10-Q 1 gl-20220331.htm 10-Q Q1 2022 gl-20220331
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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, 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 April 26, 2022
Common Stock, $1.00 Par Value 98,599,602
Q1 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.
Q1 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)
March 31,
2022
December 31, 2021
Assets:
Investments:
Fixed maturities—available for sale, at fair value (amortized cost: 2022—$17,975,410;
2021—$17,805,309, allowance for credit losses: 2022— $0; 2021— $387)
$19,179,107 $21,305,287 
Policy loans591,958 589,634 
Other long-term investments (includes: 2022—$732,360; 2021—$640,263 under the fair value option)
889,769 793,925 
Short-term investments57,344 69,145 
Total investments20,718,178 22,757,991 
Cash127,628 92,163 
Accrued investment income269,975 251,307 
Other receivables487,929 487,443 
Deferred acquisition costs4,999,935 4,914,728 
Goodwill481,791 481,791 
Other assets764,892 782,625 
Total assets$27,850,328 $29,768,048 
Liabilities:
Future policy benefits$16,229,940 $16,034,727 
Unearned and advance premium70,889 65,472 
Policy claims and other benefits payable433,553 412,940 
Other policyholders' funds99,606 98,935 
Total policy liabilities16,833,988 16,612,074 
Current and deferred income taxes1,298,911 1,765,021 
Short-term debt522,079 479,644 
Long-term debt (estimated fair value: 2022—$1,525,731; 2021—$1,667,009)
1,546,858 1,546,494 
Other liabilities754,472 722,009 
Total liabilities20,956,308 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-capital523,068 520,564 
Accumulated other comprehensive income (loss)869,495 2,677,583 
Retained earnings6,315,609 6,182,100 
Treasury stock, at cost: (2022—10,343,676 shares; 2021—9,650,845 shares)
(923,370)(846,659)
Total shareholders' equity6,894,020 8,642,806 
Total liabilities and shareholders' equity$27,850,328 $29,768,048 

See accompanying Notes to Condensed Consolidated Financial Statements.
1
        GL Q1 2022 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,
20222021
Revenue:
Life premium$754,602 $708,119 
Health premium317,000 294,173 
Other premium 1 
Total premium1,071,602 1,002,293 
Net investment income243,834 235,820 
Realized gains (losses)(7,244)28,152 
Other income164 295 
Total revenue1,308,356 1,266,560 
Benefits and expenses:
Life policyholder benefits549,343 517,631 
Health policyholder benefits196,855 187,829 
Other policyholder benefits7,050 7,259 
Total policyholder benefits753,248 712,719 
Amortization of deferred acquisition costs158,384 152,993 
Commissions, premium taxes, and non-deferred acquisition costs90,813 79,666 
Other operating expense84,352 81,210 
Interest expense19,944 21,178 
Total benefits and expenses1,106,741 1,047,766 
Income before income taxes201,615 218,794 
Income tax benefit (expense)(37,254)(40,277)
Net income
$164,361 $178,517 
Basic net income per common share
$1.66 $1.73 
Diluted net income per common share
$1.64 $1.70 















See accompanying Notes to Condensed Consolidated Financial Statements.
2
        GL Q1 2022 FORM 10-Q

Globe Life Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
(Dollar amounts in thousands)
Three Months Ended
March 31,
20222021
Net income
$164,361 $178,517 
Other comprehensive income (loss):
Investments:
Unrealized gains (losses) on fixed maturities:
Unrealized holding gains (losses) arising during period(2,292,922)(1,262,059)
Provision for credit losses
Other reclassification adjustments included in net income(4,030)(17,142)
Foreign exchange adjustment on fixed maturities recorded at fair value284 2,442 
Total unrealized investment gains (losses)(2,296,668)(1,276,759)
Less applicable tax (expense) benefit482,299 268,119 
Unrealized gains (losses) on investments, net of tax(1,814,369)(1,008,640)
Deferred acquisition costs:
Unrealized gains (losses) attributable to deferred acquisition costs376 359 
Less applicable tax (expense) benefit(79)(75)
Unrealized gains (losses) attributable to deferred acquisition costs, net of tax297 284 
Foreign exchange translation:
Foreign exchange translation adjustments, other than securities4,138 (610)
Less applicable tax (expense) benefit(869)128 
Foreign exchange translation adjustments, other than securities, net of tax3,269 (482)
Pension:
Pension adjustments3,437 5,200 
Less applicable tax (expense) benefit(722)(1,091)
Pension adjustments, net of tax2,715 4,109 
Other comprehensive income (loss)(1,808,088)(1,004,729)
Comprehensive income (loss)
$(1,643,727)$(826,212)












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



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 
.
























See accompanying Notes to Condensed Consolidated Financial Statements.
4
        GL Q1 2022 FORM 10-Q

Globe Life Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(Dollar amounts in thousands)
Three Months Ended
March 31,
20222021
Cash provided from (used for) operating activities
$397,133 $371,830 
Cash provided from (used for) investing activities:
Investments sold or matured:
Fixed maturities available for sale—sold75,116 61,858 
Fixed maturities available for sale—matured or other redemptions115,160 36,683 
Other long-term investments20,929 3,733 
Total investments sold or matured211,205 102,274 
Acquisition of investments:
Fixed maturities—available for sale(339,145)(295,869)
Other long-term investments(122,010)(65,997)
Total investments acquired(461,155)(361,866)
Net (increase) decrease in policy loans(2,324)82 
Net (increase) decrease in short-term investments11,801 14,434 
Additions to properties(6,981)(15,529)
Investments in low-income housing interests(27,870)(9,080)
Cash provided from (used for) investing activities
(275,324)(269,685)
Cash provided from (used for) financing activities:
Issuance of common stock25,931 32,724 
Cash dividends paid to shareholders(19,687)(19,511)
Net borrowing (repayment) of commercial paper42,348 20,001 
Acquisition of treasury stock(119,482)(132,720)
Net receipts (payments) from deposit-type products(13,810)(13,811)
Cash provided from (used for) financing activities
(84,700)(113,317)
Effect of foreign exchange rate changes on cash(1,644)(2,171)
Net increase (decrease) in cash35,465 (13,343)
Cash at beginning of year92,163 94,847 
Cash at end of period $127,628 $81,504 









See accompanying Notes to Condensed Consolidated Financial Statements.
5
        GL Q1 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 March 31, 2022, and the consolidated results of operations, comprehensive income, and cash flows for the periods ended March 31, 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 Q1 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
StandardDescriptionEffective DateEffect on the Consolidated Financial Statements
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 our current accounting and disclosure of long-duration contracts, which is our primary business. The guidance was primarily issued 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.

On an annual basis, the Company will be required to update cash flow assumptions such as mortality, morbidity, and persistency, which are recorded in net income. On a quarterly basis, the 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).
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.
The Company does not expect to early adopt ASU 2018-12 and has selected a modified retrospective transition method upon adoption as of the transition date of January 1, 2021.

Due to the overall nature of this standard, the impact on the consolidated financial statements is expected to be significant. At the transition date, the Company expects a significant decrease in accumulated other comprehensive income due to the requirement to re-measure policy liabilities using an interest rate currently lower than what is used in valuing the policy liabilities under existing guidance. In addition, the new guidance requires the removal of interest on our DAC asset and changes the related amortization of the asset. These changes are expected to result in a significant reduction to DAC amortization in the near to intermediate term.

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.

Significant progress has been made by the Company in order to timely adopt the new guidance, including validating computations, establishing proper controls, finalizing accounting policies, and preparing financial disclosures. The Company anticipates providing quantitative estimates of the impact of adoption of the ASU later this year once we have properly tested our models and assumptions and determined the appropriate discount rates.
 

7
        GL Q1 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 month periods ended March 31, 2022 and 2021:
 Three Months Ended March 31, 2022
 Available
for Sale
Assets
Deferred
Acquisition
Costs
Foreign
Exchange
Pension
Adjustments
Total
Balance at January 1, 2022
$2,765,290 $(3,418)$19,387 $(103,676)$2,677,583 
Other comprehensive income (loss) before reclassifications, net of tax(1,811,185)297 3,269  (1,807,619)
Reclassifications, net of tax(3,184)  2,715 (469)
Other comprehensive income (loss)(1,814,369)297 3,269 2,715 (1,808,088)
Balance at March 31, 2022
$950,921 $(3,121)$22,656 $(100,961)$869,495 


 Three Months Ended March 31, 2021
 Available
for Sale
Assets
Deferred
Acquisition
Costs
Foreign
Exchange
Pension
Adjustments
Total
Balance at January 1, 2021
$3,175,572 $(4,704)$23,302 $(164,926)$3,029,244 
Other comprehensive income (loss) before reclassifications, net of tax(995,098)284 (482) (995,296)
Reclassifications, net of tax(13,542)  4,109 (9,433)
Other comprehensive income (loss)(1,008,640)284 (482)4,109 (1,004,729)
Balance at March 31, 2021
$2,166,932 $(4,420)$22,820 $(160,817)$2,024,515 

8
        GL Q1 2022 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 month periods ended March 31, 2022 and 2021.
  Three Months Ended March 31,Affected line items in the Statement of Operations
Component Line Item20222021
Unrealized investment (gains) losses on available for sale assets:
Realized (gains) losses$(4,937)$(18,790)Realized (gains) losses
Amortization of (discount) premium907 1,648 Net investment income
Total before tax(4,030)(17,142)
Tax846 3,600 Income taxes
Total after-tax(3,184)(13,542)
Pension adjustments:
Amortization of prior service cost158 158 Other operating expense
Amortization of actuarial (gain) loss3,279 5,042 Other operating expense
Total before tax3,437 5,200 
Tax(722)(1,091)Income taxes
Total after-tax2,715 4,109 
Total reclassification (after-tax)
$(469)$(9,433)
9
        GL Q1 2022 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, 2022 and December 31, 2021, 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, 2022

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$378,985 $ $23,462 $(717)$401,730 2 
States, municipalities, and political subdivisions2,398,188  106,675 (195,127)2,309,736 12 
Foreign governments60,836  469 (8,275)53,030  
Corporates, by sector:
Financial4,656,368  419,779 (83,808)4,992,339 26 
Utilities1,913,100  251,695 (10,273)2,154,522 11 
Energy1,586,815  178,334 (19,601)1,745,548 9 
Other corporate sectors6,843,681  608,394 (90,200)7,361,875 39 
Total corporates14,999,964  1,458,202 (203,882)16,254,284 85 
Collateralized debt obligations36,310  23,228  59,538  
Other asset-backed securities101,127  491 (829)100,789 1 
Total fixed maturities
$17,975,410 $ $1,612,527 $(408,830)$19,179,107 100 
(1)Amount reported in the balance sheet.
(2)At fair value.
10
        GL Q1 2022 FORM 10-Q

Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
At December 31, 2021
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$383,083 $ $64,513 $(164)$447,432 2 
States, municipalities, and political subdivisions2,252,997  239,135 (2,907)2,489,225 12 
Foreign governments59,861  900 (5,132)55,629  
Corporates, by sector:
Financial4,569,160 (387)907,741 (9,349)5,467,165 26 
Utilities1,931,391  490,119 (1,012)2,420,498 11 
Energy1,587,892  346,780 (1,683)1,932,989 9 
Other corporate sectors6,879,459  1,454,464 (13,362)8,320,561 39 
Total corporates14,967,902 (387)3,199,104 (25,406)18,141,213 85 
Collateralized debt obligations36,468  27,037