10-Q 1 gl-20210930.htm 10-Q Q3 2021 gl-20210930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
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 for each of the issuer’s classes of common stock, as of the last practicable date.
Class Outstanding at October 27, 2021
Common Stock, $1.00 Par Value 100,979,225

1
GL Q3 2021 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.
2
GL Q3 2021 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)
September 30,
2021
December 31, 2020
Assets:
Investments:
Fixed maturities—available for sale, at fair value (amortized cost: 2021—$17,622,028;
2020—$17,197,145, allowance for credit losses: 2021— $0; 2020— $3,346)
$21,160,866 $21,213,509 
Policy loans585,791 584,379 
Other long-term investments (includes: 2021—$586,223; 2020—$385,038 under the fair value option)
733,177 546,981 
Short-term investments93,364 107,782 
Total investments22,573,198 22,452,651 
Cash96,325 94,847 
Accrued investment income264,257 248,991 
Other receivables485,475 474,180 
Deferred acquisition costs4,837,409 4,595,444 
Goodwill481,791 441,591 
Other assets758,123 739,027 
Total assets$29,496,578 $29,046,731 
Liabilities:
Future policy benefits$15,837,212 $15,243,536 
Unearned and advance premium64,900 61,728 
Policy claims and other benefits payable395,914 399,507 
Other policyholders' funds98,151 97,968 
Total policy liabilities16,396,177 15,802,739 
Current and deferred income taxes1,749,427 1,833,723 
Short-term debt393,593 254,918 
Long-term debt (estimated fair value: 2021—$1,680,536; 2020—$1,871,754)
1,546,194 1,667,886 
Other liabilities803,036 716,373 
Total liabilities20,888,427 20,275,639 
Commitments and Contingencies (Note 5)
Shareholders' equity:
Preferred stock, par value $1 per share—5,000,000 shares authorized; outstanding: 0 in 2021 and 2020
  
Common stock, par value $1 per share—320,000,000 shares authorized; outstanding: (2021—113,218,183 issued; 2020—113,218,183 issued)
113,218 113,218 
Additional paid-in-capital533,683 527,435 
Accumulated other comprehensive income (loss)2,661,619 3,029,244 
Retained earnings6,353,261 5,874,109 
Treasury stock, at cost: (2021—12,078,358 shares; 2020—9,420,699 shares)
(1,053,630)(772,914)
Total shareholders' equity8,608,151 8,771,092 
Total liabilities and shareholders' equity$29,496,578 $29,046,731 

See accompanying Notes to Condensed Consolidated Financial Statements.
1
GL Q3 2021 FORM 10-Q

Globe Life Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(Dollar amounts in thousands, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202020212020
Revenue:
Life premium$728,924 $674,021 $2,165,213 $1,994,473 
Health premium299,143 287,795 888,902 850,877 
Other premium 1 1 4 
Total premium1,028,067 961,817 3,054,116 2,845,354 
Net investment income238,975 231,432 713,103 691,991 
Realized gains (losses)10,475 1,501 47,286 (29,386)
Other income321 292 1,004 1,021 
Total revenue1,277,838 1,195,042 3,815,509 3,508,980 
Benefits and expenses:
Life policyholder benefits516,196 459,231 1,532,298 1,340,746 
Health policyholder benefits187,906 184,237 564,589 546,444 
Other policyholder benefits7,303 7,508 21,848 22,571 
Total policyholder benefits711,405 650,976 2,118,735 1,909,761 
Amortization of deferred acquisition costs151,593 140,843 452,607 430,840 
Commissions, premium taxes, and non-deferred acquisition costs82,774 74,614 244,752 229,691 
Other operating expense80,385 75,397 240,750 226,693 
Interest expense20,886 21,674 63,833 65,295 
Total benefits and expenses1,047,043 963,504 3,120,677 2,862,280 
Income before income taxes230,795 231,538 694,832 646,700 
Income tax benefit (expense)(41,924)(42,593)(127,826)(119,167)
Net income
$188,871 $188,945 $567,006 $527,533 
Basic net income per common share
$1.86 $1.78 $5.53 $4.95 
Diluted net income per common share
$1.84 $1.76 $5.46 $4.90 















See accompanying Notes to Condensed Consolidated Financial Statements.

2
GL Q3 2021 FORM 10-Q

Globe Life Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
(Dollar amounts in thousands)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202020212020
Net income
$188,871 $188,945 $567,006 $527,533 
Other comprehensive income (loss):
Investments:
Unrealized gains (losses) on fixed maturities:
Unrealized holding gains (losses) arising during period(95,906)380,299 (453,917)861,871 
Other reclassification adjustments included in net income(14,599)11,838 (31,096)37,060 
Foreign exchange adjustment on fixed maturities recorded at fair value(519)1,250 4,141 (914)
Unrealized gains (losses) on fixed maturities(111,024)393,387 (480,872)898,017 
Unrealized gains (losses) on other investments   (13,260)
Total unrealized investment gains (losses)(111,024)393,387 (480,872)884,757 
Less applicable tax (expense) benefit23,317 (82,612)100,984 (185,800)
Unrealized gains (losses) on investments, net of tax(87,707)310,775 (379,888)698,957 
Deferred acquisition costs:
Unrealized gains (losses) attributable to deferred acquisition costs432 385 1,199 1,150 
Less applicable tax (expense) benefit(91)(81)(252)(242)
Unrealized gains (losses) attributable to deferred acquisition costs, net of tax341 304 947 908 
Foreign exchange translation:
Foreign exchange translation adjustments, other than securities(6,839)5,522 (1,276)(4,973)
Less applicable tax (expense) benefit1,437 (1,158)269 1,045 
Foreign exchange translation adjustments, other than securities, net of tax(5,402)4,364 (1,007)(3,928)
Pension:
Pension adjustments5,198 4,156 15,598 12,471 
Less applicable tax (expense) benefit(1,090)(873)(3,275)(2,619)
Pension adjustments, net of tax4,108 3,283 12,323 9,852 
Other comprehensive income (loss)(88,660)318,726 (367,625)705,789 
Comprehensive income (loss)
$100,211 $507,671 $199,381 $1,233,322 








See accompanying Notes to Condensed Consolidated Financial Statements.

3
GL Q3 2021 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, 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 
Comprehensive income (loss)— — — (88,660)188,871 — 100,211 
Common dividends declared
($0.1975 per share)
— — — — (19,981)— (19,981)
Acquisition of treasury stock— — — — — (97,796)(97,796)
Stock-based compensation— — 9,036 — (1,260)— 7,776 
Exercise of stock options— — — — (335)1,354 1,019 
Balance at September 30, 2021$ $113,218 $533,683 $2,661,619 $6,353,261 $(1,053,630)$8,608,151 















See accompanying Notes to Condensed Consolidated Financial Statements.

4
GL Q3 2021 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, 2019
$ $117,218 $531,554 $1,844,830 $5,551,329 $(750,624)$7,294,307 
Cumulative effect of change in accounting principles, net of tax(1)
— — — — (454)— (454)
Balance at January 1, 2020
 117,218 531,554 1,844,830 5,550,875 (750,624)7,293,853 
Comprehensive income (loss)— — — (778,583)165,540 — (613,043)
Common dividends declared
($0.1875 per share)
— — — — (19,963)— (19,963)
Acquisition of treasury stock— — — — — (166,729)(166,729)
Stock-based compensation— — (12,126)— (482)21,964 9,356 
Exercise of stock options— — — — (9,539)26,347 16,808 
Balance at March 31, 2020
 117,218 519,428 1,066,247 5,686,431 (869,042)6,520,282 
Comprehensive income (loss)— — — 1,165,646 173,048 — 1,338,694 
Common dividends declared
($0.1875 per share)
— — — — (19,956)— (19,956)
Stock-based compensation— — 8,632 — — — 8,632 
Exercise of stock options— — — — (593)1,310 717 
Balance at June 30, 2020
 117,218 528,060 2,231,893 5,838,930 (867,732)7,848,369 
Comprehensive income (loss)— — — 318,726 188,945 — 507,671 
Common dividends declared
($0.1875 per share)
— — — — (19,692)— (19,692)
Acquisition of treasury stock— — — — — (129,919)(129,919)
Stock-based compensation— — 8,667 — — — 8,667 
Exercise of stock options— — — — (5,776)15,588 9,812 
Balance at September 30, 2020$ $117,218 $536,727 $2,550,619 $6,002,407 $(982,063)$8,224,908 
(1)Adoption of Accounting Standard Update (ASU) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, on January 1, 2020.




















See accompanying Notes to Condensed Consolidated Financial Statements.

5
GL Q3 2021 FORM 10-Q

Globe Life Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(Dollar amounts in thousands)
Nine Months Ended
September 30,
20212020
Cash provided from (used for) operating activities
$1,060,022 $1,078,616 
Cash provided from (used for) investing activities:
Investments sold or matured:
Fixed maturities available for sale—sold91,795 52,681 
Fixed maturities available for sale—matured or other redemptions249,653 333,631 
Other long-term investments36,060 35,547 
Total investments sold or matured377,508 421,859 
Acquisition of investments:
Fixed maturities—available for sale(687,993)(905,371)
Other long-term investments(206,609)(213,075)
Total investments acquired(894,602)(1,118,446)
Net (increase) decrease in policy loans(1,412)(5,719)
Net (increase) decrease in short-term investments14,418 (225,594)
Additions to properties(30,730)(28,790)
Other investing activities(59,200)(7,099)
Investments in low-income housing interests(35,236)(28,669)
Cash provided from (used for) investing activities
(629,254)(992,458)
Cash provided from (used for) financing activities:
Issuance of common stock67,347 27,337 
Cash dividends paid to shareholders(