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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)
(972) 569-4000
(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 class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, $1.00 par value per share | GL | New York Stock Exchange |
4.250% Junior Subordinated Debentures | GL PRD | New 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.
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Large accelerated filer | | ☒ | | Accelerated filer | | ☐ |
Non-accelerated filer | | ☐ | | Smaller 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 |
Globe Life Inc.
Table of Contents | | | | | | | | | | | |
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PART I. FINANCIAL INFORMATION | |
| Item 1. | | |
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| Item 1A. | | |
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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.
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 loans | 591,958 | | | 589,634 | |
Other long-term investments (includes: 2022—$732,360; 2021—$640,263 under the fair value option) | 889,769 | | | 793,925 | |
Short-term investments | 57,344 | | | 69,145 | |
Total investments | 20,718,178 | | | 22,757,991 | |
Cash | 127,628 | | | 92,163 | |
Accrued investment income | 269,975 | | | 251,307 | |
Other receivables | 487,929 | | | 487,443 | |
Deferred acquisition costs | 4,999,935 | | | 4,914,728 | |
Goodwill | 481,791 | | | 481,791 | |
Other assets | 764,892 | | | 782,625 | |
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Total assets | $ | 27,850,328 | | | $ | 29,768,048 | |
Liabilities: | | | |
Future policy benefits | $ | 16,229,940 | | | $ | 16,034,727 | |
Unearned and advance premium | 70,889 | | | 65,472 | |
Policy claims and other benefits payable | 433,553 | | | 412,940 | |
Other policyholders' funds | 99,606 | | | 98,935 | |
Total policy liabilities | 16,833,988 | | | 16,612,074 | |
Current and deferred income taxes | 1,298,911 | | | 1,765,021 | |
Short-term debt | 522,079 | | | 479,644 | |
Long-term debt (estimated fair value: 2022—$1,525,731; 2021—$1,667,009) | 1,546,858 | | | 1,546,494 | |
Other liabilities | 754,472 | | | 722,009 | |
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Total liabilities | 20,956,308 | | | 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-capital | 523,068 | | | 520,564 | |
Accumulated other comprehensive income (loss) | 869,495 | | | 2,677,583 | |
Retained earnings | 6,315,609 | | | 6,182,100 | |
Treasury stock, at cost: (2022—10,343,676 shares; 2021—9,650,845 shares) | (923,370) | | | (846,659) | |
Total shareholders' equity | 6,894,020 | | | 8,642,806 | |
Total liabilities and shareholders' equity | $ | 27,850,328 | | | $ | 29,768,048 | |
See accompanying Notes to Condensed Consolidated Financial Statements.
Globe Life Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(Dollar amounts in thousands, except per share data)
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| | | Three Months Ended March 31, |
| | | | | 2022 | | 2021 |
Revenue: | | | | | | | |
Life premium | | | | | $ | 754,602 | | | $ | 708,119 | |
Health premium | | | | | 317,000 | | | 294,173 | |
Other premium | | | | | — | | | 1 | |
Total premium | | | | | 1,071,602 | | | 1,002,293 | |
Net investment income | | | | | 243,834 | | | 235,820 | |
Realized gains (losses) | | | | | (7,244) | | | 28,152 | |
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Other income | | | | | 164 | | | 295 | |
Total revenue | | | | | 1,308,356 | | | 1,266,560 | |
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Benefits and expenses: | | | | | | | |
Life policyholder benefits | | | | | 549,343 | | | 517,631 | |
Health policyholder benefits | | | | | 196,855 | | | 187,829 | |
Other policyholder benefits | | | | | 7,050 | | | 7,259 | |
Total policyholder benefits | | | | | 753,248 | | | 712,719 | |
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Amortization of deferred acquisition costs | | | | | 158,384 | | | 152,993 | |
Commissions, premium taxes, and non-deferred acquisition costs | | | | | 90,813 | | | 79,666 | |
Other operating expense | | | | | 84,352 | | | 81,210 | |
Interest expense | | | | | 19,944 | | | 21,178 | |
Total benefits and expenses | | | | | 1,106,741 | | | 1,047,766 | |
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Income before income taxes | | | | | 201,615 | | | 218,794 | |
Income tax benefit (expense) | | | | | (37,254) | | | (40,277) | |
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Net income | | | | | $ | 164,361 | | | $ | 178,517 | |
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Basic net income per common share | | | | | $ | 1.66 | | | $ | 1.73 | |
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Diluted net income per common share | | | | | $ | 1.64 | | | $ | 1.70 | |
See accompanying Notes to Condensed Consolidated Financial Statements.
Globe Life Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
(Dollar amounts in thousands)
| | | | | | | | | | | | | | | |
| | | Three Months Ended March 31, |
| | | | | 2022 | | 2021 |
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 value | | | | | 284 | | | 2,442 | |
| | | | | | | |
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| | | | | | | |
Total unrealized investment gains (losses) | | | | | (2,296,668) | | | (1,276,759) | |
Less applicable tax (expense) benefit | | | | | 482,299 | | | 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 costs | | | | | 376 | | | 359 | |
Less applicable tax (expense) benefit | | | | | (79) | | | (75) | |
Unrealized gains (losses) attributable to deferred acquisition costs, net of tax | | | | | 297 | | | 284 | |
| | | | | | | |
Foreign exchange translation: | | | | | | | |
Foreign exchange translation adjustments, other than securities | | | | | 4,138 | | | (610) | |
Less applicable tax (expense) benefit | | | | | (869) | | | 128 | |
Foreign exchange translation adjustments, other than securities, net of tax | | | | | 3,269 | | | (482) | |
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Pension: | | | | | | | |
| | | | | | | |
| | | | | | | |
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Pension adjustments | | | | | 3,437 | | | 5,200 | |
Less applicable tax (expense) benefit | | | | | (722) | | | (1,091) | |
Pension adjustments, net of tax | | | | | 2,715 | | | 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.
Globe Life Inc.
Condensed Consolidated Statements of Shareholders' Equity
(Unaudited)
(Dollar amounts in thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Preferred Stock | | Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Income (Loss) | | Retained Earnings | | Treasury Stock | | Total Shareholders' Equity |
Balance at December 31, 2021 | $ | — | | | $ | 109,218 | | | $ | 520,564 | | | $ | 2,677,583 | | | $ | 6,182,100 | | | $ | (846,659) | | | $ | 8,642,806 | |
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| | | | | | | | | | | | | |
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 | |
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| Preferred Stock | | Common Stock | | Additional Paid-In Capital | | Accumulated Other Comprehensive Income (Loss) | | Retained Earnings | | Treasury Stock | | Total 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 | |
| | | | | | | | | | | | | |
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Balance at March 31, 2021 | $ | — | | | $ | 113,218 | | | $ | 516,013 | | | $ | 2,024,515 | | | $ | 6,020,552 | | | $ | (841,961) | | | $ | 7,832,337 | |
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.
See accompanying Notes to Condensed Consolidated Financial Statements.
Globe Life Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(Dollar amounts in thousands) | | | | | | | | | | | |
| Three Months Ended March 31, |
| 2022 | | 2021 |
| | | |
| | | |
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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—sold | 75,116 | | | 61,858 | |
Fixed maturities available for sale—matured or other redemptions | 115,160 | | | 36,683 | |
Other long-term investments | 20,929 | | | 3,733 | |
Total investments sold or matured | 211,205 | | | 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 investments | 11,801 | | | 14,434 | |
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| | | |
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 stock | 25,931 | | | 32,724 | |
Cash dividends paid to shareholders | (19,687) | | | (19,511) | |
| | | |
| | | |
| | | |
Net borrowing (repayment) of commercial paper | 42,348 | | | 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 cash | 35,465 | | | (13,343) | |
Cash at beginning of year | 92,163 | | | 94,847 | |
Cash at end of period | $ | 127,628 | | | $ | 81,504 | |
See accompanying Notes to Condensed Consolidated Financial Statements.
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.
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 |
Standard | | Description | | Effective Date | | Effect 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.
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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 | |
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| 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 | |
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 Item | | | | | | 2022 | | 2021 | |
Unrealized investment (gains) losses on available for sale assets: | | | | | | | | | | |
Realized (gains) losses | | | | | | $ | (4,937) | | | $ | (18,790) | | | Realized (gains) losses |
| | | | | | | | | | |
Amortization of (discount) premium | | | | | | 907 | | | 1,648 | | | Net investment income |
Total before tax | | | | | | (4,030) | | | (17,142) | | | |
Tax | | | | | | 846 | | | 3,600 | | | Income taxes |
Total after-tax | | | | | | (3,184) | | | (13,542) | | | |
Pension adjustments: | | | | | | | | | | |
Amortization of prior service cost | | | | | | 158 | | | 158 | | | Other operating expense |
Amortization of actuarial (gain) loss | | | | | | 3,279 | | | 5,042 | | | Other operating expense |
Total before tax | | | | | | 3,437 | | | 5,200 | | | |
Tax | | | | | | (722) | | | (1,091) | | | Income taxes |
Total after-tax | | | | | | 2,715 | | | 4,109 | | | |
Total reclassification (after-tax) | | | | | | $ | (469) | | | $ | (9,433) | | | |
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 Losses | | Gross 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 subdivisions | 2,398,188 | | | — | | | 106,675 | | | (195,127) | | | 2,309,736 | | | 12 | |
Foreign governments | 60,836 | | | — | | | 469 | | | (8,275) | | | 53,030 | | | — | |
Corporates, by sector: | | | | | | | | | | | |
Financial | 4,656,368 | | | — | | | 419,779 | | | (83,808) | | | 4,992,339 | | | 26 | |
Utilities | 1,913,100 | | | — | | | 251,695 | | | (10,273) | | | 2,154,522 | | | 11 | |
Energy | 1,586,815 | | | — | | | 178,334 | | | (19,601) | | | 1,745,548 | | | 9 | |
Other corporate sectors | 6,843,681 | | | — | | | 608,394 | | | (90,200) | | | 7,361,875 | | | 39 | |
Total corporates | 14,999,964 | | | — | | | 1,458,202 | | | (203,882) | | | 16,254,284 | | | 85 | |
Collateralized debt obligations | 36,310 | | | — | | | 23,228 | | | — | | | 59,538 | | | — | |
Other asset-backed securities | 101,127 | | | — | | | 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.
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
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| At December 31, 2021 |
| Amortized Cost | | Allowance for Credit Losses | | Gross 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 subdivisions | 2,252,997 | | | — | | | 239,135 | | | (2,907) | | | 2,489,225 | | | 12 | |
Foreign governments | 59,861 | | | — | | | 900 | | | (5,132) | | | 55,629 | | | — | |
Corporates, by sector: | | | | | | | | | | | |
Financial | 4,569,160 | | | (387) | | | 907,741 | | | (9,349) | | | 5,467,165 | | | 26 | |
Utilities | 1,931,391 | | | — | | | 490,119 | | | (1,012) | | | 2,420,498 | | | 11 | |
Energy | 1,587,892 | | | — | | | 346,780 | | | (1,683) | | | 1,932,989 | | | 9 | |
Other corporate sectors | 6,879,459 | | | — | | | 1,454,464 | | | (13,362) | | | 8,320,561 | | | 39 | |
Total corporates | 14,967,902 | | | (387) | | | 3,199,104 | | | (25,406) | | | 18,141,213 | | | 85 | |
Collateralized debt obligations | 36,468 | | | — | | | 27,037 | | | — | | | |