Companies: 11,222     total market cap: C$216.376 T
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Globe Life
GL
#1599
Rank
C$19.89 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
C$256.25
Share price
-1.17%
Change (1 day)
32.58%
Change (1 year)
๐Ÿฆ Insurance
Categories
Globe Life is a financial services holding company providing life insurance, annuity, and supplemental health insurance products.
  1. Globe Life
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q2

Globe Life - 10-Q quarterly report FY2026 Q2


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026
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)
Delaware63-0780404
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
7677 Henneman Way, 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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 par value per shareGLNew York Stock Exchange
Common Stock, $1.00 par value per share
GL
NYSE Texas, Inc.
4.250% Junior Subordinated DebenturesGL PRDNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                                 Yes    ☒   No   ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                                             Yes   ☒   No   ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated 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.
ClassOutstanding at July 31, 2026
Common Stock, $1.00 Par Value76,849,447
GL Q2 2026 FORM 10-Q
Globe Life Inc.
Table of Contents
Page
PART I. FINANCIAL INFORMATION
Item 1.
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
5
6
Note 1—Significant Accounting Policies
6
Note 2—New Accounting Standards
7
Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive Income (Loss)
8
Note 4—Investments
10
Note 5—Commitments and Contingencies
22
Note 6—Policy Liabilities
24
Note 7—Deferred Acquisition Costs
42
Note 8—Liability for Unpaid Claims
45
Note 9—Postretirement Benefits
46
Note 10—Earnings Per Share
48
Note 11—Debt
49
Note 12—Business Segments
51
59
Item 2.
60
Item 3.
90
Item 4.
90
PART II. OTHER INFORMATION
Item 1.
91
Item 1A.
91
Item 2.
91
Item 5.
91
Item 6.
92
93



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 Q2 2026 FORM 10-Q
PART I—FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements

Globe Life Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(Dollar amounts in thousands, except share and per share data)
June 30,
2026		December 31, 2025
Assets:
Investments:
Fixed maturities—available for sale, at fair value (amortized cost: 2026—$19,307,295;
2025—$18,820,464, allowance for credit losses: 2026— $3,297; 2025— $3,297)
$17,940,189 $17,589,342 
Mortgage loans425,513 428,517 
Policy loans758,676 741,375 
Other long-term investments (includes: 2026—$1,097,834; 2025—$1,109,719 under the fair value option)
1,466,858 1,396,064 
Short-term investments198,327 314,711 
Total investments20,789,563 20,470,009 
Cash257,054 144,704 
Accrued investment income281,470 272,818 
Other receivables818,819 768,592 
Deferred acquisition costs7,230,169 6,999,136 
Goodwill490,446 490,446 
Other assets1,694,998 1,667,987 
Total assets$31,562,519 $30,813,692 
Liabilities:
Future policy benefits at current discount rates: (at original discount rates: 2026—$18,454,909; 2025—$18,129,506)
$19,286,395 $19,169,687 
Unearned and advance premium282,270 270,663 
Policy claims and other benefits payable544,548 540,832 
Other policyholders' funds577,940 532,047 
Total policy liabilities20,691,153 20,513,229 
Current and deferred income taxes887,075 859,628 
Short-term debt277,953 304,656 
Long-term debt (estimated fair value: 2026—$2,504,936; 2025—$2,225,320)
2,665,296 2,320,793 
Other liabilities885,227 840,807 
Total liabilities25,406,704 24,839,113 
Commitments and Contingencies (Note 5)
Shareholders' equity:
Preferred stock, par value $1 per share—5,000,000 shares authorized; outstanding: 0 in 2026 and 2025
— — 
Common stock, par value $1 per share—320,000,000 shares authorized; outstanding: (2026—92,218,183 issued; 2025—92,218,183 issued)
92,218 92,218 
Additional paid-in-capital536,347 536,363 
Accumulated other comprehensive income (loss)(1,721,729)(1,771,444)
Retained earnings9,037,395 8,546,807 
Treasury stock, at cost: (2026—15,164,175 shares; 2025—13,125,082 shares)
(1,788,416)(1,429,365)
Total shareholders' equity6,155,815 5,974,579 
Total liabilities and shareholders' equity$31,562,519 $30,813,692 
See accompanying Notes to Condensed Consolidated Financial Statements.
1
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(Dollar amounts in thousands, except share and per share data)
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Revenue:
Life premium$860,767 $839,544 $1,713,972 $1,669,407 
Health premium436,855 378,099 853,763 747,890 
Total premium1,297,622 1,217,643 2,567,735 2,417,297 
Net investment income293,820 282,169 583,644 562,783 
Realized gains (losses)7,138 (18,574)5,660 (18,489)
Other income1,150 49 2,310 118 
Total revenue1,599,730 1,481,287 3,159,349 2,961,709 
Benefits and expenses:
Life policyholder benefits(1)
513,959 519,355 1,032,809 1,029,111 
Health policyholder benefits(2)
277,012 229,924 540,746 463,853 
Other policyholder benefits7,280 6,719 14,280 13,799 
Total policyholder benefits798,251 755,998 1,587,835 1,506,763 
Amortization of deferred acquisition costs120,537 111,401 238,819 216,916 
Commissions, premium taxes, and non-deferred acquisition costs173,754 157,411 343,640 321,734 
Other operating expense116,251 108,293 229,986 217,039 
Interest expense36,050 34,885 70,050 69,877 
Total benefits and expenses1,244,843 1,167,988 2,470,330 2,332,329 
Income before income taxes354,887 313,299 689,019 629,380 
Income tax benefit (expense)(67,140)(60,550)(130,746)(122,068)
Net income
$287,747 $252,749 $558,273 $507,312 
Basic net income per common share
$3.71 $3.09 $7.16 $6.13 
Diluted net income per common share
$3.65 $3.05 $7.04 $6.07 
(1)Net of total remeasurement gain of $23.5 million before tax for the three months ended June 30, 2026 and a total remeasurement gain of $16.7 million before tax for the same period in 2025. Net of total remeasurement gain of $42.4 million before tax for the six months ended June 30, 2026 and a total remeasurement gain of $25.3 million before tax for the same period in 2025.
(2)Net of total remeasurement gain of $1.3 million before tax for the three months ended June 30, 2026 and a total remeasurement gain of $3.9 million before tax for the same period in 2025. Net of total remeasurement gain of $7.3 million before tax for the six months ended June 30, 2026 and a total remeasurement gain of $4.3 million before tax for the same period in 2025.








See accompanying Notes to Condensed Consolidated Financial Statements.
2
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
(Dollar amounts in thousands)
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Net income
$287,747 $252,749 $558,273 $507,312 
Other comprehensive income (loss):
Investments:
Unrealized gains (losses) on fixed maturities:
Unrealized holding gains (losses) arising during period190,472 (134,318)(130,773)80,810 
Other reclassification adjustments included in net income(4,616)10,603 (6,185)7,262 
Foreign exchange adjustment on fixed maturities recorded at fair value1,047 (1,328)974 (1,758)
Total unrealized investment gains (losses)186,903 (125,043)(135,984)86,314 
Less applicable tax (expense) benefit(39,249)26,264 28,556 (18,123)
Unrealized gains (losses) on investments, net of tax147,654 (98,779)(107,428)68,191 
Future Policy Benefits:
Change in discount rate on future policy benefits(201,807)92,229 208,644 (47,123)
Less applicable tax (expense) benefit42,378 (19,367)(43,815)9,896 
Future policy benefit adjustments, net of tax(159,429)72,862 164,829 (37,227)
Foreign exchange translation:
Foreign exchange translation adjustments, other than securities(11,707)16,300 (11,417)18,721 
Less applicable tax (expense) benefit2,458 (3,425)2,398 (3,933)
Foreign exchange translation adjustments, other than securities, net of tax(9,249)12,875 (9,019)14,788 
Pension:
Pension adjustments107 59 1,687 127 
Less applicable tax (expense) benefit(21)(12)(354)(27)
Pension adjustments, net of tax86 47 1,333 100 
Other comprehensive income (loss)(20,938)(12,995)49,715 45,852 
Comprehensive income (loss)
$266,809 $239,754 $607,988 $553,164 











See accompanying Notes to Condensed Consolidated Financial Statements.
3
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Condensed Consolidated Statements of Shareholders' Equity
(Unaudited)
(Dollar amounts in thousands, except share and per share data)


Preferred StockCommon StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Retained EarningsTreasury StockTotal Shareholders' Equity
Balance at December 31, 2025
$— $92,218 $536,363 $(1,771,444)$8,546,807 $(1,429,365)$5,974,579 
Comprehensive income (loss)— — — 70,653 270,526 — 341,179 
Common dividends declared
($0.3300 per share)
— — — — (25,697)— (25,697)
Acquisition of treasury stock— — — — — (240,465)(240,465)
Stock-based compensation— — (12,134)— — 25,737 13,603 
Exercise of stock options— — — — (5,244)26,641 21,397 
Balance at March 31, 2026
— 92,218 524,229 (1,700,791)8,786,392 (1,617,452)6,084,596 
Comprehensive income (loss)— — — (20,938)287,747 — 266,809 
Common dividends declared
($0.3300 per share)
— — — — (25,426)— (25,426)
Acquisition of treasury stock— — — — — (274,722)(274,722)
Stock-based compensation— — 12,118 — — 4,856 16,974 
Exercise of stock options— — — — (11,318)98,902 87,584 
Balance at June 30, 2026
$— $92,218 $536,347 $(1,721,729)$9,037,395 $(1,788,416)$6,155,815 


Preferred StockCommon StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Retained EarningsTreasury StockTotal 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 






See accompanying Notes to Condensed Consolidated Financial Statements.
4
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(Dollar amounts in thousands)
Six Months Ended
June 30,
20262025
Cash provided from (used for) operating activities
$735,000 $739,813 
Cash provided from (used for) investing activities:
Investments sold or matured:
Fixed maturities available for sale—sold75,713 272,067 
Fixed maturities available for sale—matured or other redemptions242,641 132,253 
Mortgage loans36,430 3,437 
Other long-term investments98,959 25,939 
Total investments sold or matured453,743 433,696 
Acquisition of investments:
Fixed maturities—available for sale(812,686)(511,297)
Mortgage loans(83,698)(66,686)
Other long-term investments(153,345)(53,799)
Total investments acquired(1,049,729)(631,782)
Net (increase) decrease in policy loans(17,301)(18,952)
Net (increase) decrease in short-term investments116,384 (31,689)
Additions to property and equipment(41,406)(24,687)
Investments in low-income housing interests(14,823)(30,569)
Cash provided from (used for) investing activities
(553,132)(303,983)
Cash provided from (used for) financing activities:
Issuance of common stock108,981 93,391 
Cash dividends paid to shareholders(47,052)(42,524)
Proceeds from issuance of debt350,000 — 
Payment for debt issuance costs(7,042)— 
Net borrowing from Federal Home Loan Bank (FHLB)
— 70,000 
Net borrowing (repayment) of commercial paper(93,103)26,983 
Proceeds from commercial paper with original maturities greater than 90 days187,522 361,118 
Repayment of commercial paper with original maturities greater than 90 days(121,122)(408,962)
Acquisition of treasury stock(515,187)(514,855)
Net receipts (payments) from deposit-type products59,287 59,600 
Cash provided from (used for) financing activities
(77,716)(355,249)
Effect of foreign exchange rate changes on cash8,198 (6,784)
Net increase (decrease) in cash112,350 73,797 
Cash at beginning of year144,704 165,325 
Cash at end of period $257,054 $239,122 



See accompanying Notes to Condensed Consolidated Financial Statements.
5
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)



Note 1—Significant Accounting Policies

Business: (Globe Life), (the Company), refers to Globe Life Inc., an insurance holding company incorporated in Delaware in 1979, and Globe Life Inc. subsidiaries and affiliates. Globe Life Inc.'s direct or indirect primary subsidiaries are Globe Life And Accident Insurance Company, American Income Life Insurance Company, Liberty National Life Insurance Company, Family Heritage Life Insurance Company of America, and United American Insurance Company. The underwriting companies are owned by their ultimate corporate parent, Globe Life Inc. (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 June 30, 2026, and the condensed consolidated results of operations, comprehensive income, and cash flows for the periods ended June 30, 2026 and 2025. 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 25, 2026.

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.

Held for Sale: In connection with the Company's relocation of its home office operations, management committed to a plan to sell its building located at 3700 Stonebridge Drive, McKinney, Texas (the "Stonebridge Building").

During the second quarter of 2026, management assessed all held-for-sale criteria and concluded that all criteria have been satisfied. Accordingly, the Stonebridge Building has been classified as an asset held for sale in "Other assets" on the Company's Condensed Consolidated Balance Sheets as of June 30, 2026. Upon classification, depreciation of the asset ceased. Book value of the building, land and improvements was approximately $27.9 million as of June 30, 2026. The asset is measured at the lower of its carrying amount or fair value less costs to sell. The Company has executed a purchase agreement related to the Stonebridge Building for a purchase price of $34.0 million, with the sale expected to occur by the end of the year. Based on management's review of the purchase price and estimated selling costs, no impairment loss was recognized upon classification. Operating expenses associated with the Stonebridge Building are expected to continue with the planned wind-down of operations and maintenance activities at the property.
6
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)


Note 2—New Accounting Standards

Accounting Pronouncements Yet to be Adopted: 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 and Interim periods within fiscal years beginning after December 15, 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 and interim periods within the annual reporting periods. The Company is evaluating the standard.

7
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)


Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive Income (Loss)

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 six month periods ended June 30, 2026 and 2025:
Three Months Ended June 30, 2026
Available
for Sale
Assets		Future Policy BenefitsForeign
Exchange		Pension
Adjustments		Total
Balance at April 1, 2026
$(1,225,064)$(497,370)$(8,814)$30,457 $(1,700,791)
Other comprehensive income (loss) before reclassifications, net of tax151,301 (159,429)(9,249)— (17,377)
Reclassifications, net of tax(3,647)— — 86 (3,561)
Other comprehensive income (loss)147,654 (159,429)(9,249)86 (20,938)
Balance at June 30, 2026
$(1,077,410)$(656,799)$(18,063)$30,543 $(1,721,729)

Three Months Ended June 30, 2025
Available
for Sale
Assets		Future Policy BenefitsForeign
Exchange		Pension
Adjustments		Total
Balance at April 1, 2025
$(1,152,648)$(819,131)$(19,844)$20,750 $(1,970,873)
Other comprehensive income (loss) before reclassifications, net of tax(107,155)72,862 12,875 — (21,418)
Reclassifications, net of tax8,376 — — 47 8,423 
Other comprehensive income (loss)(98,779)72,862 12,875 47 (12,995)
Balance at June 30, 2025
$(1,251,427)$(746,269)$(6,969)$20,797 $(1,983,868)

Six Months Ended June 30, 2026
Available
for Sale
Assets		Future Policy BenefitsForeign
Exchange		Pension
Adjustments		Total
Balance at January 1, 2026
$(969,982)$(821,628)$(9,044)$29,210 $(1,771,444)
Other comprehensive income (loss) before reclassifications, net of tax(102,542)164,829 (9,019)— 53,268 
Reclassifications, net of tax(4,886)— — 1,333 (3,553)
Other comprehensive income (loss)(107,428)164,829 (9,019)1,333 49,715 
Balance at June 30, 2026
$(1,077,410)$(656,799)$(18,063)$30,543 $(1,721,729)

Six Months Ended June 30, 2025
Available
for Sale
Assets		Future Policy BenefitsForeign
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 tax62,454 (37,227)14,788 — 40,015 
Reclassifications, net of tax5,737 — — 100 5,837 
Other comprehensive income (loss)68,191 (37,227)14,788 100 45,852 
Balance at June 30, 2025
$(1,251,427)$(746,269)$(6,969)$20,797 $(1,983,868)

8
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)


Reclassification Adjustments: Reclassification adjustments out of accumulated other comprehensive income are presented below for the three and six month periods ended June 30, 2026 and 2025.
  Three Months Ended
June 30,		Six Months Ended June 30,Affected line items in the Statements of Operations
Component Line Item2026202520262025
Unrealized investment (gains) losses on available for sale assets:
Realized (gains) losses$(2,464)$12,837 $(1,747)$12,009 Realized (gains) losses
Amortization of (discount) premium(2,152)(2,234)(4,438)(4,747)Net investment income
Total before tax(4,616)10,603 (6,185)7,262 
Tax969 (2,227)1,299 (1,525)Income taxes
Total after-tax(3,647)8,376 (4,886)5,737 
Pension adjustments:
Amortization of prior service cost253 292 505 584 Other operating expense
Amortization of actuarial (gain) loss(146)(233)1,182 (457)Other operating expense
Total before tax107 59 1,687 127 
Tax(21)(12)(354)(27)Income taxes
Total after-tax86 47 1,333 100 
Total reclassification (after-tax)
$(3,561)$8,423 $(3,553)$5,837 
9
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)


Note 4—Investments

Portfolio Composition: Summaries of fixed maturities available for sale by amortized cost, fair value, and allowance for credit losses at June 30, 2026 and December 31, 2025, 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 June 30, 2026

Amortized
Cost		Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses
Fair
 Value(1)
% of Total
Fixed
Maturities(2)
Fixed maturities available for sale:
U.S. Government direct, guaranteed, and government-sponsored enterprises$418,056 $— $5 $(31,097)$386,964 2 
States, municipalities, and political subdivisions3,425,038 — 22,865 (479,879)2,968,024 17 
Foreign governments46,371 — 329 (7,699)39,001 — 
Corporates, by sector:
Industrials8,015,069 — 141,850 (684,998)7,471,921 42 
Financial5,051,600 — 92,973 (367,486)4,777,087 26 
Utilities2,202,223 — 52,705 (103,774)2,151,154 12 
Total corporates15,268,892 — 287,528 (1,156,258)14,400,162 80 
Other asset-backed securities148,938 (3,297)565 (168)146,038 1 
Total fixed maturities
$19,307,295 $(3,297)$311,292 $(1,675,101)$17,940,189 100 
(1)Amount reported in the balance sheet.
(2)At fair value.
At December 31, 2025
Amortized
Cost		Allowance for Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses
Fair
 Value(1)
% of Total
Fixed
Maturities(2)
Fixed maturities available for sale:
U.S. Government direct, guaranteed, and government-sponsored enterprises$409,170 $— $161 $(25,478)$383,853 2 
States, municipalities, and political subdivisions3,385,433 — 26,955 (531,762)2,880,626 16 
Foreign governments47,448 — 138 (8,040)39,546 — 
Corporates, by sector:
Industrials
7,787,885 — 175,164 (645,363)7,317,686 42 
Financial4,982,187 — 134,105 (333,966)4,782,326 27 
Utilities2,093,010 — 71,582 (93,086)2,071,506 12 
Total corporates14,863,082 — 380,851 (1,072,415)14,171,518 81 
Other asset-backed securities115,331 (3,297)1,877 (112)113,799 1 
Total fixed maturities
$18,820,464 $(3,297)$409,982 $(1,637,807)$17,589,342 100 
(1)Amount reported in the balance sheet.
(2)At fair value.

The Company had unfunded commitments of $354 million and $313 million in fixed maturities at June 30, 2026 and December 31, 2025, respectively.
10
        GL Q2 2026 FORM 10-Q
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 June 30, 2026, 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 June 30, 2026
Amortized
Cost, net		Fair
Value
Fixed maturities available for sale:
Due in one year or less$188,169 $188,860 
Due after one year through five years786,743 801,418 
Due after five years through ten years1,918,894 1,949,955 
Due after ten years through twenty years9,027,667 8,459,979 
Due after twenty years7,236,877 6,393,932 
Mortgage-backed and asset-backed securities145,648 146,045 
$19,303,998 $17,940,189 

Analysis of Investment Operations: "Net investment income" for the three and six month periods ended June 30, 2026 and 2025 is summarized as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
20262025% Change20262025% Change
Fixed maturities available for sale$248,601 $245,205 1 $494,420 $487,415 1 
Policy loans14,656 13,850 6 28,937 27,508 5 
Mortgage loans8,274 5,350 55 15,860 12,018 32 
Other long-term investments(1)
27,279 21,438 27 53,359 44,517 20 
Short-term investments2,550 3,059 5,419 4,535 
301,360 288,902 4 597,995 575,993 4 
Less investment expense(7,540)(6,733)12 (14,351)(13,210)9 
Net investment income
$293,820 $282,169 4 $583,644 $562,783 4 
(1)For the three months ended June 30, 2026 and 2025 the investment funds, accounted for under the fair value option method, recorded $21.9 million and $18.1 million in net investment income, respectively. For the six months ended June 30, 2026 and 2025, the investment funds, accounted for under the fair value option method, recorded $43.1 million and $37.3 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
June 30,		Six Months Ended
June 30,
2026202520262025
Fixed maturities available for sale:
Proceeds from sales(1)
$60,947 $218,156 $75,713 $272,067 
Gross realized gains713 1,617 962 3,095 
Gross realized losses(1,449)(7,026)(1,449)(8,490)
(1)During the three and six months ended June 30, 2026, the Company had $0 unsettled trades. There were $0 unsettled trades for the same periods in 2025.
11
        GL Q2 2026 FORM 10-Q
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
June 30,		Six Months Ended
June 30,
2026202520262025
Realized investment gains (losses):
Fixed maturities available for sale:
Sales and other(1)
$2,464 $(12,837)$1,747 $(12,049)
Provision for credit losses— — — 40 
Fair value option—change in fair value(3,055)(8,476)2,516 (6,105)
Mortgage loans
(110)(126)(251)307 
Other investments(630)(264)(1,954)(1,342)
Realized gains (losses) from investments
(1,331)(21,703)2,058 (19,149)
Other gains (losses)8,469 3,129 3,602 660 
Total realized gains (losses)
7,138 (18,574)5,660 (18,489)
Applicable tax(1,499)3,900 (1,188)3,882 
Realized gains (losses), net of tax
$5,639 $(14,674)$4,472 $(14,607)
(1)During the three months ended June 30, 2026 and 2025, the Company recorded $28.7 million and $72.6 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $0 and $(3.2) million net realized gains (losses), respectively. During the six months ended June 30, 2026 and 2025, the Company recorded $29.0 million and $128.3 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $0 and $(3.1) million net realized gains (losses), respectively.
12
        GL Q2 2026 FORM 10-Q
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 June 30, 2026 and December 31, 2025:
Fair Value Measurement at June 30, 2026:
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$— $386,964 $— $386,964 
States, municipalities, and political subdivisions— 2,965,047 2,977 2,968,024 
Foreign governments— 39,001 — 39,001 
Corporates, by sector:
Financial— 4,648,035 129,052 4,777,087 
Utilities— 2,018,134 133,020 2,151,154 
Other corporate sectors— 7,394,364 77,557 7,471,921 
Total corporates— 14,060,533 339,629 14,400,162 
Other asset-backed securities— 16,062 129,976 146,038 
Total fixed maturities
$— $17,467,607 $472,582 $17,940,189 
Percentage of total— %97 %3 %100 %

Fair Value Measurement at December 31, 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$— $383,853 $— $383,853 
States, municipalities, and political subdivisions— 2,880,626 — 2,880,626 
Foreign governments— 39,546 — 39,546 
Corporates, by sector:
Industrials
— 7,232,179 85,507 7,317,686 
Financial— 4,661,175 121,151 4,782,326 
Utilities— 1,968,840 102,666 2,071,506 
Total corporates— 13,862,194 309,324 14,171,518 
Other asset-backed securities— 27,898 85,901 113,799 
Total fixed maturities
$— $17,194,117 $395,225 $17,589,342 
Percentage of total— %98 %2 %100 %

13
        GL Q2 2026 FORM 10-Q
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
States, Municipalities and Political Subdivisions
Debt
Obligations
CorporatesTotal
Balance at January 1, 2026
$85,901 $— $— $309,324 $395,225 
Included in realized gains / losses— — — 747 747 
Included in other comprehensive income177 — — (5,541)(5,364)
Acquisitions45,334 — 2,977 44,000 92,311 
Sales— — — (4,480)(4,480)
Amortization— — — (5)(5)
Other(1)
(1,436)— — (4,416)(5,852)
Transfers into Level 3(2)
— — — — — 
Transfers out of Level 3(2)
— — — — — 
Balance at June 30, 2026
$129,976 $— $2,977 $339,629 $472,582 
Percent of total fixed maturities1 %— %— %2 %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.

Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Asset-
backed Securities
Collateralized
Debt
Obligations
States, Municipalities and Political Subdivisions
Debt
Obligations
CorporatesTotal
Balance at January 1, 2025
$11,183 $42,866 $— $420,065 $474,114 
Included in realized gains / losses— (588)— (4)(592)
Included in other comprehensive income71 — — (3,328)(3,257)
Acquisitions21,339 — — 17,515 38,854 
Sales— (36,398)— — (36,398)
Amortization— 1,893 — 13 1,906 
Other(1)
— (7,773)— (15,864)(23,637)
Transfers into Level 3(2)
— — — — — 
Transfers out of Level 3(2)
— — — — — 
Balance at June 30, 2025
$32,593 $— $— $418,397 $450,990 
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.

14
        GL Q2 2026 FORM 10-Q
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
States, Municipalities and Political Subdivisions
Debt
Obligations
CorporatesTotal
At June 30, 2026
$177 $— $— $(5,541)$(5,364)
At June 30, 2025
71 — — (3,328)(3,257)

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 become 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
June 30, 2026
Fair Value
Valuation Technique
Significant Unobservable
Input		Range
Weighted-
Average(1)
Corporates$339,629 Discounted cash flowCredit rating
BB to AA
A-
States, municipalities and political subdivisions2,977 Discounted cash flowCredit rating
AAA
AAA
Asset-backed securities129,976 Discounted cash flowCredit rating
CC to A
BBB
$472,582 
(1)Unobservable inputs were weighted by the relative fair value of the instruments.

Level 3 securities are valued based on the contractual cash flows discounted by a rate 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 MonthsTwelve Months or LongerTotal
Number of issues (CUSIPs) held:
As of June 30, 2026509 1,555 2,064 
As of December 31, 2025395 1,583 1,978 
 
15
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)


Globe Life's entire fixed maturity portfolio consisted of 2,628 issues by 1,013 different issuers at June 30, 2026 and 2,576 issues by 1,010 different issuers at December 31, 2025. The weighted-average quality rating of all unrealized loss positions at amortized cost was A as of June 30, 2026 and A as of December 31, 2025.

The following tables disclose unrealized investment losses by class and major sector of fixed maturities available for sale at June 30, 2026 and December 31, 2025.

Analysis of Gross Unrealized Investment Losses
At June 30, 2026
Less than Twelve MonthsTwelve Months or LongerTotal
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$22,492 $(290)$361,770 $(30,807)$384,262 $(31,097)
States, municipalities, and political subdivisions577,998 (13,249)1,729,875 (466,467)2,307,873 (479,716)
Foreign governments— — 24,893 (7,699)24,893 (7,699)
Corporates, by sector:
Industrials
1,019,521 (27,839)3,460,943 (614,025)4,480,464 (641,864)
Financial716,497 (39,257)1,780,569 (313,186)2,497,066 (352,443)
Utilities
440,898 (9,613)546,684 (87,402)987,582 (97,015)
Total corporates2,176,916 (76,709)5,788,196 (1,014,613)7,965,112 (1,091,322)
Other asset-backed securities14,794 (107)1,247 (61)16,041 (168)
Total investment grade securities2,792,200 (90,355)7,905,981 (1,519,647)10,698,181 (1,610,002)
Below investment grade securities:
States, municipalities, and political subdivisions— — 1,796 (163)1,796 (163)
Industrials61,696 (5,007)130,832 (38,127)192,528 (43,134)
Financial18,636 (377)87,111 (14,666)105,747 (15,043)
Utilities13,773 (248)36,852 (6,511)50,625 (6,759)
Total corporates94,105 (5,632)254,795 (59,304)348,900 (64,936)
Other asset-backed securities482 — — — 482 — 
Total below investment grade securities94,587 (5,632)256,591 (59,467)351,178 (65,099)
Total fixed maturities
$2,886,787 $(95,987)$8,162,572 $(1,579,114)$11,049,359 $(1,675,101)


16
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)


At December 31, 2025
Less than Twelve MonthsTwelve Months or LongerTotal
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$4,894 $(454)$368,750 $(25,024)$373,644 $(25,478)
States, municipalities, and political subdivisions535,186 (12,491)1,731,104 (519,061)2,266,290 (531,552)
Foreign governments5,616 (26)25,370 (8,014)30,986 (8,040)
Corporates, by sector:
Industrials680,126 (14,131)3,667,956 (591,006)4,348,082 (605,137)
Financial469,436 (29,118)1,806,739 (294,440)2,276,175 (323,558)
Utilities302,325 (4,274)555,085 (82,694)857,410 (86,968)
Total corporates1,451,887 (47,523)6,029,780 (968,140)7,481,667 (1,015,663)
Other asset-backed securities18,217 (62)1,379 (50)19,596 (112)
Total investment grade securities2,015,800 (60,556)8,156,383 (1,520,289)10,172,183 (1,580,845)
Below investment grade securities:
States, municipalities, and political subdivisions— — 1,751 (210)1,751 (210)
Corporates, by sector:
Industrials35,564 (6,631)141,446 (33,595)177,010 (40,226)
Financial6,185 (36)101,427 (10,372)107,612 (10,408)
Utilities5,025 (60)38,121 (6,058)43,146 (6,118)
Total corporates46,774 (6,727)280,994 (50,025)327,768 (56,752)
Other asset-backed securities— — — — — — 
Total below investment grade securities46,774 (6,727)282,745 (50,235)329,519 (56,962)
Total fixed maturities
$2,062,574 $(67,283)$8,439,128 $(1,570,524)$10,501,702 $(1,637,807)

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.

17
        GL Q2 2026 FORM 10-Q
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
June 30,		Six Months Ended
June 30,
2026202520262025
Allowance for credit losses beginning balance
$3,297 $10,355 $3,297 $10,395 
Additions to allowance for which credit losses were not previously recorded— — — — 
Additions (reductions) to allowance for fixed maturities that previously had an allowance— — — (40)
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
$3,297 $10,355 $3,297 $10,355 

As of June 30, 2026, the Company had one fixed maturity security in non-accrual status with an amortized cost of $5.5 million and an allowance of $3.3 million. As of December 31, 2025, the Company had two fixed maturity securities in non-accrual status with an amortized cost of $9.2 million and an allowance of $3.3 million.

Mortgage Loans (commercial mortgage loans): Investments in commercial mortgage loans are made through direct investments and through investment funds. We have total commercial mortgage loan investments made directly and through investment funds of $1.01 billion at June 30, 2026 and $1.04 billion at December 31, 2025. The commercial mortgage loan summaries provided in this section pertain only to those commercial mortgage loans made directly.

Summaries of commercial mortgage loans by property type and geographical location at June 30, 2026 and December 31, 2025 are as follows:
June 30, 2026December 31, 2025
Carrying Value% of TotalCarrying Value% of Total
Property type:
Industrial$166,662 39 $155,208 36 
Hospitality100,894 24 99,492 23 
Multi-family119,087 28 99,212 23 
Retail40,663 9 76,059 18 
Office2,973 1 3,061 1 
Total recorded investment430,279 101 433,032 101 
Less allowance for credit losses(4,766)(1)(4,515)(1)
Carrying value, net of allowance for credit losses
$425,513 100 $428,517 100 
18
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)


June 30, 2026December 31, 2025
Carrying Value% of TotalCarrying Value% of Total
Geographic location:
Florida$130,687 31 $88,681 21 
Texas67,329 16 66,597 15 
North Carolina43,553 10 42,358 10 
Minnesota31,117 7 31,084 7 
California29,196 7 28,450 7 
New York21,424 5 31,948 7 
Other106,973 25 143,914 34 
Total recorded investment430,279 101 433,032 101 
Less allowance for credit losses(4,766)(1)(4,515)(1)
Carrying value, net of allowance for credit losses
$425,513 100 $428,517 100 

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 or equal to 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 equate to higher risk of loss.

June 30, 2026
Recorded Investment
Debt Service Coverage Ratios(1)
<1.00x1.00x—1.20x>1.20xTotal% of Gross Total
Loan-to-value ratio(2):
Less than 70%$84,531 $55,879 $282,207 $422,617 98 
70% to 80%— — — — — 
81% to 90%— — — — — 
Greater than 90%7,662 — — 7,662 2 
Total$92,193 $55,879 $282,207 430,279 100 
Less allowance for credit losses(4,766)
Total, net of allowance for credit losses
$425,513 
(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.
19
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)


December 31, 2025
Recorded Investment
Debt Service Coverage Ratios(1)
<1.00x1.00x—1.20x>1.20xTotal% of Gross Total
Loan-to-value ratio(2):
Less than 70%$61,159 $50,009 $313,634 $424,802 98 
70% to 80%— — — — — 
81% to 90%— — — — — 
Greater than 90%8,230 — — 8,230 2 
Total$69,389 $50,009 $313,634 433,032 100 
Less allowance for credit losses(4,515)
Total, net of allowance for credit losses
$428,517 
(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 June 30, 2026, the Company had 37 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 no loans were collateral dependent or likely to foreclose.

For the six months ended June 30, 2026, the allowance for credit losses increased by $251 thousand to $4.8 million. The provision for credit losses is included in "Realized gains (losses)" on the Condensed Consolidated Statements of Operations.
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Allowance for credit losses beginning balance
$4,656 $6,731 $4,515 $7,644 
Provision (reversal) for credit losses110 110 251 (138)
Reduction in allowance due to dispositions
— (212)— (877)
Allowance for credit losses ending balance
$4,766 $6,629 $4,766 $6,629 

As of June 30, 2026 and December 31, 2025, the Company had one commercial mortgage loan in non-accrual status with a principal balance of $1 million and no delinquent commercial mortgage loans. The Company's unfunded commitment balance to commercial loan borrowers was $18 million as of June 30, 2026.

Other Long-Term Investments: Other long-term investments consist of the following assets:
June 30,
2026		December 31, 2025
Investment funds$1,097,834 $1,109,719 
Company-owned life insurance(1)
327,966 243,721 
Other41,058 42,624 
Total
$1,466,858 $1,396,064 
(1) Company-owned life insurance is reported at cash surrender value.

20
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)


The following table presents additional information about the Company's investment funds as of June 30, 2026 and December 31, 2025 at fair value:
Fair Value
Unfunded Commitments(2)
Investment CategoryJune 30,
2026		December 31, 2025June 30,
2026
Redemption Term/Notice(1)
Commercial mortgage loans$584,373 $614,080 $471,848 Fully redeemable and non-redeemable with varying terms.
Opportunistic and private credit
227,624 223,665 201,728 Fully redeemable and non-redeemable with varying terms.
Infrastructure201,040 187,964 32,711 Fully redeemable and non-redeemable with varying terms.
Other84,797 84,010 55,359 Non-redeemable with varying terms
Total investment funds $1,097,834 $1,109,719 $761,646 
(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 June 30, 2026, unfunded commitments totaled $935 million, including funds past the investment period.

The Company had $75 million of capital called during the period from existing investment funds. The Company's unfunded commitments were $762 million as of June 30, 2026.


21
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)


Note 5—Commitments and Contingencies

Guarantees: In connection with 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. In addition, Globe Life Inc. has guaranteed letters of credit in connection with its credit facility with a group of banks as disclosed in Note 11—Debt. The letters of credit were issued by TMK Re, Ltd., a wholly-owned subsidiary ("TMK Re"), to secure TMK Re's obligation for claims on certain policies reinsured by TMK Re that were sold by other Globe Life Inc. insurance subsidiaries. These letters of credit facilitate TMK Re's ability to reinsure the business of Globe Life Inc.'s insurance subsidiaries. The credit facility was amended and restated on June 26, 2026 and now expires in 2031. The maximum amount of letters of credit available is $250 million. Globe Life Inc. would be liable to the extent that TMK Re does not pay the reinsured party. The amount of letters of credit outstanding at June 30, 2026 was $115 million.

Litigation: The Company, as is common with the insurance industry in general, is 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 the Company, 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 added 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 individual director and executive officer defendants for all expenses and losses related to the litigation, subject to the terms of those indemnification agreements. On May 15, 2026, the Lead Plaintiffs moved for class certification. The motion is scheduled to be fully briefed by October 30, 2026. 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 (“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. On November 14, 2024, Globe Life Inc. shareholder Gautam Jadhav (“Jadhav”) filed a shareholder derivative complaint against the same set of defendants. 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 those made in the City of Miami Matter and derive from certain short seller reports. 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 individual director and executive officer defendants for all expenses and losses related to the litigation, subject to the terms of those indemnification agreements.
22
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)


On January 3, 2025, the Court consolidated the two actions and appointed Hsiao and Jadhav as Lead Plaintiffs and their counsel as Lead Counsel for the consolidated derivative action (In re Globe Life Inc. Stockholder Derivative Litigation, Lead Case No. 4:24-cv-00993-ALM (E.D. Tex.)).

On November 19, 2025, Globe Life Inc. shareholder Plymouth County Retirement Association (“Plymouth”) filed a Verified Shareholder Derivative Action Complaint in the United States District Court for the Eastern District of 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 (Plymouth County Retirement Association v. Darden, et al., No. 4:25-cv-01246-ALM (E.D. Tex.)). On November 21, 2025, Globe Life Inc. shareholder Catherine M. Sugarbaker Family Trust (“Sugarbaker”) filed a Verified Shareholder Derivative Action 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 (Catherine M. Sugarbaker Family Trust v. Gary L. Coleman, et al., No. 4:25-cv-01274-ALM (E.D. Tex.)). The allegations in both complaints are substantially similar to those made in the City of Miami Matter and the consolidated federal derivative action and derive from certain short seller reports. 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 individual director and executive officer defendants for all expenses and losses related to the Plymouth and Sugarbaker litigation, subject to the terms of those indemnification agreements. On April 17, 2026, following briefing on Plymouth's and Sugarbaker's competing leadership motions, the Court appointed Plymouth as Lead Plaintiff and Plymouth's counsel as Lead Counsel. On May 8, 2026, Plymouth filed a consolidated complaint. On June 23, 2026, Defendants filed a motion to dismiss the consolidated complaint.

On September 19, 2025, a shareholder filed a 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). Like the consolidated shareholder derivative lawsuit disclosed above, this litigation is largely similar to the City of Miami Matter and derives in part from certain short seller reports. 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. 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 individual director and executive officer defendants for all expenses and losses related to the litigation, subject to the terms of those indemnification agreements. Globe Life Inc. intends to mount a robust defense against the litigation. Defendants filed a motion to dismiss the petition on November 20, 2025 for failure to plead demand futility, and a motion to stay the proceedings in the Texas Business Court pending final resolution of the related City of Miami Matter if the Court determines that demand futility is satisfied. On February 5, 2026, the Court cancelled the hearing it had scheduled for February 6, 2026 to hear all of the above motions and stayed the case pending further order of the Court.


23
        GL Q2 2026 FORM 10-Q
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 six month periods ended June 30, 2026 and 2025:
Life
Present value of expected future net premiums
American IncomeDTCLiberty NationalOtherTotal
Balance at January 1, 2025
$4,645,917 $5,622,906 $1,048,447 $440,047 $11,757,317 
Beginning balance at original discount rates4,656,710 5,504,912 1,047,020 430,276 11,638,918 
Effect of changes in assumptions on future cash flows
— — — — — 
Effect of actual variances from expected experience(112,710)(112,667)(13,776)(8,888)(248,041)
Adjusted balance at January 1, 2025
4,544,000 5,392,245 1,033,244 421,388 11,390,877 
Issuances(1)
380,213 257,099 54,393 12,114 703,819 
Interest accrual(2)
113,641 144,532 27,056 11,211 296,440 
Net premiums collected(3)
(281,023)(295,271)(66,699)(21,904)(664,897)
Effect of changes in the foreign exchange rate14,630 — — — 14,630 
Ending balance at original discount rates4,771,461 5,498,605 1,047,994 422,809 11,740,869 
Effect of change from original to current discount rates46,620 183,765 15,168 13,975 259,528 
Balance at June 30, 2025
$4,818,081 $5,682,370 $1,063,162 $436,784 $12,000,397 
Balance at January 1, 2026
$4,792,153 $5,542,616 $1,008,538 $425,338 $11,768,645 
Beginning balance at original discount rates4,710,303 5,321,113 988,843 408,949 11,429,208 
Effect of changes in assumptions on future cash flows
— — — — — 
Effect of actual variances from expected experience(117,931)(150,568)(20,468)(6,473)(295,440)
Adjusted balance at January 1, 2026
4,592,372 5,170,545 968,375 402,476 11,133,768 
Issuances(1)
342,094 236,412 56,143 10,388 645,037 
Interest accrual(2)
111,883 138,540 25,004 10,642 286,069 
Net premiums collected(3)
(284,261)(284,783)(63,093)(21,181)(653,318)
Effect of changes in the foreign exchange rate(10,873)— — — (10,873)
Ending balance at original discount rates4,751,215 5,260,714 986,429 402,325 11,400,683 
Effect of change from original to current discount rates23,922 137,514 5,719 9,761 176,916 
Balance at June 30, 2026
$4,775,137 $5,398,228 $992,148 $412,086 $11,577,599 
(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.

24
        GL Q2 2026 FORM 10-Q
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 IncomeDTCLiberty NationalOtherTotal
Balance at April 1, 2025
$4,757,044 $5,686,115 $1,058,696 $440,270 $11,942,125 
Beginning balance at original discount rates4,719,733 5,512,271 1,045,143 426,436 11,703,583 
Effect of changes in assumptions on future cash flows
— — — — — 
Effect of actual variances from expected experience(61,093)(73,750)(5,858)(5,199)(145,900)
Adjusted balance at April 1, 2025
4,658,640 5,438,521 1,039,285 421,237 11,557,683 
Issuances(1)
184,580 135,319 28,611 6,902 355,412 
Interest accrual(2)
57,175 72,325 13,535 5,586 148,621 
Net premiums collected(3)
(141,459)(147,560)(33,437)(10,916)(333,372)
Effect of changes in the foreign exchange rate12,525 — — — 12,525 
Ending balance at original discount rates4,771,461 5,498,605 1,047,994 422,809 11,740,869 
Effect of change from original to current discount rates46,620 183,765 15,168 13,975 259,528 
Balance at June 30, 2025
$4,818,081 $5,682,370 $1,063,162 $436,784 $12,000,397 
Balance at April 1, 2026
$4,740,702 $5,431,703 $990,014 $415,764 $11,578,183 
Beginning balance at original discount rates4,731,583 5,303,589 986,343 406,978 11,428,493 
Effect of changes in assumptions on future cash flows
— — — — — 
Effect of actual variances from expected experience(58,064)(84,834)(10,193)(4,448)(157,539)
Adjusted balance at April 1, 2026
4,673,519 5,218,755 976,150 402,530 11,270,954 
Issuances(1)
175,081 114,943 29,331 5,179 324,534 
Interest accrual(2)
56,068 69,095 12,489 5,296 142,948 
Net premiums collected(3)
(143,018)(142,079)(31,541)(10,680)(327,318)
Effect of changes in the foreign exchange rate(10,435)— — — (10,435)
Ending balance at original discount rates4,751,215 5,260,714 986,429 402,325 11,400,683 
Effect of change from original to current discount rates23,922 137,514 5,719 9,761 176,916 
Balance at June 30, 2026
$4,775,137 $5,398,228 $992,148 $412,086 $11,577,599 
(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.

25
        GL Q2 2026 FORM 10-Q
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 IncomeDTCLiberty NationalOtherTotal
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 rates9,508,588 8,660,948 3,340,219 3,582,068 25,091,823 
Effect of changes in assumptions on future cash flows— — — — — 
Effect of actual variances from expected experience(123,908)(122,494)(17,717)(12,945)(277,064)
Adjusted balance at January 1, 2025
9,384,680 8,538,454 3,322,502 3,569,123 24,814,759 
Issuances(1)
380,214 257,097 54,393 12,115 703,819 
Interest accrual(2)
256,757 239,097 89,565 107,021 692,440 
Benefit payments(3)
(226,848)(291,899)(107,656)(70,952)(697,355)
Effect of changes in the foreign exchange rate34,732 — — — 34,732 
Ending balance at original discount rates9,829,535 8,742,749 3,358,804 3,617,307 25,548,395 
Effect of change from original to current discount rates404,619 535,396 63,014 391,078 1,394,107 
Balance at June 30, 2025
$10,234,154 $9,278,145 $3,421,818 $4,008,385 $26,942,502 
Balance at January 1, 2026
$10,358,054 $9,205,616 $3,371,175 $4,054,000 $26,988,845 
Beginning balance at original discount rates9,905,431 8,616,929 3,291,890 3,643,392 25,457,642 
Effect of changes in assumptions on future cash flows— — — — — 
Effect of actual variances from expected experience(133,143)(171,791)(25,929)(11,718)(342,581)
Adjusted balance at January 1, 2026
9,772,288 8,445,138 3,265,961 3,631,674 25,115,061 
Issuances(1)
342,093 236,410 56,142 10,387 645,032 
Interest accrual(2)
263,320 237,189 87,650 108,837 696,996 
Benefit payments(3)
(235,113)(269,600)(103,848)(77,065)(685,626)
Effect of changes in the foreign exchange rate(26,770)— — — (26,770)
Ending balance at original discount rates10,115,818 8,649,137 3,305,905 3,673,833 25,744,693 
Effect of change from original to current discount rates338,849 459,950 33,678 355,230 1,187,707 
Balance at June 30, 2026
$10,454,667 $9,109,087 $3,339,583 $4,029,063 $26,932,400 
(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.
26
        GL Q2 2026 FORM 10-Q
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 IncomeDTCLiberty NationalOtherTotal
Balance at April 1, 2025
$10,112,896 $9,253,740 $3,415,857 $4,009,979 $26,792,472 
Beginning balance at original discount rates9,671,087 8,709,934 3,347,430 3,600,322 25,328,773 
Effect of changes in assumptions on future cash flows— — — — — 
Effect of actual variances from expected experience(68,094)(80,546)(9,006)(7,498)(165,144)
Adjusted balance at April 1, 2025
9,602,993 8,629,388 3,338,424 3,592,824 25,163,629 
Issuances(1)
184,580 135,318 28,612 6,905 355,415 
Interest accrual(2)
129,298 119,903 44,830 53,634 347,665 
Benefit payments(3)
(117,722)(141,860)(53,062)(36,056)(348,700)
Effect of changes in the foreign exchange rate30,386 — — — 30,386 
Ending balance at original discount rates9,829,535 8,742,749 3,358,804 3,617,307 25,548,395 
Effect of change from original to current discount rates404,619 535,396 63,014 391,078 1,394,107 
Balance at June 30, 2025
$10,234,154 $9,278,145 $3,421,818 $4,008,385 $26,942,502 
Balance at April 1, 2026
$10,260,857 $9,059,095 $3,310,768 $3,979,309 $26,610,029 
Beginning balance at original discount rates10,022,164 8,646,842 3,297,638 3,659,701 25,626,345 
Effect of changes in assumptions on future cash flows— — — — — 
Effect of actual variances from expected experience(66,295)(96,067)(13,806)(7,921)(184,089)
Adjusted balance at April 1, 2026
9,955,869 8,550,775 3,283,832 3,651,780 25,442,256 
Issuances(1)
175,079 114,942 29,331 5,178 324,530 
Interest accrual(2)
132,306 118,721 43,853 54,524 349,404 
Benefit payments(3)
(121,541)(135,301)(51,111)(37,649)(345,602)
Effect of changes in the foreign exchange rate(25,895)— — — (25,895)
Ending balance at original discount rates10,115,818 8,649,137 3,305,905 3,673,833 25,744,693 
Effect of change from original to current discount rates338,849 459,950 33,678 355,230 1,187,707 
Balance at June 30, 2026
$10,454,667 $9,109,087 $3,339,583 $4,029,063 $26,932,400 
(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.



27
        GL Q2 2026 FORM 10-Q
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 June 30, 2025
American IncomeDTCLiberty NationalOtherTotal
Net liability for future policy benefits at original discount rates
$5,058,074 $3,244,144 $2,310,810 $3,194,498 $13,807,526 
Effect of changes in discount rate assumptions357,999 351,631 47,846 377,103 1,134,579 
Other adjustments(1)
75 — — 35 110 
Net liability for future policy benefits, after other adjustments, at current discount rates
5,416,148 3,595,775 2,358,656 3,571,636 14,942,215 
Reinsurance recoverable
(177)— (7,984)(14)(8,175)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates
$5,415,971 $3,595,775 $2,350,672 $3,571,622 $14,934,040 
(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 June 30, 2026
American IncomeDTCLiberty NationalOtherTotal
Net liability for future policy benefits at original discount rates
$5,364,603 $3,388,423 $2,319,476 $3,271,508 $14,344,010 
Effect of changes in discount rate assumptions314,927 322,436 27,959 345,469 1,010,791 
Other adjustments(1)
103 130 — 24 257 
Net liability for future policy benefits, after other adjustments, at current discount rates
5,679,633 3,710,989 2,347,435 3,617,001 15,355,058 
Reinsurance recoverable
(194)— (8,223)(12)(8,429)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates
$5,679,439 $3,710,989 $2,339,212 $3,616,989 $15,346,629 
(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).



28
        GL Q2 2026 FORM 10-Q
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 six month periods ended June 30, 2026 and 2025:
Health
Present value of expected future net premiums
United AmericanFamily HeritageLiberty NationalAmerican IncomeDTCTotal
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 rates3,948,856 1,867,873 338,275 225,141 131,919 6,512,064 
Effect of changes in assumptions on future cash flows
— — — — — — 
Effect of actual variances from expected experience(3,085)(27,223)(17,307)(9,744)(299)(57,658)
Adjusted balance at January 1, 2025
3,945,771 1,840,650 320,968 215,397 131,620 6,454,406 
Issuances(1)
228,892 135,477 26,889 20,650 11,434 423,342 
Interest accrual(2)
95,079 39,696 8,053 5,305 3,403 151,536 
Net premiums collected(3)
(163,600)(100,206)(26,730)(13,457)(6,971)(310,964)
Effect of changes in the foreign exchange rate— — — 1,274 — 1,274 
Ending balance at original discount rates4,106,142 1,915,617 329,180 229,169 139,486 6,719,594 
Effect of change from original to current discount rates5,981 (104,771)2,671 661 3,582 (91,876)
Balance at June 30, 2025
$4,112,123 $1,810,846 $331,851 $229,830 $143,068 $6,627,718 
Balance at January 1, 2026
$5,330,081 $1,822,012 $336,843 $248,400 $207,323 $7,944,659 
Beginning balance at original discount rates5,273,275 1,895,803 331,414 245,300 201,449 7,947,241 
Effect of changes in assumptions on future cash flows
— — — — — — 
Effect of actual variances from expected experience(17,009)(20,847)(15,128)(6,934)84 (59,834)
Adjusted balance at January 1, 2026
5,256,266 1,874,956 316,286 238,366 201,533 7,887,407 
Issuances(1)
413,747 139,050 24,517 17,422 4,836 599,572 
Interest accrual(2)
125,360 40,179 7,624 5,700 4,558 183,421 
Net premiums collected(3)
(202,309)(106,621)(26,592)(14,065)(8,092)(357,679)
Effect of changes in the foreign exchange rate— — — (936)— (936)
Ending balance at original discount rates5,593,064 1,947,564 321,835 246,487 202,835 8,311,785 
Effect of change from original to current discount rates(9,826)(92,906)706 429 3,299 (98,298)
Balance at June 30, 2026
$5,583,238 $1,854,658 $322,541 $246,916 $206,134 $8,213,487 
(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.
29
        GL Q2 2026 FORM 10-Q
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 AmericanFamily HeritageLiberty NationalAmerican IncomeDTCTotal
Balance at April 1, 2025
$3,993,693 $1,777,351 $332,931 $227,273 $138,383 $6,469,631 
Beginning balance at original discount rates4,005,620 1,888,954 331,182 226,852 135,412 6,588,020 
Effect of changes in assumptions on future cash flows
— — — — — — 
Effect of actual variances from expected experience25,129 (13,323)(6,587)(4,863)1,116 1,472 
Adjusted balance at April 1, 2025
4,030,749 1,875,631 324,595 221,989 136,528 6,589,492 
Issuances(1)
111,268 70,716 14,233 10,209 4,770 211,196 
Interest accrual(2)
48,210 20,056 3,962 2,662 1,723 76,613 
Net premiums collected(3)
(84,085)(50,786)(13,610)(6,743)(3,535)(158,759)
Effect of changes in the foreign exchange rate— — — 1,052 — 1,052 
Ending balance at original discount rates4,106,142 1,915,617 329,180 229,169 139,486 6,719,594 
Effect of change from original to current discount rates5,981 (104,771)2,671 661 3,582 (91,876)
Balance at June 30, 2025
$4,112,123 $1,810,846 $331,851 $229,830 $143,068 $6,627,718 
Balance at April 1, 2026
$5,423,604 $1,818,022 $328,101 $245,651 $206,901 $8,022,279 
Beginning balance at original discount rates5,452,371 1,918,528 327,215 246,382 204,304 8,148,800 
Effect of changes in assumptions on future cash flows
— — — — — — 
Effect of actual variances from expected experience5,481 (7,955)(8,117)(3,626)293 (13,924)
Adjusted balance at April 1, 2026
5,457,852 1,910,573 319,098 242,756 204,597 8,134,876 
Issuances(1)
178,610 70,633 12,425 8,842 29 270,539 
Interest accrual(2)
63,559 20,251 3,743 2,856 2,267 92,676 
Net premiums collected(3)
(106,957)(53,893)(13,431)(7,052)(4,058)(185,391)
Effect of changes in the foreign exchange rate— — — (915)— (915)
Ending balance at original discount rates5,593,064 1,947,564 321,835 246,487 202,835 8,311,785 
Effect of change from original to current discount rates(9,826)(92,906)706 429 3,299 (98,298)
Balance at June 30, 2026
$5,583,238 $1,854,658 $322,541 $246,916 $206,134 $8,213,487 
(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.





30
        GL Q2 2026 FORM 10-Q
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 AmericanFamily HeritageLiberty NationalAmerican IncomeDTCTotal
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 rates4,026,860 3,712,044 791,141 348,711 127,975 9,006,731 
Effect of changes in assumptions on future cash flows— — — — — — 
Effect of actual variances from expected experience(6,629)(30,870)(15,255)(12,205)(124)(65,083)
Adjusted balance at January 1, 2025
4,020,231 3,681,174 775,886 336,506 127,851 8,941,648 
Issuances(1)
228,111 135,476 26,531 20,650 11,392 422,160 
Interest accrual(2)
97,069 78,270 20,796 8,951 3,403 208,489 
Benefit payments(3)
(192,355)(79,732)(50,278)(11,126)(8,370)(341,861)
Effect of changes in the foreign exchange rate— — — 2,431 — 2,431 
Ending balance at original discount rates4,153,056 3,815,188 772,935 357,412 134,276 9,232,867 
Effect of change from original to current discount rates1,250 (324,147)22,309 9,954 3,256 (287,378)
Balance at June 30, 2025
$4,154,306 $3,491,041 $795,244 $367,366 $137,532 $8,945,489 
Balance at January 1, 2026
$5,345,453 $3,586,908 $793,855 $393,599 $196,732 $10,316,547 
Beginning balance at original discount rates5,296,183 3,845,648 765,964 380,082 191,272 10,479,149 
Effect of changes in assumptions on future cash flows— — — — — — 
Effect of actual variances from expected experience(23,121)(25,479)(11,994)(8,547)(1,148)(70,289)
Adjusted balance at January 1, 2026
5,273,062 3,820,169 753,970 371,535 190,124 10,408,860 
Issuances(1)
413,043 139,051 24,199 17,421 4,815 598,529 
Interest accrual(2)
126,014 81,642 19,832 9,606 4,558 241,652 
Benefit payments(3)
(226,539)(84,885)(49,267)(14,485)(9,458)(384,634)
Effect of changes in the foreign exchange rate— — — (1,842)— (1,842)
Ending balance at original discount rates5,585,580 3,955,977 748,734 382,235 190,039 10,862,565 
Effect of change from original to current discount rates(17,453)(294,093)15,704 9,022 3,015 (283,805)
Balance at June 30, 2026
$5,568,127 $3,661,884 $764,438 $391,257 $193,054 $10,578,760 
(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.
31
        GL Q2 2026 FORM 10-Q
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 AmericanFamily HeritageLiberty NationalAmerican IncomeDTCTotal
Balance at April 1, 2025
$4,051,322 $3,430,602 $799,440 $362,540 $133,563 $8,777,467 
Beginning balance at original discount rates4,066,655 3,761,470 778,662 352,443 130,822 9,090,052 
Effect of changes in assumptions on future cash flows— — — — — — 
Effect of actual variances from expected experience18,426 (15,115)(4,250)(6,009)1,067 (5,881)
Adjusted balance at April 1, 2025
4,085,081 3,746,355 774,412 346,434 131,889 9,084,171 
Issuances(1)
110,710 70,717 14,054 10,209 4,762 210,452 
Interest accrual(2)
49,086 39,514 10,326 4,496 1,722 105,144 
Benefit payments(3)
(91,821)(41,398)(25,857)(5,806)(4,097)(168,979)
Effect of changes in the foreign exchange rate— — — 2,079 — 2,079 
Ending balance at original discount rates4,153,056 3,815,188 772,935 357,412 134,276 9,232,867 
Effect of change from original to current discount rates1,250 (324,147)22,309 9,954 3,256 (287,378)
Balance at June 30, 2025
$4,154,306 $3,491,041 $795,244 $367,366 $137,532 $8,945,489 
Balance at April 1, 2026
$5,416,679 $3,573,366 $770,261 $388,886 $194,911 $10,344,103 
Beginning balance at original discount rates5,454,228 3,898,901 755,268 382,027 192,496 10,682,920 
Effect of changes in assumptions on future cash flows— — — — — — 
Effect of actual variances from expected experience4,265 (9,984)(3,842)(4,571)(314)(14,446)
Adjusted balance at April 1, 2026
5,458,493 3,888,917 751,426 377,456 192,182 10,668,474 
Issuances(1)
178,252 70,634 12,259 8,841 28 270,014 
Interest accrual(2)
63,754 41,155 9,845 4,810 2,267 121,831 
Benefit payments(3)
(114,919)(44,729)(24,796)(7,067)(4,438)(195,949)
Effect of changes in the foreign exchange rate— — — (1,805)— (1,805)
Ending balance at original discount rates5,585,580 3,955,977 748,734 382,235 190,039 10,862,565 
Effect of change from original to current discount rates(17,453)(294,093)15,704 9,022 3,015 (283,805)
Balance at June 30, 2026
$5,568,127 $3,661,884 $764,438 $391,257 $193,054 $10,578,760 
(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.

32
        GL Q2 2026 FORM 10-Q
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 June 30, 2025
United AmericanFamily HeritageLiberty NationalAmerican IncomeDirect to ConsumerTotal
Net liability for future policy benefits at original discount rates
$46,914 $1,899,571 $443,755 $128,243 $(5,210)$2,513,273 
Effect of changes in discount rate assumptions(4,731)(219,376)19,638 9,293 (326)(195,502)
Other adjustments(1)
45,814 16 10,861 702 6,259 63,652 
Net liability for future policy benefits, after other adjustments, at current discount rates
87,997 1,680,211 474,254 138,238 723 2,381,423 
Reinsurance recoverable
(2,376)— (890)— — (3,266)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates
$85,621 $1,680,211 $473,364 $138,238 $723 $2,378,157 
(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 June 30, 2026
United AmericanFamily HeritageLiberty NationalAmerican IncomeDirect to ConsumerTotal
Net liability for future policy benefits at original discount rates
(7,484)2,008,413 426,899 135,748 (12,796)2,550,780 
Effect of changes in discount rate assumptions(7,627)(201,187)14,998 8,593 (284)(185,507)
Other adjustments(1)
82,714 96 13,388 692 13,635 110,525 
Net liability for future policy benefits, after other adjustments, at current discount rates
67,603 1,807,322 455,285 145,033 555 2,475,798 
Reinsurance recoverable
(1,788)— (601)— — (2,389)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates
$65,815 $1,807,322 $454,684 $145,033 $555 $2,473,409 
(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).

33
        GL Q2 2026 FORM 10-Q
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 for the three and six month periods ended June 30, 2026 and 2025:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Life Remeasurement Gain (Loss)—Experience:
American Income$7,936 $6,672 $14,996 $10,851 
Direct to Consumer11,015 6,609 20,834 9,589 
Liberty National1,685 1,432 2,639 1,614 
Other2,847 2,032 3,954 3,216 
Total Life Remeasurement Gain (Loss)—Experience
23,483 16,745 42,423 25,270 
Life Remeasurement Gain (Loss)—Assumption Updates:
American Income— — — — 
Direct to Consumer— — — — 
Liberty National— — — — 
Other— — — — 
Total Life Remeasurement Gain (Loss)—Assumption Updates(1)
— — — — 
Total Life Remeasurement Gain (Loss)
23,483 16,745 42,423 25,270 
Health Remeasurement Gain (Loss)—Experience:
United American(170)1,938 1,753 (1,882)
Family Heritage2,001 1,640 4,559 3,476 
Liberty National(1,434)(821)(600)362 
American Income875 1,089 1,531 2,338 
Direct to Consumer22 32 67 28 
Total Health Remeasurement Gain (Loss)—Experience
1,294 3,878 7,310 4,322 
Health Remeasurement Gain (Loss)—Assumption Updates:
United American— — — — 
Family Heritage— — — — 
Liberty National— — — — 
American Income— — — — 
Direct to Consumer— — — — 
Total Health Remeasurement Gain (Loss)—Assumption Updates(1)
— — — — 
Total Health Remeasurement Gain (Loss)
$1,294 $3,878 $7,310 $4,322 
(1)Changes to the judgments, assumptions, and methods used in measuring the liability for future policy benefits occur annually, unless otherwise necessary. There were no changes to the judgments, assumptions, and methods used in measuring the liability for future policy benefits during the six months ended June 30, 2026 and 2025.

34
        GL Q2 2026 FORM 10-Q
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 June 30, 2026 and 2025:

At Original Discount RatesAt Current Discount Rates
As of June 30,As of June 30,
2026202520262025
Life(1):
American Income$5,364,702 $5,058,139 $5,679,633 $5,416,148 
Direct to Consumer3,388,555 3,244,145 3,710,989 3,595,775 
Liberty National2,319,476 2,310,810 2,347,435 2,358,656 
Other3,271,530 3,194,531 3,617,001 3,571,636 
Net liability for future policy benefits—long duration life14,344,263 13,807,625 15,355,058 14,942,215 
Health(1):
United American69,893 88,003 67,603 87,997 
Family Heritage2,008,581 1,899,578 1,807,322 1,680,211 
Liberty National439,682 454,025 455,285 474,254 
American Income136,419 128,924 145,033 138,238 
Direct to Consumer533 708 555 723 
Net liability for future policy benefits—long duration health2,655,108 2,571,238 2,475,798 2,381,423 
Deferred profit liability189,461 181,140 189,461 181,140 
Deferred annuity550,688 615,897 550,688 615,897 
Interest sensitive life706,527 717,140 706,527 717,140 
Other8,862 8,939 8,863 8,940 
Total future policy benefits
$18,454,909 $17,901,979 $19,286,395 $18,846,755 




35
        GL Q2 2026 FORM 10-Q
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 June 30, 2026 and 2025:
As of June 30,
20262025
Original discount rateCurrent discount rateOriginal discount rateCurrent discount rate
Life
American Income5.7 %5.5 %5.7 %5.4 %
Direct to Consumer6.0 %5.5 %6.0 %5.5 %
Liberty National5.6 %5.5 %5.6 %5.5 %
Other6.2 %5.6 %6.2 %5.5 %
Health
United American5.1 %5.2 %5.1 %5.1 %
Family Heritage4.2 %5.4 %4.2 %5.3 %
Liberty National5.8 %5.4 %5.8 %5.3 %
American Income5.8 %5.3 %5.8 %5.2 %
Direct to Consumer5.1 %5.2 %5.1 %5.1 %

The following table provides the weighted-average durations of the liability for future policy benefits and the additional insurance liabilities as of June 30, 2026 and 2025:
As of June 30,
20262025
At original discount ratesAt current discount ratesAt original discount ratesAt current discount rates
Life
American Income22.1221.9822.6022.42
Direct to Consumer18.4419.2419.0719.86
Liberty National15.2915.1415.3515.18
Other15.3916.0415.8316.53
Health
United American12.4211.1511.6810.49
Family Heritage16.2414.9015.2814.00
Liberty National9.609.429.419.22
American Income13.2413.1612.4512.37
Direct to Consumer12.4211.1511.6810.49
36
        GL Q2 2026 FORM 10-Q
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 on the Condensed Consolidated Statements of Operations for the three and six month periods ended June 30, 2026 and 2025:
Life
Six Months Ended
June 30, 2026		Six Months Ended
June 30, 2025
Gross
Premiums
Required Interest
Expense
Gross
Premiums
Required Interest
Expense
American Income$924,861 $151,437 $882,738 $143,116 
Direct to Consumer483,267 98,620 486,442 94,526 
Liberty National198,832 62,480 191,631 62,224 
Other98,490 98,195 100,108 95,333 
Total$1,705,450 $410,732 $1,660,919 $395,199 
Life
Three Months Ended
June 30, 2026		Three Months Ended
June 30, 2025
Gross
Premiums
Interest
Expense
Gross
Premiums
Interest
Expense
American Income$465,980 $76,237 $445,289 $72,123 
Direct to Consumer241,656 49,612 243,572 47,559 
Liberty National99,688 31,292 96,331 31,175 
Other49,127 49,228 50,194 48,048 
Total$856,451 $206,369 $835,386 $198,905 
Health
Six Months Ended
June 30, 2026		Six Months Ended
June 30, 2025
Gross
Premiums
Required Interest
Expense
Gross
Premiums
Required Interest
Expense
United American$296,358 $583 $239,422 $1,867 
Family Heritage249,412 41,462 228,210 38,574 
Liberty National94,674 12,160 95,221 12,690 
American Income59,589 3,906 59,543 3,646 
Direct to Consumer10,182 — 8,350 — 
Total$710,215 $58,111 $630,746 $56,777 
Health
Three Months Ended
June 30, 2026		Three Months Ended
June 30, 2025
Gross
Premiums
Interest
Expense
Gross
Premiums
Interest
Expense
United American$157,317 $163 $123,026 $818 
Family Heritage126,273 20,904 115,856 19,458 
Liberty National47,243 6,077 47,468 6,335 
American Income29,788 1,955 29,789 1,834 
Direct to Consumer5,141 — 4,214 — 
Total$365,762 $29,099 $320,353 $28,445 
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.
37
        GL Q2 2026 FORM 10-Q
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 gross premiums, expected future net premiums, and expected future policy benefits, at both original and current discount rates, for life and health contracts as of June 30, 2026 and 2025:
Life
As of June 30, 2026As of June 30, 2025
Not discountedAt original discount ratesAt current discount ratesNot discountedAt original discount ratesAt current discount rates
American Income
PV of expected future gross premiums$27,141,808 $15,293,634 $15,460,145 $26,323,656 $14,880,435 $15,115,288 
PV of expected future net premiums8,435,850 4,751,215 4,775,137 8,440,381 4,771,461 4,818,081 
PV of expected future policy benefits33,867,034 10,115,818 10,454,667 32,858,954 9,829,535 10,234,154 
DTC
PV of expected future gross premiums$17,184,687 $9,003,407 $9,227,482 $17,465,145 $9,138,361 $9,430,064 
PV of expected future net premiums9,983,044 5,260,714 5,398,228 10,454,351 5,498,605 5,682,370 
PV of expected future policy benefits25,645,454 8,649,137 9,109,087 26,022,344 8,742,749 9,278,145 
Liberty National
PV of expected future gross premiums$5,055,775 $2,941,856 $2,923,681 $4,928,564 $2,871,400 $2,869,264 
PV of expected future net premiums1,739,597 986,429 992,148 1,848,910 1,047,994 1,063,162 
PV of expected future policy benefits9,071,350 3,305,905 3,339,583 9,159,106 3,358,804 3,421,818 
Other
PV of expected future gross premiums$3,412,424 $1,757,383 $1,853,837 $3,571,030 $1,820,383 $1,938,264 
PV of expected future net premiums823,718 402,325 412,086 869,582 422,809 436,784 
PV of expected future policy benefits12,248,940 3,673,833 4,029,063 12,451,064 3,617,307 4,008,385 
Total
PV of expected future gross premiums$52,794,694 $28,996,280 $29,465,145 $52,288,395 $28,710,579 $29,352,880 
PV of expected future net premiums20,982,209 11,400,683 11,577,599 21,613,224 11,740,869 12,000,397 
PV of expected future policy benefits80,832,778 25,744,693 26,932,400 80,491,468 25,548,395 26,942,502 

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 $17.9 billion and $17.4 billion, as of June 30, 2026 and 2025, respectively, and rather only includes the expected future net premiums.

38
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)


Health
As of June 30, 2026As of June 30, 2025
Not discountedAt original discount ratesAt current discount ratesNot discountedAt original discount ratesAt current discount rates
United American
PV of expected future gross premiums$13,529,278 $8,168,981 $8,153,609 $9,701,771 $5,974,711 $5,982,760 
PV of expected future net premiums9,271,574 5,593,064 5,583,238 6,674,188 4,106,142 4,112,123 
PV of expected future policy benefits9,360,545 5,585,580 5,568,127 6,782,252 4,153,056 4,154,306 
Family Heritage
PV of expected future gross premiums$7,855,732 $4,546,335 $4,345,127 $7,545,828 $4,365,220 $4,145,063 
PV of expected future net premiums3,350,379 1,947,564 1,854,658 3,293,461 1,915,617 1,810,846 
PV of expected future policy benefits7,843,369 3,955,977 3,661,884 7,465,105 3,815,188 3,491,041 
Liberty National
PV of expected future gross premiums$1,965,930 $1,249,002 $1,272,494 $2,006,456 $1,276,610 $1,309,873 
PV of expected future net premiums482,498 321,835 322,541 489,624 329,180 331,851 
PV of expected future policy benefits1,324,987 748,734 764,438 1,353,104 772,935 795,244 
American Income
PV of expected future gross premiums$1,993,118 $1,053,728 $1,081,418 $1,795,279 $1,005,844 $1,036,573 
PV of expected future net premiums465,807 246,487 246,916 408,732 229,169 229,830 
PV of expected future policy benefits826,833 382,235 391,257 728,196 357,412 367,366 
Direct to Consumer
PV of expected future gross premiums$425,902 $254,873 $259,508 $256,043 $163,050 $167,656 
PV of expected future net premiums340,104 202,835 206,134 220,022 139,486 143,068 
PV of expected future policy benefits312,948 190,039 193,054 214,895 134,276 137,532 
Total
PV of expected future gross premiums$25,769,960 $15,272,919 $15,112,156 $21,305,377 $12,785,435 $12,641,925 
PV of expected future net premiums13,910,362 8,311,785 8,213,487 11,086,027 6,719,594 6,627,718 
PV of expected future policy benefits19,668,682 10,862,565 10,578,760 16,543,552 9,232,867 8,945,489 

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 $6.9 billion and $6.0 billion as of June 30, 2026 and 2025, respectively, and rather only includes the expected future net premiums.
39
        GL Q2 2026 FORM 10-Q
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 June 30, 2026 and 2025:
Policyholders' Account Balances
20262025
Interest Sensitive Life
Deferred Annuity(1)
Other Policy-holders' FundsInterest Sensitive Life
Deferred Annuity(1)
Other Policy-holders' Funds
Balance at January 1,
$711,687 $580,669 $532,047 $723,389 $656,573 $468,604 
Issuances— 473 — — 347 — 
Premiums and deposits received9,882 6,972 255,930 10,400 6,953 148,520 
Policy charges(5,564)— — (5,878)— — 
Surrenders and withdrawals(11,511)(27,905)(211,943)(12,074)(32,065)(126,908)
Benefit payments(13,814)(18,648)— (16,332)(25,926)— 
Interest credited13,518 9,481 11,413 13,758 10,561 10,903 
Other2,329 (354)(9,507)3,877 (546)(8,973)
Balance at June 30,
$706,527 $550,688 $577,940 $717,140 $615,897 $492,146 
(1) At June 30, 2026 and 2025, $377 million and $427 million, respectively, has been reinsured with third-party reinsurers under existing reinsurance agreements.


Policyholders' Account Balances
20262025
Interest Sensitive Life
Deferred Annuity(1)
Other Policy-holders' FundsInterest Sensitive Life
Deferred Annuity(1)
Other Policy-holders' Funds
Balance at April 1,
$708,729 $568,078 $576,452 $720,269 $636,219 $463,148 
Issuances— 287 — — 176 — 
Premiums and deposits received
4,833 2,903 69,116 5,150 3,187 61,635 
Policy charges(2,760)— — (2,892)— — 
Surrenders and withdrawals(5,884)(14,183)(68,625)(6,108)(15,534)(33,780)
Benefit payments(6,563)(10,872)— (8,003)(13,095)— 
Interest credited6,754 4,738 5,809 6,883 5,188 5,460 
Other1,418 (263)(4,812)1,841 (244)(4,317)
Balance at June 30,
$706,527 $550,688 $577,940 $717,140 $615,897 $492,146 

Weighted-average credit rate3.87 %3.43 %4.09 %3.89 %3.36 %4.65 %
Net amount at risk$1,512,781 N/AN/A$1,609,774 N/AN/A
Cash surrender value$662,772 $550,688 $577,940 $671,517 $615,897 $492,146 
(1) At June 30, 2026 and 2025, $377 million and $427 million, respectively, has been reinsured with third-party reinsurers under existing reinsurance agreements.

40
        GL Q2 2026 FORM 10-Q
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 June 30, 2026 and 2025:
At June 30, 2026
Range of guaranteed minimum crediting ratesInterest Sensitive Life
Deferred Annuity(1)
Other Policyholders' Funds
At guaranteed minimum:
Less than 3.00%
$— $2,090 $485,407 
3.00%-3.99%
29,413 378,618 3,170 
4.00%-4.99%
587,960 169,980 54,836 
Greater than 5.00%
89,154 — 34,527 
Total
$706,527 $550,688 $577,940 
(1) At June 30, 2026, $377 million has been reinsured with third-party reinsurers under existing reinsurance agreements.



At June 30, 2025
Range of guaranteed minimum crediting ratesInterest Sensitive Life
Deferred Annuity(1)
Other Policyholders' Funds
At guaranteed minimum:
Less than 3.00%
$— $2,244 $398,451 
3.00%-3.99%
29,395 436,884 3,140 
4.00%-4.99%
598,244 176,769 55,368 
Greater than 5.00%
89,501 — 35,187 
Total
$717,140 $615,897 $492,146 
(1) At June 30, 2025, $427 million has been reinsured with third-party reinsurers under existing reinsurance agreements.
41
        GL Q2 2026 FORM 10-Q
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 six month periods ended June 30, 2026 and 2025:
Life
American IncomeDTCLiberty NationalOtherTotal
Balance at January 1, 2025
$2,900,229 $1,781,230 $728,790 $290,506 $5,700,755 
Capitalizations268,475 73,401 59,258 6,172 407,306 
Amortization expense(100,155)(51,493)(30,352)(4,834)(186,834)
Foreign exchange adjustment9,821 — — — 9,821 
Balance at June 30, 2025
$3,078,370 $1,803,138 $757,696 $291,844 $5,931,048 
Balance at January 1, 2026
$3,248,907 $1,818,120 $790,987 $289,736 $6,147,750 
Capitalizations274,007 72,887 65,135 6,554 418,583 
Amortization expense(112,647)(53,020)(33,301)(8,377)(207,345)
Foreign exchange adjustment(7,459)— — — (7,459)
Balance at June 30, 2026
$3,402,808 $1,837,987 $822,821 $287,913 $6,351,529 
Life
American IncomeDTCLiberty NationalOtherTotal
Balance at April 1, 2025
$2,986,007 $1,792,790 $743,388 $292,635 $5,814,820 
Capitalizations134,605 36,253 29,667 3,365 203,890 
Amortization expense(50,781)(25,905)(15,359)(4,156)(96,201)
Foreign exchange adjustment8,539 — — — 8,539 
Balance at June 30, 2025
$3,078,370 $1,803,138 $757,696 $291,844 $5,931,048 
Balance at April 1, 2026
$3,329,644 $1,830,728 $804,800 $288,673 $6,253,845 
Capitalizations137,555 33,910 34,881 3,428 209,774 
Amortization expense(56,952)(26,651)(16,860)(4,188)(104,651)
Foreign exchange adjustment(7,439)— — — (7,439)
Balance at June 30, 2026
$3,402,808 $1,837,987 $822,821 $287,913 $6,351,529 


42
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)


Health
United AmericanFamily HeritageLiberty NationalAmerican IncomeDTCTotal
Balance at January 1, 2025
$70,530 $496,119 $148,920 $76,319 $1,533 $793,421 
Capitalizations1,352 38,104 11,721 7,403 — 58,580 
Amortization expense(2,809)(16,040)(7,819)(2,618)(74)(29,360)
Foreign exchange adjustment— — — 441 — 441 
Balance at June 30, 2025
$69,073 $518,183 $152,822 $81,545 $1,459 $823,082 
Balance at January 1, 2026
$67,952 $543,379 $152,210 $86,446 $1,399 $851,386 
Capitalizations1,691 43,569 6,371 7,398 1 59,030 
Amortization expense(2,615)(18,410)(7,718)(2,674)(57)(31,474)
Foreign exchange adjustment— — — (302)— (302)
Balance at June 30, 2026
$67,028 $568,538 $150,863 $90,868 $1,343 $878,640 

Health
United AmericanFamily HeritageLiberty NationalAmerican IncomeDTCTotal
Balance at April 1, 2025
$69,755 $506,712 $150,977 $78,833 $1,496 $807,773 
Capitalizations736 19,573 5,802 3,671 — 29,782 
Amortization expense(1,418)(8,102)(3,957)(1,327)(37)(14,841)
Foreign exchange adjustment— — — 368 — 368 
Balance at June 30, 2025
$69,073 $518,183 $152,822 $81,545 $1,459 $823,082 
Balance at April 1, 2026
$67,488 $555,779 $151,815 $88,822 $1,371 $865,275 
Capitalizations885 22,064 2,905 3,715 — 29,569 
Amortization expense(1,345)(9,305)(3,857)(1,351)(28)(15,886)
Foreign exchange adjustment— — — (318)— (318)
Balance at June 30, 2026
$67,028 $568,538 $150,863 $90,868 $1,343 $878,640 
43
        GL Q2 2026 FORM 10-Q
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 June 30, 2026 and 2025:
June 30,
20262025
Life
American Income$3,402,808 $3,078,370 
Direct to Consumer1,837,987 1,803,138 
Liberty National822,821 757,696 
Other287,913 291,844 
Total DAC—Life
6,351,529 5,931,048 
Health
United American 67,028 69,073 
Family Heritage568,538 518,183 
Liberty National150,863 152,822 
American Income90,868 81,545 
Direct to Consumer1,343 1,459 
Total DAC—Health
878,640 823,082 
Annuity
— 691 
Total
$7,230,169 $6,754,821 
44
        GL Q2 2026 FORM 10-Q
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:
June 30,
2026		December 31,
2025
Balance at beginning of period
$225,237 $210,994 
Less reinsurance recoverables
(1,233)(1,521)
Net balance at beginning of period
224,004 209,473 
Incurred related to:
Current year499,329 851,946 
Prior years(1,382)(1,831)
Total incurred497,947 850,115 
Paid related to:
Current year319,278 659,556 
Prior years158,382 176,028 
Total paid477,660 835,584 
Net balance at end of period
244,291 224,004 
Plus reinsurance recoverables
999 1,233 
Balance at end of period
$245,290 $225,237 

Below is the reconciliation of the liability of "Policy claims and other benefits payable" on the Condensed Consolidated Balance Sheets.
June 30,
2026		December 31,
2025
Policy claims and other benefits payable:
Life insurance$299,258 $315,595 
Health insurance245,290 225,237 
Total$544,548 $540,832 

45
        GL Q2 2026 FORM 10-Q
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 (the "Pension Plans") and contributory savings plans that cover substantially all employees. There is also a non-qualified non-contributory 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 June 30, 2026 and December 31, 2025.

Pension Assets by Component at June 30, 2026

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)
$53,013 $— $— $53,013 7 
Equity exchange traded fund(1)
368,599 — — 368,599 52 
U.S. Government and Agency— 182,724 — 182,724 26 
Other bonds— 2 — 2 — 
Guaranteed annuity contract(2)
— 46,539 — 46,539 7 
Short-term investments7,403 — — 7,403 1 
Other1,035 — — 1,035 — 
$430,050 $229,265 $— 659,315 93 
Other long-term investments(3)
50,062 7 
Total pension assets
$709,377 100 
(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 June 30, 2026, the Globe Life Inc. Pension Plan owned less than 1% of three 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.


46
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)


Pension Assets by Component at December 31, 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)
$53,437 $— $— $53,437 8 
Equity exchange traded fund(1)
344,409 — — 344,409 50 
U.S. Government and Agency— 180,974 — 180,974 26 
Other bonds— 3 — 3 — 
Guaranteed annuity contract(2)
— 46,341 — 46,341 7 
Short-term investments6,957 — — 6,957 1 
Other3,747 — — 3,747 1 
$408,550 $227,318 $— 635,868 93 
Other long-term investments(3)
48,411 7 
Total pension assets
$684,279 100 
(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, 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.

SERP: The following table presents investments of the Rabbi Trust at June 30, 2026 and December 31, 2025.
June 30,
2026		December 31,
2025
Total investments:
COLI
$59,154 $59,008 
Exchange traded funds118,504 111,470 
$177,658 $170,478 

Pension Plans and SERP Liabilities: The following table presents liabilities for the defined benefit pension plans and SERP at June 30, 2026 and December 31, 2025.
June 30,
2026		December 31,
2025
Pension Plans$630,920 $597,695 
SERP79,778 79,093 
Benefit obligation
$710,698 $676,788 

47
        GL Q2 2026 FORM 10-Q
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 six month periods ended June 30, 2026 and 2025.

Components of Net Periodic Benefit Cost
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Service cost—benefits earned during the period$6,834 $6,243 $13,671 $12,485 
Interest cost on projected benefit obligation9,612 9,024 19,223 18,049 
Expected return on assets(12,339)(11,563)(24,677)(23,126)
Amortization:
Prior service cost253 292 505 584 
Actuarial (gain) loss— — — — 
Net periodic benefit cost
$4,360 $3,996 $8,722 $7,992 


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
June 30,		Six Months Ended
June 30,
2026202520262025
Basic weighted average shares outstanding77,460,371 81,915,162 77,977,482 82,693,257 
Weighted average dilutive options outstanding1,448,781 877,499 1,355,855 937,793 
Diluted weighted average shares outstanding78,909,152 82,792,661 79,333,337 83,631,050 
Antidilutive shares— 867,652 — 755,708 

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.
48
        GL Q2 2026 FORM 10-Q
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
June 30,
2026		December 31,
2025
InstrumentIssue DateMaturity Date Coupon Rate Par
Value		Unamortized Discount & Issuance CostsBook
Value		Fair
Value		Book
Value
Senior notes
09/27/201809/15/20284.550%$550,000 $(1,859)$548,141 $548,762 $547,748 
Senior notes
08/21/202008/15/20302.150%400,000 (2,154)397,846 360,952 397,604 
Senior notes(1)
05/19/202206/15/20324.800%400,000 (7,573)392,427 394,428 246,692 
Senior notes
08/23/202409/15/20345.850%450,000 (4,567)445,433 464,247 445,218 
Junior subordinated debentures11/17/201711/17/20575.275%125,000 (1,530)123,470 92,299 123,461 
Junior subordinated debentures06/14/202106/15/20614.250%325,000 (7,484)317,516 197,600 317,472 
Term loan(2)
05/11/202306/26/20295.116%450,000 (3,352)446,648 446,648 248,890 
Subtotal
2,700,000 (28,519)2,671,481 2,504,936 2,327,085 
Unamortized issuance costs(3)
— (6,185)(6,185)— (6,292)
Total long-term debt
2,700,000 (34,704)2,665,296 2,504,936 2,320,793 
Commercial paper279,000 (1,047)277,953 277,953 304,656 
Total short-term debt
279,000 (1,047)277,953 277,953 304,656 
Total debt
$2,979,000 $(35,751)$2,943,249 $2,782,889 $2,625,449 
(1)The $150 million 4.80% Senior Notes, previously held by two insurance subsidiaries, were sold and issued to a third party at a discount of $4.2 million during the quarter ended June 30, 2026.
(2)The term loan was amended and restated on June 26, 2026 extending the maturity date from August 15, 2027 to June 26, 2029 and increasing the principal amount from $250 million to $450 million.
(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.

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 was amended on June 26, 2026 and now matures on June 26, 3031, and may be extended up to a one-year period 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.
49
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)


As of June 30, 2026, 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 ("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" on the Condensed Consolidated Statements of Operations. The Company also reimburses the Trust for its administrative expenses. 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 accumulated other comprehensive income ("AOCI") falls below $1.85 billion, subject to certain adjustments. As of June 30, 2026, the Company had no senior note issuances under the Facility Agreement.

Commercial Paper: The following tables present selected information concerning our commercial paper borrowings.

Credit Facility—Commercial Paper
As of
June 30,
2026		December 31, 2025June 30,
2025
Balance of commercial paper at end of period (par value)$279,000 $306,000 $397,000 
Annualized interest rate4.07 %4.05 %4.73 %
Letters of credit outstanding$115,000 $115,000 $115,000 
Remaining amount available under credit line606,000 579,000 488,000 

Credit Facility—Commercial Paper Activity
Six Months Ended June 30,
20262025
Average balance of commercial paper outstanding during period (par value)$395,242 $456,181 
Daily-weighted average interest rate (annualized)4.02 %4.99 %
Maximum daily amount outstanding during period (par value)$559,250 $605,500 
Commercial paper issued during period (par value)
1,266,250 1,158,250 
Commercial paper matured during period (par value)(1,293,250)(1,180,250)
Net commercial paper issued (matured) during period (par value)
(27,000)(22,000)

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 $32.9 million in FHLB common stock as of June 30, 2026 and $32.5 million as of December 31, 2025. 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" on the Condensed Consolidated Balance Sheets. Borrowings with the FHLB are subject to the availability of pledged assets at the insurance subsidiaries of Globe Life.
50
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)


As of June 30, 2026, Globe Life's insurance subsidiaries' maximum borrowing capacity under the FHLB facility was approximately $986 million, net of outstanding funding agreements and short-term borrowings, on pledged assets with a fair value of $1.7 billion. As of June 30, 2026, $484 million in funding agreements were outstanding with the FHLB, compared to $437 million as of December 31, 2025. This amount is included in "Other policyholders' funds" on the Condensed Consolidated Balance Sheets. The Company had no short-term borrowings from the FHLB as of June 30, 2026. Short-term borrowings were $70 million for the same period in 2025.


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 (the "CODM"), our Co-CEOs, evaluate the overall performance of the operations of the Company in accordance with these 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 following tables present segment premium revenue by each of Globe Life's distribution channels.

Premium Income by Distribution Channel
Three Months Ended June 30, 2026
LifeHealthTotal
Distribution ChannelAmount% of
Total		Amount% of
Total		Amount% of
Total
American Income$466,334 54 $30,805 7 $497,139 38 
Direct to Consumer244,220 29 20,958 5 265,178 20 
Liberty National100,516 12 47,403 11 147,919 11 
United American1,593 — 211,416 48 213,009 16 
Family Heritage2,156 — 126,273 29 128,429 10 
Other45,948 5 — — 45,948 5 
Total
$860,767 100 $436,855 100 $1,297,622 100 

Three Months Ended June 30, 2025
LifeHealthTotal
Distribution ChannelAmount
% of
Total
Amount
% of
Total
Amount
% of
Total
American Income$445,511 53 $31,422 8 $476,933 39 
Direct to Consumer246,223 29 19,212 5 265,435 22 
Liberty National97,263 12 47,631 13 144,894 12 
United American1,570 — 163,978 43 165,548 13 
Family Heritage1,796 — 115,856 31 117,652 10 
Other47,181 6 — — 47,181 4 
Total
$839,544 100 $378,099 100 $1,217,643 100 

51
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)


Premium Income by Distribution Channel
Six Months Ended June 30, 2026
LifeHealthTotal
Distribution ChannelAmount% of
Total		Amount% of
Total		Amount% of
Total
American Income$925,534 54 $61,924 7 $987,458 38 
Direct to Consumer488,443 29 41,603 5 530,046 21 
Liberty National200,401 12 94,982 11 295,383 11 
United American3,313 — 405,842 48 409,155 16 
Family Heritage4,199 — 249,412 29 253,611 10 
Other92,082 5 — — 92,082 4 
Total
$1,713,972 100 $853,763 100 $2,567,735 100 
Six Months Ended June 30, 2025
LifeHealthTotal
Distribution ChannelAmount
% of
Total
Amount
% of
Total
Amount
% of
Total
American Income$883,377 53 $62,113 8 $945,490 39 
Direct to Consumer491,823 29 38,188 5 530,011 22 
Liberty National193,445 12 95,553 13 288,998 12 
United American3,162 — 323,826 43 326,988 13 
Family Heritage3,522 — 228,210 31 231,732 10 
Other94,078 6 — — 94,078 4 
Total
$1,669,407 100 $747,890 100 $2,417,297 100 

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 CODMs 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.

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
52
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)


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.
53
        GL Q2 2026 FORM 10-Q
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 June 30, 2026
LifeHealthInvestmentConsolidated
Revenue:
Premium$860,767 $436,855 $— $1,297,622 
Net investment income— — 293,820 293,820 
Segment revenue
860,767 436,855 293,820 1,591,442 
Realized gains (losses)7,138 
Other income1,150 
Total consolidated revenue
$1,599,730 
Expenses:
Policy obligations(1)
513,959 277,012 5,782 796,753 
Required interest on reserves (218,540)(28,951)249,723 2,232 
Amortization of acquisition costs 104,651 15,886 — 120,537 
Commissions44,160 47,490 — 91,650 
Premium taxes18,260 8,328 — 26,588 
Non-deferred acquisition costs38,927 17,805 — 56,732 
Segment profit or (loss) $359,350 $99,285 $38,315 496,950 
Insurance administrative expenses:
Salaries34,340 
Other employee costs8,508 
Information technology costs24,607 
Legal costs3,917 
Other administrative costs20,074 
Parent expense4,569 
Stock-based compensation expense16,974 
Interest expense36,050 
Legal proceedings3,262 
Other expenses— 
Annuity(1,950)
 Total expenses1,244,843 
Income before income taxes per Condensed Consolidated Statements of Operations
$354,887 
(1)Policy obligations are impacted by actual claims and policyholder behavior, including impacts relative to assumptions related to lapses, mortality, and morbidity. For detailed information, including remeasurement gains and losses, see Note 6—Policy Liabilities.





54
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)


Three Months Ended June 30, 2025
LifeHealthInvestmentConsolidated
Revenue:
Premium$839,544 $378,099 $— $1,217,643 
Net investment income— — 282,169 282,169 
Segment revenue839,544 378,099 282,169 1,499,812 
Realized gains (losses)(18,574)
Other income49 
Total consolidated revenue
$1,481,287 
Expenses:
Policy obligations(1)
519,355 229,924 5,410 754,689 
Required interest on reserves (211,160)(28,391)241,931 2,380 
Amortization of acquisition costs 96,201 14,841 — 111,042 
Commissions42,357 41,965 — 84,322 
Premium taxes16,682 7,649 — 24,331 
Non-deferred acquisition costs36,035 14,054 — 50,089 
Segment profit or (loss) $340,074 $98,057 $34,828 472,959 
Insurance administrative expenses:
Salaries34,677 
Other employee costs9,407 
Information technology costs19,555 
Legal costs5,827 
Other administrative costs16,581 
Parent expense3,555 
Stock-based compensation expense14,043 
Interest expense34,885 
Legal proceedings4,648 
Annuity(2,043)
 Total expenses1,167,988 
Income before income taxes per Condensed Consolidated Statements of Operations
$313,299 
(1)Policy obligations are impacted by actual claims and policyholder behavior, including impacts relative to assumptions related to lapses, mortality, and morbidity. For detailed information, including remeasurement gains and losses, see Note 6—Policy Liabilities.



55
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)


Six Months Ended June 30, 2026
LifeHealthInvestmentConsolidated
Revenue:
Premium$1,713,972 $853,763 $— $2,567,735 
Net investment income— — 583,644 583,644 
Segment revenue1,713,972 853,763 583,644 3,151,379 
Realized gains (losses)5,660 
Other income2,310 
Total consolidated revenue
$3,159,349 
Expenses:
Policy obligations(1)
1,032,809 540,746 11,328 1,584,883 
Required interest on reserves (435,078)(57,833)497,347 4,436 
Amortization of acquisition costs 207,345 31,474 — 238,819 
Commissions87,707 94,935 — 182,642 
Premium taxes36,033 16,551 — 52,584 
Non-deferred acquisition costs76,748 34,101 — 110,849 
Segment profit or (loss)
$708,408 $193,789 $74,969 977,166 
Insurance administrative expenses:
Salaries69,719 
Other employee costs22,279 
Information technology costs46,479 
Legal costs7,109 
Other administrative costs40,146 
Parent expense8,102 
Stock-based compensation expense30,577 
Interest expense70,050 
Legal proceedings5,484 
Other expenses91 
Annuity(3,919)
 Total expenses2,470,330 
Income before income taxes per Condensed Consolidated Statement of Operations
$689,019 
(1)Policy obligations are impacted by actual claims and policyholder behavior, including impacts relative to assumptions related to lapses, mortality, and morbidity. For detailed information, including remeasurement gains and losses, see Note 6—Policy Liabilities.
56
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)


Six Months Ended June 30, 2025
LifeHealthInvestmentConsolidated
Revenue:
Premium$1,669,407 $747,890 $— $2,417,297 
Net investment income— — 562,783 562,783 
Segment revenue1,669,407 747,890 562,783 2,980,080 
Realized gains (losses)(18,489)
Other income118 
Total consolidated revenue $2,961,709 
Expenses:
Policy obligations(1)
1,029,111 463,853 10,804 $1,503,768 
Required interest on reserves (419,696)(56,677)481,281 4,908 
Amortization of acquisition costs 186,834 29,360 — 216,194 
  Commissions87,924 84,852 — 172,776 
  Premium taxes34,693 15,142 — 49,835 
  Non-deferred acquisition costs73,203 28,582 — 101,785 
Segment profit or (loss)
$677,338 $182,778 $70,698 930,814 
Insurance administrative expenses:
Salaries68,365 
Other employee costs19,708 
Information technology costs40,491 
Legal costs12,076 
Other administrative costs32,956 
Parent expense6,605 
Stock-based compensation expense26,062 
Interest expense69,877 
Legal proceedings10,776 
Annuity
(3,853)
 Total expenses2,332,329 
Income before income taxes per Condensed Consolidated Statement of Operations
$629,380 
(1)Policy obligations are impacted by actual claims and policyholder behavior, including impacts relative to assumptions related to lapses, mortality, and morbidity. For detailed information, including remeasurement gains and losses, see Note 6—Policy Liabilities.
57
        GL Q2 2026 FORM 10-Q
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

June 30, 2026
LifeHealthInvestmentConsolidated
Cash and invested assets$— $— $21,046,617 $21,046,617 
Accrued investment income— — 281,470 281,470 
Deferred acquisition costs6,351,529 878,640 — 7,230,169 
Goodwill309,609 180,837 — 490,446 
Total segment assets
$6,661,138 $1,059,477 $21,328,087 29,048,702 
Annuity and other corporate
2,513,817 
Total assets
$31,562,519 

December 31, 2025
LifeHealthInvestmentConsolidated
Cash and invested assets$— $— $20,614,713 $20,614,713 
Accrued investment income— — 272,818 272,818 
Deferred acquisition costs6,147,750 851,386 — 6,999,136 
Goodwill309,609 180,837 — 490,446 
Total segment assets
$6,457,359 $1,032,223 $20,887,531 28,377,113 
Annuity and other corporate
2,436,579 
Total assets
$30,813,692 

58
        GL Q2 2026 FORM 10-Q
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.Ratings changes with respect to our financial performance and condition;
5.Interest rate changes that affect product sales, financing costs, and/or investment yields;
6.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;
7.Changes in the competitiveness of the Company's products and pricing;
8.Litigation results and regulatory actions;
9.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);
10.The ability to obtain timely and appropriate premium rate increases for health insurance policies from our regulators;
11.The ability of our subsidiaries to pay dividends to the Parent Company and to receive required regulatory approvals on such amounts;
12.The customer response to new products and marketing initiatives;
13.Reported amounts in the consolidated financial statements which are based on management estimates and judgments which may differ from the actual amounts ultimately realized;
14.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;
15.The Company's ability to attract and retain agents;
16.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
17.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 under Item 1A. Risk Factors.
59
        GL Q2 2026 FORM 10-Q
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


60
        GL Q2 2026 FORM 10-Q
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.
•On a diluted basis, net income per common share increased 16% from $6.07 to $7.04 and net operating income per common share increased from $6.34 to $7.04, an 11% increase as of June 30, 2026 and 2025, respectively.
•Net income as a return on equity (ROE) for the six months ended June 30, 2026 was 18.4% and net operating income as an ROE, excluding accumulated other comprehensive income(1), was 14.3%.
•Total premium increased 6% over the same period in the prior year. Life premium increased 3% for the period from $1.67 billion in 2025 to $1.71 billion in 2026. Health premium increased 14% to $854 million from $748 million over the prior-year period.
•Total net sales increased 10% over the same period in the prior year from $439 million in 2025 to $484 million in 2026. Average producing agent count increased by 9% at both Liberty National and Family Heritage Divisions. However, total average producing agent count across all of the exclusive agencies decreased over the prior year primarily related to a decrease in the American Income Division.
•Book value per share increased 18% over the same period in the prior year from $66.07 to $78.18. Book value per share, excluding accumulated other comprehensive income(1), increased 11% over the prior year from $90.26 in 2025 to $100.04 in 2026.
•For the six months ended June 30, 2026, the Company repurchased 2.6 million shares of Globe Life Inc. common stock at a total cost of $378 million for an average share price of $146.99.

The following graphs represent net income and net operating income(1) for the six month periods ended June 30, 2026 and 2025.
1618 1620
(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. Net operating income 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 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 $(1.7) billion and $(2.0) billion for the six months ended June 30, 2026 and 2025, 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 $(21.86) and $(24.19) per share for the six months ended June 30, 2026 and 2025, respectively.
Refer to Analysis of Profitability by Segment for non-GAAP reconciliation to GAAP.
61
        GL Q2 2026 FORM 10-Q
GLOBE LIFE INC.
Management's Discussion & Analysis
Summary of Operations.
•Net income totaled $558 million during the six months ended June 30, 2026, compared with $507 million, in the same period in 2025, an increase of 10%.
•On a diluted basis, net income per common share for the six months ended June 30, 2026 increased 16% from $6.07 to $7.04.
•Net operating income was $558 million for the six months ended June 30, 2026, compared with $530 million for the same period in 2025, an increase of 5%.
•On a diluted basis, net operating income per common share for the six months ended June 30, 2026 increased from $6.34 to $7.04, an 11% 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 is 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.

The Company's core operations remain strong, including sales and premium growth, and we continue to achieve an operating ROE (excluding accumulated other comprehensive income) generally in the mid-teens.


62
        GL Q2 2026 FORM 10-Q
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)
Six Months Ended June 30,
20262025Change%
Life insurance underwriting margin$708,408 $677,338 $31,070 5 
Health insurance underwriting margin193,789 182,778 11,011 6 
Excess investment income74,969 70,698 4,271 6 
Segment profit or (loss)977,166 930,814 46,352 5 
Annuity and other income6,229 3,971 2,258 57 
Administrative expense(185,732)(173,596)(12,136)7 
Other corporate expense(108,729)(102,544)(6,185)6 
Pre-tax total688,934 658,645 30,289 5 
Applicable taxes(130,729)(128,213)(2,516)2 
Net operating income
558,205 530,432 27,773 5 
Reconciling items, net of tax:
Realized gains (losses)4,472 (14,607)19,079 
Other expenses(72)— (72)
Legal proceedings(4,332)(8,513)4,181 
Net income
$558,273 $507,312 $50,961 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 $31 million compared with the prior period, driven by premium growth and lower policy obligations as a percent of premium. Excess investment income increased $4 million compared with the prior period, primarily due to higher yields on fixed maturities, commercial mortgage loans and other long-term investments. The health segment experienced favorable underwriting margin as a result of higher premiums from strong growth in Medicare Supplement sales in addition to the positive impact of higher premium rates on individual Medicare Supplement policies as a result of approved rate increases.
63
        GL Q2 2026 FORM 10-Q
GLOBE LIFE INC.
Management's Discussion & Analysis
In 2026, the largest contributor of total underwriting margin was the life insurance segment and the primary distribution channel was American Income. The following charts represent the breakdown of total underwriting margin by operating segment and distribution channel for the six months ended June 30, 2026.
325326

Total premium income rose 6% for the six months ended June 30, 2026 to $2.6 billion. Total net sales increased 10% to $484 million when compared with 2025. Total first-year collected premium (defined in the following section) increased 19% to $408 million for 2026, compared to $343 million in 2025.

Life insurance premium income increased 3% to $1.71 billion compared to $1.67 billion in the prior-year period. Life net sales increased 1% to $307 million for the six months ended June 30, 2026 as compared to the year-ago period. First-year collected life premium increased 2% to $234 million. Life underwriting margin, as a percent of premium, was flat at 41% for 2026. Underwriting margin increased to $708 million in 2026, compared to $677 million in 2025.

Health insurance premium income increased 14% to $854 million compared to $748 million in the prior-year period. Health net sales rose 30% to $177 million for the six months ended June 30, 2026. First-year collected health premium rose 54% to $174 million. Health underwriting margin, as a percent of premium, was 23% for 2026, a 1% decrease from 2025 as a result of increased group claims experience. Health underwriting margin increased to $194 million for the six months ended June 30, 2026, compared to $183 million in 2025.

Excess investment income, the measure of profitability of our investment segment, increased 6% during the six months ended June 30, 2026 to $75 million from $71 million in 2025. Excess investment income per common share, reflecting the impact of our share repurchase program, increased 11% to $0.94 from $0.85 when compared with the same period in 2025.

Insurance administrative expenses increased 7% primarily due to higher employee costs, which include salaries and other costs in addition to higher information technology expenses in 2026 when compared with the prior-year period. These expenses were 7.2% as a percent of premium for 2026, unchanged from 2025.

For the six months ended June 30, 2026, the Company repurchased 2.6 million shares of Globe Life Inc. common stock at a total cost of $378 million for an average share price of $146.99.

64
        GL Q2 2026 FORM 10-Q
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 incremental premium growth than annualized premium issued since net sales are after 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. In addition, cancellations are not considered as lapses related to net sales and first-year collected premiums.



See further discussion of the distribution channels below for Life and Health.

65
        GL Q2 2026 FORM 10-Q
GLOBE LIFE INC.
Management's Discussion & Analysis
LIFE INSURANCE

Life insurance is the Company's predominant segment. During 2026, life premium represented 67% of total premium and life underwriting margin represented 79% 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)
Six Months Ended June 30,Change
20262025
Amount% of PremiumAmount% of PremiumAmount%
Premium and policy charges$1,713,972 100 $1,669,407 100 $44,565 3 
Policy obligations1,032,809 60 1,029,111 62 3,698 — 
Required interest on reserves(435,078)(25)(419,696)(25)(15,382)4 
Net policy obligations597,731 35 609,415 37 (11,684)(2)
Amortization of acquisition costs207,345 12 186,834 11 20,511 11 
Commission expense87,707 5 87,924 5 (217)— 
Premium taxes36,033 2 34,693 2 1,340 4 
Non-deferred acquisition costs76,748 5 73,203 4 3,545 5 
Total expense1,005,564 59 992,069 59 13,495 1 
Insurance underwriting margin
$708,408 41 $677,338 41 $31,070 5 

Net policy obligations decreased to 35% of premium for the six months ended June 30, 2026 reflecting improved mortality results when compared with 37% of premium 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)
Six Months Ended June 30,
20262025
Change
Amount% of PremiumAmount% of PremiumAmount
%
American Income$422,612 46 $400,702 45 $21,910 5 
Direct to Consumer149,514 31 133,159 27 16,355 12 
Liberty National71,944 36 65,218 34 6,726 10 
Other(1)
64,338 65 78,259 78 (13,921)(18)
Total
$708,408 41 $677,338 41 $31,070 5 
(1) Includes a gain of $14 million related to the recapture of reinsurance for six months ended June 30, 2025.
66
        GL Q2 2026 FORM 10-Q
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)
Six Months Ended June 30,Change
20262025
Amount% of TotalAmount% of TotalAmount%
American Income$925,534 54 $883,377 53 $42,157 5 
Direct to Consumer488,443 28 491,823 29 (3,380)(1)
Liberty National200,401 12 193,445 12 6,956 4 
Other99,594 6 100,762 6 (1,168)(1)
Total
$1,713,972 100 $1,669,407 100 $44,565 3 

Annualized life premium in force was $3.46 billion at June 30, 2026, an increase of 2% over $3.38 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)
Six Months Ended June 30,Change
20262025
Amount% of TotalAmount% of TotalAmount%
American Income$196,070 64 $194,782 64 $1,288 1 
Direct to Consumer53,766 17 56,271 19 (2,505)(4)
Liberty National51,489 17 47,084 15 4,405 9 
Other5,653 2 5,099 2 554 11 
Total
$306,978 100 $303,236 100 $3,742 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)
Six Months Ended June 30,Change
20262025
Amount% of TotalAmount% of TotalAmount%
American Income$158,273 68 $157,171 68 $1,102 1 
Direct to Consumer31,407 13 30,676 13 731 2 
Liberty National39,908 17 38,799 17 1,109 3 
Other4,703 2 3,900 2 803 
Total
$234,291 100 $230,546 100 $3,745 2 
67
        GL Q2 2026 FORM 10-Q
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 affinity groups, including labor unions, and continues to diversify its lead sources by 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 54% of the Company's June 30, 2026 total life premium. For the six months ended June 30, 2026, life premium was $926 million, an increase of 5% when compared with the year-ago period. For the six months ended June 30, 2026, the average monthly life premium issued per policy was $63 as compared to $59 for the same period in the prior year. Net sales were $196 million for the six months ended June 30, 2026, up from $195 million in the year-ago period. The underwriting margin, as a percent of premium, was 46% for the six months ended June 30, 2026 and 45% for the same period in the prior year.

The average producing agent count decreased 5% over the year-ago period driven by lower retention of new agents. However, we have seen incremental agent count growth from first quarter to the second quarter in 2026. While long-term sales growth in this Division and our other exclusive agencies is generally tied to expansion of the agency force, short-term declines in agent count provide an opportunity for improved sales productivity among veteran agents as their primary focus is on sales activities.

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 June 30,
Change
20262025Amount%
American Income
11,228 11,876 (648)(5)

American Income Life continues to focus on growing and strengthening the agency force, with particular emphasis on strengthening agency middle-management growth. The Division has made considerable investments in both financial incentives and agent training, as well as in information technology. A customer relationship management ("CRM") tool equips agents with intuitive dashboards to drive productivity across lead distribution, business conservation, and new agent recruiting. The Division also continues to enhance technology enabling the agency force to recruit, sell and train virtually. This has benefited our agents as a vast majority of sales are now generated through virtual presentations. We find this flexibility to be attractive 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 across multiple channels including direct mail, insert media, and digital marketing using an integrated omnichannel approach where each channel supports and amplifies the others. Digital channels, including internet sales and inbound phone calls, continue to outpace direct mail in activity and growth.

DTC's long-term growth has been driven by consistent innovation and strong brand awareness. The Division also plays a valuable supporting role for our agency business, generating brand impressions, consumer inquiries and sales leads that convert into sales across our exclusive agency channels. Recent technology investments have meaningfully enhanced the underwriting process, improving the conversion of customer inquiries into sales, while new initiatives are continuously introduced to increase response rates, improve issue rates, and deliver a seamless customer experience.

The juvenile insurance market remains an important channel, though growth has slowed over recent quarters. It continues to serve as a valuable gateway for reaching the parents and grandparents of existing juvenile policyholders. These parents and grandparents have shown a higher likelihood of responding to direct-to-consumer life insurance offers compared to the general adult population, making future outreach to them a lower-cost opportunity to drive both adult and juvenile insurance sales.

DTC net sales declined 4% to $54 million for the six months ended June 30, 2026, compared to the year-ago period. The Division is navigating a transition driven by the growing use of Artificial Intelligence ("AI") in consumer search behavior, which has reduced paid search volume from internet marketing. DTC is actively adapting a digital content strategy to remain visible and accessible within AI-driven environments.
68
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

Beyond direct sales, DTC continues to deliver significant value through agency support with lead generation expected to exceed one million this year. Improved conversion rates on leads shared with our agencies have contributed to margin improvement. Despite the decline in net sales, DTC’s underwriting margin grew to $149.5 million, or 31% of premium, for the six months ended June 30, 2026, compared to $133.2 million, or 27% of premium, for the same period in 2025 driven by favorable mortality in the current period. For the six months ended June 30, 2026, the average monthly life premium issued for DTC adults increased to $19 as compared to $17 for the same period in the prior year.

The Liberty National Division is an exclusive agency serving middle-income households and worksite customers by providing individual life insurance products. Recent investments in new sales technologies, combined with growth in agency middle management, are expected to drive continued sales momentum. Underwriting margin rose 10% from the year ago period to $72 million and premium increased 4% to $200 million. The underwriting margin as a percent of premium increased for the six months ended June 30, 2026, to 36%, compared to 34% in the year-ago period, as the Division experienced favorable mortality. For the six months ended June 30, 2026, the average monthly life premium per policy issued increased compared to the prior year to $48 from $44.

Below is the average producing agent count for the six months ended June 30, 2026 and 2025 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 June 30,
Change
20262025Amount%
Liberty National
4,113 3,785 328 9 

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. The Division is also focused on expanding worksite business development capabilities among its agents. A CRM platform and enhanced analytical tools have strengthened worksite marketing efforts and improved productivity across the individual life market. As Liberty National continues to build momentum through technology adoption and recruiting initiatives, it anticipates sustained 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 $100 million of life premium income, or 6% of Globe Life's total life premium income in the six months ended June 30, 2026, and contributed 2% of net sales for the period.
69
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

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 33% of our total premium in 2026, while the health underwriting margin accounted for 21% of total underwriting margin. Health underwriting margin increased to $194 million compared to $183 million in the prior year.

The following table presents underwriting margin data for health insurance.

Health Insurance
Summary of Results
(Dollar amounts in thousands)
Six Months Ended June 30,Change
20262025
Amount% of
Premium		Amount% of
Premium		Amount%
Premium$853,763 100 $747,890 100 $105,873 14 
Policy obligations540,746 63 463,853 62 76,893 17 
Required interest on reserves(57,833)(7)(56,677)(7)(1,156)2 
Net policy obligations482,913 56 407,176 55 75,737 19 
Amortization of acquisition costs31,474 4 29,360 4 2,114 7 
Commission expense94,935 11 84,852 11 10,083 12 
Premium taxes16,551 2 15,142 2 1,409 9 
Non-deferred acquisition costs34,101 4 28,582 4 5,519 19 
Total expense659,974 77 565,112 76 94,862 17 
Insurance underwriting margin
$193,789 23 $182,778 24 $11,011 6 

Net policy obligations amounted to 56% of premium for the six months ended June 30, 2026 compared to 55% in the year-ago period. The increase in policy obligations is driven by the growth of the United American Division in relation to total health premium, as the United American Division products tend to have higher policy obligations as a percent of premium compared to other limited-benefit health products within our other divisions.

70
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

The table below summarizes health underwriting margin by distribution channel.
 
Health Insurance
Underwriting Margin by Distribution Channel
(Dollar amounts in thousands)
Six Months Ended June 30,
20262025
Change
Amount% of PremiumAmount% of PremiumAmount
%
United American$16,195 4 $14,019 4 $2,176 16 
Family Heritage88,832 36 80,176 35 8,656 11 
Liberty National48,815 51 50,354 53 (1,539)(3)
American Income36,992 60 38,714 62 (1,722)(4)
Direct to Consumer2,955 7 (485)(1)3,440 
Total
$193,789 23 $182,778 24 $11,011 6 

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)
Six Months Ended June 30,Increase
(Decrease)
20262025
Amount% of TotalAmount% of TotalAmount%
United American$405,842 48 $323,826 43 $82,016 25 
Family Heritage249,412 29 228,210 31 21,202 9 
Liberty National94,982 11 95,553 13 (571)(1)
American Income61,924 7 62,113 8 (189)— 
Direct to Consumer41,603 5 38,188 5 3,415 9 
Total
$853,763 100 $747,890 100 $105,873 14 

Premiums from Medicare Supplement products totaled $400 million, or 47%, of the total health premiums for the six months ended June 30, 2026, compared to $331 million, or 44%, in the same period in the prior year. Premium increases are driven primarily from increased sales and approved premium rate increases on our Medicare Supplement business. Premiums primarily related to limited-benefit supplemental health products comprise $454 million, or 53%, of the total health premiums for the six months ended June 30, 2026, compared with $417 million, or 56%, in the same period in the prior year.

Annualized health premium in force was $1.80 billion at June 30, 2026, an increase of 16% over $1.54 billion a year earlier.

71
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

Presented below is a table of health net sales by distribution channel.
 
Health Insurance
Net Sales by Distribution Channel
(Dollar amounts in thousands)
Six Months Ended June 30,Increase
(Decrease)
20262025
Amount% of TotalAmount% of TotalAmount%
United American$89,428 50 $53,162 39 $36,266 68 
Family Heritage63,438 36 56,377 42 7,061 13 
Liberty National13,959 8 15,380 11 (1,421)(9)
American Income8,410 5 9,619 7 (1,209)(13)
Direct to Consumer1,314 1 1,431 1 (117)(8)
Total
$176,549 100 $135,969 100 $40,580 30 

Health net sales related to limited-benefit supplemental health products and other health products comprise $122 million, or 69%, of the total health net sales for the six months ended June 30, 2026, compared with $101 million, or 74%, in the same period in the prior year. Medicare Supplement sales make up the remaining $55 million, or 31%, for 2026, compared to $35 million, or 26%, in the same period in the prior year.

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)
Six Months Ended June 30,Increase
(Decrease)
20262025
Amount% of TotalAmount% of TotalAmount%
United American$98,904 57 $42,723 38 $56,181 132 
Family Heritage49,383 28 43,921 39 5,462 12 
Liberty National13,809 8 13,982 12 (173)(1)
American Income8,437 5 9,623 9 (1,186)(12)
Direct to Consumer3,253 2 2,319 2 934 40 
Total
$173,786 100 $112,568 100 $61,218 54 
 
First-year collected premium related to limited-benefit supplemental health products and other health products is $113 million, or 65%, of total first-year collected premium for the six months ended June 30, 2026, compared with $77 million, or 69%, in the same period in the prior year. First-year collected premium from Medicare Supplement policies make up the remaining $61 million, or 35%, for the six months ended June 30, 2026, compared to $35 million, or 31%, in the same period in the prior year.

72
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

A discussion of health operations by distribution channel follows.
The United American Division consists of non-exclusive independent general agents and brokers who may also sell for other companies. The United American Division was Globe Life's largest health division in terms of health premium income, with net sales up 68% from the same period in the prior year. Medicare Supplement sales growth remained strong for the quarter ended June 30, 2026, supported by demographic expansion within the eligible population, a notable migration of Medicare beneficiaries from Medicare Advantage to Medicare Supplement plans, and rate increases that took effect during the quarter.
This Division includes units that sell Medicare Supplement insurance to individuals through independent general agents and group retiree medical as well as other health insurance through brokers. The past acquisition of Evry Health supports additional incremental growth of our group health products. Due to the infancy of this business, we may experience volatility related to operating results as the business scales. The majority of the premium revenue in the United American Division comes from Medicare Supplement. Underwriting margin as a percent of premium for the Division was 4% for the six months ended June 30, 2026, unchanged for the same period in 2025.

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 36% for the six months ended June 30, 2026 and 35% for the same period in the prior year.
The Division experienced a 13% increase in health net sales as compared with the same six 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.
Below is the average producing agent count for the six months ended June 30, 2026 and 2025 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.
At June 30,
Change
20262025Amount%
Family Heritage
1,585 1,458 127 9 

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 is the primary driver of future growth in sales, similar to our other exclusive agencies.

The Liberty National Division represented 11% of all Globe Life health premium income for the six months ended June 30, 2026. 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 $95.0 million for the six months ended June 30, 2026 down slightly from $95.6 million for the same period in 2025. Liberty National's first-year collected premium declined slightly to $13.8 million in the six months ended June 30, 2026, compared with the same period in 2025. Health net sales for the six months ended June 30, 2026 fell 9% from the comparable period in 2025. For the six months ended June 30, 2026, underwriting margin as a percent of premium was 51%, a decrease from the same period in the prior year. These declines reflect a greater emphasis toward the sale of life insurance products. While the agency will continue to focus on life sales, it is currently implementing updates to its sales presentation to reinvigorate health sales going forward.

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 12% of health premium for the six months ended June 30, 2026 and 13% for the same period in 2025.
73
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

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.

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. Our core investment strategy is to primarily invest in 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. We also invest in commercial mortgage loans and other long-term investments to diversify risks and enhance risk-adjusted, capital-adjusted returns.

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.

Excess Investment Income. The following table summarizes Globe Life's net 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) 
Six Months Ended
June 30,		Change
20262025Amount%
Net investment income$583,644 $562,783 $20,861 4 
Required interest on policy liabilities(1)
(508,675)(492,085)(16,590)3 
Excess investment income
$74,969 $70,698 $4,271 6 
Excess investment income per diluted share
$0.94 $0.85 $0.09 11 
Mean invested assets (at amortized cost)$21,905,981 $21,494,647 $411,334 2 
Average insurance policy liabilities18,453,302 17,727,143 726,159 4 
(1)Required interest on policy liabilities, at original rates, is a component of total policyholder benefits, a GAAP measure.

Excess investment income increased $4 million, or 6%, compared with the year-ago period. Excess investment income per diluted common share was $0.94 for the six months ended June 30, 2026, an increase of 11% 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 six months ended June 30, 2026 was $584 million, or 4% greater than the prior year quarter period. Mean invested assets increased 2% during the first six months of 2026 over the same period last year. Net investment income increased in the current period due to higher earned yields on fixed maturities, commercial mortgage loans and other long-term investments compared to the prior year period. The effective annual yield earned on the fixed maturity portfolio was 5.31% in the first six months of 2026, compared to 5.27% for the comparable period in 2025. The earned yield on total long-term invested assets, which includes our fixed maturity, commercial mortgage loan and other long-term non-fixed maturity investments, was 5.51% for the first six months of 2026 compared to 5.38% for the comparable period of 2025.
74
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

While our core investments are fixed maturities, the Company also invests 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 six months ended June 30, 2026 was 7.20% compared with 5.62% in the prior-year period. The higher earned yield on commercial mortgage loans is due to a lower number of non-accrual loans in the first six months compared to the prior-year period. The earned yield on limited partnership investments for the six months ended June 30, 2026 was 8.06%, compared with 7.60% 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 June 30, 2026, 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 Condensed Consolidated Balance Sheets is updated in 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 $17 million, or 3%, to $509 million, consistent with the 4% growth in average interest-bearing insurance policy liabilities.

Realized Gains and Losses. 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. In a bond exchange offer, bondholders may consent to exchange their existing bonds for another class of debt securities. The Company also has investments in certain limited partnerships, held under the fair value option, with fair value changes recognized in "Realized gains (losses)" on 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.

75
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

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)
Six Months Ended June 30,
20262025
AmountPer ShareAmountPer Share
Fixed maturities:
Sales$(385)$— $(4,262)$(0.05)
Matured or other redemptions(1)
1,765 0.02 (5,257)(0.06)
Provision for credit losses— — 32 — 
Fair value option—change in fair value1,988 0.02 (4,823)(0.06)
Mortgages
(198)— 242 — 
Other investments
(1,544)(0.02)(1,060)(0.01)
Total realized gains (losses)—investments
1,626 0.02 (15,128)(0.18)
Other gains (losses)(2)
2,846 0.04 521 0.01 
Total realized gains (losses)
$4,472 $0.06 $(14,607)$(0.17)
(1)During the six months ended June 30, 2026 and 2025, the Company recorded $29.0 million and $128.3 million, respectively, of exchanges of fixed maturity securities (noncash transactions) that resulted in net realized gains (losses) of $0 and $(2.5) million 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.
76
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

Investment Acquisitions. Globe Life's investment policy calls for a core investment strategy of 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)
Six Months Ended
June 30,
20262025
Cost of acquisitions:
Investment-grade corporate securities$679,338 $479,578 
Investment-grade municipal securities85,984 18,228 
Other securities
52,574 10,292 
Total fixed maturity acquisitions(1)
$817,896 $508,098 
Effective annual yield (one year compounded)(2)
6.25 %6.43 %
Average life (in years, to next call)36.6 35.8 
Average life (in years, to maturity)39.2 38.3 
Average ratingAA-
(1)Fixed maturity acquisitions included unsettled trades of $5 million in 2026 and $0 in 2025.
(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.

During the first six months of 2026 and 2025, acquisitions consisted primarily of corporate and municipal bonds with securities spanning a diversified range of issuers, industry sectors, and geographical regions. In the first six months of 2026, we invested primarily in the industrial, financial, and utility sectors. For the entire portfolio, the taxable equivalent effective yield earned was 5.31%, up approximately 4 basis points from the yield in the first six months of 2025. 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 2026, the Company will continue to execute on its existing strategy by seeking to invest in assets that satisfy our quality and other objectives, while striving to maximize the risk-adjusted, capital-adjusted return.

77
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

In addition to the fixed maturity acquisitions, Globe Life invested in commercial mortgage loans and in other long-term investments. 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)
Six Months Ended
June 30,
20262025
Commercial mortgage loans:
Directly held
$83,698 $66,836 
Limited partnerships
38,392 25,103 
Total commercial mortgage loans
122,090 91,939 
Other long-term investments:
Limited partnerships
36,789 27,713 
Company-owned life insurance75,000 — 
Total other long-term investments
111,789 27,713 
Common stock
3,914 1,844 
Total
$237,793 $121,496 

Since fixed maturities represent such a significant portion of our investment portfolio, 87% of total amortized cost, net of allowance for credit losses, at June 30, 2026, 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
June 30,
2026		December 31, 2025June 30,
2025
Average annual effective yield(1)
5.31%5.29%5.26%
Average life, in years, to:
Next call(2)
15.815.215.3
Maturity(2)
20.019.419.5
Effective duration to:
Next call(2,3)
8.78.78.8
Maturity(2,3)
10.610.510.5
(1)Weighted average annual effective yield as of the end of the period, on a 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.
78
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
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 June 30, 2026 and December 31, 2025.

Fixed Maturities by Sector
June 30, 2026
(Dollar amounts in thousands)
Below Investment GradeTotal 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, netAt Fair Value
Corporates:
Financial
Insurance - life, health, P&C$7,957 $33 $— $7,990 $2,933,102 $52,435 $(194,137)$2,791,400 15 15 
Banks60,189 204 (1,189)59,204 959,080 24,491 (39,011)944,560 5 5 
Other financial74,976 — (13,854)61,122 1,159,418 16,047 (134,338)1,041,127 6 6 
Total financial143,122 237 (15,043)128,316 5,051,600 92,973 (367,486)4,777,087 26 26 
Industrial
Energy44,459 46 (3,555)40,950 1,312,434 42,789 (58,026)1,297,197 7 7 
Basic materials41,642 — (8,329)33,313 1,117,053 24,595 (87,680)1,053,968 6 6 
Consumer, non-cyclical— — — — 2,252,483 18,886 (222,673)2,048,696 12 11 
Other industrials25,000 — (4,571)20,429 1,124,651 22,412 (82,419)1,064,644 6 6 
Communications20,112 245 (3,382)16,975 854,889 12,419 (87,425)779,883 4 4 
Transportation— — — — 657,495 15,523 (30,637)642,381 3 4 
Consumer, cyclical
88,943 — (23,237)65,706 350,368 5,026 (47,034)308,360 2 2 
Technology50,265 86 (60)50,291 345,696 200 (69,104)276,792 2 2 
Total industrial270,421 377 (43,134)227,664 8,015,069 141,850 (684,998)7,471,921 42 42 
Utilities57,384 — (6,759)50,625 2,202,223 52,705 (103,774)2,151,154 11 12 
Total corporates
470,927 614 (64,936)406,605 15,268,892 287,528 (1,156,258)14,400,162 79 80 
States, municipalities, and political divisions:
General obligations— — — — 908,820 4,524 (159,396)753,948 5 4 
Revenues1,959 — (163)1,796 2,516,218 18,341 (320,483)2,214,076 13 13 
Total states, municipalities, and political divisions
1,959 — (163)1,796 3,425,038 22,865 (479,879)2,968,024 18 17 
Other fixed maturities:
Government (U.S. and foreign)— — — — 464,427 334 (38,796)425,965 2 2 
Other asset-backed securities42,930 206 — 43,136 145,641 565 (168)146,038 1 1 
Total fixed maturities
$515,816 $820 $(65,099)$451,537 $19,303,998 $311,292 $(1,675,101)$17,940,189 100100



79
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

Fixed Maturities by Sector
December 31, 2025
(Dollar amounts in thousands)
Below Investment GradeTotal 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, netAt Fair Value
Corporates:
Financial
Insurance - life, health, P&C$7,978 $119 $— $8,097 $2,898,137 $80,468 $(175,533)$2,803,072 16 16 
Banks60,268 278 (2,738)57,808 916,529 31,873 (37,643)910,759 5 5 
Other financial74,975 — (7,670)67,305 1,167,521 21,764 (120,790)1,068,495 6 6 
Total financial143,221 397 (10,408)133,210 4,982,187 134,105 (333,966)4,782,326 27 27 
Industrial
Energy44,500 55 (3,120)41,435 1,313,734 50,113 (56,624)1,307,223 7 7 
Basic materials41,620 — (9,835)31,785 1,116,746 29,964 (91,011)1,055,699 6 6 
Consumer, non-cyclical— — — — 2,092,995 23,547 (198,498)1,918,044 11 11 
Other industrials25,000 — (4,187)20,813 1,096,807 27,723 (78,215)1,046,315 6 6 
Communications20,258 263 (3,709)16,812 800,452 16,981 (80,227)737,206 4 4 
Transportation— — — — 618,817 15,863 (30,939)603,741 3 4 
Consumer, cyclical
104,813 133 (19,375)85,571 407,404 6,353 (44,746)369,011 2 2 
Technology50,270 3,545 — 53,815 340,930 4,620 (65,103)280,447 2 2 
Total industrial286,461 3,996 (40,226)250,231 7,787,885 175,164 (645,363)7,317,686 41 42 
Utilities58,199 110 (6,118)52,191 2,093,010 71,582 (93,086)2,071,506 11 12 
Total corporates487,881 4,503 (56,752)435,632 14,863,082 380,851 (1,072,415)14,171,518 79 81 
States, municipalities, and political divisions:
General obligations— — — — 917,006 5,961 (179,707)743,260 5 4 
Revenues1,961 — (210)1,751 2,468,427 20,994 (352,055)2,137,366 13 12 
Total states, municipalities, and political divisions
1,961 — (210)1,751 3,385,433 26,955 (531,762)2,880,626 18 16 
Other fixed maturities:
Government (U.S., municipal, and foreign)— — — — 456,618 299 (33,518)423,399 2 2 
Other asset-backed securities31,490 136 — 31,626 112,034 1,877 (112)113,799 1 1 
Total fixed maturities$521,332 $4,639 $(56,962)$469,009 $18,817,167 $409,982 $(1,637,807)$17,589,342 100100



80
        GL Q2 2026 FORM 10-Q
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 June 30, 2026, representing 79% of amortized cost, net, and 80% 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 June 30, 2026, the total fixed maturity portfolio consisted of 1,013 issuers.

Fixed maturities had a fair value of $17.9 billion at June 30, 2026, compared to $17.6 billion at December 31, 2025. The net unrealized loss position in the fixed-maturity portfolio increased from $1.2 billion at December 31, 2025 to $1.4 billion at June 30, 2026 due to a change in market rates during the period.

For more information about our fixed-maturity portfolio by component at June 30, 2026 and December 31, 2025, 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 June 30, 2026 and December 31, 2025, 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 June 30, 2026
(Dollar amounts in thousands)
Amortized Cost, net % of TotalFair
Value		% of TotalAverage Composite Quality Rating on Amortized Cost, net
Investment grade:
AAA$980,270 5 $898,015 5 
AA3,617,026 18 3,128,933 17 
A6,368,204 33 6,037,740 34 
BBB+3,302,170 17 3,144,228 18 
BBB3,441,448 18 3,274,277 18 
BBB-1,079,064 6 1,005,459 5 
Total investment grade
18,788,182 97 17,488,652 97 A
Below investment grade:
BB416,132 2 373,487 2 
B95,527 1 74,056 1 
Below B4,157 — 3,994 — 
Total below investment grade
515,816 3 451,537 3 BB
$19,303,998 100 $17,940,189 100 
Weighted average composite quality rating
A-


81
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

Fixed Maturities by Rating
At December 31, 2025
(Dollar amounts in thousands)
Amortized
Cost, net		% of Total
Fair
Value
% of TotalAverage Composite Quality Rating on Amortized Cost
Investment grade:
AAA$955,561 5 $872,139 5 
AA3,455,082 18 2,941,349 16 
A6,016,228 32 5,778,006 33 
BBB+3,133,353 17 3,007,623 17 
BBB3,717,938 20 3,554,535 20 
BBB-1,017,673 5 966,681 6 
Total investment grade
18,295,835 97 17,120,333 97 A
Below investment grade:
BB452,809 3 410,286 3 
B64,364 — 54,774 — 
Below B4,159 — 3,949 — 
Total below investment grade
521,332 3 469,009 3 BB
$18,817,167 100 $17,589,342 100 
Weighted average composite quality rating
A-

The overall quality rating of the portfolio is A-, the same as of year-end 2025. Fixed maturities rated BBB are 41% of the total portfolio at June 30, 2026, down from 42% at December 31, 2025. While this ratio may be high relative to our peers, it is at its lowest level since 2003 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 June 30, 2026. 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. Our allocation to BBB rated bonds has decreased over the past few years as we have found better risk-adjusted, capital-adjusted value in higher-rated bonds.

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)
Six Months Ended June 30,
20262025
Balance at beginning of period
$521,332 $529,120 
Downgrades by rating agencies— 65,627 
Upgrades by rating agencies— (30,565)
Dispositions
(17,561)(65,513)
Acquisitions
11,439 6,893 
Provision for credit losses— 40 
Amortization and other606 (2,780)
Balance at end of period
$515,816 $502,822 

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 3% of total fixed maturities at amortized cost as of June 30, 2026.
82
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

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)
Six Months Ended June 30,Increase
20262025(Decrease)
Amount% of
Premium		Amount% of
Premium		Amount%
Insurance administrative expenses:
Salaries$69,719 2.7 $68,365 2.8 $1,354 2 
Other employee costs22,279 0.9 19,708 0.8 2,571 13 
Information technology costs46,479 1.8 40,491 1.7 5,988 15 
Legal costs7,109 0.3 12,076 0.5 (4,967)(41)
Other administrative costs40,146 1.5 32,956 1.4 7,190 22 
Total insurance administrative expenses185,732 7.2 173,596 7.2 12,136 7 
Parent company expense8,102 6,605 1,497 
Stock compensation expense30,577 26,062 4,515 
Legal proceedings5,484 10,776 (5,292)
Other expenses91 — 91 
$229,986 $217,039 $12,947 6 

Total operating expenses for June 30, 2026 increased in comparison with the prior year primarily due to increases in insurance administrative expenses. Insurance administrative expenses increased $12 million primarily due to higher information technology costs in addition to employee costs, which include salaries and other costs. Insurance administrative expenses as a percent of premium were 7.2% for the six months ended June 30, 2026 and 2025.
83
        GL Q2 2026 FORM 10-Q
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 June 30, 2026, we had $736 million remaining under the original authorization to repurchase. Since implementing our share repurchase program in 1986, we have used $11.4 billion to repurchase Globe Life Inc. common shares, after determining that the repurchases provide a greater risk-adjusted after-tax return than other alternatives and we expect to continue this program into the future.

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. Share repurchases were made in the current period with anticipation of the expected cashflows for the year.

The following table summarizes share repurchases for the six month periods ended June 30, 2026 and 2025.

Analysis of Share Repurchases
(Amounts in thousands, except per share data) 
Six Months Ended June 30,
20262025
 Purchases with:
SharesAmountAverage
Price		SharesAmountAverage
Price
Excess cash flow at the Parent Company(1)
2,575 $378,474 $146.99 3,317 $402,603 $121.38 
Option exercise proceeds851 133,769 157.15 881 108,598 123.27 
Total3,426 $512,243 $149.51 4,198 $511,201 $121.78 
(1)Excludes excise tax on the repurchase of treasury stock of $3.1 million and $3.7 million for the six months ended June 30, 2026 and 2025, 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, pre-capitalized trust securities facility, 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. While the insurance subsidiaries annually generate more operating cash inflows than cash outflows, the companies also have the entire available-for-sale fixed-maturity 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 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.
84
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

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.
Six Months Ended
June 30,		Twelve Months Ended
December 31,
20262025Projected 20262025
Liquidity Sources:
Dividends from Subsidiaries$372,379 $351,394 
$700,000—$740,000
$815,741 
Excess Cash Flows(1)
321,986 474,953 
650,000—700,000
890,311 
(1)Excess cash flows are reported gross of shareholder dividends. For the six months ended June 30, 2026 and 2025, shareholder dividends were $47 million and $43 million, respectively. For the twelve months ended December 31, 2026, we project approximately $95 million in shareholder dividends, compared to the $86 million paid in 2025.

Subsidiary dividends are generally paid in amounts equal to the subsidiaries’ prior year statutory net income excluding net realized capital gains. Additional sources of liquidity for the Parent Company are cash, intercompany receivables, intercompany borrowings, debt markets, term loans, and a revolving credit facility.

The Company has access to a P-CAP Facility Agreement that 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”). Our capacity under the agreement is based on the value of the Strips which was $493 million as of June 30, 2026. We agreed to pay a semi-annual facility fee of 1.789% per annum on the unexercised portion of the Issuance Right.

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 June 30, 2026, 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 five-year credit agreement was amended on June 26, 2026, resulting in an extended maturity date of June 26, 3031. 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. 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 June 30, 2026, we had available $606 million of additional borrowing capacity under this facility, compared to $488 million a year earlier. As of June 30, 2026, the Parent Company was in full compliance with all covenants related to the aforementioned debt.

As a part of the credit facility, Globe Life has stand-by letters of credit. These letters of credit are issued on behalf of our insurance subsidiaries.

85
        GL Q2 2026 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

The following tables present certain information about our commercial paper borrowings.

Credit Facility—Commercial Paper
(Dollar amounts in thousands)
At
June 30,
2026		December 31, 2025June 30,
2025
Balance of commercial paper at end of period (par value)$279,000 $306,000 $397,000 
Annualized interest rate4.07 %4.05 %4.73 %
Letters of credit outstanding$115,000 $115,000 $115,000 
Remaining amount available under credit line$606,000 $579,000 $488,000 

Credit Facility—Commercial Paper Activity
(Dollar amounts in thousands)
Six Months Ended June 30,
20262025
Average balance of commercial paper outstanding during period (par value)$395,242 $456,181 
Daily-weighted average interest rate (annualized)4.02 %4.99 %
Maximum daily amount outstanding during period (par value)$559,250 $605,500 

The Company reduced commercial paper borrowings by $27 million since year end.

The Parent Company expects to have readily available funds for 2026 and the foreseeable future to conduct its operations and to maintain target capital ratios in the insurance subsidiaries. In the unlikely event that more liquidity is needed, the Company could generate additional funds through multiple sources including, but not limited to the issuance of debt and intercompany borrowings. The Parent Company had access to $113 million of liquid assets available as of June 30, 2026. This liquidity is available to the Company in the event additional funds are needed to support the targeted capital levels within our insurance subsidiaries.

Consolidated Liquidity. Consolidated net cash inflows from operations were $735 million in the six months ended June 30, 2026, compared with $740 million in the same period of 2025. 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 $454 million during the six months ended June 30, 2026. 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 $455 million at June 30, 2026, compared with $459 million at December 31, 2025. In addition to these liquid assets, $18 billion (fair value at June 30, 2026) of fixed income securities are available for sale in the event of an unexpected need. Approximately $1.7 billion, at fair value, is 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, FHLB and P-CAPS 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-term FHLB borrowings, which are obligations of the insurance subsidiaries and typically repaid over the course of the year.

86
        GL Q2 2026 FORM 10-Q
GLOBE LIFE INC.
Management's Discussion & Analysis

Long-Term Borrowings. At June 30, 2026, the outstanding long-term debt at book value was $2.7 billion compared with $2.3 billion at December 31, 2025.

Selected Information about Debt Issues
As of June 30, 2026
(Dollar amounts in thousands)
InstrumentIssue DateMaturity DateCoupon RateInterest Payment DatesPar
Value		Book
Value		Fair
Value
Senior notes09/27/201809/15/20284.550%semiannual$550,000 $548,141 $548,762 
Senior notes08/21/202008/15/20302.150%semiannual400,000 397,846 360,952 
Senior notes(1)
05/19/202206/15/20324.800%semiannual400,000 392,427 394,428 
Senior notes
08/23/202409/15/20345.850%semiannual450,000 445,433 464,247 
Junior subordinated debentures11/17/201711/17/20575.275%semiannual125,000 123,470 92,299 
Junior subordinated debentures06/14/202106/15/20614.250%quarterly325,000 317,516 197,600 
Term loan(2)
05/11/202306/26/20295.116%quarterly450,000 446,648 446,648 
Subtotal
2,700,000 2,671,481 2,504,936 
Unamortized issuance costs(3)
— (6,185)— 
Total long-term debt
2,700,000 2,665,296 2,504,936 
Commercial paper279,000 277,953 277,953 
Total short-term debt
279,000 277,953 277,953 
Total debt
$2,979,000 $2,943,249 $2,782,889 
(1)The $150 million 4.80% Senior Notes, previously held by two insurance subsidiaries, were sold and issued to a third party at a discount of $4.2 million during the quarter ended June 30, 2026.
(2)The term loan was amended and restated on June 26, 2026 extending the maturity date from August 15, 2027 to June 26, 2029 and increasing the principal amount from $250 million to $450 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)
Six Months Ended
June 30,		Increase
(Decrease)
20262025Amount%
Interest on funded debt$48,236 $47,179 $1,057 2 
Interest on term loans6,869 7,674 (805)(10)
Interest on short-term debt10,328 15,011 (4,683)(31)
Other4,617 13 4,604 
Financing costs
$70,050 $69,877 $173 — 

During the first six months of 2026, financing costs were flat compared to the prior year. More information on our debt transactions is disclosed in the Financial Condition section of this report.

87
        GL Q2 2026 FORM 10-Q
GLOBE LIFE INC.
Management's Discussion & Analysis

Subsidiary Capital: The National Association of Insurance Commissioners has established a risk-based factor approach for determining threshold risk-based capital levels for all U.S. insurance companies. This approach was designed to assist the regulatory bodies in identifying companies that may require regulatory attention. A Risk-Based Capital ratio is typically calculated 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. Globe Life targets a consolidated Company Action Level RBC ratio of 300% to 320% for our U.S. insurance subsidiaries. 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 2025, 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.

In addition, our Bermuda-based insurance subsidiaries are subject to regulation in Bermuda. The Bermuda Monetary Authority ("BMA") has capital requirements and solvency standards including limitations on dividends or distributions to shareholders. Our Bermuda subsidiaries' level of capitalization exceeded the required minimum solvency margins for the year ended 2025.

Shareholders' Equity: Shareholders’ equity was $6.2 billion at June 30, 2026. This compares with $6.0 billion at December 31, 2025 and $5.4 billion at June 30, 2025. During the six months since December 31, 2025, shareholders’ equity increased as a result of net income of $558 million during the first six months of 2026, but was offset by share repurchases of $378 million and an additional $134 million in share repurchases to offset the dilution from stock option exercises. Additionally, the change in the balance of AOCI increased shareholders' equity $50 million primarily due to changes in interest rates and discount rates over the period.

On April 30, 2026, the Parent Company announced that it had declared a quarterly dividend of $0.33 per share, an increase of 22% from the previous amount of $0.27 per share. This dividend was paid on July 31, 2026.

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, subsidiary capital contributions, 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 in AOCI. Changes in the fair value of the portfolio can result from changes in market rates.


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        GL Q2 2026 FORM 10-Q
GLOBE LIFE INC.
Management's Discussion & Analysis

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 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 effects of AOCI when analyzing our balance sheet, capital structure, and financial ratios.
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        GL Q2 2026 FORM 10-Q
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 six months ended June 30, 2026.

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 June 30, 2026, 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 June 30, 2026, 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.  

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        GL Q2 2026 FORM 10-Q
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 Second Quarter of 2026
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
April 1-30, 2026501,445 $148.56 501,445 — 
May 1-31, 2026626,817 154.34 626,817 — 
June 1-30, 2026612,421 167.20 612,421 — 

Item 5. Other Information

(c) Trading arrangements

During the six months ended June 30, 2026, 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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        GL Q2 2026 FORM 10-Q
Table of Contents
Item 6. Exhibits
 
Exhibit No.Description
10.1
10.2
10.3
10.4
10.5
10.6
31.1
31.2
31.3
32.1
101.INSXBRL 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.SCHInline XBRL Taxonomy Extension Schema Document.
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document.
101.LABInline XBRL Taxonomy Extension Label Linkbase Document.
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.
104Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101).


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        GL Q2 2026 FORM 10-Q
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: August 5, 2026/s/ J. Matthew Darden
J. Matthew Darden
Co-Chairman and Chief Executive Officer
Date: August 5, 2026/s/ Frank M. Svoboda
Frank M. Svoboda
Co-Chairman and Chief Executive Officer
Date: August 5, 2026/s/ Thomas P. Kalmbach
Thomas P. Kalmbach
Executive Vice President and Chief Financial Officer

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        GL Q2 2026 FORM 10-Q

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