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Table of Contents
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, 2025
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
Common Stock, $1.00 par value per share | GL | NYSE Texas, Inc.
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.

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 October 31, 2025
Common Stock, $1.00 Par Value |  | 79,605,800

GL Q3 2025 FORM 10-Q

Table of Contents
Globe Life Inc.
Table of Contents

|  |  | Page
PART I. FINANCIAL INFORMATION |
| Item 1. | Condensed Consolidated Financial Statements |
|  | Condensed Consolidated Balance Sheets | 1
|  | Condensed Consolidated Statements of Operations | 2
|  | Condensed Consolidated Statements of Comprehensive Income (Loss) | 3
|  | Condensed Consolidated Statements of Shareholders' Equity | 4
|  | Condensed Consolidated Statements of Cash Flows | 6
|  | Notes to Condensed Consolidated Financial Statements | 7
|  | Note 1—Significant Accounting Policies | 7
|  | Note 2—New Accounting Standards | 8
|  | Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive Income | 9
|  | Note 4—Investments | 11
|  | Note 5—Commitments and Contingencies | 23
|  | Note 6—Policy Liabilities | 25
|  | Note 7—Deferred Acquisition Costs | 44
|  | Note 8—Liability for Unpaid Claims | 47
|  | Note 9—Postretirement Benefits | 48
|  | Note 10—Earnings Per Share | 50
|  | Note 11—Debt | 51
|  | Note 12—Business Segments | 54
|  | Cautionary Statements | 62
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 63
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 92
| Item 4. | Controls and Procedures | 92
PART II. OTHER INFORMATION |
| Item 1. | Legal Proceedings | 92
| Item 1A. | Risk Factors | 92
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 92
| Item 5. | Other Information | 93
| Item 6. | Exhibits | 94
Signatures | 95

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 Q3 2025 FORM 10-Q

Table of Contents
PART I—FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
Globe Life Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(Dollar amounts in thousands, except share and per share data)

| September 30, 2025 |  | December 31, 2024
Assets: |  |  |
Investments: |  |  |
Fixed maturities—available for sale, at fair value (amortized cost: 2025—$18,948,357; 2024—$18,835,809, allowance for credit losses: 2025— $10,415; 2024— $10,395) | $ | 17,796,754 |  |  | $ | 17,155,012 |
Mortgage loans | 451,898 |  |  | 396,088 |
Policy loans | 729,541 |  |  | 699,669 |
Other long-term investments (includes: 2025—$1,037,447; 2024—$986,766 under the fair value option) | 1,285,697 |  |  | 1,235,759 |
Short-term investments | 62,824 |  |  | 85,035 |
Total investments | 20,326,714 |  |  | 19,571,563 |
Cash | 302,716 |  |  | 165,325 |
Accrued investment income | 284,888 |  |  | 269,791 |
Other receivables | 729,160 |  |  | 691,907 |
Deferred acquisition costs | 6,872,342 |  |  | 6,495,589 |
Goodwill | 490,446 |  |  | 490,446 |
Other assets | 1,521,350 |  |  | 1,391,560 |
Total assets | $ | 30,527,616 |  |  | $ | 29,076,181 |
Liabilities: |  |  |
Future policy benefits at current discount rates: (at original discount rates: 2025—$17,933,726; 2024—$17,552,564) | $ | 19,301,965 |  |  | $ | 18,457,263 |
Unearned and advance premium | 272,740 |  |  | 257,631 |
Policy claims and other benefits payable | 529,911 |  |  | 532,832 |
Other policyholders' funds | 522,133 |  |  | 468,604 |
Total policy liabilities | 20,626,749 |  |  | 19,716,330 |
Current and deferred income taxes | 787,539 |  |  | 731,255 |
Short-term debt | 394,349 |  |  | 415,401 |
Long-term debt (estimated fair value: 2025—$2,196,342; 2024—$2,122,772) | 2,320,013 |  |  | 2,324,251 |
Other liabilities | 709,878 |  |  | 583,424 |
Total liabilities | 24,838,528 |  |  | 23,770,661 |
Commitments and Contingencies (Note 5) |  |  |
Shareholders' equity: |  |  |
Preferred stock, par value $1 per share—5,000,000 shares authorized; outstanding: 0 in 2025 and 2024 | — |  |  | — |
Common stock, par value $1 per share—320,000,000 shares authorized; outstanding: (2025—97,218,183 issued; 2024—97,218,183 issued) | 97,218 |  |  | 97,218 |
Additional paid-in-capital | 552,509 |  |  | 527,795 |
Accumulated other comprehensive income (loss) | (1,972,891) |  |  | (2,029,720) |
Retained earnings | 8,812,765 |  |  | 8,002,521 |
Treasury stock, at cost: (2025—16,908,676 shares; 2024—13,240,616 shares) | (1,800,513) |  |  | (1,292,294) |
Total shareholders' equity | 5,689,088 |  |  | 5,305,520 |
Total liabilities and shareholders' equity | $ | 30,527,616 |  |  | $ | 29,076,181 |

See accompanying Notes to Condensed Consolidated Financial Statements.
1
GL Q3 2025 FORM 10-Q

Table of Contents
Globe Life Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(Dollar amounts in thousands, except share and per share data)

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenue: |  |  |  |  |  |  |
Life premium | $ | 844,483 |  |  | $ | 818,638 |  |  | $ | 2,513,890 |  |  | $ | 2,438,385 |
Health premium | 386,524 |  |  | 353,955 |  |  | 1,134,414 |  |  | 1,046,617 |
Total premium | 1,231,007 |  |  | 1,172,593 |  |  | 3,648,304 |  |  | 3,485,002 |
Net investment income | 286,013 |  |  | 284,964 |  |  | 848,796 |  |  | 853,178 |
Realized gains (losses) | (4,987) |  |  | (2,192) |  |  | (23,476) |  |  | (26,580) |
Other income | 955 |  |  | 42 |  |  | 1,073 |  |  | 192 |
Total revenue | 1,512,988 |  |  | 1,455,407 |  |  | 4,474,697 |  |  | 4,311,792 |
Benefits and expenses: |  |  |  |  |  |  |
Life policyholder benefits(1) | 381,511 |  |  | 454,502 |  |  | 1,410,622 |  |  | 1,493,165 |
Health policyholder benefits(2) | 227,940 |  |  | 221,926 |  |  | 691,793 |  |  | 629,676 |
Other policyholder benefits | 7,171 |  |  | 11,756 |  |  | 20,970 |  |  | 32,830 |
Total policyholder benefits | 616,622 |  |  | 688,184 |  |  | 2,123,385 |  |  | 2,155,671 |
Amortization of deferred acquisition costs | 114,074 |  |  | 104,310 |  |  | 330,990 |  |  | 305,703 |
Commissions, premium taxes, and non-deferred acquisition costs | 157,494 |  |  | 149,693 |  |  | 479,228 |  |  | 447,605 |
Other operating expense | 111,562 |  |  | 104,874 |  |  | 328,601 |  |  | 297,196 |
Interest expense | 36,134 |  |  | 31,388 |  |  | 106,011 |  |  | 91,413 |
Total benefits and expenses | 1,035,886 |  |  | 1,078,449 |  |  | 3,368,215 |  |  | 3,297,588 |
Income before income taxes | 477,102 |  |  | 376,958 |  |  | 1,106,482 |  |  | 1,014,204 |
Income tax benefit (expense) | (89,259) |  |  | (73,964) |  |  | (211,327) |  |  | (198,638) |
Net income | $ | 387,843 |  |  | $ | 302,994 |  |  | $ | 895,155 |  |  | $ | 815,566 |
Basic net income per common share | $ | 4.81 |  |  | $ | 3.45 |  |  | $ | 10.91 |  |  | $ | 8.96 |
Diluted net income per common share | $ | 4.73 |  |  | $ | 3.44 |  |  | $ | 10.77 |  |  | $ | 8.93 |

(1)Net of a remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments, resulting in a gain of $149.5 million before tax for the three months ended September 30, 2025 and a remeasurement gain of $70.6 million before tax for the same period in 2024. Net of a remeasurement gain of $174.7 million before tax for the nine months ended September 30, 2025 and a remeasurement gain of $87.8 million before tax for the same period in 2024.
(2)Net of a remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments, resulting in a gain of $8.8 million before tax for the three months ended September 30, 2025 and a remeasurement loss of $9.6 million before tax for the same period in 2024. Net of a remeasurement gain of $13.2 million before tax for the nine months ended September 30, 2025 and a remeasurement loss of $3.1 million before tax for the same period in 2024.
See accompanying Notes to Condensed Consolidated Financial Statements.
2
GL Q3 2025 FORM 10-Q

Table of Contents
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,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net income | $ | 387,843 |  |  | $ | 302,994 |  |  | $ | 895,155 |  |  | $ | 815,566 |
Other comprehensive income (loss): |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |
Unrealized gains (losses) on fixed maturities: |  |  |  |  |  |  |
Unrealized holding gains (losses) arising during period | 432,361 |  |  | 869,743 |  |  | 513,171 |  |  | 301,715 |
Other reclassification adjustments included in net income | 9,933 |  |  | (2,408) |  |  | 17,195 |  |  | 2,580 |
Foreign exchange adjustment on fixed maturities recorded at fair value | 606 |  |  | (954) |  |  | (1,152) |  |  | 546 |
Total unrealized investment gains (losses) | 442,900 |  |  | 866,381 |  |  | 529,214 |  |  | 304,841 |
Less applicable tax (expense) benefit | (93,009) |  |  | (181,941) |  |  | (111,132) |  |  | (64,018) |
Unrealized gains (losses) on investments, net of tax | 349,891 |  |  | 684,440 |  |  | 418,082 |  |  | 240,823 |
Future Policy Benefits: |  |  |  |  |  |  |
Change in discount rate on future policy benefits | (423,443) |  |  | (1,247,366) |  |  | (470,566) |  |  | 63,614 |
Less applicable tax (expense) benefit | 88,924 |  |  | 261,946 |  |  | 98,820 |  |  | (13,360) |
Future policy benefit adjustments, net of tax | (334,519) |  |  | (985,420) |  |  | (371,746) |  |  | 50,254 |
Foreign exchange translation: |  |  |  |  |  |  |
Foreign exchange translation adjustments, other than securities | (5,627) |  |  | 7,296 |  |  | 13,094 |  |  | (4,660) |
Less applicable tax (expense) benefit | 1,182 |  |  | (1,532) |  |  | (2,751) |  |  | 979 |
Foreign exchange translation adjustments, other than securities, net of tax | (4,445) |  |  | 5,764 |  |  | 10,343 |  |  | (3,681) |
Pension: |  |  |  |  |  |  |
Pension adjustments | 64 |  |  | 118 |  |  | 191 |  |  | 354 |
Less applicable tax (expense) benefit | (14) |  |  | (25) |  |  | (41) |  |  | (74) |
Pension adjustments, net of tax | 50 |  |  | 93 |  |  | 150 |  |  | 280 |
Other comprehensive income (loss) | 10,977 |  |  | (295,123) |  |  | 56,829 |  |  | 287,676 |
Comprehensive income (loss) | $ | 398,820 |  |  | $ | 7,871 |  |  | $ | 951,984 |  |  | $ | 1,103,242 |

See accompanying Notes to Condensed Consolidated Financial Statements.
3
GL Q3 2025 FORM 10-Q

Table of Contents
Globe Life Inc.
Condensed Consolidated Statements of Shareholders' Equity
(Unaudited)
(Dollar amounts in thousands, except share and 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, 2024 | $ | — |  |  | $ | 97,218 |  |  | $ | 527,795 |  |  | $ | (2,029,720) |  |  | $ | 8,002,521 |  |  | $ | (1,292,294) |  |  | $ | 5,305,520 |
Comprehensive income (loss) | — |  |  | — |  |  | — |  |  | 58,847 |  |  | 254,563 |  |  | — |  |  | 313,410 |
Common dividends declared ($0.2700 per share) | — |  |  | — |  |  | — |  |  | — |  |  | (22,383) |  |  | — |  |  | (22,383) |
Acquisition of treasury stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (264,544) |  |  | (264,544) |
Stock-based compensation | — |  |  | — |  |  | (3,754) |  |  | — |  |  | — |  |  | 15,773 |  |  | 12,019 |
Exercise of stock options | — |  |  | — |  |  | — |  |  | — |  |  | (9,753) |  |  | 91,147 |  |  | 81,394 |
Balance at March 31, 2025 | — |  |  | 97,218 |  |  | 524,041 |  |  | (1,970,873) |  |  | 8,224,948 |  |  | (1,449,918) |  |  | 5,425,416 |
Comprehensive income (loss) | — |  |  | — |  |  | — |  |  | (12,995) |  |  | 252,749 |  |  | — |  |  | 239,754 |
Common dividends declared ($0.2700 per share) | — |  |  | — |  |  | — |  |  | — |  |  | (21,869) |  |  | — |  |  | (21,869) |
Acquisition of treasury stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (250,311) |  |  | (250,311) |
Stock-based compensation | — |  |  | — |  |  | 14,009 |  |  | — |  |  | — |  |  | 34 |  |  | 14,043 |
Exercise of stock options | — |  |  | — |  |  | — |  |  | — |  |  | (1,935) |  |  | 13,932 |  |  | 11,997 |
Balance at June 30, 2025 | — |  |  | 97,218 |  |  | 538,050 |  |  | (1,983,868) |  |  | 8,453,893 |  |  | (1,686,263) |  |  | 5,419,030 |
Comprehensive income (loss) | — |  |  | — |  |  | — |  |  | 10,977 |  |  | 387,843 |  |  | — |  |  | 398,820 |
Common dividends declared ($0.2700 per share) | — |  |  | — |  |  | — |  |  | — |  |  | (21,679) |  |  | — |  |  | (21,679) |
Acquisition of treasury stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (173,864) |  |  | (173,864) |
Stock-based compensation | — |  |  | — |  |  | 14,459 |  |  | — |  |  | — |  |  | 144 |  |  | 14,603 |
Exercise of stock options | — |  |  | — |  |  | — |  |  | — |  |  | (7,292) |  |  | 59,470 |  |  | 52,178 |
Balance at September 30, 2025 | $ | — |  |  | $ | 97,218 |  |  | $ | 552,509 |  |  | $ | (1,972,891) |  |  | $ | 8,812,765 |  |  | $ | (1,800,513) |  |  | $ | 5,689,088 |

See accompanying Notes to Condensed Consolidated Financial Statements.
4
GL Q3 2025 FORM 10-Q

Table of Contents
Globe Life Inc.
Condensed Consolidated Statements of Shareholders' Equity (Continued)
(Unaudited)
(Dollar amounts in thousands, except share and 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, 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 |
Comprehensive income (loss) | — |  |  | — |  |  | — |  |  | (295,123) |  |  | 302,994 |  |  | — |  |  | 7,871 |
Common dividends declared ($0.2400 per share) | — |  |  | — |  |  | — |  |  | — |  |  | (20,215) |  |  | — |  |  | (20,215) |
Acquisition of treasury stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (591,106) |  |  | (591,106) |
Stock-based compensation | — |  |  | — |  |  | 9,227 |  |  | — |  |  | — |  |  | 6 |  |  | 9,233 |
Exercise of stock options | — |  |  | — |  |  | — |  |  | — |  |  | (1,164) |  |  | 6,252 |  |  | 5,088 |
Balance at September 30, 2024 | $ | — |  |  | $ | 102,218 |  |  | $ | 543,255 |  |  | $ | (2,484,743) |  |  | $ | 8,225,030 |  |  | $ | (1,747,135) |  |  | $ | 4,638,625 |

See accompanying Notes to Condensed Consolidated Financial Statements.
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Table of Contents
Globe Life Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(Dollar amounts in thousands)

| Nine Months Ended September 30,
| 2025 |  | 2024
Cash provided from (used for) operating activities | $ | 1,045,790 |  |  | $ | 1,065,513 |
Cash provided from (used for) investing activities: |  |  |
Investments sold or matured: |  |  |
Fixed maturities available for sale—sold | 456,567 |  |  | 674,125 |
Fixed maturities available for sale—matured or other redemptions | 217,427 |  |  | 161,275 |
Mortgage loans | 19,742 |  |  | 29,433 |
Other long-term investments | 82,337 |  |  | 29,995 |
Total investments sold or matured | 776,073 |  |  | 894,828 |
Acquisition of investments: |  |  |
Fixed maturities—available for sale | (775,630) |  |  | (1,000,665) |
Mortgage loans | (118,572) |  |  | (134,667) |
Other long-term investments | (88,296) |  |  | (445,776) |
Total investments acquired | (982,498) |  |  | (1,581,108) |
Net (increase) decrease in policy loans | (29,872) |  |  | (34,052) |
Net (increase) decrease in short-term investments | 22,211 |  |  | (18,761) |
Additions to property and equipment | (121,979) |  |  | (56,047) |
Other investing activities | — |  |  | 96 |
Investments in low-income housing interests | (41,709) |  |  | (27,840) |
Cash provided from (used for) investing activities | (377,774) |  |  | (822,884) |
Cash provided from (used for) financing activities: |  |  |
Issuance of common stock | 145,569 |  |  | 34,851 |
Cash dividends paid to shareholders | (64,394) |  |  | (65,292) |
Proceeds from issuance of debt | — |  |  | 530,000 |
Payment for debt issuance costs | (6,399) |  |  | (7,138) |
Net borrowing from Federal Home Loan Bank (FHLB) | 65,000 |  |  | 17,000 |
Net borrowing (repayment) of commercial paper | 1,870 |  |  | 31,443 |
Proceeds from commercial paper with original maturities greater than 90 days | 442,040 |  |  | 387,247 |
Repayment of commercial paper with original maturities greater than 90 days | (529,962) |  |  | (314,836) |
Acquisition of treasury stock | (688,719) |  |  | (950,448) |
Net receipts (payments) from deposit-type products | 107,951 |  |  | 122,291 |
Cash provided from (used for) financing activities | (527,044) |  |  | (214,882) |
Effect of foreign exchange rate changes on cash | (3,581) |  |  | 3,646 |
Net increase (decrease) in cash | 137,391 |  |  | 31,393 |
Cash at beginning of year | 165,325 |  |  | 103,156 |
Cash at end of period | $ | 302,716 |  |  | $ | 134,549 |

See accompanying Notes to Condensed Consolidated Financial Statements.
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Table of Contents
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 to a broad base of customers. The Company is organized into three reportable segments: life insurance, supplemental health insurance, 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 September 30, 2025, and the condensed consolidated results of operations, comprehensive income, and cash flows for the periods ended September 30, 2025 and 2024. The interim period condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements that were included in the Form 10-K filed with the Securities Exchange Commission (SEC) on February 26, 2025.
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.
Reinsurance and Recapture: In the normal course of business, Globe Life insurance subsidiaries enter into reinsurance agreements to limit their exposure to the risk of loss as well as enhance their capital position. The Company entered into a coinsurance transaction with funds withheld agreement with a third-party reinsurer on March 6, 2025, with an agreement effective date of January 1, 2025. Under the terms of the agreement Globe Life ceded 100% of the liabilities, net of existing reinsurance, associated with certain term and whole life insurance policies. The contract is accounted for under deposit accounting as it did not pass the risk transfer requirements for reinsurance treatment on a GAAP basis. Since the agreement is subject to deposit accounting and meets the right of offset conditions outlined in the accounting policy the Company recorded the initial coinsurance, ceding commission and funds withheld balance on a net basis. At inception, no cash was exchanged between the parties and subsequently, a risk charge was recorded as a component of net investment income in the Condensed Consolidated Statement of Operations, with net cash settlements occurring quarterly between the parties.
On March 31, 2025, the Company entered into a recapture and termination agreement with a third-party reinsurer to recapture certain policies that had previously been ceded under a reinsurance agreement dated November 12, 2001. The recapture was executed to accomplish common objectives between the Company and the reinsurer. As a result of the transaction, the Company received net proceeds of $39 million, which are reflected as operating cash flows in the Condensed Consolidated Statement of Cash Flows. The Company also recognized a gain of approximately $14 million in policyholder benefits in the Condensed Consolidated Statement of Operations.
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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Building Acquisition: On July 3, 2025, Globe Life Inc. completed the acquisition of real estate located in McKinney, Texas for total consideration of $80 million. The acquisition was executed in order to support Company growth and efficiency through modern technological infrastructure and centralized operations. The acquisition includes land, a building structure and building improvements. The transaction was executed pursuant to a purchase agreement and is accounted for as an asset acquisition. The purchase price was allocated based upon the relative fair value of land, building and building improvements. The building is being depreciated over its estimated useful life of 40 years on a straight-line basis and recorded as part of other operating expense on the Condensed Consolidated Statement of Operations. For additional information regarding our property, plant and equipment accounting policy, please refer to our 2024 Form 10-K. The Company expects to utilize the facility for its own operational needs.
As of the date of this filing, the current facility does not qualify for held for sale classification and no impairment indicators have been identified.
Note 2—New Accounting Standards
Accounting Pronouncements Yet to be Adopted: ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, adds disclosure requirements to disaggregate information related to the effective tax rate reconciliation and information on income taxes paid. The disclosures will enhance the assessment of an 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. The guidance requires only additional disclosure, as a result there will be no effects on our financial position, results of operations or cash flows.
ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, adds disclosure requirements to disaggregate information related to an entity's income statement. The disclosures will allow for enhanced transparency of an entity's expenses.
This standard is effective for the Company for annual periods beginning on January 1, 2027. The Company is evaluating the standard.
ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, provides guidance for the evaluation of determining whether criteria is met to begin the capitalization of internal-use software costs. ASC 350 (Intangibles—Goodwill and Other) requires the capitalization of internal-use software costs begin when both of the following criteria are met: (1) when management has authorized and committed to funding the software project and (2) the probability that the project will be completed and will be used to perform the function intended. If uncertainty exists under the guidance issued in Subtopic 350-40 then a probable to complete threshold will not exist and any costs would be expensed until uncertainties are resolved.
The updated guidance also requires the application of disclosure requirements in ASC 360 (Plant, Property, and Equipment) for all capitalized costs regardless of presentation in the financial statements. This standard is effective for the Company for annual periods beginning on January 1, 2028. The Company is evaluating the standard.
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Table of Contents
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 nine month periods ended September 30, 2025 and 2024:

| Three Months Ended September 30, 2025
| Available for Sale Assets |  | Future Policy Benefits |  |  |  | Foreign Exchange |  | Pension Adjustments |  | Total
Balance at July 1, 2025 | $ | (1,251,427) |  |  | $ | (746,269) |  |  |  |  | $ | (6,969) |  |  | $ | 20,797 |  |  | $ | (1,983,868) |
Other comprehensive income (loss) before reclassifications, net of tax | 342,044 |  |  | (334,519) |  |  |  |  | (4,445) |  |  | — |  |  | 3,080 |
Reclassifications, net of tax | 7,847 |  |  | — |  |  |  |  | — |  |  | 50 |  |  | 7,897 |
Other comprehensive income (loss) | 349,891 |  |  | (334,519) |  |  |  |  | (4,445) |  |  | 50 |  |  | 10,977 |
Balance at September 30, 2025 | $ | (901,536) |  |  | $ | (1,080,788) |  |  |  |  | $ | (11,414) |  |  | $ | 20,847 |  |  | $ | (1,972,891) |

| Three Months Ended September 30, 2024
| Available for Sale Assets |  | Future Policy Benefits |  |  |  | Foreign Exchange |  | Pension Adjustments |  | Total
Balance at July 1, 2024 | $ | (1,271,213) |  |  | $ | (911,717) |  |  |  |  | $ | (4,726) |  |  | $ | (1,964) |  |  | $ | (2,189,620) |
Other comprehensive income (loss) before reclassifications, net of tax | 686,343 |  |  | (985,420) |  |  |  |  | 5,764 |  |  | — |  |  | (293,313) |
Reclassifications, net of tax | (1,903) |  |  | — |  |  |  |  | — |  |  | 93 |  |  | (1,810) |
Other comprehensive income (loss) | 684,440 |  |  | (985,420) |  |  |  |  | 5,764 |  |  | 93 |  |  | (295,123) |
Balance at September 30, 2024 | $ | (586,773) |  |  | $ | (1,897,137) |  |  |  |  | $ | 1,038 |  |  | $ | (1,871) |  |  | $ | (2,484,743) |

| Nine Months Ended September 30, 2025
| Available for Sale Assets |  | Future Policy Benefits |  |  |  | Foreign Exchange |  | Pension Adjustments |  | Total
Balance at January 1, 2025 | $ | (1,319,618) |  |  | $ | (709,042) |  |  |  |  | $ | (21,757) |  |  | $ | 20,697 |  |  | $ | (2,029,720) |
Other comprehensive income (loss) before reclassifications, net of tax | 404,498 |  |  | (371,746) |  |  |  |  | 10,343 |  |  | — |  |  | 43,095 |
Reclassifications, net of tax | 13,584 |  |  | — |  |  |  |  | — |  |  | 150 |  |  | 13,734 |
Other comprehensive income (loss) | 418,082 |  |  | (371,746) |  |  |  |  | 10,343 |  |  | 150 |  |  | 56,829 |
Balance at September 30, 2025 | $ | (901,536) |  |  | $ | (1,080,788) |  |  |  |  | $ | (11,414) |  |  | $ | 20,847 |  |  | $ | (1,972,891) |

| Nine Months Ended September 30, 2024
| Available for Sale Assets |  | Future Policy Benefits |  |  |  | Foreign 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 | 238,785 |  |  | 50,254 |  |  |  |  | (3,681) |  |  | — |  |  | 285,358 |
Reclassifications, net of tax | 2,038 |  |  | — |  |  |  |  | — |  |  | 280 |  |  | 2,318 |
Other comprehensive income (loss) | 240,823 |  |  | 50,254 |  |  |  |  | (3,681) |  |  | 280 |  |  | 287,676 |
Balance at September 30, 2024 | $ | (586,773) |  |  | $ | (1,897,137) |  |  |  |  | $ | 1,038 |  |  | $ | (1,871) |  |  | $ | (2,484,743) |

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Table of Contents
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 nine month periods ended September 30, 2025 and 2024.

|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  | Affected line items in the Statements of Operations
Component Line Item |  | 2025 |  | 2024 |  | 2025 |  | 2024 |
Unrealized investment (gains) losses on available for sale assets: |  |  |  |  |  |  |  |  |  |
Realized (gains) losses |  | $ | 11,746 |  |  | $ | (257) |  |  | $ | 23,755 |  |  | $ | 9,732 |  |  | Realized (gains) losses
Amortization of (discount) premium |  | (1,813) |  |  | (2,151) |  |  | (6,560) |  |  | (7,152) |  |  | Net investment income
Total before tax |  | 9,933 |  |  | (2,408) |  |  | 17,195 |  |  | 2,580 |  |  |
Tax |  | (2,086) |  |  | 505 |  |  | (3,611) |  |  | (542) |  |  | Income taxes
Total after-tax |  | 7,847 |  |  | (1,903) |  |  | 13,584 |  |  | 2,038 |  |  |
Pension adjustments: |  |  |  |  |  |  |  |  |  |
Amortization of prior service cost |  | 292 |  |  | 265 |  |  | 876 |  |  | 803 |  |  | Other operating expense
Amortization of actuarial (gain) loss |  | (228) |  |  | (147) |  |  | (685) |  |  | (449) |  |  | Other operating expense
Total before tax |  | 64 |  |  | 118 |  |  | 191 |  |  | 354 |  |  |
Tax |  | (14) |  |  | (25) |  |  | (41) |  |  | (74) |  |  | Income taxes
Total after-tax |  | 50 |  |  | 93 |  |  | 150 |  |  | 280 |  |  |
Total reclassification (after-tax) |  | $ | 7,897 |  |  | $ | (1,810) |  |  | $ | 13,734 |  |  | $ | 2,318 |  |  |

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Table of Contents
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 September 30, 2025 and December 31, 2024, 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 September 30, 2025
| 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 | $ | 405,807 |  |  | $ | — |  |  | $ | 147 |  |  | $ | (26,787) |  |  | $ | 379,167 |  |  | 2 |
States, municipalities, and political subdivisions | 3,390,124 |  |  | — |  |  | 28,759 |  |  | (545,729) |  |  | 2,873,154 |  |  | 16 |
Foreign governments | 47,915 |  |  | — |  |  | 291 |  |  | (8,195) |  |  | 40,011 |  |  | — |
Corporates, by sector: |  |  |  |  |  |  |  |  |  |  |
Industrials | 7,891,877 |  |  | (7,118) |  |  | 193,171 |  |  | (601,835) |  |  | 7,476,095 |  |  | 42 |
Financial | 5,018,604 |  |  | — |  |  | 146,863 |  |  | (318,860) |  |  | 4,846,607 |  |  | 27 |
Utilities | 2,100,517 |  |  | — |  |  | 78,904 |  |  | (87,347) |  |  | 2,092,074 |  |  | 12 |
Total corporates | 15,010,998 |  |  | (7,118) |  |  | 418,938 |  |  | (1,008,042) |  |  | 14,414,776 |  |  | 81 |
Collateralized debt obligations | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other asset-backed securities | 93,513 |  |  | (3,297) |  |  | 383 |  |  | (953) |  |  | 89,646 |  |  | 1 |
Total fixed maturities | $ | 18,948,357 |  |  | $ | (10,415) |  |  | $ | 448,518 |  |  | $ | (1,589,706) |  |  | $ | 17,796,754 |  |  | 100 |

(1)Amount reported in the balance sheet.
(2)At fair value.

| At December 31, 2024
| 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 | $ | 401,753 |  |  | $ | — |  |  | $ | 1 |  |  | $ | (42,794) |  |  | $ | 358,960 |  |  | 2 |
States, municipalities, and political subdivisions | 3,300,901 |  |  | — |  |  | 20,662 |  |  | (534,759) |  |  | 2,786,804 |  |  | 16 |
Foreign governments | 36,883 |  |  | — |  |  | 18 |  |  | (8,870) |  |  | 28,031 |  |  | — |
Corporates, by sector: |  |  |  |  |  |  |  |  |  |  |
Industrials | 7,889,074 |  |  | (7,098) |  |  | 105,610 |  |  | (805,330) |  |  | 7,182,256 |  |  | 42 |
Financial | 5,006,375 |  |  | — |  |  | 82,598 |  |  | (413,043) |  |  | 4,675,930 |  |  | 27 |
Utilities | 2,081,366 |  |  | — |  |  | 39,716 |  |  | (118,007) |  |  | 2,003,075 |  |  | 12 |
Total corporates | 14,976,815 |  |  | (7,098) |  |  | 227,924 |  |  | (1,336,380) |  |  | 13,861,261 |  |  | 81 |
Collateralized debt obligations | 36,923 |  |  | — |  |  | 5,943 |  |  | — |  |  | 42,866 |  |  | — |
Other asset-backed securities | 82,534 |  |  | (3,297) |  |  | 39 |  |  | (2,186) |  |  | 77,090 |  |  | 1 |
Total fixed maturities | $ | 18,835,809 |  |  | $ | (10,395) |  |  | $ | 254,587 |  |  | $ | (1,924,989) |  |  | $ | 17,155,012 |  |  | 100 |

(1)Amount reported in the balance sheet.
(2)At fair value.
The Company had unfunded commitments of $263 million and $167 million in fixed maturities at September 30, 2025 and December 31, 2024, respectively.
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Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
A schedule of fixed maturities available for sale by contractual maturity date at September 30, 2025, 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 September 30, 2025
| Amortized Cost, net |  | Fair Value
Fixed maturities available for sale: |  |  |
Due in one year or less | $ | 111,404 |  |  | $ | 111,847 |
Due after one year through five years | 788,630 |  |  | 815,353 |
Due after five years through ten years | 1,878,317 |  |  | 1,947,313 |
Due after ten years through twenty years | 8,998,125 |  |  | 8,593,860 |
Due after twenty years | 7,071,236 |  |  | 6,238,721 |
Mortgage-backed and asset-backed securities | 90,230 |  |  | 89,660 |
| $ | 18,937,942 |  |  | $ | 17,796,754 |

Analysis of Investment Operations: "Net investment income" for the three and nine month periods ended September 30, 2025 and 2024 is summarized as follows:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | % Change |  | 2025 |  | 2024 |  | % Change
Fixed maturities available for sale | $ | 243,444 |  |  | $ | 245,313 |  |  | (1) |  |  | $ | 730,859 |  |  | $ | 738,626 |  |  | (1) |
Policy loans | 14,123 |  |  | 13,296 |  |  | 6 |  |  | 41,631 |  |  | 39,196 |  |  | 6 |
Mortgage loans | 7,960 |  |  | 7,668 |  |  | 4 |  |  | 19,978 |  |  | 21,337 |  |  | (6) |
Other long-term investments(1) | 24,417 |  |  | 19,992 |  |  | 22 |  |  | 68,934 |  |  | 58,608 |  |  | 18 |
Short-term investments | 2,611 |  |  | 3,083 |  |  |  |  | 7,146 |  |  | 8,396 |  |  |
| 292,555 |  |  | 289,352 |  |  | 1 |  |  | 868,548 |  |  | 866,163 |  |  | — |
Less investment expense | (6,542) |  |  | (4,388) |  |  | 49 |  |  | (19,752) |  |  | (12,985) |  |  | 52 |
Net investment income | $ | 286,013 |  |  | $ | 284,964 |  |  | — |  |  | $ | 848,796 |  |  | $ | 853,178 |  |  | (1) |

(1)For the three months ended September 30, 2025 and September 30, 2024 the investment funds, accounted for under the fair value option method, recorded $21.6 million and $19.1 million in net investment income respectively. For the nine months ended September 30, 2025 and 2024, the investment funds, accounted for under the fair value option method, recorded $58.9 million and $56.1 million, respectively, in net investment income. Refer to Other Long-Term Investments below for further discussion on the investment funds.
Selected information about sales of fixed maturities available for sale is as follows:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Fixed maturities available for sale: |  |  |  |  |  |  |
Proceeds from sales(1) | $ | 184,500 |  |  | $ | 163,221 |  |  | $ | 456,567 |  |  | $ | 674,125 |
Gross realized gains | 916 |  |  | 2,042 |  |  | 4,011 |  |  | 6,086 |
Gross realized losses | (7,761) |  |  | (1,856) |  |  | (16,251) |  |  | (15,824) |

(1)During the three and nine months ended September 30, 2025 the Company had $3.2 million unsettled trades. There were $0 unsettled trades for the same periods in 2024.
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Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
An analysis of "realized gains (losses)" is as follows:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Realized investment gains (losses): |  |  |  |  |  |  |
Fixed maturities available for sale: |  |  |  |  |  |  |
Sales and other(1) | $ | (11,686) |  |  | $ | 257 |  |  | $ | (23,735) |  |  | $ | (9,716) |
Provision for credit losses | (60) |  |  | — |  |  | (20) |  |  | (16) |
Fair value option—change in fair value | 5,958 |  |  | (3,683) |  |  | (147) |  |  | (22,777) |
Mortgage loans | (4,526) |  |  | (1,376) |  |  | (4,219) |  |  | (3,530) |
Other investments | (1,131) |  |  | (16) |  |  | (2,473) |  |  | 1,135 |
Realized gains (losses) from investments | (11,445) |  |  | (4,818) |  |  | (30,594) |  |  | (34,904) |
Other gains (losses) | 6,458 |  |  | 2,626 |  |  | 7,118 |  |  | 8,324 |
Total realized gains (losses) | (4,987) |  |  | (2,192) |  |  | (23,476) |  |  | (26,580) |
Applicable tax | 1,048 |  |  | 460 |  |  | 4,930 |  |  | 5,582 |
Realized gains (losses), net of tax | $ | (3,939) |  |  | $ | (1,732) |  |  | $ | (18,546) |  |  | $ | (20,998) |

(1)During the three months ended September 30, 2025 and 2024, the Company recorded $176 thousand and $3.4 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $176 thousand and $0 realized gains (losses) respectively. During the nine months ended September 30, 2025 and 2024, the Company recorded $128.5 million and $82.2 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $(3.0) million and $0 realized gains (losses) respectively.
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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 September 30, 2025 and December 31, 2024:

| Fair Value Measurement at September 30, 2025:
| 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 | $ | — |  |  | $ | 379,167 |  |  | $ | — |  |  | $ | 379,167 |
States, municipalities, and political subdivisions | — |  |  | 2,873,154 |  |  | — |  |  | 2,873,154 |
Foreign governments | — |  |  | 40,011 |  |  | — |  |  | 40,011 |
Corporates, by sector: |  |  |  |  |  |  |
Industrials | — |  |  | 7,369,953 |  |  | 106,142 |  |  | 7,476,095 |
Financial | — |  |  | 4,724,499 |  |  | 122,108 |  |  | 4,846,607 |
Utilities | — |  |  | 2,004,049 |  |  | 88,025 |  |  | 2,092,074 |
Total corporates | — |  |  | 14,098,501 |  |  | 316,275 |  |  | 14,414,776 |
Collateralized debt obligations | — |  |  | — |  |  | — |  |  | — |
Other asset-backed securities | — |  |  | 25,737 |  |  | 63,909 |  |  | 89,646 |
Total fixed maturities | $ | — |  |  | $ | 17,416,570 |  |  | $ | 380,184 |  |  | $ | 17,796,754 |
Percentage of total | — | % |  | 98 | % |  | 2 | % |  | 100 | %

| Fair Value Measurement at December 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 | $ | — |  |  | $ | 358,960 |  |  | $ | — |  |  | $ | 358,960 |
States, municipalities, and political subdivisions | — |  |  | 2,786,804 |  |  | — |  |  | 2,786,804 |
Foreign governments | — |  |  | 28,031 |  |  | — |  |  | 28,031 |
Corporates, by sector: |  |  |  |  |  |  |
Industrials | — |  |  | 6,998,900 |  |  | 183,356 |  |  | 7,182,256 |
Financial | — |  |  | 4,551,737 |  |  | 124,193 |  |  | 4,675,930 |
Utilities | — |  |  | 1,890,559 |  |  | 112,516 |  |  | 2,003,075 |
Total corporates | — |  |  | 13,441,196 |  |  | 420,065 |  |  | 13,861,261 |
Collateralized debt obligations | — |  |  | — |  |  | 42,866 |  |  | 42,866 |
Other asset-backed securities | — |  |  | 65,907 |  |  | 11,183 |  |  | 77,090 |
Total fixed maturities | $ | — |  |  | $ | 16,680,898 |  |  | $ | 474,114 |  |  | $ | 17,155,012 |
Percentage of total | — | % |  | 97 | % |  | 3 | % |  | 100 | %

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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following tables represent changes in fixed maturities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

| Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
| Asset- backed Securities |  | Collateralized Debt Obligations |  | Corporates |  | Total
Balance at January 1, 2025 | $ | 11,183 |  |  | $ | 42,866 |  |  | $ | 420,065 |  |  | $ | 474,114 |
Included in realized gains / losses | — |  |  | (588) |  |  | (2,593) |  |  | (3,181) |
Included in other comprehensive income | 320 |  |  | — |  |  | 9,661 |  |  | 9,981 |
Acquisitions | 52,406 |  |  | — |  |  | 30,015 |  |  | 82,421 |
Sales | — |  |  | (36,398) |  |  | (118,379) |  |  | (154,777) |
Amortization | — |  |  | 1,893 |  |  | (205) |  |  | 1,688 |
Other(1) | — |  |  | (7,773) |  |  | (22,289) |  |  | (30,062) |
Transfers into Level 3(2) | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3(2) | — |  |  | — |  |  | — |  |  | — |
Balance at September 30, 2025 | $ | 63,909 |  |  | $ | — |  |  | $ | 316,275 |  |  | $ | 380,184 |
Percent of total fixed maturities | — | % |  | — | % |  | 2 | % |  | 2 | %

(1)Includes capitalized interest, foreign exchange adjustments, and principal repayments.
(2)Considered to be transferred at the end of the period. Transfers into Level 3 occur when observable inputs are no longer available. Transfers out of Level 3 occur when observable inputs become available.

| Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
| Asset- backed Securities |  | Collateralized Debt Obligations |  | Corporates |  | Total
Balance at January 1, 2024 | $ | — |  |  | $ | 42,146 |  |  | $ | 454,733 |  |  | $ | 496,879 |
Included in realized gains / losses | — |  |  | — |  |  | — |  |  | — |
Included in other comprehensive income | — |  |  | 762 |  |  | 5,448 |  |  | 6,210 |
Acquisitions | 7,876 |  |  | — |  |  | 14,800 |  |  | 22,676 |
Sales | — |  |  | — |  |  | — |  |  | — |
Amortization | — |  |  | 3,414 |  |  | (38) |  |  | 3,376 |
Other(1) | — |  |  | (3,839) |  |  | (29,132) |  |  | (32,971) |
Transfers into Level 3(2) | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3(2) | — |  |  | — |  |  | — |  |  | — |
Balance at September 30, 2024 | $ | 7,876 |  |  | $ | 42,483 |  |  | $ | 445,811 |  |  | $ | 496,170 |
Percent of total fixed maturities | — | % |  | — | % |  | 3 | % |  | 3 | %

(1)Includes capitalized interest, foreign exchange adjustments, and principal repayments.
(2)Considered to be transferred at the end of the period. Transfers into Level 3 occur when observable inputs are no longer available. Transfers out of Level 3 occur when observable inputs become available.
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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following table presents changes in unrealized gains and losses for the period included in accumulated other comprehensive income for assets held at the end of the reporting period for Level 3 classification:

| Changes in Unrealized Gains (Losses) included in Accumulated Other Comprehensive Income for Assets Held at the End of the Period
| Asset- backed Securities |  | Collateralized Debt Obligations |  | Corporates |  | Total
At September 30, 2025 | $ | 320 |  |  | $ | — |  |  | $ | 9,661 |  |  | $ | 9,981 |
At September 30, 2024 | — |  |  | 762 |  |  | 5,448 |  |  | 6,210 |

Transfers between levels within the hierarchy occur when there are changes in the observability of the inputs and market data. Transfers into Level 3 occur when there is little unobservable market activity for the asset/liability as of the measurement date and the Company is required to rely upon internally-developed assumptions or third parties. Transfers out of Level 3 occur when quoted prices in active markets becomes available for identical assets/ liabilities or the ability to corroborate by observable market data.
The following table represents quantitative information about Level 3 fair value measurements:

| Quantitative Information about Level 3 Fair Value Measurements
| September 30, 2025
| Fair Value |  | Valuation Techniques |  | Significant Unobservable Input |  | Range |  | Weighted- Average(1)
Private placement fixed maturities | $ | 316,275 |  |  | Determination of credit spread |  | Credit rating |  | B to AAA |  | BBB+
Asset-backed securities | 63,909 |  |  | Determination of credit spread |  | Credit rating |  | CC to A- |  | BB+
| $ | 380,184 |  |  |  |  |  |  |  |  |

(1)Unobservable inputs were weighted by the relative fair value of the instruments.
Private placement fixed maturities and asset-backed securities are valued based on the contractual cash flows discounted by a yield determined as a treasury benchmark rate adjusted for a credit spread. The credit spread is developed from observable indices for similar securities and unobservable indices for private securities or private comparable securities for corresponding credit ratings. The credit ratings for the securities may be considered unobservable inputs, as they are private letter ratings issued by a nationally recognized statistical rating organization or are assigned by the third-party investment manager based on a quantitative and qualitative assessment of the credit underwritten. A higher (lower) credit rating would result in a higher (lower) valuation. For more information regarding valuation procedures, please refer to Note 1—Significant Accounting Policies under the caption Fair Value Measurements, Investments in Securities disclosed in the Form 10-K.
Unrealized Loss Analysis: The following table discloses information about fixed maturities available for sale in an unrealized loss position.

| Less than Twelve Months |  | Twelve Months or Longer |  | Total
Number of issues (CUSIPs) held: |  |  |  |  |
As of September 30, 2025 | 454 |  |  | 1,484 |  |  | 1,938 |
As of December 31, 2024 | 705 |  |  | 1,498 |  |  | 2,203 |

Globe Life's entire fixed maturity portfolio consisted of 2,584 issues by 1,012 different issuers at September 30, 2025 and 2,552 issues by 1,014 different issuers at December 31, 2024. The weighted-average quality rating of all unrealized loss positions at amortized cost was A as of September 30, 2025 and A- as of December 31, 2024.
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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following tables disclose unrealized investment losses by class and major sector of fixed maturities available for sale at September 30, 2025 and December 31, 2024.
Analysis of Gross Unrealized Investment Losses

| At September 30, 2025
| Less than Twelve Months |  | Twelve Months or Longer |  | Total
| Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Fixed maturities available for sale: |  |  |  |  |  |  |  |  |  |  |
Investment grade securities: |  |  |  |  |  |  |  |  |  |  |
U.S. Government direct, guaranteed, and government-sponsored enterprises | $ | 4,965 |  |  | $ | (427) |  |  | $ | 364,054 |  |  | $ | (26,360) |  |  | $ | 369,019 |  |  | $ | (26,787) |
States, municipalities, and political subdivisions | 672,993 |  |  | (22,163) |  |  | 1,553,082 |  |  | (523,566) |  |  | 2,226,075 |  |  | (545,729) |
Foreign governments | — |  |  | — |  |  | 25,536 |  |  | (8,195) |  |  | 25,536 |  |  | (8,195) |
Corporates, by sector: |  |  |  |  |  |  |  |  |  |  |
Industrials | 922,896 |  |  | (35,073) |  |  | 3,407,713 |  |  | (541,272) |  |  | 4,330,609 |  |  | (576,345) |
Financial | 365,328 |  |  | (6,994) |  |  | 1,857,967 |  |  | (296,388) |  |  | 2,223,295 |  |  | (303,382) |
Utilities | 125,803 |  |  | (2,427) |  |  | 576,220 |  |  | (80,029) |  |  | 702,023 |  |  | (82,456) |
Total corporates | 1,414,027 |  |  | (44,494) |  |  | 5,841,900 |  |  | (917,689) |  |  | 7,255,927 |  |  | (962,183) |
Other asset-backed securities | — |  |  | — |  |  | 19,881 |  |  | (953) |  |  | 19,881 |  |  | (953) |
Total investment grade securities | 2,091,985 |  |  | (67,084) |  |  | 7,804,453 |  |  | (1,476,763) |  |  | 9,896,438 |  |  | (1,543,847) |
Below investment grade securities: |  |  |  |  |  |  |  |  |  |  |
Corporates, by sector: |  |  |  |  |  |  |  |  |  |  |
Industrials | 4,963 |  |  | (38) |  |  | 129,216 |  |  | (25,452) |  |  | 134,179 |  |  | (25,490) |
Financial | 3,054 |  |  | (17) |  |  | 96,349 |  |  | (15,461) |  |  | 99,403 |  |  | (15,478) |
Utilities | 7,472 |  |  | (165) |  |  | 36,900 |  |  | (4,726) |  |  | 44,372 |  |  | (4,891) |
Total corporates | 15,489 |  |  | (220) |  |  | 262,465 |  |  | (45,639) |  |  | 277,954 |  |  | (45,859) |
Other asset-backed securities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total below investment grade securities | 15,489 |  |  | (220) |  |  | 262,465 |  |  | (45,639) |  |  | 277,954 |  |  | (45,859) |
Total fixed maturities | $ | 2,107,474 |  |  | $ | (67,304) |  |  | $ | 8,066,918 |  |  | $ | (1,522,402) |  |  | $ | 10,174,392 |  |  | $ | (1,589,706) |

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

| At December 31, 2024
| Less than Twelve Months |  | Twelve Months or Longer |  | Total
| Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Fixed maturities available for sale: |  |  |  |  |  |  |  |  |  |  |
Investment grade securities: |  |  |  |  |  |  |  |  |  |  |
U.S. Government direct, guaranteed, and government-sponsored enterprises | $ | 11,268 |  |  | $ | (290) |  |  | $ | 347,527 |  |  | $ | (42,504) |  |  | $ | 358,795 |  |  | $ | (42,794) |
States, municipalities, and political subdivisions | 778,244 |  |  | (32,894) |  |  | 1,532,264 |  |  | (501,865) |  |  | 2,310,508 |  |  | (534,759) |
Foreign governments | — |  |  | — |  |  | 24,925 |  |  | (8,870) |  |  | 24,925 |  |  | (8,870) |
Corporates, by sector: |  |  |  |  |  |  |  |  |  |  |
Industrials | 1,487,940 |  |  | (73,404) |  |  | 3,433,034 |  |  | (690,920) |  |  | 4,920,974 |  |  | (764,324) |
Financial | 961,932 |  |  | (52,946) |  |  | 1,785,130 |  |  | (333,873) |  |  | 2,747,062 |  |  | (386,819) |
Utilities | 546,965 |  |  | (20,214) |  |  | 540,077 |  |  | (90,996) |  |  | 1,087,042 |  |  | (111,210) |
Total corporates | 2,996,837 |  |  | (146,564) |  |  | 5,758,241 |  |  | (1,115,789) |  |  | 8,755,078 |  |  | (1,262,353) |
Other asset-backed securities | 23,231 |  |  | (95) |  |  | 42,639 |  |  | (2,091) |  |  | 65,870 |  |  | (2,186) |
Total investment grade securities | 3,809,580 |  |  | (179,843) |  |  | 7,705,596 |  |  | (1,671,119) |  |  | 11,515,176 |  |  | (1,850,962) |
Below investment grade securities: |  |  |  |  |  |  |  |  |  |  |
Corporates, by sector: |  |  |  |  |  |  |  |  |  |  |
Industrials | 54,199 |  |  | (2,656) |  |  | 142,638 |  |  | (38,350) |  |  | 196,837 |  |  | (41,006) |
Financial | 2,990 |  |  | (53) |  |  | 126,811 |  |  | (26,171) |  |  | 129,801 |  |  | (26,224) |
Utilities | 19,263 |  |  | (1,113) |  |  | 24,003 |  |  | (5,684) |  |  | 43,266 |  |  | (6,797) |
Total corporates | 76,452 |  |  | (3,822) |  |  | 293,452 |  |  | (70,205) |  |  | 369,904 |  |  | (74,027) |
Other asset-backed securities | — |  |  | — |  |  | 2,198 |  |  | — |  |  | 2,198 |  |  | — |
Total below investment grade securities | 76,452 |  |  | (3,822) |  |  | 295,650 |  |  | (70,205) |  |  | 372,102 |  |  | (74,027) |
Total fixed maturities | $ | 3,886,032 |  |  | $ | (183,665) |  |  | $ | 8,001,246 |  |  | $ | (1,741,324) |  |  | $ | 11,887,278 |  |  | $ | (1,924,989) |

Gross unrealized losses may fluctuate quarter over quarter due to factors in the market that affect the holdings, such as changes in interest rates or credit spreads. The Company considers many factors when determining whether an allowance for a credit loss should be recorded. While the Company holds securities that may be in an unrealized loss position, Globe Life does not generally intend to sell and it is unlikely that the Company will be required to sell the fixed maturities prior to their anticipated recovery or maturity due to the strong cash flows generated by its insurance operations.
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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Fixed Maturities, Allowance for Credit Losses: A summary of the activity in the allowance for credit losses is as follows.

|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Allowance for credit losses beginning balance |  | $ | 10,355 |  |  | $ | 7,132 |  |  | $ | 10,395 |  |  | $ | 7,115 |
Additions to allowance for which credit losses were not previously recorded |  | — |  |  | — |  |  | — |  |  | — |
Additions (reductions) to allowance for fixed maturities that previously had an allowance |  | 60 |  |  | — |  |  | 20 |  |  | 17 |
Reduction of allowance for which the Company intends to sell or more likely than not will be required to sell or sold during the period |  | — |  |  | — |  |  | — |  |  | — |
Allowance for credit losses ending balance |  | $ | 10,415 |  |  | $ | 7,132 |  |  | $ | 10,415 |  |  | $ | 7,132 |

As of September 30, 2025, the Company had two fixed maturity securities in non-accrual status at amortized cost of $16 million with an allowance of $10 million. The Company had no fixed maturity securities in non-accrual status as of September 30, 2024.
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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Mortgage Loans (commercial mortgage loans): Summaries of commercial mortgage loans by property type and geographical location at September 30, 2025 and December 31, 2024 are as follows:

| September 30, 2025 |  | December 31, 2024
| Carrying Value |  | % of Total |  | Carrying Value |  | % of Total
Property type: |  |  |  |  |  |  |
Industrial | $ | 154,625 |  |  | 34 |  |  | $ | 110,456 |  |  | 28 |
Hospitality | 114,945 |  |  | 25 |  |  | 73,931 |  |  | 19 |
Multi-family | 108,876 |  |  | 24 |  |  | 111,234 |  |  | 28 |
Retail | 76,024 |  |  | 17 |  |  | 65,612 |  |  | 16 |
Office | 3,061 |  |  | 1 |  |  | 6,539 |  |  | 2 |
Mixed use | — |  |  | — |  |  | 35,960 |  |  | 9 |
Total recorded investment | 457,531 |  |  | 101 |  |  | 403,732 |  |  | 102 |
Less allowance for credit losses | (5,633) |  |  | (1) |  |  | (7,644) |  |  | (2) |
Carrying value, net of allowance for credit losses | $ | 451,898 |  |  | 100 |  |  | $ | 396,088 |  |  | 100 |

| September 30, 2025 |  | December 31, 2024
| Carrying Value |  | % of Total |  | Carrying Value |  | % of Total
Geographic location: |  |  |  |  |  |  |
Florida | $ | 87,753 |  |  | 19 |  |  | $ | 63,308 |  |  | 16 |
Texas | 82,661 |  |  | 18 |  |  | 75,131 |  |  | 19 |
New Jersey | 56,158 |  |  | 13 |  |  | 51,744 |  |  | 13 |
North Carolina | 42,172 |  |  | 9 |  |  | 23,253 |  |  | 6 |
Alabama | 36,735 |  |  | 8 |  |  | 35,850 |  |  | 9 |
New York | 31,927 |  |  | 7 |  |  | 34,975 |  |  | 9 |
Other | 120,125 |  |  | 27 |  |  | 119,471 |  |  | 30 |
Total recorded investment | 457,531 |  |  | 101 |  |  | 403,732 |  |  | 102 |
Less allowance for credit losses | (5,633) |  |  | (1) |  |  | (7,644) |  |  | (2) |
Carrying value, net of allowance for credit losses | $ | 451,898 |  |  | 100 |  |  | $ | 396,088 |  |  | 100 |

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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following tables are reflective of the key factors, debt service coverage ratios, and loan-to-value (LTV) ratios that are utilized by management to monitor the performance of the portfolios. The Company only makes new investments in commercial mortgage loans that have a LTV ratio less than 80%. LTV ratios that exceed 80% are generally a result of decreases in the valuation of the underlying property. Generally, a higher LTV ratio and a lower debt service coverage ratio equates to higher risk of loss.

| September 30, 2025
| Recorded Investment
| Debt Service Coverage Ratios(1) |  |  |  |
| <1.00x |  | 1.00x—1.20x |  | >1.20x |  | Total |  | % of Gross Total
Loan-to-value ratio(2): |  |  |  |  |  |  |  |  |
Less than 70% | $ | 60,870 |  |  | $ | 83,634 |  |  | $ | 304,797 |  |  | $ | 449,301 |  |  | 98 |
70% to 80% | — |  |  | — |  |  | — |  |  | — |  |  | — |
81% to 90% | — |  |  | — |  |  | — |  |  | — |  |  | — |
Greater than 90% | 8,230 |  |  | — |  |  | — |  |  | 8,230 |  |  | 2 |
Total | $ | 69,100 |  |  | $ | 83,634 |  |  | $ | 304,797 |  |  | 457,531 |  |  | 100 |
Less allowance for credit losses |  |  |  |  |  |  | (5,633) |  |  |
Total, net of allowance for credit losses |  |  |  |  |  |  | $ | 451,898 |  |  |

(1)Annual net operating income divided by annual mortgage debt service (principal and interest).
(2)Loan balance divided by stabilized appraised value at origination, including planned renovations and stabilized occupancy. Updated internal valuations are used when a loan is materially underperforming.

| December 31, 2024
| Recorded Investment
| Debt Service Coverage Ratios(1) |  |  |  |
| <1.00x |  | 1.00x—1.20x |  | >1.20x |  | Total |  | % of Gross Total
Loan-to-value ratio(2): |  |  |  |  |  |  |  |  |
Less than 70% | $ | 88,507 |  |  | $ | 64,494 |  |  | $ | 196,867 |  |  | $ | 349,868 |  |  | 87 |
70% to 80% | — |  |  | — |  |  | — |  |  | — |  |  | — |
81% to 90% | — |  |  | — |  |  | — |  |  | — |  |  | — |
Greater than 90% | 16,136 |  |  | 37,728 |  |  | — |  |  | 53,864 |  |  | 13 |
Total | $ | 104,643 |  |  | $ | 102,222 |  |  | $ | 196,867 |  |  | 403,732 |  |  | 100 |
Less allowance for credit losses |  |  |  |  |  |  | (7,644) |  |  |
Total, net of allowance for credit losses |  |  |  |  |  |  | $ | 396,088 |  |  |

(1)Annual net operating income divided by annual mortgage debt service (principal and interest).
(2)Loan balance divided by stabilized appraised value at origination, including planned renovations and stabilized occupancy. Updated internal valuations are used when a loan is materially underperforming.
As of September 30, 2025, the Company had 36 loans in the portfolio. During the quarter, the Company evaluated the commercial mortgage loan portfolio on both an individual and pooling basis to determine the allowance for credit losses and determined two loans were collateral dependent or likely to foreclose. The allowance for credit losses on these loans was determined using the practical expedient which was based on an estimate of fair value of the underlying collateral plus costs to sell the asset. The total principal balance of the two loans was $8.2 million and the allowance, determined using the practical expedient, was $1.6 million as of September 30, 2025. For the three months ended September 30, 2025, two loans with an outstanding principal value of $40.6 million were removed from the evaluation as a result of foreclosure. For the nine months ended September 30, 2025, four loans with an outstanding principal value of $45.8 million were removed from the evaluation as a result of foreclosure and were transferred into limited partnerships, held under the fair value option, in other long-term investments. As of September 30, 2025, there were no commercial mortgage loans in the process of foreclosure.
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Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
For the nine months ended September 30, 2025, the allowance for credit losses decreased by $2.0 million to $5.6 million. The provision for credit losses is included in "Realized gains (losses)" in the Condensed Consolidated Statements of Operations.

|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Allowance for credit losses beginning balance |  | $ | 6,629 |  |  | $ | 5,826 |  |  | $ | 7,644 |  |  | $ | 3,672 |
Provision (reversal) for credit losses |  | 404 |  |  | 1,376 |  |  | 266 |  |  | 3,530 |
Reduction in allowance due to dispositions |  | (1,400) |  |  | — |  |  | (2,277) |  |  | — |
Allowance for credit losses ending balance |  | $ | 5,633 |  |  | $ | 7,202 |  |  | $ | 5,633 |  |  | $ | 7,202 |

As of September 30, 2025, the Company had one commercial mortgage loan in non-accrual status with a principal balance of $7 million. As of December 31, 2024, the Company had five commercial mortgage loans in non-accrual status with a principal balance of $53 million. The Company's unfunded commitment balance to commercial loan borrowers was $23 million as of September 30, 2025.
Other Long-Term Investments: Other long-term investments consist of the following assets:

| September 30,
| September 30, 2025 |  | December 31, 2024
Investment funds | $ | 1,037,447 |  |  | $ | 986,766 |
Company-owned life insurance(1) | 205,284 |  |  | 202,734 |
Other | 42,966 |  |  | 46,259 |
Total | $ | 1,285,697 |  |  | $ | 1,235,759 |

(1) Company-owned life insurance (COLI) is reported at cash surrender value.
The following table presents additional information about the Company's investment funds as of September 30, 2025 and December 31, 2024 at fair value:

|  | Fair Value |  | Unfunded Commitments(2) |  |  |
Investment Category |  | September 30, 2025 |  | December 31, 2024 |  | September 30, 2025 |  | Redemption Term/Notice(1) |
Commercial mortgage loans |  | $ | 547,663 |  |  | $ | 566,142 |  |  | $ | 190,366 |  |  | Fully redeemable and non-redeemable with varying terms. |
Opportunistic and private credit |  | 216,659 |  |  | 202,008 |  |  | 204,013 |  |  | Fully redeemable and non-redeemable with varying terms. |
Infrastructure |  | 188,605 |  |  | 179,627 |  |  | 21,662 |  |  | Fully redeemable and non-redeemable with varying terms. |
Other |  | 84,520 |  |  | 38,989 |  |  | 54,793 |  |  | Non-redeemable with varying terms |
Total investment funds |  | $ | 1,037,447 |  |  | $ | 986,766 |  |  | $ | 470,834 |  |  |  |

(1) Non-redeemable funds generally have an expected life of 7 to 12 years from fund closing with extension options of 1 to 4 years. Redemptions are paid out throughout the life of the funds at the General Partner's discretion. Redeemable funds can generally be redeemed over 6 to 36 months upon request from limited partners.
(2) Unfunded commitments include unfunded balances during the investment period. After an investment period ends, the fund can call capital based on limited and specified reasons. As of September 30, 2025, unfunded commitments totaled $628 million, including funds past the investment period.
The Company had $127 million of capital called during the period from existing investment funds. The Company's unfunded commitments were $471 million as of September 30, 2025.
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Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Note 5—Commitments and Contingencies
Guarantees: At September 30, 2025, The Company has one performance guarantee in effect. Per the Pre-capitalized Trust Securities agreement signed on July 1, 2025, Globe Life Inc. is required to purchase any treasury securities in default. Management believes it is unlikely the Company will have to make any material payments under this agreement due to default.
Letters of credit—The Parent Company has guaranteed letters of credit with a group of banks in connection with its credit facility. The letters of credit were issued by TMK Re, Ltd., a wholly-owned subsidiary, to secure TMK Re, Ltd.’s obligation for claims on certain policies reinsured by TMK Re, Ltd. that were sold by other Globe Life insurance subsidiaries. These letters of credit facilitate TMK Re, Ltd.’s ability to reinsure the business of Globe Life's insurance carriers. The credit facility was amended on March 29, 2024 and now expires in 2029. The maximum amount of letters of credit available is $250 million. The Parent Company would be liable to the extent that TMK Re, Ltd. does not pay the reinsured party. The amount of letters of credit outstanding at September 30, 2025 was $115 million.
Litigation: Globe Life Inc. and its subsidiaries, in common with the insurance industry in general, are subject to litigation, including: putative class action litigation; alleged breaches of contract; torts, including bad faith and fraud claims based on alleged wrongful or fraudulent acts of agents of Globe Life Inc.'s insurance subsidiaries; alleged employment discrimination; alleged worker misclassification; and miscellaneous other causes of action. Based upon information presently available, and in light of legal and other factual defenses available to Globe Life Inc. and its subsidiaries, management does not believe that it is reasonably possible that such litigation will have a material adverse effect on Globe Life Inc.'s financial condition, future operating results or liquidity; however, assessing the eventual outcome of litigation necessarily involves forward-looking speculation as to judgments to be made by judges, juries and appellate courts in the future. This bespeaks caution, particularly in states with reputations for high punitive damage verdicts.
On April 30, 2024, a putative securities class action was filed against Globe Life Inc. and six of its current/former executives and directors in the United States District Court for the Eastern District of Texas (City of Miami Gen. Emp. & Sanitation Emp. Ret. Trust, et al. v. Globe Life Inc., et al., Case No. 4:24-cv-00376). On July 24, 2024, the Court appointed Lead Plaintiffs and Lead Counsel for the putative class of shareholders. The Lead Plaintiffs filed a Consolidated Complaint on October 4, 2024 that asserts claims under §§ 10(b), 20(a), and 20(A) of the Securities Exchange Act of 1934 and SEC Rules 10b-5(a), 10b-5(b), and 10b-5(c) promulgated thereunder, on behalf of a putative class of purchasers of Globe Life Inc.'s securities from May 8, 2019 through April 10, 2024. The Consolidated Complaint adds four additional executives as defendants and alleges that certain of Globe Life Inc.'s disclosures about financial performance and certain other public statements during the putative class period were materially false or misleading. Pursuant to Globe Life Inc.'s Restated Certificate of Incorporation and indemnification agreements with the individual defendants, Globe Life Inc. has agreed to indemnify the defendants for all expenses and losses related to the litigation, subject to the terms of those indemnification agreements. Defendants filed a motion to dismiss the litigation on December 3, 2024, which motion was denied on September 29, 2025. Globe Life Inc. plans to vigorously defend against the lawsuit. The outcome of litigation of this type is inherently uncertain, and there is always the possibility that a Court rules in a manner that is adverse to the interests of Globe Life Inc. and the individual defendants. However, the amount of any such loss in that outcome cannot be reasonably estimated at this time.
Also pending in the Eastern District of Texas is a consolidated shareholder derivative suit that is closely related to the putative securities class action disclosed above (the “City of Miami Matter”). On November 7, 2024, Globe Life Inc. shareholder Jui Cheng Hsiao filed a shareholder derivative complaint against Globe Life Inc. as a nominal defendant, as well as certain current and former Globe Life Inc. executives and members of its Board of Directors. Pursuant to Globe Life Inc.'s Restated Certificate of Incorporation and indemnification agreements with the individual defendants, Globe Life Inc. has agreed to indemnify them for all expenses and losses related to the litigation, subject to the terms of those indemnification agreements. On November 14, 2024, Globe Life Inc. shareholder Gautam Jadhav filed a shareholder derivative complaint against the same set of defendants.
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Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Each shareholder derivative complaint asserts one claim for breach of fiduciary duty against the individual defendants and alleges that the individual defendants breached their fiduciary duties to Globe Life Inc. by causing or permitting Globe Life Inc. to make misleading statements about its performance and financial results. The allegations are substantially similar to the allegations made in the City of Miami Matter and derive from a short seller report. On November 25, 2024, the two shareholder plaintiffs moved to consolidate the two actions into one action and the Court granted the motion on January 3, 2025 (In re Globe Life Inc. Stockholder Derivative Litigation, Lead Case No. 4:24-cv-00993-ALM (E.D. Tex.)). The case is before the same Court as the City of Miami Matter. On January 16, 2025, the parties filed a joint motion to stay such proceedings pending the Court’s resolution of the motion to dismiss filed by Globe Life Inc. in the City of Miami Matter. The Court granted such joint motion to stay the proceedings on January 25, 2025.
On September 19, 2025, an additional shareholder filed a separate derivative lawsuit in the Business Court for Dallas County, Texas, against Globe Life Inc. as a nominal defendant, as well as certain current and former Globe Life Inc. executives and members of its Board of Directors (James E. Walker v. Gary L. Coleman, et al., Case No. 25-BC01B-0041). Pursuant to Globe Life Inc.'s Restated Certificate of Incorporation and indemnification agreements with the individual defendants, Globe Life Inc. has agreed to indemnify them for all expenses and losses related to the litigation, subject to the terms of those indemnification agreements. Like the consolidated shareholder derivative lawsuit disclosed above, this litigation is largely similar to the City of Miami Matter and derives in part from a short seller report. The petition asserts three causes of action relating to the 2019 through 2024 time period, including: (i) a breach of fiduciary duty claim for failing to provide adequate oversight to prevent purportedly widespread corporate misconduct including fraud, discrimination and harassment; (ii) a breach of fiduciary duty claim against certain individual defendants who allegedly engaged in insider trading; and (iii) a claim for wasting corporate assets by paying excessive compensation and/or bonuses to certain of its executive officers. The petition alleges that Globe Life Inc. was thus exposed to potential legal liability and costs, and that Globe Life Inc. repurchased shares at an artificially inflated price. The petition seeks monetary damages as well as restitution, governance reforms, and accountability for executives and board members. Globe Life Inc. intends to mount a robust defense against the litigation.
On September 26, 2024, Globe Life Inc. and its subsidiary, American Income Life Insurance Company, were notified by the Equal Employment Opportunity Commission (EEOC) that the EEOC conducted an investigation of charges filed against Globe Life Inc. and/or American Income Life Insurance Company by five former sales agents and one then-current sales agent. The EEOC asserts that there is reasonable cause to believe the six complainants were employees, not independent contractors, of Globe Life Inc. and/or American Income Life Insurance Company and were discriminated against on the basis of sex, and that one complainant was also discriminated against on the basis of race. In addition, the EEOC asserts that there is reasonable cause to believe that a class of female workers were employees, not independent contractors, and were subject to unlawful conduct which also constitutes a pattern-or-practice of discrimination. The EEOC’s investigative findings are not binding on Globe Life Inc. The EEOC’s procedures provide for a conciliation process that has concluded without achieving a resolution. The EEOC may elect to file a lawsuit in federal court on behalf of the workers based on the alleged statutory violations. The EEOC has not filed any legal proceedings at this time. In the event the EEOC elects to pursue any claims in court, Globe Life Inc. intends to defend against any such lawsuit vigorously. The outcome of litigation of this type would be inherently uncertain and cannot be reasonably estimated or determined at this time. There is always the possibility that a Court rules in a manner that is adverse to the interests of Globe Life Inc.
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Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Note 6—Policy Liabilities
The liability for future policy benefits is determined based on the net level premium method, which requires the liability be calculated as the present value of estimated future policyholder benefits and the related termination expenses, less the present value of estimated future net premiums to be collected from policyholders.
The following tables summarize balances and changes in the net liability for future policy benefits, before reinsurance, for traditional life long-duration contracts for the three and nine month periods ended September 30, 2025 and 2024:

|  | Life
|  | Present value of expected future net premiums
|  | American Income |  | DTC |  | Liberty National |  | Other |  | Total
Balance at January 1, 2024 |  | $ | 4,681,888 |  |  | $ | 6,052,651 |  |  | $ | 1,129,716 |  |  | $ | 478,052 |  |  | $ | 12,342,307 |
Beginning balance at original discount rates |  | 4,523,329 |  |  | 5,664,259 |  |  | 1,077,831 |  |  | 443,949 |  |  | 11,709,368 |
Effect of changes in assumptions on future cash flows |  | (82,348) |  |  | (28,366) |  |  | (29,292) |  |  | (982) |  |  | (140,988) |
Effect of actual variances from expected experience |  | (173,180) |  |  | (226,062) |  |  | (29,381) |  |  | (9,292) |  |  | (437,915) |
Adjusted balance at January 1, 2024 |  | 4,267,801 |  |  | 5,409,831 |  |  | 1,019,158 |  |  | 433,675 |  |  | 11,130,465 |
Issuances(1) |  | 616,527 |  |  | 398,034 |  |  | 90,517 |  |  | 18,126 |  |  | 1,123,204 |
Interest accrual(2) |  | 164,917 |  |  | 220,485 |  |  | 41,610 |  |  | 17,213 |  |  | 444,225 |
Net premiums collected(3) |  | (412,717) |  |  | (455,625) |  |  | (101,687) |  |  | (33,960) |  |  | (1,003,989) |
Effect of changes in the foreign exchange rate |  | (4,101) |  |  | — |  |  | — |  |  | — |  |  | (4,101) |
Ending balance at original discount rates |  | 4,632,427 |  |  | 5,572,725 |  |  | 1,049,598 |  |  | 435,054 |  |  | 11,689,804 |
Effect of change from original to current discount rates |  | 204,567 |  |  | 421,888 |  |  | 54,498 |  |  | 35,513 |  |  | 716,466 |
Balance at September 30, 2024 |  | $ | 4,836,994 |  |  | $ | 5,994,613 |  |  | $ | 1,104,096 |  |  | $ | 470,567 |  |  | $ | 12,406,270 |
Balance at January 1, 2025 |  | $ | 4,645,917 |  |  | $ | 5,622,906 |  |  | $ | 1,048,447 |  |  | $ | 440,047 |  |  | $ | 11,757,317 |
Beginning balance at original discount rates |  | 4,656,710 |  |  | 5,504,912 |  |  | 1,047,020 |  |  | 430,276 |  |  | 11,638,918 |
Effect of changes in assumptions on future cash flows |  | (136,473) |  |  | (89,711) |  |  | (52,204) |  |  | (5,160) |  |  | (283,548) |
Effect of actual variances from expected experience |  | (166,114) |  |  | (203,565) |  |  | (24,106) |  |  | (14,207) |  |  | (407,992) |
Adjusted balance at January 1, 2025 |  | 4,354,123 |  |  | 5,211,636 |  |  | 970,710 |  |  | 410,909 |  |  | 10,947,378 |
Issuances(1) |  | 554,627 |  |  | 384,426 |  |  | 81,718 |  |  | 18,588 |  |  | 1,039,359 |
Interest accrual(2) |  | 169,466 |  |  | 215,586 |  |  | 40,194 |  |  | 16,683 |  |  | 441,929 |
Net premiums collected(3) |  | (421,703) |  |  | (440,708) |  |  | (99,565) |  |  | (32,654) |  |  | (994,630) |
Effect of changes in the foreign exchange rate |  | 10,349 |  |  | — |  |  | — |  |  | — |  |  | 10,349 |
Ending balance at original discount rates |  | 4,666,862 |  |  | 5,370,940 |  |  | 993,057 |  |  | 413,526 |  |  | 11,444,385 |
Effect of change from original to current discount rates |  | 106,621 |  |  | 259,166 |  |  | 26,011 |  |  | 19,941 |  |  | 411,739 |
Balance at September 30, 2025 |  | $ | 4,773,483 |  |  | $ | 5,630,106 |  |  | $ | 1,019,068 |  |  | $ | 433,467 |  |  | $ | 11,856,124 |

(1)Issuances represent the present value, using the original discount rate, of the expected net premiums related to new policies issued during each respective period.
(2)The interest accrual is the interest earned on the beginning present value of the expected net premiums, as well as the interest on actual net premiums earned during the period, using the original interest rate.
(3)Net premiums collected represent the product of the current period net premium ratio and the gross premiums collected during the period on the in force business.
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Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)

|  | Life
|  | Present value of expected future net premiums
|  | American Income |  | DTC |  | Liberty National |  | Other |  | Total
Balance at July 1, 2024 |  | $ | 4,635,903 |  |  | $ | 5,810,518 |  |  | $ | 1,085,233 |  |  | $ | 449,883 |  |  | $ | 11,981,537 |
Beginning balance at original discount rates |  | 4,648,111 |  |  | 5,670,288 |  |  | 1,080,642 |  |  | 437,551 |  |  | 11,836,592 |
Effect of changes in assumptions on future cash flows |  | (82,348) |  |  | (28,366) |  |  | (29,292) |  |  | (982) |  |  | (140,988) |
Effect of actual variances from expected experience |  | (59,483) |  |  | (103,089) |  |  | (12,113) |  |  | (1,970) |  |  | (176,655) |
Adjusted balance at July 1, 2024 |  | 4,506,280 |  |  | 5,538,833 |  |  | 1,039,237 |  |  | 434,599 |  |  | 11,518,949 |
Issuances(1) |  | 203,828 |  |  | 110,993 |  |  | 30,298 |  |  | 5,969 |  |  | 351,088 |
Interest accrual(2) |  | 55,750 |  |  | 73,134 |  |  | 13,836 |  |  | 5,709 |  |  | 148,429 |
Net premiums collected(3) |  | (138,552) |  |  | (150,235) |  |  | (33,773) |  |  | (11,223) |  |  | (333,783) |
Effect of changes in the foreign exchange rate |  | 5,121 |  |  | — |  |  | — |  |  | — |  |  | 5,121 |
Ending balance at original discount rates |  | 4,632,427 |  |  | 5,572,725 |  |  | 1,049,598 |  |  | 435,054 |  |  | 11,689,804 |
Effect of change from original to current discount rates |  | 204,567 |  |  | 421,888 |  |  | 54,498 |  |  | 35,513 |  |  | 716,466 |
Balance at September 30, 2024 |  | $ | 4,836,994 |  |  | $ | 5,994,613 |  |  | $ | 1,104,096 |  |  | $ | 470,567 |  |  | $ | 12,406,270 |
Balance at July 1, 2025 |  | $ | 4,818,081 |  |  | $ | 5,682,370 |  |  | $ | 1,063,162 |  |  | $ | 436,784 |  |  | $ | 12,000,397 |
Beginning balance at original discount rates |  | 4,771,460 |  |  | 5,498,605 |  |  | 1,047,994 |  |  | 422,810 |  |  | 11,740,869 |
Effect of changes in assumptions on future cash flows |  | (136,473) |  |  | (89,711) |  |  | (52,204) |  |  | (5,160) |  |  | (283,548) |
Effect of actual variances from expected experience |  | (53,404) |  |  | (90,898) |  |  | (10,330) |  |  | (5,320) |  |  | (159,952) |
Adjusted balance at July 1, 2025 |  | 4,581,583 |  |  | 5,317,996 |  |  | 985,460 |  |  | 412,330 |  |  | 11,297,369 |
Issuances(1) |  | 174,415 |  |  | 127,328 |  |  | 27,325 |  |  | 6,475 |  |  | 335,543 |
Interest accrual(2) |  | 55,825 |  |  | 71,053 |  |  | 13,138 |  |  | 5,472 |  |  | 145,488 |
Net premiums collected(3) |  | (140,680) |  |  | (145,437) |  |  | (32,866) |  |  | (10,751) |  |  | (329,734) |
Effect of changes in the foreign exchange rate |  | (4,281) |  |  | — |  |  | — |  |  | — |  |  | (4,281) |
Ending balance at original discount rates |  | 4,666,862 |  |  | 5,370,940 |  |  | 993,057 |  |  | 413,526 |  |  | 11,444,385 |
Effect of change from original to current discount rates |  | 106,621 |  |  | 259,166 |  |  | 26,011 |  |  | 19,941 |  |  | 411,739 |
Balance at September 30, 2025 |  | $ | 4,773,483 |  |  | $ | 5,630,106 |  |  | $ | 1,019,068 |  |  | $ | 433,467 |  |  | $ | 11,856,124 |

(1)Issuances represent the present value, using the original discount rate, of the expected net premiums related to new policies issued during each respective period.
(2)The interest accrual is the interest earned on the beginning present value of the expected net premiums, as well as the interest on actual net premiums earned during the period, using the original interest rate.
(3)Net premiums collected represent the product of the current period net premium ratio and the gross premiums collected during the period on the in force business.
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Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)

|  | Life
| Present value of expected future policy benefits
| American Income |  | DTC |  | Liberty National |  | Other |  | Total
Balance at January 1, 2024 |  | $ | 10,163,627 |  |  | $ | 9,714,516 |  |  | $ | 3,605,392 |  |  | $ | 4,239,623 |  |  | $ | 27,723,158 |
Beginning balance at original discount rates |  | 9,061,833 |  |  | 8,656,752 |  |  | 3,338,252 |  |  | 3,506,859 |  |  | 24,563,696 |
Effect of changes in assumptions on future cash flows |  | (104,498) |  |  | (50,106) |  |  | (41,836) |  |  | (2,027) |  |  | (198,467) |
Effect of actual variances from expected experience |  | (187,711) |  |  | (241,231) |  |  | (34,722) |  |  | (12,841) |  |  | (476,505) |
Adjusted balance at January 1, 2024 |  | 8,769,624 |  |  | 8,365,415 |  |  | 3,261,694 |  |  | 3,491,991 |  |  | 23,888,724 |
Issuances(1) |  | 611,802 |  |  | 398,032 |  |  | 90,518 |  |  | 18,127 |  |  | 1,118,479 |
Interest accrual(2) |  | 367,403 |  |  | 355,850 |  |  | 134,020 |  |  | 157,318 |  |  | 1,014,591 |
Benefit payments(3) |  | (326,318) |  |  | (439,992) |  |  | (159,219) |  |  | (103,998) |  |  | (1,029,527) |
Effect of changes in the foreign exchange rate |  | (8,768) |  |  | — |  |  | — |  |  | — |  |  | (8,768) |
Ending balance at original discount rates |  | 9,413,743 |  |  | 8,679,305 |  |  | 3,327,013 |  |  | 3,563,438 |  |  | 24,983,499 |
Effect of change from original to current discount rates |  | 1,091,042 |  |  | 1,082,717 |  |  | 275,358 |  |  | 717,751 |  |  | 3,166,868 |
Balance at September 30, 2024 |  | $ | 10,504,785 |  |  | $ | 9,762,022 |  |  | $ | 3,602,371 |  |  | $ | 4,281,189 |  |  | $ | 28,150,367 |
Balance at January 1, 2025 |  | $ | 9,870,692 |  |  | $ | 9,125,112 |  |  | $ | 3,377,517 |  |  | $ | 3,960,963 |  |  | $ | 26,334,284 |
Beginning balance at original discount rates |  | 9,508,588 |  |  | 8,660,948 |  |  | 3,340,219 |  |  | 3,582,068 |  |  | 25,091,823 |
Effect of changes in assumptions on future cash flows |  | (189,172) |  |  | (129,189) |  |  | (89,154) |  |  | (9,081) |  |  | (416,596) |
Effect of actual variances from expected experience |  | (184,713) |  |  | (223,416) |  |  | (32,071) |  |  | (21,159) |  |  | (461,359) |
Adjusted balance at January 1, 2025 |  | 9,134,703 |  |  | 8,308,343 |  |  | 3,218,994 |  |  | 3,551,828 |  |  | 24,213,868 |
Issuances(1) |  | 554,627 |  |  | 384,425 |  |  | 81,716 |  |  | 18,588 |  |  | 1,039,356 |
Interest accrual(2) |  | 385,316 |  |  | 358,173 |  |  | 133,963 |  |  | 160,848 |  |  | 1,038,300 |
Benefit payments(3) |  | (340,667) |  |  | (428,849) |  |  | (153,840) |  |  | (105,916) |  |  | (1,029,272) |
Effect of changes in the foreign exchange rate |  | 24,400 |  |  | — |  |  | — |  |  | — |  |  | 24,400 |
Ending balance at original discount rates |  | 9,758,379 |  |  | 8,622,092 |  |  | 3,280,833 |  |  | 3,625,348 |  |  | 25,286,652 |
Effect of change from original to current discount rates |  | 607,423 |  |  | 695,305 |  |  | 121,891 |  |  | 479,664 |  |  | 1,904,283 |
Balance at September 30, 2025 |  | $ | 10,365,802 |  |  | $ | 9,317,397 |  |  | $ | 3,402,724 |  |  | $ | 4,105,012 |  |  | $ | 27,190,935 |

(1)Issuances represent the present value, using the original discount rate, of the expected future policy benefits related to new policies issued during each respective period.
(2)The interest accrual is the interest earned on the beginning present value of the expected future policy benefits, as well as the interest on actual benefits and expenses paid during the period, using the original interest rate.
(3)Benefit payments represent the release of the present value, using the original discount rate, of the actual future policy benefits incurred during the period due to death, surrender, and maturity benefit payments based on the revised expected assumptions.
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Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)

|  | Life
| Present value of expected future policy benefits
| American Income |  | DTC |  | Liberty National |  | Other |  | Total
Balance at July 1, 2024 |  | $ | 9,811,407 |  |  | $ | 9,289,834 |  |  | $ | 3,424,768 |  |  | $ | 3,981,898 |  |  | $ | 26,507,907 |
Beginning balance at original discount rates |  | 9,353,526 |  |  | 8,748,900 |  |  | 3,356,531 |  |  | 3,545,323 |  |  | 25,004,280 |
Effect of changes in assumptions on future cash flows |  | (104,498) |  |  | (50,106) |  |  | (41,836) |  |  | (2,027) |  |  | (198,467) |
Effect of actual variances from expected experience |  | (65,766) |  |  | (111,255) |  |  | (15,385) |  |  | (2,629) |  |  | (195,035) |
Adjusted balance at July 1, 2024 |  | 9,183,262 |  |  | 8,587,539 |  |  | 3,299,310 |  |  | 3,540,667 |  |  | 24,610,778 |
Issuances(1) |  | 199,097 |  |  | 110,991 |  |  | 30,298 |  |  | 5,970 |  |  | 346,356 |
Interest accrual(2) |  | 124,308 |  |  | 118,873 |  |  | 44,743 |  |  | 52,747 |  |  | 340,671 |
Benefit payments(3) |  | (105,757) |  |  | (138,098) |  |  | (47,338) |  |  | (35,946) |  |  | (327,139) |
Effect of changes in the foreign exchange rate |  | 12,833 |  |  | — |  |  | — |  |  | — |  |  | 12,833 |
Ending balance at original discount rates |  | 9,413,743 |  |  | 8,679,305 |  |  | 3,327,013 |  |  | 3,563,438 |  |  | 24,983,499 |
Effect of change from original to current discount rates |  | 1,091,042 |  |  | 1,082,717 |  |  | 275,358 |  |  | 717,751 |  |  | 3,166,868 |
Balance at September 30, 2024 |  | $ | 10,504,785 |  |  | $ | 9,762,022 |  |  | $ | 3,602,371 |  |  | $ | 4,281,189 |  |  | $ | 28,150,367 |

Balance at July 1, 2025 |  | $ | 10,234,154 |  |  | $ | 9,278,145 |  |  | $ | 3,421,818 |  |  | $ | 4,008,385 |  |  | $ | 26,942,502 |
Beginning balance at original discount rates |  | 9,829,535 |  |  | 8,742,750 |  |  | 3,358,803 |  |  | 3,617,306 |  |  | 25,548,394 |
Effect of changes in assumptions on future cash flows |  | (189,172) |  |  | (129,189) |  |  | (89,154) |  |  | (9,081) |  |  | (416,596) |
Effect of actual variances from expected experience |  | (60,805) |  |  | (100,922) |  |  | (14,354) |  |  | (8,215) |  |  | (184,296) |
Adjusted balance at July 1, 2025 |  | 9,579,558 |  |  | 8,512,639 |  |  | 3,255,295 |  |  | 3,600,010 |  |  | 24,947,502 |
Issuances(1) |  | 174,414 |  |  | 127,326 |  |  | 27,324 |  |  | 6,475 |  |  | 335,539 |
Interest accrual(2) |  | 128,559 |  |  | 119,076 |  |  | 44,398 |  |  | 53,827 |  |  | 345,860 |
Benefit payments(3) |  | (113,819) |  |  | (136,949) |  |  | (46,184) |  |  | (34,964) |  |  | (331,916) |
Effect of changes in the foreign exchange rate |  | (10,333) |  |  | — |  |  | — |  |  | — |  |  | (10,333) |
Ending balance at original discount rates |  | 9,758,379 |  |  | 8,622,092 |  |  | 3,280,833 |  |  | 3,625,348 |  |  | 25,286,652 |
Effect of change from original to current discount rates |  | 607,423 |  |  | 695,305 |  |  | 121,891 |  |  | 479,664 |  |  | 1,904,283 |
Balance at September 30, 2025 |  | $ | 10,365,802 |  |  | $ | 9,317,397 |  |  | $ | 3,402,724 |  |  | $ | 4,105,012 |  |  | $ | 27,190,935 |

(1)Issuances represent the present value, using the original discount rate, of the expected future policy benefits related to new policies issued during each respective period.
(2)The interest accrual is the interest earned on the beginning present value of the expected future policy benefits, as well as the interest on actual benefits and expenses paid during the period, using the original interest rate.
(3)Benefit payments represent the release of the present value, using the original discount rate, of the actual future policy benefits incurred during the period due to death, surrender, and maturity benefit payments based on the expected assumptions.
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Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)

|  | Life
|  | Net liability for future policy benefits as of September 30, 2024
|  | American Income |  | DTC |  | Liberty National |  | Other |  | Total
Net liability for future policy benefits at original discount rates |  | $ | 4,781,316 |  |  | $ | 3,106,580 |  |  | $ | 2,277,415 |  |  | $ | 3,128,384 |  |  | $ | 13,293,695 |
Effect of changes in discount rate assumptions |  | 886,475 |  |  | 660,829 |  |  | 220,860 |  |  | 682,238 |  |  | 2,450,402 |
Other adjustments(1) |  | 150 |  |  | — |  |  | — |  |  | 37 |  |  | 187 |
Net liability for future policy benefits, after other adjustments, at current discount rates |  | 5,667,941 |  |  | 3,767,409 |  |  | 2,498,275 |  |  | 3,810,659 |  |  | 15,744,284 |
Reinsurance recoverable |  | (170) |  |  | — |  |  | (7,885) |  |  | (38,506) |  |  | (46,561) |
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates |  | $ | 5,667,771 |  |  | $ | 3,767,409 |  |  | $ | 2,490,390 |  |  | $ | 3,772,153 |  |  | $ | 15,697,723 |

(1)Other adjustments include the effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

|  | Life
|  | Net liability for future policy benefits as of September 30, 2025
|  | American Income |  | DTC |  | Liberty National |  | Other |  | Total
Net liability for future policy benefits at original discount rates |  | $ | 5,091,517 |  |  | $ | 3,251,152 |  |  | $ | 2,287,776 |  |  | $ | 3,211,822 |  |  | $ | 13,842,267 |
Effect of changes in discount rate assumptions |  | 500,802 |  |  | 436,139 |  |  | 95,880 |  |  | 459,723 |  |  | 1,492,544 |
Other adjustments(1) |  | 146 |  |  | — |  |  | — |  |  | 30 |  |  | 176 |
Net liability for future policy benefits, after other adjustments, at current discount rates |  | 5,592,465 |  |  | 3,687,291 |  |  | 2,383,656 |  |  | 3,671,575 |  |  | 15,334,987 |
Reinsurance recoverable |  | (176) |  |  | — |  |  | (8,049) |  |  | (14) |  |  | (8,239) |
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates |  | $ | 5,592,289 |  |  | $ | 3,687,291 |  |  | $ | 2,375,607 |  |  | $ | 3,671,561 |  |  | $ | 15,326,748 |

(1)Other adjustments include the effects of flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).
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Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following tables summarize balances and changes in the net liability for future policy benefits for long-duration health contracts for the three and nine month periods ended September 30, 2025 and 2024:

|  | Health
|  | Present value of expected future net premiums
|  | United American |  | Family Heritage |  | Liberty National |  | American Income |  | DTC |  | Total
Balance at January 1, 2024 |  | $ | 3,697,771 |  |  | $ | 1,711,741 |  |  | $ | 358,472 |  |  | $ | 206,381 |  |  | $ | 115,363 |  |  | $ | 6,089,728 |
Beginning balance at original discount rates |  | 3,625,803 |  |  | 1,783,173 |  |  | 348,570 |  |  | 201,869 |  |  | 109,880 |  |  | 6,069,295 |
Effect of changes in assumptions on future cash flows |  | 9,892 |  |  | (8,117) |  |  | (3,463) |  |  | 12,207 |  |  | 4,449 |  |  | 14,968 |
Effect of actual variances from expected experience |  | (18,894) |  |  | (43,359) |  |  | (26,123) |  |  | (11,168) |  |  | (1,818) |  |  | (101,362) |
Adjusted balance at January 1, 2024 |  | 3,616,801 |  |  | 1,731,697 |  |  | 318,984 |  |  | 202,908 |  |  | 112,511 |  |  | 5,982,901 |
Issuances(1) |  | 287,072 |  |  | 200,220 |  |  | 43,367 |  |  | 34,121 |  |  | 12,325 |  |  | 577,105 |
Interest accrual(2) |  | 128,533 |  |  | 55,733 |  |  | 12,450 |  |  | 7,135 |  |  | 4,221 |  |  | 208,072 |
Net premiums collected(3) |  | (220,380) |  |  | (141,735) |  |  | (39,223) |  |  | (18,171) |  |  | (8,338) |  |  | (427,847) |
Effect of changes in the foreign exchange rate |  | — |  |  | — |  |  | — |  |  | (377) |  |  | — |  |  | (377) |
Ending balance at original discount rates |  | 3,812,026 |  |  | 1,845,915 |  |  | 335,578 |  |  | 225,616 |  |  | 120,719 |  |  | 6,339,854 |
Effect of change from original to current discount rates |  | 130,218 |  |  | (44,372) |  |  | 11,529 |  |  | 8,173 |  |  | 7,153 |  |  | 112,701 |
Balance at September 30, 2024 |  | $ | 3,942,244 |  |  | $ | 1,801,543 |  |  | $ | 347,107 |  |  | $ | 233,789 |  |  | $ | 127,872 |  |  | $ | 6,452,555 |
Balance at January 1, 2025 |  | $ | 3,885,530 |  |  | $ | 1,734,875 |  |  | $ | 337,119 |  |  | $ | 223,247 |  |  | $ | 133,377 |  |  | $ | 6,314,148 |
Beginning balance at original discount rates |  | 3,948,856 |  |  | 1,867,873 |  |  | 338,275 |  |  | 225,141 |  |  | 131,919 |  |  | 6,512,064 |
Effect of changes in assumptions on future cash flows |  | 625,460 |  |  | (72,130) |  |  | 29 |  |  | 12,588 |  |  | 25,985 |  |  | 591,932 |
Effect of actual variances from expected experience |  | 22,236 |  |  | (40,873) |  |  | (20,200) |  |  | (13,357) |  |  | 618 |  |  | (51,576) |
Adjusted balance at January 1, 2025 |  | 4,596,552 |  |  | 1,754,870 |  |  | 318,104 |  |  | 224,372 |  |  | 158,522 |  |  | 7,052,420 |
Issuances(1) |  | 378,649 |  |  | 210,220 |  |  | 41,777 |  |  | 30,425 |  |  | 18,983 |  |  | 680,054 |
Interest accrual(2) |  | 148,586 |  |  | 59,364 |  |  | 11,959 |  |  | 8,071 |  |  | 5,307 |  |  | 233,287 |
Net premiums collected(3) |  | (249,382) |  |  | (151,585) |  |  | (40,275) |  |  | (20,362) |  |  | (10,442) |  |  | (472,046) |
Effect of changes in the foreign exchange rate |  | — |  |  | — |  |  | — |  |  | 991 |  |  | — |  |  | 991 |
Ending balance at original discount rates |  | 4,874,405 |  |  | 1,872,869 |  |  | 331,565 |  |  | 243,497 |  |  | 172,370 |  |  | 7,494,706 |
Effect of change from original to current discount rates |  | 72,577 |  |  | (66,388) |  |  | 6,332 |  |  | 4,731 |  |  | 6,388 |  |  | 23,640 |
Balance at September 30, 2025 |  | $ | 4,946,982 |  |  | $ | 1,806,481 |  |  | $ | 337,897 |  |  | $ | 248,228 |  |  | $ | 178,758 |  |  | $ | 7,518,346 |

(1)Issuances represent the present value, using the original discount rate, of the expected net premiums related to new policies issued during each respective period.
(2)The interest accrual is the interest earned on the beginning present value of the expected net premiums, as well as the interest on actual net premiums earned during the period, using the original interest rate.
(3)Net premiums collected represent the product of the current period net premium ratio and the gross premiums collected during the period on the in force business.
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Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)

|  | Health
|  | Present value of expected future net premiums
|  | United American |  | Family Heritage |  | Liberty National |  | American Income |  | DTC |  | Total
Balance at July 1, 2024 |  | $ | 3,658,491 |  |  | $ | 1,690,797 |  |  | $ | 337,741 |  |  | $ | 205,889 |  |  | $ | 114,876 |  |  | $ | 6,007,794 |
Beginning balance at original discount rates |  | 3,720,108 |  |  | 1,823,728 |  |  | 338,934 |  |  | 208,867 |  |  | 113,247 |  |  | 6,204,884 |
Effect of changes in assumptions on future cash flows |  | 9,892 |  |  | (8,117) |  |  | (3,463) |  |  | 12,207 |  |  | 4,449 |  |  | 14,968 |
Effect of actual variances from expected experience |  | 18,179 |  |  | (12,068) |  |  | (4,959) |  |  | (4,110) |  |  | 644 |  |  | (2,314) |
Adjusted balance at July 1, 2024 |  | 3,748,179 |  |  | 1,803,543 |  |  | 330,512 |  |  | 216,964 |  |  | 118,340 |  |  | 6,217,538 |
Issuances(1) |  | 95,279 |  |  | 71,345 |  |  | 14,352 |  |  | 11,997 |  |  | 3,823 |  |  | 196,796 |
Interest accrual(2) |  | 43,903 |  |  | 19,016 |  |  | 4,104 |  |  | 2,493 |  |  | 1,460 |  |  | 70,976 |
Net premiums collected(3) |  | (75,335) |  |  | (47,989) |  |  | (13,390) |  |  | (6,300) |  |  | (2,904) |  |  | (145,918) |
Effect of changes in the foreign exchange rate |  | — |  |  | — |  |  | — |  |  | 462 |  |  | — |  |  | 462 |
Ending balance at original discount rates |  | 3,812,026 |  |  | 1,845,915 |  |  | 335,578 |  |  | 225,616 |  |  | 120,719 |  |  | 6,339,854 |
Effect of change from original to current discount rates |  | 130,218 |  |  | (44,372) |  |  | 11,529 |  |  | 8,173 |  |  | 7,153 |  |  | 112,701 |
Balance at September 30, 2024 |  | $ | 3,942,244 |  |  | $ | 1,801,543 |  |  | $ | 347,107 |  |  | $ | 233,789 |  |  | $ | 127,872 |  |  | $ | 6,452,555 |
Balance at July 1, 2025 |  | $ | 4,112,123 |  |  | $ | 1,810,846 |  |  | $ | 331,851 |  |  | $ | 229,830 |  |  | $ | 143,068 |  |  | $ | 6,627,718 |
Beginning balance at original discount rates |  | 4,106,142 |  |  | 1,915,617 |  |  | 329,179 |  |  | 229,169 |  |  | 139,486 |  |  | 6,719,593 |
Effect of changes in assumptions on future cash flows |  | 625,460 |  |  | (72,130) |  |  | 29 |  |  | 12,588 |  |  | 25,985 |  |  | 591,932 |
Effect of actual variances from expected experience |  | 25,322 |  |  | (13,649) |  |  | (2,893) |  |  | (3,613) |  |  | 917 |  |  | 6,084 |
Adjusted balance at July 1, 2025 |  | 4,756,924 |  |  | 1,829,838 |  |  | 326,315 |  |  | 238,144 |  |  | 166,388 |  |  | 7,317,609 |
Issuances(1) |  | 149,755 |  |  | 74,742 |  |  | 14,888 |  |  | 9,774 |  |  | 7,549 |  |  | 256,708 |
Interest accrual(2) |  | 53,507 |  |  | 19,669 |  |  | 3,907 |  |  | 2,766 |  |  | 1,904 |  |  | 81,753 |
Net premiums collected(3) |  | (85,781) |  |  | (51,380) |  |  | (13,545) |  |  | (6,904) |  |  | (3,471) |  |  | (161,081) |
Effect of changes in the foreign exchange rate |  | — |  |  | — |  |  | — |  |  | (283) |  |  | — |  |  | (283) |
Ending balance at original discount rates |  | 4,874,405 |  |  | 1,872,869 |  |  | 331,565 |  |  | 243,497 |  |  | 172,370 |  |  | 7,494,706 |
Effect of change from original to current discount rates |  | 72,577 |  |  | (66,388) |  |  | 6,332 |  |  | 4,731 |  |  | 6,388 |  |  | 23,640 |
Balance at September 30, 2025 |  | $ | 4,946,982 |  |  | $ | 1,806,481 |  |  | $ | 337,897 |  |  | $ | 248,228 |  |  | $ | 178,758 |  |  | $ | 7,518,346 |

(1)Issuances represent the present value, using the original discount rate, of the expected net premiums related to new policies issued during each respective period.
(2)The interest accrual is the interest earned on the beginning present value of the expected net premiums, as well as the interest on actual net premiums earned during the period, using the original interest rate.
(3)Net premiums collected represent the product of the current period net premium ratio and the gross premiums collected during the period on the in force business.
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Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)

|  | Health
| Present value of expected future policy benefits
| United American |  | Family Heritage |  | Liberty National |  | American Income |  | DTC |  | Total
Balance at January 1, 2024 |  | $ | 3,814,328 |  |  | $ | 3,315,880 |  |  | $ | 865,808 |  |  | $ | 335,504 |  |  | $ | 109,482 |  |  | $ | 8,441,002 |
Beginning balance at original discount rates |  | 3,741,530 |  |  | 3,506,689 |  |  | 816,819 |  |  | 315,431 |  |  | 104,501 |  |  | 8,484,970 |
Effect of changes in assumptions on future cash flows |  | 10,680 |  |  | (5,054) |  |  | (2,775) |  |  | 20,293 |  |  | 7,733 |  |  | 30,877 |
Effect of actual variances from expected experience |  | (15,162) |  |  | (48,407) |  |  | (26,421) |  |  | (12,611) |  |  | (1,509) |  |  | (104,110) |
Adjusted balance at January 1, 2024 |  | 3,737,048 |  |  | 3,453,228 |  |  | 787,623 |  |  | 323,113 |  |  | 110,725 |  |  | 8,411,737 |
Issuances(1) |  | 286,358 |  |  | 200,219 |  |  | 42,780 |  |  | 34,123 |  |  | 12,296 |  |  | 575,776 |
Interest accrual(2) |  | 133,143 |  |  | 109,479 |  |  | 32,202 |  |  | 12,145 |  |  | 4,220 |  |  | 291,189 |
Benefit payments(3) |  | (248,769) |  |  | (103,070) |  |  | (69,649) |  |  | (19,574) |  |  | (9,655) |  |  | (450,717) |
Effect of changes in the foreign exchange rate |  | — |  |  | — |  |  | — |  |  | (646) |  |  | — |  |  | (646) |
Ending balance at original discount rates |  | 3,907,780 |  |  | 3,659,856 |  |  | 792,956 |  |  | 349,161 |  |  | 117,586 |  |  | 8,827,339 |
Effect of change from original to current discount rates |  | 131,531 |  |  | (144,821) |  |  | 52,819 |  |  | 24,383 |  |  | 6,871 |  |  | 70,783 |
Balance at September 30, 2024 |  | $ | 4,039,311 |  |  | $ | 3,515,035 |  |  | $ | 845,775 |  |  | $ | 373,544 |  |  | $ | 124,457 |  |  | $ | 8,898,122 |
Balance at January 1, 2025 |  | $ | 3,960,432 |  |  | $ | 3,336,546 |  |  | $ | 804,695 |  |  | $ | 355,303 |  |  | $ | 129,277 |  |  | $ | 8,586,253 |
Beginning balance at original discount rates |  | 4,026,860 |  |  | 3,712,044 |  |  | 791,141 |  |  | 348,711 |  |  | 127,975 |  |  | 9,006,731 |
Effect of changes in assumptions on future cash flows |  | 622,917 |  |  | (79,615) |  |  | 210 |  |  | 16,611 |  |  | 22,160 |  |  | 582,283 |
Effect of actual variances from expected experience |  | 16,726 |  |  | (46,994) |  |  | (19,140) |  |  | (16,697) |  |  | 672 |  |  | (65,433) |
Adjusted balance at January 1, 2025 |  | 4,666,503 |  |  | 3,585,435 |  |  | 772,211 |  |  | 348,625 |  |  | 150,807 |  |  | 9,523,581 |
Issuances(1) |  | 377,636 |  |  | 210,219 |  |  | 41,259 |  |  | 30,423 |  |  | 18,932 |  |  | 678,469 |
Interest accrual(2) |  | 151,323 |  |  | 117,696 |  |  | 30,993 |  |  | 13,607 |  |  | 5,307 |  |  | 318,926 |
Benefit payments(3) |  | (284,450) |  |  | (121,671) |  |  | (73,919) |  |  | (17,710) |  |  | (12,216) |  |  | (509,966) |
Effect of changes in the foreign exchange rate |  | — |  |  | — |  |  | — |  |  | 1,822 |  |  | — |  |  | 1,822 |
Ending balance at original discount rates |  | 4,911,012 |  |  | 3,791,679 |  |  | 770,544 |  |  | 376,767 |  |  | 162,830 |  |  | 10,012,832 |
Effect of change from original to current discount rates |  | 66,338 |  |  | (230,187) |  |  | 32,570 |  |  | 16,990 |  |  | 5,871 |  |  | (108,418) |
Balance at September 30, 2025 |  | $ | 4,977,350 |  |  | $ | 3,561,492 |  |  | $ | 803,114 |  |  | $ | 393,757 |  |  | $ | 168,701 |  |  | $ | 9,904,414 |

(1)Issuances represent the present value, using the original discount rate, of the expected future policy benefits related to new policies issued during each respective period.
(2)The interest accrual is the interest earned on the beginning present value of the expected future policy benefits, as well as the interest on actual benefits and expenses paid during the period, using the original interest rate.
(3)Benefit payments represent the release of the present value, using the original discount rate, of the actual future policy benefits incurred during the period based on the revised expected assumptions.
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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)

|  | Health
| Present value of expected future policy benefits
| United American |  | Family Heritage |  | Liberty National |  | American Income |  | DTC |  | Total
Balance at July 1, 2024 |  | $ | 3,758,487 |  |  | $ | 3,249,466 |  |  | $ | 815,778 |  |  | $ | 328,436 |  |  | $ | 108,617 |  |  | $ | 8,260,784 |
Beginning balance at original discount rates |  | 3,823,510 |  |  | 3,605,315 |  |  | 799,316 |  |  | 322,706 |  |  | 107,143 |  |  | 8,657,990 |
Effect of changes in assumptions on future cash flows |  | 10,680 |  |  | (5,054) |  |  | (2,775) |  |  | 20,293 |  |  | 7,733 |  |  | 30,877 |
Effect of actual variances from expected experience |  | 21,522 |  |  | (13,407) |  |  | (4,998) |  |  | (4,432) |  |  | 817 |  |  | (498) |
Adjusted balance at July 1, 2024 |  | 3,855,712 |  |  | 3,586,854 |  |  | 791,543 |  |  | 338,567 |  |  | 115,693 |  |  | 8,688,369 |
Issuances(1) |  | 95,126 |  |  | 71,345 |  |  | 14,177 |  |  | 11,997 |  |  | 3,811 |  |  | 196,456 |
Interest accrual(2) |  | 45,365 |  |  | 37,299 |  |  | 10,653 |  |  | 4,189 |  |  | 1,460 |  |  | 98,966 |
Benefit payments(3) |  | (88,423) |  |  | (35,642) |  |  | (23,417) |  |  | (6,502) |  |  | (3,378) |  |  | (157,362) |
Effect of changes in the foreign exchange rate |  | — |  |  | — |  |  | — |  |  | 910 |  |  | — |  |  | 910 |
Ending balance at original discount rates |  | 3,907,780 |  |  | 3,659,856 |  |  | 792,956 |  |  | 349,161 |  |  | 117,586 |  |  | 8,827,339 |
Effect of change from original to current discount rates |  | 131,531 |  |  | (144,821) |  |  | 52,819 |  |  | 24,383 |  |  | 6,871 |  |  | 70,783 |
Balance at September 30, 2024 |  | $ | 4,039,311 |  |  | $ | 3,515,035 |  |  | $ | 845,775 |  |  | $ | 373,544 |  |  | $ | 124,457 |  |  | $ | 8,898,122 |

Balance at July 1, 2025 |  | $ | 4,154,306 |  |  | $ | 3,491,041 |  |  | $ | 795,244 |  |  | $ | 367,366 |  |  | $ | 137,532 |  |  | $ | 8,945,489 |
Beginning balance at original discount rates |  | 4,153,056 |  |  | 3,815,188 |  |  | 772,935 |  |  | 357,412 |  |  | 134,276 |  |  | 9,232,867 |
Effect of changes in assumptions on future cash flows |  | 622,917 |  |  | (79,615) |  |  | 210 |  |  | 16,611 |  |  | 22,160 |  |  | 582,283 |
Effect of actual variances from expected experience |  | 23,354 |  |  | (16,123) |  |  | (3,885) |  |  | (4,492) |  |  | 796 |  |  | (350) |
Adjusted balance at July 1, 2025 |  | 4,799,327 |  |  | 3,719,450 |  |  | 769,260 |  |  | 369,531 |  |  | 157,232 |  |  | 9,814,800 |
Issuances(1) |  | 149,526 |  |  | 74,742 |  |  | 14,728 |  |  | 9,773 |  |  | 7,540 |  |  | 256,309 |
Interest accrual(2) |  | 54,254 |  |  | 39,426 |  |  | 10,197 |  |  | 4,656 |  |  | 1,904 |  |  | 110,437 |
Benefit payments(3) |  | (92,095) |  |  | (41,939) |  |  | (23,641) |  |  | (6,584) |  |  | (3,846) |  |  | (168,105) |
Effect of changes in the foreign exchange rate |  | — |  |  | — |  |  | — |  |  | (609) |  |  | — |  |  | (609) |
Ending balance at original discount rates |  | 4,911,012 |  |  | 3,791,679 |  |  | 770,544 |  |  | 376,767 |  |  | 162,830 |  |  | 10,012,832 |
Effect of change from original to current discount rates |  | 66,338 |  |  | (230,187) |  |  | 32,570 |  |  | 16,990 |  |  | 5,871 |  |  | (108,418) |
Balance at September 30, 2025 |  | $ | 4,977,350 |  |  | $ | 3,561,492 |  |  | $ | 803,114 |  |  | $ | 393,757 |  |  | $ | 168,701 |  |  | $ | 9,904,414 |

(1)Issuances represent the present value, using the original discount rate, of the expected future policy benefits related to new policies issued during each respective period.
(2)The interest accrual is the interest earned on the beginning present value of the expected future policy benefits, as well as the interest on actual benefits and expenses paid during the period, using the original interest rate.
(3)Benefit payments represent the release of the present value, using the original discount rate, of the actual future policy benefits incurred during the period based on the expected assumptions.
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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)

|  | Health
|  | Net liability for future policy benefits as of September 30, 2024
|  | United American |  | Family Heritage |  | Liberty National |  | American Income |  | Direct to Consumer |  | Total
Net liability for future policy benefits at original discount rates |  | $ | 95,754 |  |  | $ | 1,813,941 |  |  | $ | 457,378 |  |  | $ | 123,545 |  |  | $ | (3,133) |  |  | $ | 2,487,485 |
Effect of changes in discount rate assumptions |  | 1,313 |  |  | (100,449) |  |  | 41,290 |  |  | 16,210 |  |  | (282) |  |  | (41,918) |
Other adjustments(1) |  | 17,014 |  |  | 38 |  |  | 9,964 |  |  | 926 |  |  | 4,326 |  |  | 32,268 |
Net liability for future policy benefits, after other adjustments, at current discount rates |  | 114,081 |  |  | 1,713,530 |  |  | 508,632 |  |  | 140,681 |  |  | 911 |  |  | 2,477,835 |
Reinsurance recoverable |  | (2,868) |  |  | (11,613) |  |  | (1,096) |  |  | — |  |  | — |  |  | (15,577) |
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates |  | $ | 111,213 |  |  | $ | 1,701,917 |  |  | $ | 507,536 |  |  | $ | 140,681 |  |  | $ | 911 |  |  | $ | 2,462,258 |

(1)Other adjustments include the effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).

|  | Health
|  | Net liability for future policy benefits as of September 30, 2025
|  | United American |  | Family Heritage |  | Liberty National |  | American Income |  | Direct to Consumer |  | Total
Net liability for future policy benefits at original discount rates |  | 36,607 |  |  | 1,918,810 |  |  | 438,979 |  |  | 133,270 |  |  | (9,540) |  |  | 2,518,126 |
Effect of changes in discount rate assumptions |  | (6,239) |  |  | (163,799) |  |  | 26,238 |  |  | 12,259 |  |  | (517) |  |  | (132,058) |
Other adjustments(1) |  | 53,954 |  |  | 44 |  |  | 12,362 |  |  | 848 |  |  | 10,753 |  |  | 77,961 |
Net liability for future policy benefits, after other adjustments, at current discount rates |  | 84,322 |  |  | 1,755,055 |  |  | 477,579 |  |  | 146,377 |  |  | 696 |  |  | 2,464,029 |
Reinsurance recoverable |  | (2,288) |  |  | — |  |  | (711) |  |  | — |  |  | — |  |  | (2,999) |
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates |  | $ | 82,034 |  |  | $ | 1,755,055 |  |  | $ | 476,868 |  |  | $ | 146,377 |  |  | $ | 696 |  |  | $ | 2,461,030 |

(1)Other adjustments include the effects of flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).
Remeasurement Gain or Loss—In accordance with the accounting guidance, the Company reviews, and updates as necessary, its assumptions utilized in the calculation of the liability for future benefits annually in the third quarter and recalculates the net premium ratio. The revised net premium ratio is used to update the liability for future policy benefits as of the beginning of the current reporting period, and is compared to the liability using the prior cash flow assumptions. The difference is recorded as a component of the remeasurement gain or loss for the current period, along with the effect of the difference between actual and expected experience for the period. The total remeasurement gain or loss is within life and heath policyholder benefits included in the Condensed Consolidated Statements of Operations.
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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following tables include the total remeasurement gain or loss, bifurcated between the gain or loss due to differences between actual and expected experience and the amount due to assumption updates, for the three and nine month periods ended September 30, 2025 and 2024:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Life Remeasurement Gain (Loss)—Experience: |  |  |  |  |  |  |  |  |
American Income | $ | 6,322 |  |  | $ | 4,771 |  |  | $ | 17,173 |  |  | $ | 12,619 |  |  |
Direct to Consumer | 8,200 |  |  | 6,913 |  |  | 17,789 |  |  | 13,640 |  |  |
Liberty National | 1,854 |  |  | 1,537 |  |  | 3,468 |  |  | 2,187 |  |  |
Other | 2,173 |  |  | 508 |  |  | 5,389 |  |  | 2,533 |  |  |
Total Life Remeasurement Gain (Loss)—Experience | 18,549 |  |  | 13,729 |  |  | 43,819 |  |  | 30,979 |  |  |
Life Remeasurement Gain (Loss)—Assumption Updates: |  |  |  |  |  |  |  |  |
American Income | 52,731 |  |  | 21,974 |  |  | 52,731 |  |  | 21,974 |  |  |
Direct to Consumer | 39,480 |  |  | 21,744 |  |  | 39,480 |  |  | 21,744 |  |  |
Liberty National | 35,068 |  |  | 12,224 |  |  | 35,068 |  |  | 12,224 |  |  |
Other | 3,647 |  |  | 904 |  |  | 3,647 |  |  | 904 |  |  |
Total Life Remeasurement Gain (Loss)—Assumption Updates | 130,926 |  |  | 56,846 |  |  | 130,926 |  |  | 56,846 |  |  |
Total Life Remeasurement Gain (Loss) | 149,475 |  |  | 70,575 |  |  | 174,745 |  |  | 87,825 |  |  |
Health Remeasurement Gain (Loss)—Experience: |  |  |  |  |  |  |  |  |
United American | 1,073 |  |  | (2,100) |  |  | (809) |  |  | (1,423) |  |  |
Family Heritage | 2,252 |  |  | 1,420 |  |  | 5,728 |  |  | 4,972 |  |  |
Liberty National | 1,171 |  |  | 874 |  |  | 1,533 |  |  | 2,015 |  |  |
American Income | 962 |  |  | 729 |  |  | 3,300 |  |  | 1,769 |  |  |
Direct to Consumer | 25 |  |  | 28 |  |  | 53 |  |  | 74 |  |  |
Total Health Remeasurement Gain (Loss)—Experience | 5,483 |  |  | 951 |  |  | 9,805 |  |  | 7,407 |  |  |
Health Remeasurement Gain (Loss)—Assumption Updates: |  |  |  |  |  |  |  |  |
United American | 279 |  |  | 1,205 |  |  | 279 |  |  | 1,205 |  |  |
Family Heritage | 7,492 |  |  | (3,063) |  |  | 7,492 |  |  | (3,063) |  |  |
Liberty National | (339) |  |  | (234) |  |  | (339) |  |  | (234) |  |  |
American Income | (4,094) |  |  | (8,036) |  |  | (4,094) |  |  | (8,036) |  |  |
Direct to Consumer | 19 |  |  | (373) |  |  | 19 |  |  | (373) |  |  |
Health Remeasurement Gain (Loss)—Assumption Updates | 3,357 |  |  | (10,501) |  |  | 3,357 |  |  | (10,501) |  |  |
Total Health Remeasurement Gain (Loss) | $ | 8,840 |  |  | $ | (9,550) |  |  | $ | 13,162 |  |  | $ | (3,094) |  |  |

The Company performed its annual review of assumptions during the third quarter. The assumption review process of the life and health segments resulted in a $134.3 million net remeasurement gain ($130.9 million and $3.4 million gains related to life and health, respectively) before tax as compared to a $46.3 million net remeasurement gain ($56.8 million gain and $10.5 million loss related to life and health, respectively) before tax in the year-ago quarter. This review process resulted in favorable changes to its mortality and lapse assumptions on life and health. Life assumption changes reflect continued favorable mortality experience along with slightly higher lapse rates which resulted in lower life policy obligations compared to our previous assumptions anticipated. Health assumption changes reflect slightly higher lapse rates and benefit enhancements implemented last year.
Excluding the impact of assumption changes, the Company's results for actual variances from expected experience for both life and health produced a $24.0 million net remeasurement gain ($18.5 million and $5.5 million gains related to life and health, respectively) before tax and a $14.7 million net remeasurement gain ($13.7 million and $1.0 million gains related to life and health, respectively) before tax for the three months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025 and 2024, the Company's results for actual variances from expected experience for both life and health produced a $53.6 million net remeasurement gain before tax and a $38.4 million net remeasurement gain before tax, respectively.
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Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following table reconciles the liability for future policy benefits to the Condensed Consolidated Balance Sheets as of September 30, 2025 and 2024:

|  | At Original Discount Rates |  | At Current Discount Rates
|  | As of September 30, |  | As of September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Life(1): |  |  |  |  |  |  |  |
American Income |  | $ | 5,091,655 |  |  | $ | 4,781,464 |  |  | $ | 5,592,465 |  |  | $ | 5,667,941 |
Direct to Consumer |  | 3,251,154 |  |  | 3,106,582 |  |  | 3,687,291 |  |  | 3,767,409 |
Liberty National |  | 2,287,776 |  |  | 2,277,415 |  |  | 2,383,656 |  |  | 2,498,275 |
Other |  | 3,211,850 |  |  | 3,128,419 |  |  | 3,671,575 |  |  | 3,810,659 |
Net liability for future policy benefits—long duration life |  | 13,842,435 |  |  | 13,293,880 |  |  | 15,334,987 |  |  | 15,744,284 |
Health(1): |  |  |  |  |  |  |  |
United American |  | 84,212 |  |  | 110,384 |  |  | 84,322 |  |  | 114,081 |
Family Heritage |  | 1,918,844 |  |  | 1,813,971 |  |  | 1,755,055 |  |  | 1,713,530 |
Liberty National |  | 450,490 |  |  | 466,474 |  |  | 477,579 |  |  | 508,632 |
American Income |  | 134,125 |  |  | 124,534 |  |  | 146,377 |  |  | 140,681 |
Direct to Consumer |  | 669 |  |  | 877 |  |  | 696 |  |  | 911 |
Net liability for future policy benefits—long duration health |  | 2,588,340 |  |  | 2,516,240 |  |  | 2,464,029 |  |  | 2,477,835 |
Deferred profit liability |  | 184,563 |  |  | 177,108 |  |  | 184,563 |  |  | 177,108 |
Deferred annuity |  | 595,506 |  |  | 680,849 |  |  | 595,506 |  |  | 680,849 |
Interest sensitive life |  | 714,012 |  |  | 725,857 |  |  | 714,012 |  |  | 725,857 |
Other |  | 8,870 |  |  | 8,983 |  |  | 8,868 |  |  | 8,980 |
Total future policy benefits |  | $ | 17,933,726 |  |  | $ | 17,402,917 |  |  | $ | 19,301,965 |  |  | $ | 19,814,913 |

(1)Balances are presented net of the effects of capping and flooring the liability (guidance requires an amount not less than zero at the calculation level of the liability for future policy benefits).
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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following tables provide the weighted-average original and current discount rates for the liability for future policy benefits and the additional insurance liabilities as of September 30, 2025 and 2024:

|  | As of September 30,
|  | 2025 |  | 2024 |  |
|  | Original discount rate |  | Current discount rate |  | Original discount rate |  | Current discount rate |  |  |  |
Life |  |  |  |  |  |  |  |  |  |  |  |
American Income |  | 5.7 | % |  | 5.3 | % |  | 5.7 | % |  | 5.0 | % |  |  |  |
Direct to Consumer |  | 6.0 | % |  | 5.3 | % |  | 6.0 | % |  | 5.0 | % |  |  |  |
Liberty National |  | 5.6 | % |  | 5.3 | % |  | 5.6 | % |  | 5.0 | % |  |  |  |
Other |  | 6.2 | % |  | 5.4 | % |  | 6.2 | % |  | 5.0 | % |  |  |  |
Health |  |  |  |  |  |  |  |  |  |  |  |
United American |  | 5.1 | % |  | 5.1 | % |  | 5.1 | % |  | 4.8 | % |  |  |  |
Family Heritage |  | 4.2 | % |  | 5.2 | % |  | 4.2 | % |  | 4.9 | % |  |  |  |
Liberty National |  | 5.8 | % |  | 5.1 | % |  | 5.8 | % |  | 4.8 | % |  |  |  |
American Income |  | 5.8 | % |  | 5.1 | % |  | 5.8 | % |  | 4.8 | % |  |  |  |
Direct to Consumer |  | 5.1 | % |  | 5.1 | % |  | 5.1 | % |  | 4.8 | % |  |  |  |

The following table provides the weighted-average durations of the liability for future policy benefits and the additional insurance liabilities as of September 30, 2025 and 2024:

|  | As of September 30,
| 2025 |  | 2024 |  |
|  | At original discount rates |  | At current discount rates |  | At original discount rates |  | At current discount rates |  |  |  |
Life |  |  |  |  |  |  |  |  |  |  |  |
American Income |  | 22.42 |  | 22.32 |  | 22.81 |  | 23.03 |  |  |  |
Direct to Consumer |  | 18.83 |  | 19.74 |  | 19.42 |  | 20.81 |  |  |  |
Liberty National |  | 15.29 |  | 15.27 |  | 15.31 |  | 15.80 |  |  |  |
Other |  | 15.65 |  | 16.46 |  | 16.07 |  | 17.48 |  |  |  |
Health |  |  |  |  |  |  |  |  |  |  |  |
United American |  | 12.44 |  | 11.27 |  | 11.73 |  | 10.93 |  |  |  |
Family Heritage |  | 16.27 |  | 15.04 |  | 15.34 |  | 14.60 |  |  |  |
Liberty National |  | 9.48 |  | 9.39 |  | 9.26 |  | 9.48 |  |  |  |
American Income |  | 13.26 |  | 13.29 |  | 12.50 |  | 12.89 |  |  |  |
Direct to Consumer |  | 12.44 |  | 11.27 |  | 11.73 |  | 10.93 |  |  |  |

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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following tables summarize the amount of gross premiums and interest related to long duration life and health contracts that are recognized in the Condensed Consolidated Statements of Operations for the three and nine month periods ended September 30, 2025 and 2024:

|  | Life
|  | Nine Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2024 |  |
|  | Gross Premiums |  | Required Interest Expense |  | Gross Premiums |  | Required Interest Expense |  |  |  |
American Income |  | $ | 1,333,578 |  |  | $ | 215,850 |  |  | $ | 1,264,474 |  |  | $ | 202,486 |  |  |  |  |
Direct to Consumer |  | 728,565 |  |  | 142,531 |  |  | 734,860 |  |  | 135,249 |  |  |  |  |
Liberty National |  | 288,920 |  |  | 93,372 |  |  | 273,746 |  |  | 91,890 |  |  |  |  |
Other |  | 150,017 |  |  | 143,689 |  |  | 152,065 |  |  | 138,724 |  |  |  |  |
Total |  | $ | 2,501,080 |  |  | $ | 595,442 |  |  | $ | 2,425,145 |  |  | $ | 568,349 |  |  |  |  |

|  | Life
|  | Three Months Ended September 30, 2025 |  | Three Months Ended September 30, 2024
|  | Gross Premiums |  | Interest Expense |  | Gross Premiums |  | Interest Expense
American Income |  | $ | 450,840 |  |  | $ | 72,734 |  |  | $ | 427,543 |  |  | $ | 68,558 |
Direct to Consumer |  | 242,123 |  |  | 48,005 |  |  | 243,625 |  |  | 45,708 |
Liberty National |  | 97,289 |  |  | 31,148 |  |  | 92,636 |  |  | 30,737 |
Other |  | 49,909 |  |  | 48,356 |  |  | 50,413 |  |  | 46,573 |
Total |  | $ | 840,161 |  |  | $ | 200,243 |  |  | $ | 814,217 |  |  | $ | 191,576 |

|  | Health
|  | Nine Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2024 |  |
|  | Gross Premiums |  | Required Interest Expense |  | Gross Premiums |  | Required Interest Expense |  |  |  |
United American |  | $ | 364,762 |  |  | $ | 2,567 |  |  | $ | 325,415 |  |  | $ | 4,449 |  |  |  |  |
Family Heritage |  | 346,850 |  |  | 58,331 |  |  | 317,065 |  |  | 53,357 |  |  |  |  |
Liberty National |  | 142,340 |  |  | 18,954 |  |  | 142,051 |  |  | 19,679 |  |  |  |  |
American Income |  | 89,394 |  |  | 5,536 |  |  | 88,017 |  |  | 5,010 |  |  |  |  |
Direct to Consumer |  | 12,671 |  |  | — |  |  | 11,196 |  |  | — |  |  |  |  |
Total |  | $ | 956,017 |  |  | $ | 85,388 |  |  | $ | 883,744 |  |  | $ | 82,495 |  |  |  |  |

|  | Health
|  | Three Months Ended September 30, 2025 |  | Three Months Ended September 30, 2024
|  | Gross Premiums |  | Interest Expense |  | Gross Premiums |  | Interest Expense
United American |  | $ | 125,340 |  |  | $ | 700 |  |  | $ | 110,565 |  |  | $ | 1,408 |
Family Heritage |  | 118,640 |  |  | 19,757 |  |  | 107,819 |  |  | 18,150 |
Liberty National |  | 47,119 |  |  | 6,264 |  |  | 47,099 |  |  | 6,524 |
American Income |  | 29,851 |  |  | 1,890 |  |  | 29,628 |  |  | 1,696 |
Direct to Consumer |  | 4,321 |  |  | — |  |  | 3,806 |  |  | — |
Total |  | $ | 325,271 |  |  | $ | 28,611 |  |  | $ | 298,917 |  |  | $ | 27,778 |

Gross premiums are included within life and health premium on the Condensed Consolidated Statements of Operations, while the related interest expense is included in life and health policyholder benefits.
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Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following tables provide the undiscounted and discounted expected future net premiums, expected future gross premiums, and expected future policy benefits, at both original and current discount rates, for life and health contracts as of September 30, 2025 and 2024:

|  | Life
|  | As of September 30, 2025 |  | As of September 30, 2024 |  |
|  | Not discounted |  | At original discount rates |  | At current discount rates |  | Not discounted |  | At original discount rates |  | At current discount rates |  |  |  |  |  |
American Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PV of expected future gross premiums |  | $ | 26,374,505 |  |  | $ | 14,878,294 |  |  | $ | 15,314,060 |  |  | $ | 25,300,910 |  |  | $ | 14,305,914 |  |  | $ | 15,028,140 |  |  |  |  |  |  |
PV of expected future net premiums |  | 8,272,473 |  |  | 4,666,862 |  |  | 4,773,483 |  |  | 8,185,825 |  |  | 4,632,427 |  |  | 4,836,994 |  |  |  |  |  |  |
PV of expected future policy benefits |  | 32,774,486 |  |  | 9,758,379 |  |  | 10,365,802 |  |  | 31,554,905 |  |  | 9,413,743 |  |  | 10,504,785 |  |  |  |  |  |  |
DTC |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PV of expected future gross premiums |  | $ | 17,362,014 |  |  | $ | 9,081,677 |  |  | $ | 9,507,072 |  |  | $ | 17,506,090 |  |  | $ | 9,144,676 |  |  | $ | 9,825,694 |  |  |  |  |  |  |
PV of expected future net premiums |  | 10,211,558 |  |  | 5,370,940 |  |  | 5,630,106 |  |  | 10,614,237 |  |  | 5,572,725 |  |  | 5,994,613 |  |  |  |  |  |  |
PV of expected future policy benefits |  | 25,655,289 |  |  | 8,622,092 |  |  | 9,317,397 |  |  | 25,907,169 |  |  | 8,679,305 |  |  | 9,762,022 |  |  |  |  |  |  |
Liberty National |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PV of expected future gross premiums |  | $ | 4,948,417 |  |  | $ | 2,880,523 |  |  | $ | 2,914,411 |  |  | $ | 4,797,146 |  |  | $ | 2,792,129 |  |  | $ | 2,886,943 |  |  |  |  |  |  |
PV of expected future net premiums |  | 1,753,665 |  |  | 993,057 |  |  | 1,019,068 |  |  | 1,855,536 |  |  | 1,049,598 |  |  | 1,104,096 |  |  |  |  |  |  |
PV of expected future policy benefits |  | 8,975,235 |  |  | 3,280,833 |  |  | 3,402,724 |  |  | 9,028,196 |  |  | 3,327,013 |  |  | 3,602,371 |  |  |  |  |  |  |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PV of expected future gross premiums |  | $ | 3,508,043 |  |  | $ | 1,799,893 |  |  | $ | 1,942,685 |  |  | $ | 3,657,885 |  |  | $ | 1,857,769 |  |  | $ | 2,063,274 |  |  |  |  |  |  |
PV of expected future net premiums |  | 847,850 |  |  | 413,526 |  |  | 433,467 |  |  | 894,843 |  |  | 435,054 |  |  | 470,567 |  |  |  |  |  |  |
PV of expected future policy benefits |  | 12,306,339 |  |  | 3,625,348 |  |  | 4,105,012 |  |  | 12,471,336 |  |  | 3,563,438 |  |  | 4,281,189 |  |  |  |  |  |  |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PV of expected future gross premiums |  | $ | 52,192,979 |  |  | $ | 28,640,387 |  |  | $ | 29,678,228 |  |  | $ | 51,262,031 |  |  | $ | 28,100,488 |  |  | $ | 29,804,051 |  |  |  |  |  |  |
PV of expected future net premiums |  | 21,085,546 |  |  | 11,444,385 |  |  | 11,856,124 |  |  | 21,550,441 |  |  | 11,689,804 |  |  | 12,406,270 |  |  |  |  |  |  |
PV of expected future policy benefits |  | 79,711,349 |  |  | 25,286,652 |  |  | 27,190,935 |  |  | 78,961,606 |  |  | 24,983,499 |  |  | 28,150,367 |  |  |  |  |  |  |

As of September 30, 2025, for the life segment using current discount rates, the Company anticipates $29.7 billion of expected future gross premiums and $11.9 billion of expected future net premiums. As of September 30, 2024, using current discount rates, the Company anticipated $29.8 billion of expected future gross premiums and $12.4 billion in expected future net premiums. The determination of the liability for future policy benefits on the balance sheet does not include the difference between the expected future gross premiums and the expected future net premiums of $17.8 billion and $17.4 billion, as of September 30, 2025 and 2024, respectively, and rather only includes the expected future net premiums.
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Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)

|  | Health
|  | As of September 30, 2025 |  | As of September 30, 2024 |  |
|  | Not discounted |  | At original discount rates |  | At current discount rates |  | Not discounted |  | At original discount rates |  | At current discount rates |  |  |  |  |  |
United American |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PV of expected future gross premiums |  | $ | 11,818,419 |  |  | $ | 7,092,508 |  |  | $ | 7,196,611 |  |  | $ | 9,068,701 |  |  | $ | 5,556,347 |  |  | $ | 5,742,668 |  |  |  |  |  |  |
PV of expected future net premiums |  | 8,133,104 |  |  | 4,874,405 |  |  | 4,946,982 |  |  | 6,229,763 |  |  | 3,812,026 |  |  | 3,942,244 |  |  |  |  |  |  |
PV of expected future policy benefits |  | 8,216,151 |  |  | 4,911,012 |  |  | 4,977,350 |  |  | 6,390,307 |  |  | 3,907,780 |  |  | 4,039,311 |  |  |  |  |  |  |
Family Heritage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PV of expected future gross premiums |  | $ | 7,399,117 |  |  | $ | 4,325,529 |  |  | $ | 4,188,178 |  |  | $ | 7,107,124 |  |  | $ | 4,155,037 |  |  | $ | 4,074,915 |  |  |  |  |  |  |
PV of expected future net premiums |  | 3,189,479 |  |  | 1,872,869 |  |  | 1,806,481 |  |  | 3,139,624 |  |  | 1,845,915 |  |  | 1,801,543 |  |  |  |  |  |  |
PV of expected future policy benefits |  | 7,398,497 |  |  | 3,791,679 |  |  | 3,561,492 |  |  | 7,043,880 |  |  | 3,659,856 |  |  | 3,515,035 |  |  |  |  |  |  |
Liberty National |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PV of expected future gross premiums |  | $ | 2,007,219 |  |  | $ | 1,278,863 |  |  | $ | 1,326,836 |  |  | $ | 2,037,319 |  |  | $ | 1,297,318 |  |  | $ | 1,370,521 |  |  |  |  |  |  |
PV of expected future net premiums |  | 491,892 |  |  | 331,565 |  |  | 337,897 |  |  | 495,616 |  |  | 335,578 |  |  | 347,107 |  |  |  |  |  |  |
PV of expected future policy benefits |  | 1,350,299 |  |  | 770,544 |  |  | 803,114 |  |  | 1,375,759 |  |  | 792,956 |  |  | 845,775 |  |  |  |  |  |  |
American Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PV of expected future gross premiums |  | $ | 1,994,296 |  |  | $ | 1,055,588 |  |  | $ | 1,104,323 |  |  | $ | 1,781,677 |  |  | $ | 999,161 |  |  | $ | 1,063,740 |  |  |  |  |  |  |
PV of expected future net premiums |  | 458,318 |  |  | 243,497 |  |  | 248,228 |  |  | 400,683 |  |  | 225,616 |  |  | 233,789 |  |  |  |  |  |  |
PV of expected future policy benefits |  | 813,952 |  |  | 376,767 |  |  | 393,757 |  |  | 710,352 |  |  | 349,161 |  |  | 373,544 |  |  |  |  |  |  |
Direct to Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PV of expected future gross premiums |  | $ | 365,728 |  |  | $ | 216,063 |  |  | $ | 224,492 |  |  | $ | 232,805 |  |  | $ | 147,193 |  |  | $ | 156,142 |  |  |  |  |  |  |
PV of expected future net premiums |  | 293,021 |  |  | 172,370 |  |  | 178,758 |  |  | 191,566 |  |  | 120,719 |  |  | 127,872 |  |  |  |  |  |  |
PV of expected future policy benefits |  | 268,352 |  |  | 162,830 |  |  | 168,701 |  |  | 187,260 |  |  | 117,586 |  |  | 124,457 |  |  |  |  |  |  |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PV of expected future gross premiums |  | $ | 23,584,779 |  |  | $ | 13,968,551 |  |  | $ | 14,040,440 |  |  | $ | 20,227,626 |  |  | $ | 12,155,056 |  |  | $ | 12,407,986 |  |  |  |  |  |  |
PV of expected future net premiums |  | 12,565,814 |  |  | 7,494,706 |  |  | 7,518,346 |  |  | 10,457,252 |  |  | 6,339,854 |  |  | 6,452,555 |  |  |  |  |  |  |
PV of expected future policy benefits |  | 18,047,251 |  |  | 10,012,832 |  |  | 9,904,414 |  |  | 15,707,558 |  |  | 8,827,339 |  |  | 8,898,122 |  |  |  |  |  |  |

As of September 30, 2025, for the health segment using current discount rates, the Company anticipates $14.0 billion of expected future gross premiums and $7.5 billion of expected future net premiums. As of September 30, 2024, using current discount rates, the Company anticipated $12.4 billion of expected future gross premiums and $6.5 billion in expected future net premiums. The determination of the liability for future policy benefits on the balance sheet does not include the difference between the expected future gross premiums and the expected future net premiums of $6.5 billion and $5.9 billion as of September 30, 2025 and 2024, respectively, and rather only includes the expected future net premiums.
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Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following table summarizes the balances of, and changes in, policyholders’ account balances as of September 30, 2025 and 2024:

|  | Policyholders' Account Balances
|  | 2025 |  | 2024 |  |
|  | Interest Sensitive Life |  | Deferred Annuity(1) |  | Other Policy-holders' Funds |  | Interest Sensitive Life |  | Deferred Annuity |  | Other Policy-holders' Funds |  |  |  |  |  |
Balance at January 1, |  | $ | 723,389 |  |  | $ | 656,573 |  |  | $ | 468,604 |  |  | $ | 732,948 |  |  | $ | 773,039 |  |  | $ | 236,958 |  |  |  |  |  |  |
Issuances |  | — |  |  | 535 |  |  | — |  |  | — |  |  | 495 |  |  | — |  |  |  |  |  |  |
Premiums and deposits received |  | 15,179 |  |  | 9,629 |  |  | 180,189 |  |  | 16,187 |  |  | 8,857 |  |  | 239,114 |  |  |  |  |  |  |
Policy charges |  | (8,833) |  |  | — |  |  | — |  |  | (9,253) |  |  | — |  |  | — |  |  |  |  |  |  |
Surrenders and withdrawals |  | (17,803) |  |  | (50,347) |  |  | (129,685) |  |  | (17,326) |  |  | (84,893) |  |  | (10,615) |  |  |  |  |  |  |
Benefit payments |  | (24,292) |  |  | (35,642) |  |  | — |  |  | (23,357) |  |  | (34,159) |  |  | — |  |  |  |  |  |  |
Interest credited |  | 20,582 |  |  | 15,653 |  |  | 16,736 |  |  | 20,890 |  |  | 17,990 |  |  | 15,210 |  |  |  |  |  |  |
Other |  | 5,790 |  |  | (895) |  |  | (13,711) |  |  | 5,768 |  |  | (480) |  |  | (11,379) |  |  |  |  |  |  |
Balance at September 30, |  | $ | 714,012 |  |  | $ | 595,506 |  |  | $ | 522,133 |  |  | $ | 725,857 |  |  | $ | 680,849 |  |  | $ | 469,288 |  |  |  |  |  |  |

(1) At September 30, 2025, $411 million has been reinsured with third-party reinsurers under existing reinsurance agreements.

|  | Policyholders' Account Balances
|  | 2025 |  | 2024 |  |
|  | Interest Sensitive Life |  | Deferred Annuity(1) |  | Other Policy-holders' Funds |  | Interest Sensitive Life |  | Deferred Annuity |  | Other Policy-holders' Funds |  |  |  |  |  |
Balance at July 1, |  | $ | 717,140 |  |  | $ | 615,897 |  |  | $ | 492,146 |  |  | $ | 728,097 |  |  | $ | 706,022 |  |  | $ | 400,625 |  |  |  |  |  |  |
Issuances |  | — |  |  | 188 |  |  | — |  |  | — |  |  | 137 |  |  | — |  |  |  |  |  |  |
Premiums and deposits received |  | 4,779 |  |  | 2,676 |  |  | 31,669 |  |  | 5,077 |  |  | 2,448 |  |  | 70,644 |  |  |  |  |  |  |
Policy charges |  | (2,955) |  |  | — |  |  | — |  |  | (3,081) |  |  | — |  |  | — |  |  |  |  |  |  |
Surrenders and withdrawals |  | (5,729) |  |  | (18,282) |  |  | (2,777) |  |  | (5,850) |  |  | (22,331) |  |  | (3,264) |  |  |  |  |  |  |
Benefit payments |  | (7,960) |  |  | (9,716) |  |  | — |  |  | (6,617) |  |  | (10,022) |  |  | — |  |  |  |  |  |  |
Interest credited |  | 6,824 |  |  | 5,092 |  |  | 5,833 |  |  | 6,922 |  |  | 5,777 |  |  | 6,106 |  |  |  |  |  |  |
Other |  | 1,913 |  |  | (349) |  |  | (4,738) |  |  | 1,309 |  |  | (1,182) |  |  | (4,823) |  |  |  |  |  |  |
Balance at September 30, |  | $ | 714,012 |  |  | $ | 595,506 |  |  | $ | 522,133 |  |  | $ | 725,857 |  |  | $ | 680,849 |  |  | $ | 469,288 |  |  |  |  |  |  |

Weighted-average credit rate |  | 3.87 | % |  | 3.41 | % |  | 4.68 | % |  | 3.86 | % |  | 3.37 | % |  | 5.73 | % |  |  |  |  |  |
Net amount at risk |  | $ | 1,584,392 |  |  | N/A |  | N/A |  | $ | 1,687,182 |  |  | N/A |  | N/A |  |  |  |  |  |
Cash surrender value |  | $ | 668,706 |  |  | $ | 595,506 |  |  | $ | 522,133 |  |  | $ | 678,556 |  |  | $ | 680,849 |  |  | $ | 469,288 |  |  |  |  |  |  |

(1) At September 30, 2025, $411 million has been reinsured with third-party reinsurers under existing reinsurance agreements.
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Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following tables present the policyholders' account balances by range of guaranteed minimum crediting rates and the related range of difference, if any, in basis points between rates being credited to policyholders and the respective guaranteed minimums as of September 30, 2025 and 2024:

|  | At September 30, 2025
Range of guaranteed minimum crediting rates |  | Interest Sensitive Life |  | Deferred Annuity(1) |  | Other Policyholders' Funds
At guaranteed minimum: |  |  |  |  |  |
Less than 3.00% |  | $ | — |  |  | $ | 2,181 |  |  | $ | 428,558 |
3.00%-3.99% |  | 29,433 |  |  | 419,069 |  |  | 3,100 |
4.00%-4.99% |  | 595,212 |  |  | 174,256 |  |  | 55,168 |
Greater than 5.00% |  | 89,367 |  |  | — |  |  | 35,307 |
Total |  | 714,012 |  |  | 595,506 |  |  | 522,133 |
1-50 basis points above: |  |  |  |  |  |
Less than 3.00% |  | — |  |  | — |  |  | — |
3.00%-3.99% |  | — |  |  | — |  |  | — |
4.00%-4.99% |  | — |  |  | — |  |  | — |
Greater than 5.00% |  | — |  |  | — |  |  | — |
Total |  | — |  |  | — |  |  | — |
51-150 basis points above: |  |  |  |  |  |
Less than 3.00% |  | — |  |  | — |  |  | — |
3.00%-3.99% |  | — |  |  | — |  |  | — |
4.00%-4.99% |  | — |  |  | — |  |  | — |
Greater than 5.00% |  | — |  |  | — |  |  | — |
Total |  | — |  |  | — |  |  | — |
Grand Total |  | $ | 714,012 |  |  | $ | 595,506 |  |  | $ | 522,133 |

(1) At September 30, 2025, $411 million has been reinsured with third-party reinsurers under existing reinsurance agreements.
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Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)

|  | At September 30, 2024
Range of guaranteed minimum crediting rates |  | Interest Sensitive Life |  | Deferred Annuity |  | Other Policyholders' Funds
At guaranteed minimum: |  |  |  |  |  |
Less than 3.00% |  | $ | — |  |  | $ | 1,866 |  |  | $ | 373,729 |
3.00%-3.99% |  | 29,170 |  |  | 494,585 |  |  | 3,046 |
4.00%-4.99% |  | 606,425 |  |  | 184,398 |  |  | 6,548 |
Greater than 5.00% |  | 90,262 |  |  | — |  |  | 36,541 |
Total |  | 725,857 |  |  | 680,849 |  |  | 419,864 |
1-50 basis points above: |  |  |  |  |  |
Less than 3.00% |  | — |  |  | — |  |  | — |
3.00%-3.99% |  | — |  |  | — |  |  | — |
4.00%-4.99% |  | — |  |  | — |  |  | 1,678 |
Greater than 5.00% |  | — |  |  | — |  |  | — |
Total |  | — |  |  | — |  |  | 1,678 |
51-150 basis points above: |  |  |  |  |  |
Less than 3.00% |  | — |  |  | — |  |  | — |
3.00%-3.99% |  | — |  |  | — |  |  | — |
4.00%-4.99% |  | — |  |  | — |  |  | 47,746 |
Greater than 5.00% |  | — |  |  | — |  |  | — |
Total |  | — |  |  | — |  |  | 47,746 |
Grand Total |  | $ | 725,857 |  |  | $ | 680,849 |  |  | $ | 469,288 |

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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Note 7—Deferred Acquisition Costs
The following tables roll forward the deferred policy acquisition costs for the three and nine month periods ended September 30, 2025 and 2024:

|  | Life
|  | American Income |  | DTC |  | Liberty National |  | Other |  | Total
Balance at January 1, 2024 |  | $ | 2,573,370 |  |  | $ | 1,737,117 |  |  | $ | 666,419 |  |  | $ | 294,869 |  |  | $ | 5,271,775 |
Capitalizations |  | 391,707 |  |  | 112,198 |  |  | 88,355 |  |  | 9,304 |  |  | 601,564 |
Amortization expense |  | (133,410) |  |  | (75,898) |  |  | (42,041) |  |  | (12,404) |  |  | (263,753) |
Foreign exchange adjustment |  | (1,857) |  |  | — |  |  | — |  |  | — |  |  | (1,857) |
Balance at September 30, 2024 |  | $ | 2,829,810 |  |  | $ | 1,773,417 |  |  | $ | 712,733 |  |  | $ | 291,769 |  |  | $ | 5,607,729 |
Balance at January 1, 2025 |  | $ | 2,900,229 |  |  | $ | 1,781,230 |  |  | $ | 728,790 |  |  | $ | 290,506 |  |  | $ | 5,700,755 |
Capitalizations |  | 405,232 |  |  | 108,408 |  |  | 90,524 |  |  | 9,319 |  |  | 613,483 |
Amortization expense |  | (152,732) |  |  | (77,604) |  |  | (46,071) |  |  | (9,010) |  |  | (285,417) |
Foreign exchange adjustment |  | 6,735 |  |  | — |  |  | — |  |  | — |  |  | 6,735 |
Balance at September 30, 2025 |  | $ | 3,159,464 |  |  | $ | 1,812,034 |  |  | $ | 773,243 |  |  | $ | 290,815 |  |  | $ | 6,035,556 |

|  | Life
|  | American Income |  | DTC |  | Liberty National |  | Other |  | Total
Balance at July 1, 2024 |  | $ | 2,740,138 |  |  | $ | 1,765,673 |  |  | $ | 696,905 |  |  | $ | 292,877 |  |  | $ | 5,495,593 |
Capitalizations |  | 131,851 |  |  | 33,222 |  |  | 30,255 |  |  | 3,024 |  |  | 198,352 |
Amortization expense |  | (46,033) |  |  | (25,478) |  |  | (14,427) |  |  | (4,132) |  |  | (90,070) |
Foreign exchange adjustment |  | 3,854 |  |  | — |  |  | — |  |  | — |  |  | 3,854 |
Balance at September 30, 2024 |  | $ | 2,829,810 |  |  | $ | 1,773,417 |  |  | $ | 712,733 |  |  | $ | 291,769 |  |  | $ | 5,607,729 |
Balance at July 1, 2025 |  | $ | 3,078,370 |  |  | $ | 1,803,138 |  |  | $ | 757,696 |  |  | $ | 291,844 |  |  | $ | 5,931,048 |
Capitalizations |  | 136,757 |  |  | 35,007 |  |  | 31,266 |  |  | 3,147 |  |  | 206,177 |
Amortization expense |  | (52,577) |  |  | (26,111) |  |  | (15,719) |  |  | (4,176) |  |  | (98,583) |
Foreign exchange adjustment |  | (3,086) |  |  | — |  |  | — |  |  | — |  |  | (3,086) |
Balance at September 30, 2025 |  | $ | 3,159,464 |  |  | $ | 1,812,034 |  |  | $ | 773,243 |  |  | $ | 290,815 |  |  | $ | 6,035,556 |

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

|  | Health
|  | United American |  | Family Heritage |  | Liberty National |  | American Income |  | DTC |  | Total
Balance at January 1, 2024 |  | $ | 73,489 |  |  | $ | 452,843 |  |  | $ | 139,941 |  |  | $ | 66,783 |  |  | $ | 1,679 |  |  | $ | 734,735 |
Capitalizations |  | 2,069 |  |  | 52,055 |  |  | 18,033 |  |  | 11,097 |  |  | 2 |  |  | 83,256 |
Amortization expense |  | (4,197) |  |  | (22,038) |  |  | (11,003) |  |  | (3,426) |  |  | (110) |  |  | (40,774) |
Foreign exchange adjustment |  | — |  |  | — |  |  | — |  |  | (55) |  |  | — |  |  | (55) |
Balance at September 30, 2024 |  | $ | 71,361 |  |  | $ | 482,860 |  |  | $ | 146,971 |  |  | $ | 74,399 |  |  | $ | 1,571 |  |  | $ | 777,162 |
Balance at January 1, 2025 |  | $ | 70,530 |  |  | $ | 496,119 |  |  | $ | 148,920 |  |  | $ | 76,319 |  |  | $ | 1,533 |  |  | $ | 793,421 |
Capitalizations |  | 2,230 |  |  | 58,565 |  |  | 15,474 |  |  | 10,968 |  |  | 1 |  |  | 87,238 |
Amortization expense |  | (4,144) |  |  | (24,581) |  |  | (11,764) |  |  | (3,902) |  |  | (106) |  |  | (44,497) |
Foreign exchange adjustment |  | — |  |  | — |  |  | — |  |  | 287 |  |  | — |  |  | 287 |
Balance at September 30, 2025 |  | $ | 68,616 |  |  | $ | 530,103 |  |  | $ | 152,630 |  |  | $ | 83,672 |  |  | $ | 1,428 |  |  | $ | 836,449 |

|  | Health
|  | United American |  | Family Heritage |  | Liberty National |  | American Income |  | DTC |  | Total
Balance at July 1, 2024 |  | $ | 71,975 |  |  | $ | 472,254 |  |  | $ | 145,097 |  |  | $ | 71,589 |  |  | $ | 1,608 |  |  | $ | 762,523 |
Capitalizations |  | 780 |  |  | 18,123 |  |  | 5,589 |  |  | 3,817 |  |  | — |  |  | 28,309 |
Amortization expense |  | (1,394) |  |  | (7,517) |  |  | (3,715) |  |  | (1,189) |  |  | (37) |  |  | (13,852) |
Foreign exchange adjustment |  | — |  |  | — |  |  | — |  |  | 182 |  |  | — |  |  | 182 |
Balance at September 30, 2024 |  | $ | 71,361 |  |  | $ | 482,860 |  |  | $ | 146,971 |  |  | $ | 74,399 |  |  | $ | 1,571 |  |  | $ | 777,162 |
Balance at July 1, 2025 |  | $ | 69,073 |  |  | $ | 518,183 |  |  | $ | 152,822 |  |  | $ | 81,545 |  |  | $ | 1,459 |  |  | $ | 823,082 |
Capitalizations |  | 878 |  |  | 20,461 |  |  | 3,753 |  |  | 3,565 |  |  | 1 |  |  | 28,658 |
Amortization expense |  | (1,335) |  |  | (8,541) |  |  | (3,945) |  |  | (1,284) |  |  | (32) |  |  | (15,137) |
Foreign exchange adjustment |  | — |  |  | — |  |  | — |  |  | (154) |  |  | — |  |  | (154) |
Balance at September 30, 2025 |  | $ | 68,616 |  |  | $ | 530,103 |  |  | $ | 152,630 |  |  | $ | 83,672 |  |  | $ | 1,428 |  |  | $ | 836,449 |

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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following table presents a reconciliation of deferred policy acquisition costs to the Condensed Consolidated Balance Sheets as of September 30, 2025 and 2024:

|  | September 30,
| 2025 |  | 2024 |  |
Life |  |  |  |  |  |
American Income |  | $ | 3,159,464 |  |  | $ | 2,829,810 |  |  |
Direct to Consumer |  | 1,812,034 |  |  | 1,773,417 |  |  |
Liberty National |  | 773,243 |  |  | 712,733 |  |  |
Other |  | 290,815 |  |  | 291,769 |  |  |
Total DAC—Life |  | 6,035,556 |  |  | 5,607,729 |  |  |
Health |  |  |  |  |  |
United American |  | 68,616 |  |  | 71,361 |  |  |
Family Heritage |  | 530,103 |  |  | 482,860 |  |  |
Liberty National |  | 152,630 |  |  | 146,971 |  |  |
American Income |  | 83,672 |  |  | 74,399 |  |  |
Direct to Consumer |  | 1,428 |  |  | 1,571 |  |  |
Total DAC—Health |  | 836,449 |  |  | 777,162 |  |  |
Annuity |  | 337 |  |  | 1,791 |  |  |
Tota l |  | $ | 6,872,342 |  |  | $ | 6,386,682 |  |  |

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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Note 8—Liability for Unpaid Claims
Activity in the liability for unpaid health claims is summarized as follows:

| September 30, 2025 |  | December 31, 2024
Balance at beginning of period | $ | 210,994 |  |  | $ | 194,809 |
Less reinsurance recoverables | (1,521) |  |  | (2,157) |
Net balance at beginning of period | 209,473 |  |  | 192,652 |
Incurred related to: |  |  |
Current year | 635,042 |  |  | 767,076 |
Prior years | 896 |  |  | (10,460) |
Total incurred | 635,938 |  |  | 756,616 |
Paid related to: |  |  |
Current year | 456,164 |  |  | 587,473 |
Prior years | 166,937 |  |  | 152,322 |
Total paid | 623,101 |  |  | 739,795 |
Net balance at end of period | 222,310 |  |  | 209,473 |
Plus reinsurance recoverables | 1,332 |  |  | 1,521 |
Balance at end of period | $ | 223,642 |  |  | $ | 210,994 |

Below is the reconciliation of the liability of "Policy claims and other benefits payable" in the Condensed Consolidated Balance Sheets.

| September 30, 2025 |  | December 31, 2024
Policy claims and other benefits payable: |  |  |
Life insurance | $ | 306,269 |  |  | $ | 321,838 |
Health insurance | 223,642 |  |  | 210,994 |
Total | $ | 529,911 |  |  | $ | 532,832 |

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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Note 9—Postretirement Benefits
Globe Life has qualified noncontributory defined benefit pension plans (Pension Plans) and contributory savings plans that cover substantially all employees. There is also a nonqualified noncontributory supplemental executive retirement plan (SERP) that covers a limited number of officers. The tables included herein will focus on the Pension Plans and SERP.
Pension Assets: The following table presents the assets of the Company's Pension Plans at September 30, 2025 and December 31, 2024.
Pension Assets by Component at September 30, 2025

| Fair Value Determined by: |  |  |  |
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Amount |  | % of Total
Exchange traded fund(4) | $ | 54,705 |  |  | $ | — |  |  | $ | — |  |  | $ | 54,705 |  |  | 8 |
Equity exchange traded fund(1) | 345,494 |  |  | — |  |  | — |  |  | 345,494 |  |  | 51 |
U.S. Government and Agency | — |  |  | 185,818 |  |  | — |  |  | 185,818 |  |  | 27 |
Other bonds | — |  |  | 3 |  |  | — |  |  | 3 |  |  | — |
Guaranteed annuity contract(2) | — |  |  | 46,245 |  |  | — |  |  | 46,245 |  |  | 7 |
Short-term investments | 3,322 |  |  | — |  |  | — |  |  | 3,322 |  |  | 1 |
Other | 341 |  |  | — |  |  | — |  |  | 341 |  |  | — |
| $ | 403,862 |  |  | $ | 232,066 |  |  | $ | — |  |  | 635,928 |  |  | 94 |
Other long-term investments(3) |  | 41,869 |  |  | 6 |
Total pension assets |  | $ | 677,797 |  |  | 100 |

(1)A fund including marketable securities that mirror the S&P 500 index.
(2)Representing a guaranteed annuity contract issued by Globe Life Inc.'s subsidiary, American Income Life Insurance Company, to fund the obligations of the American Income Life Insurance Company Collective Bargaining Agreement Employees Pension Plan.
(3)Includes non-redeemable investment funds that report the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value (NAV) per share, or its equivalent, as a practical expedient for fair value. As of September 30, 2025, the Globe Life Inc. Pension Plan owned less than 1% of two long-term investment funds.
(4)A fund including U.S. dollar-denominated investment-grade securities issued by industrial, utility, and financial companies with maturities greater than 10 years.
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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Pension Assets by Component at December 31, 2024

| Fair Value Determined by: |  |  |  |
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Amount |  | % of Total
Exchange traded fund(4) | $ | 35,483 |  |  | $ | — |  |  | $ | — |  |  | $ | 35,483 |  |  | 6 |
Equity exchange traded fund(1) | 322,846 |  |  | — |  |  | — |  |  | 322,846 |  |  | 53 |
U.S. Government and Agency | — |  |  | 179,418 |  |  | — |  |  | 179,418 |  |  | 29 |
Other bonds | — |  |  | 4 |  |  | — |  |  | 4 |  |  | — |
Guaranteed annuity contract(2) | — |  |  | 43,893 |  |  | — |  |  | 43,893 |  |  | 7 |
Short-term investments | 1,235 |  |  | — |  |  | — |  |  | 1,235 |  |  | — |
Other | 1,420 |  |  | — |  |  | — |  |  | 1,420 |  |  | — |
| $ | 360,984 |  |  | $ | 223,315 |  |  | $ | — |  |  | 584,299 |  |  | 95 |
Other long-term investments(3) |  | 30,546 |  |  | 5 |
Total pension assets |  | $ | 614,845 |  |  | 100 |

(1)A fund including marketable securities that mirror the S&P 500 index.
(2)Representing a guaranteed annuity contract issued by Globe Life Inc.'s subsidiary, American Income Life Insurance Company, to fund the obligations of the American Income Life Insurance Company Collective Bargaining Agreement Employees Pension Plan.
(3)Includes non-redeemable investment funds that report the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value (NAV) per share, or its equivalent, as a practical expedient for fair value. As of December 31, 2024, the Globe Life Inc. Pension Plan owned less than 1% of two long-term investment funds.
(4)A fund including U.S. dollar-denominated investment-grade securities issued by industrial, utility, and financial companies with maturities greater than 10 years.
SERP: The following tables include premiums paid for COLI at September 30, 2025 and 2024 and investments of the Rabbi Trust at September 30, 2025 and December 31, 2024.

| Nine Months Ended September 30,
| 2025 |  | 2024
Premiums paid for insurance coverage | $ | — |  |  | $ | 443 |
| September 30, 2025 |  | December 31, 2024
Total investments: |  |  |
COLI | $ | 58,505 |  |  | $ | 57,210 |
Exchange traded funds | 107,804 |  |  | 98,314 |
| $ | 166,309 |  |  | $ | 155,524 |

Pension Plans and SERP Liabilities: The following table presents liabilities for the defined benefit pension plans and SERP at September 30, 2025 and December 31, 2024.

| September 30, 2025 |  | December 31, 2024
Pension Plans | $ | 609,230 |  |  | $ | 561,615 |
SERP | 74,167 |  |  | 73,441 |
Benefit obligation | $ | 683,397 |  |  | $ | 635,056 |

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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Net Periodic Benefit Cost: The following table presents the net periodic benefit costs for the defined benefit pension plans and SERP by expense components for the three and nine month periods ended September 30, 2025 and 2024.
Components of Net Periodic Benefit Cost

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Service cost—benefits earned during the period | $ | 6,245 |  |  | $ | 6,224 |  |  | $ | 18,730 |  |  | $ | 18,673 |
Interest cost on projected benefit obligation | 9,024 |  |  | 8,287 |  |  | 27,073 |  |  | 24,862 |
Expected return on assets | (11,563) |  |  | (10,645) |  |  | (34,689) |  |  | (31,938) |
Amortization: |  |  |  |  |  |  |
Prior service cost | 292 |  |  | 265 |  |  | 876 |  |  | 803 |
Actuarial (gain) loss | — |  |  | 6 |  |  | — |  |  | 18 |
Net periodic benefit cost | $ | 3,998 |  |  | $ | 4,137 |  |  | $ | 11,990 |  |  | $ | 12,418 |

Note 10—Earnings Per Share
Earnings per Share: A reconciliation of basic and diluted weighted-average shares outstanding used in the computation of basic and diluted earnings per share is as follows:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Basic weighted average shares outstanding | 80,692,558 |  |  | 87,874,488 |  |  | 82,019,029 |  |  | 91,048,853 |
Weighted average dilutive options outstanding | 1,322,888 |  |  | 212,553 |  |  | 1,078,133 |  |  | 273,666 |
Diluted weighted average shares outstanding | 82,015,446 |  |  | 88,087,041 |  |  | 83,097,162 |  |  | 91,322,519 |
Antidilutive shares | — |  |  | 4,234,326 |  |  | 783,124 |  |  | 3,090,848 |

Antidilutive shares are excluded from the calculation of diluted earnings per share. All antidilutive shares noted above result from outstanding out-of-the-money employee and Director stock options.
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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Note 11—Debt
The following table presents information about the terms and outstanding balances of Globe Life's debt.
Selected Information about Debt Issues

|  |  |  |  |  |  | As of
|  |  |  |  |  |  | September 30, 2025 |  | December 31, 2024
Instrument | Issue Date |  | Maturity Date |  | Coupon Rate |  | Par Value |  | Unamortized Discount & Issuance Costs |  | Book Value |  | Fair Value |  | Book Value
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | — |
Senior notes | 09/27/2018 |  | 09/15/2028 |  | 4.550% |  | $ | 550,000 |  |  | $ | (2,439) |  |  | $ | 547,561 |  |  | $ | 554,846 |  |  | $ | 546,999 |
Senior notes | 08/21/2020 |  | 08/15/2030 |  | 2.150% |  | 400,000 |  |  | (2,514) |  |  | 397,486 |  |  | 359,436 |  |  | 397,132 |
Senior notes(1) | 05/19/2022 |  | 06/15/2032 |  | 4.800% |  | 250,000 |  |  | (3,413) |  |  | 246,587 |  |  | 251,192 |  |  | 246,272 |
Senior notes | 08/23/2024 |  | 09/15/2034 |  | 5.850% |  | 450,000 |  |  | (4,883) |  |  | 445,117 |  |  | 472,325 |  |  | 444,814 |
Junior subordinated debentures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Junior subordinated debentures | 11/17/2017 |  | 11/17/2057 |  | 5.275% |  | 125,000 |  |  | (1,543) |  |  | 123,457 |  |  | 100,389 |  |  | 123,443 |
Junior subordinated debentures | 06/14/2021 |  | 06/15/2061 |  | 4.250% |  | 325,000 |  |  | (7,549) |  |  | 317,451 |  |  | 215,800 |  |  | 317,387 |
Term loan(2) | 05/11/2023 |  | 08/15/2027 |  | 5.670% |  | 250,000 |  |  | (1,300) |  |  | 248,700 |  |  | 248,700 |  |  | 248,204 |
Subtotal |  | 2,350,000 |  |  | (23,641) |  |  | 2,326,359 |  |  | 2,202,688 |  |  | 2,324,251 |
Unamortized issuance costs(3) |  | — |  |  | (6,346) |  |  | (6,346) |  |  | (6,346) |  |  | — |
Total long-term debt |  | 2,350,000 |  |  | (29,987) |  |  | 2,320,013 |  |  | 2,196,342 |  |  | 2,324,251 |
Current maturity of long-term debt |  |  |  |  |  |  |  |  |  |
Term loan(2) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
FHLB borrowings |  | 65,000 |  |  | — |  |  | 65,000 |  |  | 65,000 |  |  | — |
Commercial paper |  | 331,000 |  |  | (1,651) |  |  | 329,349 |  |  | 329,349 |  |  | 415,401 |
Total short-term debt |  | 396,000 |  |  | (1,651) |  |  | 394,349 |  |  | 394,349 |  |  | 415,401 |
Total debt |  | $ | 2,746,000 |  |  | $ | (31,638) |  |  | $ | 2,714,362 |  |  | $ | 2,590,691 |  |  | $ | 2,739,652 |

(1)An additional $150 million par value and book value is held by insurance subsidiaries that eliminates in consolidation.
(2)Interest calculated quarterly using Secured Overnight Financing Rate (SOFR) plus 135 basis points.
(3)Unamortized issuance costs for P-CAPS facility agreement.
The commercial paper has the highest priority of all unsecured debt, followed by senior notes then junior subordinated debentures. The senior notes are callable under a make-whole provision, and the junior subordinated debentures are subject to an optional redemption five years from issuance. Interest on the 4.25% junior subordinated debentures and the term loan are payable quarterly while all other long-term debt is payable semi-annually.
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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Credit facility: Globe Life has in place a credit facility which provides for a $1 billion revolving credit facility that may be increased to $1.25 billion. The credit facility matures March 29, 2029 and may be extended up to two one-year periods upon the Company's request. Pursuant to this agreement, the participating lenders have agreed to make revolving loans to Globe Life and to issue secured or unsecured letters of credit. The Company has not drawn on any of the credit to date.
The facility is further designated as a back-up credit line for a commercial paper program under which the Company may either borrow from the credit line or issue commercial paper at any time, with total commercial paper outstanding not to exceed the facility maximum of $1 billion, less any letters of credit issued. Interest is charged at variable rates. In accordance with the agreement, Globe Life is subject to certain covenants regarding capitalization.
As of September 30, 2025, the Company was in full compliance with these covenants.
Pre-capitalized Trust Securities: On July 1, 2025, the Company entered into a 30-year Facility Agreement with a Delaware trust (the "Trust") following the completion of a private placement of Trust securities for $500 million of Pre-Capitalized Trust Securities (the "P-CAPS"), conducted pursuant to Rule 144A under the Securities Act. The Trust invested the proceeds from this offering in a portfolio of U.S. Treasury principal and interest strips ("Treasury securities"). P-CAPS provide the Company with a source of liquidity, the proceeds of which, if drawn, would be used for general corporate purposes.
Under the Facility Agreement, the Company has the right, on one or more occasions, to issue and sell up to $500 million of its 6.580% Senior Notes to the Trust in exchange for a corresponding amount of Treasury securities held by the Trust. In consideration for this right, the Company pays the Trust a semi-annual facility fee at a rate of 1.789% per annum on the unexercised portion of the facility. These fees are recorded in Interest Expense in the Condensed Consolidated Statements of Operations. The Company also reimburses the Trust for its administrative expenses. As of September 30, 2025, the Company had no senior note issuances under the Facility Agreement.
Commercial paper: The following tables present certain information about our commercial paper borrowings.
Credit Facility—Commercial Paper

| As of
| September 30, 2025 |  | December 31, 2024 |  | September 30, 2024
Balance of commercial paper at end of period (par value) | $ | 331,000 |  |  | $ | 419,000 |  |  | $ | 426,908 |
Annualized interest rate | 4.60 | % |  | 5.22 | % |  | 5.56 | %
Letters of credit outstanding | $ | 115,000 |  |  | $ | 115,000 |  |  | $ | 115,000 |
Remaining amount available under credit line | 554,000 |  |  | 466,000 |  |  | 458,092 |

Credit Facility—Commercial Paper Activity

| Nine Months Ended September 30,
| 2025 |  | 2024
Average balance of commercial paper outstanding during period (par value) | $ | 430,732 |  |  | $ | 375,851 |
Daily-weighted average interest rate (annualized) | 4.90 | % |  | 5.80 | %
Maximum daily amount outstanding during period (par value) | $ | 605,500 |  |  | $ | 633,425 |
Commercial paper issued during period (par value) | 1,678,250 |  |  | 1,482,556 |
Commercial paper matured during period (par value) | (1,766,250) |  |  | (1,374,648) |
Net commercial paper issued (matured) during period (par value) | (88,000) |  |  | 107,908 |

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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Federal Home Loan Bank: FHLB membership provides certain of our insurance subsidiaries with access to various low-cost collateralized borrowings and funding agreements. The membership requires ownership of FHLB common stock, as well as the purchase of activity-based common stock equal to approximately 4.1% of outstanding borrowings.
Globe Life owned $33.7 million in FHLB common stock as of September 30, 2025 and $34.5 million as of December 31, 2024. The FHLB stock is restricted from redemption or repurchases for the duration of the membership and recorded at cost (par) as required by applicable guidance. The FHLB stock is included in "Other long-term investments" in the Condensed Consolidated Balance Sheets. Borrowings with the FHLB are subject to the availability of pledged assets at the insurance subsidiaries of Globe Life. As of September 30, 2025, Globe Life's insurance subsidiaries' maximum borrowing capacity under the FHLB facility was approximately $648 million, net of outstanding funding agreements and short-term borrowings, on pledged assets with a fair value of $1.3 billion. As of September 30, 2025, $427 million in funding agreements were outstanding with the FHLB, compared to $372 million as of December 31, 2024. This amount is included in "Other policyholders' funds" in the Condensed Consolidated Balance Sheets. The Company had $65 million and $17 million in short-term borrowings from the FHLB as of September 30, 2025 and 2024, respectively.
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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Note 12—Business Segments
Globe Life is organized into three operating segments: life, health, and investments.
Globe Life's reportable insurance segments are based on the insurance product lines it markets and administers: life insurance and supplemental health insurance. There is also an investment segment that manages the investment portfolio and cash flow for the insurance segments. The Company's chief operating decision makers ("CODM"), our Co-CEOs, evaluate the overall performance of the operations of the Company in accordance with these segments.
During the fourth quarter of 2024 we entered into a coinsurance agreement to cede a majority of the annuity business to a third-party insurer. This impacted a significant portion of our annuities which had previously been classified as one of our reportable segments. The annuity segment has historically represented less than 1% of revenue and has not been core to the Company's business. We adjusted our segments from four down to three at December 31, 2024. All quarterly presentations of segment information related to prior year have been recast for the periods presented to reflect this change in segments.
Life insurance products marketed by Globe Life include traditional whole life and term life insurance. Health insurance products are generally guaranteed renewable and include Medicare Supplement, cancer, critical illness, accident, and other limited-benefit supplemental hospital and surgical products.
The Company adopted ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, in 2024 which added disclosure requirements to segment expenses, improving the financial reporting of the entity’s overall performance and assessment of future cash flows. The disclosures required more detailed information related to the entity’s reportable segments and the new disclosures are also required prospectively on a quarterly basis. The prior-year presentation has been recast to reflect the new disclosures in accordance with this adopted accounting standard.
The following tables present segment premium revenue by each of Globe Life's distribution channels.

|  | Premium Income by Distribution Channel
|  | Three Months Ended September 30, 2025
|  | Life |  | Health |  |  |  | Total
Distribution Channel |  | Amount |  | % of Total |  | Amount |  | % of Total |  |  |  |  |  | Amount |  | % of Total
American Income |  | $ | 451,214 |  |  | 53 |  |  | $ | 31,693 |  |  | 8 |  |  |  |  |  |  | $ | 482,907 |  |  | 39 |
Direct to Consumer |  | 244,828 |  |  | 29 |  |  | 19,186 |  |  | 5 |  |  |  |  |  |  | 264,014 |  |  | 21 |
Liberty National |  | 98,190 |  |  | 12 |  |  | 47,270 |  |  | 12 |  |  |  |  |  |  | 145,460 |  |  | 12 |
United American |  | 1,542 |  |  | — |  |  | 169,735 |  |  | 44 |  |  |  |  |  |  | 171,277 |  |  | 14 |
Family Heritage |  | 1,896 |  |  | — |  |  | 118,640 |  |  | 31 |  |  |  |  |  |  | 120,536 |  |  | 10 |
Other |  | 46,813 |  |  | 6 |  |  | — |  |  | — |  |  |  |  |  |  | 46,813 |  |  | 4 |
Total |  | $ | 844,483 |  |  | 100 |  |  | $ | 386,524 |  |  | 100 |  |  |  |  |  |  | $ | 1,231,007 |  |  | 100 |

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

|  | Premium Income by Distribution Channel
|  | Three Months Ended September 30, 2024
|  | Life |  | Health |  |  |  | Total
Distribution Channel |  | Amount |  | % of Total |  | Amount |  | % of Total |  |  |  |  |  | Amount |  | % of Total
American Income |  | $ | 427,839 |  |  | 52 |  |  | $ | 31,277 |  |  | 9 |  |  |  |  |  |  | $ | 459,116 |  |  | 39 |
Direct to Consumer |  | 246,425 |  |  | 30 |  |  | 18,072 |  |  | 5 |  |  |  |  |  |  | 264,497 |  |  | 23 |
Liberty National |  | 93,625 |  |  | 12 |  |  | 47,277 |  |  | 13 |  |  |  |  |  |  | 140,902 |  |  | 12 |
United American |  | 1,608 |  |  | — |  |  | 149,510 |  |  | 42 |  |  |  |  |  |  | 151,118 |  |  | 13 |
Family Heritage |  | 1,684 |  |  | — |  |  | 107,819 |  |  | 31 |  |  |  |  |  |  | 109,503 |  |  | 9 |
Other |  | 47,457 |  |  | 6 |  |  | — |  |  | — |  |  |  |  |  |  | 47,457 |  |  | 4 |
Total |  | $ | 818,638 |  |  | 100 |  |  | $ | 353,955 |  |  | 100 |  |  |  |  |  |  | $ | 1,172,593 |  |  | 100 |

|  | Nine Months Ended September 30, 2025
|  | Life |  | Health |  |  |  | Total
Distribution Channel |  | Amount |  | % of Total |  | Amount |  | % of Total |  |  |  |  |  | Amount |  | % of Total
American Income |  | $ | 1,334,591 |  |  | 53 |  |  | $ | 93,806 |  |  | 8 |  |  |  |  |  |  | $ | 1,428,397 |  |  | 39 |
Direct to Consumer |  | 736,651 |  |  | 29 |  |  | 57,374 |  |  | 5 |  |  |  |  |  |  | 794,025 |  |  | 22 |
Liberty National |  | 291,635 |  |  | 12 |  |  | 142,823 |  |  | 13 |  |  |  |  |  |  | 434,458 |  |  | 12 |
United American |  | 4,704 |  |  | — |  |  | 493,561 |  |  | 43 |  |  |  |  |  |  | 498,265 |  |  | 14 |
Family Heritage |  | 5,418 |  |  | — |  |  | 346,850 |  |  | 31 |  |  |  |  |  |  | 352,268 |  |  | 9 |
Other |  | 140,891 |  |  | 6 |  |  | — |  |  | — |  |  |  |  |  |  | 140,891 |  |  | 4 |
Total |  | $ | 2,513,890 |  |  | 100 |  |  | $ | 1,134,414 |  |  | 100 |  |  |  |  |  |  | $ | 3,648,304 |  |  | 100 |

|  | Nine Months Ended September 30, 2024
|  | Life |  | Health |  |  |  | Total
Distribution Channel |  | Amount |  | % of Total |  | Amount |  | % of Total |  |  |  |  |  | Amount |  | % of Total
American Income |  | $ | 1,265,417 |  |  | 52 |  |  | $ | 92,495 |  |  | 9 |  |  |  |  |  |  | $ | 1,357,912 |  |  | 39 |
Direct to Consumer |  | 743,304 |  |  | 31 |  |  | 54,070 |  |  | 5 |  |  |  |  |  |  | 797,374 |  |  | 23 |
Liberty National |  | 276,599 |  |  | 11 |  |  | 142,612 |  |  | 14 |  |  |  |  |  |  | 419,211 |  |  | 12 |
United American |  | 5,009 |  |  | — |  |  | 440,375 |  |  | 42 |  |  |  |  |  |  | 445,384 |  |  | 13 |
Family Heritage |  | 4,945 |  |  | — |  |  | 317,065 |  |  | 30 |  |  |  |  |  |  | 322,010 |  |  | 9 |
Other |  | 143,111 |  |  | 6 |  |  | — |  |  | — |  |  |  |  |  |  | 143,111 |  |  | 4 |
Total |  | $ | 2,438,385 |  |  | 100 |  |  | $ | 1,046,617 |  |  | 100 |  |  |  |  |  |  | $ | 3,485,002 |  |  | 100 |

Due to the nature of the life insurance industry, Globe Life has no individual or group that would be considered a major customer. Substantially all of Globe Life's business is conducted in the United States.
The measure of profitability established by the CODM for the insurance segments is underwriting margin before other income and administrative expenses, in accordance with the manner in which the segments are managed. It essentially represents gross profit margin on insurance products before insurance administrative expenses and consists primarily of premium less net policy benefits, acquisition expenses, and commissions. Required interest on policy liabilities is reflected as a component of the Investment segment (rather than as a component of underwriting margin in the insurance segment) in order to match this cost with the investment income earned on the assets supporting the policy liabilities.
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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The measure of profitability for the Investment segment is excess investment income, representing the net income earned on the investment portfolio in excess of policy requirements. Other than the required interest on the insurance segments, no other intersegment revenues or expenses are recognized. Expenses directly attributable to corporate operations are included in the “Corporate & Other” category. Stock-based compensation expense is considered a corporate expense by Globe Life management and is included in this category. All other unallocated revenues and expenses on a pretax basis, including insurance administrative expense and interest on debt, are also included in the “Corporate & Other” segment category.
Globe Life holds a sizable investment portfolio to support its insurance liabilities, the yield from which is used to offset policy benefit, acquisition, administrative, and tax expenses. This yield or investment income is taken into account when establishing premium rates and profitability expectations for its insurance products. From time to time, investments are sold or called, or experience a credit loss event, each of which are reflected by the Company as realized gain (loss)—investments. These gains or losses generally occur as a result of disposition due to issuer calls, compliance with Company investment policies, or other reasons often beyond management’s control. Unlike investment income, realized gains and losses are incidental to insurance operations, and only overall yields are considered when setting premium rates or insurance product profitability expectations. While these gains and losses are not relevant to segment profitability or core operating results, they can have a material positive or negative result on net income. For these reasons, management removes realized investment gains and losses when it views its segment operations.
Management also removes non-operating items unrelated to the Company's core insurance activities when evaluating those results. Therefore, these items are excluded in its presentation of segment results because accounting guidance requires that operating segment results be presented as management views its business. All of these items are included in “Other operating expense” in the Condensed Consolidated Statements of Operations for the appropriate year. See additional detail below in the tables.
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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following tables set forth a reconciliation of Globe Life's revenues and operations by segment to its major income statement line items. See Note 1—Significant Accounting Policies for additional information concerning reconciling items of segment profits to pretax income.

| Three Months Ended September 30, 2025
| Life |  | Health |  | Investment |  | Consolidated
Revenue: |  |  |  |  |  |  |
Premium | $ | 844,483 |  |  | $ | 386,524 |  |  | $ | — |  |  | $ | 1,231,007 |
Net investment income | — |  |  | — |  |  | 286,013 |  |  | 286,013 |
Segment revenue | 844,483 |  |  | 386,524 |  |  | 286,013 |  |  | 1,517,020 |
Realized gains (losses) |  | (4,987) |
Other income |  | 955 |
Total consolidated revenue |  | $ | 1,512,988 |
Expenses: |  |  |  |  |  |  |
Policy obligations(1) | 381,511 |  |  | 227,940 |  |  | 5,787 |  |  | 615,238 |
Required interest on reserves | (212,454) |  |  | (28,517) |  |  | 243,343 |  |  | 2,372 |
Amortization of acquisition costs | 98,583 |  |  | 15,137 |  |  | — |  |  | 113,720 |
Commissions | 42,924 |  |  | 42,699 |  |  | — |  |  | 85,623 |
Premium taxes | 16,928 |  |  | 7,281 |  |  | — |  |  | 24,209 |
Non-deferred acquisition costs | 35,383 |  |  | 13,610 |  |  | — |  |  | 48,993 |
Segment profit or (loss) | $ | 481,608 |  |  | $ | 108,374 |  |  | $ | 36,883 |  |  | 626,865 |
Insurance administrative expenses: |  |  |  |  |  |  |
Salaries |  | 34,265 |
Other employee costs |  | 10,056 |
Information technology costs |  | 21,795 |
Legal costs |  | 4,854 |
Other administrative costs |  | 18,797 |
Parent expense |  | 4,105 |
Stock-based compensation expense |  | 14,603 |
Interest expense |  | 36,134 |
Legal proceedings |  | 2,589 |
Other expenses |  | 498 |
Annuity |  | (1,965) |
Total expenses |  | 1,035,886 |
Income before income taxes per Condensed Consolidated Statements of Operations | $ | 477,102 |

(1)Policy obligations are based upon policyholder behavior and impacts related to lapses, mortality, and morbidity. For detailed information, including remeasurement gains and losses, see Note 6—Policy Liabilities.
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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)

| Three Months Ended September 30, 2024
| Life |  | Health |  | Investment |  | Consolidated
Revenue: |  |  |  |  |  |  |
Premium | $ | 818,638 |  |  | $ | 353,955 |  |  | $ | — |  |  | $ | 1,172,593 |
Net investment income | — |  |  | — |  |  | 284,964 |  |  | 284,964 |
Segment revenue | 818,638 |  |  | 353,955 |  |  | 284,964 |  |  | 1,457,557 |
Realized gains (losses) |  | (2,192) |
Other income |  | 42 |
Total consolidated revenue |  | 1,455,407 |
Expenses: |  |  |  |  |  |  |
Policy obligations(1) | 454,502 |  |  | 221,926 |  |  | 6,040 |  |  | 682,468 |
Required interest on reserves | (203,875) |  |  | (27,717) |  |  | 239,421 |  |  | 7,829 |
Amortization of acquisition costs | 90,070 |  |  | 13,852 |  |  | — |  |  | 103,922 |
Commissions | 40,092 |  |  | 36,963 |  |  | — |  |  | 77,055 |
Premium taxes | 16,968 |  |  | 9,131 |  |  | — |  |  | 26,099 |
Non-deferred acquisition costs | 33,698 |  |  | 12,837 |  |  | — |  |  | 46,535 |
Segment profit or (loss) | $ | 387,183 |  |  | $ | 86,963 |  |  | $ | 39,503 |  |  | 513,649 |
Insurance administrative expenses: |  |  |  |  |  |  |
Salaries |  | 33,377 |
Other employee costs |  | 10,455 |
Information technology costs |  | 20,155 |
Legal costs |  | 7,609 |
Other administrative costs |  | 16,869 |
Parent expense |  | 3,210 |
Stock-based compensation expense |  | 9,233 |
Interest expense |  | 31,388 |
Legal proceedings |  | 3,329 |
Other expenses |  | 637 |
Annuity |  | (1,721) |
Total expenses |  | 1,078,449 |
Income before income taxes per Condensed Consolidated Statements of Operations | $ | 376,958 |

(1)Policy obligations are based upon policyholder behavior and impacts related to lapses, mortality, and morbidity. For detailed information, including remeasurement gains and losses, see Note 6—Policy Liabilities.
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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)

| Nine Months Ended September 30, 2025
| Life |  | Health |  | Investment |  | Consolidated
Revenue: |  |  |  |  |  |  |
Premium | $ | 2,513,890 |  |  | $ | 1,134,414 |  |  | $ | — |  |  | $ | 3,648,304 |
Net investment income | — |  |  | — |  |  | 848,796 |  |  | 848,796 |
Segment revenue | 2,513,890 |  |  | 1,134,414 |  |  | 848,796 |  |  | 4,497,100 |
Realized gains (losses) |  | (23,476) |
Other income |  | 1,073 |
Total consolidated revenue |  | $ | 4,474,697 |
Expenses: |  |  |  |  |  |  |
Policy obligations(1) | 1,410,622 |  |  | 691,793 |  |  | 16,591 |  |  | 2,119,006 |
Required interest on reserves | (632,150) |  |  | (85,194) |  |  | 724,624 |  |  | 7,280 |
Amortization of acquisition costs | 285,417 |  |  | 44,497 |  |  | — |  |  | 329,914 |
Commissions | 130,848 |  |  | 127,551 |  |  | — |  |  | 258,399 |
Premium taxes | 51,621 |  |  | 22,423 |  |  | — |  |  | 74,044 |
Non-deferred acquisition costs | 108,586 |  |  | 42,192 |  |  | — |  |  | 150,778 |
Segment profit or (loss) | $ | 1,158,946 |  |  | $ | 291,152 |  |  | $ | 107,581 |  |  | 1,557,679 |
Insurance administrative expenses: |  |  |  |  |  |  |
Salaries |  | 102,630 |
Other employee costs |  | 29,764 |
Information technology costs |  | 62,286 |
Legal costs |  | 16,930 |
Other administrative costs |  | 51,753 |
Parent expense |  | 10,710 |
Stock-based compensation expense |  | 40,665 |
Interest expense |  | 106,011 |
Legal proceedings |  | 13,365 |
Other expenses |  | 498 |
Annuity |  | (5,818) |
Total expenses |  | 3,368,215 |
Income before income taxes per Condensed Consolidated Statement of Operations |  | $ | 1,106,482 |

(1)Policy obligations are based upon policyholder behavior and impacts related to lapses, mortality, and morbidity. For detailed information, including remeasurement gains and losses, see Note 6—Policy Liabilities.
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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)

| Nine Months Ended September 30, 2024
| Life |  | Health |  | Investment |  | Consolidated
Revenue: |  |  |  |  |  |  |
Premium | $ | 2,438,385 |  |  | $ | 1,046,617 |  |  | $ | — |  |  | $ | 3,485,002 |
Net investment income | — |  |  | — |  |  | 853,178 |  |  | 853,178 |
Segment revenue | 2,438,385 |  |  | 1,046,617 |  |  | 853,178 |  |  | 4,338,180 |
Realized gains (losses) |  | (26,580) |
Other income |  | 192 |
Total consolidated revenue |  | $ | 4,311,792 |
Expenses: |  |  |  |  |  |  |
Policy obligations(1) | 1,493,165 |  |  | 629,676 |  |  | 15,044 |  |  | $ | 2,137,885 |
Required interest on reserves | (605,397) |  |  | (82,300) |  |  | 712,055 |  |  | 24,358 |
Amortization of acquisition costs | 263,753 |  |  | 40,774 |  |  | — |  |  | 304,527 |
Commissions | 118,480 |  |  | 117,773 |  |  | — |  |  | 236,253 |
Premium taxes | 51,254 |  |  | 21,221 |  |  | — |  |  | 72,475 |
Non-deferred acquisition costs | 100,613 |  |  | 38,252 |  |  | — |  |  | 138,865 |
Segment profit or (loss) | $ | 1,016,517 |  |  | $ | 281,221 |  |  | $ | 126,079 |  |  | 1,423,817 |
Insurance administrative expenses: |  |  |  |  |  |  |
Salaries |  | 95,406 |
Other employee costs |  | 28,531 |
Information technology costs |  | 59,023 |
Legal costs |  | 19,771 |
Other administrative costs |  | 48,341 |
Parent expense |  | 9,166 |
Stock-based compensation expense |  | 28,590 |
Interest expense |  | 91,413 |
Legal proceedings |  | 5,764 |
Other expenses |  | 2,604 |
Annuity |  | (5,384) |
Total expenses |  | 3,297,588 |
Income before income taxes per Condensed Consolidated Statement of Operations |  | $ | 1,014,204 |

(1)Policy obligations are based upon policyholder behavior and impacts related to lapses, mortality, and morbidity. For detailed information, including remeasurement gains and losses, see Note 6—Policy Liabilities.
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Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Assets for each segment are reported based on a specific identification basis. The insurance segments’ assets contain DAC. The investment segment includes the investment portfolio, cash, and accrued investment income. Goodwill is assigned to the insurance segments at the time of purchase. All other assets are included in the annuity and other corporate category. The tables below reconcile segment assets to total assets as reported on the Condensed Consolidated Balance Sheets.
Assets by Segment

| September 30, 2025
| Life |  | Health |  | Investment |  | Consolidated
Cash and invested assets | $ | — |  |  | $ | — |  |  | $ | 20,629,430 |  |  | $ | 20,629,430 |
Accrued investment income | — |  |  | — |  |  | 284,888 |  |  | 284,888 |
Deferred acquisition costs | 6,035,556 |  |  | 836,449 |  |  | — |  |  | 6,872,005 |
Goodwill | 309,609 |  |  | 180,837 |  |  | — |  |  | 490,446 |
Total segment assets | $ | 6,345,165 |  |  | $ | 1,017,286 |  |  | $ | 20,914,318 |  |  | 28,276,769 |
Annuity and other corporate |  | 2,250,847 |
Total assets |  | $ | 30,527,616 |

| December 31, 2024
| Life |  | Health |  | Investment |  | Consolidated
Cash and invested assets | $ | — |  |  | $ | — |  |  | $ | 19,736,888 |  |  | $ | 19,736,888 |
Accrued investment income | — |  |  | — |  |  | 269,791 |  |  | 269,791 |
Deferred acquisition costs | 5,700,755 |  |  | 793,421 |  |  | — |  |  | 6,494,176 |
Goodwill | 309,609 |  |  | 180,837 |  |  | — |  |  | 490,446 |
Total segment assets | $ | 6,010,364 |  |  | $ | 974,258 |  |  | $ | 20,006,679 |  |  | 26,991,301 |
Annuity and other corporate |  | 2,084,880 |
Total assets |  | $ | 29,076,181 |

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CAUTIONARY STATEMENTS
We caution readers regarding certain forward-looking statements contained in the foregoing discussion and elsewhere in this document, and in any other statements made by, or on behalf of Globe Life whether or not in future filings with the Securities and Exchange Commission. Any statement that is not a historical fact, or that might otherwise be considered an opinion or projection concerning the Company or its business, whether express or implied, is meant as and should be considered a forward-looking statement. Such statements represent management's opinions concerning future operations, strategies, financial results or other developments. We specifically disclaim any obligation to update or revise any forward-looking statement because of new information, future developments, or otherwise.
Forward-looking statements are based upon estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond our control. If these estimates or assumptions prove to be incorrect, the actual results of Globe Life may differ materially from the forward-looking statements made on the basis of such estimates or assumptions. Whether or not actual results differ materially from forward-looking statements may depend on numerous foreseeable and unforeseeable events or developments, which may be national in scope, related to the insurance industry generally, or applicable to the Company specifically. Such events or developments could include, but are not necessarily limited to:
1.Economic and other conditions, including the impact of inflation, immigration, geopolitical events, escalating tariff and non-tariff trade measures imposed by the U.S. and other countries, a prolonged government shutdown, and other governmental actions which affect the U.S. economy and/or U.S. consumer confidence, leading to unexpected changes in lapse rates and/or sales of our policies, as well as levels of mortality, morbidity, and/or utilization of health care services that differ from Globe Life's assumptions;
2.Regulatory developments, including changes in accounting standards or governmental regulations (particularly those impacting taxes and changes to the Federal Medicare program that affect Medicare Supplement insurance sales, claims utilization or use);
3.Market trends in the senior-aged health care industry that provide alternatives to traditional Medicare (such as Health Maintenance Organizations and other managed care or private plans) and that affect the sales of traditional Medicare Supplement insurance;
4.Interest rate changes that affect product sales, financing costs, and/or investment yields;
5.General economic, industry sector or individual debt issuers’ financial conditions (including developments and volatility arising from geopolitical events, particularly in certain industries that may comprise part of our investment portfolio) that affect the current market value of securities we own, or that may impair an issuer’s ability to make principal and/or interest payments due on those securities;
6.Changes in the competitiveness of the Company's products and pricing;
7.Litigation or regulatory actions against the Company;
8.Levels of administrative and operational efficiencies that differ from our assumptions (including any reduction in efficiencies resulting from increased costs arising from the impact of higher than anticipated inflation);
9.The ability to obtain timely and appropriate premium rate increases for health insurance policies from our regulators;
10.The customer response to new products and marketing initiatives;
11.Reported amounts in the consolidated financial statements which are based on management estimates and judgments which may differ from the actual amounts ultimately realized;
12.Compromise by a malicious actor or other event that causes a loss of secure data from, or inaccessibility to, our computer and other information technology systems;
13.The Company's ability to attract and retain agents;
14.The severity, magnitude, and impact of natural or man-made catastrophic events, including but not limited to pandemics, tornadoes, hurricanes, earthquakes, war and terrorism, on our operations and personnel, commercial activity, level of claims, and demand for our products; and
15.Globe Life's ability to access the commercial paper and debt markets, particularly if such markets become unpredictable or unstable for a certain period.
Readers are also directed to consider other risks and uncertainties described in other documents on file with the Securities and Exchange Commission, including those described in the "Risk Factors" section of our most recent Annual Report on Form 10-K.
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GLOBE LIFE INC.
Management's Discussion & Analysis
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with Globe Life's Condensed Consolidated Financial Statements and Notes thereto appearing elsewhere in this report. The following management discussion will only include comparison to prior year.
"Globe Life" and the "Company" refer to Globe Life Inc. and its subsidiaries and affiliates.
Results of Operations

|  | How Globe Life Views Its Operations. Globe Life Inc. is the holding company for a group of insurance companies that market through exclusive, direct-to-consumer and independent distribution channels primarily individual life and supplemental health insurance to lower middle to middle-income households throughout the United States. We view our operations by segments, which are the insurance product lines of life and supplemental health, and the investment segment that supports the product lines.
|  | Insurance Product Line Segments. The insurance product line segments involve the marketing, underwriting, and administration of policies. Each product line is further subdivided by the various distribution channels that market the insurance policies. Each distribution channel operates in a niche market offering insurance products designed for that particular market. Whether analyzing profitability of a segment as a whole, or the individual distribution channels within the segment, the measure of profitability used by management is the underwriting margin, as seen below:
|  | Premium revenue (Policy obligations) (Policy acquisition costs and commissions) Underwriting margin
|  | Investment Segment. The investment segment involves the management of our capital resources, including investments and the management of liquidity. Our measure of profitability for the investment segment is excess investment income, as seen below:
|  | Net investment income (Required interest on policy liabilities) Excess investment income

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GLOBE LIFE INC.
Management's Discussion & Analysis
Globe Life serves the lower-middle to middle-income market. We believe this market is underserved, has significant growth potential, and provides us with a distinct competitive advantage. This advantage is protected due not only to our ability to efficiently reach this market through both exclusive and direct to consumer distribution channels, but also due to the amount of data and experience we possess, as we have been in this same market for over 60 years with essentially the same products. The basic protection life and health insurance products we offer are specifically designed to help provide financial security to consumers in this market.
Current Highlights.
•Net income as a return on equity (ROE) for the nine months ended September 30, 2025 was 21.9% and net operating income as an ROE, excluding accumulated other comprehensive income(1) was 16.6%.
•Total premium increased 5% over the same period in the prior year. Life premium increased 3% for the period from $2.4 billion in 2024 to $2.5 billion in 2025. Health premium increased 8% to $1.1 billion over the prior-year period of $1.0 billion.
•Total net sales increased 6% over the same period in the prior year from $622 million in 2024 to $661 million in 2025. The average producing agent count across all of the exclusive agencies increased 4% over the prior year.
•Book value per share increased 27% over the same period in the prior year from $54.65 to $69.52. Book value per share, excluding accumulated other comprehensive income(1), increased 12% over the prior year from $83.92 in 2024 to $93.63 in 2025.
•For the nine months ended September 30, 2025, the Company repurchased 4.2 million shares of Globe Life Inc. common stock at a total cost of $515 million for an average share price of $123.97.
The following graphs represent net income and net operating income for the nine month periods ended September 30, 2025 and 2024.
(1)As shown in the charts above, net operating income is primarily comprised of insurance underwriting margin plus excess investment income and annuity and other income, offset by operating expenses after tax and, as such, is considered a non-GAAP measure. It has been used consistently by Globe Life's management for many years to evaluate the operating performance of the Company. It differs from net income primarily because it excludes certain non-operating items such as realized gains and losses and certain significant and unusual items included in net income. Net income is the most directly comparable GAAP measure.
Net operating income as an ROE, excluding accumulated other comprehensive income ("AOCI"), is considered a non-GAAP measure. Management utilizes this measure to view the business without the effect of changes in AOCI, which are primarily attributable to fluctuation in interest rates. The impact of the adjustment to exclude AOCI is $(2.0) billion and $(2.5) billion for the nine months ended September 30, 2025 and 2024, respectively.
Book value per share, excluding AOCI, is also considered a non-GAAP measure. Management utilizes this measure to view the book value of the business without the effect of changes in AOCI, which are primarily attributable to fluctuation in interest rates. The impact of the adjustment to exclude AOCI is $(24.11) and $(29.27) for the nine months ended September 30, 2025 and 2024, respectively.
Refer to Analysis of Profitability by Segment for non-GAAP reconciliation to GAAP.
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GLOBE LIFE INC.
Management's Discussion & Analysis
Summary of Operations.
•Net income totaled $895 million during the nine months ended September 30, 2025, compared with $816 million in the same period in 2024.
•On a diluted per common share basis, net income per common share for the nine months ended September 30, 2025 increased 21% from $8.93 to $10.77.
•Net operating income was $925 million for the nine months ended September 30, 2025, compared with $843 million for the same period in 2024.
•On a diluted per common share basis, net operating income per common share for the nine months ended September 30, 2025 increased from $9.23 to $11.13, a 21% increase.
Net operating income is primarily comprised of insurance underwriting margin plus excess investment income and annuity and other income, offset by operating expenses, after tax and, as such, is considered a non-GAAP measure. Net income is the most directly comparable GAAP measure. We do not consider realized gains and losses to be a component of our core insurance operations or operating segments. Additionally, net income was affected by certain non-operating items. We do not view these items as components of core operating results because they are not indicative of past performance or future prospects of the insurance operations. We remove items such as these that relate to prior periods or are non-operating items when evaluating the results of current operations, and therefore exclude such items from our segment analysis for current periods.
During the third quarter of 2025, the Company performed its annual assumptions review and updated both its life and health assumptions of lapses, mortality, and morbidity resulting in a $134.3 million net remeasurement gain as compared to a $46.3 million net remeasurement gain in the year-ago quarter. Excluding the impact of assumption changes, the Company's results for actual variances from expected experience for both life and health produced a $24.0 million net remeasurement gain and a $14.7 million net remeasurement gain for the three months ended September 30, 2025 and 2024, respectively. During nine months ended September 30, 2025 and 2024, the Company's results for actual variances from expected experience for both life and health produced a $53.6 million net remeasurement gain and a $38.4 million net remeasurement gain, respectively.
As previously noted, a component of insurance underwriting margin is policy obligations, which includes for each reporting period the change in the liability for future policy benefits ("LFPB"). The LFPB is determined each reporting period based on the net level premium method. Net level premiums reflect a recomputed net premium ratio using actual experience since the issue date, and expected future experience based on future cash-flow assumptions See Note 6—Policy Liabilities for additional information.
Overall, the Company continues to see positive signs in its core operations, including sales and premium growth, and continues to achieve an operating ROE (excluding accumulated other comprehensive income) generally in the mid-teens.
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GLOBE LIFE INC.
Management's Discussion & Analysis
Globe Life's operations on a segment-by-segment basis are discussed in depth below. Net operating income has been used consistently by management for many years to evaluate the operating performance of the Company and is a measure commonly used in the life insurance industry. It differs from GAAP net income primarily because it excludes certain non-operating items such as realized gains and losses and other significant and unusual items included in net income. Management believes an analysis of net operating income is important in understanding the profitability and operating trends of the Company’s business. Net income is the most directly comparable GAAP measure.
Analysis of Profitability by Segment
(Dollar amounts in thousands)

| Nine Months Ended September 30,
| 2025 |  | 2024 |  | Change |  | %
Life insurance underwriting margin | $ | 1,158,946 |  |  | $ | 1,016,517 |  |  | $ | 142,429 |  |  | 14 |
Health insurance underwriting margin | 291,152 |  |  | 281,221 |  |  | 9,931 |  |  | 4 |
Excess investment income | 107,581 |  |  | 126,079 |  |  | (18,498) |  |  | (15) |
Segment profit or (loss) | 1,557,679 |  |  | 1,423,817 |  |  | 133,862 |  |  | 9 |
Annuity and other income | 6,891 |  |  | 5,576 |  |  | 1,315 |  |  | 24 |
Administrative expense | (263,363) |  |  | (251,072) |  |  | (12,291) |  |  | 5 |
Other corporate expense | (157,386) |  |  | (129,169) |  |  | (28,217) |  |  | 22 |
Pre-tax total | 1,143,821 |  |  | 1,049,152 |  |  | 94,669 |  |  | 9 |
Applicable taxes | (219,169) |  |  | (205,977) |  |  | (13,192) |  |  | 6 |
Net operating income | 924,652 |  |  | 843,175 |  |  | 81,477 |  |  | 10 |
Reconciling items, net of tax: |  |  |  |  |  |  |
Realized gains (losses) | (18,546) |  |  | (20,998) |  |  | 2,452 |  |  |
Other expenses | (393) |  |  | (2,057) |  |  | 1,664 |  |  |
Legal proceedings | (10,558) |  |  | (4,554) |  |  | (6,004) |  |  |
Net income | $ | 895,155 |  |  | $ | 815,566 |  |  | $ | 79,589 |  |  | 10 |

The life insurance segment is our primary segment and is the largest contributor to earnings in each period presented. The life insurance segment underwriting margin increased $142 million compared with the prior period, driven by premium growth in addition to remeasurement gains from the updating of assumptions, including updates to mortality, morbidity, and lapse assumptions. The updates to mortality were the most significant as life segment claims continued to improve adding credibility to the favorable trend. Excess investment income declined $18 million compared with the prior period, as assets grew slightly less than liabilities primarily due to the impact of reinsurance transactions, as well as higher dividend distributions from the insurance companies to the Parent. In addition, we had lower earned yields on commercial mortgage loans, limited partnerships and short term investments Th e health segment experienced favorable underwriting margin as a result of higher premiums.
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GLOBE LIFE INC.
Management's Discussion & Analysis
In 2025, the largest contributor of total underwriting margin was the life insurance segment and the primary distribution channel was the American Income Life Division (American Income). The following charts represent the breakdown of total underwriting margin by operating segment and distribution channel for the nine months ended September 30, 2025.
Total premium income rose 5% for the nine months ended September 30, 2025 to $3.6 billion. Total net sales increased 6% to $661 million, when compared with 2024. Total first-year collected premium (defined in the following section) increased 3% to $520 million for 2025, compared to $507 million in 2024.
Life insurance premium income increased 3% to $2.51 billion over the prior-year total of $2.44 billion. Life net sales increased by $454 million for the first nine months of 2025 as compared to the year ago period. First-year collected life premium increased 1% to $347 million. Life underwriting margin, as a percent of premium, increased to 46% for 2025 from 42% in 2024. Underwriting margin increased to $1.2 billion in 2025, compared to $1.0 billion in 2024.
Health insurance premium income increased 8% to $1.1 billion over the prior-year total of $1.0 billion. Health net sales rose 21% to $207 million for the first nine months of 2025. First-year collected health premium rose 5% to $173 million. Health underwriting margin, as a percent of premium, was 26% for 2025 down from 27% in 2024. Health underwriting margin increased to $291 million for the first nine months of 2025, compared to $281 million in 2024.
Excess investment income, the measure of profitability of our investment segment, declined 15% during the first nine months of 2025 to $108 million from $126 million in 2024. Excess investment income per common share, reflecting the impact of our share repurchase program, declined 7% to $1.29 from $1.38 when compared with the same period in 2024.
Insurance administrative expenses increased 5% primarily due to higher employee costs, which include salaries and other costs in addition to higher information technology expenses in 2025 when compared with the prior-year period. These expenses were 7.2% as a percent of premium for 2025 unchanged from 2024.
For the nine months ended September 30, 2025, the Company repurchased 4.2 million shares of Globe Life Inc. common stock at a total cost of $515 million for an average share price of $123.97.
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GLOBE LIFE INC.
Management's Discussion & Analysis
The discussions of our segments are presented in the manner we view our operations, as described in Note 12—Business Segments.
We use three measures as indicators of premium growth and sales over the near term: “annualized premium in force”, "net sales,” and “first-year collected premium.”
•Annualized premium in force is defined as the premium income that would be received over the following twelve months at any given date on all active policies if those policies remain in force throughout the 12-month period.
•Net sales is calculated as annualized premium issued, net of cancellations in the first 30 days after issue, except in the case of Direct to Consumer, where net sales is annualized premium issued at the time the first full premium is paid after any introductory offer period (typically one month) has expired. Management considers net sales to be a better indicator of the rate of premium growth than annualized premium issued since annualized premium issued is before cancellations, as cancellations do not contribute to premium income.
•First-year collected premium is defined as the premium collected during the reporting period for all policies in their first policy year. First-year collected premium takes lapses into account in the first year when lapses are more likely to occur, and thus is a useful indicator of how much new premium is expected to be added to premium income in the future. First-year collected premiums are lower than net sales over the prior 12 months because premiums are not collected on lapsed policies after the date of lapse.
Cancellations are not included in lapses.
See further discussion of the distribution channels below for Life and Health.
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GLOBE LIFE INC.
Management's Discussion & Analysis
LIFE INSURANCE
Life insurance is the Company's predominant segment. During 2025, life premium represented 69% of total premium and life underwriting margin represented 80% of the total underwriting margin. Additionally, investments supporting the reserves for life products produce the majority of income attributable to the investment segment.
The following table presents the summary of results of life insurance. Further discussion of the results by distribution channel is included below.
Life Insurance
Summary of Results
(Dollar amounts in thousands)

| Nine Months Ended September 30, |  | Change
| 2025 |  | 2024 |
| Amount |  | % of Premium |  | Amount |  | % of Premium |  | Amount |  | %
Premium and policy charges | $ | 2,513,890 |  |  | 100 |  |  | $ | 2,438,385 |  |  | 100 |  |  | $ | 75,505 |  |  | 3 |
Policy obligations | 1,410,622 |  |  | 56 |  |  | 1,493,165 |  |  | 61 |  |  | (82,543) |  |  | (6) |
Required interest on reserves | (632,150) |  |  | (25) |  |  | (605,397) |  |  | (25) |  |  | (26,753) |  |  | 4 |
Net policy obligations | 778,472 |  |  | 31 |  |  | 887,768 |  |  | 36 |  |  | (109,296) |  |  | (12) |
Amortization of acquisition costs | 285,417 |  |  | 12 |  |  | 263,753 |  |  | 11 |  |  | 21,664 |  |  | 8 |
Commission expense | 130,848 |  |  | 5 |  |  | 118,480 |  |  | 5 |  |  | 12,368 |  |  | 10 |
Premium taxes | 51,621 |  |  | 2 |  |  | 51,254 |  |  | 2 |  |  | 367 |  |  | 1 |
Non-deferred acquisition costs | 108,586 |  |  | 4 |  |  | 100,613 |  |  | 4 |  |  | 7,973 |  |  | 8 |
Total expense | 1,354,944 |  |  | 54 |  |  | 1,421,868 |  |  | 58 |  |  | (66,924) |  |  | (5) |
Insurance underwriting margin | $ | 1,158,946 |  |  | 46 |  |  | $ | 1,016,517 |  |  | 42 |  |  | $ | 142,429 |  |  | 14 |

Net policy obligations amounted to 31% of premium for the nine months ended September 30, 2025 compared to 36% in the year-ago period.
The table below summarizes life underwriting margin by distribution channel.
Life Insurance
Underwriting Margin by Distribution Channel
(Dollar amounts in thousands)

| Nine Months Ended September 30, |  |  |  |
| 2025 |  | 2024 |  | Change
| Amount |  | % of Premium |  | Amount |  | % of Premium |  | Amount |  | %
American Income | $ | 661,825 |  |  | 50 |  |  | $ | 600,976 |  |  | 47 |  |  | $ | 60,849 |  |  | 10 |
Direct to Consumer | 246,903 |  |  | 34 |  |  | 210,712 |  |  | 28 |  |  | 36,191 |  |  | 17 |
Liberty National | 135,508 |  |  | 46 |  |  | 106,486 |  |  | 38 |  |  | 29,022 |  |  | 27 |
Other(1) | 114,710 |  |  | 76 |  |  | 98,343 |  |  | 64 |  |  | 16,367 |  |  | 17 |
Total | $ | 1,158,946 |  |  | 46 |  |  | $ | 1,016,517 |  |  | 42 |  |  | $ | 142,429 |  |  | 14 |

(1) Includes a gain of $14 million related to the recapture of reinsurance for nine months ended September 30, 2025 as disclosed in Note 1 - Significant Accounting Policies.
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Globe Life Inc.
Management's Discussion & Analysis
The following table presents Globe Life's life insurance premium by distribution channel.
Life Insurance
Premium by Distribution Channel
(Dollar amounts in thousands)

| Nine Months Ended September 30, |  | Change
| 2025 |  | 2024 |
| Amount |  | % of Total |  | Amount |  | % of Total |  | Amount |  | %
American Income | $ | 1,334,591 |  |  | 53 |  |  | $ | 1,265,417 |  |  | 52 |  |  | $ | 69,174 |  |  | 5 |
Direct to Consumer | 736,651 |  |  | 29 |  |  | 743,304 |  |  | 31 |  |  | (6,653) |  |  | (1) |
Liberty National | 291,635 |  |  | 12 |  |  | 276,599 |  |  | 11 |  |  | 15,036 |  |  | 5 |
Other | 151,013 |  |  | 6 |  |  | 153,065 |  |  | 6 |  |  | (2,052) |  |  | (1) |
Total | $ | 2,513,890 |  |  | 100 |  |  | $ | 2,438,385 |  |  | 100 |  |  | $ | 75,505 |  |  | 3 |

Annualized life premium in force was $3.40 billion at September 30, 2025, an increase of 3% over $3.29 billion a year earlier.
An analysis of life net sales, an indicator of new business production, by distribution channel is presented below.
Life Insurance
Net Sales by Distribution Channel
(Dollar amounts in thousands)

| Nine Months Ended September 30, |  | Change
| 2025 |  | 2024 |
| Amount |  | % of Total |  | Amount |  | % of Total |  | Amount |  | %
American Income | $ | 291,302 |  |  | 64 |  |  | $ | 288,602 |  |  | 64 |  |  | $ | 2,700 |  |  | 1 |
Direct to Consumer | 83,447 |  |  | 18 |  |  | 83,251 |  |  | 18 |  |  | 196 |  |  | — |
Liberty National | 71,380 |  |  | 16 |  |  | 71,846 |  |  | 16 |  |  | (466) |  |  | (1) |
Other | 7,645 |  |  | 2 |  |  | 6,725 |  |  | 2 |  |  | 920 |  |  | 14 |
Total | $ | 453,774 |  |  | 100 |  |  | $ | 450,424 |  |  | 100 |  |  | $ | 3,350 |  |  | 1 |

First-year collected life premium by distribution channel is presented in the table below.
Life Insurance
First-Year Collected Premium by Distribution Channel
(Dollar amounts in thousands)

| Nine Months Ended September 30, |  | Change
| 2025 |  | 2024 |
| Amount |  | % of Total |  | Amount |  | % of Total |  | Amount |  | %
American Income | $ | 237,119 |  |  | 68 |  |  | $ | 227,817 |  |  | 67 |  |  | $ | 9,302 |  |  | 4 |
Direct to Consumer | 45,877 |  |  | 13 |  |  | 52,080 |  |  | 15 |  |  | (6,203) |  |  | (12) |
Liberty National | 57,969 |  |  | 17 |  |  | 56,043 |  |  | 16 |  |  | 1,926 |  |  | 3 |
Other | 5,925 |  |  | 2 |  |  | 5,850 |  |  | 2 |  |  | 75 |  |  | 1 |
Total | $ | 346,890 |  |  | 100 |  |  | $ | 341,790 |  |  | 100 |  |  | $ | 5,100 |  |  | 1 |

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Globe Life Inc.
Management's Discussion & Analysis
A discussion of life operations by distribution channel follows.
The American Income Life Division is an exclusive agency that markets to members of labor unions and other affinity groups and continues to diversify its lead sources, utilizing internally generated leads, third-party internet vendor leads and referrals to facilitate sustainable growth. This Division is Globe Life's largest contributor of life premium of any distribution channel at 53% of the Company's September 30, 2025 total life premium. For the nine months ended September 30, 2025, the average monthly life premium issued per policy was $59 as compared to $56 for the same period in the prior year. Net sales were $291 million for the nine months ended September 30, 2025, up from $289 million in the year-ago period. The underwriting margin, as a percent of premium, was 50% for the nine months ended September 30, 2025 and 47% for the same period in the prior year.
The average producing agent count increased 3% over the year-ago period. The increase in average producing agent count was driven by an increase in new agent recruiting along with continued improvement in new agent retention. Sales growth in this Division, as well as within our other exclusive agencies, is generally dependent on growth in the size of the agency force.
Below is the average producing agent count as of the indicated periods for the American Income Life Division. The average producing agent count is based on the actual count at the beginning and end of each week during the year.

| At September 30, |  | Change
| 2025 |  | 2024 |  | Amount |  | %
American Income | 11,994 |  |  | 11,680 |  |  | 314 |  |  | 3 |

American Income Life continues to focus on growing and strengthening the agency force, specifically through emphasis on agency middle-management growth and additional agency openings. In addition to offering financial incentives and training opportunities, the Division has made considerable investments in information technology, including a customer relationship management (CRM) tool for the agency force. This tool is designed to provide dashboards and drive productivity in lead distribution, conservation of business, and new agent recruiting. Additionally, this Division has invested in and successfully implemented technology that allows the agency force to engage in virtual recruiting, training, and sales activity. The agents have shifted to primarily a virtual experience with the customers and have generated a vast majority of sales through virtual presentations. We find this flexibility to be enticing for new recruits as well as a driver of retention in our agency force.
The Direct to Consumer Division (DTC) markets adult and juvenile life insurance through a variety of channels, including direct mail, insert media, and digital marketing. The different media channels support and complement one another in the Division's efforts to provide consumer outreach. All three channels work as part of an omnichannel approach. Sales from the internet and inbound phone calls continue to outpace the activity from direct mail. DTC's long-term growth has been fueled by consistent innovation and brand awareness. Additionally, the DTC Division provides valuable support to our agency business through brand impressions and inquiries that lead to sales in our exclusive agency channels. We have implemented new technology to enhance our underwriting process, this has improved the conversion of customer inquiries into sales. New initiatives are continuously introduced to help increase response rates, issue rates, and create a seamless customer experience. The juvenile insurance market is an important source of sales as well as a vehicle to reach the parents and grandparents of existing juvenile insureds, who are more likely to respond favorably to a direct to consumer solicitation for life coverage on themselves in comparison to the general adult population. Additionally, future offerings to parents and grandparents for adult and juvenile insurance are sources of lower acquisition-cost life insurance sales in the future.
DTC net sales were flat at $83 million for the nine months ended September 30, 2025, compared to the year-ago period. We have seen net sales trending up the last two quarters and noted a 13% increase for the three months ended September 30, 2025 compared to the prior year three months ended. We have been focused on improving profitability and improving underwriting margin in this division. DTC’s underwriting margin was $246.9 million and 34% as a percent of premium for the nine months ended September 30, 2025 compared to $210.7 million and 28% as a percent of premium for the same period in 2024. For the nine months ended September 30, 2025, the average monthly life premium issued for DTC adults was $17 as compared to $15 for the same period in the prior year.
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Globe Life Inc.
Management's Discussion & Analysis
The Liberty National Division is an exclusive agency that markets individual life insurance to middle-income household and worksite customers. Recent investments in new sales technologies as well as recent growth in agency middle management within the Division are expected to support increased sales. Underwriting margin rose 27% from the year ago period to $136 million and premium increased 5% to $292 million. The underwriting margin as a percent of premium increased for the nine months ended September 30, 2025, to 46% compared to 38% in year-ago period. For the nine months ended September 30, 2025, the average monthly life premium per policy issued rose slightly compared to the prior year to $44 from $43.
Below is the average producing agent count for the nine months ended September 30, 2025 and 2024 for the Liberty National Division. The average producing agent count is based on the actual count at the beginning and end of each week during the year.

| At September 30, |  | Change
| 2025 |  | 2024 |  | Amount |  | %
Liberty National | 3,806 |  |  | 3,638 |  |  | 168 |  |  | 5 |

The Liberty National Division's average producing agent count increased when compared with the prior-year comparable period. This Division continues to execute a long-term plan to grow through expansion from small-town markets in the Southeast to more densely populated areas with larger pools of potential agent recruits and customers. Expansion of this Division’s presence in larger geographic cities, with less penetrated areas will help create long-term sustainable agency growth. Additionally, the Division continues to help improve the ability of agents to develop new worksite business. A CRM platform and enhanced analytical capabilities have helped the agents develop additional worksite marketing opportunities and improve the productivity of agents selling in the individual life market. As the Division gains momentum in its sales and recruiting initiatives, advances in technology and use of the CRM platform, it anticipates continued growth in recruiting activity, average producing agent count, and net sales.
The Other agency distribution channels primarily include non-exclusive independent agencies selling primarily life insurance. The Other distribution channels contributed $151 million of life premium income, or 6% of Globe Life's total life premium income in the nine months ended September 30, 2025, and contributed 2% of net sales for the period.
HEALTH INSURANCE
Health insurance sold by the Company primarily includes Medicare Supplement insurance as well as retiree health insurance, accident coverage, and other limited-benefit supplemental health products such as cancer, critical illness, heart disease, accident, intensive care, and other health products.
Health premium accounted for 31% of our total premium in 2025, while the health underwriting margin accounted for 20% of total underwriting margin. Health underwriting margin increased to $291 million compared to $281 million in the prior year. While the Company continues to emphasize life insurance sales relative to health, due to life’s long-term profitability and its greater contribution to excess investment income, the health business provides a significant contribution to return on equity as it does not require a substantial amount of up-front capital.
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Globe Life Inc.
Management's Discussion & Analysis
The following table presents underwriting margin data for health insurance.
Health Insurance
Summary of Results
(Dollar amounts in thousands)

| Nine Months Ended September 30, |  | Change
| 2025 |  | 2024 |
| Amount |  | % of Premium |  | Amount |  | % of Premium |  | Amount |  | %
Premium | $ | 1,134,414 |  |  | 100 |  |  | $ | 1,046,617 |  |  | 100 |  |  | $ | 87,797 |  |  | 8 |
Policy obligations | 691,793 |  |  | 61 |  |  | 629,676 |  |  | 60 |  |  | 62,117 |  |  | 10 |
Required interest on reserves | (85,194) |  |  | (8) |  |  | (82,300) |  |  | (8) |  |  | (2,894) |  |  | 4 |
Net policy obligations | 606,599 |  |  | 53 |  |  | 547,376 |  |  | 52 |  |  | 59,223 |  |  | 11 |
Amortization of acquisition costs | 44,497 |  |  | 4 |  |  | 40,774 |  |  | 4 |  |  | 3,723 |  |  | 9 |
Commission expense | 127,551 |  |  | 11 |  |  | 117,773 |  |  | 11 |  |  | 9,778 |  |  | 8 |
Premium taxes | 22,423 |  |  | 2 |  |  | 21,221 |  |  | 2 |  |  | 1,202 |  |  | 6 |
Non-deferred acquisition costs | 42,192 |  |  | 4 |  |  | 38,252 |  |  | 4 |  |  | 3,940 |  |  | 10 |
Total expense | 843,262 |  |  | 74 |  |  | 765,396 |  |  | 73 |  |  | 77,866 |  |  | 10 |
Insurance underwriting margin | $ | 291,152 |  |  | 26 |  |  | $ | 281,221 |  |  | 27 |  |  | $ | 9,931 |  |  | 4 |

Net policy obligations amounted to 53% of premium for the nine months ended September 30, 2025 compared to 52% in the year ago period.
The table below summarizes health underwriting margin by distribution channel.
Health Insurance
Underwriting Margin by Distribution Channel
(Dollar amounts in thousands)

| Nine Months Ended September 30, |  |  |  |
| 2025 |  | 2024 |  | Change
| Amount |  | % of Premium |  | Amount |  | % of Premium |  | Amount |  | %
United American | $ | 30,117 |  |  | 6 |  |  | $ | 42,500 |  |  | 10 |  |  | $ | (12,383) |  |  | (29) |
Family Heritage | 130,785 |  |  | 38 |  |  | 106,481 |  |  | 34 |  |  | 24,304 |  |  | 23 |
Liberty National | 75,170 |  |  | 53 |  |  | 79,181 |  |  | 56 |  |  | (4,011) |  |  | (5) |
American Income | 53,553 |  |  | 57 |  |  | 49,124 |  |  | 53 |  |  | 4,429 |  |  | 9 |
Direct to Consumer | 1,527 |  |  | 3 |  |  | 3,935 |  |  | 7 |  |  | (2,408) |  |  | (61) |
Total | $ | 291,152 |  |  | 26 |  |  | $ | 281,221 |  |  | 27 |  |  | $ | 9,931 |  |  | 4 |

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Globe Life Inc.
Management's Discussion & Analysis
Globe Life markets supplemental health insurance products through a number of distribution channels. The following table is an analysis of our health premium by distribution channel.
Health Insurance
Premium by Distribution Channel
(Dollar amounts in thousands)

| Nine Months Ended September 30, |  | Increase (Decrease)
| 2025 |  | 2024 |
| Amount |  | % of Total |  | Amount |  | % of Total |  | Amount |  | %
United American | $ | 493,561 |  |  | 43 |  |  | $ | 440,375 |  |  | 42 |  |  | $ | 53,186 |  |  | 12 |
Family Heritage | 346,850 |  |  | 31 |  |  | 317,065 |  |  | 30 |  |  | 29,785 |  |  | 9 |
Liberty National | 142,823 |  |  | 13 |  |  | 142,612 |  |  | 14 |  |  | 211 |  |  | — |
American Income | 93,806 |  |  | 8 |  |  | 92,495 |  |  | 9 |  |  | 1,311 |  |  | 1 |
Direct to Consumer | 57,374 |  |  | 5 |  |  | 54,070 |  |  | 5 |  |  | 3,304 |  |  | 6 |
Total | $ | 1,134,414 |  |  | 100 |  |  | $ | 1,046,617 |  |  | 100 |  |  | $ | 87,797 |  |  | 8 |

Premiums related to limited-benefit supplemental health products comprise $632 million, or 56%, of the total health premiums for the nine months ended September 30, 2025, compared with $586 million, or 56%, in the same period in the prior year. Premium from Medicare Supplement products comprises the remaining $502 million, or 44%, for the nine months ended September 30, 2025, compared to $461 million, or 44%, in the same period in the prior year.
Annualized health premium in force was $1.58 billion at September 30, 2025, an increase of 8% over $1.45 billion a year earlier.
Presented below is a table of health net sales by distribution channel.
Health Insurance
Net Sales by Distribution Channel
(Dollar amounts in thousands)

| Nine Months Ended September 30, |  | Increase (Decrease)
| 2025 |  | 2024 |
| Amount |  | % of Total |  | Amount |  | % of Total |  | Amount |  | %
United American | $ | 77,666 |  |  | 37 |  |  | $ | 50,180 |  |  | 29 |  |  | $ | 27,486 |  |  | 55 |
Family Heritage | 89,440 |  |  | 43 |  |  | 78,862 |  |  | 46 |  |  | 10,578 |  |  | 13 |
Liberty National | 23,862 |  |  | 12 |  |  | 24,091 |  |  | 14 |  |  | (229) |  |  | (1) |
American Income | 14,242 |  |  | 7 |  |  | 15,952 |  |  | 9 |  |  | (1,710) |  |  | (11) |
Direct to Consumer | 2,176 |  |  | 1 |  |  | 2,306 |  |  | 2 |  |  | (130) |  |  | (6) |
Total | $ | 207,386 |  |  | 100 |  |  | $ | 171,391 |  |  | 100 |  |  | $ | 35,995 |  |  | 21 |

Health net sales related to limited-benefit supplemental health products comprise $155 million, or 75%, of the total health net sales for the nine months ended September 30, 2025, compared with $130 million, or 76%, in the same period in the prior year. Medicare Supplement sales make up the remaining $52 million, or 25%, for 2025 compared to $41 million, or 24%, in the same period in the prior year.
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Management's Discussion & Analysis
The following table presents health insurance first-year collected premium by distribution channel.
Health Insurance
First-Year Collected Premium by Distribution Channel
(Dollar amounts in thousands)

| Nine Months Ended September 30, |  | Increase (Decrease)
| 2025 |  | 2024 |
| Amount |  | % of Total |  | Amount |  | % of Total |  | Amount |  | %
United American | $ | 66,863 |  |  | 39 |  |  | $ | 66,944 |  |  | 40 |  |  | $ | (81) |  |  | — |
Family Heritage | 66,954 |  |  | 39 |  |  | 58,878 |  |  | 36 |  |  | 8,076 |  |  | 14 |
Liberty National | 20,900 |  |  | 12 |  |  | 21,272 |  |  | 13 |  |  | (372) |  |  | (2) |
American Income | 14,386 |  |  | 8 |  |  | 14,740 |  |  | 9 |  |  | (354) |  |  | (2) |
Direct to Consumer | 3,551 |  |  | 2 |  |  | 2,891 |  |  | 2 |  |  | 660 |  |  | 23 |
Total | $ | 172,654 |  |  | 100 |  |  | $ | 164,725 |  |  | 100 |  |  | $ | 7,929 |  |  | 5 |

First-year collected premium related to limited-benefit supplemental health products is $118.3 million, or 69%, of total first-year collected premium for the nine months ended September 30, 2025 compared with $118.6 million, or 72%, in the same period in the prior year. First-year collected premium from Medicare Supplement policies make up the remaining $54.4 million, or 31%, for the nine months ended September 30, 2025 compared to $46.1 million, or 28%, in the same period in the prior year.
A discussion of health operations by distribution channel follows.
The United American Division consists of non-exclusive independent agencies who may also sell for other companies. The United American Division was Globe Life's largest health agency in terms of health premium income, with net sales up 55% from the same period in the prior year.
This Division includes different units:
•UA General Agency, which primarily sells individual Medicare Supplement insurance through independent agents;
•Special Markets, which markets retiree health insurance to employer and union groups through brokers; and
•Globe Life Group Benefits, which offers group worksite supplemental health insurance through brokers.
The majority of the premium revenue comes from Medicare Supplement. Underwriting margin as a percent of premium for the Division was 6% for the nine months ended September 30, 2025 and 10% for the same period in 2024. The decline in underwriting margin as a percent of premium when compared to prior year is primarily attributable to increased claims utilization during the current year from Medicare Supplement. We adjust premium rates based upon an annual review of utilization and claim cost trends and submit revisions for approval to the insurance department regulators and the new premium rates generally become effective in the following year.
The Family Heritage Division is an exclusive agency that primarily markets individual limited-benefit supplemental health insurance to small- to medium-sized businesses. Most of its policies include a return of premium feature, where premium paid is returned less any claims paid to the policyholder at the end of a specified period stated within the insurance policy. Underwriting margin as a percent of premium was 38% for the nine months ended September 30, 2025 and 34% for the same period in the prior year.
The Division experienced a 13% rise in health net sales as compared with the same nine-month period a year ago, primarily due to increased agent count and increased agent productivity. The Division will continue to implement incentive and retention programs to further these increases in the number of producing agents.
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Management's Discussion & Analysis
Below is the average producing agent count at the end of the period for the Family Heritage Division. The average producing agent count is based on the actual count at the beginning and end of each week during the year. The average producing agent count increased 9% compared with the same period a year ago. Along with the Division's increased efforts to grow agent count, it is also focused on the further training and development of its agency middle management. While growth in net sales and earned premium is impacted by agent productivity, growth in the number of producing agents will be the primary driver of future growth in sales, similar to our other exclusive agencies.

| At September 30, |  | Change
| 2025 |  | 2024 |  | Amount |  | %
Family Heritage | 1,489 |  |  | 1,362 |  |  | 127 |  |  | 9 |

The Liberty National Division represented 13% of all Globe Life health premium income for the nine months ended September 30, 2025. The Liberty National Division markets limited-benefit supplemental health products, consisting primarily of cancer, critical illness, and accident insurance. Much of Liberty National's health business is generated through worksite marketing targeting small businesses. Health premium at the Liberty National Division was $142.8 million for the nine months ended September 30, 2025 up slightly from $142.6 million for the same period in 2024. Liberty National's first-year collected premium fell 2% to $20.9 million in the nine months ended September 30, 2025 compared with $21.3 million for the same period in 2024. Health net sales for the nine months ended September 30, 2025 fell 1% from the comparable period in 2024. For the nine months ended September 30, 2025, underwriting margin as a percent of premium was 53%, compared with 56% in the same period in the prior year primarily due to an increase in policy obligations in the current period.
While both the American Income Life Division and the Direct to Consumer Division sell life insurance, they also market health products. The American Income Life Division primarily markets accident plans. The Direct to Consumer Division primarily markets Medicare Supplement insurance to employer or union-sponsored groups. On a combined basis, these other channels accounted for 13% of health premium for the nine months ended September 30, 2025 and 14% for the same period in 2024.
INVESTMENTS
We manage our capital resources, including investments and cash flow, through the investment segment. Excess investment income represents the profit margin attributable to investment operations and is the measure that we use to evaluate the performance of the investment segment as described in Note 12—Business Segments. It is defined as net investment income less the required interest attributable to policy liabilities.
Management views excess investment income per diluted common share as an important and useful measure to evaluate the performance of the investment segment. It is defined as excess investment income divided by the total diluted weighted-average shares outstanding, representing the contribution by the investment segment to the consolidated earnings per share of the Company.
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Management's Discussion & Analysis
Excess Investment Income. The following table summarizes Globe Life's investment income, excess investment income, and excess investment income per diluted common share.
Analysis of Excess Investment Income
(Dollar amounts in thousands, except for per share data)

| Nine Months Ended September 30, |  | Change
| 2025 |  | 2024 |  | Amount |  | %
Net investment income | $ | 848,796 |  |  | $ | 853,178 |  |  | $ | (4,382) |  |  | (1) |
Interest on policy liabilities(1) | (741,215) |  |  | (727,099) |  |  | (14,116) |  |  | 2 |
Excess investment income | $ | 107,581 |  |  | $ | 126,079 |  |  | $ | (18,498) |  |  | (15) |
Excess investment income per diluted share | $ | 1.29 |  |  | $ | 1.38 |  |  | $ | (0.09) |  |  | (7) |
Mean invested assets (at amortized cost) | $ | 21,507,145 |  |  | $ | 21,359,702 |  |  | $ | 147,443 |  |  | 1 |
Average insurance policy liabilities | 17,807,273 |  |  | 17,501,496 |  |  | 305,777 |  |  | 2 |

(1)Interest on policy liabilities, at original rates, is a component of total policyholder benefits, a GAAP measure.
Excess investment income declined $18 million, or 15%, compared with the year-ago period. Excess investment income per diluted common share was $1.29 for the nine months ended September 30, 2025, a decrease of 7% from the prior-year period. Excess investment income per diluted common share generally increases or decreases at a different pace than excess investment income because the number of diluted shares outstanding generally decreases from year to year as a result of our share repurchase program.
Net investment income for the nine months ended September 30, 2025 was $849 million, or 1% less than the year-ago period. Mean invested assets increased 1% during the first nine months of 2025 over the same period last year. Net investment income declined in the current period due to low growth in invested assets as a result of the impact of reinsurance transactions as well as higher dividend distributions from the insurance companies to the Parent. In addition, the Company reported lower earned yields on short-term investments, commercial mortgage loans and limited partnerships compared to the prior year. The effective annual yield rate earned on the fixed maturity portfolio was 5.27% in the first nine months of 2025, compared to 5.26% a year earlier. In addition to fixed maturities, the Company has also invested in commercial mortgage loans and limited partnerships with debt-like characteristics that diversify risk and enhance risk-adjusted, capital-adjusted returns on the portfolio. The earned yield on the Company's commercial mortgage loans for the nine months ended September 30, 2025 was 6.11% compared with 8.47% in the prior year period. The lower earned yield on commercial mortgage loans is partly due to lower floating rates in addition to loans in non-accrual status. The earned yield on limited partnership investments for the nine months ended September 30, 2025 was 7.99% and 8.64% in the comparable prior-year period. See additional information in Note 4—Investments.
Globe Life's net investment income benefits from higher interest rates on new investments. While increasing interest rates have resulted in a net unrealized loss from our available-for-sale debt securities included in accumulated other comprehensive income (loss) as of September 30, 2025, we are not concerned because we do not generally intend to sell, nor is it likely that we will be required to sell, the fixed maturities prior to their anticipated recovery.
Required interest on insurance policy liabilities reduces excess investment income, as it is the amount of net investment income necessary to cover the interest-related growth on insurance policy liabilities. As such, it is reclassified from the insurance segment to the investment segment. As discussed in Note 12—Business Segments, management regards this as a more meaningful analysis of the investment and insurance segments. Required interest is based on the original discount rate assumptions for our insurance policies in force.
The vast majority of our life and health insurance policies are fixed interest rate protection policies, not investment products, and are accounted for under current GAAP accounting guidance for long-duration insurance products which mandates that interest rate assumptions for a particular block of business be “locked in” for the life of that block of business. Each calendar year, we set the original discount rate to be used to calculate the benefit reserve liability for all insurance policies issued that year. The liability reported on the balance sheet is updated in
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Management's Discussion & Analysis
subsequent periods using current discount rates as of the end of the relevant reporting period with a corresponding adjustment to other comprehensive income.
The discount rate used for policies issued in the current year has no impact on the in force policies issued in prior years, as the rates of all prior issue years are also locked in for purposes of recognizing income. As such, the overall original discount rate for the entire in force block of 5.5% is a weighted average of the discount rates being used from all issue years. Changes in the overall weighted-average discount rate over time are caused by changes in the mix of the reserves on the entire block of in force business. Business issued in the current year has little impact on the overall weighted-average original discount rate due to the size of our in force business.
In comparison to the year-ago period, required interest on insurance policy liabilities increased $14 million, or 2%, to $741 million, consistent with the 2% growth in average interest-bearing insurance policy liabilities.
Realized Gains and Losses. Our life and health insurance companies collect premium income from policyholders for the eventual payment of policyholder benefits, sometimes paid for many years or even decades in the future. Since benefits are expected to be paid in future periods, premium receipts in excess of current expenses are invested to provide for these obligations. For this reason, we hold a significant investment portfolio as a part of our core insurance operations. This portfolio consists primarily of high-quality fixed maturities containing an adequate yield to provide for the cost of carrying these long-term insurance product obligations. As a result, fixed maturities are generally held for long periods to support these obligations. Expected yields on these investments are taken into account when setting insurance premium rates and product profitability expectations.
Despite our intent to hold fixed maturity investments for a long period of time, investments are occasionally sold, exchanged, called, or experience a credit loss event, resulting in a realized gain or loss. Gains or losses are only secondary to our core insurance operations of providing insurance coverage to policyholders. The Company also has investments in certain limited partnerships, held under the fair value option, with fair value changes recognized in Realized gains (losses) in the Condensed Consolidated Statements of Operations.
Realized gains and losses can be significant in relation to the earnings from core insurance operations, and as a result, can have a material positive or negative impact on net income. The significant fluctuations caused by gains and losses can cause period-to-period trends of net income that are not indicative of historical core operating results or predictive of the future trends of core operations. Accordingly, they have no bearing on core insurance operations or segment results as we view operations. For these reasons, and in line with industry practice, we remove the effects of realized gains and losses when evaluating overall insurance operating results.
The following table summarizes our tax-effected realized gains (losses) by component.
Analysis of Realized Gains (Losses), Net of Tax
(Dollar amounts in thousands, except for per share data)

| Nine Months Ended September 30,
| 2025 |  | 2024
| Amount |  | Per Share |  | Amount |  | Per Share
Fixed maturities: |  |  |  |  |  |  |
Sales | $ | (9,670) |  |  | $ | (0.12) |  |  | $ | (7,693) |  |  | $ | (0.08) |
Matured or other redemptions(1) | (9,080) |  |  | (0.11) |  |  | 17 |  |  | — |
Provision for credit losses | (17) |  |  | — |  |  | (13) |  |  | — |
Fair value option—change in fair value | (116) |  |  | — |  |  | (17,994) |  |  | (0.20) |
Mortgages | (3,333) |  |  | (0.04) |  |  | (2,788) |  |  | (0.03) |
Other investments | (1,953) |  |  | (0.02) |  |  | 897 |  |  | 0.01 |
Total realized gains (losses)—investments | (24,169) |  |  | (0.29) |  |  | (27,574) |  |  | (0.30) |
Other gains (losses)(2) | 5,623 |  |  | 0.07 |  |  | 6,576 |  |  | 0.07 |
Total realized gains (losses) | $ | (18,546) |  |  | $ | (0.22) |  |  | $ | (20,998) |  |  | $ | (0.23) |

(1)During the nine months ended September 30, 2025 and 2024, the Company recorded $128.5 million and $82.2 million, respectively, of exchanges of fixed maturity securities (noncash transactions) that resulted in a realized losses of $(2.3) million and $0 net of tax, respectively.
(2)Other realized gains (losses) are primarily a result of changes in the fair value for assets held in rabbi trust.
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Management's Discussion & Analysis
Investment Acquisitions. Globe Life's investment policy calls for investing primarily in investment grade fixed maturities that meet our quality and yield objectives. We generally invest in securities with longer-term maturities because they more closely match the long-term nature of our life and health policy liabilities. We believe this strategy is appropriate since our expected future cash flows are generally stable and predictable and the likelihood that we will need to sell invested assets to raise cash is low.
The following table summarizes selected information for fixed maturity investments. The effective annual yield shown is based on the acquisition price and call features, if any, of the securities. For non-callable bonds, the yield is calculated to maturity date. For callable bonds acquired at a premium, the yield is calculated to the earliest known call date and call price after acquisition ("first call date"). For all other callable bonds, the yield is calculated to maturity date.
Fixed Maturity Acquisitions Selected Information
(Dollar amounts in thousands)

| Nine Months Ended September 30,
| 2025 |  | 2024
Cost of acquisitions: |  |  |
Investment-grade corporate securities | $ | 617,929 |  |  | $ | 967,372 |
Investment-grade municipal securities | 113,496 |  |  | 11,231 |
Other securities | 56,005 |  |  | 26,062 |
Total fixed maturity acquisitions(1) | $ | 787,430 |  |  | $ | 1,004,665 |
Effective annual yield (one year compounded)(2) | 6.39 | % |  | 5.96 | %
Average life (in years, to next call) | 30.8 |  |  | 29.9 |
Average life (in years, to maturity) | 35.1 |  |  | 32.7 |
Average rating | A |  | A-

(1)Fixed maturity acquisitions included unsettled trades of $15 million in 2025 and $4 million in 2024.
(2)Tax-equivalent basis, where the yield on tax-exempt securities is adjusted to produce a yield equivalent to the pretax yield on taxable securities.
For investments in callable bonds, the actual life of the investment will depend on whether the issuer calls the investment prior to the maturity date. Given our investments in callable bonds, the actual average life of our investments cannot be known at the time of the investment. Absent sales and "make-whole calls," however, the average life will not be less than the average life to next call and will not exceed the average life to maturity. Data for both of these average life measures is provided in the above chart.
Acquisitions in 2025 and 2024 consisted primarily of corporate and municipal bonds with securities spanning a diversified range of issuers, industry sectors, and geographical regions. In the first nine months of 2025, we invested primarily in the industrial, financial, and utility sectors. For the entire portfolio, the taxable equivalent effective yield earned was 5.27%, up approximately 1 basis point from the yield in the first nine months of 2024. The increase in taxable equivalent effective yield was primarily due to new purchases at yields exceeding the yield on dispositions and the average portfolio yield. For the remainder of 2025, the Company will continue to execute on its existing strategy by seeking to invest in assets that satisfy our quality and other objectives, while maximizing the highest risk-adjusted, capital-adjusted return.
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Management's Discussion & Analysis
In addition to the fixed maturity acquisitions, Globe Life invested in commercial mortgage loans and in other long-term investments. Other long-term investments primarily consist of investment funds. See Note—4 Investments for further discussion.
The following table summarizes Globe Life's other investment acquisitions of the following assets.
Other Investment Acquisitions
(Dollar amounts in thousands)

| Nine Months Ended September 30,
| 2025 |  | 2024 |  |
Limited partnerships | $ | 86,959 |  |  | $ | 226,448 |  |  |
Commercial mortgage loans | 118,722 |  |  | 134,667 |  |  |
Common stock | 2,596 |  |  | 17,788 |  |  |
Convertible notes | — |  |  | 2,850 |  |  |
Company-owned life insurance | — |  |  | 200,000 |  |  |
Total | $ | 208,277 |  |  | $ | 581,753 |  |  |

Since fixed maturities represent such a significant portion of our investment portfolio, 88% of total amortized cost net of allowance for credit losses at September 30, 2025, the remainder of the discussion of portfolio composition will focus on fixed maturities. Selected information concerning the fixed maturity portfolio is as follows:
Fixed Maturity Portfolio Selected Information

| At
| September 30, 2025 |  | December 31, 2024 |  | September 30, 2024
Average annual effective yield(1) | 5.28% |  | 5.25% |  | 5.24%
Average life, in years, to: |  |  |  |  |
Next call(2) | 15.3 |  | 15.1 |  | 14.9
Maturity(2) | 19.5 |  | 19.3 |  | 19.0
Effective duration to: |  |  |  |  |
Next call(2,3) | 8.8 |  | 8.8 |  | 9.1
Maturity(2,3) | 10.6 |  | 10.6 |  | 10.9

(1)Tax-equivalent basis. The yield on tax-exempt securities is adjusted to produce a yield equivalent to the pretax yield on taxable securities.
(2)Globe Life calculates the average life and duration of the fixed maturity portfolio two ways:
(a) based on the next call date which is the next call date for callable bonds and the maturity date for non-callable bonds; and
(b) based on the maturity date of all bonds, whether callable or not.
(3)Effective duration is a measure of the price sensitivity of a fixed-income security to a 1% change in interest rates.
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Management's Discussion & Analysis
Credit Risk Sensitivity. The following tables summarize certain information about the major corporate sectors and security types held in our fixed maturity portfolio at September 30, 2025 and December 31, 2024.
Fixed Maturities by Sector
September 30, 2025
(Dollar amounts in thousands)

| Below Investment Grade |  | Total Fixed Maturities |  | % of Total Fixed Maturities
| Amortized Cost, net | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value |  | Amortized Cost, net | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value |  | At Amortized Cost, net | At Fair Value
Corporates: |  |  |  |  |  |  |  |  |  |  |  |
Financial |  |  |  |  |  |  |  |  |  |  |  |
Insurance - life, health, P&C | $ | 7,989 |  | $ | 116 |  | $ | — |  | $ | 8,105 |  |  | $ | 2,905,046 |  | $ | 88,349 |  | $ | (161,472) |  | $ | 2,831,923 |  |  | 15 |  | 16 |
Banks | 60,306 |  | 565 |  | (3,066) |  | 57,805 |  |  | 933,166 |  | 32,968 |  | (36,508) |  | 929,626 |  |  | 5 |  | 5 |
Other financial | 74,974 |  | — |  | (12,412) |  | 62,562 |  |  | 1,180,392 |  | 25,546 |  | (120,880) |  | 1,085,058 |  |  | 6 |  | 6 |
Total financial | 143,269 |  | 681 |  | (15,478) |  | 128,472 |  |  | 5,018,604 |  | 146,863 |  | (318,860) |  | 4,846,607 |  |  | 26 |  | 27 |
Industrial |  |  |  |  |  |  |  |  |  |  |  |
Energy | 44,521 |  | 22 |  | (3,224) |  | 41,319 |  |  | 1,319,445 |  | 52,817 |  | (58,254) |  | 1,314,008 |  |  | 7 |  | 7 |
Basic materials | — |  | — |  | — |  | — |  |  | 1,136,724 |  | 34,181 |  | (76,247) |  | 1,094,658 |  |  | 6 |  | 6 |
Consumer, non-cyclical | — |  | — |  | — |  | — |  |  | 2,156,862 |  | 26,117 |  | (191,371) |  | 1,991,608 |  |  | 12 |  | 11 |
Other industrials | 25,000 |  | — |  | (4,595) |  | 20,405 |  |  | 1,100,678 |  | 30,405 |  | (74,613) |  | 1,056,470 |  |  | 6 |  | 6 |
Communications | 2,722 |  | 293 |  | — |  | 3,015 |  |  | 801,936 |  | 20,071 |  | (70,652) |  | 751,355 |  |  | 4 |  | 4 |
Transportation | — |  | — |  | — |  | — |  |  | 615,839 |  | 18,112 |  | (29,520) |  | 604,431 |  |  | 3 |  | 4 |
Consumer, cyclical | 106,455 |  | 114 |  | (17,671) |  | 88,898 |  |  | 411,222 |  | 6,510 |  | (43,606) |  | 374,126 |  |  | 2 |  | 2 |
Technology | 50,272 |  | 3,326 |  | — |  | 53,598 |  |  | 342,053 |  | 4,958 |  | (57,572) |  | 289,439 |  |  | 2 |  | 2 |
Total industrial | 228,970 |  | 3,755 |  | (25,490) |  | 207,235 |  |  | 7,884,759 |  | 193,171 |  | (601,835) |  | 7,476,095 |  |  | 42 |  | 42 |
Utilities | 58,197 |  | 32 |  | (4,891) |  | 53,338 |  |  | 2,100,517 |  | 78,904 |  | (87,347) |  | 2,092,074 |  |  | 11 |  | 12 |
Total corporates | 430,436 |  | 4,468 |  | (45,859) |  | 389,045 |  |  | 15,003,880 |  | 418,938 |  | (1,008,042) |  | 14,414,776 |  |  | 79 |  | 81 |
States, municipalities, and political divisions: |  |  |  |  |  |  |  |  |  |  |  |
General obligations | — |  | — |  | — |  | — |  |  | 914,956 |  | 5,436 |  | (188,757) |  | 731,635 |  |  | 5 |  | 4 |
Revenues | — |  | — |  | — |  | — |  |  | 2,475,168 |  | 23,323 |  | (356,972) |  | 2,141,519 |  |  | 13 |  | 12 |
Total states, municipalities, and political divisions | — |  | — |  | — |  | — |  |  | 3,390,124 |  | 28,759 |  | (545,729) |  | 2,873,154 |  |  | 18 |  | 16 |
Other fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |
Government (U.S. and foreign) | — |  | — |  | — |  | — |  |  | 453,722 |  | 438 |  | (34,982) |  | 419,178 |  |  | 2 |  | 2 |
Collateralized debt obligations | — |  | — |  | — |  | — |  |  | — |  | — |  | — |  | — |  |  | — |  | — |
Other asset-backed securities | 24,787 |  | 120 |  | — |  | 24,907 |  |  | 90,216 |  | 383 |  | (953) |  | 89,646 |  |  | 1 |  | 1 |
Total fixed maturities | $ | 455,223 |  | $ | 4,588 |  | $ | (45,859) |  | $ | 413,952 |  |  | $ | 18,937,942 |  | $ | 448,518 |  | $ | (1,589,706) |  | $ | 17,796,754 |  |  | 100 | 100

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Management's Discussion & Analysis
Fixed Maturities by Sector
December 31, 2024
(Dollar amounts in thousands)

| Below Investment Grade |  | Total Fixed Maturities |  | % of Total Fixed Maturities
| Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value |  | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value |  | At Amortized Cost, net | At Fair Value
Corporates: |  |  |  |  |  |  |  |  |  |  |  |
Financial |  |  |  |  |  |  |  |  |  |  |  |
Insurance - life, health, P&C | $ | 38,584 |  | $ | 32 |  | $ | (7,801) |  | $ | 30,815 |  |  | $ | 2,817,161 |  | $ | 49,928 |  | $ | (206,943) |  | $ | 2,660,146 |  |  | 15 |  | 15 |
Banks | 65,718 |  | 254 |  | (3,506) |  | 62,466 |  |  | 1,026,367 |  | 17,023 |  | (59,795) |  | 983,595 |  |  | 6 |  | 6 |
Other financial | 74,973 |  | — |  | (14,917) |  | 60,056 |  |  | 1,162,847 |  | 15,647 |  | (146,305) |  | 1,032,189 |  |  | 6 |  | 6 |
Total financial | 179,275 |  | 286 |  | (26,224) |  | 153,337 |  |  | 5,006,375 |  | 82,598 |  | (413,043) |  | 4,675,930 |  |  | 27 |  | 27 |
Industrial |  |  |  |  |  |  |  |  |  |  |  |
Energy | 44,580 |  | — |  | (5,410) |  | 39,170 |  |  | 1,318,501 |  | 33,825 |  | (77,700) |  | 1,274,626 |  |  | 7 |  | 7 |
Basic materials | — |  | — |  | — |  | — |  |  | 1,147,932 |  | 20,121 |  | (91,699) |  | 1,076,354 |  |  | 6 |  | 6 |
Consumer, non-cyclical | 640 |  | — |  | (3) |  | 637 |  |  | 2,087,181 |  | 11,222 |  | (255,241) |  | 1,843,162 |  |  | 11 |  | 11 |
Other industrials | 25,000 |  | — |  | (4,796) |  | 20,204 |  |  | 1,089,118 |  | 14,847 |  | (108,283) |  | 995,682 |  |  | 6 |  | 6 |
Communications | — |  | — |  | — |  | — |  |  | 832,355 |  | 12,085 |  | (90,817) |  | 753,623 |  |  | 4 |  | 4 |
Transportation | — |  | — |  | — |  | — |  |  | 572,829 |  | 9,800 |  | (38,953) |  | 543,676 |  |  | 3 |  | 3 |
Consumer, cyclical | 128,674 |  | 331 |  | (28,378) |  | 100,627 |  |  | 492,653 |  | 3,113 |  | (75,592) |  | 420,174 |  |  | 3 |  | 3 |
Technology | 50,278 |  | — |  | (2,419) |  | 47,859 |  |  | 341,407 |  | 597 |  | (67,045) |  | 274,959 |  |  | 2 |  | 2 |
Total industrial | 249,172 |  | 331 |  | (41,006) |  | 208,497 |  |  | 7,881,976 |  | 105,610 |  | (805,330) |  | 7,182,256 |  |  | 42 |  | 42 |
Utilities | 58,996 |  | 22 |  | (6,797) |  | 52,221 |  |  | 2,081,366 |  | 39,716 |  | (118,007) |  | 2,003,075 |  |  | 11 |  | 12 |
Total corporates | 487,443 |  | 639 |  | (74,027) |  | 414,055 |  |  | 14,969,717 |  | 227,924 |  | (1,336,380) |  | 13,861,261 |  |  | 80 |  | 81 |
States, municipalities, and political divisions: |  |  |  |  |  |  |  |  |  |  |  |
General obligations | — |  | — |  | — |  | — |  |  | 909,765 |  | 3,695 |  | (177,021) |  | 736,439 |  |  | 5 |  | 4 |
Revenues | — |  | — |  | — |  | — |  |  | 2,391,136 |  | 16,967 |  | (357,738) |  | 2,050,365 |  |  | 13 |  | 12 |
Total states, municipalities, and political divisions | — |  | — |  | — |  | — |  |  | 3,300,901 |  | 20,662 |  | (534,759) |  | 2,786,804 |  |  | 18 |  | 16 |
Other fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |
Government (U.S., municipal, and foreign) | — |  | — |  | — |  | — |  |  | 438,636 |  | 19 |  | (51,664) |  | 386,991 |  |  | 2 |  | 2 |
Collateralized debt obligations | 36,923 |  | 5,943 |  | — |  | 42,866 |  |  | 36,923 |  | 5,943 |  | — |  | 42,866 |  |  | — |  | — |
Other asset-backed securities | 4,754 |  | 10 |  | — |  | 4,764 |  |  | 79,237 |  | 39 |  | (2,186) |  | 77,090 |  |  | — |  | 1 |
Total fixed maturities | $ | 529,120 |  | $ | 6,592 |  | $ | (74,027) |  | $ | 461,685 |  |  | $ | 18,825,414 |  | $ | 254,587 |  | $ | (1,924,989) |  | $ | 17,155,012 |  |  | 100 | 100

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Globe Life Inc.
Management's Discussion & Analysis
Corporate securities, which consist of bonds and redeemable preferred stocks, were the largest component of the fixed-maturity portfolio as of September 30, 2025, representing 79% of amortized cost, net, and 81% of fair value. The remainder of the portfolio is invested primarily in securities issued by the U.S. government and U.S. municipalities. The Company holds insignificant amounts in foreign government bonds, asset-backed securities, and mortgage-backed securities. Corporate securities are diversified over a variety of industry sectors and issuers. At September 30, 2025, the total fixed maturity portfolio consisted of 1,012 issuers.
Fixed maturities had a fair value of $17.8 billion at September 30, 2025, compared to $17.2 billion at December 31, 2024. The net unrealized loss position in the fixed-maturity portfolio decreased from $1.7 billion at December 31, 2024 to $1.1 billion at September 30, 2025 due to a change in market rates during the period.
For more information about our fixed-maturity portfolio by component at September 30, 2025 and December 31, 2024, including a discussion of allowance for credit losses, an analysis of unrealized investment losses, and a schedule of maturities, see Note 4—Investments.
An analysis of the fixed-maturity portfolio by composite quality rating at September 30, 2025 and December 31, 2024, is shown in the following tables. The company uses the NAIC designation for credit quality ratings. The NAIC designation is generally determined using the second lowest rating available from nationally recognized statistical rating organizations (“NRSRO”) when three or more ratings are available and the lowest rating when two or fewer rating are available. When NRSRO ratings are unavailable the rating may be assigned by the Securities Valuation Office (“SVO”) of the NAIC.
Fixed Maturities by Rating
At September 30, 2025
(Dollar amounts in thousands)

| Amortized Cost, net |  | % of Total |  | Fair Value |  | % of Total |  | Average Composite Quality Rating on Amortized Cost, net
Investment grade: |  |  |  |  |  |  |  |  |
AAA | $ | 959,964 |  |  | 5 |  |  | $ | 874,935 |  |  | 5 |  |  |
AA | 3,423,177 |  |  | 18 |  |  | 2,910,697 |  |  | 17 |  |  |
A | 5,932,666 |  |  | 32 |  |  | 5,739,226 |  |  | 32 |  |  |
BBB+ | 3,296,793 |  |  | 17 |  |  | 3,180,042 |  |  | 18 |  |  |
BBB | 3,787,583 |  |  | 20 |  |  | 3,641,190 |  |  | 20 |  |  |
BBB- | 1,082,536 |  |  | 6 |  |  | 1,036,712 |  |  | 6 |  |  |
Total investment grade | 18,482,719 |  |  | 98 |  |  | 17,382,802 |  |  | 98 |  |  | A-
Below investment grade: |  |  |  |  |  |  |  |  |
BB | 388,525 |  |  | 2 |  |  | 355,579 |  |  | 2 |  |  |
B | 64,500 |  |  | — |  |  | 56,175 |  |  | — |  |  |
Below B | 2,198 |  |  | — |  |  | 2,198 |  |  | — |  |  |
Total below investment grade | 455,223 |  |  | 2 |  |  | 413,952 |  |  | 2 |  |  | BB
| $ | 18,937,942 |  |  | 100 |  |  | $ | 17,796,754 |  |  | 100 |  |  |
Weighted average composite quality rating | A-

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Globe Life Inc.
Management's Discussion & Analysis
Fixed Maturities by Rating
At December 31, 2024
(Dollar amounts in thousands)

| Amortized Cost, net |  | % of Total |  | Fair Value |  | % of Total |  | Average Composite Quality Rating on Amortized Cost
Investment grade: |  |  |  |  |  |  |  |  |
AAA | $ | 968,220 |  |  | 5 |  |  | $ | 855,165 |  |  | 5 |  |  |
AA | 3,225,044 |  |  | 17 |  |  | 2,691,908 |  |  | 15 |  |  |
A | 5,508,446 |  |  | 29 |  |  | 5,147,203 |  |  | 30 |  |  |
BBB+ | 3,267,101 |  |  | 17 |  |  | 3,040,313 |  |  | 18 |  |  |
BBB | 4,087,323 |  |  | 22 |  |  | 3,799,696 |  |  | 22 |  |  |
BBB- | 1,240,160 |  |  | 7 |  |  | 1,159,042 |  |  | 7 |  |  |
Total investment grade | 18,296,294 |  |  | 97 |  |  | 16,693,327 |  |  | 97 |  |  | A-
Below investment grade: |  |  |  |  |  |  |  |  |
BB | 397,823 |  |  | 2 |  |  | 349,028 |  |  | 2 |  |  |
B | 92,176 |  |  | 1 |  |  | 67,593 |  |  | 1 |  |  |
Below B | 39,121 |  |  | — |  |  | 45,064 |  |  | — |  |  |
Total below investment grade | 529,120 |  |  | 3 |  |  | 461,685 |  |  | 3 |  |  | BB-
| $ | 18,825,414 |  |  | 100 |  |  | $ | 17,155,012 |  |  | 100 |  |  |
Weighted average composite quality rating | A-

The overall quality rating of the portfolio is A-, the same as of year-end 2024. Fixed maturities rated BBB are 43% of the total portfolio at September 30, 2025, down from 46% at December 31, 2024. While this ratio is high relative to our peers, it is at its lowest level since 2006 and we have limited exposure to higher-risk assets such as derivatives, equities, and asset-backed securities. Additionally, the Company does not participate in securities lending and has no off-balance sheet investments as of September 30, 2025. Of our fixed maturity purchases, BBB securities generally provide the Company with the best risk-adjusted, capital-adjusted returns largely due to our ability to hold securities to maturity regardless of fluctuations in interest rates or equity markets.
An analysis of changes in our portfolio of below-investment grade fixed maturities at amortized cost, net of allowance for credit losses is as follows:
Below-Investment Grade Fixed Maturities
(Dollar amounts in thousands)

| Nine Months Ended September 30,
| 2025 |  | 2024
Balance at beginning of period | $ | 529,120 |  |  | $ | 529,511 |
Downgrades by rating agencies | 69,109 |  |  | 35,312 |
Upgrades by rating agencies | (30,565) |  |  | — |
Dispositions | (124,940) |  |  | (12,558) |
Acquisitions | 20,033 |  |  | — |
Provision for credit losses | (20) |  |  | (17) |
Amortization and other | (7,514) |  |  | 3,615 |
Balance at end of period | $ | 455,223 |  |  | $ | 555,863 |

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Globe Life Inc.
Management's Discussion & Analysis
Our investment policy calls for investing primarily in fixed maturities that are investment grade and meet our quality and yield objectives. Thus, the balance of below-investment grade issues is primarily the result of ratings downgrades of existing holdings. Below-investment grade bonds at amortized cost, net of allowance for credit losses, were 2% of total fixed maturities at amortized cost as of September 30, 2025.
OPERATING EXPENSES
Operating expenses are classified into two categories: insurance administrative expenses and expenses of the Parent Company. Insurance administrative expenses generally include expenses incurred after a policy has been issued. As these expenses relate to premium for a given period, management measures the expenses as a percentage of premium income. The Company also views stock-based compensation expense as a Parent Company expense. Expenses associated with the issuance of our insurance policies are reflected as acquisition expenses and included in the determination of underwriting margin.
An analysis of operating expenses is shown below.
Operating Expenses Selected Information
(Dollar amounts in thousands)

| Nine Months Ended September 30, |  | Increase
| 2025 |  | 2024 |  | (Decrease)
| Amount |  | % of Premium |  | Amount |  | % of Premium |  | Amount |  | %
Insurance administrative expenses: |  |  |  |  |  |  |  |  |  |  |
Salaries | $ | 102,630 |  |  | 2.8 |  |  | $ | 95,406 |  |  | 2.7 |  |  | $ | 7,224 |  |  | 8 |
Other employee costs | 29,764 |  |  | 0.8 |  |  | 28,531 |  |  | 0.8 |  |  | 1,233 |  |  | 4 |
Information technology costs | 62,286 |  |  | 1.7 |  |  | 59,023 |  |  | 1.7 |  |  | 3,263 |  |  | 6 |
Legal costs | 16,930 |  |  | 0.5 |  |  | 19,771 |  |  | 0.6 |  |  | (2,841) |  |  | (14) |
Other administrative costs | 51,753 |  |  | 1.4 |  |  | 48,341 |  |  | 1.4 |  |  | 3,412 |  |  | 7 |
Total insurance administrative expenses | 263,363 |  |  | 7.2 |  |  | 251,072 |  |  | 7.2 |  |  | 12,291 |  |  | 5 |
Parent company expense | 10,710 |  |  |  |  | 9,166 |  |  |  |  | 1,544 |  |  |
Stock compensation expense | 40,665 |  |  |  |  | 28,590 |  |  |  |  | 12,075 |  |  |
Legal proceedings | 13,365 |  |  |  |  | 5,764 |  |  |  |  | 7,601 |  |  |
Other expenses | 498 |  |  |  |  | 2,604 |  |  |  |  | (2,106) |  |  |
Total operating expenses, per Condensed Consolidated Statements of Operations | $ | 328,601 |  |  |  |  | $ | 297,196 |  |  |  |  | $ | 31,405 |  |  | 11 |

Total operating expenses for September 30, 2025 increased in comparison with the prior year primarily due to increases in insurance administrative expenses as well as stock compensation and legal proceedings. Insurance administrative expenses increased $12 million primarily due to higher employee costs, which include salaries and other costs. Insurance administrative expenses as a percent of premium were 7.2% for the nine months ended September 30, 2025 compared to 7.2% for the same period in 2024. Stock compensation expense increased primarily due to changes in the mix of awards and increase in award values.
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Globe Life Inc.
Management's Discussion & Analysis
SHARE REPURCHASES
Globe Life has an ongoing share repurchase program that began in 1986. The share repurchase program is reviewed with the Board of Directors quarterly, and continues indefinitely unless and until the Board of Directors decides to suspend, terminate or modify the program. On November 18, 2024, the Board of Directors authorized the repurchase of up to $1.8 billion under the Company's existing share repurchase program. Management generally determines the amount of repurchases based on the amount of excess cash flows and other available sources after the payment of dividends to the Parent Company shareholders, general market conditions, and other alternative uses. At September 30, 2025, we had slightly more than $1.2 billion remaining under the authorization to repurchase. Since implementing our share repurchase program in 1986, we have used $10.8 billion to repurchase Globe Life Inc. common shares, after determining that the repurchases provide a greater risk-adjusted after-tax return than other investment alternatives.
Excess cash flow at the Parent Company is primarily comprised of dividends received from the insurance subsidiaries less interest expense paid on its debt and other limited operating activities. Additionally, when stock options are exercised, proceeds from these exercises and the resulting tax benefit are used to repurchase additional shares on the open market to minimize dilution as a result of the option exercises.
The following table summarizes share repurchases for the nine month periods ended September 30, 2025 and 2024.
Analysis of Share Repurchases
(Amounts in thousands, except per share data)

| Nine Months Ended September 30,
| 2025 |  | 2024
Purchases with: | Shares |  | Amount |  | Average Price |  | Shares |  | Amount |  | Average Price
Excess cash flow at the Parent Company(1) | 4,157 |  |  | $ | 515,340 |  |  | $ | 123.97 |  |  | 9,748 |  |  | $ | 910,040 |  |  | $ | 93.36 |
Option exercise proceeds | 1,316 |  |  | 168,818 |  |  | 128.34 |  |  | 348 |  |  | 31,454 |  |  | 90.30 |
Total | 5,473 |  |  | $ | 684,158 |  |  | $ | 125.02 |  |  | 10,096 |  |  | $ | 941,494 |  |  | $ | 93.25 |

(1)Excludes excise tax on the repurchase of treasury stock of $4.6 million and $9.0 million for the nine months ended September 30, 2025 and 2024, respectively.
FINANCIAL CONDITION
Liquidity. Liquidity provides Globe Life with the ability to meet on demand the cash commitments required to support our business operations and meet our financial obligations. Our liquidity is primarily derived from multiple sources: positive cash flow from operations, a portfolio of marketable securities, a revolving credit facility, commercial paper, and advances from the Federal Home Loan Bank.
Insurance Subsidiary Liquidity. The operations of our insurance subsidiaries have historically generated substantial cash inflows in excess of immediate cash needs. Cash inflows for the insurance subsidiaries primarily include premium and investment income. In addition to investment income, maturities and scheduled repayments in the investment portfolio are cash inflows. Cash outflows from operations include policy benefit payments, commissions, administrative expenses, and taxes. A portion of cash inflows in the current year will provide for the payment of future policy benefits and are invested primarily in long-term fixed maturities as they better match the long-term nature of these obligations. The subsidiary dividends are generally paid in amounts equal to the subsidiaries’ prior year statutory net income excluding realized capital gains. While the insurance subsidiaries annually generate more operating cash inflows than cash outflows, the companies also have the entire available-for-sale fixed-maturity investment portfolio available to create additional cash flows if required.
Four of our insurance subsidiaries are members of the FHLB of Dallas. FHLB membership provides the insurance subsidiaries with access to various low-cost collateralized borrowings and funding agreements. While not the only
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Globe Life Inc.
Management's Discussion & Analysis
source of liquidity, the FHLB could provide the insurance subsidiaries with an additional source of liquidity, if needed. Refer to Note 11—Debt for further details.
Parent Company Liquidity. An important source of Parent Company liquidity is the dividends from its insurance subsidiaries. These dividends are received throughout the year and are used by the Parent Company to pay dividends on common and preferred stock, interest and principal repayment requirements on Parent Company debt, and operating expenses of the Parent Company.

| Nine Months Ended September 30, |  | Twelve Months Ended December 31,
| 2025 |  | 2024 |  | Projected 2025 |  | 2024
Liquidity Sources: |  |  |  |  |  |  |
Dividends from Subsidiaries | $ | 482,091 |  |  | $ | 451,416 |  |  | $780,000—$830,000 |  | $ | 692,690 |
Excess Cash Flows(1) | $ | 590,006 |  |  | $ | 412,626 |  |  | $860,000—$920,000 |  | $ | 455,013 |

(1)Excess cash flows are reported gross of shareholder dividends. For the nine months ended September 30, 2025 and 2024, shareholder dividends were $64 million and $65 million, respectively. For the twelve months ended December 31, 2025, we project approximately $85 million in shareholder dividends, compared to the $85 million paid in 2024.
Dividends from subsidiaries and excess cash flows are projected to be higher in 2025 than in 2024 primarily due to improved earnings from favorable mortality trends and growth in business, as well as positive impacts from lower reserve increases under statutory accounting impacting the 2024 statutory earnings that derive the 2025 dividends. The excess cash flows in 2025 include the extraordinary dividends approved in the latter part of 2024 of $192 million. Additional sources of liquidity for the Parent Company are cash, intercompany receivables, intercompany borrowings, debt markets, term loans, and a revolving credit facility.
On July 1, 2025, we entered into a 30-year facility agreement (“Facility Agreement”) with a Delaware Trust (the “Trust”) formed by us in connection with the sale by the trust of $500 million pre-capitalized trust securities redeemable May 15, 2055 in a Rule 144A private placement. The Trust invested the proceeds from the sale of its securities in a portfolio of principal and interest strips of U.S. Treasury securities (the “Strips”).
The Facility Agreement provides us with the right to sell at any time to the Trust up to $500 million of our 6.580% Senior Notes due 2055 (the “6.580% Senior Notes”) in exchange for a corresponding amount of the Strips held by the Trust (the “Issuance Right”). We agreed to pay a semi-annual facility fee of 1.789% per annum on the unexercised portion of the Issuance
The Issuance Right will be exercised automatically in full upon (i) our failure to pay the facility fee or to purchase any Strips required to be purchased under the Facility, if the failure to pay is not cured within 30 days, or (ii) certain bankruptcy events involving the Company. We are also required to exercise the Issuance Right in full if our consolidated stockholders’ equity (excluding AOCI) falls below $1.85 billion, subject to certain adjustments.
The Company can redeem the 6.580% Senior Notes at any time, in whole or in part, at a price equal to the greater of par or a make-whole redemption price. At September 30, 2025, the Company had no senior note issuances under the Facility Agreement.
Short-Term Borrowings. An additional source of Parent Company liquidity is a credit facility with a group of lenders. The facility was amended on March 29, 2024, resulting in an increased capacity of $250 million. The facility allows for unsecured borrowings and stand-by letters of credit up to $1 billion, which could be increased up to $1.25 billion. While the Parent Company may request the increase, it is not guaranteed. The updated five-year credit agreement will mature on March 29, 2029. Up to $250 million in letters of credit can be issued against the facility. The facility serves as a backup line of credit for a commercial paper program under which commercial paper may be issued at any time, with total commercial paper outstanding not to exceed the facility maximum less any letters of credit issued. Interest charged on the commercial paper program resembles variable rate debt due to its short term nature.
As of September 30, 2025, we had available $554 million of additional borrowing capacity under this facility, compared to $458 million a year earlier. As of September 30, 2025, the Parent Company was in full compliance with all covenants related to the aforementioned debt.
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Globe Life Inc.
Management's Discussion & Analysis
As a part of the credit facility, Globe Life has stand-by letters of credits. These letters of credit are issued on behalf of our insurance subsidiaries.
The following tables present certain information about our commercial paper borrowings.
Credit Facility—Commercial Paper
(Dollar amounts in thousands)

| At
| September 30, 2025 |  | December 31, 2024 |  | September 30, 2024
Balance of commercial paper at end of period (par value) | $ | 331,000 |  |  | $ | 419,000 |  |  | $ | 426,908 |
Annualized interest rate | 4.60 | % |  | 5.22 | % |  | 5.56 | %
Letters of credit outstanding | $ | 115,000 |  |  | $ | 115,000 |  |  | $ | 115,000 |
Remaining amount available under credit line | 554,000 |  |  | 466,000 |  |  | 458,092 |

Credit Facility—Commercial Paper Activity
(Dollar amounts in thousands)

| Nine Months Ended September 30,
| 2025 |  | 2024
Average balance of commercial paper outstanding during period (par value) | $ | 430,732 |  |  | $ | 375,851 |
Daily-weighted average interest rate (annualized) | 4.90 | % |  | 5.80 | %
Maximum daily amount outstanding during period (par value) | $ | 605,500 |  |  | $ | 633,425 |

The Company reduced commercial paper borrowings by $88 million since year end. The Company was able to issue commercial paper as needed under this facility during the nine months ended September 30, 2025 and 2024.
Globe Life expects to have readily available funds for 2025 and the foreseeable future to conduct its operations and to maintain target capital ratios in the insurance subsidiaries through liquid assets currently available, internally-generated cash flow and the credit facility. In the event more liquidity is needed, the Parent Company could generate additional funds through multiple sources including, but not limited to, the issuance of debt, an additional short-term credit facility or term loan, and intercompany borrowing.
Consolidated Liquidity. Consolidated net cash inflows from operations were $1.05 billion in the first nine months of 2025, compared with $1.07 billion in the same period of 2024. The decrease is attributable to routine fluctuations in the settlement of operating activities. In addition to cash inflows from operations, our insurance companies received proceeds from dispositions of fixed maturities available for sale, mortgage loans, and other long-term investments in the amount of $776 million during the first nine months of 2025. The Parent Company has in place a revolving credit facility and a P-CAPS facility. See Note 11—Debt for further details. The insurance companies have no additional outstanding credit facilities.
Cash and short-term investments were $366 million at September 30, 2025, compared with $250 million at December 31, 2024. In addition to these liquid assets, $18 billion (fair value at September 30, 2025) of fixed income securities are available for sale in the event of an unexpected need. Approximately $1.3 billion, at fair value, are pledged for outstanding FHLB advances and reinsurance. Further, approximately 98% of our fixed income securities are publicly traded, freely tradable under SEC Rule 144, or qualified for resale under SEC Rule 144A. While our fixed income securities are classified as available for sale, we have the ability and general intent to hold any securities to recovery or maturity. Our strong cash flows from operations, on-going investment maturities, and available liquidity under our credit facility make any need to sell securities for liquidity highly unlikely.
Capital Resources. The Parent Company's capital structure consists of short-term debt (the commercial paper facility and current maturities of long-term debt), long-term debt, and shareholders’ equity. It does not include short-
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Management's Discussion & Analysis
term FHLB borrowings, which are obligations of the insurance subsidiaries and typically repaid over the course of the year.
Long-Term Borrowings. At September 30, 2025, the outstanding long-term debt at book value was $2.3 billion unchanged from December 31, 2024.
Selected Information about Debt Issues
As of September 30, 2025
(Dollar amounts in thousands)

Instrument | Issue Date |  | Maturity Date |  | Coupon Rate |  | Interest Payment Dates |  | Par Value |  | Book Value |  | Fair Value
Senior notes | 09/27/2018 |  | 09/15/2028 |  | 4.550% |  | semiannual |  | $ | 550,000 |  |  | $ | 547,561 |  |  | $ | 554,846 |
Senior notes | 08/21/2020 |  | 08/15/2030 |  | 2.150% |  | semiannual |  | 400,000 |  |  | 397,486 |  |  | 359,436 |
Senior notes(1) | 05/19/2022 |  | 06/15/2032 |  | 4.800% |  | semiannual |  | 250,000 |  |  | 246,587 |  |  | 251,192 |
Senior notes | 08/23/2024 |  | 09/15/2034 |  | 5.850% |  | semiannual |  | 450,000 |  |  | 445,117 |  |  | 472,325 |
Junior subordinated debentures | 11/17/2017 |  | 11/17/2057 |  | 5.275% |  | semiannual |  | 125,000 |  |  | 123,457 |  |  | 100,389 |
Junior subordinated debentures | 06/14/2021 |  | 06/15/2061 |  | 4.250% |  | quarterly |  | 325,000 |  |  | 317,451 |  |  | 215,800 |
Term loan(2) | 05/11/2023 |  | 08/15/2027 |  | 5.670% |  | quarterly |  | 250,000 |  |  | 248,700 |  |  | 248,700 |
Subtotal |  | 2,350,000 |  |  | 2,326,359 |  |  | 2,202,688 |
Unamortized issuance costs(3) |  | — |  |  | (6,346) |  |  | (6,346) |
Total long-term debt |  | 2,350,000 |  |  | 2,320,013 |  |  | 2,196,342 |
FHLB borrowings |  | 65,000 |  |  | 65,000 |  |  | 65,000 |
Commercial paper |  | 331,000 |  |  | 329,349 |  |  | 329,349 |
Total short-term debt |  | 396,000 |  |  | 394,349 |  |  | 394,349 |
Total debt |  | $ | 2,746,000 |  |  | $ | 2,714,362 |  |  | $ | 2,590,691 |

(1)An additional $150 million par value and book value is held by insurance subsidiaries that eliminates in consolidation.
(2)Interest calculated quarterly using Secured Overnight Financing Rate (SOFR) plus 135 basis points. The term loan was amended on August 15, 2024 extending the maturity date from November 11, 2024 to August 15, 2027 and increasing the principal amount from $170 million to $250 million.
(3)Unamortized issuance costs for P-CAPS facility agreement.
Financing costs consist primarily of interest on our various debt instruments. The table below presents the components of financing costs and reconciles interest expense per the Condensed Consolidated Statements of Operations.
Analysis of Financing Costs
(Dollar amounts in thousands)

| Nine Months Ended September 30, |  | Increase (Decrease)
| 2025 |  | 2024 |  | Amount |  | %
Interest on funded debt | $ | 70,805 |  |  | $ | 53,633 |  |  | $ | 17,172 |  |  | 32 |
Interest on term loans | 11,520 |  |  | 9,646 |  |  | 1,874 |  |  | 19 |
Interest on short-term debt | 21,335 |  |  | 28,115 |  |  | (6,780) |  |  | (24) |
Other | 2,351 |  |  | 19 |  |  | 2,332 |  |  |
Financing costs | $ | 106,011 |  |  | $ | 91,413 |  |  | $ | 14,598 |  |  | 16 |

During the first nine months of 2025, financing costs increased 16% compared to the prior year. The increase in financing costs is primarily due to higher average balances in the current year compared to the prior year due to the
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GLOBE LIFE INC.
Management's Discussion & Analysis
issuance of debt in the third quarter of 2024. Other financing costs increased due to the P-CAPS facility fee. More information on our debt transactions is disclosed in the Financial Condition section of this report.
Subsidiary Capital: The National Association of Insurance Commissioners (NAIC) has established a risk-based factor approach for determining threshold risk-based capital levels for all insurance companies. This approach was designed to assist the regulatory bodies in identifying companies that may require regulatory attention. A Risk-Based Capital (RBC) ratio is typically determined by dividing adjusted total statutory capital by the amount of RBC determined using the NAIC’s factors. If a company’s RBC ratio approaches two times the RBC amount, the company must file a plan with the NAIC for improving its capital levels (this level is commonly referred to as “Company Action Level” RBC). Companies typically hold a multiple of the Company Action Level RBC depending on their particular business needs and risk profile.
Our goal is to maintain statutory capital within our insurance subsidiaries at levels necessary to support our current ratings. For 2025, Globe Life has targeted a consolidated Company Action Level RBC ratio of 300% to 320%. The Company has concluded that this capital level is more than adequate and sufficient to support its current ratings, given the nature of its business and its risk profile. For 2024, our consolidated Company Action Level RBC ratio was 316%. The Parent Company is committed to maintaining the targeted consolidated RBC ratio at its insurance subsidiaries and has sufficient liquidity available to provide additional capital if necessary.
Shareholders' Equity: Shareholders’ equity was $5.7 billion at September 30, 2025. This compares with $5.3 billion at December 31, 2024 and $4.6 billion at September 30, 2024. During the nine months since December 31, 2024, shareholders’ equity increased as a result of net income of $895 million during the first nine months of 2025, but was offset by share repurchases of $515 million and an additional $169 million in share repurchases to offset the dilution from stock option exercises. Additionally, the change in the balance of AOCI increased shareholders' equity $57 million primarily due to changes in interest rates and discount rates over the period.
On August 7, 2025, the Parent Company announced that it had declared a quarterly dividend of $0.27 per share. This dividend was paid on October 31, 2025.
We plan to use excess cash available at the Parent Company as efficiently as possible in the future. Excess cash flow, as we define it, results primarily from the dividends received by the Parent Company from its insurance subsidiaries less the interest paid on debt. The cash received by the Parent Company from our insurance subsidiaries is after they have made substantial investments during the year to grow the business. Possible uses of excess cash flow include, but are not limited to, share repurchases, acquisitions, shareholder dividend payments, investments in securities, or repayment of short-term debt. We will determine the best use of excess cash after ensuring that targeted capital levels are maintained in our insurance subsidiaries. If market conditions are favorable, we currently expect that share repurchases will continue to be a primary use of those funds.
Future policy benefits are computed using current discount rates with the impact of changes in discount rates included in accumulated other comprehensive income. Additionally, the liability for future policy benefits is calculated using net premiums rather than gross premiums. Given that gross premiums are considerably higher than net premiums for our business, as seen in Note 6—Policy Liabilities, the measurement of the liability is higher than what it would be had it been computed using gross premiums. This is an important consideration when analyzing shareholders' equity.
We maintain a significant available-for-sale fixed maturity portfolio to support our insurance policy liabilities. Current accounting guidance requires that we revalue our portfolio to fair market value at the end of each accounting period. The period-to-period changes in fair value, net of their associated impact on income tax, are reflected directly in shareholders’ equity. Changes in the fair value of the portfolio can result from changes in market rates.
While a majority of invested assets are revalued, accounting rules do not permit interest-bearing insurance policy liabilities to be valued at fair value in a consistent manner as that of assets, with changes in value applied directly to shareholders’ equity. Due to the size of our policy liabilities in relation to our shareholders’ equity, an inconsistency exists in measurement, which may have a material impact on the reported value of shareholders’ equity. Fluctuations in interest rates cause undue volatility in the period-to-period presentation of our shareholders’ equity, capital structure, and financial ratios. Due to the long-term nature of our fixed-maturity investments and liabilities
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GLOBE LIFE INC.
Management's Discussion & Analysis
and the strong cash flows consistently generated by our insurance subsidiaries, we have the ability to hold our securities to maturity. As such, we do not expect to incur losses due to fluctuations in market value of fixed maturities caused by market rate changes and temporarily illiquid markets. Accordingly, our management, credit rating agencies, lenders, many industry analysts, and certain other financial statement users prefer to remove the effect of this accounting rule when analyzing our balance sheet, capital structure, and financial ratios.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
There have been no quantitative or qualitative changes with respect to market risk exposure during the nine months ended September 30, 2025.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures: Globe Life Inc., under the direction of the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer, has established disclosure controls and procedures that are designed to ensure that information required to be disclosed by Globe Life in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. The disclosure controls and procedures are also intended to ensure that such information is accumulated and communicated to Globe Life's management, including the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosures.
As of the end of the fiscal period completed September 30, 2025, an evaluation was performed under the supervision and with the participation of Globe Life management, including the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer, of the disclosure controls and procedures (as those terms are defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based upon their evaluation, the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer have concluded that disclosure controls and procedures are effective as of the date of this Form 10-Q. In compliance with Section 302 of the Sarbanes Oxley Act of 2002 (18 U.S.C. § 1350), each of these officers executed a Certification included as an exhibit to this Form 10-Q.
Changes in Internal Control over Financial Reporting: During the period ended September 30, 2025, there were no changes to Globe Life Inc.'s internal control over financial reporting or in other factors that could significantly affect the internal control over financial reporting subsequent to the date of their evaluation which have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.
Part II—Other Information
Item 1. Legal Proceedings
Discussion regarding litigation is provided in Note 5—Commitments and Contingencies.
Item 1A. Risk Factors
The Company had no material changes to its risk factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Purchases of Certain Equity Securities by the Issuer and Others for the Third Quarter of 2025

Period |  | (a) Total Number of Shares Purchased |  | (b) Average Price Paid Per Share |  | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |  | (d) Maximum Number of Shares (or Approximate Dollar Amount) that May Yet Be Purchased Under the Plans or Programs
July 1-31, 2025 |  | 387,403 |  |  | $ | 125.23 |  |  | 387,403 |  |  | — |
August 1-31, 2025 |  | 567,153 |  |  | 139.10 |  |  | 567,153 |  |  | — |
September 1-30, 2025 |  | 320,135 |  |  | 142.28 |  |  | 320,135 |  |  | — |

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Item 5. Other Information
(c) Trading arrangements
During the nine months ended September 30, 2025, none of our directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a Non-Rule 10b5-1 trading arrangement, as each term is defined under Item 408(a) of Regulation S-K.
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Item 6. Exhibits

Exhibit No. |  | Description
31.1 |  | Rule 13a-14(a)/15d-14(a) Certification by J. Matthew Darden
31.2 |  | Rule 13a-14(a)/15d-14(a) Certification by Frank M. Svoboda
31.3 |  | Rule 13a-14(a)/15d-14(a) Certification by Thomas P. Kalmbach
32.1 |  | Section 1350 Certification by J. Matthew Darden, Frank M. Svoboda, and Thomas P. Kalmbach
101.INS |  | XBRL Instance Document- the instance document does not appear in the Interactive Data file because the XBRL tags are embedded within the Inline XBRL document.
101.SCH |  | Inline XBRL Taxonomy Extension Schema Document.
101.CAL |  | Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB |  | Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE |  | Inline XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF |  | Inline XBRL Taxonomy Extension Definition Linkbase Document.
104 |  | Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101).

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

|  |  | GLOBE LIFE INC.
Date: November 5, 2025 |  |  | /s/ J. Matthew Darden
|  |  | J. Matthew Darden
|  |  | Co-Chairman and Chief Executive Officer
Date: November 5, 2025 |  |  | /s/ Frank M. Svoboda
|  |  | Frank M. Svoboda
|  |  | Co-Chairman and Chief Executive Officer
Date: November 5, 2025 |  |  | /s/ Thomas P. Kalmbach
|  |  | Thomas P. Kalmbach
|  |  | Executive Vice President and Chief Financial Officer

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