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Investments | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments | 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. 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. 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. 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 | %
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. 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. 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) |
| 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. 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. 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 |
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. 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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