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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 March 31, 2023
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to ________
Commission File Number: 001-08052
GLOBE LIFE INC.
(Exact name of registrant as specified in its charter)
Delaware 63-0780404
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
3700 South Stonebridge Drive, McKinney, Texas 75070
(Address of principal executive offices) (Zip Code)

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

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

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

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class Outstanding at April 28, 2023
Common Stock, $1.00 Par Value 95,554,844
GL Q1 2023 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.
GL Q1 2023 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)
March 31,
2023		December 31, 2022
Assets:
Investments:
Fixed maturities—available for sale, at fair value (amortized cost: 2023—$18,526,703;
2022—$18,301,692, allowance for credit losses: 2023— $32,767; 2022— $0)
$17,206,885 $16,503,365 
Policy loans622,736 614,866 
Other long-term investments (includes: 2023—$789,197; 2022—$768,689 under the fair value option)
1,022,611 976,016 
Short-term investments74,377 114,121 
Total investments18,926,609 18,208,368 
Cash172,108 92,559 
Accrued investment income279,445 259,581 
Other receivables594,421 589,079 
Deferred acquisition costs5,654,438 5,535,697 
Goodwill481,791 481,791 
Other assets751,311 760,066 
Total assets$26,860,123 $25,927,141 
Liabilities:
Future policy benefits at current discount rates: (at original rates: 2023—$16,442,516; 2022—$16,306,870)
$18,896,574 $18,040,042 
Unearned and advance premium271,517 253,140 
Policy claims and other benefits payable489,296 507,219 
Other policyholders' funds142,686 123,236 
Total policy liabilities19,800,073 18,923,637 
Current and deferred income taxes427,608 434,649 
Short-term debt514,247 449,103 
Long-term debt (estimated fair value: 2023—$1,484,172; 2022—$1,440,277)
1,628,354 1,627,952 
Other liabilities643,550 542,223 
Total liabilities23,013,832 21,977,564 
Commitments and Contingencies (Note 5)
Shareholders' equity:
Preferred stock, par value $1 per share—5,000,000 shares authorized; outstanding: 0 in 2023 and 2022
— — 
Common stock, par value $1 per share—320,000,000 shares authorized; outstanding: (2023—105,218,183 issued; 2022—105,218,183 issued)
105,218 105,218 
Additional paid-in-capital528,639 529,661 
Accumulated other comprehensive income (loss)(2,961,093)(2,790,313)
Retained earnings7,092,544 6,894,535 
Treasury stock, at cost: (2023—9,489,745 shares; 2022—8,478,288 shares)
(919,017)(789,524)
Total shareholders' equity3,846,291 3,949,577 
Total liabilities and shareholders' equity$26,860,123 $25,927,141 
Prior period amounts have been adjusted for the adoption of ASU 2018-12 on January 1, 2023.
See accompanying Notes to Condensed Consolidated Financial Statements.
1
        GL Q1 2023 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
March 31,
20232022
Revenue:
Life premium$772,597 $749,128 
Health premium322,493 315,684 
Other premium— — 
Total premium1,095,090 1,064,812 
Net investment income257,105 244,894 
Realized gains (losses)(30,927)(7,244)
Other income50 164 
Total revenue1,321,318 1,302,626 
Benefits and expenses:
Life policyholder benefits (net of remeasurement (gain) loss: 2023—$(2,697); 2022—$5,783)
507,977 495,429 
Health policyholder benefits (net of remeasurement (gain) loss: 2023—$2,038; 2022—$(1,959))
190,962 189,018 
Other policyholder benefits8,988 9,702 
Total policyholder benefits707,927 694,149 
Amortization of deferred acquisition costs92,322 84,496 
Commissions, premium taxes, and non-deferred acquisition costs137,797 125,509 
Other operating expense84,171 84,352 
Interest expense24,867 19,944 
Total benefits and expenses1,047,084 1,008,450 
Income before income taxes274,234 294,176 
Income tax benefit (expense)(50,624)(56,692)
Net income
$223,610 $237,484 
Basic net income per common share
$2.32 $2.39 
Diluted net income per common share
$2.28 $2.37 












Prior period amounts have been adjusted for the adoption of ASU 2018-12 on January 1, 2023.
See accompanying Notes to Condensed Consolidated Financial Statements.
2
        GL Q1 2023 FORM 10-Q
Table of Contents
Globe Life Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
(Dollar amounts in thousands)
Three Months Ended
March 31,
20232022
Net income
$223,610 $237,484 
Other comprehensive income (loss):
Investments:
Unrealized gains (losses) on fixed maturities:
Unrealized holding gains (losses) arising during period469,119 (2,292,922)
Other reclassification adjustments included in net income32,590 (4,030)
Foreign exchange adjustment on fixed maturities recorded at fair value9,567 284 
Total unrealized investment gains (losses)511,276 (2,296,668)
Less applicable tax (expense) benefit(107,368)482,299 
Unrealized gains (losses) on investments, net of tax403,908 (1,814,369)
Future Policy Benefits:
Change in discount rate on future policy benefits(720,890)2,805,511 
Less applicable tax (expense) benefit151,387 (589,156)
Future policy benefit adjustments, net of tax(569,503)2,216,355 
Foreign exchange translation:
Foreign exchange translation adjustments, other than securities(6,516)4,228 
Less applicable tax (expense) benefit1,368 (887)
Foreign exchange translation adjustments, other than securities, net of tax(5,148)3,341 
Pension:
Pension adjustments(48)3,437 
Less applicable tax (expense) benefit11 (722)
Pension adjustments, net of tax(37)2,715 
Other comprehensive income (loss)(170,780)408,042 
Comprehensive income (loss)
$52,830 $645,526 










Prior period amounts have been adjusted for the adoption of ASU 2018-12 on January 1, 2023.
See accompanying Notes to Condensed Consolidated Financial Statements.

3
        GL Q1 2023 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, 2022
$— $105,218 $529,661 $(2,790,313)$6,894,535 $(789,524)$3,949,577 
Comprehensive income (loss)— — — (170,780)223,610 — 52,830 
Common dividends declared
($0.2250 per share)
— — — — (21,542)— (21,542)
Acquisition of treasury stock— — — — — (179,276)(179,276)
Stock-based compensation— — (1,022)— — 8,700 7,678 
Exercise of stock options— — — — (4,059)41,083 37,024 
Balance at March 31, 2023
$— $105,218 $528,639 $(2,961,093)$7,092,544 $(919,017)$3,846,291 






Preferred StockCommon StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Retained EarningsTreasury StockTotal Shareholders' Equity
Balance at December 31, 2021
$— $109,218 $520,564 $(4,235,048)$6,455,733 $(846,659)$2,003,808 
Comprehensive income (loss)— — — 408,042 237,484 — 645,526 
Common dividends declared
($0.2075 per share)
— — — — (20,543)— (20,543)
Acquisition of treasury stock— — — — — (119,482)(119,482)
Stock-based compensation— — 2,504 — (345)6,876 9,035 
Exercise of stock options— — — — (9,964)35,895 25,931 
Balance at March 31, 2022
$— $109,218 $523,068 $(3,827,006)$6,662,365 $(923,370)$2,544,275 
.

















Prior period amounts have been adjusted for the adoption of ASU 2018-12 on January 1, 2023.
See accompanying Notes to Condensed Consolidated Financial Statements.
4
        GL Q1 2023 FORM 10-Q
Table of Contents
Globe Life Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(Dollar amounts in thousands)
Three Months Ended
March 31,
20232022
Cash provided from (used for) operating activities
$477,330 $397,133 
Cash provided from (used for) investing activities:
Investments sold or matured:
Fixed maturities available for sale—sold15,705 75,116 
Fixed maturities available for sale—matured or other redemptions61,560 115,160 
Other long-term investments1,950 20,929 
Total investments sold or matured79,215 211,205 
Acquisition of investments:
Fixed maturities—available for sale(285,505)(339,145)
Other long-term investments(47,898)(122,010)
Total investments acquired(333,403)(461,155)
Net (increase) decrease in policy loans(7,870)(2,324)
Net (increase) decrease in short-term investments39,744 11,801 
Additions to property and equipment(8,210)(6,981)
Investments in low-income housing interests(17,246)(27,870)
Cash provided from (used for) investing activities
(247,770)(275,324)
Cash provided from (used for) financing activities:
Issuance of common stock37,024 25,931 
Cash dividends paid to shareholders(20,071)(19,687)
Short-term borrowings from FHLB45,000 — 
Net borrowing (repayment) of commercial paper20,070 42,348 
Acquisition of treasury stock(179,276)(119,482)
Net receipts (payments) from deposit-type products(54,487)(13,810)
Cash provided from (used for) financing activities
(151,740)(84,700)
Effect of foreign exchange rate changes on cash1,729 (1,644)
Net increase (decrease) in cash79,549 35,465 
Cash at beginning of year92,559 92,163 
Cash at end of period $172,108 $127,628 










Prior period amounts have been adjusted for the adoption of ASU 2018-12 on January 1, 2023.
See accompanying Notes to Condensed Consolidated Financial Statements.
5
        GL Q1 2023 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)

Note 1—Significant Accounting Policies

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

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

Globe Life markets its insurance products through a number of distribution channels, each of which sells the products of one or more of Globe Life's insurance segments. Our distribution channels consist of the following exclusive agencies: American Income Life Division (American Income), Liberty National Division (Liberty National) and Family Heritage Division (Family Heritage); an independent agency, United American Division (United American); and our Direct to Consumer Division (DTC).

Basis of Presentation: The accompanying condensed consolidated financial statements of Globe Life have been prepared in accordance with the instructions to Form 10-Q. Therefore, they do not include all of the disclosures required by accounting principles generally accepted in the United States of America (GAAP) for annual financial statements. However, in the opinion of management, these statements include all adjustments, consisting of normal recurring adjustments, which are necessary for a fair presentation of the condensed consolidated financial position at March 31, 2023, and the condensed consolidated results of operations, comprehensive income, and cash flows for the periods ended March 31, 2023 and 2022. The interim period condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements that are included in the Form 10-K filed with the Securities Exchange Commission (SEC) on February 23, 2023.

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

Significant Accounting Policy Updates: The following accounting policies were updated since the 2022 Form 10-K due to the adoption of ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (ASU 2018-12). Refer to Note 2—New Accounting Standards for additional information on the financial statement impacts related to the adoption of this standard.

Future Policy Benefits—The liability for future policy benefits for traditional and limited-payment long duration life and health products comprises approximately 91% of the total liability for future policy benefits. The liability is determined each reporting period based on the net level premium method. This method requires the liability for future policy benefits be calculated as the present value of estimated future policyholder benefits and the related termination expenses, less the present value of estimated future net premiums to be collected from policyholders. Net level premiums reflect a recomputed net premium ratio1 using actual experience since the issue date or the Transition Date, and expected future experience. The liability is accrued as premium revenue is recognized and adjusted for differences between actual and expected experience. Long-duration insurance contracts issued by the Company are grouped into cohorts based on the contract issue year, distribution channel, legal entity and product type.
1 The net premium ratio is the percentage of gross premiums needed to fund actual and expected benefits and related settlement expenses.
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        GL Q1 2023 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
Both the present value of expected future benefit payments and the present value of expected future net premiums are based primarily on assumptions of discount rates, mortality, morbidity, lapse, and persistency. Each quarter, the Company remeasures its liability for future policy benefits using current discount rates with the effect of the change recognized in Other Comprehensive Income, a component of shareholders’ equity. In addition, the Company recognizes a liability remeasurement gain or loss within the Condensed Consolidated Statements of Operations using original discount rates, and relating to actual experience under the net premium calculation, as compared to the prior reporting period assumptions.

The Company reviews, and updates as necessary, its cash flow assumptions (mortality, morbidity, lapses and persistency) used to calculate the change in the liability for future policy benefits at least annually. These cash flow assumptions are reviewed at the same time every year, or more frequently, if suggested by experience. If cash flow assumptions are changed, the net premium ratio is recalculated from the original issue date, or the Transition Date, using actual experience and projected future cash flows. When the expected future net premiums exceed the expected future gross premiums, or the present value of future policyholder benefits exceeds the present value of expected future gross premiums, the liability for future policy benefits is adjusted with changes recognized in policyholder benefits on the Condensed Consolidated Statements of Operations. The cash flow assumptions do not include an adjustment for adverse deviation. Mortality tables used for individual life insurance include various industry tables and reflect modifications based on Company experience. Morbidity assumptions for individual health are based on Company experience and industry data. Lapse and persistency assumptions are based on Globe Life's experience.

The liability for future policy benefits is discounted as noted above, using a current upper-medium grade fixed-income instrument yield that reflects the duration characteristics of the liability for future policy benefits. The methodology for determining current discount rates consists of constructing a discount rate curve intended to be reflective of the currency and tenor of the insurance liability cash flows. The methodology is designed to prioritize observable inputs based on market data available in the local debt markets denominated in the same currency as the policies. For the discount rates applicable to tenors for which the single-A debt market is not liquid or there is little or no observable market data, the Company will use estimation techniques consistent with the fair value guidance in ASC 820. We further accrete interest as a component of policyholder benefits using the original discount rate that is locked-in during the year of contract issuance. The original discount rates (or the locked-in discount rates) are used for interest accretion purposes and for the determination of net premiums, whereas the current discount rates are used for purposes of valuing the liability.

The liability for future policy benefits for annuity and interest sensitive life-type products is represented by policy account value. For limited-payment contracts, a deferred profit liability is also recorded, with changes recognized in income over the life of the contract in proportion to the amount of insurance in force.

Deferred Acquisition Costs—Certain costs of acquiring new insurance business are deferred and recorded as an asset. These costs are capitalized on a grouped contract basis and amortized over the expected term of the related contracts, and are essential for the acquisition of new insurance business. Deferred acquisition costs (DAC) are directly related to the successful issuance of an insurance contract, and primarily include sales commissions, policy issue costs, direct to consumer advertising costs, and underwriting costs. Additionally, DAC includes the value of business acquired (VOBA), which are the costs of acquiring blocks of insurance from other companies or through the acquisition of other companies. These costs represent the difference between the fair value of the contractual insurance assets acquired and liabilities assumed, compared against the assets and liabilities for insurance contracts that the Company issues or holds measured in accordance with GAAP.

DAC is amortized on a constant-level basis over the expected term of the grouped contracts, with the related expense included in amortization of deferred acquisition costs on the Condensed Consolidated Statements of Operations. The in-force metric used to compute the DAC amortization rate is annualized premium in force. The assumptions used to amortize acquisition costs include mortality, morbidity, and persistency. 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.
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        GL Q1 2023 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
VOBA is amortized on a basis that is consistent with DAC, as described above, and is subject to periodic recoverability and loss recognition testing to determine if there is a premium deficiency. These tests evaluate whether the present value of future contract-related cash flows will support the capitalized VOBA asset. These cash flows consist primarily of premium income, less benefits and expenses. The present value of these cash flows, less the reserve liability, is then compared with the unamortized balance. In the event the estimated present value of net cash flows is less, the deficiency would be recognized by a charge to earnings and either a reduction of unamortized acquisition costs or an increase in the liability for future benefits.


Note 2—New Accounting Standards

Accounting Pronouncements Adopted in the Current Year: On January 1, 2023, the Company adopted ASU 2018-12 on a modified retrospective basis as of the transition date (Transition Date) of January 1, 2021. The amended guidance is a significant change to the accounting and disclosure of long-duration life and health insurance contracts. The modified retrospective transition method requires the updated standard be applied to all long-duration life and health contracts, which has resulted in the adjustment of the 2021 and 2022 consolidated financial statements.

The following tables summarize the balance of and changes to the liability for future policy benefits for traditional life and health long-duration contracts on the Transition Date due to the adoption of ASU 2018-12:
Net Liability for Future Policy Benefits - Long Duration Life
American IncomeDTCLiberty NationalOtherTotal
Balance, net of reinsurance, at original discount rates as of December 31, 2020
$3,541,317 $2,492,226 $2,140,071 $2,736,804 $10,910,418 
Effect of changes in discount rate assumptions3,334,600 2,195,430 1,229,610 2,297,835 9,057,475 
Effect of capping and flooring(1)
— 16,899 2,433 2 19,334 
Balance, net of reinsurance, at current discount rates as of January 1, 2021
$6,875,917 $4,704,555 $3,372,114 $5,034,641 $19,987,227 

Net liability for Future Policy Benefits - Long Duration Health
United AmericanFamily HeritageLiberty NationalAmerican IncomeDTCTotal
Balance, net of reinsurance, at original discount rates as of December 31, 2020
$131,505 $1,383,128 $501,312 $101,998 $(2,941)$2,115,002 
Effect of changes in discount rate assumptions75,652 497,250 219,992 60,366 346 853,606 
Effect of capping and flooring(1)
6,506 — 19,324 — 4,193 30,023 
Balance, net of reinsurance, at current discount rates as of January 1, 2021
$213,663 $1,880,378 $740,628 $162,364 $1,598 $2,998,631 
(1)When the present value of expected future net premiums exceeds the present value of expected future gross premiums for a given cohort (capping), or the present value of future policy benefits and related termination expenses exceeds the present value of expected future net premiums (flooring), an adjustment is made to the liability for future policy benefits.
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        GL Q1 2023 FORM 10-Q
Table of Contents
Globe Life Inc.
Notes to Condensed Consolidated Financial Statements
(Dollar amounts in thousands, except per share data)
The following table presents total policy liabilities, both before and after the Transition Date:
January 1,December 31,
20212020
Future policy benefits:
Net liability for future policy benefits—long duration life$19,987,227 $10,910,418 
Net liability for future policy benefits—long duration health2,998,631 2,115,002 
Additional insurance liabilities(1),(2)
2,008,399 2,218,116 
Total future policy benefits24,994,257 15,243,536 
Unearned and advance premium(1)
243,369 61,728 
Policy claims and other benefits payable(1)
473,524 399,507 
Other policyholders' funds(1)
98,459 97,968 
Total policy liabilities
$25,809,609 $15,802,739 
(1)In addition to the discount rate related adjustments to future policy benefits, the Company reclassified certain balances within total policy liabilities on the Consolidated Balance Sheets as a result of adopting ASU 2018-12. The reclassifications had an immaterial impact on Shareholders' Equity. See table summarizing the transition adjustments to Shareholders' Equity below.
(2)The Company's additional insurance liabilities consist primarily of: 1) deferred profit liability on limited-payment contracts; and 2) reserves on deferred annuity and interest sensitive life blocks of business. See Note 6—Policy Liabilities for additional information.


The following table presents the Company's deferred policy acquisition costs, both before and after the Transition Date:
January 1,December 31,
20212020
Life:
American Income$1,647,761 $1,647,761 
Direct to Consumer1,498,970 1,498,435 
Liberty National531,504 531,504 
Other304,786 304,459 
Total life3,983,021 3,982,159 
Health:
United American65,020 74,353 
Family Heritage364,751 364,751 
Liberty National124,754 124,888 
American Income39,477 39,477 
Direct to Consumer2,215 6,600 
Total health596,217 610,069 
Annuity8,309 3,216 
Total DAC
$4,587,547 $