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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 March 31, 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 April 30, 2024
Common Stock, $1.00 Par Value 92,269,711
GL Q1 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 Q1 2024 FORM 10-Q

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

Globe Life Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
March 31,
2024
December 31, 2023
Assets:
Investments:
Fixed maturities—available for sale, at fair value (amortized cost: 2024—$19,504,784;
2023—$18,924,914, allowance for credit losses: 2024— $7,027; 2023— $7,115)
$18,144,353 $17,870,206 
Mortgage loans329,033 279,199 
Policy loans664,641 657,020 
Other long-term investments (includes: 2024—$844,916; 2023—$795,583 under the fair value option)
899,085 835,878 
Short-term investments58,413 81,740 
Total investments20,095,525 19,724,043 
Cash83,547 103,156 
Accrued investment income299,398 270,396 
Other receivables645,966 630,223 
Deferred acquisition costs6,131,237 6,009,477 
Goodwill481,791 481,791 
Other assets833,129 832,413 
Total assets$28,570,593 $28,051,499 
Liabilities:
Future policy benefits at current discount rates: (at original rates: 2024—$17,110,880; 2023—$16,984,615)
$18,882,023 $19,460,353 
Unearned and advance premium270,105 254,567 
Policy claims and other benefits payable520,094 514,875 
Other policyholders' funds401,269 236,958 
Total policy liabilities20,073,491 20,466,753 
Current and deferred income taxes630,268 494,639 
Short-term debt733,544 486,113 
Long-term debt (estimated fair value: 2024—$1,510,512; 2023—$1,491,229)
1,629,978 1,629,559 
Other liabilities464,151 487,632 
Total liabilities23,531,432 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-capital526,862 532,474 
Accumulated other comprehensive income (loss)(2,467,236)(2,772,419)
Retained earnings7,706,655 7,478,813 
Treasury stock, at cost: (2024—8,141,299 shares; 2023—8,426,854 shares)
(829,338)(854,283)
Total shareholders' equity5,039,161 4,486,803 
Total liabilities and shareholders' equity$28,570,593 $28,051,499 
See accompanying Notes to Condensed Consolidated Financial Statements.
1
        GL Q1 2024 FORM 10-Q

Globe Life Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(Dollar amounts in thousands, except per share data)
Three Months Ended
March 31,
20242023
Revenue:
Life premium$804,265 $772,597 
Health premium341,019 322,493 
Other premium  
Total premium1,145,284 1,095,090 
Net investment income282,578 257,105 
Realized gains (losses)(11,799)(30,927)
Other income76 50 
Total revenue1,416,139 1,321,318 
Benefits and expenses:
Life policyholder benefits(1)
519,871 507,977 
Health policyholder benefits(2)
202,327 190,962 
Other policyholder benefits9,595 8,988 
Total policyholder benefits731,793 707,927 
Amortization of deferred acquisition costs99,478 92,322 
Commissions, premium taxes, and non-deferred acquisition costs148,110 137,797 
Other operating expense93,214 84,171 
Interest expense28,621 24,867 
Total benefits and expenses1,101,216 1,047,084 
Income before income taxes314,923 274,234 
Income tax benefit (expense)(60,706)(50,624)
Net income
$254,217 $223,610 
Basic net income per common share
$2.71 $2.32 
Diluted net income per common share
$2.67 $2.28 
(1)Net of a remeasurement gain of $4.9 million for the three months ended March 31, 2024, and a remeasurement gain of $2.7 million for the same period in 2023.
(2)Net of a remeasurement gain of $3.2 million for the three months ended March 31, 2024, and a remeasurement loss of $2.0 million for the same period in 2023.







See accompanying Notes to Condensed Consolidated Financial Statements.
2
        GL Q1 2024 FORM 10-Q

Globe Life Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
(Dollar amounts in thousands)
Three Months Ended
March 31,
20242023
Net income
$254,217 $223,610 
Other comprehensive income (loss):
Investments:
Unrealized gains (losses) on fixed maturities:
Unrealized holding gains (losses) arising during period(305,016)469,119 
Other reclassification adjustments included in net income(2,412)32,590 
Foreign exchange adjustment on fixed maturities recorded at fair value1,617 9,567 
Total unrealized investment gains (losses)(305,811)511,276 
Less applicable tax (expense) benefit64,222 (107,368)
Unrealized gains (losses) on investments, net of tax(241,589)403,908 
Future Policy Benefits:
Change in discount rate on future policy benefits704,596 (720,890)
Less applicable tax (expense) benefit(147,964)151,387 
Future policy benefit adjustments, net of tax556,632 (569,503)
Foreign exchange translation:
Foreign exchange translation adjustments, other than securities(12,597)(6,516)
Less applicable tax (expense) benefit2,646 1,368 
Foreign exchange translation adjustments, other than securities, net of tax(9,951)(5,148)
Pension:
Pension adjustments118 (48)
Less applicable tax (expense) benefit(27)11 
Pension adjustments, net of tax91 (37)
Other comprehensive income (loss)305,183 (170,780)
Comprehensive income (loss)
$559,400 $52,830 











See accompanying Notes to Condensed Consolidated Financial Statements.
3
        GL Q1 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 






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 





















See accompanying Notes to Condensed Consolidated Financial Statements.
4
        GL Q1 2024 FORM 10-Q

Globe Life Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(Dollar amounts in thousands)
Three Months Ended
March 31,
20242023
Cash provided from (used for) operating activities
$350,806 $477,330 
Cash provided from (used for) investing activities:
Investments sold or matured:
Fixed maturities available for sale—sold27,853 15,705 
Fixed maturities available for sale—matured or other redemptions59,871 61,560 
Mortgage loans7,896 21 
Other long-term investments573 1,929 
Total investments sold or matured96,193 79,215 
Acquisition of investments:
Fixed maturities—available for sale(682,427)(285,505)
Mortgage loans(58,406)(24,186)
Other long-term investments(80,468)(23,712)
Total investments acquired(821,301)(333,403)
Net (increase) decrease in policy loans(7,621)(7,870)
Net (increase) decrease in short-term investments23,327 39,744 
Additions to property and equipment(9,106)(8,210)
Investments in low-income housing interests(13,428)(17,246)
Cash provided from (used for) investing activities
(731,936)(247,770)
Cash provided from (used for) financing activities:
Issuance of common stock29,763 37,024 
Cash dividends paid to shareholders(21,117)(20,071)
Net borrowing from FHLB 242,000 45,000 
Net borrowing (repayment) of commercial paper5,304 20,070 
Acquisition of treasury stock(23,469)(179,276)
Net receipts (payments) from deposit-type products124,475 (54,487)
Cash provided from (used for) financing activities
356,956 (151,740)
Effect of foreign exchange rate changes on cash4,565 1,729 
Net increase (decrease) in cash(19,609)79,549 
Cash at beginning of year103,156 92,559 
Cash at end of period $83,547 $172,108 







See accompanying Notes to Condensed Consolidated Financial Statements.
5
        GL Q1 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 March 31, 2024, and the condensed consolidated results of operations, comprehensive income, and cash flows for the periods ended March 31, 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 Q1 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 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 Q1 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 month periods ended March 31, 2024 and 2023:
 Three Months Ended March 31, 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(239,684)556,632 (9,951) 306,997 
Reclassifications, net of tax(1,905)  91 (1,814)
Other comprehensive income (loss)(241,589)556,632 (9,951)91 305,183 
Balance at March 31, 2024
$(1,069,185)$(1,390,759)$(5,232)$(2,060)$(2,467,236)

 Three Months Ended March 31, 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 tax378,162 (569,503)(5,148) (196,489)
Reclassifications, net of tax25,746   (37)25,709 
Other comprehensive income (loss)403,908 (569,503)(5,148)(37)(170,780)
Balance at March 31, 2023
$(1,016,764)$(1,938,707)$(6,829)$1,207 $(2,961,093)

Reclassification Adjustments: Reclassification adjustments out of Accumulated Other Comprehensive Income are presented below for the three month periods ended March 31, 2024 and 2023.
  Three Months Ended March 31,Affected line items in the Statements of Operations
Component Line Item20242023
Unrealized investment (gains) losses on available for sale assets:
Realized (gains) losses$(228)$33,124 Realized (gains) losses
Amortization of (discount) premium(2,184)(534)Net investment income
Total before tax(2,412)32,590 
Tax507 (6,844)Income taxes
Total after-tax(1,905)25,746 
Pension adjustments:
Amortization of prior service cost269 269 Other operating expense
Amortization of actuarial (gain) loss(151)(317)Other operating expense
Total before tax118 (48)
Tax(27)11 Income taxes
Total after-tax91 (37)
Total reclassification (after-tax)
$(1,814)$25,709 
8
        GL Q1 2024 FORM 10-Q

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 March 31, 2024 and December 31, 2023, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are as follows. Redeemable preferred stock is included within "Corporates, by sector."
At March 31, 2024

Amortized
Cost
Allowance for Credit LossesGross
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$401,859 $ $1 $(39,039)$362,821 2 
States, municipalities, and political subdivisions3,301,276  38,251 (454,605)2,884,922 16 
Foreign governments39,558   (10,227)29,331  
Corporates, by sector:
Industrials8,297,566 (7,027)161,482 (667,927)7,784,094 43 
Financial5,213,973  89,584 (416,724)4,886,833 27 
Utilities2,127,792  51,901 (105,623)2,074,070 11 
Total corporates15,639,331 (7,027)302,967 (1,190,274)14,744,997 81 
Collateralized debt obligations36,730  3,001  39,731  
Other asset-backed securities86,030  2 (3,481)82,551 1 
Total fixed maturities
$19,504,784 $(7,027)$344,222 $(1,697,626)$18,144,353 100 
(1)Amount reported in the balance sheet.
(2)At fair value.
At December 31, 2023
Amortized
Cost
Allowance for Credit LossesGross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
 Value(1)
% of Total
Fixed
Maturities(2)
Fixed maturities available for sale:
U.S. Government direct, guaranteed, and government-sponsored enterprises$398,450 $ $7 $(32,306)$366,151 2 
States, municipalities, and political subdivisions3,296,305  47,346 (403,329)2,940,322 16 
Foreign governments44,453  1 (10,348)34,106  
Corporates, by sector:
Industrials
8,016,126 (7,115)213,078 (566,847)7,655,242 43 
Financial5,028,151  112,368 (388,340)4,752,179 27 
Utilities2,017,967  73,925 (94,130)1,997,762 11 
Total corporates15,062,244 (7,115)399,371 (1,049,317)14,405,183 81 
Collateralized debt obligations37,110  5,036  42,146  
Other asset-backed securities86,352  3 (4,057)82,298 1 
Total fixed maturities
$18,924,914 $(7,115)$451,764 $(1,499,357)$17,870,206 100 
(1)Amount reported in the balance sheet.
(2)At fair value.
9
        GL Q1 2024 FORM 10-Q

Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The Company has exposure to real estate investment trusts with an average rating of BBB+, which had a fair value of $415 million (2% of the total fixed maturity portfolio) and $425 million (2% of the total fixed maturity portfolio) at March 31, 2024 and December 31, 2023, respectively.

A schedule of fixed maturities available for sale by contractual maturity date at March 31, 2024, is shown below on an amortized cost basis, net of allowance for credit losses, and on a fair value basis. Actual disposition dates could differ from contractual maturities due to call or prepayment provisions.
At March 31, 2024
Amortized
Cost, net
Fair
Value
Fixed maturities available for sale:
Due in one year or less$86,769 $86,518 
Due after one year through five years857,913 862,187 
Due after five years through ten years2,034,083 2,040,670 
Due after ten years through twenty years8,712,181 8,331,022 
Due after twenty years7,684,013 6,701,637 
Mortgage-backed and asset-backed securities122,798 122,319 
$19,497,757 $18,144,353 

Analysis of Investment Operations: "Net investment income" for the three month periods ended March 31, 2024 and 2023 is summarized as follows:
Three Months Ended
March 31,
20242023% Change
Fixed maturities available for sale$246,098 $232,299 6 
Policy loans12,816 11,755 9 
Mortgage loans6,760 4,003 69 
Other long-term investments(1)
19,663 11,740 67 
Short-term investments1,688 1,595 
287,025 261,392 10 
Less investment expense(4,447)(4,287)4 
Net investment income
$282,578 $257,105 10 
(1)For the three months ended March 31, 2024 and 2023, the investment funds, accounted for under the fair value option method, recorded $18.9 million and $11.3 million, respectively, in net investment income. Refer to Other Long-Term Investments below for further discussion on the investment funds.


10
        GL Q1 2024 FORM 10-Q

Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Selected information about sales of fixed maturities available for sale is as follows:
Three Months Ended
March 31,
20242023
Fixed maturities available for sale:
Proceeds from sales(1)
$27,853 $15,705 
Gross realized gains175  
Gross realized losses(35)(358)
(1)There were no unsettled sales in the periods ended March 31, 2024 and 2023.

An analysis of "Realized gains (losses)" is as follows:
Three Months Ended
March 31,
20242023
Realized investment gains (losses):
Fixed maturities available for sale:
Sales and other(1)
$140 $(357)
Provision for credit losses88 (32,767)
Fair value option—change in fair value(15,403)1,858 
Mortgage loans
(874)(1,280)
Other investments314 (214)
Realized gains (losses) from investments
(15,735)(32,760)
Other gains (losses)3,936 1,833 
Total realized gains (losses)
(11,799)(30,927)
Applicable tax2,478 6,495 
Realized gains (losses), net of tax
$(9,321)$(24,432)
(1)During the three months ended March 31, 2024 and 2023, the Company recorded $66.9 million and $0 of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in no realized gains (losses) in either period.

11
        GL Q1 2024 FORM 10-Q

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 March 31, 2024 and December 31, 2023:
Fair Value Measurement at March 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$ $362,821 $ $362,821 
States, municipalities, and political subdivisions 2,884,922  2,884,922 
Foreign governments 29,331  29,331 
Corporates, by sector:
Industrials
 7,584,006 200,088 7,784,094 
Financial 4,756,052 130,781 4,886,833 
Utilities
 1,967,375 106,695 2,074,070 
Total corporates 14,307,433 437,564 14,744,997 
Collateralized debt obligations  39,731 39,731 
Other asset-backed securities 82,551  82,551 
Total fixed maturities
$ $17,667,058 $477,295 $18,144,353 
Percentage of total %97 %3 %100 %

Fair Value Measurement at December 31, 2023:
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
Significant Other
Observable
Inputs (Level 2)
Significant
Unobservable
Inputs (Level 3)
Total Fair
Value
Fixed maturities available for sale
U.S. Government direct, guaranteed, and government-sponsored enterprises$ $366,151 $ $366,151 
States, municipalities, and political subdivisions 2,940,322  2,940,322 
Foreign governments 34,106  34,106 
Corporates, by sector:
Industrials
 7,440,493 214,749 7,655,242 
Financial 4,621,160 131,019 4,752,179 
Utilities 1,888,797 108,965 1,997,762 
Total corporates 13,950,450 454,733 14,405,183