Companies: 10,660     total market cap: $140.341 T
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Globe Life
GL
#1780
Rank
$11.86 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$146.51
Share price
-0.30%
Change (1 day)
22.64%
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 Q3

Globe Life - 10-Q quarterly report FY2023 Q3


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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 September 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 October 31, 2023
Common Stock, $1.00 Par Value 94,118,740
GL Q3 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
6
7
Note 1—Significant Accounting Policies
7
Note 2—New Accounting Standards
9
Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive Income
13
Note 4—Investments
15
Note 5—Commitments and Contingencies
26
Note 6—Policy Liabilities
27
Note 7—Deferred Acquisition Costs
44
Note 8—Liability for Unpaid Claims
47
Note 9—Postretirement Benefits
48
Note 10—Earnings Per Share
50
Note 11—Debt
51
Note 12—Business Segments
52
Note 13—Subsequent Events
58
59
Item 2.
60
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 Q3 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)
September 30,
2023		December 31, 2022
Assets:
Investments:
Fixed maturities—available for sale, at fair value (amortized cost: 2023—$18,914,693;
2022—$18,301,692, allowance for credit losses: 2023— $7,500; 2022— $0)
$16,260,034 $16,503,365 
Policy loans644,553 614,866 
Other long-term investments (includes: 2023—$782,210; 2022—$768,689 under the fair value option)
1,050,106 976,016 
Short-term investments83,934 114,121 
Total investments18,038,627 18,208,368 
Cash85,546 92,559 
Accrued investment income284,642 259,581 
Other receivables616,881 589,079 
Deferred acquisition costs5,889,293 5,535,697 
Goodwill481,791 481,791 
Other assets769,247 760,066 
Total assets$26,166,027 $25,927,141 
Liabilities:
Future policy benefits at current discount rates: (at original rates: 2023—$16,757,558; 2022—$16,306,870)
$17,218,098 $18,040,042 
Unearned and advance premium260,843 253,140 
Policy claims and other benefits payable503,072 507,219 
Other policyholders' funds218,210 123,236 
Total policy liabilities18,200,223 18,923,637 
Current and deferred income taxes554,853 434,649 
Short-term debt447,537 449,103 
Long-term debt (estimated fair value: 2023—$1,586,674; 2022—$1,440,277)
1,798,583 1,627,952 
Other liabilities541,700 542,223 
Total liabilities21,542,896 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-capital543,693 529,661 
Accumulated other comprehensive income (loss)(2,458,974)(2,790,313)
Retained earnings7,519,893 6,894,535 
Treasury stock, at cost: (2023—10,952,084 shares; 2022—8,478,288 shares)
(1,086,699)(789,524)
Total shareholders' equity4,623,131 3,949,577 
Total liabilities and shareholders' equity$26,166,027 $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 Q3 2023 FORM 10-Q
Globe Life Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(Dollar amounts in thousands, except per share data)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Revenue:
Life premium$788,099 $758,875 $2,342,429 $2,264,895 
Health premium331,236 320,406 982,916 956,397 
Other premium— 1 — 1 
Total premium1,119,335 1,079,282 3,325,345 3,221,293 
Net investment income266,926 246,711 785,275 736,317 
Realized gains (losses)(2,193)(29,155)(78,963)(66,845)
Other income50 399 185 862 
Total revenue1,384,118 1,297,237 4,031,842 3,891,627 
Benefits and expenses:
Life policyholder benefits(1)
515,676 545,933 1,536,317 1,533,726 
Health policyholder benefits(2)
193,790 182,409 580,676 561,502 
Other policyholder benefits9,578 9,234 27,488 27,928 
Total policyholder benefits719,044 737,576 2,144,481 2,123,156 
Amortization of deferred acquisition costs95,757 88,012 282,159 258,693 
Commissions, premium taxes, and non-deferred acquisition costs138,677 124,768 414,933 376,490 
Other operating expense85,870 88,140 256,074 262,150 
Interest expense25,955 23,965 76,640 65,737 
Total benefits and expenses1,065,303 1,062,461 3,174,287 3,086,226 
Income before income taxes318,815 234,776 857,555 805,401 
Income tax benefit (expense)(61,732)(44,190)(161,602)(153,358)
Net income
$257,083 $190,586 $695,953 $652,043 
Basic net income per common share
$2.72 $1.96 $7.29 $6.64 
Diluted net income per common share
$2.68 $1.94 $7.20 $6.58 
(1)Net of the total remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments, resulting in a $11.3 million gain and a $45.2 million loss for the three months ended September 30, 2023 and 2022, respectively. Net of the total remeasurement gain of $16.5 million for the nine months ended September 30, 2023 and the total remeasurement loss of $49.3 million for the same period in 2022.
(2)Net of the total remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments, resulting in a $7.8 million gain and $9.7 million gain for the three months ended September 30, 2023 and 2022, respectively. Net of the total remeasurement gain of $8.3 million and $13.8 million for the nine months ended September 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 Q3 2023 FORM 10-Q
Globe Life Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
(Dollar amounts in thousands)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Net income
$257,083 $190,586 $695,953 $652,043 
Other comprehensive income (loss):
Investments:
Unrealized gains (losses) on fixed maturities:
Unrealized holding gains (losses) arising during period(1,068,091)(1,368,910)(932,301)(5,704,042)
Other reclassification adjustments included in net income851 12,142 82,866 30,371 
Foreign exchange adjustment on fixed maturities recorded at fair value1,603 2,856 603 4,975 
Total unrealized investment gains (losses)(1,065,637)(1,353,912)(848,832)(5,668,696)
Less applicable tax (expense) benefit223,782 284,319 178,250 1,190,428 
Unrealized gains (losses) on investments, net of tax(841,855)(1,069,593)(670,582)(4,478,268)
Future Policy Benefits:
Change in discount rate on future policy benefits1,687,310 1,711,223 1,272,631 7,308,021 
Less applicable tax (expense) benefit(354,334)(359,354)(267,252)(1,534,684)
Future policy benefit adjustments, net of tax1,332,976 1,351,869 1,005,379 5,773,337 
Foreign exchange translation:
Foreign exchange translation adjustments, other than securities(7,881)(22,375)(4,039)(36,556)
Less applicable tax (expense) benefit1,655 4,697 847 7,675 
Foreign exchange translation adjustments, other than securities, net of tax(6,226)(17,678)(3,192)(28,881)
Pension:
Pension adjustments35 3,438 (336)10,316 
Less applicable tax (expense) benefit(7)(721)70 (2,166)
Pension adjustments, net of tax28 2,717 (266)8,150 
Other comprehensive income (loss)484,923 267,315 331,339 1,274,338 
Comprehensive income (loss)
$742,006 $457,901 $1,027,292 $1,926,381 










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 Q3 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 
Comprehensive income (loss)— — — 484,923 257,083 — 742,006 
Common dividends declared
($0.2250 per share)
— — — — (21,181)— (21,181)
Acquisition of treasury stock— — — — — (96,898)(96,898)
Stock-based compensation— — 7,567 — — — 7,567 
Exercise of stock options— — — — (1,818)13,149 11,331 
Balance at September 30, 2023$— $105,218 $543,693 $(2,458,974)$7,519,893 $(1,086,699)$4,623,131 





















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 Q3 2023 FORM 10-Q

Globe Life Inc.
Condensed Consolidated Statements of Shareholders' Equity (Continued)
(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, 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 
Comprehensive income (loss)— — — 267,315 190,586 — 457,901 
Common dividends declared
($0.2075 per share)
— — — — (20,126)— (20,126)
Acquisition of treasury stock— — — — — (72,031)(72,031)
Stock-based compensation— — 9,120 — — — 9,120 
Exercise of stock options— — — — (3,240)18,042 14,802 
Balance at September 30, 2022
$— $109,218 $540,636 $(2,960,710)$7,030,901 $(1,110,076)$3,609,969 





















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 Q3 2023 FORM 10-Q
Globe Life Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(Dollar amounts in thousands)
Nine Months Ended
September 30,
20232022
Cash provided from (used for) operating activities
$1,091,028 $1,050,387 
Cash provided from (used for) investing activities:
Investments sold or matured:
Fixed maturities available for sale—sold192,007 346,722 
Fixed maturities available for sale—matured or other redemptions212,936 387,787 
Other long-term investments133,163 55,877 
Total investments sold or matured538,106 790,386 
Acquisition of investments:
Fixed maturities—available for sale(1,076,699)(1,178,751)
Other long-term investments(199,093)(186,275)
Total investments acquired(1,275,792)(1,365,026)
Net (increase) decrease in policy loans(29,687)(15,792)
Net (increase) decrease in short-term investments30,187 (16,628)
Additions to property and equipment(36,449)(19,766)
Investments in low-income housing interests(54,337)(64,023)
Cash provided from (used for) investing activities
(827,972)(690,849)
Cash provided from (used for) financing activities:
Issuance of common stock61,079 49,536 
Cash dividends paid to shareholders(62,945)(60,441)
Repayment of debt(165,612)(150,000)
Proceeds from issuance of debt170,000 250,492 
Payment for debt issuance costs(757)(5,272)
Net borrowing from FHLB 198,000 — 
Net borrowing (repayment) of commercial paper(34,066)(60,582)
Acquisition of treasury stock(365,929)(335,452)
Net receipts (payments) from deposit-type products(69,526)(66,078)
Cash provided from (used for) financing activities
(269,756)(377,797)
Effect of foreign exchange rate changes on cash(313)11,682 
Net increase (decrease) in cash(7,013)(6,577)
Cash at beginning of year92,559 92,163 
Cash at end of period $85,546 $85,586 









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.
6
        GL Q3 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 September 30, 2023, and the condensed consolidated results of operations, comprehensive income, and cash flows for the periods ended September 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 91% 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.
7
        GL Q3 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, and lapses. 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, and lapses) 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 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 lapses. 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.
8
        GL Q3 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.
9
        GL Q3 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.


10
        GL Q3 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.


11
        GL Q3 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
September 30, 2022		Nine Months Ended
September 30, 2022
As Previously ReportedAdoption ImpactAs AdjustedAs Previously ReportedAdoption ImpactAs Adjusted
Revenue:
Life premium$755,115 $3,760 $758,875 $2,269,641 $(4,746)$2,264,895 
Health premium319,289 1,117 320,406 955,478 919 956,397 
Net investment income245,625 1,086 246,711 733,101 3,216 736,317 
Benefits and expenses:
Life policyholder benefits494,627 51,306 545,933 1,555,004 (21,278)1,533,726 
Health policyholder benefits198,415 (16,006)182,409 592,488 (30,986)561,502 
Other policyholder benefits6,986 2,248 9,234 21,110 6,818 27,928 
Amortization of deferred acquisition costs156,129 (68,117)88,012 469,718 (211,025)258,693 
Commissions, premium taxes, and non-deferred acquisition costs93,028 31,740 124,768 277,436 99,054 376,490 
Income before income taxes229,983 4,793 234,776 648,594 156,807 805,401 
Income tax benefit (expense)(43,204)(986)(44,190)(120,450)(32,908)(153,358)
Net income
$186,779 $3,807 $190,586 $528,144 $123,899 $652,043 
Basic net income per common share
$1.92 $0.04 $1.96 $5.38 $1.26 $6.64 
Diluted net income per common share
$1.90 $0.04 $1.94 $5.33 $1.25 $6.58 

See Note 1—Significant Accounting Policies, Note 6—Policy Liabilities, and Note 7—DAC for additional information on the adoption.
12
        GL Q3 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 nine month periods ended September 30, 2023 and 2022:
 Three Months Ended September 30, 2023
 Available
for Sale
Assets		Future Policy BenefitsForeign
Exchange		Pension
Adjustments		Total
Balance at July 1, 2023
$(1,249,399)$(1,696,801)$1,353 $950 $(2,943,897)
Other comprehensive income (loss) before reclassifications, net of tax(842,527)1,332,976 (6,226)— 484,223 
Reclassifications, net of tax672 — — 28 700 
Other comprehensive income (loss)(841,855)1,332,976 (6,226)28 484,923 
Balance at September 30, 2023
$(2,091,254)$(363,825)$(4,873)$978 $(2,458,974)

 Three Months Ended September 30, 2022
 Available
for Sale
Assets		Future Policy BenefitsForeign
Exchange		Pension
Adjustments		Total
Balance at July 1, 2022
$(643,385)$(2,494,442)$8,045 $(98,243)$(3,228,025)
Other comprehensive income (loss) before reclassifications, net of tax(1,079,185)1,351,869 (17,678)— 255,006 
Reclassifications, net of tax9,592 — — 2,717 12,309 
Other comprehensive income (loss)(1,069,593)1,351,869 (17,678)2,717 267,315 
Balance at September 30, 2022
$(1,712,978)$(1,142,573)$(9,633)$(95,526)$(2,960,710)

 Nine Months Ended September 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 tax(736,046)1,005,379 (3,192)— 266,141 
Reclassifications, net of tax65,464 — — (266)65,198 
Other comprehensive income (loss)(670,582)1,005,379 (3,192)(266)331,339 
Balance at September 30, 2023
$(2,091,254)$(363,825)$(4,873)$978 $(2,458,974)

 Nine Months Ended September 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(4,502,261)5,773,337 (28,881)— 1,242,195 
Reclassifications, net of tax23,993 — — 8,150 32,143 
Other comprehensive income (loss)(4,478,268)5,773,337 (28,881)8,150 1,274,338 
Balance at September 30, 2022
$(1,712,978)$(1,142,573)$(9,633)$(95,526)$(2,960,710)

13
        GL Q3 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 nine month periods ended September 30, 2023 and 2022.
  Three Months Ended
September 30,		Nine Months Ended September 30,Affected line items in the Statements of Operations
Component Line Item2023202220232022
Unrealized investment (gains) losses on available for sale assets:
Realized (gains) losses$1,759 $12,256 $85,230 $29,741 Realized (gains) losses
Amortization of (discount) premium(908)(114)(2,364)630 Net investment income
Total before tax851 12,142 82,866 30,371 
Tax(179)(2,550)(17,402)(6,378)Income taxes
Total after-tax672 9,592 65,464 23,993 
Pension adjustments:
Amortization of prior service cost269 158 807 474 Other operating expense
Amortization of actuarial (gain) loss(234)3,280 (1,143)9,842 Other operating expense
Total before tax35 3,438 (336)10,316 
Tax(7)(721)70 (2,166)Income taxes
Total after-tax28 2,717 (266)8,150 
Total reclassification (after-tax)
$700 $12,309 $65,198 $32,143 
14
        GL Q3 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 September 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 September 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$395,382 $— $— $(55,738)$339,644 2 
States, municipalities, and political subdivisions3,319,521 — 14,159 (696,791)2,636,889 16 
Foreign governments42,085 — — (12,497)29,588 — 
Corporates, by sector:
Financial4,938,112 — 22,380 (672,806)4,287,686 27 
Utilities1,998,424 — 13,550 (190,901)1,821,073 11 
Energy1,426,415 — 13,284 (136,363)1,303,336 8 
Other corporate sectors6,671,115 (7,500)32,193 (976,041)5,719,767 35 
Total corporates15,034,066 (7,500)81,407 (1,976,111)13,131,862 81 
Collateralized debt obligations36,843 — 4,842 — 41,685 — 
Other asset-backed securities86,796 — 2 (6,432)80,366 1 
Total fixed maturities
$18,914,693 $(7,500)$100,410 $(2,747,569)$16,260,034 100 
(1)Amount reported in the balance sheet.
(2)At fair value.


15
        GL Q3 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 carrying an average rating of A- . 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 September 30, 2023 and December 31, 2022, respectively. Additionally, the Company has exposure to real estate investment trusts with an average rating of BBB+, which had a fair value of $382 million (2% of the total fixed maturity portfolio) and $428 million (3% of the total fixed maturity portfolio) at September 30, 2023 and December 31, 2022, respectively.

A schedule of fixed maturities available for sale by contractual maturity date at September 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 September 30, 2023
Amortized
Cost, net		Fair
Value
Fixed maturities available for sale:
Due in one year or less$155,607 $154,933 
Due after one year through five years1,149,496 1,142,206 
Due after five years through ten years1,818,217 1,732,283 
Due after ten years through twenty years8,160,666 7,271,668 
Due after twenty years7,499,521 5,836,847 
Mortgage-backed and asset-backed securities123,686 122,097 
$18,907,193 $16,260,034 

16
        GL Q3 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 nine month periods ended September 30, 2023 and 2022 is summarized as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
20232022% Change20232022% Change
Fixed maturities available for sale$237,609 $227,673 4 $704,095 $679,710 4 
Policy loans12,446 11,716 6 36,435 34,724 5 
Other long-term investments(1)
19,993 10,933 83 52,672 34,349 53 
Short-term investments1,396 969 4,811 1,093 
271,444 251,291 8 798,013 749,876 6 
Less investment expense(4,518)(4,580)(1)(12,738)(13,559)(6)
Net investment income
$266,926 $246,711 8 $785,275 $736,317 7 
(1)For the three months ended September 30, 2023 and 2022, the investment funds, accounted for under the fair value option method, recorded $14.0 million and $8.4 million, respectively, in net investment income. For the nine months ended September 30, 2023 and 2022, the investment funds, accounted for under the fair value option method, recorded $37.2 million and $27.7 million, respectively, in net investment income. Refer to Other Long-Term Investments below for further discussion on the investment funds.


Selected information about sales of fixed maturities available for sale is as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Fixed maturities available for sale:
Proceeds from sales(1)
$46,210 $127,695 $192,034 $346,722 
Gross realized gains261 165 308 938 
Gross realized losses(67,018)(11,537)(77,879)(56,384)
(1)As of September 30, 2023 and 2022, the Company had $27 thousand and $0 of unsettled trades, respectively.


An analysis of "Realized gains (losses)" is as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Realized investment gains (losses):
Fixed maturities available for sale:
Sales and other(1)
$(66,767)$(12,256)$(77,730)$(30,128)
Provision for credit losses65,008 — (7,500)387 
Fair value option—change in fair value868 (11,551)7,954 (15,942)
Other investments(1,302)(5,348)(1,687)(21,162)
Realized gains (losses) from investments
(2,193)(29,155)(78,963)(66,845)
Applicable tax461 6,122 16,583 14,037 
Realized gains (losses), net of tax
$(1,732)$(23,033)$(62,380)$(52,808)
(1)During the three months ended September 30, 2023 and 2022, the Company recorded $21.1 million and $22.1 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in no realized gains (losses) in either period. During the nine months ended September 30, 2023 and 2022, the Company recorded $39.0 million and $24.0 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in no realized gains (losses) in either period. During the three months ended September 30, 2023, the Company sold $66 million in securities for which there was a provision for credit losses relating to holdings in Signature Bank New York and First Republic Bank, which entered receivership during the first half of the year.
17
        GL Q3 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 September 30, 2023 and December 31, 2022:
Fair Value Measurement at September 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 $— $339,644 $— $339,644 
States, municipalities, and political subdivisions — 2,636,889 — 2,636,889 
Foreign governments — 29,588 — 29,588 
Corporates, by sector:
Financial — 4,164,257 123,429 4,287,686 
Utilities — 1,715,887 105,186 1,821,073 
Energy — 1,293,028 10,308 1,303,336 
Other corporate sectors — 5,523,239 196,528 5,719,767 
Total corporates — 12,696,411 435,451 13,131,862 
Collateralized debt obligations — — 41,685 41,685 
Other asset-backed securities — 80,366 — 80,366 
Total fixed maturities
$— $15,782,898 $477,136 $16,260,034 
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 %

18
        GL Q3 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— (8,424)(15,968)(24,392)
Acquisitions— — — — 
Sales— — — — 
Amortization— 3,429 5 3,434 
Other(1)
— (3,684)(26,669)(30,353)
Transfers into Level 3(2)
— — — — 
Transfers out of Level 3(2)
— — — — 
Balance at September 30, 2023
$— $41,685 $435,451 $477,136 
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— (13,163)(114,525)(127,688)
Acquisitions— — — — 
Sales— — — — 
Amortization— 3,382 6 3,388 
Other(1)
— (3,129)(42,604)(45,733)
Transfers into Level 3(2)
— — — — 
Transfers out of Level 3(2)
— — — — 
Balance at September 30, 2022
$— $50,595 $484,565 $535,160 
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.

19
        GL Q3 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 September 30, 2023
$— $(8,424)$(15,968)$(24,392)
At September 30, 2022
— (13,163)(114,525)(127,688)
 
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 September 30, 2023713 1,640 2,353 
As of December 31, 20221,819 157 1,976 
 
Globe Life's entire fixed maturity portfolio consisted of 2,446 issues by 990 different issuers at September 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 September 30, 2023 and December 31, 2022.


20
        GL Q3 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 September 30, 2023 and December 31, 2022.

Analysis of Gross Unrealized Investment Losses
At September 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$1,920 $(192)$337,694 $(55,546)$339,614 $(55,738)
States, municipalities, and political subdivisions941,815 (77,118)1,408,695 (619,673)2,350,510 (696,791)
Foreign governments1,464 (24)28,124 (12,473)29,588 (12,497)
Corporates, by sector:
Financial1,399,885 (90,121)2,066,825 (533,152)3,466,710 (623,273)
Utilities693,321 (36,324)649,894 (152,242)1,343,215 (188,566)
Energy370,280 (16,721)522,381 (108,746)892,661 (125,467)
Other corporate sectors1,005,726 (67,518)3,507,313 (890,230)4,513,039 (957,748)
Total corporates3,469,212 (210,684)6,746,413 (1,684,370)10,215,625 (1,895,054)
Collateralized debt obligations— — — — — — 
Other asset-backed securities— — 69,047 (5,849)69,047 (5,849)
Total investment grade securities4,414,411 (288,018)8,589,973 (2,377,911)13,004,384 (2,665,929)
Below investment grade securities:
States, municipalities, and political subdivisions— — — — — — 
Corporates, by sector:
Financial25,065 (3,110)144,381 (46,423)169,446 (49,533)
Utilities— — 27,772 (2,335)27,772 (2,335)
Energy— — 33,774 (10,896)33,774 (10,896)
Other corporate sectors45,943 (1,920)56,687 (16,373)102,630 (18,293)
Total corporates71,008 (5,030)262,614 (76,027)333,622 (81,057)
Collateralized debt obligations— — — — — — 
Other asset-backed securities— — 11,262 (583)11,262 (583)
Total below investment grade securities71,008 (5,030)273,876 (76,610)344,884 (81,640)
Total fixed maturities
$4,485,419 $(293,048)$8,863,849 $(2,454,521)$13,349,268 $(2,747,569)
 

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.

21
        GL Q3 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)

22
        GL Q3 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
September 30,		Nine Months Ended
September 30,
2023202220232022
Allowance for credit losses beginning balance
$72,508 $— $— $387 
Additions to allowance for which credit losses were not previously recorded— — 72,508 — 
Additions (reductions) to allowance for fixed maturities that previously had an allowance(65,008)— (65,008)— 
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
$7,500 $— $7,500 $— 

As of September 30, 2023 and December 31, 2022, the Company did not have any fixed maturities in non-accrual status. During the three months ended September 30, 2023, the Company sold $66 million in securities for which there was a provision for credit losses relating to holdings in Signature Bank New York and First Republic Bank, which entered receivership during the first half of the year.

Other Long-Term Investments: Other long-term investments consist of the following assets:
September 30,
2023		December 31, 2022
Investment funds$782,210 $768,689 
Commercial mortgage loan participations228,802 181,305 
Other39,094 26,022 
Total
$1,050,106 $976,016 

The following table presents additional information about the Company's investment funds as of September 30, 2023 and December 31, 2022 at fair value:
Fair ValueUnfunded Commitments
Investment CategorySeptember 30,
2023		December 31, 2022September 30,
2023		Redemption Term/Notice
Commercial mortgage loans$419,120 $431,405 $575,445 Fully redeemable and non-redeemable with varying terms.
Opportunistic and private credit
162,202 158,524 135,000 Fully redeemable and non-redeemable with varying terms.
Infrastructure166,603 159,534 16,279 Fully redeemable and non-redeemable with varying terms.
Other34,285 19,226 60,000 Non-redeemable with varying terms
Total investment funds $782,210 $768,689 $786,724 

The Company had $103 million of capital called during the year from existing investment funds.

23
        GL Q3 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 September 30, 2023 and December 31, 2022 are as follows:
September 30, 2023December 31, 2022
Carrying Value% of TotalCarrying Value% of Total
Property type:
Multi-family$99,265 43 $42,232 23 
Mixed use39,012 17 62,375 34 
Industrial37,778 17 27,248 15 
Hospitality25,159 11 27,796 15 
Retail23,842 10 15,342 9 
Office6,734 3 8,101 5 
Total recorded investment231,790 101 183,094 101 
Less allowance for credit losses(2,988)(1)(1,789)(1)
Carrying value, net of allowance for credit losses
$228,802 100 $181,305 100 

September 30, 2023December 31, 2022
Carrying Value% of TotalCarrying Value% of Total
Geographic location:
California$51,371 22 $64,477 36 
Texas45,775 20 22,905 13 
Florida33,367 15 33,182 18 
New Jersey25,090 11 — — 
New York20,278 9 19,167 11 
Washington14,962 6 14,925 8 
Other40,947 18 28,438 15 
Total recorded investment231,790 101 183,094 101 
Less allowance for credit losses(2,988)(1)(1,789)(1)
Carrying value, net of allowance for credit losses
$228,802 100 $181,305 100 
24
        GL Q3 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.
September 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%$26,987 $151,455 $36,769 $215,211 93 
70% to 80%— — — — — 
81% to 90%8,391 — 1,153 9,544 4 
Greater than 90%7,035 — — 7,035 3 
Total$42,413 $151,455 $37,922 231,790 100 
Less allowance for credit losses(2,988)
Total, net of allowance for credit losses
$228,802 
(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 September 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 nine months ended September 30, 2023, the allowance for credit losses increased $1.2 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
September 30,		Nine Months Ended
September 30,
2023202220232022
Allowance for credit losses beginning balance
$2,928 $1,109 $1,789 $827 
Provision (reversal) for credit losses60 1,051 1,199 1,333 
Allowance for credit losses ending balance
$2,988 $2,160 $2,988 $2,160 
25
        GL Q3 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 September 30, 2023 and December 31, 2022. As of September 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 September 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 September 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; alleged employment discrimination; alleged worker misclassification; and miscellaneous other causes of action. Based upon information presently available, and in light of legal and other factual defenses available to the 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.

On September 30, 2022, putative class action litigation was filed against American Income Life Insurance Company (“American Income”), Giglione-Ackerman Agency, LLC, Eric Giglione and David Ackerman (collectively, “Defendants”) in New Jersey Superior Court (Atiya Bell, et al. v. American Income Life Insurance Company, et al., Case No. MID-L-004928-22). American Income subsequently removed the case to United States District Court for the District of New Jersey (Case No. 2:22-cv-06913-CCC-MAH). Plaintiffs Atiya Bell and Abel Flores (“Plaintiffs”) are former New Jersey independent sales agents who allege they should have been classified as employees, and assert claims under New Jersey state law on behalf of (i) a putative class of registered agents in New Jersey who have worked remotely for at least one week since March 9, 2020, and (ii) a putative class of registered agents in New Jersey who trained for at least one week to become sales agents for American Income in New Jersey during the six years prior to September 30, 2022. Plaintiffs make claims under the New Jersey Wage and Hour Law and the New Jersey Wage Payment Law for the alleged failure to pay minimum wages and overtime pay, including for time spent in training, liquidated damages and attorney’s fees and costs. On December 21, 2022, American Income filed a motion to compel arbitration of the claims pursuant to the provisions of the agent agreements. The Court denied American Income’s motion without prejudice “pending further factual development of the record.” The Court ordered the parties “to conduct limited discovery on the issue of arbitrability,” after which American Income intends to renew its motion to compel arbitration.

26
        GL Q3 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 nine month periods ended September 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 on future cash flows
34,266 79,571 17,719 35,214 166,770 
Effect of actual variances from expected experience(76,338)(180,498)(15,119)(7,237)(279,192)
Adjusted balance at January 1, 2022
3,864,026 5,432,814 1,042,842 444,118 10,783,800 
Issuances(1)
596,320 499,777 73,299 23,148 1,192,544 
Interest accrual(2)
131,251 204,334 38,378 15,575 389,538 
Net premiums collected(3)
(366,147)(451,993)(95,338)(32,628)(946,106)
Effect of changes in the foreign exchange rate(21,643)— — — (21,643)
Ending balance at original discount rates4,203,807 5,684,932 1,059,181 450,213 11,398,133 
Effect of change from original to current discount rates(26,258)153,525 17,403 15,056 159,726 
Balance at September 30, 2022
$4,177,549 $5,838,457 $1,076,584 $465,269 $11,557,859 
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 on future cash flows
14,265 36,170 5,178 8,419 64,032 
Effect of actual variances from expected experience(103,922)(219,723)(26,533)(13,882)(364,060)
Adjusted balance at January 1, 2023
4,157,066 5,497,311 1,044,768 443,746 11,142,891 
Issuances(1)
557,844 450,361 92,894 21,756 1,122,855 
Interest accrual(2)
147,968 214,988 40,362 17,071 420,389 
Net premiums collected(3)
(388,288)(461,367)(100,093)(34,542)(984,290)
Effect of changes in the foreign exchange rate(631)— — — (631)
Ending balance at original discount rates4,473,959 5,701,293 1,077,931 448,031 11,701,214 
Effect of change from original to current discount rates(155,254)(31,118)(18,702)(1,499)(206,573)
Balance at September 30, 2023
$4,318,705 $5,670,175 $1,059,229 $446,532 $11,494,641 
(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 Q3 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 July 1, 2022
$4,379,496 $6,164,946 $1,123,072 $461,964 $12,129,478 
Beginning balance at original discount rates4,146,094 5,616,356 1,042,155 416,918 11,221,523 
Effect of changes in assumptions on future cash flows
34,266 79,571 17,719 35,214 166,770 
Effect of actual variances from expected experience(58,998)(89,037)(5,994)(3,741)(157,770)
Adjusted balance at July 1, 2022
4,121,362 5,606,890 1,053,880 448,391 11,230,523 
Issuances(1)
176,042 160,780 24,493 7,553 368,868 
Interest accrual(2)
44,410 68,476 12,793 5,270 130,949 
Net premiums collected(3)
(123,636)(151,214)(31,985)(11,001)(317,836)
Effect of changes in the foreign exchange rate(14,371)— — — (14,371)
Ending balance at original discount rates4,203,807 5,684,932 1,059,181 450,213 11,398,133 
Effect of change from original to current discount rates(26,258)153,525 17,403 15,056 159,726 
Balance at September 30, 2022
$4,177,549 $5,838,457 $1,076,584 $465,269 $11,557,859 
Balance at July 1, 2023
$4,472,847 $5,988,577 $1,110,017 $471,279 $12,042,720 
Beginning balance at original discount rates4,399,053 5,700,354 1,071,561 445,475 11,616,443 
Effect of changes in assumptions on future cash flows14,265 36,170 5,178 8,419 64,032 
Effect of actual variances from expected experience(34,571)(91,120)(10,938)(7,232)(143,861)
Adjusted balance at July 1, 2023
4,378,747 5,645,404 1,065,801 446,662 11,536,614 
Issuances(1)
181,823 136,611 32,045 7,143 357,622 
Interest accrual(2)
51,119 72,515 13,707 5,741 143,082 
Net premiums collected(3)
(131,329)(153,237)(33,622)(11,515)(329,703)
Effect of changes in the foreign exchange rate(6,401)— — — (6,401)
Ending balance at original discount rates4,473,959 5,701,293 1,077,931 448,031 11,701,214 
Effect of change from original to current discount rates(155,254)(31,118)(18,702)(1,499)(206,573)
Balance at September 30, 2023
$4,318,705 $5,670,175 $1,059,229 $446,532 $11,494,641 
(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.





28
        GL Q3 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 on future cash flows48,534 104,910 33,457 39,725 226,626 
Effect of actual variances from expected experience(81,429)(174,141)(14,582)(8,325)(278,477)
Adjusted balance at January 1, 2022
7,711,306 8,088,028 3,225,039 3,298,706 22,323,079 
Issuances(1)
596,320 499,774 73,299 23,148 1,192,541 
Interest accrual(2)
305,526 323,432 126,814 145,941 901,713 
Benefit payments(3)
(287,253)(476,182)(168,502)(92,033)(1,023,970)
Effect of changes in the foreign exchange rate(51,726)— — — (51,726)
Ending balance at original discount rates8,274,173 8,435,052 3,256,650 3,375,762 23,341,637 
Effect of change from original to current discount rates569,356 609,256 108,603 503,107 1,790,322 
Balance at September 30, 2022
$8,843,529 $9,044,308 $3,365,253 $3,878,869 $25,131,959 
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 on future cash flows13,344 34,407 6,156 11,661 65,568 
Effect of actual variances from expected experience(109,386)(227,639)(27,482)(17,962)(382,469)
Adjusted balance at January 1, 2023
8,313,719 8,284,660 3,251,654 3,397,403 23,247,436 
Issuances(1)
557,844 450,362 92,894 21,756 1,122,856 
Interest accrual(2)
335,349 342,208 130,712 152,378 960,647 
Benefit payments(3)
(296,133)(432,393)(153,294)(86,008)(967,828)
Effect of changes in the foreign exchange rate(819)— — — (819)
Ending balance at original discount rates8,909,960 8,644,837 3,321,966 3,485,529 24,362,292 
Effect of change from original to current discount rates80,477 228,607 (46,234)282,118 544,968 
Balance at September 30, 2023
$8,990,437 $8,873,444 $3,275,732 $3,767,647 $24,907,260 
(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 Q3 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 July 1, 2022
$9,512,271 $9,664,209 $3,622,642 $4,220,830 $27,019,952 
Beginning balance at original discount rates8,134,706 8,294,768 3,215,311 3,312,104 22,956,889 
Effect of changes in assumptions on future cash flows
48,534 104,910 33,457 39,725 226,626 
Effect of actual variances from expected experience(64,348)(87,105)(5,116)(3,852)(160,421)
Adjusted balance at July 1, 2022
8,118,892 8,312,573 3,243,652 3,347,977 23,023,094 
Issuances(1)
176,044 160,779 24,493 7,550 368,866 
Interest accrual(2)
103,380 108,681 42,392 49,097 303,550 
Benefit payments(3)
(89,075)(146,981)(53,887)(28,862)(318,805)
Effect of changes in the foreign exchange rate(35,068)— — — (35,068)
Ending balance at original discount rates8,274,173 8,435,052 3,256,650 3,375,762 23,341,637 
Effect of change from original to current discount rates569,356 609,256 108,603 503,107 1,790,322 
Balance at September 30, 2022
$8,843,529 $9,044,308 $3,365,253 $3,878,869 $25,131,959 
Balance at July 1, 2023
$9,668,207 $9,487,233 $3,507,845 $4,109,706 $26,772,991 
Beginning balance at original discount rates8,753,526 8,592,897 3,297,781 3,448,491 24,092,695 
Effect of changes in assumptions on future cash flows13,344 34,407 6,156 11,661 65,568 
Effect of actual variances from expected experience(36,998)(97,632)(14,364)(9,595)(158,589)
Adjusted balance at July 1, 2023
8,729,872 8,529,672 3,289,573 3,450,557 23,999,674 
Issuances(1)
181,822 136,612 32,046 7,145 357,625 
Interest accrual(2)
114,683 115,547 43,991 51,249 325,470 
Benefit payments(3)
(101,161)(136,994)(43,644)(23,422)(305,221)
Effect of changes in the foreign exchange rate(15,256)— — — (15,256)
Ending balance at original discount rates8,909,960 8,644,837 3,321,966 3,485,529 24,362,292 
Effect of change from original to current discount rates80,477 228,607 (46,234)282,118 544,968 
Balance at September 30, 2023
$8,990,437 $8,873,444 $3,275,732 $3,767,647 $24,907,260 
(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.



30
        GL Q3 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 September 30, 2022
American IncomeDTCLiberty NationalOtherTotal
Net liability for future policy benefits at original discount rates
$4,070,366 $2,750,120 $2,197,469 $2,925,549 $11,943,504 
Effect of changes in discount rate assumptions595,614 455,731 91,200 488,051 1,630,596 
Net liability for future policy benefits at current discount rates
4,665,980 3,205,851 2,288,669 3,413,600 13,574,100 
Other Adjustments(1)
851 5,271 (4,056)(33,790)(31,724)
Net liability for future policy benefits, after other adjustments, at current discount rates
$4,666,831 $3,211,122 $2,284,613 $3,379,810 $13,542,376 
(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 September 30, 2023
American IncomeDTCLiberty NationalOtherTotal
Net liability for future policy benefits at original discount rates
$4,436,001 $2,943,544 $2,244,035 $3,037,498 $12,661,078 
Effect of changes in discount rate assumptions235,731 259,725 (27,532)283,617 751,541 
Net liability for future policy benefits at current discount rates
4,671,732 3,203,269 2,216,503 3,321,115 13,412,619 
Other Adjustments(1)
367 3,982 (1,389)(32,481)(29,521)
Net liability for future policy benefits, after other adjustments, at current discount rates
$4,672,099 $3,207,251 $2,215,114 $3,288,634 $13,383,098 
(1)Other adjustments include the Company's reinsurance recoverable and the effects of capping and flooring the liability.


31
        GL Q3 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 nine month periods ended September 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 on future cash flows(195,560)(20,931)19,846 (17,911)(9,035)(223,591)
Effect of actual variances from expected experience(22,004)(49,359)(31,290)11,506 (1,249)(92,396)
Adjusted balance at January 1, 2022
2,732,287 1,618,300 402,965 172,396 86,492 5,012,440 
Issuances(1)
246,877 175,456 35,831 29,970 3,582 491,716 
Interest accrual(2)
91,999 45,147 14,312 5,537 3,487 160,482 
Net premiums collected(3)
(192,809)(129,001)(38,588)(15,822)(7,780)(384,000)
Effect of changes in the foreign exchange rate— — — (1,937)— (1,937)
Ending balance at original discount rates2,878,354 1,709,902 414,520 190,144 85,781 5,278,701 
Effect of change from original to current discount rates(72,237)(158,093)3,658 (4,636)1,672 (229,636)
Balance at September 30, 2022
$2,806,117 $1,551,809 $418,178 $185,508 $87,453 $5,049,065 
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 on future cash flows466,883 (30,255)(56,964)(6,061)16,553 390,156 
Effect of actual variances from expected experience(6,240)(50,052)(30,526)(7,643)(1,666)(96,127)
Adjusted balance at January 1, 2023
3,401,904 1,648,912 327,952 178,927 102,638 5,660,333 
Issuances(1)
226,363 202,561 43,373 30,667 6,532 509,496 
Interest accrual(2)
99,390 50,091 14,047 6,304 3,278 173,110 
Net premiums collected(3)
(202,669)(134,009)(38,322)(16,611)(8,028)(399,639)
Effect of changes in the foreign exchange rate— — — (165)— (165)
Ending balance at original discount rates3,524,988 1,767,555 347,050 199,122 104,420 5,943,135 
Effect of change from original to current discount rates(183,608)(192,981)(8,372)(9,976)(1,254)(396,191)
Balance at September 30, 2023
$3,341,380 $1,574,574 $338,678 $189,146 $103,166 $5,546,944 
(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 Q3 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 July 1, 2022
$3,138,706 $1,650,507 $425,277 $193,536 $102,433 $5,510,459 
Beginning balance at original discount rates3,022,654 1,706,794 396,741 186,298 94,752 5,407,239 
Effect of changes in assumptions on future cash flows(195,560)(20,931)19,846 (17,911)(9,035)(223,591)
Effect of actual variances from expected experience13,731 (13,447)(7,101)16,766 294 10,243 
Adjusted balance at July 1, 2022
2,840,825 1,672,416 409,486 185,153 86,011 5,193,891 
Issuances(1)
71,806 65,523 13,220 9,545 1,260 161,354 
Interest accrual(2)
30,794 15,133 4,719 1,858 1,134 53,638 
Net premiums collected(3)
(65,071)(43,170)(12,905)(5,282)(2,624)(129,052)
Effect of changes in the foreign exchange rate— — — (1,130)— (1,130)
Ending balance at original discount rates2,878,354 1,709,902 414,520 190,144 85,781 5,278,701 
Effect of change from original to current discount rates(72,237)(158,093)3,658 (4,636)1,672 (229,636)
Balance at September 30, 2022
$2,806,117 $1,551,809 $418,178 $185,508 $87,453 $5,049,065 
Balance at July 1, 2023
$2,984,554 $1,661,020 $409,551 $201,844 $89,674 $5,346,643 
Beginning balance at original discount rates2,985,660 1,771,206 400,180 201,709 86,840 5,445,595 
Effect of changes in assumptions on future cash flows466,883 (30,255)(56,964)(6,061)16,553 390,156 
Effect of actual variances from expected experience22,683 (15,658)(2,692)(2,394)229 2,168 
Adjusted balance at July 1, 2023
3,475,226 1,725,293 340,524 193,254 103,622 5,837,919 
Issuances(1)
82,647 70,216 15,183 9,880 2,317 180,243 
Interest accrual(2)
35,536 17,272 4,380 2,170 1,160 60,518 
Net premiums collected(3)
(68,421)(45,226)(13,037)(5,630)(2,679)(134,993)
Effect of changes in the foreign exchange rate— — — (552)— (552)
Ending balance at original discount rates3,524,988 1,767,555 347,050 199,122 104,420 5,943,135 
Effect of change from original to current discount rates(183,608)(192,981)(8,372)(9,976)(1,254)(396,191)
Balance at September 30, 2023
$3,341,380 $1,574,574 $338,678 $189,146 $103,166 $5,546,944 
(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.





33
        GL Q3 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 on future cash flows
(194,936)(27,211)18,065 (21,559)(8,270)(233,911)
Effect of actual variances from expected experience(24,710)(51,720)(32,395)14,231 (1,425)(96,019)
Adjusted balance at January 1, 2022
2,871,255 3,114,411 907,278 278,276 85,933 7,257,153 
Issuances(1)
246,559 175,456 36,171 29,970 3,567 491,723 
Interest accrual(2)
97,837 89,968 35,871 10,348 3,487 237,511 
Benefit payments(3)
(198,013)(89,359)(71,652)(15,360)(9,354)(383,738)
Effect of changes in the foreign exchange rate— — — (3,927)— (3,927)
Ending balance at original discount rates3,017,638 3,290,476 907,668 299,307 83,633 7,598,722 
Effect of change from original to current discount rates(75,810)(389,326)26,139 5,432 1,648 (431,917)
Balance at September 30, 2022
$2,941,828 $2,901,150 $933,807 $304,739 $85,281 $7,166,805 
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 on future cash flows
464,652 (32,428)(60,437)(6,407)15,930 381,310 
Effect of actual variances from expected experience(5,530)(53,292)(29,581)(8,680)(1,925)(99,008)
Adjusted balance at January 1, 2023
3,539,755 3,250,624 814,847 288,626 99,217 7,993,069 
Issuances(1)
225,915 202,561 42,863 30,667 6,518 508,524 
Interest accrual(2)
104,932 99,344 34,699 11,199 3,278 253,452 
Benefit payments(3)
(221,753)(92,973)(73,614)(18,633)(9,502)(416,475)
Effect of changes in the foreign exchange rate— — — (217)— (217)
Ending balance at original discount rates3,648,849 3,459,556 818,795 311,642 99,511 8,338,353 
Effect of change from original to current discount rates(191,041)(498,312)(4,792)(5,601)(1,111)(700,857)
Balance at September 30, 2023
$3,457,808 $2,961,244 $814,003 $306,041 $98,400 $7,637,496 
(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 Q3 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 July 1, 2022
$3,285,696 $3,129,877 $985,214 $321,968 $99,484 $7,822,239 
Beginning balance at original discount rates3,160,028 3,267,244 896,137 295,571 92,143 7,711,123 
Effect of changes in assumptions on future cash flows
(194,936)(27,211)18,065 (21,559)(8,270)(233,911)
Effect of actual variances from expected experience13,347 (14,614)(8,476)19,916 191 10,364 
Adjusted balance at July 1, 2022
2,978,439 3,225,419 905,726 293,928 84,064 7,487,576 
Issuances(1)
71,731 65,524 13,379 9,547 1,257 161,438 
Interest accrual(2)
32,729 30,383 11,836 3,462 1,134 79,544 
Benefit payments(3)
(65,261)(30,850)(23,273)(5,168)(2,822)(127,374)
Effect of changes in the foreign exchange rate— — — (2,462)— (2,462)
Ending balance at original discount rates3,017,638 3,290,476 907,668 299,307 83,633 7,598,722 
Effect of change from original to current discount rates(75,810)(389,326)26,139 5,432 1,648 (431,917)
Balance at September 30, 2022
$2,941,828 $2,901,150 $933,807 $304,739 $85,281 $7,166,805 
Balance at July 1, 2023
$3,116,389 $3,167,461 $923,148 $328,579 $85,856 $7,621,433 
Beginning balance at original discount rates3,116,768 3,436,167 880,879 315,087 83,188 7,832,089 
Effect of changes in assumptions on future cash flows
464,652 (32,428)(60,437)(6,407)15,930 381,310 
Effect of actual variances from expected experience22,410 (17,000)(2,563)(2,662)(95)90 
Adjusted balance at July 1, 2023
3,603,830 3,386,739 817,879 306,018 99,023 8,213,489 
Issuances(1)
82,511 70,215 14,963 9,880 2,310 179,879 
Interest accrual(2)
37,340 34,024 11,173 3,810 1,160 87,507 
Benefit payments(3)
(74,832)(31,422)(25,220)(6,973)(2,982)(141,429)
Effect of changes in the foreign exchange rate— — — (1,093)— (1,093)
Ending balance at original discount rates3,648,849 3,459,556 818,795 311,642 99,511 8,338,353 
Effect of change from original to current discount rates(191,041)(498,312)(4,792)(5,601)(1,111)(700,857)
Balance at September 30, 2023
$3,457,808 $2,961,244 $814,003 $306,041 $98,400 $7,637,496 
(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.

35
        GL Q3 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 September 30, 2022
United AmericanFamily HeritageLiberty NationalAmerican IncomeDirect to ConsumerTotal
Net liability for future policy benefits at original discount rates
$139,284 $1,580,574 $493,148 $109,163 $(2,148)$2,320,021 
Effect of changes in discount rate assumptions(3,573)(231,233)22,481 10,068 (24)(202,281)
Net liability for future policy benefits at current discount rates
135,711 1,349,341 515,629 119,231 (2,172)2,117,740 
Other Adjustments(1)
(169)583 3,354 56 3,232 7,056 
Net liability for future policy benefits, after other adjustments, at current discount rates
$135,542 $1,349,924 $518,983 $119,287 $1,060 $2,124,796 
(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 September 30, 2023
United AmericanFamily HeritageLiberty NationalAmerican IncomeDirect to ConsumerTotal
Net liability for future policy benefits at original discount rates
123,861 1,692,001 471,745 112,520 (4,909)2,395,218 
Effect of changes in discount rate assumptions(7,433)(305,331)3,580 4,375 143 (304,666)
Net liability for future policy benefits at current discount rates
116,428 1,386,670 475,325 116,895 (4,766)2,090,552 
Other Adjustments(1)
4,374 (4,717)7,043 993 5,530 13,223 
Net liability for future policy benefits, after other adjustments, at current discount rates
$120,802 $1,381,953 $482,368 $117,888 $764 $2,103,775 
(1)Other adjustments include the Company's reinsurance recoverable and the effects of capping and flooring the liability.

In accordance with the accounting guidance, the Company reviews, and updates as necessary, its assumptions utilized in the calculation of the liability for future benefits annually in the third quarter and recalculates the net premium ratio. The revised net premium ratio is used to update the liability for future policy benefits as of the beginning of the current reporting period, and is compared to the liability using the prior cash flow assumptions. The difference is recorded as a component of the remeasurement gain or loss for the current period, along with the effect of the difference between actual and expected experience for the period. The total remeasurement gain or loss is included in the Condensed Consolidated Statements of Operations.

During the third quarter of the current and prior year, the Company performed its annual assumptions review and updated both its life and health assumptions of lapses, mortality, and morbidity, resulting in a net reserve remeasurement gain, due to assumption changes only, of $3.2 million for the periods ended September 30, 2023, as compared to a net reserve remeasurement loss of $36.5 million for the periods ended September 30, 2022. For the life segment, the updates to our assumptions of lapses and mortality resulted in a reserve remeasurement loss of $2.0 million and $47.2 million for the three months ended September 30, 2023 and 2022, respectively. For the health segment, the updates to our assumptions of lapses and morbidity resulted in a reserve remeasurement gain of $5.2 million and $10.7 million for the three months ended September 30, 2023 and 2022, respectively.

Excluding the impact of assumption changes, during the three months ended September 30, 2023 and 2022, the Company's results for actual variances from expected experience produced a net reserve remeasurement gain of $15.9 million and $1.0 million, respectively. During the nine months ended September 30, 2023 and 2022, the Company's results for actual variances from expected experience produced net reserve remeasurement gains of $21.6 million and $1.0 million, respectively. The variance of actual experience from expected experience during the first nine months of 2023 was primarily due to favorable variances from our assumptions as compared to actual experience in our life insurance segment (a $18.5 million gain), and favorable variances from our assumptions as compared to actual experience in our health insurance segment (a $3.1 million gain). The variance of actual
36
        GL Q3 2023 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
experience from expected experience during the nine 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 $2.1 million loss), and favorable variances from our assumptions of health experience as compared to actual experience in our health insurance segment (a $3.1 million gain).

The following table reconciles the liability for future policy benefits to the Consolidated Balance Sheets as of September 30, 2023:
At Original Discount RatesAt Current Discount Rates
As of September 30,As of September 30,
2023202220232022
Life(1):
American Income$4,435,901 $4,070,359 $4,672,099 $4,666,831 
Direct to Consumer2,943,544 2,750,122 3,207,251 3,211,122 
Liberty National2,236,374 2,186,063 2,215,114 2,284,613 
Other3,010,853 2,900,148 3,288,634 3,379,810 
Net liability for future policy benefits—long duration life12,626,672 11,906,692 13,383,098 13,542,376 
Health(1):
United American126,105 137,231 120,802 135,542 
Family Heritage1,681,391 1,571,083 1,381,953 1,349,924 
Liberty National478,078 495,628 482,368 518,983 
American Income113,340 109,217 117,888 119,287 
Direct to Consumer752 1,024 764 1,060 
Net liability for future policy benefits—long duration health2,399,666 2,314,183 2,103,775 2,124,796 
Deferred profit liability173,520 176,296 173,520 176,296 
Deferred annuity813,275 991,687 813,275 991,687 
Interest sensitive life735,025 740,513 735,025 740,513 
Other9,400 9,503 9,405 9,504 
Total future policy benefits
$16,757,558 $16,138,874 $17,218,098 $17,585,172 
(1)Balances are presented net of the reinsurance recoverable and the effects of flooring the liability.

37
        GL Q3 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 September 30, 2023 and 2022:
Life
Weighted-average Discount Rates
As of September 30, 2023As of September 30, 2022
American IncomeDTCLiberty NationalOtherAmerican IncomeDTCLiberty NationalOther
Original discount rate5.7 %6.0 %5.6 %6.2 %5.8 %6.0 %5.6 %6.2 %
Current discount rate5.6 %5.6 %5.7 %5.7 %5.2 %5.3 %5.3 %5.3 %

Health
Weighted-average Discount Rates
As of September 30, 2023As of September 30, 2022
United AmericanFamily HeritageLiberty NationalAmerican IncomeDTCUnited AmericanFamily HeritageLiberty NationalAmerican IncomeDTC
Original discount rate5.2 %4.3 %5.8 %5.9 %5.2 %5.2 %4.3 %5.8 %5.9 %5.2 %
Current discount rate5.5 %5.7 %5.7 %5.6 %5.5 %5.1 %5.3 %5.3 %5.2 %5.1 %

The following table provides the weighted-average durations of the liability for future policy benefits and the additional insurance liabilities as of September 30, 2023 and 2022:
As of September 30,
20232022
At original discount ratesAt current discount ratesAt original discount ratesAt current discount rates
Life
American Income23.0823.2922.9123.37
Direct to Consumer19.7321.0020.4021.97
Liberty National15.1215.2014.8215.31
Other16.3417.4216.6518.22
Health
United American11.4010.3411.3910.65
Family Heritage14.9013.8114.9014.22
Liberty National9.118.979.209.35
American Income12.1412.2012.1412.56
Direct to Consumer11.4010.3411.3910.65
38
        GL Q3 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
Nine Months Ended
September 30, 2023		Nine Months Ended
September 30, 2022
Gross
Premiums		Interest
expense		Gross
Premiums		Interest
expense
American Income$1,181,247 $187,381 $1,122,987 $174,275 
Direct to Consumer735,374 127,040 729,950 118,995 
Liberty National256,641 89,765 240,460 88,061 
Other154,836 133,991 156,509 129,118 
Total$2,328,098 $538,177 $2,249,906 $510,449 
Life
Three Months Ended
September 30, 2023		Three Months Ended
September 30, 2022
Gross
Premiums		Interest
expense		Gross
Premiums		Interest
expense
American Income$399,794 $63,565 $377,859 $58,970 
Direct to Consumer244,931 42,978 243,021 40,161 
Liberty National87,071 30,095 81,007 29,469 
Other51,493 45,065 51,959 43,405 
Total$783,289 $181,703 $753,846 $172,005 
Health
Nine Months Ended
September 30, 2023		Nine Months Ended
September 30, 2022
Gross
Premiums		Interest
expense		Gross
Premiums		Interest
expense
United American$298,964 $5,345 $283,059 $5,665 
Family Heritage294,047 48,904 272,431 44,516 
Liberty National139,875 20,567 139,818 21,490 
American Income84,863 4,896 83,880 4,811 
Direct to Consumer10,680 — 10,710 — 
Total$828,429 $79,712 $789,898 $76,482 
Health
Three Months Ended
September 30, 2023		Three Months Ended
September 30, 2022
Gross
Premiums		Interest
expense		Gross
Premiums		Interest
expense
United American$100,285 $1,741 $95,178 $1,874 
Family Heritage99,828 16,632 92,133 15,145 
Liberty National46,441 6,766 45,721 7,092 
American Income28,528 1,640 27,939 1,605 
Direct to Consumer3,583 — 3,580 — 
Total$278,665 $26,779 $264,551 $25,716 

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.
39
        GL Q3 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 September 30, 2023As of September 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$23,974,963 $13,530,015 $13,147,003 $22,410,479 $12,703,160 $12,721,890 
PV of expected future net premiums7,912,903 4,473,959 4,318,705 7,394,076 4,203,807 4,177,549 
PV of expected future policy benefits30,182,319 8,909,960 8,990,437 27,877,017 8,274,173 8,843,529 
DTC
PV of expected future gross premiums$17,575,618 $9,182,146 $9,112,202 $17,335,350 $9,078,493 $9,301,184 
PV of expected future net premiums10,850,664 5,701,293 5,670,175 10,780,312 5,684,932 5,838,457 
PV of expected future policy benefits25,711,499 8,644,837 8,873,444 25,253,094 8,435,052 9,044,308 
Liberty National
PV of expected future gross premiums$4,601,176 $2,681,034 $2,577,877 $4,343,332 $2,525,305 $2,505,580 
PV of expected future net premiums1,901,039 1,077,931 1,059,229 1,876,758 1,059,181 1,076,584 
PV of expected future policy benefits8,852,345 3,321,966 3,275,732 8,553,973 3,256,650 3,365,253 
Other
PV of expected future gross premiums$3,753,093 $1,901,531 $1,953,533 $3,832,082 $1,932,064 $2,055,807 
PV of expected future net premiums919,200 448,031 446,532 925,064 450,213 465,269 
PV of expected future policy benefits12,427,646 3,485,529 3,767,647 12,333,168 3,375,762 3,878,869 
Total
PV of expected future gross premiums$49,904,850 $27,294,726 $26,790,615 $47,921,243 $26,239,022 $26,584,461 
PV of expected future net premiums21,583,806 11,701,214 11,494,641 20,976,210 11,398,133 11,557,859 
PV of expected future policy benefits77,173,809 24,362,292 24,907,260 74,017,252 23,341,637 25,131,959 

As of September 30, 2023 for the life segment using current discount rates, the Company anticipates $26.8 billion of expected future gross premiums and $11.5 billion of expected future net premiums. As of September 30, 2022 using current discount rates, the Company anticipated $26.6 billion of expected future gross premiums and $11.6 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 Q3 2023 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Health
As of September 30, 2023As of September 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$8,442,713 $5,141,771 $4,871,878 $6,659,804 $4,191,787 $4,082,931 
PV of expected future net premiums5,799,017 3,524,988 3,341,380 4,586,540 2,878,354 2,806,117 
PV of expected future policy benefits5,998,770 3,648,849 3,457,808 4,818,514 3,017,638 2,941,828 
Family Heritage
PV of expected future gross premiums$6,637,472 $3,932,327 $3,523,258 $6,221,234 $3,732,771 $3,413,372 
PV of expected future net premiums2,962,973 1,767,555 1,574,574 2,824,266 1,709,902 1,551,809 
PV of expected future policy benefits6,549,339 3,459,556 2,961,244 6,140,498 3,290,476 2,901,150 
Liberty National
PV of expected future gross premiums$2,084,428 $1,321,438 $1,308,898 $2,268,736 $1,413,365 $1,439,069 
PV of expected future net premiums515,612 347,050 338,678 654,018 414,520 418,178 
PV of expected future policy benefits1,414,512 818,795 814,003 1,606,868 907,668 933,807 
American Income
PV of expected future gross premiums$1,755,682 $984,122 $969,090 $1,738,642 $971,620 $987,597 
PV of expected future net premiums354,120 199,122 189,146 337,734 190,144 185,508 
PV of expected future policy benefits632,349 311,642 306,041 609,213 299,307 304,739 
Direct to Consumer
PV of expected future gross premiums$224,522 $141,374 $139,748 $173,045 $113,484 $115,727 
PV of expected future net premiums166,099 104,420 103,166 130,993 85,781 87,453 
PV of expected future policy benefits154,931 99,511 98,400 125,591 83,633 85,281 
Total
PV of expected future gross premiums$19,144,817 $11,521,032 $10,812,872 $17,061,461 $10,423,027 $10,038,696 
PV of expected future net premiums9,797,821 5,943,135 5,546,944 8,533,551 5,278,701 5,049,065 
PV of expected future policy benefits14,749,901 8,338,353 7,637,496 13,300,684 7,598,722 7,166,805 

As of September 30, 2023 for the health segment using current discount rates, the Company anticipates $10.8 billion of expected future gross premiums and $5.5 billion of expected future net premiums. As of September 30, 2022 using current discount rates, the Company anticipated $10.0 billion of expected future gross premiums and $5.0 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.


41
        GL Q3 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 September 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— 602 — — 1,031 — 
Premiums received17,062 10,543 100,113 18,133 18,898 8,689 
Policy charges(9,729)— — (10,247)— — 
Surrenders and withdrawals(16,204)(125,176)(9,106)(16,708)(52,264)(8,701)
Benefit payments(22,753)(48,459)— (25,913)(34,684)— 
Interest credited21,274 21,608 6,164 21,475 24,702 3,522 
Other6,270 (161)(2,195)8,438 479 72 
Balance at September 30,
$735,025 $813,275 $218,210 $740,513 $991,687 $103,050 

Policyholders' Account Balances
20232022
Interest Sensitive LifeDeferred AnnuityOther Policyholders' FundsInterest Sensitive LifeDeferred AnnuityOther Policyholders' Funds
Balance at July 1,
$736,920 $853,064 $187,873 $742,293 $1,015,804 $100,234 
Issuances— 231 — — 338 — 
Premiums received5,398 2,439 31,704 5,746 4,824 4,797 
Policy charges(3,213)— — (3,373)— — 
Surrenders and withdrawals(5,582)(37,905)(2,782)(5,955)(26,148)(3,059)
Benefit payments(7,258)(11,047)— (7,552)(11,232)— 
Interest credited7,083 6,863 2,825 7,110 8,112 1,264 
Other1,677 (370)(1,410)2,244 (11)(186)
Balance at September 30,
$735,025 $813,275 $218,210 $740,513 $991,687 $103,050 

Weighted-average credit rate3.91 %3.34 %5.68 %3.89 %3.27 %5.07 %
Net amount at risk$1,793,787 N/AN/A$1,899,046 N/AN/A
Cash surrender value673,814 813,276 218,210 690,020 991,600 103,049 

42
        GL Q3 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 September 30, 2023
Range of guaranteed minimum crediting ratesInterest Sensitive LifeDeferred AnnuityOther Policyholders' Funds
At guaranteed minimum
Less than 3.00%
$— $2,011 $118,565 
3.00%-3.99%
29,018 610,785 4,002 
4.00%-4.99%
615,835 199,724 6,851 
Greater than 5.00%
90,172 755 38,788 
Total
735,025 813,275 168,206 
51-150 basis points above
Less than 3.00%
— — — 
3.00%-3.99%
— — — 
4.00%-4.99%
— — 50,004 
Greater than 5.00%
— — — 
Total — — 50,004 
Grand Total
$735,025 $813,275 $218,210 

At September 30, 2022
Range of guaranteed minimum crediting ratesInterest Sensitive LifeDeferred AnnuityOther Policyholders' Funds
At guaranteed minimum
Less than 3.00%
$— $2,104 $3,007 
3.00%-3.99%
28,776 778,673 2,941 
4.00%-4.99%
622,316 210,910 58,888 
Greater than 5.00%
89,421 — 38,214 
Total
$740,513 $991,687 $103,050 
51-150 basis points above
Less than 3.00%
$— $— $— 
3.00%-3.99%
— — — 
4.00%-4.99%
— — — 
Greater than 5.00%
— — — 
Total
— — — 
Grand Total
$740,513 $991,687 $103,050 

43
        GL Q3 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 nine month periods ended September 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 
Capitalizations341,585 140,449 66,073 10,268 558,375 
Amortization expense(104,124)(70,478)(33,899)(12,594)(221,095)
Foreign exchange adjustment(15,003)— — — (15,003)
Experience adjustment— — — — — 
Balance at September 30, 2022
$2,182,712 $1,653,666 $598,593 $299,321 $4,734,292 
Balance at January 1, 2023
$2,258,291 $1,676,931 $610,723 $298,346 $4,844,291 
Capitalizations351,933 123,774 78,599 9,970 564,276 
Amortization expense(118,207)(74,496)(38,192)(12,390)(243,285)
Foreign exchange adjustment(1,297)— — — (1,297)
Experience adjustment— — — — — 
Balance at September 30, 2023
$2,490,720 $1,726,209 $651,130 $295,926 $5,163,985 

Life
American IncomeDTCLiberty NationalOtherTotal
Balance at July 1, 2022
$2,116,771 $1,630,734 $586,898 $300,272 $4,634,675 
Capitalizations111,564 46,792 23,259 3,250 184,865 
Amortization expense(35,860)(23,860)(11,564)(4,201)(75,485)
Foreign exchange adjustment(9,763)— — — (9,763)
Experience adjustment— — — — — 
Balance at September 30, 2022
$2,182,712 $1,653,666 $598,593 $299,321 $4,734,292 
Balance at July 1, 2023
$2,417,480 $1,714,715 $636,209 $296,861 $5,065,265 
Capitalizations117,761 36,385 27,950 3,203 185,299 
Amortization expense(40,465)(24,891)(13,029)(4,138)(82,523)
Foreign exchange adjustment(4,056)— — — (4,056)
Experience adjustment— — — — — 
Balance at September 30, 2023
$2,490,720 $1,726,209 $651,130 $295,926 $5,163,985 

44
        GL Q3 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 
Capitalizations1,628 38,500 13,357 9,408 2 62,895 
Amortization expense(4,503)(19,048)(9,990)(2,567)(134)(36,242)
Foreign exchange adjustment— — — (755)— (755)
Experience adjustment— — — — — — 
Balance at September 30, 2022
$78,265 $408,419 $130,904 $55,492 $1,900 $674,980 
Balance at January 1, 2023
$77,394 $416,608 $133,096 $57,811 $1,854 $686,763 
Capitalizations1,491 46,977 14,854 9,579 — 72,901 
Amortization expense(4,504)(20,071)(9,977)(2,919)(137)(37,608)
Foreign exchange adjustment— — — (125)— (125)
Experience adjustment— — — — — — 
Balance at September 30, 2023
$74,381 $443,514 $137,973 $64,346 $1,717 $721,931 

Health
United AmericanFamily HeritageLiberty NationalAmerican IncomeDTCTotal
Balance at July 1, 2022
$79,174 $401,722 $129,592 $53,776 $1,945 $666,209 
Capitalizations560 13,070 4,621 3,063 — 21,314 
Amortization expense(1,469)(6,373)(3,309)(880)(45)(12,076)
Foreign exchange adjustment— — — (467)— (467)
Experience adjustment— — — — — — 
Balance at September 30, 2022
$78,265 $408,419 $130,904 $55,492 $1,900 $674,980 
Balance at July 1, 2023
$75,349 $433,999 $136,276 $62,285 $1,760 $709,669 
Capitalizations495 16,386 5,120 3,259 — 25,260 
Amortization expense(1,463)(6,871)(3,423)(1,016)(43)(12,816)
Foreign exchange adjustment— — — (182)— (182)
Experience adjustment— — — — — — 
Balance at September 30, 2023
$74,381 $443,514 $137,973 $64,346 $1,717 $721,931 
45
        GL Q3 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 September 30, 2023:
September 30,
20232022
Life
American Income$2,490,720 $2,182,712 
Direct to Consumer1,726,209 1,653,666 
Liberty National651,130 598,593 
Other295,926 299,321 
Total DAC - Life
5,163,985 4,734,292 
Health
United American 74,381 78,265 
Family Heritage443,514 408,419 
Liberty National137,973 130,904 
American Income64,346 55,492 
Direct to Consumer1,717 1,900 
Total DAC - Health
721,931 674,980 
Annuity
3,377 5,085 
Total
$5,889,293 $5,414,357 
46
        GL Q3 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:
September 30,
2023		December 31,
2022
Balance at beginning of period
$182,202 $171,109 
Incurred related to:
Current year523,152 676,190 
Prior year(2,383)(15,631)
Total incurred520,769 660,559 
Paid related to:
Current year375,687 517,856 
Prior year137,701 131,610 
Total paid513,388 649,466 
Balance at end of period
$189,583 $182,202 

Below is the reconciliation of the liability of "Policy claims and other benefits payable" in the Consolidated Balance Sheets.
September 30,
2023		December 31,
2022
Policy claims and other benefits payable:
Life insurance$313,489 $325,017 
Health insurance189,583 182,202 
Total$503,072 $507,219 

47
        GL Q3 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 September 30, 2023 and December 31, 2022.

Pension Assets by Component at September 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:
Exchange traded fund(4)
$7,424 $— $— $7,424 1 
Financial— — — — — 
Utilities— — — — — 
Energy— — — — — 
Other corporates— — — — — 
Total corporate bonds7,424 — — 7,424 1 
Exchange traded fund(1)
290,116 — — 290,116 57 
U.S. Government and Agency— 139,820 — 139,820 27 
Other bonds— 5 — 5 — 
Guaranteed annuity contract(2)
— 43,294 — 43,294 9 
Short-term investments16,615 — — 16,615 3 
Other511 — — 511 — 
$314,666 $183,119 $— 497,785 97 
Other long-term investments(3)
13,407 3 
Total pension assets
$511,192 100 
(1)A fund including marketable securities that mirror the S&P 500 index.
(2)Representing a guaranteed annuity contract issued by Globe Life Inc.'s subsidiary, American Income Life Insurance Company, to fund the obligations of the American Income Life Insurance Company Collective Bargaining Agreement Employees Pension Plan.
(3)Includes non-redeemable investment funds that report the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value (NAV) per share, or its equivalent, as a practical expedient for fair value. As of September 30, 2023, the Globe Life Inc. Pension Plan owned less than 1% of two long-term investment funds.
(4)A fund including U.S. dollar-denominated investment-grade securities issued by industrial, utility, and financial companies with maturities greater than 10 years.

48
        GL Q3 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.
Nine Months Ended
September 30,
20232022
Premiums paid for insurance coverage$443 $443 
September 30,
2023		December 31,
2022
Total investments:
Company owned life insurance $54,761 $54,681 
Exchange traded funds78,310 71,258 
$133,071 $125,939 


49
        GL Q3 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 September 30, 2023 and December 31, 2022.
September 30,
2023		December 31,
2022
Pension Plans$490,547 $492,103 
SERP71,285 70,464 
Pension benefit obligation
$561,832 $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 nine month periods ended September 30, 2023 and 2022.
Components of Net Periodic Benefit Cost
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2023202220232022
Service cost$5,392 $8,657 $16,174 $25,968 
Interest cost7,834 6,124 23,502 18,368 
Expected return on assets(9,656)(8,885)(28,968)(26,655)
Amortization:
Prior service cost269 158 807 474 
Actuarial (gain) loss(48)3,208 (152)9,625 
Net periodic benefit cost
$3,791 $9,262 $11,363 $27,780 


Note 10—Earnings Per Share

Earnings per Share: A reconciliation of basic and diluted weighted-average shares outstanding used in the computation of basic and diluted earnings per share is as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Basic weighted average shares outstanding94,636,867 97,258,349 95,445,416 98,244,271 
Weighted average dilutive options outstanding1,180,770 889,175 1,211,974 857,964 
Diluted weighted average shares outstanding95,817,637 98,147,524 96,657,390 99,102,235 
Antidilutive shares492,970 2,602,609 399,071 2,351,522 

Antidilutive shares are excluded from the calculation of diluted earnings per share. 
50
        GL Q3 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
September 30,
2023		December 31,
2022
InstrumentIssue DateMaturity Date Coupon Rate Par
Value		Unamortized Discount & Issuance CostsBook
Value		Fair
Value		Book
Value
Senior notes05/27/199305/15/20237.875%$— $— $— $— $165,500 
Senior notes09/27/201809/15/20284.550%550,000 (3,887)546,113 521,290 545,601 
Senior notes08/21/202008/15/20302.150%400,000 (3,442)396,558 309,828 396,219 
Senior notes(1)
05/19/202206/15/20324.800%250,000 (4,222)245,778 228,709 245,493 
Junior subordinated debentures11/17/201711/17/20575.275%125,000 (1,578)123,422 114,972 123,410 
Junior subordinated debentures06/14/202106/15/20614.250%325,000 (7,713)317,287 242,450 317,229 
Term loan(2)
05/11/202311/11/20246.200%170,000 (575)169,425 169,425 — 
1,820,000 (21,417)1,798,583 1,586,674 1,793,452 
Less current maturity of long-term debt— — — — 165,500 
Total long-term debt
1,820,000 (21,417)1,798,583 1,586,674 1,627,952 
Current maturity of long-term debt— — — — 165,500 
FHLB borrowings198,000 — 198,000 198,000 — 
Commercial paper251,000 (1,463)249,537 249,537 283,603 
Total short-term debt
449,000 (1,463)447,537 447,537 449,103 
Total debt
$2,269,000 $(22,880)$2,246,120 $2,034,211 $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.

51
        GL Q3 2023 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Globe Life owns $23.9 million in FHLB common stock as of September 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 September 30, 2023, Globe Life's maximum borrowing capacity under the FHLB facility was approximately $566 million, net of outstanding funding agreements and short-term borrowings, on pledged assets with a fair value of $1.1 billion. As of September 30, 2023, $118 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. In addition, the Company had $198 million in short-term borrowings from the FHLB as of September 30, 2023, compared to $0 as of December 31, 2022, this amount is recorded in "Short-term debt" on the Consolidated Balance Sheets.


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 other limited-benefit supplemental hospital and surgical products. 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 September 30, 2023
 LifeHealthAnnuityTotal
Distribution ChannelAmount% of
Total		Amount% of
Total		Amount% of
Total		Amount% of
Total
American Income$400,214 51 $30,535 9 $— — $430,749 39 
Direct to Consumer247,858 32 17,153 5 — — 265,011 24 
Liberty National88,199 11 46,643 14 — — 134,842 12 
United American1,802 — 137,077 42 — — 138,879 12 
Family Heritage1,561 — 99,828 30 — — 101,389 9 
Other48,465 6 — — — — 48,465 4 
$788,099 100 $331,236 100 $— — $1,119,335 100 
52
        GL Q3 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 September 30, 2022
 LifeHealthAnnuityTotal
Distribution ChannelAmount
% of
Total
Amount
% of
Total
Amount
% of
Total
Amount
% of
Total
American Income$378,258 50 $29,753 9 $— — $408,011 38 
Direct to Consumer246,021 32 17,733 6 — — 263,754 24 
Liberty National82,273 11 45,957 14 — — 128,230 12 
United American1,970 — 134,832 42 1 100 136,803 13 
Family Heritage1,411 — 92,131 29 — — 93,542 9 
Other48,942 7 — — — — 48,942 4 
$758,875 100 $320,406 100 $1 100 $1,079,282 100 

Nine Months Ended September 30, 2023
 LifeHealthAnnuityTotal
Distribution ChannelAmount% of
Total		Amount% of
Total		Amount% of
Total		Amount% of
Total
American Income$1,182,346 50 $89,656 9 $— — $1,272,002 38 
Direct to Consumer744,132 32 51,576 5 — — 795,708 24 
Liberty National260,036 11 140,518 14 — — 400,554 12 
United American5,533 — 407,137 42 — — 412,670 13 
Family Heritage4,554 — 294,029 30 — — 298,583 9 
Other145,828 7 — — — — 145,828 4 
$2,342,429 100 $982,916 100 $— — $3,325,345 100 

 Nine Months Ended September 30, 2022
 LifeHealthAnnuityTotal
Distribution ChannelAmount
% of
Total
Amount
% of
Total
Amount
% of
Total
Amount
% of
Total
American Income$1,124,112 50 $87,930 9 $— — $1,212,042 38 
Direct to Consumer739,017 33 53,509 6 — — 792,526 25 
Liberty National244,149 11 140,563 15 — — 384,712 12 
United American6,047 — 401,966 42 1 100 408,014 13 
Family Heritage4,143 — 272,429 28 — — 276,572 8 
Other147,427 6 — — — — 147,427 4 
$2,264,895 100 $956,397 100 $1 100 $3,221,293 100 

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
53
        GL Q3 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.

54
        GL Q3 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 September 30, 2023
LifeHealthAnnuityInvestmentCorporate & OtherAdjustmentsConsolidated
Revenue:
Premium$788,099 $331,236 $— $— $— $— $1,119,335 
Net investment income— — — 266,926 — — 266,926 
Other income— — — — 50 — 50 
Total revenue788,099 331,236 — 266,926 50 — 1,386,311 
Expenses:
Policy benefits515,676 193,790 6,854 2,724 — — 719,044 
Required interest on reserves(194,199)(26,732)(9,353)230,284 — — — 
Amortization of acquisition costs82,523 12,816 418 — — — 95,757 
Commissions, premium taxes, and non-deferred acquisition costs84,011 54,662 4 — — — 138,677 
Insurance administrative expense(1)
— — — — 74,585 74,585 
Parent expense— — — — 2,581 1,137 (2)3,718 
Stock-based compensation expense— — — — 7,567 — 7,567 
Interest expense— — — — 25,955 — 25,955 
Total expenses488,011 234,536 (2,077)233,008 110,688 1,137 1,065,303 
Subtotal300,088 96,700 2,077 33,918 (110,638)(1,137)321,008 
Non-operating items— — — — — 1,137 (2)1,137 
Measure of segment profitability (pretax)
$300,088 $96,700 $2,077 $33,918 $(110,638)$— 322,145 
Realized gain (loss)—investments(2,193)
Non-operating expenses(1,137)
Income before income taxes per Condensed Consolidated Statements of Operations
$318,815 
(1)Administrative expense is not allocated to insurance segments.
(2)Non-operating expenses.




55
        GL Q3 2023 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Three Months Ended September 30, 2022
LifeHealthAnnuityInvestmentCorporate & OtherAdjustmentsConsolidated
Revenue:
Premium$758,875 $320,406 $1 $— $— $— $1,079,282 
Net investment income— — — 246,711 — — 246,711 
Other income— — — — 399 — 399 
Total revenue758,875 320,406 1 246,711 399 — 1,326,392 
Expenses:
Policy obligations545,933 182,409 8,136 1,098 — — 737,576 
Required interest on reserves(184,712)(25,690)(11,228)221,630 — — — 
Amortization of acquisition costs75,486 12,076 450 — — — 88,012 
Commissions, premium taxes, and non-deferred acquisition costs74,284 50,479 5 — — — 124,768 
Insurance administrative expense(1)
— — — — 75,048 1,416 (2)76,464 
Parent expense— — — — 2,556 2,556 
Stock-based compensation expense— — — — 9,120 — 9,120 
Interest expense— — — — 23,965 — 23,965 
Total expenses510,991 219,274 (2,637)222,728 110,689 1,416 1,062,461 
Subtotal247,884 101,132 2,638 23,983 (110,290)(1,416)263,931 
Non-operating items— — — — — 1,416 (2)1,416 
Measure of segment profitability (pretax)
$247,884 $101,132 $2,638 $23,983 $(110,290)$— 265,347 
Realized gain (loss)—investments(29,155)
Legal proceedings(1,416)
Income before income taxes per Condensed Consolidated Statements of Operations
$234,776 
(1)Administrative expense is not allocated to insurance segments.
(2)Legal proceedings.


56
        GL Q3 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.
Nine Months Ended September 30, 2023
LifeHealthAnnuityInvestmentCorporate & OtherAdjustmentsConsolidated
Revenue:
Premium$2,342,429 $982,916 $— $— $— $— $3,325,345 
Net investment income— — — 785,275 — — 785,275 
Other income— — — — 185 — 185 
Total revenue2,342,429 982,916 — 785,275 185 — 4,110,805 
Expenses:
Policy obligations1,536,317 580,676 21,502 5,986 — — 2,144,481 
Required interest on reserves(575,801)(79,603)(29,327)684,731 — — — 
Amortization of acquisition costs243,285 37,608 1,266 — — — 282,159 
Commissions, premium taxes, and non-deferred acquisition costs251,136 163,784 13 — — — 414,933 
Insurance administrative expense(1)
— — — — 223,951 — 223,951 
Parent expense— — — — 8,254 1,137 (2)9,391 
Stock-based compensation expense— — — — 22,732 — 22,732 
Interest expense— — — — 76,640 — 76,640 
Total expenses1,454,937 702,465 (6,546)690,717 331,577 1,137 3,174,287 
Subtotal887,492 280,451 6,546 94,558 (331,392)(1,137)936,518 
Non-operating items— — — — — 1,137 (2)1,137 
Measure of segment profitability (pretax)
$887,492 $280,451 $6,546 $94,558 $(331,392)$— 937,655 
Realized gain (loss)—investments(78,963)
Non-operating expenses(1,137)
Income before income taxes per Consolidated Statements of Operations
$857,555 
(1)Administrative expense is not allocated to insurance segments.
(2)Non-operating expenses.




57
        GL Q3 2023 FORM 10-Q
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Nine Months Ended September 30, 2022
LifeHealthAnnuityInvestmentCorporate & OtherAdjustmentsConsolidated
Revenue:
Premium$2,264,895 $956,397 $1 $— $— $— $3,221,293 
Net investment income— — — 736,317 — — 736,317 
Other income— — — — 862 — 862 
Total revenue2,264,895 956,397 1 736,317 862 — 3,958,472 
Expenses:
Policy obligations1,533,726 561,502 24,700 3,228 — — 2,123,156 
Required interest on reserves(548,840)(76,420)(33,956)659,216 — — — 
Amortization of acquisition costs221,096 36,242 1,355 — — — 258,693 
Commissions, premium taxes, and non-deferred acquisition costs222,310 154,160 20 — — — 376,490 
Insurance administrative expense(1)
— — — — 221,313 6,513 (2,3)227,826 
Parent expense— — — — 8,089 (368)(3)7,721 
Stock-based compensation expense— — — — 26,603 — 26,603 
Interest expense— — — — 65,737 — 65,737 
Total expenses1,428,292 675,484 (7,881)662,444 321,742 6,145 3,086,226 
Subtotal836,603 280,913 7,882 73,873 (320,880)(6,145)872,246 
Non-operating items— — — — — 6,145 (2,3)6,145 
Measure of segment profitability (pretax)
$836,603 $280,913 $7,882 $73,873 $(320,880)$— 878,391 
Realized gain (loss)—investments(66,845)
Legal proceedings(1,416)
Non-operating expenses(4,729)
Income before income taxes per Consolidated Statements of Operations
$805,401 
(1)Administrative expense is not allocated to insurance segments.
(2)Legal proceedings.
(3)Non-operating expenses.


Note 13—Subsequent Events

Subsequent to the balance sheet date, the Company signed an agreement to acquire Evry Healthcare, Inc. ("Evry") for an immaterial amount in October 2023. Evry provides low-cost group and individual health insurance products through its wholly-owned subsidiary to employers and individuals by utilizing technology and data analysis to provide an improved customer service experience.

In accordance with the applicable guidance, the Company is finalizing the estimation of the fair value of the acquired assets and may do so up to one year. The impact to the Company's financial statements as a result of the transaction is expected to be immaterial.


58
        GL Q3 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.
59
        GL Q3 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 are 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


60
        GL Q3 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 nine months ended September 30, 2023 was 22.6% and net operating income as an ROE, excluding accumulated other comprehensive income(1) was 14.7%.
•Total premium increased 3% over the same period in the prior year. Life premium increased 3% for the period from $2.26 billion in 2022 to $2.34 billion in 2023.
•Net investment income increased 7% over the same period in the prior year.
•Total net sales increased 5% over the same period in the prior year from $539 million in 2022 to $568 million in 2023. The average producing agent count across all of the exclusive agencies increased 11% over the prior year.
•Book value per share increased 32% over the same period in the prior year from $36.88 to $48.51. Book value per share, excluding accumulated other comprehensive income(1), increased 11% over the prior year from $67.13 in 2022 to $74.31 in 2023.
•For the nine months ended September 30, 2023, the Company repurchased 2.7 million shares of Globe Life Inc. common stock at a total cost of $303 million for an average share price of $111.82.
The following graphs represent net income and net operating income for the nine month periods ended September 30, 2023 and 2022.
1103 1105
(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 is $(2.5) billion and $(3.0) billion for the nine months ended September 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 $(25.80) and $(30.25) for the nine months ended September 30, 2023 and 2022, respectively.
Refer to Analysis of Profitability by Segment for non-GAAP reconciliation to GAAP.

61
        GL Q3 2023 FORM 10-Q
GLOBE LIFE INC.
Management's Discussion & Analysis
Summary of Operations. Net income increased 7% to $696 million during the nine months ended September 30, 2023, compared with $652 million in the same period in 2022. On a diluted per common share basis, net income per common share for the nine months ended September 30, 2023 increased 9% from $6.58 to $7.20.

Net operating income increased 7% to $759 million for the nine months ended September 30, 2023, compared with $710 million for the same period in 2022, primarily due to a 28% increase in excess investment income as well as a 6% increase in life underwriting margin. On a diluted per common share basis, net operating income per common share for the nine months ended September 30, 2023 increased from $7.16 to $7.85, a 10% 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 2023 and 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, and lapses) 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. See Note 6—Policy Liabilities for additional information. 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.

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

62
        GL Q3 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)
Nine Months Ended September 30,
20232022Change%
Life insurance underwriting margin$887,492 $836,603 $50,889 6 
Health insurance underwriting margin280,451 280,913 (462)— 
Annuity underwriting margin6,546 7,882 (1,336)(17)
Excess investment income94,558 73,873 20,685 28 
Other insurance:
Other income185 862 (677)(79)
Administrative expense(223,951)(221,313)(2,638)1 
Corporate and other(107,626)(100,429)(7,197)7 
Pre-tax total937,655 878,391 59,264 7 
Applicable taxes(178,424)(168,685)(9,739)6 
Net operating income
759,231 709,706 49,525 7 
Reconciling items, net of tax:
Realized gain (loss)—investments(62,380)(52,808)(9,572)
Non-operating expenses(898)(3,736)2,838 
Legal proceedings— (1,119)1,119 
Net income
$695,953 $652,043 $43,910 7 

The results for the first nine months of 2023 are impacted, as previously noted, by the reserve development and assumption changes in the third quarter of 2023 and 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 increased $51 million compared with the prior period, primarily a result of increased premiums, favorable policy obligations as a percent of premium, and a significantly lower remeasurement loss resulting from the assumption updates.
63
        GL Q3 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 nine months ended September 30, 2023.
307308

Total premium income rose 3% for the nine months ended September 30, 2023 to $3.3 billion. Total net sales increased 5% to $568 million, when compared with 2022. Total first-year collected premium (defined in the following section) increased 3% to $449 million for 2023 compared to $436 million in 2022.

Life insurance premium income increased 3% to $2.34 billion over the prior-year total of $2.26 billion. Life net sales rose 2% to $414 million for the first nine months of 2023. First-year collected life premium increased 1% to $313 million. Life underwriting margin, as a percent of premium, increased to 38% in 2023 from 37%. Underwriting margin increased to $887 million in 2023, compared to $837 million for the same period in 2022.

Health insurance premium income increased 3% to $983 million over the prior-year total of $956 million. Health net sales rose 15% to $154 million for the first nine months of 2023. First-year collected health premium rose 9% to $136 million. Health underwriting margin, as a percent of premium, was 29% in 2023 and 2022. Health underwriting margin decreased slightly to $280 million for the first nine months of 2023, compared to the same period in 2022.

Excess investment income, the measure of profitability of our investment segment, increased 28% during the first nine months of 2023 to $94.6 million from $73.9 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 31% to $0.98 from $0.75 when compared with the same period in 2022.

Insurance administrative expenses increased 1% in 2023 when compared with the prior-year period. These expenses were 6.7% as a percent of premium during 2023 compared to 6.9% in 2022.

For the nine months ended September 30, 2023, the Company repurchased 2.7 million Globe Life Inc. shares at a total cost of $303 million for an average share price of $111.82.

64
        GL Q3 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 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 are 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.


65
        GL Q3 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)
Nine Months Ended September 30,Change
20232022
Amount% of PremiumAmount% of PremiumAmount%
Premium and policy charges$2,342,429 100 $2,264,895 100 $77,534 3 
Policy obligations1,536,317 66 1,533,726 67 2,591 — 
Required interest on reserves(575,801)(25)(548,840)(24)(26,961)5 
Net policy obligations960,516 41 984,886 43 (24,370)(2)
Commissions, premium taxes, and non-deferred acquisition expenses251,136 11 222,310 10 28,826 13 
Amortization of acquisition costs243,285 10 221,096 10 22,189 10 
Total expense1,454,937 62 1,428,292 63 26,645 2 
Insurance underwriting margin
$887,492 38 $836,603 37 $50,889 6 

Net policy obligations amounted to 41% of premium for the nine months ended September 30, 2023 compared to 43% in the year ago period.

The following table presents Globe Life's life insurance premium by distribution channel.

Life Insurance
Premium by Distribution Channel
(Dollar amounts in thousands)
Nine Months Ended September 30,Change
20232022
Amount% of TotalAmount% of TotalAmount%
American Income$1,182,346 50 $1,124,112 50 $58,234 5 
Direct to Consumer744,132 32 739,017 32 5,115 1 
Liberty National260,036 11 244,149 11 15,887 7 
Other155,915 7 157,617 7 (1,702)(1)
Total
$2,342,429 100 $2,264,895 100 $77,534 3 

Annualized life premium in force was $3.17 billion at September 30, 2023, an increase of 4% over $3.04 billion a year earlier.

66
        GL Q3 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)
Nine Months Ended September 30,Change
20232022
Amount% of TotalAmount% of TotalAmount%
American Income$246,335 59 $246,919 61 $(584)— 
Direct to Consumer90,593 22 95,303 23 (4,710)(5)
Liberty National69,413 17 55,138 14 14,275 26 
Other7,513 2 7,276 2 237 3 
Total
$413,854 100 $404,636 100 $9,218 2 

First-year collected life premium by distribution channel is presented in the table below. 

Life Insurance
First-Year Collected Premium by Distribution Channel
(Dollar amounts in thousands)
Nine Months Ended September 30,Change
20232022
Amount% of TotalAmount% of TotalAmount%
American Income$197,224 63 $195,369 63 $1,855 1 
Direct to Consumer59,735 19 67,072 22 (7,337)(11)
Liberty National49,810 16 42,076 13 7,734 18 
Other6,513 2 6,841 2 (328)(5)
Total
$313,282 100 $311,358 100 $1,924 1 

A discussion of life operations by distribution channel follows.

The American Income Life Division markets to members of labor unions and other affinity groups and continues to diversify its lead sources, 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 September 30, 2023 total life premium. Net sales were $81 million for the three months ended September 30, 2023, up from $76 million in the year-ago period. For the nine months ended September 30, 2023, net sales decreased slightly to $246 million, as compared with $247 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 nine months of 2022 grew 14% over the same period in 2021. The underwriting margin, as a percent of premium, was 45% for the nine months ended September 30, 2023, down from 46% in the year-ago period due to higher acquisition costs.

Below is the average producing agent count for the nine months ended for the American Income Life Division. The average producing agent count is based on the actual count at the beginning and end of each week during the year. The average producing agent count increased 9% 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 September 30,
Change
20232022Amount%
American Income10,395 9,511 884 9 
67
        GL Q3 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 5% to $91 million for the nine months ended September 30, 2023 compared with $95 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, the focus has been on improving profitability and improving the underwriting margin. DTC’s underwriting margin, as a percent of premium, was 24% for the nine months ended September 30, 2023 compared with 21% 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 32% for the nine months ended September 30, 2023, up from 30% during the same period a year ago. The increase is primarily attributable to increased premiums and lower policy obligations as a percent of premium, during the third quarter of 2023 as compared to same period in 2022.

Net sales rose 26% in the nine months ended September 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 for the nine months ended for the Liberty National Division.
At September 30,
Change
20232022Amount%
Liberty National3,177 2,718 459 17 

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 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 develop
68
        GL Q3 2023 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

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 $156 million of life premium income, or 7% of Globe Life's total life premium income in the nine months ended September 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 accident, cancer, critical illness, heart, and intensive care products.

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 decreased slightly to $280 million compared to $281 million in the prior year. 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)
 Nine Months Ended September 30,Change
 20232022
 Amount% of
Premium		Amount% of
Premium		Amount%
Premium$982,916 100 $956,397 100 $26,519 3 
Policy obligations580,676 59 561,502 59 19,174 3 
Required interest on reserves(79,603)(8)(76,420)(8)(3,183)4 
Net policy obligations501,073 51 485,082 51 15,991 3 
Commissions, premium taxes, and non-deferred acquisition expenses163,784 16 154,160 16 9,624 6 
Amortization of acquisition costs37,608 4 36,242 4 1,366 4 
Total expense702,465 71 675,484 71 26,981 4 
Insurance underwriting margin
$280,451 29 $280,913 29 $(462)— 

69
        GL Q3 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)
 Nine Months Ended September 30,Increase
(Decrease)
 20232022
Amount% of TotalAmount% of TotalAmount%
United American$407,137 42 $401,966 42 $5,171 1 
Family Heritage294,029 30 272,429 28 21,600 8 
Liberty National140,518 14 140,563 15 (45)— 
American Income89,656 9 87,930 9 1,726 2 
Direct to Consumer51,576 5 53,509 6 (1,933)(4)
Total
$982,916 100 $956,397 100 $26,519 3 

Premium related to limited-benefit supplemental health products comprise $553 million, or 56%, of the total health premiums for 2023 compared with $523 million, or 55%, in the same period in the prior year. Premium from Medicare Supplement products comprises the remaining $430 million, or 44%, for 2023 compared with $433 million, or 45%, in the same period in the prior year.

Annualized health premium in force was $1.36 billion at September 30, 2023, an increase of 4% over $1.32 billion a year earlier.

Presented below is a table of health net sales by distribution channel.
 
Health Insurance
Net Sales by Distribution Channel
(Dollar amounts in thousands)
 Nine Months Ended September 30,Increase
(Decrease)
 20232022
Amount% of TotalAmount% of TotalAmount%
United American$44,053 29 $38,491 29 $5,562 14 
Family Heritage70,865 46 60,097 45 10,768 18 
Liberty National23,806 15 20,304 15 3,502 17 
American Income13,889 9 13,634 10 255 2 
Direct to Consumer1,773 1 1,637 1 136 8 
Total
$154,386 100 $134,163 100 $20,223 15 

Health net sales related to limited-benefit supplemental health products comprise $121 million, or 79%, of the total health net sales for 2023 compared with $100 million, or 75%, in the same period in the prior year. Medicare Supplement sales make up the remaining $33 million, or 21%, for 2023 compared with $34 million, or 25%, in the same period in the prior year.

70
        GL Q3 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)
 Nine Months Ended September 30,Increase
(Decrease)
 20232022
Amount% of TotalAmount% of TotalAmount%
United American$47,819 35 $47,345 38 $474 1 
Family Heritage53,456 39 44,617 36 8,839 20 
Liberty National18,877 14 16,870 13 2,007 12 
American Income12,857 10 13,167 11 (310)(2)
Direct to Consumer2,638 2 2,228 2 410 18 
Total
$135,647 100 $124,227 100 $11,420 9 
 
First-year collected premium related to limited-benefit supplemental health products is $98 million, or 72%, of total first-year collected premium for 2023 compared with $80 million, or 64%, in the same period in the prior year. First-year collected premium from Medicare Supplement policies makes up the remaining $38 million, or 28%, for 2023 compared with $44 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 14% 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 groups 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 for the nine months ended September 30, 2023 and 2022 was 11%.

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 34% for the nine months ended September 30, 2023 and 2022.
The division experienced a 18% increase in health net sales as compared with the nine-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.
71
        GL Q3 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 13% compared with the same period a year ago, driven by a significant increase in recruiting during 2022 and 2023.
At September 30,
Change
20232022Amount%
Family Heritage Division1,322 1,169 153 13 
The Liberty National Division represented 14% of all Globe Life health premium income for the nine-month period ended September 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 $141 million for the nine months ended September 30, 2023 and 2022. Liberty National's first-year collected premium rose 12% to $19 million in the nine months ended September 30, 2023 compared with $17 million for the same period in 2022. Health net sales for the nine months ended September 30, 2023 rose 17% 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 remained level due to the run off of two older blocks of business that are no longer actively sold. For the nine months ended September 30, 2023 and 2022, underwriting margin as a percent of premium was 56% and 57%, respectively.

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 nine months ended September 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.

72
        GL Q3 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) 
 
Nine Months Ended
September 30,		Change
20232022Amount%
Net investment income$785,275 $736,317 $48,958 7 
Interest on policy liabilities(1)
(690,717)(662,444)(28,273)4 
Excess investment income
$94,558 $73,873 $20,685 28 
Excess investment income per diluted share
$0.98 $0.75 $0.23 31 
Mean invested assets (at amortized cost)$20,329,079 $19,633,407 $695,672 4 
Average insurance policy liabilities16,677,765 15,972,505 705,260 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 $20.7 million, or 28%, compared with the year-ago period. Excess investment income per diluted common share was $0.98 for the nine months ended September 30, 2023, an increase of 31% 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 nine months ended September 30, 2023 was $785 million or 7% greater than the year-ago period. Mean invested assets increased 4% during the first nine 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 nine months of 2023, compared with 5.16% a year earlier. Investment income grew in the current period due to the growth in invested assets and the increase in interest rates compared to the prior year. 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 nine months ended September 30, 2023 was 6.58%. 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 80 basis points higher than the yield achieved on our 2022 acquisitions.

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 September 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 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
73
        GL Q3 2023 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

subsequent periods using current discount rates as of the end of the relevant reporting period with a corresponding adjustment to Other Comprehensive Income. The 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 $28 million, or 4%, to $691 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.
The following table summarizes our tax-effected realized gains (losses) by component.

Analysis of Realized Gains (Losses), Net of Tax
(Dollar amounts in thousands, except for per share data)
 Nine Months Ended September 30,
 20232022
 AmountPer ShareAmountPer Share
Fixed maturities:
Sales$(61,281)$(0.64)$(43,802)$(0.44)
Matured or other redemptions(1)
(125)— 20,001 0.20 
Provision for credit losses(5,924)(0.06)306 0.01 
Fair value option—change in fair value6,284 0.06 (12,594)(0.13)
Other(2)
(1,334)(0.01)(16,719)(0.17)
Total realized gains (losses)
$(62,380)$(0.65)$(52,808)$(0.53)
(1)During the nine months ended September 30, 2023 and 2022, the Company recorded $39.0 million and $24.0 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.
74
        GL Q3 2023 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

During the nine months ended September 30, 2023, it was announced Signature Bank New York and First Republic Bank had entered receivership. As of September 30, 2023, the Company disposed of each of the holdings and incurred a $52 million after-tax realized loss. For the nine months ended September 30, 2022, as investment yields have increased, the Company disposed of certain fixed maturity investments to improve the risk-adjusted, capital-adjusted returns on the portfolio and enhance the yield, credit quality, or diversification of the portfolio.

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.

The following table summarizes selected information for fixed maturity investments. The effective annual yield shown is based on the acquisition price and call features, if any, of the securities. For non-callable bonds, the yield is calculated to maturity date. For callable bonds acquired at a premium, the yield is calculated to the earliest known call date and call price after acquisition ("first call date"). For all other callable bonds, the yield is calculated to maturity date.

Fixed Maturity Acquisitions Selected Information
(Dollar amounts in thousands)
Nine Months Ended
September 30,
 20232022
Cost of acquisitions:
Investment-grade corporate securities$547,330 $634,213 
Investment-grade municipal securities549,528 541,670 
Other investment-grade securities— 5,491 
Total fixed maturity acquisitions(1)
$1,096,858 $1,181,374 
Effective annual yield (one year compounded)(2)
5.93 %5.00 %
Average life (in years, to next call)17.1 12.9 
Average life (in years, to maturity)25.4 23.1 
Average ratingA+A
(1)Fixed maturity acquisitions included unsettled trades of $20 million in 2023 and $3 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 nine 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 nine 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 Q3 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
September 30,
2023		December 31, 2022September 30,
2022
Average annual effective yield(1)
5.23%5.19%5.18%
Average life, in years, to:
Next call(2)
14.414.714.9
Maturity(2)
18.418.518.6
Effective duration to:
Next call(2,3)
8.48.88.8
Maturity(2,3)
10.010.410.3
(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 Q3 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 September 30, 2023 and December 31, 2022.

Fixed Maturities by Sector
September 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$107,098 $— $(17,270)$89,828 $2,391,154 $17,541 $(289,661)$2,119,034 13 13 
Banks36,915 — (5,103)31,812 1,308,142 3,588 (145,951)1,165,779 7 7 
Other financial74,966 — (27,160)47,806 1,238,816 1,251 (237,194)1,002,873 6 7 
Total financial218,979 — (49,533)169,446 4,938,112 22,380 (672,806)4,287,686 26 27 
Industrial
Energy44,670 — (10,896)33,774 1,426,415 13,284 (136,363)1,303,336 7 8 
Basic materials— — — — 1,161,367 3,683 (143,044)1,022,006 6 7 
Consumer, non-cyclical— — — — 2,145,682 8,586 (318,626)1,835,642 11 11 
Other industrials25,378 59 (332)25,105 1,148,842 9,286 (152,074)1,006,054 6 6 
Communications— — — — 857,038 3,905 (143,564)717,379 5 4 
Transportation8,403 — (459)7,944 532,035 4,585 (51,884)484,736 3 3 
Consumer. cyclical79,789 — (16,083)63,706 536,904 2,120 (95,424)443,600 3 3 
Technology32,544 — (1,419)31,125 281,747 28 (71,425)210,350 1 1 
Total industrial190,784 59 (29,189)161,654 8,090,030 45,477 (1,112,404)7,023,103 42 43 
Utilities34,701 314 (2,335)32,680 1,998,424 13,550 (190,901)1,821,073 11 11 
Total corporates
444,464 373 (81,057)363,780 15,026,566 81,407 (1,976,111)13,131,862 79 81 
States, municipalities, and political divisions:
General obligations— — — — 932,658 2,130 (226,047)708,741 5 4 
Revenues— — — — 2,386,863 12,029 (470,744)1,928,148 13 12 
Total states, municipalities, and political divisions— — — — 3,319,521 14,159 (696,791)2,636,889 18 16 
Other fixed maturities:
Government (U.S. and foreign)— — — — 437,467 — (68,235)369,232 2 2 
Collateralized debt obligations36,843 4,842 — 41,685 36,843 4,842 — 41,685 — — 
Other asset-backed securities11,845 — (583)11,262 86,796 2 (6,432)80,366 1 1 
Total fixed maturities
$493,152 $5,215 $(81,640)$416,727 $18,907,193 $100,410 $(2,747,569)$16,260,034 100100



77
        GL Q3 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 Q3 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 September 30, 2023, representing 79% of amortized cost, net, and 81% of fair value. The remainder of the portfolio is invested primarily in securities issued by the U.S. government and U.S. municipalities. The Company holds insignificant amounts in foreign government bonds, collateralized debt obligations, asset-backed securities, and mortgage-backed securities. Corporate securities are diversified over a variety of industry sectors and issuers. At September 30, 2023, the total fixed maturity portfolio consisted of 990 issuers.

Fixed maturities had a fair value of $16.3 billion at September 30, 2023, compared with $16.5 billion at December 31, 2022. The net unrealized loss position in the fixed-maturity portfolio increased from $1.8 billion at December 31, 2022 to $2.6 billion at September 30, 2023 due to an increase in market rates during the period.

For more information about our fixed maturity portfolio by component at September 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 September 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 $440 million at amortized cost, net of allowance for credit losses ($388 million at fair value) for which the ratings were assigned by the third-party managers.

Fixed Maturities by Rating
At September 30, 2023
(Dollar amounts in thousands)
Amortized Cost, net % of TotalFair
Value		% of TotalAverage Composite Quality Rating on Amortized Cost, net
Investment grade:
AAA$945,832 5 $796,460 5 
AA3,193,624 17 2,488,122 15 
A5,161,393 27 4,582,392 28 
BBB+3,609,077 19 3,204,032 20 
BBB4,196,940 22 3,618,741 22 
BBB-1,307,175 7 1,153,560 7 
Total investment grade
18,414,041 97 15,843,307 97 A-
Below investment grade:
BB422,315 3 342,792 2 
B30,376 — 28,586 — 
Below B40,461 — 45,349 1 
Total below investment grade
493,152 3 416,727 3 BB-
$18,907,193 100 $16,260,034 100 
Weighted average composite quality rating
A-

79
        GL Q3 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 48% of the total portfolio at September 30, 2023, down from 51% at December 31, 2022. While this ratio is high relative to our peers, it is at its lowest level in over 10 years and we have limited exposure to higher-risk assets such as derivatives, equities, and asset-backed securities. Additionally, the Company does not participate in securities lending and has no off-balance sheet investments as of September 30, 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)
Nine Months Ended
September 30,
20232022
Balance at beginning of period
$542,497 $701,546 
Downgrades by rating agencies56,217 50,163 
Upgrades by rating agencies(32,540)(97,495)
Dispositions(68,319)(115,108)
Provision for credit losses(7,500)(31)
Amortization and other2,797 4,293 
Balance at end of period
$493,152 $543,368 

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
80
        GL Q3 2023 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

downgrades of existing holdings. Below-investment grade bonds at amortized cost, net of allowance for credit losses, were 7% of our shareholders’ equity excluding accumulated other comprehensive income as of September 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)
 Nine Months Ended September 30,Increase
 20232022(Decrease)
Amount% of
Premium		Amount% of
Premium		Amount%
Insurance administrative expenses:
Salaries$89,068 2.7 $94,883 2.9 $(5,815)(6)
Other employee costs27,850 0.8 31,992 1.0 (4,142)(13)
Information technology costs47,106 1.4 40,807 1.3 6,299 15 
Legal costs10,614 0.3 9,175 0.3 1,439 16 
Other administrative costs49,313 1.5 44,456 1.4 4,857 11 
Total insurance administrative expenses223,951 6.7 221,313 6.9 2,638 1 
Parent company expense8,254 8,089 165 
Stock compensation expense22,732 26,603 (3,871)
Legal proceedings— 1,416 (1,416)
Non-operating expenses1,137 4,729 (3,592)
$256,074 $262,150 $(6,076)(2)

Total operating expenses for September 30, 2023 decreased in comparison with the prior year primarily due to decreases in stock compensation expense and other non-operating costs. Insurance administrative expenses increased $2.6 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 6.7% for the nine months ended September 30, 2023 compared to 6.9% for the same period in 2022.

81
        GL Q3 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 $9.3 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, 2023, 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 nine month periods ended September 30, 2023 and 2022.

Analysis of Share Repurchases
(Amounts in thousands, except per share data) 
 Nine Months Ended September 30,
 20232022
 SharesAmountAverage
Price		SharesAmountAverage
Price
Purchases with:
Excess cash flow at the Parent Company(1)
2,708 $302,849 $111.82 2,832 $278,822 $98.46 
Option exercise proceeds526 60,216 114.58 555 56,630 102.04 
Total3,234 $363,065 $112.27 3,387 $335,452 $99.04 
(1)Excludes excise tax on the repurchase of treasury stock of $2.9 million for the nine months ended September 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.
82
        GL Q3 2023 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

While the insurance subsidiaries annually generate more operating cash inflows than cash outflows, the companies also have the entire available-for-sale fixed maturity investment portfolio available to create additional cash flows if required.

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

Parent Company Liquidity. An important source of Parent Company liquidity is the dividends from its insurance subsidiaries. These dividends are received throughout the year and are used by the Parent Company to pay dividends on common and preferred stock, interest and principal repayment requirements on Parent Company debt, and operating expenses of the Parent Company.
Nine Months Ended
September 30,		Twelve Months Ended
December 31,
20232022Projected 20232022
Liquidity Sources:
Dividends from Subsidiaries$411,661 $353,109 
$460,000—470,000
$407,042 
Excess Cash Flows(1)
387,879 329,478 
420,000—430,000
358,981 
(1)Excess cash flows are reported gross of shareholder dividends. For the nine months ended September 30, 2023 and 2022, shareholder dividends were $63 million and $60 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 September 30, 2023, the Parent Company had access to $69 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. The credit agreement will mature on September 30, 2026. As of September 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.

83
        GL Q3 2023 FORM 10-Q
Globe Life Inc.
Management's Discussion & Analysis

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

Credit Facility—Commercial Paper
(Dollar amounts in thousands)
At
September 30,
2023		December 31, 2022September 30,
2022
Balance of commercial paper at end of period (par value)$251,000 $285,000 $270,000 
Annualized interest rate5.65 %4.78 %3.13 %
Letters of credit outstanding$115,000 $125,000 $125,000 
Remaining amount available under credit line384,000 340,000 355,000 

Credit Facility—Commercial Paper Activity
(Dollar amounts in thousands)
 Nine Months Ended September 30,
 20232022
Average balance of commercial paper outstanding during period (par value)$296,816 $322,788 
Daily-weighted average interest rate (annualized)5.33 %1.15 %
Maximum daily amount outstanding during period (par value)$477,700 $500,529 

The Company reduced the commercial paper borrowings by $34 million since year-end. We had no difficulties in accessing the commercial paper market under this facility during the nine months ended September 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 $1.09 billion in the first nine months of 2023, compared with $1.05 billion 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 $538 million during the first nine 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 $169 million at September 30, 2023, compared with $207 million at December 31, 2022. In addition to these liquid assets, $16 billion of fixed income securities are available for sale in the event of an unexpected need. Approximately $767 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 Q3 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 September 30, 2023 and $1.6 billion at December 31, 2022.

Selected Information about Debt Issues
As of September 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 $546,113 $521,290 
Senior notes08/21/202008/15/20302.150%semiannual400,000 396,558 309,828 
Senior notes(1)
05/19/202206/15/20324.800%semiannual250,000 245,778 228,709 
Junior subordinated debentures11/17/201711/17/20575.275% semiannual 125,000 123,422 114,972 
Junior subordinated debentures06/14/202106/15/20614.250%quarterly325,000 317,287 242,450 
Term loan(2)
05/11/202311/11/20246.200%quarterly170,000 169,425 169,425 
Total long-term debt
1,820,000 1,798,583 1,586,674 
FHLB borrowings198,000 198,000 198,000 
Commercial paper251,000 249,537 249,537 
Total short-term debt
449,000 447,537 447,537 
Total debt
$2,269,000 $2,246,120 $2,034,211 
(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)
Nine Months Ended
September 30,		Increase
(Decrease)
20232022Amount%
Interest on funded debt$55,732 $60,235 $(4,503)(7)
Interest on term loans4,605 — 4,605 — 
Interest on short-term debt16,284 5,463 10,821 198 
Other19 39 (20)(51)
Financing costs
$76,640 $65,737 $10,903 17 

During the first nine months of 2023, financing costs increased 17% 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.

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        GL Q3 2023 FORM 10-Q
GLOBE LIFE INC.
Management's Discussion & Analysis

Subsidiary Capital: The National Association of Insurance Commissioners (NAIC) has established a risk-based factor approach for determining threshold risk-based capital levels for all insurance companies. This approach was designed to assist the regulatory bodies in identifying companies that may require regulatory attention. A Risk-Based Capital (RBC) ratio is typically determined by dividing adjusted total statutory capital by the amount of 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 $4.6 billion at September 30, 2023. This compares with $3.9 billion at December 31, 2022 and $3.6 billion at September 30, 2022, as adjusted. During the nine months since December 31, 2022, shareholders’ equity increased as a result of net income of $696 million during the first nine months of 2023, but was offset by share repurchases of $303 million and an additional $60 million in share repurchases to offset the dilution from stock option exercises. Additionally, the balance of AOCI declined $331 million primarily due to increased interest rates and discount rates over the period.

On September 12, 2023, the Parent Company announced that it had declared a quarterly dividend of $0.2250 per share. This dividend was paid on November 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 Q3 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 91% 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, and lapses) 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 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 91% 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 Q3 2023 FORM 10-Q
GLOBE LIFE INC.
Management's Discussion & Analysis

The following table illustrates the interest rate sensitivity of our liability for future policy benefits as of September 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 September 30,
Change in Discount Rates(1)
20232022
(200)$25,040,320 $25,687,257 
(100)20,510,540 20,998,753 
(50)18,739,489 19,162,906 
017,218,098 17,585,172 
5015,902,308 16,220,542 
10014,757,077 15,033,077 
20012,871,415 13,079,552 
(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 lapses. 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 Q3 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 nine months ended September 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 September 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 September 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 Q3 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, Use of Proceeds, and Issuer Purchases of Equity Securities

Purchases of Certain Equity Securities by the Issuer and Others for the Third 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
July 1-31, 2023198,437 $111.40 198,437 
August 1-31, 2023441,144 112.60 441,144 
September 1-30, 2023220,600 109.82 220,600 

On August 10, 2023, 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 Q3 2023 FORM 10-Q
Table of Contents
Item 6. Exhibits
 
Exhibit No.Description
3.1
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 Q3 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: November 6, 2023/s/ J. Matthew Darden
J. Matthew Darden
Co-Chairman and Chief Executive Officer
Date: November 6, 2023/s/ Frank M. Svoboda
Frank M. Svoboda
Co-Chairman and Chief Executive Officer
Date: November 6, 2023/s/ Thomas P. Kalmbach
Thomas P. Kalmbach
Executive Vice President and Chief Financial Officer

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        GL Q3 2023 FORM 10-Q

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