.3 5,446 81
Other administrative costs 31,472 1.3 32,730 1.5 (1,258) (4)
Total insurance administrative expenses 162,607 7.0 149,366 6.8 13,241 9
Parent company expense 5,956 5,673 283
Stock compensation expense 19,357 15,165 4,192
Legal costs and proceedings 2,435 — 2,435
Non-operating expenses 1,967 — 1,967
$ 192,322 $ 170,204 $ 22,118 13

Total operating expenses for June 30, 2024 increased in comparison with the prior year primarily due to increases in insurance administrative expenses as well as stock compensation and legal expenses. Insurance administrative expenses increased $13.2 million primarily due to higher information technology costs, legal costs and salaries. Insurance administrative expenses as a percent of premium were 7.0% for the six months ended June 30, 2024 compared to 6.8% for the same period in 2023.

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Management's Discussion & Analysis

SHARE REPURCHASES

Globe Life has an ongoing share repurchase program that began in 1986. The share repurchase program is reviewed with the Board of Directors by management quarterly, and continues indefinitely unless and until the Board of Directors decides to suspend, terminate or modify the program. On April 25, 2024, the Board of Directors authorized the repurchase of up to $1.3 billion for the two-year period ended December 31, 2025 under the Company's existing share repurchase program. Management generally determines the amount of repurchases based on the amount of the excess cash flows and other available sources after the payment of dividends to the Parent Company shareholders, general market conditions, and other alternative uses. Since implementing our share repurchase program in 1986, we have used $9.4 billion of excess cash flow at the Parent Company to repurchase Globe Life Inc. common shares after determining that the repurchases provide a greater risk-adjusted after-tax return than other investment alternatives.

Excess cash flow at the Parent Company is primarily comprised of dividends received from the insurance subsidiaries less interest expense paid on its debt and other limited operating activities. Additionally, when stock options are exercised, proceeds from these exercises and the resulting tax benefit are used to repurchase additional shares on the open market to minimize dilution as a result of the option exercises.

The following chart summarizes share repurchases for the six month periods ended June 30, 2024 and 2023.

Analysis of Share Repurchases
(Amounts in thousands, except per share data)
Six Months Ended June 30,
2024 2023
Shares Amount Average
Price 		Shares Amount Average
Price
Purchases with:
Excess cash flow at the Parent Company (1)
3,964 $ 329,737 $ 83.17 1,955 $ 218,807 $ 111.94
Option exercise proceeds 300 26,404 88.09 419 48,255 115.17
Total 4,264 $ 356,141 $ 83.52 2,374 $ 267,062 $ 112.51
(1) Excludes excise tax on the repurchase of treasury stock of $3.2 million and $2.0 million for the six months ended June 30, 2024 and 2023, respectively.
The amount of share repurchases during the quarter were higher as we accelerated repurchases given favorable market conditions. Throughout the remainder of this discussion, share repurchases will only refer to those made from excess cash flow at the Parent Company.

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

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

While the insurance subsidiaries annually generate more operating cash inflows than cash outflows, the companies also have the entire available-for-sale fixed maturity investment portfolio available to create additional cash flows if required.

Four of our insurance subsidiaries are members of the FHLB of Dallas. FHLB membership provides the insurance subsidiaries with access to various low-cost collateralized borrowings and funding agreements. While not the only source of liquidity, the FHLB could provide the insurance subsidiaries with an additional source of liquidity, if needed. Refer to Note 11—Debt for further details.

Parent Company Liquidity. An important source of Parent Company liquidity is the dividends from its insurance subsidiaries. These dividends are received throughout the year and are used by the Parent Company to pay dividends on common and preferred stock, interest and principal repayment requirements on Parent Company debt, and operating expenses of the Parent Company.
Six Months Ended
June 30, 		Twelve Months Ended
December 31,
2024 2023 Projected 2024 2023
Liquidity Sources:
Dividends from Subsidiaries $ 358,255 $ 300,574
$490,000—510,000
$ 459,535
Excess Cash Flows (1)
327,283 280,169
440,000—460,000
416,081
(1) Excess cash flows are reported gross of shareholder dividends. For the six months ended June 30, 2024 and 2023, shareholder dividends were $44 million and $42 million, respectively. For the twelve months ended December 31, 2024, we project approximately $88 million in shareholder dividends, compared to the $84 million paid in 2023.

Dividends from subsidiaries and excess cash flows are projected to be higher in 2024 than in 2023 primarily due to lower life obligations and the growth in our underwriting margins in 2023, both of which resulted in higher statutory earnings generated by the affiliates. Additional sources of liquidity for the Parent Company are cash, intercompany receivables, intercompany borrowings, debt markets, term loans, and a revolving credit facility.

Short-Term Borrowings. An additional source of Parent Company liquidity is a credit facility with a group of lenders. The facility was amended on March 29, 2024, resulting in an increased capacity of $250 million. The facility allows for unsecured borrowings and stand-by letters of credit up to $1 billion, which could be increased up to $1.25 billion. While the Parent Company may request the increase, it is not guaranteed. The updated five-year credit agreement will mature on March 29, 2029. Up to $250 million in letters of credit can be issued against the facility. The facility serves as a back-up line of credit for a commercial paper program under which commercial paper may be issued at any time, with total commercial paper outstanding not to exceed the facility maximum, less any letters of credit issued. Interest charged on the commercial paper program resembles variable rate debt due to its short term nature. As of June 30, 2024, we had available $572 million of additional borrowing capacity under this facility, compared to $375 million a year earlier. As of June 30, 2024, the Parent Company was in full compliance with all covenants related to the aforementioned debt.

As a part of the credit facility, Globe Life has stand-by letters of credits. These letters of credit are issued on behalf of our insurance subsidiaries.

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Management's Discussion & Analysis

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

Credit Facility—Commercial Paper
(Dollar amounts in thousands)
At
June 30,
2024 		December 31, 2023 June 30,
2023
Balance of commercial paper at end of period (par value) $ 313,225 $ 319,000 $ 260,000
Annualized interest rate 6.02 % 5.71 % 5.57 %
Letters of credit outstanding $ 115,000 $ 115,000 $ 115,000
Remaining amount available under credit line 571,775 316,000 375,000

Credit Facility—Commercial Paper Activity
(Dollar amounts in thousands)
Six Months Ended June 30,
2024 2023
Average balance of commercial paper outstanding during period (par value) $ 392,905 $ 313,259
Daily-weighted average interest rate (annualized) 5.76 % 5.21 %
Maximum daily amount outstanding during period (par value) $ 633,425 $ 477,700

The Company reduced the commercial paper borrowings by $6 million since year-end. The Company was able to issue commercial paper as needed under this facility during the six months ended June 30, 2024 and 2023.

Globe Life expects to have readily available funds for 2024 and the foreseeable future to conduct its operations and to maintain target capital ratios in the insurance subsidiaries through liquid assets currently available, internally-generated cash flow and the credit facility. In the event that more liquidity is needed, the Parent Company could generate additional funds through multiple sources including, but not limited to, the issuance of debt, an additional short-term credit facility or term loan, and intercompany borrowing.

Consolidated Liquidity. Consolidated net cash inflows from operations were $725 million in the first six months of 2024, compared with $804 million in the same period of 2023. The decrease is primarily attributable to fluctuations in the settlement of certain amounts included in other liabilities. In addition to cash inflows from operations, our insurance companies received proceeds from dispositions of fixed maturities available for sale, mortgage loans, and other long-term investments in the amount of $636 million during the first six months of 2024. The Company sold shorter term securities and reinvested in longer term securities, extending duration and taking advantage of higher current interest rates during the six months ended June 30, 2024. As previously noted under the caption Short-Term Borrowings , the Parent Company has in place a revolving credit facility. The insurance companies have no additional outstanding credit facilities.

Cash and short-term investments were $188 million at June 30, 2024, compared with $185 million at December 31, 2023. In addition to these liquid assets, $17.6 billion (fair value at June 30, 2024) of fixed income securities are available for sale in the event of an unexpected need. Approximately $1.4 billion, at fair value, are pledged for outstanding FHLB advances and reinsurance. Further, approximately 97% of our fixed income securities are publicly traded, freely tradable under SEC Rule 144, or qualified for resale under SEC Rule 144A. While our fixed income securities are classified as available for sale, we have the ability and general intent to hold any securities to recovery or maturity. Our strong cash flows from operations, on-going investment maturities, and available liquidity under our credit facility make any need to sell securities for liquidity highly unlikely.

Capital Resources. The Parent Company's capital structure consists of short-term debt (the commercial paper facility and current maturities of long-term debt) , long-term debt, and shareholders’ equity. It does not include short-term FHLB borrowings, which are obligations of the insurance subsidiaries and typically repaid over the course of the year.
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GLOBE LIFE INC.
Management's Discussion & Analysis

Long-Term Borrowings . The outstanding long-term debt at book value was $1.6 billion at June 30, 2024 and $1.6 billion at December 31, 2023.

Selected Information about Debt Issues
As of June 30, 2024
(Dollar amounts in thousands)
Instrument Issue Date Maturity Date Coupon Rate Interest Payment Dates Par
Value 		Book
Value 		Fair
Value
Senior notes 09/27/2018 09/15/2028 4.550% semiannual $ 550,000 $ 546,641 $ 522,121
Senior notes 08/21/2020 08/15/2030 2.150% semiannual 400,000 396,901 320,552
Senior notes (1)
05/19/2022 06/15/2032 4.800% semiannual 250,000 246,072 229,785
Junior subordinated debentures 11/17/2017 11/17/2057 5.275% semiannual 125,000 123,435 109,258
Junior subordinated debentures 06/14/2021 06/15/2061 4.250% quarterly 325,000 317,347 194,480
Total long-term debt
1,650,000 1,630,396 1,376,196
Term loan (2)
05/11/2023 11/11/2024 6.420% quarterly 170,000 169,804 169,804
FHLB borrowings 180,000 180,000 180,000
Commercial paper 313,225 304,802 304,802
Total short-term debt
663,225 654,606 654,606
Total debt
$ 2,313,225 $ 2,285,002 $ 2,030,802
(1) An additional $150 million par value and book value is held by insurance subsidiaries that eliminates in consolidation.
(2) Interest calculated quarterly using Secured Overnight Financing Rate (SOFR) plus 135 basis points.


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

Analysis of Financing Costs
(Dollar amounts in thousands)
Six Months Ended
June 30, 		Increase
(Decrease)
2024 2023 Amount %
Interest on funded debt $ 33,853 $ 38,822 $ (4,969) (13)
Interest on term loans 5,956 1,564 4,392 281
Interest on short-term debt 20,203 10,286 9,917 96
Other 13 13 — —
Financing costs
$ 60,025 $ 50,685 $ 9,340 18

During the first six months of 2024, financing costs increased 18% compared with the prior year. The increase in financing costs is primarily due to higher average balances in the current year compared to the prior year. We increased the durations on commercial paper issuances during the quarter ended June 30, 2024 due to market considerations. More information on our debt transactions is disclosed in the Financial Condition section of this report.

Subsidiary Capital : The National Association of Insurance Commissioners (NAIC) has established a risk-based factor approach for determining threshold risk-based capital levels for all insurance companies. This approach was designed to assist the regulatory bodies in identifying companies that may require regulatory attention. A Risk-Based Capital (RBC) ratio is typically determined by dividing adjusted total statutory capital by the amount of risk-based capital determined using the NAIC’s factors. If a company’s RBC ratio approaches two times the RBC
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Management's Discussion & Analysis

amount, the company must file a plan with the NAIC for improving its 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 2024, Globe Life has targeted a consolidated Company Action Level RBC ratio of 300% to 320%. The Company has concluded that this capital level is more than adequate and sufficient to support its current ratings, given the nature of its business and its risk profile. For 2023, our consolidated Company Action Level RBC ratio was 314%. The Parent Company is committed to maintaining the targeted consolidated RBC ratio at its insurance subsidiaries and has sufficient liquidity available to provide additional capital if necessary.

Shareholders' Equity : Shareholders’ equity was $5.2 billion at June 30, 2024. This compares with $4.5 billion at December 31, 2023 and $4.0 billion at June 30, 2023. During the six months since December 31, 2023, shareholders’ equity increased as a result of net income of $513 million during the first six months of 2024, but was offset by share repurchases of $330 million and an additional $26 million in share repurchases to offset the dilution from stock option exercises. Additionally, the balance of AOCI increased $583 million primarily due to increased interest rates and discount rates over the period.

On May 6, 2024, the Parent Company announced that it had declared a quarterly dividend of $0.24 per share. This dividend was paid on August 1, 2024.

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

Future policy benefits are computed using current discount rates with the impact of changes in discount rates included in accumulated other comprehensive income. Additionally, the liability for future policy benefits is calculated using net premiums rather than gross premiums. Given that gross premiums are considerably higher than net premiums for our business, as seen in Note 6—Policy Liabilities , the measurement of the liability is higher than what it would be had it been computed using gross premiums. This is an important consideration when analyzing shareholders' equity.

Globe Life is required under GAAP to revalue its available for sale fixed maturity portfolio to fair market value at the end of each accounting period. These changes, net of their associated impact on income tax, are reflected directly in shareholders’ equity. Fluctuations in interest rates cause undue volatility in the period-to-period presentation of our shareholders’ equity, capital structure, and financial ratios. Due to the long-term nature of our fixed maturity investments and policy liabilities and the strong cash flows consistently generated by our insurance subsidiaries, we have the ability to hold our securities to maturity. As such, we do not expect to incur losses due to fluctuations in market value of fixed maturities caused by market rate changes and temporarily illiquid markets. Accordingly, our management, credit rating agencies, lenders, many industry analysts, and certain other financial statement users prefer to remove the effect of this accounting rule when analyzing our balance sheet, capital structure, and financial ratios.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
There have been no quantitative or qualitative changes with respect to market risk exposure during the six months ended June 30, 2024.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures : Globe Life Inc., under the direction of the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer, has established disclosure controls and procedures that are designed to ensure that information required to be disclosed by Globe Life in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. The disclosure controls and procedures are also intended to ensure that such information is accumulated and communicated to Globe Life's management, including the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosures.
As of the end of the fiscal period completed June 30, 2024, an evaluation was performed under the supervision and with the participation of Globe Life management, including the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer, of the disclosure controls and procedures (as those terms are defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based upon their evaluation, the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer have concluded that disclosure controls and procedures are effective as of the date of this Form 10-Q. In compliance with Section 302 of the Sarbanes Oxley Act of 2002 (18 U.S.C. § 1350), each of these officers executed a Certification included as an exhibit to this Form 10-Q.

Changes in Internal Control over Financial Reporting : During the period ended June 30, 2024, there were no changes to Globe Life Inc.'s internal control over financial reporting or in other factors that could significantly affect the internal control over financial reporting subsequent to the date of their evaluation which have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.
Part II—Other Information

Item 1. Legal Proceedings

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

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Item 1A. Risk Factors
The following is an update to the material risks previously disclosed in the Company's December 31, 2023 Form 10-K. There are no other material changes to the Company's risk factors.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Purchases of Certain Equity Securities by the Issuer and Others for the Second Quarter of 2024
Period
(a) Total Number
of Shares
Purchased
(b) Average
Price Paid
Per Share
(c) Total Number of
Shares Purchased as
Part of Publicly Announced
Plans or Programs
(d) Maximum Number
of Shares (or
Approximate Dollar
Amount) that May
Yet Be Purchased
Under the Plans or
Programs
April 1-30, 2024 1,845,837 $ 77.85 1,845,837 —
May 1-31, 2024 2,227,926 84.79 2,227,926 —
June 1-30, 2024 — — — —


Item 5. Other Information

(c) Trading arrangements

During the six months ended June 30, 2024, none of our directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a Non-Rule 10b5-1 trading arrangement, as each term is defined under Item 408(a) of Regulation S-K.
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Item 6. Exhibits
Exhibit No. Description
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 requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
GLOBE LIFE INC.
Date: August 7, 2024 /s/ J. Matthew Darden
J. Matthew Darden
Co-Chairman and Chief Executive Officer
Date: August 7, 2024 /s/ Frank M. Svoboda
Frank M. Svoboda
Co-Chairman and Chief Executive Officer
Date: August 7, 2024 /s/ Thomas P. Kalmbach
Thomas P. Kalmbach
Executive Vice President and Chief Financial Officer

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