Globe Life - 10-Q quarterly report FY2026 Q3

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2026

☐ 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.)

7677 Henneman Way, McKinney, Texas 75070

(Address of principal executive offices) (Zip Code)

(972) 569-4000

(Registrant’s telephone number, including area code)

NONE

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 par value per share	GL	New York Stock Exchange
Common Stock, $1.00 par value per share	GL	NYSE Texas, Inc.
4.250% Junior Subordinated Debentures	GL PRD	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Class						Outstanding at October 30, 2026
Common Stock, $1.00 Par Value						75,439,736

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Table of Contents


			Page
PART I. FINANCIAL INFORMATION
	Item 1.	Condensed Consolidated Financial Statements
		Condensed Consolidated Balance Sheets	1
		Condensed Consolidated Statements of Operations	2
		Condensed Consolidated Statements of Comprehensive Income (Loss)	3
		Condensed Consolidated Statements of Shareholders' Equity	4
		Condensed Consolidated Statements of Cash Flows	6

		Notes to Condensed Consolidated Financial Statements	7
		Note 1—Significant Accounting Policies	7
		Note 2—New Accounting Standards	8
		Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive Income (Loss)	9
		Note 4—Investments	11
		Note 5—Commitments and Contingencies	23
		Note 6—Policy Liabilities	25
		Note 7—Deferred Acquisition Costs	44
		Note 8 —Liability for Unpaid Claims	47
		Note 9 —Postretirement Benefits	48
		Note 10 —Earnings Per Share	50
		Note 11—Debt	51
		Note 12—Business Segments	53
		Note 13—Subsequent Events	60

		Cautionary Statements	61

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	62

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	92

	Item 4.	Controls and Procedures	92

PART II. OTHER INFORMATION

	Item 1.	Legal Proceedings	93

	Item 1A.	Risk Factors	93

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	93

	Item 5.	Other Information	93

	Item 6.	Exhibits	94

Signatures			95

As used in this Form 10-Q, “Globe Life,” the “Company,” “we,” “our” and “us” refer to Globe Life Inc., a Delaware corporation incorporated in 1979, its subsidiaries and affiliates.

GL Q3 2026 FORM 10-Q

Table of Contents

PART I—FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

Globe Life Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(Dollar amounts in thousands, except share and per share data)



	September 30, 2026		December 31, 2025
Assets:
Investments:
Fixed maturities—available for sale, at fair value (amortized cost: 2026—$19,564,388; 2025—$18,820,464, allowance for credit losses: 2026— $3,297; 2025— $3,297)	$	16,873,879	$	17,589,342
Mortgage loans	459,302		428,517
Policy loans	771,652		741,375
Other long-term investments (includes: 2026—$1,060,664; 2025—$1,109,719 under the fair value option)	1,433,301		1,396,064
Short-term investments	95,244		314,711
Total investments	19,633,378		20,470,009
Cash	257,921		144,704
Accrued investment income	296,746		272,818
Other receivables	792,062		768,592
Deferred acquisition costs	7,350,491		6,999,136
Goodwill	490,446		490,446
Other assets	1,749,373		1,667,987
Total assets	$	30,570,417	$	30,813,692
Liabilities:
Future policy benefits at current discount rates: (at original discount rates: 2026—$18,497,791; 2025—$18,129,506)	$	17,622,629	$	19,169,687
Unearned and advance premium	275,478		270,663
Policy claims and other benefits payable	562,059		540,832
Other policyholders' funds	555,598		532,047
Total policy liabilities	19,015,764		20,513,229
Current and deferred income taxes	995,223		859,628
Short-term debt	317,618		304,656
Long-term debt (estimated fair value: 2026—$2,429,900; 2025—$2,225,320)	2,667,769		2,320,793
Other liabilities	955,559		840,807
Total liabilities	23,951,933		24,839,113
Commitments and Contingencies (Note 5)
Shareholders' equity:
Preferred stock, par value $1 per share—5,000,000 shares authorized; outstanding: 0 in 2026 and 2025	—		—
Common stock, par value $1 per share—320,000,000 shares authorized; outstanding: (2026—92,218,183 issued; 2025—92,218,183 issued)	92,218		92,218
Additional paid-in-capital	550,542		536,363
Accumulated other comprehensive income (loss)	(1,416,943)		(1,771,444)
Retained earnings	9,370,645		8,546,807
Treasury stock, at cost: (2026—16,155,340 shares; 2025—13,125,082 shares)	(1,977,978)		(1,429,365)
Total shareholders' equity	6,618,484		5,974,579
Total liabilities and shareholders' equity	$	30,570,417	$	30,813,692

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(Dollar amounts in thousands, except share and per share data)



	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Revenue:
Life premium	$	864,552	$	844,483	$	2,578,524	$	2,513,890
Health premium	446,857		386,524		1,300,620		1,134,414

Total premium	1,311,409		1,231,007		3,879,144		3,648,304
Net investment income	295,895		286,013		879,539		848,796
Realized gains (losses)	(12,612)		(4,987)		(6,952)		(23,476)

Other income	1,245		955		3,555		1,073
Total revenue	1,595,937		1,512,988		4,755,286		4,474,697

Benefits and expenses:
Life policyholder benefits(1)	414,701		381,511		1,447,510		1,410,622
Health policyholder benefits(2)	272,129		227,940		812,875		691,793
Other policyholder benefits	7,268		7,171		21,548		20,970
Total policyholder benefits	694,098		616,622		2,281,933		2,123,385

Amortization of deferred acquisition costs	124,654		114,074		363,473		330,990
Commissions, premium taxes, and non-deferred acquisition costs	174,863		157,494		518,503		479,228
Other operating expense	123,274		111,562		353,260		328,601
Interest expense	37,814		36,134		107,864		106,011
Total benefits and expenses	1,154,703		1,035,886		3,625,033		3,368,215

Income before income taxes	441,234		477,102		1,130,253		1,106,482
Income tax benefit (expense)	(80,127)		(89,259)		(210,873)		(211,327)



Net income	$	361,107	$	387,843	$	919,380	$	895,155




Basic net income per common share	$	4.71	$	4.81	$	11.86	$	10.91




Diluted net income per common share	$	4.62	$	4.73	$	11.64	$	10.77

(1)Net of total remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments, gain of $116.7 million before tax for the three months ended September 30, 2026 and a total remeasurement gain of $149.5 million before tax for the same period in 2025. Net of total remeasurement gain of $159.1 million before tax for the nine months ended September 30, 2026 and a total remeasurement gain of $174.7 million before tax for the same period in 2025.

(2)Net of total remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments, gain of $29.1 million before tax for the three months ended September 30, 2026 and a total remeasurement gain of $8.8 million before tax for the same period in 2025. Net of total remeasurement gain of $36.5 million before tax for the nine months ended September 30, 2026 and a total remeasurement gain of $13.2 million before tax for the same period in 2025.

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q3 2026 FORM 10-Q

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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,
	2026		2025		2026		2025
Net income	$	361,107	$	387,843	$	919,380	$	895,155

Other comprehensive income (loss):

Investments:
Unrealized gains (losses) on fixed maturities:
Unrealized holding gains (losses) arising during period	(1,327,667)		432,361		(1,458,440)		513,171

Other reclassification adjustments included in net income	4,062		9,933		(2,123)		17,195
Foreign exchange adjustment on fixed maturities recorded at fair value	202		606		1,176		(1,152)



Total unrealized investment gains (losses)	(1,323,403)		442,900		(1,459,387)		529,214
Less applicable tax (expense) benefit	277,914		(93,009)		306,470		(111,132)
Unrealized gains (losses) on investments, net of tax	(1,045,489)		349,891		(1,152,917)		418,082

Future Policy Benefits:
Change in discount rate on future policy benefits	1,706,586		(423,443)		1,915,230		(470,566)
Less applicable tax (expense) benefit	(358,383)		88,924		(402,198)		98,820
Future policy benefit adjustments, net of tax	1,348,203		(334,519)		1,513,032		(371,746)






Foreign exchange translation:
Foreign exchange translation adjustments, other than securities	2,514		(5,627)		(8,903)		13,094
Less applicable tax (expense) benefit	(527)		1,182		1,871		(2,751)
Foreign exchange translation adjustments, other than securities, net of tax	1,987		(4,445)		(7,032)		10,343

Pension:



Pension adjustments	108		64		1,795		191
Less applicable tax (expense) benefit	(23)		(14)		(377)		(41)
Pension adjustments, net of tax	85		50		1,418		150

Other comprehensive income (loss)	304,786		10,977		354,501		56,829
Comprehensive income (loss)	$	665,893	$	398,820	$	1,273,881	$	951,984

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q3 2026 FORM 10-Q

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Globe Life Inc.

Condensed Consolidated Statements of Shareholders' Equity

(Unaudited)

(Dollar amounts in thousands, except share and per share data)


	Preferred Stock		Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Treasury Stock		Total Shareholders' Equity
Balance at December 31, 2025	$	—	$	92,218	$	536,363	$	(1,771,444)	$	8,546,807	$	(1,429,365)	$	5,974,579


Comprehensive income (loss)	—		—		—		70,653		270,526		—		341,179
Common dividends declared ($0.3300 per share)	—		—		—		—		(25,697)		—		(25,697)
Acquisition of treasury stock	—		—		—		—		—		(240,465)		(240,465)
Stock-based compensation	—		—		(12,134)		—		—		25,737		13,603
Exercise of stock options	—		—		—		—		(5,244)		26,641		21,397

Balance at March 31, 2026	—		92,218		524,229		(1,700,791)		8,786,392		(1,617,452)		6,084,596

Comprehensive income (loss)	—		—		—		(20,938)		287,747		—		266,809
Common dividends declared ($0.3300 per share)	—		—		—		—		(25,426)		—		(25,426)
Acquisition of treasury stock	—		—		—		—		—		(274,722)		(274,722)
Stock-based compensation	—		—		12,118		—		—		4,856		16,974
Exercise of stock options	—		—		—		—		(11,318)		98,902		87,584

Balance at June 30, 2026	—		92,218		536,347		(1,721,729)		9,037,395		(1,788,416)		6,155,815



Comprehensive income (loss)	—		—		—		304,786		361,107		—		665,893
Common dividends declared ($0.3300 per share)	—		—		—		—		(25,117)		—		(25,117)
Acquisition of treasury stock	—		—		—		—		—		(217,960)		(217,960)
Stock-based compensation	—		—		14,195		—		—		1,215		15,410
Exercise of stock options	—		—		—		—		(2,740)		27,183		24,443

Balance at September 30, 2026	$	—	$	92,218	$	550,542	$	(1,416,943)	$	9,370,645	$	(1,977,978)	$	6,618,484

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Condensed Consolidated Statements of Shareholders' Equity (Continued)

(Unaudited)

(Dollar amounts in thousands, except share and per share data)


	Preferred Stock		Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Treasury Stock		Total Shareholders' Equity

Balance at December 31, 2024	$	—	$	97,218	$	527,795	$	(2,029,720)	$	8,002,521	$	(1,292,294)	$	5,305,520


Comprehensive income (loss)	—		—		—		58,847		254,563		—		313,410
Common dividends declared ($0.2700 per share)	—		—		—		—		(22,383)		—		(22,383)
Acquisition of treasury stock	—		—		—		—		—		(264,544)		(264,544)
Stock-based compensation	—		—		(3,754)		—		—		15,773		12,019
Exercise of stock options	—		—		—		—		(9,753)		91,147		81,394


Balance at March 31, 2025	—		97,218		524,041		(1,970,873)		8,224,948		(1,449,918)		5,425,416

Comprehensive income (loss)	—		—		—		(12,995)		252,749		—		239,754
Common dividends declared ($0.2700 per share)	—		—		—		—		(21,869)		—		(21,869)
Acquisition of treasury stock	—		—		—		—		—		(250,311)		(250,311)
Stock-based compensation	—		—		14,009		—		—		34		14,043
Exercise of stock options	—		—		—		—		(1,935)		13,932		11,997

Balance at June 30, 2025	—		97,218		538,050		(1,983,868)		8,453,893		(1,686,263)		5,419,030



Comprehensive income (loss)	—		—		—		10,977		387,843		—		398,820
Common dividends declared ($0.2700 per share)	—		—		—		—		(21,679)		—		(21,679)
Acquisition of treasury stock	—		—		—		—		—		(173,864)		(173,864)
Stock-based compensation	—		—		14,459		—		—		144		14,603
Exercise of stock options	—		—		—		—		(7,292)		59,470		52,178

Balance at September 30, 2025	$	—	$	97,218	$	552,509	$	(1,972,891)	$	8,812,765	$	(1,800,513)	$	5,689,088

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q3 2026 FORM 10-Q

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Globe Life Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Dollar amounts in thousands)



	Nine Months Ended September 30,
	2026		2025













Cash provided from (used for) operating activities	$	1,060,764	$	1,045,790

Cash provided from (used for) investing activities:
Investments sold or matured:
Fixed maturities available for sale—sold	526,802		456,567
Fixed maturities available for sale—matured or other redemptions	366,962		217,427
Mortgage loans	123,868		19,742
Other long-term investments	154,839		82,337
Total investments sold or matured	1,172,471		776,073
Acquisition of investments:
Fixed maturities—available for sale	(1,617,320)		(775,630)
Mortgage loans	(153,870)		(118,572)
Other long-term investments	(177,017)		(88,296)
Total investments acquired	(1,948,207)		(982,498)
Net (increase) decrease in policy loans	(30,277)		(29,872)
Net (increase) decrease in short-term investments	219,467		22,211


Additions to property and equipment	(56,346)		(121,979)

Investments in low-income housing interests	(37,268)		(41,709)
Cash provided from (used for) investing activities	(680,160)		(377,774)

Cash provided from (used for) financing activities:
Issuance of common stock	133,424		145,569
Cash dividends paid to shareholders	(72,501)		(64,394)

Proceeds from issuance of debt	350,000		—
Payment for debt issuance costs	(5,544)		(6,399)
Net borrowing from Federal Home Loan Bank (FHLB)	—		65,000
Net borrowing (repayment) of commercial paper	(16,500)		1,870
Proceeds from commercial paper with original maturities greater than 90 days	222,712		442,040
Repayment of commercial paper with original maturities greater than 90 days	(203,250)		(529,962)
Acquisition of treasury stock	(733,147)		(688,719)
Net receipts (payments) from deposit-type products	50,299		107,951
Cash provided from (used for) financing activities	(274,507)		(527,044)

Effect of foreign exchange rate changes on cash	7,120		(3,581)
Net increase (decrease) in cash	113,217		137,391
Cash at beginning of year	144,704		165,325
Cash at end of period	$	257,921	$	302,716

See accompanying Notes to Condensed Consolidated Financial Statements.

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 1—Significant Accounting Policies

Business: (Globe Life), (the Company), refers to Globe Life Inc., an insurance holding company incorporated in Delaware in 1979, and Globe Life Inc. subsidiaries and affiliates. Globe Life Inc.'s direct or indirect primary subsidiaries are Globe Life And Accident Insurance Company, American Income Life Insurance Company, Liberty National Life Insurance Company, Family Heritage Life Insurance Company of America, and United American Insurance Company. The underwriting companies are owned by their ultimate corporate parent, Globe Life Inc. (Parent Company).

Globe Life provides a variety of life and supplemental health insurance products to a broad base of customers. The Company is organized into three reportable segments: life insurance, health insurance, and investments.

Globe Life markets its insurance products through a number of distribution channels, each of which sells the products of one or more of Globe Life's insurance segments. The Company's distribution channels consist of the following exclusive agencies: American Income Division (American Income), Liberty National Division (Liberty National) and Family Heritage Division (Family Heritage); an independent agency, United American Division (United American); and the 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, 2026, and the condensed consolidated results of operations, comprehensive income, and cash flows for the periods ended September 30, 2026 and 2025. The interim period condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements that were included in the Form 10-K filed with the Securities Exchange Commission (SEC) on February 25, 2026.

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

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

During the second quarter of 2026, management assessed all held-for-sale criteria and concluded that all criteria were satisfied. Accordingly, the Stonebridge Building is classified as an asset held for sale in "Other assets" on the Company's Condensed Consolidated Balance Sheets and depreciation of the asset ceased. Book value of the building, land and improvements was approximately $27.9 million as of September 30, 2026. The asset is measured at the lower of its carrying amount or fair value less costs to sell. The Company has executed a purchase agreement related to the Stonebridge Building for a purchase price of $34.0 million, with the sale expected to occur in early 2027. Based on management's review of the purchase price and estimated selling costs, no impairment loss was recognized upon classification. Operating expenses associated with the Stonebridge Building are expected to continue with the planned wind-down of operations and maintenance activities at the property.

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 2—New Accounting Standards

Accounting Pronouncements Yet to be Adopted: ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, adds disclosure requirements to disaggregate information related to an entity's income statement. The disclosures will allow for enhanced transparency of an entity's expenses.

This standard is effective for the Company for annual periods beginning on January 1, 2027 and Interim periods within fiscal years beginning after December 15, 2027. The Company is evaluating the standard.

ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, provides guidance for the evaluation of determining whether criteria is met to begin the capitalization of internal-use software costs. ASC 350 (Intangibles—Goodwill and Other) requires the capitalization of internal-use software costs begin when both of the following criteria are met: (1) when management has authorized and committed to funding the software project and (2) the probability that the project will be completed and will be used to perform the function intended. If uncertainty exists under the guidance issued in Subtopic 350-40 then a probable to complete threshold will not exist and any costs would be expensed until uncertainties are resolved.

The updated guidance also requires the application of disclosure requirements in ASC 360 (Property, Plant and Equipment) for all capitalized costs regardless of presentation in the financial statements. This standard is effective for the Company for annual periods beginning on January 1, 2028 and interim periods within the annual reporting periods. The Company is evaluating the standard.

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

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

Components of Accumulated Other Comprehensive Income: An analysis of the change in balance by component of Accumulated Other Comprehensive Income is as follows for the three and nine month periods ended September 30, 2026 and 2025:


	Three Months Ended September 30, 2026
	Available for Sale Assets		Future Policy Benefits		Foreign Exchange		Pension Adjustments		Total
Balance at July 1, 2026	$	(1,077,410)	$	(656,799)	$	(18,063)	$	30,543	$	(1,721,729)
Other comprehensive income (loss) before reclassifications, net of tax	(1,048,699)		1,348,203		1,987		—		301,491
Reclassifications, net of tax	3,210		—		—		85		3,295
Other comprehensive income (loss)	(1,045,489)		1,348,203		1,987		85		304,786
Balance at September 30, 2026	$	(2,122,899)	$	691,404	$	(16,076)	$	30,628	$	(1,416,943)


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


	Nine Months Ended September 30, 2026
	Available for Sale Assets		Future Policy Benefits		Foreign Exchange		Pension Adjustments		Total
Balance at January 1, 2026	$	(969,982)	$	(821,628)	$	(9,044)	$	29,210	$	(1,771,444)
Other comprehensive income (loss) before reclassifications, net of tax	(1,151,240)		1,513,032		(7,032)		—		354,760
Reclassifications, net of tax	(1,677)		—		—		1,418		(259)
Other comprehensive income (loss)	(1,152,917)		1,513,032		(7,032)		1,418		354,501
Balance at September 30, 2026	$	(2,122,899)	$	691,404	$	(16,076)	$	30,628	$	(1,416,943)


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

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Reclassification Adjustments: Reclassification adjustments out of accumulated other comprehensive income are presented below for the three and nine month periods ended September 30, 2026 and 2025.


	Three Months Ended September 30,				Nine Months Ended September 30,				Affected line items in the Statements of Operations
Component Line Item	2026		2025		2026		2025
Unrealized investment (gains) losses on available for sale assets:
Realized (gains) losses	$	6,566	$	11,746	$	4,819	$	23,755	Realized (gains) losses

Amortization of (discount) premium	(2,504)		(1,813)		(6,942)		(6,560)		Net investment income
Total before tax	4,062		9,933		(2,123)		17,195
Tax	(852)		(2,086)		446		(3,611)		Income taxes
Total after-tax	3,210		7,847		(1,677)		13,584
Pension adjustments:
Amortization of prior service cost	253		292		758		876		Other operating expense
Amortization of actuarial (gain) loss	(145)		(228)		1,037		(685)		Other operating expense
Total before tax	108		64		1,795		191
Tax	(23)		(14)		(377)		(41)		Income taxes
Total after-tax	85		50		1,418		150
Total reclassification (after-tax)	$	3,295	$	7,897	$	(259)	$	13,734

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 4—Investments

Portfolio Composition: Summaries of fixed maturities available for sale by amortized cost, fair value, and allowance for credit losses at September 30, 2026 and December 31, 2025, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are as follows. Redeemable preferred stock is included within "Corporates, by sector."


	At September 30, 2026
	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value(1)		% of Total Fixed Maturities(2)
Fixed maturities available for sale:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	421,482	$	—	$	—	$	(52,397)	$	369,085	2
States, municipalities, and political subdivisions	3,478,392		—		4,507		(759,251)		2,723,648		16
Foreign governments	44,831		—		5		(9,389)		35,447		—
Corporates, by sector:
Industrials	8,179,987		—		32,723		(1,126,238)		7,086,472		42
Financial	5,020,403		—		22,191		(598,853)		4,443,741		26

Utilities	2,202,436		—		10,208		(211,314)		2,001,330		12
Total corporates	15,402,826		—		65,122		(1,936,405)		13,531,543		80

Other asset-backed securities	216,857		(3,297)		834		(238)		214,156		2
Total fixed maturities	$	19,564,388	$	(3,297)	$	70,468	$	(2,757,680)	$	16,873,879	100

(1)Amount reported in the balance sheet.

(2)At fair value.


	At December 31, 2025
	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value(1)		% of Total Fixed Maturities(2)
Fixed maturities available for sale:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	409,170	$	—	$	161	$	(25,478)	$	383,853	2
States, municipalities, and political subdivisions	3,385,433		—		26,955		(531,762)		2,880,626		16
Foreign governments	47,448		—		138		(8,040)		39,546		—
Corporates, by sector:
Industrials	7,787,885		—		175,164		(645,363)		7,317,686		42
Financial	4,982,187		—		134,105		(333,966)		4,782,326		27

Utilities	2,093,010		—		71,582		(93,086)		2,071,506		12
Total corporates	14,863,082		—		380,851		(1,072,415)		14,171,518		81

Other asset-backed securities	115,331		(3,297)		1,877		(112)		113,799		1
Total fixed maturities	$	18,820,464	$	(3,297)	$	409,982	$	(1,637,807)	$	17,589,342	100

(1)Amount reported in the balance sheet.

(2)At fair value.

The Company had unfunded commitments of $368 million and $313 million in fixed maturities at September 30, 2026 and December 31, 2025, respectively.

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

A schedule of fixed maturities available for sale by contractual maturity date at September 30, 2026, is shown below on an amortized cost basis, net of allowance for credit losses, and on a fair value basis. Actual disposition dates could differ from contractual maturities due to call or prepayment provisions.


	At September 30, 2026
	Amortized Cost, net		Fair Value
Fixed maturities available for sale:
Due in one year or less	$	174,268	$	173,686
Due after one year through five years	785,093		782,679
Due after five years through ten years	1,924,113		1,855,639
Due after ten years through twenty years	8,833,427		7,636,065
Due after twenty years	7,630,625		6,211,649
Mortgage-backed and asset-backed securities	213,565		214,161
	$	19,561,091	$	16,873,879

Analysis of Investment Operations: "Net investment income" for the three and nine month periods ended September 30, 2026 and 2025 is summarized as follows:


	Three Months Ended September 30,					Nine Months Ended September 30,
	2026		2025		% Change	2026		2025		% Change
Fixed maturities available for sale	$	252,332	$	243,444	4	$	746,752	$	730,859	2
Policy loans	14,878		14,123		5	43,815		41,631		5
Mortgage loans	7,473		7,960		(6)	23,333		19,978		17
Other long-term investments(1)	27,141		24,417		11	80,500		68,934		17
Short-term investments	2,485		2,611			7,904		7,146
	304,309		292,555		4	902,304		868,548		4
Less investment expense	(8,414)		(6,542)		29	(22,765)		(19,752)		15
Net investment income	$	295,895	$	286,013	3	$	879,539	$	848,796	4

(1)For the three months ended September 30, 2026 and 2025, the investment funds, accounted for under the fair value option method, recorded $21.4 million and $21.6 million in net investment income, respectively. For the nine months ended September 30, 2026 and 2025, the investment funds, accounted for under the fair value option method, recorded $64.5 million and $58.9 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,
	2026		2025		2026		2025
Fixed maturities available for sale:
Proceeds from sales(1)	$	451,089	$	184,500	$	526,802	$	456,567
Gross realized gains	7,867		916		8,829		4,011
Gross realized losses	(6,786)		(7,761)		(8,235)		(16,251)

(1)During the three and nine months ended September 30, 2026, the Company had $0 unsettled trades. There were $3.2 million unsettled trades for the same periods in 2025.

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

An analysis of "realized gains (losses)" is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Realized investment gains (losses):
Fixed maturities available for sale:
Sales and other(1)	$	(6,566)	$	(11,686)	$	(4,819)	$	(23,735)

Provision for credit losses	—		(60)		—		(20)
Fair value option—change in fair value	(6,080)		5,958		(3,564)		(147)
Mortgage loans	(198)		(4,526)		(449)		(4,219)
Other investments	117		(1,131)		(1,837)		(2,473)
Realized gains (losses) from investments	(12,727)		(11,445)		(10,669)		(30,594)

Other gains (losses)	115		6,458		3,717		7,118
Total realized gains (losses)	(12,612)		(4,987)		(6,952)		(23,476)
Applicable tax	2,648		1,048		1,460		4,930
Realized gains (losses), net of tax	$	(9,964)	$	(3,939)	$	(5,492)	$	(18,546)

(1)During the three months ended September 30, 2026 and 2025, the Company recorded $82.1 million and $176 thousand of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $0 and $176 thousand net realized gains (losses), respectively. During the nine months ended September 30, 2026 and 2025, the Company recorded $111.0 million and $128.5 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $0 and $(3.0) million net realized gains (losses), respectively.

GL Q3 2026 FORM 10-Q

Table of Contents

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, 2026 and December 31, 2025:


	Fair Value Measurement at September 30, 2026:
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Fixed maturities available for sale
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	—		$	369,085		$	—		$	369,085
States, municipalities, and political subdivisions	—			2,718,760			4,888			2,723,648
Foreign governments	—			35,447			—			35,447
Corporates, by sector:

Financial	—			4,309,121			134,620			4,443,741

Utilities	—			1,876,041			125,289			2,001,330
Other corporate sectors	—			7,010,451			76,021			7,086,472
Total corporates	—			13,195,613			335,930			13,531,543

Other asset-backed securities	—			1,186			212,970			214,156
Total fixed maturities	$	—		$	16,320,091		$	553,788		$	16,873,879
Percentage of total	—		%	97		%	3		%	100		%


	Fair Value Measurement at December 31, 2025:
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Fixed maturities available for sale
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	—		$	383,853		$	—		$	383,853
States, municipalities, and political subdivisions	—			2,880,626			—			2,880,626
Foreign governments	—			39,546			—			39,546
Corporates, by sector:
Industrials	—			7,232,179			85,507			7,317,686
Financial	—			4,661,175			121,151			4,782,326

Utilities	—			1,968,840			102,666			2,071,506
Total corporates	—			13,862,194			309,324			14,171,518

Other asset-backed securities	—			27,898			85,901			113,799
Total fixed maturities	$	—		$	17,194,117		$	395,225		$	17,589,342
Percentage of total	—		%	98		%	2		%	100		%

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables represent changes in fixed maturities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):


	Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Asset- backed Securities			Collateralized Debt Obligations			States, Municipalities and Political Subdivisions Debt Obligations			Corporates			Total
Balance at January 1, 2026	$	85,901		$	—		$	—		$	309,324		$	395,225

Included in realized gains / losses	—			—			—			746			746
Included in other comprehensive income	288			—			(669)			(17,777)			(18,158)
Acquisitions	128,671			—			5,555			65,663			199,889
Sales	—			—			—			(4,480)			(4,480)
Amortization	—			—			2			(81)			(79)
Other(1)	(1,890)			—			—			(17,465)			(19,355)
Transfers into Level 3(2)	—			—			—			—			—
Transfers out of Level 3(2)	—			—			—			—			—
Balance at September 30, 2026	$	212,970		$	—		$	4,888		$	335,930		$	553,788
Percent of total fixed maturities	1		%	—		%	—		%	2		%	3		%

(1)Includes capitalized interest, foreign exchange adjustments, and principal repayments.

(2)Considered to be transferred at the end of the period. Transfers into Level 3 occur when observable inputs are no longer available. Transfers out of Level 3 occur when observable inputs become available.


	Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Asset- backed Securities			Collateralized Debt Obligations			States, Municipalities and Political Subdivisions Debt Obligations			Corporates			Total
Balance at January 1, 2025	$	11,183		$	42,866		$	—		$	420,065		$	474,114

Included in realized gains / losses	—			(588)			—			(2,593)			(3,181)
Included in other comprehensive income	320			—			—			9,661			9,981
Acquisitions	52,406			—			—			30,015			82,421
Sales	—			(36,398)			—			(118,379)			(154,777)
Amortization	—			1,893			—			(205)			1,688
Other(1)	—			(7,773)			—			(22,289)			(30,062)
Transfers into Level 3(2)	—			—			—			—			—
Transfers out of Level 3(2)	—			—			—			—			—
Balance at September 30, 2025	$	63,909		$	—		$	—		$	316,275		$	380,184
Percent of total fixed maturities	—		%	—		%	—		%	2		%	2		%

(1)Includes capitalized interest, foreign exchange adjustments, and principal repayments.

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following table presents changes in unrealized gains and losses for the period included in accumulated other comprehensive income for assets held at the end of the reporting period for Level 3 classification:


	Changes in Unrealized Gains (Losses) included in Accumulated Other Comprehensive Income for Assets Held at the End of the Period
	Asset- backed Securities		Collateralized Debt Obligations		States, Municipalities and Political Subdivisions Debt Obligations		Corporates		Total
At September 30, 2026	$	288	$	—	$	(669)	$	(17,777)	$	(18,158)
At September 30, 2025	320		—		—		9,661		9,981

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

The following table represents quantitative information about Level 3 fair value measurements:

Quantitative Information about Level 3 Fair Value Measurements

September 30, 2026

Fair Value

Valuation Technique

Significant Unobservable
Input

Range

Weighted-

Average(1)

Corporates

335,930

Discounted cash flow

Credit rating

B to AA

A-

States, municipalities and political subdivisions

4,888

Discounted cash flow

Credit rating

AAA

Asset-backed securities

212,970

Discounted cash flow

Credit rating

CC to AA

BBB

553,788

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

Level 3 securities are valued based on the contractual cash flows discounted by a rate determined as a treasury benchmark rate adjusted for a credit spread. The credit spread is developed from observable indices for similar securities and unobservable indices for private securities or private comparable securities for corresponding credit ratings. The credit ratings for the securities may be considered unobservable inputs, as they are private letter ratings issued by a nationally recognized statistical rating organization or are assigned by the third-party investment manager based on a quantitative and qualitative assessment of the credit underwritten. A higher (lower) credit rating would result in a higher (lower) valuation. For more information regarding valuation procedures, please refer to Note 1—Significant Accounting Policies under the caption Fair Value Measurements, Investments in Securities disclosed in the Form 10-K.

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Unrealized Loss Analysis: The following table discloses information about fixed maturities available for sale in an unrealized loss position.


	Less than Twelve Months	Twelve Months or Longer	Total
Number of issues (CUSIPs) held:
As of September 30, 2026	1,068	1,534	2,602
As of December 31, 2025	395	1,583	1,978

Globe Life's entire fixed maturity portfolio consisted of 2,642 issues by 1,005 different issuers at September 30, 2026 and 2,576 issues by 1,010 different issuers at December 31, 2025. The weighted-average quality rating of all unrealized loss positions at amortized cost was A as of September 30, 2026 and A as of December 31, 2025.

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

Analysis of Gross Unrealized Investment Losses


	At September 30, 2026
	Less than Twelve Months				Twelve Months or Longer				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Fixed maturities available for sale:
Investment grade securities:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	23,877	$	(1,710)	$	345,202	$	(50,687)	$	369,079	$	(52,397)
States, municipalities, and political subdivisions	1,081,761		(80,912)		1,511,183		(677,949)		2,592,944		(758,861)
Foreign governments	10,410		(583)		22,181		(8,806)		32,591		(9,389)
Corporates, by sector:
Industrials	2,516,273		(192,515)		3,139,860		(863,576)		5,656,133		(1,056,091)
Financial	1,828,821		(141,149)		1,634,560		(439,971)		3,463,381		(581,120)

Utilities	1,026,565		(79,715)		500,580		(122,012)		1,527,145		(201,727)
Total corporates	5,371,659		(413,379)		5,275,000		(1,425,559)		10,646,659		(1,838,938)

Other asset-backed securities	21,568		(127)		1,166		(80)		22,734		(207)
Total investment grade securities	6,509,275		(496,711)		7,154,732		(2,163,081)		13,664,007		(2,659,792)

Below investment grade securities:
States, municipalities, and political subdivisions	—		—		1,568		(390)		1,568		(390)


Industrials	120,800		(16,970)		131,885		(53,177)		252,685		(70,147)
Financial	18,566		(446)		84,479		(17,287)		103,045		(17,733)

Utilities	13,020		(1,000)		34,779		(8,587)		47,799		(9,587)
Total corporates	152,386		(18,416)		251,143		(79,051)		403,529		(97,467)

Other asset-backed securities	10,845		(31)		—		—		10,845		(31)
Total below investment grade securities	163,231		(18,447)		252,711		(79,441)		415,942		(97,888)
Total fixed maturities	$	6,672,506	$	(515,158)	$	7,407,443	$	(2,242,522)	$	14,079,949	$	(2,757,680)

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	At December 31, 2025
	Less than Twelve Months				Twelve Months or Longer				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Fixed maturities available for sale:
Investment grade securities:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	4,894	$	(454)	$	368,750	$	(25,024)	$	373,644	$	(25,478)
States, municipalities, and political subdivisions	535,186		(12,491)		1,731,104		(519,061)		2,266,290		(531,552)
Foreign governments	5,616		(26)		25,370		(8,014)		30,986		(8,040)
Corporates, by sector:
Industrials	680,126		(14,131)		3,667,956		(591,006)		4,348,082		(605,137)
Financial	469,436		(29,118)		1,806,739		(294,440)		2,276,175		(323,558)

Utilities	302,325		(4,274)		555,085		(82,694)		857,410		(86,968)
Total corporates	1,451,887		(47,523)		6,029,780		(968,140)		7,481,667		(1,015,663)

Other asset-backed securities	18,217		(62)		1,379		(50)		19,596		(112)
Total investment grade securities	2,015,800		(60,556)		8,156,383		(1,520,289)		10,172,183		(1,580,845)

Below investment grade securities:
States, municipalities, and political subdivisions	—		—		1,751		(210)		1,751		(210)

Corporates, by sector:
Industrials	35,564		(6,631)		141,446		(33,595)		177,010		(40,226)
Financial	6,185		(36)		101,427		(10,372)		107,612		(10,408)

Utilities	5,025		(60)		38,121		(6,058)		43,146		(6,118)
Total corporates	46,774		(6,727)		280,994		(50,025)		327,768		(56,752)

Other asset-backed securities	—		—		—		—		—		—
Total below investment grade securities	46,774		(6,727)		282,745		(50,235)		329,519		(56,962)
Total fixed maturities	$	2,062,574	$	(67,283)	$	8,439,128	$	(1,570,524)	$	10,501,702	$	(1,637,807)

Gross unrealized losses may fluctuate quarter over quarter due to factors in the market that affect the holdings, such as changes in interest rates or credit spreads. The Company considers many factors when determining whether an allowance for a credit loss should be recorded. While the Company holds securities that may be in an unrealized loss position, Globe Life does not generally intend to sell and it is unlikely that the Company will be required to sell the fixed maturities prior to their anticipated recovery or maturity due to the strong cash flows generated by its insurance operations.

GL Q3 2026 FORM 10-Q

Table of Contents

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,
	2026		2025		2026		2025
Allowance for credit losses beginning balance	$	3,297	$	10,355	$	3,297	$	10,395
Additions to allowance for which credit losses were not previously recorded	—		—		—		—
Additions (reductions) to allowance for fixed maturities that previously had an allowance	—		60		—		20
Reduction of allowance for which the Company intends to sell or more likely than not will be required to sell or sold during the period	—		—		—		—
Allowance for credit losses ending balance	$	3,297	$	10,415	$	3,297	$	10,415

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

Mortgage Loans (commercial mortgage loans): Investments in commercial mortgage loans are made through direct investments and through investment funds. Globe Life has total commercial mortgage loan investments made directly and through investment funds of $1.00 billion at September 30, 2026 and $1.04 billion at December 31, 2025. The commercial mortgage loan summaries provided in this section pertain only to those commercial mortgage loans made directly.

Summaries of commercial mortgage loans by property type and geographical location at September 30, 2026 and December 31, 2025 are as follows:


	September 30, 2026			December 31, 2025
	Carrying Value		% of Total	Carrying Value		% of Total
Property type:
Industrial	$	219,841	48	$	155,208	36
Hospitality	100,936		22	99,492		23
Multi-family	116,330		25	99,212		23
Retail	24,236		5	76,059		18
Office	2,923		1	3,061		1


Total recorded investment	464,266		101	433,032		101
Less allowance for credit losses	(4,964)		(1)	(4,515)		(1)
Carrying value, net of allowance for credit losses	$	459,302	100	$	428,517	100

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	September 30, 2026			December 31, 2025
	Carrying Value		% of Total	Carrying Value		% of Total
Geographic location:
Florida	$	130,732	28	$	88,681	21
Texas	47,554		10	66,597		15
North Carolina	33,591		7	42,358		10
Minnesota	31,133		7	31,084		7
California	29,899		7	28,450		7
Pennsylvania	26,168		6	19,814		5
Other	165,189		36	156,048		36
Total recorded investment	464,266		101	433,032		101
Less allowance for credit losses	(4,964)		(1)	(4,515)		(1)
Carrying value, net of allowance for credit losses	$	459,302	100	$	428,517	100

The following tables are reflective of the key factors, debt service coverage ratios, and loan-to-value ("LTV") ratios that are utilized by management to monitor the performance of the portfolios. The Company only makes new investments in commercial mortgage loans that have a LTV ratio less than or equal to 80%. LTV ratios that exceed 80% are generally a result of decreases in the valuation of the underlying property. Generally, a higher LTV ratio and a lower debt service coverage ratio equate to higher risk of loss.


	September 30, 2026
	Recorded Investment
	Debt Service Coverage Ratios(1)
	<1.00x		1.00x—1.20x		>1.20x		Total		% of Gross Total
Loan-to-value ratio(2):
Less than 70%	$	66,864	$	51,937	$	344,270	$	463,071	100
70% to 80%	—		—		—		—		—
81% to 90%	—		—		—		—		—
Greater than 90%	1,195		—		—		1,195		—
Total	$	68,059	$	51,937	$	344,270	464,266		100
Less allowance for credit losses							(4,964)
Total, net of allowance for credit losses							$	459,302

(1)Annual net operating income divided by annual mortgage debt service (principal and interest).

(2)Loan balance divided by stabilized appraised value at origination, including planned renovations and stabilized occupancy. Updated internal valuations are used when a loan is materially underperforming.

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	December 31, 2025
	Recorded Investment
	Debt Service Coverage Ratios(1)
	<1.00x		1.00x—1.20x		>1.20x		Total		% of Gross Total
Loan-to-value ratio(2):
Less than 70%	$	61,159	$	50,009	$	313,634	$	424,802	98
70% to 80%	—		—		—		—		—
81% to 90%	—		—		—		—		—
Greater than 90%	8,230		—		—		8,230		2
Total	$	69,389	$	50,009	$	313,634	433,032		100
Less allowance for credit losses							(4,515)
Total, net of allowance for credit losses							$	428,517

(1)Annual net operating income divided by annual mortgage debt service (principal and interest).

As of September 30, 2026, the Company had 41 loans in the portfolio. During the quarter, the Company evaluated the commercial mortgage loan portfolio on both an individual and pooling basis to determine the allowance for credit losses and determined two loans were collateral dependent or likely to foreclose.

For the nine months ended September 30, 2026, the allowance for credit losses increased by $449 thousand to $5.0 million. The provision for credit losses is included in "Realized gains (losses)" on the Condensed Consolidated Statements of Operations.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Allowance for credit losses beginning balance	$	4,766	$	6,629	$	4,515	$	7,644

Provision (reversal) for credit losses	198		404		449		266
Reduction in allowance due to dispositions	—		(1,400)		—		(2,277)
Allowance for credit losses ending balance	$	4,964	$	5,633	$	4,964	$	5,633

As of September 30, 2026 and December 31, 2025, the Company had two commercial mortgage loans in non-accrual status with a principal balance of $3 million and no delinquent commercial mortgage loans. The Company's unfunded commitment balance to commercial loan borrowers was $21 million as of September 30, 2026.

Other Long-Term Investments: Other long-term investments consist of the following assets:



	September 30, 2026		December 31, 2025
Investment funds	$	1,060,664	$	1,109,719
Company-owned life insurance(1)	333,236		243,721
Other	39,401		42,624
Total	$	1,433,301	$	1,396,064

(1) Company-owned life insurance is reported at cash surrender value.

GL Q3 2026 FORM 10-Q

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following table presents additional information about the Company's investment funds as of September 30, 2026 and December 31, 2025 at fair value:


	Fair Value				Unfunded Commitments(2)
Investment Category	September 30, 2026		December 31, 2025		September 30, 2026		Redemption Term/Notice(1)






Commercial mortgage loans	$	536,032	$	614,080	$	535,351	Fully redeemable and non-redeemable with varying terms.
Opportunistic and private credit	241,210		223,665		187,927		Fully redeemable and non-redeemable with varying terms.


Infrastructure	207,742		187,964		27,530		Fully redeemable and non-redeemable with varying terms.


Other	75,680		84,010		59,707		Non-redeemable with varying terms
Total investment funds	$	1,060,664	$	1,109,719	$	810,515

(1)Non-redeemable funds generally have an expected life of 7 to 12 years from fund closing with extension options of 1 to 4 years. Redemptions are paid out throughout the life of the funds at the General Partner's discretion. Redeemable funds can generally be redeemed over 6 to 36 months upon request from limited partners.

(2)Unfunded commitments include unfunded balances during the investment period. After an investment period ends, the fund can call capital based on limited and specified reasons. As of September 30, 2026, unfunded commitments totaled $925 million, including funds past the investment period.

The Company had $98 million of capital called during the period from existing investment funds. The Company's unfunded commitments were $811 million as of September 30, 2026.

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 5—Commitments and Contingencies

Guarantees: In connection with the Pre-capitalized Trust Securities agreement signed on July 1, 2025, Globe Life Inc. is required to purchase any treasury securities in default. Management believes it is unlikely the Company will have to make any material payments under this agreement due to default. In addition, Globe Life Inc. has guaranteed letters of credit in connection with its credit facility with a group of banks as disclosed in Note 11—Debt. The letters of credit were issued by TMK Re, Ltd., a wholly-owned subsidiary ("TMK Re"), to secure TMK Re's obligation for claims on certain policies reinsured by TMK Re that were sold by other Globe Life Inc. insurance subsidiaries. These letters of credit facilitate TMK Re's ability to reinsure the business of Globe Life Inc.'s insurance subsidiaries. The credit facility was amended and restated on June 26, 2026 and now expires in 2031. The maximum amount of letters of credit available is $250 million. Globe Life Inc. would be liable to the extent that TMK Re does not pay the reinsured party. The amount of letters of credit outstanding at September 30, 2026 was $115 million.

Litigation: The Company, as is common with the insurance industry in general, is subject to litigation, including: putative class action litigation; alleged breaches of contract; torts, including bad faith and fraud claims based on alleged wrongful or fraudulent acts of agents of Globe Life Inc.'s insurance subsidiaries; alleged employment discrimination; alleged worker misclassification; and miscellaneous other causes of action. Based upon information presently available, and in light of legal and other factual defenses available to the Company, management does not believe that it is reasonably possible that such litigation will have a material adverse effect on Globe Life Inc.'s financial condition, future operating results or liquidity; however, assessing the eventual outcome of litigation necessarily involves forward-looking speculation as to judgments to be made by judges, juries and appellate courts in the future. This bespeaks caution, particularly in states with reputations for high punitive damage verdicts.

On April 30, 2024, a putative securities class action was filed against Globe Life Inc. and six of its current/former executives and directors in the United States District Court for the Eastern District of Texas (City of Miami Gen. Emp. & Sanitation Emp. Ret. Trust, et al. v. Globe Life Inc., et al., Case No. 4:24-cv-00376). On July 24, 2024, the Court appointed Lead Plaintiffs and Lead Counsel for the putative class of shareholders. The Lead Plaintiffs filed a Consolidated Complaint on October 4, 2024 that asserts claims under §§ 10(b), 20(a), and 20(A) of the Securities Exchange Act of 1934 and SEC Rules 10b-5(a), 10b-5(b), and 10b-5(c) promulgated thereunder, on behalf of a putative class of purchasers of Globe Life Inc.'s securities from May 8, 2019 through April 10, 2024. The Consolidated Complaint added four additional executives as defendants and alleges that certain of Globe Life Inc.'s disclosures about financial performance and certain other public statements during the putative class period were materially false or misleading. Pursuant to Globe Life Inc.'s Restated Certificate of Incorporation and indemnification agreements with the individual defendants, Globe Life Inc. has agreed to indemnify the individual director and executive officer defendants for all expenses and losses related to the litigation, subject to the terms of those indemnification agreements. On May 15, 2026, the Lead Plaintiffs moved for class certification. Globe Life Inc. plans to vigorously defend against the lawsuit. The outcome of litigation of this type is inherently uncertain, and there is always the possibility that a court rules in a manner that is adverse to the interests of Globe Life Inc. and the individual defendants. However, the amount of any such loss in that outcome cannot be reasonably estimated at this time.

Also pending in the Eastern District of Texas is a consolidated shareholder derivative suit that is closely related to the putative securities class action disclosed above (the “City of Miami Matter”). On November 7, 2024, Globe Life Inc. shareholder Jui Cheng Hsiao (“Hsiao”) filed a shareholder derivative complaint against Globe Life Inc. as a nominal defendant, as well as certain current and former Globe Life Inc. executives and members of its Board of Directors. On November 14, 2024, Globe Life Inc. shareholder Gautam Jadhav (“Jadhav”) filed a shareholder derivative complaint against the same set of defendants. Each shareholder derivative complaint asserts one claim for breach of fiduciary duty against the individual defendants and alleges that the individual defendants breached their fiduciary duties to Globe Life Inc. by causing or permitting Globe Life Inc. to make misleading statements about its performance and financial results. The allegations are substantially similar to those made in the City of Miami Matter and derive from certain short seller reports. Pursuant to Globe Life Inc.'s Restated Certificate of Incorporation and indemnification agreements with the individual defendants, Globe Life Inc. has agreed to indemnify the individual director and executive officer defendants for all expenses and losses related to the litigation, subject to

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

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

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

On September 19, 2025, a shareholder filed a derivative lawsuit in the Business Court for Dallas County, Texas, against Globe Life Inc. as a nominal defendant, as well as certain current and former Globe Life Inc. executives and members of its Board of Directors (James E. Walker v. Gary L. Coleman, et al., Case No. 25-BC01B-0041). Like the consolidated shareholder derivative lawsuit disclosed above, this litigation is largely similar to the City of Miami Matter and derives in part from certain short seller reports. The petition asserts three causes of action relating to the 2019 through 2024 time period, including: (i) a breach of fiduciary duty claim for failing to provide adequate oversight to prevent purportedly widespread corporate misconduct including fraud, discrimination and harassment; (ii) a breach of fiduciary duty claim against certain individual defendants who allegedly engaged in insider trading; and (iii) a claim for wasting corporate assets by paying excessive compensation and/or bonuses to certain of its executive officers. The petition alleges that Globe Life Inc. was thus exposed to potential legal liability and costs, and that Globe Life Inc. repurchased shares at an artificially inflated price. The petition seeks monetary damages as well as restitution, governance reforms, and accountability for executives and board members. Pursuant to Globe Life Inc.'s Restated Certificate of Incorporation and indemnification agreements with the individual defendants, Globe Life Inc. has agreed to indemnify the individual director and executive officer defendants for all expenses and losses related to the litigation, subject to the terms of those indemnification agreements. Globe Life Inc. intends to mount a robust defense against the litigation. Defendants filed a motion to dismiss the petition on November 20, 2025 for failure to plead demand futility, and a motion to stay the proceedings in the Texas Business Court pending final resolution of the related City of Miami Matter if the Court determines that demand futility is satisfied. On February 5, 2026, the Court cancelled the hearing it had scheduled for February 6, 2026 to hear all of the above motions and stayed the case pending further order of the Court.

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 6—Policy Liabilities

The liability for future policy benefits is determined based on the net level premium method, which requires the liability be calculated as the present value of estimated future policyholder benefits and the related termination expenses, less the present value of estimated future net premiums to be collected from policyholders.

The following tables summarize balances and changes in the net liability for future policy benefits, before reinsurance, for traditional life long-duration contracts for the three and nine month periods ended September 30, 2026 and 2025:


	Life
	Present value of expected future net premiums
	American Income		DTC		Liberty National		Other		Total















Balance at January 1, 2025	$	4,645,917	$	5,622,906	$	1,048,447	$	440,047	$	11,757,317
Beginning balance at original discount rates	4,656,710		5,504,912		1,047,020		430,276		11,638,918
Effect of changes in assumptions on future cash flows	(136,473)		(89,711)		(52,204)		(5,160)		(283,548)
Effect of actual variances from expected experience	(166,114)		(203,565)		(24,106)		(14,207)		(407,992)
Adjusted balance at January 1, 2025	4,354,123		5,211,636		970,710		410,909		10,947,378
Issuances(1)	554,627		384,426		81,718		18,588		1,039,359
Interest accrual(2)	169,466		215,586		40,194		16,683		441,929
Net premiums collected(3)	(421,703)		(440,708)		(99,565)		(32,654)		(994,630)

Effect of changes in the foreign exchange rate	10,349		—		—		—		10,349
Ending balance at original discount rates	4,666,862		5,370,940		993,057		413,526		11,444,385

Effect of change from original to current discount rates	106,621		259,166		26,011		19,941		411,739
Balance at September 30, 2025	$	4,773,483	$	5,630,106	$	1,019,068	$	433,467	$	11,856,124




Balance at January 1, 2026	$	4,792,153	$	5,542,616	$	1,008,538	$	425,338	$	11,768,645
Beginning balance at original discount rates	4,710,303		5,321,113		988,843		408,949		11,429,208
Effect of changes in assumptions on future cash flows	(223,721)		(59,438)		(13,652)		6,312		(290,499)
Effect of actual variances from expected experience	(163,254)		(225,859)		(30,555)		(8,510)		(428,178)
Adjusted balance at January 1, 2026	4,323,328		5,035,816		944,636		406,751		10,710,531
Issuances(1)	505,008		347,381		83,719		15,730		951,838
Interest accrual(2)	166,430		206,430		37,361		15,939		426,160
Net premiums collected(3)	(426,256)		(424,693)		(94,457)		(32,271)		(977,677)

Effect of changes in the foreign exchange rate	(7,949)		—		—		—		(7,949)
Ending balance at original discount rates	4,560,561		5,164,934		971,259		406,149		11,102,903

Effect of change from original to current discount rates	(226,805)		(182,949)		(48,333)		(16,589)		(474,676)
Balance at September 30, 2026	$	4,333,756	$	4,981,985	$	922,926	$	389,560	$	10,628,227

(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.

GL Q3 2026 FORM 10-Q

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	Life
	Present value of expected future net premiums
	American Income		DTC		Liberty National		Other		Total
Balance at July 1, 2025	$	4,818,081	$	5,682,370	$	1,063,162	$	436,784	$	12,000,397
Beginning balance at original discount rates	4,771,460		5,498,605		1,047,994		422,810		11,740,869
Effect of changes in assumptions on future cash flows	(136,473)		(89,711)		(52,204)		(5,160)		(283,548)
Effect of actual variances from expected experience	(53,404)		(90,898)		(10,330)		(5,320)		(159,952)
Adjusted balance at July 1, 2025	4,581,583		5,317,996		985,460		412,330		11,297,369
Issuances(1)	174,415		127,328		27,325		6,475		335,543
Interest accrual(2)	55,825		71,053		13,138		5,472		145,488
Net premiums collected(3)	(140,680)		(145,437)		(32,866)		(10,751)		(329,734)

Effect of changes in the foreign exchange rate	(4,281)		—		—		—		(4,281)
Ending balance at original discount rates	4,666,862		5,370,940		993,057		413,526		11,444,385

Effect of change from original to current discount rates	106,621		259,166		26,011		19,941		411,739
Balance at September 30, 2025	$	4,773,483	$	5,630,106	$	1,019,068	$	433,467	$	11,856,124

Balance at July 1, 2026	$	4,775,137	$	5,398,228	$	992,148	$	412,086	$	11,577,599
Beginning balance at original discount rates	4,751,215		5,260,714		986,429		402,325		11,400,683
Effect of changes in assumptions on future cash flows	(223,721)		(59,438)		(13,652)		6,312		(290,499)
Effect of actual variances from expected experience	(45,323)		(75,291)		(10,088)		(2,037)		(132,739)
Adjusted balance at July 1, 2026	4,482,171		5,125,985		962,689		406,600		10,977,445
Issuances(1)	162,915		110,969		27,576		5,345		306,805
Interest accrual(2)	54,547		67,891		12,357		5,296		140,091
Net premiums collected(3)	(141,996)		(139,911)		(31,363)		(11,092)		(324,362)

Effect of changes in the foreign exchange rate	2,924		—		—		—		2,924
Ending balance at original discount rates	4,560,561		5,164,934		971,259		406,149		11,102,903

Effect of change from original to current discount rates	(226,805)		(182,949)		(48,333)		(16,589)		(474,676)
Balance at September 30, 2026	$	4,333,756	$	4,981,985	$	922,926	$	389,560	$	10,628,227

(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.

(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.

GL Q3 2026 FORM 10-Q

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	Life
	Present value of expected future policy benefits
	American Income		DTC		Liberty National		Other		Total

















Balance at January 1, 2025	$	9,870,692	$	9,125,112	$	3,377,517	$	3,960,963	$	26,334,284
Beginning balance at original discount rates	9,508,588		8,660,948		3,340,219		3,582,068		25,091,823
Effect of changes in assumptions on future cash flows	(189,172)		(129,189)		(89,154)		(9,081)		(416,596)
Effect of actual variances from expected experience	(184,713)		(223,416)		(32,071)		(21,159)		(461,359)
Adjusted balance at January 1, 2025	9,134,703		8,308,343		3,218,994		3,551,828		24,213,868
Issuances(1)	554,627		384,425		81,716		18,588		1,039,356
Interest accrual(2)	385,316		358,173		133,963		160,848		1,038,300
Benefit payments(3)	(340,667)		(428,849)		(153,840)		(105,916)		(1,029,272)

Effect of changes in the foreign exchange rate	24,400		—		—		—		24,400
Ending balance at original discount rates	9,758,379		8,622,092		3,280,833		3,625,348		25,286,652
Effect of change from original to current discount rates	607,423		695,305		121,891		479,664		1,904,283
Balance at September 30, 2025	$	10,365,802	$	9,317,397	$	3,402,724	$	4,105,012	$	27,190,935

Balance at January 1, 2026	$	10,358,054	$	9,205,616	$	3,371,175	$	4,054,000	$	26,988,845
Beginning balance at original discount rates	9,905,431		8,616,929		3,291,890		3,643,392		25,457,642
Effect of changes in assumptions on future cash flows	(277,896)		(90,827)		(28,172)		9,637		(387,258)
Effect of actual variances from expected experience	(186,298)		(260,792)		(35,783)		(14,688)		(497,561)
Adjusted balance at January 1, 2026	9,441,237		8,265,310		3,227,935		3,638,341		24,572,823
Issuances(1)	505,009		347,379		83,720		15,730		951,838
Interest accrual(2)	394,666		355,033		131,361		163,640		1,044,700
Benefit payments(3)	(356,948)		(396,334)		(156,842)		(125,394)		(1,035,518)

Effect of changes in the foreign exchange rate	(20,096)		—		—		—		(20,096)
Ending balance at original discount rates	9,963,868		8,571,388		3,286,174		3,692,317		25,513,747
Effect of change from original to current discount rates	(518,241)		(216,314)		(218,780)		(12,797)		(966,132)
Balance at September 30, 2026	$	9,445,627	$	8,355,074	$	3,067,394	$	3,679,520	$	24,547,615

(1)Issuances represent the present value, using the original discount rate, of the expected future policy benefits related to new policies issued during each respective period.

(2)The interest accrual is the interest earned on the beginning present value of the expected future policy benefits, as well as the interest on actual benefits and expenses paid during the period, using the original interest rate.

(3)Benefit payments represent the release of the present value, using the original discount rate, of the actual future policy benefits incurred during the period due to death, surrender, and maturity benefit payments based on the expected assumptions.

GL Q3 2026 FORM 10-Q

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	Life
	Present value of expected future policy benefits
	American Income		DTC		Liberty National		Other		Total
Balance at July 1, 2025	$	10,234,154	$	9,278,145	$	3,421,818	$	4,008,385	$	26,942,502
Beginning balance at original discount rates	9,829,535		8,742,750		3,358,803		3,617,306		25,548,394
Effect of changes in assumptions on future cash flows	(189,172)		(129,189)		(89,154)		(9,081)		(416,596)
Effect of actual variances from expected experience	(60,805)		(100,922)		(14,354)		(8,215)		(184,296)
Adjusted balance at July 1, 2025	9,579,558		8,512,639		3,255,295		3,600,010		24,947,502
Issuances(1)	174,414		127,326		27,324		6,475		335,539
Interest accrual(2)	128,559		119,076		44,398		53,827		345,860
Benefit payments(3)	(113,819)		(136,949)		(46,184)		(34,964)		(331,916)

Effect of changes in the foreign exchange rate	(10,333)		—		—		—		(10,333)
Ending balance at original discount rates	9,758,379		8,622,092		3,280,833		3,625,348		25,286,652
Effect of change from original to current discount rates	607,423		695,305		121,891		479,664		1,904,283
Balance at September 30, 2025	$	10,365,802	$	9,317,397	$	3,402,724	$	4,105,012	$	27,190,935





Balance at July 1, 2026	$	10,454,667	$	9,109,087	$	3,339,583	$	4,029,063	$	26,932,400
Beginning balance at original discount rates	10,115,818		8,649,137		3,305,905		3,673,833		25,744,693
Effect of changes in assumptions on future cash flows	(277,896)		(90,827)		(28,172)		9,637		(387,258)
Effect of actual variances from expected experience	(53,155)		(89,000)		(9,853)		(2,970)		(154,978)
Adjusted balance at July 1, 2026	9,784,767		8,469,310		3,267,880		3,680,500		25,202,457
Issuances(1)	162,915		110,968		27,575		5,344		306,802
Interest accrual(2)	131,346		117,844		43,712		54,802		347,704
Benefit payments(3)	(121,835)		(126,734)		(52,993)		(48,329)		(349,891)

Effect of changes in the foreign exchange rate	6,675		—		—		—		6,675
Ending balance at original discount rates	9,963,868		8,571,388		3,286,174		3,692,317		25,513,747
Effect of change from original to current discount rates	(518,241)		(216,314)		(218,780)		(12,797)		(966,132)
Balance at September 30, 2026	$	9,445,627	$	8,355,074	$	3,067,394	$	3,679,520	$	24,547,615

(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.

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


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

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


	Life
	Net liability for future policy benefits as of September 30, 2026
	American Income		DTC		Liberty National		Other		Total
Net liability for future policy benefits at original discount rates	$	5,403,307	$	3,406,454	$	2,314,915	$	3,286,168	$	14,410,844
Effect of changes in discount rate assumptions	(291,436)		(33,365)		(170,447)		3,792		(491,456)
Other adjustments(1)	256		65		—		91		412
Net liability for future policy benefits, after other adjustments, at current discount rates	5,112,127		3,373,154		2,144,468		3,290,051		13,919,800
Reinsurance recoverable	(194)		—		(8,285)		(12)		(8,491)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	5,111,933	$	3,373,154	$	2,136,183	$	3,290,039	$	13,911,309

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

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables summarize balances and changes in the net liability for future policy benefits for long-duration health contracts for the three and nine month periods ended September 30, 2026 and 2025:


	Health
	Present value of expected future net premiums
	United American		Family Heritage		Liberty National		American Income		DTC		Total


















Balance at January 1, 2025	$	3,885,530	$	1,734,875	$	337,119	$	223,247	$	133,377	$	6,314,148
Beginning balance at original discount rates	3,948,856		1,867,873		338,275		225,141		131,919		6,512,064
Effect of changes in assumptions on future cash flows	625,460		(72,130)		29		12,588		25,985		591,932
Effect of actual variances from expected experience	22,236		(40,873)		(20,200)		(13,357)		618		(51,576)
Adjusted balance at January 1, 2025	4,596,552		1,754,870		318,104		224,372		158,522		7,052,420
Issuances(1)	378,649		210,220		41,777		30,425		18,983		680,054
Interest accrual(2)	148,586		59,364		11,959		8,071		5,307		233,287
Net premiums collected(3)	(249,382)		(151,585)		(40,275)		(20,362)		(10,442)		(472,046)

Effect of changes in the foreign exchange rate	—		—		—		991		—		991
Ending balance at original discount rates	4,874,405		1,872,869		331,565		243,497		172,370		7,494,706

Effect of change from original to current discount rates	72,577		(66,388)		6,332		4,731		6,388		23,640
Balance at September 30, 2025	$	4,946,982	$	1,806,481	$	337,897	$	248,228	$	178,758	$	7,518,346

Balance at January 1, 2026	$	5,330,081	$	1,822,012	$	336,843	$	248,400	$	207,323	$	7,944,659
Beginning balance at original discount rates	5,273,275		1,895,803		331,414		245,300		201,449		7,947,241
Effect of changes in assumptions on future cash flows	169,196		(39,327)		(3,719)		(42,615)		2,496		86,031
Effect of actual variances from expected experience	10,918		(24,100)		(19,812)		(10,072)		758		(42,308)
Adjusted balance at January 1, 2026	5,453,389		1,832,376		307,883		192,613		204,703		7,990,964
Issuances(1)	627,558		210,351		37,267		23,515		4,932		903,623
Interest accrual(2)	191,191		60,492		11,298		8,229		6,813		278,023
Net premiums collected(3)	(313,069)		(160,906)		(39,921)		(20,388)		(12,117)		(546,401)

Effect of changes in the foreign exchange rate	—		—		—		(647)		—		(647)
Ending balance at original discount rates	5,959,069		1,942,313		316,527		203,322		204,331		8,625,562

Effect of change from original to current discount rates	(367,005)		(198,985)		(13,269)		(10,723)		(8,850)		(598,832)
Balance at September 30, 2026	$	5,592,064	$	1,743,328	$	303,258	$	192,599	$	195,481	$	8,026,730

(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.

(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.

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	Health
	Present value of expected future net premiums
	United American		Family Heritage		Liberty National		American Income		DTC		Total
Balance at July 1, 2025	$	4,112,123	$	1,810,846	$	331,851	$	229,830	$	143,068	$	6,627,718
Beginning balance at original discount rates	4,106,142		1,915,617		329,179		229,169		139,486		6,719,593
Effect of changes in assumptions on future cash flows	625,460		(72,130)		29		12,588		25,985		591,932
Effect of actual variances from expected experience	25,322		(13,649)		(2,893)		(3,613)		917		6,084
Adjusted balance at July 1, 2025	4,756,924		1,829,838		326,315		238,144		166,388		7,317,609
Issuances(1)	149,755		74,742		14,888		9,774		7,549		256,708
Interest accrual(2)	53,507		19,669		3,907		2,766		1,904		81,753
Net premiums collected(3)	(85,781)		(51,380)		(13,545)		(6,904)		(3,471)		(161,081)

Effect of changes in the foreign exchange rate	—		—		—		(283)		—		(283)
Ending balance at original discount rates	4,874,405		1,872,869		331,565		243,497		172,370		7,494,706

Effect of change from original to current discount rates	72,577		(66,388)		6,332		4,731		6,388		23,640
Balance at September 30, 2025	$	4,946,982	$	1,806,481	$	337,897	$	248,228	$	178,758	$	7,518,346

Balance at July 1, 2026	$	5,583,238	$	1,854,658	$	322,541	$	246,916	$	206,134	$	8,213,487
Beginning balance at original discount rates	5,593,064		1,947,564		321,835		246,487		202,835		8,311,785
Effect of changes in assumptions on future cash flows	169,196		(39,327)		(3,719)		(42,615)		2,496		86,031
Effect of actual variances from expected experience	27,926		(3,253)		(4,685)		(3,138)		674		17,524
Adjusted balance at July 1, 2026	5,790,186		1,904,984		313,431		200,734		206,005		8,415,340
Issuances(1)	213,812		71,300		12,751		6,094		96		304,053
Interest accrual(2)	65,831		20,313		3,674		2,528		2,255		94,601
Net premiums collected(3)	(110,760)		(54,284)		(13,329)		(6,323)		(4,025)		(188,721)

Effect of changes in the foreign exchange rate	—		—		—		289		—		289
Ending balance at original discount rates	5,959,069		1,942,313		316,527		203,322		204,331		8,625,562

Effect of change from original to current discount rates	(367,005)		(198,985)		(13,269)		(10,723)		(8,850)		(598,832)
Balance at September 30, 2026	$	5,592,064	$	1,743,328	$	303,258	$	192,599	$	195,481	$	8,026,730

(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.

(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.

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	Health
	Present value of expected future policy benefits
	United American		Family Heritage		Liberty National		American Income		DTC		Total














Balance at January 1, 2025	$	3,960,432	$	3,336,546	$	804,695	$	355,303	$	129,277	$	8,586,253
Beginning balance at original discount rates	4,026,860		3,712,044		791,141		348,711		127,975		9,006,731
Effect of changes in assumptions on future cash flows	622,917		(79,615)		210		16,611		22,160		582,283
Effect of actual variances from expected experience	16,726		(46,994)		(19,140)		(16,697)		672		(65,433)
Adjusted balance at January 1, 2025	4,666,503		3,585,435		772,211		348,625		150,807		9,523,581
Issuances(1)	377,636		210,219		41,259		30,423		18,932		678,469
Interest accrual(2)	151,323		117,696		30,993		13,607		5,307		318,926
Benefit payments(3)	(284,450)		(121,671)		(73,919)		(17,710)		(12,216)		(509,966)

Effect of changes in the foreign exchange rate	—		—		—		1,822		—		1,822
Ending balance at original discount rates	4,911,012		3,791,679		770,544		376,767		162,830		10,012,832
Effect of change from original to current discount rates	66,338		(230,187)		32,570		16,990		5,871		(108,418)
Balance at September 30, 2025	$	4,977,350	$	3,561,492	$	803,114	$	393,757	$	168,701	$	9,904,414

Balance at January 1, 2026	$	5,345,453	$	3,586,908	$	793,855	$	393,599	$	196,732	$	10,316,547
Beginning balance at original discount rates	5,296,183		3,845,648		765,964		380,082		191,272		10,479,149
Effect of changes in assumptions on future cash flows	183,353		(49,935)		(3,493)		(61,113)		2,288		71,100
Effect of actual variances from expected experience	447		(29,945)		(17,796)		(13,317)		(923)		(61,534)
Adjusted balance at January 1, 2026	5,479,983		3,765,768		744,675		305,652		192,637		10,488,715
Issuances(1)	626,596		210,351		36,783		23,515		4,909		902,154
Interest accrual(2)	192,005		123,146		29,543		13,954		6,813		365,461
Benefit payments(3)	(355,412)		(133,534)		(71,519)		(19,569)		(13,571)		(593,605)

Effect of changes in the foreign exchange rate	—		—		—		(1,306)		—		(1,306)
Ending balance at original discount rates	5,943,172		3,965,731		739,482		322,246		190,788		11,161,419
Effect of change from original to current discount rates	(368,120)		(571,998)		(26,694)		(11,582)		(7,567)		(985,961)
Balance at September 30, 2026	$	5,575,052	$	3,393,733	$	712,788	$	310,664	$	183,221	$	10,175,458

(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.

(3)Benefit payments represent the release of the present value, using the original discount rate, of the actual future policy benefits incurred during the period based on the expected assumptions.

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	Health
	Present value of expected future policy benefits
	United American		Family Heritage		Liberty National		American Income		DTC		Total
Balance at July 1, 2025	$	4,154,306	$	3,491,041	$	795,244	$	367,366	$	137,532	$	8,945,489
Beginning balance at original discount rates	4,153,056		3,815,188		772,935		357,412		134,276		9,232,867
Effect of changes in assumptions on future cash flows	622,917		(79,615)		210		16,611		22,160		582,283
Effect of actual variances from expected experience	23,354		(16,123)		(3,885)		(4,492)		796		(350)
Adjusted balance at July 1, 2025	4,799,327		3,719,450		769,260		369,531		157,232		9,814,800
Issuances(1)	149,526		74,742		14,728		9,773		7,540		256,309
Interest accrual(2)	54,254		39,426		10,197		4,656		1,904		110,437
Benefit payments(3)	(92,095)		(41,939)		(23,641)		(6,584)		(3,846)		(168,105)

Effect of changes in the foreign exchange rate	—		—		—		(609)		—		(609)
Ending balance at original discount rates	4,911,012		3,791,679		770,544		376,767		162,830		10,012,832
Effect of change from original to current discount rates	66,338		(230,187)		32,570		16,990		5,871		(108,418)
Balance at September 30, 2025	$	4,977,350	$	3,561,492	$	803,114	$	393,757	$	168,701	$	9,904,414





Balance at July 1, 2026	$	5,568,127	$	3,661,884	$	764,438	$	391,257	$	193,054	$	10,578,760
Beginning balance at original discount rates	5,585,580		3,955,977		748,734		382,235		190,039		10,862,565
Effect of changes in assumptions on future cash flows	183,353		(49,935)		(3,493)		(61,113)		2,288		71,100
Effect of actual variances from expected experience	23,568		(4,466)		(5,803)		(4,770)		225		8,754
Adjusted balance at July 1, 2026	5,792,501		3,901,576		739,438		316,352		192,552		10,942,419
Issuances(1)	213,554		71,299		12,585		6,094		95		303,627
Interest accrual(2)	65,990		41,505		9,711		4,348		2,254		123,808
Benefit payments(3)	(128,873)		(48,649)		(22,252)		(5,084)		(4,113)		(208,971)

Effect of changes in the foreign exchange rate	—		—		—		536		—		536
Ending balance at original discount rates	5,943,172		3,965,731		739,482		322,246		190,788		11,161,419
Effect of change from original to current discount rates	(368,120)		(571,998)		(26,694)		(11,582)		(7,567)		(985,961)
Balance at September 30, 2026	$	5,575,052	$	3,393,733	$	712,788	$	310,664	$	183,221	$	10,175,458

(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.

(3)Benefit payments represent the release of the present value, using the original discount rate, of the actual future policy benefits incurred during the period based on the expected assumptions.

GL Q3 2026 FORM 10-Q

Table of Contents

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

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


	Health
	Net liability for future policy benefits as of September 30, 2026
	United American		Family Heritage		Liberty National		American Income		Direct to Consumer		Total
Net liability for future policy benefits at original discount rates	(15,897)		2,023,418		422,955		118,924		(13,543)		2,535,857
Effect of changes in discount rate assumptions	(1,115)		(373,013)		(13,425)		(859)		1,283		(387,129)
Other adjustments(1)	81,495		5,223		13,185		1,874		12,795		114,572
Net liability for future policy benefits, after other adjustments, at current discount rates	64,483		1,655,628		422,715		119,939		535		2,263,300
Reinsurance recoverable	(1,628)		—		(622)		—		—		(2,250)
Net liability for future policy benefits, after reinsurance recoverable, at current discount rates	$	62,855	$	1,655,628	$	422,093	$	119,939	$	535	$	2,261,050

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

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

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables include the total remeasurement gain or loss, bifurcated between the gain or loss due to differences between actual and expected experience for the three and nine month periods ended September 30, 2026 and 2025:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Life Remeasurement Gain (Loss)—Experience:
American Income	$	6,999	$	6,322	$	21,995	$	17,173
Direct to Consumer	12,909		8,200		33,743		17,789
Liberty National	(87)		1,854		2,552		3,468
Other	514		2,173		4,468		5,389
Total Life Remeasurement Gain (Loss)—Experience	20,335		18,549		62,758		43,819

Life Remeasurement Gain (Loss)—Assumption Updates:
American Income	54,624		52,731		54,624		52,731
Direct to Consumer	31,382		39,480		31,382		39,480
Liberty National	13,968		35,068		13,968		35,068
Other	(3,601)		3,647		(3,601)		3,647
Total Life Remeasurement Gain (Loss)—Assumption Updates(1)	96,373		130,926		96,373		130,926

Total Life Remeasurement Gain (Loss)	116,708		149,475		159,131		174,745

Health Remeasurement Gain (Loss)—Experience:
United American	1,662		1,073		3,415		(809)
Family Heritage	906		2,252		5,465		5,728
Liberty National	1,381		1,171		781		1,533
American Income	1,035		962		2,566		3,300
Direct to Consumer	9		25		76		53
Total Health Remeasurement Gain (Loss)—Experience	4,993		5,483		12,303		9,805

Health Remeasurement Gain (Loss)—Assumption Updates:
United American	(3,743)		279		(3,743)		279
Family Heritage	10,424		7,492		10,424		7,492
Liberty National	230		(339)		230		(339)
American Income	17,243		(4,094)		17,243		(4,094)
Direct to Consumer	(7)		19		(7)		19
Total Health Remeasurement Gain (Loss)—Assumption Updates(1)	24,147		3,357		24,147		3,357

Total Health Remeasurement Gain (Loss)	$	29,140	$	8,840	$	36,450	$	13,162

The Company performed its annual review of assumptions during the third quarter which resulted in favorable changes to its mortality and lapse assumptions on life and health. The assumption review process of the life and health segments resulted in a $120.5 million net remeasurement gain ($96.4 million and $24.1 million gains related to life and health, respectively) before tax as compared to a $134.3 million net remeasurement gain ($130.9 million and $3.4 million gains related to life and health, respectively) before tax in the year-ago quarter.

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Life assumption changes reflect continued favorable mortality experience along with slightly higher lapse rates while health assumption changes reflect favorable claim experience, both resulting in lower policy obligations compared to our previously anticipated assumptions.

Excluding the impact of annual assumption changes, the Company's results for actual variances from expected experience for both life and health produced a $25.3 million net remeasurement gain ($20.3 million and $5.0 million gains related to life and health, respectively) before tax and a $24.0 million net remeasurement gain ($18.5 million and $5.5 million gains related to life and health, respectively) before tax for the three months ended September 30, 2026 and 2025, respectively. For the nine months ended September 30, 2026, the Company's results for actual variances from experience for both life and health produced a $75.1 million net remeasurement gain ($62.8 million and $12.3 million gains related to life and health, respectively) compared to a $53.6 million net remeasurement gain ($43.8 million and $9.8 million gains) before tax for the same period in 2025.

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following table reconciles the liability for future policy benefits to the Condensed Consolidated Balance Sheets as of September 30, 2026 and 2025:



	At Original Discount Rates				At Current Discount Rates
	As of September 30,				As of September 30,
	2026		2025		2026		2025
Life:
American Income	$	5,403,404	$	5,091,655	$	5,112,127	$	5,592,465
Direct to Consumer	3,406,483		3,251,154		3,373,154		3,687,291
Liberty National	2,314,915		2,287,776		2,144,468		2,383,656
Other	3,286,189		3,211,850		3,290,051		3,671,575
Net liability for future policy benefits—long duration life	14,410,991		13,842,435		13,919,800		15,334,987

Health:
United American	66,536		84,212		64,483		84,322
Family Heritage	2,023,508		1,918,844		1,655,628		1,755,055
Liberty National	436,207		450,490		422,715		477,579
American Income	120,533		134,125		119,939		146,377
Direct to Consumer	531		669		535		696
Net liability for future policy benefits—long duration health	2,647,315		2,588,340		2,263,300		2,464,029

Deferred profit liability	189,066		184,563		189,066		184,563
Deferred annuity	537,383		595,506		537,383		595,506
Interest sensitive life	704,281		714,012		704,281		714,012
Other	8,755		8,870		8,799		8,868
Total future policy benefits	$	18,497,791	$	17,933,726	$	17,622,629	$	19,301,965

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables provide the weighted-average original and current discount rates for the liability for future policy benefits and the additional insurance liabilities as of September 30, 2026 and 2025:


	As of September 30,
	2026				2025
	Original discount rate		Current discount rate		Original discount rate		Current discount rate
Life
American Income	5.7	%	6.0	%	5.7	%	5.3	%
Direct to Consumer	5.9	%	6.0	%	6.0	%	5.3	%
Liberty National	5.6	%	6.1	%	5.6	%	5.3	%
Other	6.2	%	6.2	%	6.2	%	5.4	%

Health
United American	5.1	%	5.9	%	5.1	%	5.1	%
Family Heritage	4.3	%	6.0	%	4.2	%	5.2	%
Liberty National	5.8	%	6.2	%	5.8	%	5.1	%
American Income	5.8	%	5.9	%	5.8	%	5.1	%
Direct to Consumer	5.1	%	5.9	%	5.1	%	5.1	%

The following table provides the weighted-average durations of the liability for future policy benefits and the additional insurance liabilities as of September 30, 2026 and 2025:


	As of September 30,
	2026		2025
	At original discount rates	At current discount rates	At original discount rates	At current discount rates
Life
American Income	21.63	21.22	22.42	22.32
Direct to Consumer	18.28	18.65	18.83	19.74
Liberty National	15.39	14.77	15.29	15.27
Other	15.17	15.22	15.65	16.46

Health
United American	12.34	10.74	12.44	11.27
Family Heritage	16.14	14.34	16.27	15.04
Liberty National	9.61	9.04	9.48	9.39
American Income	13.15	12.66	13.26	13.29
Direct to Consumer	12.34	10.74	12.44	11.27

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables summarize the amount of gross premiums and interest related to long duration life and health contracts that are recognized on the Condensed Consolidated Statements of Operations for the three and nine month periods ended September 30, 2026 and 2025:


	Life
	Nine Months Ended September 30, 2026				Nine Months Ended September 30, 2025
	Gross Premiums		Required Interest Expense		Gross Premiums		Required Interest Expense
American Income	$	1,394,869	$	228,237	$	1,333,578	$	215,850
Direct to Consumer	723,710		148,565		728,565		142,531
Liberty National	299,979		93,745		288,920		93,372
Other	147,083		147,701		150,017		143,689
Total	$	2,565,641	$	618,248	$	2,501,080	$	595,442


	Life
	Three Months Ended September 30, 2026				Three Months Ended September 30, 2025
	Gross Premiums		Interest Expense		Gross Premiums		Interest Expense
American Income	$	470,008	$	76,800	$	450,840	$	72,734
Direct to Consumer	240,443		49,945		242,123		48,005
Liberty National	101,147		31,265		97,289		31,148
Other	48,593		49,506		49,909		48,356
Total	$	860,191	$	207,516	$	840,161	$	200,243


	Health
	Nine Months Ended September 30, 2026				Nine Months Ended September 30, 2025
	Gross Premiums		Required Interest Expense		Gross Premiums		Required Interest Expense
United American	$	458,757	$	1,558	$	364,762	$	2,567
Family Heritage	378,037		62,654		346,850		58,331
Liberty National	141,118		18,356		142,340		18,954
American Income	89,263		5,739		89,394		5,536
Direct to Consumer	15,311		8		12,671		—
Total	$	1,082,486	$	88,315	$	956,017	$	85,388


	Health
	Three Months Ended September 30, 2026				Three Months Ended September 30, 2025
	Gross Premiums		Interest Expense		Gross Premiums		Interest Expense
United American	$	162,399	$	975	$	125,340	$	700
Family Heritage	128,625		21,192		118,640		19,757
Liberty National	46,444		6,196		47,119		6,264
American Income	29,674		1,833		29,851		1,890
Direct to Consumer	5,129		8		4,321		—
Total	$	372,271	$	30,204	$	325,271	$	28,611

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.

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables provide the undiscounted and discounted expected future gross premiums, expected future net premiums, and expected future policy benefits, at both original and current discount rates, for life and health contracts as of September 30, 2026 and 2025:


	Life
	As of September 30, 2026						As of September 30, 2025
	Not discounted		At original discount rates		At current discount rates		Not discounted		At original discount rates		At current discount rates
American Income
PV of expected future gross premiums	$	26,463,842	$	14,993,412	$	14,337,650	$	26,374,505	$	14,878,294	$	15,314,060
PV of expected future net premiums	8,056,442		4,560,561		4,333,756		8,272,473		4,666,862		4,773,483
PV of expected future policy benefits	33,176,714		9,963,868		9,445,627		32,774,486		9,758,379		10,365,802

DTC
PV of expected future gross premiums	17,043,178		8,951,602		8,622,559		17,362,014		9,081,677		9,507,072
PV of expected future net premiums	9,777,414		5,164,934		4,981,985		10,211,558		5,370,940		5,630,106
PV of expected future policy benefits	25,268,770		8,571,388		8,355,074		25,655,289		8,622,092		9,317,397

Liberty National
PV of expected future gross premiums	5,099,634		2,942,124		2,767,909		4,948,417		2,880,523		2,914,411
PV of expected future net premiums	1,733,343		971,259		922,926		1,753,665		993,057		1,019,068
PV of expected future policy benefits	9,166,963		3,286,174		3,067,394		8,975,235		3,280,833		3,402,724

Other
PV of expected future gross premiums	3,334,164		1,734,578		1,718,088		3,508,043		1,799,893		1,942,685
PV of expected future net premiums	824,941		406,149		389,560		847,850		413,526		433,467
PV of expected future policy benefits	11,979,274		3,692,317		3,679,520		12,306,339		3,625,348		4,105,012

Total
PV of expected future gross premiums	$	51,940,818	$	28,621,716	$	27,446,206	$	52,192,979	$	28,640,387	$	29,678,228
PV of expected future net premiums	$	20,392,140	$	11,102,903	$	10,628,227	$	21,085,546	$	11,444,385	$	11,856,124
PV of expected future policy benefits	$	79,591,721	$	25,513,747	$	24,547,615	$	79,711,349	$	25,286,652	$	27,190,935

The determination of the liability for future policy benefits on the balance sheet does not include the difference between the expected future gross premiums and the expected future net premiums of $16.8 billion and $17.8 billion, as of September 30, 2026 and 2025, respectively, and rather only includes the expected future net premiums.

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	Health
	As of September 30, 2026						As of September 30, 2025
	Not discounted		At original discount rates		At current discount rates		Not discounted		At original discount rates		At current discount rates
United American
PV of expected future gross premiums	$	14,477,258	$	8,662,599	$	8,127,409	$	11,818,419	$	7,092,508	$	7,196,611
PV of expected future net premiums	9,966,861		5,959,069		5,592,064		8,133,104		4,874,405		4,946,982
PV of expected future policy benefits	9,963,795		5,943,172		5,575,052		8,216,151		4,911,012		4,977,350

Family Heritage
PV of expected future gross premiums	7,983,990		4,596,431		4,140,236		7,399,117		4,325,529		4,188,178
PV of expected future net premiums	3,361,100		1,942,313		1,743,328		3,189,479		1,872,869		1,806,481
PV of expected future policy benefits	7,894,514		3,965,731		3,393,733		7,398,497		3,791,679		3,561,492

Liberty National
PV of expected future gross premiums	1,945,363		1,236,012		1,198,750		2,007,219		1,278,863		1,326,836
PV of expected future net premiums	474,860		316,527		303,258		491,892		331,565		337,897
PV of expected future policy benefits	1,310,488		739,482		712,788		1,350,299		770,544		803,114

American Income
PV of expected future gross premiums	1,912,172		1,022,917		990,936		1,994,296		1,055,588		1,104,323
PV of expected future net premiums	378,761		203,322		192,599		458,318		243,497		248,228
PV of expected future policy benefits	695,177		322,246		310,664		813,952		376,767		393,757

Direct to Consumer
PV of expected future gross premiums	433,039		257,902		247,290		365,728		216,063		224,492
PV of expected future net premiums	344,267		204,331		195,481		293,021		172,370		178,758
PV of expected future policy benefits	311,929		190,788		183,221		268,352		162,830		168,701

Total
PV of expected future gross premiums	$	26,751,822	$	15,775,861	$	14,704,621	$	23,584,779	$	13,968,551	$	14,040,440
PV of expected future net premiums	$	14,525,849	$	8,625,562	$	8,026,730	$	12,565,814	$	7,494,706	$	7,518,346
PV of expected future policy benefits	$	20,175,903	$	11,161,419	$	10,175,458	$	18,047,251	$	10,012,832	$	9,904,414

The determination of the liability for future policy benefits on the balance sheet does not include the difference between the expected future gross premiums and the expected future net premiums of $6.7 billion and $6.5 billion as of September 30, 2026 and 2025, respectively, and rather only includes the expected future net premiums.

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following table summarizes the balances of, and changes in, policyholders’ account balances as of September 30, 2026 and 2025:


	Policyholders' Account Balances
	2026						2025
	Interest Sensitive Life		Deferred Annuity(1)		Other Policy-holders' Funds		Interest Sensitive Life		Deferred Annuity(1)		Other Policy-holders' Funds
Balance at January 1,	$	711,687	$	580,669	$	532,047	$	723,389	$	656,573	$	468,604
Issuances	—		808		—		—		535		—
Premiums and deposits received	14,399		9,369		317,534		15,179		9,629		180,189
Policy charges	(8,405)		—		—		(8,833)		—		—
Surrenders and withdrawals	(16,631)		(40,485)		(296,940)		(17,803)		(50,347)		(129,685)
Benefit payments	(20,855)		(26,466)		—		(24,292)		(35,642)		—

Interest credited	20,176		14,028		17,328		20,582		15,653		16,736
Other	3,910		(540)		(14,371)		5,790		(895)		(13,711)
Balance at September 30,	$	704,281	$	537,383	$	555,598	$	714,012	$	595,506	$	522,133

(1) At September 30, 2026 and 2025, $366 million and $411 million, respectively, has been reinsured with third-party reinsurers under existing reinsurance agreements.


	Policyholders' Account Balances
	2026						2025
	Interest Sensitive Life		Deferred Annuity(1)		Other Policy-holders' Funds		Interest Sensitive Life		Deferred Annuity(1)		Other Policy-holders' Funds
Balance at July 1,	$	706,527	$	550,688	$	577,940	$	717,140	$	615,897	$	492,146
Issuances	—		335		—		—		188		—
Premiums and deposits received	4,517		2,397		61,604		4,779		2,676		31,669
Policy charges	(2,841)		—		—		(2,955)		—		—
Surrenders and withdrawals	(5,120)		(12,580)		(84,997)		(5,729)		(18,282)		(2,777)
Benefit payments	(7,041)		(7,818)		—		(7,960)		(9,716)		—

Interest credited	6,658		4,547		5,915		6,824		5,092		5,833
Other	1,581		(186)		(4,864)		1,913		(349)		(4,738)
Balance at September 30,	$	704,281	$	537,383	$	555,598	$	714,012	$	595,506	$	522,133


Weighted-average credit rate	3.83		%	3.39		%	4.24		%	3.87		%	3.41		%	4.68		%
Net amount at risk	$	1,489,572		N/A			N/A			$	1,584,392		N/A			N/A
Cash surrender value	$	660,613		$	537,379		$	555,598		$	668,706		$	595,506		$	522,133

(1)At September 30, 2026 and 2025, $366 million and $411 million, respectively, has been reinsured with third-party reinsurers under existing reinsurance agreements.

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following tables present the policyholders' account balances by range of guaranteed minimum crediting rates and the related range of difference, if any, in basis points between rates being credited to policyholders and the respective guaranteed minimums as of September 30, 2026 and 2025:


	At September 30, 2026
Range of guaranteed minimum crediting rates	Interest Sensitive Life		Deferred Annuity(1)		Other Policyholders' Funds
At guaranteed minimum:
Less than 3.00%	$	—	$	2,067	$	463,394
3.00%-3.99%	29,394		366,658		3,167
4.00%-4.99%	585,852		168,658		54,726
Greater than 5.00%	89,035		—		34,311



















Total	$	704,281	$	537,383	$	555,598

(1)At September 30, 2026, $366 million has been reinsured with third-party reinsurers under existing reinsurance agreements.


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



















Total	$	714,012	$	595,506	$	522,133

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

GL Q3 2026 FORM 10-Q

Table of Contents

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, 2026 and 2025:


	Life
	American Income		DTC		Liberty National		Other		Total







Balance at January 1, 2025	$	2,900,229	$	1,781,230	$	728,790	$	290,506	$	5,700,755
Capitalizations	405,232		108,408		90,524		9,319		613,483
Amortization expense	(152,732)		(77,604)		(46,071)		(9,010)		(285,417)
Foreign exchange adjustment	6,735		—		—		—		6,735

Balance at September 30, 2025	$	3,159,464	$	1,812,034	$	773,243	$	290,815	$	6,035,556

Balance at January 1, 2026	$	3,248,907	$	1,818,120	$	790,987	$	289,736	$	6,147,750
Capitalizations	414,466		108,187		99,498		9,364		631,515
Amortization expense	(172,535)		(79,963)		(50,727)		(12,591)		(315,816)
Foreign exchange adjustment	(5,774)		—		—		—		(5,774)

Balance at September 30, 2026	$	3,485,064	$	1,846,344	$	839,758	$	286,509	$	6,457,675


	Life
	American Income		DTC		Liberty National		Other		Total





Balance at July 1, 2025	$	3,078,370	$	1,803,138	$	757,696	$	291,844	$	5,931,048
Capitalizations	136,757		35,007		31,266		3,147		206,177
Amortization expense	(52,577)		(26,111)		(15,719)		(4,176)		(98,583)
Foreign exchange adjustment	(3,086)		—		—		—		(3,086)

Balance at September 30, 2025	$	3,159,464	$	1,812,034	$	773,243	$	290,815	$	6,035,556






Balance at July 1, 2026	$	3,402,808	$	1,837,987	$	822,821	$	287,913	$	6,351,529
Capitalizations	140,459		35,300		34,363		2,810		212,932
Amortization expense	(59,888)		(26,943)		(17,426)		(4,214)		(108,471)
Foreign exchange adjustment	1,685		—		—		—		1,685

Balance at September 30, 2026	$	3,485,064	$	1,846,344	$	839,758	$	286,509	$	6,457,675

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	Health
	United American		Family Heritage		Liberty National		American Income		DTC		Total







Balance at January 1, 2025	$	70,530	$	496,119	$	148,920	$	76,319	$	1,533	$	793,421
Capitalizations	2,230		58,565		15,474		10,968		1		87,238
Amortization expense	(4,144)		(24,581)		(11,764)		(3,902)		(106)		(44,497)
Foreign exchange adjustment	—		—		—		287		—		287

Balance at September 30, 2025	$	68,616	$	530,103	$	152,630	$	83,672	$	1,428	$	836,449

Balance at January 1, 2026	$	67,952	$	543,379	$	152,210	$	86,446	$	1,399	$	851,386
Capitalizations	2,845		65,986		9,511		10,977		1		89,320
Amortization expense	(3,965)		(27,964)		(11,533)		(4,112)		(83)		(47,657)
Foreign exchange adjustment	—		—		—		(233)		—		(233)

Balance at September 30, 2026	$	66,832	$	581,401	$	150,188	$	93,078	$	1,317	$	892,816


	Health
	United American		Family Heritage		Liberty National		American Income		DTC		Total





Balance at July 1, 2025	$	69,073	$	518,183	$	152,822	$	81,545	$	1,459	$	823,082
Capitalizations	878		20,461		3,753		3,565		1		28,658
Amortization expense	(1,335)		(8,541)		(3,945)		(1,284)		(32)		(15,137)
Foreign exchange adjustment	—		—		—		(154)		—		(154)

Balance at September 30, 2025	$	68,616	$	530,103	$	152,630	$	83,672	$	1,428	$	836,449
















Balance at July 1, 2026	$	67,028	$	568,538	$	150,863	$	90,868	$	1,343	$	878,640
Capitalizations	1,154		22,417		3,140		3,579		—		30,290
Amortization expense	(1,350)		(9,554)		(3,815)		(1,438)		(26)		(16,183)
Foreign exchange adjustment	—		—		—		69		—		69

Balance at September 30, 2026	$	66,832	$	581,401	$	150,188	$	93,078	$	1,317	$	892,816

GL Q3 2026 FORM 10-Q

Table of Contents

Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The following table presents a reconciliation of deferred policy acquisition costs to the Condensed Consolidated Balance Sheets as of September 30, 2026 and 2025:


	September 30,
	2026		2025
Life
American Income	$	3,485,064	$	3,159,464
Direct to Consumer	1,846,344		1,812,034
Liberty National	839,758		773,243
Other	286,509		290,815
Total DAC—Life	6,457,675		6,035,556

Health
United American	66,832		68,616
Family Heritage	581,401		530,103
Liberty National	150,188		152,630
American Income	93,078		83,672
Direct to Consumer	1,317		1,428
Total DAC—Health	892,816		836,449

Annuity	—		337
Total	$	7,350,491	$	6,872,342

GL Q3 2026 FORM 10-Q

Table of Contents

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, 2026		December 31, 2025
Balance at beginning of period	$	225,237	$	210,994
Less reinsurance recoverables	(1,233)		(1,521)
Net balance at beginning of period	224,004		209,473
Incurred related to:
Current year	776,221		851,946
Prior years	1,831		(1,831)
Total incurred	778,052		850,115
Paid related to:
Current year	565,488		659,556
Prior years	175,921		176,028
Total paid	741,409		835,584
Net balance at end of period	260,647		224,004
Plus reinsurance recoverables	1,125		1,233
Balance at end of period	$	261,772	$	225,237

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


	September 30, 2026		December 31, 2025
Policy claims and other benefits payable:
Life insurance	$	300,287	$	315,595
Health insurance	261,772		225,237
Total	$	562,059	$	540,832

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 9—Postretirement Benefits

Globe Life has qualified noncontributory defined benefit pension plans (the "Pension Plans") and contributory savings plans that cover substantially all employees. There is also a non-qualified non-contributory supplemental executive retirement plan ("SERP") that covers a limited number of officers. The tables included herein will focus on the Pension Plans and SERP.

Pension Assets: The following table presents the assets of the Company's Pension Plans at September 30, 2026 and December 31, 2025.

Pension Assets by Component at September 30, 2026


	Fair Value Determined by:
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Amount		% of Total

Exchange traded fund(4)	$	48,258	$	—	$	—	$	48,258	7





Equity exchange traded fund(1)	367,729		—		—		367,729		52
U.S. Government and Agency	—		174,891		—		174,891		25
Other bonds	—		2		—		2		—
Guaranteed annuity contract(2)	—		48,543		—		48,543		7
Short-term investments	1,267		—		—		1,267		—
Other	407		—		—		407		—
	$	417,661	$	223,436	$	—	641,097		91
Other long-term investments(3)							60,295		9
Total pension assets							$	701,392	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, 2026, the Globe Life Inc. Pension Plan owned less than 1% of four long-term investment funds.

(4)A fund including U.S. dollar-denominated investment-grade securities issued by industrial, utility, and financial companies with maturities greater than 10 years.

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Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Pension Assets by Component at December 31, 2025


	Fair Value Determined by:
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Amount		% of Total

Exchange traded fund(4)	$	53,437	$	—	$	—	$	53,437	8





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

(1)A fund including marketable securities that mirror the S&P 500 index.

(2)Representing a guaranteed annuity contract issued by Globe Life Inc.'s subsidiary, American Income Life Insurance Company, to fund the obligations of the American Income Insurance Company Collective Bargaining Agreement Employees Pension Plan.

(3)Includes non-redeemable investment funds that report the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset value (NAV) per share, or its equivalent, as a practical expedient for fair value. As of December 31, 2025, the Globe Life Inc. Pension Plan owned less than 1% of three long-term investment funds.

(4)A fund including U.S. dollar-denominated investment-grade securities issued by industrial, utility, and financial companies with maturities greater than 10 years.

SERP: The following table presents investments of the Rabbi Trust at September 30, 2026 and December 31, 2025.






	September 30, 2026		December 31, 2025
Total investments:
COLI	$	59,699	$	59,008
Exchange traded funds	119,468		111,470
	$	179,167	$	170,478

Pension Plans and SERP Liabilities: The following table presents liabilities for the defined benefit pension plans and SERP at September 30, 2026 and December 31, 2025.


	September 30, 2026		December 31, 2025
Pension Plans	$	605,162	$	597,695
SERP	80,126		79,093
Benefit obligation	$	685,288	$	676,788

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Net Periodic Benefit Cost: The following table presents the net periodic benefit costs for the defined benefit pension plans and SERP by expense components for the three and nine month periods ended September 30, 2026 and 2025.

Components of Net Periodic Benefit Cost


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Service cost—benefits earned during the period	$	6,838	$	6,245	$	20,509	$	18,730
Interest cost on projected benefit obligation	9,613		9,024		28,836		27,073
Expected return on assets	(12,338)		(11,563)		(37,015)		(34,689)
Amortization:
Prior service cost	253		292		758		876
Actuarial (gain) loss	—		—		—		—


Net periodic benefit cost	$	4,366	$	3,998	$	13,088	$	11,990

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,
	2026	2025	2026	2025
Basic weighted average shares outstanding	76,591,750	80,692,558	77,510,495	82,019,029
Weighted average dilutive options outstanding	1,632,890	1,322,888	1,492,769	1,078,133
Diluted weighted average shares outstanding	78,224,640	82,015,446	79,003,264	83,097,162

Antidilutive shares	—	—	—	783,124

Antidilutive shares are excluded from the calculation of diluted earnings per share. All antidilutive shares noted above result from outstanding out-of-the-money employee and Director stock options.

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Note 11—Debt

The following table presents information about the terms and outstanding balances of Globe Life's debt.

Selected Information about Debt Issues


				As of
				September 30, 2026								December 31, 2025
Instrument	Issue Date	Maturity Date	Coupon Rate	Par Value		Unamortized Discount & Issuance Costs		Book Value		Fair Value		Book Value
Senior notes	09/27/2018	09/15/2028	4.550%	$	550,000	$	(1,663)	$	548,337	$	541,690	$	547,748
Senior notes	08/21/2020	08/15/2030	2.150%	400,000		(2,033)		397,967		350,384		397,604
Senior notes(1)	05/19/2022	06/15/2032	4.800%	400,000		(7,244)		392,756		377,112		246,692
Senior notes	08/23/2024	09/15/2034	5.850%	450,000		(4,460)		445,540		437,949		445,218

Junior subordinated debentures	11/17/2017	11/17/2057	5.275%	125,000		(1,525)		123,475		87,538		123,461
Junior subordinated debentures	06/14/2021	06/15/2061	4.250%	325,000		(7,462)		317,538		186,940		317,472
Term loan(2)	05/11/2023	06/26/2029	5.324%	450,000		(1,713)		448,287		448,287		248,890
Subtotal				2,700,000		(26,100)		2,673,900		2,429,900		2,327,085
Unamortized issuance costs(3)				—		(6,131)		(6,131)		—		(6,292)

Total long-term debt				2,700,000		(32,231)		2,667,769		2,429,900		2,320,793



FHLB borrowings				10,000		—		10,000		10,000		—
Commercial paper				309,000		(1,382)		307,618		307,618		304,656
Total short-term debt				319,000		(1,382)		317,618		317,618		304,656

Total debt				$	3,019,000	$	(33,613)	$	2,985,387	$	2,747,518	$	2,625,449

(1)The $150 million 4.80% Senior Notes, previously held by two insurance subsidiaries, were sold and issued to a third party at a discount of $4.2 million during the quarter ended June 30, 2026.

(2)The term loan was amended and restated on June 26, 2026, extending the maturity date from August 15, 2027 to June 26, 2029 and increasing the principal amount from $250 million to $450 million.

(3)Unamortized issuance costs for P-CAPS facility agreement.

The commercial paper has the highest priority of all unsecured debt, followed by senior notes then junior subordinated debentures. The senior notes are callable under a make-whole provision, and the junior subordinated debentures are subject to an optional redemption five years from issuance. Interest on the 4.25% junior subordinated debentures and the term loan are payable quarterly while all other long-term debt is payable semi-annually.

Credit Facility: Globe Life has in place a credit facility which provides for a $1 billion revolving credit facility that may be increased to $1.25 billion. The credit facility was amended on June 26, 2026 and now matures on June 26, 2031, and may be extended up to a one-year period upon the Company's request. Pursuant to this agreement, the participating lenders have agreed to make revolving loans to Globe Life and to issue secured or unsecured letters of credit. The Company has not drawn on any of the credit to date.

The facility is further designated as a back-up credit line for a commercial paper program under which the Company may either borrow from the credit line or issue commercial paper at any time, with total commercial paper outstanding not to exceed the facility maximum of $1 billion, less any letters of credit issued. Interest is charged at

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

variable rates. In accordance with the agreement, Globe Life is subject to certain covenants regarding capitalization. As of September 30, 2026, the Company was in full compliance with these covenants.

Pre-capitalized Trust Securities: On July 1, 2025, the Company entered into a 30-year Facility Agreement with a Delaware trust (the "Trust") following the completion of a private placement of Trust securities for $500 million par of Pre-Capitalized Trust Securities ("P-CAPS"), conducted pursuant to Rule 144A under the Securities Act. The Trust invested the proceeds from this offering in a portfolio of U.S. Treasury principal and interest strips ("Treasury securities"). P-CAPS provide the Company with a source of liquidity, the proceeds of which, if drawn, would be used for general corporate purposes.

Under the Facility Agreement, the Company has the right, on one or more occasions, to issue and sell up to $500 million of its 6.580% Senior Notes to the Trust in exchange for a corresponding amount of Treasury securities held by the Trust. In consideration for this right, the Company pays the Trust a semi-annual facility fee at a rate of 1.789% per annum on the unexercised portion of the facility. These fees are recorded in "Interest expense" on the Condensed Consolidated Statements of Operations. The Company also reimburses the Trust for its administrative expenses. The Issuance Right will be exercised automatically in full upon (i) our failure to pay the facility fee or to purchase any Strips required to be purchased under the Facility, if the failure to pay is not cured within 30 days, or (ii) certain bankruptcy events involving the Company. We are also required to exercise the Issuance Right in full if our consolidated stockholders’ equity (excluding accumulated other comprehensive income ("AOCI") falls below $1.85 billion, subject to certain adjustments. As of September 30, 2026, the Company had no senior note issuances under the Facility Agreement.

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

Credit Facility—Commercial Paper


	As of
	September 30, 2026			December 31, 2025			September 30, 2025
Balance of commercial paper at end of period (par value)	$	309,000		$	306,000		$	331,000
Annualized interest rate	4.17		%	4.05		%	4.60		%
Letters of credit outstanding	$	115,000		$	115,000		$	115,000
Remaining amount available under credit line	576,000			579,000			554,000

Credit Facility—Commercial Paper Activity


	Nine Months Ended September 30,
	2026			2025
Average balance of commercial paper outstanding during period (par value)	$	345,878		$	430,732
Daily-weighted average interest rate (annualized)	4.03		%	4.90		%
Maximum daily amount outstanding during period (par value)	$	559,250		$	605,500
Commercial paper issued during period (par value)	1,847,300			1,678,250
Commercial paper matured during period (par value)	(1,844,300)			(1,766,250)
Net commercial paper issued (matured) during period (par value)	3,000			(88,000)

Federal Home Loan Bank: FHLB membership provides certain of our insurance subsidiaries with access to various low-cost collateralized borrowings and funding agreements. The membership requires ownership of FHLB common stock, as well as the purchase of activity-based common stock equal to approximately 4.1% of outstanding borrowings. Globe Life owned $31.1 million in FHLB common stock as of September 30, 2026 and $32.5 million as of December 31, 2025. The FHLB stock is restricted from redemption or repurchases for the duration of the membership and recorded at cost (par) as required by applicable guidance. The FHLB stock is included in "Other

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

long-term investments" on the Condensed Consolidated Balance Sheets. Borrowings with the FHLB are subject to the availability of pledged assets at the insurance subsidiaries of Globe Life.

As of September 30, 2026, Globe Life's insurance subsidiaries' maximum borrowing capacity under the FHLB facility was approximately $986 million, net of outstanding funding agreements and short-term borrowings, on pledged assets with a fair value of $1.7 billion. As of September 30, 2026, $462 million in funding agreements were outstanding with the FHLB, compared to $437 million as of December 31, 2025. This amount is included in "Other policyholders' funds" on the Condensed Consolidated Balance Sheets. The Company had $10 million and $65 million in short-term borrowings from the FHLB as of September 30, 2026 and 2025, respectively.

Note 12—Business Segments

Globe Life is organized into three operating segments: life, health, and investments.

Globe Life's reportable insurance segments are based on the insurance product lines it markets and administers: life insurance and supplemental health insurance. There is also an investment segment that manages the investment portfolio and cash flow for the insurance segments. The Company's chief operating decision makers (the "CODM"), our Co-CEOs, evaluate the overall performance of the operations of the Company in accordance with these segments.

Life insurance products marketed by Globe Life include traditional whole life and term life insurance. Health insurance products are generally guaranteed renewable and include Medicare Supplement, cancer, critical illness, accident, and other limited-benefit supplemental hospital and surgical products.

The following tables present segment premium revenue by each of Globe Life's distribution channels.


Premium Income by Distribution Channel

	Three Months Ended September 30, 2026
	Life			Health			Total
Distribution Channel	Amount		% of Total	Amount		% of Total		Amount		% of Total
American Income	$	470,362	55	$	31,491	7		$	501,853	38
Direct to Consumer	243,083		28	20,844		5		263,927		20
Liberty National	102,000		12	46,557		10		148,557		11
United American	1,596		—	219,340		49		220,936		17
Family Heritage	2,211		—	128,625		29		130,836		10
Other	45,300		5	—		—		45,300		4
Total	$	864,552	100	$	446,857	100		$	1,311,409	100

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Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)




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


Premium Income by Distribution Channel

	Nine Months Ended September 30, 2026
	Life			Health			Total
Distribution Channel	Amount		% of Total	Amount		% of Total		Amount		% of Total
American Income	$	1,395,896	54	$	93,415	7		$	1,489,311	38
Direct to Consumer	731,526		29	62,447		5		793,973		21
Liberty National	302,401		12	141,539		11		443,940		11
United American	4,909		—	625,182		48		630,091		16
Family Heritage	6,410		—	378,037		29		384,447		10
Other	137,382		5	—		—		137,382		4
Total	$	2,578,524	100	$	1,300,620	100		$	3,879,144	100


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

Due to the nature of the life insurance industry, Globe Life has no individual or group that would be considered a major customer. Substantially all of Globe Life's business is conducted in the United States.

The measure of profitability established by the CODMs for the insurance segments is underwriting margin before other income and administrative expenses, in accordance with the manner in which the segments are managed. It essentially represents gross profit margin on insurance products before insurance administrative expenses and consists primarily of premium less net policy benefits, acquisition expenses, and commissions. Required interest on policy liabilities is reflected as a component of the Investment segment (rather than as a component of underwriting margin in the insurance segment) in order to match this cost with the investment income earned on the assets supporting the policy liabilities.

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

The measure of profitability for the Investment segment is excess investment income, representing the net income earned on the investment portfolio in excess of policy requirements. Other than the required interest on the insurance segments, no other intersegment revenues or expenses are recognized. Expenses directly attributable to corporate operations are included in the “Corporate & Other” category. Stock-based compensation expense is considered a corporate expense by Globe Life management and is included in this category. All other unallocated revenues and expenses on a pretax basis, including insurance administrative expense and interest on debt, are also included in the “Corporate & Other” segment category.

Globe Life holds a sizable investment portfolio to support its insurance liabilities, the yield from which is used to offset policy benefit, acquisition, administrative, and tax expenses. This yield or investment income is taken into account when establishing premium rates and profitability expectations for its insurance products. From time to time, investments are sold or called, or experience a credit loss event, each of which are reflected by the Company as realized gain (loss)—investments.

These gains or losses generally occur as a result of disposition due to issuer calls, compliance with Company investment policies, or other reasons often beyond management’s control. Unlike investment income, realized gains and losses are incidental to insurance operations, and only overall yields are considered when setting premium rates or insurance product profitability expectations. While these gains and losses are not relevant to segment profitability or core operating results, they can have a material positive or negative result on net income. For these reasons, management removes realized investment gains and losses when it views its segment operations.

Management also removes non-operating items unrelated to the Company's core insurance activities when evaluating those results. Therefore, these items are excluded in its presentation of segment results because accounting guidance requires that operating segment results be presented as management views its business. All of these items are included in “Other operating expense” in the Condensed Consolidated Statements of Operations for the appropriate year. See additional detail below in the tables.

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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, 2026
	Life		Health		Investment		Consolidated
Revenue:
Premium	$	864,552	$	446,857	$	—	$	1,311,409
Net investment income	—		—		295,895		295,895
Segment revenue	864,552		446,857		295,895		1,607,304
Realized gains (losses)							(12,612)
Other income							1,245
Total consolidated revenue							$	1,595,937

Expenses:
Policy obligations(1)	414,701		272,129		5,837		692,667
Required interest on reserves	(219,759)		(30,203)		252,113		2,151
Amortization of acquisition costs	108,471		16,183		—		124,654
Commissions	44,392		48,587		—		92,979
Premium taxes	18,801		8,786		—		27,587
Non-deferred acquisition costs	39,778		15,738		—		55,516

Segment profit or (loss)	$	458,168	$	115,637	$	37,945	611,750

Insurance administrative expenses:
Salaries							35,107
Other employee costs							10,398
Information technology costs							24,212
Legal costs							3,144
Other administrative costs							22,296
Parent expense							2,875
Stock-based compensation expense							15,410
Interest expense							37,814
Legal proceedings							8,643
Other expenses							1,189
Annuity							(1,939)
Total expenses							1,154,703

Income before income taxes per Condensed Consolidated Statements of Operations							$	441,234

(1)Policy obligations are impacted by actual claims and policyholder behavior, including impacts relative to assumptions related to lapses, mortality, and morbidity. For detailed information, including remeasurement gains and losses, see Note 6—Policy Liabilities.

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Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	Three Months Ended September 30, 2025
	Life		Health		Investment		Consolidated
Revenue:
Premium	$	844,483	$	386,524	$	—	$	1,231,007
Net investment income	—		—		286,013		286,013
Segment revenue	844,483		386,524		286,013		1,517,020
Realized gains (losses)							(4,987)
Other income							955
Total consolidated revenue							$	1,512,988

Expenses:
Policy obligations(1)	381,511		227,940		5,787		615,238
Required interest on reserves	(212,454)		(28,517)		243,343		2,372
Amortization of acquisition costs	98,583		15,137		—		113,720
Commissions	42,924		42,699		—		85,623
Premium taxes	16,928		7,281		—		24,209
Non-deferred acquisition costs	35,383		13,610		—		48,993

Segment profit or (loss)	$	481,608	$	108,374	$	36,883	626,865

Insurance administrative expenses:
Salaries							34,265
Other employee costs							10,056
Information technology costs							21,795
Legal costs							4,854
Other administrative costs							18,797
Parent expense							4,105
Stock-based compensation expense							14,603
Interest expense							36,134
Legal proceedings							2,589
Other expenses							498
Annuity							(1,965)
Total expenses							1,035,886

Income before income taxes per Condensed Consolidated Statements of Operations							$	477,102

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Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	Nine Months Ended September 30, 2026
	Life		Health		Investment		Consolidated
Revenue:
Premium	$	2,578,524	$	1,300,620	$	—	$	3,879,144
Net investment income	—		—		879,539		879,539
Segment revenue	2,578,524		1,300,620		879,539		4,758,683
Realized gains (losses)							(6,952)
Other income							3,555
Total consolidated revenue							$	4,755,286

Expenses:
Policy obligations(1)	1,447,510		812,875		17,165		2,277,550
Required interest on reserves	(654,837)		(88,036)		749,460		6,587
Amortization of acquisition costs	315,816		47,657		—		363,473
Commissions	132,099		143,522		—		275,621
Premium taxes	54,834		25,337		—		80,171
Non-deferred acquisition costs	116,526		49,839		—		166,365

Segment profit or (loss)	$	1,166,576	$	309,426	$	112,914	1,588,916

Insurance administrative expenses:
Salaries							104,826
Other employee costs							32,677
Information technology costs							70,691
Legal costs							10,253
Other administrative costs							62,442
Parent expense							10,977
Stock-based compensation expense							45,987
Interest expense							107,864
Legal proceedings							14,127
Other expenses							1,280
Annuity							(5,858)
Total expenses							3,625,033

Income before income taxes per Condensed Consolidated Statement of Operations							$	1,130,253

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Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)


	Nine Months Ended September 30, 2025
	Life		Health		Investment		Consolidated
Revenue:
Premium	$	2,513,890	$	1,134,414	$	—	$	3,648,304
Net investment income	—		—		848,796		848,796
Segment revenue	2,513,890		1,134,414		848,796		4,497,100
Realized gains (losses)							(23,476)
Other income							1,073
Total consolidated revenue							$	4,474,697

Expenses:
Policy obligations(1)	1,410,622		691,793		16,591		$	2,119,006
Required interest on reserves	(632,150)		(85,194)		724,624		7,280
Amortization of acquisition costs	285,417		44,497		—		329,914
Commissions	130,848		127,551		—		258,399
Premium taxes	51,621		22,423		—		74,044
Non-deferred acquisition costs	108,586		42,192		—		150,778

Segment profit or (loss)	$	1,158,946	$	291,152	$	107,581	1,557,679

Insurance administrative expenses:
Salaries							102,630
Other employee costs							29,764
Information technology costs							62,286
Legal costs							16,930
Other administrative costs							51,753
Parent expense							10,710
Stock-based compensation expense							40,665
Interest expense							106,011
Legal proceedings							13,365
Other expenses							498
Annuity							(5,818)
Total expenses							3,368,215

Income before income taxes per Condensed Consolidated Statement of Operations							$	1,106,482

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Globe Life Inc.

Notes to Condensed Consolidated Financial Statements

(Dollar amounts in thousands, except per share data)

Assets for each segment are reported based on a specific identification basis. The insurance segments’ assets contain DAC. The investment segment includes the investment portfolio, cash, and accrued investment income. Goodwill is assigned to the insurance segments at the time of purchase. All other assets are included in the annuity and other corporate category. The tables below reconcile segment assets to total assets as reported on the Condensed Consolidated Balance Sheets.

Assets by Segment


	September 30, 2026
	Life		Health		Investment		Consolidated
Cash and invested assets	$	—	$	—	$	19,891,299	$	19,891,299
Accrued investment income	—		—		296,746		296,746
Deferred acquisition costs	6,457,675		892,816		—		7,350,491
Goodwill	309,609		180,837		—		490,446

Total segment assets	$	6,767,284	$	1,073,653	$	20,188,045	28,028,982

Annuity and other corporate							2,541,435
Total assets							$	30,570,417


	December 31, 2025
	Life		Health		Investment		Consolidated
Cash and invested assets	$	—	$	—	$	20,614,713	$	20,614,713
Accrued investment income	—		—		272,818		272,818
Deferred acquisition costs	6,147,750		851,386		—		6,999,136
Goodwill	309,609		180,837		—		490,446

Total segment assets	$	6,457,359	$	1,032,223	$	20,887,531	28,377,113

Annuity and other corporate							2,436,579
Total assets							$	30,813,692

Note 13—Subsequent Events

Subsequent to September 30, 2026, the Company approved a residential mortgage loan investment program through its insurance subsidiaries, with an initial commitment of up to $250 million. Residential mortgage loans acquired under the program will be held for investment and carried at amortized cost. The Company intends to pledge a portion of the acquired loans to the Federal Home Loan Bank as collateral for advances.

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CAUTIONARY STATEMENTS

We caution readers regarding certain forward-looking statements contained in the foregoing discussion and elsewhere in this document, and in any other statements made by, or on behalf of Globe Life whether or not in future filings with the Securities and Exchange Commission. Any statement that is not a historical fact, or that might otherwise be considered an opinion or projection concerning the Company or its business, whether express or implied, is meant as and should be considered a forward-looking statement. Such statements represent management's opinions concerning future operations, strategies, financial results or other developments. We specifically disclaim any obligation to update or revise any forward-looking statement because of new information, future developments, or otherwise.

Forward-looking statements are based upon estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond our control. If these estimates or assumptions prove to be incorrect, the actual results of Globe Life may differ materially from the forward-looking statements made on the basis of such estimates or assumptions. Whether or not actual results differ materially from forward-looking statements may depend on numerous foreseeable and unforeseeable events or developments, which may be national in scope, related to the insurance industry generally, or applicable to the Company specifically. Such events or developments could include, but are not necessarily limited to:

1.Economic and other conditions, including the impact of inflation, immigration, geopolitical events, escalating tariff and non-tariff trade measures imposed by the U.S. and other countries, a prolonged government shutdown, and other governmental actions which affect the U.S. economy and/or U.S. consumer confidence, leading to unexpected changes in lapse rates and/or sales of our policies, as well as levels of mortality, morbidity, and/or utilization of health care services that differ from Globe Life's assumptions;

2.Regulatory developments, including changes in accounting standards or governmental regulations (particularly those impacting taxes and changes to the Federal Medicare program that affect Medicare Supplement insurance sales, claims utilization or use);

3.Market trends in the senior-aged health care industry that provide alternatives to traditional Medicare (such as Health Maintenance Organizations and other managed care or private plans) and that affect the sales of traditional Medicare Supplement insurance;

4.Ratings changes with respect to our financial performance and condition;

5.Interest rate changes that affect product sales, financing costs, and/or investment yields;

6.General economic, industry sector or individual debt issuers’ financial conditions (including developments and volatility arising from geopolitical events, particularly in certain industries that may comprise part of our investment portfolio) that affect the current market value of securities we own, or that may impair an issuer’s ability to make principal and/or interest payments due on those securities;

7.Changes in the competitiveness of the Company's products and pricing;

8.Litigation results and regulatory actions;

9.Levels of administrative and operational efficiencies that differ from our assumptions (including any reduction in efficiencies resulting from increased costs arising from the impact of higher than anticipated inflation);

10.The ability to obtain timely and appropriate premium rate increases for health insurance policies from our regulators;

11.The ability of our subsidiaries to pay dividends to the Parent Company and to receive required regulatory approvals on such amounts;

12.The customer response to new products and marketing initiatives;

13.Reported amounts in the consolidated financial statements which are based on management estimates and judgments which may differ from the actual amounts ultimately realized;

14.Compromise by a malicious actor or other event that causes a loss of secure data from, or inaccessibility to, our computer and other information technology systems;

15.The Company's ability to attract and retain agents;

16.The severity, magnitude, and impact of natural or man-made catastrophic events, including but not limited to pandemics, tornadoes, hurricanes, earthquakes, war and terrorism, on our operations and personnel, commercial activity, level of claims, and demand for our products; and

17.Globe Life's ability to access the commercial paper and debt markets, particularly if such markets become unpredictable or unstable for a certain period.

Readers are also directed to consider other risks and uncertainties described in other documents on file with the Securities and Exchange Commission, including those described under Item 1A. Risk Factors.

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GLOBE LIFE INC.

Management's Discussion & Analysis

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with Globe Life's Condensed Consolidated Financial Statements and Notes thereto appearing elsewhere in this report. The following management discussion will only include comparison to prior year.

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

Results of Operations


			How Globe Life Views Its Operations. Globe Life Inc. is the holding company for a group of insurance companies that market through exclusive, direct-to-consumer and independent distribution channels primarily individual life and supplemental health insurance to lower middle to middle-income households throughout the United States. We view our operations by segments, which are the insurance product lines of life and supplemental health, and the investment segment that supports the product lines.

			Insurance Product Line Segments. The insurance product line segments involve the marketing, underwriting, and administration of policies. Each product line is further subdivided by the various distribution channels that market the insurance policies. Each distribution channel operates in a niche market offering insurance products designed for that particular market. Whether analyzing profitability of a segment as a whole, or the individual distribution channels within the segment, the measure of profitability used by management is the underwriting margin, as seen below:
			Premium revenue (Policy obligations) (Policy acquisition costs and commissions) Underwriting margin
			Investment Segment. The investment segment involves the management of our capital resources, including investments and the management of liquidity. Our measure of profitability for the investment segment is excess investment income, as seen below:
			Net investment income (Required interest on policy liabilities) Excess investment income

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GLOBE LIFE INC.

Management's Discussion & Analysis

Globe Life serves the lower-middle to middle-income market. We believe this market is underserved, has significant growth potential, and provides us with a distinct competitive advantage. This advantage is protected due not only to our ability to efficiently reach this market through both exclusive and direct to consumer distribution channels, but also due to the amount of data and experience we possess, as we have been in this same market for over 60 years with essentially the same products. The basic protection life and health insurance products we offer are specifically designed to help provide financial security to consumers in this market.

Current Highlights.

•On a diluted basis, net income per common share increased 8% from $10.77 to $11.64 and net operating income per common share increased from $11.13 to $11.86, a 7% increase over the prior year period.

•Net income as a return on equity (ROE) for the nine months ended September 30, 2026 was 19.7% and net operating income as an ROE, excluding accumulated other comprehensive income(1), was 15.9%.

•Total premium increased 6% over the same period in the prior year. Life premium increased 3% for the period from $2.5 billion in 2025 to $2.6 billion in 2026. Health premium increased 15% to $1.3 billion from $1.1 billion over the prior-year period.

•Total net sales increased 10% over the same period in the prior year from $661 million in 2025 to $727 million in 2026. Average producing agent count increased by 9% at Liberty National Division and 6% at Family Heritage Division.

•Book value per share increased 23% over the same period in the prior year from $69.52 to $85.35. Book value per share, excluding accumulated other comprehensive income(1), increased 11% over the prior year from $93.63 in 2025 to $103.62 in 2026.

•For the nine months ended September 30, 2026, the Company repurchased 3.6 million shares of Globe Life Inc. common stock at a total cost of $564 million for an average share price of $155.30.

The following graphs represent net income and net operating income(1) for the nine month periods ended September 30, 2026 and 2025.

(1)As shown in the charts above, net operating income is primarily comprised of insurance underwriting margin plus excess investment income and annuity and other income, offset by operating expenses after tax and, as such, is considered a non-GAAP measure. It has been used consistently by Globe Life's management for many years to evaluate the operating performance of the Company. Net operating income differs from net income primarily because it excludes certain non-operating items such as realized gains and losses and certain significant and unusual items included in net income. Net income is the most directly comparable GAAP measure.

Net operating income as an ROE, excluding AOCI, is considered a non-GAAP measure. Management utilizes this measure to view the business without the effect of changes in AOCI, which are primarily attributable to fluctuation in interest rates. The impact of the adjustment to exclude AOCI is $(1.4) billion and $(2.0) billion for the nine months ended September 30, 2026 and 2025, respectively.

Book value per share, excluding AOCI, is also considered a non-GAAP measure. Management utilizes this measure to view the book value of the business without the effect of changes in AOCI, which are primarily attributable to fluctuation in interest rates. The impact of the adjustment to exclude AOCI is $(18.27) and $(24.11) per share for the nine months ended September 30, 2026 and 2025, respectively.

Refer to Analysis of Profitability by Segment for non-GAAP reconciliation to GAAP.

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GLOBE LIFE INC.

Management's Discussion & Analysis

Summary of Operations.

•Net income totaled $919 million during the nine months ended September 30, 2026, compared with $895 million, in the same period in 2025, an increase of 3%.

•On a diluted basis, net income per common share for the nine months ended September 30, 2026 increased 8% from $10.77 to $11.64.

•Net operating income was $937 million for the nine months ended September 30, 2026, compared with $925 million for the same period in 2025, an increase of 1%.

•On a diluted basis, net operating income per common share for the nine months ended September 30, 2026 increased from $11.13 to $11.86, a 7% increase.

Net operating income is primarily comprised of insurance underwriting margin plus excess investment income and annuity and other income, offset by operating expenses, after tax and, as such, is considered a non-GAAP measure. Net income is the most directly comparable GAAP measure. We do not consider realized gains and losses to be a component of our core insurance operations or operating segments. Additionally, net income is affected by certain non-operating items. We do not view these items as components of core operating results because they are not indicative of past performance or future prospects of the insurance operations. We remove items such as these which relate to prior periods or are non-operating items when evaluating the results of current operations, and therefore exclude such items from our segment analysis for current periods.

During the third quarter of 2026, the Company performed its annual assumptions review and updated both its life and health assumptions of lapses, mortality, and morbidity resulting in a $120.5 million net remeasurement gain as compared to a $134.3 million net remeasurement gain in the year-ago quarter. Excluding the impact of assumption changes, the Company's results for actual variances from expected experience for both life and health produced a $75.1 million net remeasurement gain and a $53.6 million net remeasurement gain for the nine months ended September 30, 2026 and 2025, respectively.

As previously noted, a component of insurance underwriting margin is policy obligations, which includes for each reporting period the change in the liability for future policy benefits (the "LFPB"). The LFPB is determined each reporting period based on the net level premium method. Net level premiums reflect a recomputed net premium ratio using actual experience since the issue date, and expected future experience based on future cash-flow assumptions See Note 6—Policy Liabilities for additional information.

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

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GLOBE LIFE INC.

Management's Discussion & Analysis

Globe Life's operations on a segment-by-segment basis are discussed in depth below. Net operating income has been used consistently by management for many years to evaluate the operating performance of the Company and is a measure commonly used in the life insurance industry. It differs from GAAP net income primarily because it excludes certain non-operating items such as realized gains and losses and other significant and unusual items included in net income. Management believes an analysis of net operating income is important in understanding the profitability and operating trends of the Company’s business. Net income is the most directly comparable GAAP measure.

Analysis of Profitability by Segment

(Dollar amounts in thousands)


	Nine Months Ended September 30,
	2026		2025		Change		%
Life insurance underwriting margin	$	1,166,576	$	1,158,946	$	7,630	1
Health insurance underwriting margin	309,426		291,152		18,274		6

Excess investment income	112,914		107,581		5,333		5
Segment profit or (loss)	1,588,916		1,557,679		31,237		2

Annuity and other income	9,413		6,891		2,522		37
Administrative expense	(280,889)		(263,363)		(17,526)		7
Other corporate expense	(164,828)		(157,386)		(7,442)		5
Pre-tax total	1,152,612		1,143,821		8,791		1
Applicable taxes	(215,569)		(219,169)		3,600		(2)
Net operating income	937,043		924,652		12,391		1
Reconciling items, net of tax:
Realized gains (losses)	(5,492)		(18,546)		13,054




Other expenses	(1,011)		(393)		(618)
Legal proceedings	(11,160)		(10,558)		(602)

Net income	$	919,380	$	895,155	$	24,225	3

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 $8 million compared with the prior period, driven by premium growth and improved underlying mortality offsetting a smaller gain from third quarter assumption updates. The life underwriting margin increase was lower than the prior year period due to remeasurement gains from assumption changes of 96 million for the nine months ended September 30, 2026 compared to 131 million for the same period in 2025. The health segment experienced favorable underwriting margin as a result of gains related to the third quarter assumption update, margin growth in limited benefit supplemental product lines and growth in Medicare Supplement earned premium driven by rate increases and strong sales. Excess investment income increased $5 million compared with the prior period, primarily due to higher yields on fixed maturities, commercial mortgage loans and other long-term investments.

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GLOBE LIFE INC.

Management's Discussion & Analysis

In 2026, the largest contributor of total underwriting margin was the life insurance segment and the primary distribution channel was American Income. The following charts represent the breakdown of total underwriting margin by operating segment and distribution channel for the nine months ended September 30, 2026.

Total premium income rose 6% for the nine months ended September 30, 2026 to $3.9 billion. Total net sales increased 10% to $727 million when compared with 2025. Total first-year collected premium (defined in the following section) increased 15% to $595 million for 2026, compared to $520 million in 2025.

Life insurance premium income increased 3% to $2.58 billion compared to $2.51 billion in the prior-year period. Life net sales increased 1% to $456 million for the nine months ended September 30, 2026 as compared to the year-ago period. First-year collected life premium increased 1% to $351 million. Life underwriting margin, as a percent of premium, declined by 1% for 2026 given the lower remeasurement gains from life assumption updates in 2026 compared to 2025. Underwriting margin increased slightly to $1.17 billion in 2026, compared to $1.16 billion in 2025.

Health insurance premium income increased 15% to $1.30 billion compared to $1.13 billion in the prior-year period. Health net sales rose 31% to $271 million for the nine months ended September 30, 2026. First-year collected health premium rose 41% to $244 million. Health underwriting margin, as a percent of premium, was 24% for 2026, a 2% decrease from 2025 as a result of increased group claims experience and faster growth in lower margin products. Health underwriting margin increased to $309 million for the nine months ended September 30, 2026, compared to $291 million in 2025.

Excess investment income, the measure of profitability of our investment segment, increased 5% during the nine months ended September 30, 2026 to $113 million from $108 million in 2025. Excess investment income per common share, reflecting the impact of our share repurchase program, increased 11% to $1.43 from $1.29 when compared with the same period in 2025.

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

For the nine months ended September 30, 2026, the Company repurchased 3.6 million shares of Globe Life Inc. common stock at a total cost of $564 million for an average share price of $155.30.

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GLOBE LIFE INC.

Management's Discussion & Analysis

The discussions of our segments are presented in the manner we view our operations, as described in Note 12—Business Segments.

We use three measures as indicators of premium growth and sales over the near term: “annualized premium in force,” "net sales,” and “first-year collected premium.”

•Annualized premium in force is defined as the premium income that would be received over the following twelve months at any given date on all active policies if those policies remain in force throughout the 12-month period.

•Net sales is calculated as annualized premium issued, net of cancellations in the first 30 days after issue, except in the case of Direct to Consumer, where net sales is annualized premium issued at the time the first full premium is paid after any introductory offer period (typically one month) has expired. Management considers net sales to be a better indicator of incremental premium growth than annualized premium issued since net sales are after cancellations, as cancellations do not contribute to premium income.

•First-year collected premium is defined as the premium collected during the reporting period for all policies in their first policy year. First-year collected premium takes lapses into account in the first year when lapses are more likely to occur, and thus is a useful indicator of how much new premium is expected to be added to premium income in the future. First-year collected premiums are lower than net sales over the prior 12 months because premiums are not collected on lapsed policies after the date of lapse. In addition, cancellations are not considered as lapses or included in net sales and first-year collected premiums.

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

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GLOBE LIFE INC.

Management's Discussion & Analysis

LIFE INSURANCE

Life insurance is the Company's predominant segment. During 2026, life premium represented 66% of total premium and life underwriting margin represented 79% of the total underwriting margin. Additionally, investments supporting the reserves for life products produce the majority of income attributable to the investment segment.

The following table presents the summary of results of life insurance. Further discussion of the results by distribution channel is included below.

Life Insurance

Summary of Results

(Dollar amounts in thousands)


	Nine Months Ended September 30,						Change
	2026			2025
	Amount		% of Premium	Amount		% of Premium	Amount		%
Premium and policy charges	$	2,578,524	100	$	2,513,890	100	$	64,634	3

Policy obligations	1,447,510		56	1,410,622		56	36,888		3
Required interest on reserves	(654,837)		(25)	(632,150)		(25)	(22,687)		4
Net policy obligations	792,673		31	778,472		31	14,201		2
Amortization of acquisition costs	315,816		12	285,417		12	30,399		11
Commission expense	132,099		5	130,848		5	1,251		1
Premium taxes	54,834		2	51,621		2	3,213		6
Non-deferred acquisition costs	116,526		5	108,586		4	7,940		7
Total expense	1,411,948		55	1,354,944		54	57,004		4
Insurance underwriting margin	$	1,166,576	45	$	1,158,946	46	$	7,630	1

The table below summarizes life underwriting margin by distribution channel.

Life Insurance

Underwriting Margin by Distribution Channel

(Dollar amounts in thousands)


	Nine Months Ended September 30,
	2026			2025			Change
	Amount		% of Premium	Amount		% of Premium	Amount		%
American Income	$	691,069	50	$	661,825	50	$	29,244	4
Direct to Consumer	262,578		36	246,903		34	15,675		6
Liberty National	122,943		41	135,508		46	(12,565)		(9)
Other(1)	89,986		61	114,710		76	(24,724)		(22)
Total	$	1,166,576	45	$	1,158,946	46	$	7,630	1

(1) Includes a gain of $14 million related to the recapture of reinsurance for nine months ended September 30, 2025.

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Globe Life Inc.

Management's Discussion & Analysis

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

Life Insurance

Premium by Distribution Channel

(Dollar amounts in thousands)


	Nine Months Ended September 30,						Change
	2026			2025
	Amount		% of Total	Amount		% of Total	Amount		%
American Income	$	1,395,896	54	$	1,334,591	53	$	61,305	5
Direct to Consumer	731,526		28	736,651		29	(5,125)		(1)
Liberty National	302,401		12	291,635		12	10,766		4
Other	148,701		6	151,013		6	(2,312)		(2)
Total	$	2,578,524	100	$	2,513,890	100	$	64,634	3

Annualized life premium in force was $3.48 billion at September 30, 2026, an increase of 2% over $3.40 billion a year earlier.

An analysis of life net sales, an indicator of new business production, by distribution channel is presented below.

Life Insurance

Net Sales by Distribution Channel

(Dollar amounts in thousands)


	Nine Months Ended September 30,						Change
	2026			2025
	Amount		% of Total	Amount		% of Total	Amount		%
American Income	$	292,681	64	$	291,302	64	$	1,379	—
Direct to Consumer	77,789		17	83,447		18	(5,658)		(7)
Liberty National	77,467		17	71,380		16	6,087		9
Other	8,133		2	7,645		2	488		6
Total	$	456,070	100	$	453,774	100	$	2,296	1

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

Life Insurance

First-Year Collected Premium by Distribution Channel

(Dollar amounts in thousands)


	Nine Months Ended September 30,						Change
	2026			2025
	Amount		% of Total	Amount		% of Total	Amount		%
American Income	$	238,152	68	$	237,119	68	$	1,033	—
Direct to Consumer	46,066		13	45,877		13	189		—
Liberty National	60,169		17	57,969		17	2,200		4
Other	6,796		2	5,925		2	871		15
Total	$	351,183	100	$	346,890	100	$	4,293	1

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Globe Life Inc.

Management's Discussion & Analysis

A discussion of life operations by distribution channel follows.

The American Income Division is an exclusive agency that markets to members of affinity groups, including labor unions, and continues to diversify its lead sources by utilizing internally generated leads, third-party internet vendor leads, and referrals to facilitate sustainable growth. This Division is Globe Life's largest contributor of life premium of any distribution channel at 54% of the Company's September 30, 2026 total life premium. For the nine months ended September 30, 2026, life premium was $1.4 billion, an increase of 5% when compared with the year-ago period. For the nine months ended September 30, 2026, the average monthly life premium issued per policy was $64 as compared to $59 for the same period in the prior year. Net sales were $293 million for the nine months ended September 30, 2026, up from $291 million in the year-ago period. The underwriting margin, as a percent of premium, was 50% for the nine months ended September 30, 2026 unchanged from the same period in the prior year.

The average producing agent count decreased 6% over the year-ago period driven by lower retention of new agents. While long-term sales growth in this Division and our other exclusive agencies is generally tied to expansion of the agency force, declines in agent count provide an opportunity for improved sales productivity among veteran agents as they are more productive than less experienced agents. We have made adjustments to agency middle management compensation to encourage increased new agent recruitment and retention.

Below is the average producing agent count as of the indicated periods for the American Income Division. The average producing agent count is based on the actual count at the beginning and end of each week during the year.


	At September 30,		Change
	2026	2025	Amount	%
American Income	11,262	11,994	(732)	(6)

American Income continues to focus on growing and strengthening the agency force, with particular emphasis on strengthening agency middle-management growth. The Division has made considerable investments in both financial incentives and agent training, as well as in information technology. A customer relationship management ("CRM") tool equips agents with intuitive dashboards to drive productivity across lead distribution, business conservation, and new agent recruiting. The Division also continues to enhance technology enabling the agency force to recruit, sell and train virtually. This has benefited our agents as a vast majority of sales are generated through virtual presentations. We find this flexibility to be attractive for new recruits as well as a driver of efficiency in our agency force.

The Direct to Consumer Division ("DTC") markets adult and juvenile life insurance across multiple channels including direct mail, insert media, and digital marketing using an integrated omnichannel approach where each channel supports and amplifies the others. Digital channels, including internet sales and inbound phone calls, continue to outpace direct mail in activity and growth.

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

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

DTC net sales declined 7% to $78 million for the nine months ended September 30, 2026, compared to the year-ago period. The Division is navigating a transition driven by the growing use of Artificial Intelligence ("AI") in consumer search behavior, which has reduced paid search volume from internet marketing. During this quarter

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Globe Life Inc.

Management's Discussion & Analysis

ended September 30, 2026, we noted improvement in our inquiry rates supported by several initiatives including AI-enabled advertising. The Division continues to adapt its digital content strategy and positioning to be verified, visible, and easily interpreted by AI assistants.

Beyond direct sales, the Division continues to deliver significant value through agency support with lead generation expected to reach one million this year. Improved conversion rates on leads shared with our agencies have contributed to margin improvement. Despite the decline in net sales, DTC’s underwriting margin grew to $263 million, or 36% of premium, for the nine months ended September 30, 2026, compared to $247 million, or 34% of premium, for the same period in 2025 driven by favorable mortality in the current period. For the nine months ended September 30, 2026, the average monthly life premium issued for DTC adults increased to $19 as compared to $17 for the same period in the prior year.

The Liberty National Division is an exclusive agency serving middle-income households and worksite customers by providing individual life insurance products. Recent investments in new sales technologies, combined with growth in agency middle management, are expected to drive continued sales momentum. Underwriting margin declined 9% from the year ago period to $123 million and premium increased 4% to $302 million. The underwriting margin as a percent of premium declined for the nine months ended September 30, 2026, to 41%, compared to 46% in the year-ago period, as third quarter assumption gains were significantly higher in the prior year period. For the nine months ended September 30, 2026, the average monthly life premium per policy issued increased compared to the prior year to $48 from $44.

Below is the average producing agent count for the nine months ended September 30, 2026 and 2025 for the Division. The average producing agent count is based on the actual count at the beginning and end of each week during the year.


	At September 30,		Change
	2026	2025	Amount	%
Liberty National	4,137	3,806	331	9

The Division's average producing agent count increased when compared with the prior-year comparable period. This Division continues to execute a long-term plan to grow through expansion from small-town markets in the Southeast to more densely populated areas with larger pools of potential agent recruits and customers. Expansion of this Division’s presence in larger geographic cities with less penetrated areas will help create long-term sustainable agency growth. The Division is also focused on expanding worksite business development capabilities among its agents. A CRM platform and enhanced analytical tools have strengthened worksite marketing efforts and improved productivity across the individual life market. As Liberty National continues to build momentum through technology adoption and recruiting initiatives, it anticipates sustained growth in recruiting activity, average producing agent count, and net sales.

The Other agency distribution channels primarily include non-exclusive independent agencies selling primarily life insurance. The Other distribution channels contributed $149 million of life premium income, or 6% of Globe Life's total life premium income in the nine months ended September 30, 2026, and contributed 2% of net sales for the period.

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Globe Life Inc.

Management's Discussion & Analysis

HEALTH INSURANCE

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

Health premium accounted for 34% of our total premium in 2026, while the health underwriting margin accounted for 21% of total underwriting margin. Health underwriting margin increased to $309 million compared to $291 million in the prior year.

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
	2026			2025
	Amount		% of Premium	Amount		% of Premium	Amount		%
Premium	$	1,300,620	100	$	1,134,414	100	$	166,206	15

Policy obligations	812,875		63	691,793		61	121,082		18
Required interest on reserves	(88,036)		(7)	(85,194)		(8)	(2,842)		3
Net policy obligations	724,839		56	606,599		53	118,240		19
Amortization of acquisition costs	47,657		3	44,497		4	3,160		7
Commission expense	143,522		11	127,551		11	15,971		13
Premium taxes	25,337		2	22,423		2	2,914		13
Non-deferred acquisition costs	49,839		4	42,192		4	7,647		18
Total expense	991,194		76	843,262		74	147,932		18
Insurance underwriting margin	$	309,426	24	$	291,152	26	$	18,274	6

Net policy obligations amounted to 56% of premium for the nine months ended September 30, 2026 compared to 53% in the year-ago period. The increase in policy obligations is driven by the growth of the United American Division in relation to total health premium, as the United American Division products tend to have higher policy obligations as a percent of premium compared to other limited-benefit health products within our other divisions.

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Globe Life Inc.

Management's Discussion & Analysis

The table below summarizes health underwriting margin by distribution channel.

Health Insurance

Underwriting Margin by Distribution Channel

(Dollar amounts in thousands)


	Nine Months Ended September 30,
	2026			2025			Change
	Amount		% of Premium	Amount		% of Premium	Amount		%
United American	$	9,824	2	$	30,117	6	$	(20,293)	(67)
Family Heritage	145,586		39	130,785		38	14,801		11
Liberty National	74,206		52	75,170		53	(964)		(1)
American Income	74,842		80	53,553		57	21,289		40
Direct to Consumer	4,968		8	1,527		3	3,441
Total	$	309,426	24	$	291,152	26	$	18,274	6

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

Health Insurance

Premium by Distribution Channel

(Dollar amounts in thousands)


	Nine Months Ended September 30,						Increase (Decrease)
	2026			2025
	Amount		% of Total	Amount		% of Total	Amount		%
United American	$	625,182	48	$	493,561	43	$	131,621	27
Family Heritage	378,037		29	346,850		31	31,187		9
Liberty National	141,539		11	142,823		13	(1,284)		(1)
American Income	93,415		7	93,806		8	(391)		—
Direct to Consumer	62,447		5	57,374		5	5,073		9
Total	$	1,300,620	100	$	1,134,414	100	$	166,206	15

Premiums from Medicare Supplement products totaled $615 million, or 47%, of the total health premiums for the nine months ended September 30, 2026, compared to $502 million, or 44%, in the same period in the prior year. Premium increases are driven primarily from increased sales and approved premium rate increases on our Medicare Supplement business. Premiums primarily related to limited-benefit supplemental health products comprise $686 million, or 53%, of the total health premiums for the nine months ended September 30, 2026, compared with $632 million, or 56%, in the same period in the prior year.

Annualized health premium in force was $1.84 billion at September 30, 2026, an increase of 17% over $1.58 billion a year earlier.

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Globe Life Inc.

Management's Discussion & Analysis

Presented below is a table of health net sales by distribution channel.

Health Insurance

Net Sales by Distribution Channel

(Dollar amounts in thousands)


	Nine Months Ended September 30,						Increase (Decrease)
	2026			2025
	Amount		% of Total	Amount		% of Total	Amount		%
United American	$	137,115	51	$	77,666	37	$	59,449	77
Family Heritage	98,083		36	89,440		43	8,643		10
Liberty National	21,333		8	23,862		12	(2,529)		(11)
American Income	12,298		4	14,242		7	(1,944)		(14)
Direct to Consumer	1,831		1	2,176		1	(345)		(16)
Total	$	270,660	100	$	207,386	100	$	63,274	31

Health net sales related to limited-benefit supplemental health products and other health products comprise $191 million, or 71%, of the total health net sales for the nine months ended September 30, 2026, compared with $155 million, or 75%, in the same period in the prior year. Medicare Supplement sales make up the remaining $80 million, or 29%, for 2026, compared to $52 million, or 25%, in the same period in the prior year.

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

Health Insurance

First-Year Collected Premium by Distribution Channel

(Dollar amounts in thousands)


	Nine Months Ended September 30,						Increase (Decrease)
	2026			2025
	Amount		% of Total	Amount		% of Total	Amount		%
United American	$	131,343	54	$	66,863	39	$	64,480	96
Family Heritage	74,621		31	66,954		39	7,667		11
Liberty National	20,204		8	20,900		12	(696)		(3)
American Income	12,722		5	14,386		8	(1,664)		(12)
Direct to Consumer	4,878		2	3,551		2	1,327		37
Total	$	243,768	100	$	172,654	100	$	71,114	41

First-year collected premium related to limited-benefit supplemental health products and other health products is $147 million, or 60%, of total first-year collected premium for the nine months ended September 30, 2026, compared with $118.3 million, or 69%, in the same period in the prior year. First-year collected premium from Medicare Supplement policies make up the remaining $97 million, or 40%, for the nine months ended September 30, 2026, compared to $54.4 million, or 31%, in the same period in the prior year.

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Globe Life Inc.

Management's Discussion & Analysis

A discussion of health operations by distribution channel follows.

The United American Division consists of non-exclusive independent general agents and brokers who may also sell for other companies, selling Medicare Supplement insurance to individuals through independent general agents, and group retiree medical and other health insurance through brokers. The Division was Globe Life's largest health division in terms of health premium income, with net sales up 77% from the same period in the prior year. The majority of the premium revenue in the Division comes from Medicare Supplement. Medicare Supplement sales growth remained strong for the nine months ended September 30, 2026, supported by demographic expansion within the eligible population, a notable migration of Medicare beneficiaries from Medicare Advantage to Medicare Supplement plans, and rate increases that took effect during the first half of the year.

Underwriting margin as a percent of premium for the Division was 2% for the nine months ended September 30, 2026, down from 6% for the same period in 2025. The decrease in margin is driven by increased claim utilization and medical cost trends related to Medicare Supplement in addition to a high number of high-severity claims at Evry Health ("Evry"), the Division's developing group major medical business. Evry claims drove an underwriting loss of $26 million for the nine months ended September 30, 2026. Evry was acquired for a number of strategic reasons, including its technology-driven approach to building a better health insurance platform, providing the opportunity to apply learnings from Evry's technology platform toward enhancing Globe Life's broader customer experience and service offerings as well as help deepen broker relationships. Because Evry's premium volume is still relatively small, severe claims experience can disproportionately affect results. We are working to improve underwriting results related to Evry through pricing adjustments, underwriting discipline, and selective growth. As Evry Health scales its group health products business, we may experience continued volatility related to the operating results.

The Family Heritage Division is an exclusive agency that primarily markets individual limited-benefit supplemental health insurance to individuals, small to medium-sized businesses and strategic alliances. Most of its policies include a return of premium feature, where premium paid is returned less any claims paid to the policyholder at the end of a specified period stated within the insurance policy. Underwriting margin as a percent of premium was 39% for the nine months ended September 30, 2026 and 38% for the same period in the prior year.

The Division experienced a 10% increase in health net sales as compared with the same nine month period a year ago, primarily due to increased agent count and increased agent productivity. The Division will continue to implement incentive and retention programs to further these increases in the number of producing agents.

Below is the average producing agent count for the nine months ended September 30, 2026 and 2025 for the Family Heritage Division. The average producing agent count is based on the actual count at the beginning and end of each week during the year.


	At September 30,		Change
	2026	2025	Amount	%
Family Heritage	1,578	1,489	89	6

The average producing agent count increased 6% compared with the same period a year ago. Along with the Division's increased efforts to grow agent count, it is also focused on the further training and development of its agency middle management, which has risen for the third quarter in a row, alongside continued improvement in agent retention. While growth in net sales and earned premium is impacted by agent productivity, growth in the number of producing agents is the primary driver of future growth in sales, similar to our other exclusive agencies.

The Liberty National Division represented 11% of all Globe Life health premium income for the nine months ended September 30, 2026. The Division markets limited-benefit supplemental health products, consisting primarily of cancer, critical illness, and accident insurance. Much of the Division's health business is generated through worksite marketing targeting small businesses. Health premium at the Division was $141.5 million for the nine months ended September 30, 2026 down slightly from $142.8 million for the same period in 2025. Liberty National's first-year collected premium declined slightly to $20.2 million in the nine months ended September 30, 2026, compared with the same period in 2025. Health net sales for the nine months ended September 30, 2026 fell 11% from the comparable period in 2025. For the nine months ended September 30, 2026, underwriting margin as a percent of premium was 52%, declining slightly from the same period in the prior year. These declines reflect a greater

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Globe Life Inc.

Management's Discussion & Analysis

emphasis toward the sale of life insurance products in recent periods. While the agency will continue to focus on life sales, it is currently implementing updates to its sales presentation to reinvigorate health sales going forward.

While both the American Income Division and the Direct to Consumer Division sell life insurance, they also market health products. The American Income Division primarily markets accident plans. The Direct to Consumer Division primarily markets Medicare Supplement insurance to employer or union-sponsored groups. On a combined basis, these other channels accounted for 12% of health premium for the nine months ended September 30, 2026 and 13% for the same period in 2025.

INVESTMENTS

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

Our life and health insurance companies collect premium income from policyholders for the eventual payment of policyholder benefits, sometimes paid for many years or even decades in the future. Since benefits are expected to be paid in future periods, premium receipts in excess of current expenses are invested to provide for these obligations. Our core investment strategy is to primarily invest in high-quality fixed maturities containing an adequate yield to provide for the cost of carrying these long-term insurance product obligations. As a result, fixed maturities are generally held for long periods to support these obligations. Expected yields on these investments are taken into account when setting insurance premium rates and product profitability expectations. We also invest in commercial mortgage loans and other long-term investments to diversify risks and enhance risk-adjusted, capital-adjusted returns.

Management views excess investment income per diluted common share as an important and useful measure to evaluate the performance of the investment segment. It is defined as excess investment income divided by the total diluted weighted-average shares outstanding, representing the contribution by the investment segment to the consolidated earnings per share of the Company.

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

Analysis of Excess Investment Income

(Dollar amounts in thousands, except for per share data)


	Nine Months Ended September 30,				Change
	2026		2025		Amount		%
Net investment income	$	879,539	$	848,796	$	30,743	4
Required interest on policy liabilities(1)	(766,625)		(741,215)		(25,410)		3

Excess investment income	$	112,914	$	107,581	$	5,333	5

Excess investment income per diluted share	$	1.43	$	1.29	$	0.14	11

Mean invested assets (at amortized cost)	$	22,014,081	$	21,507,145	$	506,936	2
Average insurance policy liabilities	18,519,626		17,807,273		712,353		4

(1)Required interest on policy liabilities, at original rates, is a component of total policyholder benefits, a GAAP measure.

Excess investment income increased $5 million, or 5%, compared with the year-ago period. Excess investment income per diluted common share was $1.43 for the nine months ended September 30, 2026, an increase of 11% from the prior-year period. Excess investment income per diluted common share generally increases or decreases at a different pace than excess investment income because the number of diluted shares outstanding generally decreases from year to year as a result of our share repurchase program.

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Globe Life Inc.

Management's Discussion & Analysis

Net investment income for the nine months ended September 30, 2026 was $880 million, or 4% greater than the prior year quarter period. Mean invested assets increased 2% during the first nine months of 2026 over the same period last year. Net investment income increased faster than the increase in mean invested assets in the current period due to higher earned yields on fixed maturities, commercial mortgage loans and other long-term investments compared to the prior year period. The effective annual yield earned on the fixed maturity portfolio was 5.32% in the first nine months of 2026, compared to 5.27% for the comparable period in 2025. The earned yield on total long-term invested assets, which includes our fixed maturity, commercial mortgage loan and other long-term non-fixed maturity investments, was 5.51% for the first nine months of 2026 compared to 5.45% for the comparable period of 2025.

While our core investments are fixed maturities, the Company also invests in commercial mortgage loans and limited partnerships with debt-like characteristics that diversify risk and enhance risk-adjusted, capital-adjusted returns on the portfolio. The earned yield on the Company's commercial mortgage loans for the nine months ended September 30, 2026 was 7.00% compared with 6.11% in the prior-year period. The higher earned yield on commercial mortgage loans is primarily due to a lower number of non-accrual loans in the first nine months compared to the prior-year period. The earned yield on limited partnership investments for the nine months ended September 30, 2026 was 8.07%, compared with 7.99% in the comparable prior-year period. See additional information in Note 4—Investments.

Globe Life's net investment income benefits from higher interest rates on new investments. While increasing interest rates have resulted in a net unrealized loss from our available-for-sale debt securities included in accumulated other comprehensive income (loss) as of September 30, 2026, we are not concerned because we do not generally intend to sell, nor is it likely that we will be required to sell, the fixed maturities prior to their anticipated recovery.

Required interest on insurance policy liabilities reduces excess investment income, as it is the amount of net investment income necessary to cover the interest-related growth on insurance policy liabilities. As such, it is reclassified from the insurance segment to the investment segment. As discussed in Note 12—Business Segments, management regards this as a more meaningful analysis of the investment and insurance segments. Required interest is based on the original discount rate assumptions for our insurance policies in force.

The vast majority of our life and health insurance policies are fixed interest rate protection policies, not investment products, and are accounted for under current GAAP accounting guidance for long-duration insurance products which mandates that interest rate assumptions for a particular block of business be “locked in” for the life of that block of business. Each calendar year, we set the original discount rate to be used to calculate the benefit reserve liability for all insurance policies issued that year. The liability reported on the Condensed Consolidated Balance Sheets is updated in subsequent periods using current discount rates as of the end of the relevant reporting period with a corresponding adjustment to other comprehensive income.

The discount rate used for policies issued in the current year has no impact on the in force policies issued in prior years, as the rates of all prior issue years are also locked in for purposes of recognizing income. As such, the overall original discount rate for the entire in force block of 5.5% is a weighted average of the discount rates being used from all issue years. Changes in the overall weighted-average discount rate over time are caused by changes in the mix of the reserves on the entire block of in force business. Business issued in the current year has little impact on the overall weighted-average original discount rate due to the size of our in force business.

In comparison to the year-ago period, required interest on insurance policy liabilities increased $25 million, or 3%, to $767 million, generally consistent with the 4% growth in average interest-bearing insurance policy liabilities.

Realized Gains and Losses. Despite our intent to hold fixed maturity investments for a long period of time, investments are occasionally sold, exchanged, called, or experience a credit loss event, resulting in a realized gain or loss. Gains or losses are only secondary to our core insurance operations of providing insurance coverage to policyholders. In a bond exchange offer, bondholders may consent to exchange their existing bonds for another class of debt securities. The Company also has investments in certain limited partnerships, held under the fair value option, with fair value changes recognized in "Realized gains (losses)" on the Condensed Consolidated Statements of Operations.

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Globe Life Inc.

Management's Discussion & Analysis

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,
	2026				2025
	Amount		Per Share		Amount		Per Share
Fixed maturities:
Sales	$	469	$	0.01	$	(9,670)	$	(0.12)
Matured or other redemptions(1)	(4,276)		(0.05)		(9,080)		(0.11)
Provision for credit losses	—		—		(17)		—
Fair value option—change in fair value	(2,816)		(0.04)		(116)		—
Mortgages	(355)		(0.01)		(3,333)		(0.04)
Other investments	(1,450)		(0.02)		(1,953)		(0.02)
Total realized gains (losses)—investments	(8,428)		(0.11)		(24,169)		(0.29)
Other gains (losses)(2)	2,936		0.04		5,623		0.07

Total realized gains (losses)	$	(5,492)	$	(0.07)	$	(18,546)	$	(0.22)

(1)During the nine months ended September 30, 2026 and 2025, the Company recorded $111.0 million and $128.5 million, respectively, of exchanges of fixed maturity securities (noncash transactions) that resulted in net realized gains (losses) of $0 and $(2.3) million net of tax, respectively.

(2)Other realized gains (losses) are primarily a result of changes in the fair value for assets held in rabbi trust.

Investment Acquisitions. Globe Life's investment policy calls for a core investment strategy of investing primarily in investment grade fixed maturities that meet the Company's quality and yield objectives. We generally invest in securities with longer-term maturities because they more closely match the long-term nature of our life and health policy liabilities. We believe this strategy is appropriate since our expected future cash flows are generally stable and predictable and the likelihood that we will need to sell invested assets to raise cash is low.

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

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Globe Life Inc.

Management's Discussion & Analysis

Fixed Maturity Acquisitions Selected Information

(Dollar amounts in thousands)


	Nine Months Ended September 30,
	2026			2025
Cost of acquisitions:
Investment-grade corporate securities	$	1,359,306		$	617,929
Investment-grade municipal securities	155,218			113,496
Other securities	135,912			56,005
Total fixed maturity acquisitions(1)	$	1,650,436		$	787,430

Effective annual yield (one year compounded)(2)	6.33		%	6.39		%
Average life (in years, to next call)	34.6			30.8
Average life (in years, to maturity)	37.0			35.1
Average rating	A			A

(1)Fixed maturity acquisitions included unsettled trades of $33 million in 2026 and $15 million in 2025.

(2)Tax-equivalent basis, where the yield on tax-exempt securities is adjusted to produce a yield equivalent to the pretax yield on taxable securities.

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

During the nine months of 2026 and 2025, acquisitions consisted primarily of corporate and municipal bonds with securities spanning a diversified range of issuers, industry sectors, and geographical regions. In the nine months ended September 30, 2026, we invested primarily in the industrial, financial, and utility sectors. For the entire portfolio, the taxable equivalent effective yield earned was 5.32%, up approximately 5 basis points from the yield in nine months ended September 30, 2025. The increase in taxable equivalent effective yield was primarily due to new purchases at yields exceeding the yield on dispositions and the average portfolio yield. For the remainder of 2026, the Company will continue to execute on its existing strategy by seeking to invest in assets that satisfy our quality and other objectives, while striving to maximize the risk-adjusted, capital-adjusted return.

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Globe Life Inc.

Management's Discussion & Analysis

In addition to the fixed maturity acquisitions, Globe Life invested in commercial mortgage loans and in other long-term investments. See Note—4 Investments for further discussion.

The following table summarizes Globe Life's other investment acquisitions of the following assets.

Other Investment Acquisitions

(Dollar amounts in thousands)


	Nine Months Ended September 30,
	2026		2025
Commercial mortgage loans:
Directly held	$	153,870	$	118,722
Limited partnerships	39,685		28,679
Total commercial mortgage loans	193,555		147,401

Other long-term investments:
Limited partnerships	58,565		58,280
Company-owned life insurance	75,000		—
Total other long-term investments	133,565		58,280

Common stock	4,884		2,596

Total	$	332,004	$	208,277

Since fixed maturities represent such a significant portion of our investment portfolio, 88% of total amortized cost, net of allowance for credit losses, at September 30, 2026, the remainder of the discussion of portfolio composition will focus on fixed maturities. Selected information concerning the fixed maturity portfolio is as follows:

Fixed Maturity Portfolio Selected Information


	At
	September 30, 2026	December 31, 2025	September 30, 2025
Average annual effective yield(1)	5.34%	5.29%	5.28%
Average life, in years, to:
Next call(2)	16.5	15.2	15.3
Maturity(2)	20.7	19.4	19.5
Effective duration to:
Next call(2,3)	8.4	8.7	8.8
Maturity(2,3)	10.2	10.5	10.6

(1)Weighted average annual effective yield as of the end of the period, on a tax-equivalent basis. The yield on tax-exempt securities is adjusted to produce a yield equivalent to the pretax yield on taxable securities.

(2)Globe Life calculates the average life and duration of the fixed maturity portfolio two ways:

(a) based on the next call date which is the next call date for callable bonds and the maturity date for non-callable bonds; and

(b) based on the maturity date of all bonds, whether callable or not.

(3)Effective duration is a measure of the price sensitivity of a fixed-income security to a 1% change in interest rates.

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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, 2026 and December 31, 2025.

Fixed Maturities by Sector

September 30, 2026

(Dollar amounts in thousands)


	Below Investment Grade								Total Fixed Maturities								% of Total Fixed Maturities
	Amortized Cost, net		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost, net		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		At Amortized Cost, net	At Fair Value

Corporates:
Financial
Insurance - life, health, P&C	$	—	$	—	$	—	$	—	$	2,921,782	$	11,846	$	(330,544)	$	2,603,084	15	15
Banks	60,148		179		(2,333)		57,994		950,489		8,431		(79,805)		879,115		5	5
Other financial	74,976		—		(15,400)		59,576		1,148,132		1,914		(188,504)		961,542		6	6
Total financial	135,124		179		(17,733)		117,570		5,020,403		22,191		(598,853)		4,443,741		26	26
Industrial
Energy	44,437		—		(5,682)		38,755		1,256,916		12,212		(100,789)		1,168,339		6	7
Basic materials	41,654		—		(11,050)		30,604		1,118,886		4,751		(137,695)		985,942		6	6
Consumer, non-cyclical	38,957		—		(7,345)		31,612		2,342,225		2,776		(367,508)		1,977,493		12	12
Other industrials	25,000		—		(4,895)		20,105		1,222,990		4,809		(152,676)		1,075,123		6	6
Communications	20,111		154		(3,734)		16,531		853,958		4,101		(140,369)		717,690		4	4
Transportation	—		—		—		—		671,073		3,245		(65,690)		608,628		4	4
Consumer, cyclical	105,073		—		(35,325)		69,748		357,093		828		(67,505)		290,416		2	2
Technology	50,263		—		(2,116)		48,147		356,846		1		(94,006)		262,841		2	1
Total industrial	325,495		154		(70,147)		255,502		8,179,987		32,723		(1,126,238)		7,086,472		42	42
Utilities	57,385		—		(9,587)		47,798		2,202,436		10,208		(211,314)		2,001,330		11	12
Total corporates	518,004		333		(97,467)		420,870		15,402,826		65,122		(1,936,405)		13,531,543		79	80
States, municipalities, and political divisions:
General obligations	—		—		—		—		907,615		410		(243,164)		664,861		5	4
Revenues	1,958		—		(390)		1,568		2,570,777		4,097		(516,087)		2,058,787		13	12
Total states, municipalities, and political divisions	1,958		—		(390)		1,568		3,478,392		4,507		(759,251)		2,723,648		18	16
Other fixed maturities:
Government (U.S. and foreign)	—		—		—		—		466,313		5		(61,786)		404,532		2	2

Other asset-backed securities	52,649		331		(31)		52,949		213,560		834		(238)		214,156		1	2
Total fixed maturities	$	572,611	$	664	$	(97,888)	$	475,387	$	19,561,091	$	70,468	$	(2,757,680)	$	16,873,879	100	100

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Globe Life Inc.

Management's Discussion & Analysis

Fixed Maturities by Sector

December 31, 2025

(Dollar amounts in thousands)


	Below Investment Grade								Total Fixed Maturities								% of Total Fixed Maturities
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		At Amortized Cost, net	At Fair Value

Corporates:
Financial
Insurance - life, health, P&C	$	7,978	$	119	$	—	$	8,097	$	2,898,137	$	80,468	$	(175,533)	$	2,803,072	16	16
Banks	60,268		278		(2,738)		57,808		916,529		31,873		(37,643)		910,759		5	5
Other financial	74,975		—		(7,670)		67,305		1,167,521		21,764		(120,790)		1,068,495		6	6
Total financial	143,221		397		(10,408)		133,210		4,982,187		134,105		(333,966)		4,782,326		27	27
Industrial
Energy	44,500		55		(3,120)		41,435		1,313,734		50,113		(56,624)		1,307,223		7	7
Basic materials	41,620		—		(9,835)		31,785		1,116,746		29,964		(91,011)		1,055,699		6	6
Consumer, non-cyclical	—		—		—		—		2,092,995		23,547		(198,498)		1,918,044		11	11
Other industrials	25,000		—		(4,187)		20,813		1,096,807		27,723		(78,215)		1,046,315		6	6
Communications	20,258		263		(3,709)		16,812		800,452		16,981		(80,227)		737,206		4	4
Transportation	—		—		—		—		618,817		15,863		(30,939)		603,741		3	4
Consumer, cyclical	104,813		133		(19,375)		85,571		407,404		6,353		(44,746)		369,011		2	2
Technology	50,270		3,545		—		53,815		340,930		4,620		(65,103)		280,447		2	2
Total industrial	286,461		3,996		(40,226)		250,231		7,787,885		175,164		(645,363)		7,317,686		41	42
Utilities	58,199		110		(6,118)		52,191		2,093,010		71,582		(93,086)		2,071,506		11	12
Total corporates	487,881		4,503		(56,752)		435,632		14,863,082		380,851		(1,072,415)		14,171,518		79	81
States, municipalities, and political divisions:
General obligations	—		—		—		—		917,006		5,961		(179,707)		743,260		5	4
Revenues	1,961		—		(210)		1,751		2,468,427		20,994		(352,055)		2,137,366		13	12
Total states, municipalities, and political divisions	1,961		—		(210)		1,751		3,385,433		26,955		(531,762)		2,880,626		18	16
Other fixed maturities:
Government (U.S., municipal, and foreign)	—		—		—		—		456,618		299		(33,518)		423,399		2	2

Other asset-backed securities	31,490		136		—		31,626		112,034		1,877		(112)		113,799		1	1
Total fixed maturities	$	521,332	$	4,639	$	(56,962)	$	469,009	$	18,817,167	$	409,982	$	(1,637,807)	$	17,589,342	100	100

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Globe Life Inc.

Management's Discussion & Analysis

Corporate securities, which consist of bonds and redeemable preferred stocks, were the largest component of the fixed-maturity portfolio as of September 30, 2026, representing 79% of amortized cost, net, and 80% of fair value. The remainder of the portfolio is invested primarily in securities issued by the U.S. government and U.S. municipalities. The Company holds insignificant amounts in foreign government bonds, asset-backed securities, and mortgage-backed securities. Corporate securities are diversified over a variety of industry sectors and issuers. At September 30, 2026, the total fixed maturity portfolio consisted of 1,005 issuers.

Fixed maturities had a fair value of $16.9 billion at September 30, 2026, compared to $17.6 billion at December 31, 2025. The net unrealized loss position in the fixed-maturity portfolio increased from $1.2 billion at December 31, 2025 to $2.7 billion at September 30, 2026 due to a change in market rates during the period.

For more information about our fixed-maturity portfolio by component at September 30, 2026 and December 31, 2025, including a discussion of allowance for credit losses, an analysis of unrealized investment losses, and a schedule of maturities, see Note 4—Investments.

An analysis of the fixed-maturity portfolio by composite quality rating at September 30, 2026 and December 31, 2025, is shown in the following tables. The company uses the NAIC designation for credit quality ratings. The NAIC designation is generally determined using the second lowest rating available from nationally recognized statistical rating organizations (“NRSRO”) when three or more ratings are available and the lowest rating when two or fewer rating are available. When NRSRO ratings are unavailable the rating may be assigned by the Securities Valuation Office (“SVO”) of the NAIC.

Fixed Maturities by Rating

At September 30, 2026

(Dollar amounts in thousands)


	Amortized Cost, net		% of Total	Fair Value		% of Total	Average Composite Quality Rating on Amortized Cost, net
Investment grade:
AAA	$	1,003,214	5	$	849,393	5
AA	3,852,724		20	3,048,800		18
A	6,466,881		33	5,693,482		34
BBB+	3,578,071		18	3,166,146		19
BBB	2,923,939		15	2,624,209		15
BBB-	1,163,651		6	1,016,462		6
Total investment grade	18,988,480		97	16,398,492		97	A

Below investment grade:
BB	499,531		3	427,966		3
B	68,924		—	43,655		—
Below B	4,156		—	3,766		—
Total below investment grade	572,611		3	475,387		3	BB
	$	19,561,091	100	$	16,873,879	100

Weighted average composite quality rating							A-

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Globe Life Inc.

Management's Discussion & Analysis

Fixed Maturities by Rating

At December 31, 2025

(Dollar amounts in thousands)


	Amortized Cost, net		% of Total	Fair Value		% of Total	Average Composite Quality Rating on Amortized Cost
Investment grade:
AAA	$	955,561	5	$	872,139	5
AA	3,455,082		18	2,941,349		16
A	6,016,228		32	5,778,006		33
BBB+	3,133,353		17	3,007,623		17
BBB	3,717,938		20	3,554,535		20
BBB-	1,017,673		5	966,681		6
Total investment grade	18,295,835		97	17,120,333		97	A

Below investment grade:
BB	452,809		3	410,286		3
B	64,364		—	54,774		—
Below B	4,159		—	3,949		—
Total below investment grade	521,332		3	469,009		3	BB
Total fixed maturities by rating	$	18,817,167	100	$	17,589,342	100

Weighted average composite quality rating							A-

The overall quality rating of the portfolio is A-, the same as of year-end 2025. Fixed maturities rated BBB are 39% of the total portfolio at September 30, 2026, down from 42% at December 31, 2025. While this ratio may be high relative to our peers, it is at its lowest level since 2003 and we have limited exposure to higher-risk assets such as derivatives, equities, and asset-backed securities. Additionally, the Company does not participate in securities lending and has no off-balance sheet investments as of September 30, 2026. Of our fixed maturity purchases, BBB securities generally provide the Company with the best risk-adjusted, capital-adjusted returns largely due to our ability to hold securities to maturity regardless of fluctuations in interest rates or equity markets. Our allocation to BBB rated bonds has decreased over the past few years as we have found better risk-adjusted, capital-adjusted value in higher-rated bonds.

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

Below-Investment Grade Fixed Maturities

(Dollar amounts in thousands)


	Nine Months Ended September 30,
	2026		2025
Balance at beginning of period	$	521,332	$	529,120
Downgrades by rating agencies	55,097		69,109
Upgrades by rating agencies	(7,946)		(30,565)
Dispositions	(17,572)		(124,940)
Acquisitions	21,158		20,033
Provision for credit losses	—		(20)
Amortization and other	542		(7,514)
Balance at end of period	$	572,611	$	455,223

Our investment policy calls for investing primarily in fixed maturities that are investment grade and meet our quality and yield objectives. Thus, the balance of below-investment grade issues is primarily the result of ratings downgrades of existing holdings. Below-investment grade bonds at amortized cost, net of allowance for credit losses, were 3% of total fixed maturities at amortized cost as of September 30, 2026.

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Globe Life Inc.

Management's Discussion & Analysis

OPERATING EXPENSES

Operating expenses are classified into two categories: insurance administrative expenses and expenses of the Parent Company. Insurance administrative expenses generally include expenses incurred after a policy has been issued. As these expenses relate to premium for a given period, management measures the expenses as a percentage of premium income. The Company also views stock-based compensation expense as a Parent Company expense. Expenses associated with the issuance of our insurance policies are reflected as acquisition expenses and included in the determination of underwriting margin.

An analysis of operating expenses is shown below.

Operating Expenses Selected Information

(Dollar amounts in thousands)


	Nine Months Ended September 30,						Increase
	2026			2025			(Decrease)
	Amount		% of Premium	Amount		% of Premium	Amount		%
Insurance administrative expenses:
Salaries	$	104,826	2.7	$	102,630	2.8	$	2,196	2
Other employee costs	32,677		0.8	29,764		0.8	2,913		10
Information technology costs	70,691		1.8	62,286		1.7	8,405		13
Legal costs	10,253		0.3	16,930		0.5	(6,677)		(39)
Other administrative costs	62,442		1.6	51,753		1.4	10,689		21
Total insurance administrative expenses	280,889		7.2	263,363		7.2	17,526		7

Parent company expense	10,977			10,710			267
Stock compensation expense	45,987			40,665			5,322

Legal proceedings	14,127			13,365			762
Other expenses	1,280			498			782

Total operating expenses, per Condensed Consolidated Statements of Operations	$	353,260		$	328,601		$	24,659	8

Total operating expenses for September 30, 2026 increased in comparison with the prior year primarily due to increases in insurance administrative expenses. Insurance administrative expenses increased $18 million primarily due to higher information technology costs and other administrative expenses. Insurance administrative expenses as a percent of premium were 7.2% for the nine months ended September 30, 2026 and 2025.

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Globe Life Inc.

Management's Discussion & Analysis

SHARE REPURCHASES

Globe Life has an ongoing share repurchase program that began in 1986. The share repurchase program is reviewed with the Board of Directors quarterly, and continues indefinitely unless and until the Board of Directors decides to suspend, terminate or modify the program. On August 5, 2026, the Board of Directors authorized up to $2.5 billion under the Company's existing share repurchase program. Management generally determines the amount of repurchases based on the amount of excess cash flows and other available sources after the payment of dividends to the Parent Company shareholders, general market conditions, and other alternative uses. At September 30, 2026, we had $2.4 billion remaining under the authorization to repurchase. Since implementing our share repurchase program in 1986, we have used $11.6 billion to repurchase Globe Life Inc. common shares, after determining that the repurchases provide a greater risk-adjusted after-tax return than other alternatives and we expect to continue this program into the future.

Excess cash flow at the Parent Company is primarily comprised of dividends received from the insurance subsidiaries less interest expense paid on its debt and other limited operating activities. Additionally, when stock options are exercised, proceeds from these exercises and the resulting tax benefit are used to repurchase additional shares on the open market to minimize dilution as a result of the option exercises. Share repurchases were made in the current period with anticipation of the expected cashflows for the year.

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

Analysis of Share Repurchases

(Amounts in thousands, except per share data)


	Nine Months Ended September 30,
	2026					2025
Purchases with:	Shares	Amount		Average Price		Shares	Amount		Average Price
Excess cash flow at the Parent Company(1)	3,628	$	563,501	$	155.30	4,157	$	515,340	$	123.97
Option exercise proceeds	1,026	165,021		160.85		1,316	168,818		128.34
Total	4,654	$	728,522	$	156.52	5,473	$	684,158	$	125.02

(1)Excludes excise tax on the repurchase of treasury stock of $4.8 million and $4.6 million for the nine months ended September 30, 2026 and 2025, respectively.

FINANCIAL CONDITION

Liquidity. Liquidity provides Globe Life with the ability to meet on demand the cash commitments required to support our business operations and meet our financial obligations. Our liquidity is primarily derived from multiple sources: positive cash flow from operations, a portfolio of marketable securities, pre-capitalized trust securities facility, a revolving credit facility, commercial paper, and advances from the Federal Home Loan Bank.

Insurance Subsidiary Liquidity. The operations of our insurance subsidiaries have historically generated substantial cash inflows in excess of immediate cash needs. Cash inflows for the insurance subsidiaries primarily include premium and investment income. In addition to investment income, maturities and scheduled repayments in the investment portfolio are cash inflows. Cash outflows from operations include policy benefit payments, commissions, administrative expenses, and taxes. A portion of cash inflows in the current year will provide for the payment of future policy benefits and are invested primarily in long-term fixed maturities as they better match the long-term nature of these obligations. While the insurance subsidiaries annually generate more operating cash inflows than cash outflows, the companies also have the entire available-for-sale fixed-maturity portfolio available to create additional cash flows if required.

Four of our insurance subsidiaries are members of the FHLB of Dallas. FHLB membership provides the insurance subsidiaries with access to various low-cost collateralized borrowings and funding agreements. While not the only

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Globe Life Inc.

Management's Discussion & Analysis

source of liquidity, the FHLB could provide the insurance subsidiaries with an additional source of liquidity, if needed. Refer to Note 11—Debt for further details.

Parent Company Liquidity. An important source of Parent Company liquidity is the dividends from its insurance subsidiaries. These dividends are received throughout the year and are used by the Parent Company to pay dividends on common and preferred stock, interest and principal repayment requirements on Parent Company debt, and operating expenses of the Parent Company.


	Nine Months Ended September 30,				Twelve Months Ended December 31,
	2026		2025		Projected 2026	2025
Liquidity Sources:
Dividends from Subsidiaries	$	554,909	$	482,091	$815,000—$865,000	$	815,741
Excess Cash Flows(1)	519,359		590,006		$775,000—$825,000	890,311

(1)Excess cash flows are reported gross of shareholder dividends. For the nine months ended September 30, 2026 and 2025, shareholder dividends were $73 million and $64 million, respectively. For the twelve months ended December 31, 2026, we project approximately $95 million in shareholder dividends, compared to the $86 million paid in 2025.

Our U.S. subsidiaries' dividends are generally paid in amounts equal to the subsidiaries’ prior year statutory net income excluding net realized capital gains. For our Bermuda regulated subsidiaries, dividends cannot exceed 25% of the prior year’s statutory capital and surplus and cannot cause the reinsurer to drop below the minimum solvency margin. Additional sources of liquidity for the Parent Company are cash, intercompany receivables, intercompany borrowings, debt markets, term loans, and a revolving credit facility.

The Company has access to a P-CAP Facility Agreement that provides us with the right to sell at any time to the Trust up to $500 million par of our 6.580% Senior Notes due 2055 (the “6.580% Senior Notes”) in exchange for a corresponding amount of the Strips held by the Trust (the “Issuance Right”). Our capacity under the agreement is based on the value of the Strips which was $447 million as of September 30, 2026. We agreed to pay a semi-annual facility fee of 1.789% per annum on the unexercised portion of the Issuance Right.

The Company can redeem the 6.580% Senior Notes at any time, in whole or in part, at a price equal to the greater of par or a make-whole redemption price. At September 30, 2026, the Company had no senior note issuances under the Facility Agreement.

Short-Term Borrowings. An additional source of Parent Company liquidity is a credit facility with a group of lenders. The five-year credit agreement was amended on June 26, 2026, resulting in an extended maturity date of June 26, 2031. The facility allows for unsecured borrowings and stand-by letters of credit up to $1 billion, which could be increased up to $1.25 billion. While the Parent Company may request the increase, it is not guaranteed. Up to $250 million in letters of credit can be issued against the facility. The facility serves as a backup line of credit for a commercial paper program under which commercial paper may be issued at any time, with total commercial paper outstanding not to exceed the facility maximum less any letters of credit issued. Interest charged on the commercial paper program resembles variable rate debt due to its short-term nature. As of September 30, 2026, we had available $576 million of additional borrowing capacity under this facility, compared to $554 million a year earlier. As of September 30, 2026, the Parent Company was in full compliance with all covenants related to the aforementioned debt.

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

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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, 2026			December 31, 2025			September 30, 2025
Balance of commercial paper at end of period (par value)	$	309,000		$	306,000		$	331,000
Annualized interest rate	4.17		%	4.05		%	4.60		%
Letters of credit outstanding	$	115,000		$	115,000		$	115,000
Remaining amount available under credit line	$	576,000		$	579,000		$	554,000

Credit Facility—Commercial Paper Activity

(Dollar amounts in thousands)


	Nine Months Ended September 30,
	2026			2025
Average balance of commercial paper outstanding during period (par value)	$	345,878		$	430,732
Daily-weighted average interest rate (annualized)	4.03		%	4.90		%
Maximum daily amount outstanding during period (par value)	$	559,250		$	605,500

The Company increased commercial paper borrowings by $3 million since year end.

The Parent Company expects to have readily available funds for 2026 and the foreseeable future to conduct its operations and to maintain target capital ratios in the insurance subsidiaries. In the unlikely event that more liquidity is needed, the Company could generate additional funds through multiple sources including, but not limited to the issuance of debt and intercompany borrowings. The Parent Company had access to $111 million of liquid assets available as of September 30, 2026. This liquidity is available to the Company in the event additional funds are needed to support the targeted capital levels within our insurance subsidiaries.

Consolidated Liquidity. Consolidated net cash inflows from operations were $1.06 billion in the nine months ended September 30, 2026, compared with $1.05 billion in the same period of 2025. The increase is attributable to routine fluctuations in the settlement of operating activities. In addition to cash inflows from operations, our insurance companies received proceeds from dispositions of fixed maturities available for sale, mortgage loans, and other long-term investments in the amount of $1.17 billion during the nine months ended September 30, 2026. The Parent Company has in place a revolving credit facility and a P-CAPS facility. See Note 11—Debt for further details. The insurance companies have no additional outstanding credit facilities.

Cash and short-term investments were $353 million at September 30, 2026, compared with $459 million at December 31, 2025. In addition to these liquid assets, $17 billion (fair value at September 30, 2026) of fixed income securities are available for sale in the event of an unexpected need. Approximately $1.7 billion, at fair value, is pledged for outstanding FHLB advances and reinsurance. Further, approximately 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, FHLB and P-CAPS facility make any need to sell securities for liquidity highly unlikely.

Capital Resources. The Parent Company's capital structure consists of short-term debt (the commercial paper facility and current maturities of long-term debt), long-term debt, and shareholders’ equity. It does not include short-term FHLB borrowings, which are obligations of the insurance subsidiaries and typically repaid over the course of the year.

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GLOBE LIFE INC.

Management's Discussion & Analysis

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

Selected Information about Debt Issues

As of September 30, 2026

(Dollar amounts in thousands)


Instrument	Issue Date	Maturity Date	Coupon Rate	Interest Payment Dates	Par Value		Book Value		Fair Value
Senior notes	09/27/2018	09/15/2028	4.550%	semiannual	$	550,000	$	548,337	$	541,690
Senior notes	08/21/2020	08/15/2030	2.150%	semiannual	400,000		397,967		350,384
Senior notes(1)	05/19/2022	06/15/2032	4.800%	semiannual	400,000		392,756		377,112
Senior notes	08/23/2024	09/15/2034	5.850%	semiannual	450,000		445,540		437,949
Junior subordinated debentures	11/17/2017	11/17/2057	5.275%	semiannual	125,000		123,475		87,538
Junior subordinated debentures	06/14/2021	06/15/2061	4.250%	quarterly	325,000		317,538		186,940
Term loan(2)	05/11/2023	06/26/2029	5.324%	quarterly	450,000		448,287		448,287
Subtotal					2,700,000		2,673,900		2,429,900
Unamortized issuance costs(3)					—		(6,131)		—


Total long-term debt					2,700,000		2,667,769		2,429,900



FHLB borrowings					10,000		10,000		10,000
Commercial paper					309,000		307,618		307,618
Total short-term debt					319,000		317,618		317,618

Total debt					$	3,019,000	$	2,985,387	$	2,747,518

(1)The $150 million 4.80% Senior Notes, previously held by two insurance subsidiaries, were sold and issued to a third party at a discount of $4.2 million during the quarter ended June 30, 2026.

(2)The term loan was amended and restated on June 26, 2026, extending the maturity date from August 15, 2027 to June 26, 2029 and increasing the principal amount from $250 million to $450 million.

(3)Unamortized issuance costs for P-CAPS facility agreement.

Financing costs consist primarily of interest on our various debt instruments. The table below presents the components of financing costs and reconciles interest expense per the Condensed Consolidated Statements of Operations.

Analysis of Financing Costs

(Dollar amounts in thousands)


	Nine Months Ended September 30,				Increase (Decrease)
	2026		2025		Amount		%
Interest on funded debt	$	73,905	$	70,805	$	3,100	4
Interest on term loans	12,886		11,520		1,366		12
Interest on short-term debt	14,076		21,335		(7,259)		(34)
Other	6,997		2,351		4,646
Financing costs	$	107,864	$	106,011	$	1,853	2

During the nine months ended September 30, 2026, financing costs increased slightly compared to the prior year. More information on our debt transactions is disclosed in the Financial Condition section of this report.

GL Q3 2026 FORM 10-Q

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GLOBE LIFE INC.

Management's Discussion & Analysis

Subsidiary Capital: The National Association of Insurance Commissioners has established a risk-based factor approach for determining threshold risk-based capital levels for all U.S. insurance companies. This approach was designed to assist the regulatory bodies in identifying companies that may require regulatory attention. A Risk-Based Capital ratio is typically calculated by dividing adjusted total statutory capital by the amount of RBC determined using the NAIC’s factors.

If a company’s RBC ratio approaches two times the RBC amount, the company must file a plan with the NAIC for improving its capital levels (this level is commonly referred to as “Company Action Level” RBC). Companies typically hold a multiple of the Company Action Level RBC depending on their particular business needs and risk profile.

Our goal is to maintain statutory capital within our insurance subsidiaries at levels necessary to support our current ratings. We target a consolidated Company Action Level RBC ratio of 300% to 320% for our U.S. insurance subsidiaries. The Company has concluded that this capital level is more than adequate and sufficient to support its current ratings, given the nature of its business and its risk profile. For 2025, our consolidated Company Action Level RBC ratio was 316%. The Parent Company is committed to maintaining the targeted consolidated RBC ratio at its insurance subsidiaries and has sufficient liquidity available to provide additional capital if necessary.

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

Shareholders' Equity: Shareholders’ equity was $6.6 billion at September 30, 2026. This compares with $6.0 billion at December 31, 2025 and $5.7 billion at September 30, 2025. During the nine months since December 31, 2025, shareholders’ equity increased as a result of net income of $919 million in 2026, but was offset by share repurchases of $564 million and an additional $165 million in share repurchases to offset the dilution from stock option exercises. Additionally, the change in the balance of AOCI increased shareholders' equity $355 million primarily due to changes in interest rates and discount rates over the period.

On August 6, 2026, the Parent Company announced that it had declared a quarterly dividend of $0.33 per share, an increase of 22% from the previous amount of $0.27 per share. This dividend was paid on October 30, 2026.

We plan to use excess cash available at the Parent Company as efficiently as possible in the future. Excess cash flow, as we define it, results primarily from the dividends received by the Parent Company from its insurance subsidiaries less the interest paid on debt. The cash received by the Parent Company from our insurance subsidiaries is after they have made substantial investments during the year to grow the business. Possible uses of excess cash flow include, but are not limited to, share repurchases, acquisitions, shareholder dividend payments, subsidiary capital contributions, investments in securities, or repayment of short-term debt. We will determine the best use of excess cash after ensuring that targeted capital levels are maintained in our insurance subsidiaries. If market conditions are favorable, we currently expect that share repurchases will continue to be a primary use of those funds.

Future policy benefits are computed using current discount rates with the impact of changes in discount rates included in accumulated other comprehensive income. Additionally, the liability for future policy benefits is calculated using net premiums rather than gross premiums. Given that gross premiums are considerably higher than net premiums for our business, as seen in Note 6—Policy Liabilities, the measurement of the liability is higher than what it would be had it been computed using gross premiums. This is an important consideration when analyzing shareholders' equity.

We maintain a significant available-for-sale fixed maturity portfolio to support our insurance policy liabilities. Current accounting guidance requires that we revalue our portfolio to fair market value at the end of each accounting period. The period-to-period changes in fair value, net of their associated impact on income tax, are reflected directly in shareholders’ equity in AOCI. Changes in the fair value of the portfolio can result from changes in market rates.

GL Q3 2026 FORM 10-Q

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GLOBE LIFE INC.

Management's Discussion & Analysis

While a majority of invested assets are revalued, accounting rules do not permit interest-bearing insurance policy liabilities to be valued at fair value in a consistent manner as that of assets, with changes in value applied directly to shareholders’ equity. Due to the size of our policy liabilities in relation to our shareholders’ equity, an inconsistency exists in measurement, which may have a material impact on the reported value of shareholders’ equity. Fluctuations in interest rates cause undue volatility in the period-to-period presentation of our shareholders’ equity, capital structure, and financial ratios. Due to the long-term nature of our fixed maturity investments and liabilities and the strong cash flows consistently generated by our insurance subsidiaries, we have the ability to hold our securities to maturity. As such, we do not expect to incur losses due to fluctuations in market value of fixed maturities caused by market rate changes and temporarily illiquid markets. Accordingly, our management, credit rating agencies, lenders, many industry analysts, and certain other financial statement users prefer to remove the effects of AOCI when analyzing our balance sheet, capital structure, and financial ratios.

GL Q3 2026 FORM 10-Q

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no quantitative or qualitative changes with respect to market risk exposure during the nine months ended September 30, 2026.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures: Globe Life Inc., under the direction of the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer, has established disclosure controls and procedures that are designed to ensure that information required to be disclosed by Globe Life in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. The disclosure controls and procedures are also intended to ensure that such information is accumulated and communicated to Globe Life's management, including the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosures.

As of the end of the fiscal period completed September 30, 2026, an evaluation was performed under the supervision and with the participation of Globe Life management, including the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer, of the disclosure controls and procedures (as those terms are defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based upon their evaluation, the Co-Chairmen and Chief Executive Officers and the Executive Vice President and Chief Financial Officer have concluded that disclosure controls and procedures are effective as of the date of this Form 10-Q. In compliance with Section 302 of the Sarbanes Oxley Act of 2002 (18 U.S.C. § 1350), each of these officers executed a Certification included as an exhibit to this Form 10-Q.

Changes in Internal Control over Financial Reporting: During the period ended September 30, 2026, there were no changes to Globe Life Inc.'s internal control over financial reporting or in other factors that could significantly affect the internal control over financial reporting subsequent to the date of their evaluation which have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.

GL Q3 2026 FORM 10-Q

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Part II—Other Information

Item 1. Legal Proceedings

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

Item 1A. Risk Factors

The Company had no material changes to its risk factors.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Purchases of Certain Equity Securities by the Issuer and Others for the Third Quarter of 2026


Period	(a) Total Number of Shares Purchased	(b) Average Price Paid Per Share		(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	(d) Maximum Number of Shares (or Approximate Dollar Amount) that May Yet Be Purchased Under the Plans or Programs
July 1-31, 2026	353,745	$	178.79	353,745	—
August 1-31, 2026	568,400	177.37		568,400	—
September 1-30, 2026	306,149	170.56		306,149	—

Item 5. Other Information

During the nine months ended September 30, 2026, none of our directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a Non-Rule 10b5-1 trading arrangement, as each term is defined under Item 408(a) of Regulation S-K.

GL Q3 2026 FORM 10-Q

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Item 6. Exhibits


Exhibit No.						Description
10.1						F orm of Seven Year Stock Option under Globe Life Inc. 2026 Incentive Plan
10.2						Form of Seven Year Stock Option under Globe Life Inc. 2026 Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions
10.3						Form of Restricted Stock Unit Award Agreement under Globe Life Inc. 2026 Incentive Plan
10.4						Form of Restricted Stock Unit Award Agreement under Globe Life Inc. 2026 Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions
10.5						Form of Performance Share Award Certificate under Globe Life Inc. 2026 Incentive Plan
31.1						Rule 13a-14(a)/15d-14(a) Certification by J. Matthew Darden
31.2						Rule 13a-14(a)/15d-14(a) Certification by Frank M. Svoboda
31.3						Rule 13a-14(a)/15d-14(a) Certification by Thomas P. Kalmbach
32.1						Section 1350 Certification by J. Matthew Darden, Frank M. Svoboda, and Thomas P. Kalmbach
101.INS						XBRL Instance Document- the instance document does not appear in the Interactive Data file because the XBRL tags are embedded within the Inline XBRL document.
101.SCH						Inline XBRL Taxonomy Extension Schema Document.
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.
104						Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101).

GL Q3 2026 FORM 10-Q

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SIGNATURES

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


									GLOBE LIFE INC.

Date: November 4, 2026									/s/ J. Matthew Darden
									J. Matthew Darden
									Co-Chairman and Chief Executive Officer

Date: November 4, 2026									/s/ Frank M. Svoboda
									Frank M. Svoboda
									Co-Chairman and Chief Executive Officer

Date: November 4, 2026									/s/ Thomas P. Kalmbach
									Thomas P. Kalmbach
									Executive Vice President and Chief Financial Officer

GL Q3 2026 FORM 10-Q

Globe Life - 10-Q quarterly report FY2026 Q3

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