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What changed in Globe Life's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Globe Life's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+359 added−341 removedSource: 10-K (2026-02-25) vs 10-K (2025-02-26)

Top changes in Globe Life's 2025 10-K

359 paragraphs added · 341 removed · 292 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

28 edited+15 added−5 removed18 unchanged
Biggest changeWe focus our charitable giving on organizations that support children, families, veterans, and seniors, as well as those that work to ensure people are able to live full, healthy lives. These categories align with our mission to help families Make Tomorrow Better by working to protect their financial future.
Biggest changeThese intentional areas of giving align with our mission to help families Make Tomorrow Better by working to protect their financial future. In 2025, we provided financial support of more than $8 million to organizations within that focus, including charities that support underserved communities, and provide scholarships to youth.
The results are shared with our employees, reviewed by senior leadership, and used to identify areas for improvement and create action plans based on the employee feedback received. We strive to Make Tomorrow Bette r, in part by giving financial and service contributions to programs that provide hands-on assistance in the communities where we live, work, serve, and visit.
The results are shared with our employees, reviewed by senior leadership, and used to identify areas for improvement and create action plans based on the employee feedback received. We strive to Make Tomorrow Bette r, in part by giving financial and service contributions to programs that provide hands-on assistance in the communities where we live, work, and visit.
Other information included in Globe Life's website is not incorporated into this filing. 1 GL 2024 FORM 10-K Table of Contents The following table presents Globe Life's business by primary marketing distribution channel. Additional information concerning industry segments may be found in Management’s Discussion and Analysis and in Note 15—Business Segments within the Notes to the Consolidated Financial Statements .
Other information included in Globe Life's website is not incorporated into this filing. 1 GL 2025 FORM 10-K Table of Contents The following table presents Globe Life's business by primary marketing distribution channel. Additional information concerning industry segments may be found in Management’s Discussion and Analysis and in Note 15—Business Segments within the Notes to the Consolidated Financial Statements .
The Company effectively competes with other carriers, in part, due to its ability to operate at lower policy acquisition and administrative expense levels than peer companies. This allows Globe Life to have competitive rates while maintaining higher underwriting margins. Regulation Insurance —Insurance companies are subject to regulation and supervision in the states in which they do business.
The Company effectively competes with other carriers, in part, due to its ability to operate at lower policy acquisition and administrative expense levels than peer companies. This allows Globe Life to have competitive rates while maintaining higher underwriting margins. Regulation U.S. Regulation Insurance —Insurance companies are subject to regulation and supervision in the states in which they do business.
Generally, the mortality and lapse 4 GL 2024 FORM 10-K Table of Contents assumptions used in the calculations of reserves are based on Company experience. Similar reserves are held on most of the health insurance policies written by Globe Life's insurance subsidiaries, since these policies generally are issued on a guaranteed-renewable basis.
Generally, the mortality and lapse 4 GL 2025 FORM 10-K Table of Contents assumptions used in the calculations of reserves are based on Company experience. Similar reserves are held on most of the health insurance policies written by Globe Life's insurance subsidiaries, since these policies generally are issued on a guaranteed-renewable basis.
American Income Life Division American Income Life Insurance Company Waco, Texas Individual life and supplemental health limited-benefit insurance marketed to working families. 11,741 average producing agents in the U.S., Canada, and New Zealand.
American Income Life Division American Income Life Insurance Company Waco, Texas Individual life and supplemental health limited-benefit insurance marketed to working families. 11,920 average producing agents in the U.S., Canada, and New Zealand.
The laws of the various states establish agencies with broad administrative and supervisory powers which include, among other things, granting and revoking licenses to transact business, regulating trade practices, licensing agents, approving policy forms, approving certain premium rates, setting minimum reserve and loss ratio requirements, determining the form and content of required financial statements, and prescribing the type and amount of investments permitted.
The laws of the various states establish agencies with broad administrative and supervisory powers which include, among other things, granting and revoking licenses to transact business, regulating trade practices, licensing agents, approving policy forms, approving certain premium rates, setting minimum reserve and loss ratio requirements, subsidiary dividend declaration approval, determining the form and content of required financial statements, and prescribing the type and amount of investments permitted.
The following table presents supplemental health annualized premium in force information for the three years ended December 31, 2024 by product category.
The following table presents supplemental health annualized premium in force information for the three years ended December 31, 2025 by product category.
Liberty National Division Liberty National Life Insurance Company McKinney, Texas Life and supplemental health limited-benefit insurance distributed through in-home and worksite channels. 3,664 average producing agents in the U.S. Family Heritage Division Family Heritage Life Insurance Company of America Cleveland, Ohio Supplemental limited-benefit health insurance to lower middle-income to middle-income families. 1,399 average producing agents in the U.S.
Liberty National Division Liberty National Life Insurance Company McKinney, Texas Life and supplemental health limited-benefit insurance distributed through in-home and worksite channels. 3,846 average producing agents in the U.S. Family Heritage Division Family Heritage Life Insurance Company of America Cleveland, Ohio Supplemental limited-benefit health insurance to lower middle-income to middle-income families. 1,527 average producing agents in the U.S.
These products are designed to supplement health coverage that applicants already own. Medicare Supplements are offered to enrollees in the traditional fee-for-service Medicare program. Medicare Supplement plans are standardized by federal regulation and are designed to pay deductibles and co-payments not paid by Medicare.
These products are designed to supplement health coverage that applicants already own. Medicare Supplement plans are offered to enrollees in the traditional fee-for-service Medicare program. Medicare Supplement plans are standardized by federal regulation and are designed to pay certain costs, such as deductibles and co-payments not paid by Medicare.
The assumptions used in the calculation of Globe Life's reserves are reported in Note 1—Significant Accounting Policies . Reserves for certain life products consist of the policyholders’ account values and are increased by policyholder deposits and interest credited and are decreased by policy charges and benefit payments. Reinsurance —Globe Life has historically participated in third-party reinsurance.
The assumptions used in the calculation of Globe Life's reserves are reported in Note 1—Significant Accounting Policies . Reserves for certain life products consist of the policyholders’ account values and are increased by policyholder deposits and interest credited and are decreased by policy charges and benefit payments.
Insurance companies are also required to file detailed annual reports with supervisory agencies, and records of their business are subject to examination at any time. Under the rules of the National Association of Insurance Commissioners (NAIC), insurance companies are examined periodically by one or more of the supervisory agencies.
Insurance companies are also required to file detailed annual reports with supervisory agencies, and records of their business are subject to examination at 5 GL 2025 FORM 10-K Table of Contents any time. Under the rules of the National Association of Insurance Commissioners ("NAIC"), insurance companies are examined periodically by one or more of the supervisory agencies.
The Company remains committed to the well-being and safety of its employees, agents, customers, guests, vendors, and shareholders in our resolve to maintain a stable and secure business environment. 7 GL 2024 FORM 10-K Table of Contents
The Company remains committed to the well-being and safety of its employees, agents, customers, guests, vendors, and shareholders in our resolve to maintain a stable and secure business environment.
Annualized Premium in Force (Dollar amounts in thousands) 2024 2023 2022 Amount % of Total Amount % of Total Amount % of Total Limited-benefit plans $ 824,844 56 $ 782,424 56 $ 735,858 55 Medicare Supplement 651,002 44 602,877 44 591,996 45 $ 1,475,846 100 $ 1,385,301 100 $ 1,327,854 100 Pricing —Premium rates for life and health insurance products are established using assumptions as to future mortality, morbidity, persistency, investment income, expenses, and target profit margins.
Annualized Premium in Force (Dollar amounts in thousands) 2025 2024 2023 Amount % of Total Amount % of Total Amount % of Total Limited-benefit plans $ 896,994 54 $ 824,844 56 $ 782,424 56 Medicare Supplement 752,676 46 651,002 44 602,877 44 $ 1,649,670 100 $ 1,475,846 100 $ 1,385,301 100 Pricing —Premium rates for life and health insurance products are established using assumptions as to future mortality, morbidity, persistency, investment income, expenses, and target profit margins.
Beyond providing insurance protection for millions of individuals, serving our policyholders and generating financial results for our shareholders, we focus on cultivating a healthy, positive culture and a thriving community within and among our campuses that is inclusive of and attractive for all.
Beyond providing insurance protection for millions of individuals, serving our policyholders and generating financial results for our shareholders, we focus on cultivating a healthy, positive culture and a thriving community within and among our campuses that is inclusive of and attractive for all while serving together to Make Tomorrow Better for the communities where we live and work.
Annualized Premium in Force (Dollar amounts in thousands) 2024 2023 2022 Direct to Consumer $ 74,815 $ 70,249 $ 72,161 Exclusive agents: Liberty National 201,874 200,160 196,336 American Income 119,986 116,962 113,087 Family Heritage 454,725 418,693 387,897 Independent agents: United American 624,446 579,237 558,373 $ 1,475,846 $ 1,385,301 $ 1,327,854 Globe Life offers Medicare Supplement and limited-benefit supplemental health insurance products that include accident, cancer, critical illness, heart, intensive care, and other health products.
Annualized Premium in Force (Dollar amounts in thousands) 2025 2024 2023 Direct to Consumer $ 81,040 $ 74,815 $ 70,249 Exclusive agents: Liberty National 200,815 201,874 200,160 American Income 121,903 119,986 116,962 Family Heritage 495,750 454,725 418,693 Independent agents and brokers: United American 750,162 624,446 579,237 $ 1,649,670 $ 1,475,846 $ 1,385,301 Globe Life offers Medicare Supplement and limited-benefit supplemental health insurance products that include accident, cancer, critical illness, heart, intensive care, and other health products.
Maintaining superior human capital is a key driver to the success and longevity that our Company has experienced since its origins dating back to the early 1900s. As of December 31, 2024, the Company had 3,732 full-time, part-time, and temporary employees, a 3% increase over the prior year.
Maintaining superior human capital is a key driver to the success and longevity that our Company has experienced since its origins dating back to the early 1900s. As of December 31, 2025, the Company had 3,695 full-time, part-time, and temporary employees, a 1% decrease over the prior year. The Company engages over 17,000 independently-contracted insurance agents.
The following table presents annualized premium in force for the three years ended December 31, 2024 by distribution method: Annualized Premium in Force (1) (Dollar amounts in thousands) 2024 2023 2022 Direct to Consumer $ 922,508 $ 933,057 $ 936,507 Exclusive agents: American Income 1,761,713 1,654,197 1,553,003 Liberty National 410,912 390,693 360,963 Independent agents: United American 6,499 6,958 7,609 Other 197,629 200,840 203,438 $ 3,299,261 $ 3,185,745 $ 3,061,520 (1) See definition of annualized premium in force under Results of Operations i n Management's Discussion & Analysis .
The following table presents annualized premium in force for the three years ended December 31, 2025 by distribution method: Annualized Premium in Force (1) (Dollar amounts in thousands) 2025 2024 2023 Direct to Consumer $ 924,242 $ 922,508 $ 933,057 Exclusive agents: American Income 1,869,082 1,761,713 1,654,197 Liberty National 428,124 410,912 390,693 Independent agents: United American 6,010 6,499 6,958 Other 193,685 197,629 200,840 $ 3,421,143 $ 3,299,261 $ 3,185,745 (1) See definition of annualized premium in force under Results of Operations in Management's Discussion & Analysis .
Annualized Premium in Force (Dollar amounts in thousands) 2024 2023 2022 Amount % of Total Amount % of Total Amount % of Total Whole life: Traditional $ 2,321,947 70 $ 2,213,816 69 $ 2,106,878 69 Interest-sensitive 28,105 1 29,929 1 31,838 1 Term 745,231 23 753,261 24 756,471 25 Other 203,978 6 188,739 6 166,333 5 $ 3,299,261 100 $ 3,185,745 100 $ 3,061,520 100 Policy Count and Average Face Amount Per Policy (Dollar amounts in thousands) 2024 2023 2022 Policy Count Average Face Amount per Policy Policy Count Average Face Amount per Policy Policy Count Average Face Amount per Policy Whole life: Traditional 9,092,122 $ 16.2 9,050,091 $ 16.0 9,011,227 $ 15.7 Interest-sensitive 169,054 20.4 176,339 20.4 183,887 20.4 Term 4,600,839 15.2 4,680,364 15.1 4,720,870 15.3 Other 495,894 18.1 479,664 17.3 453,515 16.1 14,357,909 $ 16.0 14,386,458 $ 15.8 14,369,499 $ 15.6 3 GL 2024 FORM 10-K Table of Contents Health Insurance —The following table presents Globe Life's health insurance annualized premium in force for the three years ended December 31, 2024 by distribution channel.
Annualized Premium in Force (Dollar amounts in thousands) 2025 2024 2023 Amount % of Total Amount % of Total Amount % of Total Whole life: Traditional $ 2,422,449 71 $ 2,321,947 70 $ 2,213,816 69 Interest-sensitive 26,291 1 28,105 1 29,929 1 Term 753,774 22 745,231 23 753,261 24 Other 218,629 6 203,978 6 188,739 6 $ 3,421,143 100 $ 3,299,261 100 $ 3,185,745 100 Policy Count and Average Face Amount Per Policy (Dollar amounts in thousands) 2025 2024 2023 Policy Count Average Face Amount per Policy Policy Count Average Face Amount per Policy Policy Count Average Face Amount per Policy Whole life: Traditional 9,085,450 $ 16.5 9,092,122 $ 16.2 9,050,091 $ 16.0 Interest-sensitive 161,883 20.4 169,054 20.4 176,339 20.4 Term 4,531,580 15.1 4,600,839 15.2 4,680,364 15.1 Other 505,876 18.9 495,894 18.1 479,664 17.3 14,284,789 $ 16.2 14,357,909 $ 16.0 14,386,458 $ 15.8 3 GL 2025 FORM 10-K Table of Contents Health Insurance —The following table presents Globe Life's health insurance annualized premium in force for the three years ended December 31, 2025 by distribution channel.
While there are insurance companies competing with Globe Life, no individual company dominates any of Globe Life's life or health insurance markets. Globe Life's health insurance products compete with, in addition to the products of other health insurance carriers, health maintenance organizations, preferred provider organizations, and other health care-related institutions which provide medical benefits based on contractual agreements.
Globe Life's health insurance products compete with, in addition to the products of other health insurance carriers, health maintenance organizations, preferred provider organizations, and other health care-related institutions which provide medical benefits based on contractual agreements.
We strive to reduce our impact on the environment by placing a company-wide emphasis on recycling and reducing waste at our corporate facilities, focusing on efforts to reduce the use of paper and water.
Environmental responsibility and sustainability are key components of our overall corporate responsibility efforts. We strive to reduce our impact on the environment by placing a company-wide emphasis on recycling and reducing waste at our corporate facilities.
United American Division United American Insurance Company McKinney, Texas Supplemental health Medicare coverage to beneficiaries and, to a lesser extent, supplemental limited-benefit coverage to people under age 65. 3,355 independent producing agents in the U.S. 2 GL 2024 FORM 10-K Table of Contents Insurance Life Insurance —The distribution channels for life insurance products include direct to consumer, exclusive agents, and independent agents.
United American Division United American Insurance Company McKinney, Texas Supplemental health Medicare coverage to beneficiaries and, to a lesser extent, supplemental limited-benefit coverage to people under age 65. 4,396 independent producing agents in the U.S.
People, Culture, and Community At Globe Life, we are united by our mission to— Make Tomorrow Better 1 and this starts with our employees and agents.
Refer to Management's Discussion & Analysis for exclusive agent counts. 6 GL 2025 FORM 10-K Table of Contents People, Culture, and Community At Globe Life, we are united by our mission to Make Tomorrow Better (1) and this starts with our employees and agents.
Health, Safety, and Wellness We strive to provide a safe and healthy work environment for every employee. We furnish employees with numerous tools and trainings throughout the year to help ensure they have, at their fingertips, the best information to safely engage with co-workers, customers, and third parties.
We furnish employees with numerous tools and trainings throughout the year to help ensure they have the best information to safely engage with coworkers, customers, and third parties.
Insurance holding company system statutes and regulations impose various limitations on investments in subsidiaries, and may require prior regulatory approval for material transactions between insurers and affiliates and for the payment of certain dividends and other distributions. 5 GL 2024 FORM 10-K Table of Contents Sustainable Business Practices Globe Life’s sustainable business practices are a driver of the success and longevity that our Company has experienced since its origin.
Insurance holding company system statutes and regulations impose various limitations on investments in subsidiaries, and may require prior regulatory approval for material transactions between insurers and affiliates and for the payment of certain dividends and other distributions. Non-U.S.
See Schedule IV , Note 1—Significant Accounting Policies , Note 5—Commitments and Contingencies , Note 6—Policy Liabilities , and Note 8—Liability for Unpaid Claims for more information. Investments —The nature, quality, and percentage mix of insurance company investments are regulated by state laws. The investments of Globe Life insurance subsidiaries consist predominantly of high-quality, investment-grade securities.
See Schedule IV , Note 1— Significant Accounting Policies , Note 5—Commitments and Contingencies , Note 6—Policy Liabilities , and Note 8—Liability for Unpaid Claims for more information.
We have developed a learning ecosystem that includes a multitude of professional development opportunities, including online, self-directed, and instructor-led courses on a variety of topics. An education assistance program is also offered to facilitate growth in an area related to one's current position with the Company.
Talent Development At Globe Life, we believe investing in our employees through training and development is paramount to their success. We have developed a learning ecosystem that includes a multitude of professional development opportunities, including online, self-directed, and instructor-led courses on a variety of topics.
Approximately 88% of our invested assets, at fair value, are fixed maturities at December 31, 2024 (see Note 4—Investments and Management’s Discussion and Analysis ). Competition —Globe Life competes with other life and health insurance carriers through policyholder service, price, product design, and sales efforts.
The investments of Globe Life insurance subsidiaries consist predominantly of high-quality, investment-grade securities. Approximately 86% of our invested assets, at fair value, are fixed maturities at December 31, 2025. We also hold commercial mortgage loans, limited partnerships, equity securities and other invested assets, which include short-term investments (see Note 4—Investments and Management’s Discussion and Analysis ).
Removed
We plan to advance our sustainable business practices by further developing the Company's sustainability strategy and have substantially aligned disclosures with the Sustainability Accounting Standards Board (SASB) standards and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. Environmental responsibility and sustainability are key components of our overall corporate responsibility efforts.
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Agents of American Income Life, Liberty National and Family Heritage are independent contractors that exclusively sell for Globe Life. 2 GL 2025 FORM 10-K Table of Contents Insurance Life Insurance —The distribution channels for life insurance products include direct to consumer, exclusive independent agents, and general agency independent agents.
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The increase in headcount in 2024 was primarily to support the increased growth in recent periods, as well as lower attrition levels than normal. The Company engages over 16,400 independently-contracted insurance agents. Refer to Management's Discussion & Analysis for exclusive agent counts.
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Reinsurance —We participate in reinsurance activities in order to minimize exposure to significant risks, limit losses and provide additional capacity for future growth. Globe Life has historically participated in third-party reinsurance whereby we enter into various agreements with reinsurers that cover individual risks, group risks or defined blocks of business.
Removed
Globe Life promotes a diverse and inclusive work force to better enable our employees to consistently achieve outstanding individual and collective results. Our commitment to diversity starts at the top; of the 9 independent Board members, 56% are women and 33% are racial/ethnic minorities as of December 31, 2024.
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Under the terms of the reinsurance agreements, the reinsurer agrees to reimburse us for the ceded amount in the event a claim is paid. Cessions under reinsurance agreements do not discharge our obligations as the primary insurer. In the event that reinsurers do not meet their obligations under the terms of the reinsurance agreements, reinsurance recoverable balances could become uncollectible.
Removed
As of December 31, 2024 and 2023, the Globe Life employees, (excluding independently-contracted agents) identify as follows: 2024 Ethnicity/Race Gender Generations White 51 % Female 68 % Baby Boomers (1946-1964) 14 % Black or African American 25 Male 32 Gen X (1965-1977) 29 Hispanic or Latino 13 Millennials (1978-1995) 44 Asian 9 Gen Z (1996-2012) 13 American Indian or Alaskan Native 1 Native Hawaiian or Pacific Islander — Other or Not Specified 1 Total 100 % 100 % 100 % 1 Per the Globe Life Employee Handbook, the Globe Life mission statement is "We help families Make Tomorrow Better by working to protect their financial future." 6 GL 2024 FORM 10-K Table of Contents 2023 Ethnicity/Race Gender Generations White 52 % Female 68 % Baby Boomers (1946-1964) 16 % Black or African American 24 Male 32 Gen X (1965-1977) 29 Hispanic or Latino 13 Millennials (1978-1995) 45 Asian 9 Gen Z (1996-2012) 10 American Indian or Alaskan Native 1 Native Hawaiian or Pacific Islander — Other or Not Specified 1 Total 100 % 100 % 100 % We conduct a confidential survey biennially to give our employees the opportunity to provide candid feedback about their experiences at the Company, including but not limited to, confidence in the Company and leadership, competitiveness of our compensation and benefit package, and departmental relationships.
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We focus on obtaining reinsurance from a diverse group of highly rated reinsurers. We regularly evaluate the financial condition of our reinsurers and monitor concentration risk with our reinsurers at least annually. Globe Life also utilizes wholly-owned subsidiaries domiciled in Bermuda to execute reinsurance agreements between affiliates to provide for an efficient capital structure.
Removed
In 2024, we provided financial support of more than $7 million to organizations within that focus, including charities that support underserved communities, provide scholarships to youth, and advance equity and diversity efforts. Talent Development At Globe Life, we believe investing in our employees through training and development is paramount to their success.
Added
These intercompany agreements do not have an effect on our consolidated U.S. generally accepted accounting principles (“U.S. GAAP”) financial statements as they eliminate in consolidation. In the latter part of 2025 we received license approval and established an affiliated Bermuda reinsurance company, Globe Life Re Ltd.
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Investments — Our primary investment objective is to meet our obligations to policyholders while increasing value to our stockholders by investing in a diversified, high-quality portfolio, comprised primarily of income producing securities and other assets. The nature, quality, and percentage mix of insurance company investments are regulated by state laws.
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Competition —Globe Life competes with other life and health insurance carriers through policyholder service, price, product design, and sales efforts. While there are insurance companies competing with Globe Life, no individual company dominates any of Globe Life's life or health insurance markets.
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Insurance Regulation We operate in and have certain branches and subsidiaries in countries outside the United States, including Canada, New Zealand and Bermuda.
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Generally, our subsidiaries conducting business in these countries and territory must obtain licenses from local regulatory authorities and satisfy local regulatory requirements, including those relating to rates, forms, capital, reserves and financial reporting, as well as certain restrictions on their ability to pay dividends and distributions. In 2025, we formed a second Bermuda company, Globe Life Re Ltd.
Added
("GL Re"), which is an indirect wholly-owned subsidiary of Globe Life Inc. GL Re is registered by and subject to the supervision of the Bermuda Monetary Authority ("BMA") as a Class C insurer under the Bermuda Insurance Act of 1978 and its related rules and regulations, as amended (the "Insurance Act").
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The Insurance Act imposes solvency and capital requirements as well as auditing and reporting requirements. There are minimum solvency margins that must be maintained in accordance with the licensing standards. Sustainable Business Practices Globe Life’s sustainable business practices are a driver of the success and longevity that our Company has delivered since its origin.
Added
We conduct a confidential survey biennially to give our employees the opportunity to provide candid feedback about their experiences at the Company, including but not limited to, confidence in the Company and leadership, competitiveness of our compensation and benefit package, and departmental relationships.
Added
We focus our charitable giving on organizations that support children, families, veterans, and seniors, as well as those that work to support and encourage health and well-being. We also provide paid volunteer time for our employees and provide opportunities for employees to give back individually.
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An education assistance program is also offered to facilitate growth in an area related to one's current position with the Company. Health, Safety, and Wellness We strive to provide a safe and healthy work environment for every employee.
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(1) Per the Globe Life Employee Handbook, the Globe Life mission statement is "We help families Make Tomorrow Better by working to protect their financial future." 7 GL 2025 FORM 10-K Table of Contents

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

43 edited+6 added−2 removed66 unchanged
Biggest changeIndustry Risks Variations in actual-to-expected rates of mortality, morbidity and policyholder behavior could materially negatively affect our results of operations and financial condition. We establish policy reserves to pay future policyholder benefits.
Biggest changeNo 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. 11 GL 2025 FORM 10-K Table of Contents Industry Risks Variations in actual-to-expected rates of mortality, morbidity and policyholder behavior could materially negatively affect our results of operations and financial condition.
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, use of emerging technologies, agent licensing, independent agent practices, policy forms, capital adequacy, solvency, reserves and permitted investments.
Regulatory agencies have broad administrative power over numerous aspects of our business, including premium rates for our life, Medicare Supplement and other supplemental health products, as well as other terms and conditions included in the insurance policies offered by our insurance subsidiaries, marketing practices, advertising, use of emerging technologies, agent licensing, independent agent practices, policy forms, capital adequacy, solvency, reserves and permitted investments.
Failure to meet, or achieve progress on, our expectations, on a timely basis, or at all, could adversely affect our reputation, business, financial performance, and growth. We may face adverse regulatory, investor, customer, media, or public scrutiny leading to business, reputational, or legal challenges.
Failure to meet, or achieve progress on, these expectations, on a timely basis, or at all, could adversely affect our reputation, business, financial performance, and growth. We may face adverse regulatory, investor, customer, media, or public scrutiny leading to business, reputational, or legal challenges.
In addition, our policies, and processes to evaluate and manage these standards in coordination with other business priorities may not prove completely effective or satisfy investors, customers, regulators, or others. 15 GL 2024 FORM 10-K Table of Contents Item 1B. Unresolved Staff Comments As of December 31, 2024, Globe Life had no unresolved SEC staff comments.
In addition, our policies, and processes to evaluate and manage these standards in coordination with other business priorities may not prove completely effective or satisfy investors, customers, regulators, or others. 15 GL 2025 FORM 10-K Table of Contents Item 1B. Unresolved Staff Comments As of December 31, 2025, Globe Life had no unresolved SEC staff comments.
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 Company utilizes third-party vendors, including independent sales agents, to provide certain business services and functions, which exposes the Company to risks outside of its control.
The Company may be adversely affected by a third-party vendor who 8 GL 2024 FORM 10-K Table of Contents 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.
The 8 GL 2025 FORM 10-K Table of Contents 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.
Our practices may be judged by these standards that are continually evolving and not always clear. Our decisions or priorities are made with the considerations of all stakeholders. Prevailing corporate responsibility and sustainability standards and expectations may also reflect contrasting or conflicting values or agendas. We may fail to meet our corporate responsibility and sustainability expectations.
Our practices may be judged by these standards that are continually evolving and not always clear. Our decisions or priorities are made with the considerations of all stakeholders. Prevailing corporate responsibility and sustainability standards and expectations may also reflect contrasting or conflicting values or agendas. We may not meet these corporate responsibility and sustainability expectations.
Our future success depends, in substantial part, on our ability to recruit, hire, and motivate highly-skilled insurance personnel. Further, the development and retention of producing agents are critical to supporting sales growth in our agency operations because our insurance sales are primarily made to individuals.
Our future success depends, in substantial part, on our ability to recruit, hire, and motivate highly-skilled insurance personnel. Further, the development and retention of producing agents are critical to supporting sales growth in our agency operations because our insurance sales are primarily made by these individuals.
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. We may fail to meet expectations relating to corporate responsibility and sustainability standards and practices .
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. We may not meet expectations relating to corporate responsibility and sustainability standards and practices .
In September 2024, the Equal Employment Opportunity Commission (EEOC) notified us that it had determined that all sales agents affiliated with State General Agent Simon Arias were employees, not independent contractors, of Globe Life Inc. and/or AIL. Such determination is not binding but we expect any potential civil action brought by the EEOC would include such an allegation.
In September 2024, the Equal Employment Opportunity Commission ("EEOC") notified us that it had determined that all sales agents affiliated with State General Agent Simon Arias were employees, not independent contractors, of Globe Life Inc. and/or AIL. Such determination is not binding but any potential civil action brought by the EEOC would likely include such an allegation.
In addition, if we do not provide an attractive career opportunity with competitive compensation as well as motivation for producing agents to increase sales of our products, our growth could be impeded.
If we do not provide an attractive career opportunity with competitive compensation as well as motivation for producing agents to increase sales of our products, our growth could be impeded.
Declines in interest rates expose insurance companies to the risk that they will fail to earn the level of interest on investments assumed in pricing products and in setting discount rates used to calculate policy liabilities, which could have a negative impact on income.
Changes in interest rates could negatively affect income . Declines in interest rates expose insurance companies to the risk that they will fail to earn the level of interest on investments assumed in pricing products and in setting discount rates used to calculate policy liabilities, which could have a negative impact on income.
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 data, information systems, facilities or networks of such third-party vendors.
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 data, facilities, networks, emerging technology or information systems used by third-party vendors.
As a result of more frequent and sophisticated cyberattacks and the highly regulated nature of the insurance industry, we must continually implement new, and maintain existing, technology or adapt existing technology to protect against security and privacy incidents and to meet compliance requirements of new and proposed regulations.
As a result of increasingly complex AI risks, more frequent and sophisticated cyberattacks and the highly regulated nature of the insurance industry, we must continually implement new, and maintain existing, technology or adapt existing technology to protect against security and privacy incidents and to meet compliance requirements of new and proposed regulations.
We gather and maintain data for the purpose of conducting marketing, actuarial analysis, sales, and policy administration functions. Our ability to modernize and maintain our information technology systems and infrastructure requires us to commit significant resources and effective planning and execution. This modernization includes the responsible and secure use of emerging technologies like artificial intelligence.
We gather and maintain data for the purpose of conducting marketing, actuarial analysis, sales, and policy administration functions. Our ability to modernize and maintain our information technology systems and infrastructure requires us to commit significant resources and effective planning and execution. This modernization includes the innovative, responsible, and secure use of artificial intelligence ("AI").
Significant downgrades or defaults of issuers could negatively impact our risk-based capital ratios, leading to potential downgrades of the Company by rating agencies, potential reduction in future dividend capacity from our insurance subsidiaries, and/or higher financing costs at Globe Life Inc. (Parent Company) should additional statutory capital be required. Changes in interest rates could negatively affect income .
Significant downgrades or defaults of issuers could negatively impact our risk-based capital and solvency ratios, leading to potential downgrades of the Company by rating agencies, potential reduction in future dividend capacity from our insurance subsidiaries, and/or higher financing costs at Globe Life Inc. (Parent Company) should additional statutory capital be required.
We are subject to liquidity risks associated with sourcing a concentration of our funding from the Federal Home Loan Bank (“FHLB”). We use institutional funding agreements originating from FHLB, which from time to time serve as a significant source of our liquidity. Additionally, we use agreements with the FHLB to meet near-term liquidity needs.
We are subject to liquidity risks associated with sourcing a concentration of our funding from the FHLB. We use institutional funding agreements originating from FHLB, which from time to time serve as a significant source of our liquidity. Additionally, we use agreements with the FHLB to meet near-term liquidity needs.
In such an event, the impact to our operations could have a material adverse impact on our ability to conduct business and on our results of operations and financial condition, particularly if those problems affect our producing agents or our employees performing operational tasks and supporting computer-based data processing, or impair or destroy our capability to transmit, store, and retrieve valuable data.
In such an event, the impact to our operations could have a material adverse impact on our ability to conduct business and on our results of operations and financial condition, particularly if those problems affect our producing agents or our employees performing operational tasks and supporting computer-based data processing, or impair or destroy our capability to 12 GL 2025 FORM 10-K Table of Contents transmit, store, and retrieve valuable data.
Any incident affecting confidential information systems resulting from the above factors could damage our reputation in the marketplace, deter potential customers from purchasing our products, result in the loss of existing customers, subject us to significant civil and criminal liability, constrain cash flows, or require us to incur significant technical, legal, or other expenses.
Any incident affecting confidential information systems resulting from the above factors could damage our reputation in the marketplace, deter potential customers from purchasing our products, result in the loss of existing customers, 14 GL 2025 FORM 10-K Table of Contents subject us to significant civil and criminal liability, constrain cash flows, or require us to incur significant technical, legal, or other expenses.
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.
Additionally, any violation or alleged violation of law or regulations could result in significant legal costs or in legal proceedings 13 GL 2025 FORM 10-K Table of Contents 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.
An increase in interest rates could result in certain policyholders surrendering their life or annuity policies for cash, thereby potentially requiring our insurance subsidiaries to liquidate invested assets if other sources of liquidity are 9 GL 2024 FORM 10-K Table of Contents not available to meet their obligations.
An increase in interest rates could result in certain policyholders surrendering their life or annuity policies for cash, thereby potentially requiring our insurance subsidiaries to liquidate invested assets if other sources of liquidity are not available to meet their obligations.
Climate change may also influence investor sentiment with respect to the Company and investments in our portfolio. 12 GL 2024 FORM 10-K Table of Contents Legal, Regulatory, and Compliance Risks Recent volatility in the trading price of our common stock has and can be expected to result in securities class action litigation.
Climate change may also influence investor sentiment with respect to the Company and investments in our portfolio. Legal, Regulatory, and Compliance Risks Recent volatility in the trading price of our common stock has and can be expected to result in securities class action litigation.
Other sources of liquidity include a variety of short-term and long-term instruments, including our credit facility, commercial paper, long-term debt, Federal Home Loan Bank (FHLB), intercompany financing and reinsurance.
Other sources of liquidity include a variety of short-term and long-term instruments, including our credit facility, Pre-Capitalized Trust Securities ("P-CAPS") facility, commercial paper, long-term debt, Federal Home Loan Bank ("FHLB"), intercompany financing and reinsurance.
A significant percentage of the supplemental health insurance premiums that our insurance subsidiaries earn is from Medicare Supplement insurance. Medicare Supplement insurance, including conditions under which the premiums for such policies may be increased, is highly regulated at both the state and federal level.
Obtaining timely and appropriate premium rate increases for certain supplemental health insurance policies is critical. A significant percentage of the supplemental health insurance premiums that our insurance subsidiaries earn is from Medicare Supplement insurance. Medicare Supplement insurance, including conditions under which the premiums for such policies may be increased, is highly regulated at both the state and federal level.
General Risk Factors The failure to maintain effective and efficient information systems at the Company could adversely affect our financial condition and results of operations. Our business is highly dependent upon the internet, third-party service providers, and information systems to operate in an efficient and resilient manner.
General Risk Factors The failure to maintain effective information systems or manage responsible use of emerging technologies, including artificial intelligence, could adversely affect our financial condition and results of operations at the Company. Our business is highly dependent upon the internet, third-party service providers, and information systems to operate in an efficient and resilient manner.
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.
We employ controls and procedures designed to facilitate service quality of our third-party vendors and mitigate risks resulting from the use of third-party vendors; however, such controls and procedures cannot be 100% effective in all cases.
If the FHLB were to change its definition of eligible collateral, we could be required to post additional amounts of collateral in the form of cash or other assets.
If the FHLB 10 GL 2025 FORM 10-K Table of Contents were to change its definition of eligible collateral, we could be required to post additional amounts of collateral in the form of cash or other assets.
Since April 2024, we have been and continue to be the target of several short sellers who have 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 been the target of several short sellers who have 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 resulted in a putative securities class action litigation and derivative shareholder litigation.
If our internal sources of liquidity prove to 10 GL 2024 FORM 10-K Table of Contents be insufficient, we may not be able to successfully obtain additional financing on favorable terms or at all.
If our internal sources of liquidity prove to be insufficient, we may not be able to successfully obtain additional financing on favorable terms or at all.
Our insurance subsidiaries are subject to various state statutory and regulatory restrictions applicable to insurance companies that limit the amount of cash dividends, loans, and advances that those subsidiaries may pay to us, including laws establishing minimum solvency and liquidity thresholds.
Our insurance subsidiaries are subject to various state statutory and regulatory restrictions applicable to insurance companies that limit the amount of cash dividends, loans, and advances that those subsidiaries may pay to us, including laws establishing minimum solvency and liquidity thresholds. in addition, our Bermuda reinsurance subsidiaries are subject to regulation established by the Bermuda Monetary Authority ("BMA").
Changes to the Internal Revenue Code, administrative rulings, or court decisions affecting the insurance industry, including the products insurers offer, could increase our effective tax rate and lower our net income, adversely impact our insurance subsidiaries' capital, or limit the ability of our insurance subsidiaries to sell certain of their products. 14 GL 2024 FORM 10-K Table of Contents Damage to the brand and reputation of Globe Life or its subsidiaries could affect our ability to conduct business.
Changes to the Internal Revenue Code, administrative rulings, or court decisions affecting the insurance industry, including the products insurers offer, could increase our effective tax rate and lower our net income, adversely impact our insurance subsidiaries' capital, or limit the ability of our insurance subsidiaries to sell certain of their products.
Changes in assumptions could materially impact our financial condition and results of operations. Further, actual results may differ significantly from the levels assumed, which could result in increased policy obligations and expenses and thus negatively affect our profit margins and income.
Further, actual results may differ significantly from the levels assumed, which could result in increased policy obligations and expenses and thus negatively affect our profit margins and income. A ratings downgrade or other negative action by a rating agency could materially affect our business, financial condition, and results of operations.
A failure to effectively develop new methods of reaching consumers, realize cost efficiencies or generate an attractive value proposition in our Direct to Consumer Division business could result in reduced sales and profits.
In addition, a failure to effectively develop new methods of reaching consumers, realize cost efficiencies or generate an attractive value proposition in our Direct to Consumer Division business could result in reduced sales and profits. Our life insurance products are sold in niche markets. We are at risk should any of these markets diminish.
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.
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 and five shareholder derivative lawsuits have been filed against Globe Life Inc. related to this event.
A downgrade or other negative action by a rating agency with respect to the financial strength ratings of our insurance subsidiaries could negatively affect us by limiting or restricting the ability of our insurance subsidiaries to pay dividends to us and reducing our sales by adversely affecting our ability to sell insurance products through independent insurance agencies. 11 GL 2024 FORM 10-K Table of Contents Obtaining timely and appropriate premium rate increases for certain supplemental health insurance policies is critical.
A downgrade or other negative action by a rating agency with respect to the financial strength ratings of our insurance subsidiaries could negatively affect us by limiting or restricting the ability of our insurance subsidiaries to pay dividends to us and reducing our sales by adversely affecting our ability to sell insurance products through independent insurance agencies.
These changes, including underlying assumptions, projections, estimates or judgments/interpretations by management, could have a material adverse effect on our business, financial condition, and results of operations.
These changes, including underlying assumptions, projections, estimates or judgments/interpretations by management, could have a material adverse effect on our business, financial condition, and results of operations. Refer to Note 1—Significant Accounting Policie s under the caption Accounting Pronouncements Yet to be Adopted .
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.
See Note 5—Commitments and Contingencies f or a discussion of such 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.
(Refer to Note 1—Significant Accounting Policies under the caption Accounting Pronouncements Yet to be Adopted ) 13 GL 2024 FORM 10-K Table of Contents Non-compliance with laws or regulations related to customer and consumer privacy and information security, including a failure to ensure that third parties with access to sensitive customer and consumer information maintain its confidentiality, could materially adversely affect our reputation and business operations.
Non-compliance with laws or regulations related to customer and consumer privacy and information security, including a failure to ensure that third parties with access to sensitive customer and consumer information maintain its confidentiality, could materially adversely affect our reputation and business operations.
Doing so may be difficult due to many factors, including but not limited to, fluctuations in economic and industry conditions and the effectiveness of our compensation programs and competition among other companies. Our life insurance products are sold in niche markets. We are at risk should any of these markets diminish.
Providing such opportunity may be difficult due to many factors, including but not limited to, fluctuations in economic and industry conditions and the effectiveness of our compensation programs and competition among other companies.
A ratings downgrade or other negative action by a rating agency could materially affect our business, financial condition, and results of operations. Various rating agencies review the financial performance and condition of insurers, including our insurance subsidiaries, and publish their financial strength ratings as indicators of an insurer’s ability to fulfill its contractual obligations.
Various rating agencies review the financial performance and condition of insurers, including our insurance subsidiaries, and publish their financial strength ratings as indicators of an insurer’s ability to fulfill its contractual obligations. These ratings are important to maintaining public confidence in our insurance products.
These reserves do not represent an exact calculation of liability, but rather are actuarial estimates based on models and accounting requirements that include many assumptions and projections which are inherently uncertain. The reserve assumptions involve the exercise of significant judgment with respect to levels or trends of mortality, morbidity, lapses, and discount rates.
We establish policy reserves to pay future policyholder benefits. These reserves do not represent an exact calculation of liability, but rather are actuarial estimates based on models and accounting requirements that include many assumptions and projections which are inherently uncertain.
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.
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.
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 from U.S.
Press coverage and other public statements that allege wrongdoing, even if untrue, can lead to increased regulatory inquiries or investigations. The insurance laws, regulations and policies currently affecting our companies may change at any time, possibly having an adverse effect on our business.
Removed
These ratings are important to maintaining public confidence in our insurance products.
Added
Our investment portfolio contains certain alternative investments that may be illiquid and volatile, which could negatively affect our investment income and liquidity. Over the past several years, we have increased our investment in alternative investments, such as limited partnerships.
Removed
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. The insurance laws, regulations and policies currently affecting our companies may change at any time, possibly having an adverse effect on our business.
Added
These and other similar investments may have different, more significant risk characteristics than investments in fixed maturity securities, may be more volatile and may be illiquid due to restrictions on sales, transfers and redemption terms, all of which could negatively affect our investment income and overall portfolio liquidity. 9 GL 2025 FORM 10-K Table of Contents These alternative investments may not meet regulatory admissibility requirements or may result in increased regulatory capital charges to the insurance subsidiaries that hold these investments, which could limit those subsidiaries’ ability to pay dividends and negatively impact our liquidity.
Added
Under an intercompany reinsurance agreement initiated in 2025, we have ceded approximately $1.2 billion of our life statutory reserves from Liberty National Life Insurance Company, Globe Life And Accident Insurance Company, and American Income Life Insurance Company to GL Re, as of December 31, 2025.
Added
Future regulatory changes made by the BMA or other events may impact the capital efficiency of the reinsurance structure and could require the holding company to contribute additional capital to GL Re or our U.S. insurance subsidiaries to recapture ceded business.
Added
The reserve assumptions involve the exercise of significant judgment with respect to levels or trends of mortality, morbidity, lapses, and discount rates. Changes in assumptions could materially impact our financial condition and results of operations.
Added
Damage to the brand and reputation of Globe Life or its subsidiaries could affect our ability to conduct business.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeOur current CSO has a Certified Information Systems Security Professional certification, a Certified Information Systems Auditor certification, a Certified in Risk and Information Systems Control certification, and over 20 years of experience in cybersecurity. The CISO serves on both Committees and leads cyber governance and strategy, as well as cyber risk and incident management.
Biggest changeOur CCO has over 26 years of insurance industry expertise, including experience in risk management, cybersecurity, and incident response. The CISO serves on both Committees and leads cyber governance and strategy, as well as cyber risk and incident management.
The current CISO holds a master’s degree in cybersecurity, has a Certified Information Systems Security Professional certification, and has over a decade of experience in cybersecurity. The CISO assesses cyber risk and provides recommendations for management decision(s) by the ORC on a routine basis. The CISO briefs the Audit Committee on a quarterly basis.
The CISO holds a master’s degree in cybersecurity, has a Certified Information Systems Security Professional certification, and has over a decade of experience in cybersecurity. The CISO assesses cyber risk and provides recommendations for management decision(s) by the ORC on a routine basis. The CISO briefs the Audit Committee on a quarterly basis.
In addition, we have implemented a formal crisis management process, which outlines an incident response communication plan with executive leadership as well as criteria for communication with the chair of the Audit Committee and the Lead Director of the Board. 17 GL 2024 FORM 10-K Table of Contents
In addition, we have implemented a formal crisis management process, which outlines an incident response communication plan with executive leadership as well as criteria for communication with the chair of the Audit Committee and the Lead Director of the Board. 17 GL 2025 FORM 10-K Table of Contents
The Audit Committee is designated with the responsibility to monitor and periodically report to the full Board regarding management’s risk management and information security processes. The ERM Committee and the Operational Risk Committee (“ORC”) are the senior management-level entities designated with the responsibility to oversee the execution of our risk strategy, including as it relates to cyber risk.
The Audit Committee is designated with the responsibility to monitor and periodically report to the full Board regarding management’s risk management and information security processes. The ERM Committee and the Operational Risk Committee (“ORC”) are the senior management-level groups designated with the responsibility to oversee the execution of our risk strategy, including as it relates to cyber risk.
Our failure to maintain the safety of our policyholder’s information could have a 16 GL 2024 FORM 10-K Table of Contents material adverse effect on our reputation, financial condition and results of operations.
Our failure to maintain the safety of our policyholders' information could have a 16 GL 2025 FORM 10-K Table of Contents material adverse effect on our reputation, financial condition and results of operations.
These Committees are composed of an enterprise-wide representative group of the Company’s Executive and Senior Vice Presidents, as well as other essential directors and personnel. The ERM Committee is chaired by our CRO, and the ORC is chaired by our Chief Security Officer (“CSO”). The Chief Information Officer (“CIO”) and CISO serve on both Committees.
These Committees are composed of an enterprise-wide representative group of the Company’s Executive and Senior Vice Presidents, as well as other essential directors and personnel. The ERM Committee is chaired by our CRO, and the ORC is chaired by our Divisional Senior Vice President, Risk Insurance Regulation and Chief Compliance Officer ("CCO").
Our CRO has over a decade of experience managing risks at the Company, including risks from cybersecurity threats. Our current CIO has over 15 years of experience managing risks, including risks from cybersecurity threats.
The Chief Information Officer (“CIO”) and CISO serve on both Committees. Our CRO has over a decade of experience managing risks at the Company, including those related to cybersecurity. Our CIO has over 15 years of experience in risk management, with a focus on cybersecurity threats.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeItem 2. Properties Globe Life Inc., through its subsidiaries, owns or leases buildings that are used in the normal course of business. Globe Life Inc. owns and occupies approximately 480,000 combined square feet in McKinney, Texas (headquarters) and at the Waco, Texas and Oklahoma City, Oklahoma campuses. Additionally, the Company leases other buildings across the U.S.
Biggest changeItem 2. Properties Globe Life Inc., through its subsidiaries, owns or leases buildings across the U.S. that are used in the normal course of business. Globe Life Inc. occupies approximately 812,000 combined square feet in McKinney, Texas (headquarters) and at the Waco, Texas and Oklahoma City, Oklahoma campuses.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changePurchases of Certain Equity Securities by the Issuer and affiliated purchasers for the Fourth Quarter 2024 (a) (b) (c) (d) Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares (or Approximate Dollar Amount) that May Yet Be Purchased Under the Plans or Programs October 1-31, 2024 374,567 $ 105.45 374,567 — November 1-30, 2024 — — — — December 1-31, 2024 116,484 108.77 116,484 —
Biggest changePurchases of Certain Equity Securities by the Issuer and affiliated purchasers for the Fourth Quarter 2025 (a) (b) (c) (d) Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares (or Approximate Dollar Amount) that May Yet Be Purchased Under the Plans or Programs October 1-31, 2025 801,407 $ 135.13 801,407 — November 1-30, 2025 462,070 132.58 462,070 — December 1-31, 2025 152,969 137.97 152,969 —
Globe Life's stock is included within the S&P 500 Index. *$100 invested on 12/31/2019 in stock or index, including reinvestment of dividends. Fiscal year ended December 31. Copyright© 2025 Standard & Poor's, a division of S&P Global. All rights reserved.
Globe Life's stock is included within the S&P 500 Index. *$100 invested on 12/31/2020 in stock or index, including reinvestment of dividends. Fiscal year ended December 31. Copyright© 2026 Standard & Poor's, a division of S&P Global. All rights reserved.
There were 1,859 shareholders of record on December 31, 2024, excluding shareholder accounts held in nominee form. The line graph shown below compares Globe Life's cumulative total return on its common stock with the cumulative total returns of the Standard & Poor’s 500 Stock Index (S&P 500) and a Life Insurance Index.
There were 1,728 shareholders of record on December 31, 2025, excluding shareholder accounts held in nominee form. The line graph shown below compares Globe Life's cumulative total return on its common stock with the cumulative total returns of the Standard & Poor’s 500 Stock Index (S&P 500) and a Life and Health Insurance Index.

Item 6. [Reserved]

Selected Financial Data — reserved (removed by SEC in 2021)

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Biggest changeCompromise 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 including the impact on the Company's ability to attract and retain agents; 14.
Biggest changeReported amounts in the consolidated financial statements which are based on management estimates and judgments which may differ from the actual amounts ultimately realized; 13. 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; 14.
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.
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 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.
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 yields; 5.
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 affect the sales of traditional Medicare Supplement insurance; 4. Interest rate changes that affect product sales, financing costs, and/or investment yields; 5.
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.
Changes in the competitiveness of the Company's products and pricing; 7. Litigation 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.
Item 6. [Reserved] 19 GL 2024 FORM 10-K Table of Contents CAUTIONARY STATEMENTS We caution readers regarding certain forward-looking statements contained in the foregoing discussion and elsewhere in this document, and in any other statements made by, or on behalf of Globe Life whether or not in future filings with the Securities and Exchange Commission.
Item 6. [Reserved] 19 GL 2025 FORM 10-K Table of Contents CAUTIONARY STATEMENTS We caution readers regarding certain forward-looking statements contained in the foregoing discussion and elsewhere in this document, and in any other statements made by, or on behalf of Globe Life whether or not in future filings with the Securities and Exchange Commission.
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.
The Company's ability to attract and retain agents; 15. 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 16.
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.
Regulatory developments, including changes in accounting standards or governmental regulations (particularly those impacting taxes and changes to the Federal Medicare program that affect Medicare Supplement insurance sales, claims utilization or use); 3.
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. 20 GL 2024 FORM 10-K Table of Contents GLOBE LIFE INC. Management's Discussion & Analysis
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, including those described under Item 1A.
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.
Economic and other conditions, including the impact of inflation, immigration, geopolitical events, escalating tariff and non-tariff trade measures imposed by the U.S. and other countries, a prolonged government shutdown, and other governmental actions which affect the U.S. economy and/or U.S. consumer confidence, leading to unexpected changes in lapse rates and/or sales of our policies, as well as levels of mortality, morbidity, and/or utilization of health care services that differ from Globe Life's assumptions; 2.
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.
The ability to obtain timely and appropriate premium rate increases for health insurance policies from our regulators; 10. The ability of our subsidiaries to pay dividends to the Parent Company and to receive required regulatory approvals on such amounts; 11. The customer response to new products and marketing initiatives; 12.
We specifically disclaim any obligation to update or revise any forward-looking statement because of new information, future developments, or otherwise.
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.
Removed
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.
Added
Risk Factors . 20 GL 2025 FORM 10-K Table of Contents GLOBE LIFE INC. Management's Discussion & Analysis

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

199 edited+45 added−41 removed72 unchanged
Biggest changeAnalysis of Profitability by Segment (Dollar amounts in thousands) 2024 2023 2022 2024 Change % 2023 Change % Life insurance underwriting margin $ 1,352,597 $ 1,192,972 $ 1,129,525 $ 159,625 13 $ 63,447 6 Health insurance underwriting margin 372,423 377,937 377,137 (5,514) (1) 800 — Excess investment income 164,404 130,382 104,589 34,022 26 25,793 25 Segment profit or (loss) 1,889,424 1,701,291 1,611,251 188,133 11 90,040 6 Annuity and other income 7,636 8,800 11,757 (1,164) (13) (2,957) (25) Administrative expense (342,430) (301,161) (299,341) (41,269) 14 (1,820) 1 Other corporate expense (179,610) (143,918) (137,201) (35,692) 25 (6,717) 5 Pre-tax total 1,375,020 1,265,012 1,186,466 110,008 9 78,546 7 Applicable taxes (266,036) (238,368) (225,439) (27,668) 12 (12,929) 6 Net operating income 1,108,984 1,026,644 961,027 82,340 8 65,617 7 Reconciling items, net of tax: Realized gains (losses) (19,108) (51,884) (60,473) 32,776 8,589 Non-operating expenses (2,070) (3,294) (4,196) 1,224 902 Legal proceedings (17,044) (711) (1,972) (16,333) 1,261 Net income $ 1,070,762 $ 970,755 $ 894,386 $ 100,007 10 $ 76,369 9 The life insurance segment is our primary segment and is the largest contributor to earnings in each year presented.
Biggest changeAnalysis of Profitability by Segment (Dollar amounts in thousands) 2025 2024 2023 2025 Change % 2024 Change % Life insurance underwriting margin $ 1,509,361 $ 1,352,597 $ 1,192,972 $ 156,764 12 $ 159,625 13 Health insurance underwriting margin 390,128 372,423 377,937 17,705 5 (5,514) (1) Excess investment income 138,393 164,404 130,382 (26,011) (16) 34,022 26 Segment profit or (loss) 2,037,882 1,889,424 1,701,291 148,458 8 188,133 11 Annuity and other income 9,470 7,636 8,800 1,834 24 (1,164) (13) Administrative expense (355,595) (342,430) (301,161) (13,165) 4 (41,269) 14 Other corporate expense (208,758) (179,610) (143,918) (29,148) 16 (35,692) 25 Pre-tax total 1,482,999 1,375,020 1,265,012 107,979 8 110,008 9 Applicable taxes (284,612) (266,036) (238,368) (18,576) 7 (27,668) 12 Net operating income 1,198,387 1,108,984 1,026,644 89,403 8 82,340 8 Reconciling items, net of tax: Realized gains (losses) (21,952) (19,108) (51,884) (2,844) 32,776 Other expenses (1,725) (2,070) (3,294) 345 1,224 Legal proceedings (13,472) (17,044) (711) 3,572 (16,333) Net income $ 1,161,238 $ 1,070,762 $ 970,755 $ 90,476 8 $ 100,007 10 The life insurance segment is our primary segment and is the largest contributor to earnings in each year presented.
While both the American Income Life Division and the Direct to Consumer Division sell life insurance, they 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.
While both the American Income Life Division and the Direct to Consumer Division primarily sell life insurance, they 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.
Fixed Maturities by Sector December 31, 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 $ 38,584 $ 32 $ (7,801) $ 30,815 $ 2,817,161 $ 49,928 $ (206,943) $ 2,660,146 15 15 Banks 65,718 254 (3,506) 62,466 1,026,367 17,023 (59,795) 983,595 6 6 Other financial 74,973 — (14,917) 60,056 1,162,847 15,647 (146,305) 1,032,189 6 6 Total financial 179,275 286 (26,224) 153,337 5,006,375 82,598 (413,043) 4,675,930 27 27 Industrial Energy 44,580 — (5,410) 39,170 1,318,501 33,825 (77,700) 1,274,626 7 7 Basic materials — — — — 1,147,932 20,121 (91,699) 1,076,354 6 6 Consumer, non-cyclical 640 — (3) 637 2,087,181 11,222 (255,241) 1,843,162 11 11 Other industrials 25,000 — (4,796) 20,204 1,089,118 14,847 (108,283) 995,682 6 6 Communications — — — — 832,355 12,085 (90,817) 753,623 4 4 Transportation — — — — 572,829 9,800 (38,953) 543,676 3 3 Consumer. cyclical 128,674 331 (28,378) 100,627 492,653 3,113 (75,592) 420,174 3 3 Technology 50,278 — (2,419) 47,859 341,407 597 (67,045) 274,959 2 2 Total industrial 249,172 331 (41,006) 208,497 7,881,976 105,610 (805,330) 7,182,256 42 42 Utilities 58,996 22 (6,797) 52,221 2,081,366 39,716 (118,007) 2,003,075 11 12 Total corporates 487,443 639 (74,027) 414,055 14,969,717 227,924 (1,336,380) 13,861,261 80 81 States, municipalities, and political divisions: General obligations — — — — 909,765 3,695 (177,021) 736,439 5 4 Revenues — — — — 2,391,136 16,967 (357,738) 2,050,365 13 12 Total states, municipalities, and political divisions — — — — 3,300,901 20,662 (534,759) 2,786,804 18 16 Other fixed maturities: Government (U.S. and foreign) — — — — 438,636 19 (51,664) 386,991 2 2 Collateralized debt obligations 36,923 5,943 — 42,866 36,923 5,943 — 42,866 — — Other asset-backed securities 4,754 10 — 4,764 79,237 39 (2,186) 77,090 — 1 Total fixed maturities $ 529,120 $ 6,592 $ (74,027) $ 461,685 $ 18,825,414 $ 254,587 $ (1,924,989) $ 17,155,012 100 100 40 GL 2024 FORM 10-K Table of Contents GLOBE LIFE INC.
Management's Discussion & Analysis Fixed Maturities by Sector December 31, 2024 (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 $ 38,584 $ 32 $ (7,801) $ 30,815 $ 2,817,161 $ 49,928 $ (206,943) $ 2,660,146 15 15 Banks 65,718 254 (3,506) 62,466 1,026,367 17,023 (59,795) 983,595 6 6 Other financial 74,973 — (14,917) 60,056 1,162,847 15,647 (146,305) 1,032,189 6 6 Total financial 179,275 286 (26,224) 153,337 5,006,375 82,598 (413,043) 4,675,930 27 27 Industrial Energy 44,580 — (5,410) 39,170 1,318,501 33,825 (77,700) 1,274,626 7 7 Basic materials — — — — 1,147,932 20,121 (91,699) 1,076,354 6 6 Consumer, non-cyclical 640 — (3) 637 2,087,181 11,222 (255,241) 1,843,162 11 11 Other industrials 25,000 — (4,796) 20,204 1,089,118 14,847 (108,283) 995,682 6 6 Communications — — — — 832,355 12,085 (90,817) 753,623 4 4 Transportation — — — — 572,829 9,800 (38,953) 543,676 3 3 Consumer, cyclical 128,674 331 (28,378) 100,627 492,653 3,113 (75,592) 420,174 3 3 Technology 50,278 — (2,419) 47,859 341,407 597 (67,045) 274,959 2 2 Total industrial 249,172 331 (41,006) 208,497 7,881,976 105,610 (805,330) 7,182,256 42 42 Utilities 58,996 22 (6,797) 52,221 2,081,366 39,716 (118,007) 2,003,075 11 12 Total corporates 487,443 639 (74,027) 414,055 14,969,717 227,924 (1,336,380) 13,861,261 80 81 States, municipalities, and political divisions: General obligations — — — — 909,765 3,695 (177,021) 736,439 5 4 Revenues — — — — 2,391,136 16,967 (357,738) 2,050,365 13 12 Total states, municipalities, and political divisions — — — — 3,300,901 20,662 (534,759) 2,786,804 18 16 Other fixed maturities: Government (U.S., municipal, and foreign) — — — — 438,636 19 (51,664) 386,991 2 2 Collateralized debt obligations 36,923 5,943 — 42,866 36,923 5,943 — 42,866 — — Other asset-backed securities 4,754 10 — 4,764 79,237 39 (2,186) 77,090 — 1 Total fixed maturities $ 529,120 $ 6,592 $ (74,027) $ 461,685 $ 18,825,414 $ 254,587 $ (1,924,989) $ 17,155,012 100 100 41 GL 2025 FORM 10-K Table of Contents GLOBE LIFE INC.
We continually monitor our investment portfolio for investments where fair value has declined below carrying value to determine if a credit loss event has occurred. When a credit event does occur, an allowance for credit loss is recorded and the corresponding provision is recognized in the Consolidated Statements of Operations in Realized Gains or Losses.
We continually monitor our investment portfolio for investments where fair value has declined below carrying value to determine if a credit loss event has occurred. When a credit event does occur, an allowance for credit loss is recorded and the corresponding provision is recognized on the Consolidated Statements of Operations in Realized Gains or Losses.
(3) During the year ended December 31, 2023, the Company incurred a $52 million after-tax realized loss due to the disposal of holdings in Signature Bank New York and First Republic Bank as a result of the banks entering receivership. 37 GL 2024 FORM 10-K Table of Contents GLOBE LIFE INC. Management's Discussion & Analysis Investment Acquisitions .
(3) During the year ended December 31, 2023, the Company incurred a $52 million after-tax realized loss due to the disposal of holdings in Signature Bank New York and First Republic Bank as a result of the banks entering receivership. 37 GL 2025 FORM 10-K Table of Contents GLOBE LIFE INC. Management's Discussion & Analysis Investment Acquisitions .
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 Consolidated Statements of Operations .
The Company also has investments in certain limited partnerships, held under the fair value option, with fair value changes recognized in Realized gains (losses) on the Consolidated Statements of Operations .
Additionally, the Company does not participate in securities lending and has no off-balance sheet investments as of December 31, 2024. Of our fixed maturity purchases, BBB securities generally provide the Company with the best risk-adjusted, capital-adjusted returns largely due to our ability to hold securities to maturity regardless of fluctuations in interest rates or equity markets.
Additionally, the Company does not participate in securities lending and has no off-balance sheet investments as of December 31, 2025. 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.
Data for both of these average life measures is provided in the above chart. During 2024 and 2023, acquisitions consisted primarily of corporate and municipal bonds with securities spanning a diversified range of issuers, industry sectors, and geographical regions. For the year ended December 31, 2024, we invested primarily in the industrial, financial, and utility sectors.
Data for both of these average life measures is provided in the above chart. During 2025 and 2024, acquisitions consisted primarily of corporate and municipal bonds with securities spanning a diversified range of issuers, industry sectors, and geographical regions. For the year ended December 31, 2025, we invested primarily in the industrial, financial, and utility sectors.
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.
Possible uses of excess cash flow include, but are not limited to, share repurchases, acquisitions, shareholder dividend payments, subsidiary capital contributions, 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.
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.
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 provide dashboards and drive productivity in lead distribution, conservation of business, and new agent recruiting.
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 21 GL 2024 FORM 10-K Table of Contents GLOBE LIFE INC.
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 21 GL 2025 FORM 10-K Table of Contents GLOBE LIFE INC.
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 for each of the three years ended December 31, 2024.
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 for each of the three years ended December 31, 2025.
The following table presents these ratings for our five largest insurance subsidiaries at December 31, 2024. Standard & Poor’s A.M. Best Liberty National Life Insurance Company AA- A Globe Life And Accident Insurance Company AA- A United American Insurance Company AA- A American Income Life Insurance Company AA- A Family Heritage Life Insurance Company of America NR A A.M.
The following table presents these ratings for our five largest insurance subsidiaries at December 31, 2025. Standard & Poor’s A.M. Best Liberty National Life Insurance Company AA- A Globe Life And Accident Insurance Company AA- A United American Insurance Company AA- A American Income Life Insurance Company AA- A Family Heritage Life Insurance Company of America NR A A.M.
(3) Effective duration is a measure of the price sensitivity of a fixed-income security to a 1% change in interest rates. 39 GL 2024 FORM 10-K Table of Contents GLOBE LIFE INC. Management's Discussion & Analysis Credit Risk Sensitivity .
(3) Effective duration is a measure of the price sensitivity of a fixed-income security to a 1% change in interest rates. 39 GL 2025 FORM 10-K Table of Contents GLOBE LIFE INC. Management's Discussion & Analysis Credit Risk Sensitivity .
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 November 18, 2024, the Board of Directors authorized the repurchase of up to $1.8 billion under the Company's existing share repurchase program.
The share repurchase program is reviewed with the Board of Directors quarterly, and continues indefinitely unless and until the Board of Directors decides to suspend, terminate or modify the program. On November 18, 2024, the Board of Directors authorized the repurchase of up to $1.8 billion under the Company's existing share repurchase program.
Note 10—Postretirement Benefits also contains information about pension plan assets, investment policies, and other related data. There were no significant changes in the assumptions in the current year. 53 GL 2024 FORM 10-K Table of Contents
Note 10—Postretirement Benefits also contains information about pension plan assets, investment policies, and other related data. There were no significant changes in the assumptions in the current year. 53 GL 2025 FORM 10-K Table of Contents
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 year ended December 31, 2024.
Management's Discussion & Analysis In 2025, 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 year ended December 31, 2025.
For more information about our fixed maturity portfolio by component at December 31, 2024 and December 31, 2023, including a discussion of allowance for credit losses, an analysis of unrealized investment losses, and a schedule of maturities, see Note 4—Investments .
For more information about our fixed-maturity portfolio by component at December 31, 2025 and December 31, 2024, including a discussion of allowance for credit losses, an analysis of unrealized investment losses, and a schedule of maturities, see Note 4—Investments .
For discussion regarding activity from 2022, please refer to the prior filed Form 10-Ks at www.sec.gov. "Globe Life" and the "Company" refer to Globe Life Inc. and its subsidiaries and affiliates. Results of Operations How Globe Life Views Its Operations.
For discussion regarding activity from 2023, please refer to the prior filed Form 10-Ks at www.sec.gov. "Globe Life" and the "Company" refer to Globe Life Inc. and its subsidiaries and affiliates. Results of Operations How Globe Life Views Its Operations.
The following table illustrates the sensitivity of our liability for future policy benefits, including the corresponding pre-tax impact on OCI, and net income, as of December 31, 2024, to changes in cash flow assumptions.
The following table illustrates the sensitivity of our liability for future policy benefits, including the corresponding pre-tax impact on OCI, and net income, as of December 31, 2025, to changes in cash flow assumptions.
The following table summarizes Globe Life's investment income, excess investment income, and excess investment income per diluted common share.
The following table summarizes Globe Life's net investment income, excess investment income, and excess investment income per diluted common share.
An analysis of the fixed maturity portfolio by composite quality rating at December 31, 2024 and December 31, 2023, is shown in the following tables. The company uses the NAIC designation for credit quality ratings.
An analysis of the fixed-maturity portfolio by composite quality rating at December 31, 2025 and December 31, 2024, is shown in the following tables. The company uses the NAIC designation for credit quality ratings.
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.
Our liquidity is primarily derived from multiple sources: positive cash flow from operations, a portfolio of marketable securities, pre-capitalized trust securities facility, 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.
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.
The facility serves as a backup 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.
The following table illustrates the interest rate sensitivity of our liability for future policy benefits as of December 31, 2024. This table measures the effect of a parallel shift in discount rates on the liability.
The following table illustrates the interest rate sensitivity of our liability for future policy benefits as of December 31, 2025. This table measures the effect of a parallel shift in discount rates on the liability.
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.
Management considers net sales to be a better indicator of the rate of premium growth than annualized premium issued since annualized premium issued is before cancellations, as 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.
The following tables summarize certain information about the major corporate sectors and security types held in our fixed maturity portfolio at December 31, 2024 and 2023.
The following tables summarize certain information about the major corporate sectors and security types held in our fixed maturity portfolio at December 31, 2025 and 2024.
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 December 31, 2024, representing 80% of amortized cost, net, and 81% of fair value. The remainder of the portfolio is invested primarily in securities issued by the U.S. government and U.S. municipalities.
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 December 31, 2025, representing 79% 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.
We report this portfolio at fair value. Fair value is the price that we would expect to receive upon sale of the asset in an orderly transaction. The fair value of the fixed maturity portfolio is primarily affected by changes in interest rates in financial markets.
Fair value is the price that we would expect to receive upon sale of the asset in an orderly transaction. The fair value of the fixed maturity portfolio is primarily affected by changes in interest rates in financial markets.
On a combined basis, these other channels accounted for 14% of health premium in 2024 and 2023. INVESTMENTS We manage our capital resources, including investments and cash flow, through the investment segment.
On a combined basis, these other channels accounted for 13% of health premium in 2025 and 14% in 2024. INVESTMENTS We manage our capital resources, including investments and cash flow, through the investment segment.
In 2024, the life insurance segment underwriting margin increased $160 million compared with 2023. This was primarily a result of increased premiums and favorable policy obligations as a percent of premium due to a remeasurement gain resulting from the assumption updates in 2024. In 2023, the life insurance segment underwriting margin increased $63 million when compared with 2022.
In 2025, the life insurance segment underwriting margin increased $157 million, compared with 2024. This was primarily a result of increased premiums and favorable policy obligations as a percent of premium due to a remeasurement gain resulting from the assumption updates in 2025. In 2024, the life insurance segment underwriting margin increased $160 million when compared with 2023.
As of December 31, 2024, we had available $466 million of additional borrowing capacity under this facility, compared with $316 million a year earlier. Globe Life has consistently been able to issue commercial paper as needed during the three years ended December 31, 2024.
As of December 31, 2025, we had available $579 million of additional borrowing capacity under this facility, compared with $466 million a year earlier. Globe Life has consistently been able to issue commercial paper as needed during the three years ended December 31, 2025.
The NAIC designation is generally determined using the second lowest rating available from nationally recognized statistical rating organizations (“NRSRO”) when 3 or more ratings are available and the lowest rating when 2 or fewer rating are available. When NRSRO ratings are unavailable the rating may be assigned by the Securities Valuation Office (“SVO”) of the NAIC.
The NAIC designation is generally determined using the second lowest rating available from nationally recognized statistical rating organizations (“NRSRO”) when three or more ratings are available and the lowest rating when two or fewer rating are available. When NRSRO ratings are unavailable the rating may be assigned by the Securities Valuation Office (“SVO”) of the NAIC.
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 generally 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.
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 12-month period. • Net sales is calculated as annualized premium issued, net of cancellations in the first 30 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 one month) has expired.
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.
Management's Discussion & Analysis Subsidiary Capital : The National Association of Insurance Commissioners 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.
At December 31, 2024, our gross liability under these plans was $635 million, but was offset by assets of $615 million. The actuarial assumptions used in determining our obligations/expenses for pensions include: employee mortality and turnover, retirement age, the expected return on plan assets, projected salary increases, and the discount rate at which future obligations could be settled.
At December 31, 2025, our gross liability under these plans was $677 million, but was offset by assets of $684 million. The actuarial assumptions used in determining our obligations/expenses for pensions include: employee mortality and turnover, retirement age, the expected return on plan assets, projected salary increases, and the discount rate at which future obligations could be settled.
Presented below is a table of health net sales, an indicator of new business production, by distribution channel for each of the last three years.
Management's Discussion & Analysis Presented below is a table of health net sales, an indicator of new business production, by distribution channel for each of the last three years.
The following table is an analysis of operating expenses for the three years ended December 31, 2024.
The following table is an analysis of operating expenses for the three years ended December 31, 2025.
For the year ended December 31, 2024, 2023, and 2022, shareholder dividends were $85 million, $84 million, and $81 million, respectively. For more information on the restrictions on the payment of dividends by subsidiaries, see the Restrictions section of Note 13—Shareholders' Equity .
For the year ended December 31, 2025, 2024, and 2023, shareholder dividends were $86 million, $85 million, and $84 million, respectively. For more information on the restrictions on the payment of dividends by subsidiaries, see the Restrictions section of Note 13—Shareholders' Equity .
Management's Discussion & Analysis 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.
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 mandates that interest rate assumptions for a particular block of business be “locked in” for the life of that block of business.
Management's Discussion & Analysis Realized Gains and Losses. Our life and health insurance companies collect premium income from policyholders for the eventual payment of policyholder benefits, sometimes paid many years or even decades in the future. Since benefits are expected to be paid in future periods, premium receipts in excess of current expenses are invested to provide for these obligations.
Our life and health insurance companies collect premium income from policyholders for the eventual payment of policyholder benefits, sometimes paid many years or even decades in the future. Since benefits are expected to be paid in future periods, premium receipts in excess of current expenses are invested to provide for these obligations.
The following chart presents the growth in net investment income and the growth in mean invested assets. 2024 2023 2022 Growth in net investment income 7.5 % 6.6 % 3.7 % Growth in mean invested assets (at amortized cost) 4.5 % 3.5 % 4.1 % Globe Life's net investment income benefits from higher interest rates on new investments.
The following chart presents the growth in net investment income and the growth in mean invested assets. 2025 2024 2023 Growth in net investment income (0.5) % 7.5 % 6.6 % Growth in mean invested assets (at amortized cost) 0.9 % 4.5 % 3.5 % Globe Life's net investment income benefits from higher interest rates on new investments.
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 year ended December 31, 2024 was 8.04%.
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 year ended December 31, 2025 was 6.41%.
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 December 31, 2024, we are not concerned because we do not generally intend to sell, nor is it likely that we will be required to sell, fixed maturity investments prior to their anticipated recovery.
While increasing interest rates has resulted in a net unrealized loss from our available-for-sale debt securities included in accumulated other comprehensive income (loss) as of December 31, 2025, 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.
First-year collected premium from Medicare Supplement policies make up the remaining $64 million, or 29%, for 2024 compared with $52 million, or 28%, in 2023. A discussion of health operations by distribution channel follows. The United American Division consists of non-exclusive independent agencies and brokers who may also sell for other companies.
First-year collected premium from Medicare Supplement policies make up the remaining $81 million, or 34%, for 2025, compared with $64 million, or 29%, in 2024. A discussion of health operations by distribution channel follows. The United American Division consists of non-exclusive independent agents and brokers who may also sell for other companies.
Fixed maturities rated BBB are 46% of the total portfolio at December 31, 2024, down from 48% at December 31, 2023. While this ratio is high relative to our peers, it is at its lowest level since 2007 and we have limited exposure to higher-risk assets such as derivatives, equities, and asset-backed securities.
Fixed maturities rated BBB are 42% of the total portfolio at December 31, 2025, down from 46% at December 31, 2024. While this ratio may be high relative to our peers, it is at its lowest level since 2003 and we have limited exposure to higher-risk assets such as derivatives, equities, and asset-backed securities.
As the Division continues to gain momentum in its sales and recruiting initiatives, as well as advances in its technology and CRM platform, the Division anticipates continued growth in recruiting activity, average producing agent count and net sales. The Other agency distribution channels primarily include non-exclusive independent agencies selling primarily life insurance.
As this Division continues to gain momentum in its sales and recruiting initiatives through advances in technology and utilization of a CRM platform, it anticipates continued growth in recruiting activity, average producing agent count, and net sales. The Other agency distribution channels primarily include non-exclusive independent agencies selling primarily life insurance.
(2) The discount rate for determining the net periodic benefit cost was 5.40% for 2024. The discount rate used for determining the projected benefit obligation as of December 31, 2024 was 5.81%. (3) The expected long-term return rate assumed was 7.18% at December 31, 2024, and 6.98% in the prior year.
(2) The discount rate for determining the net periodic benefit cost was 5.81% for 2025. The discount rate used for determining the projected benefit obligation as of December 31, 2025 was 5.81%. (3) The expected long-term return rate assumed was 7.33% at December 31, 2025, and 7.18% in the prior year.
Management's Discussion & Analysis The following table presents Globe Life's life premium distribution channel for the last three years.
The following table presents Globe Life's life premium distribution channel for the last three years.
The table below summarizes health underwriting margin by distribution channel for the last three years.
Management's Discussion & Analysis The table below summarizes health underwriting margin by distribution channel for the last three years.
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 $(23.90) and $(29.11) for the year ended December 31, 2024 and 2023, respectively.
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 $(21.99) and $(23.90) per share for the year ended December 31, 2025 and 2024, respectively.
Fixed Maturities by Rating At December 31, 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 $ 968,220 5 $ 855,165 5 AA 3,225,044 17 2,691,908 15 A 5,508,446 29 5,147,203 30 BBB+ 3,267,101 17 3,040,313 18 BBB 4,087,323 22 3,799,696 22 BBB- 1,240,160 7 1,159,042 7 Total investment grade 18,296,294 97 16,693,327 97 A- Below investment grade: BB 397,823 2 349,028 2 B 92,176 1 67,593 1 Below B 39,121 — 45,064 — Total below investment grade 529,120 3 461,685 3 BB- $ 18,825,414 100 $ 17,155,012 100 Weighted average composite quality rating A- 42 GL 2024 FORM 10-K Table of Contents GLOBE LIFE INC.
Management's Discussion & Analysis Fixed Maturities by Rating At December 31, 2024 (Dollar amounts in thousands) Amortized Cost, net % of Total Fair Value % of Total Average Composite Quality Rating on Amortized Cost Investment grade: AAA $ 968,220 5 $ 855,165 5 AA 3,225,044 17 2,691,908 15 A 5,508,446 29 5,147,203 30 BBB+ 3,267,101 17 3,040,313 18 BBB 4,087,323 22 3,799,696 22 BBB- 1,240,160 7 1,159,042 7 Total investment grade 18,296,294 97 16,693,327 97 A- Below investment grade: BB 397,823 2 349,028 2 B 92,176 1 67,593 1 Below B 39,121 — 45,064 — Total below investment grade 529,120 3 461,685 3 BB- $ 18,825,414 100 $ 17,155,012 100 Weighted average composite quality rating A- The overall quality rating of the portfolio is A-, the same as of year-end 2024.
This division is Globe Life's largest contributor of life premium of any distribution channel at 52% of the Company's 2024 total life premium. In 2024, the average monthly life premium issued per policy was $56 as compared to $54 in 2023. Net sales were $382 million in 2024, up from $323 million in 2023.
This Division is Globe Life's largest contributor of life premium of any distribution channel at 53% of the Company's 2025 total life premium. In 2025, the average monthly life premium issued per policy was $60 as compared to $56 in 2024. Net sales were $394 million in 2025, up from $382 million in 2024.
Net investment income increased at a compound annual growth rate of 6% over the three years ending 2024. Mean invested assets increased at a compound annual growth rate of 4% during the same period. The effective annual yield rate earned on the fixed maturity portfolio was 5.26% in 2024, compared with 5.20% in 2023.
Net investment income increased at a compound annual growth rate of 4% over the three years ending 2025. Mean invested assets increased at a compound annual growth rate of 3% during the same period. The effective annual yield rate earned on the fixed maturity portfolio was 5.27% in 2025, compared to 5.26% in 2024.
Selected information concerning the fixed maturity portfolio is as follows: Fixed Maturity Portfolio Selected Information At December 31, 2024 2023 Average annual effective yield (1) 5.25% 5.23% Average life, in years, to: Next call (2) 15.1 14.6 Maturity (2) 19.3 18.6 Effective duration to: Next call (2,3) 8.8 9.0 Maturity (2,3) 10.6 10.7 (1) Tax-equivalent basis.
Selected information concerning the fixed maturity portfolio is as follows: Fixed Maturity Portfolio Selected Information At December 31, 2025 2024 Average annual effective yield (1) 5.29% 5.25% Average life, in years, to: Next call (2) 15.2 15.1 Maturity (2) 19.4 19.3 Effective duration to: Next call (2,3) 8.7 8.8 Maturity (2,3) 10.5 10.6 (1) Tax-equivalent basis.
Excess investment income per diluted common share was $1.35 during 2023, an increase of 27% over the period ended 2022. 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.
Excess investment income per diluted common share was $1.83 during 2024, an increase of 36% over the period ended 2023. Excess investment income per diluted common share generally increases or decreases at a different 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.
Management's Discussion & Analysis The following table presents the summary of health insurance results. Further discussion of the results by distribution channel is included below.
The following table presents the summary of results of life insurance. Further discussion of the results by distribution channel is included below.
Fixed Maturity Acquisitions Selected Information (Dollar amounts in thousands) Year Ended December 31, 2024 2023 2022 Cost of acquisitions: Investment-grade corporate securities $ 1,258,203 $ 967,588 $ 812,697 Investment-grade municipal securities 94,658 572,654 599,946 Other securities 29,577 — 7,577 Total fixed maturity acquisitions (1) $ 1,382,438 $ 1,540,242 $ 1,420,220 Effective annual yield (one year compounded) (2) 5.93 % 6.13 % 5.18 % Average life (in years, to next call) 29.4 18.0 13.5 Average life (in years, to maturity) 33.3 24.8 22.8 Average rating A- A A (1) Fixed maturity acquisitions included unsettled trades of $3.2 million in 2024, $3.8 million in 2023, and $0 in 2022.
Fixed Maturity Acquisitions Selected Information (Dollar amounts in thousands) Year Ended December 31, 2025 2024 2023 Cost of acquisitions: Investment-grade corporate securities $ 727,259 $ 1,258,203 $ 967,588 Investment-grade municipal securities 114,621 94,658 572,654 Other securities 76,259 29,577 — Total fixed maturity acquisitions (1) $ 918,139 $ 1,382,438 $ 1,540,242 Effective annual yield (one year compounded) (2) 6.37 % 5.93 % 6.13 % Average life (in years, to next call) 29.7 29.4 18.0 Average life (in years, to maturity) 33.9 33.3 24.8 Average rating A A- A (1) Fixed maturity acquisitions included unsettled trades of $0 in 2025, $3.2 million in 2024, and $3.8 million in 2023.
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.
Management believes an analysis of net operating income is important in understanding the profitability and operating trends of the Company’s business.
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 $190 million in 2024 up from $188 million in 2023.
The Liberty National Division markets limited-benefit supplemental health products, consisting primarily of cancer, critical illness and accident insurance. Much of Liberty National’s health business is generated through worksite marketing targeting small businesses. Health premium at the Liberty National Division was $190 million in 2025, flat when compared with 2024.
The average producing agent count is based on the actual count at the beginning and end of each week during the year. 2024 2023 2022 2024 Change % 2023 Change % American Income 11,741 10,579 9,444 1,162 11 1,135 12 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.
The average producing agent count is based on the actual count at the beginning and end of each week during the year. 2025 2024 2023 2025 Change % 2024 Change % American Income 11,920 11,741 10,579 179 2 1,162 11 American Income Life continues to focus on growing and strengthening the agency force, specifically through emphasis on agency middle-management growth.
For 2025, 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.
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 2025, our consolidated Company Action Level RBC ratio was 316%.
Certain costs of acquiring new insurance business are deferred and recorded as an asset. These costs are capitalized on a grouped contract basis and amortized over the expected term of the related contracts, and are essential for the acquisition of new insurance business.
These costs are capitalized on a grouped contract basis and amortized over the expected term of the related contracts, and are essential for the acquisition of new insurance business.
Total premium income rose 5% for the year ended December 31, 2024 to $4.67 billion. Total net sales increased 9% to $840 million, when compared with 2023. Total first-year collected premium (defined in the following section) increased 11% to $674 million for 2024, compared to $605 million in 2023.
Total premium income rose 5% for the year ended December 31, 2025 to $4.9 billion. Total net sales increased 13% to $948 million when compared with 2024. Total first-year collected premium (defined in the following section) increased 5% to $704 million for 2025, compared to $674 million in 2024.
Treasury curve) on the fair value of the fixed maturity portfolio. The data measures the change in fair value arising from an immediate and sustained change in interest rates in increments of 100 basis points.
The data measures the change in fair value arising from an immediate and sustained change in interest rates in increments of 100 basis points.
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 cancer, critical illness, heart disease, intensive care, and other health products.
Management's Discussion & Analysis HEALTH INSURANCE Health insurance sold by the Company primarily includes Medicare Supplement insurance as well as retiree health insurance, accident coverage, and other limited-benefit supplemental health products such as cancer, critical illness, heart disease, accident, intensive care, and other health products.
The earned yield on limited partnership investments for the year ended December 31, 2024 was 8.42%. See additional information in Note 4—Investments .
The earned yield on limited partnership investments for the year ended December 31, 2025 was 7.56%. See additional information in Note 4—Investments .
The average producing agent count across all of the exclusive agencies increased 11% over the prior year. • Book value per share increased 33% over the same period in the prior year from $47.10 to $62.50.
The average producing agent count across all of the exclusive agencies increased 3% over the prior year. • Book value per share increased 19% over the same period in the prior year from $62.50 to $74.17.
For the entire portfolio, the taxable equivalent effective yield earned was 5.26%, up approximately 6 basis points from the yield in 2023. The increase in taxable equivalent effective yield was primarily due to new purchase yields exceeding the yield on dispositions and the average portfolio yield.
For the entire portfolio, the taxable equivalent effective yield earned was 5.27%, up approximately 1 basis points from the yield in 2024. 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.
Other Investment Acquisitions (Dollar amounts in thousands) Year Ended December 31, 2024 2023 Limited partnerships $ 238,812 $ 142,308 Commercial mortgage loans 174,517 158,823 Common stock 19,869 10,257 Convertible notes 2,850 3,950 Company-owned life insurance 200,000 — Total $ 636,048 $ 315,338 Since fixed maturities represent such a significant portion of our investment portfolio, 89% of total amortized cost net of allowance for credit losses at December 31, 2024, the remainder of the discussion of portfolio composition will focus on fixed maturities.
Other Investment Acquisitions (Dollar amounts in thousands) Year Ended December 31, 2025 2024 Limited partnerships $ 210,532 $ 238,812 Commercial mortgage loans 139,967 174,517 Common stock 3,197 19,869 Convertible notes — 2,850 Company-owned life insurance 35,000 200,000 Total $ 388,696 $ 636,048 Since fixed maturities represent such a significant portion of our investment portfolio, 87% of total amortized cost, net of allowance for credit losses, at December 31, 2025, the remainder of the discussion of portfolio composition will focus on fixed maturities.
Analysis of Excess Investment Income (Dollar amounts in thousands except per share data) 2024 2023 2022 Net investment income $ 1,135,631 $ 1,056,884 $ 991,800 Interest on policy liabilities (1) (971,227) (926,502) (887,211) Excess investment income $ 164,404 $ 130,382 $ 104,589 Excess investment income per diluted common share $ 1.83 $ 1.35 $ 1.06 Mean invested assets (at amortized cost) $ 21,337,531 $ 20,411,093 $ 19,714,027 Average insurance policy liabilities 17,527,857 16,772,861 16,060,240 (1) Interest on policy liabilities, at original rates, is a component of total policyholder benefits, a GAAP measure.
Analysis of Excess Investment Income (Dollar amounts in thousands except per share data) 2025 2024 2023 Net investment income $ 1,130,198 $ 1,135,631 $ 1,056,884 Interest on policy liabilities (1) (991,805) (971,227) (926,502) Excess investment income $ 138,393 $ 164,404 $ 130,382 Excess investment income per diluted common share $ 1.68 $ 1.83 $ 1.35 Mean invested assets (at amortized cost) $ 21,534,153 $ 21,337,531 $ 20,411,093 Average insurance policy liabilities 17,920,587 17,527,857 16,772,861 (1) Interest on policy liabilities, at original rates, is a component of total policyholder benefits, a GAAP measure.
Analysis of Realized Gains (Losses), Net of Tax (Dollar amounts in thousands, except for per share data) Year Ended December 31, 2024 2023 2022 Amount Per Share Amount Per Share Amount Per Share Fixed maturities: Sales (3) $ (9,290) $ (0.10) $ (59,463) $ (0.62) $ (44,792) $ (0.45) Matured or other redemptions (1) 155 — (1,604) (0.02) 19,076 0.19 Provision for credit losses (2,590) (0.03) (5,621) (0.06) 306 — Fair value option—change in fair value (13,206) (0.15) 11,931 0.12 (23,189) (0.23) Mortgages (3,138) (0.04) (4,427) (0.04) (761) (0.01) Other investments 2,319 0.03 1,415 0.02 3,699 0.04 Total realized investment gains (losses)—investments (25,750) (0.29) (57,769) (0.60) (45,661) (0.46) Other gains (losses) (2) 6,642 0.08 5,885 0.06 (14,812) (0.15) Total realized gains (losses) $ (19,108) $ (0.21) $ (51,884) $ (0.54) $ (60,473) $ (0.61) (1) During the three years ended December 31, 2024, 2023, and 2022, the Company recorded $105.6 million, $50.9 million, and $147.6 million, respectively, of exchanges of fixed maturity securities (noncash transactions) that resulted in $0, $(1.5) million, and $1.5 million, respectively, in realized gains (losses), net of tax.
Analysis of Realized Gains (Losses), Net of Tax (Dollar amounts in thousands, except for per share data) Year Ended December 31, 2025 2024 2023 Amount Per Share Amount Per Share Amount Per Share Fixed maturities: Sales (3) $ (9,617) $ (0.12) $ (9,290) $ (0.10) $ (59,463) $ (0.62) Matured or other redemptions (1) (8,726) (0.10) 155 — (1,604) (0.02) Provision for credit losses (103) — (2,590) (0.03) (5,621) (0.06) Fair value option—change in fair value (7,958) (0.10) (13,206) (0.15) 11,931 0.12 Mortgages (2,225) (0.03) (3,138) (0.04) (4,427) (0.04) Other investments (1,297) (0.01) 2,319 0.03 1,415 0.02 Total realized gains (losses)—investments (29,926) (0.36) (25,750) (0.29) (57,769) (0.60) Other gains (losses) (2) 7,974 0.09 6,642 0.08 5,885 0.06 Total realized gains (losses) $ (21,952) $ (0.27) $ (19,108) $ (0.21) $ (51,884) $ (0.54) (1) During the three years ended December 31, 2025, 2024, and 2023, the Company recorded $288.5 million, $105.6 million, and $50.9 million, respectively, of exchanges of fixed maturity securities (noncash transactions) that resulted in $(2.3) million, $0, and $(1.5) million, respectively, in realized gains (losses), net of tax.
While 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, the health business provides a significant contribution to return on equity as it does not require a substantial amount of up-front capital. 30 GL 2024 FORM 10-K Table of Contents GLOBE LIFE INC.
While the Company continues to emphasize life insurance sales relative to health, due to life’s long-term profitability and its greater contribution to excess investment income, the health business provides a significant contribution to return on equity as it does not require a substantial amount of up-front capital. The following table presents the summary of health insurance results.
Since implementing our share repurchase program in 1986, we have used $10.3 billion to repurchase Globe Life Inc. common shares after determining that the repurchases provide a greater risk-adjusted after-tax return than other investment alternatives.
Since implementing our share repurchase program in 1986, we have used $11.0 billion to repurchase Globe Life Inc. common shares, after determining that the repurchases provide a greater risk-adjusted after-tax return than other alternatives and we expect to continue this program into the future.
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.
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.
The United American Division was Globe Life's largest health agency in terms of health premium income, with net sales up 11% from the same period in the prior year.
The United American Division was Globe Life's largest health Division in terms of health premium revenue, with net sales up 92% from the prior year.
Management's Discussion & Analysis Current Highlights. • Net income as a return on equity (ROE) for the year ended December 31, 2024 was 21.7% and net operating income as an ROE, excluding accumulated other comprehensive income (1) was 15.1%. • Total premium increased 5% over the same period in the prior year.
Current Highlights. • Net income as a return on equity (ROE) for the year ended December 31, 2025 was 20.9% and net operating income as an ROE, excluding accumulated other comprehensive income (1) was 16.0%. • Total premium increased 5% over the same period in the prior year.
For example, a sensitivity analysis is presented below for the impact of change in the discount rate and the long-term rate of return on assets assumed on our defined benefit pension plans expense for the year 2024 and projected benefit obligation as of December 31, 2024. 52 GL 2024 FORM 10-K Table of Contents GLOBE LIFE INC.
For example, a sensitivity analysis is presented below for the impact of change in the discount rate and the long-term rate of return on assets assumed on our defined benefit pension plans expense for the year 2025 and projected benefit obligation as of December 31, 2025.
For 2024, our consolidated Company Action Level RBC ratio is expected to be approximately 310%. 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.
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.
Additionally, the balance of AOCI increased $743 million primarily due to increased interest rates and discount rates over the period. During 2023, shareholders' equity increased as a result of net income of $971 million, but was offset by share repurchases of $380 million and an additional $127 million in share repurchases to offset the dilution from stock option exercises.
Additionally, the balance of AOCI increased $258 million primarily due to increased interest rates and discount rates over the period. During 2024, shareholders' equity increased as a result of net income of $1.1 billion, offset by share repurchases of $946 million and an additional $48 million in share repurchases to offset the dilution from stock option exercises.

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