Companies: 10,660     total market cap: $138.142 T
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Globe Life
GL
#1759
Rank
$11.90 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$146.95
Share price
1.47%
Change (1 day)
19.92%
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 FY2023 Q2

Globe Life - 10-Q quarterly report FY2023 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, 2023
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to ________
Commission File Number: 001-08052
GLOBE LIFE INC.
(Exact name of registrant as specified in its charter)
Delaware 63-0780404
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
3700 South Stonebridge Drive, McKinney, Texas 75070
(Address of principal executive offices) (Zip Code)

(972) 569-4000
(Registrant’s telephone number, including area code)

NONE
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 par value per shareGLNew York Stock Exchange
4.250% Junior Subordinated DebenturesGL PRDNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                                 Yes    ☒   No   ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                                             Yes   ☒   No   ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes   ☐   No   ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class Outstanding at July 31, 2023
Common Stock, $1.00 Par Value 94,819,680
GL Q2 2023 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
8
Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive Income
12
Note 4—Investments
14
Note 5—Commitments and Contingencies
25
Note 6—Policy Liabilities
26
Note 7—Deferred Acquisition Costs
43
Note 8—Liability for Unpaid Claims
46
Note 9—Postretirement Benefits
47
Note 10—Earnings Per Share
49
Note 11—Debt
50
Note 12—Business Segments
51
58
Item 2.
59
Item 3.
89
Item 4.
89
PART II. OTHER INFORMATION
Item 1.
89
Item 1A.
90
Item 2.
90
Item 5.
90
Item 6.
91
92




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 2023 FORM 10-Q
PART I—FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements

Globe Life Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(Dollar amounts in thousands, except per share data)
June 30,
2023		December 31, 2022
Assets:
Investments:
Fixed maturities—available for sale, at fair value (amortized cost: 2023—$18,687,479;
2022—$18,301,692, allowance for credit losses: 2023— $72,508; 2022— $0)
$17,033,450 $16,503,365 
Policy loans633,558 614,866 
Other long-term investments (includes: 2023—$759,157; 2022—$768,689 under the fair value option)
1,010,136 976,016 
Short-term investments71,128 114,121 
Total investments18,748,272 18,208,368 
Cash75,011 92,559 
Accrued investment income267,776 259,581 
Other receivables601,787 589,079 
Deferred acquisition costs5,778,732 5,535,697 
Goodwill481,791 481,791 
Other assets754,589 760,066 
Total assets$26,707,958 $25,927,141 
Liabilities:
Future policy benefits at current discount rates: (at original rates: 2023—$16,598,663; 2022—$16,306,870)
$18,746,514 $18,040,042 
Unearned and advance premium266,710 253,140 
Policy claims and other benefits payable510,929 507,219 
Other policyholders' funds187,873 123,236 
Total policy liabilities19,712,026 18,923,637 
Current and deferred income taxes404,480 434,649 
Short-term debt258,232 449,103 
Long-term debt (estimated fair value: 2023—$1,633,248; 2022—$1,440,277)
1,798,117 1,627,952 
Other liabilities554,797 542,223 
Total liabilities22,727,652 21,977,564 
Commitments and Contingencies (Note 5)
Shareholders' equity:
Preferred stock, par value $1 per share—5,000,000 shares authorized; outstanding: 0 in 2023 and 2022
— — 
Common stock, par value $1 per share—320,000,000 shares authorized; outstanding: (2023—105,218,183 issued; 2022—105,218,183 issued)
105,218 105,218 
Additional paid-in-capital536,126 529,661 
Accumulated other comprehensive income (loss)(2,943,897)(2,790,313)
Retained earnings7,285,809 6,894,535 
Treasury stock, at cost: (2023—10,225,970 shares; 2022—8,478,288 shares)
(1,002,950)(789,524)
Total shareholders' equity3,980,306 3,949,577 
Total liabilities and shareholders' equity$26,707,958 $25,927,141 
Prior period amounts have been adjusted for the adoption of ASU 2018-12 on January 1, 2023.
See accompanying Notes to Condensed Consolidated Financial Statements.
1
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(Dollar amounts in thousands, except per share data)
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Revenue:
Life premium$781,733 $756,892 $1,554,330 $1,506,020 
Health premium329,187 320,307 651,680 635,991 
Other premium— — — — 
Total premium1,110,920 1,077,199 2,206,010 2,142,011 
Net investment income261,244 244,712 518,349 489,606 
Realized gains (losses)(45,843)(30,446)(76,770)(37,690)
Other income85 299 135 463 
Total revenue1,326,406 1,291,764 2,647,724 2,594,390 
Benefits and expenses:
Life policyholder benefits(1)
512,664 492,364 1,020,641 987,793 
Health policyholder benefits(2)
195,924 190,075 386,886 379,093 
Other policyholder benefits8,922 8,992 17,910 18,694 
Total policyholder benefits717,510 691,431 1,425,437 1,385,580 
Amortization of deferred acquisition costs94,080 86,185 186,402 170,681 
Commissions, premium taxes, and non-deferred acquisition costs138,459 126,213 276,256 251,722 
Other operating expense86,033 89,658 170,204 174,010 
Interest expense25,818 21,828 50,685 41,772 
Total benefits and expenses1,061,900 1,015,315 2,108,984 2,023,765 
Income before income taxes264,506 276,449 538,740 570,625 
Income tax benefit (expense)(49,246)(52,476)(99,870)(109,168)
Net income
$215,260 $223,973 $438,870 $461,457 
Basic net income per common share
$2.26 $2.28 $4.58 $4.67 
Diluted net income per common share
$2.24 $2.26 $4.52 $4.63 
(1)Net of remeasurement gain of $2.4 million and $1.7 million for the three months ended June 30, 2023 and 2022, respectively. Net of remeasurement gain of $5.1 million for the six months ended June 30, 2023 and a remeasurement loss of $4.1 million for the same period in 2022.
(2)Net of remeasurement gain of $2.6 million and $2.1 million for the three months ended June 30, 2023 and 2022, respectively. Net of remeasurement gain of $532 thousand and $4.0 million for the six months ended June 30, 2023 and 2022, respectively.







Prior period amounts have been adjusted for the adoption of ASU 2018-12 on January 1, 2023.
See accompanying Notes to Condensed Consolidated Financial Statements.
2
        GL Q2 2023 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,
2023202220232022
Net income
$215,260 $223,973 $438,870 $461,457 
Other comprehensive income (loss):
Investments:
Unrealized gains (losses) on fixed maturities:
Unrealized holding gains (losses) arising during period(333,329)(2,042,210)135,790 (4,335,132)
Other reclassification adjustments included in net income49,425 22,259 82,015 18,229 
Foreign exchange adjustment on fixed maturities recorded at fair value(10,567)1,835 (1,000)2,119 
Total unrealized investment gains (losses)(294,471)(2,018,116)216,805 (4,314,784)
Less applicable tax (expense) benefit61,836 423,810 (45,532)906,109 
Unrealized gains (losses) on investments, net of tax(232,635)(1,594,306)171,273 (3,408,675)
Future Policy Benefits:
Change in discount rate on future policy benefits306,211 2,791,287 (414,679)5,596,798 
Less applicable tax (expense) benefit(64,305)(586,174)87,082 (1,175,330)
Future policy benefit adjustments, net of tax241,906 2,205,113 (327,597)4,421,468 
Foreign exchange translation:
Foreign exchange translation adjustments, other than securities10,358 (18,409)3,842 (14,181)
Less applicable tax (expense) benefit(2,176)3,865 (808)2,978 
Foreign exchange translation adjustments, other than securities, net of tax8,182 (14,544)3,034 (11,203)
Pension:
Pension adjustments(323)3,441 (371)6,878 
Less applicable tax (expense) benefit66 (723)77 (1,445)
Pension adjustments, net of tax(257)2,718 (294)5,433 
Other comprehensive income (loss)17,196 598,981 (153,584)1,007,023 
Comprehensive income (loss)
$232,456 $822,954 $285,286 $1,468,480 










Prior period amounts have been adjusted for the adoption of ASU 2018-12 on January 1, 2023.
See accompanying Notes to Condensed Consolidated Financial Statements.
3
        GL Q2 2023 FORM 10-Q

Globe Life Inc.
Condensed Consolidated Statements of Shareholders' Equity
(Unaudited)
(Dollar amounts in thousands, except per share data)

Preferred StockCommon StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Retained EarningsTreasury StockTotal Shareholders' Equity
Balance at December 31, 2022
$— $105,218 $529,661 $(2,790,313)$6,894,535 $(789,524)$3,949,577 
Comprehensive income (loss)— — — (170,780)223,610 — 52,830 
Common dividends declared
($0.2250 per share)
— — — — (21,542)— (21,542)
Acquisition of treasury stock— — — — — (179,276)(179,276)
Stock-based compensation— — (1,022)— — 8,700 7,678 
Exercise of stock options— — — — (4,059)41,083 37,024 
Balance at March 31, 2023
— 105,218 528,639 (2,961,093)7,092,544 (919,017)3,846,291 
Comprehensive income (loss)— — — 17,196 215,260 — 232,456 
Common dividends declared
($0.2250 per share)
— — — — (21,330)— (21,330)
Acquisition of treasury stock— — — — — (89,755)(89,755)
Stock-based compensation— — 7,487 — — — 7,487 
Exercise of stock options— — — — (665)5,822 5,157 
Balance at June 30, 2023
$— $105,218 $536,126 $(2,943,897)$7,285,809 $(1,002,950)$3,980,306 



Preferred StockCommon StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Retained EarningsTreasury StockTotal Shareholders' Equity
Balance at December 31, 2021
$— $109,218 $520,564 $(4,235,048)$6,455,733 $(846,659)$2,003,808 
Comprehensive income (loss)— — — 408,042 237,484 — 645,526 
Common dividends declared
($0.2075 per share)
— — — — (20,543)— (20,543)
Acquisition of treasury stock— — — — — (119,482)(119,482)
Stock-based compensation— — 2,504 — (345)6,876 9,035 
Exercise of stock options— — — — (9,964)35,895 25,931 
Balance at March 31, 2022
— 109,218 523,068 (3,827,006)6,662,365 (923,370)2,544,275 
Comprehensive income (loss)— — — 598,981 223,973 — 822,954 
Common dividends declared
($0.2075 per share)
— — — — (20,238)— (20,238)
Acquisition of treasury stock— — — — — (143,939)(143,939)
Stock-based compensation— — 8,448 — — — 8,448 
Exercise of stock options— — — — (2,419)11,222 8,803 
Balance at June 30, 2022
$— $109,218 $531,516 $(3,228,025)$6,863,681 $(1,056,087)$3,220,303 




Prior period amounts have been adjusted for the adoption of ASU 2018-12 on January 1, 2023.
See accompanying Notes to Condensed Consolidated Financial Statements.
4
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(Dollar amounts in thousands)
Six Months Ended
June 30,
20232022
Cash provided from (used for) operating activities
$804,141 $693,390 
Cash provided from (used for) investing activities:
Investments sold or matured:
Fixed maturities available for sale—sold145,824 219,027 
Fixed maturities available for sale—matured or other redemptions138,259 305,656 
Other long-term investments59,593 48,334 
Total investments sold or matured343,676 573,017 
Acquisition of investments:
Fixed maturities—available for sale(623,023)(717,994)
Other long-term investments(91,186)(157,913)
Total investments acquired(714,209)(875,907)
Net (increase) decrease in policy loans(18,692)(7,553)
Net (increase) decrease in short-term investments42,993 (46,679)
Additions to property and equipment(25,629)(13,627)
Investments in low-income housing interests(38,276)(37,181)
Cash provided from (used for) investing activities
(410,137)(407,930)
Cash provided from (used for) financing activities:
Issuance of common stock42,181 34,734 
Cash dividends paid to shareholders(41,569)(40,208)
Repayment of debt(165,612)— 
Proceeds from issuance of debt170,000 250,492 
Payment for debt issuance costs(693)(5,272)
Net borrowing (repayment) of commercial paper(25,371)(150,047)
Acquisition of treasury stock(269,031)(263,421)
Net receipts (payments) from deposit-type products(116,437)(33,782)
Cash provided from (used for) financing activities
(406,532)(207,504)
Effect of foreign exchange rate changes on cash(5,020)2,138 
Net increase (decrease) in cash(17,548)80,094 
Cash at beginning of year92,559 92,163 
Cash at end of period $75,011 $172,257 









Prior period amounts have been adjusted for the adoption of ASU 2018-12 on January 1, 2023.
See accompanying Notes to Condensed Consolidated Financial Statements.
5
        GL Q2 2023 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 and annuities to a broad base of customers. The Company is organized into four reportable segments: life insurance, supplemental health insurance, annuities, 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, 2023, and the condensed consolidated results of operations, comprehensive income, and cash flows for the periods ended June 30, 2023 and 2022. The interim period condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements that are included in the Form 10-K filed with the Securities Exchange Commission (SEC) on February 23, 2023.

Use of Estimates: The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. See further documentation in the significant accounting policies or the accompanying notes.

Significant Accounting Policy Updates: The following accounting policies were updated since the 2022 Form 10-K due to the adoption of ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12). Refer to Note 2—New Accounting Standards for additional information on the financial statement impacts related to the adoption of this standard.

Future Policy Benefits—The liability for future policy benefits for traditional and limited-payment long duration life and health products comprises approximately 92% of the total liability for future policy benefits. The liability is determined each reporting period based on the net level premium method. This method requires the liability for future policy benefits 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. Net level premiums reflect a recomputed net premium ratio1 using actual experience since the issue date or the Transition Date, and expected future experience. The liability is accrued as premium revenue is recognized and adjusted for differences between actual and expected experience. Long-duration insurance contracts issued by the Company are grouped into cohorts based on the contract issue year, distribution channel, legal entity, and product type.
1 The net premium ratio is the percentage of gross premiums needed to fund actual and expected benefits and related settlement expenses.
6
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Both the present value of expected future benefit payments and the present value of expected future net premiums are based primarily on assumptions of discount rates, mortality, morbidity, lapse, and persistency. Each quarter, the Company remeasures its liability for future policy benefits using current discount rates with the effect of the change recognized in Other Comprehensive Income, a component of shareholders’ equity. In addition, the Company recognizes a liability remeasurement gain or loss within the Condensed Consolidated Statements of Operations using original discount rates, and relating to actual experience under the net premium calculation, as compared to the prior reporting period assumptions.

The Company regularly reviews its cash flow assumptions (mortality, morbidity, lapses, and persistency) used to calculate the change in the liability for future policy benefits. These cash flow assumptions are updated as necessary in the third quarter of every year, or more frequently if suggested by experience. If cash flow assumptions are changed, the net premium ratio is recalculated from the original issue date, or the Transition Date, using actual experience and projected future cash flows. When the expected future net premiums exceed the expected future gross premiums, or the present value of future policyholder benefits exceeds the present value of expected future gross premiums, the liability for future policy benefits is adjusted with changes recognized in policyholder benefits on the Condensed Consolidated Statements of Operations. The cash flow assumptions do not include an adjustment for adverse deviation. Mortality tables used for individual life insurance include various industry tables and reflect modifications based on Company experience. Morbidity assumptions for individual health are based on Company experience and industry data. Lapse and persistency assumptions are based on Company experience.

The liability for future policy benefits is discounted as noted above, using a current upper-medium grade fixed-income instrument yield that reflects the duration characteristics of the liability for future policy benefits. The methodology for determining current discount rates consists of constructing a discount rate curve intended to be reflective of the currency and tenor of the insurance liability cash flows. The methodology is designed to prioritize observable inputs based on market data available in the local debt markets denominated in the same currency as the policies. For the discount rates applicable to tenors for which the single-A debt market is not liquid or there is little or no observable market data, the Company will use estimation techniques consistent with the fair value guidance in ASC 820. We further accrete interest as a component of policyholder benefits using the original discount rate that is locked-in during the year of contract issuance. The original discount rates (or the locked-in discount rates) are used for interest accretion purposes and for the determination of net premiums, whereas the current discount rates are used for purposes of valuing the liability.

The liability for future policy benefits for annuity and interest sensitive life-type products is represented by policy account value. For limited-payment contracts, a deferred profit liability is also recorded, with changes recognized in income over the life of the contract in proportion to the amount of insurance in force.

Deferred Acquisition Costs—Certain costs of acquiring new insurance business are deferred and recorded as an asset. These costs are capitalized on a grouped contract basis and amortized over the expected term of the related contracts, and are essential for the acquisition of new insurance business. Deferred acquisition costs (DAC) are directly related to the successful issuance of an insurance contract, and primarily include sales commissions, policy issue costs, direct to consumer advertising costs, and underwriting costs. Additionally, DAC includes the value of business acquired (VOBA), which are the costs of acquiring blocks of insurance from other companies or through the acquisition of other companies. These costs represent the difference between the fair value of the contractual insurance assets acquired and liabilities assumed, compared against the assets and liabilities for insurance contracts that the Company issues or holds measured in accordance with GAAP.

DAC is amortized on a constant-level basis over the expected term of the grouped contracts, with the related expense included in amortization of deferred acquisition costs on the Condensed Consolidated Statements of Operations. The in-force metric used to compute the DAC amortization rate is annualized premium in force. The assumptions used to amortize acquisition costs include mortality, morbidity, and persistency. These assumptions are reviewed at least annually and revised in conjunction with any change in the future policy benefit assumptions. The effect of changes in the assumptions are recognized over the remaining expected contract term as a revision of future amortization amounts.
7
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
VOBA is amortized on a basis that is consistent with DAC, as described above, and is subject to periodic recoverability and loss recognition testing to determine if there is a premium deficiency. These tests evaluate whether the present value of future contract-related cash flows will support the capitalized VOBA asset. These cash flows consist primarily of premium income, less benefits and expenses. The present value of these cash flows, less the reserve liability, is then compared with the unamortized balance. In the event the estimated present value of net cash flows is less, the deficiency would be recognized by a charge to earnings and either a reduction of unamortized acquisition costs or an increase in the liability for future benefits.


Note 2—New Accounting Standards

Accounting Pronouncements Adopted in the Current Year: On January 1, 2023, the Company adopted ASU 2018-12 (also referred to as Long Duration Targeted Improvements or LDTI) on a modified retrospective basis as of the transition date (Transition Date) of January 1, 2021. The amended guidance is a significant change to the accounting and disclosure of long-duration life and health insurance contracts. The modified retrospective transition method requires the updated standard be applied to all long-duration life and health contracts, which has resulted in the adjustment of the 2021 and 2022 consolidated financial statements.

The following tables summarize the balance of and changes to the liability for future policy benefits for traditional life and health long-duration contracts on the Transition Date due to the adoption of ASU 2018-12:
Net Liability for Future Policy Benefits - Long Duration Life
American IncomeDTCLiberty NationalOtherTotal
Balance, net of reinsurance, at original discount rates as of December 31, 2020
$3,541,317 $2,492,226 $2,140,071 $2,736,804 $10,910,418 
Effect of changes in discount rate assumptions3,334,600 2,195,430 1,229,610 2,297,835 9,057,475 
Effect of capping and flooring(1)
— 16,899 2,433 2 19,334 
Balance, net of reinsurance, at current discount rates as of January 1, 2021
$6,875,917 $4,704,555 $3,372,114 $5,034,641 $19,987,227 

Net liability for Future Policy Benefits - Long Duration Health
United AmericanFamily HeritageLiberty NationalAmerican IncomeDTCTotal
Balance, net of reinsurance, at original discount rates as of December 31, 2020
$131,505 $1,383,128 $501,312 $101,998 $(2,941)$2,115,002 
Effect of changes in discount rate assumptions75,652 497,250 219,992 60,366 346 853,606 
Effect of capping and flooring(1)
6,506 — 19,324 — 4,193 30,023 
Balance, net of reinsurance, at current discount rates as of January 1, 2021
$213,663 $1,880,378 $740,628 $162,364 $1,598 $2,998,631 
(1)When the present value of expected future net premiums exceeds the present value of expected future gross premiums for a given cohort (capping), or the present value of future policy benefits and related termination expenses exceeds the present value of expected future net premiums (flooring), an adjustment is made to the liability for future policy benefits.
8
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following table presents total policy liabilities, both before and after the Transition Date:
January 1,December 31,
20212020
Future policy benefits:
Net liability for future policy benefits—long duration life$19,987,227 $10,910,418 
Net liability for future policy benefits—long duration health2,998,631 2,115,002 
Additional insurance liabilities(1),(2)
2,008,399 2,218,116 
Total future policy benefits24,994,257 15,243,536 
Unearned and advance premium(1)
243,369 61,728 
Policy claims and other benefits payable(1)
473,524 399,507 
Other policyholders' funds(1)
98,459 97,968 
Total policy liabilities
$25,809,609 $15,802,739 
(1)In addition to the discount rate related adjustments to future policy benefits, the Company reclassified certain balances within total policy liabilities on the Consolidated Balance Sheets as a result of adopting ASU 2018-12. The reclassifications had an immaterial impact on Shareholders' Equity. See table summarizing the transition adjustments to Shareholders' Equity below.
(2)The Company's additional insurance liabilities consist primarily of: 1) deferred profit liability on limited-payment contracts; and 2) reserves on deferred annuity and interest sensitive life blocks of business. See Note 6—Policy Liabilities for additional information.


The following table presents the Company's deferred policy acquisition costs, both before and after the Transition Date:
January 1,December 31,
20212020
Life:
American Income$1,647,761 $1,647,761 
Direct to Consumer1,498,970 1,498,435 
Liberty National531,504 531,504 
Other304,786 304,459 
Total life3,983,021 3,982,159 
Health:
United American65,020 74,353 
Family Heritage364,751 364,751 
Liberty National124,754 124,888 
American Income39,477 39,477 
Direct to Consumer2,215 6,600 
Total health596,217 610,069 
Annuity8,309 3,216 
Total DAC
$4,587,547 $4,595,444 

In accordance with ASU 2018-12, the Company has adjusted its DAC balance to remove the impact of unrealized gains and losses that were previously recorded in Accumulated Other Comprehensive Income (AOCI) on the Consolidated Statements of Shareholders' Equity. Under prior guidance, the Company included these amounts within its calculation of amortization.


9
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following table presents the effect of transition adjustments due to the adoption of ASU 2018-12 on Shareholders' Equity:
Retained EarningsAccumulated Other Comprehensive Income (Loss)
Other(1)
Total
Shareholders’ Equity, as of December 31, 2020
$5,874,109 $3,029,244 $(132,261)$8,771,092 
Effect of changes in discount rate assumptions— (7,829,753)— (7,829,753)
Effect of capping and flooring(38,992)— — (38,992)
Effect of removal of unrealized gain (loss) on DAC— 4,704 — 4,704 
Other adjustments26,470 — — 26,470 
Shareholders’ Equity, as of January 1, 2021
$5,861,587 $(4,795,805)$(132,261)$933,521 
(1)Other represents common stock, additional paid-in capital, and treasury stock, combining balances that were unaffected by the new standard.

As of the Transition Date, the primary effects of the changes required by the standard were to AOCI and retained earnings. As seen in the table above, the transition adjustments impacting AOCI consist of the effect of changes in discount rate assumptions and the effect of the removal of unrealized gains (losses) on DAC. The effect of changes in discount rate assumptions is the impact, net of tax, of the Company re-measuring its liability for future policy benefits using current discount rates. As of the Transition Date, we experienced a lower level of current discount rates than the original discount rates used in valuing our future policy benefits under the prior guidance, thus reducing Shareholders' Equity. For the effect of removing unrealized gains (losses) on DAC, this adjustment relates to the requirement to remove unrealized gains (losses) that were included within the amortization calculation, as noted previously.

Regarding the impact on retained earnings, when the present value of net premiums exceeds the present value of gross premiums for a given cohort (capping), or the present value of future benefits and related termination expenses exceeds the present value of future gross premiums (flooring), an adjustment is recognized to the liability for future policy benefits. Any blocks of business that require increases in future policy benefits to minimum levels, or that have a net premium ratio greater than 100%, required an adjustment to the opening balance of retained earnings (decrease).

Accounting Pronouncements Yet to be Adopted: ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, adds disclosure requirements specific to equity securities subject to contractual sale restrictions. The disclosures clarify the nature of the contractual sale as well as the duration of the restriction and the circumstances that could cause a lapse in the restriction.

This standard is effective for the Company on January 1, 2024, and will be implemented on a prospective basis. The Company does not expect the standard will have a material impact on the Consolidated Financial Statements.


10
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Effect of New Accounting Standards on Previously Reported Results: The impacts from the adoption of ASU 2018-12 on the Company's previously reported results included in these financial statements are as follows:

Condensed Consolidated Balance Sheets
December 31, 2022
As Previously ReportedAdoption ImpactAs Adjusted
Assets:
Other receivables$484,887 $104,192 $589,079 
Deferred acquisition costs5,249,907 285,790 5,535,697 
Liabilities:
Future policy benefits16,721,846 1,318,196 18,040,042 
Unearned and advance premium60,742 192,398 253,140 
Policy claims and other benefits payable430,027 77,192 507,219 
Current and deferred income taxes686,172 (251,523)434,649 
Shareholders' equity:
Accumulated other comprehensive income (loss)(1,415,714)(1,374,599)(2,790,313)
Retained earnings6,466,220 428,315 6,894,535 

Condensed Consolidated Statements of Operations
Three Months Ended
June 30, 2022		Six Months Ended
June 30, 2022
As Previously ReportedAdoption ImpactAs AdjustedAs Previously ReportedAdoption ImpactAs Adjusted
Revenue:
Life premium$759,924 $(3,032)$756,892 $1,514,526 $(8,506)$1,506,020 
Health premium319,189 1,118 320,307 636,189 (198)635,991 
Net investment income243,642 1,070 244,712 487,476 2,130 489,606 
Benefits and expenses:
Life policyholder benefits511,034 (18,670)492,364 1,060,377 (72,584)987,793 
Health policyholder benefits197,218 (7,143)190,075 394,073 (14,980)379,093 
Other policyholder benefits7,074 1,918 8,992 14,124 4,570 18,694 
Amortization of deferred acquisition costs155,205 (69,020)86,185 313,589 (142,908)170,681 
Commissions, premium taxes, and non-deferred acquisition costs93,595 32,618 126,213 184,408 67,314 251,722 
Income before income taxes216,996 59,453 276,449 418,611 152,014 570,625 
Income tax benefit (expense)(39,992)(12,484)(52,476)(77,246)(31,922)(109,168)
Net income
$177,004 $46,969 $223,973 $341,365 $120,092 $461,457 
Basic net income per common share
$1.80 $0.48 $2.28 $3.46 $1.21 $4.67 
Diluted net income per common share
$1.79 $0.47 $2.26 $3.43 $1.20 $4.63 

See Note 1—Significant Accounting Policies, Note 6—Policy Liabilities, and Note 7—DAC for additional information on the adoption.
11
        GL Q2 2023 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

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, 2023 and 2022:
 Three Months Ended June 30, 2023
 Available
for Sale
Assets		Future Policy BenefitsForeign
Exchange		Pension
Adjustments		Total
Balance at April 1, 2023
$(1,016,764)$(1,938,707)$(6,829)$1,207 $(2,961,093)
Other comprehensive income (loss) before reclassifications, net of tax(271,681)241,906 8,182 — (21,593)
Reclassifications, net of tax39,046 — — (257)38,789 
Other comprehensive income (loss)(232,635)241,906 8,182 (257)17,196 
Balance at June 30, 2023
$(1,249,399)$(1,696,801)$1,353 $950 $(2,943,897)

 Three Months Ended June 30, 2022
 Available
for Sale
Assets		Future Policy BenefitsForeign
Exchange		Pension
Adjustments		Total
Balance at April 1, 2022
$950,921 $(4,699,555)$22,589 $(100,961)$(3,827,006)
Other comprehensive income (loss) before reclassifications, net of tax(1,611,891)2,205,113 (14,544)— 578,678 
Reclassifications, net of tax17,585 — — 2,718 20,303 
Other comprehensive income (loss)(1,594,306)2,205,113 (14,544)2,718 598,981 
Balance at June 30, 2022
$(643,385)$(2,494,442)$8,045 $(98,243)$(3,228,025)

 Six Months Ended June 30, 2023
 Available
for Sale
Assets		Future Policy BenefitsForeign
Exchange		Pension
Adjustments		Total
Balance at January 1, 2023
$(1,420,672)$(1,369,204)$(1,681)$1,244 $(2,790,313)
Other comprehensive income (loss) before reclassifications, net of tax106,481 (327,597)3,034 — (218,082)
Reclassifications, net of tax64,792 — — (294)64,498 
Other comprehensive income (loss)171,273 (327,597)3,034 (294)(153,584)
Balance at June 30, 2023
$(1,249,399)$(1,696,801)$1,353 $950 $(2,943,897)

 Six Months Ended June 30, 2022
 Available
for Sale
Assets		Future Policy BenefitsForeign
Exchange		Pension
Adjustments		Total
Balance at January 1, 2022
$2,765,290 $(6,915,910)$19,248 $(103,676)$(4,235,048)
Other comprehensive income (loss) before reclassifications, net of tax(3,423,076)4,421,468 (11,203)— 987,189 
Reclassifications, net of tax14,401 — — 5,433 19,834 
Other comprehensive income (loss)(3,408,675)4,421,468 (11,203)5,433 1,007,023 
Balance at June 30, 2022
$(643,385)$(2,494,442)$8,045 $(98,243)$(3,228,025)

12
        GL Q2 2023 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, 2023 and 2022.
  Three Months Ended
June 30,		Six Months Ended June 30,Affected line items in the Statements of Operations
Component Line Item2023202220232022
Unrealized investment (gains) losses on available for sale assets:
Realized (gains) losses$50,347 $22,422 $83,471 $17,485 Realized (gains) losses
Amortization of (discount) premium(922)(163)(1,456)744 Net investment income
Total before tax49,425 22,259 82,015 18,229 
Tax(10,379)(4,674)(17,223)(3,828)Income taxes
Total after-tax39,046 17,585 64,792 14,401 
Pension adjustments:
Amortization of prior service cost269 158 538 316 Other operating expense
Amortization of actuarial (gain) loss(592)3,283 (909)6,562 Other operating expense
Total before tax(323)3,441 (371)6,878 
Tax66 (723)77 (1,445)Income taxes
Total after-tax(257)2,718 (294)5,433 
Total reclassification (after-tax)
$38,789 $20,303 $64,498 $19,834 
13
        GL Q2 2023 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, 2023 and December 31, 2022, 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, 2023

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$392,453 $— $37 $(34,893)$357,597 2 
States, municipalities, and political subdivisions3,071,617 — 36,601 (451,322)2,656,896 16 
Foreign governments43,464 — — (11,481)31,983 — 
Corporates, by sector:
Financial4,944,716 (65,476)59,319 (493,205)4,445,354 26 
Utilities1,988,656 — 41,220 (114,276)1,915,600 11 
Energy1,431,789 — 27,914 (93,599)1,366,104 8 
Other corporate sectors6,690,357 (7,032)89,696 (636,276)6,136,745 36 
Total corporates15,055,518 (72,508)218,149 (1,337,356)13,863,803 81 
Collateralized debt obligations37,080 — 5,225 — 42,305 — 
Other asset-backed securities87,347 — 2 (6,483)80,866 1 
Total fixed maturities
$18,687,479 $(72,508)$260,014 $(1,841,535)$17,033,450 100 
(1)Amount reported in the balance sheet.
(2)At fair value.


14
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
At December 31, 2022
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$394,439 $— $27 $(38,968)$355,498 2 
States, municipalities, and political subdivisions2,791,030 — 24,328 (505,447)2,309,911 14 
Foreign governments55,164 — 6 (12,706)42,464 — 
Corporates, by sector:
Financial4,907,794 — 63,126 (504,489)4,466,431 27 
Utilities1,924,190 — 36,670 (125,713)1,835,147 11 
Energy1,436,598 — 22,637 (101,923)1,357,312 8 
Other corporate sectors6,667,043 — 78,903 (738,772)6,007,174 37 
Total corporates14,935,625 — 201,336 (1,470,897)13,666,064 83 
Collateralized debt obligations37,098 — 13,266 — 50,364 — 
Other asset-backed securities88,336 — 4 (9,276)79,064 1 
Total fixed maturities
$18,301,692 $— $238,967 $(2,037,294)$16,503,365 100 
(1)Amount reported in the balance sheet.
(2)At fair value.

The Company has exposure to banks as part of its fixed maturity portfolio. The Company’s bank securities had a fair value of $1.2 billion (7% of the total fixed maturity portfolio) and $1.3 billion (8% of the total fixed maturity portfolio) at June 30, 2023 and December 31, 2022, respectively. Additionally, the Company has exposure to real estate investment trusts which had a fair value of $405 million (2% of the total fixed maturity portfolio) and $428 million (3% of the total fixed maturity portfolio) at June 30, 2023 and December 31, 2022, respectively.

A schedule of fixed maturities available for sale by contractual maturity date at June 30, 2023, 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, 2023
Amortized
Cost, net		Fair
Value
Fixed maturities available for sale:
Due in one year or less$175,156 $174,975 
Due after one year through five years1,122,352 1,118,516 
Due after five years through ten years1,651,261 1,673,707 
Due after ten years through twenty years8,041,646 7,621,151 
Due after twenty years7,500,129 6,321,930 
Mortgage-backed and asset-backed securities124,427 123,171 
$18,614,971 $17,033,450 

15
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Analysis of Investment Operations: "Net investment income" for the three and six month periods ended June 30, 2023 and 2022 is summarized as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
20232022% Change20232022% Change
Fixed maturities available for sale$234,187 $226,753 3 $466,486 $452,037 3 
Policy loans12,234 11,580 6 23,989 23,008 4 
Other long-term investments(1)
16,936 10,703 58 32,679 23,416 40 
Short-term investments1,820 122 3,415 124 
265,177 249,158 6 526,569 498,585 6 
Less investment expense(3,933)(4,446)(12)(8,220)(8,979)(8)
Net investment income
$261,244 $244,712 7 $518,349 $489,606 6 
(1)For the three months ended June 30, 2023 and 2022, the investment funds, accounted for under the fair value option method, recorded $12.0 million and $8.6 million of distributions, respectively, in net investment income. For the six months ended June 30, 2023 and 2022, the investment funds, accounted for under the fair value option method, recorded $23.3 million and $19.3 million of distributions, 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,
2023202220232022
Fixed maturities available for sale:
Proceeds from sales(1)
$130,119 $143,911 $145,824 $219,027 
Gross realized gains47 — 47 773 
Gross realized losses(10,503)(41,168)(10,861)(44,847)
(1)There were no unsettled sales in the periods ended June 30, 2023 and 2022.


An analysis of "Realized gains (losses)" is as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Realized investment gains (losses):
Fixed maturities available for sale:
Sales and other(1)
$(10,606)$(22,421)$(10,963)$(17,872)
Provision for credit losses(39,741)— (72,508)387 
Fair value option—change in fair value5,228 947 7,086 (4,391)
Other investments(724)(8,972)(385)(15,814)
Realized gains (losses) from investments
(45,843)(30,446)(76,770)(37,690)
Applicable tax9,627 6,394 16,122 7,915 
Realized gains (losses), net of tax
$(36,216)$(24,052)$(60,648)$(29,775)
(1)During the three months ended June 30, 2023 and 2022, the Company recorded $17.9 million and $1.9 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in no realized gains (losses) in either period. During the six months ended June 30, 2023 and 2022, the Company recorded $17.9 million and $1.9 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in no realized gains (losses) in either period.

16
        GL Q2 2023 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, 2023 and December 31, 2022:
Fair Value Measurement at June 30, 2023 Using:
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 $— $357,597 $— $357,597 
States, municipalities, and political subdivisions — 2,656,896 — 2,656,896 
Foreign governments — 31,983 — 31,983 
Corporates, by sector:
Financial — 4,313,536 131,818 4,445,354 
Utilities — 1,806,364 109,236 1,915,600 
Energy — 1,355,556 10,548 1,366,104 
Other corporate sectors — 5,926,843 209,902 6,136,745 
Total corporates — 13,402,299 461,504 13,863,803 
Collateralized debt obligations — — 42,305 42,305 
Other asset-backed securities — 80,866 — 80,866 
Total fixed maturities
$— $16,529,641 $503,809 $17,033,450 
Percentage of total— %97 %3 %100 %

Fair Value Measurement at December 31, 2022 Using:
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 $— $355,498 $— $355,498 
States, municipalities, and political subdivisions — 2,309,911 — 2,309,911 
Foreign governments — 42,464 — 42,464 
Corporates, by sector:
Financial — 4,332,495 133,936 4,466,431 
Utilities — 1,723,832 111,315 1,835,147 
Energy — 1,346,212 11,100 1,357,312 
Other corporate sectors — 5,785,442 221,732 6,007,174 
Total corporates — 13,187,981 478,083 13,666,064 
Collateralized debt obligations — — 50,364 50,364 
Other asset-backed securities — 79,064 — 79,064 
Total fixed maturities
$— $15,974,918 $528,447 $16,503,365 
Percentage of total— %97 %3 %100 %

17
        GL Q2 2023 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		CorporatesTotal
Balance at January 1, 2023
$— $50,364 $478,083 $528,447 
Included in realized gains / losses— — — — 
Included in other comprehensive income— (8,042)(1,963)(10,005)
Acquisitions— — — — 
Sales— — — — 
Amortization— 2,288 3 2,291 
Other(1)
— (2,305)(14,619)(16,924)
Transfers into Level 3(2)
— — — — 
Transfers out of Level 3(2)
— — — — 
Balance at June 30, 2023
$— $42,305 $461,504 $503,809 
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.

Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Asset-
backed Securities
Collateralized
Debt
Obligations		CorporatesTotal
Balance at January 1, 2022
$— $63,505 $641,688 $705,193 
Included in realized gains / losses— — — — 
Included in other comprehensive income— (11,098)(89,359)(100,457)
Acquisitions— — — — 
Sales— — — — 
Amortization— 2,248 3 2,251 
Other(1)
— (1,954)(22,357)(24,311)
Transfers into Level 3(2)
— — — — 
Transfers out of Level 3(2)
— — — — 
Balance at June 30, 2022
$— $52,701 $529,975 $582,676 
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.

18
        GL Q2 2023 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 3s:
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		CorporatesTotal
At June 30, 2023
$— $(8,042)$(1,963)$(10,005)
At June 30, 2022
— (11,098)(89,359)(100,457)
 
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, 2023682 1,355 2,037 
As of December 31, 20221,819 157 1,976 
 
Globe Life's entire fixed maturity portfolio consisted of 2,418 issues by 986 different issuers at June 30, 2023 and 2,328 issues by 979 different issuers at December 31, 2022. The weighted-average quality rating of all unrealized loss positions at amortized cost was A- as of June 30, 2023 and December 31, 2022.


19
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following tables disclose unrealized investment losses by class and major sector of fixed maturities available for sale at June 30, 2023 and December 31, 2022.

Analysis of Gross Unrealized Investment Losses
At June 30, 2023
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$264,407 $(22,621)$91,011 $(12,272)$355,418 $(34,893)
States, municipalities, and political subdivisions687,842 (26,208)1,272,595 (425,114)1,960,437 (451,322)
Foreign governments6,983 (183)25,000 (11,298)31,983 (11,481)
Corporates, by sector:
Financial1,245,647 (86,522)1,711,745 (367,044)2,957,392 (453,566)
Utilities439,647 (20,185)516,783 (92,019)956,430 (112,204)
Energy358,866 (13,942)386,676 (69,247)745,542 (83,189)
Other corporate sectors1,180,706 (64,024)3,065,617 (558,042)4,246,323 (622,066)
Total corporates3,224,866 (184,673)5,680,821 (1,086,352)8,905,687 (1,271,025)
Collateralized debt obligations— — — — — — 
Other asset-backed securities21,676 (884)47,627 (4,968)69,303 (5,852)
Total investment grade securities4,205,774 (234,569)7,117,054 (1,540,004)11,322,828 (1,774,573)
Below investment grade securities:
States, municipalities, and political subdivisions— — — — — — 
Corporates, by sector:
Financial53,329 (3,470)106,673 (36,169)160,002 (39,639)
Utilities— — 28,035 (2,072)28,035 (2,072)
Energy— — 34,278 (10,410)34,278 (10,410)
Other corporate sectors35,356 (189)75,943 (14,021)111,299 (14,210)
Total corporates88,685 (3,659)244,929 (62,672)333,614 (66,331)
Collateralized debt obligations— — — — — — 
Other asset-backed securities— — 11,499 (631)11,499 (631)
Total below investment grade securities88,685 (3,659)256,428 (63,303)345,113 (66,962)
Total fixed maturities
$4,294,459 $(238,228)$7,373,482 $(1,603,307)$11,667,941 $(1,841,535)
 
Gross unrealized losses may fluctuate quarter over quarter due to adverse factors in the market that affect our 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 from time to time, Globe Life does not generally intend to sell and it is unlikely that management 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.

20
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Analysis of Gross Unrealized Investment Losses
At December 31, 2022
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$349,887 $(38,218)$3,424 $(750)$353,311 $(38,968)
States, municipalities, and political subdivisions1,767,624 (453,149)95,124 (52,298)1,862,748 (505,447)
Foreign governments6,297 (201)25,134 (12,505)31,431 (12,706)
Corporates, by sector:
Financial2,837,918 (426,132)109,784 (42,173)2,947,702 (468,305)
Utilities1,088,219 (116,272)21,636 (6,268)1,109,855 (122,540)
Energy855,853 (91,755)— — 855,853 (91,755)
Other corporate sectors4,155,986 (665,831)94,299 (42,344)4,250,285 (708,175)
Total corporates8,937,976 (1,299,990)225,719 (90,785)9,163,695 (1,390,775)
Collateralized debt obligations— — — — — — 
Other asset-backed securities60,157 (5,223)7,960 (2,435)68,117 (7,658)
Total investment grade securities11,121,941 (1,796,781)357,361 (158,773)11,479,302 (1,955,554)
Below investment grade securities:
States, municipalities, and political subdivisions— — — — — — 
Corporates, by sector:
Financial120,377 (18,901)38,348 (17,283)158,725 (36,184)
Utilities27,722 (3,173)— — 27,722 (3,173)
Energy14,480 (2,182)20,075 (7,986)34,555 (10,168)
Other corporate sectors166,159 (25,962)6,670 (4,635)172,829 (30,597)
Total corporates328,738 (50,218)65,093 (29,904)393,831 (80,122)
Collateralized debt obligations— — — — — — 
Other asset-backed securities— — 10,874 (1,618)10,874 (1,618)
Total below investment grade securities328,738 (50,218)75,967 (31,522)404,705 (81,740)
Total fixed maturities
$11,450,679 $(1,846,999)$433,328 $(190,295)$11,884,007 $(2,037,294)

21
        GL Q2 2023 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,
2023202220232022
Allowance for credit losses beginning balance
$32,767 $— $— $387 
Additions to allowance for which credit losses were not previously recorded38,228 — 72,508 — 
Additions (reductions) to allowance for fixed maturities that previously had an allowance1,513 — — — 
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— — — (387)
Allowance for credit losses ending balance
$72,508 $— $72,508 $— 

As of June 30, 2023 and December 31, 2022, the Company had two fixed maturities in non-accrual status. During the six months ended June 30, 2023, it was announced Signature Bank New York and First Republic Bank had entered receivership. As a result, we reviewed available information to evaluate whether an allowance for expected credit losses should be established related to our holdings of Signature Bank New York and First Republic Bank, and determined an allowance was necessary.

Other Long-Term Investments: Other long-term investments consist of the following assets:
June 30,
2023		December 31, 2022
Investment funds$759,157 $768,689 
Commercial mortgage loan participations221,466 181,305 
Other29,513 26,022 
Total
$1,010,136 $976,016 

The following table presents additional information about the Company's investment funds as of June 30, 2023 and December 31, 2022 at fair value:
Fair ValueUnfunded Commitments
Investment CategoryJune 30,
2023		December 31, 2022June 30,
2023		Redemption Term/Notice
Commercial mortgage loans$404,782 $431,405 $583,694 Fully redeemable and non-redeemable with varying terms.
Opportunistic credit161,054 158,524 — 
Initial 2 year lock on each new investment/semi-annual withdrawals thereafter/full redemption within 36 month period.
Infrastructure161,071 159,534 21,648 Fully redeemable and non-redeemable with varying terms.
Other32,250 19,226 120,048  
Total investment funds $759,157 $768,689 $725,390 

The Company had $33 million of capital called during the year from existing investment funds. Our unfunded commitments were $725 million as of June 30, 2023.


22
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Commercial Mortgage Loan Participations (commercial mortgage loans): Summaries of commercial mortgage loans by property type and geographical location at June 30, 2023 and December 31, 2022 are as follows:
June 30, 2023December 31, 2022
Carrying Value% of TotalCarrying Value% of Total
Property type:
Mixed use$42,406 19 $62,375 34 
Hospitality25,074 11 27,796 15 
Retail23,818 11 15,342 9 
Industrial27,266 12 27,248 15 
Multi-family94,693 43 42,232 23 
Office11,137 5 8,101 5 
Total recorded investment224,394 101 183,094 101 
Less allowance for credit losses(2,928)(1)(1,789)(1)
Carrying value, net of allowance for credit losses
$221,466 100 $181,305 100 

June 30, 2023December 31, 2022
Carrying Value% of TotalCarrying Value% of Total
Geographic location:
California$67,189 30 $64,477 36 
Texas43,051 19 22,905 13 
New York25,116 11 19,167 11 
Washington14,954 7 14,925 8 
Massachusetts14,941 7 — — 
Florida33,324 15 33,182 18 
Other25,819 12 28,438 15 
Total recorded investment224,394 101 183,094 101 
Less allowance for credit losses(2,928)(1)(1,789)(1)
Carrying value, net of allowance for credit losses
$221,466 100 $181,305 100 
23
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following tables are reflective of the key factors, debt service coverage ratios, and loan-to-value (LTV) ratios that are utilized by management to monitor the performance of the portfolios. The Company only makes new investments in commercial mortgage loans that have a LTV ratio less than 80%. Generally, a higher LTV ratio and a lower debt service coverage ratio can potentially equate to higher risk of loss.
June 30, 2023
Recorded Investment
Debt Service Coverage Ratios(1)
<1.00x1.00x—1.20x>1.20xTotal% of Total
Loan-to-value ratio(2):
Less than 70%$9,296 $173,246 $20,444 $202,986 90 
70% to 80%— 4,846 1,153 5,999 3 
81% to 90%8,374 — — 8,374 4 
Greater than 90%7,035 — — 7,035 3 
Total$24,705 $178,092 $21,597 224,394 100 
Less allowance for credit losses(2,928)
Total, net of allowance for credit losses
$221,466 
(1)Annual net operating income divided by annual mortgage debt service (principal and interest).
(2)Loan balance divided by appraised value, including planned renovations and stabilized occupancy, at origination. Updated internal valuations are used when a loan is materially underperforming.

December 31, 2022
Recorded Investment
Debt Service Coverage Ratios(1)
<1.00x1.00x—1.20x>1.20xTotal% of Total
Loan-to-value ratio(2):
Less than 70%$24,221 $108,156 $12,018 $144,395 79 
70% to 80%— 22,120 1,238 23,358 13 
81% to 90%8,307 — — 8,307 4 
Greater than 90%7,034 — — 7,034 4 
Total$39,562 $130,276 $13,256 183,094 100 
Less allowance for credit losses(1,789)
Total, net of allowance for credit losses
$181,305 
(1)Annual net operating income divided by annual mortgage debt service (principal and interest).
(2)Loan balance divided by appraised value, including planned renovations and stabilized occupancy, at origination. Updated internal valuations are used when a loan is materially underperforming.

As of June 30, 2023, the Company evaluated the commercial mortgage loan portfolio on a pool basis to determine the allowance for credit losses. At the end of the period, the Company had 25 loans in the portfolio. For the six months ended June 30, 2023, the allowance for credit losses increased $1.1 million. Additionally, there was one foreclosure that resulted in a $2.9 million after tax realized loss during the period. The provision for credit losses is included in "Realized gains (losses)" in the Condensed Consolidated Statements of Operations.
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Allowance for credit losses beginning balance
$3,069 $827 $1,789 $827 
Provision (reversal) for credit losses(141)282 1,139 282 
Allowance for credit losses ending balance
$2,928 $1,109 $2,928 $1,109 
24
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
There were no delinquent commercial mortgage loans as of June 30, 2023 and December 31, 2022. As of June 30, 2023 and December 31, 2022, the Company had no commercial mortgage loan in non-accrual status. The Company's unfunded commitment balance to commercial loan borrowers was $23 million as of June 30, 2023.


Note 5—Commitments and Contingencies

Guarantees: The Parent Company has guaranteed letters of credit in connection with its credit facility with a group of banks. The letters of credit were issued by TMK Re, Ltd., a wholly-owned subsidiary, to secure TMK Re, Ltd.’s obligation for claims on certain policies reinsured by TMK Re, Ltd. that were sold by other Globe Life insurance subsidiaries. These letters of credit facilitate TMK Re, Ltd.’s ability to reinsure the business of Globe Life's insurance carriers. The agreement was amended on September 30, 2021 and now expires in 2026. The maximum amount of letters of credit available is $250 million. The Parent Company would be liable to the extent that TMK Re, Ltd. does not pay the reinsured party. The amount outstanding at June 30, 2023 was $115 million.

Litigation: Globe Life Inc. and its subsidiaries, in common with the insurance industry in general, are subject to litigation, including putative class action litigation, alleged breaches of contract, torts, including bad faith and fraud claims based on alleged wrongful or fraudulent acts of agents of the Parent Company's insurance subsidiaries, employment discrimination, and miscellaneous other causes of action. Based upon information presently available, and in light of legal and other factual defenses available to the Parent Company and its subsidiaries, management does not believe that it is reasonably possible that such litigation will have a material adverse effect on Globe Life'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. Globe Life's management recognizes that large punitive damage awards bearing little or no relation to actual damages continue to be awarded by juries in jurisdictions in which the Company has substantial business, creating the potential for unpredictable material adverse judgments in any given punitive damage suit.

25
        GL Q2 2023 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, 2023 and 2022:
Life
Present value of expected future net premiums
American IncomeDTCLiberty NationalOtherTotal
Balance at January 1, 2022
$4,925,192 $7,264,905 $1,332,469 $559,972 $14,082,538 
Beginning balance at original discount rates3,906,098 5,533,741 1,040,242 416,141 10,896,222 
Effect of changes in assumptions of future cash flows— — — — — 
Effect of actual variances from expected experience(17,340)(91,461)(9,125)(3,497)(121,423)
Adjusted balance at January 1, 2022
3,888,758 5,442,280 1,031,117 412,644 10,774,799 
Issuances(1)
420,277 338,996 48,806 15,597 823,676 
Interest accrual(2)
86,841 135,858 25,585 10,304 258,588 
Net premiums collected(3)
(242,510)(300,778)(63,353)(21,627)(628,268)
Effect of changes in the foreign exchange rate(7,272)— — — (7,272)
Ending balance at original discount rates4,146,094 5,616,356 1,042,155 416,918 11,221,523 
Effect of change from original to current discount rates233,402 548,590 80,917 45,046 907,955 
Balance at June 30, 2022
$4,379,496 $6,164,946 $1,123,072 $461,964 $12,129,478 
Balance at January 1, 2023
$4,273,156 $5,910,224 $1,094,407 $470,741 $11,748,528 
Beginning balance at original discount rates4,246,723 5,680,864 1,066,123 449,209 11,442,919 
Effect of changes in assumptions of future cash flows— — — — — 
Effect of actual variances from expected experience(69,352)(128,602)(15,593)(6,650)(220,197)
Adjusted balance at January 1, 2023
4,177,371 5,552,262 1,050,530 442,559 11,222,722 
Issuances(1)
376,021 313,748 60,848 14,611 765,228 
Interest accrual(2)
96,850 142,473 26,655 11,331 277,309 
Net premiums collected(3)
(256,959)(308,129)(66,472)(23,026)(654,586)
Effect of changes in the foreign exchange rate5,770 — — — 5,770 
Ending balance at original discount rates4,399,053 5,700,354 1,071,561 445,475 11,616,443 
Effect of change from original to current discount rates73,794 288,223 38,456 25,804 426,277 
Balance at June 30, 2023
$4,472,847 $5,988,577 $1,110,017 $471,279 $12,042,720 
(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.




26
        GL Q2 2023 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, 2022
$4,646,747 $6,710,655 $1,224,988 $511,832 $13,094,222 
Beginning balance at original discount rates4,043,480 5,595,772 1,043,765 419,434 11,102,451 
Effect of changes in assumptions of future cash flows— — — — — 
Effect of actual variances from expected experience(13,025)(61,865)(8,500)(5,149)(88,539)
Adjusted balance at April 1, 2022
4,030,455 5,533,907 1,035,265 414,285 11,013,912 
Issuances(1)
204,351 165,221 25,841 8,297 403,710 
Interest accrual(2)
43,767 68,250 12,775 5,132 129,924 
Net premiums collected(3)
(122,307)(151,022)(31,726)(10,796)(315,851)
Effect of changes in the foreign exchange rate(10,172)— — — (10,172)
Ending balance at original discount rates4,146,094 5,616,356 1,042,155 416,918 11,221,523 
Effect of change from original to current discount rates233,402 548,590 80,917 45,046 907,955 
Balance at June 30, 2022
$4,379,496 $6,164,946 $1,123,072 $461,964 $12,129,478 
Balance at April 1, 2023
$4,467,637 $6,110,550 $1,128,083 $483,056 $12,189,326 
Beginning balance at original discount rates4,325,957 5,718,900 1,070,775 448,677 11,564,309 
Effect of changes in assumptions of future cash flows— — — — — 
Effect of actual variances from expected experience(39,371)(80,616)(10,004)(4,764)(134,755)
Adjusted balance at April 1, 2023
4,286,586 5,638,284 1,060,771 443,913 11,429,554 
Issuances(1)
183,466 144,796 30,706 7,370 366,338 
Interest accrual(2)
48,952 71,484 13,368 5,661 139,465 
Net premiums collected(3)
(129,720)(154,210)(33,284)(11,469)(328,683)
Effect of changes in the foreign exchange rate9,769 — — — 9,769 
Ending balance at original discount rates4,399,053 5,700,354 1,071,561 445,475 11,616,443 
Effect of change from original to current discount rates73,794 288,223 38,456 25,804 426,277 
Balance at June 30, 2023
$4,472,847 $5,988,577 $1,110,017 $471,279 $12,042,720 
(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.





27
        GL Q2 2023 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, 2022
$11,773,519 $11,859,408 $4,542,697 $5,488,684 $33,664,308 
Beginning balance at original discount rates7,744,201 8,157,259 3,206,164 3,267,306 22,374,930 
Effect of changes in assumptions of future cash flows— — — — — 
Effect of actual variances from expected experience(17,082)(87,036)(9,466)(4,473)(118,057)
Adjusted balance at January 1, 2022
7,727,119 8,070,223 3,196,698 3,262,833 22,256,873 
Issuances(1)
420,277 338,995 48,806 15,597 823,675 
Interest accrual(2)
202,147 214,751 84,422 96,844 598,164 
Benefit payments(3)
(198,179)(329,201)(114,615)(63,170)(705,165)
Effect of changes in the foreign exchange rate(16,658)— — — (16,658)
Ending balance at original discount rates8,134,706 8,294,768 3,215,311 3,312,104 22,956,889 
Effect of change from original to current discount rates1,377,565 1,369,441 407,331 908,726 4,063,063 
Balance at June 30, 2022
$9,512,271 $9,664,209 $3,622,642 $4,220,830 $27,019,952 
Balance at January 1, 2023
$9,119,104 $9,225,451 $3,429,256 $3,976,150 $25,749,961 
Beginning balance at original discount rates8,409,761 8,477,892 3,272,980 3,403,704 23,564,337 
Effect of changes in assumptions of future cash flows— — — — — 
Effect of actual variances from expected experience(72,388)(130,006)(13,119)(8,367)(223,880)
Adjusted balance at January 1, 2023
8,337,373 8,347,886 3,259,861 3,395,337 23,340,457 
Issuances(1)
376,021 313,749 60,848 14,611 765,229 
Interest accrual(2)
220,666 226,661 86,722 101,129 635,178 
Benefit payments(3)
(194,971)(295,399)(109,650)(62,586)(662,606)
Effect of changes in the foreign exchange rate14,437 — — — 14,437 
Ending balance at original discount rates8,753,526 8,592,897 3,297,781 3,448,491 24,092,695 
Effect of change from original to current discount rates914,681 894,336 210,064 661,215 2,680,296 
Balance at June 30, 2023
$9,668,207 $9,487,233 $3,507,845 $4,109,706 $26,772,991 
(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, lapse, and maturity benefit payments based on the revised expected assumptions.

28
        GL Q2 2023 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, 2022
$10,652,256 $10,750,349 $4,066,234 $4,848,375 $30,317,214 
Beginning balance at original discount rates7,959,694 8,238,501 3,208,055 3,290,269 22,696,519 
Effect of changes in assumptions of future cash flows— — — — — 
Effect of actual variances from expected experience(14,123)(61,186)(9,619)(6,153)(91,081)
Adjusted balance at April 1, 2022
7,945,571 8,177,315 3,198,436 3,284,116 22,605,438 
Issuances(1)
204,351 165,220 25,841 8,297 403,709 
Interest accrual(2)
101,811 107,823 42,192 48,564 300,390 
Benefit payments(3)
(93,858)(155,590)(51,158)(28,873)(329,479)
Effect of changes in the foreign exchange rate(23,169)— — — (23,169)
Ending balance at original discount rates8,134,706 8,294,768 3,215,311 3,312,104 22,956,889 
Effect of change from original to current discount rates1,377,565 1,369,441 407,331 908,726 4,063,063 
Balance at June 30, 2022
$9,512,271 $9,664,209 $3,622,642 $4,220,830 $27,019,952 
Balance at April 1, 2023
$9,637,463 $9,624,680 $3,559,012 $4,166,527 $26,987,682 
Beginning balance at original discount rates8,573,734 8,563,604 3,284,594 3,427,535 23,849,467 
Effect of changes in assumptions of future cash flows— — — — — 
Effect of actual variances from expected experience(40,862)(81,059)(6,065)(5,471)(133,457)
Adjusted balance at April 1, 2023
8,532,872 8,482,545 3,278,529 3,422,064 23,716,010 
Issuances(1)
183,466 144,797 30,706 7,370 366,339 
Interest accrual(2)
111,337 113,893 43,466 50,751 319,447 
Benefit payments(3)
(98,297)(148,338)(54,920)(31,694)(333,249)
Effect of changes in the foreign exchange rate24,148 — — — 24,148 
Ending balance at original discount rates8,753,526 8,592,897 3,297,781 3,448,491 24,092,695 
Effect of change from original to current discount rates914,681 894,336 210,064 661,215 2,680,296 
Balance at June 30, 2023
$9,668,207 $9,487,233 $3,507,845 $4,109,706 $26,772,991 
(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, lapse, and maturity benefit payments based on the revised expected assumptions.



29
        GL Q2 2023 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, 2022
American IncomeDTCLiberty NationalOtherTotal
Net liability for future policy benefits at original discount rates
$3,988,612 $2,678,412 $2,173,156 $2,895,186 $11,735,366 
Effect of changes in discount rate assumptions1,144,163 820,851 326,414 863,680 3,155,108 
Net liability for future policy benefits at current discount rates
5,132,775 3,499,263 2,499,570 3,758,866 14,890,474 
Other Adjustments(1)
21 2,239 (10,874)(37,397)(46,011)
Net liability for future policy benefits, after other adjustments, at current discount rates
$5,132,796 $3,501,502 $2,488,696 $3,721,469 $14,844,463 
(1)Other adjustments include the Company's reinsurance recoverable and the effects of capping and flooring the liability.

Life
Net liability for future policy benefits as of June 30, 2023
American IncomeDTCLiberty NationalOtherTotal
Net liability for future policy benefits at original discount rates
$4,354,473 $2,892,543 $2,226,220 $3,003,016 $12,476,252 
Effect of changes in discount rate assumptions840,887 606,113 171,608 635,411 2,254,019 
Net liability for future policy benefits at current discount rates
5,195,360 3,498,656 2,397,828 3,638,427 14,730,271 
Other Adjustments(1)
(70)4,750 58 (36,437)(31,699)
Net liability for future policy benefits, after other adjustments, at current discount rates
$5,195,290 $3,503,406 $2,397,886 $3,601,990 $14,698,572 
(1)Other adjustments include the Company's reinsurance recoverable and the effects of capping and flooring the liability.


30
        GL Q2 2023 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, 2023 and 2022:
Health
Present value of expected future net premiums
United AmericanFamily HeritageLiberty NationalAmerican IncomeDTCTotal
Balance at January 1, 2022
$3,611,659 $1,944,714 $517,368 $222,553 $121,724 $6,418,018 
Beginning balance at original discount rates2,949,851 1,688,590 414,409 178,801 96,776 5,328,427 
Effect of changes in assumptions of future cash flows— — — — — — 
Effect of actual variances from expected experience(35,736)(35,913)(24,189)(5,260)(1,543)(102,641)
Adjusted balance at January 1, 2022
2,914,115 1,652,677 390,220 173,541 95,233 5,225,786 
Issuances(1)
175,070 109,933 22,613 20,424 2,323 330,363 
Interest accrual(2)
61,205 30,014 9,593 3,680 2,353 106,845 
Net premiums collected(3)
(127,736)(85,830)(25,685)(10,540)(5,157)(254,948)
Effect of changes in the foreign exchange rate— — — (807)— (807)
Ending balance at original discount rates3,022,654 1,706,794 396,741 186,298 94,752 5,407,239 
Effect of change from original to current discount rates116,052 (56,287)28,536 7,238 7,681 103,220 
Balance at June 30, 2022
$3,138,706 $1,650,507 $425,277 $193,536 $102,433 $5,510,459 
Balance at January 1, 2023
$2,908,501 $1,594,992 $423,490 $190,296 $90,143 $5,207,422 
Beginning balance at original discount rates2,941,261 1,729,219 415,442 192,631 87,751 5,366,304 
Effect of changes in assumptions of future cash flows— — — — — — 
Effect of actual variances from expected experience(28,923)(34,394)(27,833)(5,249)(1,895)(98,294)
Adjusted balance at January 1, 2023
2,912,338 1,694,825 387,609 187,382 85,856 5,268,010 
Issuances(1)
143,716 132,346 28,191 20,787 4,215 329,255 
Interest accrual(2)
63,854 32,819 9,666 4,134 2,118 112,591 
Net premiums collected(3)
(134,248)(88,784)(25,286)(10,981)(5,349)(264,648)
Effect of changes in the foreign exchange rate— — — 387 — 387 
Ending balance at original discount rates2,985,660 1,771,206 400,180 201,709 86,840 5,445,595 
Effect of change from original to current discount rates(1,106)(110,186)9,371 135 2,834 (98,952)
Balance at June 30, 2023
$2,984,554 $1,661,020 $409,551 $201,844 $89,674 $5,346,643 
(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.



31
        GL Q2 2023 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, 2022
$3,337,152 $1,790,237 $463,452 $208,064 $109,734 $5,908,639 
Beginning balance at original discount rates2,957,769 1,699,135 401,751 183,679 94,408 5,336,742 
Effect of changes in assumptions of future cash flows— — — — — — 
Effect of actual variances from expected experience13,826 (20,751)(8,728)(2,795)336 (18,112)
Adjusted balance at April 1, 2022
2,971,595 1,678,384 393,023 180,884 94,744 5,318,630 
Issuances(1)
85,036 56,415 11,798 9,972 1,443 164,664 
Interest accrual(2)
30,866 15,074 4,721 1,849 1,171 53,681 
Net premiums collected(3)
(64,843)(43,079)(12,801)(5,288)(2,606)(128,617)
Effect of changes in the foreign exchange rate— — — (1,119)— (1,119)
Ending balance at original discount rates3,022,654 1,706,794 396,741 186,298 94,752 5,407,239 
Effect of change from original to current discount rates116,052 (56,287)28,536 7,238 7,681 103,220 
Balance at June 30, 2022
$3,138,706 $1,650,507 $425,277 $193,536 $102,433 $5,510,459 
Balance at April 1, 2023
$2,997,723 $1,664,414 $421,447 $200,666 $90,243 $5,374,493 
Beginning balance at original discount rates2,948,641 1,750,468 404,647 197,446 85,966 5,387,168 
Effect of changes in assumptions of future cash flows— — — — — — 
Effect of actual variances from expected experience5,210 (15,636)(11,249)(3,629)679 (24,625)
Adjusted balance at April 1, 2023
2,953,851 1,734,832 393,398 193,817 86,645 5,362,543 
Issuances(1)
67,875 64,559 14,888 10,575 1,823 159,720 
Interest accrual(2)
32,267 16,620 4,776 2,098 1,061 56,822 
Net premiums collected(3)
(68,333)(44,805)(12,882)(5,556)(2,689)(134,265)
Effect of changes in the foreign exchange rate— — — 775 — 775 
Ending balance at original discount rates2,985,660 1,771,206 400,180 201,709 86,840 5,445,595 
Effect of change from original to current discount rates(1,106)(110,186)9,371 135 2,834 (98,952)
Balance at June 30, 2023
$2,984,554 $1,661,020 $409,551 $201,844 $89,674 $5,346,643 
(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.





32
        GL Q2 2023 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, 2022
$3,810,559 $3,840,322 $1,201,317 $380,915 $119,888 $9,353,001 
Beginning balance at original discount rates3,090,901 3,193,342 921,608 285,604 95,628 7,587,083 
Effect of changes in assumptions of future cash flows— — — — — — 
Effect of actual variances from expected experience(38,057)(37,106)(23,919)(5,684)(1,615)(106,381)
Adjusted balance at January 1, 2022
3,052,844 3,156,236 897,689 279,920 94,013 7,480,702 
Issuances(1)
174,828 109,933 22,792 20,424 2,310 330,287 
Interest accrual(2)
65,107 59,584 24,035 6,886 2,352 157,964 
Benefit payments(3)
(132,751)(58,509)(48,379)(10,192)(6,532)(256,363)
Effect of changes in the foreign exchange rate— — — (1,467)— (1,467)
Ending balance at original discount rates3,160,028 3,267,244 896,137 295,571 92,143 7,711,123 
Effect of change from original to current discount rates125,668 (137,367)89,077 26,397 7,341 111,116 
Balance at June 30, 2022
$3,285,696 $3,129,877 $985,214 $321,968 $99,484 $7,822,239 
Balance at January 1, 2023
$3,046,829 $3,005,664 $941,574 $312,750 $87,532 $7,394,349 
Beginning balance at original discount rates3,080,633 3,336,344 904,865 303,713 85,212 7,710,767 
Effect of changes in assumptions of future cash flows— — — — — — 
Effect of actual variances from expected experience(27,940)(36,292)(27,018)(6,018)(1,830)(99,098)
Adjusted balance at January 1, 2023
3,052,693 3,300,052 877,847 297,695 83,382 7,611,669 
Issuances(1)
143,404 132,346 27,901 20,787 4,208 328,646 
Interest accrual(2)
67,592 65,320 23,526 7,389 2,118 165,945 
Benefit payments(3)
(146,921)(61,551)(48,395)(11,660)(6,520)(275,047)
Effect of changes in the foreign exchange rate— — — 876 — 876 
Ending balance at original discount rates3,116,768 3,436,167 880,879 315,087 83,188 7,832,089 
Effect of change from original to current discount rates(379)(268,706)42,269 13,492 2,668 (210,656)
Balance at June 30, 2023
$3,116,389 $3,167,461 $923,148 $328,579 $85,856 $7,621,433 
(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, lapse, and maturity benefit payments based on the revised expected assumptions.

33
        GL Q2 2023 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, 2022
$3,508,485 $3,476,639 $1,082,425 $351,631 $107,034 $8,526,214 
Beginning balance at original discount rates3,095,417 3,232,281 905,739 292,356 92,272 7,618,065 
Effect of changes in assumptions of future cash flows— — — — — — 
Effect of actual variances from expected experience12,396 (21,437)(8,130)(3,040)410 (19,801)
Adjusted balance at April 1, 2022
3,107,813 3,210,844 897,609 289,316 92,682 7,598,264 
Issuances(1)
84,924 56,415 11,926 9,972 1,434 164,671 
Interest accrual(2)
32,799 30,001 11,916 3,454 1,170 79,340 
Benefit payments(3)
(65,508)(30,016)(25,314)(5,148)(3,143)(129,129)
Effect of changes in the foreign exchange rate— — — (2,023)— (2,023)
Ending balance at original discount rates3,160,028 3,267,244 896,137 295,571 92,143 7,711,123 
Effect of change from original to current discount rates125,668 (137,367)89,077 26,397 7,341 111,116 
Balance at June 30, 2022
$3,285,696 $3,129,877 $985,214 $321,968 $99,484 $7,822,239 
Balance at April 1, 2023
$3,132,462 $3,174,672 $949,996 $326,533 $87,090 $7,670,753 
Beginning balance at original discount rates3,079,790 3,387,380 890,019 308,170 83,001 7,748,360 
Effect of changes in assumptions of future cash flows— — — — — — 
Effect of actual variances from expected experience3,503 (16,513)(11,023)(4,439)472 (28,000)
Adjusted balance at April 1, 2023
3,083,293 3,370,867 878,996 303,731 83,473 7,720,360 
Issuances(1)
67,721 64,559 14,616 10,575 1,820 159,291 
Interest accrual(2)
34,112 33,031 11,686 3,721 1,061 83,611 
Benefit payments(3)
(68,358)(32,290)(24,419)(4,523)(3,166)(132,756)
Effect of changes in the foreign exchange rate— — — 1,583 — 1,583 
Ending balance at original discount rates3,116,768 3,436,167 880,879 315,087 83,188 7,832,089 
Effect of change from original to current discount rates(379)(268,706)42,269 13,492 2,668 (210,656)
Balance at June 30, 2023
$3,116,389 $3,167,461 $923,148 $328,579 $85,856 $7,621,433 
(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, lapse, and maturity benefit payments based on the revised expected assumptions.

34
        GL Q2 2023 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, 2022
United AmericanFamily HeritageLiberty NationalAmerican IncomeDirect to ConsumerTotal
Net liability for future policy benefits at original discount rates
$137,374 $1,560,450 $499,396 $109,273 $(2,609)$2,303,884 
Effect of changes in discount rate assumptions9,616 (81,080)60,541 19,159 (340)7,896 
Net liability for future policy benefits at current discount rates
146,990 1,479,370 559,937 128,432 (2,949)2,311,780 
Other Adjustments(1)
(1,405)(6,461)1,998 48 4,007 (1,813)
Net liability for future policy benefits, after other adjustments, at current discount rates
$145,585 $1,472,909 $561,935 $128,480 $1,058 $2,309,967 
(1)Other adjustments include the Company's reinsurance recoverable and the effects of capping and flooring the liability.

Health
Net liability for future policy benefits as of June 30, 2023
United AmericanFamily HeritageLiberty NationalAmerican IncomeDirect to ConsumerTotal
Net liability for future policy benefits at original discount rates
131,108 1,664,961 480,699 113,378 (3,652)2,386,494 
Effect of changes in discount rate assumptions727 (158,520)32,898 13,357 (166)(111,704)
Net liability for future policy benefits at current discount rates
131,835 1,506,441 513,597 126,735 (3,818)2,274,790 
Other Adjustments(1)
1,104 (9,797)4,671 605 4,645 1,228 
Net liability for future policy benefits, after other adjustments, at current discount rates
$132,939 $1,496,644 $518,268 $127,340 $827 $2,276,018 
(1)Other adjustments include the Company's reinsurance recoverable and the effects of capping and flooring the liability.

During the six months ended June 30, 2023 and 2022, the Company's results for actual variances from expected experience produced a net reserve remeasurement gain of $5.6 million and an immaterial net remeasurement loss in the Condensed Consolidated Statements of Operations, respectively. During the three months ended June 30, 2023 and 2022, the Company's results for actual variances from expected experience produced a net reserve remeasurement gain of $5.0 million and $3.8 million in the Condensed Consolidated Statements of Operations, respectively. The variance of actual experience from expected experience during the first six months of 2023 was primarily due to favorable variances from our assumptions of life experience as compared to actual experience in our life insurance segment (a $5.1 million gain), and favorable variances from our assumptions of health experience as compared to actual experience in our health insurance segment (a $0.5 million gain). The variance of actual experience from expected experience during the six months ended 2022 was primarily due to unfavorable variances from our assumptions of life experience as compared to actual experience in our life insurance segment (a $4.1 million loss), and favorable variances from our assumptions of health experience as compared to actual experience in our health insurance segment (a $4.0 million gain). The health segment's utilization has returned to normal levels in 2023, specifically in the United American and Liberty National channels. There were no changes to the inputs, judgments, assumptions, and methods used in measuring the liability for future policy benefits during the six months ended June 30, 2023 and 2022.

35
        GL Q2 2023 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 Consolidated Balance Sheets as of June 30, 2023:
At Original Discount RatesAt Current Discount Rates
As of June 30,As of June 30,
2023202220232022
Life(1):
American Income$4,354,403 $3,988,588 $5,195,290 $5,132,796 
Direct to Consumer2,892,543 2,678,413 3,503,406 3,501,502 
Liberty National2,218,639 2,161,743 2,397,886 2,488,696 
Other2,976,680 2,870,179 3,601,990 3,721,469 
Net liability for future policy benefits—long duration life12,442,265 11,698,923 14,698,572 14,844,463 
Health(1):
United American130,624 135,532 132,939 145,585 
Family Heritage1,654,616 1,551,200 1,496,644 1,472,909 
Liberty National484,458 500,950 518,268 561,935 
American Income113,981 109,318 127,340 128,480 
Direct to Consumer798 993 827 1,058 
Net liability for future policy benefits—long duration health2,384,477 2,297,993 2,276,018 2,309,967 
Deferred profit liability172,531 184,680 172,531 184,680 
Deferred annuity853,064 1,015,804 853,064 1,015,804 
Interest sensitive life736,920 742,293 736,920 742,293 
Other9,406 8,121 9,409 8,127 
Total future policy benefits
$16,598,663 $15,947,814 $18,746,514 $19,105,334 
(1)Balances are presented net of the reinsurance recoverable and the effects of flooring the liability.

36
        GL Q2 2023 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, 2023 and 2022:
Life
Weighted-average Discount Rates
As of June 30, 2023As of June 30, 2022
American IncomeDTCLiberty NationalOtherAmerican IncomeDTCLiberty NationalOther
Original discount rate5.8 %6.0 %5.6 %6.2 %5.8 %6.0 %5.6 %6.2 %
Current discount rate5.0 %5.1 %5.1 %5.1 %4.8 %4.8 %4.7 %4.7 %

Health
Weighted-average Discount Rates
As of June 30, 2023As of June 30, 2022
United AmericanFamily HeritageLiberty NationalAmerican IncomeDTCUnited AmericanFamily HeritageLiberty NationalAmerican IncomeDTC
Original discount rate5.1 %4.3 %5.8 %5.9 %5.1 %5.2 %4.3 %5.8 %5.9 %5.2 %
Current discount rate4.9 %5.1 %5.1 %4.9 %4.9 %4.6 %4.8 %4.6 %4.6 %4.6 %

The following table provides the weighted-average durations of the liability for future policy benefits and the additional insurance liabilities as of June 30, 2023 and 2022:
As of June 30,
20232022
At original discount ratesAt current discount ratesAt original discount ratesAt current discount rates
Life
American Income22.9123.4522.8823.50
Direct to Consumer20.1221.8120.7822.51
Liberty National14.9715.6915.1116.09
Other16.4418.1916.7018.76
Health
United American11.3710.7911.7411.23
Family Heritage14.8714.4115.3615.00
Liberty National9.349.689.029.52
American Income12.1212.7312.5113.25
Direct to Consumer11.3710.7911.7411.23
37
        GL Q2 2023 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, net of reinsurance, related to long duration life and health contracts that are recognized in the Condensed Consolidated Statements of Operations:
Life
Six Months Ended
June 30, 2023		Six Months Ended
June 30, 2022
Gross
Premiums		Interest
expense		Gross
Premiums		Interest
expense
American Income$781,453 $123,816 $745,128 $115,305 
Direct to Consumer490,443 84,062 486,929 78,834 
Liberty National169,570 59,670 159,453 58,592 
Other103,343 88,926 104,550 85,713 
Total$1,544,809 $356,474 $1,496,060 $338,444 
Life
Three Months Ended
June 30, 2023		Three Months Ended
June 30, 2022
Gross
Premiums		Interest
expense		Gross
Premiums		Interest
expense
American Income$394,308 $62,385 $375,391 $58,043 
Direct to Consumer245,736 42,348 244,267 39,542 
Liberty National85,498 29,901 80,105 29,307 
Other51,507 44,652 52,163 43,016 
Total$777,049 $179,286 $751,926 $169,908 
Health
Six Months Ended
June 30, 2023		Six Months Ended
June 30, 2022
Gross
Premiums		Interest
expense		Gross
Premiums		Interest
expense
United American$198,679 $3,604 $187,881 $3,791 
Family Heritage194,219 32,272 180,298 29,371 
Liberty National93,434 13,801 94,097 14,398 
American Income56,335 3,256 55,941 3,206 
Direct to Consumer7,097 — 7,130 — 
Total$549,764 $52,933 $525,347 $50,766 
Health
Three Months Ended
June 30, 2023		Three Months Ended
June 30, 2022
Gross
Premiums		Interest
expense		Gross
Premiums		Interest
expense
United American$100,847 $1,782 $95,615 $1,878 
Family Heritage98,129 16,295 90,758 14,826 
Liberty National46,690 6,881 46,601 7,172 
American Income28,239 1,624 28,004 1,605 
Direct to Consumer3,555 — 3,594 — 
Total$277,460 $26,582 $264,572 $25,481 

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.
38
        GL Q2 2023 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 net premiums, expected future gross premiums, and expected future policy benefits, at both original and current discount rates, for life and health contracts:
Life
As of June 30, 2023As of June 30, 2022
Not discountedAt original discount ratesAt current discount ratesNot discountedAt original discount ratesAt current discount rates
American Income
PV of expected future gross premiums$23,507,444 $13,292,363 $13,604,682 $22,241,655 $12,593,870 $13,403,810 
PV of expected future net premiums7,764,339 4,399,053 4,472,847 7,299,282 4,146,094 4,379,496 
PV of expected future policy benefits29,442,642 8,753,526 9,668,207 27,485,575 8,134,706 9,512,271 
DTC
PV of expected future gross premiums$17,486,509 $9,157,664 $9,599,872 $17,479,973 $9,139,637 $10,021,214 
PV of expected future net premiums10,811,358 5,700,354 5,988,577 10,669,169 5,616,356 6,164,946 
PV of expected future policy benefits25,685,249 8,592,897 9,487,233 25,039,202 8,294,768 9,664,209 
Liberty National
PV of expected future gross premiums$4,511,931 $2,630,182 $2,657,925 $4,305,035 $2,511,938 $2,653,354 
PV of expected future net premiums1,891,335 1,071,561 1,110,017 1,849,968 1,042,155 1,123,072 
PV of expected future policy benefits8,710,626 3,297,781 3,507,845 8,542,769 3,215,311 3,622,642 
Other
PV of expected future gross premiums$3,773,740 $1,909,405 $2,075,784 $3,888,394 $1,943,515 $2,219,226 
PV of expected future net premiums914,258 445,475 471,279 865,231 416,918 461,964 
PV of expected future policy benefits12,398,774 3,448,491 4,109,706 12,297,303 3,312,104 4,220,830 
Total
PV of expected future gross premiums$49,279,624 $26,989,614 $27,938,263 $47,915,057 $26,188,960 $28,297,604 
PV of expected future net premiums21,381,290 11,616,443 12,042,720 20,683,650 11,221,523 12,129,478 
PV of expected future policy benefits76,237,291 24,092,695 26,772,991 73,364,849 22,956,889 27,019,952 

As of June 30, 2023 for the life segment using current discount rates, the Company anticipates $27.9 billion of expected future gross premiums and $12.0 billion of expected future net premiums. As of June 30, 2022 using current discount rates, the Company anticipated $28.3 billion of expected future gross premiums and $12.1 billion in expected future net premiums. For each respective period, only expected future net premiums are included in the determination of the liability for future policy benefits on the balance sheet, while the difference between the expected future gross premiums and the expected future net premiums is not.

39
        GL Q2 2023 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, 2023As of June 30, 2022
Not discountedAt original discount ratesAt current discount ratesNot discountedAt original discount ratesAt current discount rates
United American
PV of expected future gross premiums$6,896,513 $4,338,871 $4,335,298 $7,009,500 $4,355,843 $4,522,406 
PV of expected future net premiums4,754,498 2,985,660 2,984,554 4,881,053 3,022,654 3,138,706 
PV of expected future policy benefits4,976,470 3,116,768 3,116,389 5,161,077 3,160,028 3,285,696 
Family Heritage
PV of expected future gross premiums$6,569,913 $3,903,618 $3,684,436 $5,972,275 $3,605,039 $3,512,619 
PV of expected future net premiums2,958,074 1,771,206 1,661,020 2,805,839 1,706,794 1,650,507 
PV of expected future policy benefits6,483,691 3,436,167 3,167,461 6,083,626 3,267,244 3,129,877 
Liberty National
PV of expected future gross premiums$2,212,104 $1,382,884 $1,429,939 $2,146,129 $1,341,205 $1,450,309 
PV of expected future net premiums627,206 400,180 409,551 631,366 396,741 425,277 
PV of expected future policy benefits1,561,839 880,879 923,148 1,576,325 896,137 985,214 
American Income
PV of expected future gross premiums$1,787,907 $998,307 $1,035,471 $1,734,015 $969,006 $1,043,861 
PV of expected future net premiums360,163 201,709 201,844 328,892 186,298 193,536 
PV of expected future policy benefits640,722 315,087 328,579 605,818 295,571 321,968 
Direct to Consumer
PV of expected future gross premiums$174,681 $114,216 $118,015 $203,964 $129,704 $140,200 
PV of expected future net premiums133,047 86,840 89,674 149,366 94,752 102,433 
PV of expected future policy benefits125,192 83,188 85,856 143,327 92,143 99,484 
Total
PV of expected future gross premiums$17,641,118 $10,737,896 $10,603,159 $17,065,883 $10,400,797 $10,669,395 
PV of expected future net premiums8,832,988 5,445,595 5,346,643 8,796,516 5,407,239 5,510,459 
PV of expected future policy benefits13,787,914 7,832,089 7,621,433 13,570,173 7,711,123 7,822,239 

As of June 30, 2023 for the health segment using current discount rates, the Company anticipates $10.6 billion of expected future gross premiums and $5.3 billion of expected future net premiums. As of June 30, 2022 using current discount rates, the Company anticipated $10.7 billion of expected future gross premiums and $5.5 billion in expected future net premiums. For each respective period, only expected future net premiums are included in the determination of the liability for future policy benefits on the balance sheet, while the difference between the expected future gross premiums and the expected future net premiums is not.


40
        GL Q2 2023 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, 2023 and 2022:
Policyholders' Account Balances
20232022
Interest Sensitive LifeDeferred AnnuityOther Policyholders' FundsInterest Sensitive LifeDeferred AnnuityOther Policyholders' Funds
Balance at January 1,
$739,105 $954,318 $123,234 $745,335 $1,033,525 $99,468 
Issuances— 371 — — 693 — 
Premiums received11,664 8,104 68,409 12,387 14,074 3,892 
Policy charges(6,516)— — (6,874)— — 
Surrenders and withdrawals(10,622)(87,271)(6,324)(10,753)(26,116)(5,642)
Benefit payments(15,495)(37,412)— (18,361)(23,452)— 
Interest credited14,191 14,745 3,339 14,365 16,590 2,258 
Other4,593 209 (785)6,194 490 258 
Balance at June 30,
$736,920 $853,064 $187,873 $742,293 $1,015,804 $100,234 

Policyholders' Account Balances
20232022
Interest Sensitive LifeDeferred AnnuityOther Policyholders' FundsInterest Sensitive LifeDeferred AnnuityOther Policyholders' Funds
Balance at April 1,
$737,900 $907,797 $142,686 $744,244 $1,027,087 $100,124 
Issuances— 169 — — 353 — 
Premiums received5,634 3,328 46,747 6,090 5,858 1,848 
Policy charges(3,197)— — (3,400)— — 
Surrenders and withdrawals(5,238)(43,738)(3,021)(5,473)(14,243)(2,837)
Benefit payments(7,651)(21,628)— (9,362)(11,379)— 
Interest credited7,056 7,185 2,101 7,195 8,300 1,133 
Other2,416 (49)(640)2,999 (172)(34)
Balance at June 30,
$736,920 $853,064 $187,873 $742,293 $1,015,804 $100,234 

Weighted-average credit rate3.88 %3.30 %5.18 %3.93 %3.29 %4.60 %
Net amount at risk$1,819,695 N/AN/A$1,924,662 N/AN/A
Cash surrender value675,044 853,064 187,872 691,193 1,015,786 100,234 

41
        GL Q2 2023 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 policy holders and the respective guaranteed minimums:
At June 30, 2023
Range of guaranteed minimum crediting ratesInterest Sensitive LifeDeferred AnnuityOther Policyholders' Funds
At guaranteed minimum
Less than 3.00%
$— $2,076 $88,301 
3.00%-3.99%
29,014 647,355 4,025 
4.00%-4.99%
618,071 203,633 8,587 
Greater than 5.00%
89,835 — 38,594 
Total
736,920 853,064 139,507 
51-150 basis points above
Less than 3.00%
— — — 
3.00%-3.99%
— — — 
4.00%-4.99%
— — 48,366 
Greater than 5.00%
— — — 
Total — — 48,366 
Grand Total
$736,920 $853,064 $187,873 

At June 30, 2022
Range of guaranteed minimum crediting ratesInterest Sensitive LifeDeferred AnnuityOther Policyholders' Funds
At guaranteed minimum
Less than 3.00%
$— $2,168 $— 
3.00%-3.99%
28,699 801,318 2,937 
4.00%-4.99%
624,330 212,318 58,981 
Greater than 5.00%
89,264 — 38,316 
Total
$742,293 $1,015,804 $100,234 
51-150 basis points above
Less than 3.00%
$— $— $— 
3.00%-3.99%
— — — 
4.00%-4.99%
— — — 
Greater than 5.00%
— — — 
Total
— — — 
Grand Total
$742,293 $1,015,804 $100,234 

42
        GL Q2 2023 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, 2023 and 2022:
Life
American IncomeDTCLiberty NationalOtherTotal
Balance at January 1, 2022
$1,960,254 $1,583,695 $566,419 $301,647 $4,412,015 
Capitalizations230,021 93,657 42,814 7,018 373,510 
Amortization expense(68,264)(46,618)(22,335)(8,393)(145,610)
Foreign exchange adjustment(5,240)— — — (5,240)
Experience adjustment— — — — — 
Balance at June 30, 2022
$2,116,771 $1,630,734 $586,898 $300,272 $4,634,675 
Balance at January 1, 2023
$2,258,291 $1,676,931 $610,723 $298,346 $4,844,291 
Capitalizations234,172 87,389 50,649 6,767 378,977 
Amortization expense(77,742)(49,605)(25,163)(8,252)(160,762)
Foreign exchange adjustment2,759 — — — 2,759 
Experience adjustment— — — — — 
Balance at June 30, 2023
$2,417,480 $1,714,715 $636,209 $296,861 $5,065,265 

Life
American IncomeDTCLiberty NationalOtherTotal
Balance at April 1, 2022
$2,042,907 $1,608,739 $575,838 $300,936 $4,528,420 
Capitalizations115,593 45,441 22,349 3,531 186,914 
Amortization expense(34,751)(23,446)(11,289)(4,195)(73,681)
Foreign exchange adjustment(6,978)— — — (6,978)
Experience adjustment— — — — — 
Balance at June 30, 2022
$2,116,771 $1,630,734 $586,898 $300,272 $4,634,675 
Balance at April 1, 2023
$2,332,600 $1,699,588 $622,532 $297,542 $4,952,262 
Capitalizations118,777 39,979 26,428 3,446 188,630 
Amortization expense(39,443)(24,852)(12,751)(4,127)(81,173)
Foreign exchange adjustment5,546 — — — 5,546 
Experience adjustment— — — — — 
Balance at June 30, 2023
$2,417,480 $1,714,715 $636,209 $296,861 $5,065,265 

43
        GL Q2 2023 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, 2022
$81,140 $388,967 $127,537 $49,406 $2,032 $649,082 
Capitalizations1,068 25,430 8,736 6,345 2 41,581 
Amortization expense(3,034)(12,675)(6,681)(1,687)(89)(24,166)
Foreign exchange adjustment— — — (288)— (288)
Experience adjustment— — — — — — 
Balance at June 30, 2022
$79,174 $401,722 $129,592 $53,776 $1,945 $666,209 
Balance at January 1, 2023
$77,394 $416,608 $133,096 $57,811 $1,854 $686,763 
Capitalizations996 30,591 9,734 6,320 — 47,641 
Amortization expense(3,041)(13,200)(6,554)(1,903)(94)(24,792)
Foreign exchange adjustment— — — 57 — 57 
Experience adjustment— — — — — — 
Balance at June 30, 2023
$75,349 $433,999 $136,276 $62,285 $1,760 $709,669 

Health
United AmericanFamily HeritageLiberty NationalAmerican IncomeDTCTotal
Balance at April 1, 2022
$80,204 $394,925 $128,338 $51,820 $1,988 $657,275 
Capitalizations488 13,067 4,615 3,190 2 21,362 
Amortization expense(1,518)(6,270)(3,361)(858)(45)(12,052)
Foreign exchange adjustment— — — (376)— (376)
Experience adjustment— — — — — — 
Balance at June 30, 2022
$79,174 $401,722 $129,592 $53,776 $1,945 $666,209 
Balance at April 1, 2023
$76,388 $425,145 $134,728 $59,890 $1,807 $697,958 
Capitalizations489 15,494 4,852 3,177 — 24,012 
Amortization expense(1,528)(6,640)(3,304)(965)(47)(12,484)
Foreign exchange adjustment— — — 183 — 183 
Experience adjustment— — — — — — 
Balance at June 30, 2023
$75,349 $433,999 $136,276 $62,285 $1,760 $709,669 
44
        GL Q2 2023 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 Consolidated Balance Sheets as of June 30, 2023:
June 30,
20232022
Life
American Income$2,417,480 $2,116,771 
Direct to Consumer1,714,715 1,630,734 
Liberty National636,209 586,898 
Other296,861 300,272 
Total DAC - Life
5,065,265 4,634,675 
Health
United American 75,349 79,174 
Family Heritage433,999 401,722 
Liberty National136,276 129,592 
American Income62,285 53,776 
Direct to Consumer1,760 1,945 
Total DAC - Health
709,669 666,209 
Annuity
3,798 5,536 
Total
$5,778,732 $5,306,420 
45
        GL Q2 2023 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,
2023		December 31,
2022
Balance at beginning of period
$182,202 $171,109 
Incurred related to:
Current year346,586 676,190 
Prior year(3,905)(15,631)
Total incurred342,681 660,559 
Paid related to:
Current year216,609 517,856 
Prior year123,512 131,610 
Total paid340,121 649,466 
Balance at end of period
$184,762 $182,202 

Below is the reconciliation of the liability of "Policy claims and other benefits payable" in the Consolidated Balance Sheets.
June 30,
2023		December 31,
2022
Policy claims and other benefits payable:
Life insurance$326,167 $325,017 
Health insurance184,762 182,202 
Total$510,929 $507,219 

46
        GL Q2 2023 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 (Pension Plans) and contributory savings plans that cover substantially all employees. There is also a nonqualified noncontributory supplemental executive retirement plan (SERP) that covers a limited number of officers. The tables included herein will focus on the Pension Plans and SERP.

Pension Assets: The following table presents the assets of the Company's Pension Plans at June 30, 2023 and December 31, 2022.

Pension Assets by Component at June 30, 2023

 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
Corporate bonds:
Financial$— $14,975 $— $14,975 3 
Utilities— 2,964 — 2,964 1 
Energy— 2,314 — 2,314 — 
Other corporates— 12,196 — 12,196 2 
Total corporate bonds— 32,449 — 32,449 6 
Exchange traded fund(1)
300,647 — — 300,647 56 
U.S. Government and Agency— 128,725 — 128,725 24 
Other bonds— 6 — 6 — 
Guaranteed annuity contract(2)
— 43,112 — 43,112 8 
Short-term investments14,695 — — 14,695 3 
Other5,021 — — 5,021 1 
$320,363 $204,292 $— 524,655 98 
Other long-term investments(3)
12,952 2 
Total pension assets
$537,607 100 
(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)Included in other long-term investments is an investment fund that reports the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value per share or its equivalent (NAV), as a practical expedient for fair value. The Globe Life Inc. Pension Plan owns less than 1% of the investment fund. As of June 30, 2023, the expected term of the investment fund is approximately 2 years and the commitment of the investment is fully funded. The investment is non-redeemable.

47
        GL Q2 2023 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, 2022
 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
Corporate bonds:
Financial$— $35,649 $— $35,649 7 
Utilities— 23,436 — 23,436 5 
Energy— 12,776 — 12,776 3 
Other corporates— 56,786 — 56,786 11 
Total corporate bonds— 128,647 — 128,647 26 
Exchange traded fund(1)
258,297 — — 258,297 52 
U.S. Government and Agency— 44,213 — 44,213 9 
Other bonds— 200 — 200 — 
Guaranteed annuity contract(2)
— 43,116 — 43,116 8 
Short-term investments4,467 — — 4,467 1 
Other6,547 — — 6,547 1 
$269,311 $216,176 $— 485,487 97 
Other long-term investments(3)
14,288 3 
Total pension assets
$499,775 100 
(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)Included in other long-term investments is an investment fund that reports the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value per share or its equivalent (NAV), as a practical expedient for fair value. The Globe Life Inc. Pension Plan owns approximately 1% of the investment fund. As of December 31, 2022, the expected term of the investment fund was approximately 3 years and the commitment of the investment is fully funded. The investment is non-redeemable.


SERP: The following table includes information regarding the SERP.
Six Months Ended
June 30,
20232022
Premiums paid for insurance coverage$443 $443 
June 30,
2023		December 31,
2022
Total investments:
Company owned life insurance $54,458 $54,681 
Exchange traded funds79,467 71,258 
$133,925 $125,939 


48
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Pension Plans and SERP Liabilities: The following table presents liabilities for the defined benefit pension plans and SERP at June 30, 2023 and December 31, 2022.
June 30,
2023		December 31,
2022
Pension Plans$534,621 $492,103 
SERP70,883 70,464 
Pension benefit obligation
$605,504 $562,567 

Net Periodic Benefit Cost: The following table presents the net periodic benefit costs for the Pension Plans and SERP by expense components for the three and six month periods ended June 30, 2023 and 2022.
Components of Net Periodic Benefit Cost
Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
Service cost$5,390 $8,656 $10,782 $17,311 
Interest cost7,834 6,121 15,668 12,244 
Expected return on assets(9,656)(8,885)(19,312)(17,770)
Amortization:
Prior service cost269 158 538 316 
Actuarial (gain) loss(52)3,208 (104)6,417 
Net periodic benefit cost
$3,785 $9,258 $7,572 $18,518 


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,
2023202220232022
Basic weighted average shares outstanding95,330,416 98,222,993 95,856,391 98,745,402 
Weighted average dilutive options outstanding921,019 717,686 1,228,920 841,940 
Diluted weighted average shares outstanding96,251,435 98,940,679 97,085,311 99,587,342 
Antidilutive shares492,970 3,882,884 351,343 2,232,662 

Antidilutive shares are excluded from the calculation of diluted earnings per share. 
49
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Note 11—Debt

On May 11, 2023, Globe Life issued a $170 million term loan with an 18-month term and a variable interest rate. The proceeds from the term loan were used to retire the $166 million 7.875% Senior Notes, which matured on May 15, 2023, as well as for other corporate purposes.

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,
2023		December 31,
2022
InstrumentIssue DateMaturity Date Coupon Rate Par
Value		Unamortized Discount & Issuance CostsBook
Value		Fair
Value		Book
Value
Senior notes5/27/19935/15/20237.875%$— $— $— $— $165,500 
Senior notes9/27/20189/15/20284.550%550,000 (4,058)545,942 531,146 545,601 
Senior notes8/21/20208/15/20302.150%400,000 (3,555)396,445 315,536 396,219 
Senior notes(1)
5/19/20226/15/20324.800%250,000 (4,317)245,683 239,521 245,493 
Junior subordinated debentures11/17/201711/17/20575.275%125,000 (1,582)123,418 122,104 123,410 
Junior subordinated debentures6/14/20216/15/20614.250%325,000 (7,732)317,268 255,580 317,229 
Term loan(2)
5/11/202311/11/20246.200%170,000 (639)169,361 169,361 — 
1,820,000 (21,883)1,798,117 1,633,248 1,793,452 
Less current maturity of long-term debt— — — — 165,500 
Total long-term debt
1,820,000 (21,883)1,798,117 1,633,248 1,627,952 
Current maturity of long-term debt— — — — 165,500 
Commercial paper260,000 (1,768)258,232 258,232 283,603 
Total short-term debt
260,000 (1,768)258,232 258,232 449,103 
Total debt
$2,080,000 $(23,651)$2,056,349 $1,891,480 $2,077,055 
(1)An additional $150 million par value and book value is held by insurance subsidiaries that eliminates in consolidation.
(2)Interest calculated quarterly using Secured Overnight Financing Rate (SOFR) plus 135 basis points.

The 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 is payable quarterly while all other long-term debt is payable semi-annually.

Federal Home Loan Bank (FHLB): FHLB membership provides 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.

50
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Globe Life owns $16.5 million in FHLB common stock as of June 30, 2023 and $14.3 million as of December 31, 2022. The FHLB stock is restricted for the duration of the membership and recorded at cost (par) as required by applicable guidance. The FHLB stock is included in "Other long-term investments" in the Consolidated Balance Sheets. Borrowings with the FHLB are subject to the availability of pledged assets at Globe Life. As of June 30, 2023, Globe Life's maximum borrowing capacity under the FHLB facility was approximately $655 million, based on pledged assets with a fair value of $902 million. As of June 30, 2023, $88 million in funding agreements were outstanding with the FHLB, compared to $23 million as of December 31, 2022. This amount is included in "Other policyholders' funds" on the Consolidated Balance Sheets. The Company had no short-term borrowings from the FHLB as of June 30, 2023, and December 31, 2022.


Note 12—Business Segments

Globe Life is organized into four segments: life insurance, supplemental health insurance, annuities, and investments. In addition, other expenses not included in these segments are reported in "Corporate & Other."

Globe Life's reportable insurance segments are based on the insurance product lines it markets and administers: life insurance, supplemental health insurance, and annuities. These major product lines are set out as reportable segments because of the common characteristics of products within these categories, comparability of margins, and the similarity in regulatory environment and management techniques. There is also an investment segment that manages the investment portfolio and cash flow for the insurance segments and the corporate function, which has been retrospectively adjusted to exclude the interest on deferred acquisition costs due to the adoption of ASU 2018-12 and the interest on debt. The Company's chief operating decision makers 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. An immaterial amount of annuities sold as companion products are included in the life segment. Health insurance products are generally guaranteed renewable and include Medicare Supplement, cancer, critical illness, accident, and limited-benefit supplemental hospital and surgical coverage. Annuities include fixed-benefit contracts.

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, 2023
 LifeHealthAnnuityTotal
Distribution ChannelAmount% of
Total		Amount% of
Total		Amount% of
Total		Amount% of
Total
American Income$394,620 51 $29,527 9 $— — $424,147 38 
Direct to Consumer248,607 32 17,175 5 — — 265,782 24 
Liberty National86,634 11 46,903 14 — — 133,537 12 
United American1,849 — 137,453 42 — — 139,302 13 
Family Heritage1,513 — 98,129 30 — — 99,642 9 
Other48,510 6 — — — — 48,510 4 
$781,733 100 $329,187 100 $— — $1,110,920 100 
51
        GL Q2 2023 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

 Three Months Ended June 30, 2022
 LifeHealthAnnuityTotal
Distribution ChannelAmount
% of
Total
Amount
% of
Total
Amount
% of
Total
Amount
% of
Total
American Income$375,748 50 $29,411 9 $— — $405,159 38 
Direct to Consumer247,264 33 17,848 6 — — 265,112 25 
Liberty National81,316 11 46,846 15 — — 128,162 12 
United American2,003 — 135,444 42 — — 137,447 13 
Family Heritage1,373 — 90,758 28 — — 92,131 8 
Other49,188 6 — — — — 49,188 4 
$756,892 100 $320,307 100 $— — $1,077,199 100 

Six Months Ended June 30, 2023
 LifeHealthAnnuityTotal
Distribution ChannelAmount% of
Total		Amount% of
Total		Amount% of
Total		Amount% of
Total
American Income$782,132 51 $59,121 9 $— — $841,253 38 
Direct to Consumer496,274 32 34,423 5 — — 530,697 24 
Liberty National171,837 11 93,875 14 — — 265,712 12 
United American3,731 — 270,060 42 — — 273,791 12 
Family Heritage2,993 — 194,201 30 — — 197,194 9 
Other97,363 6 — — — — 97,363 5 
$1,554,330 100 $651,680 100 $— — $2,206,010 100 

 Six Months Ended June 30, 2022
 LifeHealthAnnuityTotal
Distribution ChannelAmount
% of
Total
Amount
% of
Total
Amount
% of
Total
Amount
% of
Total
American Income$745,854 49 $58,177 9 $— — $804,031 37 
Direct to Consumer492,996 33 35,776 6 — — 528,772 25 
Liberty National161,876 11 94,606 15 — — 256,482 12 
United American4,077 — 267,134 42 — — 271,211 13 
Family Heritage2,732 — 180,298 28 — — 183,030 8 
Other98,485 7 — — — — 98,485 5 
$1,506,020 100 $635,991 100 $— — $2,142,011 100 

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 chief operating decision makers 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
52
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
than as a component of underwriting margin in the insurance and annuity segments) 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 income earned on the investment portfolio in excess of policy requirements. During the implementation of ASU 2018-12, the Company reviewed its segment disclosures and modified the measure of profitability of our Investment Segment due to the adoption impact of the standard and to align more appropriately with how we view and measure this segment. As of January 1, 2023, this measure was retrospectively adjusted to exclude the interest on deferred acquisition costs due to the adoption of ASU 2018-12 and the interest expense on debt. Other than the above-mentioned interest allocations, 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 is reflected by the Company as realized gain (loss)—investments. These gains or losses generally occur as a result of disposition due to issuer calls, compliance with Company investment policies, or other reasons often beyond management’s control. Unlike investment income, realized gains and losses are incidental to insurance operations, and only overall yields are considered when setting premium rates or insurance product profitability expectations. While these gains and losses are not relevant to segment profitability or core operating results, they can have a material positive or negative result on net income. For these reasons, management removes realized investment gains and losses when it views its segment operations.

Management removes items that are related to prior periods when evaluating the operating results of current periods. 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. With the exception of administrative settlements, 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 2023 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, 2023
LifeHealthAnnuityInvestmentCorporate & OtherAdjustmentsConsolidated
Revenue:
Premium$781,733 $329,187 $— $— $— $— $1,110,920 
Net investment income— — — 261,244 — — 261,244 
Other income— — — — 85 — 85 
Total revenue781,733 329,187 — 261,244 85 — 1,372,249 
Expenses:
Policy benefits512,664 195,924 7,107 1,815 — — 717,510 
Required interest on reserves(191,781)(26,548)(9,715)228,044 — — — 
Amortization of acquisition costs81,173 12,484 423 — — — 94,080 
Commissions, premium taxes, and non-deferred acquisition costs83,547 54,908 4 — — — 138,459 
Insurance administrative expense(1)
— — — — 75,459 75,459 
Parent expense— — — — 3,088 — 3,088 
Stock-based compensation expense— — — — 7,486 — 7,486 
Interest expense— — — — 25,818 — 25,818 
Total expenses485,603 236,768 (2,181)229,859 111,851 — 1,061,900 
Subtotal296,130 92,419 2,181 31,385 (111,766)— 310,349 
Non-operating items— — — — — — 
Measure of segment profitability (pretax)
$296,130 $92,419 $2,181 $31,385 $(111,766)$— 310,349 
Realized gain (loss)—investments(45,843)
Income before income taxes per Condensed Consolidated Statements of Operations
$264,506 
(1)Administrative expense is not allocated to insurance segments.




54
        GL Q2 2023 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, 2022
LifeHealthAnnuityInvestmentCorporate & OtherAdjustmentsConsolidated
Revenue:
Premium$756,892 $320,307 $— $— $— $— $1,077,199 
Net investment income— — — 244,712 — — 244,712 
Other income— — — — 299 — 299 
Total revenue756,892 320,307 — 244,712 299 — 1,322,210 
Expenses:
Policy obligations492,364 190,075 7,922 1,070 — — 691,431 
Required interest on reserves(182,756)(25,460)(11,361)219,577 — — — 
Amortization of acquisition costs73,681 12,052 452 — — — 86,185 
Commissions, premium taxes, and non-deferred acquisition costs74,478 51,729 6 — — — 126,213 
Insurance administrative expense(1)
— — — — 73,700 4,985 (2)78,685 
Parent expense— — — — 2,893 (368)(2)2,525 
Stock-based compensation expense— — — — 8,448 — 8,448 
Interest expense— — — — 21,828 — 21,828 
Total expenses457,767 228,396 (2,981)220,647 106,869 4,617 1,015,315 
Subtotal299,125 91,911 2,981 24,065 (106,570)(4,617)306,895 
Non-operating items— — — — — 4,617 (2)4,617 
Measure of segment profitability (pretax)
$299,125 $91,911 $2,981 $24,065 $(106,570)$— 311,512 
Realized gain (loss)—investments(30,446)
Non-operating expenses(4,617)
Income before income taxes per Condensed Consolidated Statements of Operations
$276,449 
(1)Administrative expense is not allocated to insurance segments.
(2)Non-operating expenses.


55
        GL Q2 2023 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.
Six Months Ended June 30, 2023
LifeHealthAnnuityInvestmentCorporate & OtherAdjustmentsConsolidated
Revenue:
Premium$1,554,330 $651,680 $— $— $— $— $2,206,010 
Net investment income— — — 518,349 — — 518,349 
Other income— — — — 135 — 135 
Total revenue1,554,330 651,680 — 518,349 135 — 2,724,494 
Expenses:
Policy obligations1,020,641 386,886 14,648 3,262 — — 1,425,437 
Required interest on reserves(381,602)(52,871)(19,974)454,447 — — — 
Amortization of acquisition costs160,762 24,792 848 — — — 186,402 
Commissions, premium taxes, and non-deferred acquisition costs167,125 109,122 9 — — — 276,256 
Insurance administrative expense(1)
— — — — 149,366 149,366 
Parent expense— — — — 5,673 5,673 
Stock-based compensation expense— — — — 15,165 — 15,165 
Interest expense— — — — 50,685 — 50,685 
Total expenses966,926 467,929 (4,469)457,709 220,889 — 2,108,984 
Subtotal587,404 183,751 4,469 60,640 (220,754)— 615,510 
Non-operating items— — — — — — — 
Measure of segment profitability (pretax)
$587,404 $183,751 $4,469 $60,640 $(220,754)$— 615,510 
Realized gain (loss)—investments(76,770)
Income before income taxes per Consolidated Statements of Operations
$538,740 
(1)Administrative expense is not allocated to insurance segments.




56
        GL Q2 2023 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, 2022
LifeHealthAnnuityInvestmentCorporate & OtherAdjustmentsConsolidated
Revenue:
Premium$1,506,020 $635,991 $— $— $— $— $2,142,011 
Net investment income— — — 489,606 — — 489,606 
Other income— — — — 463 — 463 
Total revenue1,506,020 635,991 — 489,606 463 — 2,632,080 
Expenses:
Policy obligations987,793 379,093 16,564 2,130 — — 1,385,580 
Required interest on reserves(364,128)(50,730)(22,728)437,586 — — — 
Amortization of acquisition costs145,610 24,166 905 — — — 170,681 
Commissions, premium taxes, and non-deferred acquisition costs148,026 103,681 15 — — — 251,722 
Insurance administrative expense(1)
— — — — 146,265 5,097 (2)151,362 
Parent expense— — — — 5,533 (368)(2)5,165 
Stock-based compensation expense— — — — 17,483 — 17,483 
Interest expense— — — — 41,772 — 41,772 
Total expenses917,301 456,210 (5,244)439,716 211,053 4,729 2,023,765 
Subtotal588,719 179,781 5,244 49,890 (210,590)(4,729)608,315 
Non-operating items— — — — — 4,729 (2)4,729 
Measure of segment profitability (pretax)
$588,719 $179,781 $5,244 $49,890 $(210,590)$— 613,044 
Realized gain (loss)—investments(37,690)
Non-operating expenses(4,729)
Income before income taxes per Consolidated Statements of Operations
$570,625 
(1)Administrative expense is not allocated to insurance segments.
(2)Non-operating expenses.






57
        GL Q2 2023 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, including uncertainties related to the impact of the recent pandemic and associated direct and indirect effects on our business operations, financial results, and financial condition. 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, geopolitical events, and the recent pandemic on the U.S. economy, leading to unexpected changes in lapse rates and/or sales of our policies, as well as levels of mortality, morbidity, and 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 would affect Medicare Supplement);
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 could affect the sales of traditional Medicare Supplement insurance;
4.Interest rate changes that affect product sales, financing costs, and/or investment portfolio yield;
5.General economic, industry sector or individual debt issuers’ financial conditions (including developments and volatility arising from geopolitical events, particularly in certain industries that may comprise part of our investment portfolio) that may affect the current market value of securities we own, or that may impair an issuer’s ability to make principal and/or interest payments due on those securities;
6.Changes in the competitiveness of the Company's products and pricing;
7.Litigation results;
8.Levels of administrative and operational efficiencies that differ from our assumptions (including any reduction in efficiencies resulting from increased costs arising from the impact of higher than anticipated inflation);
9.The ability to obtain timely and appropriate premium rate increases for health insurance policies from our regulators;
10.The customer response to new products and marketing initiatives;
11.Reported amounts in the consolidated financial statements which are based on management estimates and judgments which may differ from the actual amounts ultimately realized;
12.Compromise by a malicious actor or other event that causes a loss of secure data from, or inaccessibility to, our computer and other information technology systems;
13.The 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 and demand for our products; and
14.Our 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.
58
        GL Q2 2023 FORM 10-Q
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.

The results included herein reflect the adoption of ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. Globe Life Inc. implemented the standard on January 1, 2023 using the modified retrospective transition method at adoption. As a result of this election, the prior year figures have been retrospectively adjusted as of January 1, 2021 with significant impacts to Shareholders' Equity, underwriting margins, and net operating income. While the impacts of the new accounting guidance is significant, we do not consider it a fundamental change to the overall business.

Additional information on the effects of the adoption has been included in Note 2—New Accounting Standards.

"Globe Life" and the "Company" refer to Globe Life Inc. and its subsidiaries and affiliates.


Results of Operations

icons2.jpg
How Globe Life Views Its Operations. Globe Life Inc. is the holding company for a group of insurance companies that market 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, supplemental health, and annuities, and the investment segment that supports the product lines. Segments are aligned based on their common characteristics, comparability of the profit margins, and management techniques used to operate each segment.
icons.jpg
Insurance Product Line Segments. The insurance product line segments involve the marketing, underwriting, and administration of policies. Each product line is further segmented 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

icons3.jpg
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


59
        GL Q2 2023 FORM 10-Q
GLOBE LIFE INC.
Management's Discussion & Analysis
Current Highlights, comparing year-to-date 2023 with 2022.
•Net income as a return on equity (ROE) for the six months ended June 30, 2023 was 22.4% and net operating income as an ROE, excluding accumulated other comprehensive income(1) was 14.6%.
•Total premium increased 3% over the same period in the prior year. Life premium increased 3% for the period from $1.5 billion in 2022 to $1.6 billion in 2023.
•Net investment income increased 6% over the same period in the prior year.
•Total net sales increased 4% over the same period in the prior year from $366 million in 2022 to $379 million in 2023. The average producing agent count across all of the exclusive agencies increased 9% over the prior year.
•Book value per share increased 26% over the same period in the prior year from $32.78 to $41.44. Book value per share, excluding accumulated other comprehensive income(1), increased 10% over the prior year from $65.64 in 2022 to $72.09 in 2023.
•For the six months ended June 30, 2023, the Company repurchased 2.0 million shares of Globe Life Inc. common stock at a total cost of $219 million for an average share price of $111.94.
•The combined average agent count for the three exclusive agencies surpassed 15,000 for the first time.
The following graphs represent net income and net operating income for the six month periods ended June 30, 2023 and 2022.
999 1001
(1)As shown in the charts above, net operating income is the consolidated total of segment profits after tax and as such is considered a non-GAAP measure. It has been used consistently by Globe Life's management for many years to evaluate the operating performance of the Company. It differs from net income primarily because it excludes certain non-operating items such as realized gains and losses and certain significant and unusual items included in net income. Net income is the most directly comparable GAAP measure.
Net operating income as an ROE, excluding accumulated other comprehensive income (AOCI), is considered a non-GAAP measure. Management utilizes this measure to view the business without the effect of changes in AOCI, which are primarily attributable to fluctuation in interest rates. The impact of the adjustment to exclude AOCI, net of tax, is $(2.9) billion and $(3.2) billion for the six months ended June 30, 2023 and 2022, 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 $(30.65) and $(32.86) for the six months ended June 30, 2023 and 2022, respectively.
Refer to Analysis of Profitability by Segment for non-GAAP reconciliation to GAAP.

60
        GL Q2 2023 FORM 10-Q
GLOBE LIFE INC.
Management's Discussion & Analysis
Summary of Operations. Net income declined 5% to $439 million during the six months ended June 30, 2023, compared with $461 million in the same period in 2022. This decrease was attributed to $61 million of after-tax realized losses on investments in the current period, as compared to $30 million of after tax realized losses on investments in the year-ago period. See further discussion under the caption Investments. On a diluted per common share basis, net income per common share for the six months ended June 30, 2023 declined 2% from $4.63 to $4.52.

Net operating income increased 1% to $500 million for the six months ended June 30, 2023, compared with $495 million for the same period in 2022, primarily due to a 22% increase in excess investment income as well as a 2% increase in health underwriting margin, offset by a 21% increase in interest on debt. On a diluted per common share basis, net operating income per common share for the six months ended June 30, 2023 increased from $4.97 to $5.15, a 4% increase. Net operating income is the consolidated total of segment profits 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 in 2022 was affected by certain significant and unusual 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.

Insurance reserve liabilities are determined each reporting period based on the net level premium method. Net level premiums reflect a recomputed net premium ratio using actual experience since the issue date, and expected future experience based on future cash-flow assumptions. The Company regularly reviews its cash flow assumptions (mortality, morbidity, lapses, and persistency) used to calculate the change in the liability for future policy benefits and updates those cash flow assumptions as necessary annually in the third quarter, or more frequently if suggested by experience. The policy liability is accrued as premium revenue is recognized and adjusted for differences between actual and expected experience in the form of remeasurement gains and losses during the period. We did update our cash flow assumptions in the third quarter of 2022 which impacts the reserve development and comparisons between the six months ended June 30, 2023 and 2022 given the timing of the cash-flow assumption update and its impact on the recomputed net premiums for subsequent periods.

The Company continues to see positive signs in its core operations, including strong sales and premium growth, favorable persistency, and a strong ROE, excluding accumulated other comprehensive income.

61
        GL Q2 2023 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,
20232022Change%
Life insurance underwriting margin$587,404 $588,719 $(1,315)— 
Health insurance underwriting margin183,751 179,781 3,970 2 
Annuity underwriting margin4,469 5,244 (775)(15)
Excess investment income60,640 49,890 10,750 22 
Other insurance:
Other income135 463 (328)(71)
Administrative expense(149,366)(146,265)(3,101)2 
Corporate and other(71,523)(64,788)(6,735)10 
Pre-tax total615,510 613,044 2,466 — 
Applicable taxes(115,992)(118,076)2,084 (2)
Net operating income
499,518 494,968 4,550 1 
Reconciling items, net of tax:
Realized gain (loss)—investments(60,648)(29,775)(30,873)
Non-operating expenses— (3,736)3,736 
Net income
$438,870 $461,457 $(22,587)(5)

The results for the first six months of 2023 are impacted, as previously noted, by the reserve development and assumption changes in the third quarter of 2022, which are affecting the comparability of the first six months of 2023 to the first six months of 2022. 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 decreased slightly compared with the prior year six-month period. The health segment contributed to the growth in net operating income, contributing $184 million of underwriting margin in the first six months of 2023 compared with $180 million in the first six months of 2022, an increase of 2%.
62
        GL Q2 2023 FORM 10-Q
GLOBE LIFE INC.
Management's Discussion & Analysis
In 2023, the largest contributor of total underwriting margin was the life insurance segment and the primary distribution channel was the American Income Life Division. The following charts represent the breakdown of total underwriting margin by operating segment and distribution channel for the six months ended June 30, 2023.
307308

Total premium income rose 3% for the six months ended June 30, 2023 to $2.2 billion. Total net sales increased 4% to $379 million, when compared with 2022. Total first-year collected premium (defined in the following section) increased 1% to $297 million for 2023 compared to $293 million in 2022.

Life insurance premium income increased 3% to $1.6 billion over the prior-year total of $1.5 billion. Life net sales increased slightly to $280 million for the first six months of 2023. First-year collected life premium declined 2% to $208 million. Life underwriting margin, as a percent of premium, declined to 38% in 2023 from 39%. Underwriting margin decreased slightly to $587 million in 2023, compared to $589 million for the same period in 2022.

Health insurance premium income increased 2% to $652 million over the prior-year total of $636 million. Health net sales rose 15% to $99 million for the first six months of 2023. First-year collected health premium rose 9% to $89 million. Health underwriting margin, as a percent of premium, was 28% in 2023 and 2022. Health underwriting margin increased to $184 million for the first six months of 2023, 2% over the same period in 2022.

Excess investment income, the measure of profitability of our investment segment, increased during the first six months of 2023 to $60.6 million from $49.9 million in the same period in 2022. Excess investment income per common share, reflecting the impact of our share repurchase program and increased net investment income, increased 24% to $0.62 from $0.50 when compared with the same period in 2022.

Insurance administrative expenses increased 2% in 2023 when compared with the prior-year period. These expenses were 6.8% as a percent of premium during 2023 and 2022.

For the six months ended June 30, 2023, the Company repurchased 2.0 million Globe Life Inc. shares at a total cost of $219 million for an average share price of $111.94.

63
        GL Q2 2023 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 statistical 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 twelve-month period.
•Net sales, a statistical performance measure, is calculated as annualized premium issued, net of cancellations in the first thirty 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 has expired. Management considers net sales to be a better indicator of the rate of premium growth than annualized premium issued.
•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.

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


64
        GL Q2 2023 FORM 10-Q
GLOBE LIFE INC.
Management's Discussion & Analysis
LIFE INSURANCE

Life insurance is the Company's predominant segment. During 2023, life premium represented 70% of total premium and life underwriting margin represented 76% of the total underwriting margin. Additionally, investments supporting the reserves for life products produce the majority of excess investment 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
20232022
Amount% of PremiumAmount% of PremiumAmount%
Premium and policy charges$1,554,330 100 $1,506,020 100 $48,310 3 
Policy obligations1,020,641 66 987,793 65 32,848 3 
Required interest on reserves(381,602)(25)(364,128)(24)(17,474)5 
Net policy obligations639,039 41 623,665 41 15,374 2 
Commissions, premium taxes, and non-deferred acquisition expenses167,125 11 148,026 10 19,099 13 
Amortization of acquisition costs160,762 10 145,610 10 15,152 10 
Total expense966,926 62 917,301 61 49,625 5 
Insurance underwriting margin
$587,404 38 $588,719 39 $(1,315)— 

Net policy obligations amounted to 41% of premium for the six months ended June 30, 2023 and 2022.

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
20232022
Amount% of TotalAmount% of TotalAmount%
American Income$782,132 50 $745,854 49 $36,278 5 
Direct to Consumer496,274 32 492,996 33 3,278 1 
Liberty National171,837 11 161,876 11 9,961 6 
Other104,087 7 105,294 7 (1,207)(1)
Total
$1,554,330 100 $1,506,020 100 $48,310 3 

Annualized life premium in force was $3.14 billion at June 30, 2023, an increase of 4% over $3.02 billion a year earlier.

65
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

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
20232022
Amount% of TotalAmount% of TotalAmount%
American Income$165,269 59 $170,514 61 $(5,245)(3)
Direct to Consumer64,096 23 66,529 24 (2,433)(4)
Liberty National45,248 16 36,625 13 8,623 24 
Other5,044 2 4,955 2 89 2 
Total
$279,657 100 $278,623 100 $1,034 — 

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
20232022
Amount% of TotalAmount% of TotalAmount%
American Income$129,907 62 $131,908 63 $(2,001)(2)
Direct to Consumer40,835 20 46,656 22 (5,821)(12)
Liberty National32,423 16 28,001 13 4,422 16 
Other4,381 2 4,731 2 (350)(7)
Total
$207,546 100 $211,296 100 $(3,750)(2)

A discussion of life operations by distribution channel follows.

The American Income Life Division markets to members of labor unions and continues to diversify its lead sources by building relationships with other affinity groups, utilizing third-party internet vendor leads, and obtaining referrals to facilitate sustainable growth. This division is Globe Life's largest contributor to life premium of any distribution channel at 50% of the Company's June 30, 2023 total life premium. Net sales declined 3% to $165 million during the first six months of 2023, compared with $171 million during the same period in 2022. The comparison to prior year sales is challenging due to the strong sales growth a year ago. Life sales for the first six months of 2022 grew 19% over the same period in 2021. The underwriting margin, as a percent of premium, was 45% for the six months ended June 30, 2023, down from 47% in the year-ago period due to higher acquisition costs.

Below is the average producing agent count at the end of the period for the American Income Life Division. The average producing agent count is based on the actual count at the end of each week during the year. The average producing agent count increased 6% over the year-ago period. The increase in average producing agent count was driven by an increase in new agent recruiting. Sales growth in this division, as well as within our other exclusive agencies, is generally dependent on growth in the size of the agency force.
At June 30,
Change
20232022Amount%
American Income10,101 9,528 573 6 

66
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

American Income Life continues to focus on growing and strengthening the agency force, specifically through emphasis on agency middle-management growth and additional agency office openings. In addition to offering financial incentives and training opportunities, the agency has made considerable investments in information technology, including a customer relationship management (CRM) tool for the agency force. This tool is designed to drive productivity in lead distribution, conservation of business, manager dashboards and new agent recruiting. Additionally, this division has invested in and successfully implemented technology that allows the agency force to engage in virtual recruiting, training, and sales activity. The agents have shifted to primarily a virtual experience with the customers and have generated a vast majority of sales through virtual presentations. We find this flexibility to be enticing for new recruits as well as a driver of sustainability for our agency force.

The Direct to Consumer Division (DTC) offers adult and juvenile life insurance through a variety of marketing approaches, including direct mailings, insert media, and electronic media. In recent years, production from electronic media, which is comprised of sales through both the internet and inbound phone calls to our call center, has grown faster than direct mail response, as customer preferences focused marketing activity to internet and mobile technology. The proportion of sales from the internet and inbound phone calls continue to outpace the activity from the direct mailings, but all three channels continue to work in an omnichannel approach. The different media channels support and complement one another in the division's efforts to reach the consumer. The DTC's long-term growth has been fueled by constant innovation and name recognition. We continually introduce new initiatives in this division in an attempt to increase response rates.

While the juvenile market is an important source of sales, it is also a vehicle to reach the parents and grandparents of juvenile policyholders, who are more likely to respond favorably to a DTC solicitation for life coverage on themselves in comparison to the general adult population. Also, future offerings to juvenile policyholders and their parents are sources of low acquisition-cost life insurance sales in the future.

DTC net sales declined 4% to $64 million for the six months ended June 30, 2023 compared with $67 million for the same period in the prior year. This decline is due primarily to reductions in direct mail and mailing insert marketing activity resulting from the impact of inflation on postage and paper costs. While total sales have declined, we continue to see growth in our electronic sales. Since 2019, electronic sales have grown at an approximate 6% compound annual growth rate. DTC’s underwriting margin, as a percent of premium, was 23% for the six months ended June 30, 2023 compared with 24% for the same period in 2022.

The Liberty National Division markets individual life insurance to middle-income household and worksite customers. Recent investments in new sales technologies as well as recent growth in middle management within the agency are expected to help continue this growth. The underwriting margin as a percent of premium was 33% for the six months ended June 30, 2023, down from 34% during the same period a year ago. The decrease is primarily attributable to higher acquisition costs in relation to premium during the six months ended June 30, 2023 compared with the same period a year ago.

Net sales rose 24% in the six months ended June 30, 2023 over the same period in 2022. With the division's ability to return to face-to-face customer interaction and the option of virtual sales, the Company continues to project total life net sales to increase for the remainder of 2023 as compared to the prior year.

Below is the average producing agent count at the end of the period for the Liberty National Division.
At June 30,
Change
20232022Amount%
Liberty National3,096 2,685 411 15 

The Liberty National Division average producing agent count increased significantly compared with the prior-year comparable period. We continue to execute our long-term plan to grow this agency through expansion from small-town markets in the Southeast to more densely populated areas with larger pools of potential agent recruits and customers. In addition to the aforementioned geographic expansion, we have also started a campaign of market expansion to increase our agency presence in cities where we currently have offices, but not significant enough to properly serve the community, region, area and city. These tend to be larger geographic cities which will help create long-term sustainable agency growth. Additionally, the agency continues to help improve the ability of agents to
67
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

develop new worksite marketing business. Systems that have been put in place, including the addition of a CRM platform and enhanced analytical capabilities, help the agents develop additional worksite marketing opportunities as well as improve the productivity of agents selling in the individual life market. As the division continues to gain momentum in its sales and recruiting initiatives, as well as advances in its technology and CRM platform, the agency anticipates continued growth in recruiting activity and average producing agent count.

The other distribution channels primarily include non-exclusive independent agencies selling primarily life insurance. The other distribution channels contributed $104 million of life premium income, or 7% of Globe Life's total life premium income in the six months ended June 30, 2023, and contributed 2% of net sales for the period.

HEALTH INSURANCE

Health insurance sold by the Company primarily includes Medicare Supplement insurance, accident coverage, and other limited-benefit supplemental health products including cancer, critical illness, heart, and intensive care coverage.

Health premium accounted for 30% of our total premium in 2023, while the health underwriting margin accounted for 24% of total underwriting margin. Health underwriting margin increased 2% to $184 million primarily due to higher premium growth. The Company continues to emphasize life insurance sales relative to health due to life’s superior long-term profitability and its greater contribution to excess investment income.

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
 20232022
 Amount% of
Premium		Amount% of
Premium		Amount%
Premium$651,680 100 $635,991 100 $15,689 2 
Policy obligations386,886 59 379,093 60 7,793 2 
Required interest on reserves(52,871)(8)(50,730)(8)(2,141)4 
Net policy obligations334,015 51 328,363 52 5,652 2 
Commissions, premium taxes, and non-deferred acquisition expenses109,122 17 103,681 16 5,441 5 
Amortization of acquisition costs24,792 4 24,166 4 626 3 
Total expense467,929 72 456,210 72 11,719 3 
Insurance underwriting margin
$183,751 28 $179,781 28 $3,970 2 

68
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

Globe Life markets supplemental health insurance products through a number of distribution channels. The following table is an analysis of our health premium by distribution channel.

Health Insurance
Premium by Distribution Channel
(Dollar amounts in thousands)
 Six Months Ended June 30,Increase
(Decrease)
 20232022
Amount% of TotalAmount% of TotalAmount%
United American$270,060 42 $267,134 42 $2,926 1 
Family Heritage194,201 30 180,298 28 13,903 8 
Liberty National93,875 14 94,606 15 (731)(1)
American Income59,121 9 58,177 9 944 2 
Direct to Consumer34,423 5 35,776 6 (1,353)(4)
Total
$651,680 100 $635,991 100 $15,689 2 

Premium related to limited-benefit plans comprise $366 million, or 56%, of the total health premiums for 2023 compared with $348 million, or 55%, in the same period in the prior year. Premium from Medicare Supplement products comprises the remaining $286 million, or 44%, for 2023 compared with $288 million, or 45%, in the same period in the prior year.

Annualized health premium in force was $1.34 billion at June 30, 2023, an increase of 3% over $1.30 billion a year earlier.

Presented below is a table of health net sales by distribution channel.
 
Health Insurance
Net Sales by Distribution Channel
(Dollar amounts in thousands)
 Six Months Ended June 30,Increase
(Decrease)
 20232022
Amount% of TotalAmount% of TotalAmount%
United American$28,313 29 $25,347 29 $2,966 12 
Family Heritage45,553 46 38,007 44 7,546 20 
Liberty National15,154 15 13,037 15 2,117 16 
American Income9,216 9 9,428 11 (212)(2)
Direct to Consumer1,257 1 1,063 1 194 18 
Total
$99,493 100 $86,882 100 $12,611 15 

Health net sales related to limited-benefit plans comprise $77 million, or 78%, of the total health net sales for 2023 compared with $64 million, or 73%, in the same period in the prior year. Medicare Supplement sales make up the remaining $22 million, or 22%, for 2023 compared with $23 million, or 27%, in the same period in the prior year.

69
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

The following table presents health insurance first-year collected premium by distribution channel.

 Health Insurance
First-Year Collected Premium by Distribution Channel
(Dollar amounts in thousands)
 Six Months Ended June 30,Increase
(Decrease)
 20232022
Amount% of TotalAmount% of TotalAmount%
United American$31,585 36 $31,003 38 $582 2 
Family Heritage35,030 39 29,596 36 5,434 18 
Liberty National12,414 14 11,126 13 1,288 12 
American Income8,371 9 8,711 11 (340)(4)
Direct to Consumer1,732 2 1,467 2 265 18 
Total
$89,132 100 $81,903 100 $7,229 9 
 
First-year collected premium related to limited-benefit plans comprise $64 million, or 71%, of total first-year collected premium for 2023 compared with $53 million, or 64%, in the same period in the prior year. First-year collected premium from Medicare Supplement policies makes up the remaining $25 million, or 29%, for 2023 compared with $29 million, or 36%, in the same period in the prior year.

A discussion of health operations by distribution channel follows.
The United American Division consists of non-exclusive independent agencies who may also sell for other companies. The United American Division was Globe Life's largest health agency in terms of health premium income, with sales up 12% from the same period in the prior year period.
This division includes three different units:

•UA General Agency, which primarily sells individual Medicare Supplement insurance through independent agents;
•Special Markets, which markets retiree health insurance to employer and union group through brokers; and
•Globe Life Benefits, which offers group worksite supplemental health insurance through brokers.

While the increase in sales for this division was driven primarily by sales growth at Globe Life Benefits, the majority of the premium revenue comes from Medicare Supplement and Retiree Health business. Underwriting margin as a percent of premium for the division decreased to 10% for the six months ended June 30, 2023 compared to 11% in 2022.

The Family Heritage Division primarily markets limited-benefit supplemental health insurance in non-urban areas. Most of its policies include a cash-back feature, such as a return of premium, where any excess of premiums over claims paid is returned to the policyholder at the end of a specified period stated within the insurance policy. Underwriting margin as a percent of premium was 33% for the six months ended June 30, 2023, up from 31% in the same period last year.
The division experienced a 20% increase in health net sales as compared with the six-month period a year ago, primarily due to an increase in recruiting, as well as improved agent productivity and training. The division will continue to implement incentive programs to further these increases in the number of producing agents.
70
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

Below is the average producing agent count at the end of the period for the Family Heritage Division. The average producing agent count was up 16% compared with the same period a year ago, driven by a significant increase in recruiting during 2022 and 2023.
At June 30,
Change
20232022Amount%
Family Heritage Division1,322 1,137 185 16 
The Liberty National Division represented 14% of all Globe Life health premium income for the six-month period ended June 30, 2023. The Liberty National Division markets limited-benefit supplemental health products, consisting primarily of cancer and critical illness insurance. Much of Liberty National's health business is generated through worksite marketing targeting small businesses. Health premium at Liberty National Division was $94 million for the six months ended June 30, 2023, and $95 million for the same period in 2022. Liberty National's first-year collected premium rose 12% to $12 million in the six months ended June 30, 2023 compared with $11 million for the same period in 2022. Health net sales for the six months ended June 30, 2023 rose 16% from the comparable period in 2022. The drivers of Liberty National's business discussed previously in the life insurance section also apply to the health business. Despite the increase in health sales from the prior year, health premiums were down slightly due to the run off of two older blocks of business that are no longer actively sold.

The Company's other distribution channels, while primarily focused on selling life insurance, also market health products. The American Income Life Division primarily markets accident plans. The Direct to Consumer Division primarily markets Medicare Supplements to employer or union-sponsored groups. On a combined basis, these other channels accounted for 14% of health premium for the six months ended June 30, 2023 compared with 15% for the same period in 2022.

ANNUITIES

Annuities represent an insignificant part of our business. We do not currently market stand-alone fixed or deferred annuity products, favoring instead protection-oriented life and supplemental health insurance products.

INVESTMENTS

We manage our capital resources, including investments and cash flow, through the investment segment. Excess investment income represents the profit margin attributable to investment operations and is the measure that we use to evaluate the performance of the investment segment as described in Note 12—Business Segments. It is defined as net investment income less the required interest attributable to policy liabilities.

Management also 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. As excess investment income per diluted common share incorporates all invested assets and insurance liabilities, we view excess investment income per diluted common share as a useful measure to evaluate the investment segment.

71
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

Excess Investment Income. The following table summarizes Globe Life's investment income, excess investment income, and excess investment income per diluted common share.

Analysis of Excess Investment Income
(Dollar amounts in thousands, except for per share data) 
 
Six Months Ended
June 30,		Change
20232022Amount%
Net investment income$518,349 $489,606 $28,743 6 
Interest on policy liabilities(1)
(457,709)(439,716)(17,993)4 
Excess investment income
$60,640 $49,890 $10,750 22 
Excess investment income per diluted share
$0.62 $0.50 $0.12 24 
Mean invested assets (at amortized cost)$20,227,250 $19,540,396 $686,854 4 
Average insurance policy liabilities16,580,338 15,886,941 693,397 4 
(1)Interest on policy liabilities is a component of total policyholder benefits, a GAAP measure. The amounts presented for 2022 have been retrospectively adjusted to exclude the interest on deferred acquisition costs due to the LDTI standard and the interest on debt.

Excess investment income increased $10.8 million, or 22%, compared with the year-ago period. Excess investment income per diluted common share was $0.62 for the six months ended June 30, 2023, an increase of 24% over the prior-year period. Excess investment income per diluted common share generally increases at a faster 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, 2023 was $518 million or 6% greater than the year-ago period. Mean invested assets increased 4% during the first six months of 2023 over the same period last year. The effective annual yield rate earned on the fixed maturity portfolio was 5.18% in the first six months of 2023, compared with 5.16% a year earlier. Investment income grew at a faster rate than the assets due to new investment yields exceeding the yield on dispositions and the average portfolio yield. We currently expect that the average annual turnover rate of fixed maturity assets will be less than 2% over the next five years and will not have a material impact on net investment income. In addition to fixed maturities, the Company has also invested in commercial mortgage loans and limited partnerships with debt like characteristics that diversify risk and enhance risk-adjusted, capital-adjusted returns on the portfolio. The earned yield on the investment funds for the six months ended June 30, 2023 was 6.09%. See additional information in Note 4—Investments. For the full year 2023, we currently anticipate the average new money rate on our fixed maturity acquisitions to be approximately 50 basis points higher than the yield achieved on our 2022 acquisitions. This expected increase in yields should result in the investment income growth rate being similar to the growth of our average fixed maturity assets.

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 included in accumulated other comprehensive income (loss) as of June 30, 2023, 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 considered by management necessary to “fund” required interest on insurance policy liabilities. As such, it is removed from the investment segment and applied to the insurance segments to offset the effect of the required interest from the insurance segments. 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 great 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
72
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

which mandate that interest rate assumptions for a particular block of business be “locked in” for the life of that block of business. Each calendar year, we set the original discount rate to be used to calculate the benefit reserve liability for all insurance policies issued that year. The liability reported on the balance sheet is updated in subsequent periods using current discount rates as of the end of the relevant reporting period with a corresponding adjustment to Other Comprehensive Income. The rates are based on the methodology prescribed in ASU 2018-12. See Note 1—Significant Accounting Policies for additional information.

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 $18 million, or 4%, to $458 million, compared with the 4% growth in average interest-bearing insurance policy liabilities.

Realized Gains and Losses. Our life and health insurance companies collect premium income from policyholders for the eventual payment of policyholder benefits, sometimes paid many years or even decades in the future. Since benefits are expected to be paid in future periods, premium receipts in excess of current expenses are invested to provide for these obligations. For this reason, we hold a significant investment portfolio as a part of our core insurance operations. This portfolio consists primarily of high-quality fixed maturities containing an adequate yield to provide for the cost of carrying these long-term insurance product obligations. As a result, fixed maturities are generally held for long periods to support these obligations. Expected yields on these investments are taken into account when setting insurance premium rates and product profitability expectations.

Despite our intent to hold fixed maturity investments for a long period of time, investments are occasionally sold, exchanged, called, or experience a credit loss event, resulting in a realized gain or loss. Gains or losses are only secondary to our core insurance operations of providing insurance coverage to policyholders. 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) in the Condensed Consolidated Statements of Operations.

Realized gains and losses can be significant in relation to the earnings from core insurance operations, and as a result, can have a material positive or negative impact on net income. The significant fluctuations caused by gains and losses can cause period-to-period trends of net income that are not indicative of historical core operating results or predictive of the future trends of core operations. Accordingly, they have no bearing on core insurance operations or segment results as we view operations. For these reasons, and in line with industry practice, we remove the effects of realized gains and losses when evaluating overall insurance operating results.
73
        GL Q2 2023 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,
 20232022
 AmountPer ShareAmountPer Share
Fixed maturities:
Sales$(8,544)$(0.09)$(34,818)$(0.35)
Matured or other redemptions(1)
(117)— 20,699 0.21 
Provision for credit losses(57,281)(0.59)306 — 
Fair value option—change in fair value5,598 0.06 (3,469)(0.03)
Other(2)
(304)— (12,493)(0.13)
Total realized gains (losses)
$(60,648)$(0.62)$(29,775)$(0.30)
(1)During the six months ended June 30, 2023 and 2022, the Company recorded $17.9 million and $1.9 million, respectively, of exchanges of fixed maturity securities (noncash transactions) that resulted in no realized gains (losses), net of tax in either period.
(2)Other realized gains (losses) are primarily a result of changes in the fair value of exchange traded funds.
During the six months ended June 30, 2023, it was announced Signature Bank New York and First Republic Bank had entered receivership. As a result, the Company established an allowance for credit losses for each of the holdings, and incurred $57 million in total after-tax credit losses during the period related primarily to the bank defaults. The Company did not incur any credit losses during the six months ended June 30, 2022.

Investment Acquisitions. Globe Life's investment policy calls for investing primarily in investment grade fixed maturities that meet our quality and yield objectives. We generally invest in securities with longer-term maturities because they more closely match the long-term nature of our 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.


74
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

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,
 20232022
Cost of acquisitions:
Investment-grade corporate securities$370,711 $329,059 
Investment-grade municipal securities299,280 416,737 
Other investment-grade securities— 5,000 
Total fixed maturity acquisitions(1)
$669,991 $750,796 
Effective annual yield (one year compounded)(2)
5.79 %4.67 %
Average life (in years, to next call)17.4 13.4 
Average life (in years, to maturity)24.6 26.3 
Average ratingA+A+
(1)Fixed maturity acquisitions included unsettled trades of $47 million in 2023 and $36 million in 2022.
(2)Tax-equivalent basis, where the yield on tax-exempt securities is adjusted to produce a yield equivalent to the pretax yield on taxable securities.

For investments in callable bonds, the actual life of the investment will depend on whether the issuer calls the investment prior to the maturity date. Given our investments in callable bonds, the actual average life of our investments cannot be known at the time of the investment. Absent sales and "make-whole calls", however, the average life will not be less than the average life to next call and will not exceed the average life to maturity. Data for both of these average life measures is provided in the above chart.

Acquisitions in both periods 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 2023, we invested primarily in the municipal, financial, and industrial sectors. For the entire portfolio, the taxable equivalent effective yield earned was 5.18%, up approximately 2 basis points from the yield in the first six months of 2022. Further, as previously noted in the discussion of net investment income, the increase in taxable equivalent effective yield was primarily due to new purchase yields exceeding the yield on dispositions and the average portfolio yield. For the remainder of 2023, the Company will continue to execute on its existing strategy by seeking to invest in assets that satisfy our quality and other objectives, while maximizing the highest risk-adjusted, capital-adjusted return.

75
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

Since fixed maturities represent such a significant portion of our investment portfolio, the remainder of the discussion of portfolio composition will focus on fixed maturities. See a breakdown of the Company's Other long-term investments in Note 4—Investments.

Selected information concerning the fixed maturity portfolio is as follows:

Fixed Maturity Portfolio Selected Information
At
June 30,
2023		December 31, 2022June 30,
2022
Average annual effective yield(1)
5.21%5.19%5.16%
Average life, in years, to:
Next call(2)
14.514.715.1
Maturity(2)
18.318.518.8
Effective duration to:
Next call(2,3)
8.88.89.2
Maturity(2,3)
10.410.410.8
(1)Tax-equivalent basis. The yield on tax-exempt securities is adjusted to produce a yield equivalent to the pre-tax 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 noncallable 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.

76
        GL Q2 2023 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, 2023 and December 31, 2022.

Fixed Maturities by Sector
June 30, 2023
(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$107,185 $— $(14,879)$92,306 $2,380,058 $40,459 $(203,924)$2,216,593 13 13 
Banks27,603 82 (186)27,499 1,307,587 13,545 (104,061)1,217,071 7 7 
Other financial74,965 — (24,574)50,391 1,191,595 5,315 (185,220)1,011,690 6 6 
Total financial209,753 82 (39,639)170,196 4,879,240 59,319 (493,205)4,445,354 26 26 
Industrial
Energy44,688 — (10,410)34,278 1,431,789 27,914 (93,599)1,366,104 8 8 
Basic materials— — — — 1,125,979 16,280 (88,289)1,053,970 6 6 
Consumer, non-cyclical— — — — 2,148,941 23,040 (197,998)1,973,983 11 12 
Other industrials25,407 — (82)25,325 1,155,297 22,542 (101,003)1,076,836 6 6 
Communications— — — — 867,819 9,835 (94,640)783,014 5 5 
Transportation8,403 — (371)8,032 532,274 12,489 (31,634)513,129 3 3 
Consumer. cyclical91,699 — (13,757)77,942 568,529 4,364 (69,905)502,988 3 3 
Technology32,543 871 — 33,414 284,486 1,146 (52,807)232,825 2 1 
Total industrial202,740 871 (24,620)178,991 8,115,114 117,610 (729,875)7,502,849 44 44 
Utilities34,704 527 (2,072)33,159 1,988,656 41,220 (114,276)1,915,600 11 11 
Total corporates
447,197 1,480 (66,331)382,346 14,983,010 218,149 (1,337,356)13,863,803 81 81 
States, municipalities, and political divisions:
General obligations— — — — 929,831 7,436 (151,145)786,122 5 5 
Revenues— — — — 2,141,786 29,165 (300,177)1,870,774 11 11 
Total states, municipalities, and political divisions— — — — 3,071,617 36,601 (451,322)2,656,896 16 16 
Other fixed maturities:
Government (U.S. and foreign)— — — — 435,917 37 (46,374)389,580 2 2 
Collateralized debt obligations37,080 5,225 — 42,305 37,080 5,225 — 42,305 — — 
Other asset-backed securities12,131 — (631)11,500 87,347 2 (6,483)80,866 1 1 
Total fixed maturities
$496,408 $6,705 $(66,962)$436,151 $18,614,971 $260,014 $(1,841,535)$17,033,450 100100



77
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

Fixed Maturities by Sector
December 31, 2022
(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$107,355 $22 $(13,966)$93,411 $2,375,633 $44,578 $(216,938)$2,203,273 13 13 
Banks26,944 84 (192)26,836 1,336,868 14,035 (100,038)1,250,865 7 8 
Other financial74,963 1 (22,026)52,938 1,195,293 4,513 (187,513)1,012,293 7 6 
Total financial209,262 107 (36,184)173,185 4,907,794 63,126 (504,489)4,466,431 27 27 
Industrial
Energy44,723 — (10,168)34,555 1,436,598 22,637 (101,923)1,357,312 8 8 
Basic materials— — — — 1,090,309 14,913 (95,958)1,009,264 6 6 
Consumer, non-cyclical— — — — 2,146,003 20,427 (232,196)1,934,234 12 12 
Other industrials25,461 — (522)24,939 1,212,674 19,107 (121,540)1,110,241 6 7 
Communications28,499 — (2,253)26,246 857,375 7,779 (110,132)755,022 5 5 
Transportation— — — — 520,029 11,684 (34,269)497,444 3 3 
Consumer. cyclical149,465 — (27,822)121,643 592,657 4,903 (85,005)512,555 3 3 
Technology— — — — 247,996 90 (59,672)188,414 1 1 
Total industrial248,148 — (40,765)207,383 8,103,641 101,540 (840,695)7,364,486 44 45 
Utilities35,496 433 (3,173)32,756 1,924,190 36,670 (125,713)1,835,147 11 11 
Total corporates492,906 540 (80,122)413,324 14,935,625 201,336 (1,470,897)13,666,064 82 83 
States, municipalities, and political divisions:
General obligations— — — — 915,725 5,041 (167,393)753,373 5 5 
Revenues— — — — 1,875,305 19,287 (338,054)1,556,538 10 9 
Total states, municipalities, and political divisions— — — — 2,791,030 24,328 (505,447)2,309,911 15 14 
Other fixed maturities:
Government (U.S., municipal, and foreign)— — — — 449,603 33 (51,674)397,962 2 2 
Collateralized debt obligations37,098 13,266 — 50,364 37,098 13,266 — 50,364 — — 
Other asset-backed securities12,493 — (1,618)10,875 88,336 4 (9,276)79,064 1 1 
Total fixed maturities$542,497 $13,806 $(81,740)$474,563 $18,301,692 $238,967 $(2,037,294)$16,503,365 100100



78
        GL Q2 2023 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, 2023, representing 81% of amortized cost, net, as well as 81% of fair value. The remainder of the portfolio is invested primarily in securities issued by the U.S. government and U.S. municipalities. The Company holds insignificant amounts in foreign government bonds, collateralized debt obligations, asset-backed securities, and mortgage-backed securities. Corporate securities are diversified over a variety of industry sectors and issuers. At June 30, 2023, the total fixed maturity portfolio consisted of 986 issuers.

Fixed maturities had a fair value of $17.0 billion at June 30, 2023, compared with $16.5 billion at December 31, 2022. The net unrealized loss position in the fixed-maturity portfolio decreased from $1.8 billion at December 31, 2022 to $1.6 billion at June 30, 2023 due to a decrease in market rates during the period.

For more information about our fixed maturity portfolio by component at June 30, 2023 and December 31, 2022, 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, 2023 and December 31, 2022, is shown in the following tables. The composite rating for each security, other than private-placement securities managed by third parties, is the average of the security’s available ratings as assigned by Moody’s Investor Service, Standard & Poor’s, Fitch Ratings, and Dominion Bond Rating Service, LTD. The ratings assigned by these four nationally recognized statistical rating organizations are evenly weighted when calculating the average. The composite quality rating is created utilizing a methodology developed by Globe Life using ratings from the various rating agencies noted above. The composite quality rating is not a Standard & Poor's credit rating. Standard & Poor's does not sponsor, endorse, or promote the composite quality rating and shall not be liable for any use of the composite quality rating. Included in the following chart are private placement fixed maturity holdings of $452 million at amortized cost, net of allowance for credit losses ($411 million at fair value) for which the ratings were assigned by the third-party managers.

Fixed Maturities by Rating
At June 30, 2023
(Dollar amounts in thousands)
Amortized Cost, net % of TotalFair
Value		% of TotalAverage Composite Quality Rating on Amortized Cost, net
Investment grade:
AAA$928,874 5 $843,781 5 
AA2,960,874 16 2,504,456 14 
A5,018,267 27 4,732,377 28 
BBB+3,779,627 20 3,545,355 21 
BBB4,189,260 22 3,831,277 22 
BBB-1,241,661 7 1,140,053 7 
Total investment grade
18,118,563 97 16,597,299 97 A-
Below investment grade:
BB423,849 3 360,162 2 
B30,671 — 28,876 — 
Below B41,888 — 47,113 1 
Total below investment grade
496,408 3 436,151 3 BB
$18,614,971 100 $17,033,450 100 
Weighted average composite quality rating
A-


79
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

Fixed Maturities by Rating
At December 31, 2022
(Dollar amounts in thousands)
Amortized
Cost, net		% of Total
Fair
Value
% of TotalAverage Composite Quality Rating on Amortized Cost
Investment grade:
AAA$828,315 5 $733,524 4 
AA2,779,587 15 2,260,257 14 
A4,752,633 26 4,438,913 27 
BBB+3,934,053 21 3,639,118 22 
BBB4,254,730 23 3,844,182 23 
BBB-1,209,877 7 1,112,808 7 
Total investment grade
17,759,195 97 16,028,802 97 A-
Below investment grade:
BB462,356 3 389,132 3 
B43,044 — 35,067 — 
Below B37,097 — 50,364 — 
Total below investment grade
542,497 3 474,563 3 BB-
$18,301,692 100 $16,503,365 100 
Weighted average composite quality rating
A-

The overall quality rating of the portfolio is A-, the same as of year-end 2022. Fixed maturities rated BBB are 49% of the total portfolio at June 30, 2023, down slightly from 51% as of year-end 2022. While this ratio is high relative to our peers, 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, 2023. Of our fixed maturity purchases, BBB securities generally provide the Company with the best risk-adjusted, capital-adjusted returns largely due to our ability to hold securities to maturity regardless of fluctuations in interest rates or equity markets.

An analysis of changes in our portfolio of below-investment grade fixed maturities at amortized cost, net of allowance for credit losses is as follows:

Below-Investment Grade Fixed Maturities
(Dollar amounts in thousands)
Six Months Ended
June 30,
20232022
Balance at beginning of period
$542,497 $701,546 
Downgrades by rating agencies107,061 50,178 
Upgrades by rating agencies(32,540)(95,220)
Dispositions(49,992)(75,297)
Provision for credit losses(72,508)(31)
Amortization and other1,890 3,350 
Balance at end of period
$496,408 $584,526 

Our investment policy calls for investing primarily in fixed maturities that are investment grade and meet our quality and yield objectives. Thus, any increases in below-investment grade issues are typically a result of ratings downgrades of existing holdings. Below-investment grade bonds at amortized cost, net of allowance for credit
80
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

losses, were 7% of our shareholders’ equity excluding accumulated other comprehensive income as of June 30, 2023. Globe Life invests long term and as such, one of our key criterion in our investment process is to select issuers that have the ability to weather multiple financial cycles.

OPERATING EXPENSES

Operating expenses are included in the "Corporate and Other" segment and 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
 20232022(Decrease)
Amount% of
Premium		Amount% of
Premium		Amount%
Insurance administrative expenses:
Salaries$58,961 2.7 $61,808 2.9 $(2,847)(5)
Other employee costs18,714 0.8 21,289 1.0 (2,575)(12)
Information technology costs32,245 1.5 26,907 1.2 5,338 20 
Legal costs6,716 0.3 7,035 0.3 (319)(5)
Other administrative costs32,730 1.5 29,226 1.4 3,504 12 
Total insurance administrative expenses149,366 6.8 146,265 6.8 3,101 2 
Parent company expense5,673 5,533 140 
Stock compensation expense15,165 17,483 (2,318)
Non-operating expenses— 4,729 (4,729)
$170,204 $174,010 $(3,806)(2)

Total operating expenses for June 30, 2023 decreased compared with the prior year. Insurance administrative expenses increased $3.1 million primarily due to higher information technology costs, information security costs, and other administrative costs offset by a decline in pension-related employee benefit costs. Insurance administrative expenses as a percent of premium were 6.8% for the six months ended June 30, 2023 and 2022.

81
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

SHARE REPURCHASES

Globe Life has an ongoing share repurchase program that began in 1986, and is reviewed with the Board of Directors by management quarterly and reaffirmed by the Board of Directors annually. With no specified authorization amount, management determines the amount of repurchases based on the amount of the excess cash flows after the payment of dividends to the Parent Company shareholders, general market conditions, and other alternative uses. Since implementing our share repurchase program in 1986, we have used $9.2 billion of excess cash flow at the Parent Company to repurchase Globe Life Inc. common shares after determining that the repurchases provide a greater risk-adjusted after-tax return than other investment alternatives.

Excess cash flow at the Parent Company is primarily comprised of dividends received from the insurance subsidiaries less interest expense paid on its debt and other limited operating activities. The majority of our share repurchases are made from excess cash flow after the payment of shareholder dividends. 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. On August 10, 2022, the Board of Directors reauthorized the Parent Company’s share repurchase program in amounts and with timing that management, in consultation with the Board, determines to be in the best interest of the Company and its shareholders.
The following chart summarizes share repurchases for the six month periods ended June 30, 2023 and 2022.

Analysis of Share Repurchases
(Amounts in thousands, except per share data) 
 Six Months Ended June 30,
 20232022
 SharesAmountAverage
Price		SharesAmountAverage
Price
Purchases with:
Excess cash flow at the Parent Company(1)
1,955 $218,807 $111.94 2,268 $222,785 $98.22 
Option exercise proceeds419 48,255 115.17 397 40,636 102.47 
Total2,374 $267,062 $112.51 2,665 $263,421 $98.85 
(1)Excludes excise tax on the repurchase of treasury stock of $2.0 million for the six months ended June 30, 2023.
Throughout the remainder of this discussion, share repurchases will only refer to those made from excess cash flow at the Parent Company.

FINANCIAL CONDITION
 
Liquidity. Liquidity provides Globe Life with the ability to meet on demand the cash commitments required to support our business operations and meet our financial obligations. Our liquidity is primarily derived from multiple sources: positive cash flow from operations, a portfolio of marketable securities, a revolving credit facility, commercial paper, and 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 the excess 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. Excess cash available from the insurance subsidiaries’ operations is generally distributed as a dividend to the Parent Company, subject to regulatory restrictions. The dividends are generally paid in amounts equal to the subsidiaries’ prior year statutory net income excluding realized capital gains. While the leading source of the excess cash is investment income, a significant portion of the excess cash also comes from underwriting income due to our high underwriting margins and effective expense control. While the insurance subsidiaries annually generate more operating cash inflows than cash outflows, the companies
82
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

also have the entire available-for-sale fixed maturity investment portfolio available to create additional cash flows if required.

Four of our insurance subsidiaries are members of the FHLB of Dallas. FHLB membership provides the insurance subsidiaries with access to various low-cost collateralized borrowings and funding agreements. While not the only source of liquidity, the FHLB could provide the insurance subsidiaries with an additional source of liquidity, if needed. Refer to Note 11—Debt for further details.

Parent Company Liquidity. An important source of Parent Company liquidity is the dividends from its insurance subsidiaries. These dividends are received throughout the year and are used by the Parent Company to pay dividends on common and preferred stock, interest and principal repayment requirements on Parent Company debt, and operating expenses of the Parent Company.
Six Months Ended
June 30,		Twelve Months Ended
December 31,
20232022Projected 20232022
Liquidity Sources:
Dividends from Subsidiaries$300,574 $233,936 
$460,000—470,000
$407,042 
Excess Cash Flows(1)
238,547 174,610 
340,000—350,000
278,434 
(1)Excess cash flows are reported net of shareholder dividends. For the six months ended June 30, 2023 and 2022, shareholder dividends were $42 million and $40 million, respectively. For the twelve months ended December 31, 2023, we project approximately $84 million in shareholder dividends, compared to the $81 million paid in 2022.

Dividends from subsidiaries and excess cash flows are projected to be higher in 2023 than in 2022 primarily due to lower life obligations and the growth in our underwriting margins, both of which resulted in higher statutory earnings generated by the affiliates. Additional sources of liquidity for the Parent Company are cash, intercompany receivables, intercompany borrowings, public debt markets, term loans, and a revolving credit facility. At June 30, 2023, the Parent Company had access to $74 million of invested cash, net intercompany receivables, and other liquid assets.

Short-Term Borrowings. An additional source of Parent Company liquidity is a credit facility with a group of lenders allowing for unsecured borrowings and stand-by letters of credit up to $750 million, which could be extended up to $1 billion. While the Parent Company may request the extension, it is not guaranteed. Up to $250 million in letters of credit can be issued against the facility. The facility serves as a back-up 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. On September 30, 2021, Globe Life amended the credit agreement dated August 24, 2020. The five-year credit agreement will now mature on September 30, 2026. As of June 30, 2023, 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 credits. These letters of credit are issued on behalf of our insurance subsidiaries.

The following tables present certain information about our commercial paper borrowings.
83
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis


Credit Facility—Commercial Paper
(Dollar amounts in thousands)
At
June 30,
2023		December 31, 2022June 30,
2022
Balance of commercial paper at end of period (par value)$260,000 $285,000 $180,000 
Annualized interest rate5.57 %4.78 %1.73 %
Letters of credit outstanding$115,000 $125,000 $125,000 
Remaining amount available under credit line375,000 340,000 445,000 

Credit Facility—Commercial Paper Activity
(Dollar amounts in thousands)
 Six Months Ended June 30,
 20232022
Average balance of commercial paper outstanding during period (par value)$313,259 $369,468 
Daily-weighted average interest rate (annualized)5.21 %0.69 %
Maximum daily amount outstanding during period (par value)$477,700 $500,529 

The Company reduced the commercial paper borrowings by $25 million since year-end. We had no difficulties in accessing the commercial paper market under this facility during the six months ended June 30, 2023 and 2022.

Globe Life expects to have readily available funds for 2023 and the foreseeable future to conduct its operations and to maintain target capital ratios in the insurance subsidiaries through liquid assets currently available, internally-generated cash flow and the credit facility. In the unlikely event that more liquidity is needed, the Parent Company could generate additional funds through multiple sources including, but not limited to, the issuance of debt, an additional short-term credit facility or term loan, and intercompany borrowing.

Consolidated Liquidity. Consolidated net cash inflows from operations were $804 million in the first six months of 2023, compared with $693 million in the same period of 2022. The increase is primarily attributable to fluctuations in the settlement of certain amounts included in other liabilities. In addition to cash inflows from operations, our insurance companies received proceeds from dispositions of fixed maturities available for sale and other long-term investments in the amount of $344 million during the first six months of 2023. As previously noted under the caption Credit Facility, the Parent Company has in place a revolving credit facility. The insurance companies have no additional outstanding credit facilities.

Cash and short-term investments were $146 million at June 30, 2023, compared with $207 million at December 31, 2022. In addition to these liquid assets, $17 billion of fixed income securities are available for sale in the event of an unexpected need. Approximately $525 million, at fair value, are pledged for outstanding FHLB advances and reinsurance. Further, approximately 97% of our fixed income securities are publicly traded, freely tradable under SEC Rule 144, or qualified for resale under SEC Rule 144A. While our fixed income securities are classified as available for sale, we have the ability and general intent to hold any securities to recovery or maturity. Our strong cash flows from operations, on-going investment maturities, and available liquidity under our credit facility make any need to sell securities for liquidity highly unlikely.

84
        GL Q2 2023 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

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.

Long-Term Borrowings. The outstanding long-term debt at book value was $1.8 billion at June 30, 2023 and $1.6 billion at December 31, 2022.

Selected Information about Debt Issues
As of June 30, 2023
(Dollar amounts in thousands)
InstrumentIssue DateMaturity DateCoupon Rate Interest Payment DatesPar
Value		Book
Value		Fair
Value
Senior notes09/27/201809/15/20284.550%semiannual$550,000 $545,942 $531,146 
Senior notes08/21/202008/15/20302.150%semiannual400,000 396,445 315,536 
Senior notes(1)
05/19/202206/15/20324.800%semiannual250,000 245,683 239,521 
Junior subordinated debentures11/17/201711/17/20575.275% semiannual 125,000 123,418 122,104 
Junior subordinated debentures06/14/202106/15/20614.250%quarterly325,000 317,268 255,580 
Term loan(2)
05/11/202311/11/20246.200%quarterly170,000 169,361 169,361 
Total long-term debt
1,820,000 1,798,117 1,633,248 
Commercial paper260,000 258,232 258,232 
Total short-term debt
260,000 258,232 258,232 
Total debt
$2,080,000 $2,056,349 $1,891,480 
(1)An additional $150 million par value and book value is held by insurance subsidiaries that eliminates in consolidation.
(2)Interest calculated quarterly using SOFR plus 135 basis points.

On May 11, 2023, Globe Life issued a $170 million term loan with an 18-month term and a variable interest rate. The proceeds from the term loan were used to retire the 7.875% Senior Notes which matured on May 15, 2023. Refer to Note 11—Debt for a complete analysis and description of long-term debt issues outstanding.

Financing costs for the corporate and other segment 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)
20232022Amount%
Interest on funded debt$38,822 $38,745 $77 — 
Interest on term loans1,564 — 1,564 — 
Interest on short-term debt10,286 3,027 7,259 240 
Other13 — 13 — 
Financing costs
$50,685 $41,772 $8,913 21 

During the first six months of 2023, financing costs increased 21% compared with the prior year. The increase in financing costs is primarily due to higher short-term interest rates. More information on our debt transactions is disclosed in the Financial Condition section of this report.

Subsidiary Capital: The National Association of Insurance Commissioners (NAIC) has established a risk-based factor approach for determining threshold risk-based capital levels for all insurance companies. This approach was
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        GL Q2 2023 FORM 10-Q
GLOBE LIFE INC.
Management's Discussion & Analysis

designed to assist the regulatory bodies in identifying companies that may require regulatory attention. A Risk-Based Capital (RBC) ratio is typically determined by dividing adjusted total statutory capital by the amount of risk-based capital determined using the NAIC’s factors. If a company’s RBC ratio approaches two times the RBC amount, the company must file a plan with the NAIC for improving its capital levels (this level is commonly referred to as “Company Action Level” RBC). Companies typically hold a multiple of the Company Action Level RBC depending on their particular business needs and risk profile.

Our goal is to maintain statutory capital within our insurance subsidiaries at levels necessary to support our current ratings. For 2023, Globe Life has targeted a consolidated Company Action Level RBC ratio of 300% to 320%. The Company has concluded that this capital level is more than adequate and sufficient to support its current ratings, given the nature of its business and its risk profile. For 2022, our consolidated Company Action Level RBC ratio was 321%. The Parent Company is committed to maintaining the targeted consolidated RBC ratio at its insurance subsidiaries and has sufficient liquidity available to provide additional capital if necessary.

Shareholders' Equity: In 2023, new guidance became effective that impacted the accounting for our long duration contracts with significant effects to shareholders' equity. Please see Note 2—New Accounting Standards for additional information.

Shareholders’ equity was $4.0 billion at June 30, 2023. This compares with $3.9 billion at December 31, 2022 and $3.2 billion at June 30, 2022, as adjusted. During the six months since December 31, 2022, shareholders’ equity increased as a result of net income of $439 million during the first six months of 2023, but was offset by share repurchases of $219 million and an additional $48 million in share repurchases to offset the dilution from stock option exercises. Additionally, AOCI declined $154 million primarily due to increased interest rates and discount rates over the period.

On June 21, 2023, the Parent Company announced that it had declared a quarterly dividend of $0.2250 per share. This dividend was paid on August 1, 2023.

We plan to use excess cash available at the Parent Company as efficiently as possible in the future. Possible uses of excess cash flow include, but are not limited to, share repurchases, acquisitions, shareholder dividend payments, investments in securities, or repayment of short-term debt. We will determine the best use of excess cash after ensuring that targeted capital levels are maintained in our insurance subsidiaries. If market conditions are favorable, we currently expect that share repurchases will continue to be a primary use of those funds..

As previously noted, the liability for future policy benefits under ASU 2018-12 is required to be computed using current discount rates with the impact of changes in discount rates included in accumulated other comprehensive income. Additionally, the guidance requires the liability for future policy benefits to be 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.

Globe Life is required under GAAP to revalue its available for sale fixed maturity portfolio to fair market value at the end of each accounting period. These changes, net of their associated impact on income tax, are reflected directly in 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 policy 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 effect of this accounting rule when analyzing our balance sheet, capital structure, and financial ratios.
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        GL Q2 2023 FORM 10-Q
GLOBE LIFE INC.
Management's Discussion & Analysis

CRITICAL ACCOUNTING POLICIES

The following critical accounting policies were updated since the 2022 Form 10-K due to the adoption of ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12). Additional information on our accounting policies is disclosed in Note 1—Significant Accounting Policies.

Future Policy Benefits. The liability for future policy benefits for traditional and limited-payment long duration life and health products comprises approximately 92% of the total liability for future policy benefits. The liability is determined each reporting period based on the net level premium method. This method requires the liability for future policy benefits to 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. Net level premiums reflect a recomputed net premium ratio using actual experience since the issue date or the Transition Date, and expected future experience. The liability is accrued as premium revenue is recognized and adjusted for differences between actual and expected experience. Long-duration insurance contracts issued by the Company are grouped into cohorts based on the contract issue year, distribution channel, legal entity, and product type.

The Company reviews, and updates as necessary, its cash flow assumptions (mortality, morbidity, lapses, and persistency) used to calculate the change in the liability for future policy benefits at least annually. These cash flow assumptions are reviewed at the same time every year, or more frequently, if suggested by experience. If cash flow assumptions are changed, the net premium ratio is recalculated from the original issue date, or the Transition Date, using actual experience and projected future cash flows. When the expected future net premiums exceed the expected future gross premiums, or the present value of future policyholder benefits exceeds the present value of expected future gross premiums, the liability for future policy benefits is adjusted with changes recognized in policyholder benefits on the Condensed Consolidated Statements of Operations. The cash flow assumptions do not include an adjustment for adverse deviation. Mortality tables used for individual life insurance include various industry tables and reflect modifications based on Company experience. Morbidity assumptions for individual health are based on Company experience and industry data. Lapse and persistency assumptions are based on Globe Life's experience.

The liability for future policy benefits is discounted using a current upper-medium grade fixed-income instrument yield that reflects the duration characteristics of the liability for future policy benefits. The discount rate assumption is updated each reporting period with the effect of the changes in the liability included in Other Comprehensive Income (OCI). The methodology for determining current discount rates consists of constructing a discount rate curve intended to be reflective of the currency and tenor of the insurance liability cash flows. The methodology is designed to prioritize observable inputs based on market data available in the local debt markets denominated in the same currency as the policies. For the discount rates applicable to tenors for which the single-A debt market is not liquid or there is little or no observable market data, the Company will use estimation techniques consistent with the fair value guidance in ASC 820. We further accrete interest as a component of policyholder benefits using the original discount rate that is locked-in during the year of contract issuance. The original discount rates (or the locked-in discount rates) are used for interest accretion purposes and for the determination of net premiums, whereas the current discount rates are used for purposes of valuing the liability.

The discount rate assumption is key in determining the change in the value of the liability for future benefits for long duration life and health contracts. Since the liability for future policy benefits for traditional and limited-payment long duration life and health products comprises approximately 92% of the total liability for future policy benefits, it is subject to interest rate risk. A decrease in discount rates will cause an increase in the obligation, and changes in assumptions may cause significant differences in results.


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        GL Q2 2023 FORM 10-Q
GLOBE LIFE INC.
Management's Discussion & Analysis

The following table illustrates the interest rate risk sensitivity of our liability for future policy benefits as of June 30, 2023 and 2022. This table measures the effect of a parallel shift in discount rates on the liability. The data measures the change in reported value arising from an immediate change in rates in increments of 50 and 100 basis points, which would be recorded as a component of OCI.

Value of Liability for Future Policy Benefits
(Dollar amounts in thousands)
At June 30,
Change in Discount Rates(1)
20232022
(200)$27,459,123 $28,090,094 
(100)22,423,926 22,900,254 
(50)20,447,467 20,860,951 
018,746,514 19,105,334 
5017,273,450 17,584,780 
10015,990,171 16,260,277 
20013,875,946 14,079,260 
(1) In basis points.

Deferred Acquisition Costs. Certain costs of acquiring new insurance business are deferred and recorded as an asset. These costs are capitalized on a grouped contract basis and amortized over the expected term of the related contracts, and are essential for the acquisition of new insurance business. Deferred acquisition costs (DAC) are directly related to the successful issuance of an insurance contract, and primarily include sales commissions, policy issue costs, Direct to Consumer advertising costs, and underwriting costs. Additionally, DAC includes the value of business acquired (VOBA), which are the costs of acquiring blocks of insurance from other companies or through the acquisition of other companies. These costs represent the difference between the fair value of the contractual insurance assets acquired and liabilities assumed, compared against the assets and liabilities for insurance contracts that the Company issues or holds measured in accordance with GAAP.

DAC is amortized on a constant-level basis over the expected term of the grouped contracts, with the related expense included in amortization of deferred acquisition costs on the Condensed Consolidated Statements of Operations. The in-force metric used to compute the DAC amortization rate is annualized premium in force. The assumptions used to amortize acquisition costs include mortality, morbidity, and persistency. These assumptions will be reviewed at least annually and revised in conjunction with any change in the future policy benefit assumptions. The effect of changes in the assumptions will be recognized over the remaining expected contract term as a revision of future amortization amounts.

VOBA is amortized on a basis that is consistent with DAC, as described above, and is subject to periodic recoverability and loss recognition testing to determine if there is a premium deficiency. These tests evaluate whether the present value of future contract-related cash flows will support the capitalized VOBA asset. These cash flows consist primarily of premium income, less benefits and expenses. The present value of these cash flows, less the reserve liability, is then compared with the unamortized balance. In the event the estimated present value of net cash flows is less, the deficiency would be recognized by a charge to earnings and either a reduction of unamortized acquisition costs or an increase in the liability for future benefits.
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        GL Q2 2023 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, 2023.

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, 2023, 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, 2023 there have not been any changes to Globe Life Inc.'s internal control over financial reporting, or in other factors that could significantly affect the internal control over financial reporting subsequent to the date of their evaluation, which have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.
 
Part II—Other Information

Item 1. Legal Proceedings

Discussion regarding litigation and unclaimed property audits is provided in Note 5—Commitments and Contingencies.

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        GL Q2 2023 FORM 10-Q
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 2023
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, 2023209,309 $108.40 209,309 
May 1-31, 2023445,587 106.92 445,587 
June 1-30, 2023174,710 106.78 174,710 

On August 10, 2022, the Globe Life Board of Directors reaffirmed its continued authorization of the Company's stock repurchase program in amounts and with timing that management, in consultation with the Board, determined to be in the best interest of the Company. The program has no defined expiration date or maximum shares to be repurchased.

Item 5. Other Information

(c) Trading arrangements

None
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        GL Q2 2023 FORM 10-Q
Table of Contents
Item 6. Exhibits
 
Exhibit No.Description
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 2023 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 8, 2023/s/ J. Matthew Darden
J. Matthew Darden
Co-Chairman and Chief Executive Officer
Date: August 8, 2023/s/ Frank M. Svoboda
Frank M. Svoboda
Co-Chairman and Chief Executive Officer
Date: August 8, 2023/s/ Thomas P. Kalmbach
Thomas P. Kalmbach
Executive Vice President and Chief Financial Officer

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        GL Q2 2023 FORM 10-Q

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