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Investments (Tables)
 6 Months Ended
Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
Summary of Fixed Maturities and Equity Securities Available for Sale by Component Summaries of fixed maturities available for sale by cost or amortized cost and estimated fair value at June 30, 2019 and December 31, 2018 are as follows. Redeemable preferred stock is included within the corporates by sector.
 
At June 30, 2019
 
Cost or
Amortized
Cost
 
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
$
393,915

 
$
38,353

 
$
(420
)
 
$
431,848

 
3
States, municipalities, and political subdivisions
1,365,345

 
139,098

 
(178
)
 
1,504,265

 
8
Foreign governments
18,732

 
2,319

 
—

 
21,051

 
—
Corporates, by sector:
 
 
 
 
 
 


 
 
Financial
3,980,362

 
557,883

 
(30,471
)
 
4,507,774

 
25
Utilities
1,958,277

 
359,882

 
(6,211
)
 
2,311,948

 
13
Energy
1,632,744

 
233,498

 
(28,863
)
 
1,837,379

 
10
Other corporate sectors
6,432,457

 
694,873

 
(36,394
)
 
7,090,936

 
40
Total corporates
14,003,840

 
1,846,136

 
(101,939
)
 
15,748,037

 
88
Collateralized debt obligations
57,172

 
28,403

 
(6,497
)
 
79,078

 
—
Other asset-backed securities
145,268

 
5,023

 
(296
)
 
149,995

 
1
Total fixed maturities
$
15,984,272

 
$
2,059,332

 
$
(109,330
)
 
$
17,934,274

 
100
(1)
Amount reported in the balance sheet.
(2)
At fair value.
 
At December 31, 2018
 
Cost or
Amortized
Cost
 
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
$
390,351

 
$
5,104

 
$
(2,787
)
 
$
392,668

 
2
States, municipalities, and political subdivisions
1,354,810

 
83,600

 
(1,750
)
 
1,436,660

 
9
Foreign governments
19,006

 
1,810

 
—

 
20,816

 
—
Corporates, by sector:
 
 
 
 
 
 
 
 
 
Financial
3,759,768

 
262,875

 
(87,515
)
 
3,935,128

 
24
Utilities
1,989,506

 
217,846

 
(24,399
)
 
2,182,953

 
13
Energy
1,652,700

 
93,880

 
(62,371
)
 
1,684,209

 
10
Other corporate sectors
6,382,707

 
283,524

 
(242,509
)
 
6,423,722

 
40
Total corporates
13,784,681

 
858,125

 
(416,794
)
 
14,226,012

 
87
Collateralized debt obligations
57,769

 
22,014

 
(6,414
)
 
73,369

 
1
Other asset-backed securities
146,854

 
2,187

 
(634
)
 
148,407

 
1
Total fixed maturities
$
15,753,471

 
$
972,840

 
$
(428,379
)
 
$
16,297,932

 
100
(1)
Amount reported in the balance sheet.
(2)
At fair value.
Schedule of Fixed Maturities by Contractual Maturity
A schedule of fixed maturities available for sale by contractual maturity date at June 30, 2019 is shown below on an amortized cost basis and on a fair value basis. Actual disposition dates could differ from contractual maturities due to call or prepayment provisions.
 
At June 30, 2019
 
Amortized
Cost
 
Fair
Value
Fixed maturities available for sale:
 
 
 
Due in one year or less
$
151,815

 
$
153,027

Due after one year through five years
631,205

 
674,283

Due after five years through ten years
1,646,091

 
1,867,864

Due after ten years through twenty years
5,211,263

 
6,086,465

Due after twenty years
8,140,905

 
8,922,971

Mortgage-backed and asset-backed securities
202,993

 
229,664


$
15,984,272

 
$
17,934,274
Schedule of Analysis of Investment Operations Net investment income for the three and six month periods ended June 30, 2019 and 2018 is summarized as follows:
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
Fixed maturities available for sale
$
215,867

 
$
209,771

 
$
431,630

 
$
418,313

Policy loans
10,821

 
10,201

 
21,457

 
20,399

Other long-term investments
3,991

 
2,120

 
7,379

 
4,974

Short-term investments
763

 
433

 
1,582

 
824

 
231,442

 
222,525

 
462,048

 
444,510

Less investment expense
(4,017
)
 
(3,957
)
 
(7,950
)
 
(7,858
)
Net investment income
$
227,425

 
$
218,568

 
$
454,098

 
$
436,652
Schedule of Selected Information about Sales of Fixed Maturities
Selected information about sales of fixed maturities available for sale is as follows:
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
Fixed maturities available for sale:
 
 
 
 
 
 
 
Proceeds from sales(1)
$
—

 
$
—

 
$
34,997

 
$
—

Gross realized gains
—

 
—

 
46

 
—

Gross realized losses
—

 
—

 
(3,027
)
 
—

(1)
There were no unsettled sales in the periods ending June 30, 2019 and 2018.

Realized Gain (Loss) on Investments
An analysis of realized gains (losses) is as follows:
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
Realized investment gains (losses):
 
 
 
 
 
 
 
Fixed maturities available for sale:
 
 
 
 
 
 
 
Sales and other
$
2,237

 
$
9,431

 
$
5,907

 
$
10,817

Fair value option—change in fair value
2,869

 
2,301

 
684

 
2,861

Other investments
48

 
81

 
(108
)
 
86

Realized gains (losses) from investments
5,154

 
11,813

 
6,483

 
13,764

Applicable tax
(1,082
)
 
(2,480
)
 
(1,361
)
 
(2,890
)
Realized gains (losses), net of tax
$
4,072

 
$
9,333

 
$
5,122

 
$
10,874
Schedule of Unrealized Investment Losses by Class of Investment The following tables represent the fair value of fixed maturities measured on a recurring basis at June 30, 2019 and December 31, 2018:
 
Fair Value Measurement at June 30, 2019 Using:
 
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
 
Significant Other
Observable
Inputs (Level 2)
 
Significant
Unobservable
Inputs (Level 3)
 
Total Fair
Value
Fixed maturities available for sale
 
 
 
 
 
 
 
U.S. Government direct, guaranteed, and government-sponsored enterprises
$
—

 
$
431,848

 
$
—

 
$
431,848

States, municipalities, and political subdivisions
—

 
1,504,265

 
—

 
1,504,265

Foreign governments
—

 
21,051

 
—

 
21,051

Corporates, by sector:
 
 
 
 
 
 

Financial
—

 
4,462,768

 
45,006

 
4,507,774

Utilities
9,472

 
2,149,087

 
153,389

 
2,311,948

Energy
—

 
1,796,186

 
41,193

 
1,837,379

Other corporate sectors
—

 
6,760,353

 
330,583

 
7,090,936

Total corporates
9,472

 
15,168,394

 
570,171

 
15,748,037

Collateralized debt obligations
—

 
—

 
79,078

 
79,078

Other asset-backed securities
—

 
136,792

 
13,203

 
149,995

Total fixed maturities
$
9,472

 
$
17,262,350

 
$
662,452

 
$
17,934,274

Percentage of total
—
%
 
96
%
 
4
%
 
100
%

 
Fair Value Measurement at December 31, 2018 Using:
 
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
 
Significant Other
Observable
Inputs (Level 2)
 
Significant
Unobservable
Inputs (Level 3)
 
Total Fair
Value
Fixed maturities available for sale
 
 
 
 
 
 
 
U.S. Government direct, guaranteed, and government-sponsored enterprises
$
—

 
$
392,668

 
$
—

 
$
392,668

States, municipalities, and political subdivisions
—

 
1,436,660

 
—

 
1,436,660

Foreign governments
—

 
20,816

 
—

 
20,816

Corporates, by sector:
 
 
 
 
 
 

Financial
—

 
3,891,728

 
43,400

 
3,935,128

Utilities
—

 
2,032,127

 
150,826

 
2,182,953

Energy
—

 
1,645,077

 
39,132

 
1,684,209

Other corporate sectors
—

 
6,103,609

 
320,113

 
6,423,722

Total corporates
—

 
13,672,541

 
553,471

 
14,226,012

Collateralized debt obligations
—

 
—

 
73,369

 
73,369

Other asset-backed securities
—

 
135,425

 
12,982

 
148,407

Total fixed maturities
$
—

 
$
15,658,110

 
$
639,822

 
$
16,297,932

Percentage of total
—
%
 
96
%
 
4
%
 
100
%

The following tables disclose unrealized investment losses by class and major sector of fixed maturities available for sale at June 30, 2019 and December 31, 2018, respectively. Globe Life considers these investments to be only temporarily impaired.

Analysis of Gross Unrealized Investment Losses
 
At June 30, 2019
 
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
$
2

 
$
—

 
$
28,896

 
$
(420
)
 
$
28,898

 
$
(420
)
States, municipalities and political subdivisions
29,960

 
(40
)
 
—

 
—

 
29,960

 
(40
)
Foreign governments
—

 
—

 
—

 
—

 
—

 
—

Corporates, by sector:
 
 
 
 
 
 
 
 
 
 
 
Financial
74,915

 
(85
)
 
130,430

 
(4,854
)
 
205,345

 
(4,939
)
Utilities
—

 
—

 
73,863

 
(1,126
)
 
73,863

 
(1,126
)
Energy
6,198

 
(80
)
 
65,067

 
(6,781
)
 
71,265

 
(6,861
)
Other corporate sectors
24,603

 
(32
)
 
581,822

 
(19,225
)
 
606,425

 
(19,257
)
Total corporates
105,716

 
(197
)
 
851,182

 
(31,986
)
 
956,898

 
(32,183
)
Other asset-backed securities
62

 
—

 
—

 
—

 
62

 
—

Total investment grade securities
135,740

 
(237
)
 
880,078

 
(32,406
)
 
1,015,818

 
(32,643
)
 
 
 
 
 
 
 
 
 
 
 
 
Below investment grade securities:
 
 
 
 
 
 
 
 
 
 
 
States, municipalities and political subdivisions
82

 
(138
)
 
—

 
—

 
82

 
(138
)
Corporates, by sector:
 
 
 
 
 
 
 
 
 
 
 
Financial
7,379

 
(450
)
 
122,459

 
(25,082
)
 
129,838

 
(25,532
)
Utilities
15,449

 
(1,136
)
 
12,300

 
(3,949
)
 
27,749

 
(5,085
)
Energy
2,872

 
(346
)
 
44,046

 
(21,656
)
 
46,918

 
(22,002
)
Other corporate sectors
16,687

 
(585
)
 
81,950

 
(16,552
)
 
98,637

 
(17,137
)
Total corporates
42,387

 
(2,517
)
 
260,755

 
(67,239
)
 
303,142

 
(69,756
)
Collateralized debt obligations
—

 
—

 
13,503

 
(6,497
)
 
13,503

 
(6,497
)
Other asset-backed securities
14,104

 
(296
)
 
—

 
—

 
14,104

 
(296
)
Total below investment grade securities
56,573

 
(2,951
)
 
274,258

 
(73,736
)
 
330,831

 
(76,687
)
Total fixed maturities
$
192,313

 
$
(3,188
)
 
$
1,154,336

 
$
(106,142
)
 
$
1,346,649

 
$
(109,330
)
 
Analysis of Gross Unrealized Investment Losses
 
At December 31, 2018
 
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
$
37,182

 
$
(212
)
 
$
89,664

 
$
(2,575
)
 
$
126,846

 
$
(2,787
)
States, municipalities and political subdivisions
124,907

 
(1,648
)
 
7,981

 
(102
)
 
132,888

 
(1,750
)
Corporates, by sector:
 
 
 
 
 
 
 
 
 
 
 
Financial
931,161

 
(36,337
)
 
241,442

 
(21,572
)
 
1,172,603

 
(57,909
)
Utilities
329,753

 
(11,680
)
 
121,308

 
(9,442
)
 
451,061

 
(21,122
)
Energy
475,736

 
(29,426
)
 
54,937

 
(9,382
)
 
530,673

 
(38,808
)
Other corporate sectors
2,515,541

 
(149,168
)
 
575,796

 
(62,994
)
 
3,091,337

 
(212,162
)
Total corporates
4,252,191

 
(226,611
)
 
993,483

 
(103,390
)
 
5,245,674

 
(330,001
)
Other asset-backed securities
44,603

 
(634
)
 
—

 
—

 
44,603

 
(634
)
Total investment grade securities
4,458,883

 
(229,105
)
 
1,091,128

 
(106,067
)
 
5,550,011

 
(335,172
)
 
 
 
 
 
 
 
 
 
 
 
 
Below investment grade securities:
 
 
 
 
 
 
 
 

 

Corporates, by sector:
 
 
 
 
 
 
 
 

 

Financial
22,087

 
(8,674
)
 
81,101

 
(20,932
)
 
103,188

 
(29,606
)
Utilities
28,613

 
(3,277
)
 
—

 
—

 
28,613

 
(3,277
)
Energy
42,874

 
(3,901
)
 
36,122

 
(19,662
)
 
78,996

 
(23,563
)
Other corporate sectors
146,373

 
(7,235
)
 
69,053

 
(23,112
)
 
215,426

 
(30,347
)
Total corporates
239,947

 
(23,087
)
 
186,276

 
(63,706
)
 
426,223

 
(86,793
)
Collateralized debt obligations
—

 
—

 
13,586

 
(6,414
)
 
13,586

 
(6,414
)
Total below investment grade securities
239,947

 
(23,087
)
 
199,862

 
(70,120
)
 
439,809

 
(93,207
)
Total fixed maturities
$
4,698,830

 
$
(252,192
)
 
$
1,290,990

 
$
(176,187
)
 
$
5,989,820

 
$
(428,379
)
Schedule of Changes in Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs
The following tables represent changes in fixed maturities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
 
Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
 
Asset-
backed Securities
 
Collateralized
Debt
Obligations
 
Corporates(1)
 
Total
Balance at January 1, 2019
$
12,982

 
$
73,369

 
$
553,471

 
$
639,822

Total gains or losses:
 
 
 
 
 
 
 
Included in realized gains / losses
—

 
—

 
—

 
—

Included in other comprehensive income
441

 
6,306

 
23,620

 
30,367

Acquisitions
—

 
—

 
—

 
—

Sales
—

 
—

 
—

 
—

Amortization
—

 
2,315

 
7

 
2,322

Other(2)
(220
)
 
(2,912
)
 
(6,927
)
 
(10,059
)
Transfers into (out of) Level 3(3)
—

 
—

 
—

 
—

Balance at June 30, 2019
$
13,203

 
$
79,078

 
$
570,171

 
$
662,452

Percent of total fixed maturities
—
%
 
1
%
 
3
%
 
4
%
(1)
Includes redeemable preferred stocks.
(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.

 
Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
 
Asset-
backed Securities
 
Collateralized
Debt
Obligations
 
Corporates(1)
 
Total
Balance at January 1, 2018
$
14,049

 
$
71,581

 
$
582,810

 
$
668,440

Total gains or losses:
 
 
 
 
 
 
 
Included in realized gains / losses
—

 
—

 
—

 
—

Included in other comprehensive income
(697
)
 
5,183

 
(19,611
)
 
(15,125
)
Acquisitions
—

 
—

 
20,300

 
20,300

Sales
—

 
—

 
—

 
—

Amortization
—

 
2,389

 
8

 
2,397

Other(2)
(199
)
 
(2,957
)
 
(6,697
)
 
(9,853
)
Transfers into (out of) Level 3(3)
—

 
—

 
—

 
—

Balance at June 30, 2018
$
13,153

 
$
76,196

 
$
576,810

 
$
666,159

Percent of total fixed maturities
—
%
 
—
%
 
4
%
 
4
%
(1)
Includes redeemable preferred stocks.
(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.
Transfers in and Out of Each of the Valuation Levels of Fair Values
The following table presents transfers in and out of each of the valuation levels of fair values:
 
Six Months Ended June 30,
 
2019
 
2018
 
In
 
Out
 
Net
 
In
 
Out
 
Net
Level 1
$
14,572

 
$
—

 
$
14,572

 
$
—

 
$
—

 
$
—

Level 2
—

 
(14,572
)
 
(14,572
)
 
—

 
—

 
—

Level 3
—

 
—

 
—

 
—

 
—

 
—
Schedule of Other Long-Term Investments Other long-term investments consist of the following:
 
June 30, 2019
 
December 31, 2018
Investment in limited partnerships(1)
$
165,426

 
$
108,241

Commercial mortgage loan participations(2)
120,599

 
96,266

Other
3,122

 
2,751

Total
$
289,147

 
$
207,258

(1)
See the following section for more information regarding the fair value method used to account for these investments.
(2)
Globe Life invests in a portfolio of commercial mortgage loan participations. As of June 30, 2019 and December 31, 2018, the Company evaluated the portfolio on a loan-by-loan basis to determine any allowance for loss. Factors considered include, but are not limited to, collateral value, loan-to-value ratio, debt service coverage ratio, local market conditions, credit quality of the borrower and tenants, and loan performance. There were no material changes to the property type, geographic location, or loan-to-value ratio for any of the loans during the period. As of June 30, 2019 and December 31, 2018, there were no allowances for loss.
Fair Value Option, Disclosures The following table represents the fair value of certain limited partnership investments elected for the fair value option method measured on a recurring basis at June 30, 2019, and the changes in fair value for the six months ended June 30, 2019. All changes in fair value are recognized in "Realized Investment Gains (Losses)" in the Condensed Consolidated Statements of Operations. Distributions received on a periodic basis are recorded in Net Investment Income.
 
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total Fair Value
Fair Value Measurements at:
 
 
 
 
 
 
 
June 30, 2019
$
—

 
$
165,426

 
$
—

 
$
165,426

December 31, 2018
—

 
108,241

 
—

 
108,241

 
Changes in Fair Values for the Period for Items Measured at Fair Value Pursuant to Election of the Fair Value Option
 
Net Gains and Losses Recognized During the Period
 
Less Net Gains and Losses Recognized due to Sales
 
Total Changes in Fair Values Included in Current-Period Earnings
Six Months Ended June 30,
 
 
 
 
 
2019
$
684

 
$
—

 
$
684

2018
2,861

 
—

 
2,861
Schedule of Additional Information about Investments in Unrealized Loss Position 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 (CUSIP numbers) held:
 
 
 
 
 
As of June 30, 2019
16

 
148

 
164

As of December 31, 2018
495

 
234

 
729