Globe Life

ANNUAL
REPORT
2024
2024

We help families Make Tomorrow Better 
by working to protect their financial future.

Financial Highlights
2024
2023
% CHANGE
Operations
Total Premium Revenue
$4,666,272
$4,456,017
5%
Net Operating Income1
$1,108,984
$1,026,644
8%
Net Income
$1,070,762
$970,755
10%
Annualized Life Premium
In Force
$3,299,261
$3,185,745
4%
Annualized Health Premium
In Force
$1,475,846
$1,385,301
7%
Diluted Average Shares
Outstanding
89,661
96,364
7%
Net Operating Income as a
Return on Equity (excluding AOCI)1
15.1%
14.7%
Net Income as a Return on Equity
21.7%
23.2%
Per Common Share (on a diluted basis)
Net Operating Income1
$12.37
$10.65
16%
Net Income
$11.94
$10.07
19%
Shareholders' equity
(excluding AOCI)1
$86.40
$76.21
13%
1ThefollowingfinancialmeasuresutilizedbymanagementandcontainedinthefollowingLettertoShareholdersareconsiderednon-GAAP:netoperatingincome;
netoperatingincomeasareturnonequity,excludingAOCI;bookvalue(shareholders’equity)pershare,excludingAOCI;underwritingincomeormargin
(consolidated).GlobeLifeincludesnon-GAAPmeasurestoenhanceinvestors’understandingofmanagement’sviewofthebusiness.Thenon-GAAPmeasuresare
notasubstituteforGAAP,butratherasupplementtoincreasetransparencybyprovidingbroaderperspective.GlobeLife’sdefinitionsofnon-GAAPmeasuresmay
differfromothercompanies’definitions.ReconciliationstoGAAPfinancialdataarepresentedonpage16-17.
2024 in Focus
$ in thousands, except per share amounts
11% Increase
Total Producing Exclusive
Average Agent Count
$4,666,272
Total Premium Revenue
$1,108,984
Net Operating Income
$1,070,762
Net Income
$840,380
Total Net Sales (9% Increase)
1

For the past 125 years, Globe Life has worked hard
to Make Tomorrow Better for our policyholders,
shareholders, agents, and employees. We have
intentionally focused on areas and households – the
uninsured or underinsured with annual incomes of
$30,000 to $125,000 – a market where insurance
protection is most needed and most neglected by other
companies. As a result, we have created a distinctly
unique financial services operation focused on excellence
with an efficient cost structure which allows us to maintain
profits and is not easily replicated by competitors.
We are pleased with our performance in 2024. Our core
operations remained strong, and we were not distracted
by external forces. Through the significant efforts of
our employees and agents, the Company grew total
producing exclusive average agent count by 11% and
total net sales by 9% to $840 million. Net operating
income exceeded $1 billion for the second consecutive
year and our net operating income as a return on equity,
excluding AOCI, was 15.1%.
We value our market and the privilege of being
the company chosen for affordable, long-term
financial protection. Millions of families are financially
protected due to the efforts of our employees
and our licensed agents. In 2024, we added nearly
2.3 million new life and supplemental health policies
to our inforce block of business.
We believe the Company’s performance throughout the
year illustrates the resiliency of our business model shown
below, which continues to deliver strong, consistent
results regardless of the macroenvironment. Our shared
vision and purpose serve as touchpoints to successfully
execute our strategic goals and priorities.
Letter to
Shareholders*
Globe Life Business Model
*Throughoutthisletternetoperatingincomerepresentsnetoperatingincomefromcontinuingoperations.
Market
We continue to focus on
the lower to middle-income
market, which is significantly
underserved and thus
offers substantial growth
opportunities. We believe
this market gives us a distinct
competitive advantage.
Distribution
Our products are primarily
distributed through exclusive
agencies and direct to consumer
marketing channels to the
individual and worksite markets.
These channels allow us to
effectively manage costs, which
contributes to consistent, stable
underwriting margins.
Cash Flow
Globe Life’s large in-force block
of business provides strong and
consistent excess cash flow. Over
90% of our premium revenue
is produced from policies sold
in prior years.
Products
Globe Life provides basic
protection life and health
insurance products that are
easy to understand and are
not impacted by interest rates
or equity market fluctuations.
We market these products to
our customers to help provide
financial protection when it
matters most.
Margins
The majority of Globe Life’s
pretax operating income
comes from underwriting
income, allowing the Company
to not be dependent on
investment income to produce
operating income.
Return of Excess
Capital to Shareholders
A cornerstone of Globe Life’s
capital management strategy
has been to return excess capital
to shareholders. The Company
has returned approximately
$12.9 billion of its net income
to shareholders in the form
of share repurchases and
dividends since 1986.
2

$4.09
$4.49
$6.09
$6.82
$9.04
$11.94
2024
2016
20181
2020
20222
2014
$36.19
$37.76
$48.11
$83.19
$40.05
$62.50
2024
2016
20181
2020
20222
2014
$3.92
$4.49
$6.13
$6.88
$9.71
$12.37
2024
2016
20181
2020
20222
2014
$27.91
$32.13
$44.32
$53.12
$68.35
$86.40
2024
2016
20181
2020
20222
2014
1In2017,taxlegislationrevisedthecorporateincometaxratefrom35%to21%effectiveJanuary1,2018,amongothermodifications.
2TheresultsincludedthroughoutthisdocumentreflecttheadoptionofASU2018-12,FinancialServices-Insurance(Topic944):TargetedImprovementstothe
AccountingforLong-DurationContracts(LDTI).TheCompanyimplementedthestandardonJanuary1,2023onamodifiedretrospectivebasisasofthetransition
dateofJanuary1,2021.Foradditionalinformation,pleaserefertoour2024AnnualReportonForm10-K.
Globe Life has continued to produce strong return on equity (ROE). In 2024, net income as an ROE was 21.7%, and
net operating income as an ROE, excluding accumulated other comprehensive income (AOCI), was 15.1%.
Our business has been resilient through many economic cycles and various macro events, including the recent
COVID-19 pandemic. This is a result of consistent execution of our unique business model and continual investment
in our operations, such as improved technology and enhancements in our brand and agency experience. We believe
these investments will help us maintain a position of strength and generate profitable future growth as we continue
to deliver on our promises to our customers.
The charts below demonstrate our growth in earnings per share and book value per share.
Our Growth
Net Operating Income Per Share
10-Year Compound Annual Growth Rate: 12.2%
Net Income Per Share
10-Year Compound Annual Growth Rate: 11.3%
Book Value Per Share
(Excluding Net Unrealized Gains or Losses on
Fixed Maturities (pre-2021) and AOCI (2021-2024))
10-Year Compound
Annual Growth Rate: 12.0%
Book Value Per Share
10-Year Compound
Annual Growth Rate: 5.6%
3

Net operating income is used to measure the
performance of our operations. For 2024, net
income was $1.07 billion and net operating
income was $1.11 billion. Net operating income
per share was up 16% to $12.37 due primarily to
improved mortality, growth in net investment
income, and greater impact of share repurchases.
As seen in the chart, much of our pretax
operating income is produced from
underwriting income. Underwriting income,
which is premium income less the funding
of policy benefits, acquisition costs, and
administrative expenses, increased by 9%
year over year. The increase in underwriting
income is primarily due to premium growth
and improved mortality.
Globe Life distributes its products using
multiple distribution channels. An exclusive
agency force is used at American Income,
Liberty National, and Family Heritage. These
divisions market to individuals and worksites
through both in-person and virtual platforms.
These divisions continue to provide a lucrative
opportunity for individuals seeking a better
career and the possibility of owning their
own business. Much of Globe Life’s growth
in 2024 came from the exclusive agencies.
The Direct to Consumer Division provides
life insurance products to adult and juvenile
customers through internet, direct mail,
call center, and insert media channels and
provides significant branding and lead support
to our agencies. Finally, our independent
agency division, United American, markets
Medicare Supplement and limited-benefit,
supplemental health plans to individuals
and employer groups.
By actively managing our acquisition and
administrative expenses, we generate healthy
underwriting margins at each distribution
channel. The chart reflects the distribution
of underwriting margin by channel.
Underwriting
Income
Operations
Components of Net Operating Income
($ in millions, except per share data)
PER SHARE
Underwriting Income
$1,390
$15.50
Excess Investment Income
164
1.83
Tax and Other Parent Expenses
(412)
(4.59)
Stock Compensation Expense, Net of Tax
(33)
(0.37)
Net Operating Income
$1,109
$12.37
Components of Underwriting Income
($ in millions)
AS % OF
PREMIUM
Underwriting Margin
— Life
$1,353
41.5%
— Health
372
26.5%
Total
$1,725
37.0%
Administrative Expenses, Net of Annuity
and Other Income
(335)
7.2%
Underwriting Income
$1,390
29.8%
American Income Division
Direct to Consumer Division
Liberty National Division
Family Heritage Division
Other
United American Division
2024 Total Underwriting Margin
(% by Division)
50%
17%
14%
9%
7%
3%
4

The strength of Globe Life starts with growth in our
exclusive agent count. As the largest contributor
of life premiums (52%) and life underwriting margin
(59%) among all of Globe Life’s distribution channels,
American Income Division has a long history of
healthy average agent count and life net sales
growth, as can be seen on the charts on the right.
For more than 70 years, American Income Division
has offered basic protection life insurance products
to middle-income families. American Income Division
has pivoted away from reliance primarily on union
leads to other sources such as referrals and other
affinity leads, and has maintained a niche position
protecting working families in the United States,
Canada, and New Zealand. While the majority of the
division’s lead generation efforts include non-union
leads to attract business, it continues to maintain its
affiliation with organized labor. American Income
Division’s public relations representatives contribute
to growth by generating quality leads from members
of labor unions, credit unions, and associations and
serve as a foundational piece of the division.
During 2024, the American Income Division had
very strong average agent count growth of 11%.
Over the past five years, the average agent count
has grown at a compound annual growth rate of
9.8%, while life net sales have grown 9.9%. Over the
long term, agent count growth is the primary driver
of sales growth.
This average producing agent count growth is
attributable to American Income Division’s sustained
focus on providing an opportunity for all through
consistent recruiting and improved new agent
retention. We are very pleased with this momentum
and will continue to provide technological
innovations to help promote long-term growth.
5,868
6,671
6,971
8,738
9,444
11,741
2014
2016
2018
2020
2024
2022
$172
$210
$224
$253
$317
$382
2014
2016
2018
2020
2024
2022
American Income Division
Life Net Sales
5-Year Compound Annual Growth Rate: 9.9%
($ in millions)
American Income Division
Year To Date Average Producing
Agent Count
5-Year Compound Annual Growth Rate: 9.8%
5

1,505
1,715
2,156
2,575
2,775
3,664
2014
2016
2018
2020
2024
2022
$52
$60
$71
$78
$107
$131
2014
2016
2018
2020
2024
2022
Liberty National Division is our oldest distribution
channel. It distributes basic life and supplemental
health insurance products to both the worksite and
individual markets. Although it has traditionally
marketed its products in the Southeast, this division
continues to focus on expanding its reach to more
populated areas across the United States using both
virtual and physical offices.
In 2024, Liberty National Division produced
double-digit growth of 13% in average producing
agent count.
As shown in the charts, average agent count and
total net sales have grown at a compound annual
growth rate of 9.3% and 10.9%, respectively over
the past five years. Additionally, life premiums grew
6% year over year, and life underwriting margin
was up 22%. We continue to be encouraged by the
forward progress accomplished at Liberty National
Division in recent years.
This division offers a life-changing opportunity
to recruits and agents as evidenced by the
many licensed agents boasting second and third
generation legacies with the Company. Agency
middle management growth continues to be a
centralized focus. In 2024, an additional middle
management layer was added to the agency
hierarchy, providing more opportunity for career
advancement, including ownership of their own
business. We believe Liberty National Division’s
continued focus on agency middle management
is key to the ongoing increase in agent count
and sales growth.
Liberty National Division
Total Net Sales
5-Year Compound Annual Growth Rate: 10.9%
($ in millions)
Liberty National Division
Year To Date Average Producing
Agent Count
5-Year Compound Annual Growth Rate: 9.3%
6

740
923
1,064
1,325
1,210
1,399
2014
2016
2018
2020
2024
2022
$47
$51
$60
$71
$83
$106
2014
2016
2018
2020
2024
2022
Family Heritage Division primarily distributes
limited-benefit health insurance products through
an exclusive agency force focusing on non-urban
areas and smaller cities across the United States.
Most products offer a return of premium feature,
which refunds any excess of premiums received less
claims paid to the policyholder at the end of the
specified period.
In 2024, Family Heritage Division generated
double-digit growth of 10% in health net sales
and 5% growth in average producing agent count.
They led the way with a higher percentage of agents
submitting business every week, which is a testament
to their focus on agent productivity, efficiency and
the use of available, new technologies.
Over the past five years, average agent count and
health net sales grew at a compound annual rate of
4.7% and 9.9%, respectively.
Like the other exclusive agencies, Family Heritage
Division is focused on providing opportunity to
all. This division will continue its recent focus on
recruiting and growing agency middle management
as long-term sales growth will be dependent on
agent count growth. We are optimistic about the
future of Family Heritage Division.
Family Heritage Division
Health Net Sales
5-Year Compound Annual Growth Rate: 9.9%
($ in millions)
Family Heritage Division
Year To Date Average Producing
Agent Count
5-Year Compound Annual Growth Rate: 4.7%
7

$158
$150
$126
$165
$126
$106
2014
2016
2018
2020
2024
2022
$702
$783
$829
$907
$985
$989
2014
2016
2018
2020
2024
20221
Direct to Consumer Division offers adult and
juvenile life insurance to people throughout the
United States. It started its operations in the 1960s
as a direct mail only channel, but through the years
has expanded to include call center, insert media,
and digital channels. This multi-pronged approach
has been key to the success of the Direct to
Consumer Division. Our vast experience and years
of data provide a large competitive advantage over
other companies in the industry.
Direct to Consumer Division has experienced
declines in life sales over the last few years. The
continued drop in life net sales is primarily due
to reduced marketing spend on campaigns that
did not meet profit objectives. Our focus on
profitability has positively impacted our overall
margin, as we continue to focus on maximizing
the underwriting margin dollars on new sales
by managing the higher costs associated with
acquiring new business.
Although life net sales have decreased, life
underwriting margin continues to grow. Life
underwriting margin grew 20% to $282 million
primarily due to improved claims experience. The
value of our Direct to Consumer Division comes
not only from the sales directly attributed to this
channel, but also the support that is provided to the
agency business through brand impressions and
sales leads. In 2024, $16 million of agency sales was
attributable to leads generated by this division.
We continue to invest in our ability to generate
lead volume that translates into sales for the agency
business. During 2025, we expect this division to
provide over 750,000 leads to our three exclusive
agencies. The value contributed to the agencies
will continue to grow as we expect to see steady
growth in our omnichannel marketing approach
for the Globe Life brand.
Direct to Consumer Division
Life Premium
5-Year Compound Annual Growth Rate: 2.9%
($ in millions)
Direct to Consumer Division
Life Net Sales
5-Year Compound Annual Growth Rate: -3.4%
($ in millions)
1Theresultsincludedthroughoutthisdocumentreflectthe
adoptionofASU2018-12,FinancialServices-Insurance(Topic
944):TargetedImprovementstotheAccountingforLong-Duration
Contracts(LDTI).TheCompanyimplementedthestandardon
January1,2023onamodifiedretrospectivebasisasofthe
transitiondateofJanuary1,2021.Foradditionalinformation,
pleaserefertoour2024AnnualReportonForm10-K.
8

$84
$56
$70
$62
$59
$80
2014
2016
2018
2020
2024
2022
$305
$355
$381
$453
$540
$592
2014
2016
2018
2020
2024
20221
United American Division markets individual
and group Medicare Supplement insurance. The
Medicare market is our most competitive market
and is sold through independent agents and
brokers. United American Division also markets
worksite supplemental health benefits to employers
through brokers. This business has good growth
potential through our relationships with brokers and
ability to meet the unique needs of employers with
customized solutions.
While we mainly focus on life insurance at Globe
Life, we value the Medicare Supplement market.
We have extensive experience in this market with
systems in place to efficiently manage the business
and produce stable profit margins over time.
United American Division's health net sales grew
11% during 2024. This growth was due primarily to
strong individual Medicare Supplement sales.
United American Division
Health Premium
5-Year Compound Annual Growth Rate: 7.3%
($ in millions)
United American Division
Health Net Sales
5-Year Compound Annual Growth Rate: 0.3%
($ in millions)
1Theresultsincludedthroughoutthisdocumentreflectthe
adoptionofASU2018-12,FinancialServices-Insurance(Topic
944):TargetedImprovementstotheAccountingforLong-Duration
Contracts(LDTI).TheCompanyimplementedthestandardon
January1,2023onamodifiedretrospectivebasisasofthe
transitiondateofJanuary1,2021.Foradditionalinformation,
pleaserefertoour2024AnnualReportonForm10-K.
9

Components of Net Operating Income
($ in millions, except per share data)
Excess Investment Income
($ in millions)
Excess investment income is the metric we use to measure our investment performance.
The components of excess investment income can be seen in the chart below.
Investment Operations
Net Investment Income
$1,136
Required Interest on Net Policy Liabilities
(972)
Excess Investment Income
$164
PER SHARE
Underwriting Income
$1,390
$15.50
Excess Investment Income
164
1.83
Tax and Other Parent Expenses
(412)
(4.59)
Stock Compensation Expense, Net of Tax
(33)
(0.37)
Net Operating Income
$1,109
$12.37
10

The primary purpose of our investment
activities is to fund future obligations to
our policyholders. We have a conservative
investment strategy with little or no
exposure to higher-risk assets such as
derivatives, common equities, residential
mortgages, CLOs, and other asset-
backed securities. Additionally, we have
no exposure to direct real estate equity
investments or private equities. Since our
policy obligations are long in nature, we
invest primarily in fixed-rate long-term
fixed maturities that can survive multiple
economic cycles and best match our fixed
policy liabilities. These investment assets
have provided favorable risk-adjusted,
capital-adjusted returns over the years due
in large part to our ability to hold securities
to maturity regardless of fluctuations in
interest rates or equity markets.
Below investment grade bonds are
approximately 3% of our fixed maturity
portfolio. This is the lowest this ratio has
been in more than 20 years.
Since 2020, we have invested approximately
$1.5 billion in limited partnerships and
commercial mortgage loans with debt-like
characteristics. These investments were
made to diversify our portfolio and generate
additional yield while staying in line with a
conservative investment philosophy.
During 2024, we invested approximately
$636 million in investments other than fixed
maturities, with an average expected yield
generally between 7% to 9%. Our portfolio
has survived multiple cycles, and we believe
we are well-positioned to continue to
weather future economic downturns.
Investment
Portfolio
1PresentednetoftheallowanceforCurrentExpectedCreditLosses(CECL).
Foradditionalinformation,pleaserefertoour2024AnnualReport
onForm10-K.
*Total invested assets at amortized cost, net1: $21,220
Investment Portfolio
December 31, 2024
Invested Assets at Fair Value ($ in millions)
AS % OF
TOTAL
Fixed Maturities
$17,155
88%
Mortgage Loans
396
2%
Policy Loans
700
3%
Other Investments
1,321
7%
Total*
$19,572
100%
Total Invested Assets at
Amortized Cost, Net1
10-Year Compound Annual Growth Rate: 4.8%
($ in billions)
$13.3
$14.8
$16.6
$18.4
$20.0
$21.2
2014
2016
2018
2020
2024
2022
11

Our fixed maturity portfolio can thrive in low and high-
interest rate environments. We have been pleased to see
higher interest rates in recent years as we do not market
or underwrite interest-sensitive products. Additionally,
we are not concerned with unrealized losses created
by higher interest rates since we have the intent and
more importantly, the ability, to hold the investments
to maturity. These higher rates have helped increase
the portfolio yield and ultimately contributed to the
7% increase in net investment income over 2023.
While the yield earned on the fixed maturity portfolio
during 2024 was approximately 5.26%, the total portfolio
yield earned in 2024 was approximately 5.47% including
the impact of the investments that are not fixed
maturities mentioned on the previous page.
Fixed Maturity
Portfolio Yield
Fixed Maturity Portfolio Yield
(annual effective yield)
5.91%
5.78%
5.57%
5.34%
5.16%
5.26%
2014
2016
2018
2020
2024
2022
12

As previously mentioned, in 2024 the Company
issued approximately 2.3 million life and health
policies. Our large in-force block of policies provides
consistent and substantial excess cash flow year
after year. We generally define excess cash flow
as the cash available to the Parent Company from
the dividends received from the insurance divisions
after fully funding insurance operations and paying
interest on debt. We intend to continue to explore
opportunities to enhance our excess cash flow
conversion ratio over the next several years.
We continue to manage to a Company Action Level
Risk-Based Capital (RBC) ratio target of 300% to
320%. Our target RBC ratio is based on the risk
profile of our business. We do not need to hold as
much capital as similarly-rated peers due to our
healthy underwriting margins, consistent cash flow
generation, and the majority of our liabilities being
fixed and not impacted by fluctuations in interest
rates and equity markets.
The chart on the right provides a ten-year history of
return of excess capital to shareholders. As can be
seen, we have primarily returned excess capital to
shareholders through share repurchases. In 1986,
we started our share repurchase program and
have since spent $10.3 billion to repurchase 85%
of the outstanding shares of the Company. Share
repurchases have predominately been the most
efficient use of excess capital during this period.
Share repurchase activity was significantly higher
in 2024, given the opportunity to generate very
attractive returns to our shareholders. While we have
consistently repurchased shares over the years, we
continuously evaluate our program to ensure that
the price we pay exceeds our estimate of intrinsic
value and that the returns exceed our cost of equity
and any other alternative uses. In 2025, we expect to
utilize approximately $600 million to $650 million to
repurchase shares, absent an alternative use with a
higher return to our shareholders.
Capital
Management
Return of Excess Capital
to Shareholders
($ in millions)
$440
$375
$378
$311
$443
$372
$458
$380
$416
$335
$1,031
$946
$65
$67
$71
$78
$81
$85
2014
2016
2018
2020
2024
2022
Total Returned
Shareholder Dividends
Share Repurchases
13

Note:GlobeLifecautionsyouthatthisLettertoShareholdersmaycontainforward-lookingstatementswithinthemeaningofthefederalsecuritieslaw.These
prospectivestatementsreflectmanagement’scurrentexpectations,butarenotguaranteesoffutureperformance.Accordingly,pleaserefertoourcautionary
statementregardingforward-lookingstatementsandthebusinessenvironmentinwhichtheCompanyoperates,containedintheCompany’sForm10-Kforthe
periodendedDecember31,2024,foundonthefollowingpagesandonfilewiththeSecuritiesandExchangeCommission.GlobeLifespecificallydisclaimsany
obligationtoupdateorreviseanyforward-lookingstatementbecauseofnewinformation,futuredevelopments,orotherwise.
A truly resilient business advocates for behavior that is
aligned with a shared vision and purpose, anticipating
disruptions in the macroenvironment and forming a plan
to help ensure business operations can continue.
Globe Life has successfully weathered challenges
throughout our 125-year history and consistently emerged
stronger than before – last year was no exception.
We are in the business of people and our resilience is
directly linked to our talented and hardworking agents
and employees. We are grateful for their efforts and
contributions to help execute our shared vision to
Make Tomorrow Better for millions of families.
Our resilience also stems from having the right
business model and contingency plans in place, which
enable us to absorb business disruptions without a s
impact on our operations. By working from a positio
strength and commitment to the long-term viability
organization, our net income per share and net ope
income per share grew 19% and 16%, respectively, a
book value per share and book value per share (excl
AOCI) grew 33% and 13%, respectively. We continue
to be proud of the resilience of Globe Life and
its ability to produce strong results despite
any obstacles.
Our commitment to help Make Tomorrow Better
continues through our charitable giving efforts.
Globe Life, agents, and employees collectively
donated more than $7.1 million in 2024. These
donations support underserved communities,
individuals facing food insecurity, at-risk youth,
health advocacy, seniors, and veterans.
Last year, we stated our long-term goals to
surpass 30,000 exclusive agents and $1.5 billion
in annual sales. We are confident these goals
are achievable. Globe Life has grown in multiple
environments, and we believe we will continue to
do so. There will never be a shortage of people
who need additional financial security and hope for
better career opportunities, and Globe Life remains
Conclusion
committed to providing these opportunities to our
customers, agents, and employees.
We are honored to lead a Company that provides
financial security to working families and helps support
the growth of small business through continued creation
and expansion of new agency offices. Our strong,
competitive position in an underserved market allows
us to generate significant shareholder value for years
to come while ensuring we deliver on our promise to
our policyholders.
Thank you for your continued investment and support
of Globe Life.
J. Matthew Darden
Co-Chairman and
Chief Executive Officer
Frank M. Svoboda
Co-Chairman and
Chief Executive Officer
ch
severe
on of
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and
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14

Principal Executive Office
3700 South Stonebridge Drive
McKinney, Texas 75070
972-569-4000
Annual Meeting of Shareholders 
10:00am Central, Thursday, April 24, 2025. 
Virtual meeting only, online via live audio 
webcast. Register to attend the meeting 
at register.proxypush.com/GL. The 
proceedings will be made available for 
replay on the Investors page of the Globe 
Life website. The Company’s Annual 
Meeting will be conducted in accordance 
with its Shareholders’ Rights Policy. A  
copy of this policy can be obtained on  
the Company’s website, or by contacting 
the Corporate Secretary at the Globe Life 
principal executive office address.
Investor Relations
Contact: Stephen Mota
Phone: 972-569-3627
Fax: 972-569-3282
Email: Investors@Globe.Life
Independent Registered Public 
Accounting Firm
Deloitte & Touche LLP
2200 Ross Avenue, Suite 1600
Dallas, Texas 75201
Stock Exchange Listings
New York Stock Exchange Symbol: GL
Indenture Trustee for
5.850%, 4.800%, 4.550%,
and 2.150% Senior Notes and 
5.275% and 4.250% Junior 
Subordinated Debentures 
Regions Bank Corporate Trust Services 
3773 Richmond Avenue, Suite 1100 
Houston, TX 77046-3703
Phone: 713-244-8042
Website: www.regions.com/
commercial_ banking/corp_trust.rf 
The 4.250% debentures trade through 
Depository Trust Company under global 
certificates listed on the New York 
Stock Exchange (NYSE Symbol GL PRD). 
The 5.275% debentures trade through 
Depository Trust Company under global 
certificates listed on the Singapore 
Stock Exchange.
Stock Transfer Agent and 
Shareholder Assistance
EQ Shareowner Services
PO Box 64854, St. Paul, MN 55164-0854 
or 1110 Centre Pointe Curve, Suite 101 
Mendota Heights, MN 55120-4100 
Toll-Free Number: 866-557-8699
TDD: Hearing impaired can use a relay 
service Outside the U.S.: 651-450-4064 
Website: www.shareowneronline.com
Dividend Reinvestment
Globe Life maintains a dividend
reinvestment plan for all holders of
its common stock. Under the plan,
shareholders may reinvest all or part
of their dividends in additional shares
of common stock and may also make
periodic additional cash payments
of up to $3,000 toward the purchase
of Globe Life stock. Participation is
voluntary. More information on the
plan may be obtained from the Stock
Transfer Agent by calling toll-free
866-557-8699 or by writing: Globe Life
Inc., c/o EQ Shareowner Services, PO
Box 64874, St. Paul, MN 55164-0874 or
1110 Centre Pointe Curve, Suite 101,
Mendota Heights, MN 55120-4100.
Automatic Deposit of Dividends
Automatic deposit of dividends is
available to shareholders who wish to
have their dividends directly deposited
into the financial institution of their
choice. Authorization forms may be
obtained from the Stock Transfer Agent
by calling toll-free 866-557-8699.
Globe Life Investors
Website
The Investors page contains a menu with
linkstomanytopicsofinteresttoinvestors
and other interested third parties:
• Financial Reports and Other
Financial Information
• Annual Reports, 10-K and Proxy
Statements
• Calendar
• News Releases
• SEC Filings
• Environmental, Social, and
Governance Report
• Political Contributions and Public
Advocacy Policy
• Executive Leadership
• About Globe Life Inc.
• Contact Us
• GlobeLifeInsurance.com
Calls and Meetings
• Management Presentations
• Investor Deck
• Annual Meeting of Shareholders
• Conference Calls on the Web
• Conference Call Replays and
Transcripts
Corporate Governance
• Corporate By-laws
• Code of Business Conduct and Ethics
• Code of Ethics for CEO and Senior
Financial Officers
• Corporate Governance Guidelines
• Employee Complaint Procedures
• Shareholders’ Rights Policy
• Regulation FD Policy and Guidelines
• Related Party Transaction Policy
• Human Rights and Labor Policy
• Third Party Code of Conduct
• Anti-Bribery and Corruption Policy
Stock Information
• Stock Transfer Agent and Shareholder
Assistance
• Dividend Reinvestment
• Automatic Deposit of Dividends
Board of Directors
• Board of Directors
• Board Committees
−Audit Committee
−Compensation Committee
−Governance and Nominating
Committee
• Executive Sessions
• Qualifications of Directors
• Director Independence Criteria
• Director Resignation Policy
15

Operating Summary
Unaudited and $ in thousands, except per share amounts
Note:TheOperatingSummaryhasbeenpreparedinthemannerGlobeLifemanagementusestoevaluatetheoperatingresultsoftheCompany.Itdiffers
fromtheConsolidatedStatementsofOperationsfoundintheaccompanyingSECForm10-K.
Twelve months ended December 31,
%Increase
orDecrease
2024
2023
Underwriting Income
Life:
Premium
$3,261,347
$3,137,244
4.0
Net policy obligations
(1,189,830)
(1,278,088)
Nondeferred commissions and amortization
(584,286)
(537,675)
Nondeferred acquisition expense
(134,634)
(128,509)
Underwriting margin
1,352,597
1,192,972
13.4
Health:
Premium
1,404,925
1,318,773
6.5
Net policy obligations
(741,235)
(669,846)
Nondeferred commissions and amortization
(239,514)
(227,230)
Nondeferred acquisition expense
(51,753)
(43,760)
Underwriting margin
372,423
377,937
1.5
Total underwriting margin
1,725,020
1,570,909
Annuity and other income
7,636
8,800
Insurance administration expenses
(342,430)
(301,161)
13.7
Underwriting income
1,390,226
1,278,548
8.7
Excess Investment Income
Net investment income
1,135,631
1,056,884
7.5
Required interest on:
Net policy liabilities:
Policy reserves
(950,258)
(917,441)
Deposit funds
(4,444)
(4,525)
FHLB funding agreement interest on reserves
(16,525)
(4,536)
Total excess investment income
164,404
130,382
26.1
Interest on debt
(127,092)
(102,316)
Corporate expenses
(12,400)
(10,866)
Pre-tax operating income
1,415,138
1,295,748
9.2
Income tax
(273,121)
(249,546)
Net operating income before stock compensation expense
1,142,017
1,046,202
Stock compensation expense, net of tax
(33,033)
(19,558)
Net Operating Income
$1,108,984
$1,026,644
8.0
Operating EPS on a diluted basis
$12.37
$10.65
16.2
Diluted average shares outstanding
89,661
96,364
Reconciliation of Net Operating Income to Net Income:
Net operating income
$1,108,984
$1,026,644
Non operating items, net of tax
Realized losses
(19,108)
(51,884)
Non-operating expenses
(2,070)
(3,294)
Legal proceedings
(17,044)
(711)
Net Income
$1,070,762
$970,755
EPS on a diluted basis
$11.94
$10.07
16

Condensed Balance Sheet
Unaudited and $ in thousands, except per share amounts
*TheCondensedBalanceSheets,excludingAccumulatedOtherComprehensiveIncome(AOCI),havebeenpreparedinthemannerGlobeLifemanagement,
industryanalysts,ratingagencies,andfinancialinstitutionsusetoevaluatethefinancialpositionofthecompany.ItdiffersfromtheConsolidatedBalance
SheetsfoundintheaccompanyingSECForm10-K
+EffectofAOCIinotherliabilitiesprimarilyrelatestopensionandforeignexchangeadjustments
At December 31,
2024
2023
Assets:
Fixed maturities at amortized cost*
$18,825,414
$18,917,799
Cash and short-term investments
250,360
184,896
Other investments
2,331,516
1,772,097
Deferred acquisition costs
6,495,589
6,009,477
Goodwill
490,446
481,791
Other assets
2,353,258
1,733,032
Total assets*
$30,746,583
$29,099,092
Liabilities and shareholders’ equity:
Policy liabilities*
$18,811,631
$17,991,015
Current and deferred income taxes*
1,270,814
1,231,625
Short-term debt
415,401
486,113
Long-term debt
2,324,251
1,629,559
Other liabilities*
589,246
501,558
Shareholders' equity, excluding AOCI*
7,335,240
7,259,222
Total liabilities and shareholders’ equity*
$30,746,583
$29,099,092
Actual shares outstanding:
Basic
83,978
93,791
Diluted
84,895
95,254
Book value (shareholders' equity, excluding AOCI) per diluted share
$86.40
$76.21
Net operating income as a return on equity, excluding AOCI
15.1%
14.7%
Average equity, excluding AOCI
$7,334,249
$6,966,740
Debt to capital ratio, excluding AOCI
27.2%
22.6%
ReconciliationofGlobeLifemanagement'sviewofselectedfinancialitemstocomparableGAAPmeasures*:
Shareholders' equity, excluding AOCI
Effect of AOCI:
$7,335,240
$7,259,222
Increase (decrease) fixed maturities
(1,670,402)
(1,047,593)
Increase (decrease) policy liabilities
(904,699)
(2,475,738)
(Increase) decrease current and deferred income taxes
539,559
736,986
(Increase) decrease other liabilities+
5,822
13,926
Shareholders' Equity
$5,305,520
$4,486,803
Other comparable GAAP measures:
Fixed maturities at fair value
$17,155,012
$17,870,206
Total assets
29,076,181
28,051,499
Shareholders' equity
5,305,520
4,486,803
Policy liabilities
19,716,330
20,466,753
Current and deferred income taxes
731,255
494,639
Other liabilities
583,424
487,632
Book value (shareholders' equity) per diluted share
62.50
47.10
Net income as a return on equity
21.7%
23.2%
Average equity
$4,939,573
$4,177,222
Debt to capital ratio
34.1%
32.0%
17

American Income Division
Steven K. Greer
Chief Executive Officer
David S. Zophin
President
Family Heritage Division
Kenneth J. Matson
President and Chief Executive Officer
Direct to Consumer Division
Jason A. Harvey
President and Chief Executive Officer
Liberty National Division
Steven J. DiChiaro
Chief Executive Officer
Michael R. Sheets
President
United American Insurance
Company
Michael C. Majors
President
J. Matthew Darden
Co-Chairman and Chief Executive Officer
Frank M. Svoboda
Co-Chairman and Chief Executive Officer
Jennifer A. Haworth
Executive Vice President and
Chief Marketing Officer
Robert E. Hensley
Executive Vice President and
Chief Investment Officer
Thomas P. Kalmbach
Executive Vice President and
Chief Financial Officer
Michael C. Majors
Executive Vice President, Policy
Acquisition and Chief Strategy Officer
R. Brian Mitchell
Executive Vice President,
General Counsel and Chief Risk Officer
Dolores L. Skarjune
Executive Vice President and
Chief Administrative Officer
Christopher K. Tyler
Executive Vice President and
Chief Information Officer
Rebecca E. Zorn
Executive Vice President and
Chief Talent Officer
M. Shane Henrie
Corporate Senior Vice President and
Chief Accounting Officer
Matthew J. Adams
Retired Senior Partner and
U.S. Insurance Practice Leader,
PricewaterhouseCoopers LLP
Naples, Florida
Linda L. Addison
Past Managing Partner,
Norton Rose Fulbright US LLP
Houston, Texas
Marilyn A. Alexander
Principal, Alexander & Friedman
Laguna Beach, California
Cheryl D. Alston
Executive Director and Chief Investment
Officer, Employees’ Retirement Fund
of the City of Dallas, TX (ERF)
Dallas, Texas
Mark A. Blinn
Former President and Chief Executive
Officer, Flowserve Corporation
Dallas, Texas
James P. Brannen
Retired Chief Executive Officer,
FBL Financial Group, Inc.
Panora, Iowa
Alice S. Cho
Senior Advisor
Boston Consulting Group
Piedmont, California
J. Matthew Darden
Co-Chairman and Chief Executive Officer,
Globe Life Inc.
McKinney, Texas
Philip M. Jacobs
Retired Principal, U.S. Insurance Tax
Sector Leader, KPMG US
Darien, Connecticut
Steven P. Johnson
Retired Partner, Deloitte & Touche LLP
Plano, Texas
David A. Rodriguez
Retired Global Chief Human
Resources Officer,
Marriott International, Inc.
Potomac, Maryland
Frank M. Svoboda
Co-Chairman and Chief Executive Officer,
Globe Life Inc.
McKinney, Texas
Mary E. Thigpen
Consultant for Digital Transformation
Strategies, Technology and Cybersecurity
Assessments, and Systemic Risk
Mitigation Competencies
Alpharetta, Georgia
Christopher T. Moore
Corporate Senior Vice President,
Associate Counsel and
Corporate Secretary
Pamela I. Ramirez
Corporate Senior Vice President,
Enterprise Transformation
Joel P. Scarborough
Corporate Senior Vice President,
Associate General Counsel and
Chief Compliance Officer
Stafford L. Thompson, Jr.
Corporate Senior Vice President
and Chief Actuary
Directors
Officers
Distribution Officers
18

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark one)
[ ☒] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2024
or
[ ☐] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
to
Commission file number: 001-08052
GLOBE LIFE INC.
(Exact name of registrant as specified in its charter)
Delaware
63-0780404
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
3700 South Stonebridge Drive, McKinney, TX
75070
(Address of principal executive offices)
(Zip Code)
972-569-4000
(Registrant’s telephone number, including area code)
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
4.250% Junior Subordinated Debentures
GL PRD
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes x
No ¨
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes ¨
No x
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 x
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 x
No ¨
GL 2024 FORM 10-K

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
x
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 has filed a report on and attestation to its management's assessment of the
effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b))
by the registered public accounting firm that prepared or issued its audit report.
x
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the
registrant included in the filing reflect the correction of an error to previously issued financial statements.
☐
Indicate by checkmark whether any of those error corrections are restatements that required a recovery analysis of incentive-
based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to
§240.10D-1(b).
☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes ☐
No x
As of June 30, 2024, the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was
$7.4 billion based on the closing sale price as reported on the New York Stock Exchange.
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.
Class
Outstanding as of January 31, 2025
Common Stock, $1.00 par value per share
83,848,424 shares
DOCUMENTS INCORPORATED BY REFERENCE
Document
Parts Into Which Incorporated
Proxy Statement for the Annual Meeting of Stockholders to be
held on April 24, 2025 (Proxy Statement)
Part III
GL 2024 FORM 10-K

Globe Life Inc.
Table of Contents
Page
PART I.
Item 1.
Business..................................................................................................................................
1
Item 1A.
Risk Factors............................................................................................................................
8
Item 1B.
Unresolved Staff Comments ................................................................................................
16
Item 1C.
Cybersecurity..........................................................................................................................
16
Item 2.
Properties................................................................................................................................
18
Item 3.
Legal Proceedings.................................................................................................................
18
Item 4.
Mine Safety Disclosures .......................................................................................................
18
PART II.
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities............................................................................................
19
Item 6.
[Reserved]...............................................................................................................................
19
Cautionary Statements..........................................................................................................
20
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of
Operations...............................................................................................................................
21
Item 7A.
Quantitative and Qualitative Disclosures about Market Risk..........................................
54
Item 8.
Financial Statements and Supplementary Data................................................................
54
Consolidated Balance Sheets..............................................................................................
57
Consolidated Statements of Operations ............................................................................
58
Consolidated Statements of Comprehensive Income......................................................
59
Consolidated Statements of Shareholders' Equity...........................................................
60
Consolidated Statements of Cash Flows...........................................................................
61
Notes to Consolidated Financial Statements ....................................................................
62
Note 1—Significant Accounting Policies .......................................................................
62
Note 2—Statutory Accounting.........................................................................................
73
Note 3—Supplemental Information about Changes to Accumulated Other
Comprehensive Income...................................................................................................
75
Note 4—Investments........................................................................................................
77
Note 5—Commitments and Contingencies...................................................................
89
Note 6—Policy Liabilities.................................................................................................
93
Note 7—Deferred Acquisition Costs ..............................................................................
108
Note 8—Liability for Unpaid Claims...............................................................................
110
Note 9—Income Taxes.....................................................................................................
111
Note 10—Postretirement Benefits..................................................................................
113
Note 11—Supplemental Disclosures of Cash Flow Information................................
119
Note 12—Debt...................................................................................................................
120
Note 13—Shareholders' Equity ......................................................................................
122
Note 14—Stock-Based Compensation..........................................................................
124
Note 15—Business Segments........................................................................................
128
Note 16—Subsequent Events.........................................................................................
134
Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial
Disclosure................................................................................................................................
135
Item 9A.
Controls and Procedures......................................................................................................
135
Item 9B.
Other Information...................................................................................................................
138
Item 9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections..........................
138
PART III.
Item 10.
Directors, Executive Officers, and Corporate Governance.............................................
138
Item 11.
Executive Compensation......................................................................................................
138
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters...............................................................................................................
138
Item 13.
Certain Relationships and Related Transactions and Director Independence ............
139
Item 14.
Principal Accountant Fees and Services............................................................................
139
PART IV.
Item 15.
Exhibits and Financial Statement Schedules....................................................................
139
Signatures...............................................................................................................................
148
GL 2024 FORM 10-K


Part I
Item 1. Business
Globe Life and the Company refer to Globe Life Inc., an insurance holding company incorporated in Delaware in
1979, and its subsidiaries and affiliates. Its 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.
Globe Life's website is: www.globelifeinsurance.com. Globe Life makes available free of charge through its website,
its annual report on Form 10-K, its quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments
to those reports as soon as reasonably practicable after they have been electronically filed with or furnished to the
Securities and Exchange Commission. Other information included in Globe Life's website is not incorporated into
this filing.
1
GL 2024 FORM 10-K

The following table presents Globe Life's business by primary marketing distribution channel. Additional information
concerning industry segments may be found in Management’s Discussion and Analysis and in Note 15—Business
Segments within the Notes to the Consolidated Financial Statements.
Primary
Distribution
Method
Underwriting
Company
Products and Target
Markets
Distribution
Direct to
Consumer
Division
Globe Life And
Accident Insurance
Company
McKinney, Texas
Individual life and
supplemental health
limited-benefit
insurance including
juvenile and senior life
coverage and
Medicare Supplement
to lower middle-
income to middle-
income Americans.
Nationwide
distribution through
direct to consumer
channels: including
direct mail, electronic
media, and insert
media.
American Income
Life Division
American Income
Life Insurance
Company
Waco, Texas
Individual life and
supplemental health
limited-benefit
insurance marketed to
working families.
11,741 average
producing agents in
the U.S., Canada,
and New Zealand.
Liberty National
Division
Liberty National Life
Insurance Company
McKinney, Texas
Life and supplemental
health limited-benefit
insurance distributed
through in-home and
worksite channels.
3,664 average
producing agents in
the U.S.
Family Heritage
Division
Family Heritage Life
Insurance Company
of America
Cleveland, Ohio
Supplemental limited-
benefit health
insurance to lower
middle-income to
middle-income
families.
1,399 average
producing agents in
the U.S.
United American
Division
United American
Insurance Company
McKinney, Texas
Supplemental health
Medicare coverage to
beneficiaries and, to a
lesser extent,
supplemental limited-
benefit coverage to
people under age 65.
3,355 independent
producing agents in
the U.S.
2
GL 2024 FORM 10-K

Insurance
Life Insurance—The distribution channels for life insurance products include direct to consumer, exclusive agents,
and independent agents. These methods are described in greater detail within the primary marketing distribution
channel chart as shown above. The following table presents annualized premium in force for the three years ended
December 31, 2024 by distribution method:
Annualized Premium in Force(1)
(Dollar amounts in thousands)
2024
2023
2022
Direct to Consumer ....................................................................................................... $
922,508
$
933,057
$
936,507
Exclusive agents:
American Income .........................................................................................................
1,761,713
1,654,197
1,553,003
Liberty National.............................................................................................................
410,912
390,693
360,963
Independent agents:
United American.............................................................................................................
6,499
6,958
7,609
Other.................................................................................................................................
197,629
200,840
203,438
$
3,299,261
$
3,185,745
$
3,061,520
(1) See definition of annualized premium in force under Results of Operations in Management's Discussion & Analysis.
Globe Life's insurance subsidiaries write a variety of nonparticipating ordinary life insurance products. These include
traditional whole life, term life, and other life insurance. The Company does not currently sell interest-sensitive
whole life products. The following tables present selected information about Globe Life's life insurance products.
Annualized Premium in Force
(Dollar amounts in thousands)
2024
2023
2022
Amount
% of
Total
Amount
% of
Total
Amount
% of
Total
Whole life:
Traditional................................................................. $
2,321,947
70
$
2,213,816
69
$
2,106,878
69
Interest-sensitive .....................................................
28,105
1
29,929
1
31,838
1
Term ..............................................................................
745,231
23
753,261
24
756,471
25
Other .............................................................................
203,978
6
188,739
6
166,333
5
$
3,299,261
100
$
3,185,745
100
$
3,061,520
100
Policy Count and Average Face Amount Per Policy
(Dollar amounts in thousands)
2024
2023
2022
Policy
Count
Average
Face
Amount per
Policy
Policy
Count
Average
Face
Amount per
Policy
Policy
Count
Average
Face
Amount per
Policy
Whole life:
Traditional......................................
9,092,122
$
16.2
9,050,091
$
16.0
9,011,227
$
15.7
Interest-sensitive..........................
169,054
20.4
176,339
20.4
183,887
20.4
Term ...................................................
4,600,839
15.2
4,680,364
15.1
4,720,870
15.3
Other ..................................................
495,894
18.1
479,664
17.3
453,515
16.1
14,357,909
$
16.0
14,386,458
$
15.8
14,369,499
$
15.6
3
GL 2024 FORM 10-K

Health Insurance—The following table presents Globe Life's health insurance annualized premium in force for the
three years ended December 31, 2024 by distribution channel.
Annualized Premium in Force
(Dollar amounts in thousands)
2024
2023
2022
Direct to Consumer ....................................................................................................... $
74,815
$
70,249
$
72,161
Exclusive agents:
Liberty National...............................................................................................................
201,874
200,160
196,336
American Income ...........................................................................................................
119,986
116,962
113,087
Family Heritage...............................................................................................................
454,725
418,693
387,897
Independent agents:
United American.............................................................................................................
624,446
579,237
558,373
$
1,475,846
$
1,385,301
$
1,327,854
Globe Life offers Medicare Supplement and limited-benefit supplemental health insurance products that include
accident, cancer, critical illness, heart, intensive care, and other health products. These products are designed to
supplement health coverage that applicants already own. Medicare Supplements are offered to enrollees in the
traditional fee-for-service Medicare program. Medicare Supplement plans are standardized by federal regulation
and are designed to pay deductibles and co-payments not paid by Medicare.
The following table presents supplemental health annualized premium in force information for the three years ended
December 31, 2024 by product category.
Annualized Premium in Force
(Dollar amounts in thousands)
2024
2023
2022
Amount
% of
Total
Amount
% of
Total
Amount
% of
Total
Limited-benefit plans..................................................... $
824,844
56
$
782,424
56
$
735,858
55
Medicare Supplement...................................................
651,002
44
602,877
44
591,996
45
$
1,475,846
100
$
1,385,301
100
$
1,327,854
100
Pricing—Premium rates for life and health insurance products are established using assumptions as to future
mortality, morbidity, persistency, investment income, expenses, and target profit margins. These assumptions are
based on Company experience and projected investment earnings rates. Revenues for individual life and health
insurance products are primarily derived from premium income, and, to a lesser extent, through policy charges to
the policyholder account values on annuity products and certain individual life products. Profitability is affected by
actual experience deviations from the established assumptions and to the extent investment income varies from that
required for policy reserves.
Collections for certain life products are not recognized as revenues, but are added to policyholder account values.
Revenues from these products are derived from charges to the account balances for insurance risk and
administrative costs. Profits are earned to the extent these revenues exceed actual costs. Profits are also earned
from investment income in excess of the amounts required for policy reserves.
Underwriting—The underwriting standards of Globe Life's insurance subsidiaries are established by management.
Each subsidiary uses information obtained from the application, and in some cases additional information such as,
telephone interviews with applicants, inspection reports, pharmacy data, motor vehicle records, responses to both
medical and non-medical questions, doctors’ statements and/or medical records and examinations. This information
is used to determine whether a policy should be issued in accordance with the application, with a different rating,
with a rider, with reduced coverage, or rejected.
Reserves—The life insurance policy reserves reflected in Globe Life's consolidated financial statements as future
policy benefits are calculated based on accounting principles generally accepted in the United States of America
(GAAP). These reserves, with future premiums and the associated interest compounded at assumed rates, are
expected to be sufficient to cover policy and contract obligations as they mature. Generally, the mortality and lapse
4
GL 2024 FORM 10-K

assumptions used in the calculations of reserves are based on Company experience. Similar reserves are held on
most of the health insurance policies written by Globe Life's insurance subsidiaries, since these policies generally
are issued on a guaranteed-renewable basis. The assumptions used in the calculation of Globe Life's reserves are
reported in Note 1—Significant Accounting Policies. Reserves for certain life products consist of the policyholders’
account values and are increased by policyholder deposits and interest credited and are decreased by policy
charges and benefit payments.
Reinsurance—Globe Life has historically participated in third-party reinsurance. See Schedule IV, Note 1—
Significant Accounting Policies, Note 5—Commitments and Contingencies, Note 6—Policy Liabilities, and Note 8—
Liability for Unpaid Claims for more information.
Investments—The nature, quality, and percentage mix of insurance company investments are regulated by state
laws. The investments of Globe Life insurance subsidiaries consist predominantly of high-quality, investment-grade
securities. Approximately 88% of our invested assets, at fair value, are fixed maturities at December 31, 2024 (see
Note 4—Investments and Management’s Discussion and Analysis).
Competition—Globe Life competes with other life and health insurance carriers through policyholder service, price,
product design, and sales efforts. While there are insurance companies competing with Globe Life, no individual
company dominates any of Globe Life's life or health insurance markets.
Globe Life's health insurance products compete with, in addition to the products of other health insurance carriers,
health maintenance organizations, preferred provider organizations, and other health care-related institutions which
provide medical benefits based on contractual agreements.
The Company effectively competes with other carriers, in part, due to its ability to operate at lower policy acquisition
and administrative expense levels than peer companies. This allows Globe Life to have competitive rates while
maintaining higher underwriting margins.
Regulation
Insurance—Insurance companies are subject to regulation and supervision in the states in which they do business.
The laws of the various states establish agencies with broad administrative and supervisory powers which include,
among other things, granting and revoking licenses to transact business, regulating trade practices, licensing
agents, approving policy forms, approving certain premium rates, setting minimum reserve and loss ratio
requirements, determining the form and content of required financial statements, and prescribing the type and
amount of investments permitted. Insurance companies are also required to file detailed annual reports with
supervisory agencies, and records of their business are subject to examination at any time. Under the rules of the
National Association of Insurance Commissioners (NAIC), insurance companies are examined periodically by one
or more of the supervisory agencies.
Risk-Based Capital (RBC)—The NAIC requires that a risk-based capital formula be applied to all life and health
insurers. The risk-based capital formula is a threshold formula rather than a target capital formula. It is designed
only to identify companies that require regulatory attention and is not to be used to rate or rank companies that are
adequately capitalized. All Globe Life's insurance subsidiaries are more than adequately capitalized under the risk-
based capital formula. See further discussion of RBC in Capital Resources.
Holding Company—States have enacted legislation requiring registration and periodic reporting by insurance
companies domiciled within their respective jurisdictions that control or are controlled by other corporations so as to
constitute a holding company system. Globe Life Inc. and its subsidiaries have registered as a holding company
system pursuant to such legislation in Indiana, Nebraska, Ohio, Texas, and New York.
Insurance holding company system statutes and regulations impose various limitations on investments in
subsidiaries, and may require prior regulatory approval for material transactions between insurers and affiliates and
for the payment of certain dividends and other distributions.
5
GL 2024 FORM 10-K

Sustainable Business Practices
Globe Life’s sustainable business practices are a driver of the success and longevity that our Company has
experienced since its origin. We plan to advance our sustainable business practices by further developing the
Company's sustainability strategy and have substantially aligned disclosures with the Sustainability Accounting
Standards Board (SASB) standards and the Task Force on Climate-related Financial Disclosures (TCFD)
recommendations.
Environmental responsibility and sustainability are key components of our overall corporate responsibility efforts.
We strive to reduce our impact on the environment by placing a company-wide emphasis on recycling and reducing
waste at our corporate facilities, focusing on efforts to reduce the use of paper and water. With respect to social
matters, our focus continues to be on supporting a culture that is inclusive and attractive for all of our employees
and independent sales agents. We are committed to maintaining a diverse workforce that reflects the communities
in which we work. In addition, to enable the Company to appropriately respond to related challenges and
opportunities, the Company has in place a Sustainability Committee, and the Board and its committees regularly
engage with senior management on relevant and related issues.
Human Capital Management
Globe Life's talent base encompasses a broad range of experience that possesses the depth of critical skills to
efficiently and effectively accomplish our business purpose and mission, serve our policyholders, and protect our
shareholders' interests. Maintaining superior human capital is a key driver to the success and longevity that our
Company has experienced since its origins dating back to the early 1900s. As of December 31, 2024, the Company
had 3,732 full-time, part-time, and temporary employees, a 3% increase over the prior year. The increase in
headcount in 2024 was primarily to support the increased growth in recent periods, as well as lower attrition levels
than
normal.
The
Company
engages
over
16,400
independently-contracted
insurance
agents.
Refer
to
Management's Discussion & Analysis for exclusive agent counts.
People, Culture, and Community
At Globe Life, we are united by our mission to—Make Tomorrow Better1 and this starts with our employees and
agents. Beyond providing insurance protection for millions of individuals, serving our policyholders and generating
financial results for our shareholders, we focus on cultivating a healthy, positive culture and a thriving community
within and among our campuses that is inclusive of and attractive for all. Globe Life promotes a diverse and
inclusive work force to better enable our employees to consistently achieve outstanding individual and collective
results. Our commitment to diversity starts at the top; of the 9 independent Board members, 56% are women and
33% are racial/ethnic minorities as of December 31, 2024.
As of December 31, 2024 and 2023, the Globe Life employees, (excluding independently-contracted agents)
identify as follows:
2024
Ethnicity/Race
Gender
Generations
White......................................................................
51 % Female ..............
68 % Baby Boomers (1946-1964).............
14 %
Black or African American ..................................
25
Male...................
32
Gen X (1965-1977)............................
29
Hispanic or Latino................................................
13
Millennials (1978-1995).....................
44
Asian......................................................................
9
Gen Z (1996-2012)............................
13
American Indian or Alaskan Native...................
1
Native Hawaiian or Pacific Islander..................
—
Other or Not Specified ........................................
1
Total
100 %
100 %
100 %
6
GL 2024 FORM 10-K
1Per the Globe Life Employee Handbook, the Globe Life mission statement is "We help families Make Tomorrow Better by working to protect
their financial future."

2023
Ethnicity/Race
Gender
Generations
White......................................................................
52 % Female ..............
68 % Baby Boomers (1946-1964).............
16 %
Black or African American ..................................
24
Male...................
32
Gen X (1965-1977)............................
29
Hispanic or Latino................................................
13
Millennials (1978-1995).....................
45
Asian......................................................................
9
Gen Z (1996-2012)............................
10
American Indian or Alaskan Native...................
1
Native Hawaiian or Pacific Islander..................
—
Other or Not Specified ........................................
1
Total
100 %
100 %
100 %
We conduct a confidential survey biennially to give our employees the opportunity to provide candid feedback about
their experiences at the Company, including but not limited to, confidence in the Company and leadership,
competitiveness of our compensation and benefit package, and departmental relationships. The results are shared
with our employees, reviewed by senior leadership, and used to identify areas for improvement and create action
plans based on the employee feedback received.
We strive to Make Tomorrow Better, in part by giving financial and service contributions to programs that provide
hands-on assistance in the communities where we live, work, serve, and visit. We focus our charitable giving on
organizations that support children, families, veterans, and seniors, as well as those that work to ensure people are
able to live full, healthy lives. These categories align with our mission to help families Make Tomorrow Better by
working to protect their financial future. In 2024, we provided financial support of more than $7 million to
organizations within that focus, including charities that support underserved communities, provide scholarships to
youth, and advance equity and diversity efforts.
Talent Development
At Globe Life, we believe investing in our employees through training and development is paramount to their
success. We have developed a learning ecosystem that includes a multitude of professional development
opportunities, including online, self-directed, and instructor-led courses on a variety of topics. An education
assistance program is also offered to facilitate growth in an area related to one's current position with the Company.
Health, Safety, and Wellness
We strive to provide a safe and healthy work environment for every employee. We furnish employees with
numerous tools and trainings throughout the year to help ensure they have, at their fingertips, the best information
to safely engage with co-workers, customers, and third parties. In furtherance of our commitment to our employees,
we offer a comprehensive employee benefits package that includes competitive monetary benefits, retirement
benefits through a Section 401(k) plan and a qualified pension to eligible employees, fitness center reimbursement,
paid-time-off (based on years of service), health insurance, dental and vision insurance, employee resource
program, health savings and flexible spending accounts, family leave, and tuition assistance.
The Company remains committed to the well-being and safety of its employees, agents, customers, guests,
vendors, and shareholders in our resolve to maintain a stable and secure business environment.
7
GL 2024 FORM 10-K

Item 1A. Risk Factors
Risks Related to Our Business
The following is a summary of the material risks and uncertainties that could adversely affect our business, financial
condition, and results of operations.
Business and Operational Risks
The development and maintenance of our various distribution channels are critical to growth in product
sales and profits.
Our future success depends, in substantial part, on our ability to recruit, hire, and motivate highly-skilled insurance
personnel. Further, the development and retention of producing agents are critical to supporting sales growth in our
agency operations because our insurance sales are primarily made to individuals.
A failure to effectively develop new methods of reaching consumers, realize cost efficiencies or generate an
attractive value proposition in our Direct to Consumer Division business could result in reduced sales and profits. In
addition, if we do not provide an attractive career opportunity with competitive compensation as well as motivation
for producing agents to increase sales of our products, our growth could be impeded. Doing so may be difficult due
to many factors, including but not limited to, fluctuations in economic and industry conditions and the effectiveness
of our compensation programs and competition among other companies.
Our life insurance products are sold in niche markets. We are at risk should any of these markets diminish.
We have several life distribution channels that focus on distinct market niches, three of which are labor unions,
affinity groups, and sales via Direct to Consumer solicitations. Deterioration of our relationships with either
organized labor union groups or affinity groups, or adverse changes in the public’s receptivity to Direct to Consumer
marketing initiatives could negatively affect our life insurance business.
Actual or alleged misclassification of independent contractors at our insurance subsidiaries could result in
adverse legal, tax or financial consequences.
A significant portion of our sales agents are independent contractors. Although we believe we have properly
classified such individuals, a risk nevertheless exists that a court, the Internal Revenue Service or other authority
will take the position that our sales agents are employees. From time-to-time, we are subject to civil litigation,
including class and collective action litigation, alleging that we have improperly classified certain of our sales agents
as independent contractors. In September 2024, the Equal Employment Opportunity Commission (EEOC) notified
us that it had determined that all sales agents affiliated with State General Agent Simon Arias were employees, not
independent contractors, of Globe Life Inc. and/or AIL. Such determination is not binding but we expect any
potential civil action brought by the EEOC would include such an allegation. A future adverse judgment in
connection with any such civil litigation described above could result in substantial damages. Future changes in
rules, regulations or interpretations of existing rules and regulations, or significant adverse judgments in litigation,
could require us to reclassify all or a portion of our agents as employees and the impact could significantly increase
our operating costs and negatively impact our insurance business.
The use of third-party vendors, including independent sales agents, to support the Company's operations
makes the Company susceptible to the operational risk of those third parties, which could lower revenues,
increase costs, reduce profits, disrupt business, or damage the Company’s reputation.
The Company utilizes third-party vendors, including independent sales agents, to provide certain business services
and functions, which exposes the Company to risks outside the control of the Company. The reliance on these third-
party vendors creates a number of business risks, such as the risk that the Company may not maintain service
quality, control or effective management of the outsourced business operations and that the Company cannot
control the data, information systems, facilities or networks of such third-party vendors. We employ controls and
procedures designed to facilitate service quality of our third party vendors; however, such controls and procedures
cannot be 100% effective in all cases. The Company may be adversely affected by a third-party vendor who
8
GL 2024 FORM 10-K

operates in a poorly controlled manner or fails to deliver contracted services, which could lower revenues, increase
costs, reduce profits, disrupt business, or damage the Company’s reputation.
Extensive federal and state laws regulate our business, imposing certain requirements that independent sales
agents must follow in dealing with clients. Misconduct of our independent sales agents could result in violations of
law by, or claims against, us or our subsidiaries. From time to time, we are subject to private litigation as a result of
alleged misconduct by independent agents. We employ controls and procedures designed to prevent and detect
agent misconduct; however, such controls and procedures cannot be 100% effective in all cases. Instances of
misconduct or non-compliance or violations of laws or regulations by our independent sales agents could result in
adverse findings in either examinations or litigation and subject us to sanctions, monetary liabilities, restrictions on
or loss of the operation of our business or reputational harm, any of which could have a material adverse effect on
our business, financial condition or results of operations.
Additionally, the Company is at risk of being unable to meet legal, regulatory, financial or customer obligations if the
data, information systems, facilities or networks of a third-party vendor are disrupted, damaged or fail, whether due
to physical disruptions, such as fire, natural disaster, pandemic or power outage, or due to cybersecurity incidents,
ransomware or other impacts to vendors, including labor strikes, political unrest and terrorist attacks.
Financial and Strategic Risks
Our investments are subject to market and credit risks. Significant downgrades, delinquencies and defaults
in our investment portfolio could potentially result in lower net investment income and increased realized
and unrealized investment losses.
Our invested assets are subject to the customary risks of defaults, downgrades, and changes in market values. Our
investment portfolio consists predominately of fixed income investments, where we are exposed to the risk that
individual issuers will not have the ability to make required interest or principal payments. A concentration of these
investments in any particular issuer, industry, group of related industries or geographic areas could increase this
risk. Factors that may affect both market and credit risks include interest rate levels (consisting of both treasury rate
and credit spread), financial market performance, disruptions in credit markets, general economic conditions,
legislative changes, particular circumstances affecting the businesses or industries of each issuer and other factors
beyond our control.
Additionally, as the majority of our investments are long-term fixed maturities that we typically hold until maturity, a
significant increase in interest rates and/or credit spreads could cause a material temporary decline in the fair value
of our fixed investment portfolio, even with regard to performing assets. These declines could cause a material
increase in unrealized losses in our investment portfolio. Significant unrealized losses could substantially reduce our
capital position and shareholders’ equity. It is possible our investment in certain of these securities with unrealized
losses could experience a credit event where an allowance for credit loss is recorded, reducing net income.
We cannot be assured that any particular issuer, regardless of industry, will be able to make required interest and
principal payments on a timely basis or at all. Significant downgrades or defaults of issuers could negatively impact
our risk-based capital ratios, leading to potential downgrades of the Company by rating agencies, potential
reduction in future dividend capacity from our insurance subsidiaries, and/or higher financing costs at Globe Life Inc.
(Parent Company) should additional statutory capital be required.
Changes in interest rates could negatively affect income.
Declines in interest rates expose insurance companies to the risk that they will fail to earn the level of interest on
investments assumed in pricing products and in setting discount rates used to calculate policy liabilities, which could
have a negative impact on income. Significant decreases in interest rates could result in calls by issuers of
investments, where such features are available to issuers. Any such calls could result in a decline in our investment
income, as reinvestment of the proceeds would likely be at lower interest rates.
An increase in interest rates could result in certain policyholders surrendering their life or annuity policies for cash,
thereby potentially requiring our insurance subsidiaries to liquidate invested assets if other sources of liquidity are
9
GL 2024 FORM 10-K

not available to meet their obligations. In such a case, realized losses could result from the sale of the invested
assets and could adversely affect our statutory income, required capital levels, and results of operations.
Our ability to fund operations is substantially dependent on available funds from our insurance
subsidiaries.
As a holding company with no direct operations, our principal asset is the capital stock of our insurance
subsidiaries, which periodically declare and distribute dividends on their capital stock. Moreover, our liquidity,
including our ability to pay our operating expenses and to make principal and interest payments on debt securities
or other indebtedness owed by us, as well as our ability to pay dividends on our common stock or any preferred
stock, depends significantly upon the surplus and earnings of our insurance subsidiaries and the ability of these
subsidiaries to pay dividends or to advance or repay funds to us.
The principal sources of our insurance subsidiaries’ liquidity are insurance premiums, as well as investment income,
maturities, repayments, and other cash flow from our investment portfolio. Our insurance subsidiaries are subject to
various state statutory and regulatory restrictions applicable to insurance companies that limit the amount of cash
dividends, loans, and advances that those subsidiaries may pay to us, including laws establishing minimum
solvency and liquidity thresholds. For example, in the states where our companies are domiciled, an insurance
company generally may pay dividends only out of its unassigned surplus as reflected in its statutory financial
statements filed in that state. Additionally, dividends paid by insurance subsidiaries are restricted based on
regulations by their states of domicile. Accordingly, impairments in assets or disruptions in our insurance
subsidiaries’ operations that reduce their capital or cash flow could limit or disallow the payment of dividends, a
principal source of our cash flow, to us.
Other sources of liquidity include a variety of short-term and long-term instruments, including our credit facility,
commercial paper, long-term debt, Federal Home Loan Bank (FHLB), intercompany financing and reinsurance.
Changes in laws or regulations in the states in which our companies are domiciled could constrain the ability of our
insurance subsidiaries to pay dividends or to advance or repay funds to us in sufficient amounts and at times
necessary to pay our debt obligations, corporate expenses, or dividends on our capital stock.
We are subject to liquidity risks associated with sourcing a concentration of our funding from the Federal
Home Loan Bank (“FHLB”).
We use institutional funding agreements originating from FHLB, which from time to time serve as a significant
source of our liquidity. Additionally, we use agreements with the FHLB to meet near-term liquidity needs. If the FHLB
were to change its definition of eligible collateral, we could be required to post additional amounts of collateral in the
form of cash or other assets. Additionally, if our creditworthiness falls below the FHLB’s requirements or if legislative
or other political actions cause changes to the FHLB’s mandate or to the eligibility of life insurance companies to be
members of the FHLB system, we could be required to find other sources to replace this funding, which may prove
difficult and increase our liquidity risk.
Adverse capital and credit market conditions may significantly affect our ability to meet liquidity needs or
access capital, as well as affect our cost of capital.
Should interest rates increase in the future, the higher interest expense on any newly issued debt may reduce net
income. In addition, if the credit and capital markets were to experience significant disruption, uncertainty and
instability, these conditions could adversely affect our access to capital. Such market conditions could limit our
ability to replace maturing debt obligations in a timely manner, or at all, and/or access the capital necessary to grow
our business and maintain required capital levels and credit ratings.
In the event that current sources of liquidity do not satisfy our needs, we may have to seek additional financing or
raise capital. The availability and cost of additional financing or capital depend on a variety of factors such as
market conditions, the general availability of credit or capital, the volume of trading activities, the overall availability
of credit to the insurance industry, our credit ratings and credit capacity. Additionally, customers, lenders or investors
could develop a negative perception of our financial prospects if we were to incur large investment losses or if the
level of our business activity decreased due to a market downturn. Our access to funds may also be impaired if
regulatory authorities or rating agencies take negative actions against us. If our internal sources of liquidity prove to
10
GL 2024 FORM 10-K

be insufficient, we may not be able to successfully obtain additional financing on favorable terms or at all. As such,
we may be forced to delay raising capital, issue shorter term securities than we would prefer or bear an unattractive
cost of capital which could decrease our profitability and significantly reduce our financial flexibility. If so, our results
of operations, financial condition, consolidated RBC, and cash flows could be materially negatively affected.
We have become subject to, and may in the future be subject to, short selling strategies driving down the
market price of our common stock.
Short selling is the practice of selling securities that the seller does not own but may have borrowed with the
intention of buying identical securities back at a later date. A short seller hopes to profit from a decline in the value of
the securities between the sale of the borrowed securities and the purchase of the replacement shares, as the short
seller expects to pay less in that purchase than it received in the sale. Because it is in the short seller’s best
interests for the price of the securities to decline, some short sellers publish, or arrange for the publication of,
opinions or characterizations regarding the relevant issuer, its business prospects and similar matters calculated to
or which may create negative market momentum, which may permit them to obtain profits for themselves as a result
of selling the stock short. Companies, like us, that are subject to unfavorable allegations, even if untrue, may have
to expend a significant amount of resources to investigate such allegations and/or defend themselves, including in
connection with securityholder litigation against Globe Life Inc. or investigations by regulators related to or prompted
by such allegations.
Since April 2024, we have been and continue to be the target of several short sellers who have published reports
making allegations about the Company, which resulted in a significant decline in the price of our common stock. In
addition, these reports resulted in significant negative publicity against us, damaged our reputation, and exposed us
to securities class action litigation. We have already expended significant resources to defend and repair our
reputation. We will continue to defend against any unfounded and unsubstantiated claims about our business, our
disclosures, and the integrity of our financial statements, which may require us to expend significant resources.
We may be subject to additional short seller reports and activity in the future. The publication of any such
commentary regarding us may bring about a temporary, or long term, decline in the market price of our common
stock. No assurances can be made that similar declines in the market price of our common stock or negative
publicity will not occur in the future, in connection with such commentary by short sellers or otherwise.
Industry Risks
Variations in actual-to-expected rates of mortality, morbidity and policyholder behavior could materially
negatively affect our results of operations and financial condition.
We establish policy reserves to pay future policyholder benefits. These reserves do not represent an exact
calculation of liability, but rather are actuarial estimates based on models and accounting requirements that include
many assumptions and projections which are inherently uncertain. The reserve assumptions involve the exercise of
significant judgment with respect to levels or trends of mortality, morbidity, lapses, and discount rates. Changes in
assumptions could materially impact our financial condition and results of operations. Further, actual results may
differ significantly from the levels assumed, which could result in increased policy obligations and expenses and
thus negatively affect our profit margins and income.
A ratings downgrade or other negative action by a rating agency could materially affect our business,
financial condition, and results of operations.
Various rating agencies review the financial performance and condition of insurers, including our insurance
subsidiaries, and publish their financial strength ratings as indicators of an insurer’s ability to fulfill its contractual
obligations. These ratings are important to maintaining public confidence in our insurance products. A downgrade or
other negative action by a rating agency with respect to the financial strength ratings of our insurance subsidiaries
could negatively affect us by limiting or restricting the ability of our insurance subsidiaries to pay dividends to us and
reducing our sales by adversely affecting our ability to sell insurance products through independent insurance
agencies.
11
GL 2024 FORM 10-K

Obtaining timely and appropriate premium rate increases for certain supplemental health insurance policies
is critical.
A significant percentage of the supplemental health insurance premiums that our insurance subsidiaries earn is from
Medicare Supplement insurance. Medicare Supplement insurance, including conditions under which the premiums
for such policies may be increased, is highly regulated at both the state and federal level. As a result, Medicare
Supplement business is characterized by lower profit margins than life insurance and requires strict administrative
discipline and economies of scale for success. Since Medicare Supplement policies are coordinated with the federal
Medicare program, which commonly experiences health care inflation every year, annual premium rate increases for
the Medicare Supplement policies are typically necessary. Accordingly, the inability to obtain approval of appropriate
premium rate increases for supplemental health insurance plans in a timely manner from state insurance regulatory
authorities could adversely impact their profitability and thus our business, financial condition, and results of
operations.
Our business is subject to the risk of the occurrence of catastrophic events that could adversely affect our
financial condition or operations.
Our insurance policies are issued to and held by a large number of policyholders throughout the United States in
relatively low-face amounts. Accordingly, it is unlikely that a large portion of our policyholder base would be affected
by a single natural disaster. However, our insurance operations could be exposed to the risk of catastrophic
mortality or morbidity caused by events such as a pandemic or other public health issues, hurricane, earthquake, or
man-made catastrophes, including acts of terrorism or war, which may produce significant claims in larger areas,
especially those that are heavily populated. Claims resulting from natural or man-made catastrophic events could
cause substantial volatility in our financial results for any fiscal quarter or year and could materially reduce our
profitability or harm our financial condition. In addition, government, business, and consumer reactions to public
health events could result in material negative impacts to our business and operations.
Our life and health insurance products are particularly exposed to risks of catastrophic mortality, such as a
pandemic or other events that result in a large number of deaths. In addition, the occurrence of such an event in a
concentrated geographic area could have a severe disruptive effect on our workforce and business operations. The
likelihood and severity of such events cannot be predicted and are difficult to estimate. In such an event, the impact
to our operations could have a material adverse impact on our ability to conduct business and on our results of
operations and financial condition, particularly if those problems affect our producing agents or our employees
performing operational tasks and supporting computer-based data processing, or impair or destroy our capability to
transmit, store, and retrieve valuable data. In addition, in the event that a significant number of our management
were unavailable following a disaster, the achievement of our strategic objectives could be negatively impacted.
We are exposed to model risk, which is the risk of financial loss or reputational damage or adverse
regulatory impacts caused by model errors or limitations, incorrect implementation of models, or misuse of
or overreliance upon models.
Models are utilized by our businesses and corporate areas primarily to project future cash flows associated with
pricing products, calculating reserves and valuing assets, as well as in evaluating risk and determining capital
requirements, among other uses. These models may not operate properly and may rely on assumptions and
projections that are inherently uncertain. As our businesses continue to grow and evolve, the number and
complexity of models we utilize expands, increasing our exposure to error in the design, implementation or use of
models, including the associated input data and assumptions.
Our business is subject to the risk of direct or indirect effects of climate change.
Climate change may increase the frequency and severity of weather-related events and natural disasters, which
may adversely impact our mortality and morbidity rates and disrupt our business operations. In addition, climate
change and climate change regulation may affect the prospects of companies and other entities whose securities
we hold or our willingness to continue to hold their securities. Climate change may also influence investor sentiment
with respect to the Company and investments in our portfolio.
12
GL 2024 FORM 10-K

Legal, Regulatory, and Compliance Risks
Recent volatility in the trading price of our common stock has and can be expected to result in securities
class action litigation.
In April 2024, the trading price of our common stock dropped following the publication of certain short seller reports.
As of the date of this Report, one putative securities class action has been filed against Globe Life Inc. and we
expect that other putative class action claims may be filed as well. While we intend to defend such actions
vigorously, any judgment against us or any future stockholder litigation could have a material adverse effect on our
business, financial condition or results of operations.
Our businesses are heavily regulated and changes in regulation or regulatory scrutiny may have a material
adverse impact on our business, financial condition or results of operation.
Insurance companies, including our insurance subsidiaries, are subject to extensive supervision and regulation in
the states in which they conduct business. The primary purpose of this supervision and regulation is the protection
of policyholders, not investors. Regulatory agencies have broad administrative power over numerous aspects of our
business, including premium rates for our life, Medicare Supplement and other supplement health products, as well
as other terms and conditions included in the insurance policies offered by our insurance subsidiaries, marketing
practices, advertising, use of emerging technologies, agent licensing, independent agent practices, policy forms,
capital adequacy, solvency, reserves and permitted investments.
Regulatory authorities also have the power to conduct investigations, and to bring administrative or judicial
proceedings against us, which could result in suspension or revocation of our licenses, cease and desist orders,
fines, civil penalties, disgorgement, criminal penalties or other disciplinary action that could have a material adverse
impact on our business, financial condition or results of operation. Press coverage and other public statements that
allege wrongdoing, even if untrue, can lead to increased regulatory inquiries or investigations including any that may
arise in connection with the subpoenas from U.S. Attorney’s Office for the Western District of Pennsylvania seeking
documents related to sales practices by certain of our independent sales agents contracted to sell American Income
Life Insurance Company policies.
The insurance laws, regulations and policies currently affecting our companies may change at any time, possibly
having an adverse effect on our business. Should regulatory changes occur, we may be unable to maintain all
required licenses and approvals, or fully comply with the wide variety of applicable laws and regulations or the
relevant authority’s interpretation of such laws and regulations. If we do not have the requisite licenses and
approvals or do not comply with applicable regulatory requirements, the insurance regulatory authorities could
preclude or temporarily suspend some or all of our business activities and/or impose substantial fines. Additionally,
any violation or alleged violation of law or regulations could result in significant legal costs or in legal proceedings
that may result in monetary and legal remedies being imposed against the Company, which could have a material
adverse effect on our business, financial condition or results of operations.
Changes in accounting standards issued by accounting standard-setting bodies may affect our financial
statements, reduce our reported profitability and change the timing of profit recognition.
Our financial statements are subject to the application of GAAP and accounting practices as promulgated by the
National Association of Insurance Commissioners’ statutory accounting practices (NAIC SAP), which principles are
periodically revised and/or expanded. Accordingly, from time to time we are required to adopt new or revised
accounting standards or guidance issued by recognized authoritative bodies. Future accounting standards that we
are required to adopt could change the current accounting treatment that we apply to our consolidated financial
statements. These changes, including underlying assumptions, projections, estimates or judgments/interpretations
by management, could have a material adverse effect on our business, financial condition, and results of
operations. (Refer to Note 1—Significant Accounting Policies under the caption Accounting Pronouncements Yet to
be Adopted)
13
GL 2024 FORM 10-K

Non-compliance with laws or regulations related to customer and consumer privacy and information
security, including a failure to ensure that third parties with access to sensitive customer and consumer
information maintain its confidentiality, could materially adversely affect our reputation and business
operations.
The collection, maintenance, use, disclosure, and disposal of personally identifiable information by our insurance
subsidiaries are regulated at the international, federal, and state levels. Applicable laws and rules are subject to
change by legislation or administrative or judicial interpretation. We are subject to the privacy and security
provisions of federal laws including, but not limited to, the Gramm-Leach-Biley Act of 1999 (GLBA), the Health
Information Technology for Economic and Clinical Health Act (HITECH), and the Health Insurance Portability and
Accountability Act of 1996 (HIPAA). HIPAA additionally requires that we impose privacy and security requirements
on our third-party business associates. Various state laws also address the use and disclosure of personally
identifiable information, to the extent they are more restrictive than these and other federal laws. Further,
approximately half of the states have adopted a form of the National Association of Insurance Commissioners’ data
security model law, which imposes security requirements. Noncompliance with these laws, whether by us or by one
of our business associates, could have a material adverse effect on our business, reputation, and results of
operations and could result in material fines and penalties, various forms of damages, consent orders regarding our
privacy and security practices, adverse actions against our licenses to do business, and injunctive relief.
General Risk Factors
The failure to maintain effective and efficient information systems at the Company could adversely affect
our financial condition and results of operations.
Our business is highly dependent upon the internet, third-party service providers, and information systems to
operate in an efficient and resilient manner. We gather and maintain data for the purpose of conducting marketing,
actuarial analysis, sales, and policy administration functions. Our ability to modernize and maintain our information
technology systems and infrastructure requires us to commit significant resources and effective planning and
execution. This modernization includes the responsible and secure use of emerging technologies like artificial
intelligence.
Malicious third parties, employee or agent errors or disasters affecting our information systems could impair our
business operations, regulatory compliance, and financial condition. Employee or agent malfeasance or errors in
the handling of our information systems may result in unauthorized access to customer or proprietary information, or
an inability to use our information systems to efficiently support business operations. As a result of more frequent
and sophisticated cyberattacks and the highly regulated nature of the insurance industry, we must continually
implement new, and maintain existing, technology or adapt existing technology to protect against security and
privacy incidents and to meet compliance requirements of new and proposed regulations.
Any incident affecting confidential information systems resulting from the above factors could damage our reputation
in the marketplace, deter potential customers from purchasing our products, result in the loss of existing customers,
subject us to significant civil and criminal liability, constrain cash flows, or require us to incur significant technical,
legal, or other expenses. In addition, should we be unable to implement or maintain our technology effectively,
efficiently, or in a timely manner, it could result in poor customer experience, poor agent experience, additional
expenses, reputational harm, legal and regulatory actions, and other adverse consequences. This could also result
in the inability to effectively support business operations.
Changes in U.S. federal income tax law could increase our tax costs or negatively impact our insurance
subsidiaries' capital.
Changes to the Internal Revenue Code, administrative rulings, or court decisions affecting the insurance industry,
including the products insurers offer, could increase our effective tax rate and lower our net income, adversely
impact our insurance subsidiaries' capital, or limit the ability of our insurance subsidiaries to sell certain of their
products.
14
GL 2024 FORM 10-K

Damage to the brand and reputation of Globe Life or its subsidiaries could affect our ability to conduct
business.
Negative publicity through traditional media, internet, social media, and other public forums, including short seller
reports and allegations of independent agent misconduct could damage our brand or reputation, which could
adversely impact our ability to recruit and retain agents, our ability to market our products, and the persistency of in-
force policies. A reduction in the number of agents selling our products, or the rate of growth of the number of
agents selling our products may have an adverse impact on product sales and profit, and such impact may be
material.
We may fail to meet expectations relating to corporate responsibility and sustainability standards and
practices.
Certain existing or potential investors, customers and regulators evaluate our business or other practices according
to a variety of corporate responsibility and sustainability standards and expectations. Certain of our regulators have
proposed or adopted, or may propose or adopt, certain corporate responsibility and sustainability rules or standards
that would apply to our business. Our practices may be judged by these standards that are continually evolving and
not always clear. Our decisions or priorities are made with the considerations of all stakeholders. Prevailing
corporate responsibility and sustainability standards and expectations may also reflect contrasting or conflicting
values or agendas.
We may fail to meet our corporate responsibility and sustainability expectations. Failure to meet, or achieve
progress on, our expectations, on a timely basis, or at all, could adversely affect our reputation, business, financial
performance, and growth. We may face adverse regulatory, investor, customer, media, or public scrutiny leading to
business, reputational, or legal challenges. In addition, our policies, and processes to evaluate and manage these
standards in coordination with other business priorities may not prove completely effective or satisfy investors,
customers, regulators, or others.
15
GL 2024 FORM 10-K

Item 1B. Unresolved Staff Comments
As of December 31, 2024, Globe Life had no unresolved SEC staff comments.
Item 1C. Cybersecurity
Risk Management and Strategy
We have implemented a comprehensive Enterprise Risk Management (“ERM”) process to identify, assess and
manage risks related to our overall organization, including material risks from cybersecurity threats. Our ERM
process takes a holistic view of our specific risks and our strategy to anticipate and manage possible risks. Our
Executive Vice President, General Counsel and Chief Risk Officer (“CRO”) oversees our ERM program and
execution of our risk strategy, including as it relates to cyber risk. The Chief Information Security Officer ("CISO"),
who reports to the General Counsel and CRO, leads our cyber risk management and strategy and the Information
Security Department.
Our cyber risk management and information security strategy includes elements to identify threats, assess risks,
implement protective controls, detect attempts from threat actors to compromise the confidentiality, integrity, and
availability of information and information systems, respond to those events and ultimately recover from incidents.
We use a threat-based approach to identify and assess cyber risks. This approach includes membership in threat
intelligence organizations such as the FS-ISAC (Financial Services Information Sharing and Analysis Center) to
identify standard and emerging cyber-threats to financial services organizations and specifically to insurance
companies. We also monitor for threats through vendor alerts, manufacturer bulletins, and government advisories.
Identified threats are analyzed using a recognized risk assessment model to consistently assess the likelihood and
impact of these threats. We then map these threats to a well-established industry model called MITRE ATT&CK to
identify areas of vulnerability. This analysis produces a likelihood score that is used in conjunction with an impact
analysis to calculate the preliminary level of risk. The impact analysis includes factors such as disruption to
business operations, employee and customer data, legal issues, reputational harm, and regulatory compliance.
Based on the preliminary level of risk, we also analyze compensating controls and other factors to arrive at a
residual risk level. If appropriate, additional mitigations may be planned based on this risk level.
We manage identified cyber risks by designing and implementing information security policies and controls
addressing a wide range of current cyber threats. These policies and associated standards are designed to comply
with current applicable legal and regulatory requirements and align with recognized frameworks for cybersecurity
risk management. We review and update these policies and controls regularly in order to confirm ongoing alignment
with the constantly changing threat landscape and evolving compliance requirements.
We assess the effectiveness of our corporate policies and controls internally, as well as through the engagement of
external advisors to conduct regular reviews, penetration tests, and vulnerability scans of Company information
systems and applications. Results from these assessments help inform updates to risk assessments, changes to
security controls and processes, and updates to policies and standards as appropriate. We employ a variety of
internal measures to detect, prevent, and reduce the frequency and severity of cybersecurity incidents on the
Company’s infrastructure, which may include, but are not limited to, the use of encryption, intrusion prevention,
endpoint security, password protection, multi-factor authentication, internal phishing testing, security awareness
training, and vulnerability scanning and penetration testing.
In addition, cybersecurity is incorporated into our third-party risk management program. We assess the ability of our
vendors as appropriate to adequately protect information, which includes requiring agreements that address
cybersecurity. We periodically review and assess vendors’ adherence to these agreements and review for
information security (including cybersecurity) incidents experienced by our third-party vendors. With respect to our
independent sales agents, we require each agent to execute an agent agreement containing terms governing the
ownership, use and confidentiality of policyholder and proprietary information. We also engage with agency offices
to support their use of measures and safeguards to protect information.
Due to the type and volume of information that we collect and store to support our business, including to provide
insurance coverage to prospective, current and former policyholders, we are an attractive target for cyber threat
actors seeking financial gain. Our failure to maintain the safety of our policyholder’s information could have a
16
GL 2024 FORM 10-K

material adverse effect on our reputation, financial condition and results of operations. To date, we have not
experienced a cybersecurity incident that resulted in a material adverse effect on our business strategy, results of
operations, or financial condition; however, we anticipate that our systems and data will continue to face attacks or
other cybersecurity risks and there can be no guarantee that we will not experience such an incident in the future.
Although we maintain cybersecurity insurance, the costs and expenses related to cybersecurity incidents may not
be fully insured. We describe whether and how risks from identified cybersecurity threats, including as a result of
previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect us, including
our business strategy, results of operations, or financial condition under Item 1A. Risk Factors, General Risk
Factors, “The failure to maintain effective and efficient information systems at the Company could adversely affect
our financial condition and results of operations.”
Governance
Our Board of Directors considers information security to be an enterprise-wide risk management issue and
oversees material cybersecurity risks through the Audit Committee. The Audit Committee is designated with the
responsibility to monitor and periodically report to the full Board regarding management’s risk management and
information security processes. The ERM Committee and the Operational Risk Committee (“ORC”) are the senior
management-level entities designated with the responsibility to oversee the execution of our risk strategy, including
as it relates to cyber risk. These Committees are composed of an enterprise-wide representative group of the
Company’s Executive and Senior Vice Presidents, as well as other essential directors and personnel. The ERM
Committee is chaired by our CRO, and the ORC is chaired by our Chief Security Officer (“CSO”). The Chief
Information Officer (“CIO”) and CISO serve on both Committees. Our CRO has over a decade of experience
managing risks at the Company, including risks from cybersecurity threats. Our current CIO has over 15 years of
experience managing risks, including risks from cybersecurity threats. Our current CSO has a Certified Information
Systems Security Professional certification, a Certified Information Systems Auditor certification, a Certified in Risk
and Information Systems Control certification, and over 20 years of experience in cybersecurity. The CISO serves
on both Committees and leads cyber governance and strategy, as well as cyber risk and incident management. The
current CISO holds a master’s degree in cybersecurity, has a Certified Information Systems Security Professional
certification, and has over a decade of experience in cybersecurity.
The CISO assesses cyber risk and provides recommendations for management decision(s) by the ORC on a
routine basis. The CISO briefs the Audit Committee on a quarterly basis. These updates include compliance
measures designed to meet applicable regulations as well as current or planned changes to the regulations, an
overview of the current cyber threats, risk management activities, and discussions of cyber incident investigations
that warrant the attention of the Board. The CISO also provides an annual update to the entire Board of Directors on
topics such as changes in cybersecurity, top threats facing the Company, key risks and mitigation efforts, and any
potential material cybersecurity incidents. The Chair of the Audit Committee also provides a quarterly report to the
Board on any information security topics presented to the Audit Committee by management.
Incident Management
The Company maintains and tests a cybersecurity incident response plan that outlines steps for the containment,
investigation of, response to and recovery from cyber events. The plan also includes information pertaining to roles
and responsibilities, escalation, third-party support, documentation, reporting, and law enforcement engagement.
Escalation is designed to raise awareness of events that may require disclosure to help ensure assessments are
performed without unreasonable delay. In alignment with our plan, we maintain playbooks that outline processes for
responding to certain incidents commonly observed in the insurance industry. In addition, we have implemented a
formal crisis management process, which outlines an incident response communication plan with executive
leadership as well as criteria for communication with the chair of the Audit Committee and the Lead Director of the
Board.
17
GL 2024 FORM 10-K

Item 2. Properties
Globe Life Inc., through its subsidiaries, owns or leases buildings that are used in the normal course of business.
Globe Life Inc. owns and occupies approximately 480,000 combined square feet in McKinney, Texas (headquarters)
and at the Waco, Texas and Oklahoma City, Oklahoma campuses. Additionally, the Company leases other buildings
across the U.S.
Item 3. Legal Proceedings
Discussion regarding litigation and unclaimed property audits is provided in Note 5—Commitments and
Contingencies.
Item 4. Mine Safety Disclosures
Not Applicable.
18
GL 2024 FORM 10-K

Part II
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities
Market Price of and Dividends on the Registrant’s Common Equity and Related Stockholder Matters
The principal market in which Globe Life's common stock is traded is the New York Stock Exchange (NYSE: GL).
There were 1,859 shareholders of record on December 31, 2024, excluding shareholder accounts held in nominee
form.
The line graph shown below compares Globe Life's cumulative total return on its common stock with the cumulative
total returns of the Standard & Poor’s 500 Stock Index (S&P 500) and a Life Insurance Index. Globe Life's stock is
included within the S&P 500 Index.
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*
Among Globe Life Inc., the S&P 500 Index and the Life Insurance Index
Globe Life Inc.
S&P 500
S&P Life & Health Insurance
12/19
12/20
12/21
12/22
12/23
12/24
$0
$50
$100
$150
$200
$250
*$100 invested on 12/31/2019 in stock or index, including reinvestment of dividends. Fiscal year ended December 31.
Copyright© 2025 Standard & Poor's, a division of S&P Global. All rights reserved.
Purchases of Certain Equity Securities by the Issuer and affiliated purchasers for the Fourth Quarter 2024
(a)
(b)
(c)
(d)
Period
Total Number
of Shares
Purchased
Average
Price Paid
Per Share
Total Number of
Shares Purchased
as Part of
Publicly Announced
Plans or Programs
Maximum Number of
Shares (or Approximate Dollar
Amount) that May Yet Be
Purchased Under the
Plans or Programs
October 1-31, 2024....................
374,567
$
105.45
374,567
—
November 1-30, 2024................
—
—
—
—
December 1-31, 2024................
116,484
108.77
116,484
—
Item 6. [Reserved]
19
GL 2024 FORM 10-K

CAUTIONARY STATEMENTS
We caution readers regarding certain forward-looking statements contained in the foregoing discussion and
elsewhere in this document, and in any other statements made by, or on behalf of Globe Life whether or not in
future filings with the Securities and Exchange Commission. Any statement that is not a historical fact, or that might
otherwise be considered an opinion or projection concerning the Company or its business, whether express or
implied, is meant as and should be considered a forward-looking statement. Such statements represent
management's opinions concerning future operations, strategies, financial results or other developments. We
specifically disclaim any obligation to update or revise any forward-looking statement because of new information,
future developments, or otherwise.
Forward-looking statements are based upon estimates and assumptions that are subject to significant business,
economic and competitive uncertainties, many of which are beyond our control, including uncertainties related to the
impact of the recent pandemic and associated direct and indirect effects on our business operations, financial
results, and financial condition. If these estimates or assumptions prove to be incorrect, the actual results of Globe
Life may differ materially from the forward-looking statements made on the basis of such estimates or assumptions.
Whether or not actual results differ materially from forward-looking statements may depend on numerous
foreseeable and unforeseeable events or developments, which may be national in scope, related to the insurance
industry generally, or applicable to the Company specifically. Such events or developments could include, but are
not necessarily limited to:
1.
Economic and other conditions, including the continued impact of inflation, geopolitical events, and the
recent pandemic on the U.S. economy, leading to unexpected changes in lapse rates and/or sales of our
policies, as well as levels of mortality, morbidity, and utilization of health care services that differ from Globe
Life's assumptions;
2.
Regulatory developments, including changes in accounting standards or governmental regulations
(particularly those impacting taxes and changes to the Federal Medicare program that would affect
Medicare Supplement);
3.
Market trends in the senior-aged health care industry that provide alternatives to traditional Medicare (such
as Health Maintenance Organizations and other managed care or private plans) and that could affect the
sales of traditional Medicare Supplement insurance;
4.
Interest rate changes that affect product sales, financing costs, and/or investment yields;
5.
General economic, industry sector or individual debt issuers’ financial conditions (including developments
and volatility arising from geopolitical events, particularly in certain industries that may comprise part of our
investment portfolio) that may affect the current market value of securities we own, or that may impair an
issuer’s ability to make principal and/or interest payments due on those securities;
6.
Changes in the competitiveness of the Company's products and pricing;
7.
Litigation results or regulatory actions against the Company;
8.
Levels of administrative and operational efficiencies that differ from our assumptions (including any
reduction in efficiencies resulting from increased costs arising from the impact of higher than anticipated
inflation);
9.
The ability to obtain timely and appropriate premium rate increases for health insurance policies from our
regulators;
10. The customer response to new products and marketing initiatives;
11. Reported amounts in the consolidated financial statements which are based on management estimates and
judgments which may differ from the actual amounts ultimately realized;
12. Compromise by a malicious actor or other event that causes a loss of secure data from, or inaccessibility to,
our computer and other information technology systems;
13. The impact of reputational damage on the Company including the impact on the Company's ability to attract
and retain agents;
14. 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
15. 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.
20
GL 2024 FORM 10-K

Item 7. Management's Discussion and Analysis of Financial Condition and
Results of Operations
The following discussion should be read in conjunction with Globe Life's Consolidated Financial Statements and
Notes thereto appearing elsewhere in this report. The following management discussion will only include
comparison to prior year. For discussion regarding activity from 2022, please refer to the prior filed Form 10-Ks at
www.sec.gov.
"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 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
GLOBE LIFE INC.
Management's Discussion & Analysis
21
GL 2024 FORM 10-K

Current Highlights.
•
Net income as a return on equity (ROE) for the year ended December 31, 2024 was 21.7% and net
operating income as an ROE, excluding accumulated other comprehensive income(1) was 15.1%.
•
Total premium increased 5% over the same period in the prior year. Life premium increased 4% for the
period from $3.14 billion in 2023 to $3.26 billion in 2024.
•
Net investment income increased 7% over the same period in the prior year.
•
Total net sales increased 9% over the same period in the prior year from $768 million in 2023 to $840
million in 2024. The average producing agent count across all of the exclusive agencies increased 11% over
the prior year.
•
Book value per share increased 33% over the same period in the prior year from $47.10 to $62.50. Book
value per share, excluding accumulated other comprehensive income(1), increased 13% over the prior year
from $76.21 in 2023 to $86.40 in 2024.
•
For the year ended December 31, 2024, the Company repurchased 10.1 million shares of Globe Life Inc.
common stock at a total cost of $946 million for an average share price of $93.76.
The following graphs represent net income and net operating income for the three years ended December 31, 2024.
Net Income
(Dollar amounts in thousands)
$894,386
$970,755
$1,070,762
2022
2023
2024
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
Net Operating Income
(Dollar amounts in thousands)
$961,027
$1,026,644
$1,108,984
2022
2023
2024
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
(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. It differs from net income
primarily because it excludes certain non-operating items such as realized gains and losses and certain significant and unusual items
included in net income. Net income is the most directly comparable GAAP measure.
Net operating income as an ROE, excluding accumulated other comprehensive income (AOCI), is considered a non-GAAP measure.
Management utilizes this measure to view the business without the effect of changes in AOCI, which are primarily attributable to fluctuation in
interest rates. The impact of the adjustment to exclude AOCI is $(2.03) billion and $(2.77) billion for the year ended December 31, 2024 and
2023, 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 $(23.90) and $(29.11) for the year ended December 31, 2024 and 2023, respectively.
Refer to Analysis of Profitability by Segment for non-GAAP reconciliation to GAAP.
GLOBE LIFE INC.
Management's Discussion & Analysis
22
GL 2024 FORM 10-K

Summary of Operations. Net income increased 10% to $1.07 billion in 2024, compared with $971 million in 2023.
In 2023, net income increased 9% from $894 million in 2022. On a diluted per common share basis, net income per
common share for 2024 increased from $10.07 to $11.94. In 2023, net income per common share, on a diluted per
common share basis, increased 11% from $9.04 in 2022.
Net operating income increased 8% to $1.11 billion in 2024, compared with $1.03 billion in 2023, due to a 26%
increase in excess investment income as well as a 13% increase in life underwriting margin. In 2023, net operating
income increased 7% from $961 million in 2022. On a diluted per common share basis, net operating income per
common share for 2024 increased from $10.65 to $12.37, an increase of 16%. In 2023, net income per common
share, on a diluted per common share basis, increased 10% from $9.71 in 2022. 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 in 2024, 2023, and 2022 was affected by certain non-
operating items. We do not view these items as components of core operating results because they are not
indicative of past performance or future prospects of the insurance operations. We remove items such as these that
relate to prior periods or are non-operating items when evaluating the results of current operations, and therefore
exclude such items from our segment analysis for current periods.
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 (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. The policy liability is accrued as premium revenue is
recognized and adjusted for differences between actual and expected experience in the form of remeasurement
gains and losses during the period. If actual mortality, morbidity, and lapse experience equals our expected
assumptions used in the development of our liability for future policy benefits, there would be no impact to our
financial results. Actual experience can have a material impact on financial results to the extent it significantly
deviates from the expected assumptions which are used to develop our estimates of the liability for future policy
benefits and amortization of the deferred acquisition cost asset (DAC). For example, deviations in actual versus
expected lapses in the early policy years tend to have a larger impact on DAC amortization than LFPB change in
reserves. Conversely, deviations in actual versus expected lapses in the later policy years typically have a larger
impact on LFPB change in reserves than DAC amortization. This is due to the release of DAC and LFPB where
DAC capitalization in earlier years is amortizing over time and the LFPB is increasing over time as the policy stays
inforce. Disaggregated rollforwards of our present value of expected future net premiums and our expected future
policy benefits are presented within Note 6—Policy Liabilities, which include disclosure of remeasurement gain
(loss) for the effect of actual variances from expected experience and the changes in assumptions (mortality,
morbidity, and lapses) on future cash flows.
The Company performed an annual review of its assumptions in the third quarter of 2024 that resulted in favorable
changes to its mortality and lapse assumptions on life and unfavorable changes to morbidity assumptions on health.
In our life segment mortality assumptions generally decreased across most channels in line with recent experience
consistent with decreasing levels of excess deaths. Lapse rate assumptions in the life segment were slightly
increased across all channels. For the health segment, morbidity assumptions were increased, causing higher
future policy benefit reserves. The assumption review process of the life and health segments resulted in a $46.3
million net remeasurement gain for the period ended December 31, 2024 as compared to a $3.2 million net
remeasurement gain for the period ended December 31, 2023 and a $36.5 million net remeasurement loss for the
period ended December 31, 2022.
Excluding the impact of assumption changes, the Company's results for actual variances from expected experience
for both life and health produced a $57.4 million net remeasurement gain for the period ended December 31, 2024,
as compared to a $38.0 million net remeasurement gain for the period ended December 31, 2023 and a $4.6 million
net remeasurement gain for the period ended December 31, 2022.
Overall, the Company continues to see positive signs in its core operations, including sales and premium growth,
and continues to achieve an operating ROE (excluding accumulated other comprehensive income) generally in the
mid-teens.
GLOBE LIFE INC.
Management's Discussion & Analysis
23
GL 2024 FORM 10-K

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)
2024
2023
2022
2024
Change
%
2023
Change
%
Life insurance underwriting margin......... $ 1,352,597
$ 1,192,972
$ 1,129,525
$
159,625
13
$
63,447
6
Health insurance underwriting margin....
372,423
377,937
377,137
(5,514)
(1)
800
—
Excess investment income.......................
164,404
130,382
104,589
34,022
26
25,793
25
Segment profit or (loss).......................
1,889,424
1,701,291
1,611,251
188,133
11
90,040
6
Annuity and other income........................
7,636
8,800
11,757
(1,164)
(13)
(2,957)
(25)
Administrative expense............................
(342,430)
(301,161)
(299,341)
(41,269)
14
(1,820)
1
Other corporate expense..........................
(179,610)
(143,918)
(137,201)
(35,692)
25
(6,717)
5
Pre-tax total......................................
1,375,020
1,265,012
1,186,466
110,008
9
78,546
7
Applicable taxes.........................................
(266,036)
(238,368)
(225,439)
(27,668)
12
(12,929)
6
Net operating income ....................
1,108,984
1,026,644
961,027
82,340
8
65,617
7
Reconciling items, net of tax:
Realized gains (losses).......................
(19,108)
(51,884)
(60,473)
32,776
8,589
Non-operating expenses.....................
(2,070)
(3,294)
(4,196)
1,224
902
Legal proceedings................................
(17,044)
(711)
(1,972)
(16,333)
1,261
Net income ..................................... $ 1,070,762
$
970,755
$
894,386
$
100,007
10
$
76,369
9
The life insurance segment is our primary segment and is the largest contributor to earnings in each year presented.
In 2024, the life insurance segment underwriting margin increased $160 million compared with 2023. This was
primarily a result of increased premiums and favorable policy obligations as a percent of premium due to a
remeasurement gain resulting from the assumption updates in 2024. In 2023, the life insurance segment
underwriting margin increased $63 million when compared with 2022. The increase was due to increased
premiums, favorable policy obligations as a percent of premium, and a lower remeasurement loss resulting from
assumption updates in 2023. Excess investment income increased $34 million in 2024 compared with 2023,
resulting from growth in our invested assets and increased yields due to higher interest rates. In 2023, excess
investment income increased $26 million compared with 2022. In 2024, underwriting margin in the health segment
decreased to $372 million due to higher claim utilization, compared with $378 million in 2023 and $377 million in
2022.
GLOBE LIFE INC.
Management's Discussion & Analysis
24
GL 2024 FORM 10-K

In 2024, the largest contributor of total underwriting margin was the life insurance segment and the primary
distribution channel was the American Income Life Division (American Income). The following charts represent the
breakdown of total underwriting margin by operating segment and distribution channel for the year ended December
31, 2024.
2024
Total Underwriting Margin
by Segment
78%
22%
Life
Health
2024
Total Underwriting Margin
by Distribution Channel
50%
14%
17%
9%
3%
7%
American Income Life Division
Liberty National Division
Direct to Consumer Division
Family Heritage Division
United American Division
Other
Total premium income rose 5% for the year ended December 31, 2024 to $4.67 billion. Total net sales increased 9%
to $840 million, when compared with 2023. Total first-year collected premium (defined in the following section)
increased 11% to $674 million for 2024, compared to $605 million in 2023.
Life insurance premium income increased 4% to $3.26 billion over the prior-year total of $3.14 billion. Life net sales
rose 9% to $595 million for the year ended 2024. First-year collected life premium increased 8% to $455 million. Life
underwriting margin, as a percent of premium, increased to 41% for 2024 from 38% in 2023. Underwriting margin
increased to $1.35 billion in 2024, compared to $1.19 billion in 2023.
Health insurance premium income increased 7% to $1.40 billion over the prior-year total of $1.32 billion. Health net
sales rose 10% to $245 million for the year ended 2024. First-year collected health premium rose 18% to $219
million. Health underwriting margin, as a percent of premium, was 27% for 2024 and 29% for 2023. Health
underwriting margin declined to $372 million for the year ended 2024, compared to $378 million in 2023.
Excess investment income, the measure of profitability of our investment segment, increased 26% during the year
ended 2024 to $164.4 million from $130.4 million in 2023. Excess investment income per common share, reflecting
the impact of our share repurchase program and increased net investment income, increased 36% to $1.83 from
$1.35 when compared with the same period in 2023.
Insurance administrative expenses increased 14% in 2024 when compared with the prior-year period. These
expenses were 7.3% as a percent of premium during 2024 compared to 6.8% in 2023.
For the year ended December 31, 2024, the Company repurchased 10.1 million Globe Life Inc. shares at a total
cost of $946 million for an average share price of $93.76.
GLOBE LIFE INC.
Management's Discussion & Analysis
25
GL 2024 FORM 10-K

The discussions of our segments are presented in the manner we view our operations, as described in Note 15—
Business Segments.
We use three measures as indicators of premium growth and sales over the near term: “annualized premium in
force,” “net sales,” and “first-year collected premium.”
•
Annualized premium in force is defined as the premium income that would be received over the following
twelve months at any given date on all active policies if those policies remain in force throughout the twelve-
month period.
•
Net sales is calculated as annualized premium issued, net of cancellations generally in the first thirty days
after issue, except in the case of Direct to Consumer, where net sales is annualized premium issued at the
time the first full premium is paid after any introductory offer period (typically 1 month) has expired.
Management considers net sales to be a better indicator of the rate of premium growth than annualized
premium issued since annualized premium issued excludes cancellations, and 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.
Cancellations are not included in lapses.
Approximately 90% of our premiums are collected monthly; however, other premium payment options such as
quarterly and annual are offered by the Company and may be elected by the policyholder. The majority of premiums
are paid by way of automatic draft or electronic payment from our policyholders and to a lesser extent from other
payment methods such as check, credit card, and worksite payroll deduction.
Excluding our Direct to Consumer Division, we sell our policies primarily through independently contracted agents
(“agents”) who earn commissions in accordance with contracts they have with the respective insurance subsidiary
of the Company. These contract arrangements with agents cover commission structures and rates, contract periods,
credit terms for settlement of agent advance accounts, vesting rights in future renewal commissions upon
termination of contracts and responsibility for certain premium collections. Contract terms with agents vary, but
generally commissions are earned over the life of the policy as premiums are paid. Commissions are calculated on
a policy-by-policy basis and vary by product type and policy year. Commission rates are higher for the first-year
premium when a policy is issued and are generally reduced for policies that remain in effect for renewal periods
(e.g., commission rates may reduce in years 2-10 and again in year 11 and after). After a certain period (typically 10
years), commission rates become constant over the remaining life of the policy and are considered level
commissions.
See further discussion of the distribution channels below for Life and Health.
GLOBE LIFE INC.
Management's Discussion & Analysis
26
GL 2024 FORM 10-K

LIFE INSURANCE
Life insurance is the Company's predominant segment. During 2024, life premium represented 70% of total
premium and life underwriting margin represented 78% of the total underwriting margin. Additionally, investments
supporting the reserves for life products produce the majority of excess investment income attributable to the
investment segment.
The following table presents the summary of results of life insurance. Further discussion of the results by distribution
channel is included below.
Life Insurance
Summary of Results
(Dollar amounts in thousands)
2024
2023
2022
Amount
% of
Premium
Amount
% of
Premium
Amount
% of
Premium
Premium and policy charges....................... $ 3,261,347
100
$ 3,137,244
100
$ 3,027,824
100
Policy obligations...........................................
2,000,977
62
2,050,789
65
2,035,693
67
Required interest on reserves.....................
(811,147)
(25)
(772,701)
(24)
(735,688)
(24)
Net policy obligations.................................
1,189,830
37
1,278,088
41
1,300,005
43
Amortization of acquisition costs ................
356,223
11
327,426
10
298,841
10
Commission expense ...................................
159,703
5
145,678
5
140,283
5
Premium taxes...............................................
68,360
2
64,571
2
61,609
2
Non-deferred acquisition costs....................
134,634
4
128,509
4
97,561
3
Total expense..............................................
1,908,750
59
1,944,272
62
1,898,299
63
Insurance underwriting margin .............. $ 1,352,597
41
$ 1,192,972
38
$ 1,129,525
37
Net policy obligations amounted to 37% of premiums for the year ended December 31, 2024, compared to 41% in
2023, and 43% in 2022. This improvement was primarily due to the assumptions updated based upon our review of
lapses, mortality, and morbidity resulting in a remeasurement gain of $56.8 million compared to a remeasurement
loss of $2.0 million in 2023 and a remeasurement loss of $47.2 million in 2022. Refer to Note 6—Policy Liabilities for
further discussion of the Company's annual assumptions review.
The table below summarizes life underwriting margin by distribution channel for the last three years.
Life Insurance
Underwriting Margin by Distribution Channel
(Dollar amounts in thousands)
2024
2023
2022
Amount
% of
Premium
Amount
% of
Premium
Amount
% of
Premium
American Income ............................................ $
799,946
47
$
719,378
45
$
692,107
46
Direct to Consumer.........................................
281,948
29
234,893
24
213,748
22
Liberty National................................................
140,136
38
114,646
33
101,202
31
Other..................................................................
130,567
64
124,055
60
122,468
58
Total .............................................................. $
1,352,597
41
$
1,192,972
38
$
1,129,525
37
GLOBE LIFE INC.
Management's Discussion & Analysis
27
GL 2024 FORM 10-K

The following table presents Globe Life's life premium distribution channel for the last three years.
Life Insurance
Premium by Distribution Channel
(Dollar amounts in thousands)
2024
2023
2022
Amount
% of
Total
Amount
% of
Total
Amount
% of
Total
American Income........................................................ $ 1,698,209
52
$ 1,588,702
51
$ 1,505,034
50
Direct to Consumer ....................................................
988,522
30
991,406
31
985,488
32
Liberty National...........................................................
371,061
12
349,736
11
327,469
11
Other.............................................................................
203,555
6
207,400
7
209,833
7
Total ......................................................................... $ 3,261,347
100
$ 3,137,244
100
$ 3,027,824
100
Annualized life premium in force was $3.3 billion at December 31, 2024, an increase of 4% over $3.2 billion a year
earlier.
The following table presents life net sales, an indicator of new business production, by distribution channel for each
of the last three years.
Life Insurance
Net Sales by Distribution Channel
(Dollar amounts in thousands)
2024
2023
2022
Amount
% of
Total
Amount
% of
Total
Amount
% of
Total
American Income........................................................ $
381,945
64
$
322,658
59
$
316,715
59
Direct to Consumer ....................................................
106,310
18
116,454
21
125,979
24
Liberty National...........................................................
98,162
16
95,459
18
78,390
15
Other.............................................................................
8,936
2
9,701
2
9,844
2
Total ......................................................................... $
595,353
100
$
544,272
100
$
530,928
100
The table below discloses first-year collected life premium by distribution channel for the last three years.
Life Insurance
First-Year Collected Premium by Distribution Channel
(Dollar amounts in thousands)
2024
2023
2022
Amount
% of
Total
Amount
% of
Total
Amount
% of
Total
American Income........................................................ $
305,165
67
$
266,429
63
$
257,584
63
Direct to Consumer ....................................................
67,452
15
77,570
19
86,854
21
Liberty National...........................................................
74,553
16
67,618
16
56,085
14
Other.............................................................................
7,678
2
8,542
2
8,988
2
Total ......................................................................... $
454,848
100
$
420,159
100
$
409,511
100
GLOBE LIFE INC.
Management's Discussion & Analysis
28
GL 2024 FORM 10-K

A discussion of life operations by distribution channel follows.
The American Income Life Division markets to members of labor unions and other affinity groups and continues
to diversify its lead sources utilizing third-party internet vendor leads and obtaining referrals to facilitate sustainable
growth. This division is Globe Life's largest contributor of life premium of any distribution channel at 52% of the
Company's 2024 total life premium. In 2024, the average monthly life premium issued per policy was $56 as
compared to $54 in 2023. Net sales were $382 million in 2024, up from $323 million in 2023. The underwriting
margin, as a percent of premium, was 47% in 2024, up from 45% in 2023.
The average producing agent count increased 11% over the year-ago period. Over 65% of the Division's net sales
are driven by agents that have been producing for the Division for six months or more. The increase in average
producing agent count was driven by an increase in new agent recruiting along with continued improvement in new
agent retention. Sales growth in this Division, as well as within our other exclusive agencies, is generally dependent
on growth in the size of the agency force.
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.
2024
2023
2022
2024
Change
%
2023
Change
%
American Income.......................................................
11,741
10,579
9,444
1,162
11
1,135
12
American Income Life continues to focus on growing and strengthening the agency force, specifically through
emphasis on agency middle-management growth and additional agency office openings. In addition to offering
financial incentives and training opportunities, the Division has made considerable investments in information
technology, including a customer relationship management (CRM) tool for the agency force. This tool is designed to
drive productivity in lead distribution, conservation of business, manager dashboards, and new agent recruiting.
Additionally, this Division has invested in and successfully implemented technology that allows the agency force to
engage in virtual recruiting, training, and sales activity. The agents have shifted to primarily a virtual experience with
customers and have generated the vast majority of sales through virtual presentations. We find this flexibility to be
attractive to new recruits as well as a driver of sustainability for our agency force.
The Direct to Consumer Division (DTC) markets adult and juvenile life insurance through a variety of mediums,
including direct mail, insert media, and digital marketing. The different media channels support and complement one
another in the Division's efforts to provide consumer outreach.
All three channels work in an omnichannel
approach. Sales from the internet and inbound phone calls continue to outpace the activity from direct mail. DTC's
long-term growth has been fueled by consistent innovation and brand awareness. Additionally, the DTC division
provides valuable support to our agency business through brand impressions and inquires that may lead to sales in
our exclusive agency channels. New initiatives are continuously introduced to help increase response rates, issue
rates, and create a seamless customer experience. The juvenile market is an important source of sales as well as a
vehicle to reach the parent and grandparent market of juvenile policyholders, who are more likely to respond
favorably to a solicitation for life insurance.
It is also a vehicle to reach the parents and grandparents of juvenile policyholders, who are more likely to respond
favorably to a seamless customer experience solicitation for life coverage on themselves in comparison to the
general adult population. Also, future offerings to juvenile policyholders and their parents are sources of lower
acquisition-cost life insurance sales in the future.
DTC net sales declined 9% to $106 million in 2024 compared with $116 million for the same period a year ago. This
decline is due primarily to the management of costs relative to direct mail and mailing insert marketing activity as a
result of inflation related to postage, paper, and online advertising costs. While total sales have declined, the focus
has been on improving profitability and improving the underwriting margin. In 2024, DTC’s underwriting margin, as a
percent of premium, was 29% compared with 24% in 2023.
GLOBE LIFE INC.
Management's Discussion & Analysis
29
GL 2024 FORM 10-K

The Liberty National Division markets individual life insurance to middle-income household and worksite
customers. Recent investments in new sales technologies as well as recent growth in middle management within
the agency are expected to support increased sales. The underwriting margin as a percent of premium was 38% in
2024, compared with 33% in 2023. The increase is primarily attributable to increased premiums and lower policy
obligations as a percent of premium during the year compared with the same year ago period. In 2024, the average
monthly life premium issued per policy was $43 as compared to $44 in 2023. Net sales rose 3% in 2024 over the
same period in 2023 due primarily to increased agent count.
Below is the average producing agent count as of the indicated periods for the Liberty National Division. The
average producing agent count is based on the actual count at the beginning and end of each week during the year.
2024
2023
2022
2024
Change
%
2023
Change
%
Liberty National..........................................................
3,664
3,229
2,775
435
13
454
16
The Liberty National Division average producing agent count increased significantly compared with the prior-year
comparable periods. We continue to execute our long-term plan to grow this agency through expansion from small-
town markets in the Southeast to more densely populated areas with larger pools of potential agent recruits and
customers as we serve communities, regions, and cities. Continued expansion of this Division’s presence in larger
geographic cities, with less penetrated areas will help create long-term sustainable agency growth. Additionally, the
Division continues to help improve the ability of agents to develop new worksite marketing business. Systems that
have been put in place, including the addition of a CRM platform and enhanced analytical capabilities, have helped
the agents develop additional worksite marketing opportunities as well as improve the productivity of agents selling
in the individual life market. As the Division continues to gain momentum in its sales and recruiting initiatives, as well
as advances in its technology and CRM platform, the Division anticipates continued 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 $204 million of life premium income, or 6% of Globe Life's
total life premium income in 2024, and contributed 2% of net sales for the year.
HEALTH INSURANCE
Health insurance sold by the Company primarily includes Medicare Supplement insurance including retiree health
insurance business, accident coverage, and other limited-benefit supplemental health products including cancer,
critical illness, heart disease, intensive care, and other health products.
Health premium accounted for 30% of our total premium in 2024, while the health underwriting margin accounted for
22% of total underwriting margin. Health underwriting margin declined to $372 million compared to $378 million in
the prior year. While the Company continues to emphasize life insurance sales relative to health due to life’s
superior long-term profitability and its greater contribution to excess investment income, the health business
provides a significant contribution to return on equity as it does not require a substantial amount of up-front capital.
GLOBE LIFE INC.
Management's Discussion & Analysis
30
GL 2024 FORM 10-K

The following table presents the summary of health insurance results. Further discussion of the results by
distribution channel is included below.
Health Insurance
Summary of Results
(Dollar amounts in thousands)
2024
2023
2022
Amount
% of
Premium
Amount
% of
Premium
Amount
% of
Premium
Premium ............................................................ $ 1,404,925
100
$ 1,318,773
100
$ 1,282,417
100
Policy obligations .............................................
851,577
61
776,362
59
752,866
59
Required interest on reserves........................
(110,342)
(8)
(106,516)
(8)
(102,315)
(8)
Net policy obligations ...................................
741,235
53
669,846
51
650,551
51
Amortization of acquisition costs...................
52,224
3
50,598
4
48,185
4
Commission expense......................................
158,869
11
150,192
11
145,185
11
Premium taxes..................................................
28,421
2
26,440
2
24,653
2
Non-deferred acquisition costs......................
51,753
4
43,760
3
36,706
3
Total expense.................................................
1,032,502
73
940,836
71
905,280
71
Insurance underwriting margin ................ $
372,423
27
$
377,937
29
$
377,137
29
Net policy obligations amounted to 53% of premium in 2024 compared to 51% in both 2023 and 2022. This increase
was primarily due to the assumptions review of lapses and morbidity resulting in a remeasurement loss of $10.5
million compared to a remeasurement gain of $5.2 million and $10.7 million in 2023 and 2022, respectively. Refer to
Note 6—Policy Liabilities for further discussion of the Company's annual assumptions review.
The table below summarizes health underwriting margin by distribution channel for the last three years.
Health Insurance
Underwriting Margin by Distribution Channel
(Dollar amounts in thousands)
2024
2023
2022
Amount
% of
Premium
Amount
% of
Premium
Amount
% of
Premium
United American.............................................. $
47,964
8
$
57,344
11
$
62,695
12
Family Heritage................................................
146,478
34
135,691
34
124,936
34
Liberty National................................................
106,033
56
105,317
56
107,662
57
American Income ............................................
67,912
55
74,668
62
74,551
64
Direct to Consumer.........................................
4,036
6
4,917
7
7,293
10
Total .............................................................. $
372,423
27
$
377,937
29
$
377,137
29
GLOBE LIFE INC.
Management's Discussion & Analysis
31
GL 2024 FORM 10-K

The following table presents Globe Life's health premium by distribution channel for the last three years.
Health Insurance
Premium by Distribution Channel
(Dollar amounts in thousands)
2024
2023
2022
Amount
% of
Total
Amount
% of
Total
Amount
% of
Total
United American....................................................... $
591,774
42
$
545,723
42
$
539,874
42
Family Heritage ........................................................
427,654
30
396,209
30
366,820
29
Liberty National ........................................................
190,381
14
187,934
14
187,241
15
American Income.....................................................
123,123
9
120,332
9
117,353
9
Direct to Consumer..................................................
71,993
5
68,575
5
71,129
5
Total ....................................................................... $ 1,404,925
100
$ 1,318,773
100
$ 1,282,417
100
Premium related to limited-benefit supplemental health products comprise $786 million, or 56%, of the total health
premiums for 2024 compared with $743 million, or 56%, in 2023. Premium from Medicare Supplement products
comprises the remaining $619 million, or 44%, for 2024 compared with $576 million, or 44%, in 2023.
Annualized health premium in force was $1.48 billion at December 31, 2024, an increase of 7% from $1.39 billion a
year earlier.
Presented below is a table of health net sales, an indicator of new business production, by distribution channel for
each of the last three years.
Health Insurance
Net Sales by Distribution Channel
(Dollar amounts in thousands)
2024
2023
2022
Amount
% of
Total
Amount
% of
Total
Amount
% of
Total
United American.......................................................................... $
80,296
33
$
72,208
32
$
58,601
31
Family Heritage...........................................................................
105,623
43
96,093
43
82,529
43
Liberty National...........................................................................
33,001
13
33,155
15
28,916
15
American Income........................................................................
21,103
9
18,124
8
17,555
9
Direct to Consumer ....................................................................
5,004
2
3,993
2
3,825
2
Total ......................................................................................... $
245,027
100
$ 223,573
100
$
191,426
100
Health net sales related to limited-benefit supplemental health products, comprise $175 million, or 71%, of the total
health net sales for 2024 compared with $161 million, or 72%, in 2023. Medicare Supplement sales make up the
remaining $70 million, or 29%, for 2024 compared with $63 million, or 28%, in 2023.
GLOBE LIFE INC.
Management's Discussion & Analysis
32
GL 2024 FORM 10-K

The following table discloses first-year collected health premium by distribution channel for the last three years.
Health Insurance
First-Year Collected Premium by Distribution Channel
(Dollar amounts in thousands)
2024
2023
2022
Amount
% of
Total
Amount
% of
Total
Amount
% of
Total
United American......................................................................... $
87,190
40
$
66,002
36
$
64,410
39
Family Heritage ..........................................................................
79,934
36
72,362
39
60,699
36
Liberty National ..........................................................................
28,114
13
25,608
14
22,415
13
American Income.......................................................................
19,740
9
17,633
9
17,294
10
Direct to Consumer....................................................................
4,064
2
3,683
2
3,115
2
Total ......................................................................................... $
219,042
100
$
185,288
100
$
167,933
100
First-year collected premium related to limited-benefit supplemental health plans comprise $155 million, or 71% of
total first-year collected premium for 2024 compared with $133 million, or 72%, in 2023. First-year collected
premium from Medicare Supplement policies make up the remaining $64 million, or 29%, for 2024 compared with
$52 million, or 28%, in 2023.
A discussion of health operations by distribution channel follows.
The United American Division consists of non-exclusive independent agencies and brokers who may also sell for
other companies. The United American Division was Globe Life's largest health agency in terms of health premium
income, with net sales up 11% from the same period in the prior year.
This Division includes three different units:
• UA General Agency, which primarily sells individual Medicare Supplement insurance through independent
agents;
• Special Markets, which markets retiree health insurance to employer and union groups through brokers; and
• Globe Life Group Benefits, which offers group worksite supplemental health insurance through brokers.
The majority of the premium revenue comes from Medicare Supplement. Underwriting margin as a percent of
premium for the Division was 8% in 2024, declining due to increased claims utilization, 11% in 2023, and 12% in
2022.
The Family Heritage Division primarily markets individual limited-benefit supplemental health insurance in small to
medium sized businesses. Most of its policies include a cash-back feature, such as a return of premium, where any
excess of premiums over claims paid is returned to the policyholder at the end of a specified period stated within the
insurance policy. Underwriting margin as a percent of premium was 34% in 2024, the same as in 2023 and 2022.
The division experienced a 10% rise in health net sales in 2024 as compared with 2023, primarily due to an
increase in producing agents and improved agent productivity and training. The Division will continue to implement
incentive and retention programs to further increases in the number of producing agents.
The average producing agent count was up 5% compared with the same period a year ago. The Division has
recently increased efforts to grow agency middle management, which also positively impacts average producing
agent count. While growth in net sales and earned premium is impacted by agent productivity, growth in the number
of average producing agents is the primary driver of future growth in sales, similar to other exclusive agencies.
GLOBE LIFE INC.
Management's Discussion & Analysis
33
GL 2024 FORM 10-K

Below is the average producing agent count as of the indicated periods 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.
2024
2023
2022
2024
Change
%
2023
Change
%
Family Heritage..........................................................
1,399
1,334
1,210
65
5
124
10
The Liberty National Division represented 14% of all Globe Life health premium income in 2024. The Liberty
National Division markets limited-benefit supplemental health products, consisting primarily of cancer and critical
illness insurance. Much of Liberty National’s health business is generated through worksite marketing targeting
small businesses. Health premium at the Liberty National Division was $190 million in 2024 up from $188 million in
2023. Liberty National's first-year collected premium increased 10% to $28 million in 2024 compared with $26
million in 2023. Health net sales is slightly lower in 2024 as compared to 2023. Underwriting margin as a percent of
premium was 56% in 2024 and 2023.
While both the American Income Life Division and the Direct to Consumer Division sell life insurance, they also
market health products. The American Income Life Division primarily markets accident plans. The Direct to
Consumer Division primarily markets Medicare Supplements to employer or union-sponsored groups. On a
combined basis, these other channels accounted for 14% of health premium in 2024 and 2023.
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 15—Business Segments. It is
defined as net investment income less the required interest attributable to policy liabilities.
Management also views excess investment income per diluted common share as an important and useful measure
to evaluate the performance of the investment segment. It is defined as excess investment income divided by the
total diluted weighted average shares outstanding, representing the contribution by the investment segment to the
consolidated earnings per share of the Company. As excess investment income per diluted common share
incorporates all invested assets and insurance liabilities, we view excess investment income per diluted common
share as a useful measure to evaluate the investment segment.
GLOBE LIFE INC.
Management's Discussion & Analysis
34
GL 2024 FORM 10-K

Excess Investment Income. The following table summarizes Globe Life's investment income, excess investment
income, and excess investment income per diluted common share.
Analysis of Excess Investment Income
(Dollar amounts in thousands except per share data)
2024
2023
2022
Net investment income.................................................................................................. $
1,135,631
$
1,056,884
$
991,800
Interest on policy liabilities(1) ......................................................................................
(971,227)
(926,502)
(887,211)
Excess investment income .................................................................................. $
164,404
$
130,382
$
104,589
Excess investment income per diluted common share ............................... $
1.83
$
1.35
$
1.06
Mean invested assets (at amortized cost).................................................................. $ 21,337,531
$ 20,411,093
$ 19,714,027
Average insurance policy liabilities..............................................................................
17,527,857
16,772,861
16,060,240
(1) Interest on policy liabilities, at original rates, is a component of total policyholder benefits, a GAAP measure.
Excess investment income increased $34 million, or 26%, in 2024 when compared with 2023. In 2023, excess
investment income increased $26 million, or 25%, when compared with 2022. Excess investment income per diluted
common share was $1.83 during 2024, an increase of 36% over the prior-year period ended 2023. Excess
investment income per diluted common share was $1.35 during 2023, an increase of 27% over the period ended
2022. Excess investment income per diluted common share generally increases at a faster pace than excess
investment income because the number of diluted shares outstanding generally decreases from year to year as a
result of our share repurchase program.
Net investment income increased at a compound annual growth rate of 6% over the three years ending 2024.
Mean invested assets increased at a compound annual growth rate of 4% during the same period. The effective
annual yield rate earned on the fixed maturity portfolio was 5.26% in 2024, compared with 5.20% in 2023.
Generally, investment income grows at a slower rate than the assets when the yield on new investments is lower
than the yield on dispositions or the average portfolio yield. It also increases at a faster rate than the assets when
new investment yields exceed the yield on dispositions or the average portfolio yield. Investment income grew in the
current period due to the growth in invested assets and the higher yields on new investments relative to the yield on
dispositions and average portfolio yield. In addition to fixed maturities, the Company has also invested in
commercial mortgage loans and limited partnerships with debt-like characteristics that diversify risk and enhance
risk-adjusted, capital-adjusted returns on the portfolio. The earned yield on the Company's commercial mortgage
loans for the year ended December 31, 2024 was 8.04%. The earned yield on limited partnership investments for
the year ended December 31, 2024 was 8.42%. See additional information in Note 4—Investments. The following
chart presents the growth in net investment income and the growth in mean invested assets.
2024
2023
2022
Growth in net investment income .......................................................................
7.5 %
6.6 %
3.7 %
Growth in mean invested assets (at amortized cost) ......................................
4.5 %
3.5 %
4.1 %
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 December 31, 2024, we are not concerned because we do not generally intend
to sell, nor is it likely that we will be required to sell, fixed maturity investments prior to their anticipated recovery.
Required interest on insurance policy liabilities reduces excess investment income, as it is the amount of net
investment income considered by management necessary to 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 15
—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.
GLOBE LIFE INC.
Management's Discussion & Analysis
35
GL 2024 FORM 10-K

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 mandate that interest rate assumptions for a particular block of business be “locked in” for the life of that
block of business. Each calendar year, we set the original discount rate to be used to calculate the benefit reserve
liability for all insurance policies issued that year. The liability reported on the balance sheet is updated in
subsequent periods using current discount rates as of the end of the relevant reporting period with a corresponding
adjustment to Other Comprehensive Income.
The 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.
Information about interest on policy liabilities is shown in the following table.
Required Interest on Insurance Policy Liabilities
(Dollar amounts in thousands)
Required
Interest
Average Net
Insurance
Policy
Liabilities
Average
Discount
Rate(1)
2024:
Life and Health......................................................................................................... $
921,489
$ 16,502,133
5.6 %
Annuity......................................................................................................................
28,769
640,506
4.5
FHLB Funding Agreement......................................................................................
16,525
295,089
5.6
Deposit Funds ..........................................................................................................
4,444
90,129
4.9
Total......................................................................................................................... $
971,227
$ 17,527,857
5.5
Increase in 2024 ...................................................................................................
4.8 %
4.5 %
2023:
Life and Health......................................................................................................... $
879,217
$ 15,739,423
5.6 %
Annuity......................................................................................................................
38,224
861,676
4.4
FHLB Funding Agreement......................................................................................
4,536
79,036
5.7
Deposit Funds ..........................................................................................................
4,525
92,726
4.9
Total......................................................................................................................... $
926,502
$ 16,772,861
5.5
Increase in 2023 ...................................................................................................
4.4 %
4.4 %
2022:
Life and Health......................................................................................................... $
838,003
$ 14,957,728
5.6 %
Annuity......................................................................................................................
44,836
1,007,008
4.5
FHLB Funding Agreement......................................................................................
71
2,692
2.6
Deposit Funds ..........................................................................................................
4,301
92,812
4.6
Total......................................................................................................................... $
887,211
$ 16,060,240
5.5
(1) Reflects the average discount rate applicable to the current period, which is used to accrue interest on the insurance policy liabilities for each
of the years presented.
GLOBE LIFE INC.
Management's Discussion & Analysis
36
GL 2024 FORM 10-K

Realized Gains and Losses. Our life and health insurance companies collect premium income from policyholders
for the eventual payment of policyholder benefits, sometimes paid many years or even decades in the future. Since
benefits are expected to be paid in future periods, premium receipts in excess of current expenses are invested to
provide for these obligations. For this reason, we hold a significant investment portfolio as a part of our core
insurance operations. This portfolio consists primarily of high-quality fixed maturities containing an adequate yield to
provide for the cost of carrying these long-term insurance product obligations. As a result, fixed maturities are
generally held for long periods to support these obligations. Expected yields on these investments are taken into
account when setting insurance premium rates and product profitability expectations.
Despite our intent to hold fixed maturity investments for a long period of time, investments are occasionally sold,
exchanged, called, or experience a credit loss event, resulting in a realized gain or loss. Gains or losses are only
secondary to our core insurance operations of providing insurance coverage to policyholders. In a bond exchange
offer, bondholders may consent to exchange their existing bonds for another class of debt securities. The Company
also has investments in certain limited partnerships, held under the fair value option, with fair value changes
recognized in Realized gains (losses) in the Consolidated Statements of Operations.
Realized gains and losses can be significant in relation to the earnings from core insurance operations, and as a
result, can have a material positive or negative impact on net income. The significant fluctuations caused by gains
and losses can cause period-to-period trends of net income that are not indicative of historical core operating results
or predictive of the future trends of core operations. Accordingly, they have no bearing on core insurance operations
or segment results as we view operations. For these reasons, and in line with industry practice, we remove the
effects of realized gains and losses when evaluating overall insurance operating results.
The following table summarizes our tax-effected realized gains (losses) by component for each of the three years
ended December 31, 2024.
Analysis of Realized Gains (Losses), Net of Tax
(Dollar amounts in thousands, except for per share data)
Year Ended December 31,
2024
2023
2022
Amount
Per
Share
Amount
Per
Share
Amount
Per
Share
Fixed maturities:
Sales(3)..................................................................................... $
(9,290) $
(0.10) $ (59,463) $
(0.62) $ (44,792) $
(0.45)
Matured or other redemptions(1) ..........................................
155
—
(1,604)
(0.02)
19,076
0.19
Provision for credit losses.....................................................
(2,590)
(0.03)
(5,621)
(0.06)
306
—
Fair value option—change in fair value..................................
(13,206)
(0.15)
11,931
0.12
(23,189)
(0.23)
Mortgages ...................................................................................
(3,138)
(0.04)
(4,427)
(0.04)
(761)
(0.01)
Other investments......................................................................
2,319
0.03
1,415
0.02
3,699
0.04
Total realized investment gains (losses)—
investments ........................................................................
(25,750)
(0.29)
(57,769)
(0.60)
(45,661)
(0.46)
Other gains (losses)(2) ...............................................................
6,642
0.08
5,885
0.06
(14,812)
(0.15)
Total realized gains (losses) .......................................... $ (19,108) $
(0.21) $ (51,884) $
(0.54) $ (60,473) $
(0.61)
(1) During the three years ended December 31, 2024, 2023, and 2022, the Company recorded $105.6 million, $50.9 million, and $147.6 million,
respectively, of exchanges of fixed maturity securities (noncash transactions) that resulted in $0, $(1.5) million, and $1.5 million, respectively,
in realized gains (losses), net of tax.
(2) Other realized gains (losses) are primarily a result of changes in the fair value for assets held in rabbi trust.
(3) During the year ended December 31, 2023, the Company incurred a $52 million after-tax realized loss due to the disposal of holdings in
Signature Bank New York and First Republic Bank as a result of the banks entering receivership.
GLOBE LIFE INC.
Management's Discussion & Analysis
37
GL 2024 FORM 10-K

Investment Acquisitions. Globe Life's investment policy calls for investing primarily in investment grade fixed
maturities that meet our quality and yield objectives. We generally invest in securities with longer-term maturities
because they more closely match the long-term nature of our life and health policy liabilities. We believe this
strategy is appropriate since our expected future cash flows are generally stable and predictable and the likelihood
that we will need to sell invested assets to raise cash is low.
The following table summarizes selected information for fixed maturity investments. The effective annual yield
shown is based on the acquisition price and call features, if any, of the securities. For non-callable bonds, the yield
is calculated to maturity date. For callable bonds acquired at a premium, the yield is calculated to the earliest known
call date and call price after acquisition ("first call date"). For all other callable bonds, the yield is calculated to
maturity date.
Fixed Maturity Acquisitions Selected Information
(Dollar amounts in thousands)
Year Ended December 31,
2024
2023
2022
Cost of acquisitions:
Investment-grade corporate securities ............................................................... $ 1,258,203
$
967,588
$
812,697
Investment-grade municipal securities ...............................................................
94,658
572,654
599,946
Other securities.......................................................................................................
29,577
—
7,577
Total fixed maturity acquisitions(1) ............................................................... $ 1,382,438
$ 1,540,242
$ 1,420,220
Effective annual yield (one year compounded)(2).................................................
5.93%
6.13%
5.18%
Average life (in years, to next call) .........................................................................
29.4
18.0
13.5
Average life (in years, to maturity)..........................................................................
33.3
24.8
22.8
Average rating............................................................................................................
A-
A
A
(1) Fixed maturity acquisitions included unsettled trades of $3.2 million in 2024, $3.8 million in 2023, and $0 in 2022.
(2) Tax-equivalent basis, where the yield on tax-exempt securities is adjusted to produce a yield equivalent to the pretax yield on taxable
securities.
For investments in callable bonds, the actual life of the investment will depend on whether the issuer calls the
investment prior to the maturity date. Given our investments in callable bonds, the actual average life of our
investments cannot be known at the time of the investment. Absent sales and "make-whole calls," however, the
average life will not be less than the average life to next call and will not exceed the average life to maturity. Data for
both of these average life measures is provided in the above chart.
During 2024 and 2023, acquisitions consisted primarily of corporate and municipal bonds with securities spanning a
diversified range of issuers, industry sectors, and geographical regions. For the year ended December 31, 2024, we
invested primarily in the industrial, financial, and utility sectors. For the entire portfolio, the taxable equivalent
effective yield earned was 5.26%, up approximately 6 basis points from the yield in 2023. The increase in taxable
equivalent effective yield was primarily due to new purchase yields exceeding the yield on dispositions and the
average portfolio yield.
New cash flow available for investment has been primarily provided through our insurance operations, cash
received on existing investments, and proceeds from dispositions. Dispositions of fixed maturities were $1.42 billion
in 2024 and $853 million in 2023. Dispositions in 2024 included $462 million related to a coinsurance agreement to
cede a majority of annuity business to a third-party insurer. Refer to Note—1 Significant Accounting Policies for
further information.
GLOBE LIFE INC.
Management's Discussion & Analysis
38
GL 2024 FORM 10-K

In addition to the fixed maturity acquisitions, Globe Life invested in commercial mortgage loans and in other long-
term investments. Other long-term investments primarily consist of investment funds. 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)
Year Ended December 31,
2024
2023
Limited partnerships................................................................................................................................. $
238,812
$
142,308
Commercial mortgage loans...................................................................................................................
174,517
158,823
Common stock..........................................................................................................................................
19,869
10,257
Convertible notes......................................................................................................................................
2,850
3,950
Company-owned life insurance..............................................................................................................
200,000
—
Total ........................................................................................................................................................ $
636,048
$
315,338
Since fixed maturities represent such a significant portion of our investment portfolio, 89% of total amortized cost
net of allowance for credit losses at December 31, 2024, 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 December 31,
2024
2023
Average annual effective yield(1) ........................................................................................................
5.25%
5.23%
Average life, in years, to:
Next call(2) .......................................................................................................................................
15.1
14.6
Maturity(2) ........................................................................................................................................
19.3
18.6
Effective duration to:
Next call(2,3) .....................................................................................................................................
8.8
9.0
Maturity(2,3) ......................................................................................................................................
10.6
10.7
(1) 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 noncallable bonds; and
(b) based on the maturity date of all bonds, whether callable or not.
(3) Effective duration is a measure of the price sensitivity of a fixed-income security to a 1% change in interest rates.
GLOBE LIFE INC.
Management's Discussion & Analysis
39
GL 2024 FORM 10-K

Credit Risk Sensitivity. The following tables summarize certain information about the major corporate sectors and
security types held in our fixed maturity portfolio at December 31, 2024 and 2023.
Fixed Maturities by Sector
December 31, 2024
(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.................................. $
38,584
$
32
$
(7,801) $
30,815
$
2,817,161
$
49,928
$
(206,943) $ 2,660,146
15
15
Banks...............................
65,718
254
(3,506)
62,466
1,026,367
17,023
(59,795)
983,595
6
6
Other financial................
74,973
—
(14,917)
60,056
1,162,847
15,647
(146,305)
1,032,189
6
6
Total financial..............
179,275
286
(26,224)
153,337
5,006,375
82,598
(413,043)
4,675,930
27
27
Industrial
Energy .............................
44,580
—
(5,410)
39,170
1,318,501
33,825
(77,700)
1,274,626
7
7
Basic materials...............
—
—
—
—
1,147,932
20,121
(91,699)
1,076,354
6
6
Consumer, non-cyclical.
640
—
(3)
637
2,087,181
11,222
(255,241)
1,843,162
11
11
Other industrials.............
25,000
—
(4,796)
20,204
1,089,118
14,847
(108,283)
995,682
6
6
Communications............
—
—
—
—
832,355
12,085
(90,817)
753,623
4
4
Transportation ................
—
—
—
—
572,829
9,800
(38,953)
543,676
3
3
Consumer. cyclical.........
128,674
331
(28,378)
100,627
492,653
3,113
(75,592)
420,174
3
3
Technology......................
50,278
—
(2,419)
47,859
341,407
597
(67,045)
274,959
2
2
Total industrial.............
249,172
331
(41,006)
208,497
7,881,976
105,610
(805,330)
7,182,256
42
42
Utilities
58,996
22
(6,797)
52,221
2,081,366
39,716
(118,007)
2,003,075
11
12
Total corporates ..........
487,443
639
(74,027)
414,055
14,969,717
227,924
(1,336,380)
13,861,261
80
81
States, municipalities,
and political divisions:
General obligations ..........
—
—
—
—
909,765
3,695
(177,021)
736,439
5
4
Revenues...........................
—
—
—
—
2,391,136
16,967
(357,738)
2,050,365
13
12
Total states,
municipalities, and
political divisions .......
—
—
—
—
3,300,901
20,662
(534,759)
2,786,804
18
16
Other fixed maturities:
Government (U.S. and
foreign)...............................
—
—
—
—
438,636
19
(51,664)
386,991
2
2
Collateralized debt
obligations .........................
36,923
5,943
—
42,866
36,923
5,943
—
42,866
—
—
Other asset-backed
securities............................
4,754
10
—
4,764
79,237
39
(2,186)
77,090
—
1
Total fixed maturities . $
529,120
$
6,592
$
(74,027) $ 461,685
$ 18,825,414
$
254,587
$(1,924,989) $17,155,012
100
100
GLOBE LIFE INC.
Management's Discussion & Analysis
40
GL 2024 FORM 10-K

Fixed Maturities by Sector
December 31, 2023
(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 ................................... $
107,010
$
—
$
(12,472) $ 94,538
$
2,413,685
$
61,715
$ (163,455) $ 2,311,945
13
13
Banks.................................
36,906
—
(4,401)
32,505
1,327,272
25,019
(71,714)
1,280,577
7
7
Other financial..................
74,965
—
(25,255)
49,710
1,287,194
25,634
(153,171)
1,159,657
7
7
Total financial................
218,881
—
(42,128)
176,753
5,028,151
112,368
(388,340)
4,752,179
27
27
Industrial
Energy...............................
44,652
—
(7,481)
37,171
1,446,480
58,637
(62,324)
1,442,793
8
8
Basic materials.................
—
—
—
—
1,166,385
39,248
(64,501)
1,141,132
6
6
Consumer, non-cyclical..
—
—
—
—
2,096,651
32,071
(160,828)
1,967,894
11
11
Other industrials
5,185
110
—
5,295
1,101,059
32,541
(78,817)
1,054,783
6
6
Communications..............
—
—
—
—
868,131
21,006
(73,323)
815,814
4
5
Transportation..................
8,403
—
(415)
7,988
534,468
21,113
(24,649)
530,932
3
3
Consumer. cyclical ..........
136,343
—
(25,059)
111,284
515,169
4,941
(57,735)
462,375
3
3
Technology .......................
32,543
625
—
33,168
280,668
3,521
(44,670)
239,519
1
1
Total industrial...............
227,126
735
(32,955)
194,906
8,009,011
213,078
(566,847)
7,655,242
42
43
Utilities
34,698
722
(1,523)
33,897
2,017,967
73,925
(94,130)
1,997,762
11
11
Total corporates ............
480,705
1,457
(76,606)
405,556
15,055,129
399,371
(1,049,317)
14,405,183
80
81
States, municipalities, and
political divisions:
General obligations ............
—
—
—
—
887,013
8,526
(135,003)
760,536
4
4
Revenues.............................
—
—
—
—
2,409,292
38,820
(268,326)
2,179,786
13
12
Total states,
municipalities, and
political divisions .........
—
—
—
—
3,296,305
47,346
(403,329)
2,940,322
17
16
Other fixed maturities:
Government (U.S.,
municipal, and foreign)......
—
—
—
—
442,903
8
(42,654)
400,257
2
2
Collateralized debt
obligations...........................
37,110
5,036
—
42,146
37,110
5,036
—
42,146
—
—
Other asset-backed
securities .............................
11,696
—
(409)
11,287
86,352
3
(4,057)
82,298
1
1
Total fixed maturities ... $
529,511
$
6,493
$
(77,015) $458,989
$ 18,917,799
$
451,764
$(1,499,357) $17,870,206
100
100
GLOBE LIFE INC.
Management's Discussion & Analysis
41
GL 2024 FORM 10-K

Corporate securities, which consist of bonds and redeemable preferred stocks, were the largest component of the
fixed maturity portfolio as of December 31, 2024, representing 80% of amortized cost, net, and 81% of fair value.
The remainder of the portfolio is invested primarily in securities issued by the U.S. government and U.S.
municipalities. The Company holds insignificant amounts in foreign government bonds, collateralized debt
obligations, asset-backed securities, and mortgage-backed securities. Corporate securities are diversified over a
variety of industry sectors and issuers. At December 31, 2024, the total fixed maturity portfolio consisted of 1,014
issuers.
Fixed maturities had a fair value of $17.2 billion at December 31, 2024, compared with $17.9 billion at December
31, 2023. The net unrealized loss position in the fixed-maturity portfolio increased from $1.0 billion at December 31,
2023 to $1.7 billion at December 31, 2024 due to an increase in market rates during the period.
For more information about our fixed maturity portfolio by component at December 31, 2024 and December 31,
2023, 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 December 31, 2024 and December 31,
2023, 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 3 or more ratings are available and the lowest rating when 2 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 December 31, 2024
(Dollar amounts in thousands)
Amortized
Cost, net
% of
Total
Fair
Value
% of
Total
Average Composite
Quality Rating on
Amortized Cost, net
Investment grade:
AAA................................................................. $
968,220
5
$
855,165
5
AA ...................................................................
3,225,044
17
2,691,908
15
A ......................................................................
5,508,446
29
5,147,203
30
BBB+ ..............................................................
3,267,101
17
3,040,313
18
BBB.................................................................
4,087,323
22
3,799,696
22
BBB-................................................................
1,240,160
7
1,159,042
7
Total investment grade ..........................
18,296,294
97
16,693,327
97
A-
Below investment grade:
BB ...................................................................
397,823
2
349,028
2
B ......................................................................
92,176
1
67,593
1
Below B..........................................................
39,121
—
45,064
—
Total below investment grade ..............
529,120
3
461,685
3
BB-
$ 18,825,414
100
$ 17,155,012
100
Weighted average composite quality rating ......................................................................................
A-
GLOBE LIFE INC.
Management's Discussion & Analysis
42
GL 2024 FORM 10-K

Fixed Maturities by Rating
At December 31, 2023
(Dollar amounts in thousands)
Amortized
Cost, net
% of
Total
Fair
Value
% of
Total
Average Composite
Quality Rating on
Amortized Cost
Investment grade:
AAA................................................................. $
952,822
5
$
880,729
5
AA ...................................................................
3,179,618
17
2,789,626
15
A ......................................................................
5,118,085
27
4,976,280
28
BBB+ ..............................................................
3,615,102
19
3,495,898
19
BBB.................................................................
4,278,786
23
4,056,833
23
BBB-................................................................
1,243,875
6
1,211,851
7
Total investment grade ..........................
18,388,288
97
17,411,217
97
A-
Below investment grade:
BB ...................................................................
450,503
3
376,912
3
B ......................................................................
37,896
—
35,929
—
Below B..........................................................
41,112
—
46,148
—
Total below investment grade ..............
529,511
3
458,989
3
BB
$ 18,917,799
100
$ 17,870,206
100
Weighted average composite quality rating ......................................................................................
A-
The overall quality rating of the portfolio is A-, the same as of year end 2023. Fixed maturities rated BBB are 46% of
the total portfolio at December 31, 2024, down from 48% at December 31, 2023. While this ratio is high relative to
our peers, it is at its lowest level since 2007 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 December 31, 2024. Of our fixed maturity purchases, BBB securities
generally provide the Company with the best risk-adjusted, capital-adjusted returns largely due to our ability to hold
securities to maturity regardless of fluctuations in interest rates or equity markets.
An analysis of changes in our portfolio of below-investment grade fixed maturities at amortized cost, net of
allowance for credit losses is as follows:
Below-Investment Grade Fixed Maturities
(Dollar amounts in thousands)
Year Ended
December 31,
2024
2023
Balance at beginning of period ....................................................................................................... $
529,511
$
542,497
Downgrades by rating agencies........................................................................................................
101,018
117,731
Upgrades by rating agencies.............................................................................................................
(76,754)
(32,540)
Dispositions ..........................................................................................................................................
(40,907)
(95,060)
Acquisitions...........................................................................................................................................
20,292
—
Provision for credit losses ..................................................................................................................
(3,280)
(6,811)
Amortization and other........................................................................................................................
(760)
3,694
Balance at end of period ................................................................................................................... $
529,120
$
529,511
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
GLOBE LIFE INC.
Management's Discussion & Analysis
43
GL 2024 FORM 10-K

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 December 31, 2024. Globe Life invests long term
and as such, one of our key criterion in our investment process is to select issuers that are anticipated to weather
multiple financial cycles.
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.
The following table is an analysis of operating expenses for the three years ended December 31, 2024.
Operating Expenses Selected Information
(Dollar amounts in thousands)
2024
2023
2022
Amount
% of
Premium
Amount
% of
Premium
Amount
% of
Premium
Insurance administrative expenses:
Salaries............................................................................ $ 129,369
2.8
$ 119,699
2.7
$ 129,711
3.0
Other employee costs....................................................
36,176
0.8
35,905
0.8
42,319
1.0
Information technology costs........................................
80,555
1.7
64,998
1.5
55,526
1.3
Legal costs ......................................................................
30,478
0.6
15,335
0.3
12,056
0.2
Other administrative costs ............................................
65,852
1.4
65,224
1.5
59,729
1.4
Total insurance administrative expenses..................
342,430
7.3
301,161
6.8
299,341
6.9
Parent company expense................................................
12,400
10,866
11,156
Stock compensation expense .........................................
40,118
30,736
35,650
Legal proceedings.............................................................
21,575
900
2,496
Non-operating expenses..................................................
2,620
4,170
5,311
Total operating expenses, per Consolidated
Statements of Operations ............................................ $ 419,143
$ 347,833
$ 353,954
2024
2023
2022
Amount
%
Amount
%
Amount
%
Total insurance administrative expenses increase
(decrease) over prior year................................................ $
41,269
13.7
$
1,820
0.6
$
27,710
10.2
Total operating expenses increase (decrease) over
prior year.............................................................................
71,310
20.5
(6,121)
(1.7)
31,925
9.9
Total operating expenses for December 31, 2024 increased in comparison with the prior year primarily due to
increases in insurance administrative expenses as well as stock compensation and legal proceedings. Insurance
administrative expenses increased $41.3 million primarily due to higher information technology costs, legal costs
including compliance and security and employee costs, which includes salaries and other. Insurance administrative
expenses as a percent of premium were 7.3% for the year ended December 31, 2024 compared to 6.8% for the
same period in 2023.
GLOBE LIFE INC.
Management's Discussion & Analysis
44
GL 2024 FORM 10-K

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 by management quarterly, and continues indefinitely unless and until the Board
of Directors decides to suspend, terminate or modify the program. On November 18, 2024, the Board of Directors
authorized the repurchase of up to $1.8 billion under the Company's existing share repurchase program.
Management generally determines the amount of repurchases based on the amount of the excess cash flows and
other available sources after the payment of dividends to the Parent Company shareholders, general market
conditions, and other alternative uses. Since implementing our share repurchase program in 1986, we have used
$10.3 billion to repurchase Globe Life Inc. common shares after determining that the repurchases provide a greater
risk-adjusted after-tax return than other investment alternatives.
Excess cash flow at the Parent Company is primarily comprised of dividends received from the insurance
subsidiaries less interest expense paid on its debt and other limited operating activities. 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.
The following table summarizes share repurchases for each of the last three years.
Analysis of Share Purchases
(Amounts in thousands)
2024
2023
2022
Purchases with:
Shares
Amount
Shares
Amount
Shares
Amount
Excess cash flow at the Parent Company(1)....
10,086
$ 945,637
3,369
$ 380,103
3,322
$ 335,145
Option exercise proceeds...................................
501
48,026
1,080
127,155
1,103
119,493
Total .....................................................................
10,587
$ 993,663
4,449
$ 507,258
4,425
$ 454,638
(1) Excludes excise tax on the repurchase of treasury stock of $8 million in 2024, $4 million in 2023, and $0 in 2022.
During 2024, the amount of share repurchases was higher as we accelerated repurchases given favorable market
conditions and the use of additional capital raised during the year. Refer to Note 12—Debt for further details.
Throughout the remainder of this discussion, share repurchases will only refer to those made from excess cash flow
at the Parent Company and exclude anti-dilutive share repurchases related to stock options exercised.
FINANCIAL CONDITION
Liquidity. Liquidity provides Globe Life with the ability to meet on demand the cash commitments required to
support our business operations and meet our financial obligations. Our liquidity is primarily derived from multiple
sources: positive cash flow from operations, a portfolio of marketable securities, a revolving credit facility,
commercial paper, and 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. Excess cash available from the insurance subsidiaries’ operations is generally
distributed as a dividend to the Parent Company, subject to regulatory restrictions. The dividends are generally paid
in amounts equal to the subsidiaries’ prior year statutory net income excluding realized capital gains. While the
insurance subsidiaries annually generate more operating cash inflows than cash outflows, the companies also have
the entire available-for-sale fixed maturity investment portfolio available to create additional cash flows if required.
Four of our insurance subsidiaries are members of the FHLB of Dallas. FHLB membership provides the insurance
subsidiaries with access to various low-cost collateralized borrowings and funding agreements. While not the only
GLOBE LIFE INC.
Management's Discussion & Analysis
45
GL 2024 FORM 10-K

source of liquidity, the FHLB could provide the insurance subsidiaries with an additional source of liquidity, if
needed. Refer to Note 12—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.
Year Ended December 31,
(Amounts in Thousands)
Projected
2025
2024
2023
2022
Liquidity Sources:
Dividends from Subsidiaries............................................................. $
724,000
$
692,690
$
459,535
$
407,042
Excess Cash Flows(1)........................................................................
810,000
455,013
416,081
358,981
(1) Excess cash flows are reported gross of shareholder dividends. For the year ended December 31, 2024, 2023, and 2022, shareholder
dividends were $85 million, $84 million, and $81 million, respectively.
For more information on the restrictions on the payment of dividends by subsidiaries, see the Restrictions section of
Note 13—Shareholders' Equity. Although these restrictions exist, dividend availability from subsidiaries historically
has been more than sufficient for the cash flow needs of the Parent Company.
Dividends from subsidiaries and excess cash flows are projected to be higher in 2025 than in 2024 primarily due to
improved earnings from favorable mortality trends and growth in business, as well as positive impacts from lower
reserve increases under statutory accounting impacting the 2024 statutory earnings that derive the 2025 dividends.
Additional sources of liquidity for the Parent Company are cash, intercompany receivables, intercompany
borrowings, public debt markets, term loans, and a revolving credit facility. See Schedule II for more information.
The credit facility is discussed below.
Short-Term Borrowings. An additional source of Parent Company liquidity is a credit facility with a group of
lenders. The facility was amended on March 29, 2024, resulting in an increased capacity of $250 million. 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. The updated five-year credit
agreement will mature on March 29, 2029. Up to $250 million in letters of credit can be issued against the facility.
The facility serves as a back-up line of credit for a commercial paper program under which commercial paper may
be issued at any time, with total commercial paper outstanding not to exceed the facility maximum less any letters of
credit issued. Interest charged on the commercial paper program resembles variable rate debt due to its short term
nature. As of December 31, 2024, we had available $466 million of additional borrowing capacity under this facility,
compared with $316 million a year earlier. Globe Life has consistently been able to issue commercial paper as
needed during the three years ended December 31, 2024. As of December 31, 2024, 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 are issued among our insurance
subsidiaries, one of which is an offshore captive reinsurer, and have no impact on company obligations as a whole.
Any future regulatory changes that restrict the use of off-shore captive reinsurers might require Globe Life to obtain
third-party financing, which could cause an increase in financing costs. On March 29, 2023, the letters of credit were
amended to reduce the amount outstanding from $125 million to $115 million. The outstanding letters of credit
remained at $115 million at December 31, 2024.
Through internally generated cash flow and the credit facility the Parent Company expects to have readily available
funds for 2025 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, an additional short-term credit
facility, and intercompany borrowings. Refer to Note 5—Commitments and Contingencies and the discussion
surrounding the Company's obligations over the next five years. As noted above, the Parent Company had access
GLOBE LIFE INC.
Management's Discussion & Analysis
46
GL 2024 FORM 10-K

to $90 million of liquid assets available as of December 31, 2024. 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 provided from operations were $1.40 billion in 2024,
compared with $1.48 billion in 2023. The decrease is attributable to routine fluctuations in the settlement of
operating activities. In addition to cash inflows from operations, our insurance companies received proceeds from
dispositions of fixed maturities, mortgage loans, and other long-term investments in the amount of $1.52 billion in
2024. The Company sold shorter term securities and reinvested in longer term investments, extending duration and
taking advantage of higher current interest rates during the year ended December 31, 2024. As noted under the
caption Credit Facility in Note 12—Debt, the Parent Company has in place a revolving credit facility. The insurance
companies have no additional outstanding credit facilities.
Cash and short-term investments were $250 million at the end of 2024 compared with $185 million at the end of
2023. In addition to these liquid assets, $17.2 billion (fair value at December 31, 2024) of fixed income securities are
available for sale in the event of an unexpected need. Approximately $1.3 billion, at fair value, are pledged for
outstanding FHLB advances and reinsurance. Further, approximately 98% of our fixed income securities are
publicly traded, freely tradable under SEC Rule 144, or qualified for resale under SEC Rule 144A. While our fixed
income securities are classified as available for sale, we have the ability and general intent to hold any securities to
recovery or maturity. Our strong cash flows from operations, ongoing investment maturities, and available liquidity
under our credit 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.
Debt: The carrying value of the long-term debt was $2.3 billion at December 31, 2024 and $1.6 billion at December
31, 2023. A complete analysis and description of long-term debt issues outstanding is presented in Note 12—Debt.
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 Consolidated Statements of Operations.
Analysis of Financing Costs
(Dollar amounts in thousands)
2024
2023
2022
Interest on debt.................................................................................................................. $
77,258
$
72,641
$
80,481
Interest on term loan.........................................................................................................
13,823
7,684
—
Interest on short-term debt ..............................................................................................
35,979
21,958
9,875
Other....................................................................................................................................
32
33
39
Financing costs ........................................................................................................ $
127,092
$
102,316
$
90,395
In 2024, financing costs increased 24% compared with the prior year. The increase in financing costs is primarily
due to higher average balances in the current year compared to the prior year. We increased durations on
commercial paper issuances during 2024 due to market considerations. More information on our debt transactions
is disclosed in the Financial Condition section of this report and in Note 12—Debt.
Subsidiary Capital: The National Association of Insurance Commissioners (NAIC) has established a risk-based
factor approach for determining threshold risk-based capital levels for all insurance companies. This approach was
designed to assist the regulatory bodies in identifying companies that may require regulatory attention. A Risk-
Based Capital (RBC) ratio is typically determined by dividing adjusted total statutory capital by the amount of risk-
based capital determined using the NAIC’s factors. If a company’s RBC ratio approaches two times the RBC
amount, the company must file a plan with the NAIC for improving its capital levels (this level is commonly referred
to as “Company Action Level” RBC). Companies typically hold a multiple of the Company Action Level RBC
depending on their particular business needs and risk profile.
GLOBE LIFE INC.
Management's Discussion & Analysis
47
GL 2024 FORM 10-K

Our goal is to maintain statutory capital within our insurance subsidiaries at levels necessary to support our current
ratings. For 2025, Globe Life has targeted a consolidated Company Action Level RBC ratio of 300% to 320%. The
Company has concluded that this capital level is more than adequate and sufficient to support its current ratings,
given the nature of its business and its risk profile. For 2024, our consolidated Company Action Level RBC ratio is
expected to be approximately 310%. 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.
Shareholder's Equity: As noted under the caption Analysis of Share Purchases within this report, we have an
ongoing share repurchase program.
Globe Life has continually increased the quarterly dividend on its common shares over the past three years.
Year Ended December 31,
Projected
2025
2024
2023
2022
Quarterly dividend by annual year ..................................................... $
0.2700
$
0.2400
$
0.2250
$
0.2075
Shareholders’ equity was $5.3 billion at December 31, 2024. This compares to $4.5 billion at December 31, 2023,
an increase of $819 million or 18%. Shareholders' equity increased $537 million, or 14%, during 2023 from $3.9
billion in 2022.
During 2024, shareholders’ equity increased as a result of net income of $1.1 billion, but was offset by share
repurchases of $946 million and an additional $48 million in share repurchases to offset the dilution from stock
option exercises. Additionally, the balance of AOCI increased $743 million primarily due to increased interest rates
and discount rates over the period. During 2023, shareholders' equity increased as a result of net income of $971
million, but was offset by share repurchases of $380 million and an additional $127 million in share repurchases to
offset the dilution from stock option exercises. Additionally, the balance of AOCI increased $18 million due to
increased interest rates and discount rates over the period.
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,
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. Changes in the fair value of the portfolio can result from changes in market rates.
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
GLOBE LIFE INC.
Management's Discussion & Analysis
48
GL 2024 FORM 10-K

and the strong cash flows consistently generated by our insurance subsidiaries, we have the ability to hold our
securities to maturity. As such, we do not expect to incur losses due to fluctuations in market value of fixed
maturities caused by market rate changes and temporarily illiquid markets. Accordingly, our management, credit
rating agencies, lenders, many industry analysts, and certain other financial statement users prefer to remove the
effect of this accounting rule when analyzing our balance sheet, capital structure, and financial ratios.
Financial Strength Ratings. The financial strength of our major insurance subsidiaries is rated by Standard &
Poor’s and A. M. Best. The following table presents these ratings for our five largest insurance subsidiaries at
December 31, 2024.
Standard
& Poor’s
A.M.
Best
Liberty National Life Insurance Company............................................................................
AA-
A
Globe Life And Accident Insurance Company.....................................................................
AA-
A
United American Insurance Company..................................................................................
AA-
A
American Income Life Insurance Company.........................................................................
AA-
A
Family Heritage Life Insurance Company of America........................................................
NR
A
A.M. Best states that it assigns an A (Excellent) rating to insurance companies that have, in its opinion, an excellent
ability to meet their ongoing insurance obligations.
The AA financial strength rating category is assigned by Standard & Poor’s Corporation (S&P) to those insurers
which have very strong capacity to meet its financial commitments. The plus sign (+) or minus sign (-) shows the
relative standing within the major rating category.
OTHER ITEMS
Litigation. For more information concerning litigation, please refer to Note 5—Commitments and Contingencies.
CRITICAL ACCOUNTING ESTIMATES
Application of Critical Accounting Estimates. Critical accounting estimates are those estimates made in
accordance with GAAP that involve a significant level of estimation uncertainty and have had or are reasonably
likely to have a material impact on the financial condition or results of operations. The preparation of financial
statements in conformity with GAAP requires the application of accounting estimates that often involve a significant
degree of judgment. Management reviews these key estimates and assumptions used in the preparation of financial
statements on a timely basis. If management determines that modifications are necessary due to current facts and
circumstances, the Company’s results of operations and financial position as reported in the consolidated financial
statements could possibly change significantly. Information on our accounting policies is disclosed in Note 1—
Significant Accounting Policies.
Future Policy Benefits. Considerable information concerning the policies, procedures, and other relevant data
related to the valuation of our liability for future policy benefits is presented in Note 1—Significant Accounting
Policies and Note 6—Policy Liabilities.
The liability for future policy benefits for traditional and limited-payment long duration life and health products
comprises the vast majority of the total liability for future policy benefits for the Company. The liability is determined
each reporting period based on the net level premium method. This method requires the liability for future policy
benefits to be calculated as the present value of estimated future policyholder benefits and the related termination
expenses, less the present value of estimated future net premiums to be collected from policyholders.
The Company reviews, and updates as necessary, its cash flow assumptions (mortality, morbidity, and lapses) used
to calculate the change in the liability for future policy benefits at least annually. These cash flow assumptions are
reviewed at the same time every year, or more frequently, if suggested by experience. If cash flow assumptions are
GLOBE LIFE INC.
Management's Discussion & Analysis
49
GL 2024 FORM 10-K

changed, the net premium ratio is recalculated from the original issue date, or the Transition Date, using actual
experience and projected future cash flows. As cash flow assumptions are changed, the liability for future policy
benefits is adjusted with changes recognized in policyholder benefits on the Consolidated Statements of
Operations.
The following table illustrates the sensitivity of our liability for future policy benefits, including the corresponding pre-
tax impact on OCI, and net income, as of December 31, 2024, to changes in cash flow assumptions. This
information is useful in understanding the potential financial impact on our financial statements from changes in
these items and the expected impact to our liability for future policy benefits. We could experience impacts that are
more or less significant than noted in the following analysis; however the sensitivities provide insight regarding the
direction and magnitude of those potential impacts.
At December 31, 2024
(Dollar amounts in thousands)
Assumptions
Sensitivity
Future policy
benefits
OCI(1)
Net Income
Mortality
1% increase
$
40,722
$
(1,805) $
(38,917)
1% decrease
(40,993)
2,431
38,562
Morbidity
5% increase
68,461
(895)
(67,566)
5% decrease
(54,082)
185
53,897
Lapses
10% increase
(165,378)
82,937
82,441
10% decrease
176,216
(90,799)
(85,417)
(1) Represents the associated impact to OCI from updating the net premium ratio based upon the cash flow assumptions and the
remeasurement of the liability for future policy benefits using the current discount rate.
The liability for future policy benefits is discounted using a current upper-medium grade fixed-income instrument
yield that reflects the duration characteristics of the liability for future policy benefits. Accordingly, the discount rate
assumption is key in determining the change in the value of the liability for future benefits for long duration life and
health contracts. Since the liability for future policy benefits for traditional and limited-payment long duration life and
health products comprises approximately 93% of the total liability for future policy benefits, it is subject to interest
rate risk. A decrease in discount rates will cause an increase in the obligation with a corresponding change in AOCI.
The following table illustrates the interest rate sensitivity of our liability for future policy benefits as of December 31,
2024. This table measures the effect of a parallel shift in discount rates on the liability. The data measures the
change in reported value arising from an immediate change in rates in increments of 50 and 100 basis points, which
would be recorded as a component of OCI.
Value of Liability for Future Policy Benefits
(Dollar amounts in thousands)
At December 31,
Change in Discount Rates(1)
2024
(200)
$
27,004,267
(100)
22,070,140
(50)
20,129,615
0
18,457,263
50
17,006,840
100
15,741,352
200
13,651,611
(1) In basis points.
GLOBE LIFE INC.
Management's Discussion & Analysis
50
GL 2024 FORM 10-K

Deferred Acquisition Costs. Certain costs of acquiring new insurance business are deferred and recorded as an
asset. These costs are capitalized on a grouped contract basis and amortized over the expected term of the related
contracts, and are essential for the acquisition of new insurance business.
Deferred Acquisition Costs (DAC) are amortized on a constant-level basis over the expected term of the grouped
contracts, with the related expense included in amortization of deferred acquisition costs on the Consolidated
Statements of Operations. The in-force metric used to compute the DAC amortization rate is annualized premium in
force. The assumptions used to amortize acquisition costs include mortality, morbidity, and lapses, and are
consistent with those used in calculating the liability for future policy benefits.
Value of business acquired (VOBA) is amortized on a basis that is consistent with DAC, as described above, and is
subject to periodic recoverability and loss recognition testing to determine if there is a premium deficiency. These
tests evaluate whether the present value of future contract-related cash flows will support the capitalized VOBA
asset. These cash flows consist primarily of premium income, less benefits and expenses. The present value of
these cash flows, less the reserve liability, is then compared with the unamortized balance. In the event the
estimated present value of net cash flows is less, the deficiency would be recognized by a charge to earnings and
either a reduction of unamortized acquisition costs or an increase in the liability for future benefits.
Policy Claims and Other Benefits Payable. This liability consists of known benefits currently payable and an
estimate of claims that have been incurred but not yet reported to us. The estimate of unreported claims is based on
prior experience and is made after careful evaluation of all information available to us. However, the factors upon
which these estimates are based can be subject to change from historical patterns. Factors involved include the
litigation environment, regulatory mandates, and the introduction of policy types for which claim patterns are not well
established, and medical trend rates and medical cost inflation as they affect our health claims. Changes in these
estimates, if any, are reflected in the earnings of the period in which the adjustment is made. The Company
concludes that the estimates used to produce the liability for claims and other benefits, including the estimate of
unsubmitted claims, are the most appropriate under the circumstances. However, there is no certainty that the
resulting stated liability will be our ultimate obligation. At this time, we do not expect any change in this estimate to
have a material impact on earnings or financial position consistent with our historical experience. There were no
significant changes in the claims process in the current year.
Valuation of Fixed Maturities. We hold a substantial investment in high-quality fixed maturities to provide for the
funding of our future policy contractual obligations over long periods of time. While these securities are generally
expected to be held to maturity, they are classified as available for sale and are sold from time to time to maximize
risk-adjusted, capital-adjusted returns or for other general purposes. We report this portfolio at fair value. Fair value
is the price that we would expect to receive upon sale of the asset in an orderly transaction. The fair value of the
fixed maturity portfolio is primarily affected by changes in interest rates in financial markets. Because of the size of
our fixed maturity portfolio and the long average life, small changes in rates can have a significant effect on the
portfolio and the reported financial position of the Company. This impact is disclosed in 100 basis point increments
under the caption Market Risk Sensitivity in this report. However, as discussed under the caption Financial
Condition in this report, the Company regards these unrealized fluctuations in value as having no meaningful impact
on our actual financial condition and, as such, we remove them from consideration when viewing our financial
position and financial ratios.
At times, the values of our fixed maturities can also be affected by illiquidity in the financial markets. Illiquidity may
contribute to a spread widening, and accordingly to unrealized losses, on many securities that we would expect to
be fully recoverable. Even though our fixed maturity portfolio is available for sale, we have the ability and general
intent to hold the securities until maturity as a result of our strong and stable cash flows generated from our
insurance products. Considerable information concerning the policies, procedures, classification levels, and other
relevant data concerning the valuation of our fixed maturity investments is presented in Note 1—Significant
Accounting Policies and in Note 4—Investments under the captions Fair Value Measurements in both notes. There
were no significant changes in the valuation process in the current year.
Market Risk Sensitivity. Globe Life's investment securities are exposed to interest rate risk, meaning the effect of
changes in financial market interest rates on the current fair value of the Company’s investment portfolio. Since 88%
of the carrying value of our investments is attributable to fixed maturity investments and these investments are
GLOBE LIFE INC.
Management's Discussion & Analysis
51
GL 2024 FORM 10-K

predominately fixed-rate investments, the portfolio is highly subject to market risk. Declines in market interest rates
generally result in the fair value of the investment portfolio rising, and increases in interest rates cause the fair value
to decline. Under normal market conditions, we are not concerned about unrealized losses that are interest rate
driven since we would not expect to realize them. Globe Life does not generally intend to sell the securities prior to
maturity and, likely, will not be required to sell the securities prior to recovery of amortized cost. The long-term
nature of our insurance policy liabilities and strong operating cash-flow substantially mitigate any future need to
liquidate portions of the portfolio.
The following table illustrates the interest rate sensitivity of our fixed maturity portfolio at December 31, 2024. This
table measures the effect of a parallel shift in interest rates (as represented by the U.S. Treasury curve) on the fair
value of the fixed maturity portfolio. The data measures the change in fair value arising from an immediate and
sustained change in interest rates in increments of 100 basis points.
Market Value of Fixed Maturity Portfolio
(Dollar amounts in thousands)
At December 31,
Change in Interest Rates(1)
2024
(200)
$
20,877,000
(100)
18,909,000
0
17,155,000
100
15,588,000
200
14,186,000
(1) In basis points.
Investments: Allowance for Credit Losses. We continually monitor our investment portfolio for investments where
fair value has declined below carrying value to determine if a credit loss event has occurred. When a credit event
does occur, an allowance for credit loss is recorded and the corresponding provision is recognized in the
Consolidated Statements of Operations in Realized Gains or Losses. Non-credit related fluctuations in the fair value
are recorded in Other Comprehensive Income. The policies and procedures that we use to evaluate and account for
allowance for credit losses are disclosed in Note 1—Significant Accounting Policies and the discussions under the
captions Investments and Realized Gains and Losses in this report. While every effort is made to make the best
estimate of status and value with the information available regarding an allowance for credit loss, it is difficult to
predict the future prospects of a distressed or impaired security.
Defined Benefit Pension Plans. We maintain funded defined benefit plans covering most full-time employees. We
also have an unfunded nonqualified defined benefit plan covering a limited number of officers. Our obligations under
these plans are determined actuarially based on specified actuarial assumptions. In accordance with GAAP, an
expense is recorded each year as these pension obligations grow due to the increase in the service period of
employees and the interest cost associated with the passage of time. These obligations are offset, at least in part,
by the growth in value of the assets in the funded plans. At December 31, 2024, our gross liability under these plans
was $635 million, but was offset by assets of $615 million.
The actuarial assumptions used in determining our obligations/expenses for pensions include: employee mortality
and turnover, retirement age, the expected return on plan assets, projected salary increases, and the discount rate
at which future obligations could be settled. Additionally, a corridor approach is used to amortize any unrecognized
gains or losses outside the corridor (the standard 10% of the greater of plan PBO and fair value assets) and have
an amortization service period of approximately nine years. These assumptions have an important effect on the
pension obligation. A decrease in the discount rate will cause an increase in the pension obligation. A decrease in
projected salary increases will cause a decrease in this obligation. Small changes in assumptions may cause
significant differences in reported results for these plans. For example, a sensitivity analysis is presented below for
the impact of change in the discount rate and the long-term rate of return on assets assumed on our defined benefit
pension plans expense for the year 2024 and projected benefit obligation as of December 31, 2024.
GLOBE LIFE INC.
Management's Discussion & Analysis
52
GL 2024 FORM 10-K

Pension Assumptions
(Dollar amounts in thousands)
Assumption
Change(1)
Impact on
Expense
Impact on
Projected Benefit
Obligation
Discount Rate(2):
Increase.............................................................................................................
25
$
(870) $
(19,576)
Decrease...........................................................................................................
(25)
777
20,627
Expected Return(3):
Increase.............................................................................................................
25
(1,578)
—
Decrease...........................................................................................................
(25)
1,578
—
(1) In basis points.
(2) The discount rate for determining the net periodic benefit cost was 5.40% for 2024. The discount rate used for determining the projected
benefit obligation as of December 31, 2024 was 5.81%.
(3) The expected long-term return rate assumed was 7.18% at December 31, 2024, and 6.98% in the prior year. Management considers both
historical and future yields to determine the expected return.
The Company determines mortality assumptions through the use of published mortality tables that reflect broad-
based studies of mortality and published longevity improvement scales.
The criteria used to determine the primary assumptions are discussed in Note 10—Postretirement Benefits. While
we have used our best efforts to determine the most reliable assumptions, given the information available from
Company experience, economic data, independent consultants, and other sources, we cannot be certain that actual
results will be the same as expected. The assumptions are reviewed annually and revised, if necessary, based on
more current information available to us. Note 10—Postretirement Benefits also contains information about pension
plan assets, investment policies, and other related data. There were no significant changes in the assumptions in
the current year.
GLOBE LIFE INC.
Management's Discussion & Analysis
53
GL 2024 FORM 10-K

Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Information required by this item is found under the heading Market Risk Sensitivity in Item 7 of this report.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Consolidated Financial Statements Index
Page
Report of Independent Registered Public Accounting Firm (PCAOB No. 34)............................................
55
Consolidated Financial Statements: .................................................................................................................
Consolidated Balance Sheets at December 31, 2024, and 2023 ..........................................................
57
Consolidated Statements of Operations for each of the three years in the period ended
December 31, 2024 ........................................................................................................................................
58
Consolidated Statements of Comprehensive Income (Loss) for each of the three years in the
period ended December 31, 2024................................................................................................................
59
Consolidated Statements of Shareholders’ Equity for each of the three years in the period ended
December 31, 2024 ........................................................................................................................................
60
Consolidated Statements of Cash Flows for each of the three years in the period ended
December 31, 2024 ........................................................................................................................................
61
Notes to Consolidated Financial Statements..............................................................................................
62
54
GL 2024 FORM 10-K

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Directors of Globe Life Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Globe Life Inc. and subsidiaries (the
"Company") as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive
income (loss), shareholders’ equity, and cash flows, for each of the three years in the period ended December 31,
2024, and the related notes and the schedules listed in the Index at Item 15 (collectively referred to as the "financial
statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of
the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the
three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in
the United States of America.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United
States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2024, based on
criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring
Organizations of the Treadway Commission and our report dated February 26, 2025, expressed an unqualified
opinion on the Company’s internal control over financial reporting.
Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an
opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with
the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the
PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of
material misstatement of the financial statements, whether due to error or fraud, and performing procedures that
respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and
disclosures in the financial statements. Our audits also included evaluating the accounting principles used and
significant estimates made by management, as well as evaluating the overall presentation of the financial
statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current-period audit of the financial
statements that was communicated or required to be communicated to the audit committee and that (1) relates to
accounts or disclosures that are material to the financial statements and (2) involved our especially challenging,
subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion
on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below,
providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Future Policy Benefits at Current Discount Rates and Amortization of Deferred Acquisition Costs — Certain
Underlying Assumptions for Certain Products – Refer to Notes 1, 6 and 7 to the Financial Statements
Critical Audit Matter Description
The Company estimates the liability for future policy benefits based on the net level premium method, which
requires a calculation of 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
55
GL 2024 FORM 10-K

Company estimates the amortization of deferred acquisition costs on a constant-level basis over the expected term
of the grouped contracts.
The most significant assumptions used to estimate the liability for future policy benefits and amortization of deferred
acquisition costs for certain products are mortality, morbidity and lapse. The Company regularly reviews these
assumptions, which are updated as necessary in the third quarter of every year, or more frequently if suggested by
experience. The mortality, morbidity, and lapse assumptions are determined based upon Company experience and
industry data.
Given the inherent uncertainty and extent of specialized skill required in assessing the mortality, morbidity and lapse
assumptions, auditing the development of these assumptions for certain products involved especially subjective
judgment.
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to management’s judgments regarding the mortality, morbidity, and lapse assumptions
used in the development of future policy benefits and the amortization of deferred acquisition costs for certain
insurance products, included the following, among others:
•
We tested the effectiveness of controls over the development of these assumptions used in the valuation of
future policy benefits and the amortization of deferred acquisition costs for certain insurance products,
including the effectiveness of the controls over the underlying data.
•
We tested the underlying data used in the development of these assumptions as well as in the valuation of
future policy benefits and the amortization of deferred acquisition costs for certain insurance products.
•
With the assistance of our actuarial specialists, we:
◦
evaluated management’s methods, calculations and judgments regarding the development of these
assumptions used in the valuation of future policy benefits and the amortization of deferred
acquisition costs for certain products.
◦
evaluated on a sample basis, through independent calculation of future policy benefits and
amortization
of
deferred
acquisition
costs,
the
mathematical
accuracy
of
management’s
calculations, the appropriateness of valuation models, and whether these assumptions were
properly applied.
/s/ Deloitte & Touche LLP
Dallas, Texas
February 26, 2025
We have served as the Company’s auditor since 1999.
56
GL 2024 FORM 10-K

Globe Life Inc.
Consolidated Balance Sheets
(Dollar amounts in thousands, except per share data)
December 31,
2024
2023
Assets:
Investments:
Fixed maturities—available for sale, at fair value (amortized cost: 2024—$18,835,809;
2023—$18,924,914, allowance for credit losses: 2024— $10,395; 2023— $7,115)............... $
17,155,012
$
17,870,206
Mortgage loans....................................................................................................................................
396,088
279,199
Policy loans..........................................................................................................................................
699,669
657,020
Other long-term investments (includes: 2024—$986,766; 2023—$795,583 under the fair
value option) ........................................................................................................................................
1,235,759
835,878
Short-term investments......................................................................................................................
85,035
81,740
Total investments...........................................................................................................................
19,571,563
19,724,043
Cash........................................................................................................................................................
165,325
103,156
Accrued investment income................................................................................................................
269,791
270,396
Other receivables..................................................................................................................................
691,907
630,223
Deferred acquisition costs...................................................................................................................
6,495,589
6,009,477
Goodwill..................................................................................................................................................
490,446
481,791
Other assets...........................................................................................................................................
1,391,560
832,413
Total assets.................................................................................................................................... $
29,076,181
$
28,051,499
Liabilities:
Future policy benefits at current discount rates: (at original discount rates: 2024
—$17,552,564; 2023—$16,984,615) ................................................................................................ $
18,457,263
$
19,460,353
Unearned and advance premium.......................................................................................................
257,631
254,567
Policy claims and other benefits payable..........................................................................................
532,832
514,875
Other policyholders' funds...................................................................................................................
468,604
236,958
Total policy liabilities.........................................................................................................................
19,716,330
20,466,753
Current and deferred income taxes ...................................................................................................
731,255
494,639
Short-term debt .....................................................................................................................................
415,401
486,113
Long-term debt (estimated fair value: 2024—$2,122,772; 2023—$1,491,229)..........................
2,324,251
1,629,559
Other liabilities.......................................................................................................................................
583,424
487,632
Total liabilities.................................................................................................................................
23,770,661
23,564,696
Commitments and Contingencies (Note 5)
Shareholders' equity:
Preferred stock, par value $1 per share—5,000,000 shares authorized; outstanding: 0 in
2024 and 2023 ......................................................................................................................................
—
—
Common stock, par value $1 per share—320,000,000 shares authorized; outstanding:
(2024—97,218,183 issued; 2023—102,218,183 issued)...............................................................
97,218
102,218
Additional paid-in-capital......................................................................................................................
527,795
532,474
Accumulated other comprehensive income (loss)...........................................................................
(2,029,720)
(2,772,419)
Retained earnings.................................................................................................................................
8,002,521
7,478,813
Treasury stock, at cost: (2024—13,240,616 shares; 2023—8,426,854 shares).........................
(1,292,294)
(854,283)
Total shareholders' equity ............................................................................................................
5,305,520
4,486,803
Total liabilities and shareholders' equity.................................................................................... $
29,076,181
$
28,051,499
See accompanying Notes to Consolidated Financial Statements.
57
GL 2024 FORM 10-K

Globe Life Inc.
Consolidated Statements of Operations
(Dollar amounts in thousands, except per share data)
Year Ended December 31,
2024
2023
2022
Revenue:
Life premium................................................................................................................
$
3,261,347
$
3,137,244
$
3,027,824
Health premium...........................................................................................................
1,404,925
1,318,773
1,282,417
Other premium ............................................................................................................
—
—
1
Total premium........................................................................................................
4,666,272
4,456,017
4,310,242
Net investment income ..............................................................................................
1,135,631
1,056,884
991,800
Realized gains (losses)..............................................................................................
(24,188)
(65,676)
(76,548)
Other income...............................................................................................................
354
308
1,246
Total revenue.........................................................................................................
5,778,069
5,447,533
5,226,740
Benefits and expenses:
Life policyholder benefits(1).......................................................................................
2,000,977
2,050,789
2,035,693
Health policyholder benefits(2)..................................................................................
851,577
776,362
752,866
Other policyholder benefits .......................................................................................
41,889
37,100
36,875
Total policyholder benefits...................................................................................
2,894,443
2,864,251
2,825,434
Amortization of deferred acquisition costs..............................................................
410,001
379,700
348,824
Commissions, premium taxes, and non-deferred acquisition costs ...................
600,753
559,167
506,022
Other operating expense...........................................................................................
419,143
347,833
353,954
Interest expense .........................................................................................................
127,092
102,316
90,395
Total benefits and expenses ...............................................................................
4,451,432
4,253,267
4,124,629
Income before income taxes..........................................................................................
1,326,637
1,194,266
1,102,111
Income tax benefit (expense) ........................................................................................
(255,875)
(223,511)
(207,725)
Net income ............................................................................................................
$
1,070,762
$
970,755
$
894,386
Basic net income per common share ....................................................................
$
11.99
$
10.21
$
9.13
Diluted net income per common share .................................................................
$
11.94
$
10.07
$
9.04
(1) Net of total remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments,
resulting in a gain (loss) of $107.0 million, $29.4 million, and $(47.4) million for the year ended December 31, 2024, 2023, and 2022,
respectively.
(2) Net of total remeasurement, including both the impact of assumption changes and the effect of actual to expected experience adjustments,
resulting in a gain (loss) of $(3.2) million, $11.8 million, and $15.6 million for the year ended December 31, 2024, 2023, and 2022,
respectively.
See accompanying Notes to Consolidated Financial Statements.
58
GL 2024 FORM 10-K

Globe Life Inc.
Consolidated Statements of Comprehensive Income (Loss)
(Dollar amounts in thousands)
Year Ended December 31,
2024
2023
2022
Net income ....................................................................................................................... $
1,070,762
$
970,755
$
894,386
Other comprehensive income (loss):
Investments:
Unrealized gains (losses) on fixed maturities:
Unrealized holding gains (losses) arising during period......................................
(630,042)
671,211
(5,332,818)
Other reclassification adjustments included in net income.................................
3,764
80,238
32,377
Foreign exchange adjustment on fixed maturities recorded at fair value.........
3,469
(715)
1,749
Total unrealized investment gains (losses) ...........................................................
(622,809)
750,734
(5,298,692)
Less applicable tax (expense) benefit.................................................................
130,787
(157,658)
1,112,730
Unrealized gains (losses) on investments, net of tax .............................................
(492,022)
593,076
(4,185,962)
Future Policy benefits:
Change in discount rate on future policy benefits...................................................
1,567,530
(731,883)
7,021,147
Less applicable tax (expense) benefit.................................................................
(329,181)
153,696
(1,474,441)
Future policy benefit adjustments, net of tax...........................................................
1,238,349
(578,187)
5,546,706
Foreign exchange translation:
Foreign exchange translation adjustments, other than securities ........................
(33,516)
8,102
(26,494)
Less applicable tax (expense) benefit.................................................................
7,040
(1,702)
5,565
Foreign exchange translation adjustments, other than securities, net of tax......
(26,476)
6,400
(20,929)
Pension:
Amortization of pension costs.....................................................................................
474
(390)
13,754
Plan amendments.........................................................................................................
(1,212)
—
—
Experience gain (loss) .................................................................................................
29,659
(3,907)
119,055
Pension adjustments ...................................................................................................
28,921
(4,297)
132,809
Less applicable tax (expense) benefit..................................................................
(6,073)
902
(27,889)
Pension adjustments, net of tax.................................................................................
22,848
(3,395)
104,920
Other comprehensive income (loss)...............................................................................
742,699
17,894
1,444,735
Comprehensive income (loss) ......................................................................... $
1,813,461
$
988,649
$
2,339,121
See accompanying Notes to Consolidated Financial Statements.
59
GL 2024 FORM 10-K

Globe Life Inc.
Consolidated Statements of Shareholders' Equity
(Dollar amounts in thousands, except per share data)
Preferred
Stock
Common
Stock
Additional
Paid-In
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Treasury
Stock
Total
Shareholders'
Equity
Year Ended December 31, 2022
Balance at January 1, 2022 .............
—
109,218
520,564
(4,235,048)
6,455,733
(846,659)
2,003,808
Comprehensive income (loss)............
—
—
—
1,444,735
894,386
—
2,339,121
Common dividends declared
($0.83 per share)..................................
—
—
—
—
(80,956)
—
(80,956)
Acquisition of treasury stock...............
—
—
—
—
—
(454,638)
(454,638)
Stock-based compensation.................
—
—
29,119
—
(345)
6,876
35,650
Exercise of stock options.....................
—
—
—
—
(29,838)
136,430
106,592
Retirement of treasury stock...............
—
(4,000)
(20,022)
—
(344,445)
368,467
—
Balance at December 31, 2022 ....
—
105,218
529,661
(2,790,313)
6,894,535
(789,524)
3,949,577
Year Ended December 31, 2023
Balance at January 1, 2023 .............
—
105,218
529,661
(2,790,313)
6,894,535
(789,524)
3,949,577
Comprehensive income (loss)............
—
—
—
17,894
970,755
—
988,649
Common dividends declared
($0.90 per share)..................................
—
—
—
—
(85,139)
—
(85,139)
Acquisition of treasury stock...............
—
—
—
—
—
(511,100)
(511,100)
Stock-based compensation.................
—
—
18,466
—
—
12,270
30,736
Exercise of stock options.....................
—
—
—
—
(19,395)
133,475
114,080
Retirement of treasury stock...............
—
(3,000)
(15,653)
—
(281,943)
300,596
—
Balance at December 31, 2023 ....
—
102,218
532,474
(2,772,419)
7,478,813
(854,283)
4,486,803
Year Ended December 31, 2024
Balance at January 1, 2024 .............
—
102,218
532,474
(2,772,419)
7,478,813
(854,283)
4,486,803
Comprehensive income (loss)............
—
—
—
742,699
1,070,762
—
1,813,461
Common dividends declared
($0.96 per share)..................................
—
—
—
—
(84,539)
—
(84,539)
Acquisition of treasury stock...............
—
—
—
—
—
(1,002,109)
(1,002,109)
Stock-based compensation.................
—
—
22,277
—
(438)
18,279
40,118
Exercise of stock options.....................
—
—
—
—
(6,358)
58,144
51,786
Retirement of treasury stock...............
—
(5,000)
(26,956)
—
(455,719)
487,675
—
Balance at December 31, 2024 .... $
—
$
97,218
$
527,795
$
(2,029,720)
$ 8,002,521
$(1,292,294)
$
5,305,520
See accompanying Notes to Consolidated Financial Statements.
60
GL 2024 FORM 10-K

Globe Life Inc.
Consolidated Statements of Cash Flows
(Dollar amounts in thousands)
Year Ended December 31,
2024
2023
2022
Net income ........................................................................................................................ $
1,070,762
$
970,755
$
894,386
Adjustments to reconcile net income to cash provided from operations:
Increase (decrease) in future policy benefits.........................................................
731,417
834,366
759,426
Increase (decrease) in other policy benefits..........................................................
19,268
5,448
35,638
Deferral of policy acquisition costs..........................................................................
(913,544)
(850,169)
(828,943)
Amortization of deferred policy acquisition costs..................................................
410,001
379,700
348,824
Change in current and deferred income taxes ......................................................
77,930
101,448
91,835
Realized (gains) losses.............................................................................................
24,188
65,676
76,548
Other, net.....................................................................................................................
(17,582)
(24,799)
44,480
Cash provided from (used for) operating activities ...............................................
1,402,440
1,482,425
1,422,194
Cash provided from (used for) investing activities:
Investments sold or matured:
Fixed maturities available for sale—sold.................................................................
1,207,237
602,556
390,392
Fixed maturities available for sale—matured or other redemptions...................
214,442
250,652
462,002
Mortgage loans............................................................................................................
54,157
44,004
32,870
Other long-term investments.....................................................................................
43,362
151,262
50,281
Total investments sold or matured......................................................................
1,519,198
1,048,474
935,545
Acquisition of investments:
Fixed maturities—available for sale.........................................................................
(1,379,238)
(1,536,409)
(1,420,220)
Mortgage loans............................................................................................................
(174,665)
(158,823)
(77,275)
Other long-term investments.....................................................................................
(459,660)
(155,700)
(213,207)
Total investments acquired...................................................................................
(2,013,563)
(1,850,932)
(1,710,702)
Net (increase) decrease in policy loans..................................................................
(42,649)
(42,154)
(25,232)
Net (increase) decrease in short-term investments..............................................
(3,295)
32,381
(44,976)
Additions to property and equipment ......................................................................
(71,045)
(49,553)
(27,929)
Other investing activities...........................................................................................
96
—
—
Investments in low-income housing interests........................................................
(30,258)
(64,365)
(69,721)
Cash provided from (used for) investing activities ................................................
(641,516)
(926,149)
(943,015)
Cash provided from (used for) financing activities:
Issuance of common stock.............................................................................................
51,786
114,080
106,592
Cash dividends paid to shareholders...........................................................................
(85,485)
(84,116)
(80,547)
Repayment of debt..........................................................................................................
—
(165,612)
(150,000)
Proceeds from issuance of debt....................................................................................
530,000
170,000
250,492
Payment for debt issuance costs..................................................................................
(7,253)
(757)
(5,272)
Net borrowing (repayment) of commercial paper.......................................................
(13,878)
32,961
(46,289)
Proceeds from commercial paper with original maturities greater than 90 days...
484,726
—
—
Repayment of commercial paper with original maturities greater than 90 days....
(372,011)
—
—
Acquisition of treasury stock..........................................................................................
(1,002,109)
(511,100)
(454,638)
Amounts paid to reinsurer..............................................................................................
(413,779)
—
—
Net receipts (payments) from deposit-type products.................................................
112,168
(96,943)
(112,791)
Cash provided from (used for) financing activities ...............................................
(715,835)
(541,487)
(492,453)
Effect of foreign exchange rate changes on cash.........................................................
17,080
(4,192)
13,670
Net increase (decrease) in cash ......................................................................................
62,169
10,597
396
Cash at beginning of year.................................................................................................
103,156
92,559
92,163
Cash at end of year............................................................................................................ $
165,325
$
103,156
$
92,559
See accompanying Notes to Consolidated Financial Statements.
61
GL 2024 FORM 10-K

Note 1—Significant Accounting Policies
Business: (Globe Life), (the Company), refers to Globe Life Inc., an insurance holding company incorporated in
Delaware in 1979, and Globe Life Inc. subsidiaries and affiliates. Globe Life Inc.'s direct or indirect primary
subsidiaries are Globe Life And Accident Insurance Company, American Income Life Insurance Company, Liberty
National Life Insurance Company, Family Heritage Life Insurance Company of America, and United American
Insurance Company. The underwriting companies are owned by their ultimate corporate parent, Globe Life Inc.
(Parent Company).
Globe Life provides a variety of life and supplemental health insurance products and annuities to a broad base of
customers. The Company is organized into three reportable segments: life insurance, supplemental health
insurance, and investments.
Globe Life markets its insurance products through a number of distribution channels, each of which sells the
products of one or more of Globe Life's insurance segments. Our distribution channels consist of the following
exclusive agencies: American Income Life Division (American Income), Liberty National Division (Liberty National)
and Family Heritage Division (Family Heritage); an independent agency, United American Division (United
American); and our Direct to Consumer Division (DTC).
Basis of Presentation: The accompanying consolidated financial statements of Globe Life have been prepared in
conformity with accounting principles generally accepted in the United States of America (GAAP), under guidance
issued by the Financial Accounting Standards Board (FASB). The preparation of the consolidated financial
statements in conformity with GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated
financial statements and the reported amounts of revenues and expenses during the reporting period.
Use of Estimates: The preparation of the consolidated financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual results could differ from those estimates. See further
documentation in the significant accounting policies or the accompanying notes.
Principles of Consolidation: The consolidated financial statements include the results of Globe Life Inc. and its
wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
When Globe Life acquires a subsidiary or a block of business, the assets acquired and the liabilities assumed are
measured at fair value at the acquisition date. Any excess of acquisition cost over the fair value of net assets is
recorded as goodwill. Expenses incurred to effect the acquisition are charged to earnings as of the acquisition date.
Upon acquisition, the accounts and results of operations are consolidated as of and subsequent to the acquisition
date.
Investments: Globe Life classifies all of its fixed maturity investments as available for sale. Investments classified as
available for sale are carried at fair value with unrealized gains and losses, net of taxes, reflected directly in
accumulated other comprehensive income (AOCI). Income from investments is recorded in "Net investment
income" on the Consolidated Statements of Operations. Gains and losses from sales, maturities, or other
redemptions of investments are recorded in "Realized gains (losses)". Gains and losses realized on the disposition
of investments are determined on a specific identification basis. Interest income and prepayment fees are
recognized when earned. Premiums and discounts are amortized using the effective yield method. When amortized
cost of a callable debt security exceeds the first call price, the premium is amortized to the earliest call date.
Otherwise, the period of amortization or accretion generally extends from the purchase date to the maturity date.
"Policy loans", which represent loans provided to policyholders using cash values as collateral, are carried at unpaid
principal balances.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
62
GL 2024 FORM 10-K

"Mortgage loans" or commercial mortgage loans, are a type of investment where the mortgage loan is shared
among investors, are accounted for as financing receivables. The commercial mortgage loans are managed by third
parties. The Company purchased the legal rights to interests in commercial mortgage loans which are secured by
properties such as hotels, retail, multiple family, or offices. The commercial mortgage loans typically have a term of
3 years with the option to extend up to 2 years. The commercial mortgage loans are recorded at unpaid principal
balance, net of unamortized origination fees and net of allowance for loan losses. Interest income, net of the
amortization of origination fees, is recorded in "Net investment income" under the effective yield method. Our
unfunded commitment balance to the commercial loan borrowers was $22 million as of December 31, 2024.
"Other long-term investments" include investment funds, equity securities, company-owned life insurance (COLI)
and real estate. Investments in equity securities are reported at fair value with changes in fair value, net of taxes,
reflected directly in "Realized gains (losses)" in the Consolidated Statements of Operations. COLI is reported at the
cash surrender value; changes in the cash surrender value are recorded in net investment income. Investments in
real estate are reported at cost less accumulated depreciation. Depreciation is recorded on a straight-line basis over
the estimated useful life.
The investment funds consist of limited partnerships whereby the Company has a pro-rata share of ownership
ranging from less than 1% to 20%. For each investment, the Company has elected the fair value option, but would
have been otherwise accounted for as an equity method investment. The fair value option is assessed for each
individual investment at the inception of the investment.
Each limited partnership investment is evaluated under applicable GAAP to determine if it is a variable interest
entity (VIE) and would qualify for consolidation. Primary beneficiaries are required to consolidate VIEs. The
investments are not consolidated because the Company has no power to control the activities that most significantly
affect the economic performance of these entities and therefore the Company is not the primary beneficiary of any
of these interests. Globe Life's involvement is limited to its limited partnership interest in the entities. The Company
has not provided any other financial support to the entities beyond its commitments to fund its limited partnership
interests, and there are no arrangements or agreements with any of the interests to provide other financial support.
The maximum loss exposure relative to these interests is limited to their carrying value and future commitments.
The Company has approximately 2% of total assets in low-income housing tax credits and certain limited
partnerships (investment funds) that qualify as unconsolidated VIEs.
The limited partnership investments are reported at the Company's pro-rata share of the investment fund's net asset
value or its equivalent (NAV), as a practical expedient for fair value. Changes in the NAV are recorded in net income
and increase the carrying value on the balance sheet. The amount of change in NAV attributable to the net
operating results of the fund is recorded in "Net investment income" with the remaining balance of the change
reflected in "Realized gains (losses)." Distributions received from the funds reduce the carrying value. Our
maximum exposure to loss is equal to the outstanding carrying value and future funding commitments. The
Company had $239 million of capital called during the year from existing investment funds, reducing our unfunded
commitments. Our unfunded commitments were $433 million as of December 31, 2024.
"Short-term investments" include investments in interest-bearing assets with original maturities of twelve months or
less.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
63
GL 2024 FORM 10-K

Fair Value Measurements, Investments in Securities: Globe Life measures the fair value of its "fixed maturities"
based on a hierarchy consisting of three levels which indicate the quality of the fair value measurements as
described below:
•
Level 1—fair values are based on quoted prices in active markets for identical assets or liabilities
that the Company has the ability to access as of the measurement date.
•
Level 2—fair values are based on inputs other than quoted prices included in Level 1 that are
observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices
for similar assets or liabilities in active markets, quoted prices for identical or similar assets or
liabilities in markets that are not active, inputs other than quoted prices that are observable for the
asset or liability, or inputs that can otherwise be corroborated by observable market data.
•
Level 3—fair values are based on inputs that are considered unobservable where there is little, if
any, market activity for the asset or liability as of the measurement date. In this circumstance, the
Company has to rely on values derived by independent brokers or internally-developed
assumptions. Unobservable inputs are developed based on the best information available to the
Company which may include the Company’s own data or bid and ask prices in the dealer market.
Certain investments, such as investment funds, that are measured at fair value using the net asset value per share
or its equivalent, as a practical expedient, have not been classified in the fair value hierarchy. The net asset value is
provided by general partners or managers.
The great majority of Globe Life's "fixed maturities" are not actively traded and direct quotes are not generally
available. Management therefore determines the fair values of these securities after consideration of data provided
by third-party pricing services, independent broker/dealers, and other resources. At December 31, 2024, the
Company's investments in fixed maturities were primarily composed of the following significant security types:
corporate securities, state and municipal securities, U.S. government direct, guaranteed, and government-
sponsored enterprises securities. The remaining security types represented approximately 1% of the total in the
aggregate.
Approximately 98% of the fair value of "fixed maturities" reported at December 31, 2024 was determined using data
provided by third-party pricing services. Prices provided by these services are not binding offers but are estimated
exit values. Third-party pricing services use proprietary pricing models to determine security values by discounting
cash flows using a market-adjusted spread to a benchmark yield.
For all asset classes within Globe Life's significant security types, third-party pricing services use a common
valuation technique to model the price of the investments using observable market data. The foundation for these
models consists of developing yield spreads based on multiple observable market inputs, including but not limited
to: benchmark yield curves, actual trading activity, new issue yields, broker-dealer quotes, issuer spreads, two-sided
markets, benchmark securities, bids, offers, sector-specific data, economic data, and other inputs that are
corroborated in the market. Pricing vendors monitor and review their pricing data continuously with current market
and economic data feeds, augmented by ongoing communication within the dealer community.
Using the observable market inputs described above, spreads to an appropriate benchmark yield are further
developed by the vendors for each security based on security-specific and/or sector-specific risk factors, such as a
security’s terms and conditions (coupon, maturity, and call features), credit rating, sector, liquidity, collateral or other
cash flow options, and other factors that could impact the risk of the security. Embedded repayment options, such
as call and redemption features, are also taken into account in the pricing models. When the spread is determined,
it is added to the security’s benchmark yield. The security's expected cash flows are discounted using this spread-
adjusted yield, and the resulting present value of the discounted cash flows is the evaluated price.
When third-party vendor prices are not available, the Company attempts to obtain valuations from other sources,
including but not limited to broker/dealers, broker quotes, and prices on comparable securities.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
64
GL 2024 FORM 10-K

When valuations have been obtained for all securities in the portfolio, management reviews and analyzes the prices
to ensure their reasonableness, taking into account available and observable information. The Company utilizes
pricing from multiple pricing providers and applies a hierarchy of sources to determine price. When two or more
valuations are available for a security and the variance between the prices is 10% or less, the close correlation
suggests similar observable inputs were used in deriving the price, and the price is selected based on hierarchy of
pricing providers. Securities valued in this manner are classified as Level 2. When the variance between two or
more valuations for a security exceeds 10%, additional analysis is performed to evaluate the reasonableness of the
fair value using the hierarchy and upon the evaluation company may elect to use the hierarchy of pricing providers
or use additional resources such as broker quotes, prices on comparable securities, recent trades, and any other
observable market data to corroborate the pricing provider.
If fair value differences from pricing providers are
determined to be unreasonable and additional pricing resources utilizing observable market data cannot corroborate
the price within a reasonable tolerance, then the security will be classified as Level 3.
Globe Life invests in private placement fixed maturities. Private placement fixed maturities are generally not an
active market. Private placement valuations are based on observable inputs, such as the benchmark treasury rate,
published sector indices, and/or publicly traded comparables and unobservable inputs such as an internally-
developed credit ratings, public private spreads and/or private letter ratings assigned by the nationally recognized
statistical rating organizations. If observable inputs cannot be corroborated, the fair values are classified as Level 3.
Refer to Note 4—Investments under the caption Quantitative Information about Level 3 Fair Value Measurements.
The fair values for each class of security and by valuation hierarchy level are indicated in Note 4—Investments
under the caption Fair value measurements, and Note 10—Postretirement Benefits under the caption Pension
Assets.
Fair Value Measurements, Other Financial Instruments: Fair values for cash and cash equivalents, short-term
investments, short-term debt, receivables, and payables approximate carrying value. Cash and cash equivalents
are classified as Level 1. Fair values of commercial mortgage loans are determined based upon expected cash
flows discounted at an appropriate risk-adjusted rate and are classified as Level 3. The fair value of investments in
limited partnerships that provide low-income housing tax credits is based on discounted projected cash flows and
are classified as Level 3. Policy loans are an integral part of Globe Life's subsidiaries’ life insurance policies in force
and their fair values cannot be valued separately from the insurance contracts. Investment funds are based on net
asset value and are excluded from the fair value hierarchy.
The fair values of Globe Life's long and short-term debt issues are based on the same methodology as investments
in fixed maturities. At December 31, 2024, observable inputs were available for these debt securities and as such
were classified as Level 2 in the valuation hierarchy. The fair value for each debt instrument as of December 31,
2024 is disclosed in Note 12—Debt.
As described in Note 10—Postretirement Benefits, Globe Life maintains a nonqualified supplemental retirement
plan. Accordingly, the assets that support the liability for this plan are considered general assets of the Company.
These assets consist of the cash value of company-owned life insurance policies (COLI) and exchange traded
funds (ETFs). Fair values for the ETFs are derived from direct quotes and are considered Level 1 in the fair value
hierarchy.
Current Expected Credit Loss Reserve (fixed maturities): At the onset of the evaluation, the Company individually
assesses each fixed maturity, on a quarterly basis, to determine whether it intends to sell, or it is more likely than not
that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria are met,
the Company will write down the fixed maturity's amortized cost basis to fair value through "Realized gains
(losses)".
If neither of the aforementioned criteria are met, the Company will evaluate whether the decline in fair value has
resulted from a credit event. The Company will evaluate many factors, as further described below, to determine the
present value of the expected cash flows. A credit loss occurs when the present value of the expected cash flows is
less than the amortized cost basis. This will result in the recording of an allowance for credit losses as a contra
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
65
GL 2024 FORM 10-K

asset account to the amortized cost basis with an offsetting provision for credit losses in "Realized gains (losses)"
on the Consolidated Statements of Operations. Additionally, the current expected credit loss (CECL) methodology
includes a fair value floor where the allowance for credit loss for a security cannot exceed the difference between
fair value and amortized cost. When it is determined that there is not a credit loss, the decline in fair value is
recognized in Other Comprehensive Income.
All changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense.
Losses recorded to the allowance for credit losses are management's best estimate of the uncollectibility of principal
and interest of a fixed maturity.
The evaluation of Globe Life's securities for credit losses is a process that is undertaken at least quarterly and is
overseen by a team of investment and accounting professionals. The process for making this determination is highly
subjective and involves the careful consideration of many factors. The factors considered include, but are not limited
to:
•
The Company’s lack of intent to sell the debt security before recovery;
•
Whether it is more likely than not the Company will be required to sell prior to maturity;
•
The reason(s) for the credit related losses;
•
The financial condition of the issuer and the prospects for recovery in fair value of the security;
•
Expected future cash flows.
The relative weight given to each of these factors can change over time as facts and circumstances change. In
many cases, management believes it is appropriate to give more consideration to prospective factors than to
retrospective factors. Prospective factors that are given more weight include prospects for recovery, the Company’s
ability and general intent to hold the security until anticipated recovery, and expected future cash flows.
Among the facts and information considered in the process are:
•
Financial statements of the issuer;
•
Changes in credit ratings of the issuer;
•
The value of underlying collateral;
•
News and information included in press releases issued by the issuer;
•
News and information reported in the media concerning the issuer;
•
News and information published by or otherwise provided by securities, economic, or research
analysts;
•
The nature and amount of recent and expected future sources and uses of cash;
•
Default on a required payment;
•
Issuer bankruptcy filings.
The expected cash flows are determined using judgment and the best information available to the Company. Inputs
used to derive expected cash flows generally include expected default rates, current levels of subordination, and
estimated recovery rate. The discount rate utilized in the discounted cash flows is the effective interest rate, which is
the rate of return implicit in the asset at acquisition.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
66
GL 2024 FORM 10-K

Current Expected Credit Loss Reserve (mortgage loans): The Company evaluates the performance and credit
quality of the commercial mortgage loan portfolio at least on a quarterly basis, or as needed, by utilizing common
metrics such as loan-to-value or debt-service ratios as well as covenants, local market conditions, borrower quality,
and underlying collateral. The fair value of the underlying collateral is based on a third-party appraisal of the
property at origination of the loan. The fair value is assessed on an annual basis or more frequently when a loan is
materially underperforming, 30 days delinquent, or in technical default. The Company determines the probability of
estimated losses for the performing commercial mortgage loan portfolio on a pool basis each quarter and records
an allowance. The allowance for credit losses is based on estimates, historical experience, probability of loss, value
of the underlying collateral, and macro factors that affect the collectability of the loan.
If management determines that foreclosure of a particular property is probable, or determines the loan is collateral
dependent, the company may elect the practical expedient. for an individual mortgage loan to estimate the expected
credit losses, which are based on the fair value of the property less amortized cost, adjusted for selling and other
associated costs. See Note 4—Investments for current activity.
Cash: "Cash" consists of balances on hand and on deposit in banks and financial institutions.
Accrued investment income: "Accrued investment income" consists of interest income or dividends earned on the
investment portfolio, but which are yet to be received as of the balance sheet date. The Company will write off
accrued investment income that is deemed to be uncollectible related to the fixed maturities.
"Accrued investment income" also consists of interest income earned on the commercial mortgage loan portfolio,
but which is yet to be received as of the balance sheet date. Accrued investment income will be placed in non-
accrual status at the time the loan is 90 days delinquent or otherwise deemed to be uncollectible by management.
Accrued investment income that is deemed to be uncollectible will be written off. As of December 31, 2024, the
accrued interest receivable for commercial mortgage loans was $4.2 million. Mortgage loans generally pay interest
monthly, therefore accrued interest is typically for a period of less than 30 days.
As a practical expedient, the Company excludes the accrued investment income from the amortized cost basis of
the investment and separately reports it in another financial statement line item, "Accrued investment income."
Accordingly, the amount will be excluded from disclosures within Note 4—Investments.
Other Receivables: Agent debit balances primarily represent commissions advanced to insurance agents, a
common industry practice. Generally, commissions are paid to an agent when due over the life of a policy as
premiums are paid. However, some agents may qualify to have their commissions (primarily first-year commissions)
paid in advance of when the commissions are earned. To the extent an advance is made, we will generally advance
up to 65% of first year commissions. This creates an agent debit balance which is classified within “Other
receivables”. These balances are repaid to the Company over time, generally one year, as the premiums associated
with the advanced commissions are collected by the Company and a portion of the agents' commissions on such
premiums are retained in order to repay the balances. If an agent has an agent debit balance with the Company,
commissions earned by that agent are generally first applied to reduce the amounts owed to the Company. Any
excess will be paid to the agent in cash. The balances were $542 million at December 31, 2024 and $501 million at
December 31, 2023. When an agent sells a policy, commissions are advanced to the agent, and the collection of
the advance is made as long as the policy stays in force. While there is a susceptibility to loss should an agent
terminate or excessive policy lapses occur, the ability of the Company to continue to collect an agent's commission
streams over time from prior sales of policies reduces the Company's exposure to loss.
Commissions are earned by the agent over the contract period as long as premium is paid by the policyholder and
the policy stays in force. As the commissions are earned by the agent and commission expense is incurred by the
Company the agent debit balance is reduced. The portion of commission expense incurred related to non-level
commissions is deferred and recorded as “Deferred acquisition cost.” The portion of level commission is recognized
as an expense within “Commissions, premium taxes, and non-deferred acquisition costs.”
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
67
GL 2024 FORM 10-K

The Company has a very low inherent risk with regard to the collection of agent debit balances and views these
balances as recoverable since they are, in aggregate, less than the estimated present value of future commissions
discounted at a conservative rate which includes assumptions for lapses and mortality. The Company’s security, or
collateral, is in the form of future commission streams collected over the life of the policies sold by the respective
agents, which ultimately revert to the Company in the event an agent is terminated. The Company evaluated the
agent debit balances on a pool basis to determine the allowance for credit losses, as the loans have similar
characteristics. A provision for credit losses will be recorded in "Realized gains (losses)" on the Consolidated
Statements of Operations and the asset balance will be reflected in agent debit balances, net of allowance for credit
losses ("Other receivables"). As of December 31, 2024 and 2023, the allowance for credit losses was $1.4 million
and $1.2 million, respectively.
Deferred Acquisition Costs: Certain costs of acquiring new insurance business are deferred and recorded as an
asset. These costs are capitalized on a grouped contract basis and amortized over the expected term of the related
contracts, and are essential for the acquisition of new insurance business. Deferred acquisition costs (DAC) are
directly related to the successful issuance of an insurance contract, and primarily include sales commissions, policy
issue costs, direct to consumer advertising costs, and underwriting costs. Additionally, DAC includes the value of
business acquired (VOBA), which are the costs of acquiring blocks of insurance from other companies or through
the acquisition of other companies. These costs represent the difference between the fair value of the contractual
insurance assets acquired and liabilities assumed, compared against the assets and liabilities for insurance
contracts that the company issues or holds measured in accordance with GAAP.
DAC is amortized on a constant-level basis over the expected term of the grouped contracts, with the related
expense included in amortization of deferred acquisition costs on the Consolidated Statements of Operations. The
in-force metric used to compute the DAC amortization rate is annualized premium in force. The assumptions used
to amortize acquisition costs include mortality, morbidity, and lapses. These assumptions are reviewed at least
annually and revised in conjunction with any change in the future policy benefit assumptions. The effect of changes
in the assumptions are recognized over the remaining expected contract term as a revision of future amortization
amounts.
VOBA is amortized on a basis that is consistent with DAC, as described above, and is subject to periodic
recoverability and loss recognition testing to determine if there is a premium deficiency. These tests evaluate
whether the present value of future contract-related cash flows will support the capitalized VOBA asset. These cash
flows consist primarily of premium income, less benefits and expenses. The present value of these cash flows, less
the liability for future policy benefits, is then compared with the unamortized balance. In the event the estimated
present value of net cash flows is less, the deficiency would be recognized by a charge to earnings and either a
reduction of unamortized acquisition costs or an increase in the liability for future policy benefits. Refer to Note 7—
DAC.
Advertising Costs: Costs related to advertising are generally charged to expense as incurred. However, certain
Direct to Consumer advertising costs are capitalized when there is a reliable and demonstrated relationship
between total costs and future benefits that is a direct result of incurring these costs. Advertising costs consist
primarily of internet advertising costs and the production and distribution costs of direct mail advertising materials,
and when capitalized are included as a component of DAC. Additionally, they are amortized in the same manner as
other DAC. Advertising costs charged to earnings and included in commissions, premium taxes, and non-deferred
acquisition costs were $15.7 million, $19.2 million, and $9.4 million in 2024, 2023, and 2022, respectively.
Unamortized capitalized advertising costs included within DAC were $1.6 billion at December 31, 2024 and $1.6
billion at December 31, 2023.
Goodwill: The excess cost of a business acquired over the fair value of net assets acquired is reported as goodwill.
In accordance with the guidance, goodwill is subject to impairment testing on an annual basis, or whenever potential
impairment triggers occur. Impairment testing involves the performance of a qualitative analysis, which involves
assessing current events and circumstances to determine if it is more likely than not that the fair value of a reporting
unit is less than its carrying amount. In the event the fair value is less than the carrying value, further testing is
required to determine the amount of impairment, if any. If there is an impairment in the goodwill of any reporting unit,
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
68
GL 2024 FORM 10-K

it is written down and charged to earnings in the period of the test. Globe Life tests its goodwill annually as of June
30th for each of the years 2022 through 2024. The Company's goodwill was not impaired in any of those periods.
The Company completed the acquisition of Evry Health during 2024 resulting in an increase in goodwill of $8.7
million.
Low-Income Housing Tax Credit Interests: Globe Life invests in limited partnerships that provide low-income
housing tax credits and other related federal income tax benefits to the Company. Globe Life holds passive interests
in limited partnerships that provide investment returns through the provision of tax benefits (principally from the
transfer of federal or state tax credits related to federal low-income housing). These investments are considered to
be VIEs and do not qualify for consolidation. The carrying value of the Company's investment in these entities was
$270 million and $267 million at December 31, 2024 and 2023, respectively, and was included in "Other assets" on
the Consolidated Balance Sheets. As of December 31, 2024, Globe Life was obligated under future commitments of
$76 million, which are recorded in "Other liabilities." For guaranteed investments acquired prior to January 1, 2015,
the Company utilizes the effective-yield method of amortization, while the proportional method of amortization is
utilized for all non-guaranteed and guaranteed investments acquired on or after January 1, 2015. All net
amortization expense and income tax benefits are recorded in "Income tax benefit (expense)" on the Consolidated
Statements of Operations.
Property and Equipment: Property and equipment, included in “Other assets,” is reported at cost less accumulated
depreciation. Depreciation is recorded primarily on the straight line method over the estimated useful lives of these
assets which range from three to fifteen years for equipment and software, and fifteen to forty years for buildings
and improvements. Ordinary maintenance and repairs are charged to income as incurred. Impairments, if any, are
recorded when certain events and circumstances become evident that the fair value of the asset is less than its
carrying amount. Original cost of property and equipment was $527 million at December 31, 2024 and $455 million
at December 31, 2023. Accumulated depreciation was $242 million at the end of 2024 and $215 million at the end of
2023. Depreciation expense was $27 million in 2024, $21 million in 2023, and $21 million in 2022. Internally
generated software costs are expensed as incurred in the preliminary project phase and post-implementation
phase, and are capitalized during the application development stage. Additionally, implementation costs incurred in
a hosting arrangement that is a service contract are capitalized. See below for a breakout of the net balance by
asset class for the year ended December 31, 2024 and 2023:
Year Ended December 31,
2024
2023
Property and equipment, net of accumulated depreciation:
Company occupied real estate................................................................................................ $
36,656
$
32,566
Data processing equipment.....................................................................................................
219,614
198,150
Transportation equipment........................................................................................................
26,346
7,405
Furniture and equipment..........................................................................................................
1,656
1,776
Total property and equipment, net of depreciation ................................................................. $
284,272
$
239,897
Future Policy Benefits: The liability for future policy benefits for traditional and limited-payment long duration life and
health products comprises approximately 93% of the total liability for future policy benefits. The liability is
determined each reporting period based on the net level premium method. This method requires the liability for
future policy benefits be calculated as the present value of estimated future policyholder benefits and the related
termination expenses, less the present value of estimated future net premiums to be collected from policyholders.
Net level premiums reflect a recomputed net premium ratio using actual experience since the issue date or January
1, 2021, the Transition Date(1), and expected future experience. The liability is accrued as premium revenue is
recognized and adjusted for differences between actual and expected experience. Long-duration insurance
contracts issued by the Company are grouped into cohorts based on the contract issue year, distribution channel,
legal entity, and product type.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
69
GL 2024 FORM 10-K
(1) On January 1, 2023, the Company adopted ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the
Accounting for Long-Duration Contracts (ASU 2018-12) on a modified retrospective basis as the transition date (Transition Date) of January
1, 2021.

Both the present value of expected future benefit payments and the present value of expected future net premiums
are based primarily on assumptions of discount rates, mortality, morbidity, and lapses. Each quarter, the Company
remeasures its liability for future policy benefits using current discount rates with the effect of the change recognized
in Other Comprehensive Income, a component of shareholders’ equity. In addition, the Company recognizes a
liability remeasurement gain or loss within the Consolidated Statements of Operations using original discount rates,
and relating to actual experience under the net premium calculation, as compared to the prior reporting period
assumptions.
The Company regularly reviews its cash flow assumptions (mortality, morbidity, and lapses) used to calculate the
change in the liability for future policy benefits. These cash flow assumptions are updated as necessary in the third
quarter of every year, or more frequently if suggested by experience. If cash flow assumptions are changed, the net
premium ratio is recalculated from the original issue date, or the Transition Date, using actual experience and
projected future cash flows. When the expected future net premiums exceed the expected future gross premiums
(capping), or the present value of future policyholder benefits exceeds the present value of expected future gross
premiums (flooring), the liability for future policy benefits is adjusted with changes recognized in policyholder
benefits on the Consolidated Statements of Operations. The cash flow assumptions do not include an adjustment
for adverse deviation. Mortality tables used for individual life insurance include various industry tables and reflect
modifications based on Company experience. Morbidity assumptions for individual health are based on Company
experience and industry data. Lapse assumptions are based on Company experience.
The liability for future policy benefits is discounted as noted above, using a current upper-medium grade fixed-
income instrument yield that reflects the duration characteristics of the liability for future policy benefits. The
methodology for determining current discount rates consists of constructing a discount rate curve intended to be
reflective of the currency and tenor of the insurance liability cash flows. The methodology is designed to prioritize
observable inputs based on market data available in the local debt markets denominated in the same currency as
the policies. For the discount rates applicable to tenors for which the single-A debt market is not liquid or there is
little or no observable market data, the Company will use estimation techniques consistent with the fair value
guidance in ASC 820. We further accrete interest as a component of policyholder benefits using the original
discount rate that is locked-in during the year of contract issuance. The original discount rates (or the locked-in
discount rates) are used for interest accretion purposes and for the determination of net premiums, whereas the
current discount rates are used for purposes of valuing the liability.
The liability for future policy benefits for annuity and interest sensitive life-type products is represented by policy
account value. For limited-payment contracts, a deferred profit liability is also recorded, with changes recognized in
income over the life of the contract in proportion to the amount of insurance in force. Refer to Note 6—Policy
Liabilities.
Reinsurance: In the normal course of business, Globe Life insurance subsidiaries will enter into reinsurance
agreements to limit their exposure to the risk of loss as well as enhance their capital position. To qualify for
reinsurance accounting in accordance with applicable guidance, the assuming company (reinsurer) must have the
“reasonable possibility” that it may realize a “significant loss.” In instances where the ceding company does not
transfer significant insurance risk to the reinsurer, deposit accounting is utilized. Any risk charges payable related to
reinsurance agreements where deposit accounting is applicable are recorded as an Other Liability. Any balances
due to the Company under the terms of the reinsurance agreement are recorded as a reinsurance recoverable
within Other Assets on the Consolidated Balance Sheets. Any ceding commission due to the Company under the
terms of the reinsurance agreement are recorded in income over the remaining life of the ceding contracts.
In the fourth quarter of 2024, the Company entered into a coinsurance agreement to cede a majority of its annuity
business to a third-party insurer. The annuity reserves ceded totaled $462 million. The pre-tax ceding commission
under the agreement was approximately $50 million and will be recognized into income over the remaining life of
the ceded contracts. Amounts paid to the reinsurer upon entering into the coinsurance agreement were $413
million, which are reflected as a cash outflow within financing activities in the Consolidated Statement of Cash
Flows. The underlying policies ceded are deposit-type contracts and the coinsurance agreement transfers only
timing risk to the reinsurer. Net amounts paid to the reinsurer and reimbursements for losses after inception of the
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
70
GL 2024 FORM 10-K

coinsurance agreement are reported as financing activities within "Net receipts (payments) from deposit-type
products". Under the terms of the agreement, the assuming company will be required to maintain assets in trust at
105% of reserves. The Company's annuity business comprises less than 1% of revenue and is not core to the
Company's business, therefore we have adjusted our segment reporting to reflect the annuity business as a
reconciling item to income before taxes in the segment reporting in this Form 10-K. Prior periods presented have
been recast for comparability.
Unearned and Advanced Premium: Premium collected from both life and health policies that have not been earned
and recognized in accordance with applicable GAAP. Refer to Recognition of Premium Revenue below.
Policy Claims and Other Benefits Payable: Globe Life establishes a liability for known policy benefits payable and
an estimate of claims that have been incurred but not yet reported to the Company. Globe Life makes an estimate of
unreported claims after careful evaluation of all information available to the Company. This estimate is based on
prior experience and is reviewed quarterly. However, there is no certainty the stated liability for claims and other
benefits, including the estimate of unsubmitted claims, will be Globe Life's ultimate obligation. For more information,
see Note 8—Liability for Unpaid Claims.
Current and Deferred Income Taxes: Current and deferred income taxes are accounted for under the asset and
liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to
differences between the consolidated financial statement book values and tax bases of assets and liabilities.
Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the
years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax
assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
Postretirement Benefits: Globe Life accounts for its postretirement defined benefit plans by recognizing the funded
status of those plans on its Consolidated Balance Sheets in accordance with accounting guidance. Periodic gains
and losses attributable to changes in plan assets and liabilities that are not recognized as components of net
periodic benefit costs are recognized as components of other comprehensive income, net of tax. The supplemental
executive retirement plan is accounted for consistent with the qualified noncontributory pension plan. The assets are
included in a Rabbi Trust and recorded in Other Assets on the Consolidated Balance Sheets. More information
concerning the accounting and disclosures for postretirement benefits is found in Note 10—Postretirement Benefits.
Treasury Stock: Globe Life accounts for purchases of treasury stock on the cost method. Issuance of treasury stock
is accounted for using the weighted-average cost method. More information is found in Note 13—Shareholders'
Equity.
Recognition of Premium Revenue: Premium income for traditional long-duration life and health insurance products
is recognized evenly over the contract period and when due from the policyholder. Premiums for short-duration
health contracts are recognized as revenue over the contract period in proportion to the insurance protection
provided. Premiums for universal life-type and annuity contracts are added to the policy account value, and
revenues for such products are recognized as charges to the policy account value for mortality, administration, and
surrenders (retrospective deposit method). Life premium includes policy charges of $12.3 million, $12.9 million, and
$13.5 million for the years ended December 31, 2024, 2023, and 2022, respectively. Other premium consists of
annuity policy charges in each year. For limited-payment life insurance products, the profits are recognized over the
contract period.
Commission, premium taxes, and non-deferred acquisition costs: Commissions represent commission-related
amounts that are not deferred. Premium taxes are taxes incurred on premiums written within a state jurisdiction.
Non-deferred acquisition costs relate to expenses incurred in the selling or issuing of business which are non-
deferrable.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
71
GL 2024 FORM 10-K

2024
2023
2022
Commissions.................................................................................................................. $
317,576
$
295,877
$
285,477
Premium taxes...............................................................................................................
96,790
91,021
86,278
Non-deferred acquisition costs....................................................................................
186,387
172,269
134,267
Total............................................................................................................................... $
600,753
$
559,167
$
506,022
Stock-Based Compensation: Globe Life accounts for stock-based compensation by recognizing an expense in the
consolidated financial statements based on the “fair value method.” The fair value method requires that a fair value
be assigned to a stock option or other stock grant on its grant date and that this value be amortized over the
grantees’ service period.
The fair value method requires the use of an option valuation model to value employee stock options. Globe Life
has elected to use the Black-Scholes valuation model for option expensing.
A summary of assumptions for options granted in each of the three years 2022 through 2024 is as follows:
2024
2023
2022
Volatility factor ..........................................................................................................................
22.0 %
23.0 %
22.3 %
Dividend yield ...........................................................................................................................
0.7 %
0.7 %
0.8 %
Expected term (in years).........................................................................................................
5.10
5.10
5.12
Risk-free rate............................................................................................................................
4.3 %
4.1 %
1.9 %
The expected term is generally derived from Company experience. However, expected terms are determined based
on the simplified method as permitted under the ASC 718, Stock Compensation, topic when Company experience is
insufficient. On April 26, 2018, the shareholders approved the Globe Life Inc. 2018 Incentive Plan, formerly the
Torchmark Corporation 2018 Incentive Plan (the "2018 Incentive Plan"). The 2018 Incentive Plan replaced all
previous plans. The 2018 Incentive Plan allows for option grants for employees with a seven-year contractual term
which vest over three years in addition to ten-year grants which vest over five years as permitted by the previous
plans. Director grants vest over six months. Volatility and risk-free interest rates are assumed over a period of time
consistent with the expected term of the option. Volatility is measured on a historical basis. Monthly data points are
utilized to derive volatility for periods three years and longer. Expected dividend yield is based on current dividend
yield held constant over the expected term. Once the fair value of an option has been determined, it is amortized on
a straight-line basis over the employee’s service period for that grant (from the grant date to the date the grant is
fully vested). Expenses for restricted stock and restricted stock units are based on the grant date fair value allocated
on a straight-line basis over the service period. Performance share expense is recognized based on management’s
estimate of the probability of meeting the metrics identified in the performance share award agreement, assigned to
each service period as these estimates develop.
Stock-based compensation expense is included in “Other operating expense” in the Consolidated Statements of
Operations. Globe Life management views all stock-based compensation expense as part of insurance
administration expense and, therefore, presents as such in its segment analysis. More information concerning the
Company's segments is provided in Note 15—Business Segments.
Earnings per Share: Globe Life presents basic and diluted earnings per common share (EPS) on the face of the
Consolidated Statements of Operations for income from operations. Basic EPS is computed by dividing income
available to common shareholders by the weighted average common shares outstanding for the period. Diluted
EPS is calculated by adding to shares outstanding the additional net effect of potentially dilutive securities or
contracts, such as stock options, which could be exercised or converted into common shares. For more information
on earnings per share, see Note 13—Shareholders' Equity.
Accounting Pronouncements Adopted in the Current Year: ASU No. 2022-03, Fair Value Measurement (Topic 820):
Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, adds disclosure requirements
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
72
GL 2024 FORM 10-K

specific to equity securities subject to contractual sale restrictions. The disclosures clarify the nature of the
contractual sale as well as the duration of the restriction and the circumstances that could cause a lapse in the
restriction.
This standard is effective for the Company for fiscal years beginning on January 1, 2024 and interim periods within
those fiscal years. The adoption of this standard did not have a material impact on the consolidated financial
statements.
ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, adds
disclosure requirements to segment expenses, improving the financial reporting of the entity’s overall performance
and assessment of future cash flows. The disclosures required more detailed information related to the entity’s
reportable segments.
This standard is effective for the Company for annual periods beginning on January 1, 2024 and for interim periods
beginning on January 1, 2025, and was implemented on a retrospective basis. Refer to Note 15—Business
Segments for further discussion of the Company's segments.
Accounting Pronouncements Yet to be Adopted: ASU No. 2023-09, Income Taxes (Topic 740): Improvements to
Income Tax Disclosures, adds disclosure requirements to disaggregate information related to the effective tax rate
reconciliation and information on income taxes paid. The disclosures will enhance the assessment of the entity’s
operations and related tax risks.
This standard is effective for the Company for annual periods beginning on January 1, 2025, and will be
implemented on a prospective basis. The Company does not expect the standard will have a material impact on the
consolidated financial statements.
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. The Company is
evaluating the standard.
Note 2—Statutory Accounting
Our U.S. based life insurance subsidiaries of Globe Life are required to file statutory financial statements with state
insurance regulatory authorities. Accounting principles used to prepare these statutory financial statements differ
from GAAP. Consolidated net income and shareholders’ equity (capital and surplus) on a statutory basis for the
insurance subsidiaries were as follows:
Net Income
Shareholders’ Equity
Year Ended December 31,
At December 31,
2024
2023
2022
2024
2023
Life insurance subsidiaries .......................... $
688,665
$
434,952
$
444,294
$
1,690,663
$
1,660,104
The excess, if any, of shareholders' equity of the insurance subsidiaries on a GAAP basis over that determined on a
statutory basis is not available for distribution by the insurance subsidiaries to the Parent Company without
regulatory approval. Insurance subsidiaries’ statutory capital and surplus necessary to satisfy regulatory
requirements in the aggregate was $627 million at December 31, 2024. More information on the restrictions on the
payment of dividends can be found in Note 13—Shareholders' Equity.
The Company's statutory financial statements are presented on the basis of accounting practices prescribed by the
insurance department of the state of domicile of each insurance subsidiary. While all states have adopted the
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
73
GL 2024 FORM 10-K

National Association of Insurance Commissioners’ ("NAIC") statutory accounting practices ("NAIC SAP") as the
basis for statutory accounting, certain states have retained prescribed practices of their respective insurance code
or administrative code which can differ from NAIC SAP. For Globe Life's life insurance companies, there are no
significant differences between NAIC SAP and the accounting practices prescribed by the states of domicile.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
74
GL 2024 FORM 10-K

Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive Income
Components of Accumulated Other Comprehensive Income: An analysis of the change in balance by component of
Accumulated Other Comprehensive Income is as follows for each of the years 2022 through 2024:
Available
for Sale
Assets
Future
Policy
Benefits
Foreign
Exchange
Pension
Adjustments
Total
For the year ended December 31, 2022:
Balance at January 1, 2022.................................. $ 2,765,290
$ (6,915,910) $
19,248
$
(103,676) $ (4,235,048)
Other comprehensive income (loss) before
reclassifications, net of tax....................................
(4,211,540)
5,546,706
(20,929)
94,055
1,408,292
Reclassifications, net of tax ..................................
25,578
—
—
10,865
36,443
Other comprehensive income (loss)....................
(4,185,962)
5,546,706
(20,929)
104,920
1,444,735
Balance at December 31, 2022 ..............................
(1,420,672)
(1,369,204)
(1,681)
1,244
(2,790,313)
For the year ended December 31, 2023:
Other comprehensive income (loss) before
reclassifications, net of tax....................................
529,688
(578,187)
6,400
(3,087)
(45,186)
Reclassifications, net of tax ..................................
63,388
—
—
(308)
63,080
Other comprehensive income (loss)....................
593,076
(578,187)
6,400
(3,395)
17,894
Balance at December 31, 2023 ..............................
(827,596)
(1,947,391)
4,719
(2,151)
(2,772,419)
For the year ended December 31, 2024:
Other comprehensive income (loss) before
reclassifications, net of tax....................................
(494,996)
1,238,349
(26,476)
22,474
739,351
Reclassifications, net of tax ..................................
2,974
—
—
374
3,348
Other comprehensive income (loss)....................
(492,022)
1,238,349
(26,476)
22,848
742,699
Balance at December 31, 2024 .............................. $ (1,319,618) $
(709,042) $
(21,757) $
20,697
$ (2,029,720)
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
75
GL 2024 FORM 10-K

Reclassification adjustments: Reclassification adjustments out of Accumulated Other Comprehensive Income are
presented below for the three years ended December 31, 2024.
Year Ended December 31,
Affected line items in the
Statement of Operations
Component Line Item
2024
2023
2022
Unrealized investment (gains) losses on
available for sale assets:
Realized (gains) losses..............................................
$
14,843
$ 84,416
$ 32,165
Realized (gains) losses
Amortization of (discount) premium.........................
(11,079)
(4,178)
212
Net investment income
Total before tax..........................................................
3,764
80,238
32,377
Tax...............................................................................
(790)
(16,850)
(6,799) Income taxes
Total after-tax..........................................................
2,974
63,388
25,578
Pension adjustments:
Amortization of prior service cost.............................
1,071
1,075
1,077
Other operating expense
Amortization of actuarial (gain) loss.........................
(597)
(1,465)
12,677
Other operating expense
Total before tax..........................................................
474
(390)
13,754
Tax...............................................................................
(100)
82
(2,889) Income taxes
Total after-tax..........................................................
374
(308)
10,865
Total reclassification (after-tax) ..............................
$
3,348
$ 63,080
$ 36,443
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
76
GL 2024 FORM 10-K

Note 4—Investments
Portfolio Composition: Summaries of fixed maturities available for sale by amortized cost, fair value, and allowance
for credit losses at December 31, 2024 and 2023, 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 December 31, 2024
Amortized
Cost
Allowance
for Credit
Losses
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value(1)
% of Total
Fixed
Maturities(2)
Fixed maturities available for sale:
U.S. Government direct, guaranteed,
and government-sponsored
enterprises............................................. $
401,753
$
—
$
1
$
(42,794) $
358,960
2
States, municipalities, and political
subdivisions...........................................
3,300,901
—
20,662
(534,759)
2,786,804
16
Foreign governments...........................
36,883
—
18
(8,870)
28,031
—
Corporates, by sector:
Industrials..........................................
7,889,074
(7,098)
105,610
(805,330)
7,182,256
42
Financial............................................
5,006,375
—
82,598
(413,043)
4,675,930
27
Utilities...............................................
2,081,366
—
39,716
(118,007)
2,003,075
12
Total corporates ............................
14,976,815
(7,098)
227,924
(1,336,380)
13,861,261
81
Collateralized debt obligations............
36,923
—
5,943
—
42,866
—
Other asset-backed securities............
82,534
(3,297)
39
(2,186)
77,090
1
Total fixed maturities ................... $18,835,809
$
(10,395) $
254,587
$(1,924,989) $ 17,155,012
100
(1) Amount reported in the balance sheet.
(2) At fair value.
At December 31, 2023
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.............................................. $
398,450
$
—
$
7
$
(32,306) $
366,151
2
States, municipalities, and political
subdivisions............................................
3,296,305
—
47,346
(403,329)
2,940,322
16
Foreign governments............................
44,453
—
1
(10,348)
34,106
—
Corporates, by sector:
Industrials...........................................
8,016,126
(7,115)
213,078
(566,847)
7,655,242
43
Financial.............................................
5,028,151
—
112,368
(388,340)
4,752,179
27
Utilities
2,017,967
—
73,925
(94,130)
1,997,762
11
Total corporates .............................
15,062,244
(7,115)
399,371
(1,049,317)
14,405,183
81
Collateralized debt obligations.............
37,110
—
5,036
—
42,146
—
Other asset-backed securities.............
86,352
—
3
(4,057)
82,298
1
Total fixed maturities .................... $18,924,914
$
(7,115) $
451,764
$(1,499,357) $17,870,206
100
(1) Amount reported in the balance sheet.
(2) At fair value.
At December 31, 2024 and 2023, the Company had unfunded commitments of $167 million and $0, respectively, in
fixed maturity investments.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
77
GL 2024 FORM 10-K

The Company has exposure to real estate investment trusts with an average rating of BBB+, which had a fair value
of $405 million (2% of the total fixed maturity portfolio) and $425 million (2% of the total fixed maturity portfolio) at
December 31, 2024 and December 31, 2023, respectively.
A schedule of fixed maturities available for sale by contractual maturity date at December 31, 2024, 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 December 31, 2024
Amortized
Cost, net
Fair
Value
Fixed maturities available for sale:
Due in one year or less ......................................................................................................................... $
126,902
$
126,643
Due after one year through five years.................................................................................................
728,959
741,488
Due after five years through ten years................................................................................................
1,869,090
1,873,345
Due after ten years through twenty years ..........................................................................................
8,729,774
8,118,486
Due after twenty years...........................................................................................................................
7,254,503
6,175,067
Mortgage-backed and asset-backed securities.................................................................................
116,186
119,983
$
18,825,414
$
17,155,012
Analysis of investment operations: "Net investment income" for the three years ended December 31, 2024 is
summarized as follows:
Year Ended December 31,
2024
2023
2022
Fixed maturities available for sale............................................................................ $
981,439
$
944,628
$
910,284
Policy loans..................................................................................................................
52,625
49,011
46,586
Mortgage loans ...........................................................................................................
27,809
19,541
9,719
Other long-term investments(1) .................................................................................
81,834
54,655
40,837
Short-term investments..............................................................................................
11,151
6,322
2,156
1,154,858
1,074,157
1,009,582
Less investment expense..........................................................................................
(19,227)
(17,273)
(17,782)
Net investment income ....................................................................................... $
1,135,631
$
1,056,884
$
991,800
(1) For the years ended 2024, 2023, and 2022, the investment funds, accounted for under the fair value option method, recorded $74.8 million,
$52.3 million, and $40.3 million, respectively, in net investment income. Refer to Other Long-Term Investments below for further discussion
on the investment funds.
Selected information about sales of fixed maturities available for sale is as follows:
Year Ended December 31,
2024
2023
2022
Fixed maturities available for sale:
Proceeds from sales(1) ............................................................................................ $
1,207,237
$
602,556
$
390,392
Gross realized gains ...............................................................................................
21,196
5,554
1,296
Gross realized losses..............................................................................................
(32,956)
(80,823)
(57,996)
(1) Includes unsettled trades of $866 thousand, $0, and $0 as of December 31, 2024, 2023, and 2022, respectively.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
78
GL 2024 FORM 10-K

An analysis of "realized gains (losses)" is as follows:
Year Ended December 31,
2024
2023
2022
Realized investment gains (losses):
Fixed maturities available for sale:
Sales and other(1)................................................................................................... $
(11,563)
$
(77,301)
$
(32,552)
Provision for credit losses ....................................................................................
(3,280)
(7,115)
387
Fair value option—change in fair value................................................................
(16,717)
15,102
(29,353)
Mortgage loans ........................................................................................................
(3,972)
(5,603)
(963)
Other investments ...................................................................................................
2,936
1,792
4,681
Realized gains (losses) from investments ..................................................
(32,596)
(73,125)
(57,800)
Other gains (losses) ...............................................................................................
8,408
7,449
(18,748)
Total realized gains (losses) ...........................................................................
(24,188)
(65,676)
(76,548)
Applicable tax...........................................................................................................
5,080
13,792
16,075
Realized gains (losses), net of tax ................................................................. $
(19,108)
$
(51,884)
$
(60,473)
(1) For the years ended 2024, 2023, and 2022, the Company recorded $105.6 million, $50.9 million, and $147.6 million of issuer-initiated
exchanges of fixed maturities (noncash transactions) that resulted in $0, $(1.9) million, and $1.9 million, respectively, in realized gains
(losses). During the year ended December 31, 2023, the Company sold $66 million in securities relating to holdings in Signature Bank New
York and First Republic Bank, which entered receivership during the first half of 2023.
An analysis of the net change in unrealized investment gains (losses) is as follows:
Year Ended December 31,
2024
2023
2022
Change in unrealized investment gains (losses) on:
Fixed maturities available for sale......................................................................... $
(622,809) $
750,734
$
(5,298,692)
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
79
GL 2024 FORM 10-K

Fair value measurements: The following tables represent the fair value of fixed maturities measured on a recurring
basis at December 31, 2024 and 2023:
Fair Value Measurement at December 31, 2024:
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
Significant Other
Observable
Inputs (Level 2)
Significant
Unobservable
Inputs (Level 3)
Total Fair
Value
Fixed maturities available for sale
U.S. Government direct, guaranteed, and
government-sponsored enterprises...................... $
—
$
358,960
$
—
$
358,960
States, municipalities, and political subdivisions
—
2,786,804
—
2,786,804
Foreign governments..............................................
—
28,031
—
28,031
Corporates, by sector:
Industrials................................................................
—
6,998,900
183,356
7,182,256
Financial..................................................................
—
4,551,737
124,193
4,675,930
Utilities.....................................................................
—
1,890,559
112,516
2,003,075
Total corporates ..................................................
—
13,441,196
420,065
13,861,261
Collateralized debt obligations...............................
—
—
42,866
42,866
Other asset-backed securities...............................
—
65,907
11,183
77,090
Total fixed maturities ......................................... $
—
$
16,680,898
$
474,114
$ 17,155,012
Percentage of total ..................................................
— %
97 %
3 %
100 %
Fair Value Measurement at December 31, 2023:
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........................ $
—
$
366,151
$
—
$
366,151
States, municipalities, and political subdivisions..
—
2,940,322
—
2,940,322
Foreign governments................................................
—
34,106
—
34,106
Corporates, by sector:
Industrials..................................................................
—
7,440,493
214,749
7,655,242
Financial....................................................................
—
4,621,160
131,019
4,752,179
Utilities.......................................................................
—
1,888,797
108,965
1,997,762
Total corporates ....................................................
—
13,950,450
454,733
14,405,183
Collateralized debt obligations.................................
—
—
42,146
42,146
Other asset-backed securities.................................
—
82,298
—
82,298
Total fixed maturities ........................................... $
—
$
17,373,327
$
496,879
$ 17,870,206
Percentage of total .......................................................
— %
97 %
3 %
100 %
The following tables represent changes in fixed maturities measured at fair value on a recurring basis using
significant unobservable inputs (Level 3):
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
80
GL 2024 FORM 10-K

Analysis of Changes in Fair Value Measurements Using
Significant Unobservable Inputs (Level 3)
Asset-
backed
Securities
Collateralized
Debt
Obligations
Corporates
Total
Balance at January 1, 2022 ............................................ $
—
$
63,505
$
641,688
$
705,193
Included in realized gains / losses.................................
—
—
—
—
Included in other comprehensive income.....................
—
(13,771)
(91,385)
(105,156)
Acquisitions(1) ....................................................................
—
—
—
—
Sales...................................................................................
—
—
—
—
Amortization.......................................................................
—
4,519
7
4,526
Other(2)................................................................................
—
(3,889)
(72,227)
(76,116)
Transfers into Level 3(3) ...................................................
—
—
—
—
Transfers out of Level 3(3)................................................
—
—
—
—
Balance at December 31, 2022 .....................................
—
50,364
478,083
528,447
Included in realized gains / losses.................................
—
—
—
—
Included in other comprehensive income.....................
—
(8,230)
4,541
(3,689)
Acquisitions(1) ....................................................................
—
—
—
—
Sales...................................................................................
—
—
—
—
Amortization.......................................................................
—
4,569
155
4,724
Other(2)................................................................................
—
(4,557)
(28,046)
(32,603)
Transfers into Level 3(3) ...................................................
—
—
—
—
Transfers out of Level 3(3)................................................
—
—
—
—
Balance at December 31, 2023 .....................................
—
42,146
454,733
496,879
Included in realized gains / losses.................................
—
—
740
740
Included in other comprehensive income.....................
37
907
(4,607)
(3,663)
Acquisitions(1) ....................................................................
8,948
—
14,800
23,748
Sales...................................................................................
—
—
—
—
Amortization.......................................................................
—
4,548
217
4,765
Other(2)................................................................................
—
(4,735)
(45,818)
(50,553)
Transfers into Level 3(3) ...................................................
2,198
—
—
2,198
Transfers out of Level 3(3)................................................
—
—
—
—
Balance at December 31, 2024 ..................................... $
11,183
$
42,866
$
420,065
$
474,114
(1) Acquisitions of Level 3 investments in each of the years 2022 through 2024 are comprised of private placement fixed maturities and
equities.
(2) Includes capitalized interest, foreign exchange adjustments, and principal repayments.
(3) 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.
Changes in unrealized gains and losses for Level 3 securities during the period included in accumulated other
comprehensive income for assets held at the end of the reporting period:
Asset-
backed
Securities
Collateralized
Debt
Obligations
Corporates
Total
2022 ................................................................................ $
—
$
(13,771) $
(91,385) $
(105,156)
2023 ................................................................................
—
(8,230)
4,541
(3,689)
2024 ................................................................................
37
907
(4,607)
(3,663)
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
81
GL 2024 FORM 10-K

Transfers between levels within the hierarchy occur when there are changes in the observability of the inputs and
market data. Transfers into Level 3 occur when there is little unobservable market activity for the asset/liability as of
the measurement date and the Company is required to rely upon internally-developed assumptions or third parties.
Transfers out of Level 3 occur when quoted prices in active markets becomes available for identical assets/
liabilities or the ability to corroborate by observable market data.
The following table represents quantitative information about Level 3 fair value measurements:
Quantitative Information about Level 3 Fair Value Measurements
As of December 31, 2024
Fair Value
Valuation
Techniques
Significant
Unobservable
Input
Range
Weighted-
Average(1)
Private placement fixed maturities.... $
420,065
Determination
of credit spread
Credit rating
B to AA
BBB+
Collateralized debt obligations..........
42,866
Discounted
Cash Flows
Discount rate
11.75%
11.75%
Asset-backed securities .....................
11,183
Determination
of credit spread
Credit rating
CC - BBB
BB
$
474,114
(1) Unobservable inputs were weighted by the relative fair value of the instruments.
Private placement fixed maturities and asset-backed securities are valued based on the contractual cash flows
discounted by a yield determined as a treasury benchmark rate adjusted for a credit spread. The credit spread is
developed from observable indices for similar securities and unobservable indices for private securities or private
comparable securities for corresponding credit ratings. The credit ratings for the securities may be considered
unobservable inputs, as they are private letter ratings issued by a nationally recognized statistical rating
organization or are assigned by the third-party investment manager based on a quantitative and qualitative
assessment of the credit underwritten. A higher (lower) credit rating would result in a higher (lower) valuation.
The collateral underlying collateralized debt obligations consists primarily of trust preferred securities issued by
banks and insurance companies. Collateralized debt obligations are valued at the present value of expected future
cash flows using an unobservable discount rate. Expected cash flows are determined by scheduling the projected
repayment of the collateral assuming no future defaults, deferrals, or recoveries. The discount rate is risk-adjusted
to take these items into account. A significant increase (decrease) in the discount rate will produce a significant
decrease (increase) in fair value. Additionally, a significant increase (decrease) in the cash flow expectations would
result in a significant increase (decrease) in fair value. For more information regarding valuation procedures, please
refer to Note 1—Significant Accounting Policies under the caption Fair Value Measurements, Investments in
Securities.
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 December 31, 2024.......................................................................................
705
1,498
2,203
As of December 31, 2023.......................................................................................
151
1,614
1,765
Globe Life's entire fixed maturity portfolio consisted of 2,552 issues by 1,014 different issuers at December 31, 2024
and 2,473 issues by 980 different issuers at December 31, 2023. The weighted-average quality rating of all
unrealized loss positions at amortized cost was A- as of December 31, 2024 and December 31, 2023.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
82
GL 2024 FORM 10-K

The following tables disclose unrealized investment losses by class and major sector of fixed maturities available for
sale at December 31, 2024 and December 31, 2023.
Analysis of Gross Unrealized Investment Losses
At December 31, 2024
Less than Twelve
Months
Twelve Months or
Longer
Total
Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
Fixed maturities available for sale:
Investment grade securities:
U.S. Government direct, guaranteed,
and government-sponsored
enterprises.............................................. $
11,268
$
(290) $
347,527
$
(42,504) $
358,795
$
(42,794)
States, municipalities, and political
subdivisions............................................
778,244
(32,894)
1,532,264
(501,865)
2,310,508
(534,759)
Foreign governments............................
—
—
24,925
(8,870)
24,925
(8,870)
Corporates, by sector:
Industrials
1,487,940
(73,404)
3,433,034
(690,920)
4,920,974
(764,324)
Financial...............................................
961,932
(52,946)
1,785,130
(333,873)
2,747,062
(386,819)
Utilities..................................................
546,965
(20,214)
540,077
(90,996)
1,087,042
(111,210)
Total corporates ...............................
2,996,837
(146,564)
5,758,241
(1,115,789)
8,755,078
(1,262,353)
Collateralized debt obligations.............
—
—
—
—
—
—
Other asset-backed securities.............
23,231
(95)
42,639
(2,091)
65,870
(2,186)
Total investment grade securities..........
3,809,580
(179,843)
7,705,596
(1,671,119)
11,515,176
(1,850,962)
Below investment grade securities:
Corporates, by sector:
Industrials.............................................
54,199
(2,656)
142,638
(38,350)
196,837
(41,006)
Financial...............................................
2,990
(53)
126,811
(26,171)
129,801
(26,224)
Utilities..................................................
19,263
(1,113)
24,003
(5,684)
43,266
(6,797)
Total corporates ...............................
76,452
(3,822)
293,452
(70,205)
369,904
(74,027)
Collateralized debt obligations.............
—
—
—
—
—
—
Other asset-backed securities.............
—
—
2,198
—
2,198
—
Total below investment grade
securities...................................................
76,452
(3,822)
295,650
(70,205)
372,102
(74,027)
Total fixed maturities .............................. $ 3,886,032
$ (183,665) $8,001,246
$(1,741,324) $11,887,278
$ (1,924,989)
Gross unrealized losses may fluctuate quarter over quarter due to factors in the market that affect our holdings,
such as changes in interest rates or credit spreads. The Company considers many factors when determining
whether an allowance for a credit loss should be recorded. While the Company holds securities that may be in an
unrealized loss position from time to time, Globe Life does not generally intend to sell and it is unlikely that 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.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
83
GL 2024 FORM 10-K

Analysis of Gross Unrealized Investment Losses
At December 31, 2023
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.............................................. $
—
$
—
$
364,006
$
(32,306) $
364,006
$
(32,306)
States, municipalities, and political
subdivisions............................................
252,800
(3,520)
1,610,163
(399,809)
1,862,963
(403,329)
Foreign governments............................
—
—
32,591
(10,348)
32,591
(10,348)
Corporates, by sector:
Industrials.............................................
191,573
(3,881)
4,317,827
(530,011)
4,509,400
(533,892)
Financial...............................................
242,099
(6,584)
2,341,424
(339,628)
2,583,523
(346,212)
Utilities..................................................
81,194
(648)
686,043
(91,959)
767,237
(92,607)
Total corporates ...............................
514,866
(11,113)
7,345,294
(961,598)
7,860,160
(972,711)
Collateralized debt obligations.............
—
—
—
—
—
—
Other asset-backed securities.............
—
—
70,956
(3,648)
70,956
(3,648)
Total investment grade securities..........
767,666
(14,633)
9,423,010
(1,407,709)
10,190,676
(1,422,342)
Below investment grade securities:
Corporates, by sector:
Industrials.............................................
10,745
(199)
145,697
(32,756)
156,442
(32,955)
Financial...............................................
25,563
(2,602)
151,190
(39,526)
176,753
(42,128)
Utilities..................................................
—
—
19,654
(1,523)
19,654
(1,523)
Total corporates ...............................
36,308
(2,801)
316,541
(73,805)
352,849
(76,606)
Collateralized debt obligations.............
—
—
—
—
—
—
Other asset-backed securities.............
—
—
11,288
(409)
11,288
(409)
Total below investment grade
securities...................................................
36,308
(2,801)
327,829
(74,214)
364,137
(77,015)
Total fixed maturities .............................. $
803,974
$
(17,434) $ 9,750,839
$ (1,481,923) $10,554,813
$ (1,499,357)
Gross unrealized losses increased from $1.50 billion at December 31, 2023 to $1.92 billion at December 31, 2024,
an increase of $426 million. The increase in the gross unrealized losses from the prior year was primarily
attributable to the increase in market interest rates.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
84
GL 2024 FORM 10-K

Fixed Maturities, Allowance for Credit Losses: A summary of the activity in the allowance for credit losses is as
follows. Refer to Note 1—Significant Accounting Policies for factors considered in the recording of the allowance for
credit losses.
Year Ended December 31,
2024
2023
Allowance for credit losses beginning balance ...........................................................................
$
7,115
$
—
Additions to allowance for which credit losses were not previously recorded.............................
3,297
72,508
Additions (reductions) to allowance for fixed maturities that previously had an allowance.......
(17)
(65,393)
Reduction of allowance for which the Company intends to sell or more likely than not will be
required to sell or sold during the period...........................................................................................
—
—
Allowance for credit losses ending balance .................................................................................
$
10,395
$
7,115
As of December 31, 2024, 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, 2023, there were no fixed maturities in
non-accrual status. During the year ended December 31, 2023, the Company sold $66 million in securities for which
there was a provision for credit losses relating to holdings in Signature Bank New York and First Republic Bank,
which entered receivership during the first half of 2023.
Concentrations of Credit Risk: Globe Life maintains a diversified investment portfolio with limited concentration in
any given issuer. At December 31, 2024, the investment portfolio, at fair value, consisted of the following:
Investment grade fixed maturities:
Corporates.............................................................................................................................................................................................
68 %
States, municipalities, and political subdivisions.............................................................................................................................
14
U.S. Government direct, guaranteed, and government-sponsored enterprises.........................................................................
2
Other.......................................................................................................................................................................................................
1
Below investment grade fixed maturities:
Corporates .............................................................................................................................................................................................
2
87
Other
Policy loans, which are secured by the underlying insurance policy values...............................................................................
4
Other investments ................................................................................................................................................................................
9
100 %
As of December 31, 2024, state and municipal governments represented 14% of invested assets at fair value. Such
investments are made throughout the U.S. At December 31, 2024, the state and municipal bond portfolio at fair
value was invested in securities issued within the following states: Texas (21%), California (10%), New York (7%),
Florida (5%), and Pennsylvania (4%). Otherwise, there was no concentration within any given state greater than
4%.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
85
GL 2024 FORM 10-K

Corporate fixed maturities represent 71% of Globe Life's invested assets. These investments are spread across a
wide range of industries. Below are the ten largest industry concentrations held in the portfolio of corporate fixed
maturities at December 31, 2024, based on fair value:
Insurance..................................................................................................................................................................................................... 18 %
Electric utilities............................................................................................................................................................................................ 11
Banks...........................................................................................................................................................................................................
7
Oil and natural gas pipelines....................................................................................................................................................................
6
Chemicals....................................................................................................................................................................................................
5
Transportation.............................................................................................................................................................................................
4
Telecommunications..................................................................................................................................................................................
3
Food.............................................................................................................................................................................................................
3
Diversified financial services....................................................................................................................................................................
3
Real estate investment trusts...................................................................................................................................................................
3
At December 31, 2024, 2% of invested assets at fair value were represented by fixed maturities rated below
investment grade. Par value of these investments was $648 million, amortized cost was $529 million, and fair value
was $462 million. While these investments could be subject to additional credit risk, such risk should generally be
reflected in their fair value.
Securities, cash, and short-term investments held on deposit with various state and federal regulatory authorities
had an amortized cost and fair value, respectively, of $1.0 billion and $955 million at December 31, 2024 and $1.0
billion and $983 million at December 31, 2023.
Mortgage Loans (commercial mortgage loans): Summaries of commercial mortgage loans by property type and
geographical location at December 31, 2024 and 2023 are as follows:
2024
2023
Carrying
Value
% of Total
Carrying
Value
% of Total
Property type:
Multi-family................................................................................. $
111,234
28
$
116,299
42
Industrial.....................................................................................
110,456
28
57,267
20
Retail...........................................................................................
65,612
16
23,925
9
Hospitality...................................................................................
73,931
19
43,897
16
Mixed use...................................................................................
35,960
9
34,749
12
Office...........................................................................................
6,539
2
6,734
2
Total recorded investment .....................................................
403,732
102
282,871
101
Less allowance for credit losses.............................................
(7,644)
(2)
(3,672)
(1)
Carrying value, net of allowance for credit losses ..... $
396,088
100
$
279,199
100
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
86
GL 2024 FORM 10-K

2024
2023
Carrying
Value
% of Total
Carrying
Value
% of Total
Geographic location:
Texas........................................................................................... $
75,131
19
$
45,111
16
Florida.........................................................................................
63,308
16
48,233
17
New Jersey ................................................................................
51,744
13
44,574
16
California ....................................................................................
48,371
12
54,721
20
Alabama .....................................................................................
35,850
9
11,003
4
New York ....................................................................................
34,975
9
20,284
7
Other ...........................................................................................
94,353
24
58,945
21
Total recorded investment .....................................................
403,732
102
282,871
101
Less allowance for credit losses.............................................
(7,644)
(2)
(3,672)
(1)
Carrying value, net of allowance for credit losses ..... $
396,088
100
$
279,199
100
The following tables are reflective of the key factors, debt service coverage ratios, and loan-to-value ("LTV") ratios
that are utilized by management to monitor the performance of the portfolios. The Company only makes new
investments in commercial mortgage loans that have a LTV ratio less than 80%. LTV ratios that exceed 80% are
generally as a result of decreases in the valuation of the underlying property. Generally, a higher LTV ratio and a
lower debt service coverage ratio can potentially equate to higher risk of loss.
December 31, 2024
Recorded Investment
Debt Service Coverage Ratios(1)
<1.00x
1.00x—1.20x
>1.20x
Total
% of Gross
Total
Loan-to-value ratio(2):
Less than 70% ......................................................... $
88,507
$
64,494
$
196,867
$
349,868
87
70% to 80% ..............................................................
—
—
—
—
—
81% to 90% ..............................................................
—
—
—
—
—
Greater than 90% ....................................................
16,136
37,728
—
53,864
13
Total......................................................................... $
104,643
$
102,222
$
196,867
403,732
100
Less allowance for credit losses..............................................................................................................
(7,644)
Total, net of allowance for credit losses ........................................................................................
$
396,088
(1) Annual net operating income divided by annual mortgage debt service (principal and interest).
(2) Loan balance divided by stabilized appraised value at origination, including planned renovations and stabilized occupancy. Updated internal
valuations are used when a loan is materially underperforming.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
87
GL 2024 FORM 10-K

December 31, 2023
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% ......................................................... $
27,091
$
180,761
$
58,364
$
266,216
94
70% to 80% ..............................................................
—
—
—
—
—
81% to 90% ..............................................................
8,468
—
1,153
9,621
3
Greater than 90% ....................................................
7,034
—
—
7,034
3
Total ........................................................................ $
42,593
$
180,761
$
59,517
282,871
100
Less allowance for credit losses..............................................................................................................
(3,672)
Total, net of allowance for credit losses ........................................................................................
$
279,199
(1) Annual net operating income divided by annual mortgage debt service (principal and interest).
(2) Loan balance divided by stabilized appraised value at origination, including planned renovations and stabilized occupancy. Updated internal
valuations are used when a loan is materially underperforming.
As of December 31, 2024, the Company had 35 loans in the portfolio. During the quarter, the Company evaluated
its commercial mortgage loan portfolio on both an individual and pooling basis to determine the allowance for credit
losses and determined six loans were collateral dependent or likely to foreclose. The allowance for credit losses on
the six loans was determined using the practical expedient which was based on an estimate of fair value of the
underlying collateral plus costs to sell the asset. The total principal balance of the six loans was $53.9 million and
the allowance for these loans using the practical expedient was $3.9 million as of December 31, 2024. For the year
ended December 31, 2024, the allowance for credit losses increased by $4.0 million to $7.6 million.
Year Ended December 31,
2024
2023
Allowance for credit losses beginning balance ...........................................................................
$
3,672
$
1,789
Provision (reversal) for credit losses.....................................................................................................
3,972
1,883
Allowance for credit losses ending balance .................................................................................
$
7,644
$
3,672
As of December 31, 2024, there were five commercial mortgage loans in non-accrual status with an outstanding
principal balance of $53 million. There was also one delinquent commercial mortgage loan with outstanding interest
of $31 thousand. At December 31, 2023 the Company had no commercial mortgage loans in non-accrual status.
The Company's unfunded commitment balance to commercial loan borrowers was $22 million as of December 31,
2024.
Other Long-Term Investments: Other long-term investments consist of the following assets:
December 31,
2024
2023
Investment funds ..................................................................................................................................... $
986,766
$
795,583
Company-owned life insurance.............................................................................................................
202,734
—
Other..........................................................................................................................................................
46,259
40,295
Total ...................................................................................................................................................... $
1,235,759
$
835,878
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
88
GL 2024 FORM 10-K

The following table presents additional information about the Company's investment funds as of December 31, 2024
and December 31, 2023 at fair value:
Fair Value
Unfunded
Commitments(2)
Investment Category
2024
2023
2024
Redemption Term/Notice(1)
Commercial mortgage
loans...............................
$
566,142
$
411,315
$
189,725
Fully redeemable and non-redeemable with
varying terms.
Opportunistic and
private credit .................
202,008
181,410
191,192
Fully redeemable and non-redeemable with
varying terms.
Infrastructure.................
179,627
165,887
—
Fully redeemable and non-redeemable with
varying terms.
Other ..............................
38,989
36,971
52,479
Non-redeemable with varying terms
Total investment
funds ........................
$
986,766
$
795,583
$
433,396
(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 December 31, 2024, unfunded commitments totaled $645 million, including funds past the
investment period.
The Company had $239 million of capital called during the period from existing investment funds, as compared to
$154 million in 2023. The Company's unfunded commitments were $433 million as of December 31, 2024.
Note 5—Commitments and Contingencies
Reinsurance: Insurance affiliates of Globe Life reinsure a portion of insurance risk that is in excess of their retention
limits. Current retention limits for new business written on ordinary life insurance range up to $500 thousand per life.
Life insurance ceded represented 0.3% of total life insurance in force at December 31, 2024 and 2023. Insurance
ceded on life and accident and health products represented 0.2% of premium income for 2024 and 2023. In the
fourth quarter of 2024, the Company entered into a coinsurance agreement to cede a majority of its annuity
business to a third-party insurer. Annuities ceded represented 68% of our direct annuity balance. The insurance
affiliates of Globe Life would be liable for the reinsured risks ceded to other companies to the extent that such
reinsuring companies are unable to meet their obligations.
Insurance affiliates also assume insurance risks of other external companies. Life reinsurance assumed
represented 0.8% and 0.9% of life insurance in force at December 31, 2024 and 2023, respectively, and
reinsurance assumed on life and accident and health products represented 0.9% and 1.3% of premium income for
2024 and 2023, respectively.
Leases: Globe Life primarily leases office space and other equipment under a variety of operating lease
arrangements.
Rental expense for the three years ended December 31, 2024 is as follows:
Year Ended December 31,
2024
2023
2022
Rental expense............................................................................................................................... $
3,208
$
3,519
$
4,239
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
89
GL 2024 FORM 10-K

Future minimum rental commitments required under operating leases having remaining noncancelable lease terms
in excess of one year at December 31, 2024 were as follows:
Year Ended December 31,
2025
2026
2027
2028
2029
Thereafter
Operating lease commitments......................... $
2,117
$
1,883
$
1,417
$
867
$
487
$
4,195
Purchase Commitments: Globe Life has various long-term noncancelable purchase commitments as well as
commitments to provide capital for low-income housing tax credit interests. See further discussion related to tax
credits in Note 1—Significant Accounting Policies.
Year Ended December 31,
2025
2026
2027
2028
2029
Thereafter
Purchase commitments(1).................................. $
47,538
$
29,742
$
34,443
$
15,266
$
11,440
$
203,445
(1) Includes low-income housing tax credits with non-funded commitments of 76 million at December 31, 2024.
Investments: Globe Life is committed to invest under certain contracts related to investments in fixed maturities,
limited partnerships and commercial mortgage loans. See Note 4—Investments for unfunded commitment table.
Guarantees: At December 31, 2024, Globe Life had no guarantee agreements which were either Parent Company
guarantees of subsidiary obligations to a third party or Parent Company guarantees of obligations between wholly-
owned subsidiaries. As of December 31, 2024, Globe Life had no liability with respect to these guarantees.
Letters of credit—Globe Life has guaranteed letters of credit in connection with its credit facility with a group
of banks as disclosed in Note 12—Debt. The letters of credit were issued by TMK Re, Ltd., a wholly-owned
subsidiary, to secure TMK Re, Ltd.’s obligation for claims on certain policies reinsured by TMK Re, Ltd. that
were sold by other Globe Life insurance companies. These letters of credit facilitate TMK Re, Ltd.’s ability to
reinsure the business of Globe Life's insurance carriers. The agreement was amended on March 29, 2024
and now expires in 2029. The maximum amount of letters of credit available is $250 million. The Parent
Company would be liable to the extent that TMK Re, Ltd. does not pay the reinsured party. The amount of
letters of credit outstanding at December 31, 2024 was $115 million.
Unclaimed Property Audits: Globe Life subsidiaries are currently the subject of audits regarding the identification,
reporting and escheatment of unclaimed property arising from life insurance policies and a limited number of annuity
contracts. These audits are being conducted by private entities that have contracted with forty-seven states through
their respective Departments of Revenue, and have not resulted in any financial assessment from any state nor
indicated any liability. The audits are wide-ranging and seek large amounts of data regarding claims handling,
procedures, and payments of contract benefits arising from unreported death claims. No estimate of range can be
made at this time for loss contingencies related to possible administrative penalties or amounts that could be
payable to the states for the escheatment of abandoned property.
Litigation: Globe Life Inc. and its subsidiaries, in common with the insurance industry in general, are subject to
litigation, including: putative class action litigation; alleged breaches of contract; torts, including bad faith and fraud
claims based on alleged wrongful or fraudulent acts of agents of the Parent Company's insurance subsidiaries;
alleged employment discrimination; alleged worker misclassification; and miscellaneous other causes of action.
Based upon information presently available, and in light of legal and other factual defenses available to the Parent
Company and its subsidiaries, management does not believe that it is reasonably possible that such litigation will
have a material adverse effect on Globe Life 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.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
90
GL 2024 FORM 10-K

On July 22, 2022, putative class and collective action litigation was filed against Arias Agencies and American
Income (collectively, “Defendants”) in United States District Court for the Western District of Pennsylvania (David
Burkes v. Arias Agencies and American Income Life Insurance Company, Case No. 2:22-cv-1054). The complaint
alleges that insurance agent trainees should have been classified as employees, and after contracting should have
been classified as employees instead of independent contractors. Plaintiff David Burkes is a former Pennsylvania
independent sales agent and asserts claims under Pennsylvania law on behalf of a putative class of all individuals
who trained to become and/or worked as sales agents for American Income in the three years prior to July 22, 2022
through case conclusion. Burkes makes claims (a) under the Pennsylvania Minimum Wage Act and the
Pennsylvania Wage Payment and Collection Law for the alleged failure to pay minimum wage, alleged failure to pay
for time spent in training, alleged failure to pay for missed meals and rest breaks, allegedly requiring putative class
members to pay for work-related expenses, and allegedly subjecting putative class members to “chargebacks”; (b)
for unjust enrichment for allegedly benefiting from the uncompensated labor of putative class members; and (c) for
the rescission of putative class members’ agent contracts. Burkes also asserts a collective action on behalf of the
same group of individuals for minimum wage, overtime, liquidated damages, and attorney’s fees and costs under
the Fair Labor Standards Act for the three years prior to July 22, 2022 through case conclusion, as well as a claim
that American Income allegedly did not keep accurate records of hours worked by sales agents. On January 26,
2023, the Court entered an order compelling Burkes to arbitrate his claims on an individual basis and staying the
case pending completion of arbitration. Burkes’ individual claims, as well as the individual claims of other former
agents who are members of the putative class, are currently pending in arbitration. While no assurances can be
made, at present management does not believe that it is reasonably possible or probable that this matter will result
in a material loss.
On April 4, 2023, putative class action litigation was filed against National Income Life Insurance Company
(“National Income”) in New York Supreme Court by plaintiffs Melissa K. Goppert, Sarah Valente, James O’Neill,
Jennifer Abe, and Emily Herendeen (“Plaintiffs”) (Goppert, et al. v. National Income Life Insurance Company, Index
No. 153096/2023). Plaintiffs are former National Income independent sales agents who allege they should have
been classified as employees and assert claims under New York state law on behalf of a putative class of former
independent sales agents and individuals who trained to become independent sale agents since March 2017.
Plaintiffs make claims under New York’s Minimum Wage Law (NYLL § 633 and 12 NYCRR § 142-2.1); Overtime
Compensation Law (NYLL § 633 and 12 NYCRR § 142-2.2); and “Spread of Hours” Law (12 NYCRR § 142-2.4) for
the alleged failure to pay minimum wages and overtime pay, including for time spent in training, and attorney’s fees
and costs. National Income filed a motion to compel arbitration of each Plaintiff’s claims on an individual basis,
which the Court granted in full on January 11, 2024, and on February 7, 2024, Plaintiffs filed a notice of appeal of
the Court’s order. On November 21, 2024, the Court’s order compelling arbitration was affirmed.
On September 1, 2023, plaintiff Miné Caglar Cost (“Plaintiff”) filed a complaint against American Income in the
Superior Court of the State of California for the County of Los Angeles, asserting a single claim for violation of the
Private Attorneys General Act (“PAGA”) (Cost v. American Income Life Insurance Company, et al., Case No.
23SMCV04113). Plaintiff is a former California independent insurance sales agent who alleges one cause of action
for civil penalties under PAGA arising out of alleged violations of the wage-and-hour provisions of the California
Labor Code stemming from American Income’s alleged misclassification of Plaintiff and other California-based sales
agents as independent contractors. American Income filed a motion to compel arbitration on an individual basis and
stay the representative component of Plaintiff’s claims, to which Plaintiff stipulated. On December 12, 2023, the
Court approved the parties’ stipulation to compel the matter to individual arbitration and stayed the case pending the
completion of the individual arbitration, to commence on October 27, 2025.
On November 30, 2023, Globe Life Inc. and its subsidiary, American Income, received subpoenas from the U.S.
Attorney’s Office for the Western District of Pennsylvania, seeking documents relating to sales practices by certain
independent sales agents contracted to sell American Income policies. Globe Life Inc. and American Income
continue to fully cooperate in responding to the Department of Justice’s requests. The Department of Justice has
not asserted any claims or made allegations against Globe Life Inc. and American Income, and Globe Life Inc.
currently is not aware that any legal proceedings are contemplated by governmental authorities. While no
assurances can be made, at present management does not believe that it is reasonably possible or probable that
this matter will result in a material loss.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
91
GL 2024 FORM 10-K

In April 2024, Globe Life Inc. received an inquiry from the SEC's Fort Worth Regional Office requesting information
related to recent short seller reports making allegations about Globe Life Inc. Globe Life Inc. has provided
information in response to the SEC’s requests and continues to cooperate fully with the SEC. At this time, the SEC
has not asserted any claims against Globe Life Inc. or indicated that it intends to do so. While no assurances can be
made, at present management does not believe that it is reasonably possible or probable that this matter will result
in a material loss.
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 adds 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. Defendants filed a motion to dismiss the litigation on December 3, 2024. Globe Life
Inc. plans to vigorously defend against the lawsuit. Pursuant to Globe Life Inc.'s Restated Certificate of
Incorporation and indemnification agreements with the named defendants, Globe Life Inc. has agreed to indemnify
those defendants for all expenses and losses related to the litigation, subject to the terms of those indemnification
agreements. 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. Further, management
cannot reasonably estimate whether an outcome on the putative class action will be resolved in the near term.
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 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 Globe Life Inc.’s Board
of Directors. On November 14, 2024, Globe Life Inc. shareholder Gautam 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 Globe Life
Inc.’s performance and financial results. The allegations are substantially similar to the allegations made in the City
of Miami Matter and derive from the Fuzzy Panda short seller report. On November 25, 2024, the two shareholder
plaintiffs moved to consolidate the two actions into one action and the Court granted the motion on January 3, 2025
(In re Globe Life Inc. Stockholder Derivative Litigation, Lead Case No. 4:24-cv-00993-ALM (E.D. Tex.)). The case is
before the same Court as the City of Miami Matter. On January 16, 2025, the parties filed a joint motion to stay such
proceedings pending the Court’s resolution of the motion to dismiss filed by Globe Life Inc. in the City of Miami
Matter. The Court granted such joint motion to stay the proceedings on January 25, 2025.
On September 26, 2024, Globe Life Inc. and its subsidiary, American Income, were notified by the EEOC that the
EEOC conducted an investigation of charges filed against Globe Life Inc. and/or American Income by five former
sales agents and one then-current sales agent. The EEOC asserts that there is reasonable cause to believe the six
complainants were employees, not independent contractors, of Globe Life Inc. and/or American Income and were
discriminated against on the basis of sex, and that one complainant was also discriminated against on the basis of
race. In addition, the EEOC asserts that there is reasonable cause to believe that a class of female workers were
employees, not independent contractors, and were subject to unlawful conduct which also constitutes a pattern-or-
practice of discrimination. The EEOC’s investigative findings are not binding on Globe Life Inc. The EEOC’s
procedures provide for a conciliation process that has concluded without achieving a resolution. The EEOC may
elect to file a lawsuit in federal court on behalf of the workers based on the alleged statutory violations. The EEOC
has not filed any legal proceedings at this time. In the event the EEOC elects to pursue any claims in court, Globe
Life Inc. intends to defend against any such lawsuit vigorously. The outcome of litigation of this type would be
inherently uncertain and cannot be reasonably estimated or determined at this time. There is always the possibility
that a Court rules in a manner that is adverse to the interests of Globe Life Inc.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
92
GL 2024 FORM 10-K

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 years ended December 31, 2024:
Life
Present value of expected future net premiums
American
Income
DTC
Liberty
National
Other
Total
Balance at January 1, 2022 ..................................................
$
4,925,192
$
7,264,905
$
1,332,469
$
559,972
$
14,082,538
Beginning balance at original discount rates ........................
3,906,098
5,533,741
1,040,242
416,141
10,896,222
Effect of changes in assumptions on future cash flows ...
34,266
79,571
17,719
35,214
166,770
Effect of actual variances from expected experience.......
(121,230)
(264,286)
(20,027)
(10,929)
(416,472)
Adjusted balance at January 1, 2022 ................................
3,819,134
5,349,026
1,037,934
440,426
10,646,520
Issuances(1) .............................................................................
760,857
663,790
104,982
31,815
1,561,444
Interest accrual(2)....................................................................
176,102
273,494
51,326
21,150
522,072
Net premiums collected(3)......................................................
(491,168)
(605,446)
(128,119)
(44,182)
(1,268,915)
Effect of changes in the foreign exchange rate.................
(18,202)
—
—
—
(18,202)
Ending balance at original discount rates..............................
4,246,723
5,680,864
1,066,123
449,209
11,442,919
Effect of change from original to current discount rates...
26,433
229,360
28,284
21,532
305,609
Balance at December 31, 2022 ...........................................
$
4,273,156
$
5,910,224
$
1,094,407
$
470,741
$
11,748,528
Balance at January 1, 2023 ..................................................
$
4,273,156
$
5,910,224
$
1,094,407
$
470,741
$
11,748,528
Beginning balance at original discount rates ........................
4,246,723
5,680,864
1,066,123
449,209
11,442,919
Effect of changes in assumptions on future cash flows ...
14,265
36,170
5,178
8,419
64,032
Effect of actual variances from expected experience.......
(155,293)
(306,004)
(40,961)
(18,441)
(520,699)
Adjusted balance at January 1, 2023 ................................
4,105,695
5,411,030
1,030,340
439,187
10,986,252
Issuances(1) .............................................................................
733,702
579,363
127,048
27,959
1,468,072
Interest accrual(2)....................................................................
200,363
287,615
54,147
22,804
564,929
Net premiums collected(3)......................................................
(521,521)
(613,749)
(133,704)
(46,001)
(1,314,975)
Effect of changes in the foreign exchange rate.................
5,090
—
—
—
5,090
Ending balance at original discount rates..............................
4,523,329
5,664,259
1,077,831
443,949
11,709,368
Effect of change from original to current discount rates...
158,559
388,392
51,885
34,103
632,939
Balance at December 31, 2023 ...........................................
$
4,681,888
$
6,052,651
$
1,129,716
$
478,052
$
12,342,307
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
93
GL 2024 FORM 10-K

Life
Present value of expected future net premiums
American
Income
DTC
Liberty
National
Other
Total
Balance at January 1, 2024 ..................................................
$
4,681,888
$
6,052,651
$
1,129,716
$
478,052
$
12,342,307
Beginning balance at original discount rates ........................
4,523,329
5,664,259
1,077,831
443,949
11,709,368
Effect of changes in assumptions on future cash flows ...
(82,348)
(28,366)
(29,292)
(982)
(140,988)
Effect of actual variances from expected experience.......
(229,772)
(311,659)
(42,620)
(14,436)
(598,487)
Adjusted balance at January 1, 2024 ................................
4,211,209
5,324,234
1,005,919
428,531
10,969,893
Issuances(1) .............................................................................
798,952
491,440
120,683
23,911
1,434,986
Interest accrual(2)....................................................................
220,959
292,843
55,198
22,875
591,875
Net premiums collected(3)......................................................
(551,066)
(603,605)
(134,778)
(45,041)
(1,334,490)
Effect of changes in the foreign exchange rate.................
(23,344)
—
—
—
(23,344)
Ending balance at original discount rates..............................
4,656,710
5,504,912
1,047,022
430,276
11,638,920
Effect of change from original to current discount rates...
(10,793)
117,994
1,425
9,771
118,397
Balance at December 31, 2024 ...........................................
$
4,645,917
$
5,622,906
$
1,048,447
$
440,047
$
11,757,317
(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.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
94
GL 2024 FORM 10-K

Life
Present value of expected future policy benefits
American
Income
DTC
Liberty
National
Other
Total
Balance at January 1, 2022 ..................................................
$
11,773,519
$
11,859,408
$
4,542,697
$
5,488,684
$
33,664,308
Beginning balance at original discount rates ........................
7,744,201
8,157,259
3,206,164
3,267,306
22,374,930
Effect of changes in assumptions on future cash flows ...
48,534
104,910
33,457
39,725
226,626
Effect of actual variances from expected experience.......
(127,626)
(259,285)
(18,535)
(12,787)
(418,233)
Adjusted balance at January 1, 2022 ................................
7,665,109
8,002,884
3,221,086
3,294,244
22,183,323
Issuances(1) .............................................................................
760,856
663,786
105,006
31,815
1,561,463
Interest accrual(2)....................................................................
410,201
433,611
169,578
195,792
1,209,182
Benefit payments(3) ................................................................
(382,142)
(622,389)
(222,690)
(118,147)
(1,345,368)
Effect of changes in the foreign exchange rate.................
(44,263)
—
—
—
(44,263)
Ending balance at original discount rates..............................
8,409,761
8,477,892
3,272,980
3,403,704
23,564,337
Effect of change from original to current discount rates...
709,343
747,559
156,276
572,446
2,185,624
Balance at December 31, 2022 ...........................................
$
9,119,104
$
9,225,451
$
3,429,256
$
3,976,150
$
25,749,961
Balance at January 1, 2023 ..................................................
$
9,119,104
$
9,225,451
$
3,429,256
$
3,976,150
$
25,749,961
Beginning balance at original discount rates ........................
8,409,761
8,477,892
3,272,980
3,403,704
23,564,337
Effect of changes in assumptions on future cash flows ...
13,344
34,407
6,156
11,661
65,568
Effect of actual variances from expected experience.......
(164,900)
(318,687)
(46,341)
(24,195)
(554,123)
Adjusted balance at January 1, 2023 ................................
8,258,205
8,193,612
3,232,795
3,391,170
23,075,782
Issuances(1) .............................................................................
733,700
579,365
127,062
27,959
1,468,086
Interest accrual(2)....................................................................
452,640
458,587
174,995
204,083
1,290,305
Benefit payments(3) ................................................................
(396,031)
(574,812)
(196,600)
(116,353)
(1,283,796)
Effect of changes in the foreign exchange rate.................
13,319
—
—
—
13,319
Ending balance at original discount rates..............................
9,061,833
8,656,752
3,338,252
3,506,859
24,563,696
Effect of change from original to current discount rates...
1,101,794
1,057,764
267,140
732,764
3,159,462
Balance at December 31, 2023 ...........................................
$
10,163,627
$
9,714,516
$
3,605,392
$
4,239,623
$
27,723,158
Balance at January 1, 2024 ..................................................
$
10,163,627
$
9,714,516
$
3,605,392
$
4,239,623
$
27,723,158
Beginning balance at original discount rates ........................
9,061,833
8,656,752
3,338,252
3,506,859
24,563,696
Effect of changes in assumptions on future cash flows ...
(104,498)
(50,106)
(41,836)
(2,027)
(198,467)
Effect of actual variances from expected experience.......
(251,310)
(335,087)
(50,759)
(20,954)
(658,110)
Adjusted balance at January 1, 2024 ................................
8,706,025
8,271,559
3,245,657
3,483,878
23,707,119
Issuances(1) .............................................................................
794,225
491,437
120,702
23,912
1,430,276
Interest accrual(2)....................................................................
492,966
474,451
178,617
210,344
1,356,378
Benefit payments(3) ................................................................
(426,723)
(576,499)
(204,757)
(136,066)
(1,344,045)
Effect of changes in the foreign exchange rate.................
(57,904)
—
—
—
(57,904)
Ending balance at original discount rates..............................
9,508,589
8,660,948
3,340,219
3,582,068
25,091,824
Effect of change from original to current discount rates...
362,103
464,164
37,298
378,895
1,242,460
Balance at December 31, 2024 ...........................................
$
9,870,692
$
9,125,112
$
3,377,517
$
3,960,963
$
26,334,284
(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 revised expected assumptions.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
95
GL 2024 FORM 10-K

Life
Net liability for future policy benefits as of December 31, 2022
American
Income
DTC
Liberty
National
Other
Total
Net liability for future policy benefits at original
discount rates ........................................................................
$
4,163,038
$
2,797,028
$
2,206,857
$
2,954,495
$
12,121,418
Effect of changes in discount rate assumptions...............
682,910
518,199
127,992
550,914
1,880,015
Other adjustments(1)..............................................................
115
4,913
7,638
48
12,714
Net liability for future policy benefits, after other
adjustments, at current discount rates ...........................
4,846,063
3,320,140
2,342,487
3,505,457
14,014,147
Reinsurance recoverable.....................................................
(123)
—
(7,477)
(34,830)
(42,430)
Net liability for future policy benefits, after
reinsurance recoverable, at current discount rates ....
$
4,845,940
$
3,320,140
$
2,335,010
$
3,470,627
$
13,971,717
(1)
Other adjustments include the Company's 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 December 31, 2023
American
Income
DTC
Liberty
National
Other
Total
Net liability for future policy benefits at original
discount rates ........................................................................
$
4,538,504
$
2,992,493
$
2,260,421
$
3,062,910
$
12,854,328
Effect of changes in discount rate assumptions...............
943,235
669,372
215,255
698,661
2,526,523
Other adjustments(1)..............................................................
297
3,315
5,764
62
9,438
Net liability for future policy benefits, after other
adjustments, at current discount rates ...........................
5,482,036
3,665,180
2,481,440
3,761,633
15,390,289
Reinsurance recoverable.....................................................
(141)
—
(7,719)
(37,848)
(45,708)
Net liability for future policy benefits, after
reinsurance recoverable, at current discount rates ....
$
5,481,895
$
3,665,180
$
2,473,721
$
3,723,785
$
15,344,581
(1)
Other adjustments include the Company's 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 December 31, 2024
American
Income
DTC
Liberty
National
Other
Total
Net liability for future policy benefits at original
discount rates ........................................................................
$
4,851,879
$
3,156,036
$
2,293,197
$
3,151,792
$
13,452,904
Effect of changes in discount rate assumptions...............
372,896
346,170
35,873
369,124
1,124,063
Other adjustments(1)..............................................................
122
18
—
33
173
Net liability for future policy benefits, after other
adjustments, at current discount rates ...........................
5,224,897
3,502,224
2,329,070
3,520,949
14,577,140
Reinsurance recoverable.....................................................
(167)
—
(7,953)
(35,368)
(43,488)
Net liability for future policy benefits, after
reinsurance recoverable, at current discount rates ....
$
5,224,730
$
3,502,224
$
2,321,117
$
3,485,581
$
14,533,652
(1)
Other adjustments include the Company's 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).
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
96
GL 2024 FORM 10-K

The following tables summarize balances and changes in the net liability for future policy benefits for long-duration
health contracts for the three years ended December 31, 2024:
Health
Present value of expected future net premiums
United
American
Family
Heritage
Liberty
National
American
Income
DTC
Total
Balance at January 1, 2022 ................................................
$ 3,611,659
$ 1,944,714
$
517,368
$
222,553
$
121,724
$ 6,418,018
Beginning balance at original discount rates.......................
2,949,851
1,688,590
414,409
178,801
96,776
5,328,427
Effect of changes in assumptions on future cash flows..
(195,560)
(20,931)
19,846
(17,911)
(9,035)
(223,591)
Effect of actual variances from expected experience......
(37,437)
(67,419)
(39,029)
7,911
(2,301)
(138,275)
Adjusted balance at January 1, 2022 ...............................
2,716,854
1,600,240
395,226
168,801
85,440
4,966,561
Issuances(1) ............................................................................
360,942
241,052
51,827
39,003
8,224
701,048
Interest accrual(2)...................................................................
122,064
60,303
19,141
7,399
4,554
213,461
Net premiums collected(3) ....................................................
(258,598)
(172,376)
(50,752)
(21,085)
(10,467)
(513,278)
Effect of changes in the foreign exchange rate................
—
—
—
(1,487)
—
(1,487)
Ending balance at original discount rates ............................
2,941,262
1,729,219
415,442
192,631
87,751
5,366,305
Effect of change from original to current discount rates..
(32,761)
(134,227)
8,048
(2,335)
2,392
(158,883)
Balance at December 31, 2022 ..........................................
$ 2,908,501
$ 1,594,992
$
423,490
$
190,296
$
90,143
$ 5,207,422
Balance at January 1, 2023 ................................................
$ 2,908,501
$ 1,594,992
$
423,490
$
190,296
$
90,143
$ 5,207,422
Beginning balance at original discount rates.......................
2,941,262
1,729,219
415,442
192,631
87,751
5,366,305
Effect of changes in assumptions on future cash flows ...
466,883
(30,255)
(56,964)
(6,061)
16,553
390,156
Effect of actual variances from expected experience......
(27,178)
(69,878)
(36,850)
(11,152)
(2,850)
(147,908)
Adjusted balance at January 1, 2023 ...............................
3,380,967
1,629,086
321,628
175,418
101,454
5,608,553
Issuances(1) ............................................................................
377,097
266,375
59,768
39,825
14,467
757,532
Interest accrual(2)...................................................................
139,824
67,743
18,255
8,528
4,616
238,966
Net premiums collected(3) ....................................................
(272,085)
(180,031)
(51,081)
(22,325)
(10,657)
(536,179)
Effect of changes in the foreign exchange rate................
—
—
—
423
—
423
Ending balance at original discount rates ............................
3,625,803
1,783,173
348,570
201,869
109,880
6,069,295
Effect of change from original to current discount rates..
71,968
(71,432)
9,902
4,512
5,483
20,433
Balance at December 31, 2023 ..........................................
$ 3,697,771
$ 1,711,741
$
358,472
$
206,381
$
115,363
$ 6,089,728
Balance at January 1, 2024 ................................................
$ 3,697,771
$ 1,711,741
$
358,472
$
206,381
$
115,363
$ 6,089,728
Beginning balance at original discount rates.......................
3,625,803
1,783,173
348,570
201,869
109,880
6,069,295
Effect of changes in assumptions on future cash flows ...
9,892
(8,117)
(3,463)
12,207
4,449
14,968
Effect of actual variances from expected experience......
(43,846)
(56,720)
(29,652)
(16,088)
(2,937)
(149,243)
Adjusted balance at January 1, 2024 ...............................
3,591,849
1,718,336
315,455
197,988
111,392
5,935,020
Issuances(1) ............................................................................
480,412
265,166
58,538
44,350
26,149
874,615
Interest accrual(2)...................................................................
174,269
75,188
16,566
9,787
5,838
281,648
Net premiums collected(3) ....................................................
(297,675)
(190,817)
(52,284)
(24,852)
(11,460)
(577,088)
Effect of changes in the foreign exchange rate................
—
—
—
(2,132)
—
(2,132)
Ending balance at original discount rates ............................
3,948,855
1,867,873
338,275
225,141
131,919
6,512,063
Effect of change from original to current discount rates..
(63,325)
(132,998)
(1,156)
(1,894)
1,458
(197,915)
Balance at December 31, 2024 ..........................................
$ 3,885,530
$ 1,734,875
$
337,119
$
223,247
$
133,377
$ 6,314,148
(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.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
97
GL 2024 FORM 10-K

Health
Present value of expected future policy benefits
United
American
Family
Heritage
Liberty
National
American
Income
DTC
Total
Balance at January 1, 2022 ................................................
$ 3,810,559
$ 3,840,322
$ 1,201,317
$
380,915
$
119,888
$ 9,353,001
Beginning balance at original discount rates.......................
3,090,901
3,193,342
921,608
285,604
95,628
7,587,083
Effect of changes in assumptions on future cash flows..
(194,936)
(27,211)
18,065
(21,559)
(8,270)
(233,911)
Effect of actual variances from expected experience......
(40,316)
(70,690)
(40,597)
10,402
(2,621)
(143,822)
Adjusted balance at January 1, 2022 ...............................
2,855,649
3,095,441
899,076
274,447
84,737
7,209,350
Issuances(1) ............................................................................
360,642
241,052
52,257
39,006
8,202
701,159
Interest accrual(2)...................................................................
129,842
120,700
47,719
13,806
4,553
316,620
Benefit payments(3) ...............................................................
(265,500)
(120,849)
(94,187)
(20,413)
(12,280)
(513,229)
Effect of changes in the foreign exchange rate................
—
—
—
(3,133)
—
(3,133)
Ending balance at original discount rates ............................
3,080,633
3,336,344
904,865
303,713
85,212
7,710,767
Effect of change from original to current discount rates..
(33,804)
(330,680)
36,709
9,037
2,320
(316,418)
Balance at December 31, 2022 ..........................................
$ 3,046,829
$ 3,005,664
$
941,574
$
312,750
$
87,532
$ 7,394,349
Balance at January 1, 2023 ................................................
$ 3,046,829
$ 3,005,664
$
941,574
$
312,750
$
87,532
$ 7,394,349
Beginning balance at original discount rates.......................
3,080,633
3,336,344
904,865
303,713
85,212
7,710,767
Effect of changes in assumptions on future cash flows..
464,652
(32,428)
(60,437)
(6,407)
15,930
381,310
Effect of actual variances from expected experience......
(26,718)
(74,797)
(36,910)
(12,661)
(3,325)
(154,411)
Adjusted balance at January 1, 2023 ...............................
3,518,567
3,229,119
807,518
284,645
97,817
7,937,666
Issuances(1) ............................................................................
376,573
266,375
59,158
39,825
14,446
756,377
Interest accrual(2)...................................................................
147,082
134,107
45,614
15,070
4,616
346,489
Benefit payments(3) ...............................................................
(300,692)
(122,912)
(95,471)
(24,987)
(12,378)
(556,440)
Effect of changes in the foreign exchange rate................
—
—
—
878
—
878
Ending balance at original discount rates ............................
3,741,530
3,506,689
816,819
315,431
104,501
8,484,970
Effect of change from original to current discount rates..
72,798
(190,809)
48,989
20,073
4,981
(43,968)
Balance at December 31, 2023 ..........................................
$ 3,814,328
$ 3,315,880
$
865,808
$
335,504
$
109,482
$ 8,441,002
Balance at January 1, 2024 ................................................
$ 3,814,328
$ 3,315,880
$
865,808
$
335,504
$
109,482
$ 8,441,002
Beginning balance at original discount rates.......................
3,741,530
3,506,689
816,819
315,431
104,501
8,484,970
Effect of changes in assumptions on future cash flows..
10,680
(5,054)
(2,775)
20,293
7,733
30,877
Effect of actual variances from expected experience......
(35,532)
(63,595)
(30,258)
(18,601)
(2,420)
(150,406)
Adjusted balance at January 1, 2024 ...............................
3,716,678
3,438,040
783,786
317,123
109,814
8,365,441
Issuances(1) ............................................................................
479,653
265,166
57,862
44,353
26,116
873,150
Interest accrual(2)...................................................................
180,235
147,615
42,809
16,577
5,837
393,073
Benefit payments(3) ...............................................................
(349,706)
(138,777)
(93,317)
(25,214)
(13,792)
(620,806)
Effect of changes in the foreign exchange rate................
—
—
—
(4,128)
—
(4,128)
Ending balance at original discount rates ............................
4,026,860
3,712,044
791,140
348,711
127,975
9,006,730
Effect of change from original to current discount rates..
(66,428)
(375,498)
13,555
6,592
1,302
(420,477)
Balance at December 31, 2024 ..........................................
$ 3,960,432
$ 3,336,546
$
804,695
$
355,303
$
129,277
$ 8,586,253
(1)
Issuances represent the present value, using the original discount rate, of the expected future policy benefits related to new policies issued
during each respective period.
(2)
The interest accrual is the interest earned on the beginning present value of the expected future policy benefits, as well as the interest on
actual benefits and expenses paid during the period, using the original interest rate.
(3)
Benefit payments represent the release of the present value, using the original discount rate, of the actual future policy benefits incurred
during the period based on the revised expected assumptions.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
98
GL 2024 FORM 10-K

Health
Net liability for future policy benefits as of December 31, 2022
United
American
Family
Heritage
Liberty
National
American
Income
Direct to
Consumer
Total
Net liability for future policy benefits at original
discount rates .......................................................................
$
139,371
$ 1,607,125
$
489,423
$
111,082
$
(2,539) $ 2,344,462
Effect of changes in discount rate assumptions..............
(1,043)
(196,453)
28,661
11,372
(72)
(157,535)
Other adjustments(1) ............................................................
4,055
3,172
5,953
48
3,634
16,862
Net liability for future policy benefits, after other
adjustments, at current discount rates ..........................
142,383
1,413,844
524,037
122,502
1,023
2,203,789
Reinsurance recoverable....................................................
(3,820)
(9,027)
(1,498)
—
—
(14,345)
Net liability for future policy benefits, after
reinsurance recoverable, at current discount rates ...
$
138,563
$ 1,404,817
$
522,539
$
122,502
$
1,023
$ 2,189,444
(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 December 31, 2023
United
American
Family
Heritage
Liberty
National
American
Income
Direct to
Consumer
Total
Net liability for future policy benefits at original
discount rates .......................................................................
$
115,727
$ 1,723,516
$
468,249
$
113,562
$
(5,379) $ 2,415,675
Effect of changes in discount rate assumptions..............
830
(119,377)
39,087
15,561
(502)
(64,401)
Other adjustments(1) ............................................................
10,980
84
9,567
857
6,653
28,141
Net liability for future policy benefits, after other
adjustments, at current discount rates ..........................
127,537
1,604,223
516,903
129,980
772
2,379,415
Reinsurance recoverable....................................................
(3,287)
(10,718)
(1,317)
—
—
(15,322)
Net liability for future policy benefits, after
reinsurance recoverable, at current discount rates ...
$
124,250
$ 1,593,505
$
515,586
$
129,980
$
772
$ 2,364,093
(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 December 31, 2024
United
American
Family
Heritage
Liberty
National
American
Income
Direct to
Consumer
Total
Net liability for future policy benefits at original
discount rates .......................................................................
78,005
1,844,171
452,865
123,570
(3,944)
2,494,667
Effect of changes in discount rate assumptions..............
(3,103)
(242,500)
14,711
8,486
(156)
(222,562)
Other adjustments(1) ............................................................
24,920
22
10,310
814
4,865
40,931
Net liability for future policy benefits, after other
adjustments, at current discount rates ..........................
99,822
1,601,693
477,886
132,870
765
2,313,036
Reinsurance recoverable....................................................
(2,768)
—
(986)
—
—
(3,754)
Net liability for future policy benefits, after
reinsurance recoverable, at current discount rates ...
$
97,054
$ 1,601,693
$
476,900
$
132,870
$
765
$ 2,309,282
(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).
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
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
99
GL 2024 FORM 10-K

benefits as of the beginning of the current reporting period, and is compared to the liability using the prior cash flow
assumptions. The difference is recorded as a component of the remeasurement gain or loss for the current period,
along with the effect of the difference between actual and expected experience for the period. The total
remeasurement gain or loss is included in the Consolidated Statements of Operations.
The following tables include the total remeasurement gain or loss, bifurcated between the gain or loss due to
differences between actual and expected experience and the amount due to assumption updates, for the three
years ended December 31, 2024:
Year Ended December 31,
2024
2023
2022
Life Remeasurement Gain (Loss)—Experience:
American Income...................................................................................................................................... $
19,606
$
9,430
1,965
Direct to Consumer...................................................................................................................................
21,681
12,201
(2,243)
Liberty National..........................................................................................................................................
3,966
5,013
(1,348)
Other ...........................................................................................................................................................
4,872
4,760
1,354
Total Life Remeasurement Gain (Loss)—Experience ...............................................................
50,125
31,404
(272)
Life Remeasurement Gain (Loss)—Assumption Updates:
American Income......................................................................................................................................
21,974
308
(8,707)
Direct to Consumer...................................................................................................................................
21,744
1,763
(25,334)
Liberty National..........................................................................................................................................
12,224
(1,248)
(7,872)
Other ...........................................................................................................................................................
904
(2,836)
(5,241)
Total Life Remeasurement Gain (Loss)—Assumption Updates ............................................
56,846
(2,013)
(47,154)
Total Life Remeasurement Gain (Loss) ..............................................................................................
106,971
29,391
(47,426)
Health Remeasurement Gain (Loss)—Experience:
United American........................................................................................................................................
(4,890)
(134)
3,502
Family Heritage .........................................................................................................................................
6,756
4,638
2,395
Liberty National..........................................................................................................................................
2,640
628
1,406
American Income......................................................................................................................................
2,742
1,461
(2,545)
Direct to Consumer...................................................................................................................................
22
23
148
Total Health Remeasurement Gain (Loss)—Experience ..........................................................
7,270
6,616
4,906
Health Remeasurement Gain (Loss)—Assumption Updates:
United American........................................................................................................................................
1,205
762
(626)
Family Heritage .........................................................................................................................................
(3,063)
2,173
6,283
Liberty National..........................................................................................................................................
(234)
2,171
1,463
American Income......................................................................................................................................
(8,036)
119
3,615
Direct to Consumer...................................................................................................................................
(373)
8
(80)
Health Remeasurement Gain (Loss)—Assumption Updates ..................................................
(10,501)
5,233
10,655
Total Health Remeasurement Gain (Loss) ......................................................................................... $
(3,231) $
11,849
15,561
The Company performed its annual review of assumptions during the third quarter. This review process resulted in
favorable changes to its mortality and lapse assumptions on life and unfavorable changes to morbidity assumptions
on health. Generally, in our life segment mortality assumptions were decreased across most channels in line with
recent experience consistent with decreasing levels of excess deaths. Also, for the life segment lapse rate
assumptions were slightly increased across all channels. For the health segment, morbidity assumptions were
increased, causing higher future policy benefit reserves. The assumption review process of the life and health
segments resulted in a $46.3 million net remeasurement gain in the year ended December 31, 2024 as compared to
a $3.2 million net remeasurement gain and a $36.5 million net remeasurement loss in the year ended December 31,
2023 and 2022, respectively.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
100
GL 2024 FORM 10-K

Excluding the impact of assumption changes, the Company's results for actual variances from expected experience
for both life and health produced a $57.4 million net remeasurement gain, a $38.0 million net remeasurement gain,
and a $4.6 million net remeasurement gain for the year ended December 31, 2024, 2023, and 2022, respectively.
The following table reconciles the liability for future policy benefits to the Consolidated Balance Sheets as of
December 31, 2024, 2023, and 2022:
At Original Discount Rates
At Current Discount Rates
As of December 31,
As of December 31,
2024
2023
2022
2024
2023
2022
Life(1):
American Income ................................ $ 4,851,995
$ 4,538,775
$ 4,163,111
$ 5,224,897
$ 5,482,036
$ 4,846,063
Direct to Consumer.............................
3,156,039
2,992,493
2,797,031
3,502,224
3,665,180
3,320,140
Liberty National....................................
2,293,197
2,260,421
2,206,857
2,329,070
2,481,440
2,342,487
Other .....................................................
3,151,824
3,062,966
2,954,522
3,520,949
3,761,633
3,505,457
Net liability for future policy
benefits—long duration life...........
13,453,055
12,854,655
12,121,521
14,577,140
15,390,289
14,014,147
Health(1):
United American..................................
100,480
124,021
141,362
99,822
127,537
142,383
Family Heritage ...................................
1,844,186
1,723,581
1,607,169
1,601,693
1,604,223
1,413,844
Liberty National....................................
462,712
476,559
494,155
477,886
516,903
524,037
American Income ................................
124,309
114,407
111,128
132,870
129,980
122,502
Direct to Consumer.............................
738
737
979
765
772
1,023
Net liability for future policy
benefits—long duration health.....
2,532,425
2,439,305
2,354,793
2,313,036
2,379,415
2,203,789
Deferred profit liability ...........................
178,199
174,717
175,883
178,199
174,717
175,883
Deferred annuity ....................................
656,573
773,039
954,318
656,573
773,039
954,318
Interest sensitive life..............................
723,389
732,948
739,105
723,389
732,948
739,105
Other........................................................
8,923
9,951
10,106
8,926
9,945
10,099
Total future policy benefits ........
$17,552,564
$16,984,615
$16,355,726
$18,457,263
$19,460,353
$18,097,341
(1)
Balances are presented net of 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).
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
101
GL 2024 FORM 10-K

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 December 31, 2024, 2023, and 2022:
As of December 31,
2024
2023
2022
Original
discount rate
Current
discount rate
Original
discount rate
Current
discount rate
Original
discount rate
Current
discount rate
Life
American Income........
5.7 %
5.4 %
5.7 %
4.9 %
5.8 %
5.2 %
Direct to Consumer ....
6.0 %
5.5 %
6.0 %
5.0 %
6.0 %
5.2 %
Liberty National...........
5.6 %
5.5 %
5.6 %
5.0 %
5.6 %
5.2 %
Other.............................
6.2 %
5.5 %
6.2 %
5.0 %
6.2 %
5.2 %
Health
United American .........
5.1 %
5.2 %
5.1 %
4.8 %
5.2 %
5.1 %
Family Heritage...........
4.2 %
5.3 %
4.3 %
4.9 %
4.3 %
5.2 %
Liberty National...........
5.8 %
5.4 %
5.8 %
4.9 %
5.8 %
5.2 %
American Income........
5.8 %
5.2 %
5.8 %
4.8 %
5.9 %
5.1 %
Direct to Consumer ....
5.1 %
5.2 %
5.1 %
4.8 %
5.2 %
5.1 %
The following table provides the weighted-average durations of the liability for future policy benefits and the
additional insurance liabilities as of December 31, 2024, 2023, and 2022:
As of December 31,
2024
2023
2022
At original
discount rates
At current
discount rates
At original
discount rates
At current
discount rates
At original
discount rates
At current
discount rates
Life
American Income .....
22.73
22.76
23.01
23.45
22.86
23.28
Direct to Consumer..
19.24
20.31
19.58
21.21
20.27
21.80
Liberty National.........
15.30
15.33
15.13
15.81
14.86
15.39
Other ..........................
15.99
16.92
16.26
17.92
16.59
18.15
Health
United American.......
11.72
10.65
11.46
10.89
11.37
10.65
Family Heritage ........
15.33
14.23
14.99
14.54
14.87
14.22
Liberty National.........
9.31
9.19
9.17
9.49
9.26
9.47
American Income .....
12.49
12.56
12.21
12.84
12.12
12.56
Direct to Consumer..
11.72
10.65
11.46
10.89
11.37
10.65
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
102
GL 2024 FORM 10-K

The following tables summarize the amount of gross premiums and interest related to long duration life and health
contracts that are recognized in the Consolidated Statements of Operations for the three years ended December
31, 2024:
Life
Year Ended
December 31, 2024
Year Ended
December 31, 2023
Year Ended
December 31, 2022
Gross
Premiums
Interest
expense
Gross
Premiums
Interest
expense
Gross
Premiums
Interest
expense
American Income........................... $
1,696,918
$
272,007
$
1,587,304
$
252,277
$
1,503,537
$
234,098
Direct to Consumer.......................
977,302
181,470
979,739
170,745
973,429
159,945
Liberty National ..............................
367,278
122,727
345,196
120,083
322,497
117,681
Other................................................
202,234
185,619
205,998
179,513
208,390
172,967
Total............................................... $
3,243,732
$
761,823
$
3,118,237
$
722,618
$
3,007,853
$
684,691
Health
Year Ended
December 31, 2024
Year Ended
December 31, 2023
Year Ended
December 31, 2022
Gross
Premiums
Interest
expense
Gross
Premiums
Interest
expense
Gross
Premiums
Interest
expense
United American............................. $
439,125
$
5,739
$
401,834
$
7,002
$
380,710
$
7,532
Family Heritage..............................
427,640
71,900
396,211
65,892
366,803
59,983
Liberty National ..............................
189,650
26,144
187,095
27,248
186,268
28,477
American Income...........................
117,644
6,790
113,605
6,542
111,623
6,408
Direct to Consumer.......................
15,033
—
14,283
—
14,290
—
Total............................................... $
1,189,092
$
110,573
$
1,113,028
$
106,684
$
1,059,694
$
102,400
Gross premiums are included within life and health premium on the Consolidated Statements of Operations, while
the related interest expense is included in life and health policyholder benefits.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
103
GL 2024 FORM 10-K

The following tables provide the undiscounted and discounted expected future net premiums, expected future gross
premiums, and expected future policy benefits, at both original and current discount rates, for life and health
contracts for the three years ended December 31, 2024:
Life
As of December 31, 2024
As of December 31, 2023
As of December 31, 2022
Not
discounted
At original
discount
rates
At current
discount
rates
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...........
$ 25,492,032
$14,410,088
$14,471,277
$ 24,265,464
$13,695,495
$14,264,077
$ 22,662,540
$12,832,811
$13,006,579
PV of expected future
net premiums...............
8,233,110
4,656,710
4,645,917
8,001,107
4,523,329
4,681,888
7,480,182
4,246,723
4,273,156
PV of expected future
policy benefits..............
31,831,310
9,508,589
9,870,692
30,623,947
9,061,833
10,163,627
28,318,683
8,409,761
9,119,104
DTC
PV of expected future
gross premiums...........
$ 17,372,446
$ 9,077,304
$ 9,258,880
$ 17,506,091
$ 9,150,049
$ 9,761,706
$ 17,346,469
$ 9,086,945
$ 9,432,882
PV of expected future
net premiums...............
10,481,376
5,504,912
5,622,906
10,774,655
5,664,259
6,052,651
10,769,174
5,680,864
5,910,224
PV of expected future
policy benefits..............
25,841,419
8,660,948
9,125,112
25,723,752
8,656,752
9,714,516
25,356,573
8,477,892
9,225,451
Liberty National
PV of expected future
gross premiums...........
$
4,837,598
$ 2,817,204
$ 2,775,304
$
4,660,783
$ 2,720,264
$ 2,784,916
$
4,396,685
$ 2,561,304
$ 2,562,342
PV of expected future
net premiums...............
1,849,200
1,047,022
1,048,447
1,897,696
1,077,831
1,129,716
1,885,533
1,066,123
1,094,407
PV of expected future
policy benefits..............
9,073,624
3,340,219
3,377,517
8,905,815
3,338,252
3,605,392
8,613,975
3,272,980
3,429,256
Other
PV of expected future
gross premiums...........
$
3,627,855
$ 1,844,670
$ 1,942,849
$
3,726,111
$ 1,889,930
$ 2,088,668
$
3,814,915
$ 1,925,650
$ 2,075,874
PV of expected future
net premiums...............
885,362
430,276
440,047
910,786
443,949
478,052
922,500
449,209
470,741
PV of expected future
policy benefits..............
12,466,943
3,582,068
3,960,963
12,431,963
3,506,859
4,239,623
12,371,696
3,403,704
3,976,150
Total
PV of expected future
gross premiums...........
$ 51,329,931
$28,149,266
$28,448,310
$ 50,158,449
$27,455,738
$28,899,367
$ 48,220,609
$26,406,710
$27,077,677
PV of expected future
net premiums...............
21,449,048
11,638,920
11,757,317
21,584,244
11,709,368
12,342,307
21,057,389
11,442,919
11,748,528
PV of expected future
policy benefits..............
79,213,296
25,091,824
26,334,284
77,685,477
24,563,696
27,723,158
74,660,927
23,564,337
25,749,961
As of December 31, 2024 for the life segment using current discount rates, the Company anticipates $28.4 billion of
expected future gross premiums and $11.8 billion of expected future net premiums. As of December 31, 2023 and
2022 using current discount rates, the Company anticipated $28.9 billion and $27.1 billion of expected future gross
premiums and $12.3 billion and $11.7 billion in expected future net premiums, respectively. For each respective
period, only expected future net premiums are included in the determination of the liability for future policy benefits
on the balance sheet, while the difference between the expected future gross premiums and the expected future net
premiums is not.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
104
GL 2024 FORM 10-K

Health
As of December 31, 2024
As of December 31, 2023
As of December 31, 2022
Not
discounted
At original
discount
rates
At current
discount
rates
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...........
$
9,350,851
$ 5,738,332
$ 5,643,454
$
8,682,707
$ 5,295,148
$ 5,396,402
$
6,801,987
$ 4,285,863
$ 4,233,647
PV of expected future
net premiums...............
6,442,648
3,948,855
3,885,530
5,955,294
3,625,803
3,697,771
4,680,560
2,941,262
2,908,501
PV of expected future
policy benefits..............
6,584,800
4,026,860
3,960,432
6,148,565
3,741,530
3,814,328
4,915,174
3,080,633
3,046,829
Family Heritage
PV of expected future
gross premiums...........
$
7,242,884
$ 4,220,293
$ 3,938,234
$
6,739,913
$ 3,982,571
$ 3,844,287
$
6,329,183
$ 3,787,020
$ 3,518,288
PV of expected future
net premiums...............
3,188,017
1,867,873
1,734,875
2,997,954
1,783,173
1,711,741
2,865,334
1,729,219
1,594,992
PV of expected future
policy benefits..............
7,176,690
3,712,044
3,336,546
6,655,694
3,506,689
3,315,880
6,245,843
3,336,344
3,005,664
Liberty National
PV of expected future
gross premiums...........
$
2,039,441
$ 1,299,234
$ 1,316,967
$
2,089,005
$ 1,325,869
$ 1,390,066
$
2,271,423
$ 1,418,333
$ 1,458,880
PV of expected future
net premiums...............
500,297
338,275
337,119
518,008
348,570
358,472
652,858
415,442
423,490
PV of expected future
policy benefits..............
1,374,959
791,140
804,695
1,413,211
816,819
865,808
1,600,943
904,865
941,574
American Income
PV of expected future
gross premiums...........
$
1,770,862
$
992,641
$ 1,012,919
$
1,768,231
$
991,448
$ 1,047,348
$
1,750,393
$
977,846
$ 1,004,239
PV of expected future
net premiums...............
400,512
225,141
223,247
359,248
201,869
206,381
342,659
192,631
190,296
PV of expected future
policy benefits..............
709,637
348,711
355,303
640,326
315,431
335,504
617,973
303,713
312,750
Direct to Consumer
PV of expected future
gross premiums...........
$
248,646
$
157,812
$
159,862
$
236,776
$
149,119
$
156,612
$
177,131
$
116,212
$
119,457
PV of expected future
net premiums...............
208,577
131,919
133,377
174,738
109,880
115,363
133,995
87,751
90,143
PV of expected future
policy benefits..............
204,099
127,975
129,277
163,087
104,501
109,482
127,911
85,212
87,532
Total
PV of expected future
gross premiums...........
$ 20,652,684
$12,408,312
$12,071,436
$ 19,516,632
$11,744,155
$11,834,715
$ 17,330,117
$10,585,274
$10,334,511
PV of expected future
net premiums...............
10,740,051
6,512,063
6,314,148
10,005,242
6,069,295
6,089,728
8,675,406
5,366,305
5,207,422
PV of expected future
policy benefits..............
16,050,185
9,006,730
8,586,253
15,020,883
8,484,970
8,441,002
13,507,844
7,710,767
7,394,349
As of December 31, 2024 for the health segment using current discount rates, the Company anticipates $12.1 billion
of expected future gross premiums and $6.3 billion of expected future net premiums. As of December 31, 2023 and
2022 using current discount rates, the Company anticipated $11.8 billion and $10.3 billion of expected future gross
premiums and $6.1 billion and $5.2 billion in expected future net premiums, respectively. For each respective
period, only expected future net premiums are included in the determination of the liability for future policy benefits
on the balance sheet, while the difference between the expected future gross premiums and the expected future net
premiums is not.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
105
GL 2024 FORM 10-K

The following table summarizes the balances of, and changes in, policyholders’ account balances for the three
years ended December 31, 2024:
Policyholders' Account Balances
2024
2023
2022
Interest
Sensitive
Life
Deferred
Annuity
Other
Policy-
holders'
Funds
Interest
Sensitive
Life
Deferred
Annuity
Other
Policy-
holders'
Funds
Interest
Sensitive
Life
Deferred
Annuity
Other
Policy-
holders'
Funds
Balance at January 1, ...................
$732,948
$ 773,039
$236,958
$739,105
$ 954,318
$123,236
$745,335
$1,033,525
$ 99,468
Issuances.........................................
—
875
—
—
896
—
—
1,528
—
Premiums received.........................
20,928
11,332
240,802
22,036
13,209
122,136
23,439
22,873
30,591
Policy charges.................................
(12,295)
—
—
(12,926)
—
—
(13,573)
—
—
Surrenders and withdrawals .........
(22,479)
(107,707)
(13,897)
(21,215)
(165,584)
(13,042)
(21,994)
(92,235)
(11,615)
Benefit payments............................
(30,512)
(43,955)
—
(29,909)
(57,937)
—
(32,889)
(44,456)
—
Interest credited ..............................
27,790
23,634
21,165
28,320
28,150
9,314
28,579
32,779
4,589
Other.................................................
7,009
(645)
(16,424)
7,537
(13)
(4,686)
10,208
304
203
Balance at December 31, .............
$723,389
$ 656,573
$468,604
$732,948
$ 773,039
$236,958
$739,105
$ 954,318
$123,236
Weighted-average credit rate...........
3.82 %
3.31 %
6.00 %
3.85 %
3.26 %
5.17 %
3.85 %
3.30 %
4.12 %
Net amount at risk..............................
$1,663,496
N/A
N/A
$1,766,170
N/A
N/A
$1,873,315
N/A
N/A
Cash surrender value........................
$677,111
$ 656,573
$468,604
$671,596
$ 773,039
$236,958
$689,546
$ 954,309
$123,236
The following tables present the policyholders' account balances by range of guaranteed minimum crediting rates
and the related range of difference, if any, in basis points between rates being credited to policy holders and the
respective guaranteed minimums as of December 31, 2024, 2023, and 2022:
At December 31, 2024
Range of guaranteed minimum crediting rates
Interest
Sensitive Life
Deferred
Annuity
Other
Policyholders'
Funds
At guaranteed minimum:
Less than 3.00%.........................................................................................
$
—
$
1,812
$
373,584
3.00%-3.99%...............................................................................................
29,251
473,191
3,182
4.00%-4.99%...............................................................................................
604,412
181,570
55,876
Greater than 5.00%....................................................................................
89,726
—
35,962
Total .........................................................................................................
723,389
656,573
468,604
51-150 basis points above:
Less than 3.00%.........................................................................................
—
—
—
3.00%-3.99%...............................................................................................
—
—
—
4.00%-4.99%...............................................................................................
—
—
—
Greater than 5.00%....................................................................................
—
—
—
Total .........................................................................................................
—
—
—
Grand Total .......................................................................................
$
723,389
$
656,573
$
468,604
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
106
GL 2024 FORM 10-K

At December 31, 2023
Range of guaranteed minimum crediting rates
Interest
Sensitive Life
Deferred
Annuity
Other
Policyholders'
Funds
At guaranteed minimum:
Less than 3.00%.........................................................................................
$
—
$
1,945
$
138,684
3.00%-3.99%...............................................................................................
29,086
574,939
3,790
4.00%-4.99%...............................................................................................
613,704
195,390
6,861
Greater than 5.00%....................................................................................
90,158
765
37,556
Total .........................................................................................................
732,948
773,039
186,891
51-150 basis points above:
Less than 3.00%.........................................................................................
—
—
—
3.00%-3.99%...............................................................................................
—
—
—
4.00%-4.99%...............................................................................................
—
—
50,067
Greater than 5.00%....................................................................................
—
—
—
Total .........................................................................................................
—
—
50,067
Grand Total .......................................................................................
$
732,948
$
773,039
$
236,958
At December 31, 2022
Range of guaranteed minimum crediting rates
Interest
Sensitive Life
Deferred
Annuity
Other
Policyholders'
Funds
At guaranteed minimum:
Less than 3.00%.........................................................................................
$
—
$
2,040
$
23,042
3.00%-3.99%...............................................................................................
28,867
743,299
4,074
4.00%-4.99%...............................................................................................
620,594
208,979
58,251
Greater than 5.00%....................................................................................
89,644
—
37,869
Total .........................................................................................................
739,105
954,318
123,236
51-150 basis points above:
Less than 3.00%.........................................................................................
—
—
—
3.00%-3.99%...............................................................................................
—
—
—
4.00%-4.99%...............................................................................................
—
—
—
Greater than 5.00%....................................................................................
—
—
—
Total .........................................................................................................
—
—
—
Grand Total .......................................................................................
$
739,105
$
954,318
$
123,236
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
107
GL 2024 FORM 10-K

Note 7—Deferred Acquisition Costs
The following tables roll forward the deferred policy acquisition costs for the three years ended December 31, 2024:
Life
American
Income
DTC
Liberty
National
Other
Total
Balance at January 1, 2022 .................................
$
1,960,254
$
1,583,695
$
566,419
$
301,647
$
4,412,015
Capitalizations .........................................................
450,600
188,083
90,385
13,504
742,572
Amortization expense.............................................
(141,108)
(94,847)
(46,081)
(16,805)
(298,841)
Foreign exchange adjustment...............................
(11,455)
—
—
—
(11,455)
Balance at December 31, 2022 ...........................
$
2,258,291
$
1,676,931
$
610,723
$
298,346
$
4,844,291
Balance at January 1, 2023 .................................
$
2,258,291
$
1,676,931
$
610,723
$
298,346
$
4,844,291
Capitalizations .........................................................
471,771
159,650
107,230
13,053
751,704
Amortization expense.............................................
(159,898)
(99,464)
(51,534)
(16,530)
(327,426)
Foreign exchange adjustment...............................
3,206
—
—
—
3,206
Balance at December 31, 2023 ...........................
$
2,573,370
$
1,737,117
$
666,419
$
294,869
$
5,271,775
Balance at January 1, 2024 .................................
$
2,573,370
$
1,737,117
$
666,419
$
294,869
$
5,271,775
Capitalizations .........................................................
524,980
145,538
119,203
12,172
801,893
Amortization expense.............................................
(181,431)
(101,425)
(56,832)
(16,535)
(356,223)
Foreign exchange adjustment...............................
(16,690)
—
—
—
(16,690)
Balance at December 31, 2024 ...........................
$
2,900,229
$
1,781,230
$
728,790
$
290,506
$
5,700,755
Health
United
American
Family
Heritage
Liberty
National
American
Income
DTC
Total
Balance at January 1, 2022 ...........................
$
81,140
$
388,967
$
127,537
$
49,406
$
2,032
$
649,082
Capitalizations ...................................................
2,135
53,117
18,737
12,378
4
86,371
Amortization expense.......................................
(5,881)
(25,476)
(13,178)
(3,467)
(182)
(48,184)
Foreign exchange adjustment.........................
—
—
—
(506)
—
(506)
Balance at December 31, 2022 .....................
$
77,394
$
416,608
$
133,096
$
57,811
$
1,854
$
686,763
Balance at January 1, 2023 ...........................
$
77,394
$
416,608
$
133,096
$
57,811
$
1,854
$
686,763
Capitalizations ...................................................
1,941
63,366
20,309
12,849
—
98,465
Amortization expense.......................................
(5,846)
(27,131)
(13,464)
(3,982)
(175)
(50,598)
Foreign exchange adjustment.........................
—
—
—
105
—
105
Balance at December 31, 2023 .....................
$
73,489
$
452,843
$
139,941
$
66,783
$
1,679
$
734,735
Balance at January 1, 2024 ...........................
$
73,489
$
452,843
$
139,941
$
66,783
$
1,679
$
734,735
Capitalizations ...................................................
2,608
70,311
23,775
14,955
2
111,651
Amortization expense.......................................
(5,567)
(27,035)
(14,796)
(4,678)
(148)
(52,224)
Foreign exchange adjustment.........................
—
—
—
(741)
—
(741)
Balance at December 31, 2024 .....................
$
70,530
$
496,119
$
148,920
$
76,319
$
1,533
$
793,421
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
108
GL 2024 FORM 10-K

The following table presents a reconciliation of deferred policy acquisition costs to the Consolidated Balance Sheets
for the three years ended December 31, 2024:
December 31,
2024
2023
2022
Life
American Income.............................................................
$
2,900,229
$
2,573,370
$
2,258,291
Direct to Consumer .........................................................
1,781,230
1,737,117
1,676,931
Liberty National................................................................
728,790
666,419
610,723
Other..................................................................................
290,506
294,869
298,346
Total DAC—Life ..................................................................
5,700,755
5,271,775
4,844,291
Health
United American .............................................................
70,530
73,489
77,394
Family Heritage................................................................
496,119
452,843
416,608
Liberty National................................................................
148,920
139,941
133,096
American Income.............................................................
76,319
66,783
57,811
Direct to Consumer .........................................................
1,533
1,679
1,854
Total DAC—Health .............................................................
793,421
734,735
686,763
Annuity
1,413
2,967
4,643
Total ...............................................................................
$
6,495,589
$
6,009,477
$
5,535,697
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
109
GL 2024 FORM 10-K

Note 8—Liability for Unpaid Claims
Activity in the liability for unpaid health claims is summarized as follows:
Year Ended December 31,
2024
2023
2022
Balance at January 1, ............................................................................................ $
194,809
$
184,286
$
173,737
Less reinsurance recoverables .........................................................................
(2,157)
(2,084)
(2,628)
Net balance at January 1, ....................................................................................
192,652
182,202
171,109
Incurred related to:
Current year ..........................................................................................................
767,076
697,521
676,189
Prior years .............................................................................................................
(10,460)
(4,853)
(15,631)
Total incurred......................................................................................................
756,616
692,668
660,558
Paid related to:
Current year ..........................................................................................................
587,473
535,971
517,855
Prior years .............................................................................................................
152,322
146,247
131,610
Total paid ............................................................................................................
739,795
682,218
649,465
Net balance at December 31, ..............................................................................
209,473
192,652
182,202
Plus reinsurance recoverables..........................................................................
1,521
2,157
2,084
Balance at December 31, ..................................................................................... $
210,994
$
194,809
$
184,286
At the end of each period, the liability for unpaid health claims includes an estimate of claims incurred but not yet
reported to the Company. Such estimates are updated regularly based upon the Company’s most recent claims
data with recognition of emerging experience trends. Due to the nature of the Company’s health business, the
payment lags are relatively short and most claims are fully paid within a year from the time incurred. Fluctuations in
claims experience can lead to either over or under estimation of the liability for any given year. The difference
between the estimate made at the end of the prior period and the actual experience during the period is reflected
above under the caption "Incurred related to: Prior years."
Below is the reconciliation of the liability of "Policy claims and other benefits payable" in the Consolidated Balance
Sheets.
December 31,
2024
2023
Policy claims and other benefits payable:
Life insurance .................................................................................................................................... $
321,838
$
320,066
Health insurance...............................................................................................................................
210,994
194,809
Total............................................................................................................................................... $
532,832
$
514,875
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
110
GL 2024 FORM 10-K

Note 9—Income Taxes
The following table discloses significant components of income taxes for each year presented:
Year Ended December 31,
2024
2023
2022
Income tax expense (benefit) from operations:
Current income tax expense (benefit)................................................................ $
218,135
$
145,880
$
138,968
Deferred income tax expense (benefit)..............................................................
37,740
77,631
68,757
255,875
223,511
207,725
Shareholders’ equity:
Other comprehensive income (loss)...................................................................
197,427
4,762
384,035
$
453,302
$
228,273
$
591,760
In each of the years 2022 through 2024, deferred income tax expense (benefit) was incurred because of certain
differences between net income before income tax expense (benefit) as reported on the Consolidated Statements of
Operations and taxable income as reported on Globe Life's income tax returns. As explained in Note 1—Significant
Accounting Policies, these differences caused the consolidated financial statement book values of some assets and
liabilities to be different from their respective tax bases.
The effective income tax rate differed from the expected U.S. federal statutory rate of 21% as shown below:
Year Ended December 31,
2024
%
2023
%
2022
%
Expected federal income tax expense (benefit) .......... $ 278,594
21.0
$ 250,796
21.0
$ 231,443
21.0
Increase (reduction) in income taxes resulting from:
Low-income housing investments........................................
(9,700)
(0.7)
(14,291)
(1.2)
(11,443)
(1.1)
Share-based awards..............................................................
1,341
0.1
(4,724)
(0.4)
(5,251)
(0.5)
Tax-exempt investment income............................................
(9,644)
(0.7)
(9,644)
(0.8)
(8,961)
(0.8)
Other tax credits......................................................................
(5,000)
(0.4)
—
—
—
—
Other.........................................................................................
284
—
1,374
0.1
1,937
0.2
Income tax expense (benefit) ........................................... $ 255,875
19.3
$ 223,511
18.7
$ 207,725
18.8
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
111
GL 2024 FORM 10-K

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred
tax liabilities are presented below:
December 31,
2024
2023
Deferred tax assets:
Unrealized losses................................................................................................................................. $
532,756
$
732,750
Carryover of tax losses........................................................................................................................
10,342
4,227
Total gross deferred tax assets.....................................................................................................
543,098
736,977
Less valuation allowance...............................................................................................................
(3,383)
—
Net deferred tax assets.............................................................................................................
539,715
736,977
Deferred tax liabilities:
Employee and agent compensation..................................................................................................
104,385
100,689
Deferred acquisition costs...................................................................................................................
961,406
892,149
Future policy benefits, unearned and advance premiums, and policy claims............................
228,117
267,564
Other liabilities ......................................................................................................................................
24,432
17,466
Total gross deferred tax liabilities.................................................................................................
1,318,340
1,277,868
Net deferred tax liability ....................................................................................................................... $
778,625
$
540,891
Bermuda Corporate Income Tax Act, The Bermuda Corporate Income Tax Act (the Act) was enacted on
December 27, 2023, and included a new corporate income tax (CIT). The Act and CIT go into effect for years
beginning after January 1, 2025. The Company is in the process of evaluating the impact the Act will have on the
consolidated financial statements; however, the Company does not expect the Act to have a material impact.
Inflation Reduction Act, The Inflation Reduction Act (the Act) was enacted on August 16, 2022, and included a
new corporate alternative minimum tax (CAMT). The Act and the CAMT go into effect for tax years beginning after
2022.
Globe Life Inc., as parent of a tax-controlled group, has determined that it does not reasonably expect to be an
applicable corporation on a group basis for the taxable year ended December 31, 2024. Therefore, the Company
did not calculate or recognize a payable for CAMT in its 2024 financial statements.
Income Tax Return: Globe Life Inc. and its subsidiaries file a life-nonlife consolidated federal income tax return. The
statutes of limitations for the Internal Revenue Service's examination and assessment of additional tax are closed
for all tax years prior to 2017 with respect to Globe Life's consolidated federal income tax returns. Management
concludes that adequate provision has been made in the consolidated financial statements for any potential
assessments that may result from current or future tax examinations and other tax-related matters for all open
years.
Valuations: Globe Life has a $49.2 million net operating loss (NOL) carryforward at December 31, 2024, of which
$7.2 million was created prior to 2018 and will begin to expire in 2035 if not otherwise used to offset future taxable
income. The remaining NOL carryforward of $42.0 million may be carried forward indefinitely. A valuation allowance
is to be recorded when it is more likely than not that deferred tax assets will not be realized by the Company. A
valuation allowance has been established in the amount of $3.4 million related to pre-acquisition NOL carryforward
deferred tax assets acquired in 2024 as management has determined that the acquired companies will more than
likely not have sufficient taxable income in future periods to realize the deferred tax assets.
Globe Life's tax liability is adjusted to include a provision for uncertain tax positions taken or expected to be taken in
a tax return. However, during the years 2022 through 2024, Globe Life did not have any uncertain tax positions
which resulted in unrecognized tax benefits.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
112
GL 2024 FORM 10-K

Note 10—Postretirement Benefits
Globe Life has qualified noncontributory defined benefit pension plans (Pension Plans) and contributory savings
plans that cover substantially all employees. There is also a nonqualified noncontributory supplemental executive
retirement plan (SERP) that covers a limited number of officers. The tables included herein will focus on the Pension
Plans and SERP.
The total cost of these retirement plans charged to operations was as follows:
Year Ended December 31,
2024
2023
2022
Plan Type:
Defined Contribution Plans(1).................................................................................. $
6,605
$
6,390
$
5,824
Defined Benefit Pension Plans(2) ...........................................................................
16,458
15,225
37,040
(1) 401K plans.
(2) Qualified pension plans and SERP.
Globe Life accrues expense for the defined contribution plans based on a percentage of the employees’
contributions. The plans are funded by the employee contributions and a Globe Life contribution equal to the
amount of accrued expense. Plan contributions are both mandatory and discretionary, depending on the terms of
the plan.
Pension Plans: Cost for the Pension Plans has been calculated on the projected unit credit actuarial cost method.
All plan measurements for the pension plans are as of December 31 of the respective year. The pension plans
covering the majority of employees are qualified and funded. Contributions are made to funded pension plans
subject to minimums required by regulation and maximums allowed for tax purposes.
Globe Life's SERP provides an additional supplemental defined pension benefit to a limited number of officers. The
supplemental benefit is based on the participant’s qualified plan benefit without consideration to the regulatory limits
on compensation and benefit payments applicable to qualified plans, except that eligible compensation is capped at
$1 million. The SERP is nonqualified and unfunded. However, a Rabbi Trust has been established to support the
liability for this plan. The Rabbi Trust consists of life insurance policies on the lives of plan participants with an
unaffiliated insurance carrier as well as an investment account. Since this plan is nonqualified, the investments and
the policyholder value of the insurance policies in the Rabbi Trust are not included as defined benefit plan assets,
but rather assets of the Company. They are included in “Other Assets” in the Consolidated Balance Sheets.
Defined benefit and SERP plan contributions were $24.8 million in 2024, $24.4 million in 2023, and $29.8 million in
2022. In 2025, the Company does not expect to increase contributions to the plans from what was contributed in
2024.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
113
GL 2024 FORM 10-K

Pension Assets: Plan assets in the funded plans consist primarily of investments in marketable fixed maturities and
equity securities that are valued at fair value. Globe Life measures the fair value of its financial assets, including the
assets in its benefit plans, in accordance with accounting guidance which establishes a hierarchy for asset values
and provides a methodology for the measurement of value. Please refer to Note 1—Significant Accounting Policies
under the caption Fair Value Measurements, Investments in Securities for a complete discussion of valuation
procedures.
The following table presents the assets of the Company's Pension Plans at December 31, 2024 and 2023:
Pension Assets by Component at December 31, 2024
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)........................... $
35,483
$
—
$
—
$
35,483
6
Equity exchange traded fund(1)...............
322,846
—
—
322,846
53
U.S. Government and Agency................
—
179,418
—
179,418
29
Other bonds...............................................
—
4
—
4
—
Guaranteed annuity contract(2) ...............
—
43,893
—
43,893
7
Short-term investments............................
1,235
—
—
1,235
—
Other...........................................................
1,420
—
—
1,420
—
$
360,984
$
223,315
$
—
584,299
95
Other long-term investments(3).............................................................................................................................
30,546
5
Total pension assets ..................................................................................................................................
$
614,845
100
(1) A fund including marketable securities that mirror the S&P 500 index.
(2) Representing a guaranteed annuity contract issued by Globe Life Inc.'s subsidiary, American Income Life Insurance Company, to fund the
obligations of the American Income Life Insurance Company Collective Bargaining Agreement Employees Pension Plan.
(3) Includes non-redeemable investment funds that report the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset
value (NAV) per share, or its equivalent, as a practical expedient for fair value. As of December 31, 2024, the Globe Life Inc. Pension Plan
owned less than 1% of two long-term investment funds.
(4) A fund including U.S. dollar-denominated investment-grade securities issued by industrial, utility, and financial companies with maturities
greater than 10 years.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
114
GL 2024 FORM 10-K

Pension Assets by Component at December 31, 2023
Fair Value Determined by:
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
Significant
Observable
Inputs (Level 2)
Significant
Unobservable
Inputs (Level 3)
Total
Amount
% of
Total
Exchange traded fund(4) .......................... $
18,715
$
—
$
—
$
18,715
3
Equity exchange traded fund(1) ..............
315,886
—
—
315,886
55
U.S. Government and Agency................
—
167,450
—
167,450
30
Other bonds...............................................
—
5
—
5
—
Guaranteed annuity contract(2)...............
—
43,428
—
43,428
8
Short-term investments...........................
6,506
—
—
6,506
1
Other...........................................................
463
—
—
463
—
$
341,570
$
210,883
$
—
552,453
97
Other long-term investments(3) ............................................................................................................................
18,314
3
Total pension assets ....................................................................................................................................
$
570,767
100
(1) A fund including marketable securities that mirror the S&P 500 index.
(2) Representing a guaranteed annuity contract issued by Globe Life Inc.'s subsidiary, American Income Life Insurance Company, to fund the
obligations of the American Income Life Insurance Company Collective Bargaining Agreement Employees Pension Plan.
(3) Includes non-redeemable investment funds that report the Globe Life Inc. Pension Plan's pro-rata share of the limited partnership's net asset
value (NAV) per share, or its equivalent, as a practical expedient for fair value. As of December 31, 2023, the Globe Life Inc. Pension Plan
owned less than 1% of two long-term investment funds.
(4) A fund including U.S. dollar-denominated investment-grade securities issued by industrial, utility, and financial companies with maturities
greater than 10 years.
Globe Life's investment objectives and goals for its plan assets include generating strong risk-adjusted returns,
maintaining diversification, investing in accordance with the liabilities of the plan, and satisfying the liquidity needs of
the plan. Globe Life seeks to accomplish these objectives by investing in public and private markets and diversifying
across asset classes, industries, sectors, and entities. Globe Life intends to maintain an asset mix that when
combined with future plan contributions will produce adequate long-term risk adjusted returns relative to expected
changes in the liability as a result of changes to interest rates or earned benefits.
The majority of the securities in the portfolio are highly marketable so that there will be adequate liquidity to meet
projected payments. There are no specific policies calling for asset durations to match those of benefit obligations.
Allowed investments include equity, fixed income, real assets, and short-term investments. Equity securities include
common stocks or equivalents, preferred stocks, and/or funds investing primarily in private or public equity
investments. Fixed income securities include loans of corporations or commercial real estate as well as marketable
debt securities issued by either the U.S. Government, Agencies of the U.S. Government, state, local and municipal
governments, domestic and foreign corporations, Special Purpose Vehicles secured by pools of financial assets,
and other U.S. financial institutions. Real Assets include equity interest in core or non-core real estate or
infrastructure with U.S. or non-U.S. exposure. Short-term investments consist of fixed income securities maturing in
one year or less.
The assets are to be invested in a mix of allowed investments that best serve the objectives of the pension plan.
Factors to be considered in determining the asset mix include funded status, annual pension expense, annual
pension contributions, and balance sheet liability. The investment portfolio is well diversified to avoid undue
exposure to an asset class, sector, industry, business, or security. The Company does not employ any other special
risk management techniques, such as derivatives, in managing the pension investment portfolio.
Globe Life's public equity within the pension plan assets consists of an exchange traded fund that mirrors the S&P
500 index which better aligns with a passive approach rather than an actively managed portfolio.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
115
GL 2024 FORM 10-K

At December 31, 2024, there were no restricted investments contained in the portfolio. Plan contributions have been
invested primarily in fixed maturity and equity securities during the three years ended December 31, 2024.
The following table presents additional information about the Company's investment funds included in pension plan
assets as of December 31, 2024 and December 31, 2023 at fair value:
Fair Value
Unfunded
Commitments(2)
Investment Category
2024
2023
2024
Redemption Term/Notice(1)
Multi-asset class
$
12,383
$
14,714
$
—
Non-redeemable
Private equity
18,163
3,600
48,167
Non-redeemable
Total .........................................
$
30,546
$
18,314
$
48,167
(1) Non-redeemable funds generally have an expected life of 7 to 10 years from fund closing with extension options of 2 to 4 years. Redemptions
are paid out throughout the life of the funds at the General Partner's discretion.
(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 December 31, 2024, unfunded commitments totaled $57.5 million, including funds past the
investment period.
SERP: The following tables include premiums paid for COLI for the three years ended December 31, 2024 and
investments of the Rabbi Trust for the two years ended December 31, 2024:
Year Ended December 31,
2024
2023
2022
Premiums paid for insurance coverage.................................................................. $
443
$
443
$
443
At December 31,
2024
2023
Total investments:
COLI ......................................................................................................................................................
$
57,210
$
55,185
Exchange traded funds ......................................................................................................................
98,314
86,156
$
155,524
$
141,341
Pension Plans and SERP Liabilities: The following table presents the projected benefit obligation (PBO) and
accumulated benefit obligation (ABO) for the Pension Plans and SERP at December 31, 2024 and 2023:
December 31,
2024
2023
PBO
ABO
PBO
ABO
Pension plans.............................................................................. $
561,615
$
500,010
$
554,957
$
493,040
SERP............................................................................................
73,441
68,428
72,603
69,332
Benefit obligation ................................................................. $
635,056
$
568,438
$
627,560
$
562,372
For the year ended December 31, 2024, the Pension Plans have plan assets with fair values in excess of projected
benefit obligations. The projected benefit obligations and the fair value of plan assets were as follows:
At December 31,
2024
2023
Funded benefit pension plans PBO........................................................................................................ $
561,615
$
554,957
Funded benefit pension plans fair value of plan assets......................................................................
614,845
570,767
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
116
GL 2024 FORM 10-K

For the year ended December 31, 2024, the funded benefit pension plans have plan assets with fair value in excess
of the accumulated benefit obligations. The accumulated benefit obligations and the fair value of plan assets were
as follows:
At December 31,
2024
2023
Funded benefit pension plans ABO........................................................................................................ $
500,010
$
493,040
Funded benefit pension plans fair value of plan assets......................................................................
614,845
570,767
The following table discloses the assumptions used to determine Globe Life's pension liabilities and costs for the
appropriate periods. The discount and compensation increase rates are used to determine current year projected
benefit obligations and subsequent year pension expense. The long-term rate of return is used to determine current
year expense. Differences between assumptions and actual experience are included in actuarial gain or loss.
Weighted Average Pension Plan Assumptions
For Benefit Obligations at December 31:
2024
2023
Discount rate .........................................................................................................................................
5.81 %
5.40 %
Rate of compensation increase..........................................................................................................
4.46
4.40
For Periodic Benefit Cost for the Year:
2024
2023
2022
Discount rate ............................................................................................................
5.40 %
5.71 %
3.19 %
Expected long-term returns....................................................................................
7.18
6.98
6.98
Rate of compensation increase.............................................................................
4.40
4.40
4.43
The discount rate is determined based on the expected duration of plan liabilities. A yield is then derived based on
the current market yield of a hypothetical portfolio of high quality corporate bonds that match the liability's average
life. The rate of compensation increase is projected based on Company experience, modified as appropriate for
future expectations. The expected long-term rate of return on plan assets is management’s best estimate of the
average rate of earnings expected to be received on the assets invested in the plan over the benefit period. In
determining this assumption, consideration is given to the historical rate of return earned on the assets, the
projected returns over future periods, and the discount rate used to compute benefit obligations.
Net Periodic Benefit Cost: The following table presents the net periodic benefit cost for the defined benefit plans by
expense component for the three years ended December 31, 2024 as follows:
Components of Net Periodic Benefit Cost
Year Ended December 31,
2024
2023
2022
Service cost—benefits earned during the period .................................................. $
24,898
$
21,568
$
34,624
Interest cost on projected benefit obligation...........................................................
33,123
31,367
24,445
Expected return on assets ........................................................................................
(42,580)
(38,625)
(35,539)
Amortization of prior service cost (credit) ...............................................................
1,071
1,075
1,077
Recognition of actuarial gain (loss)..........................................................................
(54)
(160)
12,433
Net periodic benefit cost .................................................................................... $
16,458
$
15,225
$
37,040
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
117
GL 2024 FORM 10-K

An analysis of the impact on other comprehensive income (loss) concerning pensions and other postretirement
benefits is as follows:
Year Ended December 31,
2024
2023
2022
Balance at January 1 .............................................................................................. $
(2,727) $
1,570
$
(131,239)
Amortization of:
Prior service cost (credit)......................................................................................
1,071
1,075
1,077
Net actuarial (gain) loss(1).....................................................................................
(597)
(1,465)
12,677
Total amortization................................................................................................
474
(390)
13,754
Plan amendments....................................................................................................
(1,212)
—
—
Experience gain (loss)(2).........................................................................................
29,659
(3,907)
119,055
Balance at December 31 ........................................................................................ $
26,194
$
(2,727) $
1,570
(1) Includes amortization of postretirement benefits other than pensions of $(622) thousand in 2024, $(732) thousand in 2023, and $289
thousand in 2022.
(2) The increase in the experience gain (loss) is related to an increase in discount rate.
The following table presents a reconciliation from the beginning to the end of the year of the PBO for the Pension
Plans and SERP, and the plan assets for the Pension Plans. This table also presents the amounts previously
recognized as a component of accumulated other comprehensive income.
Pension Benefits
Year Ended December 31,
2024
2023
Changes in PBO:
PBO at beginning of year...................................................................................................................... $
627,560
$
562,567
Service cost...........................................................................................................................................
24,898
21,568
Interest cost...........................................................................................................................................
33,123
31,367
Plan amendments ................................................................................................................................
1,212
—
Actuarial loss (gain) .............................................................................................................................
(22,964)
40,569
Benefits paid .........................................................................................................................................
(28,773)
(28,511)
PBO at end of year.................................................................................................................................
635,056
627,560
Changes in plan assets:
Fair value at beginning of year.............................................................................................................
570,767
499,775
Return on assets ..................................................................................................................................
48,084
75,062
Contributions.........................................................................................................................................
24,767
24,441
Benefits paid .........................................................................................................................................
(28,773)
(28,511)
Fair value at end of year .......................................................................................................................
614,845
570,767
Funded status at year end ................................................................................................................... $
(20,211) $
(56,793)
Changes in the PBO related to actuarial losses (gains) are primarily attributed to changes in the discount rate.
Year Ended December 31,
Amounts recognized in accumulated other comprehensive income consist of:
2024
2023
Net loss (gain)......................................................................................................................................... $
(28,720) $
(227)
Prior service cost....................................................................................................................................
6,636
6,494
Net amounts recognized at year end.................................................................................................. $
(22,084) $
6,267
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
118
GL 2024 FORM 10-K

Globe Life has estimated its expected postretirement benefits to be paid over the next ten years as of December 31,
2024. These estimates use the same assumptions that measure the benefit obligation at December 31, 2024, taking
estimated future employee service into account. Those estimated benefits are as follows:
For the year(s):
2025............................................................................................................................................................................................. $
31,035
2026.............................................................................................................................................................................................
33,565
2027.............................................................................................................................................................................................
36,259
2028.............................................................................................................................................................................................
39,032
2029.............................................................................................................................................................................................
41,865
2030-2034..................................................................................................................................................................................
243,598
Note 11—Supplemental Disclosures of Cash Flow Information
The following table summarizes Globe Life's noncash transactions for the three years ended December 31, 2024,
which are not reflected on the Consolidated Statements of Cash Flows:
Year Ended December 31,
2024
2023
2022
Stock-based compensation not involving cash...................................................... $
40,118
$
30,736
$
35,650
Commitments for low-income housing interests....................................................
35,000
—
136,882
Exchanges of fixed maturity investments ...............................................................
105,595
50,936
147,612
Net unsettled security trades....................................................................................
2,334
3,833
—
Noncash tax credits....................................................................................................
—
1,083
1,000
The following table summarizes certain amounts paid during the period:
Year Ended December 31,
2024
2023
2022
Interest paid................................................................................................................. $
116,993
$
99,545
$
88,814
Income taxes paid(1)...................................................................................................
175,400
121,034
114,888
(1) Income taxes paid includes cash paid of $47 million, $0 and $0 for the purchase of transferable tax credits as of December 31, 2024, 2023
and 2022, respectively.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
119
GL 2024 FORM 10-K

Note 12—Debt
On August 23, 2024, Globe Life completed the issuance of $450 million principal amount of 5.85% Senior notes due
September 15, 2034. Total proceeds received by the Parent Company from the issuance, net of the underwriters’
discount, were $445 million. The proceeds were used for general corporate purposes, which included open market
purchases of shares of its common stock under its share repurchase program. On August 15, 2024, Globe Life
amended its term loan agreement increasing the principal amount from $170 million to $250 million, an increase of
$80 million. The amendment extends the maturity date from November 11, 2024 to August 15, 2027.
The following table presents information about the terms and outstanding balances of Globe Life's debt.
Selected Information about Debt Issues
As of December 31,
2024
2023
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
$
(3,001)
$ 546,999
$
542,811
$
546,283
Senior notes ...... 08/21/2020
08/15/2030
2.150%
400,000
(2,868)
397,132
338,524
396,670
Senior notes(1)... 05/19/2022
06/15/2032
4.800%
250,000
(3,728)
246,272
241,083
245,873
Senior notes ...... 08/23/2024
09/15/2034
5.850%
450,000
(5,186)
444,814
451,665
—
Junior
subordinated
debentures......... 11/17/2017
11/17/2057
5.275%
125,000
(1,557)
123,443
95,865
123,427
Junior
subordinated
debentures......... 06/14/2021
06/15/2061
4.250%
325,000
(7,613)
317,387
204,620
317,306
Term loan(2)........ 05/11/2023
08/15/2027
5.998%
250,000
(1,796)
248,204
248,204
—
Total long-term debt ....................................................
2,350,000
(25,749)
2,324,251
2,122,772
1,629,559
Term loan(2)............................................................................
—
—
—
—
169,549
Commercial paper................................................................
419,000
(3,599)
415,401
415,401
316,564
Total short-term debt ..................................................
419,000
(3,599)
415,401
415,401
486,113
Total debt .................................................................
$2,769,000
$
(29,348)
$2,739,652
$2,538,173
$
2,115,672
(1) An additional $150 million par value and book value is held by insurance subsidiaries that eliminates in consolidation.
(2) Interest calculated quarterly using Secured Overnight Financing Rate (SOFR) plus 135 basis points.
The commercial paper has the highest priority of all unsecured debt, followed by senior notes then junior
subordinated debentures. The senior notes are callable under a make-whole provision, and the junior subordinated
debentures are subject to an optional redemption five years from issuance. Interest on the 4.25% junior
subordinated debentures and the term loan are payable quarterly while all other long-term debt is payable semi-
annually.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
120
GL 2024 FORM 10-K

Contractual Debt Obligations: The following table presents expected scheduled principal payments under our
contractual debt obligations:
Year Ended December 31,
2025
2026
2027
2028
2029
Thereafter
Debt obligations......................................... $
419,000
$
—
$
250,000
$
550,000
$
—
$ 1,550,000
Credit Facility: On March 29, 2024, Globe Life amended the credit agreement dated September 30, 2021, which
provides for a $1 billion revolving credit facility that may be increased to $1.25 billion upon approval of the
participating banks. The amended credit facility matures March 29, 2029 and may be extended up to two one-year
periods upon the Company's request. Pursuant to this agreement, the participating lenders have agreed to make
revolving loans to Globe Life and to issue secured or unsecured letters of credit. The Company has not drawn on
any of the credit to date. The facility is further designated as a back-up credit line for a commercial paper program
under which the Company may either borrow from the credit line or issue commercial paper at any time, with total
commercial paper outstanding not to exceed the facility maximum of $1 billion, less any letters of credit issued.
Interest is charged at variable rates. In accordance with the agreement, Globe Life is subject to certain covenants
regarding capitalization. As of December 31, 2024, the Company was in full compliance with these covenants.
Commercial paper outstanding and any long-term debt due within one year are reported as short-term debt on the
Consolidated Balance Sheets. The following tables present selected information concerning Globe Life's
commercial paper borrowings.
Credit Facility—Commercial Paper
(Dollar amounts in thousands)
At December 31,
2024
2023
Balance commercial paper at end of period (at par value)................................................................. $
419,000
$
319,000
Annualized interest rate............................................................................................................................
5.22 %
5.71 %
Letters of credit outstanding.................................................................................................................... $
115,000
$
115,000
Remaining amount available under credit line......................................................................................
466,000
316,000
Credit Facility—Commercial Paper Activity
(Dollar amounts in thousands)
Year Ended December 31,
2024
2023
2022
Average balance of commercial paper outstanding during period (par value)... $
405,573
$
290,024
$
322,531
Daily-weighted average interest rate (annualized).................................................
5.65 %
5.40 %
1.89 %
Maximum daily amount outstanding during period (par value)............................. $
633,425
$
477,700
$
500,529
Commercial paper issued during period (par value)..............................................
2,052,056
2,029,000
2,269,444
Commercial paper matured during period (par value)...........................................
(1,952,056)
(1,995,000)
(2,314,477)
Net commercial paper issued (matured) during period (par value) .....................
100,000
34,000
(45,033)
The Company increased the commercial paper borrowings by $100 million from the prior year. The Company was
able to issue commercial paper as needed under this facility during the year ended December 31, 2024 and 2023.
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 Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
121
GL 2024 FORM 10-K

Globe Life owned $34.5 million in FHLB common stock as of December 31, 2024 and $22.3 million as of December
31, 2023. The FHLB stock is restricted for the duration of the membership and recorded at cost (par) as required by
applicable guidance. The FHLB stock is included in "Other long-term investments" in the Consolidated Balance
Sheets. Borrowings with the FHLB are subject to the availability of pledged assets at the insurance subsidiaries of
Globe Life. As of December 31, 2024, Globe Life's insurance subsidiaries maximum borrowing capacity under the
FHLB facility was approximately $730 million, net of outstanding funding agreements and short-term borrowings, on
pledged assets with a fair value of $1.3 billion. As of December 31, 2024, $372 million in funding agreements were
outstanding with the FHLB, compared to $138 million as of December 31, 2023. This amount is included in "Other
policyholders' funds" in the Consolidated Balance Sheets. The Company had no short-term borrowings from the
FHLB as of December 31, 2024 and 2023.
Note 13—Shareholders' Equity
Share Data: A summary of common share activity is presented in the following chart.
Common Stock
Issued
Treasury
Stock
2022:
Balance at January 1, 2022..................................................................................................................
109,218,183
(9,650,845)
Grants of restricted stock......................................................................................................................
—
10,746
Vesting of performance shares ............................................................................................................
—
66,751
Issuance of common stock due to exercise of stock options..........................................................
—
1,519,728
Treasury stock acquired........................................................................................................................
—
(4,424,668)
Retirement of treasury stock.................................................................................................................
(4,000,000)
4,000,000
Balance at December 31, 2022 ......................................................................................................
105,218,183
(8,478,288)
2023:
Grants of restricted stock......................................................................................................................
—
7,110
Vesting of performance shares ............................................................................................................
—
84,298
Issuance of common stock due to exercise of stock options..........................................................
—
1,375,313
Treasury stock acquired........................................................................................................................
—
(4,415,287)
Retirement of treasury stock.................................................................................................................
(3,000,000)
3,000,000
Balance at December 31, 2023 ......................................................................................................
102,218,183
(8,426,854)
2024:
Grants of restricted stock......................................................................................................................
—
7,375
Vesting of performance shares ............................................................................................................
—
143,211
Issuance of common stock due to exercise of stock options..........................................................
—
584,993
Treasury stock acquired........................................................................................................................
—
(10,549,341)
Retirement of treasury stock.................................................................................................................
(5,000,000)
5,000,000
Balance at December 31, 2024 ......................................................................................................
97,218,183
(13,240,616)
There was no activity related to the preferred stock in years 2022 through 2024.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
122
GL 2024 FORM 10-K

Acquisition of Common Shares: Globe Life shares are acquired through open market purchases under the Globe
Life stock repurchase program when it is determined to be the best use of Globe Life's excess cash flows. This
yields a return that is better than available alternatives and exceeds our cost of equity. When stock options are
exercised, proceeds from the exercises are generally used to repurchase approximately the number of shares
available with those funds in order to reduce dilution. See the following summary below:
Globe Life Share Repurchase Program
Share Repurchase for Dilution Purposes
Shares
Acquired
(in thousands)
Total Cost
Average
Price
Shares
Acquired
(in thousands)
Total Cost
Average
Price
2024 ................................................
10,086
$
945,637
$
93.76
501
$
48,026
$
95.75
2023 ................................................
3,369
380,103
112.84
1,080
127,155
117.72
2022 ................................................
3,322
335,145
100.90
1,103
119,493
108.33
Restrictions: Restrictions exist on the flow of funds to Globe Life Inc. from its insurance subsidiaries. Statutory
regulations require life insurance subsidiaries to maintain certain minimum amounts of capital and surplus.
Dividends from insurance subsidiaries of Globe Life Inc. are restricted based on regulations by their states of
domicile. Additionally, insurance company distributions are generally not permitted in excess of statutory surplus.
Subsidiaries are also subject to certain minimum capital requirements. Subsidiaries of Globe Life paid cash
dividends to the Parent Company in the amount of $693 million in 2024, $460 million in 2023, and $407 million in
2022. As of December 31, 2024, dividends from our U.S. insurance subsidiaries to the Parent Company available to
be paid in 2025 are limited to the amount of $664 million without regulatory approval, such that $1.03 billion was
considered restricted net assets of the subsidiaries. Dividends exceeding these limitations may be available during
the year pending regulatory approval. While there are no legal restrictions on the payment of dividends to
shareholders from Globe Life's retained earnings, retained earnings as of December 31, 2024 were restricted by
lenders’ covenants which require the Company to maintain and not distribute $5.5 billion from its total consolidated
retained earnings of $8.0 billion.
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:
Year Ended December 31,
2024
2023
2022
Basic weighted average shares outstanding........................................................
89,278,574
95,098,474
97,927,770
Weighted average dilutive options outstanding....................................................
382,848
1,265,367
1,056,874
Diluted weighted average shares outstanding......................................................
89,661,422
96,363,841
98,984,644
Antidilutive shares.....................................................................................................
2,140,787
422,739
31,269
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.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
123
GL 2024 FORM 10-K

Note 14—Stock-Based Compensation
Globe Life's stock-based compensation consists of stock options, restricted stock, restricted stock units, and
performance shares. Certain employees and members of the board of directors (directors) have been granted fixed
equity options to buy shares of Globe Life stock at the market value of the stock on the date of grant, under the
provisions of the Globe Life stock option plans. The options are exercisable during the period commencing from the
date they vest until expiring according to the terms of the grant. Options generally expire the earlier of employee
termination or option contract term, which are either seven-year or ten-year terms. However, depending on the
circumstances of termination, options may be exercised for a period of time following termination of employment or
upon death or disability. Options generally vest in accordance with the following schedule:
Shares vested by period
Contract
Period
6 Months
Year 1
Year 2
Year 3
Year 4
Year 5
Directors ........................................
7 years
100%
—%
—%
—%
—%
—%
Employees .....................................
7 years
—%
—%
50%
50%
—%
—%
All employee options vest immediately upon retirement on or after the attainment of age 65, upon death, or
disability. Globe Life generally issues shares for the exercise of stock options from treasury stock. The Company
generally uses the proceeds from option exercises to buy shares of Globe Life common stock in the open market to
reduce the dilution from option exercises.
A summary of stock compensation activity for each of the three years ended December 31, 2024 is presented
below:
2024
2023
2022
Stock-based compensation expense recognized(1) ..................................................... $
40,118
$
30,736
$
35,650
Tax benefit recognized......................................................................................................
7,085
11,178
12,738
(1) No stock-based compensation expense was capitalized in any period in accordance with applicable GAAP.
Additional stock compensation information is as follows at December 31:
2024
2023
Unrecognized compensation(1) .................................................................................................................... $
46,956
$
36,599
Weighted average period of expected recognition (in years)(1) ..............................................................
0.53
0.53
(1) Includes stock options, restricted stock units and performance shares.
No equity awards were cash settled during the three years ended December 31, 2024.
Options: The following table summarizes information about stock options outstanding at December 31, 2024.
Options Outstanding
Options Exercisable
Range of
Exercise Prices
Number
Outstanding
Weighted-
Average
Remaining
Contractual
Life (Years)
Weighted-
Average
Exercise
Price
Number
Exercisable
Weighted-
Average
Exercise
Price
$50.64 - $87.60
1,609,506
1.48
$
81.93
1,609,506
$
81.93
92.40 - 100.74
1,994,603
2.66
99.47
1,994,603
99.47
103.23
1,187,349
4.15
103.23
734,148
103.23
105.56 - 128.40
1,034,499
5.56
123.96
38,179
108.55
$50.64 - $128.40
5,825,957
3.15
$
99.74
4,376,436
$
93.73
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
124
GL 2024 FORM 10-K

An analysis of option activity for each of the three years ended December 31, 2024, is as follows:
2024
2023
2022
Options
Weighted-
Average
Exercise
Price
Options
Weighted-
Average
Exercise
Price
Options
Weighted-
Average
Exercise
Price
Outstanding—beginning of year ..............
5,940,320
$
96.19
6,962,374
$
91.73
7,197,662
$
85.11
Granted:
7-year term................................................
520,810
128.32
497,060
120.49
1,300,211
103.20
Exercised........................................................
(584,993)
88.52
(1,375,313)
82.95
(1,519,728)
70.14
Expired and forfeited ....................................
(50,180)
106.62
(143,801)
90.92
(15,771)
96.54
Outstanding—end of year ..........................
5,825,957
$
99.74
5,940,320
$
96.19
6,962,374
$
91.73
Exercisable at end of year ..........................
4,376,436
$
93.73
4,003,028
$
91.23
3,666,871
$
84.00
Additional information about Globe Life's stock option activity as of December 31, 2024 and 2023 is as follows:
2024
2023
Outstanding options:
Weighted-average remaining contractual term (in years)................................................................
3.15
3.68
Aggregate intrinsic value....................................................................................................................... $
81,703
$
151,685
Exercisable options:
Weighted-average remaining contractual term (in years)................................................................
2.48
3.01
Aggregate intrinsic value....................................................................................................................... $
77,946
$
122,052
Selected stock option activity for the three years ended December 31, 2024, is presented below:
2024
2023
2022
Weighted-average grant-date fair value of options granted
(per share) ................................................................................................................... $
33.80
$
32.25
$
22.03
Intrinsic value of options exercised..........................................................................
17,127
49,163
58,201
Cash received from options exercised....................................................................
51,786
114,080
106,592
Actual tax benefit received........................................................................................
2,489
9,379
11,907
Additional information concerning Globe Life's unvested options is as follows at December 31:
2024
2023
Number of shares outstanding................................................................................................................
1,449,521
1,937,292
Weighted-average exercise price (per share)....................................................................................... $
117.88
$
106.42
Weighted-average remaining contractual term (in years)...................................................................
5.19
5.05
Aggregate intrinsic value.......................................................................................................................... $
3,757
$
29,634
Globe Life expects that substantially all unvested options will vest.
Restricted Stock: Restricted stock grants consist of time-vested grants, restricted stock units, and performance
shares. Time-vested restricted stock is available to directors and vests over six months. The directors' restricted
stock units vest over six months and are converted to shares upon their retirement from the Board. Employees'
restricted stock units vest and become non-forfeitable on the vesting date (generally three years from the grant
date) or upon meeting certain retirement criteria, or in the event of death or disability. Director restricted stock and
restricted stock units are generally granted on the first business day of the calendar year. Performance shares are
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
125
GL 2024 FORM 10-K

granted to a limited number of senior executives. Performance shares have a three-year performance period and
are not settled in shares until the certification of the three-year performance period. While the grant specifies a
stated target number of shares, the determination of the actual settlement in shares will be based on the
achievement of certain performance objectives of Globe Life over the three-year performance period. Certain
executive restricted stock and performance share grants contain terms related to age that could accelerate vesting.
Following are the restricted stock units outstanding for each of the three years ended December 31, 2024:
Year of grants
Outstanding as of
year end
2022...........................................................................................................................................................................
93,381
2023...........................................................................................................................................................................
163,108
2024...........................................................................................................................................................................
219,864
Below is the final determination of the performance share grants in 2020 to 2022:
Year of grants
Final settlement of
shares
Final settlement date
2020.............................................................................................................................
84,298
February 22, 2023
2021.............................................................................................................................
143,211
February 28, 2024
2022.............................................................................................................................
152,680
February 26, 2025
For the 2023 and 2024 performance share grants, actual shares that could be distributed range from 0 to 122
thousand for the 2023 grants and 0 to 145 thousand shares for the 2024 grants.
A summary of restricted stock grants for each of the years in the three-year period ended December 31, 2024, is
presented in the table below:
2024
2023
2022
Directors restricted stock:
Shares............................................................................................................................
7,375
7,110
10,746
Price per share............................................................................................................. $
122.06
$
119.59
$
94.94
Aggregate value........................................................................................................... $
900
$
850
$
1,020
Percent vested..............................................................................................................
100%
100%
100%
Directors restricted stock units (including dividend equivalents):
Shares............................................................................................................................
4,854
9,479
8,956
Price per share............................................................................................................. $
120.16
$
117.73
$
95.62
Aggregate value........................................................................................................... $
583
$
1,116
$
856
Percent vested..............................................................................................................
100%
100%
100%
Employees restricted stock units:
Shares............................................................................................................................
101,011
96,975
—
Price per share............................................................................................................. $
127.29
$
120.18
$
—
Aggregate value........................................................................................................... $
12,858
$
11,654
$
—
Percent vested..............................................................................................................
—%
—%
—%
Performance shares:
Target shares................................................................................................................
96,800
81,300
146,500
Target price per share ................................................................................................. $
128.40
$
120.49
$
103.23
Aggregate value........................................................................................................... $
12,429
$
9,796
$
15,123
Percent vested..............................................................................................................
—%
—%
—%
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
126
GL 2024 FORM 10-K

Time-vested restricted stockholders are entitled to dividend payments on the unvested stock. Director restricted
stock unit holders are entitled to dividend equivalents. These equivalents are granted in the form of additional
restricted stock units and vest immediately upon grant. Dividend equivalents are applicable only to directors'
restricted stock units. Performance shares held by employees are not entitled to dividend equivalents and are not
entitled to dividend payments until the shares are vested and settled.
An analysis of nonvested restricted stock is as follows:
Executive
Performance
Shares
Directors
Restricted
Stock
Directors
Restricted
Stock
Units
Employees
Restricted
Stock
Units
Total
2022:
Balance at December 31, 2021..............................
342,388
289
289
—
342,966
Grants...............................................................................
146,500
10,746
8,956
—
166,202
Additional performance shares(1).................................
(16,102)
—
—
—
(16,102)
Restriction lapses...........................................................
(66,751)
(11,035)
(9,245)
—
(87,031)
Forfeitures .......................................................................
(7,500)
—
—
—
(7,500)
Balance at December 31, 2022..............................
398,535
—
—
—
398,535
2023:
Grants...............................................................................
81,300
7,110
9,479
96,975
194,864
Additional performance shares(1).................................
(28,857)
—
—
—
(28,857)
Restriction lapses...........................................................
(84,298)
(7,110)
(9,479)
—
(100,887)
Forfeitures .......................................................................
(12,600)
—
—
(4,410)
(17,010)
Balance at December 31, 2023..............................
354,080
—
—
92,565
446,645
2024:
Grants...............................................................................
96,800
7,375
4,854
101,011
210,040
Additional performance shares(1).................................
84,712
—
—
—
84,712
Restriction lapses...........................................................
(143,211)
(7,375)
(4,854)
(437)
(155,877)
Forfeitures .......................................................................
(6,000)
—
—
(10,008)
(16,008)
Balance at December 31, 2024..............................
386,381
—
—
183,131
569,512
(1) Estimated additional (reduced) share grants expected due to achievement of performance criteria.
An analysis of the weighted-average grant-date fair values per share of nonvested restricted stock is as follows for
the year 2024:
Executive
Performance
Shares
Directors
Restricted
Stock
Directors
Restricted
Stock Units
Employees
Restricted
Stock
Units
Grant-date fair value per share at January 1, 2024 ............. $
105.28
$
—
$
—
$
120.16
Grants................................................................................................
128.40
122.06
122.06
127.29
Estimated additional performance shares...................................
107.56
—
—
—
Restriction lapses ............................................................................
(98.32)
(122.06)
(122.06)
(94.40)
Forfeitures.........................................................................................
—
—
—
(122.74)
Grant-date fair value per share at December 31, 2024 .......
115.78
—
—
124.02
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
127
GL 2024 FORM 10-K

Note 15—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
("CODM"), our Co-CEOs, evaluate the overall performance of the operations of the Company in accordance with
these segments.
During the fourth quarter of 2024 we entered into a coinsurance agreement to cede a majority of the annuity
business to a third-party insurer. This impacted a significant portion of our annuities which had previously been
classified as one of our reportable segments. The annuity segment has historically represented less than 1% of
revenue and has not been core to the Company's business. We have adjusted our segments from four down to
three as described above. All presentations of segment information have been recast for the periods presented to
reflect this change in 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
For the Year 2024
Life
Health
Total
Distribution Channel
Amount
% of
Total
Amount
% of
Total
Amount
% of
Total
American Income.............................................................
$
1,698,209
52
$
123,123
9
$
1,821,332
39
Direct to Consumer .........................................................
988,522
30
71,993
5
1,060,515
23
Liberty National................................................................
371,061
12
190,381
14
561,442
12
United American...............................................................
6,600
—
591,774
42
598,374
13
Family Heritage................................................................
6,661
—
427,654
30
434,315
9
Other..................................................................................
190,294
6
—
—
190,294
4
Total premium .............................................................
$
3,261,347
100
$
1,404,925
100
$
4,666,272
100
For the Year 2023
Life
Health
Total
Distribution Channel
Amount
% of
Total
Amount
% of
Total
Amount
% of
Total
American Income.............................................................
$
1,588,702
51
$
120,332
9
$
1,709,034
38
Direct to Consumer .........................................................
991,406
32
68,575
5
1,059,981
24
Liberty National................................................................
349,736
11
187,934
14
537,670
12
United American...............................................................
7,311
—
545,723
42
553,034
13
Family Heritage................................................................
6,134
—
396,209
30
402,343
9
Other..................................................................................
193,955
6
—
—
193,955
4
Total premium .............................................................
$
3,137,244
100
$
1,318,773
100
$
4,456,017
100
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
128
GL 2024 FORM 10-K

For the Year 2022
Life
Health
Total
Distribution Channel
Amount
% of
Total
Amount
% of
Total
Amount
% of
Total
American Income .............................................................
$
1,505,034
50
$
117,353
9
$
1,622,387
38
Direct to Consumer..........................................................
985,488
33
71,129
5
1,056,617
24
Liberty National.................................................................
327,469
11
187,241
15
514,710
12
United American...............................................................
7,966
—
539,874
42
547,840
13
Family Heritage.................................................................
5,586
—
366,820
29
372,406
9
Other...................................................................................
196,281
6
—
—
196,281
4
$
3,027,824
100
$
1,282,417
100
4,310,241
100
Annuity........................................................................................................................................................................
1
—
Total premium ...................................................................................................................................................
$
4,310,242
100
Due to the nature of the life and health insurance industry, Globe Life has no individual or group which would be
considered a major customer. Substantially all of Globe Life's business is conducted in the United States.
The measure of profitability established by the chief operating decision makers for the insurance segments is
underwriting margin 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. The CODMs use the Life and Health
segment profit or loss in monitoring the insurance specific business and to analyze performance measures that
inform decisions around product pricing and appropriate support services such as agency force and training.
Required interest on policy liabilities is reflected as a component of the Investment segment (rather than as a
component of underwriting margin in the insurance segment) in order to match this cost with the investment income
earned on the assets supporting the policy liabilities.
The measure of profitability for the Investment segment is excess investment income, representing the income
earned on the investment portfolio in excess of policy requirements. Excess investment income is used to analyze
the performance of our investments in relation to our policy required obligations and informs and supports
management actions regarding investment related decisions and policy benefits within our product features. Other
than the required interest on the insurance segments, no other intersegment revenues or expenses are recognized.
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. All other unallocated revenues and expenses, including expenses directly attributable to
corporate operations, insurance administrative expense and interest on debt, are disclosed after segment profit or
loss within the reconciliation to Income before taxes. Stock-based compensation expense is considered a corporate
expense by Globe Life management. 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
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
129
GL 2024 FORM 10-K

business. All of these items are included in “Other operating expense” in the Consolidated Statements of Operations
for the appropriate year. See additional detail below in the tables.
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.
Year Ended December 31, 2024
Life
Health
Investment
Consolidated
Revenue:
Premium...................................................................................... $
3,261,347
$
1,404,925
$
—
$
4,666,272
Net investment income.............................................................
—
—
1,135,631
1,135,631
Segment revenue...................................................................
3,261,347
1,404,925
1,135,631
5,801,903
Other income........................................................................................................................................................................
354
Realized gains (losses).......................................................................................................................................................
(24,188)
Total consolidated revenue ............................................................................................................................................
$
5,778,069
Expenses:
Policy obligations(1)...................................................................
2,000,977
851,577
20,969
$
2,873,523
Required interest on reserves ................................................
(811,147)
(110,342)
950,258
28,769
Amortization of acquisition costs ...........................................
356,223
52,224
—
408,447
Commissions..............................................................................
159,703
158,869
—
318,572
Premium taxes...........................................................................
68,360
28,421
—
96,781
Non-deferred acquisition costs................................................
134,634
51,753
—
186,387
Segment profit or (loss) ..................................................... $
1,352,597
$
372,423
$
164,404
1,889,424
Insurance administrative expenses:
Salaries...............................................................................................................................................................................
129,369
Other employee costs ......................................................................................................................................................
36,176
Information technology costs ..........................................................................................................................................
80,555
Legal costs.........................................................................................................................................................................
30,478
Other administrative costs...............................................................................................................................................
65,852
Parent expense....................................................................................................................................................................
12,400
Stock-based compensation expense................................................................................................................................
40,118
Interest expense ..................................................................................................................................................................
127,092
Legal proceedings ...............................................................................................................................................................
21,575
Non-operating expenses ....................................................................................................................................................
2,620
Annuity...................................................................................................................................................................................
(7,282)
Total expenses..................................................................................................................................................................
4,451,432
.
Income before income taxes per Consolidated Statement of Operations ....................................................
$
1,326,637
(1) Policy obligations are based upon policyholder behavior and impacts related to lapses, mortality, and morbidity. For detailed information,
including remeasurement gains and losses, see Note 6—Policy Liabilities.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
130
GL 2024 FORM 10-K

Year Ended December 31, 2023
Life
Health
Investment
Consolidated
Revenue:
Premium...................................................................................... $
3,137,244
$
1,318,773
$
—
$
4,456,017
Net investment income.............................................................
—
—
1,056,884
1,056,884
Segment revenue...................................................................
3,137,244
1,318,773
1,056,884
5,512,901
Other income..........................................................................................................................................................................
308
Realized gains (losses).........................................................................................................................................................
(65,676)
Total consolidated revenue ............................................................................................................................................. $
5,447,533
Expenses:
Policy obligations(1) ..................................................................
2,050,789
776,362
9,061
$
2,836,212
Required interest on reserves ................................................
(772,701)
(106,516)
917,441
38,224
Amortization of acquisition costs ...........................................
327,426
50,598
—
378,024
Commissions..............................................................................
145,678
150,192
—
295,870
Premium taxes ...........................................................................
64,571
26,440
—
91,011
Non-deferred acquisition costs................................................
128,509
43,760
—
172,269
Segment profit or (loss) ..................................................... $
1,192,972
$
377,937
$
130,382
1,701,291
Insurance administrative expenses:
Salaries..............................................................................................................................................................................
119,699
Other employee costs......................................................................................................................................................
35,905
Information technology costs..........................................................................................................................................
64,998
Legal costs ........................................................................................................................................................................
15,335
Other administrative costs ..............................................................................................................................................
65,224
Parent expense...................................................................................................................................................................
10,866
Stock-based compensation expense...............................................................................................................................
30,736
Interest expense..................................................................................................................................................................
102,316
Legal proceedings...............................................................................................................................................................
900
Non-operating expenses....................................................................................................................................................
4,170
Annuity..................................................................................................................................................................................
(8,492)
Total expenses..................................................................................................................................................................
4,253,267
Income before income taxes per Consolidated Statement of Operations ....................................................
$
1,194,266
(1) Policy obligations are based upon policyholder behavior and impacts related to lapses, mortality, and morbidity. For detailed information,
including remeasurement gains and losses, see Note 6—Policy Liabilities.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
131
GL 2024 FORM 10-K

Year Ended December 31, 2022
Life
Health
Investment
Consolidated
Revenue:
Premium...................................................................................... $
3,027,824
$
1,282,417
$
—
$
4,310,241
Net investment income.............................................................
—
—
991,800
991,800
Segment revenue...................................................................
3,027,824
1,282,417
991,800
5,302,041
Annuity premium income...................................................................................................................................................
1
Other income.......................................................................................................................................................................
1,246
Realized gains (losses)......................................................................................................................................................
(76,548)
Total consolidated revenue ............................................................................................................................................. $
5,226,740
Expenses:
Policy obligations(1) ..................................................................
2,035,693
752,866
4,372
$
2,792,931
Required interest on reserves .................................................
(735,688)
(102,315)
882,839
44,836
Amortization of acquisition costs.............................................
298,841
48,185
—
347,026
Commissions..............................................................................
140,283
145,185
—
285,468
Premium taxes...........................................................................
61,609
24,653
—
86,262
Non-deferred acquisition costs................................................
97,561
36,706
—
134,267
Segment profit or (loss) ................................................... $
1,129,525
$
377,137
$
104,589
1,611,251
Insurance administrative expenses:
Salaries..............................................................................................................................................................................
129,711
Other employee costs......................................................................................................................................................
42,319
Information technology costs..........................................................................................................................................
55,526
Legal costs ........................................................................................................................................................................
12,056
Other administrative costs ..............................................................................................................................................
59,729
Parent expense...................................................................................................................................................................
11,156
Stock-based compensation expense...............................................................................................................................
35,650
Interest expense..................................................................................................................................................................
90,395
Legal proceedings...............................................................................................................................................................
2,496
Non-operating expenses....................................................................................................................................................
5,311
Annuity..................................................................................................................................................................................
(10,510)
Total expenses...................................................................................................................................................................
4,124,629
Income before income taxes per Consolidated Statement of Operations ....................................................
$
1,102,111
(1) Policy obligations are based upon policyholder behavior and impacts related to lapses, mortality, and morbidity. For detailed information,
including remeasurement gains and losses, see Note 6—Policy Liabilities.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
132
GL 2024 FORM 10-K

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
Consolidated Balance Sheets.
Assets by Segment
At December 31, 2024
Life
Health
Investment
Consolidated
Cash and invested assets ......................................................... $
—
$
—
$
19,736,888
$
19,736,888
Accrued investment income......................................................
—
—
269,791
269,791
Deferred acquisition costs.........................................................
5,700,755
793,421
—
6,494,176
Goodwill........................................................................................
309,609
180,837
—
490,446
Total segment assets ........................................................... $
6,010,364
$
974,258
$
20,006,679
26,991,301
Annuity and other corporate...............................................................................................................................................
2,084,880
Total assets ...................................................................................................................................................................
$
29,076,181
At December 31, 2023
Life
Health
Investment
Consolidated
Cash and invested assets ........................................................... $
—
$
—
$
19,827,199
$
19,827,199
Accrued investment income........................................................
—
—
270,396
270,396
Deferred acquisition costs...........................................................
5,271,775
734,735
—
6,006,510
Goodwill..........................................................................................
309,609
172,182
—
481,791
Total segment assets ............................................................. $
5,581,384
$
906,917
$
20,097,595
26,585,896
Annuity and other corporate.................................................................................................................................................
1,465,603
Total assets .....................................................................................................................................................................
$
28,051,499
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
133
GL 2024 FORM 10-K

Liabilities for each segment are reported also on a specific identification basis similar to the assets. The insurance
segments' liabilities contain future policy benefits, unearned and advance premiums, and policy claims and other
benefits payable. Other policyholders' funds and annuities are included in annuity and other corporate as well as
current and deferred income taxes payable. Debt represents both short and long-term. The tables below reconcile
segment liabilities to total liabilities as reported on the Consolidated Balance Sheets.
Liabilities by Segment
At December 31, 2024
Life
Health
Investment
Consolidated
Future policy benefits................................................................. $
15,484,596
$
2,316,094
$
—
$
17,800,690
Unearned and advance premiums ..........................................
198,127
59,504
—
257,631
Policy claims and other benefits payable...............................
321,838
210,994
—
532,832
Debt..............................................................................................
—
—
2,739,652
2,739,652
Other.............................................................................................
96,604
—
372,000
468,604
Total segment liabilities ................................................... $
16,101,165
$
2,586,592
$
3,111,652
21,799,409
Annuity and other corporate................................................................................................................................................
1,971,252
Total liabilities ...............................................................................................................................................................
$
23,770,661
At December 31, 2023
Life
Health
Investment
Consolidated
Future policy benefits.................................................................. $
16,304,797
$
2,382,517
$
—
$
18,687,314
Unearned and advance premiums............................................
196,630
57,937
—
254,567
Policy claims and other benefits payable.................................
320,066
194,809
—
514,875
Debt................................................................................................
—
—
2,115,672
2,115,672
Other ..............................................................................................
98,958
—
138,000
236,958
Total segment liabilities .................................................... $
16,920,451
$
2,635,263
$
2,253,672
21,809,386
Annuity and other corporate.................................................................................................................................................
1,755,310
Total liabilities ................................................................................................................................................................
$
23,564,696
Note 16—Subsequent Events
On February 3, 2025, Globe Life Inc. announced plans to relocate its corporate headquarters within McKinney,
Texas, as part of the Dallas-Fort Worth market. In connection with this relocation, the Company has entered into an
agreement to acquire the office building and two adjacent tracts of developable land for $80 million.
The Company has evaluated this subsequent event and determined that it does not require adjustments to the
financial statements for the period ended December 31, 2024.
Globe Life Inc.
Notes to Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
134
GL 2024 FORM 10-K

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURES
None.
Item 9A. 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 year completed December 31, 2024, 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-K. 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-K.
Management's Annual Report on Internal Control over Financial Reporting: Management is responsible for
establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) under
the Securities Exchange Act of 1934. Management evaluated the design and operating effectiveness of the
Company's internal control over financial reporting based on the criteria established in Internal Control—Integrated
Framework (2013) issued by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission.
Based upon their evaluation as of December 31, 2024, the Co-Chairmen and Chief Executive Officers and the
Executive Vice President and Chief Financial Officer have concluded that Globe Life's internal control over financial
reporting is effective as of the date of this Form 10-K. 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-K.
Changes in Internal Control over Financial Reporting: During the period ended December 31, 2024, 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.
Refer to Deloitte & Touche LLP's, independent registered public accounting firm, attestation report on the
Company's internal controls over financial reporting.
135
GL 2024 FORM 10-K

MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
Management at Globe Life is responsible for establishing and maintaining adequate internal control over financial
reporting for the Company and for assessing the effectiveness of internal control on an annual basis. As a
framework for assessing internal control over financial reporting, the Company utilizes the criteria for effective
internal control over financial reporting described in Internal Control—Integrated Framework (2013) issued by the
Committee of Sponsoring Organizations of the Treadway Commission.
There are inherent limitations in the effectiveness of any internal control, including the possibility of human error and
the circumvention or overriding of controls. Accordingly, even effective internal controls can provide only reasonable
assurance with respect to financial statement preparation. Further, because of changes in conditions, the
effectiveness of internal control may vary over time.
Management evaluated the Company’s internal control over financial reporting, and based on its assessment,
determined that the Company’s internal control over financial reporting was effective as of December 31, 2024. The
Company’s independent registered public accounting firm has issued an attestation report on the Company’s
internal control over financial reporting as stated in their report which is included herein.
/s/ J. Matthew Darden
J. Matthew Darden
Co-Chairman and Chief Executive Officer
/s/ Frank M. Svoboda
Frank M. Svoboda
Co-Chairman and Chief Executive Officer
/s/ Thomas P. Kalmbach
Thomas P. Kalmbach
Executive Vice President and Chief Financial Officer
February 26, 2025
136
GL 2024 FORM 10-K

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Directors of Globe Life Inc.
Opinion on Internal Control over Financial Reporting
We have audited the internal control over financial reporting of Globe Life Inc. and subsidiaries (the “Company”) as
of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by
the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company
maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024,
based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United
States) (PCAOB), the consolidated financial statements and financial statement schedules as of and for the year
ended December 31, 2024 of the Company and our report dated February 26, 2025, expressed an unqualified
opinion on those financial statements and financial statement schedules.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for
its assessment of the effectiveness of internal control over financial reporting, included in the accompanying
Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on
the Company’s internal control over financial reporting based on our audit. We are a public accounting firm
registered with the PCAOB and are required to be independent with respect to the Company in accordance with the
U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting
was maintained in all material respects. Our audit included obtaining an understanding of internal control over
financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we
considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company’s internal control over financial reporting
includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the company are being made
only in accordance with authorizations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s
assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may
become inadequate because of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.
/s/ Deloitte & Touche LLP
Dallas, Texas
February 26, 2025
137
GL 2024 FORM 10-K

Item 9B. Other Information
(b) Trading arrangements
During the three months ended December 31, 2024, 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.
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not Applicable.
PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
The information required by this Item is incorporated herein by reference to the information that will be contained in
our proxy statement related to the 2025 Annual Meeting of Stockholders, which we intend to file with the Securities
and Exchange Commission within 120 days of the end of our fiscal year pursuant to General Instruction G(3) of
Form 10-K.
ITEM 11. EXECUTIVE COMPENSATION
The information required by this Item is incorporated herein by reference to the information that will be contained in
our proxy statement related to the 2025 Annual Meeting of Stockholders, which we intend to file with the Securities
and Exchange Commission within 120 days of the end of our fiscal year pursuant to General Instruction G(3) of
Form 10-K.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
STOCKHOLDER MATTERS
1.
Equity Compensation Plan Information as of December 31, 2024
(a)
(b)
(c)
Plan Category
Number of securities
to be issued
upon exercise of
outstanding options,
warrants, and rights
Weighted-average
exercise price of
outstanding options,
warrants, and rights
Number of securities
remaining available for
future issuance under
equity compensation plans
(excluding securities in
column (a))
Equity compensation plans approved by
security holders...............................................
5,825,957
$
99.74
4,286,654
Equity compensation plans not approved
by security holders..........................................
—
—
—
Total ..................................................................
5,825,957
$
99.74
4,286,654
2.
Security ownership of certain beneficial owners:
The information required by this Item is incorporated herein by reference to the information that will be
contained in our proxy statement related to the 2025 Annual Meeting of Stockholders, which we intend to
file with the Securities and Exchange Commission within 120 days of the end of our fiscal year pursuant to
General Instruction G(3) of Form 10-K.
3.
Security ownership of management:
The information required by this Item is incorporated herein by reference to the information that will be
contained in our proxy statement related to the 2025 Annual Meeting of Stockholders, which we intend to
file with the Securities and Exchange Commission within 120 days of the end of our fiscal year pursuant to
General Instruction G(3) of Form 10-K.
138
GL 2024 FORM 10-K

4.
Changes in control:
Globe Life knows of no arrangements, including any pledges by any person of its securities, the operation
of which may at a subsequent date result in a change of control.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE
The information required by this Item is incorporated herein by reference to the information that will be contained in
our proxy statement related to the 2025 Annual Meeting of Stockholders, which we intend to file with the Securities
and Exchange Commission within 120 days of the end of our fiscal year pursuant to General Instruction G(3) of
Form 10-K.
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
The information required by this Item is incorporated herein by reference to the information that will be contained in
our proxy statement related to the 2025 Annual Meeting of Stockholders, which we intend to file with the Securities
and Exchange Commission within 120 days of the end of our fiscal year pursuant to General Instruction G(3) of
Form 10-K.
PART IV
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
Index of documents filed as a part of this report:
Page of
this report
Financial Statements:
Globe Life Inc. and Subsidiaries:
Report of Independent Registered Public Accounting Firm..............................................................
55
Consolidated Balance Sheets at December 31, 2024 and 2023.....................................................
57
Consolidated Statements of Operations for each of the three years in the period ended
December 31, 2024 ................................................................................................................................
58
Consolidated Statements of Comprehensive Income for each of the three years in the period
ended December 31, 2024 ....................................................................................................................
59
Consolidated Statements of Shareholders’ Equity for each of the three years in the period
ended December 31, 2024 ....................................................................................................................
60
Consolidated Statements of Cash Flows for each of the three years in the period ended
December 31, 2024 ................................................................................................................................
61
Notes to Consolidated Financial Statements......................................................................................
62
Schedules Supporting Financial Statements for each of the three years in the period ended
December 31, 2024:
II. Condensed Financial Information of Registrant (Parent Company)..............................................
143
IV. Reinsurance (Consolidated)...............................................................................................................
147
Schedules not referred to have been omitted as inapplicable or not required by Regulation S-X.
139
GL 2024 FORM 10-K

EXHIBITS
3.1
Restated Certificate of Incorporation of Globe Life Inc.
8-K
August 8, 2019
3.2
Certificate of Amendment of Certificate of Incorporation of Globe Life Inc.
8-K
May 2, 2023
3.3
Amended and Restated By-Laws of Globe Life Inc., as amended August 10, 2023
8-K
August 15, 2023
4.1
Junior Subordinated Indenture, dated November 2, 2001, between Torchmark
Corporation and The Bank of New York defining the rights of the 7 3/4% Junior
Subordinated Debentures
8-K
November 2, 2001
4.2
Third Supplemental Indenture dated as of November 17, 2017 between Torchmark
Corporation and Regions Bank, as Trustee, supplementing the Junior
Subordinated Indenture dated as of November 2, 2001
8-K
November 17, 2017
4.3
Fourth Supplemental Indenture dated as of June 14, 2021 between Globe Life Inc.
and Regions Bank, as Trustee, supplementing the Junior Subordinated Indenture
dated as of November 2, 2001
8-K
June 14, 2021
4.4
Senior Indenture, dated as of September 24, 2018, between Torchmark
Corporation and Regions Bank, as Trustee
S-3
September 24, 2018
4.5
First Supplemental Indenture, dated as of September 27, 2018, between
Torchmark Corporation and Regions Bank, as Trustee
8-K
September 27, 2018
4.6
Second Supplemental Indenture, dated as of August 21, 2020, between Globe Life
Inc. and Regions Bank, as Trustee
8-K
August 21, 2020
4.7
Third Supplemental Indenture, dated as of May 19, 2022, between Globe Life Inc.
and Regions Bank, as Trustee
8-K
May 19, 2022
4.8
Fourth Supplemental Indenture, dated as of August 23, 2024, between Globe Life
Inc. and Regions Bank, as Trustee
8-K
August 26, 2024
10.1
Form of Retirement Life Insurance Benefit Agreement ($495,000 face amount
limit)*
10-K
March 22, 2002
10.2
Amended and Restated Supplemental Executive Retirement Plan*
10-K
February 26, 2025
10.3
Receivables Purchase Agreement dated as of December 31, 2008 among AILIC
Receivables Corporation, American Income Life Insurance Company and TMK Re,
Ltd.
8-K
January 6, 2009
10.4
Amendment No.1 to Receivables Purchase Agreement dated as of December 31,
2008 among AILIC Receivables Corporation, American Income Life Insurance
Company, and TMK Re, Ltd.
10-K
February 28, 2014
10.5
Amendment No.2 to Receivables Purchase Agreement dated as of December 31,
2008 among AILIC Receivables Corporation, American Income Life Insurance
Company, and TMK Re, Ltd.
10-K
March 1, 2019
10.6
Torchmark Corporation 2011 Incentive Plan*
8-K
May 4, 2011
10.7
First Amendment to Torchmark Corporation 2011 Incentive Plan*
8-K
April 29, 2014
10.8
Torchmark Corporation Amended 2011 Non-Employee Director Compensation
Plan, effective January, 2017*
10-K
February 27, 2017
10.9
Form of Restricted Stock Unit Award Notice under Torchmark Corporation 2011
Non-Employee Director Compensation Plan*
10-K
February 28, 2011
10.1
Torchmark Corporation 2018 Incentive Plan*
8-K
May 2, 2018
10.11
First Amendment to Torchmark Corporation 2018 Incentive Plan*
10-K
February 27, 2020
10.12
Second Amendment to Globe Life Inc. 2018 Incentive Plan*
10-Q
May 9, 2023
Exhibit No.
Description
Form
Filing Date
140
GL 2024 FORM 10-K

10.13
Second Amended and Restated Globe Life Inc. 2018 Non-Employee Director
Compensation Plan*
10-K
February 28, 2024
10.14
Form of Seven Year Stock Option under Globe Life Inc. 2018 Incentive Plan*
10-K
February 27, 2020
10.15
Form of Seven Year Stock Option under Torchmark Corporation 2018 Incentive
Plan with Non-Compete, Non-Solicit and Confidentiality Provisions*
8-K
May 2, 2018
10.16
Form of Seven Year Stock Option under Globe Life Inc. 2018 Incentive Plan with
Non-Compete, Non-Solicit and Confidentiality Provisions*
10-K
February 27, 2020
10.17
Form of Ten Year Stock Option under Torchmark Corporation 2018 Incentive Plan*
8-K
May 2, 2018
10.18
Form of Ten Year Stock Option under Torchmark Corporation 2018 Incentive Plan
with Non-Compete, Non-Solicit and Confidentiality Provisions*
8-K
May 2, 2018
10.19
Form of Stock Option under Globe Life Inc. 2018 Non-Employee Director
Compensation Plan*
10-K
February 27, 2020
10.20
Form of Restricted Stock Unit Award Notice under Globe Life Inc. 2018 Non-
Employee Director Compensation Plan*
10-K
February 27, 2020
10.21
Globe Life Inc. Management Incentive Plan (Effective as of January 1, 2024)*
8-K
November 9, 2023
10.22
Amended and Restated Credit Agreement dated as of September 30, 2021 among
Bank of America, N.A., the Lenders party thereto, Globe Life Inc. and TMK RE,
LTD.
8-K
October 1, 2021
10.23
First Amendment to Amended and Restated Credit Agreement dated January 10,
2023 among Bank of America, N.A., the Lenders party thereto, Globe Life Inc. and
TMK RE, LTD.
10-K
February 23, 2023
10.24
Second Amended and Restated Credit Agreement dated as of March 29, 2024
among Bank of America, N.A., the Lenders party thereto, Globe Life Inc. and TMK
RE, LTD
8-K
April 2, 2024
10.25
Delayed Draw Term Loan Agreement dated as of April 14, 2023 among Bank of
America, N.A., as Administrative Agent, the Lenders party thereto, and Globe Life
Inc.
8-K
April 18, 2023
10.26
First Amendment to Delayed Draw Term Loan Agreement dated as of August 15,
2024 among Bank of America, N.A., as Administrative Agent, the Lenders party
thereto, and Globe Life Inc.
8-K
August 15, 2024
10.27
Form of Performance Share Award Certificate under Globe Life Inc. 2018
Incentive Plan (2023)*
10-K
February 23, 2023
10.28
Form of Seven Year Stock Option under Globe Life Inc. 2018 Incentive Plan
(2023)*
10-K
February 23, 2023
10.29
Form of Seven Year Stock Option under Globe Life Inc. 2018 Incentive Plan with
Non-Compete, Non-Solicit and Confidentiality Provisions (2023)*
10-K
February 23, 2023
10.30
Form of Restricted Stock Unit Award Certificate under Globe Life Inc. 2018
Incentive Plan*
10-K
February 23, 2023
10.31
Form of Restricted Stock Unit Award Certificate under Globe Life Inc. 2018
Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions*
10-K
February 23, 2023
10.32
Form of Seven Year Stock Option under Globe Life Inc. 2018 Incentive Plan
(2024)*
10-K
February 28, 2024
10.33
Form of Seven Year Stock Option under Globe Life Inc. 2018 Incentive Plan with
Non-Compete, Non-Solicit and Confidentiality Provisions (2024)*
10-K
February 28, 2024
10.34
Form of Restricted Stock Unit Award Certificate under Globe Life Inc. 2018
Incentive Plan (2024)*
10-K
February 28, 2024
Exhibit No.
Description
Form
Filing Date
141
GL 2024 FORM 10-K

10.35
Form of Restricted Stock Unit Award Certificate under Globe Life Inc. 2018
Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions
(2024)*
10-K
February 28, 2024
10.36
Form of Performance Share Award Certificate under Globe Life Inc. 2018
Incentive Plan (2024)*
10-K
February 28, 2024
10.37
Form of Seven Year Stock Option under Globe Life Inc. 2018 Incentive Plan
(November 2024)*
8-K
November 19, 2024
10.38
Form of Seven Year Stock Option under Globe Life Inc. 2018 Incentive Plan with
Non-Compete, Non-Solicit and Confidentiality Provisions (November 2024)*
8-K
November 19, 2024
10.39
Form of Seven Year Stock Option under Globe Life Inc. 2018 Incentive Plan with
Non-Compete, Non-Solicit and Confidentiality Provisions (Special) (November
2024)*
8-K
November 19, 2024
10.40
Form of Restricted Stock Unit Award Agreement under Globe Life Inc. 2018
Incentive Plan (November 2024)*
8-K
November 19, 2024
10.41
Form of Restricted Stock Unit Award Agreement under Globe Life Inc. 2018
Incentive Plan with Non-Compete, Non-Solicit and Confidentiality Provisions
(November 2024)*
8-K
November 19, 2024
10.42
Form of Performance Share Award Certificate under Globe Life Inc. 2018
Incentive Plan (2025)*
10-K
February 26, 2025
10.43
Globe Life Inc. Executive Severance Plan*
8-K
November 19, 2024
19
Globe Life Inc. Insider Trading Policy
10-K
February 26, 2025
21
Subsidiaries of the Registrant
10-K
February 26, 2025
23
Consent of Deloitte & Touche LLP
10-K
February 26, 2025
24
Powers of Attorney
10-K
February 26, 2025
31.1
Rule 13a-14(a)/15d-14(a) Certification by J. Matthew Darden
10-K
February 26, 2025
31.2
Rule 13a-14(a)/15d-14(a) Certification by Frank M. Svoboda
10-K
February 26, 2025
31.3
Rule 13a-14(a)/15d-14(a) Certification by Thomas P. Kalmbach
10-K
February 26, 2025
32.1
Section 1350 Certification by J. Matthew Darden, Frank M. Svoboda, and Thomas
P. Kalmbach
10-K
February 26, 2025
97
Globe Life Inc. Clawback Policy
10-K
February 26, 2024
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.
10-K
February 26, 2025
101.SCH
Inline XBRL Taxonomy Extension Schema Document.
10-K
February 26, 2025
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
10-K
February 26, 2025
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase Document.
10-K
February 26, 2025
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
10-K
February 26, 2025
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase Document.
10-K
February 26, 2025
104
Cover Page Interactive Data File (formatted as inline XBRL with applicable
taxonomy extension information contained in Exhibits 101).
10-K
February 26, 2025
Exhibit No.
Description
Form
Filing Date
* Compensatory plan or arrangement.
142
GL 2024 FORM 10-K

Globe Life Inc.
(PARENT COMPANY)
SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT
Condensed Balance Sheets
(Dollar amounts in thousands)
December 31,
2024
2023
Assets:
Investments:
Long-term investments....................................................................................................................... $
39,404
$
42,360
Short-term investments.......................................................................................................................
29,005
1,005
Total investments...............................................................................................................................
68,409
43,365
Cash .........................................................................................................................................................
66,770
1,003
Investment in affiliates...........................................................................................................................
7,740,073
6,539,183
Due from affiliates ..................................................................................................................................
278,301
105,279
Taxes receivable from affiliates............................................................................................................
15,202
14,163
Other assets............................................................................................................................................
193,363
181,443
Total assets ........................................................................................................................................ $
8,362,118
$
6,884,436
Liabilities:
Short-term debt....................................................................................................................................... $
415,401
$
486,113
Long-term debt .......................................................................................................................................
2,473,874
1,779,137
Due to affiliates.......................................................................................................................................
52,568
—
Other liabilities ........................................................................................................................................
114,755
132,383
Total liabilities.....................................................................................................................................
3,056,598
2,397,633
Shareholders’ equity:
Preferred stock .......................................................................................................................................
351
351
Common stock........................................................................................................................................
97,218
102,218
Additional paid-in capital.......................................................................................................................
878,306
882,985
Accumulated other comprehensive income.......................................................................................
(2,029,720)
(2,772,419)
Retained earnings..................................................................................................................................
8,002,521
7,478,813
Treasury stock ........................................................................................................................................
(1,643,156)
(1,205,145)
Total shareholders’ equity ................................................................................................................
5,305,520
4,486,803
Total liabilities and shareholders’ equity ........................................................................................ $
8,362,118
$
6,884,436
See Notes to Consolidated Financial Statements and accompanying Report of Independent Registered
Public Accounting Firm.
143
GL 2024 FORM 10-K

Globe Life Inc.
(PARENT COMPANY)
SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued)
Condensed Statement of Operations
(Dollar amounts in thousands)
Year Ended December 31,
2024
2023
2022
Net investment income........................................................................................................ $
38,341
$
36,237
$
33,664
Realized gains (losses).......................................................................................................
4,158
5,924
(9,643)
Total revenue .............................................................................................................
42,499
42,161
24,021
General operating expenses..............................................................................................
75,387
59,051
59,307
Reimbursements from affiliates.........................................................................................
(53,136)
(59,796)
(51,312)
Interest expense...................................................................................................................
125,023
107,180
97,051
Total expenses ..........................................................................................................
147,274
106,435
105,046
Operating income (loss) before income taxes and equity in earnings of affiliates....
(104,775)
(64,274)
(81,025)
Income tax benefit................................................................................................................
19,832
10,706
12,426
Net operating loss before equity in earnings of affiliates...............................................
(84,943)
(53,568)
(68,599)
Equity in earnings of affiliates, net of tax..........................................................................
1,155,705
1,024,323
962,985
Net income ..................................................................................................................
1,070,762
970,755
894,386
Other comprehensive income (loss):
Attributable to Parent Company .....................................................................................
21,326
1,113
75,076
Attributable to affiliates.....................................................................................................
721,373
16,781
1,369,659
Comprehensive income (loss) ................................................................................... $ 1,813,461
$
988,649
$ 2,339,121
See Notes to Consolidated Financial Statements and accompanying Report of Independent Registered
Public Accounting Firm.
144
GL 2024 FORM 10-K

Globe Life Inc.
(PARENT COMPANY)
SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued)
Condensed Statement of Cash Flows
(Dollar amounts in thousands)
Year Ended December 31,
2024
2023
2022
Net income........................................................................................................................... $ 1,070,762
$
970,755
$
894,386
Equity in earnings of affiliates ...........................................................................................
(1,155,705)
(1,024,323)
(962,985)
Cash dividends from subsidiaries.....................................................................................
692,690
459,535
407,042
Other, net..............................................................................................................................
55,243
33,846
26,444
Cash provided from operations ...................................................................................
662,990
439,813
364,887
Cash provided from (used for) investing activities:
Net decrease (increase) in short-term investments....................................................
(28,000)
13,996
(15,001)
Investment in subsidiaries..............................................................................................
(12)
—
(10,010)
Acquisition of investments..............................................................................................
(2,850)
(3,950)
(2,000)
Disposition of investments..............................................................................................
1
—
—
Loaned money to affiliates..............................................................................................
(557,016)
(479,629)
(846,002)
Repayments from affiliates.............................................................................................
394,925
505,929
886,002
Additions to properties ....................................................................................................
(19,147)
(7,400)
—
Cash provided from (used for) investing activities ................................................
(212,099)
28,946
12,989
Cash provided from (used for) financing activities:
Repayment of debt ..........................................................................................................
—
(165,612)
(300,000)
Proceeds from issuance of debt....................................................................................
530,000
170,000
400,000
Payment for debt issuance costs ..................................................................................
(7,253)
(757)
(5,272)
Net change in commercial paper held less than 90 days..........................................
(13,878)
32,961
(46,289)
Proceeds from commercial paper with original maturities greater than 90 days...
484,726
—
—
Repayment of commercial paper with original maturities greater than 90 days....
(372,011)
—
—
Issuance of stock .............................................................................................................
51,756
114,080
111,970
Acquisitions of treasury stock ........................................................................................
(1,002,109)
(511,100)
(454,638)
Borrowed money from affiliate.......................................................................................
349,000
290,500
22,400
Repayments to affiliates..................................................................................................
(296,600)
(290,500)
(22,400)
Payment of dividends......................................................................................................
(108,755)
(107,386)
(103,817)
Cash provided from (used for) financing activities ................................................
(385,124)
(467,814)
(398,046)
Net increase (decrease) in cash.......................................................................................
65,767
945
(20,170)
Cash balance at beginning of period...............................................................................
1,003
58
20,228
Cash balance at end of period.......................................................................................... $
66,770
$
1,003
$
58
See Notes to Consolidated Financial Statements and accompanying Report of Independent Registered
Public Accounting Firm.
145
GL 2024 FORM 10-K

Globe Life Inc.
(PARENT COMPANY)
SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued)
Notes to Condensed Financial Statements
(Dollar amounts in thousands)
Note A—Dividends from Subsidiaries
Cash dividends paid to Globe Life from the subsidiaries were as follows:
Year Ended December 31,
2024
2023
2022
Dividends from subsidiaries............................................................................................. $
692,690
$
459,535
$
407,042
Note B—Supplemental Disclosures of Cash Flow Information
The following table summarizes non-cash transactions, which are not reflected on the Consolidated Statements of
Cash Flows:
Year Ended December 31,
2024
2023
2022
Stock-based compensation not involving cash ............................................................ $
40,118
$
30,736
$
35,650
The following table summarizes certain amounts paid (received) during the period:
Year Ended December 31,
2024
2023
2022
Interest paid........................................................................................................................ $
114,459
$
104,493
$
96,903
Income taxes paid (received)..........................................................................................
(13,126)
(10,408)
(11,537)
Note C—Preferred Stock
As of December 31, 2024, Globe Life had 351 thousand shares of Cumulative Preferred Stock, Series A, issued and
outstanding, of which 280 thousand shares were 6.50% Cumulative Preferred Stock, Series A, and 71 thousand
shares were 7.15% Cumulative Preferred Stock, Series A (collectively, the “Series A Preferred Stock”). All issued
and outstanding shares of Series A Preferred Stock were held by wholly-owned insurance subsidiaries. In the event
of liquidation, the holders of the Series A Preferred Stock at the time outstanding would be entitled to receive a
liquidating distribution out of the assets legally available to stockholders in the amount of $1 thousand per share or
$351 million in the aggregate, plus any accrued and unpaid dividends, before any distribution is made to holders of
Globe Life common stock. Holders of Series A Preferred Stock do not have any voting rights nor have rights to
convert such shares into shares of any other class of Globe Life capital stock.
See accompanying Report of Independent Registered Public Accounting Firm.
146
GL 2024 FORM 10-K

Globe Life Inc.
SCHEDULE IV. REINSURANCE (CONSOLIDATED)
(Dollar Amounts in thousands)
Gross
Amount
Ceded
to Other
Companies(1)
Assumed
from Other
Companies
Net
Amount
Percentage
of Amount
Assumed
to Net
For the Year Ended December 31, 2024
Life insurance in force .................................. $ 227,975,584
$
671,056
$
1,823,957
$ 229,128,485
0.8
Premiums(2):
Life insurance.............................................. $
3,235,744
$
4,649
$
17,994
$
3,249,089
0.6
Health insurance.........................................
1,384,080
2,449
23,294
1,404,925
1.7
Total premium ........................................ $
4,619,824
$
7,098
$
41,288
$
4,654,014
0.9
For the Year Ended December 31, 2023
Life insurance in force .................................. $ 225,286,002
$
685,289
$
1,996,223
$ 226,596,936
0.9
Premiums(2):
Life insurance.............................................. $
3,109,838
$
4,597
$
19,104
$
3,124,345
0.6
Health insurance.........................................
1,281,720
2,720
39,773
1,318,773
3.0
Total premium ........................................ $
4,391,558
$
7,317
$
58,877
$
4,443,118
1.3
For the Year Ended December 31, 2022
Life insurance in force .................................. $ 222,098,389
$
662,569
$
2,172,728
$ 223,608,548
1.0
Premiums(2):
Life insurance.............................................. $
2,999,637
$
4,361
$
19,009
$
3,014,285
0.6
Health insurance.........................................
1,238,498
3,091
47,010
1,282,417
3.7
Total premium ........................................ $
4,238,135
$
7,452
$
66,019
$
4,296,702
1.5
(1) No amounts have been netted against ceded premium.
(2) Excludes policy charges of $12.3 million, $12.9 million, and $13.5 million in each of the years 2024, 2023, and 2022, respectively.
See accompanying Report of Independent Registered Public Accounting Firm.
147
GL 2024 FORM 10-K

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities 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.
By:
/s/
J. MATTHEW DARDEN
J. Matthew Darden
Co-Chairman and Chief Executive Officer and Director
By:
/s/
FRANK M. SVOBODA
Frank M. Svoboda
Co-Chairman and Chief Executive Officer and Director
By:
/s/
THOMAS P. KALMBACH
Thomas P. Kalmbach
Executive Vice President and Chief Financial Officer
By:
/s/
M. SHANE HENRIE
M. Shane Henrie
Corporate Senior Vice President and Chief Accounting Officer
Date: February 26, 2025
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the dates indicated.
By:
By:
/s/ LINDA L. ADDISON *
Matthew J. Adams
Linda L. Addison
Director
Director
By:
/s/ MARILYN A. ALEXANDER *
By:
/s/ CHERYL D. ALSTON *
Marilyn A. Alexander
Cheryl D. Alston
Director
Director
By:
/s/ MARK A. BLINN *
By:
/s/ JAMES P. BRANNEN *
Mark A. Blinn
James P. Brannen
Director
Director
By:
/s/ ALICE S. CHO *
By:
Alice S. Cho
Philip M. Jacobs
Director
Director
By:
/s/ STEVEN P. JOHNSON *
By:
/s/ DAVID A. RODRIGUEZ *
Steven P. Johnson
David A. Rodriguez
Director
Director
By:
/s/ MARY E. THIGPEN *
Mary E. Thigpen
Director
Date: February 26, 2025
*By:
/s/ THOMAS P. KALMBACH
Thomas P. Kalmbach
Attorney-in-fact
148
GL 2024 FORM 10-K


3700 S Stonebridge Dr
McKinney, Texas 75070
GlobeLifeInsurance.com