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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to ________

Commission File Number: 001-08052

GLOBE LIFE INC.

(Exact name of registrant as specified in its charter)


Delaware						63-0780404
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

3700 South Stonebridge Drive, McKinney, Texas 75070

(Address of principal executive offices) (Zip Code)

(972) 569-4000

(Registrant’s telephone number, including area code)

NONE

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 par value per share	GL	New York Stock Exchange
Common Stock, $1.00 par value per share	GL	NYSE Texas, Inc.
4.250% Junior Subordinated Debentures	GL PRD	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Class						Outstanding at October 31, 2025
Common Stock, $1.00 Par Value						79,605,800

GL Q3 2025 FORM 10-Q

Table of Contents

Globe Life Inc.

Table of Contents


			Page
PART I. FINANCIAL INFORMATION
	Item 1.	Condensed Consolidated Financial Statements
		Condensed Consolidated Balance Sheets	1
		Condensed Consolidated Statements of Operations	2
		Condensed Consolidated Statements of Comprehensive Income (Loss)	3
		Condensed Consolidated Statements of Shareholders' Equity	4
		Condensed Consolidated Statements of Cash Flows	6

		Notes to Condensed Consolidated Financial Statements	7
		Note 1—Significant Accounting Policies	7
		Note 2—New Accounting Standards	8
		Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive Income	9
		Note 4—Investments	11
		Note 5—Commitments and Contingencies	23
		Note 6—Policy Liabilities	25
		Note 7—Deferred Acquisition Costs	44
		Note 8 —Liability for Unpaid Claims	47
		Note 9 —Postretirement Benefits	48
		Note 10 —Earnings Per Share	50
		Note 11—Debt	51
		Note 12—Business Segments	54


		Cautionary Statements	62

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	63

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	92

	Item 4.	Controls and Procedures	92

PART II. OTHER INFORMATION

	Item 1.	Legal Proceedings	92

	Item 1A.	Risk Factors	92

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	92

	Item 5.	Other Information	93

	Item 6.	Exhibits	94

Signatures			95

As used in this Form 10-Q, “Globe Life,” the “Company,” “we,” “our” and “us” refer to Globe Life Inc., a Delaware corporation incorporated in 1979, its subsidiaries and affiliates.

GL Q3 2025 FORM 10-Q

Table of Contents

PART I—FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

Globe Life Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(Dollar amounts in thousands, except share and per share data)



	September 30, 2025		December 31, 2024
Assets:
Investments:
Fixed maturities—available for sale, at fair value (amortized cost: 2025—$18,948,357; 2024—$18,835,809, allowance for credit losses: 2025— $10,415; 2024— $10,395)	$	17,796,754	$	17,155,012
Mortgage loans	451,898		396,088
Policy loans	729,541		699,669
Other long-term investments (includes: 2025—$1,037,447; 2024—$986,766 under the fair value option)	1,285,697		1,235,759
Short-term investments	62,824		85,035
Total investments	20,326,714		19,571,563
Cash	302,716		165,325
Accrued investment income	284,888		269,791
Other receivables	729,160		691,907
Deferred acquisition costs	6,872,342		6,495,589
Goodwill	490,446		490,446
Other assets	1,521,350		1,391,560
Total assets	$	30,527,616	$	29,076,181
Liabilities:
Future policy benefits at current discount rates: (at original discount rates: 2025—$17,933,726; 2024—$17,552,564)	$	19,301,965	$	18,457,263
Unearned and advance premium	272,740		257,631
Policy claims and other benefits payable	529,911		532,832
Other policyholders' funds	522,133		468,604
Total policy liabilities	20,626,749		19,716,330
Current and deferred income taxes	787,539		731,255
Short-term debt	394,349		415,401
Long-term debt (estimated fair value: 2025—$2,196,342; 2024—$2,122,772)	2,320,013		2,324,251
Other liabilities	709,878		583,424
Total liabilities	24,838,528		23,770,661
Commitments and Contingencies (Note 5)
Shareholders' equity:
Preferred stock, par value $1 per share—5,000,000 shares authorized; outstanding: 0 in 2025 and 2024	—		—
Common stock, par value $1 per share—320,000,000 shares authorized; outstanding: (2025—97,218,183 issued; 2024—97,218,183 issued)	97,218		97,218
Additional paid-in-capital	552,509		527,795
Accumulated other comprehensive income (loss)	(1,972,891)		(2,029,720)
Retained earnings	8,812,765		8,002,521
Treasury stock, at cost: (2025—16,908,676 shares; 2024—13,240,616 shares)	(1,800,513)		(1,292,294)
Total shareholders' equity	5,689,088		5,305,520
Total liabilities and shareholders' equity	$	30,527,616	$	29,076,181

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q3 2025 FORM 10-Q

Table of Contents

Globe Life Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(Dollar amounts in thousands, except share and per share data)



	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenue:
Life premium	$	844,483	$	818,638	$	2,513,890	$	2,438,385
Health premium	386,524		353,955		1,134,414		1,046,617

Total premium	1,231,007		1,172,593		3,648,304		3,485,002
Net investment income	286,013		284,964		848,796		853,178
Realized gains (losses)	(4,987)		(2,192)		(23,476)		(26,580)

Other income	955		42		1,073		192
Total revenue	1,512,988		1,455,407		4,474,697		4,311,792

Benefits and expenses:
Life policyholder benefits(1)	381,511		454,502		1,410,622		1,493,165
Health policyholder benefits(2)	227,940		221,926		691,793		629,676
Other policyholder benefits	7,171		11,756		20,970		32,830
Total policyholder benefits	616,622		688,184		2,123,385		2,155,671

Amortization of deferred acquisition costs	114,074		104,310		330,990		305,703
Commissions, premium taxes, and non-deferred acquisition costs	157,494		149,693		479,228		447,605
Other operating expense	111,562		104,874		328,601		297,196
Interest expense	36,134		31,388		106,011		91,413
Total benefits and expenses	1,035,886		1,078,449		3,368,215		3,297,588

Income before income taxes	477,102		376,958		1,106,482		1,014,204
Income tax benefit (expense)	(89,259)		(73,964)		(211,327)		(198,638)



Net income	$	387,843	$	302,994	$	895,155	$	815,566




Basic net income per common share	$	4.81	$	3.45	$	10.91	$	8.96




Diluted net income per common share	$	4.73	$	3.44	$	10.77	$	8.93

(1)Net of a remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments, resulting in a gain of $149.5 million before tax for the three months ended September 30, 2025 and a remeasurement gain of $70.6 million before tax for the same period in 2024. Net of a remeasurement gain of $174.7 million before tax for the nine months ended September 30, 2025 and a remeasurement gain of $87.8 million before tax for the same period in 2024.

(2)Net of a remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments, resulting in a gain of $8.8 million before tax for the three months ended September 30, 2025 and a remeasurement loss of $9.6 million before tax for the same period in 2024. Net of a remeasurement gain of $13.2 million before tax for the nine months ended September 30, 2025 and a remeasurement loss of $3.1 million before tax for the same period in 2024.

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q3 2025 FORM 10-Q

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Globe Life Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

(Dollar amounts in thousands)



	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income	$	387,843	$	302,994	$	895,155	$	815,566

Other comprehensive income (loss):

Investments:
Unrealized gains (losses) on fixed maturities:
Unrealized holding gains (losses) arising during period	432,361		869,743		513,171		301,715

Other reclassification adjustments included in net income	9,933		(2,408)		17,195		2,580
Foreign exchange adjustment on fixed maturities recorded at fair value	606		(954)		(1,152)		546



Total unrealized investment gains (losses)	442,900		866,381		529,214		304,841
Less applicable tax (expense) benefit	(93,009)		(181,941)		(111,132)		(64,018)
Unrealized gains (losses) on investments, net of tax	349,891		684,440		418,082		240,823

Future Policy Benefits:
Change in discount rate on future policy benefits	(423,443)		(1,247,366)		(470,566)		63,614
Less applicable tax (expense) benefit	88,924		261,946		98,820		(13,360)
Future policy benefit adjustments, net of tax	(334,519)		(985,420)		(371,746)		50,254






Foreign exchange translation:
Foreign exchange translation adjustments, other than securities	(5,627)		7,296		13,094		(4,660)
Less applicable tax (expense) benefit	1,182		(1,532)		(2,751)		979
Foreign exchange translation adjustments, other than securities, net of tax	(4,445)		5,764		10,343		(3,681)

Pension:



Pension adjustments	64		118		191		354
Less applicable tax (expense) benefit	(14)		(25)		(41)		(74)
Pension adjustments, net of tax	50		93		150		280

Other comprehensive income (loss)	10,977		(295,123)		56,829		287,676
Comprehensive income (loss)	$	398,820	$	7,871	$	951,984	$	1,103,242

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q3 2025 FORM 10-Q

Table of Contents

Globe Life Inc.

Condensed Consolidated Statements of Shareholders' Equity

(Unaudited)

(Dollar amounts in thousands, except share and per share data)


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


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

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

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

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



Comprehensive income (loss)	—		—		—		10,977		387,843		—		398,820
Common dividends declared ($0.2700 per share)	—		—		—		—		(21,679)		—		(21,679)
Acquisition of treasury stock	—		—		—		—		—		(173,864)		(173,864)
Stock-based compensation	—		—		14,459		—		—		144		14,603
Exercise of stock options	—		—		—		—		(7,292)		59,470		52,178

Balance at September 30, 2025	$	—	$	97,218	$	552,509	$	(1,972,891)	$	8,812,765	$	(1,800,513)	$	5,689,088

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q3 2025 FORM 10-Q

Table of Contents

Globe Life Inc.

Condensed Consolidated Statements of Shareholders' Equity (Continued)

(Unaudited)

(Dollar amounts in thousands, except share and per share data)


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

Balance at December 31, 2023	$	—	$	102,218	$	532,474	$	(2,772,419)	$	7,478,813	$	(854,283)	$	4,486,803


Comprehensive income (loss)	—		—		—		305,183		254,217		—		559,400
Common dividends declared ($0.2400 per share)	—		—		—		—		(22,603)		—		(22,603)
Acquisition of treasury stock	—		—		—		—		—		(23,469)		(23,469)
Stock-based compensation	—		—		(5,612)		—		(438)		15,317		9,267
Exercise of stock options	—		—		—		—		(3,334)		33,097		29,763


Balance at March 31, 2024	—		102,218		526,862		(2,467,236)		7,706,655		(829,338)		5,039,161

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

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



Comprehensive income (loss)	—		—		—		(295,123)		302,994		—		7,871
Common dividends declared ($0.2400 per share)	—		—		—		—		(20,215)		—		(20,215)
Acquisition of treasury stock	—		—		—		—		—		(591,106)		(591,106)
Stock-based compensation	—		—		9,227		—		—		6		9,233
Exercise of stock options	—		—		—		—		(1,164)		6,252		5,088

Balance at September 30, 2024	$	—	$	102,218	$	543,255	$	(2,484,743)	$	8,225,030	$	(1,747,135)	$	4,638,625

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q3 2025 FORM 10-Q

Table of Contents

Globe Life Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Dollar amounts in thousands)



	Nine Months Ended September 30,
	2025		2024













Cash provided from (used for) operating activities	$	1,045,790	$	1,065,513

Cash provided from (used for) investing activities:
Investments sold or matured:
Fixed maturities available for sale—sold	456,567		674,125
Fixed maturities available for sale—matured or other redemptions	217,427		161,275
Mortgage loans	19,742		29,433
Other long-term investments	82,337		29,995
Total investments sold or matured	776,073		894,828
Acquisition of investments:
Fixed maturities—available for sale	(775,630)		(1,000,665)
Mortgage loans	(118,572)		(134,667)
Other long-term investments	(88,296)		(445,776)
Total investments acquired	(982,498)		(1,581,108)
Net (increase) decrease in policy loans	(29,872)		(34,052)
Net (increase) decrease in short-term investments	22,211		(18,761)


Additions to property and equipment	(121,979)		(56,047)
Other investing activities	—		96
Investments in low-income housing interests	(41,709)		(27,840)
Cash provided from (used for) investing activities	(377,774)		(822,884)

Cash provided from (used for) financing activities:
Issuance of common stock	145,569		34,851
Cash dividends paid to shareholders	(64,394)		(65,292)

Proceeds from issuance of debt	—		530,000
Payment for debt issuance costs	(6,399)		(7,138)
Net borrowing from Federal Home Loan Bank (FHLB)	65,000		17,000
Net borrowing (repayment) of commercial paper	1,870		31,443
Proceeds from commercial paper with original maturities greater than 90 days	442,040		387,247
Repayment of commercial paper with original maturities greater than 90 days	(529,962)		(314,836)
Acquisition of treasury stock	(688,719)		(950,448)
Net receipts (payments) from deposit-type products	107,951		122,291
Cash provided from (used for) financing activities	(527,044)		(214,882)

Effect of foreign exchange rate changes on cash	(3,581)		3,646
Net increase (decrease) in cash	137,391		31,393
Cash at beginning of year	165,325		103,156
Cash at end of period	$	302,716	$	134,549

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q3 2025 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 1—Significant Accounting Policies

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

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

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

Basis of Presentation: The accompanying condensed consolidated financial statements of Globe Life have been prepared in accordance with the instructions to Form 10-Q. Therefore, they do not include all of the disclosures required by accounting principles generally accepted in the United States of America (GAAP) for annual financial statements. However, in the opinion of management, these statements include all adjustments, consisting of normal recurring adjustments, which are necessary for a fair presentation of the condensed consolidated financial position at September 30, 2025, and the condensed consolidated results of operations, comprehensive income, and cash flows for the periods ended September 30, 2025 and 2024. The interim period condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements that were included in the Form 10-K filed with the Securities Exchange Commission (SEC) on February 26, 2025.

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

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

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

GL Q3 2025 FORM 10-Q

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Building Acquisition: On July 3, 2025, Globe Life Inc. completed the acquisition of real estate located in McKinney, Texas for total consideration of $80 million. The acquisition was executed in order to support Company growth and efficiency through modern technological infrastructure and centralized operations. The acquisition includes land, a building structure and building improvements. The transaction was executed pursuant to a purchase agreement and is accounted for as an asset acquisition. The purchase price was allocated based upon the relative fair value of land, building and building improvements. The building is being depreciated over its estimated useful life of 40 years on a straight-line basis and recorded as part of other operating expense on the Condensed Consolidated Statement of Operations. For additional information regarding our property, plant and equipment accounting policy, please refer to our 2024 Form 10-K. The Company expects to utilize the facility for its own operational needs.

As of the date of this filing, the current facility does not qualify for held for sale classification and no impairment indicators have been identified.

Note 2—New Accounting Standards

Accounting Pronouncements Yet to be Adopted: ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, adds disclosure requirements to disaggregate information related to the effective tax rate reconciliation and information on income taxes paid. The disclosures will enhance the assessment of an entity’s operations and related tax risks.

This standard is effective for the Company for annual periods beginning on January 1, 2025, and will be implemented on a prospective basis. The Company does not expect the standard will have a material impact on the condensed consolidated financial statements. The guidance requires only additional disclosure, as a result there will be no effects on our financial position, results of operations or cash flows.

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

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

ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, provides guidance for the evaluation of determining whether criteria is met to begin the capitalization of internal-use software costs. ASC 350 (Intangibles—Goodwill and Other) requires the capitalization of internal-use software costs begin when both of the following criteria are met: (1) when management has authorized and committed to funding the software project and (2) the probability that the project will be completed and will be used to perform the function intended. If uncertainty exists under the guidance issued in Subtopic 350-40 then a probable to complete threshold will not exist and any costs would be expensed until uncertainties are resolved.

The updated guidance also requires the application of disclosure requirements in ASC 360 (Plant, Property, and Equipment) for all capitalized costs regardless of presentation in the financial statements. This standard is effective for the Company for annual periods beginning on January 1, 2028. The Company is evaluating the standard.

GL Q3 2025 FORM 10-Q

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive Income

Components of Accumulated Other Comprehensive Income: An analysis of the change in balance by component of Accumulated Other Comprehensive Income is as follows for the three and nine month periods ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025
	Available for Sale Assets		Future Policy Benefits		Foreign Exchange		Pension Adjustments		Total
Balance at July 1, 2025	$	(1,251,427)	$	(746,269)	$	(6,969)	$	20,797	$	(1,983,868)
Other comprehensive income (loss) before reclassifications, net of tax	342,044		(334,519)		(4,445)		—		3,080
Reclassifications, net of tax	7,847		—		—		50		7,897
Other comprehensive income (loss)	349,891		(334,519)		(4,445)		50		10,977
Balance at September 30, 2025	$	(901,536)	$	(1,080,788)	$	(11,414)	$	20,847	$	(1,972,891)


	Three Months Ended September 30, 2024
	Available for Sale Assets		Future Policy Benefits		Foreign Exchange		Pension Adjustments		Total
Balance at July 1, 2024	$	(1,271,213)	$	(911,717)	$	(4,726)	$	(1,964)	$	(2,189,620)
Other comprehensive income (loss) before reclassifications, net of tax	686,343		(985,420)		5,764		—		(293,313)
Reclassifications, net of tax	(1,903)		—		—		93		(1,810)
Other comprehensive income (loss)	684,440		(985,420)		5,764		93		(295,123)
Balance at September 30, 2024	$	(586,773)	$	(1,897,137)	$	1,038	$	(1,871)	$	(2,484,743)


	Nine Months Ended September 30, 2025
	Available for Sale Assets		Future Policy Benefits		Foreign Exchange		Pension Adjustments		Total
Balance at January 1, 2025	$	(1,319,618)	$	(709,042)	$	(21,757)	$	20,697	$	(2,029,720)
Other comprehensive income (loss) before reclassifications, net of tax	404,498		(371,746)		10,343		—		43,095
Reclassifications, net of tax	13,584		—		—		150		13,734
Other comprehensive income (loss)	418,082		(371,746)		10,343		150		56,829
Balance at September 30, 2025	$	(901,536)	$	(1,080,788)	$	(11,414)	$	20,847	$	(1,972,891)


	Nine Months Ended September 30, 2024
	Available for Sale Assets		Future Policy Benefits		Foreign Exchange		Pension Adjustments		Total
Balance at January 1, 2024	$	(827,596)	$	(1,947,391)	$	4,719	$	(2,151)	$	(2,772,419)
Other comprehensive income (loss) before reclassifications, net of tax	238,785		50,254		(3,681)		—		285,358
Reclassifications, net of tax	2,038		—		—		280		2,318
Other comprehensive income (loss)	240,823		50,254		(3,681)		280		287,676
Balance at September 30, 2024	$	(586,773)	$	(1,897,137)	$	1,038	$	(1,871)	$	(2,484,743)

GL Q3 2025 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

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


	Three Months Ended September 30,				Nine Months Ended September 30,				Affected line items in the Statements of Operations
Component Line Item	2025		2024		2025		2024
Unrealized investment (gains) losses on available for sale assets:
Realized (gains) losses	$	11,746	$	(257)	$	23,755	$	9,732	Realized (gains) losses

Amortization of (discount) premium	(1,813)		(2,151)		(6,560)		(7,152)		Net investment income
Total before tax	9,933		(2,408)		17,195		2,580
Tax	(2,086)		505		(3,611)		(542)		Income taxes
Total after-tax	7,847		(1,903)		13,584		2,038
Pension adjustments:
Amortization of prior service cost	292		265		876		803		Other operating expense
Amortization of actuarial (gain) loss	(228)		(147)		(685)		(449)		Other operating expense
Total before tax	64		118		191		354
Tax	(14)		(25)		(41)		(74)		Income taxes
Total after-tax	50		93		150		280
Total reclassification (after-tax)	$	7,897	$	(1,810)	$	13,734	$	2,318

GL Q3 2025 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 4—Investments

Portfolio Composition: Summaries of fixed maturities available for sale by amortized cost, fair value, and allowance for credit losses at September 30, 2025 and December 31, 2024, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are as follows. Redeemable preferred stock is included within "Corporates, by sector."


	At September 30, 2025
	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value(1)		% of Total Fixed Maturities(2)
Fixed maturities available for sale:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	405,807	$	—	$	147	$	(26,787)	$	379,167	2
States, municipalities, and political subdivisions	3,390,124		—		28,759		(545,729)		2,873,154		16
Foreign governments	47,915		—		291		(8,195)		40,011		—
Corporates, by sector:
Industrials	7,891,877		(7,118)		193,171		(601,835)		7,476,095		42
Financial	5,018,604		—		146,863		(318,860)		4,846,607		27

Utilities	2,100,517		—		78,904		(87,347)		2,092,074		12
Total corporates	15,010,998		(7,118)		418,938		(1,008,042)		14,414,776		81
Collateralized debt obligations	—		—		—		—		—		—
Other asset-backed securities	93,513		(3,297)		383		(953)		89,646		1
Total fixed maturities	$	18,948,357	$	(10,415)	$	448,518	$	(1,589,706)	$	17,796,754	100

(1)Amount reported in the balance sheet.

(2)At fair value.


	At December 31, 2024
	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value(1)		% of Total Fixed Maturities(2)
Fixed maturities available for sale:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	401,753	$	—	$	1	$	(42,794)	$	358,960	2
States, municipalities, and political subdivisions	3,300,901		—		20,662		(534,759)		2,786,804		16
Foreign governments	36,883		—		18		(8,870)		28,031		—
Corporates, by sector:
Industrials	7,889,074		(7,098)		105,610		(805,330)		7,182,256		42
Financial	5,006,375		—		82,598		(413,043)		4,675,930		27

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

(1)Amount reported in the balance sheet.

(2)At fair value.

The Company had unfunded commitments of $263 million and $167 million in fixed maturities at September 30, 2025 and December 31, 2024, respectively.

GL Q3 2025 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

A schedule of fixed maturities available for sale by contractual maturity date at September 30, 2025, is shown below on an amortized cost basis, net of allowance for credit losses, and on a fair value basis. Actual disposition dates could differ from contractual maturities due to call or prepayment provisions.


	At September 30, 2025
	Amortized Cost, net		Fair Value
Fixed maturities available for sale:
Due in one year or less	$	111,404	$	111,847
Due after one year through five years	788,630		815,353
Due after five years through ten years	1,878,317		1,947,313
Due after ten years through twenty years	8,998,125		8,593,860
Due after twenty years	7,071,236		6,238,721
Mortgage-backed and asset-backed securities	90,230		89,660
	$	18,937,942	$	17,796,754

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


	Three Months Ended September 30,					Nine Months Ended September 30,
	2025		2024		% Change	2025		2024		% Change
Fixed maturities available for sale	$	243,444	$	245,313	(1)	$	730,859	$	738,626	(1)
Policy loans	14,123		13,296		6	41,631		39,196		6
Mortgage loans	7,960		7,668		4	19,978		21,337		(6)
Other long-term investments(1)	24,417		19,992		22	68,934		58,608		18
Short-term investments	2,611		3,083			7,146		8,396
	292,555		289,352		1	868,548		866,163		—
Less investment expense	(6,542)		(4,388)		49	(19,752)		(12,985)		52
Net investment income	$	286,013	$	284,964	—	$	848,796	$	853,178	(1)

(1)For the three months ended September 30, 2025 and September 30, 2024 the investment funds, accounted for under the fair value option method, recorded $21.6 million and $19.1 million in net investment income respectively. For the nine months ended September 30, 2025 and 2024, the investment funds, accounted for under the fair value option method, recorded $58.9 million and $56.1 million, respectively, in net investment income. Refer to Other Long-Term Investments below for further discussion on the investment funds.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Fixed maturities available for sale:
Proceeds from sales(1)	$	184,500	$	163,221	$	456,567	$	674,125
Gross realized gains	916		2,042		4,011		6,086
Gross realized losses	(7,761)		(1,856)		(16,251)		(15,824)

(1)During the three and nine months ended September 30, 2025 the Company had $3.2 million unsettled trades. There were $0 unsettled trades for the same periods in 2024.

GL Q3 2025 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Realized investment gains (losses):
Fixed maturities available for sale:
Sales and other(1)	$	(11,686)	$	257	$	(23,735)	$	(9,716)

Provision for credit losses	(60)		—		(20)		(16)
Fair value option—change in fair value	5,958		(3,683)		(147)		(22,777)
Mortgage loans	(4,526)		(1,376)		(4,219)		(3,530)
Other investments	(1,131)		(16)		(2,473)		1,135
Realized gains (losses) from investments	(11,445)		(4,818)		(30,594)		(34,904)

Other gains (losses)	6,458		2,626		7,118		8,324
Total realized gains (losses)	(4,987)		(2,192)		(23,476)		(26,580)
Applicable tax	1,048		460		4,930		5,582
Realized gains (losses), net of tax	$	(3,939)	$	(1,732)	$	(18,546)	$	(20,998)

(1)During the three months ended September 30, 2025 and 2024, the Company recorded $176 thousand and $3.4 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $176 thousand and $0 realized gains (losses) respectively. During the nine months ended September 30, 2025 and 2024, the Company recorded $128.5 million and $82.2 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $(3.0) million and $0 realized gains (losses) respectively.

GL Q3 2025 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Fair Value Measurements: The following tables represent the fair value of fixed maturities measured on a recurring basis at September 30, 2025 and December 31, 2024:


	Fair Value Measurement at September 30, 2025:
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Fixed maturities available for sale
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	—		$	379,167		$	—		$	379,167
States, municipalities, and political subdivisions	—			2,873,154			—			2,873,154
Foreign governments	—			40,011			—			40,011
Corporates, by sector:
Industrials	—			7,369,953			106,142			7,476,095
Financial	—			4,724,499			122,108			4,846,607

Utilities	—			2,004,049			88,025			2,092,074
Total corporates	—			14,098,501			316,275			14,414,776
Collateralized debt obligations	—			—			—			—
Other asset-backed securities	—			25,737			63,909			89,646
Total fixed maturities	$	—		$	17,416,570		$	380,184		$	17,796,754
Percentage of total	—		%	98		%	2		%	100		%


	Fair Value Measurement at December 31, 2024:
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Fixed maturities available for sale
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	—		$	358,960		$	—		$	358,960
States, municipalities, and political subdivisions	—			2,786,804			—			2,786,804
Foreign governments	—			28,031			—			28,031
Corporates, by sector:
Industrials	—			6,998,900			183,356			7,182,256
Financial	—			4,551,737			124,193			4,675,930

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

GL Q3 2025 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

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


	Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Asset- backed Securities			Collateralized Debt Obligations			Corporates			Total
Balance at January 1, 2025	$	11,183		$	42,866		$	420,065		$	474,114

Included in realized gains / losses	—			(588)			(2,593)			(3,181)
Included in other comprehensive income	320			—			9,661			9,981
Acquisitions	52,406			—			30,015			82,421
Sales	—			(36,398)			(118,379)			(154,777)
Amortization	—			1,893			(205)			1,688
Other(1)	—			(7,773)			(22,289)			(30,062)
Transfers into Level 3(2)	—			—			—			—
Transfers out of Level 3(2)	—			—			—			—
Balance at September 30, 2025	$	63,909		$	—		$	316,275		$	380,184
Percent of total fixed maturities	—		%	—		%	2		%	2		%

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

(2)Considered to be transferred at the end of the period. Transfers into Level 3 occur when observable inputs are no longer available. Transfers out of Level 3 occur when observable inputs become available.


	Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Asset- backed Securities			Collateralized Debt Obligations			Corporates			Total
Balance at January 1, 2024	$	—		$	42,146		$	454,733		$	496,879

Included in realized gains / losses	—			—			—			—
Included in other comprehensive income	—			762			5,448			6,210
Acquisitions	7,876			—			14,800			22,676
Sales	—			—			—			—
Amortization	—			3,414			(38)			3,376
Other(1)	—			(3,839)			(29,132)			(32,971)
Transfers into Level 3(2)	—			—			—			—
Transfers out of Level 3(2)	—			—			—			—
Balance at September 30, 2024	$	7,876		$	42,483		$	445,811		$	496,170
Percent of total fixed maturities	—		%	—		%	3		%	3		%

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

GL Q3 2025 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following table presents changes in unrealized gains and losses for the period included in accumulated other comprehensive income for assets held at the end of the reporting period for Level 3 classification:


	Changes in Unrealized Gains (Losses) included in Accumulated Other Comprehensive Income for Assets Held at the End of the Period
	Asset- backed Securities		Collateralized Debt Obligations		Corporates		Total
At September 30, 2025	$	320	$	—	$	9,661	$	9,981
At September 30, 2024	—		762		5,448		6,210

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

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

Quantitative Information about Level 3 Fair Value Measurements

September 30, 2025

Fair Value

Valuation
Techniques

Significant Unobservable
Input

Range

Weighted-

Average(1)

Private placement fixed maturities

316,275

Determination of credit spread

Credit rating

B to AAA

BBB+

Asset-backed securities

63,909

Determination of credit spread

Credit rating

CC to A-

BB+

380,184

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

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

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


	Less than Twelve Months	Twelve Months or Longer	Total
Number of issues (CUSIPs) held:
As of September 30, 2025	454	1,484	1,938
As of December 31, 2024	705	1,498	2,203

Globe Life's entire fixed maturity portfolio consisted of 2,584 issues by 1,012 different issuers at September 30, 2025 and 2,552 issues by 1,014 different issuers at December 31, 2024. The weighted-average quality rating of all unrealized loss positions at amortized cost was A as of September 30, 2025 and A- as of December 31, 2024.

GL Q3 2025 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables disclose unrealized investment losses by class and major sector of fixed maturities available for sale at September 30, 2025 and December 31, 2024.

Analysis of Gross Unrealized Investment Losses


	At September 30, 2025
	Less than Twelve Months				Twelve Months or Longer				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Fixed maturities available for sale:
Investment grade securities:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	4,965	$	(427)	$	364,054	$	(26,360)	$	369,019	$	(26,787)
States, municipalities, and political subdivisions	672,993		(22,163)		1,553,082		(523,566)		2,226,075		(545,729)
Foreign governments	—		—		25,536		(8,195)		25,536		(8,195)
Corporates, by sector:
Industrials	922,896		(35,073)		3,407,713		(541,272)		4,330,609		(576,345)
Financial	365,328		(6,994)		1,857,967		(296,388)		2,223,295		(303,382)

Utilities	125,803		(2,427)		576,220		(80,029)		702,023		(82,456)
Total corporates	1,414,027		(44,494)		5,841,900		(917,689)		7,255,927		(962,183)

Other asset-backed securities	—		—		19,881		(953)		19,881		(953)
Total investment grade securities	2,091,985		(67,084)		7,804,453		(1,476,763)		9,896,438		(1,543,847)

Below investment grade securities:


Corporates, by sector:
Industrials	4,963		(38)		129,216		(25,452)		134,179		(25,490)
Financial	3,054		(17)		96,349		(15,461)		99,403		(15,478)

Utilities	7,472		(165)		36,900		(4,726)		44,372		(4,891)
Total corporates	15,489		(220)		262,465		(45,639)		277,954		(45,859)

Other asset-backed securities	—		—		—		—		—		—
Total below investment grade securities	15,489		(220)		262,465		(45,639)		277,954		(45,859)
Total fixed maturities	$	2,107,474	$	(67,304)	$	8,066,918	$	(1,522,402)	$	10,174,392	$	(1,589,706)

GL Q3 2025 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	At December 31, 2024
	Less than Twelve Months				Twelve Months or Longer				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Fixed maturities available for sale:
Investment grade securities:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	11,268	$	(290)	$	347,527	$	(42,504)	$	358,795	$	(42,794)
States, municipalities, and political subdivisions	778,244		(32,894)		1,532,264		(501,865)		2,310,508		(534,759)
Foreign governments	—		—		24,925		(8,870)		24,925		(8,870)
Corporates, by sector:
Industrials	1,487,940		(73,404)		3,433,034		(690,920)		4,920,974		(764,324)
Financial	961,932		(52,946)		1,785,130		(333,873)		2,747,062		(386,819)

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

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

Below investment grade securities:


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

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

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

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

GL Q3 2025 FORM 10-Q

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Fixed Maturities, Allowance for Credit Losses: A summary of the activity in the allowance for credit losses is as follows.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Allowance for credit losses beginning balance	$	10,355	$	7,132	$	10,395	$	7,115
Additions to allowance for which credit losses were not previously recorded	—		—		—		—
Additions (reductions) to allowance for fixed maturities that previously had an allowance	60		—		20		17
Reduction of allowance for which the Company intends to sell or more likely than not will be required to sell or sold during the period	—		—		—		—
Allowance for credit losses ending balance	$	10,415	$	7,132	$	10,415	$	7,132

As of September 30, 2025, the Company had two fixed maturity securities in non-accrual status at amortized cost of $16 million with an allowance of $10 million. The Company had no fixed maturity securities in non-accrual status as of September 30, 2024.

GL Q3 2025 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

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


	September 30, 2025			December 31, 2024
	Carrying Value		% of Total	Carrying Value		% of Total
Property type:
Industrial	$	154,625	34	$	110,456	28
Hospitality	114,945		25	73,931		19
Multi-family	108,876		24	111,234		28
Retail	76,024		17	65,612		16
Office	3,061		1	6,539		2
Mixed use	—		—	35,960		9

Total recorded investment	457,531		101	403,732		102
Less allowance for credit losses	(5,633)		(1)	(7,644)		(2)
Carrying value, net of allowance for credit losses	$	451,898	100	$	396,088	100


	September 30, 2025			December 31, 2024
	Carrying Value		% of Total	Carrying Value		% of Total
Geographic location:
Florida	$	87,753	19	$	63,308	16
Texas	82,661		18	75,131		19
New Jersey	56,158		13	51,744		13
North Carolina	42,172		9	23,253		6
Alabama	36,735		8	35,850		9
New York	31,927		7	34,975		9
Other	120,125		27	119,471		30
Total recorded investment	457,531		101	403,732		102
Less allowance for credit losses	(5,633)		(1)	(7,644)		(2)
Carrying value, net of allowance for credit losses	$	451,898	100	$	396,088	100

GL Q3 2025 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables are reflective of the key factors, debt service coverage ratios, and loan-to-value (LTV) ratios that are utilized by management to monitor the performance of the portfolios. The Company only makes new investments in commercial mortgage loans that have a LTV ratio less than 80%. LTV ratios that exceed 80% are generally a result of decreases in the valuation of the underlying property. Generally, a higher LTV ratio and a lower debt service coverage ratio equates to higher risk of loss.


	September 30, 2025
	Recorded Investment
	Debt Service Coverage Ratios(1)
	<1.00x		1.00x—1.20x		>1.20x		Total		% of Gross Total
Loan-to-value ratio(2):
Less than 70%	$	60,870	$	83,634	$	304,797	$	449,301	98
70% to 80%	—		—		—		—		—
81% to 90%	—		—		—		—		—
Greater than 90%	8,230		—		—		8,230		2
Total	$	69,100	$	83,634	$	304,797	457,531		100
Less allowance for credit losses							(5,633)
Total, net of allowance for credit losses							$	451,898

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

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


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

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

As of September 30, 2025, the Company had 36 loans in the portfolio. During the quarter, the Company evaluated the commercial mortgage loan portfolio on both an individual and pooling basis to determine the allowance for credit losses and determined two loans were collateral dependent or likely to foreclose. The allowance for credit losses on these loans was determined using the practical expedient which was based on an estimate of fair value of the underlying collateral plus costs to sell the asset. The total principal balance of the two loans was $8.2 million and the allowance, determined using the practical expedient, was $1.6 million as of September 30, 2025. For the three months ended September 30, 2025, two loans with an outstanding principal value of $40.6 million were removed from the evaluation as a result of foreclosure. For the nine months ended September 30, 2025, four loans with an outstanding principal value of $45.8 million were removed from the evaluation as a result of foreclosure and were transferred into limited partnerships, held under the fair value option, in other long-term investments. As of September 30, 2025, there were no commercial mortgage loans in the process of foreclosure.

GL Q3 2025 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

For the nine months ended September 30, 2025, the allowance for credit losses decreased by $2.0 million to $5.6 million. The provision for credit losses is included in "Realized gains (losses)" in the Condensed Consolidated Statements of Operations.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Allowance for credit losses beginning balance	$	6,629	$	5,826	$	7,644	$	3,672

Provision (reversal) for credit losses	404		1,376		266		3,530
Reduction in allowance due to dispositions	(1,400)		—		(2,277)		—
Allowance for credit losses ending balance	$	5,633	$	7,202	$	5,633	$	7,202

As of September 30, 2025, the Company had one commercial mortgage loan in non-accrual status with a principal balance of $7 million. As of December 31, 2024, the Company had five commercial mortgage loans in non-accrual status with a principal balance of $53 million. The Company's unfunded commitment balance to commercial loan borrowers was $23 million as of September 30, 2025.

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


	September 30,
	September 30, 2025		December 31, 2024
Investment funds	$	1,037,447	$	986,766
Company-owned life insurance(1)	205,284		202,734
Other	42,966		46,259
Total	$	1,285,697	$	1,235,759

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

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


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





Commercial mortgage loans	$	547,663	$	566,142	$	190,366	Fully redeemable and non-redeemable with varying terms.
Opportunistic and private credit	216,659		202,008		204,013		Fully redeemable and non-redeemable with varying terms.


Infrastructure	188,605		179,627		21,662		Fully redeemable and non-redeemable with varying terms.


Other	84,520		38,989		54,793		Non-redeemable with varying terms
Total investment funds	$	1,037,447	$	986,766	$	470,834

(1) Non-redeemable funds generally have an expected life of 7 to 12 years from fund closing with extension options of 1 to 4 years. Redemptions are paid out throughout the life of the funds at the General Partner's discretion. Redeemable funds can generally be redeemed over 6 to 36 months upon request from limited partners.

(2) Unfunded commitments include unfunded balances during the investment period. After an investment period ends, the fund can call capital based on limited and specified reasons. As of September 30, 2025, unfunded commitments totaled $628 million, including funds past the investment period.

The Company had $127 million of capital called during the period from existing investment funds. The Company's unfunded commitments were $471 million as of September 30, 2025.

GL Q3 2025 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 5—Commitments and Contingencies

Guarantees: At September 30, 2025, The Company has one performance guarantee in effect. Per the Pre-capitalized Trust Securities agreement signed on July 1, 2025, Globe Life Inc. is required to purchase any treasury securities in default. Management believes it is unlikely the Company will have to make any material payments under this agreement due to default.

Letters of credit—The Parent Company has guaranteed letters of credit with a group of banks in connection with its credit facility. The letters of credit were issued by TMK Re, Ltd., a wholly-owned subsidiary, to secure TMK Re, Ltd.’s obligation for claims on certain policies reinsured by TMK Re, Ltd. that were sold by other Globe Life insurance subsidiaries. These letters of credit facilitate TMK Re, Ltd.’s ability to reinsure the business of Globe Life's insurance carriers. The credit facility was amended on March 29, 2024 and now expires in 2029. The maximum amount of letters of credit available is $250 million. The Parent Company would be liable to the extent that TMK Re, Ltd. does not pay the reinsured party. The amount of letters of credit outstanding at September 30, 2025 was $115 million.

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

On April 30, 2024, a putative securities class action was filed against Globe Life Inc. and six of its current/former executives and directors in the United States District Court for the Eastern District of Texas (City of Miami Gen. Emp. & Sanitation Emp. Ret. Trust, et al. v. Globe Life Inc., et al., Case No. 4:24-cv-00376). On July 24, 2024, the Court appointed Lead Plaintiffs and Lead Counsel for the putative class of shareholders. The Lead Plaintiffs filed a Consolidated Complaint on October 4, 2024 that asserts claims under §§ 10(b), 20(a), and 20(A) of the Securities Exchange Act of 1934 and SEC Rules 10b-5(a), 10b-5(b), and 10b-5(c) promulgated thereunder, on behalf of a putative class of purchasers of Globe Life Inc.'s securities from May 8, 2019 through April 10, 2024. The Consolidated Complaint adds four additional executives as defendants and alleges that certain of Globe Life Inc.'s disclosures about financial performance and certain other public statements during the putative class period were materially false or misleading. Pursuant to Globe Life Inc.'s Restated Certificate of Incorporation and indemnification agreements with the individual defendants, Globe Life Inc. has agreed to indemnify the defendants for all expenses and losses related to the litigation, subject to the terms of those indemnification agreements. Defendants filed a motion to dismiss the litigation on December 3, 2024, which motion was denied on September 29, 2025. Globe Life Inc. plans to vigorously defend against the lawsuit. The outcome of litigation of this type is inherently uncertain, and there is always the possibility that a Court rules in a manner that is adverse to the interests of Globe Life Inc. and the individual defendants. However, the amount of any such loss in that outcome cannot be reasonably estimated at this time.

Also pending in the Eastern District of Texas is a consolidated shareholder derivative suit that is closely related to the putative securities class action disclosed above (the “City of Miami Matter”). On November 7, 2024, Globe Life Inc. shareholder Jui Cheng Hsiao filed a shareholder derivative complaint against Globe Life Inc. as a nominal defendant, as well as certain current and former Globe Life Inc. executives and members of its Board of Directors. Pursuant to Globe Life Inc.'s Restated Certificate of Incorporation and indemnification agreements with the individual defendants, Globe Life Inc. has agreed to indemnify them for all expenses and losses related to the litigation, subject to the terms of those indemnification agreements. On November 14, 2024, Globe Life Inc. shareholder Gautam Jadhav filed a shareholder derivative complaint against the same set of defendants.

GL Q3 2025 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Each shareholder derivative complaint asserts one claim for breach of fiduciary duty against the individual defendants and alleges that the individual defendants breached their fiduciary duties to Globe Life Inc. by causing or permitting Globe Life Inc. to make misleading statements about its performance and financial results. The allegations are substantially similar to the allegations made in the City of Miami Matter and derive from a short seller report. On November 25, 2024, the two shareholder plaintiffs moved to consolidate the two actions into one action and the Court granted the motion on January 3, 2025 (In re Globe Life Inc. Stockholder Derivative Litigation, Lead Case No. 4:24-cv-00993-ALM (E.D. Tex.)). The case is before the same Court as the City of Miami Matter. On January 16, 2025, the parties filed a joint motion to stay such proceedings pending the Court’s resolution of the motion to dismiss filed by Globe Life Inc. in the City of Miami Matter. The Court granted such joint motion to stay the proceedings on January 25, 2025.

On September 19, 2025, an additional shareholder filed a separate derivative lawsuit in the Business Court for Dallas County, Texas, against Globe Life Inc. as a nominal defendant, as well as certain current and former Globe Life Inc. executives and members of its Board of Directors (James E. Walker v. Gary L. Coleman, et al., Case No. 25-BC01B-0041). Pursuant to Globe Life Inc.'s Restated Certificate of Incorporation and indemnification agreements with the individual defendants, Globe Life Inc. has agreed to indemnify them for all expenses and losses related to the litigation, subject to the terms of those indemnification agreements. Like the consolidated shareholder derivative lawsuit disclosed above, this litigation is largely similar to the City of Miami Matter and derives in part from a short seller report. The petition asserts three causes of action relating to the 2019 through 2024 time period, including: (i) a breach of fiduciary duty claim for failing to provide adequate oversight to prevent purportedly widespread corporate misconduct including fraud, discrimination and harassment; (ii) a breach of fiduciary duty claim against certain individual defendants who allegedly engaged in insider trading; and (iii) a claim for wasting corporate assets by paying excessive compensation and/or bonuses to certain of its executive officers. The petition alleges that Globe Life Inc. was thus exposed to potential legal liability and costs, and that Globe Life Inc. repurchased shares at an artificially inflated price. The petition seeks monetary damages as well as restitution, governance reforms, and accountability for executives and board members. Globe Life Inc. intends to mount a robust defense against the litigation.

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

GL Q3 2025 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 6—Policy Liabilities

The liability for future policy benefits is determined based on the net level premium method, which requires the liability be calculated as the present value of estimated future policyholder benefits and the related termination expenses, less the present value of estimated future net premiums to be collected from policyholders.

The following tables summarize balances and changes in the net liability for future policy benefits, before reinsurance, for traditional life long-duration contracts for the three and nine month periods ended September 30, 2025 and 2024:


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















Balance at January 1, 2024	$	4,681,888	$	6,052,651	$	1,129,716	$	478,052	$	12,342,307
Beginning balance at original discount rates	4,523,329		5,664,259		1,077,831		443,949		11,709,368
Effect of changes in assumptions on future cash flows	(82,348)		(28,366)		(29,292)		(982)		(140,988)
Effect of actual variances from expected experience	(173,180)		(226,062)		(29,381)		(9,292)		(437,915)
Adjusted balance at January 1, 2024	4,267,801		5,409,831		1,019,158		433,675		11,130,465
Issuances(1)	616,527		398,034		90,517		18,126		1,123,204
Interest accrual(2)	164,917		220,485		41,610		17,213		444,225
Net premiums collected(3)	(412,717)		(455,625)		(101,687)		(33,960)		(1,003,989)

Effect of changes in the foreign exchange rate	(4,101)		—		—		—		(4,101)
Ending balance at original discount rates	4,632,427		5,572,725		1,049,598		435,054		11,689,804

Effect of change from original to current discount rates	204,567		421,888		54,498		35,513		716,466
Balance at September 30, 2024	$	4,836,994	$	5,994,613	$	1,104,096	$	470,567	$	12,406,270







Balance at January 1, 2025	$	4,645,917	$	5,622,906	$	1,048,447	$	440,047	$	11,757,317
Beginning balance at original discount rates	4,656,710		5,504,912		1,047,020		430,276		11,638,918
Effect of changes in assumptions on future cash flows	(136,473)		(89,711)		(52,204)		(5,160)		(283,548)
Effect of actual variances from expected experience	(166,114)		(203,565)		(24,106)		(14,207)		(407,992)
Adjusted balance at January 1, 2025	4,354,123		5,211,636		970,710		410,909		10,947,378
Issuances(1)	554,627		384,426		81,718		18,588		1,039,359
Interest accrual(2)	169,466		215,586		40,194		16,683		441,929
Net premiums collected(3)	(421,703)		(440,708)		(99,565)		(32,654)		(994,630)

Effect of changes in the foreign exchange rate	10,349		—		—		—		10,349
Ending balance at original discount rates	4,666,862		5,370,940		993,057		413,526		11,444,385

Effect of change from original to current discount rates	106,621		259,166		26,011		19,941		411,739
Balance at September 30, 2025	$	4,773,483	$	5,630,106	$	1,019,068	$	433,467	$	11,856,124

(1)Issuances represent the present value, using the original discount rate, of the expected net premiums related to new policies issued during each respective period.

(2)The interest accrual is the interest earned on the beginning present value of the expected net premiums, as well as the interest on actual net premiums earned during the period, using the original interest rate.

(3)Net premiums collected represent the product of the current period net premium ratio and the gross premiums collected during the period on the in force business.

GL Q3 2025 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	Life
	Present value of expected future net premiums
	American Income		DTC		Liberty National		Other		Total
Balance at July 1, 2024	$	4,635,903	$	5,810,518	$	1,085,233	$	449,883	$	11,981,537
Beginning balance at original discount rates	4,648,111		5,670,288		1,080,642		437,551		11,836,592
Effect of changes in assumptions on future cash flows	(82,348)		(28,366)		(29,292)		(982)		(140,988)
Effect of actual variances from expected experience	(59,483)		(103,089)		(12,113)		(1,970)		(176,655)
Adjusted balance at July 1, 2024	4,506,280		5,538,833		1,039,237		434,599		11,518,949
Issuances(1)	203,828		110,993		30,298		5,969		351,088
Interest accrual(2)	55,750		73,134		13,836		5,709		148,429
Net premiums collected(3)	(138,552)		(150,235)		(33,773)		(11,223)		(333,783)

Effect of changes in the foreign exchange rate	5,121		—		—		—		5,121
Ending balance at original discount rates	4,632,427		5,572,725		1,049,598		435,054		11,689,804

Effect of change from original to current discount rates	204,567		421,888		54,498		35,513		716,466
Balance at September 30, 2024	$	4,836,994	$	5,994,613	$	1,104,096	$	470,567	$	12,406,270

Balance at July 1, 2025	$	4,818,081	$	5,682,370	$	1,063,162	$	436,784	$	12,000,397
Beginning balance at original discount rates	4,771,460		5,498,605		1,047,994		422,810		11,740,869
Effect of changes in assumptions on future cash flows	(136,473)		(89,711)		(52,204)		(5,160)		(283,548)
Effect of actual variances from expected experience	(53,404)		(90,898)		(10,330)		(5,320)		(159,952)
Adjusted balance at July 1, 2025	4,581,583		5,317,996		985,460		412,330		11,297,369
Issuances(1)	174,415		127,328		27,325		6,475		335,543
Interest accrual(2)	55,825		71,053		13,138		5,472		145,488
Net premiums collected(3)	(140,680)		(145,437)		(32,866)		(10,751)		(329,734)

Effect of changes in the foreign exchange rate	(4,281)		—		—		—		(4,281)
Ending balance at original discount rates	4,666,862		5,370,940		993,057		413,526		11,444,385

Effect of change from original to current discount rates	106,621		259,166		26,011		19,941		411,739
Balance at September 30, 2025	$	4,773,483	$	5,630,106	$	1,019,068	$	433,467	$	11,856,124

(1)Issuances represent the present value, using the original discount rate, of the expected net premiums related to new policies issued during each respective period.

(3)Net premiums collected represent the product of the current period net premium ratio and the gross premiums collected during the period on the in force business.

GL Q3 2025 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Life

Present value of expected future policy benefits

American Income<

GLOBE LIFE INC. 10-Q