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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to ________
Commission File Number: 001-08052
GLOBE LIFE INC.
(Exact name of registrant as specified in its charter)
Delaware 63-0780404
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
3700 South Stonebridge Drive, McKinney, Texas 75070
(Address of principal executive offices) (Zip Code)

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

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

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

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class Outstanding at October 31, 2022
Common Stock, $1.00 Par Value 97,270,229
Q3 2022 FORM 10-Q
Table of Contents
Globe Life Inc.
Table of Contents
Page
PART I. FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 6.








As used in this Form 10-Q, “Globe Life,” the “Company,” “we,” “our” and “us” refer to Globe Life Inc., a Delaware corporation incorporated in 1979, its subsidiaries and affiliates.
Q3 2022 FORM 10-Q
Table of Contents
PART I—FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements

Globe Life Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(Dollar amounts in thousands, except per share data)
September 30,
2022		December 31, 2021
Assets:
Investments:
Fixed maturities—available for sale, at fair value (amortized cost: 2022—$18,173,471;
2021—$17,805,309, allowance for credit losses: 2022— $0; 2021— $387)
$16,005,140 $21,305,287 
Policy loans605,426 589,634 
Other long-term investments (includes: 2022—$748,219; 2021—$640,263 under the fair value option)
907,390 793,925 
Short-term investments85,773 69,145 
Total investments17,603,729 22,757,991 
Cash85,586 92,163 
Accrued investment income269,212 251,307 
Other receivables475,363 487,443 
Deferred acquisition costs5,162,172 4,914,728 
Goodwill481,791 481,791 
Other assets760,935 782,625 
Total assets$24,838,788 $29,768,048 
Liabilities:
Future policy benefits$16,556,827 $16,034,727 
Unearned and advance premium64,223 65,472 
Policy claims and other benefits payable417,739 412,940 
Other policyholders' funds103,161 98,935 
Total policy liabilities17,141,950 16,612,074 
Current and deferred income taxes568,282 1,765,021 
Short-term debt434,737 479,644 
Long-term debt (estimated fair value: 2022—$1,445,523; 2021—$1,667,009)
1,627,547 1,546,494 
Other liabilities704,674 722,009 
Total liabilities20,477,190 21,125,242 
Commitments and Contingencies (Note 5)
Shareholders' equity:
Preferred stock, par value $1 per share—5,000,000 shares authorized; outstanding: 0 in 2022 and 2021
— — 
Common stock, par value $1 per share—320,000,000 shares authorized; outstanding: (2022—109,218,183 issued; 2021—109,218,183 issued)
109,218 109,218 
Additional paid-in-capital540,636 520,564 
Accumulated other comprehensive income (loss)(1,811,549)2,677,583 
Retained earnings6,633,369 6,182,100 
Treasury stock, at cost: (2022—12,225,433 shares; 2021—9,650,845 shares)
(1,110,076)(846,659)
Total shareholders' equity4,361,598 8,642,806 
Total liabilities and shareholders' equity$24,838,788 $29,768,048 

See accompanying Notes to Condensed Consolidated Financial Statements.
1
        GL Q3 2022 FORM 10-Q
Table of Contents
Globe Life Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(Dollar amounts in thousands, except per share data)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202120222021
Revenue:
Life premium$755,115 $728,924 $2,269,641 $2,165,213 
Health premium319,289 299,143 955,478 888,902 
Other premium1 — 1 1 
Total premium1,074,405 1,028,067 3,225,120 3,054,116 
Net investment income245,625 238,975 733,101 713,103 
Realized gains (losses)(29,155)10,475 (66,845)47,286 
Other income398 321 861 1,004 
Total revenue1,291,273 1,277,838 3,892,237 3,815,509 
Benefits and expenses:
Life policyholder benefits494,627 516,196 1,555,004 1,532,298 
Health policyholder benefits198,415 187,906 592,488 564,589 
Other policyholder benefits6,986 7,303 21,110 21,848 
Total policyholder benefits700,028 711,405 2,168,602 2,118,735 
Amortization of deferred acquisition costs156,129 151,593 469,718 452,607 
Commissions, premium taxes, and non-deferred acquisition costs93,028 82,774 277,436 244,752 
Other operating expense88,140 80,385 262,150 240,750 
Interest expense23,965 20,886 65,737 63,833 
Total benefits and expenses1,061,290 1,047,043 3,243,643 3,120,677 
Income before income taxes229,983 230,795 648,594 694,832 
Income tax benefit (expense)(43,204)(41,924)(120,450)(127,826)
Net income
$186,779 $188,871 $528,144 $567,006 
Basic net income per common share
$1.92 $1.86 $5.38 $5.53 
Diluted net income per common share
$1.90 $1.84 $5.33 $5.46 












See accompanying Notes to Condensed Consolidated Financial Statements.
2
        GL Q3 2022 FORM 10-Q
Table of Contents
Globe Life Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
(Dollar amounts in thousands)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2022202120222021
Net income
$186,779 $188,871 $528,144 $567,006 
Other comprehensive income (loss):
Investments:
Unrealized gains (losses) on fixed maturities:
Unrealized holding gains (losses) arising during period(1,368,910)(95,906)(5,704,042)(453,917)
Other reclassification adjustments included in net income12,142 (14,599)30,371 (31,096)
Foreign exchange adjustment on fixed maturities recorded at fair value2,856 (519)4,975 4,141 
Total unrealized investment gains (losses)(1,353,912)(111,024)(5,668,696)(480,872)
Less applicable tax (expense) benefit284,319 23,317 1,190,428 100,984 
Unrealized gains (losses) on investments, net of tax(1,069,593)(87,707)(4,478,268)(379,888)
Deferred acquisition costs:
Unrealized gains (losses) attributable to deferred acquisition costs4,699 432 11,154 1,199 
Less applicable tax (expense) benefit(988)(91)(2,343)(252)
Unrealized gains (losses) attributable to deferred acquisition costs, net of tax3,711 341 8,811 947 
Foreign exchange translation:
Foreign exchange translation adjustments, other than securities(21,379)(6,839)(35,220)(1,276)
Less applicable tax (expense) benefit4,488 1,437 7,395 269 
Foreign exchange translation adjustments, other than securities, net of tax(16,891)(5,402)(27,825)(1,007)
Pension:
Pension adjustments3,438 5,198 10,316 15,598 
Less applicable tax (expense) benefit(721)(1,090)(2,166)(3,275)
Pension adjustments, net of tax2,717 4,108 8,150 12,323 
Other comprehensive income (loss)(1,080,056)(88,660)(4,489,132)(367,625)
Comprehensive income (loss)
$(893,277)$100,211 $(3,960,988)$199,381 








See accompanying Notes to Condensed Consolidated Financial Statements.
3
        GL Q3 2022 FORM 10-Q
Table of Contents
Globe Life Inc.
Condensed Consolidated Statements of Shareholders' Equity
(Unaudited)
(Dollar amounts in thousands, except per share data)


Preferred StockCommon StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Retained EarningsTreasury StockTotal Shareholders' Equity
Balance at December 31, 2021
$— $109,218 $520,564 $2,677,583 $6,182,100 $(846,659)$8,642,806 
Comprehensive income (loss)— — — (1,808,088)164,361 — (1,643,727)
Common dividends declared
($0.2075 per share)
— — — — (20,543)— (20,543)
Acquisition of treasury stock— — — — — (119,482)(119,482)
Stock-based compensation— — 2,504 — (345)6,876 9,035 
Exercise of stock options— — — — (9,964)35,895 25,931 
Balance at March 31, 2022
— 109,218 523,068 869,495 6,315,609 (923,370)6,894,020 
Comprehensive income (loss)— — — (1,600,988)177,004 — (1,423,984)
Common dividends declared
($0.2075 per share)
— — — — (20,238)— (20,238)
Acquisition of treasury stock— — — — — (143,939)(143,939)
Stock-based compensation— — 8,448 — — — 8,448 
Exercise of stock options— — — — (2,419)11,222 8,803 
Balance at June 30, 2022
— 109,218 531,516 (731,493)6,469,956 (1,056,087)5,323,110 
Comprehensive income (loss)— — — (1,080,056)186,779 — (893,277)
Common dividends declared
($0.2075 per share)
— — — — (20,126)— (20,126)
Acquisition of treasury stock— — — — — (72,031)(72,031)
Stock-based compensation— — 9,120 — — — 9,120 
Exercise of stock options— — — — (3,240)18,042 14,802 
Balance at September 30, 2022$— $109,218 $540,636 $(1,811,549)$6,633,369 $(1,110,076)$4,361,598 




















See accompanying Notes to Condensed Consolidated Financial Statements.
4
        GL Q3 2022 FORM 10-Q
Table of Contents
Globe Life Inc.
Condensed Consolidated Statements of Shareholders' Equity (Continued)
(Unaudited)
(Dollar amounts in thousands, except per share data)


Preferred StockCommon StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Retained EarningsTreasury StockTotal Shareholders' Equity
Balance at December 31, 2020
$— $113,218 $527,435 $3,029,244 $5,874,109 $(772,914)$8,771,092 
Comprehensive income (loss)— — — (1,004,729)178,517 — (826,212)
Common dividends declared
($0.1975 per share)
— — — — (20,435)— (20,435)
Acquisition of treasury stock— — — — — (132,720)(132,720)
Stock-based compensation— — (11,422)— 1,168 18,142 7,888 
Exercise of stock options— — — — (12,807)45,531 32,724 
Balance at March 31, 2021
— 113,218 516,013 2,024,515 6,020,552 (841,961)7,832,337 
Comprehensive income (loss)— — — 725,764 199,618 — 925,382 
Common dividends declared
($0.1975 per share)
— — — — (20,171)— (20,171)
Acquisition of treasury stock— — — — — (162,864)(162,864)
Stock-based compensation— — 8,634 — — — 8,634 
Exercise of stock options— — — — (14,033)47,637 33,604 
Balance at June 30, 2021
— 113,218 524,647 2,750,279 6,185,966 (957,188)8,616,922 
Comprehensive income (loss)— — — (88,660)188,871 — 100,211 
Common dividends declared
($0.1975 per share)
— — — — (19,981)— (19,981)
Acquisition of treasury stock— — — — — (97,796)(97,796)
Stock-based compensation— — 9,036 — (1,260)— 7,776 
Exercise of stock options— — — — (335)1,354 1,019 
Balance at September 30, 2021
$— $113,218 $533,683 $2,661,619 $6,353,261 $(1,053,630)$8,608,151 
.






















See accompanying Notes to Condensed Consolidated Financial Statements.
5
        GL Q3 2022 FORM 10-Q
Table of Contents
Globe Life Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(Dollar amounts in thousands)
Nine Months Ended
September 30,
20222021
Cash provided from (used for) operating activities
$1,050,387 $1,060,022 
Cash provided from (used for) investing activities:
Investments sold or matured:
Fixed maturities available for sale—sold346,722 91,795 
Fixed maturities available for sale—matured or other redemptions387,787 249,653 
Other long-term investments55,877 36,060 
Total investments sold or matured790,386 377,508 
Acquisition of investments:
Fixed maturities—available for sale(1,178,751)(687,993)
Other long-term investments(186,275)(206,609)
Total investments acquired(1,365,026)(894,602)
Net (increase) decrease in policy loans(15,792)(1,412)
Net (increase) decrease in short-term investments(16,628)14,418 
Additions to properties(19,766)(30,730)
Other investing activities— (59,200)
Investments in low-income housing interests(64,023)(35,236)
Cash provided from (used for) investing activities
(690,849)(629,254)
Cash provided from (used for) financing activities:
Issuance of common stock49,536 67,347 
Cash dividends paid to shareholders(60,441)(60,068)
Repayment of debt(150,000)(300,000)
Proceeds from issuance of debt250,492 325,000 
Payment for debt issuance costs(5,272)(7,639)
Net borrowing (repayment) of commercial paper(60,582)(10,991)
Acquisition of treasury stock(335,452)(393,380)
Net receipts (payments) from deposit-type products(66,078)(48,276)
Cash provided from (used for) financing activities
(377,797)(428,007)
Effect of foreign exchange rate changes on cash11,682 (1,283)
Net increase (decrease) in cash(6,577)1,478 
Cash at beginning of year92,163 94,847 
Cash at end of period $85,586 $96,325 







See accompanying Notes to Condensed Consolidated Financial Statements.
6
        GL Q3 2022 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)

Note 1—Significant Accounting Policies

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

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

Basis of Presentation: The accompanying condensed consolidated financial statements of Globe Life have been prepared in accordance with the instructions to Form 10-Q. Therefore, they do not include all of the disclosures required by accounting principles generally accepted in the United States of America (GAAP) for annual financial statements. However, in the opinion of management, these statements include all adjustments, consisting of normal recurring adjustments, which are necessary for a fair presentation of the condensed consolidated financial position at September 30, 2022, and the condensed consolidated results of operations, comprehensive income, and cash flows for the periods ended September 30, 2022 and 2021. The interim period condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements that are included in the Form 10-K filed with the Securities Exchange Commission (SEC) on February 24, 2022.

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


7
        GL Q3 2022 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Note 2—New Accounting Standards

Accounting Pronouncements Yet to be Adopted

ASU No. 2018-12 / 2019-09 / 2020-11, Financial Services - Insurance (Topic 944):