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

(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 31, 2024
Common Stock, $1.00 Par Value 89,819,840
GL Q2 2024 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 5.
Item 6.



As used in this Form 10-Q, “Globe Life,” the “Company,” “we,” “our” and “us” refer to Globe Life Inc., a Delaware corporation incorporated in 1979, its subsidiaries and affiliates.
GL Q2 2024 FORM 10-Q

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

Globe Life Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(Dollar amounts in thousands, except per share data)
June 30,
2024
December 31, 2023
Assets:
Investments:
Fixed maturities—available for sale, at fair value (amortized cost: 2024—$19,229,273;
2023—$18,924,914, allowance for credit losses: 2024— $7,132; 2023— $7,115)
$17,613,008 $17,870,206 
Mortgage loans343,492 279,199 
Policy loans676,077 657,020 
Other long-term investments (includes: 2024—$915,665; 2023—$795,583 under the fair value option)
974,515 835,878 
Short-term investments100,560 81,740 
Total investments19,707,652 19,724,043 
Cash87,914 103,156 
Accrued investment income274,674 270,396 
Other receivables648,065 630,223 
Deferred acquisition costs6,260,294 6,009,477 
Goodwill481,791 481,791 
Other assets838,416 832,413 
Total assets$28,298,806 $28,051,499 
Liabilities:
Future policy benefits at current discount rates: (at original discount rates: 2024—$17,269,793; 2023—$16,984,615)
$18,430,672 $19,460,353 
Unearned and advance premium270,077 254,567 
Policy claims and other benefits payable526,126 514,875 
Other policyholders' funds400,625 236,958 
Total policy liabilities19,627,500 20,466,753 
Current and deferred income taxes684,543 494,639 
Short-term debt654,606 486,113 
Long-term debt (estimated fair value: 2024—$1,376,196; 2023—$1,491,229)
1,630,396 1,629,559 
Other liabilities474,007 487,632 
Total liabilities23,071,052 23,564,696 
Commitments and Contingencies (Note 5)
Shareholders' equity:
Preferred stock, par value $1 per share—5,000,000 shares authorized; outstanding: 0 in 2024 and 2023
  
Common stock, par value $1 per share—320,000,000 shares authorized; outstanding: (2024—102,218,183 issued; 2023—102,218,183 issued)
102,218 102,218 
Additional paid-in-capital534,028 532,474 
Accumulated other comprehensive income (loss)(2,189,620)(2,772,419)
Retained earnings7,943,415 7,478,813 
Treasury stock, at cost: (2024—12,176,343 shares; 2023—8,426,854 shares)
(1,162,287)(854,283)
Total shareholders' equity5,227,754 4,486,803 
Total liabilities and shareholders' equity$28,298,806 $28,051,499 
See accompanying Notes to Condensed Consolidated Financial Statements.
1
        GL Q2 2024 FORM 10-Q

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,
2024202320242023
Revenue:
Life premium$815,482 $781,733 $1,619,747 $1,554,330 
Health premium351,643 329,187 692,662 651,680 
Other premium    
Total premium1,167,125 1,110,920 2,312,409 2,206,010 
Net investment income285,636 261,244 568,214 518,349 
Realized gains (losses)(12,589)(45,843)(24,388)(76,770)
Other income74 85 150 135 
Total revenue1,440,246 1,326,406 2,856,385 2,647,724 
Benefits and expenses:
Life policyholder benefits(1)
518,792 512,664 1,038,663 1,020,641 
Health policyholder benefits(2)
205,423 195,924 407,750 386,886 
Other policyholder benefits11,479 8,922 21,074 17,910 
Total policyholder benefits735,694 717,510 1,467,487 1,425,437 
Amortization of deferred acquisition costs101,915 94,080 201,393 186,402 
Commissions, premium taxes, and non-deferred acquisition costs149,802 138,459 297,912 276,256 
Other operating expense99,108 86,033 192,322 170,204 
Interest expense31,404 25,818 60,025 50,685 
Total benefits and expenses1,117,923 1,061,900 2,219,139 2,108,984 
Income before income taxes322,323 264,506 637,246 538,740 
Income tax benefit (expense)(63,968)(49,246)(124,674)(99,870)
Net income
$258,355 $215,260 $512,572 $438,870 
Basic net income per common share
$2.83 $2.26 $5.53 $4.58 
Diluted net income per common share
$2.83 $2.24 $5.51 $4.52 

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






See accompanying Notes to Condensed Consolidated Financial Statements.
2
        GL Q2 2024 FORM 10-Q

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,
2024202320242023
Net income
$258,355 $215,260 $512,572 $438,870 
Other comprehensive income (loss):
Investments:
Unrealized gains (losses) on fixed maturities:
Unrealized holding gains (losses) arising during period(263,012)(333,329)(568,028)135,790 
Other reclassification adjustments included in net income7,400 49,425 4,988 82,015 
Foreign exchange adjustment on fixed maturities recorded at fair value(117)(10,567)1,500 (1,000)
Total unrealized investment gains (losses)(255,729)(294,471)(561,540)216,805 
Less applicable tax (expense) benefit53,701 61,836 117,923 (45,532)
Unrealized gains (losses) on investments, net of tax(202,028)(232,635)(443,617)171,273 
Future Policy Benefits:
Change in discount rate on future policy benefits606,384 306,211 1,310,980 (414,679)
Less applicable tax (expense) benefit(127,342)(64,305)(275,306)87,082 
Future policy benefit adjustments, net of tax479,042 241,906 1,035,674 (327,597)
Foreign exchange translation:
Foreign exchange translation adjustments, other than securities641 10,358 (11,956)3,842 
Less applicable tax (expense) benefit(135)(2,176)2,511 (808)
Foreign exchange translation adjustments, other than securities, net of tax506 8,182 (9,445)3,034 
Pension:
Pension adjustments118 (323)236 (371)
Less applicable tax (expense) benefit(22)66 (49)77 
Pension adjustments, net of tax96 (257)187 (294)
Other comprehensive income (loss)277,616 17,196 582,799 (153,584)
Comprehensive income (loss)
$535,971 $232,456 $1,095,371 $285,286 











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


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



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






See accompanying Notes to Condensed Consolidated Financial Statements.
4
        GL Q2 2024 FORM 10-Q

Globe Life Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(Dollar amounts in thousands)
Six Months Ended
June 30,
20242023
Cash provided from (used for) operating activities
$724,923 $804,141 
Cash provided from (used for) investing activities:
Investments sold or matured:
Fixed maturities available for sale—sold510,904 145,824 
Fixed maturities available for sale—matured or other redemptions85,385 138,259 
Mortgage loans26,071 9,913 
Other long-term investments14,125 49,680 
Total investments sold or matured636,485 343,676 
Acquisition of investments:
Fixed maturities—available for sale(923,096)(623,023)
Mortgage loans(92,167)(66,437)
Other long-term investments(165,322)(24,749)
Total investments acquired(1,180,585)(714,209)
Net (increase) decrease in policy loans(19,057)(18,692)
Net (increase) decrease in short-term investments(18,820)42,993 
Additions to property and equipment(26,738)(25,629)
Investments in low-income housing interests(17,870)(38,276)
Cash provided from (used for) investing activities
(626,585)(410,137)
Cash provided from (used for) financing activities:
Issuance of common stock29,763 42,181 
Cash dividends paid to shareholders(43,681)(41,569)
Repayment of debt (165,612)
Proceeds from issuance of debt 170,000 
Payment for debt issuance costs (693)
Net borrowing from FHLB 180,000  
Net borrowing (repayment) of commercial paper(114,494)(25,371)
Proceeds from commercial paper with original maturities greater than 90 days339,518  
Repayment of commercial paper with original maturities greater than 90 days(236,786) 
Acquisition of treasury stock(359,342)(269,031)
Net receipts (payments) from deposit-type products85,236 (116,437)
Cash provided from (used for) financing activities
(119,786)(406,532)
Effect of foreign exchange rate changes on cash6,206 (5,020)
Net increase (decrease) in cash(15,242)(17,548)
Cash at beginning of year103,156 92,559 
Cash at end of period $87,914 $75,011 


See accompanying Notes to Condensed Consolidated Financial Statements.
5
        GL Q2 2024 FORM 10-Q

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

Note 1—Significant Accounting Policies

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

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

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

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

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





6
        GL Q2 2024 FORM 10-Q

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

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


Accounting Pronouncements Yet to be Adopted
StandardDescriptionEffective DateEffect on the Condensed Consolidated Financial Statements
ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
ASU 2023-07 adds disclosure requirements to segment expenses, improving the financial reporting of the entity’s overall performance and assessment of future cash flows. The disclosures will require more detailed information related to the entity’s reportable segments.
This standard is effective for the Company for annual periods beginning on January 1, 2024 and for interim periods beginning on January 1, 2025, and will be implemented on a retrospective basis.
The Company is evaluating the standard, but does not expect the standard will have a material impact on the Condensed Consolidated Financial Statements.
ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures
ASU 2023-09 adds disclosure requirements to disaggregated information related to the effective tax rate reconciliation and information on income taxes paid. The disclosures will enhance the assessment of the entity’s operations and related tax risks.
This standard is effective for the Company for annual periods beginning on January 1, 2025, and will be implemented on a prospective basis.The Company does not expect the standard will have a material impact on the Condensed Consolidated Financial Statements.
7
        GL Q2 2024 FORM 10-Q

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

Components of Accumulated Other Comprehensive Income: An analysis of the change in balance by component of Accumulated Other Comprehensive Income is as follows for the three and six month periods ended June 30, 2024 and 2023:
 Three Months Ended June 30, 2024
 Available
for Sale
Assets
Future Policy BenefitsForeign
Exchange
Pension
Adjustments
Total
Balance at April 1, 2024
$(1,069,185)$(1,390,759)$(5,232)$(2,060)$(2,467,236)
Other comprehensive income (loss) before reclassifications, net of tax(207,874)479,042 506  271,674 
Reclassifications, net of tax5,846   96 5,942 
Other comprehensive income (loss)(202,028)479,042 506 96 277,616 
Balance at June 30, 2024
$(1,271,213)$(911,717)$(4,726)$(1,964)$(2,189,620)

 Three Months Ended June 30, 2023
 Available
for Sale
Assets
Future Policy BenefitsForeign
Exchange
Pension
Adjustments
Total
Balance at April 1, 2023
$(1,016,764)$(1,938,707)$(6,829)$1,207 $(2,961,093)
Other comprehensive income (loss) before reclassifications, net of tax(271,681)241,906 8,182  (21,593)
Reclassifications, net of tax39,046   (257)38,789 
Other comprehensive income (loss)(232,635)241,906 8,182 (257)17,196 
Balance at June 30, 2023
$(1,249,399)$(1,696,801)$1,353 $950 $(2,943,897)

 Six Months Ended June 30, 2024
 Available
for Sale
Assets
Future Policy BenefitsForeign
Exchange
Pension
Adjustments
Total
Balance at January 1, 2024
$(827,596)$(1,947,391)$4,719 $(2,151)$(2,772,419)
Other comprehensive income (loss) before reclassifications, net of tax(447,558)1,035,674 (9,445) 578,671 
Reclassifications, net of tax3,941   187 4,128 
Other comprehensive income (loss)(443,617)1,035,674 (9,445)187 582,799 
Balance at June 30, 2024
$(1,271,213)$(911,717)$(4,726)$(1,964)$(2,189,620)

 Six Months Ended June 30, 2023
 Available
for Sale
Assets
Future Policy BenefitsForeign
Exchange
Pension
Adjustments
Total
Balance at January 1, 2023
$(1,420,672)$(1,369,204)$(1,681)$1,244 $(2,790,313)
Other comprehensive income (loss) before reclassifications, net of tax106,481 (327,597)3,034  (218,082)
Reclassifications, net of tax64,792   (294)64,498 
Other comprehensive income (loss)171,273 (327,597)3,034 (294)(153,584)
Balance at June 30, 2023
$(1,249,399)$(1,696,801)$1,353 $950 $(2,943,897)

8
        GL Q2 2024 FORM 10-Q

Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Reclassification Adjustments: Reclassification adjustments out of Accumulated Other Comprehensive Income are presented below for the three and six month periods ended June 30, 2024 and 2023.
  Three Months Ended
June 30,
Six Months Ended June 30,Affected line items in the Statements of Operations
Component Line Item2024202320242023
Unrealized investment (gains) losses on available for sale assets:
Realized (gains) losses$10,217