10-Q 1 gl-20220630.htm 10-Q (Q2 2022) gl-20220630
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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 June 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to ________
Commission File Number: 001-08052
GLOBE LIFE INC.
(Exact name of registrant as specified in its charter)
Delaware 63-0780404
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
3700 South Stonebridge Drive, McKinney, Texas 75070
(Address of principal executive offices) (Zip Code)

(972569-4000
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 par value per shareGLNew York Stock Exchange
4.250% Junior Subordinated DebenturesGL PRDNew 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 filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes     No  

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class Outstanding at July 29, 2022
Common Stock, $1.00 Par Value 97,437,508
Q2 2022 FORM 10-Q

Globe Life Inc.
Table of Contents
Page
PART I. FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 6.








As used in this Form 10-Q, “Globe Life,” the “Company,” “we,” “our” and “us” refer to Globe Life Inc., a Delaware corporation incorporated in 1979, its subsidiaries and affiliates.
Q2 2022 FORM 10-Q

PART I—FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements

Globe Life Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(Dollar amounts in thousands, except per share data)
June 30,
2022
December 31, 2021
Assets:
Investments:
Fixed maturities—available for sale, at fair value (amortized cost: 2022—$17,996,386;
2021—$17,805,309, allowance for credit losses: 2022— $0; 2021— $387)
$17,181,967 $21,305,287 
Policy loans597,187 589,634 
Other long-term investments (includes: 2022—$740,006; 2021—$640,263 under the fair value option)
898,955 793,925 
Short-term investments115,824 69,145 
Total investments18,793,933 22,757,991 
Cash172,257 92,163 
Accrued investment income256,548 251,307 
Other receivables478,571 487,443 
Deferred acquisition costs5,084,878 4,914,728 
Goodwill481,791 481,791 
Other assets775,189 782,625 
Total assets$26,043,167 $29,768,048 
Liabilities:
Future policy benefits$16,403,710 $16,034,727 
Unearned and advance premium68,451 65,472 
Policy claims and other benefits payable431,652 412,940 
Other policyholders' funds100,336 98,935 
Total policy liabilities17,004,149 16,612,074 
Current and deferred income taxes856,101 1,765,021 
Short-term debt495,126 479,644 
Long-term debt (estimated fair value: 2022—$1,489,582; 2021—$1,667,009)
1,627,143 1,546,494 
Other liabilities737,538 722,009 
Total liabilities20,720,057 21,125,242 
Commitments and Contingencies (Note 5)
Shareholders' equity:
Preferred stock, par value $1 per share—5,000,000 shares authorized; outstanding: 0 in 2022 and 2021
  
Common stock, par value $1 per share—320,000,000 shares authorized; outstanding: (2022—109,218,183 issued; 2021—109,218,183 issued)
109,218 109,218 
Additional paid-in-capital531,516 520,564 
Accumulated other comprehensive income (loss)(731,493)2,677,583 
Retained earnings6,469,956 6,182,100 
Treasury stock, at cost: (2022—11,703,370 shares; 2021—9,650,845 shares)
(1,056,087)(846,659)
Total shareholders' equity5,323,110 8,642,806 
Total liabilities and shareholders' equity$26,043,167 $29,768,048 

See accompanying Notes to Condensed Consolidated Financial Statements.
1
        GL Q2 2022 FORM 10-Q

Globe Life Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(Dollar amounts in thousands, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
Revenue:
Life premium$759,924 $728,170 $1,514,526 $1,436,289 
Health premium319,189 295,586 636,189 589,759 
Other premium   1 
Total premium1,079,113 1,023,756 2,150,715 2,026,049 
Net investment income243,642 238,308 487,476 474,128 
Realized gains (losses)(30,446)8,659 (37,690)36,811 
Other income299 388 463 683 
Total revenue1,292,608 1,271,111 2,600,964 2,537,671 
Benefits and expenses:
Life policyholder benefits511,034 498,471 1,060,377 1,016,102 
Health policyholder benefits197,218 188,854 394,073 376,683 
Other policyholder benefits7,074 7,286 14,124 14,545 
Total policyholder benefits715,326 694,611 1,468,574 1,407,330 
Amortization of deferred acquisition costs155,205 148,021 313,589 301,014 
Commissions, premium taxes, and non-deferred acquisition costs93,595 82,312 184,408 161,978 
Other operating expense89,658 79,155 174,010 160,365 
Interest expense21,828 21,769 41,772 42,947 
Total benefits and expenses1,075,612 1,025,868 2,182,353 2,073,634 
Income before income taxes216,996 245,243 418,611 464,037 
Income tax benefit (expense)(39,992)(45,625)(77,246)(85,902)
Net income
$177,004 $199,618 $341,365 $378,135 
Basic net income per common share
$1.80 $1.94 $3.46 $3.66 
Diluted net income per common share
$1.79 $1.92 $3.43 $3.62 














See accompanying Notes to Condensed Consolidated Financial Statements.
2
        GL Q2 2022 FORM 10-Q

Globe Life Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
(Dollar amounts in thousands)
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
Net income
$177,004 $199,618 $341,365 $378,135 
Other comprehensive income (loss):
Investments:
Unrealized gains (losses) on fixed maturities:
Unrealized holding gains (losses) arising during period(2,042,210)904,048 (4,335,132)(358,011)
Other reclassification adjustments included in net income22,259 645 18,229 (16,497)
Foreign exchange adjustment on fixed maturities recorded at fair value1,835 2,218 2,119 4,660 
Total unrealized investment gains (losses)(2,018,116)906,911 (4,314,784)(369,848)
Less applicable tax (expense) benefit423,810 (190,452)906,109 77,667 
Unrealized gains (losses) on investments, net of tax(1,594,306)716,459 (3,408,675)(292,181)
Deferred acquisition costs:
Unrealized gains (losses) attributable to deferred acquisition costs6,079 408 6,455 767 
Less applicable tax (expense) benefit(1,276)(86)(1,355)(161)
Unrealized gains (losses) attributable to deferred acquisition costs, net of tax4,803 322 5,100 606 
Foreign exchange translation:
Foreign exchange translation adjustments, other than securities(17,979)6,173 (13,841)5,563 
Less applicable tax (expense) benefit3,776 (1,296)2,907 (1,168)
Foreign exchange translation adjustments, other than securities, net of tax(14,203)4,877 (10,934)4,395 
Pension:
Pension adjustments3,441 5,200 6,878 10,400 
Less applicable tax (expense) benefit(723)(1,094)(1,445)(2,185)
Pension adjustments, net of tax2,718 4,106 5,433 8,215 
Other comprehensive income (loss)(1,600,988)725,764 (3,409,076)(278,965)
Comprehensive income (loss)
$(1,423,984)$925,382 $(3,067,711)$99,170 








See accompanying Notes to Condensed Consolidated Financial Statements.
3
        GL Q2 2022 FORM 10-Q

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


Preferred StockCommon StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Retained EarningsTreasury StockTotal Shareholders' Equity
Balance at December 31, 2021
$ $109,218 $520,564 $2,677,583 $6,182,100 $(846,659)$8,642,806 
Comprehensive income (loss)— — — (1,808,088)164,361 — (1,643,727)
Common dividends declared
($0.2075 per share)
— — — — (20,543)— (20,543)
Acquisition of treasury stock— — — — — (119,482)(119,482)
Stock-based compensation— — 2,504 — (345)6,876 9,035 
Exercise of stock options— — — — (9,964)35,895 25,931 
Balance at March 31, 2022
 109,218 523,068 869,495 6,315,609 (923,370)6,894,020 
Comprehensive income (loss)— — — (1,600,988)177,004 — (1,423,984)
Common dividends declared
($0.2075 per share)
— — — — (20,238)— (20,238)
Acquisition of treasury stock— — — — — (143,939)(143,939)
Stock-based compensation— — 8,448 — — — 8,448 
Exercise of stock options— — — — (2,419)11,222 8,803 
Balance at June 30, 2022
$ $109,218 $531,516 $(731,493)$6,469,956 $(1,056,087)$5,323,110 



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




See accompanying Notes to Condensed Consolidated Financial Statements.
4
        GL Q2 2022 FORM 10-Q

Globe Life Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(Dollar amounts in thousands)
Six Months Ended
June 30,
20222021
Cash provided from (used for) operating activities
$693,390 $702,039 
Cash provided from (used for) investing activities:
Investments sold or matured:
Fixed maturities available for sale—sold219,027 74,710 
Fixed maturities available for sale—matured or other redemptions305,656 108,815 
Other long-term investments48,334 4,490 
Total investments sold or matured573,017 188,015 
Acquisition of investments:
Fixed maturities—available for sale(717,994)(415,134)
Other long-term investments(157,913)(141,975)
Total investments acquired(875,907)(557,109)
Net (increase) decrease in policy loans(7,553)1,291 
Net (increase) decrease in short-term investments(46,679)(264,140)
Additions to properties(13,627)(23,727)
Investments in low-income housing interests(37,181)(19,732)
Cash provided from (used for) investing activities
(407,930)(675,402)
Cash provided from (used for) financing activities:
Issuance of common stock34,734 66,328 
Cash dividends paid to shareholders(40,208)(39,891)
Proceeds from issuance of debt250,492 325,000 
Payment for debt issuance costs(5,272)(7,639)
Net borrowing (repayment) of commercial paper(150,047)5,028 
Acquisition of treasury stock(263,421)(295,584)
Net receipts (payments) from deposit-type products(33,782)(30,736)
Cash provided from (used for) financing activities
(207,504)22,506 
Effect of foreign exchange rate changes on cash2,138 (5,918)
Net increase (decrease) in cash80,094 43,225 
Cash at beginning of year92,163 94,847 
Cash at end of period $172,257 $138,072 












See accompanying Notes to Condensed Consolidated Financial Statements.
5
        GL Q2 2022 FORM 10-Q

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. (the Parent Company).

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

Basis of Presentation: The accompanying 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 consolidated financial position at June 30, 2022, and the consolidated results of operations, comprehensive income, and cash flows for the periods ended June 30, 2022 and 2021. The interim period consolidated financial statements should be read in conjunction with the Consolidated Financial Statements that are included in the Form 10-K filed with the Securities Exchange Commission (SEC) on February 24, 2022.

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


6
        GL Q2 2022 FORM 10-Q

Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Note 2—New Accounting Standards

Accounting Pronouncements Yet to be Adopted

ASU No. 2018-12 / 2019-09 / 2020-11, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, with clarification guidance issued in November 2019 and 2020.

ASU 2018-12 is a significant change to the accounting and disclosure of long-duration life and health insurance contracts. The guidance was issued primarily to: 1) improve the timeliness of recognizing changes in the liability for future policy benefits and modify the rate used to discount future cash flows, 2) simplify and improve the accounting for certain market-based options or guarantees associated with deposit (or account balance) contracts, 3) simplify the amortization of deferred acquisition costs, and 4) improve the effectiveness of the required disclosures.

As a result of the issuance of ASU 2020-11 in November 2020, the effective date for this standard was changed to January 1, 2023. Early adoption is available; however, the Company will not early adopt the standard and has selected the modified retrospective transition method upon adoption as of the transition date (“Transition Date”) of January 1, 2021. The modified retrospective transition method requires the amended guidance be applied to contracts issued after the beginning of the earliest period presented, or the Transition Date, which will result in the restatement of the 2021 and 2022 consolidated financial statements.

In summary, the Company continues to assess the impact the adoption will have on the consolidated financial statements and has determined it will have a significant impact on the Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Shareholders’ Equity, and the Consolidated Statements of Comprehensive Income (Loss). On a quarterly basis, the Company’s future policy benefits will be remeasured utilizing an upper-medium grade fixed income instrument yield and the effects of the change will be recognized in Accumulated Other Comprehensive Income (“AOCI”), a component of shareholders’ equity. At least annually, the Company will update its estimate of cash flows used for establishing reserves using actual historical experience and updated future cash flow assumptions, such as mortality, morbidity, and persistency. Finally, the adoption requires changes in the future treatment of our Deferred Acquisition Cost (“DAC”) asset and is expected to result in a significant reduction to DAC amortization in the near to intermediate term.

On the Transition Date, the Company expects a significant decrease in AOCI due to the requirement to re-measure future policy benefits using a discount rate currently lower than what is used in valuing the future policy benefits under existing guidance. The methodology for determining current discount rates consists of constructing a discount rate curve intended to be reflective of the currency and tenor of the insurance liability cash flows. Discount rates reflect upper-medium grade fixed-income instrument yields, which generally consist of single-A rated fixed income instruments. The methodology is designed to prioritize observable inputs based on market data available in the local debt markets denominated in the same currency as the policies. For the discount rates applicable to tenors for which the single-A debt market is not liquid or there is little or no observable market data, the Company will use estimation techniques consistent with the fair value guidance in ASC 820. It is important to note that the impact to AOCI is sensitive to the discount rate assumption and associated fluctuations.

On the Transition Date, using current discount rates applicable at that time, we expect the after-tax impact to AOCI to be a decrease in the range of $7.5 billion to $8.5 billion due to a $9.5 billion to $11.0 billion increase in future policy benefits. Holding all else equal but using discount rates as of June 30, 2022, the increase in future policy benefits would have been $3.0 billion to $4.0 billion. The impact on AOCI would reflect the impact of both the change in future policy benefits and the change in the fair value of invested assets. Under the new standard, the future policy benefits recorded on the Consolidated Balance Sheets are different than those used in the determination of net income. Future policy benefits recorded within the Consolidated Balance Sheets are determined using current discount rates as of the valuation date, while future policy benefits used for the determination of net income are determined using locked-in discount rates1 based on policy issue dates. On the Transition Date, two significant drivers of the increase in future policy benefits and decrease in AOCI within the
1 Locked-in discount rates are those discount rates which are established at issue and locked-in for each year of issue for use in establishing reserves to compute net income.
7
        GL Q2 2022 FORM 10-Q

Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Consolidated Balance Sheets are the lower level of current discount rates as compared to the locked-in discount rates used under prior guidance and the long average life of the Company’s life insurance cash flows. Another driver of the large increase in future policy benefits is the required use of the same net premium ratio2 using locked-in discount rates and current discount rates.

The new guidance requires a more granular assessment of the net premium ratio. Any blocks of business that require increases in future policy benefits to minimum levels, or that have a net premium ratio greater than 100%, will require an adjustment to the opening balance of retained earnings (decrease). At the Transition Date, we expect a $15 million to $50 million, net of tax, decrease to opening retained earnings related to these items.

Under the new standard, the annual amortization of DAC in our Consolidated Statements of Operations will be significantly lower in the near and intermediate term due to: 1) the requirement to no longer defer renewal commissions until such year as the commissions are actually incurred, 2) the requirement to no longer accrue and amortize interest on our DAC balances, and 3) the modification of the method for amortizing DAC including the updating of assumptions. For business with deferrals of renewal commissions, as is the case with our captive agency channels, the expected amortization rate, as a percentage of premium, for certain blocks of business will no longer be level but will increase over the period of time during which commissions are deferred. The decrease in amortization in the near term will primarily impact our life insurance line of business. In total, we expect the impact on net income from the decrease in amortization to be in the range of $120 million to $145 million, net of tax. As time progresses, we expect this impact to diminish as the deferral of future renewal commissions increases amortization amounts.

Policyholder benefits, as reported in our Consolidated Statement of Operations, will be restated in 2021 and 2022 under the new guidance. It is expected to be lower in 2021 and 2022, resulting in higher net income for those respective periods than under the current guidance. Going forward, fluctuations in experience and changes in assumptions will result in changes in both future policy obligations and amortization of DAC as a percent of premium.

While the requirements of the new guidance represent a significant change from existing GAAP, the new guidance will not impact capital and surplus or net income under statutory accounting practices, cash flows on our policies, or the underlying economics of our business.

ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions

ASU 2022-03 adds disclosure requirements specific to equity securities subject to contractual sale restrictions. The disclosures clarify the nature of the contractual sale as well as the duration of the restriction and the circumstances that could cause a lapse in the restriction.

This standard is effective for the Company on January 1, 2024, and will be implemented on a prospective basis. Early adoption is available. The Company does not expect the standard will have a material impact on the Consolidated Financial Statements.



2 The net premium ratio is the ratio between the present value of benefits and the present value of gross premium.
8
        GL Q2 2022 FORM 10-Q

Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive Income

Components of Accumulated Other Comprehensive Income: An analysis of the change in balance by component of Accumulated Other Comprehensive Income is as follows for the three and six month periods ended June 30, 2022 and 2021:
 Three Months Ended June 30, 2022
 Available
for Sale
Assets
Deferred
Acquisition
Costs
Foreign
Exchange
Pension
Adjustments
Total
Balance at April 1, 2022
$950,921 $(3,121)$22,656 $(100,961)$869,495 
Other comprehensive income (loss) before reclassifications, net of tax(1,611,891)4,803 (14,203) (1,621,291)
Reclassifications, net of tax17,585   2,718 20,303 
Other comprehensive income (loss)(1,594,306)4,803 (14,203)2,718 (1,600,988)
Balance at June 30, 2022
$(643,385)$1,682 $8,453 $(98,243)$(731,493)